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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

Sabre launches a UCITS version of its arbitrage fund

Sabre Fund Management will launch a UCITS III-compliant fund in July, which for the first time will provide access to its market neutral strategy, entitled Sabre Style Arbitrage Fund. Since its launch in 2002, the fund has earned annual returns of 8.2%. The fund, which will make its investment selections from a universe of 1,500 companies, aims for total returns of 8% to 12% per year.
19/05/2010

Matrix launches its first UCITS III fund

Matrix Group will launch the Matric Asia Ucits Fund, one of a very few pan-Asian long/short equities funds, which will be managed by Rupert Foster, who has been head of Asian long/short funds for 16 years. The fund will be exposed to Asian equities markets including China, Japan, Korea, Hong Kong, Taiwan, Australia and Singapore.
19/05/2010

Carmignac Gestion rationalises its product range

Particularities of the French tax regime which began in 1992, with the introduction of the equities savings plan reserved for French-registered funds invested primarily in French equities, and were later extended in 2003 to equities of the European Commnity, has led Carmignac Gestion to offer a range of three funds invested in European equities. This range is perhaps slightly too large, according to directors of the asset management firm, who on 7 May obtained permission from the French regulatory authority, the Autorité des marchés financiers (AMF), to merge two of the three funds. The Carmignac Euro-Entrepreneurs fund will absorb the Carmignac Euro-Investissement fund. As regulations require, shareholders in the latter fund will have one month to approve the operation, which is slated for completion on 30 June. If they do not accept the merger, they will be permitted to redeem their investment free of charge. The Carmignac Euro-Entrepreneurs, the fund which will absorb its counterpart in the merger, is composed of equal parts small and midcaps, while the Carmignac Euro-Investissement fund, which will be absorbed, is an “all caps” fund, nearly half of whose portfolio consists of European large caps. At the conclusion of the operation, the Carmignac Grande Europe – a European mid- and large-cap fund, will exist alongside the new fund, which will be billed as a “small and midcaps” fund.
19/05/2010

Spring cleaning for Warren Buffett's fund

Agefi reports that Warren Buffett is tidying up the portfolio of its investment holding company Berkshire Hathaway. His stakes in health insurance and insurance companies have been reduced. Buffett is also reducing his stakes in large caps, such as the food supplier Kraft Foods, which is considering selling off its pizza division to Nestlé, in a deal which Buffett calls “idiotic.” Buffett has also reduced his positions in the oil group ConocoPhillips, and in the pharmaceutical and personal hygiene product group Johnson&Johnson. The multiple sales of assets may go to finance large-scale deals. Buffett is planning trips to India and Japan next year in search of opportunities, the newspaper states.
19/05/2010

Santander already suspected Madoff dangers in 2006

Jonathan Clark, an analyst at Optimal, the hedge fund management firm from Santander, pointed to several suspicious details in the functioning of the management firm controlled by Bernard Madoff as early as 2006, which led him to suspect that there could be fraud involved, according to an internal document supplied to the US authorities, Cotizalia reports, relaying El Confidencial. Despite the dangers, Optimal continued its dealings with Bernard Madoff, and did not share its concerns with clients.
19/05/2010

DWS registers an absolute return fund of funds

The Spanish affiliate of DWS Investments, DWS Investments (Spain) SGIIC, on 14 May registered the absolute return fund of funds DB Evolution One with the CNMV. The product aims for returns 200 basis points above the Eonia 1 month, while retaining a level of volatility lower than or equal to 10%. The recommended investment duration is three years. Minimal initial subscription is set at EUR6.01. Management commission is 1.5%, and depository banking commission is 0.1%. In normal market conditions, assets in the fund will be 30% to 75% invested in equities or equities funds, primarily large and midcaps. The fund is managed by DWS Spain, and was launched on 7 May.
19/05/2010

AIFM directive: European Parliament and Council shoot for compromise by the end of June

Les Echos reports that European finance ministers yesterday reached agreement over the planned AIFM directive despite reservations on the part of the United Kingdom. But the deal is a far cry from the version voted on the day before by the economic and monetary affairs committee of the Parliament, as the two European legislative bodies diverge on whether countries outside the Union would be allowed European passports. Ministers and MEPs will need to find common ground with the commission, in order to achieve a single text before the end of the Spanish presidency of the Union on 30 June. The compromise, which will then need to pass a formal vote by the Council, could then be ratified by a plenary session of Parliament as soon as July.
19/05/2010

