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01/10/2010

Singapore sovereign fund increases exposure to emerging Asian markets

p { margin-bottom: 0.08in; } The Government of Singapore Investment Corp (GIC), one of the Singapore sovereign funds, remains positive on emerging markets, particularly in the Asian region, Asian Investor reports. The fund’s chief officer, Ng Kok-Song, has decided to increase the exposure of the portfolio to these markets. He explains that the move is the result of limited economic growth in developed countries, which are expected to stagnate at 2.4% this year, compared with 8% for emerging Asia.
01/10/2010

March Gestión develops in Spain and abroad

p { margin-bottom: 0.08in; } Funds People reports that March Gestión has been granted a license by the CNMV to provide services in the European Economic Area, which will allow it to manage funds in Luxembourg without having a branch there, according to CEO José Luis Jiménez. The next step is to register a Sicav in Luxembourg, which will house the Vini Catena wine fund and the Terranova Sicav, the investment vehicle for the March family. To allow external clients to invest, March Gestión is joining the Allfunds Bank platform, where its funds will be available from next week.
01/10/2010

Management industry will not recover until 2013

p { margin-bottom: 0.08in; } Javier Mazzaredo, global head of sales at Santander Asset Management, says asset management in Spain has seen spectacular outflows of 55-60% of its inflows in the past two years. The sector is in decline, and will not bounce back before 2013, he said at the second national collective investment conference, organized by APD, Deloitte and Inverco. The Santander AM manager expressed a hope that in 2013 and 2014, funds would benefit from EUR30bn in subscriptions, which may appear exaggerated, but could well happen if the money currently invested in saving deposits and real estate returned to investment, Cinco Días reports. Paloma Piqueras, CEO of BBVA Asset Management, says that aside from guaranteed funds and structured funds, demand is also likely to increase for ETFs and niche products. Asunción Ortega, chairwoman of Invercaixa, explains that although the firm she leads has seen an increase of 15% to its assets since the beginning of the year at a time when the sector has lost 10%, this is due both to the strong network it relies on and the fact that La Caixa has not launched a campaign to promote savings deposits.
01/10/2010

AllianceBernstein plans to develop in Italy

p { margin-bottom: 0.08in; } AllianceBernstein has recruited Massimo Della Vedova, who will aim to develop sales in Italy, Bluerating reports. He was previously at M&G, where he set up the management firm’s distribution network in southern Europe.
01/10/2010

Threadneedle promotes Vanessa Donegan

Threadneedle - GBP59.7bn in assets under management - has announced the appointment of Vanessa Donegan to the newly created post of head of Asia and global emerging markets. She was one of the founding members of Threadneedle’s investment team when the company formed in 1994. She was most recently head of Asia Pacific equities at Threadneedle. In her new role Vanessa will have overall responsibility for overseeing the investment management activities for GBP6.5bn of assets under management in emerging market equities. This includes the Threadneedle Global Emerging Market Equities Fund (established April 2006), the Columbia Emerging Markets Opportunity Fund (established November 1996), the Columbia Emerging Markets Equity Fund (established May 2000), and the Threadneedle Latin American Fund (established Dec 1997). Vanessa will continue to manage the Threadneedle Asia Fund and the Asia Pacific Mutual Fund. Julian Thompson, former head of global emerging market equities at Threadneedle will be leaving the company «in due course».
01/10/2010

SWIP awards a mandate to LGIM

p { margin-bottom: 0.08in; } On 30 September, Legal & General Investment Management (LGIM) announced that it has been awarded a mandate by the Multi Manager UK Equity Focus Fund from Scottish Widows Investment Management (SWIP), which has GBP1.1bn in assets, to actively manage GBP267m in equities. For the mandate, LGIM will replicate the strategy used since April 2006 by Robert Churchlow for the Legal & General Growth Trust (GBP220m), The portfolio will include 25 equally-weighted positions. Churchlow is also head of active equities at LGIM.
01/10/2010

Martin Currie launches three newcits funds

p { margin-bottom: 0.08in; } On 29 September, the Scottish asset management firm Martin Currie launched the Luxembourg-registered funds Japan Absolute Alpha, European Absolute Alpha and Global Resources Absolute Alpha, all of them long/short products which comply with the UCITS III directive, and which will be offered to retail and institutional investors. The funds are UCITS-compliant versions of existing hedge funds, with shares in pounds Sterling, Euros and US dollars, and daily liquidity. Minimal subscription is set at USD10,000. Martin Currie says that its range of hedge funds as of 1 September had assets of USD1.3bn. Hedge funds from the firm adhere to Hedge Fund Standard Board norms. Only three other fund managers in the Investment Management Association (IMA) absolute return segment have adopted these norms to date.
01/10/2010

