Atlas Capital Gestión de Patrimonios gérait fin mars 1,3 milliard d’euros d’encours pour 2.276 clients, soit respectivement 20 % et 3 % de plus que fin 2009, rapporte Expansión. La société vient de nommer président de son activité banque privée Jaime Espinosa de los Monteros, qui rejoint l'équipe dirigée par Jorge Sanz. Il a été auparavant chez Kepler Capital Markets et Espinosa Partners.

Clearstream travaille selon L’Echo à la création d’une Bourse pour les fonds. La chambre de compensation luxembourgeoise (propriété de Deutsche Börse) teste un nouveau système, Emporium, qui annulerait la couche d’intermédiaires entre les sociétés de gestion d’actifs et l’investisseur final, qui aurait accès à une plate-forme de 77.000 fonds européens. La phase de test est planifiée pour septembre, selon Philippe Seyll, directeur des services pour les fonds d’investissement chez Clearstream.

Gam Holding, le gestionnaire d’actifs séparé de Julius Baer depuis septembre dernier, continue sur sa lancée du second semestre, avec une progression au premier trimestre des actifs sous gestion de 5% par rapport à fin 2009 à 119,1 milliards de francs. Les encours de Swiss & Global AM se sont accrus de 7% à 77,9 milliards de francs alors que ceux de GAM affichent un gain de 6% à 54,1 milliards de francs.

Confié à Agnes Deng (head of China equities), qui est basée à Hong-Kong, le nouveau Baring A-Share Fund Plc a été lancé mardi et affiche d’ores et déjà 200 millions de dollars promis par des investisseurs institutionnels, la pleine capacité de ce produit était de 285 millions de dollars. Agnes Deng gère déjà le Baring Hong Kong China Fund (4,74 milliards de dollars au 26 février).Ce fonds de droit irlandais, avec 40-70 lignes, doit permettre aux souscripteurs, des investisseurs institutionnels, d’accéder à des sociétés établies en République populaire de Chine ou y opérant. Au moins 70 % de l’encours seront investis en actions «A» cotées sur les Bourses de Shanghai et Shenzen. La souscription minimale est fixée à 25.000 dollars. Baring Asset Management dispose d’un contingent Qualified Foreign Institutional Investor (QFII) de 200 millions de dollars.

En mars, les fonds commercialisés en Suède ont enregistré des souscriptions nettes de 11 milliards de couronnes suédoises (1,1 milliard d’euros), selon les dernières statistiques de l’association suédoise des fonds d’investissement (Fondbolagens Förening). La collecte a été tirée par les fonds actions, qui ont drainé 15,2 milliards de couronnes. En revanche, les fonds monétaires ont vu sortir 8,1 milliards de couronnes. Sur le premier trimestre, les fonds suédois enregistrent donc des souscriptions nettes de près de 25 milliards de couronnes suédoises, dont 18,9 milliards pour des fonds actions. Au 31 mars, les encours ressortent à 1.789 milliards de couronnes (183,6 milliards d’euros), dont 1.075 milliards dans des fonds actions. Il s’agit du plus haut niveau d’encours depuis 2007.

Spécialiste suédois des marchés d’Europe orientale, East Capital s'étend un peu plus à l’Est avec l’acquisition à 100 % d’une société de gestion spécialisée sur la Chine. Une façon pour elle d'élargir son horizon, tout en restant concentré sur les marchés émergents.Comme East Capital, la société acquise est basée à Stockholm. Il s’agit d’Asia Growth Investors (AGI), qui a été créée en 2004 par Gustav Rhenman et qui gère 240 millions d’euros dans le cadre de trois fonds investis sur la Chine et l’Asie.Ces trois fonds seront intégrés à la gamme d’East Capital- et donc à terme renommés. Mais dans un premier temps, leur commercialisation restera limitée aux pays d’Europe du Nord. L'équipe de gestion d’AGI, basée à Stockholm, deviendra le pôle Asie d’East Capital. Parallèlement à cette acquisition, Karine Hirn, co-fondatrice d’East Capital et responsable du projet, va s’installer à Shanghai en août prochain. L’objectif sera de progressivement renforcer les équipes d’AGI et d’observer le marché chinois. La transaction, sujette à approbation réglementaire, devrait être finalisée en juin 2010. Son montant n’a pas été dévoilé.

Agnes Deng, head of China equities, who is based in Hong Kong, will manage the new Baring A-Share Fund Plc, which was launched on Tuesday, and which already has USD200m in assets pledged by institutional investors, while the full capacity of the fund is USD285m. Deng is already manager of the Baring Hong Kong China Fund (USD4.74bn as of 26 February). The Irish-registered fund, with 40-70 positions, will allow subscribers, largely institutional investors, access to companies which are based in the People’s Republic of China or operate there. At least 70% of assets will be invested in A-class shares traded on the Shanghai and Shenzhen markets. Minimal subscription for the fund is set at USD25,000. Baring Asset Management has a Qualified Foreign Institutional Investor (QFII) quota of USD200m.

