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23/06/2010

Newton sélectionné par le fonds de pension de l'université de Londres

Newton, filiale de BNY Mellon Asset Management, a indiqué le 21 juin que l’une de ses antennes britanniques, Newton Investment Management Limited, que le fonds de pension de l’université de Londres, le Superannuation Arrangements of the University of London, lui a attribué un nouveau mandat de gestion.
23/06/2010

Vague de departs chez Citadel

Six personnes ont quitté le bureau londonien de Citadel Investment Group, le gestionnaire de hedge fund basé à Chicago, selon Financial News. Parmi eux, Alex Maddox, qui dirigeait le desk titrisation de Citadel en Europe, rejoint Deutsche Bank.
23/06/2010

Schroders prend 49 % de RWC Partners

Schroders vient d’annoncer l’acquisition de 49 % du capital de la société de gestion britannique RWC Partners Limited, via l’une de ses filiales.Cette participation représente un «investissement financier» pour Schroders. Elle a été acquise principalement auprès d’actionnaires individuels. Le reste du capital est aux mains des salariés.Le communiqué précise que RWC, qui gère environ 10 millions de livres d’actifs bruts, restera une entité juridique autonome et continuera par être gérée par son équipe dirigeante actuelle. En tout, les encours sont gestion de la société dépassent les 2,5 milliards de dollars. A noter que récemment, RWC Partners a recruté deux anciens gérants de… Schroders, Ian Lance et Nick Purves. Elle a par ailleurs annoncé le lancement d’un fonds actions long/short au format Ucits III, le RWC Europe Absolute Alpha Fund, qui sera géré par Ajay Gambhir, un ancien de JPMorgan.
23/06/2010

La FSA inflige une amende de 700 000 livres à Vantage Capital Markets

La Financial Services Authority ( FSA ) a infligé lundi une amende de 700.000 livres à Vantage Capital Markets LLP pour ne pas avoir empêché Daniel Hassell, un courtier, d’exercer, en dépit d’un titre de simple consultant, une influence importante dans l’entreprise pendant plus de quatre ans sans avoir obtenu au préalable l’approbation de la FSA.La majorité de l’activité de courtage était précédemment détenue par Hassell et a généré près de la moitié du chiffre d’affaires de Vantage. Hassell a perçu environ un tiers des profits de l’entreprise.
23/06/2010

Henderson Group met un terme à ses négociations avec RidgeWorth

Henderson Group a annoncé avoir mis fin aux négociations concernant une éventuelle acquisition de certaines activités de RidgeWorth Capital Management, la société de gestion américaine détenue par SunTrust Banks. En effet, les deux parties n’ont pas réussi à se mettre d’accord sur les conditions.
23/06/2010

Henderson recrute une responsable des consultants en Amérique du Nord

La société de gestion britannique Henderson Global Investors (90 milliards de dollars d’encours) vient de recruter Nancy McNally en tant que directeur des relations avec les consultants en Amérique du Nord. Elle a rejoint la société le 1er juin et sera subordonnée à Nick Adams, responsable des relations avec les consultants à l'échelle mondiale. Elle travaillera aux côtés de Mark Toomey, directeur de la gestion d’actifs institutionnelle, et de Michael Nagy, directeur associé des relations avec les consultants en Amérique du Nord. Nancy McNally était précédemment chez Gartmore. Elle a aussi travaillé chez Fidelity Investments et Robeco Investment Management.
23/06/2010

