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18/06/2010

Des performances difficiles à protéger

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances des fonds sur le marché des fonds actions américaines et celui des fonds actions françaises au cours du mois de mai 2010. Ces performances sont mises en perspective par le calcul de la volatilité et du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.
17/06/2010

Petercam launches a pure investment grade sub-fund

The Belgian asset management firm Petercam will on 21 June launch the Petercam Bonds EUR Investment Grade, a sub-fund which will invest in Euro zone government bonds, to meet the requirements of clients and the limited prospects for exclusively investment grade investments. The new product will be an alternative to the Petercam Bond EUR, which will continue to invest in Euro zone issuers, regardless of their rating. The launch of the sub-fund comes following the degradation of the ratings of some Euro zone countries by several ratings agencies. After Greece was downgraded to junk bond status by S&P, and then by Moody’s, the management team at Petercam found itself facing a dilemma, between a desire to invest in countries with investment grade ratings, and the possibility of adopting a neutral position with relation to the benchmark index, the JPM EMU All Maturities, which has maintained Greece in the portfolio. “The rules of JPM do not stipulate and minimal rating condition, but define the investment universe in relation to liquidity criteria. Therefore, Greece has no reason to be leaving the index in the near future,” says Petercam. “Therefore, it was decided that the Petercam Bonds EUR Sicav will maintain its referent as the JPM EMU All Maturities, and will not invest in Euro zone government bonds denominated in Euros, regardless of the rating of issuing countries. The prospectus for the sub-fund has been modified to reflect this,” the Belgian management firm continues. The Petercam Bonds EUR Investment Grade will be invested in government and assimilated bonds denominated in Euros, whose issuers must be rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s, and BBB- by Fitch.
17/06/2010

Mandarine Unique arrives in France

Mandarine Gestion has announced that it has released Mandarine Unique, a sub-fund of its Luxembourg Sicav Mandarine Funds, launched three months ago, for sale in France. The sub-fund, composed of European small and midcaps, and managed by Joëlle Morlet-Selmer and Diane Bruno, is a thematic fund. The two managers focus on businesses which offer “unique stories” of growth, out of a universe of large caps, totalling between EUR300m and EUR5bn. The “unique” businesses are defined by an original business model which has no comparable equivalent traded in Europe, and are often leaders in their sector, with an overall market share of over 25%, or may have developed a technology which is liable to create or change a market, a statement from the firm says. Out of an investment universe of over 300 unique stories, the managers undertake a qualitative and bottom-up screening process. The fund is composed of 40 to 50 firms, with a particular emphasis on liquidity, due to the presence of small caps. Characteristics ISIN Code: LU0489687243 (R shares)/ LU0489687326 (I shares)Minimal initial subscription: 1 share (R shares)/ EUR500,000 (I shares)Front-end fee: Maximum 2% (R shares)/ Maximum 2% (I shares)Management fees (TTC) : 2.20% (R shares)/ 0.9 % (I shares)Minimal subsequent subscription: 1% of one share (R shares)/ D1% of one share (I shares)Initial net asset value: EUR500 (R shares)/ EUR5,000 (I shares)Decimalisation: yes, ten thousandths (part R)/ Yes, ten thousandths (I shares)Current capitalisation: EUR16m (seed money)
17/06/2010

Putnam constructs a fund range covering all cap sizes

Putnam Investments has announced the launch of three US equity funds covering all cap sizes, which will be fully available by the end of September. The new Putnam Multi-Cap Value Fund will be the former Putnam Mid-Cap Value Fund; the change of name and strategy will take place on 1 September, to allow the fund to invest in all cap sizes. The fund will continue to be managed by James Polk, who has managed the portfolio since 2004. The Putnam Multi-Cap Core Fund is a new fund, which will be available from the end of September, pending approval from the SEC. The product will be managed by Gerard Sullivan, who already manages the Putnam Investors Fund, with a “core/blend” approach. Lastly, the Putnam Multi-Cap Growth Fund results from a transformation of the Putnam New Opportunities Fund. The change of name will come on 1 September. In addition, at the end of September, the product will absorb the current Putnam Vista Fund. It will be managed by Robert Brookby, who is also manager of the Putnam Growth Opportunities Fund.
17/06/2010

Burren Capital raises USD500m

Burren Capital, the hedge fund manager set up by the former BNP Paribas trader Andrew McGrath, has raised more than USD500m for its first fund, says the Financial Times. Burren will manage clients’ money from Gibraltar. He will specialise in event-driven investing.
17/06/2010