L’Echo reports that Clearstream is at work on creating a stock market for investment funds. The Luxembourg chamber of compensation (owned by Deutsche Börse) is testing a new system, Emporium, which would eliminate intermediary costs between asset management firms and final investors, who would have access to a platform of 77,000 European funds. The testing phase is planned for September, says Philippe Seyll, director of investment fund services at Clearstream.

Jean-Paul Gauzes, the MEP responsible for steering the AIFM directive through the EU’s parliamentary process, has proposed a “two-tier” approach to the registration of non-EU funds, says the Financial Times. Non-EU managers looking to market in the EU would be able to obtain a “passport” to do so throughout the bloc if they agreed to comply with the EU’s new rules on registration, leverage and so on. This would have to be backed by an agreement with their home country market regulator, adds the newspaper.

The first major moves to breathe new life into the MiFID directive are being taken. The Committee of European Securities Regulators (CESR) on 13 April published three consultation documents to allow respondents to make technical recommendations to the Committee. The three documents proposed for consultation until 31 May concern the protection of investors and intermediaries, equities markets, and transaction reporting. In these areas, the CESR has identified a need for improvement, in areas including quality, cost and consolidation of post-market data, the CESR says in a statement. The CESR says that a public hearing on these subjects is planned for 17 May, at the CESR offices in Paris. The Committee is planning to announce the conclusions of the consultation by the end of July. The Committee also announces that it is continuing to work on several specific questions, and that some of them (transparency of markets other than equities markets, and the level of standardization necessary for securities trading), it may launch further consultations at some time in spring. The CESR may also ask participants about various aspects of the classification of clients or about issues related to reporting of positions and transactions.

According to provisional estimates from Credit Suisse/Tremont based on about 70% of the usual sample, the hedge fund index is expected to have gained 2.09% in March, following gains of 0.65% in February. In first quarter, hedge funds are estimated to have earned 2.96%, despite losses of 8.97% for dedicated short bias strategies, and a decline of 0.69% for market neutral. However, convertibles arbitrage is up 3.68% since the beginning of the year, while event-driven strategies have earned 5.295 (wht a special mention for distressed, which has gained 5.92%).

Thomas Meyer, CE of Wertgrund Immobilien, has announced the forthcoming launch, on 20 April, of the first open-ended real estate fund to invest solely in residential real estate located in Germany, the Wertgrund Wohnselect D, which will aim to raise about EUR300m, the Börsen-Zeitung reports. This would correspond to about 4,000 to 5,000 housing units.

According to documents obtained by the Wall Street Journal, Morgan Stanley has warned investors that there is a risk of losing USD5.4bn from the USD8.8bn portfolio of the real estate private equity fund MSREF VI International.

CPR Asset Management, an affiliate of Amundi better known for its quantitative management, has launched two conviction-oriented equities funds, one of which is themed on ageing populations, and one on SRI (socially responsible investment). The two products, created in December 2009, received licences from the French market regulator AMF (Autorité des marchés financiers) in early April, and may now be released for sale in France. The first of the two funds, CPR Silver Age, aims to “outperform the European equities markets on the long term by investing in European companies that benefit from an ageing population,” CPR AM states. The investment process of the fund combines a top down approach and with a bottom up one. In an initial stage, the asset management team determines which sectors benefit from the demographic trend, on the basis of their past and projected future growth. On the basis of this sector allocation, shares are selected and the portfolio is constructed. The second fund, CPR Progrès Durable Europe, aims to ride the wave of popularity for SRI funds. It it not a “best in class” product, as it is investing not only in the best businesses in environmental, social and governance (ESG) areas, but also in companies which are making progress in this area. This method is called “best effort” by Cyrille Collet, head of equities management at CPR AM. Concretely, the managers of the fund, Nicolas Picard and Michaël Sourp, will initially select and retain shares in European companies with positive ratings (on a scale of -2 to +2) from Ideam Asset Management, an affiliate of Amundi dedicated to socially responsible investment. Of the 750 eligible shares, the co-managers will focus on the ones which have seen an increase in their ratings in the past 12 to 18 months. The two funds, with a total of EUR15m currently for the Silver Age fund and EUR25m for Progrès Durable Europe, will be aimed at private banking clients, funds of funds, and potentially institutionals.

On Friday, the CNMV granted a license to Merchant Funds Plc, which will allow the British management firm Merchant Capital to release its UCITS-compliant hedge fund Merchant European Equity, for which the Spanish firm Tressis is the adviser (see Newsmanagers of 26 March), in Spain. The product, whose investment universe is the Euro Stoxx 600, is a long/short European equities fund which aims for 12% returns with volatility of less than 6%.