Newer funds tend to perform better than older ones

The latest research from Lipper* suggests that institutional investors, such as fund selectors and wealth managers, could miss out on several years of good performance, if they continue to exclude new or newly-launched funds from their portfolio. No evidence was found that funds with long track records enjoy better performance or incur less risk than new funds. On the contrary, the empirical data suggest that newly- launched funds post higher average total returns and lower risk data, says Lipper. Furthermore, it suggests that fund managers enjoy slightly better performance during the first year of their tenures.* Ruling Out New Funds: Wrong Decision?
01/10/2010

SEC charges two State Street employees

The Securities and Exchange Commission has charged a pair of employees at Boston-based State Street Bank and Trust Company with misleading investors about their exposure to subprime investments.The SEC’s Division of Enforcement alleges that John P. Flannery and James D. Hopkins marketed State Street’s Limited Duration Bond Fund as an “enhanced cash” investment strategy that was an alternative to a money market fund for certain types of investors. By 2007, however, the fund was almost entirely invested in subprime residential mortgage-backed securities and derivatives. Yet despite this exposure to subprime securities, the fund continued to be described as less risky than a typical money market fund and the extent of its concentration in subprime investments was not disclosed to investors.The SEC charged State Street in a related case earlier this year. The firm agreed to settle the charges by repaying fund investors more than USD300 million.Flannery was a chief investment officer who no longer works at State Street. Hopkins was a product engineer at the time, and is currently State Street’s head of product engineering for North America.
01/10/2010

BlackRock calls for stricter rules on swaps

BlackRock has recommended that regulators set stricter rules for clearing privately traded swaps than those that apply to the clearing of exchange traded futures, writes the Financial Times.The fund manager is concerned that rules being drafted might not be tough enough and could leave it too heavily exposed to the default of other investors. The point of contention is whether customer assets and margin payments towards cleared derivatives positions are held in pooled accounts or in segregated, accounts. BlackRock favours segregation.
01/10/2010

Deka Immobilien invests in midtown Manhattan

p { margin-bottom: 0.08in; } The German management firm Deka Immobilien has bought the office building at 19 West 44thStreet in midtown Manhattan for about EUR95m from SL Green Realty Corp. The 27,500 square metre property will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal.
01/10/2010

KanAm to liquidate US-grundinvest real estate fund

p { margin-bottom: 0.08in; } The only German open-ended real estate fund denominated in the US dollar, KanAm US-grundinvest (DE0006791817), will be liquidated by 31 March 2012, and USD250m will already be distributed to subscribers by the end of this year, due to the fact that in only seven months, 10 of the 17 properties in the portfolio have been sold. An eleventh property is in the sale process, and the other six properties will be taken over to be resold by the depository bank, M.M. Warburg, which will then distribute the proceeds of the sales to investors, the Munich-based management firm KanAm announced on 30 September. The fund was closed to redemptions on 30 October 2008, and closed to subscriptions on 19 October 2009. It is the first German real estate fund to close down entirely. A survey of subscribers in February revealed that the fund could expect redemption demands of USD200m, which would have been largely covered by asset sales. But in September, with the rise in the value of the US dollar, the survey projected redemptions of USD300m, for a fund with only USD540.3m in assets (as of 6 September). As a consequence, continuing to operate was no longer viable for the long term.
01/10/2010

AIFM directive: France and Germany scratch each other's backs

p { margin-bottom: 0.08in; } France and Germany are negotiating mutual concessions to remove obstacles to the AIFM directive and the Stability Pact, Agefi reports, citing European sources carried by Reuters. The French government is prepared to accept a tighter European budgetary framework if Germany will support a French proposal which would eliminate a clause from the AIFM directive which would allow for pan-European licenses to be issued to funds from countries outside the EU.
01/10/2010

Derek van Eck dies

p { margin-bottom: 0.08in; } The principal and director of Van Eck Associates Corporation, Derek van Eck, died suddenly in the night between Wednesday and Thursday, aged 46. He was the son of John van Eck, who founded the management firm in 1955. The portfolios which he managed (the Van Eck Global Hard Assets, Van Eck VIP Global Hard Assets and long/short Hard Assets funds) will be taken over by Shawn Reynolds and Charles Cameron, who were appointed co-managers of the portfolio. Reynolds is head of the energy investment team, and Cameron was director of trading.
01/10/2010

New head of alternative investment at ZFS

p { margin-bottom: 0.08in; } Zurich Financial Services on 30 September announced the appointment of Bernard Joei as head of alternative investments, a newly-created position. Joei, 54, will also direct Zurich Alternative Asset Management LLC, once David Wasserman retires later this year. He will also be in charge of international real estate strategy. Joei was previously CIO at Horizon 21, the firm founded by Rainer-Marc Frey, which last year closed down three funds of hedge funds.
30/09/2010
Fonds