Stricter regulations for target-date funds

The five commissioners of the SEC on Wednesday unanimously passed a requirement for target-date funds to state as a tag line next to the fund’s name the percentage of assets which are expected to be allocated to each asset class at maturity, the Wall Street Journal reports. The changes, which will now be open for public comment before being introduced, would also require that marketing materials include complete statements of what types of assets the fund will invest in over its entire life. The documentation will be considered misleading if it uses any single factor, such as age or tax bracket, to determine if the investment is suitable for the investor.
17/06/2010

Real estate funds: German government waters down its proposals

Apparently, the unanimous opposition of asset management firms to the proposed amendment to the regulations for open-ended real estate funds, which was published in early May, has been effective: the Börsen-Zeitung reports that the German federal finance ministry will soon unveil a new bill which will no longer mention the requirement that a 10% markdown be applied across the board to the expert valuations of properties in the portfolios of these funds. The publication of the bill in early May led to a freeze in redemptions from several funds, and to net outflows of EUR2bn. Meanwhile, in an interview with the newspaper, Thomas Neiße, the new president of the German BVI association of asset management firms, estimates that assets in the asset management sector in Germany may double, if investment funds are permitted as vehicles for corporate retirement savings.
17/06/2010

Money market funds: new CESR definition favours transparency

Fitch Ratings says in a special report published on Wednesday that the Committee of European Securities Regulators’ (CESR) recently-published guidelines on pan-European money market funds (MMFs) offer greater clarity to investors and, in many respects, point to a global convergence of standards for short-term MMFs.Fitch’s report reviews the CESR guidelines for a harmonised European MMF definition in the context of other MMF standards, highlighting how these guidelines are a major step towards greater market transparency and clarity for the approximate EUR1.3trn European MMF universe. Fitch also believes that the guidelines address the two main issues raised by the current financial crisis for MMFs, namely asset maturity and liquidity, the latter being partially and indirectly tackled through restrictions on maturity. The guidelines, which crystallise a two-tier approach by creating two MMF categories, also confirm a global convergence of standards for short-term MMFs, as per the CESR’s first category."A trend towards global convergence of standards for short-term MMFs is more firmly emerging with this European framework, notably with respect to interest rate and spread risk exposure,» says Charlotte Quiniou, a Director in Fitch’s Fund and Asset Manager Rating group. «However, notable differences remain with respect to defining minimum standards for portfolio liquidity and credit risks for such funds.»
17/06/2010

Kerviel scandal has not affected the practices of traders

The international website eFinancialCareers.fr, specialised in job offers in the banking, finance and insurance sectors, has sought to determine whether the Kerviel scandal has changed the way the financial sector works. According to an online survey between 2 and 15 June, nearly four out of ten respondents (39%) estimate that practices of traders at banks have not changed, while 28% think that strengthened controls will prevent cases of this type from ever happening again. Meanwhile, 20% are convinced that the case will lead to increased hiring in risk management and internal control, while 13% are resistant to the idea of an increase in supervision, and estimate that too much efforts in this area could damage the business world.
17/06/2010

East Capital concludes acquisition of AGI

The Swedish asset management firm East Capital, a specialist in Eastern Europe markets, has concluded its acquisition of Asia Growth Investors, after being granted permission by the Swedish financial market authority. It now controls 100% of the management firm, which is also based in Stockholm, and which is focused on China. The acquisition will allow East Capital to extend its investment horizons, while remaining focused on emerging markets, and to add the EUR240m managed by AGI to its own EUR2.4bn in assets. As a part of the operation, Karine Hirn, a partner at East Capital, will move to Shanghai. She will aim to study the Chinese market, and eventually to strengthen AGI’s management teams. East Capital has also announced the appointment of Johan Björkstén as an advisor and member of the board of directors at AGI. Björkstén is the founder of Eastwei Relations, one of the largest communications agencies in China, which has more than 100 employees in four Chinese cities, and a client base composed of multinationals such as IKEA and Sony.
17/06/2010

Jupiter IPO goes ahead at the bottom end of the price range

Jupiter Asset Management has announced that the share price for its initial public offering has been set at 165 pence per share, which is at the bottom end of the initial price range set at 150 to 210 pence per share. The top directors of Jupiter, Tony Nutt, Philip Gibbs, Edward Bonham and John Chatfield-Roberts, will control 14% of capital after the offering, which is equivalent to GBP105m at current valuations.
17/06/2010