British Airways va verser 330 millions de livres par an à ses fonds de pension

Mardi, British Airways (BA) a fait sauter le dernier verrou qui bloquait la fusion avec Iberia, rapporte Cinco Días : la compagnie aérienne britannique a conclu avec les administrateurs de ses deux fonds de pension, New Airways Pension Scheme (NAPS) et Airways Pension Scheme (APS), un accord selon lequel elle s’engage à fournir des contributions annuelles de l’ordre de 330 millions de livres (394 millions d’euros), somme à laquelle s’ajoutera une compensation de l’inflation estimée à 3 % annuels. Ces contributions vont jusqu’en 2026 pour le NAPS et en 2023 pour l’APS.Des contributions supplémentaires de BA pour combler le déficit (4 milliards d’euros) sont prévues pour les années où l’excédent de trésorerie dépasserait 1,8 milliard de livres. L’accord prévoit également une garantie de 250 millions de livres pour assurer le versement des retraites en cas d’insolvabilité.
23/06/2010

Avant Morgan Stanley, Invesco affichait USD 430 milliards d'encours

Au 31 mai, les actifs sous gestion d’Invesco Ltd ressortaient à 430 milliards de dollars contre 456,7 milliards au 30 avril et 457,7 milliards au 31 mars. Sur ce total, les fonds d’actions représentaient 181,2 milliards de dollars et les fonds obligataires 79,1 milliards. Les fonds diversifiés affichaient un encours de 39,6 milliards, les fonds monétaires se situant à 69,2 milliards et les fonds alternatifs à 60,9 milliards. Au sein de ces catégories, les ETF et autres fonds passifs pesaient au total 51,2 milliards de dollars.Invesco précise que la contraction de 26,9 milliards de dollars entre fin avril et fin mai est imputable à hauteur de 6,1 milliards aux ETF et aux fonds passifs, qui ont subi des remboursement nets, et de 6 milliards environ à l’effet de change lié à la hausse du dollar.Ces chiffres sont à retenir dans la mesure où la reprise par Invesco des activités de fonds retail de Morgan Stanley a été effective seulement à partir du 1er juin.
23/06/2010
Fonds

UBS lance le premier ETF européen sur le pétrole

Le suisse UBS-IS CMCI Oil ETF est, selon UBS, le premier et pour l’instant le seul ETF pétrolier sur le marché européen. Lancé le 18 juin et coté sur la Bourse Suisse, il réplique synthétiquement l’UBS Bloomberg Constant Maturity Commodity Index (CMCI), ce qui doit limiter l’influence du roulement des positions.C’est un produit en dollars qui s’adresse principalement aux particuliers haut de gamme. La contrepartie du swap est la banque d’investissement d’UBS et ce risque est couvert à 100 %. UBS a déjà prévu le lancement de parts en dollars pour les investisseurs institutionnels ainsi que de parts en euros couvertes du risque de change tant pour les particuliers que pour les investisseurs institutionnels.CaractéristiquesDénomination : UBS-Index Solutions - CMCI Oil ETF (USD) SF-A Isin : CH0109967858 Devise du fonds USD Devise de négoce USD Commission de gestion : 0.45%
Fonds
23/06/2010

Before Morgan Stanley takeover, Invesco had USD430bn in assets

As of 31 May, assets under management at Invesco Ltd totalled USD430bn, compare dwith USD456.7bn as of 30 April, and USD457.7bn as of 31 March. Of this total, equities funds represented USD181.2bn, while bond funds represented USD79.1bn. Diversified funds had assets of USD39.6bn, while money market funds had USD69.2bn, and hedge funds had USD60.9bn. In these categories, ETFs and passive funds accounted for a total of USD51.2bn in assets. Invesco states that of a contraction of USD26.9bn between the end of April and the end of May, USD6.1bn was due to ETFs and passive funds, which have seen net redemptions, and about USD6bn are due to currency effects related to the rising US dollar. These figures are worth noting as the takeover by Invesco of the activities of Morgan Stanley came into effect only from 1 June.
23/06/2010

FRR cancels Allianz GI mandate

The French national pension fund, the Fonds de réserve pour les retraites (FRR), announced on 22 June that it has cancelled a management mandate assigned to Allianz Global Investors France, for which the financial management had been further outsourced to the firm’s sister firm, Nicholas Applegate Capital Management, also an affiliate of the Allianz Global Investors group. The FRR says in a statement that the mandate was cancelled “due to sustained relatively unsatisfactory returns.” The mandate was for the management of a US small cap equities portfolio totalling EUR172m as of 28 May of this year.
23/06/2010

