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04/10/2010

Newedge plans to recruit 50 in Asia

p { margin-bottom: 0.08in; } Newedge has confirmed to Newsmanagers that it plans to add to its sales force in Asia. In the wake of the financial crisis, the joint venture of Société Générale and Crédit Agricole CIB had scaled back its ambitions, like many other firms, but this period appears to be at an end. The head of Newedge for the Asia-Pacific region, Laurent Cunin, has told the Bloomberg agency that the firm is planning to recruit 50 people, particularly as additions to its activities in India and China. “My objective is to increase the proportion of revenues coming from Asia, which currently amount to 10% to 15% of the group total,” Cunin told the news agency.
04/10/2010

DragonBack Capital becomes an alternative platform

p { margin-bottom: 0.08in; } The Hong Kong-based firm DragonBack Capital, which has recently liquidated its two hedge funds, Asia Pacific Multi-Strategy and VolAsia, has decided to reposition itself as an alternative platform, which will be known as DragonBack Management Platform, Hedge Week reports.
04/10/2010

BlackRock to merge two bond funds

p { margin-bottom: 0.08in; } An extraordinary meeting of shareholders in the Government Securities fund from BlackRock will be held on 13 October. Shareholders in the fund, with only GBP43m in assets, will vote on a proposition to be merged into the tracker fund UK Gilts All Stocks Tracker (GBP680m, TER of 0.45%). The Government Securities fund (which charges 1%) does not have sufficient size to allow for effective and profitable operation.
04/10/2010

Brenda Reed (Fidelity) joins George Weiss Associates

p { margin-bottom: 0.08in; } Fund Strategy reports that Brenda Reed, portfolio manager of the Fidelity Global Focus fund (GBP334m in assets) since 2003, will be leaving Fidelity after 18 years to join the New York hedge fund firm George Weiss Associates. The Global Focus fund will now be managed by Amit Lodha, who will also be responsible for the Luxembourg Sicav, while retaining responsibility for the FF Global Industrial and FF Real Asset Securities funds.
04/10/2010

Baillie Gifford prepares for a generational change

p { margin-bottom: 0.08in; } The Scottish management firm Baillie Gifford has announced that Grant Walker will succeed Ken Edwards, head of intermediary sales, who will be retiring in February. Walker will report to James Budden, marketing director, and will also be in charge of retail and sales marketing. John Wilson and Kirsten Fraser will replace Chris Fletcher, head of retail investments, and Jim McGhie, head of retail administration, in April, as the latter will also be retiring. Their replacements have long been their deputies in those positions.
04/10/2010

Hedge fund exodus hits UK revenues

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } Britain will lose hundreds of millions of pounds in tax revenues each year as a result of hedge fund managers moving overseas, writes the Financial Times. Based on a conservative 28 per cent tax rate paid by the 1,000 or so hedge fund managers that Kinetic said had left, the UK will have forgone nearly GBP500m in taxes, according to the FT. But it could be much more, adds the newspaper.
04/10/2010

Fund outflows continue in September

p { margin-bottom: 0.08in; } According to various estimates from the Spanish management firm association Inverco, VDOS Stochastics and Ahorro Corporación, Spanish securities funds saw further total net outflows in September of EUR1.5bn to EUR2.2bn, bringing the total in the first nine months of the year to about EUR17bn, Expansión reports. At this rate, 2010 is likely to go down in history as the worst year ever for Spanish funds, after 2008, when net redemptions totalled EUR57nb. Assets have fallen to their lowest levels in 13 years, at EUR146.5bn. The two management firms worst affected by these outflows are BBVA Asset Management, with outflows of EUR7.5bn, and Santander AM, with EUR3.1bn. They were victims of competition from savings accounts which offered interest rates of 4% to 5%. The same trend affected InverCaixa, which underwent net outflows of EUR239m in September, following net inflows of EUR1.6bn from June to August.
04/10/2010