Liontrust cuts dividends

Liontrust has decided to reduce its dividends, following the announcement of pre-tax profits of GBP796,000 for the year to the end of March, compared with GBP14.3m previously. Dividends are set at 2.5 pence per share, compared with 10 pence the previous year. Assets under management at Liontrust most recently totalled GBP1.06bn, compared with GBP1.15bn as of the end of March.
17/06/2010

A new “sales France” at Syz & Co

Veronica Vieira, who previously worked at Berenberg, has joined Syz & Co in sales for the French market. She will work with Axel Plichon, who is also “sales France.” Though they will focus on the French market, both will be based in Geneva.
17/06/2010

Appointment at Barings

Baring Asset Management (Barings) has announced the appointment of Naoki Toyoda as head of distribution for mutual funds and client services in Japan. Toyoda was previously at Aberdeen Asset Management in Japan, where he was a senior manager for development of activities.
17/06/2010

Investors stand by their financial advisers

According to a survey conducted by Fidelity Investments between 10 and 17 March of 350 investors and 217 financial advisors, investors have stood by their financial advisers and brokers since the low point in March 2009, as one investor out of five says that relations have significantly improved since then. The survey also finds that 70% of advisers estimate that relations with clients have improved in the past 12 months, compared with 38% in 2009. Advisors also say that the two major drivers of change in the next twelve months will be increased taxes and new regulations. The survey also finds that if there should be another financial crisis, more than one third of investors hope that their advisor will help them to make money, while 55% are expecting their adviser to help limit losses. For their part, 69% of advisers estimate that the priority of the client will be to limit losses, while only 24% see their mission as to improve profits.
17/06/2010

Russell adds to alternative management teams

Russell Investments has announced a series of recruitments to add to the alternative management firm’s firepower. Samantha Steele will join the Syney office as a senior analyst specialised in real estate and private equity in Asia. She previously worked at KBC Asset Management. In Europe, Tom Richardson, previously of Cushman & Wakefield, has been recruited as a real estate analyst, and will focus on the valuation of European real estate funds. Russell has also recruited three alternative specialists who will be based in North America: Cameron McVie, previously of BlackRock Alternative Advisors, is appointed as a senior research analyst, and will focus on hedge funds. Also from BlackRock Alternative Advisors, Brett Deits will focus primarily on funds of funds, while Wade Millen, previously of Wurts & Associates, will concentrate on funds of hedge funds.
17/06/2010

Appointment at CalPERS

The board of trustees of the Californian pension fund CalPERS has announced the appointment of Alan W. Milligan as chief actuary. Milligan, previously deputy chief actuary at CalPERS, succeeds Ron Steeling, who retired in March of this year.
17/06/2010

Italian real estate funds have over EUR40bn in assets

At the end of 2009, there were 270 real estate funds in Italy, compared with 29 in 2004, with assets of EUR40.6bn, Il Sole – 24 Ore reports, citing a study by Scenari Immobiliari (“I fondi immobiliari in Italia e all’estero”). This makes the industry in Italy the third-largest in Europe, after Germany and the Netherlands. Scenari Immobiliari estimates that in 10 years, the Italian real estate fund industry will be the largest in Europe by volume, but that it will have different characteristics. Consolidation is expected in this sector.
17/06/2010

ESG criteria not widely considered in China, Egypt, and Vietnam

According to a study by the British responsible investment research agency Eiris (Eiris Country Sustainability Profiles 2010), China, Egypt and Vietnam receive the worst scores in terms of respect for ESG criteria among emerging countries. However, South Korea, Brazil and Mexico are at the top of the list of countries which take ESG criteria into account.
17/06/2010

Euronext lists an HSBC ETF

On Wednesday, NYSE Euronext announced that it has admitted the HSBC MSCI JAPAN ETF, from HSBC ETFs, to trading. The Irish-registered product (IE00B5VX7566) charges 0.40% fees, and replicates the MSCI Japan index. The addition brings the number of ETFs listed on the specialised segment of NYSE Euronext to 486, as the new fund becomes the 37th ETF to be added to the listings since the beginning of this year.
17/06/2010

Triple A contracts out management of an ETF FoF to Adepa

Funds People reports that the Global ETF Fund, which is in the process of being licensed in Luxembourg, will be the first Spanish ETF fund of funds to cover money markets, corporate bonds, government bonds, inflation-linked bonds, equities, REITs, private equity, hedge funds and commodities, with forex risks hedged via derivatives. The new product from Triple A Investment Advisors, led by David Gonzalvo, will be managed by Adepa. The objective is absolute returns over 3 to 5 years, with returns 500 basis points higher than the Euribor 1-month, annualised volatility of 7%, and monthly liquidity. Minimal subscription will be EUR5,000, and the management commission will be 1.5% for retail investors, and 0.75% for institutionals. A performance commission of 10% will also be charged on performance exceeding the Euribor 1 month.
17/06/2010

