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27/04/2010

BNP Paribas Securities Services et AXA concluent un partenariat

BNP Paribas Securities Services a annoncé lundi 26 avril avoir été choisi par le Groupe AXA pour être la banque conservatrice/dépositaire de plusieurs entités et territoires où AXA est présent. Dans le détail, le contrat d’une durée de cinq ans, valable pour la France, la Suisse, l’Allemagne, le Luxembourg, l’Espagne et l’Italie, prévoit «un partenariat complet en matière d’asset servicing concernant des activités d’assurances, immobilières, de capital-investissement et de gestion des placements du Groupe AXA», précise le communiqué de BNP Paribas Securities Services. L'établissement va assurer à AXA une gamme complète de services, dont des services de conservation internationale, de dépositaire d’OPCVM, de gestion des opérations sur titres, d’agent de transfert et de distribution. L’accord porte sur plus de 250 milliards d’euros d’actifs, répartis sur plus de mille fonds, portefeuilles et mandats.
27/04/2010
Fonds

Nouveau fonds chez M&G

M&G a annoncé, lundi 26 avril, le lancement de M&G Global Dynamic Allocation Fund, un fonds géré de manière flexible, investissant dans différerentes classes d’actifs (actions, les obligations d’Etat, obligations d’entreprise, convertibles, matières premières, investissements alternatifs, monétaire,...).L’objectif pour le gérant est de générer de la performance tout au long du cycle économique grâce à une approche libre visant à identifier les classes d’actifs sous-évaluées. Caractéristiques : Code Isin : GB00B56H1S45 Droits d’entrée : 4% maximum Montant de souscription initiale : 1 000€ Frais de gestion : 1.75% Montant de la part : 10.80 € (au 23/04/2010)
Fonds
27/04/2010
Fonds

LGT Capital Partners lance son premier fonds de hedge funds coordonné

Le Crown Managed Futures Ucits Fund lancé le 4 mai sera le premier fonds de hedge funds conforme à la directive OPCVM III de LGT Capital Partners (18 milliards de dollars d’encours. Ce produit de droit irlandais réplique le fonds Crown Managed Futures (670 millions de dollars), rapporte Hedge Funds Review.La souscription minimale pour ce produit investissant dans des hedge funds actifs dans les domaines des matières premières, des actions, des obligations et des devises sera de 10.000 dollars, euros ou livres. L’exposition s’effectuera au travers d’un indice de 15 comptes gérés.D’après Hedge Week, le fonds Crown Managed Futures, lancé en 2000, affiche une performance annuelle moyenne de 10,5 % contre une perte de 2,1 % pour son indice de référence, le MSCI World.LGT CP facturera une commission de gestion de 1,5 % et une commission de performance de 7,5 %. Ce produit à liquidité hebdomadaire sera également assorti d’une commission de swap/structuration de 0,7 %. Les parts seront disponibles en dollars, en euros et en livres.
Fonds
27/04/2010

Aviva Investors nomme un directeur général du développement commercial Europe

Aviva Investors a annoncé aujourd’hui la nomination de Ted Potter au poste de directeur général du développement commercial Europe. Il s’agit d’une création de poste, précise la société de gestion. Ted Potter prendra ses nouvelles fonctions en juin et sera basé au siège de Aviva Investors à Londres. Il sera rattaché à Erich Gerth, directeur exécutif et directeur général Monde du développement commercial, et sera responsable des équipes de développement commercial en Europe. Véronique Cherret, Responsable Clientèle Institutionnelle Europe, et Gabriele Miodini, Responsable Institutions Financières, lui seront rattachés. Auparavant, Ted Potter travaillait pour Pinebridge Investments - anciennement AIG Investments - où il dirigeait les activités de développement commercial du groupe en Europe. Il a également exercé la fonction de directeur des opérations chez Bedford Oak Advisors, société partenaire en gestion alternative, et a passé six ans chez Goldman Sachs Asset Management à New York, où il a occupé différents postes de responsable liés au développement commercial.
27/04/2010