The former Threadneedle (Lux) Emerging Markets Low Duration Fund (about GBP40m in assets), a fund originally from Standard Chartered, has been reconditioned by the British management firm, to become the Threadneedle (Lux) Emergin Market Corporate Bonds Fund. The fund, denominated in US dollars, may invest “opportunistically” in debt instruments from companies of emerging markets issued on local currencies. The portfolio now includes 50 positions. The fund will be managed by Richard House, head of emerging market debt, replacing Henry Stipp, who “cleaned up” the portfolio and will now concentrate on the Global Emerging Markets Short Term Bond fund. Two co-managers will assist with the reconditioned fund: Barrie Whitman, head of high yield, and David Oliphant, head of corporate bonds. Threadneedle manages about GBP8bn in emerging markets, and the fund will be a common project between the emerging markets team and bond specialists, who will be in charge of about GBP19bn in assets.

The Scottish management firm Martin Currie announced on Tuesday that it has placed Ruairidh Stewart on the management team for its Luxembourg fund Global Resources (LU0174483585, USD110m in assets as of 28 February), which already includes Chris Butler and Duncan Goodwin. Stewart joined Martin Currie in 2007, and is already co-manager of the long-only Energy fund, with Duncan Goodwin. The management firm states that the fund has since its launch on 30 December 2005 generated annualized returns of 13.8%, compared with 7.2% for other funds in its sector.

Following the acquisition of the British ratings agency OBSR by Morningstar (see Newsmanagers of 13 April), the two firms have told Investment Week that they have given themselves until summer to harmonise their databasis in cases where they may have attributed different ratings to a fund. OBSR says that of about 120 funds which are rated by both firms, fewer than 25 have different ratings. The head of research at Morningstar, Don Phillips, adds that the differences observed are usually minimal.

At the second summit of BRIC countries (Brazil, Russia, India and China), to open tomorrow in Brasilia, La Tribune reports that the Russian president will insist on the need for more concerted risk management between the countries, in particular involving an exchange of information on potential speculative attacks which could damage the value of the countries’ respective currencies, their equity markets, and commodities. Brazil last year imposed a tax which aims to stabilise flows of foreign capital on the stock markets, the newspaper adds. Indonesia may soon do similarly. However, these countries prefer to use more market friendly methods, such as strengthening the required owners’ equity levels at banks, some observers remark. Excepting China, the flows of capital towards these countries is massive (USD20bn since the beginning of the year), but speculative in nature.

Unigestion announced on Tuesday, 13 April that it has added to its management with the forthcoming arrival of Philippe Gougenheim as managing director head of hedge funds, from 1 May 2010. He will be based in Geneva and will direct the development of the funds of hedge funds team at Unigestion, which includes 37 professionals, based at the Geneva headquarters and in offices in London, New York, Paris, Guernsey and Singapore. Gougenheim had previously been a senior portfolio manager at Man Investments, where he also served as chairman of the investment committee and head of strategic research and management. From 2005 to 2008, he was CEO of Millennium Capital Management. “Bernard Sabrier, president of Unigestion, and Patrick Fenal, CEO of Unigestion, will continue to be involved in funds of hedge funds activities,” according to a statement from the management firm, “particularly as members of the strategic committee and the investment committee.” Fenal is planning to dedicate more time to strategic management of the group.

Unigestion announced on Tuesday, 13 April that it has added to its management with the forthcoming arrival of Philippe Gougenheim as managing director head of hedge funds, from 1 May 2010. He will be based in Geneva and will direct the development of the funds of hedge funds team at Unigestion, which includes 37 professionals, based at the Geneva headquarters and in offices in London, New York, Paris, Guernsey and Singapore. Gougenheim had previously been a senior portfolio manager at Man Investments, where he also served as chairman of the investment committee and head of strategic research and management. From 2005 to 2008, he was CEO of Millennium Capital Management. “Bernard Sabrier, president of Unigestion, and Patrick Fenal, CEO of Unigestion, will continue to be involved in funds of hedge funds activities,” according to a statement from the management firm, “particularly as members of the strategic committee and the investment committee.” Fenal is planning to dedicate more time to strategic management of the group.

Bruno Crastes will not be the only one to leave Amundi, Agefi reports. Vincent Chaillet, head of international and absolute return bond activities, and Jean-Noël Alba, deputy CEO of CAAM London Branch, his closest partners, will also be leaving. The former spent 15 years at Crédit Agricole Asset Management (CAAM), while the latter spent ten years in his position. Their departures will be effective in a few months’ time. One observer quoted by the newspaper says that the three managers will leave behind EUR30bn in assets, and may launch an entrepreneurial project together.