EDRIM registers three profiled FoFs

On 11 June, the CNMV registered three French funds of funds from Edmond de Rothschild Investment Managers, who have already registered the Multigest Select Alpha in Spain (see Newsmanagers of 14 May). Now it is the turn of the Multigest Rendement, Multigest Réactif Monde and Multigest Patrimoine funds, which will be sold by Banco Inversis, CM Capital Markets Bolsa, and Tressis.
17/06/2010

Premier transfers a mandate

Investment Week reports that Premier has transferred management of its Alpha Growth fund (GBP23m) from Bill Mott to the former Gartmore manager Simon King. King joined Pioneer in April of this year to manage the UK thematic and UK Smaller Companies funds, which were previously managed by Mike Jennings and Chris Wright.
17/06/2010

BlackRock vise USD 26 milliards d'encours sous trois ans

Isaac Volin, le nouveau country head de BlackRock pour le Mexique, a estimé que les actifs gérés dans ce pays devraient pouvoir doubler par rapport aux 13 milliards de dollars actuels sous trois ans grâce à la demande d’ETF émanant des investisseurs étrangers et institutionnels, rapporte The Wall Street Journal. Le principal produit de BlackRock au Mexique est la gamme des ETF d’iShares, dont 133 sont accessibles par la Bourse de Mexico. Douze sont cotés directement sur place, dont six fonds d’actions mexicaines et six d’obligations d’Etat et d’obligations d’entreprises locales. Le iShares Naftrac ETF réplique l’indice principal IPC (actions) et constitue un support d’investissement majeur pour les fonds de pension locaux.
17/06/2010

Appointments at Lombard Odier

Lombard Odier on 17 June announced the arrival of Gergor Macintosh in its bond department. Macintosh is appointed head of fixed income, and will be based in Geneva. He will report to Stéphane Monier, head of the bonds and currencies division, a statement from the firm says. Macintosh had previously been head of interest rates at Standard Life Investments. Sandro Croce will take over as head of the client portfolio management team. Croce, a member of the bond department at Lombard Odier since 2004, previously served as head of interest rates in the specialised portfolio management department for institutional mandates. He will also be based in Geneva.
17/06/2010

BlackRock looks to double assets in Mexico

BlackRock aims to double its $13 billion portfolio in Mexico within the next three years on the back of demand by institutional and foreign investors for exchange-traded funds, Isaac Volin, who became BlackRock’s Mexico country head earlier this month, said in an interview. The main business of in Mexico is the iShares family of ETFs. BlackRock.
17/06/2010
Fonds

Les fonds immobiliers italiens dépassent les 40 milliards d'euros d'encours

Fin 2009, on recensait en Italie 270 fonds immobiliers (contre 29 en 2004) représentant un encours de 40,6 milliards d’euros, indique Il Sole – 24 Ore citant une étude de Scenari Immobiliari («I fondi immobiliari in Italia e all’estero»). Le secteur se classe ainsi à la troisième place en Europe, derrière l’Allemagne et les Pays-Bas. Scenari Immobiliari pense que dans 10 ans, le secteur italien des fonds immobiliers sera le premier en Europe par la taille, mais qu’il affichera des caractéristiques différentes. En effet, une concentration du secteur est à attendre.
Fonds
17/06/2010

Liontrust réduit son dividende

Liontrust a décidé de réduire son dividende après l’annonce d’un résultat avant impôts de 796.000 livres sur l’année à fin mars contre 14,3 millions de livres précédemment. Le dividende est ainsi fixé à 2,5 pence contre 10 pence l’année précédente. Les actifs sous gestion de Liontrust s’inscrivaient dernièrement à 1,06 milliard de livres contre 1,15 milliard de livres à fin mars.
17/06/2010
Fonds

Burren Capital lève 500 millions de dollars

Burren Capital, la société de hegde funds créée par l’ancien trader de BNP Paribas Andrew McGrath, a levé plus de 500 millions de dollars pour son premier fonds, rapporte le Financial Times. Le fonds, spécialisé dans la stratégie «event driven», sera géré depuis Gibraltar.
Fonds

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