HSBC adds to equities ETF range in Spain

p { margin-bottom: 0.08in; } Mark Rodino, director of ETF sales at HSBC for the EMEA region, has announced that the British group is planning to register its full range of equities ETFs, consisting of 11 products, in Spain. Ten of the funds, which replicate the FTSE 100, Euro Stoxx 50, CAC 40, S&P 500, MSCI Europe, MSCI Japan, MSCI USA, MSCI Brazil, MSCI EM Far East and MSCI Pacific ex-Japan indices, have already been registered with the CMNV, Funds People reports. The objective is to attract retail as well as institutional clients. Depending on how well-received the physical replication ETFs prove, HSBC may also subsequently list these products on the Madrid stock exchange. By the end of 2011, HSBC is hoping to have 50 ETFs, including funds replicating corporate bond, real estate and emerging markets indices.
04/10/2010

Fund managers fight pressure on commissions

p { margin-bottom: 0.08in; } Money market funds guarantee the full amount of the principal to investors, but with short-term rates of near zero, as many have not managed to earn enough on investments to cover management fees, the Wall Street Journal reports. Now, the phenomenon is no longer limited to money market funds. The Schwab Total Bond Market Fund charges commissions of 0.55%, while returns on 5-year Treasurys is only 1.47%. If frustrated investors leave the funds, what can asset management firms do? One solution is to increase assets enough to be able to increase commissions, but the problem is that the bond market has already seen a very strong rally, while equities markets have no relief in sight. The other apparent solution would be to lower commissions, while according to Morningstar, they have remained roughly stable since 2005. Managers have managed to hold out so far, but their colleagues in private equity have caved in in recent years as returns have fallen. However, the Wall Street Journal continues, Schwab and T. Rowe Price are still trading at 25 and 23 times their expected profits for 2010.
04/10/2010

Pimco Europe (AGI) dominates subscriptions

For open-ended securities funds, net subscriptions in Germany have totalled EUR12.76bn in the first eight months of the year. Of this total, EUR11.75bn went to Pimco Europe, an affiliate of Allianz Global Investors, which has taken on a total of EUR11.71bn (thus less than Pimco).Among the major firms, the DWS/DB Advisors and DB Gruppe family also shows net subscriptions, but of only EUR847.5m, and only due to EUR1.8874bn in inflows to db x-trackers, the ETF affiliate. At the outset, two other ETF specialists show net subscriptions: BlackRock, with iShares, has attracted EUR698.4m, and ComStage (Commerzbank) has attracted EUR565.1m. However, ETFlab Investment (Deka Group) shows net outflows of EUR338.6m. Deka (savings banks) has seen net outflows of nearly EUR4.36bn, while Union Investment (co-operative banks) has seen net outflows of nearly EUR2.66bn.
04/10/2010

Strong increase in net subscriptions in Germany

p { margin-bottom: 0.08in; } In August, German funds covered by statistics from the BVI association of investment funds show net subscriptions of EUR7.95bn, as net outflows from mandates of EUR2.44bn were more than offset by net inflows of EUR2.77bn for open-ended funds, and of EUR7.68bn for institutional funds. In the first eight months of the year, net inflows to open-ended funds totalled EUR15.33bn, compared with net redemptions of EUR273.2m for the corresponding period of last year, while institutional funds had EUR36.22bn, compared with EUR6.41bn. However, mandates showed net outflows of EUR130.7m, compared with net inflows of EUR15.93bn. Total assets as of the end of August were EUR1.79412trn, compared with EUR1.76771trn as of the end of July, and EUR1.62537trn twelve months previously.
04/10/2010

Nomura to release six more funds in Germany

p { margin-bottom: 0.08in; } As of 1 October, Nomura Asset Management Deutschland KAG (NAM Deutschland) has put six Irish-registered funds on sale, each available in A and I shares. The funds are the Japan Strategic Value Fund, India Equity Fund, Asia Pacific ex Japan Fund, Global Emerging Markets Fund, and US High Yield Bond Fund. The funds already have total assets of over USD1bn.
04/10/2010

Aberdeen still planning to reopen Degi Europa

On 1 October, Aberdeen Immobilien KAG announced that it had sold the CB16 skyscraper at La Défense in Paris “slightly below the most recent independent expert valuation,” to an “international institutional investor” who did not wish for the sale price to be disclosed. The property was in the portfolio of the open-ended real estate fund DEGI Europa, whose redemptions have been frozen for the last two years (see Newsmanagers of 26 October 2009).The sale increases the liquidity levels for the DEGI Europa fund by about 4 percentage points, to 33%. According to Hartmut Leser, CEO of Aberdeen Germany, this means that it may be possible to reopen redemptions from the fund by 30 October 2010, with adequate liquidity.
04/10/2010

