Selon L’Agefi suisse, le dernier classement des places financières réalisé par la City of London indique que c’est à Genève que se concluent le plus de nouvelles affaires dans le private banking. Classées 9ème et 8ème, Genève et Zurich reculent d’un rang dans le classement, subissant les conséquences de la nette progression de Shanghai, qui gagne cinq places et se retrouve en cinquième position. Genève est davantage vue comme un spécialiste haut de gamme de la gestion d’actifs (classée deuxième après Londres sur ce point), plutôt qu’une place offrant un service diversifié.

p { margin-bottom: 0.08in; } The US mutual funds Cullen North American High Dividend Value Equity Fund and Cullen Global High Dividend Value Equity Fund will be available in the UK and western Europe from 1 October, in a UCITS III-compliant form, domiciled in Dublin. The fund uses a value strategy, and will be available in Euros, pounds Sterling, and US dollars, to institutional, high net worth, and retail clients. Cullen Capital Management has assets of about USD10.5bn.

p { margin-bottom: 0.08in; } The Wall Street Journal reports that Bill Gross, manager of the Pimco Total Return Fund (USD248bn), has reduced its exposure to US government bonds to 36% as of the end of August, from 63% at the end of June. Jeff Gundlach has reduced the allocation of the DoubleLine Core Fixed Income Fund to 36% as of the end of August, from 52% in July. Lastly, Dodge & Cox is short-selling futures on Treasuries from some of its bond portfolios. The Wall Street Journal adds that funds such as the Templeton Global Bond Fund and the Loomis Sayles Bond Fund, which have generally avoided Treasuries for some time, are finding better “opportunities” outside the United States.

p { margin-bottom: 0.08in; } From 20 September, the Munich-based direct bank DAB Bank will be offering a range of savings plans (at least EUR50 per month) linked to ETFs from db x-trackers and ETCs from db ETC, with no transaction fees. The fees will be covered by Deutsche Bank, who will rebate shareholders for fees paid. The renewable cooperation agreement will be initially valid for five years, and is valid for already active savings plans as well as those to be created in the future. The new collaboration brings the number of db x-trackers ETF funds on sale via DAB Bank to 59. The direct bank’s offer also for the first time includes seven db ETC products.

p { margin-bottom: 0.08in; } Les Echos reports that the European Commission is planning to extend the application of the markets in financial instruments directive (MiFID), which currently applies only to equities markets. The rules may soon be extended to “bond markets, and particularly to derivative product markets,” the European commissioner for the internal market and financial services, Michel Barnier, announced in Brussels yesterday. The European Union, which is planning to increase responsibility for actors by “eliminating excessive risk-taking” and increasing investor protections, particularly for SMEs, is also seeking to guarantee fair competition between traditional and alternative platforms.

J.P. Morgan Asset Management – Global Real Assets on 17 September announced that in addition to its new team in Paris (see Newsmanagers of 17 September), another team of experienced professionals will be recruited for its Frankfurt offices. The team will be led by Michael Ramm, co-head of acquisitions for the real estate arm of JPMAM.The real estate group has been present in Germany since 2005, and manages a portfolio of about 300,000 square metres.

p { margin-bottom: 0.08in; } On Monday, 20 September, Source stated that its new Irish-registered ETF, BofAML Hedge Fund Factor Source, which complies with the UCITS III directive (see Newsmanagers of 20 September) is available in US dollars and Euros. The funds replicate the Merrill Lynch Factor Model strategy, which is specially designed to replicate the performance of a broad universe of hedge funds via a portfolio constituted from major international high-liquidity indices. The new Source ETFs will aim to offer investors broad and exhaustive exposure to the alternative management universe, without investing in any particular hedge fund. The new products bring the number of Source ETF and ETC products dedicated to equities and commodities indices to 79. Source currently manages over USD6.5bn in assets.

