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29/06/2010

Union Investment launches maturity fund

The UniEuroKapital 2013, launched on 17 May, is now on sale from Union Investment (German co-operative banks) with a management commission of 0.8% (maximum 1%). It is a maturity bond fund (29 November 2013), which allows investors to participate in the evolution of the bond market in Euros over the mid-term, including government bonds, corporate bonds, and Pfandbriefe denominated in Euros. The managers may also invest in investment grade bonds from emerging countries. Characteristics Name: UniEuroKapital 2013ISIN: LU0509225537Management commission: 0.8%Depository banking commission: maximum 0.05% Initial price per share: EUR100
29/06/2010

Source releases a new ETF based on a volatility index

Source announced on Monday, 28 June that it has launched a new ETF, the S&P 500 VIX Futures Source ETF, a publicly-traded European volatility index-based fund, which replicates the S&P 500 VIX Short-Term Futures Total Return index. The CBOE Volatility index, or “VIX,” is the most widely-used benchmark index of implicit volatility worldwide, and is known as a market barometer. For ease of investment, the S&P 500 VIX Futures Source ETF is based on the S&P 500 VIX Short-Term Futures Total Return index, which replicates the performance of futures on the VIX. “The performance of the index is not exactly identical to that of the VIX index,” says a statement from Source, “but it is historically very highly correlated to its performance, and very highly decorrelated from that of the S&P 500.” The new S&P 500 VIX Futures Source ETF complies with the UCITS III directive, and is listed in US dollars on the London Stock Exchange. Characteristics Name: S&P 500 VIX Futures Source ETFBloomberg ticker: VIXS LN Currency of listing: USDManagement commission: 0.60% per yearMarket of listing: London Stock ExchangeName of underlying index: S&P 500 VIX Short-Term Futures Total Return indexTicker of underlying index: SPVIXSTR Domicile: Ireland
29/06/2010

Credit Suisse registers CS ETF Sicav

On 24 June, the Spanish arm of Credit Suisse registered its Irish Sicav, CS ETF, which currently has 29 sub-funds, with the CNMV. The Swiss group is availing itself of new rules in Spain which now allow for the registration of ETF funds in Sicav format. The funds will be distributed by the Spanish arm of the firm.
29/06/2010

BNP Paribas Securities Services to help managers publish KID documentation

BNP Paribas Securities Services has announced the launch of complete reporting solutions for asset managers which comply with the UCITS IV-KID directive. As management firms are required by this directive to publish a two-page Key Investor Information Document (KID), in a non-technical style, BNP Paribas Securities Services will offer its clients the necessary tools to comply with this requirement. “Complete reporting solutions from BNP Paribas Securities Services include market risk and performance indicators, for simple as well as complex funds,” says a statement. They also present quantitative aspects (performance, fees, and risk), while qualitative aspects are left to the discretion of the management firm (description of the investment policy and objectives of the fund), using the interactive online tools of BNP Paribas Securities Services.
29/06/2010

Appointment at Edmond de Rothschild Investment Partners

Edmond de Rothschild Investment Partners announced on Monday, 28 June, that it has appointed François-Xavier Mauron as director of participations in the private equity team. Mauron, a graduate of HEC, had served as director fo participations at Activa Capital since 2004.
29/06/2010

Putnam and Nissay AM extend partnership

Putnam Investments has announced a five-year extension to its cooperation agreement with Nissay Asset Management (NAM), the asset management specialist affiliate of Nippon Life, the largest life insurer in Japan. By the terms of the agreement signed in 1998 and now extended until June 2015, Putnam, which retains a 10% stake in the capital of NAM, will continue to serve as a deputy advisor to retail funds distributed by NAM, and as an investment advisor to NAM’s pension fund clients.
29/06/2010

Mark Wolter joins WestInvest

Mark Wolter, a member of the managing board at the German management firm Schroder Property KAG has been appointed a member of the managing board at WestInvest Gesellschaft für Investmentfonds mbH (Deka group), with effect from 1 July. He will be in charge of management of institutional real estate funds. He replaces Stefan Borgelt, who leaves the firm on 31 August.
29/06/2010

Asset managers expect heavy fall in profits

In the past three months, profits at British investment management firms have risen at their fastest pace since June 2006, although a slight decline was expected. However, according to a survey by CBI and PricewaterhouseCoopers, published on Monday, professionals expect a severe contraction in profits in the coming quarter, due both to falling revenues from commissions and an increase in operating costs and regulatory expenses, as businesses in the sector will need to do significant work to comply with the UCITS IV and AIFM directives. However, demand for qualified personnel is set to increase.
29/06/2010