State Street sélectionné par Marshall Wace

Le groupe de gestion alternative Marshall Wace a sélectionné State Street pour la fourniture de services d’investissement pour son nouvel ETF equity neutral, MW Tops Global Alpha.Selon Marshall Wace, cet ETF est le premier ETF en Europe géré par un spécialiste de la gestion alternative.
27/04/2010

La Caixa launches a fund to invest in wind farms

According to Spanish financial sector sources, La Caixa is seeking to raise EUR100m from private banking clients to invest about EUR300m with leverage in already-operational wind farms in Spain, Expansión reports. The EUR300m investment would allow the fund to acquire installations with an installed power of 250 megawatts. To select projects for investment, La Caixa has chosen Taiga Mistral, a renewable energy investment firm led by Antonio Tuñón former CEO of the electric company Hidrocantábrico.
27/04/2010

Aviva Investors appoints a CEO of commercial development for Europe

Aviva Investors today announced the appointment of Ted Potter as CEO for commercial development in Europe. This is a newly-created position, the management firm states. Potter will begin in his new position in June, and will be based at the Aviva Investors headquarters in London. He will report to Erich Gerth, executive director and global CEO for commercial development, and will be in charge of commercial development teams in Europe. Véronique Cherret, head of institutional clients for Europe, and Gabriele Miodini, head of financial institutions, will report to him. Potter previously worked for Pinebridge Investments, formerly known as AIG Investments, where he was head of commercial development activities for the group in Europe. He also served as director of operations at Bedford Oak Advisors, an alternative management partner firm, and spent six years at Goldman Sachs Asset Management in New York, where he held several positions of responsibility related to commercial development.
27/04/2010

Stoxx launches an index of European Christian shares

On Monday, Stoxx Ltd, a joint venture of Deutsche Börse and the Swiss stock exchange SIX, announced the launch of the Stoxx European Christian Index, which reflects the performance of companies selected from the Stoxx Europe 600 index on the basis of the values and principles of the Christian religion. It will serve as a benchmark for its actively-managed funds, ETFs and other investment products. Stoxx has formed an independent committee to define, create and deploy selection criteria, in order to guarantee the quality of the index and respect for methodology. The committee includes representatives of Christian Brothers Investment Services, Inc. (CBIS), which directs the project, the Vatican, the Missionary International Service News Agency (MISNA), academics and investment professionals. The index will exclude businesses which do not satisfy predetermined levels of tolerance for certain areas of activity such as pornography, strategic and non-strategic weapons, birth control and gambling. Weighting of businesses in the STOXX Europe Christian Index, which is calculated in Euros and US dollars, will be based on the free-float, with a limit of 20% for each share. It will be updated every June and December. Stoxx has backtested the index to 31 December 2004.
27/04/2010

Private equity: market activity stagnates in first quarter

The number of transactions completed in first quarter in Europe totalled 235, compared with 226 in the previous quarter, according to the private equity barometer “unquote,” published by Private Equity Insight in partnership with Candover. The value of these transactions still represents a 2.6% increase compared with the previous quarter, at EUR10.5bn compared with EUR10.3bn. But compared with first quarter 2009, activities represent nearly triple the investment value. In the buy-out sector, the number of transactions is down 12% at 69, ending three consecutive quarters of growth, but the cumulative value of transactions totalled EUR9.2bn for the quarter, a record level equalling the previous record set in third quarter 2009.
27/04/2010

Better governance could increase allocation to hedge funds

According to a survey by RBC Dexia Services Investor Services of 57% of the world’s hedge fund managers, of which 42% manage more than USD1bn in assets, 61% of respondents are of the opinion that better governance in alternative investments could result in higher levels of allocation to this asset class, which would lead to the launch of a “significant” number of new funds, both offshore and onshore, within a few months. The survey defines governance to include structural issues, independent valuation, transparency and third party control. The influence of regulation on the choice of domicile for funds is a key question for large managers. 92% of the managers surveyed who have assets of over USD1bn admit that regulatory questions are important in the choice of domicile, while the percentage is limited to only 64% of managers with assets of less than USD1bn. Among those surveyed, 49% are planning to launch onshore funds, and 40% are planning launches of offshore funds. As to how they would react to new rules imposing stricter governance requirements, 40% of respondents said they would be obliged to hire personnel, while 35%, largely whose with less than USD1bn in assets, are planning to outsource.
27/04/2010