Nouveau FIP dédié à la filière bois chez A Plus Finance

La société de gestion indépendante A Plus Finance spécialisée dans le capital investissement vient de lancer A Plus Planet 10, un fonds d’investissement de proximité (FIP)dédié à la filière bois. Le FIP A Plus Planet 10 est centré sur le développement durable à travers la filière bois dans toutes ses composantes et s’intéresse aux PME qui profitent, dans la construction et l’immobilier, de la mise aux normes Haute Qualité Environnementale (HQE). Le fonds s’inscrit dans le cadre du mécénat avec la fondation GoodPlanet et aura une durée de vie de 7 ans. Caractéristiques : Code Isin : FR0010925115 Commissions de souscription : 5 % Frais de gestion : 3,95 % max/an Montant de la part : 100 euros Minimum à la souscription : 1 000 euros
Fonds
30/09/2010

Les dirigeants de Tikehau CP montent au capital de leur société

La holding de Albert Frère, la Compagnie Nationale à Portefeuille (CNP), a annoncé, mercredi 29 septembre, la cession de sa participation au sein de Tikehau Capital Advisors (TCA) qui représentait 47,5% pour un montant de 17,7 millions d’euros - faisant l’objet d’un crédit vendeur. La part en question est rachetée par les dirigeants de Tikehau, Antoine Flamarion et Mathieu Chabran – respectivement président de Tikehau Capital Advisors et directeur général de Tikehau Investment Management (TIM) – tous deux déjà détenteurs d’une part de 47,5 % - à laquelle s’ajoutent les 5 % appartenant à Bruno de Pampelonne – président de TIM. Le communiqué de presse de CNP précise que l’objectif de cette opération est de permettre à TCA de poursuivre son développement sous la forme d’un partnership intégralement détenu par son management. En fait, le rachat des 47,5 % permettra également aux gestionnaires de Tikehau de céder 5 % à des personnes internes à la société de gestion et également à des personnes extérieures. En chiffres, la CNP dégage de l’opération une plus-value de 8,5 millions d’euros en consolidé restreint et de 7,4 millions d’euros en consolidé. Soit un taux de rendement annuel composé qui s’élève à 12% sur la période de détention de 4 ans."Cela dit», précise Antoine Flamarion interrogé par Newsmanagers, «la CNP conserve, en tant qu’actifs disponibles à la vente, des intérêts dans Tikehau Capital Partners regroupant les participations dans l’immobilier non coté d’une valeur de quelque 19 millions d’euros ainsi que dans divers fonds gérés par Tikehau Investment Management pour un montant de 48 millions d’euros.» Et sauf opportunités, compte tenu du profil de rentabilité attendu, ces intérêts seront détenus jusqu’à leur maturité prévue...
30/09/2010
Fonds

Serena Capital réalise un investissement et en prévoit deux autres

Le fonds d’investissement Serena Capital vient d’annoncer un investissement dans le groupe spécialisé dans la vente privée de marques de luxe EspaceMax, aux côtés d’Amundi, Masseran Gestion et des actionnaires historiques, rapporte l’Agefi. Serena Capital compte également boucler deux autres opérations d’ici un mois.
Fonds
30/09/2010

Liontrust retrouve des couleurs

La société de gestion britannique Liontrust a enregistré au troisième trimestre (du 1er juillet au 28 septembre) une collecte nette de 6,3 millions de livres. C’est le premier trimestre positif depuis les trois premiers mois de 2008.Au 28 septembre, les actifs sous gestion de Liontrust s'élevaient à 1,12 milliard de livres.
30/09/2010

Ignis AM nomme un nouveau CIO actions

Ignis Asset Management vient de recruter Mark Lovett en tant que directeur des investissements (chief investment officer - CIO) sur la partie actions. Il rejoindra la société de gestion britannique le 4 octobre et sera chargé de superviser plus de 10 milliards de livres d’actifs institutionnels et retail.Mark Lovett vient d’Allianz RCM, où il était directeur des investissements pour les actions britanniques et européennes à Londres. Il était aussi président du comité d’allocation d’actifs de la société et membre du comité exécutif de Londres. Il faisait également partie du European Management Group d’Allianz RCM, une équipe de sept personnes responsable de la gestion de tous les aspects de la plate-forme d’investissement de Londres et Francfort. Mark Lovett travaillera sous la direction de Chris Fellingham, CIO, qui vient récemment de rejoindre Ignis Asset Management en provenance de Soros Fund Management.
30/09/2010
Fonds