Fitch confirms asset manager rating for DB Advisors

Fitch Ratings on 28 June confirmed its asset manager rating of M2 for DB Advisors. The rating reflects the experience and track record of DB Advisors in institutional asset management, its central role in institutional asset management activities for Deutsche Bank, and its strong position in the German market. The profitability of DB Advisors remains low, due to the priority given to institutional management. Hence the challenge of improving the firm’s results through a renewed concentration on fixed income management and low-margin administrative services.
29/06/2010

Kneip plans to continue international development

The head of Kneip has no plans to change horses in midstream, at a time when things are going so well. Bob Kneip, whose company has recently bought back 3i’s 43% stake in its capital (see Newsmanagers of 25 June), is planning to continue its international development, announced just before 3i invested in the firm three years ago. During this period, Kneip set up offices in Paris and London. Bob Kneip now has two other projects already at an advanced stage, to open two more offices, one in Europe, in Germany, either in Frankfurt or Munich, and one in Asia, in Hong Kong. In Germany, the firm will serve clients who already include many big names in German management. In Asia, “we will be in position to distribute UCITS funds,” Kneip said recently during a visit to Paris. The German location will reinforce Kneip’s presence in Europe, but Kneip is planning to pursue this direction even further, with (perhaps two) new acqusitions. Then the firm may set up a location in Latin America, though this is not an urgent priority, and Madrid and Lisbon could also serve as head offices for this region, says Kneip. But the original business plan remains the same. “We only serve management firms,” says Kneip.
29/06/2010

Hedge funds short 38 Spanish equities

According to data from the Spanish securities commission (CNMV), hedge funds have short positions on 38 shares traded in Spain. Two of the firms most exposed as a percentage of capital are Banco Popular (5.268%) and Grifols (5.266%), Cinco Días reports. Via its London affiliate, Deutsche Bank is one of the most active short traders of Spanish equities, with EUR717.3m in short positions, prmarily against BBVA, Popular, Grifols and Gamesa. Amber Capital has also sold itself short on Albengoa, ACS, Sos Corporación and Prisa. Currently, the most frequently shorted shares are in the financial sector, led by BBVA, Santander, Sabadell, Banco Valencia and Banco Pastor.
29/06/2010

Paris détaille son plan de rigueur

Ce programme doit dégager 10 milliards d’euros d’économies sur 2011-2013 et s’ajoutera aux autres mesures de réduction du déficit public
28/06/2010

UBS a de grandes ambitions en Asie

La première banque suisse affiche pour ambition, selon Carsten Kengeter, coresponsable de la division de banque d’investissement d’UBS, de doubler d’ici deux ans ses revenus tirés des activités de fixed income (produits de dette, devises, matières premières) dans la région Asie-Pacifique est un «objectif réaliste», rapporte l’Agefi.
28/06/2010

F&C lance un fonds immobilier ouvert

Le britannique F&C lance son premier fonds immobilier ouvert. Co-géré par Julian Smith et Guy Glover de F&C Reit, le UK Property fund se propose d’investir dans l’immobilier commercial britannique à un moment du cycle considéré comme favorable par les gérants.Le fonds sera diversifié dans tous les domaines (géographique, sectoriel…) et maintiendra une poche de liquidité comprise entre 10% et 20%.F&C Reit, issu de la fusion en 2008 de Reit Asset Management et de F&C Property Asset Management, gère quelque 7,5 milliards de livres.
28/06/2010
Fonds

Le fonds de Nathaniel Rothschild bientôt coté

Selon l’Agefi, Vallar, le fonds de Nathaniel Rothschild, va lever 600 millions de livres sur le London Stock Exchange. Le véhicule cherchera à acquérir un actif ou une société dans l’industrie des mines et des métaux, pour une valeur d’entreprise qui pourrait atteindre 5 milliards.
Fonds
28/06/2010

Rafale de nominations chez Fidelity

Peter Hicks a été nommé «product director», UK equities, chez Fidelity International à compter du 1er août et laissera son poste actuel de head of UK retail sales à Ben Waterhouse, qui rejoindra à la même date en provenance de Legal & General Investment Management (LGIM) comme head of UK wholesale sales. Quant à Julian Webb, il est nommé responsable des ventes pour la plate-forme FundsNetwork alors qu’il exerce actuellement les fonctions de head of UK defined contribution business.
28/06/2010