State Street Global Advisors (SSgA) on Tuesday announced the opening of a branch office in Seoul. The move is a sign of the US asset management firm’s intention to develop its activities in South Korea. Scott Powers, president & CEO, comments that although SSgA is mostly known for its passive strategies and ETF products, the asset manager can also provide investment solutions for active investment and alternative products. South Korean clients were handled from other countries since 2005. State Street Global Advisors Asia Ltd has licenses for offshore discretionary management and for advising investments in Korea. In Asia-Pacific, SSgA has been present in Hong Kong since 1990. The manager is also present in Tokyo, Sydney, and Singapore.

The data and services provider dedicated to alternative management BarclaysHedge has announced the launch of BarclaysHedge TV, an online video service which complies with the requirements of the Securities & Exchange Commission, and which will for the first time allow managers of hedge funds or funds of hedge funds to offer video presentations aimed at their clients.

As of the end of March, Atlas Capital Gestión de Patrimonios managed EUR1.3bn in assets for 2,276 clients, 20% and 3% more, respectively, than at the end of 2009, Expansión reports. The firm has appointed Jaime Espinosa de los Monteros as head of its private banking activities; he joins a team led by Jorge Sanz. He previously served at Kepler Capital Markets and Espinoza Partners.

Edmond de Rothschild Asset Management (EDRAM) has announced that Lavin Mok has joined the firm as head of sales for Asia. Mok will be in charge of sales and marketing at EDRAM Hong Kong, and will aim to develop commercial relations throughout Asia, to promote EDRAM, and to sell the brand and products managed in Paris and Hong Kong. He will continue the sales and development strategy for funds in Asia, especially sales of funds Taiwan, Hong Kong, Singapore and Japan, to institutional clients and through distribution networks. Since 2006 Mok had been at Tremont Capital Management, where he was director of sales for funds of hedge funds for several Asian countries. As of 31 March 2010, Edmond de Rothschild Asset Management managed about EUR1.9bn in Asia and emerging countries.

The Swedish specialist in Eastern European markets East Capital is reaching a little further east with the acquisition of a 100% stake in an asset management firm specialised in China. Like East Capital, the firm acquired is based in Stockholm. It is Asia Growth Investors, which was founded in 2004 by Gustav Rhenman, and which manages EUR240m in three funds invested in China and Asia. The three funds will be integrated into the range from East Capital, and eventually renamed. But initially, the funds will continue to be available only in Northern Europe. The management team at AGI, based in Stockholm, will become the Asian arm of East Capital. In parallel with this acquisition, Karine Hirn, co-founder of East Capital and head of the project, will move to Shanghai in August. The aim will be to gradually build up the AGI teams and to observe the Chinese market. The acquisition, which is subject to approval by regulators, is expected to be completed in June 2010. The acquisition price has not been disclosed.

Barclays Wealth vient d’annoncer le recrutement de Helen Pun en tant que director, market head à Hong Kong. Dans ses nouvelles fonctions, Helen Pun, qui était précédemment chez UBS à Hong Kong, aura la responsabilité de l'équipe de banquiers privés couvrant Hong Kong ainsi que du développement des activités sur ce marché.Ces derniers mois, Barclays Wealth a déjà recruté plusieurs responsables pour la zone Asie-Pacifique.Fin 2009, les actifs sous gestion de Barclays Wealth s'élevaient à 151,2 milliards de livres. La répartition géographique n’a pas été divulguée.

Only one European savings investor in three has been offered a product by his or her financial institution which does not come from the house range, according to a study by TNS Sofres for Fidelity Investments, covering investors in 11 countries. This finding seems to show that open architecture is far from widespread. In France, the market is even more closed, as only 22% of savings investors have been offered a third-party product, and 16% were offered a product which was not from the establishment at their last time of purchase. However, although two thirds of European savings investors consider it “important” to have a choice of investments from different financial establishments, more than 4 out of 10 estimate that this complicates things and that they have enough products to choose from currently. In France, 48% think that this is important, but 60% think they have access to a sufficient number of products. In addition to this, although two thirds of European savings investors say they are 100% independent in the management of their investments, only slightly over half say that they have a good level of knowledge about financial investments. In this environment, a wide range of products on offer is not necessarily a good thing.

In March, funds on sale in Sweden posted net inflows of SEK11bn (EUR1.1bn), according to the most recent statistics from the Swedish investment fund association (Fondbolagens Förening). Inflows were driven by equities funds, which attracted SEK15.2bn. However, money market funds saw outflows of SEK8.1bn. In first quarter, Swedish funds have seen net subscriptions of nearly SEK25bn, of which EUR18.9bn have gone to equities funds. As of 31 March, assets totalled SEK1.789trn (EUR183.6bn), of which SEK1.075trn were in equities funds. This is the highest level of assets since 2007.