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11/05/2010

USD2.4bn in net inflows in first quarter in Hong Kong

The Hong Kong Investment Funds Association has announced that first quarter 2010 ended with net inflows of USD2.41bn, a 105.6% increase over fourth quarter 2009. In first quarter 2009, the association recorded net outflows of USD130.9bn. Equities funds represented 52% of gross sales for the quarter. In net, inflows to equities funds wre up 66.9% compared with fourth quarter 2009, at USD1.01bn. The new president of the association, Desmong Ng, has announced that the total number of people employed in asset management held stable at slightly over 30,700.
11/05/2010

Credit Suisse Euroreal spared from redemptions

Credit Suisse (Deutschland) announced on Friday that, so far, the open-ended real estate fund CS Euroreal (EUR6.28bn in assets as of the end of March) has not suffered from the massive redemptions which have affected other products such as the SEB Immoinvest and KanAm grundinvest funds (see Newsmanagers of 10 May). Following net subscriptions in the first four months of the year, outflows in the week after the publication of a draft law on real estate funds were limited to EUR80m, or 1.27% of assets.
11/05/2010

Morgan Stanley RE freezes subscriptions to P2 Value

On Monday, the German management firm Morgan Stanley Real Estate Investments GmbH announced that it is also suspending subscriptions to its open-ended real estate fund P2 Value (EUR1.45bn), from which redemptions are already frozen until 30 October. The decision is explicitly tied to the fact that the value of several properties in the portfolio will probably need to be revised downward, and to recent regulatory developments (including a proposal to require advance notice for redemption, require a minimal investment period, and impose a 10% downward adjustment to asset valuations).
11/05/2010

HSBC Trinkaus launches a new rotation fund

On Monday, HSBC Global Asset Management (Deutschland) GmbH announced that it has extended its range of rotation funds with the addition of the HSBC Trinkaus Global Country Rotation (DE0009757310), which was born from a change in the management concept of the HSBC Trinkaus Top Europa (launched on 2 March 1998), and managed, like the HSBC Trinkaus Sector Rotation fund, by Babak Kiam. However, though the Sector Rotation fund is long only, the new product is a long/short, multi-asset class product which focuses on country indices and does not prioritise individual stock-picking. Exposure to market risk may not exceed 200% of the portfolio, excluding derivatives. Characteristics Name: HSBC Trinkaus Global Country Rotation ISIN: DE0009757310 Front-end fee: 5% Management commission: 1.25% Performance commission: 20% of performance exceeding the MSCI-World-Total-Return-Index in Euros
11/05/2010

Credit Suisse acquires Prime Fund Solutions

Fortis Bank Nederland has sold its Prime Fund Solutions (PFS) division, a specialist in hedge fund accounting and administration, to Credit Suisse, in a deal which allows the Swiss group to add to both the equities branch of its investment bank and its activities serving hedge funds, says Philip Vasan, head of prime services. The acquisition price has not been disclosed.
11/05/2010

Pimco has stopped buying Spanish bonds

Bill Gross (Pimco), Edouard Carmignac (Carmignac Patrimoine), Fidelity, DWS (Deutsche Bank), Investec and several other major international managers have not been buying up any more Spanish bonds for some time. The funds which are beginning to turn their backs on Spanish bonds already hold 17.3% of the country’s public debt, Expansión points out. The newspaper adds that managers are explaining that their abstinence is due to an increase in volatility and not by a risk of default.
11/05/2010

Skandia confie un mandat à une gérante d'Aegon

Selon Investment Week, Skandia a retiré l’un de ses plus gros mandats à Lazard pour le confier à Audrey Ryan de Aegon.Le mandat de 130 millions de livres qui porte sur les actions britanniques couvre une série de fonds dont le Global Dynamic Equity (850 millions de livres) et la palette de fonds à objectifs de risque. Le mandat était précédemment sous la responsabilité d’Alain Custis qui gère notamment le Lazard UK Alpha fund (288 millions de livres). Skandia précise que ce changement n’est pas lié à des résultats sous-performants de la part de Lazard mais à une volonté d’avoir un gérant plus pragmatique et flexible dans un marché beaucoup plus volatil. Skandia connaît bien Audrey Ryan, qui gère déjà des parties d’un certain nombre de fonds maison.
11/05/2010