Muzinich registers four funds in Spain

Muzinich & Co on Thursday registered four funds with the Spanish regulator CNMV. They are the Muzinich America Yield, Europe Yield, Transatlantic and Enhanced Yield funds, which are registered in Ireland, are focused on high yield bonds, and will be available exclusively from Capital Strategies Partners.
27/04/2010

Asset management losses down at Deutsche Bank

On Tuesday, Deutsche Bank declared net profits for first quarter of EUR1.8bn, compared with EUR1.2bn for January-March 2009, with an improvement in the cost-income ratio from 68% to 66%. Pre-tax losses for the asset & wealth management (AWM) division were down to EUR5m, from EUR173m. Invested assets as of the end of March totalled EUR808bn, EUR122bn more than as of 31 December 2009. Positive market effects are to thank for only EUR17bn of this increase. For the asset management branch, assets under management increased by EUR41bn (+8%), of which EUR4bn were due to net subscriptions, and EUR14bn due to the consolidation of some activities of Sal. Oppenheim. In wealth management, invested assets increased by EUR81bn, of which EUR68bn were related to the consolidation of Sal. Oppenheim. Net subscriptions represented EUR5bn.
27/04/2010

JPMAM adds to sales staff

The sales team at JPMorgan Asset Management (JPMAM) dedicated to independent distributors how has a ninth member in Germany, following the addition of Martina Pröschold, who has been at the firm since 1998, to this team. Pröschold and two colleagues will serve independent financial advisers, while two others will handle wealth managers, and two more will be responsible for independent advisers in the insurance sector. The team also has two assistants. Pröschold previously served in relationship management for banking, fund of fund and asset management clients.
27/04/2010

LGT Capital Partners launched its first UCITS-compliant FoHF

The Crown Managed Futures UCITS Fund, launched on 4 May, will be the first fund of hedge funds compliant with the UCITS III directive from LGT Capital Parners (USD18bn in assets). The Irish-registered product replicates the Crown Managed Futures fund (USD670m), Hedge Funds Review reports. Minimal subscription for the product, which invests in hedge funds active in the areas of commodities, equities, bonds, and currencies, will be USD10,000, EUR10,000, or GBP10,000. Exposure will be determined by an index of 15 managed accounts. Hedge Week reports that the Crown Managed Futures fund, launched in 2000, has posted average annual returns of 10.5%, compared with losses of 2.1% for its benchmark index, the MSCI World. LGT CP will charge a management commission of 1.5%, and a performance commission of 7.5%. The product, which offers weekly liquidity, will also charge a swap/structuring fee of 0.7%. Shares will be available in US dollars, Euros or pounds Sterling.
27/04/2010

Tiburon Partners launches a UCITS III fund

Fund Strategy reports that Tiburon Partners, the investment boutique specialised in Asia, is planning to launch a long/short equities fund next month dedicated to Asia ex Japan. The Tiburon Taurus fund will be a UCITS III version of an existing Asian hedge fund, the Tiburon Tiger fund. The new fund will be managed by Mark Fleming and Mark Martyrossian, who already manage the Tiburon Tiger. The fund will be listed on the Irish stock market.
27/04/2010

Rydex/SGI to liquidate 12 leveraged ETFs

The trustee board of Rydex/SGI (USD7bn in assets under management) on Friday approved the decision to liquidate 12 of the 14 long and short leveraged ETFs of the range on 12 May. These funds represent assets totalling USD129m. The move aims to concentrate the range of 40 ETPs on products most in demand at a time when Guggenheim Parrtners is buying Security Benefit Corp, of which Rydex/SGI is an affiliate (see Newsmanagers of 17 February). Among the funds to be liquidated are the Rydex 2x Russell 2000, the Rydex 2x S&P MidCap 400, the Rydex Inverse 2x Russell 2000 and the Rydex Inverse 2x S&P MidCap 400.
27/04/2010