p { margin-bottom: 0.08in; } “To beat the stock market indices, you have to break away from them,” says Didier Bouvignies, managing partner and head of management at Rothschild & Cie Gestion, at a presentation of the active and contrarian approach of the management firm, which has “high exposure to high-risk assets.” In the present context, the firm is sceptical of predictions that there will be a double-dip continuation of the recession. In reality, Bouvignies continues, “primary real estate does not represent a serious threat, if only because it represents only 2 1/2 % of GDP. Also, in the current configuration, there is little danger of a steep increase in interest rates. Finally, businesses are now in excellent health, which in theory will allow them to make new investments and recruitments.” Bouvignies adds that “though we are a little bit less optimistic than a few months ago, we haven’t let ourselves wallow in pessimism.” This line of conduct represents a more positive sentiment than the European consensus, by which the equities markets are thought to be headed in a less than positive direction at present. “Europe is excessively undervalued,” with share multiples 20% lower than the prevailing multiples on the US equity markets, “because European shares are sanctioned by considerations related to government debts, which also explains the divergence in performance between Germany and Italy, for example,” says Bouvignies. In sector terms, Rothschild & Cie Gestion, known for its expertise in “growth at reasonable price” (GARP) management, wonders whether the best of the shares with strong exposure to international markets, after a strong rebound, may reach such high levels that it would be difficult to consider them disappointing, or for analysts to adopt such a view of them. At any rate, “though risk premiums are resorbing, the most money is not to be made on equities,” the CIO continues. The banking sector, he says, is still victim to excessive fears about capital and the evolution of business, though these problems are becoming less serious. On European government bonds, Bouvignies says that “the best-rated bonds are relatively unattractive, and remuneration is at its lowest levels in a century, at least for German, French and Dutch government bonds.” For “peripheral” bonds, “there have been too many fears of default, and we do not expect such a scenario to occur in Italy, for example.” As to corporate bonds, Bouvignies notes that “portage is currently interesting, but not in excessive proportions, since portage is producing 140 to 50 basis points, which is simply rather attractive.”

p { margin-bottom: 0.08in; } Jefferies announced on 16 September that it has created a futures unit, and has appointed Patrice Blanc, former CEO of Newedge, as president of the unit.

p { margin-bottom: 0.08in; } Agnes Mullady, who was promoted in May 2009 to become senior vice president of Gamco Investors, was appointed on 16 September 2010 as president and COO for the open-ended funds division of GAMCO Investors. She will also assume single-handed responsibility for financial reporting for open-ended and closed funds from GAMCO Investors. She will also be CEO of the broker-dealer affiliate, which is currently in the process of being created to distribute the firm’s open-ended funds.

p { margin-bottom: 0.08in; } The founder of the hedge fund management firm Peloton Partners, Ron Beller, has decided to start up again with a former Peloton colleague, Manal Mehta. IN San Francisco, they have founded the management firm Branch Hill Capital, and will initially manage their own USD40m in assets, the Wall Street Journal reports. Peloton Partners, with its ABS fund, imploded in February 2008, at the height of the credit crunch. Since opening its doors on 1 June, the Branch Hill fund has earned 15%. It will be open to external investors by the end of the year, according to a source familiar with the matter.

p { margin-bottom: 0.08in; } Asian Investor reports that the general manager of the Hong Kong offices of the International Alternative Management Association (AIMA), Jo Orgill, has left the professional organisation to join Samsung Securities, where she will develop the securities trading activities of the firm.

p { margin-bottom: 0.08in; } Asian Investor reports that Clariden Leu is planning to submit an application for a banking license in Hong Kong, which would allow it to participate in Renminbi markets. Other wealth managers such as Julius Baer have already taken steps in this direction. Two other Swiss banks, Pictet and BSI, have not ruled out making similar efforts. Clariden Leu may also set up a representative office in continental China.

p { margin-bottom: 0.08in; } HSBC Holdings announced on 17 September that it has sold an 80.1% stake in the capital of HSBC Private Equity (Asia) to the management of the firm. The management team, whose interests are embodied in the holding company Foci Holdings, will acquire a majority stake for USD18.8m; HSBC will retain only 19.9% of capital. Assets under management at HSBC Private Equity Asia total USD3.5bn. The transaction will be completed in fourth quarter 2010.