Target-date funds should be more conservative after retirement

A study recently published by Russell Investments considers the question of the best investment strategy for target-date funds when they mature, entitled «The date debate : Should target date fund glide paths be managed «to» or «through» retirement?» The debate pits those who favour a static investment policy against those who tend to favour a management which continues to be active after the contract matures. Russell finds in favour of the former approach, on the grounds that during retirement years, a conservative allocation is more attractive in terms of the risk/return profile. According to the study, an allocation of 32% to equities at retirement time provides a 94% likelihood of capital preservation, while an allocation of 60% puts that probability at 88%.
11/05/2010

Helvetia Wealth buys J.D. Murphy

The Swiss wealth management firm Helvetia Wealth has announced the acquisition of the Irish boutique J.D. Murphy Investment Life & Pension Benefits, based in Kilkenny, and founded in 1969. The acquisition is the fifth external growth deal for Helvetia since the beginning of the year. The acquisition, whose details have not been disclosed, increases assets at Helvetia Wealth by CHF100m, to a total of CHF1.2bn.
11/05/2010

Rathbone UTM launches two multi-asset class funds

Money Marketing reports that Rathbone Uni Trust Management, an affiliate of Rathbone Brothers, has opened its total return and growth strategy portfolios, multi-asset class funds which are managed by David Coombs, to IFAs. The former portfolio aims to outperform the Libor 6-month by 200 basis points with volatility one third of the MSCI World in pounds Sterling, while the latter aims to beat the consumer price index by 500 basis points, with volatility equivalent to two thirds of that of the MSCI World index in pounds Sterling.
11/05/2010

Henderson GI plans international push

Henderson Global Investors (HGI) is developing new strategic areas of activity. “One of our major axes is international expansion of our acitvities,” says Andrew Formica, CEO of the British management firm. For HGI, which managed GBP58.1bn in assets as of the end of 2009, this will mean diversifying international distribution. “The objective is to reduce the weight of the United Kingdom as a percentage of assets, from 70% currently, or about GBP40bn as of the end of 2009,” he says. This international expansion will be driven by targeted acquisitions and organic growth. “In the United States, we are in talks to acquire some of the activities of the US firm RidgeWorth Capital Management Inc., which will allow us to strengthen our offerings of fixed income and equities products in this market,” says the CEO. To develop in the Scandinavian markets, the recruitment of one person is planned. This person will be based in London. London will also be the launching-point for a campaign to conquer Latin America, spearheaded by Ignacio de la Manza, sales manager for the region, and Giorgio Giovanni, director of distribution for southern Europe. And, “after the opening of a Chinese office in Beijing in 2009, HGI has not ruled out the possibility of doing the same in Australia,” says Formica. And the management firm has not forgotten about France, where the sales team will be growing in the very near future (see elsewhere in today’s Newsmanagers).
11/05/2010

Dodge & Cox targets institutional investors

The US management firm Dodge & Cox (USD172bn in assets as of the end of 2009) has founded a UK affiliate, Dodge & Cox worldwide Investments Ltd., which will serve as an outlet for its products to institutional investors from London. The London office will be headed by Mary Ann Milias St. Peter. The new affiliate comes as an addition to the UCITS-compliant umbrella fund Dodge & Cox Worldwide Funds plc, registered in Dublin on 1 December 2009, which includes four funds (U.S. Stock Fund, Global Stock Fund, International Stock Fund and U.S. Income Fund). The Global Stock Fund becomes the first to be put on sale. The portfolios and investment strategies of Dodge & Cox Worldwide Funds will replicate those of the Dodge & Cox Funds domiciled in the United States.
11/05/2010

Skandia awards a mandate to an Aegon manager

Skandia Investment Group has withdrawn one of its largest mandates from Lazard, and instead awarded it to Audrey Ryan of Aegon Asset Management. The GBP130m mandate for UK equities includes a range of UK equities funds, including the Global Dynamic Equity fund (GBP850m) and a variety of funds with risk objectives. The mandate was previously managed by Alain Custis, who is also manager of hte Lazard UK Alpha fund (GBP288m). Skandia states that the change is not related to underperformance at Lazard, but rather to a desire to have a manager who is more pragmatic and flexible in a much more volatile market. Skandia is already well acquainted with Audrey Ryan, who already manages all or part of four Skandia funds (UK Best Ideas, Global Best Ideas, Ethicalet UK Equity Blend).
11/05/2010

GAM considering soft closure of two funds

Investment Week reports that GAM is said to be about to soft close two of its recently-launched funds, Star Global Rates and Star Discretionary FX, which are nearing their targets of GBP1bn. The funds are versions of an alternative strategy adapted to the UCITS III format, which were launched on the retail market in late 2009.
11/05/2010