BNY Mellon AM granted a Korean DIM license

BNY Mellon Asset Management has announced that the application for a Discretionary Investment Management (DIM) license by BNY Mellon AM Korea Limited was successfully approved by Korea’s Financial Services Commission (FSC) on 16 June 2010. BNY Mellon established an asset management representative office in Seoul in 2006. The DIM license allows BNY Mellon AM Korea Limited to contract for discretionary investment management services with local financial institutions and professional investors.
23/06/2010

Real estate funds: Percentages invested in Germany and France slip

According to statistics from the German BVI association of management firms, the portfolios of open-ended real estate funds included 1,495 properties or properties under construction, of which 60% are valued at under EUR50m, while only 71 properties are valued at over EUR200m. Germany represents the highest proportion, with 28.3% of total assets as of the end of March, compared with 28.5% at the end of January. The percentage of properties located in France has also fallen to 18.9% from 19.3% at the end of 2009 (see Newsmanagers of 22 March). 35.1% of properties owned by funds are less than 5 years old, and 29.8% are 5 to 10 years old. The BVI also states that office properties represent 64.8% of the total, while commercial and restaurant properties account for 20%. the remainder consists of industrial properties (4.4%) and hotels (3.9%). Concerning the volume of transactions, real estate acquisitions in the twelve months to the end of March totalled 67, of which 23 were in Germany and 44 abroad. Venal properties represented EUR5.82bn. 97 properties were sold, of which 64 were in Germany and 33 abroad, with a venal total value of EUR2.77bn.
23/06/2010

ING considering sale of real estate funds

ING Groep is weighing a sale of its real-estate funds, says the Wall Street Journal. The Dutch financial group said earlier this month it was «conducting an evaluation of the position of ING REIM within the banking business.» Morgan Stanley has been appointed to evaluate ING REIM and could advise the bank on a sale, according to people familiar with the matter. Analysts believe ING could fetch between EUR800 million and EUR1 billion through a direct sale of REIM, which has EUR66.4 billion in property assets under management. Potential investors are coming forward, including AXA Real Estate Investment Managers.
23/06/2010

RHJ International acquires KBC AM (Dublin)

In a statement, RHJ International SA has announced that it is continuing its development efforts, and that it has reached an agreement with KBC Asset Management SA to acquire KBC Asset Management Limited (Dublin). The transaction price has been set at EUR23.7m in cash. KBC AM will also receive 50% of a potential capital reduction at KBCAM Dublin, up to a maximum of EUR3.5m. KBCAM Dublin manages about EUR4bn for institutional clients, and offers investment products including environmental equities, value equities, and multi-asset strategy funds. KBC AM, based in Dublin, has a strong client base in Ireland, Asia, and North America.
23/06/2010

Henderson recruits a head of consultants for North America

Henderson Global Investors, the UK based asset manager with over USD90 billion assets under management, has appointed Nancy McNally as director of consultant relations, North America. Reporting to Nick Adams, head of global consultant relations, Nancy joined on 1st June 2010. She will be working alongside Mark Toomey, director of institutional asset management, and Michael Nagy, associate director of consultant relations, North America. Nancy has 10 years’ experience in asset management at Fidelity Investments, Robeco Investment Management, Clay Finlay and, most recently, Gartmore.
23/06/2010

Wave of departures from Citadel

Six people have left the London office of Citadel Investment Group, the Chicago-based hedge fund manager, according to Financial News. Alex Maddox, who headed up Citadel’s European securitsation desk, has joined Deutsche Bank.
23/06/2010