BlackRock and Vanguard battle for emerging markets ETF assets

The iShares MSCI Emerging Markets Index Fund ETF from BlackRock and the Vanguard Emerging Markets ETF are the fourth- and fifth-largest ETFs in the United States, respectively, with assets of USD36bn and USD24bn, the Wall Street Journal reports. They are based on the same benchmark index, the MSCI Emerging Markets. The Vanguard product is less expensive, with a management commission of 0.27%, compared with 0.72% for the iShares fund. But the latter fund, launched in 2003, has weekly trading volume of 346.9 million shares, compared with 55.5 million for the Vanguard fund, launched in March 2005. Some analysts says that the difference in fees is the reason that the iShares ETF has seen net outflows in January-March of USD4.36bn, while the competing Vanguard fund has seen net subscriptions of USD2.91bn. This is an intriguing situation, since ordinarily, the first mover has the advantage since investors prefer the more liquid fund which has the lowest transaction costs.
27/04/2010

Legg Mason releases Permal absolute return fund

The CNMV has registered the Legg Mason Permal Global Absolute fund, which aims for returns of 8-10% per year over a 3-5 year cycle (see Newsmanagers of 27 January). The Irish-registered fund, which complies with the UCITS III directive, covers several asset classes. It is denominated in US dollars, and has share classes in Euros, pounds Sterling, Canadian dollars, and Japanese yen.
27/04/2010

Frankfurt Trust changes names of ten funds

In order to make the names of its fund products more uniform, and to make the themes on which funds are basedmore transparent, Frankfurt Trust has decided to change the names often of its funds from 1 May. They are as follows:ISINFormer nameNew nameDE000A0D95R8BHF SustainSelect FTFT Navigator SustainabilityDE0009770206FT Accugeld FT AccuGeldDE0008478082FT AccuzinsFT AccuZinsDE0008478041FT Amerika Dynamik FondsFT AmerikaDynamikDE0008478181FT Europa Dynamik Fonds FT EuropaDynamikDE0009772988FT Global Dynamik FondsFT GlobalDynamikDE0005317416FT HighDividendFT Global HighDividend DE0008478009FT InterspezialFT InterSpezialDE0008478033FT Nippon Dynamik FondsFT NipponDynamikDE0009770230FT US-Dollar Plus FT DollarGeld
27/04/2010

Deka Immobilien invests in Bremen

Deka Immobilian has acquired the Daimler Plant Consolidation Centre (PCC, 102,000 square metres), located in Bremen, for its sectoral fund WestInvest TargetSelect Logistics fund. The investment represents EUR34m. The WestInvest TargetSelect Logistics is an open-ended real estate fund reserved for institutional investors.
27/04/2010

Fund manager reimburses subscribers out of his own pocket

Olaf-Johannes Eick, manager of several funds launched by the Swiss firm Multi-Invest with Sal. Oppemheim, has bought back a packet of shares from the funds he manages (Multi-Invest OP and Multi-Invest Spezial OP) in the British firm Petrocapital Resources (PCR), whose value has fallen to USD0.14 per share, down from USD0.81 at the time he bought them, Wirtschaftswoche reports. The manager personally bought up the shares, at a cost of about EUR10m, because he did not want subscribers to be penalised by his error in judgement.
27/04/2010

Ingrid Szeiler takes over as head of RVV

From 1 May, Ingrid Szeiler will become a member of the board and CEO of Raiffeisen Vermögensverwaltungsbank AG (RVV), an affiliate of Raiffeisen Capital Management (RCM) specialised in high net worth retail investors. Since 1999, Szeiler has been head of asset allocation and multi-asset class strategies at RCM. She replaces Georg-Viktor Dax, who is leaving the Raiffeisen Zentralbank (RZB) group. The other board member at RVV is Mathias Bauer, CEO of RCM.
27/04/2010