Schroders extends range of funds with set quarterly distribution

p { margin-bottom: 0.08in; } In fourth quarter 2010, the British management firm Schroders will release shares with a fixed quarterly distribution of 4% in the Schroder ISF1 Asian Equity Yield, and of 3% in the Schroder ISF Global Corporate Bond and Schroder ISF US Dollar Bond funds. Previously, the Asian Equity Yield fund served variable quarterly distributions, while the other two paid coupons on a variable annual and quarterly basis.
04/10/2010

Investors flock to emerging market funds

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } Emerging market bond and equity funds are set for a record level of inflows in 2010, says the Financial Times. According to EPFR, about USD40bn of investors’ money has flowed into emerging markets debt funds in the first nine months of the year. Equity funds in emerging markets have seen subscriptions of USD50bn.
04/10/2010

Gutenberg bank opens for business

p { margin-bottom: 0.08in; } The Gutenberg private bank opened its doors on 1 October 2010. The institution will offer financial services to private clients in Switzerland and abroad, to wealth managers, and to institutional clients, the bank announced in a statement. The Swiss federal financial market surveillance authority Finma on 3 September 2010 authorised the firm to practice as a bank in addition to its brokerage license. The bank will primarily serve as a savings institutional for independent wealth managers, but will also provide banking services to private high net worth clients in Switzerland and abroad, as well as to small and mid-sized institutions. The Banque Gutenberg AG is 100% owned by Cat Group AG. The group is specialised in the areas of wealth management, funds, and banking services. The firm, founded in 1988, has about 60 employees, and its headquarters are in Zurich. As of 30 June, assets under management by Cat Group totalled CHF1.6bn.
04/10/2010

Redefining management fees

p { margin-bottom: 0.08in; } Agefi Switzerland reports that the crisis has shown that management fees are effective when returns are difficult to predict. In these cases investors reorient their attention to costs and management fees rather than to performance itself. According to the Citi/CREATE survey, “80% of asset managers pay themselves too much. They have not managed to beat their own benchmarks.” According to Thierry Zuppinger, director of Quartal Financial Solution Services in Zurich, the “fee price range is gradually moving from 0.5% to 5% to 1% to 2%,” with the total expense ratio serving as a central concept.
01/10/2010

Arrivée de Bertrand de Talhouët à la direction de Creadev

Creadev, l’entreprise d’investissement en fonds propres contrôlée par la famille Mulliez, a annoncé le 30 septembre l’arrivée de Bertrand de Talhouët en tant que directeur général. Il succède à Bruno Donville qui dirigeait la structure depuis sa création en 2002 et a choisi de se consacrer à de nouveaux projets entrepreneuriaux en rejoignant aujourd’hui la direction de Voltalis, une jeune société dans la production d’énergie, accompagnée depuis janvier 2007 par Creadev. Bertrand de Talhouët, 45 ans, a 16 ans d’expérience dans le commerce, au sein des enseignes Printemps, Fnac et La Redoute. Depuis 2008, il dirigeait un autre fonds de la famille Mulliez baptisé Indev, qui fusionne avec Creadev à cette occasion. Creadev a déployé depuis 2002 un modèle spécifique et différenciant autour du «s’associer autrement» : accompagnement à long terme et proximité humaine notamment, et ce dans trois secteurs d’activité que sont la santé, le développement durable et les services à distance.
01/10/2010

Somangest recrute un gérant senior

La société de gestion indépendante Somangest vient de recruter Marc-Antoine Brabant en tant que gérant de portefeuilles senior au sein de son département de gestion privée, dirigé par Frédéric Maitre. L’intéressé était auparavant gérant privé chez Quilvest & Associés, la société de gestion du groupe Quilvest, et ce depuis 2006. Il est âgé de 35 ans et a début sa carrière en 1998 au sein de la Banque Eurofin devenue HSBC Private Bank France.
01/10/2010