Henderson Group calls off talks with RidgeWorth

Henderson Group has announced that discussions regarding a potential acquisition by the Group of certain businesses of RidgeWorth Capital Management, Inc., the US asset manager owned by SunTrust Banks, Inc., have been discontinued as the parties have not reached agreement on terms.
23/06/2010

SSgA adds to Multi Asset Class Solutions team

State Street Global Advisors has announced the appointment of Raymond Haines as head of UK Liability Driven Investing (LDI) and Christopher J. Goolgasian, who joined SSgA as a senior portfolio manager in the Multi Asset Class Solutions (MACS) group in Boston. The company also announced the transition of Gregory Taieb from its Montreal office to support the UK MACS team in London. SSgA’s MACS group provides asset allocation, LDI and exposure management solutions to clients across all asset classes globally. Haines worked previously at LV= Asset Management where he was most recently chief investment officer. Joining Haines on the London team is Gregory Taieb, a MACS portfolio manager in Montreal who will relocate to London to support the company’s continued growth in that market. Boston-based Goolgasian joins State Street from Pyramis Global Advisors, where he was an institutional portfolio manager.
23/06/2010

Schroders acquires 49% of RWC Partners

Schroders has announced that one of its subsidiaries has acquired 49 per cent of the share capital of RWC Partners Limited. The 49 per cent stake in RWC represents a financial investment by Schroders and was acquired mainly from existing third party, individual shareholders. RWC will remain a separate legal entity and will continue to be managed by the existing management team, says a release. RWC had gross assets of approximately GBP10 million as at the date of completion of the transaction.
23/06/2010

Newton selected by London University pension fund

Newton, an affiliate of BNY Mellon Asset management, announced on 21 June that one of its British arms, Newton Investment Management Limited has been assigned a new management mandate by the pension fund for the University of London, the Superannuities Arrangements of the University of London.
23/06/2010

British Airways to pay GBP300m per year into pension fund

On Tuesday, British Airways (BA) overcame the last obstacle to its merger with Iberia, Cinco Días reports: the British airline reached an agreement with the trustees of its two pension funds, New Airways Pension Scheme (NAPS) and Airways Pension Scheme (APS), by which it pledges to make annual contributions of about GBP330m (EUR394m), in addition to which an amount estimated at 3% per year will be added to account for inflation. These contributions will run until 2026 for NAPS and 2023 for APS. Additional contributions from BA to offset the funds’ deficit (EUR4bn) are planned for years in which cash surpluses exceed GBP1.8bn. The agreement also includes a guarantee of GBP250m to ensure that pensions are paid in case of insolvency.
23/06/2010

Management firms are poorly prepared for UCITS IV

European management firms will need to step up their preparations ahead of the introduction of the Key Introduction Document (KID), the investor information document imposed by the UCITS IV directive, according to a study by PricewaterhouseCoopers (PwC) and the European management association (Efama). The study, entitled “UCITS IV: Time for Change,” says that many major European asset management firms have not yet understood the importance of KIDs and are inadequately prepared to confront the impact of them. The study finds that 58% of respondents have not yet understood the repercussions in terms of cost which the modifications which will be needed to bring their control systems into compliance will involve. “Currently, asset management firms are not yet aware of the effects of the introduction of the KID. This will change the way in which funds are perceived, and many management firms may, due to its introduction, find themselves with incomplete product ranges,” says Thierry Blondeau, a partner at PwC Luxembourg and UCITS IV Project Leader for Europe at PwC. “Those who are not yet prepared for the consequences in terms of costs and preparations which will be made necessary by the changes are in danger of having an ugly surprise when July comes, as the European Commission will likely pass application measures. Managers will need to start adapting their ways of working without delay if they don’t want to be caught on the wrong foot.”
23/06/2010