IFAs recommending exposure to Middle East and North Africa, according to Barings

A survey by Barings Asset Management of 33 independent financial advisers (IFA) conducted between 15 and 18 February has found that 67% of advisers say retail investors should expose their portfolios to the Middle East and North Africa (MENA) region. 73% say the recommendation is driven by allocations to natural resources, while 55% explain it as related to an increase in infrastructure spending in the region, and 48% think investment in this region may be attractive as the presence of sovereign funds limits the need for external financing. In terms of allocation, Barings (which recently launched a fund dedicated to the MENA region) reports that 39% of IFAs estimate that retail investors should dedicate 5% of their portfolios to the region, in addition to their exposure to global emerging markets. 21% recommend a total exposure of 11% to 20%.
11/05/2010

Assets at Rathbones top GBP14bn

As of 31 March, assets under mangaement at Rathbones totalled GBP14.05bn, 7.3% higher than the GBP13.10bn recorded at the end of 2009. As of the end of March 2009, assets totalled GBP9.87bn. Susbcriptions in first quarter totalled GBP241m, while organic asset increases totalled GBP96m. Meanwhile, an agreement with Lloyds Banking Group signed in October 2009 (see Newsmanagers of 21 October 2009) has brought in GBP598m from 3,000 new clients.
11/05/2010

Skandia adds to UK sales staff

Skandia Investment Group (SIG) has appointed two new sales managers for the United Kingdom. Martin Canavan, previously of Aegon, will become head of fund sales for north England, Scotland and Northern Ireland. Chris Nuttall, previously head of the broker desk at SIG, will supervise distribution in south and south-west England. SIG is seeking a third head for sales in London and the Midlands. Skandia is also adding to its staff for the German, Swiss and Austrian markets, with the recruitment of a head of sales for Berlin.
11/05/2010

CA Cheuvreux publishes its fourth study of liquidity fragmentation

Crédit Agricole Cheuvreux on 10 May announced the publication of “Navigating Liquidity 4,” its fourth biannual study of liqudity fragmentation. The study provides detailed analysis of the impact that MTF platforms (particularly Chi-X, Turquoise, BATS and Nasdaq-OMX) have had on the efficiency of the markets and the fragmentation of liquidity, as well as the challenges this poses to primary markets. As the responsibilities, interactions and microstructure of the market have been radically changed by the NMS regulations and the MiFID directive, Navigating Liquidity 4 explains and provides details of the phenomenon which has resulted in a paradigm shift in the role of market actors. The study addresses several questions related to high frequency trading, demonstrating, for example, through a comparison of the Spanish and British situations that an increase in high-frequency trading does not have a positive effect on intra-day volatility.
10/05/2010
Fonds

Le Santander change la plupart des fonds sous-jacents du Superselección

Depuis le 3 mai, Santander Asset Management a changé la composition du portefeuille de son fonds garanti Supersellección (320 millions d’euros). Par ailleurs, la commission de gestion est majorée à 1,66 % contre 1,61 %, indique Funds People.Seul le fonds BL Global Bond Cap de Banque du Luxembourg est maintenu dans la sélection, avec une pondération de 4,42 %. Les six autres gérants sont nouveaux par rapport à la liste de l’an dernier. Pour l’obligataire, il s’agit de BlackRock (BGF Euro Bond Fund, 27,1 %) et de Parvest (Euro Bond, 18,8 %). Pour les actions, Santander AM a retenu le Metzler European Growth (10,7 %), le Meridian Funds European Value de MFS (14,23 %), l’Alger American Asset Growth (4,5 %) et le Allianz US Equity (20,5 %).
Fonds
10/05/2010

Popular Gestión va se renforcer à l'international

Miguel Colombás, directeur général, annonce dans Expansión que Popular Gestión (7,6 milliards d’euros, en comptant Popular Gestión Privada) a l’intention de s'établir à Luxembourg lorsque la directive OPCVM IV entrera en vigueur (en 2011) et de se faire enregistrer par les principales plates-formes de fonds en Espagne. D’autre part, la société de gestion souhaite gagner des clients parmi les investisseurs institutionnels.Rafael Hurtado, directeur des investissements, indique pour sa part que Popular Gestión va renforcer son effectif, qui est de 22 professionnels de l’investissement sur un effectif de 53 collaborateurs. Cet effort va se focaliser sur les fonds diversifiés et la sélection active, avec un focus spécial sur les fonds de fonds.
10/05/2010
Fonds

