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20/05/2010

Commissions continue to fall

In 2009, the average commissions earned by Spanish funds fell to 0.90%, compared with 0.97% in 2008, and 1.68% fifteen years ago, according to the Inverco association of management firms. On the basis of a figure of EUR160bn in assets, this means that revenues from commissions arithmetically diminished last year by 7.2% to EUR144m.
20/05/2010

Profits and assets up at Eaton Vance

In the half to 30 April, Eaton Vance Corp has announced net profits of USD97.53m, compared with USD52.27m in the corresponding period of last year. Assets under management totalled USD176.2bn, which represents a 9% increase over the total of USD161.6bn as of the end of January, and 39% up on the end of April 2009 (USD127.24bn). Of this total, separate accounts represented USD66.6bn. As of 30 April 2010, assets in equities funds represented USD61bn, while bond funds came to USD29.4bn. Net subscriptions in the quarter to the end of April totalled USD5.3bn, compared with USD3bn in the quarter to the end of January, while net inflows totalled USD0.8bn in the corresponding period of last year.
20/05/2010

Korea Investment Corp scales up allocation to alternative assets

The South Korean sovereign fund, the Korea Investment Corporation (KIC), is planning to increase its allocation to alternative investments to 20% of its portfolio, from 7% currently. Asian Investor reports that the chief investment officer at KIC, Scott Kalb, estimates that “we are at the beginning of a positive cycle in distressed debt,” particularly in real estate, credit, and private equity. Last year, the fund earned returns of 18.7%, but it lost 13.7% in 2008. Since its launch in 2005, the fund has earned gains of 12%. KIC will initially go overweight in venture capital and LBO.
20/05/2010

SG Private Banking adds to wealth management staff in France

Société Générale Private Banking has announced the opening of two new regional centres in Strasbourg and Rennes. The centres, located at 29 boulevard Tauler in Strasbourg and 14 rue Le Bastard in Rennes, will be directed by Benoît Teutsch and Frédéric Largeron, respectively. Société Générale Private Banking has been present in the French provinces since 2008, with offices in Bordeaux, Lyon and Marseilles, and in Lille since 2009. Société Générale Private Banking will offer assistance to executives, entrepreneurs and those in the liberal professions in the sale or transmission of their businesses, and will also offer them high-end services. It will also offer high net worth clients located in the provinces access to the full range of investments and financial services.
20/05/2010

New impact studies of Basel III commissioned

The Institute of International Finance (IIF) has warned against the impact of the future Basel III solvency standards. “Nobody contests the need to strengthen capital and liquidity at banks, but the macroeconomic effects should be very finely calibrated,” warns Stephen Green, president of HSBC and the IIF in a statement. With this in mind, the IIF has launched impact studies, whose findings will be published on 10 June.
20/05/2010

Russell Investments extends partnership with Rayan

Russell Invesments on 18 May announced that its contract with Rayan Investment Management for representation and distribution of multi-management products from OpenWorld® by Russell Investments (Russell) in the Middle East has been extended. Since 2002, Rayan has offered Russell investment solutions to investors in the Middle East. “The extension of this collaboraion will allow investors in the region to access the advising services of Russell, and will permit existing clients to profit from its assistance in restructuring their international investments and defining top-quality policies, directives and investment solutions,” a statement from Russell Investments says. The success of the partnership has contributed to growth at Rayan, and to the recent appointment of Jean Abi-Mouad to the position of Managing Director.
20/05/2010

Credit Suisse/Tremont hedge fund index up 1.24% in April

According to final statistics, the Credit Suisse/Tremont index has posted growth of 1.24% in April. Nine strategies out of 10 have posted positive returns. The best returns were earned by managed futures (+1.89%), event driven (also 1.89%), and global macro (1.65%) strategies. Dedicated short bias, however, lost 4.37%.
20/05/2010

Range of SRI investment solutions broadening

In a very thorough study of the socially responsible investment (SRI) market (available at http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD000000000025760…), Deutsche Bank Research points out that the market is currently 90% controlled by institutional investors, but that the proportion of retail investors is increasing. However, DB Research also points out that beyond questions of comparing pure and extra-financial performance, and the fact that the number of providers of SRI products is increasing (the circle is no longer restricted to a small number of specialised institutes), the range of products is also getting broader. Previously, the range of products on offer had largely been limited to equities, but the centre of gravity is now expected to move more towards bonds and similar securities, due to the fact that the largest investors are institutionals. DB Research also predicts that there will be an increase in the supply of indirect investments in real estate, in an environment where real estate professionals will themselves need to confront stricter environmental standards.
20/05/2010