Nomination au sein de BNP Paribas Corporate & Investment Banking

BNP Paribas Corporate & Investment Banking a annoncé vendredi 25 juin la nomination de Robert McAdie au poste nouvellement créé de global head of credit research and strategy.Robert McAdie sera basé à Londres et sera rattaché à David Brunner, deputy global head du «Fixed Income». Il sera chargé de superviser l’activité Recherche en matière de crédit au niveau mondial qui, elle-même, englobe la section indépendante de recherche et stratégie en matière de crédit. Il sera également responsable des spécialistes du secteur et des credit trading desks, précise un communiqué de la banque. De 2000 à 2004, l’impétrant a dirigé l’équipe European credit strategy de Lehman Brothers puis, a passé cinq ans à la tête de l’European emerging markets strategy chez Salomon Brothers, à Londres.
28/06/2010

Mike O'Brien quitte BlackRock

Selon IPE.com, Mike O’Brien, le responsable de l’activité institutionnelle EMEA de BlackRock, va quitter la société.
28/06/2010
Fonds

Fonds d'actions : la surperformance vieillit mal

Selon une étude effectuée par Forbes sur les fonds d’actions américaines de base de données de l’agence de notation Standard & Poor’s pour les périodes mars 2000-mars 2005 et mars 2005-mars 2010, seuls 39,3 % des 791 produits figurant dans la moitié supérieure des performances durant la première période figuraient encore dans cette catégorie durant la seconde. 17,9 % d’entre eux ont été liuqidés ou absorbés par un autre fonds.D’autre part, 32,9 % des fonds figurant dans la seconde moitié durant la première période ont été «promus» durant la seconde période, tandis que 37,7 % ont été soit liquidés soit fusionnés.En ce qui concerne les fonds d’actions de grandes capitalisations figurant dans le premier quartile en 2000-2005, seuls 18,5 % ont pu se maintenir dans ce groupe en 2005-2010.
Fonds
28/06/2010

Symphony AM recrute Ann Popkin

Le fournissseur de services d’investissement Nuveen Investments a annoncé le 24 juin que Symphony Asset Management avait nommé Anne B. Popkin en qualité de président à compter du 12 juillet. Anne Popkin travaillait précédemment chez BlueCrest Capital Management où, en tant qu’associé principal, elle dirigeait le bureau de New York. Au 31 mars 2010, les actifs sous gestion de Symphony s'élevaient à environ 9 milliards de dollars.
28/06/2010
Fonds

L'ancien patron d'Amaranth sollicite à nouveau les investisseurs

Nicholas Maounis, l’ancien patron du gestionnaire alternatif Amaranth Advisors qui a implosé en septembre 2006 après une perte de 6,6 milliards de dollars à cause de paris démesurés sur le gaz naturel, tente actuellement de lever 1 milliard de dollars pour sa nouvelle société Verition Fund Management, dont l’encours de 235 millions de dollars est essentiellement constitué actuellement par la fortune privée de son fondateur, rapporte The Wall Street Journal.Verition s’interdit d’investir dans le gaz naturel et devrait se cantonner aux obligations d’entreprises, aux actions et aux obligations convertibles.D’autre part, Verition a mis en place différents éléments de contrôle du risque, Nicohals Maounis étant lui-même le chief risk officer, mais avec une équipe pour la gestion du risque au jour le jour dans chaque fonds et à l'échelon de la société de gestion tout entière.Le fonds principal de Verition a affiché une performance de 17 % pour 2009 et d’environ 2 % depuis le début de l’année.
Fonds
28/06/2010

Dreyfus compte lancer des ETF à gestion active

En date du 9 juin, The Dreyfus Corporation, filiale de BNY Mellon Asset Management, a sollicité de la SEC (form 40-APP 1) l’autorisation de lancer des ETF à gestion active qui seront logés dans une nouvelle entité, Dreyfus ETF Trust, et qui pourront faire appel à des sub-advisors.
28/06/2010

Odyssey IM recrute Mikhail Filimonov

Jayavardhan Diwan, co-fondateur (en 2009) d’Odyssey Investment Management, a annoncé l’embauche de Mikhail Filiminov comme CIO, rapporte Hedge Week. L’intéressé, qui a déjà travaillé avec Jayavardhan Diwan par le passé, avait fondé et dirigé Alexandra Investment Management. Odyssey compte lancer plusieurs fonds sur le crédit à l'échelon mondial, dont un de situations spéciales et un focalisé sur les obligations convertibles en Inde.

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