Alternative strategies made a small gain (+0.02%) in August, clearly outperforming the S&P index, according to the Edhec Institute. Similar to its situation in June, and despite the losses of convertible bonds and a shrinking credit spread (-0.85%), the Convertible Arbitrage strategy took advantage of the plummeting stock market to manage a positive return (+1.25%) for a third consecutive month. Despite the losses on the commodities market but along with regular bonds, the CTA Global strategy managed a significant gain (+3.04%), its best since last November.The poor performances of the stock market naturally impacted the equity-oriented strategies. After some comfortable gains in July, the Equity Market Neutral (-0.57%), Event-Driven (-0.29%) and Long/Short Equity (-0.96%) strategies all inevitably lost ground.Curiously enough, despite its reduced exposure to the stock market, the Equity Market Neutral strategy was not the best performing among them. Conversely, the Fixed-Income Arbitrage strategy managed a significant profit (+0.99%)

p { margin-bottom: 0.08in; } The CNMV announced on 20 September that on 17 September it received notice of the liquidation of the fund of hedge funds Selección Alternativa from Riva y García Gestión, which had only 100 subscribers and assets of EUR6.35m as of the end of August.

p { margin-bottom: 0.08in; } On 17 September, the CNMV issued a registration for the Irish-domiciled Nomura Investment Solutions Plc, whose five sub-funds will be distributed in Spain by Allfunds Bank. The sub-funds are: Nomura Interest Rate Investment Strategy Fund, Nomura Interest Rate Investment Strategy Irisx4 Fund, Nomura AR CS Fund, Nomura Macro CPS Fund, and Nomura Macro Commodity Strategy Fund.

p { margin-bottom: 0.08in; } The British hedge fund management firm Brevan Howard (USD32bn in assets), listed on the London Stock Exchange (LSE), announced on 20 September that it has recruited the former deputy governor of the Bank of Brazil, Mário Mesquita, to head up a research office in São Paulo.

p { margin-bottom: 0.08in; } With its new Global Markets range, Barclays Wealth is launching a range of five profiled OEIC portfolios, actively managed (for weighting), which invest primarily in ETFs, particularly products from iShares (BlackRock), and which are mainly aimed at IFA clients, while the management firm had previously focused primarily on private banking clients. The multi-asset class products will have a higher than average exposure to government bonds. The funds carry a front-end fee of 4%, and a management commission of 1%, of which 0.5% is a trail commission. Minimal subscription is GBP3,000.

p { margin-bottom: 0.08in; } TCF Investment (the brand name of TCF Fund Managers) has announced the launch in mid-October of four Total Clarity funds, profiled products (Defensive Portfolio, Cautious Portfolio, Diversified Balanced Portfolio and Diversified Long-Term Growth Portfolio) whose TER is limited to 0.8%. This TER will be reduced gradually as assets increase, to finish at 0.6% when assets under management are over GBP1.5bn. TCF will pay no commissions to advisers, but will offer them the opportunity to invest in the funds. The products, which will carry no front-end or exit fees, will invest in a variety of low-cost vehicles, largely ETFs available in the UK. They may also invest in shares in institutional funds not available to retail investors, but not in hedge funds. Initially, the Total Clarity Funds will be available on the Axa Elevate, Ascentic, Macquarie, Novia, Standard Life Wrap, Suffolk Life, Transact, SIPP Centre, SIPP Deal and Raymond James platforms.