Allianz Europeanises its asset management activities

Alongside its two major global platforms, Pimco for bonds and RCM for equities, Allianz Global Investors has built up two regional organizations: one for the United States, entitled Allianz GI Capital (including Nicholas Applegate, NFJ and Oppenheimer Capital), and one for Europe, entitled Allianz Global Investors Investments Europe, including management firms in France (59 investment professionals, EUR72bn in assets) and Italy (36 professionals and EUR36bn in assets). The entity has been functioning in practice for six months, but AGI has preferred to perfect its system before unveiling it. The new structure, with Giovanni Bagiotti as CEO, will later be joined by other, smaller European affiliates, Switzerland, with a specialty in Swiss bonds, has EUR10bn in assets, while Austria is oriented to the emerging markets of Europe, and has EUR5bn under management, a size similar to that of the Netherlands, while Spain has EUR3bn to EUR4bn, according to Michel Haski, a member of the executive board at AllianzGI Europe Holdin, and CEO of AllianzGI France. The alternative management affiliate may be sold off. SRI capacities will be scaled up. This discipline represents EUR5bn in assets, of which EUR1bn is in the former AGF product Valeurs Durables.
20/05/2010

F&C strengthens distribution capacities in Italy

The British publicly-traded management firm F&C Investments has announced that it has signed a distribution agreement with Allfunds Bank, which will allow it to strengthen its presence on the Italian market. F&C already uses the Allfunds distribution platform in Spain and Latin America.
20/05/2010

Assets up at Impax

Impax, the AIM quoted specialist investment manager dedicated to the environmental markets sector, has announced its interim results for the six month period ended 31 March 2010. Assets under management and advisory increased 40 per cent from GBP1,263 million on 30 September 2009 to GBP1,767 million on 31 March 2010 and rose further to GBP1,909 million by 30 April 2010. Revenue in the first half of the year increased to GBP6.31 million. This compares favourably to revenue for the same period last year of GBP4.50 million (plus GBP0.95 million of exceptional, non-recurring fees). Unaudited profit before tax in the first half was GBP1.67 million, compared to profit for the same period last year of GBP1.02 million (plus GBP0.52 million from exceptional, non-recurring fees).
20/05/2010

Alistair Campbell joins Fidelity

The former head of product marketing, development and communications at Invesco Perpetual, Alistair Campbell, who left his job last year to set up a venture of his own, will become head of UK retail marketing at Fidelity International on 1 June, Money Marketing reports. He will report to Gary Shaughnessy, UK managing director, and will aim to develop IFA clients and wholesale distribution for FundsNetwork and the Fidelity fund product range.
20/05/2010

Barry AM recruits Jamie McLeod

On Wednesday, Barry Asset Management (GBP650m in assets) has announced that Jamie McLeod will become CEO on 1 September, replacing Jamie Berry, who will become chairman. McLeod, former CEO of Skandia Investment Group (SIG) until September 2009, will also acquire 20% of Berry AM from the Swiss private bank Bordier & Cie.
19/05/2010
Fonds

Vanguard introduit des indices ajustés du flottant pour certains de ses fonds

Selon Investment Week, Vanguard envisage d’introduire des indices de référence ajustés du flottant pour neuf de ses fonds indiciels obligataires (Global Bond Index; U.K. Government Bond Index Accumulation; U.K. Investment Grade Bond Index Accumulation; Euro Government Bond Index; Euro Investment-Grade Bond Index; Japan Government Bond Index; U.S. Government Bond Index; U.S. Investment-Grade Credit Index et U.S. Mortgage Backed Securities Bond Index).Cette modification devrait prendre effet au 30 juin.
Fonds
19/05/2010

Axa APH dans l'expectative

Selon la Tribune, AXA APH pourrait retirer son soutien à l’offre de rachat de la Banque nationale d’Australie de 11,59 milliards de dollars américains, à la fin du mois, si les conditions de l’opération ne parviennent pas à satisfaire le régulateur australien de la concurrence.
19/05/2010
Fonds

DWS fait enregistrer un fonds de fonds de performance absolue

La filiale espagnole de DWS Investments (DWS Investments (Spain) SGIIC) a fait enregistrer le 14 mai par la CNMV le fonds de fonds de performance absolue DB Evolution One qui vise un gain supérieur de 200 points de base supérieur à l’Eonia 1 mois tout en préservant une volatilité inférieure ou égale à 10 %.En conditions normales de marché, l’encours du fonds sera investi pour 30 à 75 % en actions ou fonds d’actions de sociétés prioritairement de grande ou moyenne capitalisations.Le fonds est géré DWS Espagne ; il a été lancé le 7 mai. La durée de placement recommandée est de trois ans. La souscription minimales intiale est fixée à 6,01 euros. La commission de gestion se situe à 1,5 % et celle de banque déposaitaire à 0,1 %.
Fonds
19/05/2010
Fonds

Edhec-Risk : 12 sur 13 stratégies de hedge funds dans le vert pour avril

A l’exception de la vente à découvert, qui a perdu 2,95 %, les douze autres stratégies de hedge funds suivies par Edhec Risk ont affiché pour avril des résultats positifs, les performances les plus élevées étant enregistrées par les distressed securities (2,49 %) et l’arbitrage de convertibles (2,13 %).Depuis le début de l’année, la vente à découvert est également la seule stratégie dans le rouge ( 8,5 %) et le distressed se distingue par un gain de 8,3 %.Depuis janvier 2001, aucune stratégie n’est en perte, et les plus fortes performances en moyenne annuelle ont été enregistrées par les marchés émergents (12,6 %) et les distressed securities (11,6 %).
Fonds
19/05/2010