Le fonds souverain chinois en appelle aux gouvernements

Lors du dernier sovereign wealth funds meeting à Sydney ce week end, Jin Liqun, directeur du conseil d’administration du fonds souverain China Investment Corporation, a appelé les gouvernements des différents pays à faire preuve d’ouverture. Il regrette que les fonds souverains soient parfois victimes de régimes d’investissement restrictifs et que leurs efforts en matière de transparence et de gouvernance ne soient pas toujours reconnus à leur juste valeur. Jin Liqun a également ajouté que le fonds souverain chinois prenait ses décisions de manière indépendante et que le gouvernement chinois n’intervient pas dans ses choix.
Fonds
10/05/2010
Fonds

GIP veut lever quelque 6 milliards de dollars

Selon le Financial Times, le capital investisseur Global Infrastructure Partners (GIP) espère renforcer sa position de leader sur le marché des infrastructures en levant cette semaine lever entre 5 et 6 milliards de dollars. GIP compte notamment sur l’appétit croissant des fonds souverains et des fonds de pension pour ce type d’investissements.
Fonds
10/05/2010
Fonds

Baisse de régime pour les hedge funds en avril

L’indice mondial des hedge funds de Hedge Fund Research reflète pour avril une performance moyenne de 0,80 % contre 1,38 % pour mars. Depuis le début de l’année, le gain moyen s’est situé à 2,45 %.Seules deux stratégies ont été dans le rouge pour avril, l’equity market neutral (- 0,38 %) et les fonds macro dans leur ensemble (- 0,70 %). En revanche, la stratégie equity distressed a gagné 2,25 %.Les deux plus fortes hausses pour les quatre premiers mois de l’année sont observées au sein des stratégies événementielles, avec 7,67 % pour le distressed et 8,53 % pour le private issue/regulation.
Fonds
10/05/2010

Les hedge funds plus âgés et expérimentés résistent mieux aux crises

Selon Les Echos, une étude récente montre que lors des crises financières, ce sont les fermetures et liquidations de fonds qui représentent et expliquent la majorité des disparitions de hedge funds: leur taux a bondi à 31,4 % en 2008, contre une moyenne de 12,2 % entre 1994 et mars 2009. Il avait déjà commencé à grimper en 2007 où il avait atteint 16,4 %, un niveau supérieur au précédent pic enregistré à l’occasion de la crise russe de 1998. Les gérants qui ont survécu davantage que les autres à la dernière tornade financière appartenaient à des «hedge funds» plus âgés et expérimentés. Une inversion de la relation historique qui veut que, jusqu'à 2007, ce sont les fonds jeunes et de petite taille qui ont enregistré des performances supérieures aux «hedge funds» anciens et de grande taille.
10/05/2010

Souscriptions nettes pour SEB Wealth Management

La division Wealth Management de la banque suédoise SEB, regroupant les clients institutionnels et la banque privée, a vu ses encours augmenter de 2 % au premier trimestre 2010 à 1.300 milliards de couronnes suédoises (132 milliards d’euros environ). Cela est dû notamment à des souscriptions nettes de 19 milliards de couronnes, dont 14 milliards auprès de la clientèle institutionnelle. Le bénéfice d’exploitation ressort à 360 millions de couronnes, en repli de 10 % par rapport aux 402 millions du quatrième trimestre 2004, mais en hausse de 75 % par rapport au premier trimestre 2009.
10/05/2010
Fonds

IKOS AM va lancer un Newcits

Selon les informations de Citywire, IKOS Asset Management, un hedge fund basé à Chypre, va lancer une version coordonnée (Ucits III) de son fonds devises en collaboration avec Deutsche Bank.
Fonds
10/05/2010
Fonds

DWS sonde les investisseurs sur le changement climatique

DWS Investments (groupe Deutsche Asset Management) a lancé un indice pour sonder les investisseurs sur les placements liés au changement climatique, rapporte Money Marketing. La première enquête réalisée auprès de 300 particuliers en avril montre que 40,2 % sont disposés à investir dans un fonds spécialisé dans le changement climatique l’année prochaine.
Fonds
10/05/2010
Fonds

Les hedge funds perdent la bataille des Ucits

Selon le Financial Times, le cabinet de conseil new-yorkais Strategic Insight estime que le secteur des hedge funds est en train de perdre la bataille sur le terrain en pleine croissance des fonds au format Ucits. Malgré une multiplication de l’offre, les newcits n’ont généralement pas réussi à lever des montants significatifs, la plupart s’inscrivant en dessous de la barre des 100 millions de dollars. En revanche, les fonds Ucits établis depuis un peu plus longtemps, pilotés par des gérants traditionnels long only, sont en train d’asseoir leur suprématie, à l’instar du Julius Baer Absolute Return Bond ou du Amundi Dynarbitrage Volatility.
Fonds

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