The two new synthetic replication and over-collateralisation ETFs from iShares launched on the London Stock Exchaneg on Monday (see Newsmanagers of 20 September) are the iShares MSCI Russia Capped Swap ETF, which, as its name indicates, replicates the MSCI Russia Capped Index, and the iShares S&P CNX Nifty India Swap ETF, which does the same for the S&P CNX Nifty India index. The products are domiciled in Ireland.The Russia fund charges 0.75%; the India fund, 0.84%.

p { margin-bottom: 0.08in; } Legal & General Investments has appointed Frank McGarry as director of sales, fundstraetgy reports. McGarry, who will take up his new position in October, was previously head of intermediated sales at Insight Investment. The firm has ambitions to become one of the top five providers of unit trusts in the United Kingdom.

p { margin-bottom: 0.08in; } Fundstrategy reports that Colin Beveridge, investment director for international equities at SWIP (Scottish Widows Investment Partnership), has decided to leave the group from the end of September. The resignation follows the departure of his former boss, Ian Vose, who left SWIP in April this year to join Investec Asset Management.

p { margin-bottom: 0.08in; } Société Générale Private Banking Hambros has announced the opening of a new office in Edinburgh, Scotland. “The new office represents a first step in private banking in this territory, whose capital, Edinburgh, is a major crucible of wealth creation in the United Kingdom, and an ideal location for SGPB Hambros as part of its development of wealth management activities in the region,” a statement from the firm says. Scottish private clients will have access to SGPB Hambros’ expertise in the areas of wealth engineering and fiduciary services, investment solutions (in equities and bond stock picking, investment products, real estate offerings and access to capital markets), as well as a complete range of credit solutions. Mike Smith and Chris Thomson, who joined SGPB Hambros in 2008, will be in charge of the office, which is a part of Société Générale Private Banking’s regionalisation strategy in more mature markets, similar to the one it has recently deployed in France, with the opening of offices this year in Strasbourg and Rennes (see Newsmanagers of 20 May 2010).

p { margin-bottom: 0.08in; } On 12 September, Charter group created the firm Charter Group Fund Administration Ltd (CGFA) in London, with Brian Taitz. The new entity will focus primarily on offshore funds managed by boutiques, but will also offer reporting service for performance attribution for more traditional funds. Taitz, the managing director of CGFA, previously created and led a fund administration firm in Sydney. The preparation of financial reports and technical aspects of accounting questions will be handled by Donné Sephton, who created DS Consulting in January 2007.

p { margin-bottom: 0.08in; } After leaving her job as group CIO for Fidelity International in London in March (see Newsmanagers of 12 March), Nicky Richards is now returning to Australia, where from 1 January 2011 she will officially become CIO of MLC, the wealth management division of National Australia Bank (NAB). MLC manages about AUD65bn in assets with 30 investment professionals. Richards will take over the position previously held by Susan Gosling, who held the role in addition to that of head of capital markets research, MLC stated on 20 September. In July, MLC recruited Michael Karagianis from UBS as investment strategist, and Stefano Cavaglia (formerly of UBS and PanAgora Asset Management) as alternatives portfolio manager.

La zone, qui se distingue par un petit nombre d'heures travaillées par personne occupée, est aussi pénalisée par des pertes de jours travaillés

La Banque centrale de Libye - Libyan Investment Authority - a pris 0,5% supplémentaire dans UniCredit pour porter sa participation à 2,59%, a déclaré vendredi une source financière à Reuters cité par l’Agefi. Au total, la part détenue par des investisseurs libyens dans UniCredit est désormais de 7,2%. La Banque centrale de Libye détient pour sa part 4,61% d’UniCredit, selon le régulateur boursier italien.

Selon Les Echos, le fonds souverain LIA, basé à Tripoli, entré au capital du premier groupe bancaire italien UniCredit en août, est monté à 2,6% du capital. De son côté, la Fondation Cariverona, actionnaire historique, a ramené sa position à 4,6%. En comptant la participation de la banque centrale de Libye détenue depuis fin 2008 (5%), ce sont désormais 7,6% du groupe dirigé par Alessandro Profumo qui sont contrôlés par Tripoli.

La société de gestion de la rue de la Paix à Paris, créée il y a dix ans, a inscrit la prudence dans ses gènes. Aujourd'hui, comme son président nous l'explique, cette prudence passe aussi par une diversification des investissements à l'échelle mondiale afin de répondre aux nouvelles attentes des investisseurs. Ce qui se traduit par un renforcement des équipes, la création prochaine d'un nouveau fonds et de nouvelles ambitions en termes de développement pour DNCA Finance...