Jupiter veut retenir les talents avec son IPO

La société de gestion britannique Jupiter (19,5 milliards de livres d’encours) a confirmé mardi son intention de s’introduire en Bourse, à Londres, d’ici à fin juin. L’opération porte sur l'émission de nouvelles actions à hauteur de 220 millions de livres et la vente de titres par certains actionnaires de la société. Néanmoins, les employés de Jupiter et TA Associates conserveront une part importante du capital après l’introduction en Bourse.Jupiter a l’intention d’utiliser le produit de l'émission de nouvelles actions pour rembourser des titres subordonnés, réduire son endettement bancaire et payer les coûts de l’offre. La société de gestion indique aussi que l’introduction en Bourse est un pas important de son développement et va renforcer sa capacité à retenir et attirer des talents.
19/05/2010

Nomination chez Citi Capital Advisors

Citi Capital Advisors vient de nommer Mahmood Noorani en qualité de gérant de portefeuille dans son équipe de gestion des stratégies global macro, qui fournit les services de gestion d’investissement pour le CCA Global Macro Fund.Mahmood Noorani a une vingtaine d’années d’expérience, dont cinq années chez Blue Crest Management et quatre chez Credit Suisse.
19/05/2010

Deux gérants de Schroders sur le départ

Selon les informations de Citywire, Ian Lance et Nick Purves, le duo gérant le Schroder Income, vont quitter la société pour rejoindre la boutique RWC Partners. Ils vont être remplacés par Nick Kirrage et Kevin Murphy.
19/05/2010

Quatre gérants de LODH rejoignent IMC AM

Selon Citywire, une équipe de gérants crédit de Lombard Odier Darier Hentsch (LODH) a quitté la société pour rejoindre IMC asset management, une boutique néerlandaise spécialisée dans l’obligataire. Il s’agit de Rodrigo Araya, d’Oscar Jansen, de Robert Manning et de Henk Wiersman.
19/05/2010
Fonds

Sabre lance une version Ucits de son fonds d'arbitrage

Sabre Fund Management devrait lancer courant juillet un fonds au format OPCVM III qui donnera pour la première fois accès à sa stratégie equity market neutral, le Sabre Style Arbitrage Fund. Depuis son lancement en 2002, ce fonds a dégagé un rendement annuel de 8,2%.Le fonds, qui fera ses choix d’investissement dans un univers de 1.500 sociétés, a un objectif de rendement compris entre 8% et 12% par an.
Fonds
19/05/2010
Fonds

Matrix lance son premier fonds Ucits III

Matrix Group va lancer le Matrix Asia Ucits Fund, l’un des très rares fonds long/short equity panasiatiques, qui sera géré par Rupert Foster qui pilote des fonds long/short asiatiques depuis seize ans.Le fonds sera exposé aux marchés actions asiatiques, entre autres la Chine, le Japon, la Corée, Hong Kong, Taiwan, l’Australie et Singapour.
Fonds
19/05/2010
Fonds

Modifications sur des fonds communs de DWS

Dans un avis financier paru dans Les Echos, DWS informe les porteurs de parts de fonds communs de placement DWS Energiefonds, DWS Inrenta et DWS US Aktien Typ O de certaines modifications qui entreront en vigueur le 1er juillet prochain.DWS Energiefonds : – nouvelle dénomination : DWS Energy Typ O– suppression des droits d’entrée– hausse des frais forfaitaires à 1,70 % p.a.– introduction d’une commission de performance– nouvel indice de référence : FT Global Energy Index– nouvelles modalités de souscriptions/rachats : heure limite de passation des ordres en France : 15 H , souscriptions/rachats à cours inconnu Les porteurs de DWS Energiefonds peuvent procéder au rachat sans frais de leurs parts jusqu’au 24 juin 2010. DWS Inrenta– nouvelle dénomination : DWS Euroland Strategie (Renten)Les porteurs de DWS Inrenta peuvent procéder, jusqu’au 24 juin 2010, au rachat sans frais de leurs parts ou à un échange de leurs parts contre les parts d’un autre fonds de la société DWS Investment GmbH, dont la stratégie d’investissement est similaire, sans droit d’entrée et sans frais d’échange. DWS US Aktien Typ O– nouvelle dénomination : DWS US Equities Typ O
Fonds
19/05/2010

BlackRock joue à fond la carte des emprunts privés

Selon L’Echo, l’engouement pour les emprunts d’entreprise à haut rendement est tel que BlackRock, le plus grand gestionnaire d’actifs à revenu fixe, vient de créer une filiale qui devrait permettre à ses gérants d’accéder directement, et donc à moindre coût, aux nouvelles émissions d’obligations d’entreprises. L’année passée, il a acheté et vendu, pour le compte de ses clients, plus de 3.400 milliards de dollars d’obligations.

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