Investors prefer passive strategies, according to BlackRock

BlackRock has reported net profits for first quarter of USD423m, of USD2.17 per share, compared with USD84m, or USD0.67 per share one year previously. Operating margins came out to 32.8%, including the impact of the cost of the integration of BGI before taxes (USD52m). Excluding costs related to the acqusition of BGI, net profits totalled USD469m, of USD2.40 per share, compared with USD110m or USD0.18 per share. Assets under management increased by USD17.6bn in first quarter, to USD3.36trn. During the quarter, net outflows (short-term products) totalled USD39.6bn, while net inflows to long-term products (equities, bonds, alternative investments and multi-asset) totalled USD8.9bn. In the equities asset class, assets under management as of the end of the quarter totalled USD1.58trn, an increase of USD46.5bn since the end of the year. Investors placed USD4.6bn in tracker funds and USD900m in active equities strategies. But quantitative funds saw a net outflow of USD8.8bn. In fixed income, assets under management increased by USD3.6bn to USD1.06trn. Net inflows to tracker products and ETFs totalled USD13.6bn, while actively-managed bond funds saw a net outflow of USD14.4bn. Performance commissions totalled USD50m in first quarter, compared with USD125m in fourth quarter 2009.
27/04/2010

Russell Investments builds presence in institutional management

Russell Investments has announced the appointment of Penny Zuckerwise as CEO Americas Institutional. Zuckerwise, previously president and CEO of the management firm Utendahl Capital Management, will join Russell Investments on 3 May. She will report to the president and CEO of Russell, Andrew Doman, and will join the executive board at the firm. The development of institutional activities at Russell will be accompanied by the recruitment of 30 staff in the areas of advising, product development and risk management.
27/04/2010

Ameriprise profit up 65% in Q1

On Monday, Ameriprise Financial declared net profits for first quarter of USD214m, compared with USD138m for January-March 2009, which represents an increase of 65%. Assets as of 31 March were up 31% in one year, to USD332bn, largely due to positive market effects and net subscriptions of USD2.5bn for wrap activities, which have reached record volumes of USD100bn. In the United States, the asset management division saw net redemptions of USD0.9bn in retail, and net subscriptions of USD0.1bn in institutional, despite negative synergies of USD0.6bn related to the acquisition of Columbia Management. Elsewhere in the world, retail asset management saw net inflows of USD1.3bn, offset by outflows of USD1.3bn from the institutional operation.
27/04/2010

Lehman Brothers-Barclays lawsuit hearings to begin this week

A lawsuit pitting the US bank Lehman Brothers against its acquirer, the British banking group Barclays, began yesterday in New York, Les Echos reports. Depositories in the liquidation process and a group of Lehman creditors are hoping to recuperate USD11bn (EUR8.2bn). They are hoping to demonstrate that Barclays got away with a good deal at the time, particularly as they were able to pocket additional capital gains of at least USD5bn, without having to inform the authorities, the newspaper reports.
27/04/2010
Fonds

Tiburon Partners lance un fonds OPCVM III

Selon Fund Strategy, Tiburon Partners, la boutique d’investissement spécialisée sur l’Asie, envisage de lancer le mois prochain un fonds d’actions long/short dédié à l’Asie hors Japon.Le fonds Tiburon Taurus sera une version OPCVM III d’un hedge fund asiatique existant, le Tiburon Tiger fund. Le nouveau fonds sera géré par Mark Fleming et Mark Martyrossian, qui gèrent déjà le Tiburon Taurus. Le fonds sera coté sur la bourse irlandaise.
Fonds
27/04/2010
Fonds

Deka Immobilien investit à Brême

Pour son fonds sectoriel WestInvest TargetSelect Logistics, Deka Immobilien a acheté le Daimler Plant Consolidation Center (PCC, 102.000 mètres carrés) de Brême. L’investissement représente 34 millions d’euros. Le WestInvest TargetSelect Logistics est un fonds immobilier offert au public mais réservé aux investisseurs institutionnels.
Fonds

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