France, UK and Germany agree to bank tax

The governments of France, the UK and Germany are proposing to impose a tax on banks, based on their balance sheets, the French government announced in a statement released on 22 June. The French finance minister says that the future British banking tax is included in the budget presented yesterday, and that France will reveal details of its banking tax in its next draft finance law. Germany, for its part, has been announcing since the end of March that a banking taxation framework will be imposed, and will introduce draft legislation to the council of ministers this summer. “All three taxes will aim to ensure that banking establishments will contribute in line with the risks to which they expose the financial system and the economy in general, and will encourage them to make the necessary adjustments to their balance sheets to reduce these risks,” the statement from the French government says. The precise details of each tax may vary depending on the context and tax framework in each country, but the level of taxation will take into account the need to guarantee equitable conditions. The French, British and German governments have agreed to follow an ambitious program of reforms to the financial sector defined by the G-20, which will include all aspects of the industry, and look forward to more discussion of the proposals with their international partners at the G20 summit in Toronto on 24 June, the statement adds.
23/06/2010

BBVA opens Quality Funds to external clients

BBVA Asset Management has opened its third-party fund affiliate, Quality Funds, to clients from outside the group. Myrian Luque, director of Quality Funds, announced on Tuesday that open-architecture services are now available to other Spanish firms, but that it has not yet received a response, Cinco Días reports. Quality Funds manages funds of funds with assets that have increased by 70.45% since the beginning of the year to EUR825m. It also advises funds from other management firms with assets of EUR16bn. Currently, Quality has agreements with 38 external management firms, and aims to increase this number to 55. When asked about the removal of Carmignac funds from its offerings a couple of months ago, Luque explained that the move came as part of a general revision of funds, and that Carmignac did not adapt to meet the preliminary criteria of Quality Funds.
23/06/2010

Amundi lists seven ETFs on Euronext

NYSE Euronext has announced that it has admitted seven new French-registered ETF funds from Amundi to trading on Euronext Paris, all of which charge fees of 0.14%. The funds are the Amundi ETFs US Treasury 1-3, US Treasury 3-7, US Treasury 7-10, Short US Treasury 1-3 Daily, Short US Treasury 3-7 Daily, Short US Treasury 7-10 Daily and Ex AAA Government Bond EuroMTS. Euronext now includes 541 listings for 493 ETF products based on over 300 indexes. Since the beginning of the year, 44 ETFs have been added to the European market listings of NYSE Euronext.
23/06/2010

AIFM directive unlikely to go to vote before autumn

Agefi reports that, according to the claims of Jean-Pierre Gauzès, the reporter for the AIFM legislation to the European Parliament, who addressed the British chamber of commerce on 22 June, negotiations with the Ecofin council over the alternative management directive will not be completed before 30 June. Commissioner Michel Barnier had pledged to get the bill passed before summer.
23/06/2010

Assets of Madoff employees may be seized

Federal prosecutors Tuesday in civil lawsuits alleged that two of his longtime «back office» employees -Annette Bongiorno and JoAnn «Jodi» Crupi- «knowingly perpetuated» the fraud, says the Wall Street Journal. The lawsuits seek to seize about USD5 million in assets from the two employees. They include homes and cars.
23/06/2010

Aberdeen Global II Sicav arrives in Spain

On June 18th, the CNMV registered the Luxembourg Sicav Aberdeen Global II. It has 26 sub-funds, most of them bond products. The British asset management firm (EUR161.8bn in assets) is planning to aim largely at institutional investors in Spain and Portugal.
23/06/2010

Vigeo downgrades BP

Vigeo announced on Tuesday that it has lowered its ratings for BP. “The downgrade comes after several weeks of examination of the behaviour of BP and investigations by the US authorities following the ecological disaster in the Gulf of Mexico,” the extra-financial ratings agency explains. “Due to serious reports about the weak level of diligence and doubts about the sincerity of communications by the business about the safety of its offshore installations and the volumes of oil being leaked, Vigeo is again revising its opinions about the integrity of environmental management systems and the security of the group downward to a minimal level,” the agency says.

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