Edhec-Risk: 12 out of 13 hedge fund strategies in positive territory in April

Aside from dedicated short bias, which has lost 2.95%, the other 12 hedge fund strategies monitored by Edhec risk posted positive results in April, with the highest returns for distressed securities (2.49%) and convertible arbitrage (2.13%). Since the beginning of the year, dedicated short bias has also been the only strategy to post a loss (8.5%), while distressed has gained 8.3%. Since January 2001, no strategy shows losses, and the highest average annual returns have been for emerging markets (12.6%) and distressed securities (11.6%).
19/05/2010

Real estate fund management firms propose reforms

The Frankfurter Allgemeine Zeitung reports that Barbara Knoflach, CEO of SEB Asset Management, representing real estate fund management firms at the German BVI association of management firms, has suggested that funds should be allowed to operate according to different general conditions corresponding to three categories of clients: professionals, semi-professionals, and retail clients. Matthias Danne, CEO for real estate funds at DekaBank, does not completely reject the government’s proposal to introduce a minimum investment duration period, but he says that in this case, a withdrawal fee should be levied on retail clients. Management firms are seeking to retain daily liquidity for real estate funds at any price, and unanimously oppose government plans to impose an across-the-board 10% reduction to the declared value of assets in their portfolios.
19/05/2010

Investors seek safety in US equities

At a time when Europe is confronting unprecedented turbulence, investors have sought refuge in US equities, according to the most recent edition of the BofA Merrill Lynch survey of 202 managers with USD530bn in assets, undertaken between 7 and 13 May. International investors, who retain their confidence in the US dollar, are preferring US equities. The percentage of investors who are overweight in global equities has fallen to a net total of 30%, compared with 52% in April, but the United States are now investors’ region of choice, as 66% predict that the US dollar will be the reserve currency most likely to gain the most value in the next few months. The difference between investors’ predictions of profit outlooks in Europe and the United States has reached a seven-year high. Investors’ concerns were not limited to Europe, but also applied to emerging markets. The number of investors predicting a rise in global growth in the next twelve months fell to 42%, compared with 61% in April. The same was true of profits, with only 47% of respondents predicting an improvement, compared with 67% the previous month. Expectations for emerging markets have fallen, but it is Europe most of all which investors are moving away from. 46% predict a depreciation of the Euro, twice as many as the previous month, and 30% are planning to go underweight in Europe, compared with 13% in April.
19/05/2010

Vanguard introduces float-adjusted benchmarks for some funds

Investment Week reports that Vanguard is planning to introduce float-adjusted benchmarks for nine of its bond index funds (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, and U.S. Mortgage-Backed Securities Bond Index). The modifications will take effect from 30 June.
19/05/2010

Sustainable development funds: large-scale hypocrisy

Many management firms appeal to their clients’ consciences by offering them ecological investments, yet BP shares continue to figure in the portfolios of many sustainable development funds, despite the Gulf of Mexico oil disaster, Handelsblatt reports, providing a list of 10 funds which remain invested in BP (3 from Dexia, one from GLG, one from Parvest, one from UBS, one from Pictet, one from SAM, one from MEAG, and one from Liga-Pax/Union). The paradox is explained on the one hand by the fact that portfolios have not yet been updated, and on the other by good rankings for BP in “best-in-class” analyses. Some funds are different, though. Swisscanto rejects shares related to the exploitation of unrenewable fossil fuels on principle, and the Natur-Aktien-Index committee has also excluded the entire fossil fuel sector. Though in practive BP uses the slogan “Beyond Petrol” in its publicity, the firm does earn most of its revenues from oil, which is fundamentally not sustainable.
19/05/2010

Four LODH managers join IMC AM

A team of credit managers from Lombard Odier Darier Hentsch (LODH) are leaving the firm to join Dutch fixed income boutique IMC asset management, says Citywire. They include Rodrigo Araya, Oscar Jansen, Robert Manning and Henk Wiersman.
19/05/2010