Un nouveau directeur des affaires Fiscales et Comptables rejoint l’AFG

L’Association française de la gestion financière (AFG) vient d’annoncer l’arrivée de Delphine Charles-Péronne en tant que directeur des affaires Fiscales et Comptables. Elle succède à Annick Montel qui fait valoir ses droits à la retraite après onze années au service de l’industrie française de la gestion.L’AFG, précise un communiqué, est organisée autour de quatre pôles : les pôles «gestion d’actifs» et «vie et développement des acteurs» dirigés par Eric Pagniez, délégué général adjoint, le pôle «régulation», dirigé par Alain Pithon et dont relèvent les activités fiscales et comptables et le pôle «infrastructures et technologies» dirigé par Pierre Yves Berthon. Agé de 47 ans, Delphine Charles-Péronne a été auparavant associée du cabinet PricewaterhouseCoopers – Landwell, consultante auprès de l’unité «Prix de transfert» de l’OCDE, puis fondateur du réseau d’avocats «l’Alliance Fiscale», où elle était spécialisée dans le conseil fiscal aux entreprises du secteur financier.
01/10/2010
Fonds

L’Union Financière George V lance Astrium PEA Capitalisation

L’Union Financière George V vient de lancer Astrium PEA Capitalisation, un contrat de capitalisation en unités de compte à versements libres à souscrire dans le cadre fiscal du Plan d’Epargne en Actions, dédié aux conseillers en gestion de patrimoine indépendants (CGPI). Plus de 90 unités de compte sont proposées dans le cadre de ce contrat. Le souscripteur a le choix entre des options d’arbitrages automatiques comme l’écrêtage des plus-values, le rééquilibrage et l’option stop-loss. Enfin, 100% des versements réalisés au cours des deux premières années sont investis puis, au-delà de la deuxième année, des frais sur versements sont mis en place de façon progressive (de 1% la 3ème année à 4,5% au-delà de la 8ème année).Le contrat Astrium Capitalisation PEA est assuré par ACMN Vie, filiale du Crédit Mutuel Nord Europe. Les frais de gestion du contrat sont limités à 0,09% par mois, et les frais d’arbitrage sont de 0,50% du montant arbitré (frais d’arbitrage individuel) ; les frais d’arbitrage automatiques sont gratuits.
Fonds
01/10/2010

GE Money Bank signe un partenariat avec Cholet Dupont Partenaires

GE Money Bank, filiale du groupe GE (General Electric), poursuit le développement de son activité épargne avec l’annonce le 30 septembre d’un partenariat avec la plate-forme financière Cholet Dupont Partenaires. L’accord a été signé dès le 13 septembre dernier mais l’ouverture du salon Patrimonia à Lyon tombait à point nommé pour présenter cette nouvelle alliance.Cet accord s’inscrit dans le cadre du lancement par GE Money Bank en juillet dernier de deux placements de trésorerie à court terme et sécurisés, exclusivement dédiés aux CGPI : un Compte à Terme et un Compte Epargne Rémunéré. «Désormais, les CGPI travaillant avec Cholet Dupont Partenaires pourront proposer à leurs clients des produits d’épargne très demandés par les Français, leur permettant ainsi d’être présents de façon compétitive sur ce marché», souligne GE Money.
01/10/2010

SocGen se désengage de Gaselys

La Société Générale a vendu à GDF Suez sa participation de 49% au capital de Gaselys, leur coentreprise spécialisée dans le trading d'énergie. GDF Suez indique dans un communiqué qu’il devient ainsi actionnaire à 100% de la société Gaselys, précise le quotidien.
01/10/2010

Décès subit de Derek van Eck

Principal et director de Van Eck Associates Corporation, Derek van Eck est subitement décédé dans la nuit de mercredi à jeudi à 46 ans. Il était le fils de John van Eck qui avait fondé la société de gestion éponyme en 1955.Les portefeuilles qu’il gérait (les fonds Van Eck Global Hard Assets, Van Eck VIP Global Hard Assets et le long/short Hard Assets) seront repris par Shawn Reynolds et Charles Cameron, qui ont été nommés co-gérants de portefeuille. Le premier dirige l'équipe d’investissement «énergie» et le second était director of trading.

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