Threadneedle lance un newcits de performance absolue sur les émergents

Poursuivant sa politique de transposition sous forme coordonnée de divers hedge funds, face à une demande importante de la part des investisseurs, Threadneedle a annoncé le 29 septembre le lancement du Threadneedle (Lux) Absolute Emerging Market Macro Fund, un fonds de performance absolue destiné aux investisseurs désireux de profiter du potentiel de la dette et des monnaies émergentes. L’objectif est de générer une performance comprise entre 7,5 et 12,5 % sur le long terme et sur une base annualisée. Le nouveau produit utilise la méthodologie employée pour le Emerging Currencies Crescendo Hedge Fund.Le gérant principal est Richard House, head of emerging market debt, qui gère aussi le Threadneedle Emerging Market Bond Fund. Il est assisté d’Agnès Belaisch, head of emerging market strategy, comme co-gérante.
Fonds
30/09/2010

Robeco Suisse et SAM fusionneront au quatrième trimestre

En Suisse, Robeco et sa filiale SAM Sustainable Asset Management vont optimiser leur structure organisationnelle et juridique. Les deux sociétés Robeco (Switzerland) et SAM fusionneront dans le courant du dernier trimestre 2010 et SAM (11,2 milliards d’euros d’encours) distribuera les produits de Robeco parallèlement à sa gamme de fonds de développement durable. Les personnels de Robeco Suisse seront transférés à la nouvelle entité.L'équipe commerciale commune sera placée sous la responsabilité de Michael Baldinger, membre du comité exécutif de SAM.
30/09/2010

Threadneedle se focalise sur les family offices et les fondations

Ancien député européen et general manager and director du family office Schlumberger Primat de 1991 à 2008, Ian Dalziel a rejoint le britannique Threadneedle comme head of global private wealth and foundations. Il sera basé à Genève, compte tenu de l’importance de cette place financière.Avec ce recrutement, Threadneedle lance une nouvelle offensive commerciale en direction des fondations et des family offices pour les conseiller dans leur planification stratégique et leur allocation d’actifs.
30/09/2010

Bank of America va supprimer des postes pour compte propre

Comme Goldman Sachs et JPMorgan, Bank of America prévoit d'éliminer des postes de trading pour compte propre afin de se préparer à la règle Volcker, rapporte l’Agefi reprenant des sources qui se sont confiées à Bloomberg. Ces suppressions - entre 20 et 30 - représentent moins d’un tiers de l’ensemble des postes pour compte propre.
30/09/2010

Scott Ebner devient patron du développement des ETF chez SSgA

Vice president et global head of exchange traded products de NYSE Euronext à Paris, Scott Ebner a été nommé le 29 septembre managing director et global head of ETF product development de State Street Global Advisors (SSgA). Il sera subordonné à James Ross, senior managing director et global head of ETFs, et basé à Londres.Scott Ebner est chargé de veiller à l’extension de la gamme SPDR.
30/09/2010
Fonds

Columbia Management rationnalise sa gamme de fonds

Columbia Management veut faire économiser 30 millions de dollars aux investisseurs présents dans ses fonds, grâce à des économies réalisées par la baisse des frais et la fusions de certains produits. Les fonds concernés sont les suivants : Columbia High Income Fund, sera absorbé par le Columbia Income Opportunities Fund Columbia Asset Allocation Fund par le Columbia LifeGoal Balanced Growth Portfolio Columbia Asset Allocation II Fund par le Columbia LifeGoal Balanced Growth Portfolio Columbia Liberty Fund Columbia par le Columbia LifeGoal Balanced Growth Portfolio RiverSource Portfolio Builder Total Equity Fund par le Columbia LifeGoal Growth Portfolio RiverSource Income Builder Enhanced Income Fund avec le Columbia Income Builder Fund RiverSource Income Builder Moderate Income Fund avec le Columbia Income Builder Fund Columbia S&P 500 Index Fund, VS avec le RiverSource Variable Portfolio - S&P 500 Index Fund Columbia Large Cap Growth Fund, VS avec le Seligman Variable Portfolio Growth Fund La fusion entre ces fonds devrait être effective avant la fin du premier semestre 2011, indique un communiqué de la société de gestion américaine.
Fonds
30/09/2010
Fonds

Man Group veut lancer un fonds de fonds long/short actions européennes

La société de gestion alternative Man Group envisage de lancer un fonds de fonds long/short sur les actions européennes, selon Citywire.Le fonds newcits puisera dans un univers de quelque 300 fonds long/short européens pour construire un portefeuille de 8 à 12 fonds. Le nouveau véhicule sera géré par Robin Lowe, responsable actions du groupe qui estime que, malgré des perspectives incertaines pour les marchés européens, il existe encore des opportunités, tout particulièrement pour un gérant long/short, en raison notamment de la progression des activités de fusions/acquisitions, d’entreprises présentant des bilans solides et de valorisations modérées.
Fonds

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