Credit Suisse launches an ETF based on the S&P 500

On 19 May, Credit Suisse is launching an Irish-registered product on the SIX Swiss Exchange entitled CS ETF (IE) on S&P 500 – just two days after a similar product from HSBC was launched. The introduction of the product on the XTF segment of hte Xetra platform from Deutsche Börse is scheduled for 26 May. Credit Suisse is the leader for ETFs on the Swiss market, with assets of CHF11.2bn. In Europe, Credit Suisse ETFs have posted net subscriptions of CHF1.4bn since the beginning of the year (as of 7 May). Characteristics Name: CS ETF (IE) on S&P 500 ISIN: IE00B5BMR087 Management commission: 0.09%
19/05/2010

Appointments at Barclays Bank France

Barclays on 18 May announced the arrival of Tony Blanco, 44, at Barclays Bank France, where he will serve as deputy CEO, director of private clients, and member of the executive board. He will report directly to Pascal Roché, CEO of Barclays Bank France, country manager and head for Europe of Barclays Premier clients. Blanco previously worked at McKinsey in the financial services sector in France. Guillaume Touze, 39, previously director of private clients, will take over as head of the newly-created Investment department for Western Europe. In this role, he will coordinate all investment products aimed at retail clients. He will be based in London, and will continue to report to Roché in his European responsibilities.
19/05/2010

Assets up at Franklin Resources

As of the end of April, total assets at Franklin Templeton Investments came to USD602.5bn, compared with USD586.8bn one month earlier, USD553.5bn as of the end of 2009, and USD421bn twelve months earlier. Of this total at the end of April, equities funds represented USD264.6bn, compared with USD255.8bn at the end of last year, and USD192bn as of 30 April 2009, while diversified funds accounted for USD109.4bn, compared with USD104bn as of 31 December and USD80.1bn twelve months previously. Bond assets totalled USD222.6bn, compared with USD187.6bn four months previously, and USD140.5bn as of 30 April last year.
19/05/2010

Michael Gordon joins BNP Paribas AM

BNP Paribas Investment Partners BNPP IP on Tuesday, 19 May announced the appointment of Michael Gordon as head of equities investments for the multi-specialist investment centre BNP Paribas Asset Management (BNPP AM). He will report to Christian Dargnat, head of the multi-specialist investment centre and CEO of BNPP AM, a statement from the bank says. Before joining BNP Paribas Investment Partners in London, Gbordon served as global head of institutional investments at Fidelity Investments International.
19/05/2010

Appointment at BNY Mellon Wealth

BNY Mellon has announced the appointment of Lawrence Hughes as chief executive officer of BNY Mellon Wealth Management. Hughes will report to Robert Kelly, chairman and chief executive officer at BNY Mellon. Hughes, who has worked at BNY Mellon for nearly 20 years, replaces David Lamere, who has submitted his resignation.
19/05/2010

BlackRock plays high yield bond markets

L’Echo reports that the popularity of high yield corporate bonds is such that BlackRock, the largest fixed income asset management firm in the world, has created an affiliate which will allow its managers direct access at lower cost to net issues of corporate bonds. Last year, the firm bought and sold over USD3.4trn in corporate bonds on behalf of its clients.
19/05/2010

Moody's executive resigns

Agefi reports that Pierre Cailleteau, director of the sovereign risk group at the ratings agency Moody’s, is leaving his job. The firm states that he is leaving of his own accord, but does not give reasons for the choice.
19/05/2010

Appointment at State Street Global Advisors

State Street Global Advisors (SsgA) on Tuesday, 18 May announced the recruitment of Lynn Blake as head of the index-based equities management unit. She succeeds Paul Brakke, who will retire on 31 December 2010, and will report to Rick Lacaille, global director of equities management, according to a statement. Blake, 45, joined SSgA in 1987, and has served in several management positions. Most recently, she has held the position of head of the structured products group for non-US markets. She has also been manager of several non-US index-based equities management portfolios.
19/05/2010

Lyxor inherits SGAM's stake in Chinese JV Fortune SGAM

Société Générale Asset Management (SGAM) will transfer its 49% stake in the Chinese joint venture Fortune SGAM to Lyxor Asset Management, an affiliate of Société Générale Corporate and Investment Banking (SGCIB). The announcement was made Wednesday morning by Z-Ben Advisors, the consulting firm contracted jointly by Crédit Agricole Asset Management (CAAM) and SGAM to assist them with a non-compliance issue arising from the fact that the two firms are merging their European activities into Amundi Asset Management. The Chinese regulator CSRC limits the number of asset management affiliates any foreign firm may hold in China to one. CAAM and SGAM already had one local affiliate each (ABC-CA, a joint venture of CAAM with Agricultural Bank of China, and Fortune SGAM). Rather than liquidating one of its two affiliates, as BNP Paribas did with its excess participations, SGAM preferred to transfer Fortune SGAM to SG CIB. There may still be some questions about the interpretation of the rules, as Société Générale still indirectly controls 8.33% of ABC-CA via the 25% participation of SGAM in Amundi.
19/05/2010

Italian pension fund Cometa chooses managers

Cometa, the Italian pension fund for mechanics and machinists, with EUR5.2bn in assets, has selected the asset management firms which will be responsible for managing its assets for the next five years from July. According to reports in Il Sole – 24 Ore, CAAM, Halbis, State Street, Russell and UBS have been selected, while BNP Paribas, Duemme and Axa lost out. Eurizon is coming back and Allianz, Generali and Pioneer have been confirmed. The Italian newspaper reports that Generali and Eurizon will be responsible for money market management, while Allianz and CAAM have been awarded active equities and bond management, with capital protection. The other firms received passive mandates, while Russell will handle currency risks.
18/05/2010

Man Group achète son concurrent GLG Partners

La société de gestion alternative britannique Man Group a annoncé le 17 mai l’acquisition de GLG Partners pour un montant d’environ 1,6 milliard de dollars. La nouvelle entité devrait se retrouver à la tête de quelque 63 milliards de dollars d’actifs sous gestion (dont un peu plus de 39 milliards de dollars pour Man au 31 mars dernier).La transaction est structurée en deux volets : une offre en cash pour les actionnaires de GLG et une offre en actions pour les principaux associés de GLG : Noam Gottesman, Pierre Lagrange et Emmanuel Roman.Selon les termes de l’accord, les actionnaires de GLG recevront 4,50 dollars par action, soit une prime de quelque 55% par rapport au cours de clôture du vendredi 14 mai. Les principaux associés ainsi que les entités associées se verront proposer 1,0856 nouvelle action Man pour une action ordinaire GLG, valorisant l’action GLG à 3,50 dollars.Les économies de coûts générées par l’opération, qui devrait être bouclée d’ici à la fin septembre, pourraient selon Man s'élever à environ 50 millions de dollars par an. Selon Noam Gottesman, président et co-CEO de GLG, les deux sociétés ont des activités très complémentaires dans la mesure où toutes deux poursuivent des objectifs de performance à long terme avec des bases de clientèle et des stratégies d’investissement différentes.
18/05/2010
Fonds

HSBC lance un ETF sur le S&P 500

Lundi 17 mai, HSBC a lancé un nouveau compartiment de HSBC ETFs plc, le fonds de droit irlandais HSBC S&P 500 ETF, qui réplique l’indice américain S&P 500.Farley Thomas, head of ETFs chez HSBC, a précisé que ce nouveau produit en dollars coté sur le London Stock Exchange répliquera physiquement l’indice des grandes valeurs américaines, afin de minimiser l'écart de suivi. Caractéristiques :Dénomination : HSBC S&P 500 ETFCode ISIN : IE00B5KQNG97Commission de gestion : 0,15 %
Fonds
18/05/2010

JOHCM recrute Sandy Black

Alexander (Sandy) Black, qui était head of equities chez Insight Investment après avoir été head of European equities chez Deutsche Asset Management, a été recruté comme investment director par J O Hambro Capital Management (JOHCM). Il remplace à temps plein Vicky Hastings, qui exerçait cette responsabilité à temps partiel depuis septembre 2006. Elle restera encore quelques mois dans l’entreprise pour assurer une transition sans heurts.
18/05/2010

Jupiter AM va s’introduire en Bourse

Selon le Financial Times, Jupiter Asset Management, qui gère un encours de 20 milliards de livres, doit annoncer ce mardi son intention de s’introduire sur le London Stock Exchange. La société de gestion, qui pourrait être valorisée à 1 milliard de livres, espère lever jusqu’à 200-250 millions par le biais de l’émission de nouvelles actions et de la vente d’actions de la part des salariés.

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