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12/04/2010

Gains for hedge funds in March

Hedge Fund Research reports that hedge funds in March posted their strongest results since September, with a gain of 2.7%, and that they earned 2.56% in first quarter. According to Hennessee, funds gained 3.05% in March, after gains of 0.99% in February, and losses of 0.55% in January, putting returns for January-March at 3.50%. In March, according to Hennessee, only the short bias strategy posted losses (of 5.24%), while all others were in positive territory, including emerging markets, with gains of 5.47%. In first quarter, the best-performing strategy was financial sector equities, with gains of 6.83%, followed by event-driven (6.20%).
12/04/2010

Deutsche Bank builds hedge fund advising activities

Deutsche Bank has announced that Doug Kline has joined the Global Prime Finance activity of its Global Markets division as managing director and head of hedge fund advising. Kline previously worked at Viking Global Investors, where he was a partner and chief information officer. Kline is based in New York, where he reports directly to Pam Kieman, managing director and global head of development, and Scott Carter, managing director and head of Global Prime Finance Sales and Capital Introduction for North America.
12/04/2010

Sciens acquires Partners managed accounts platform

The Swiss asset management firm Partners group has concluded the sale of its managed accounts platform to Sciens Capital Management, an independent alternative management firm based in New York and London. This will allow the Swiss group, which manages CHF25bn in assets, to focus on private investments (including private equity, private debt, private real estate and private infrastructure), a press release states.
12/04/2010

New contract for BNY Mellon

The University of Ohio has contracted BNY Mellon Asset Servicing to provide custody services for its long-term fund, the Ohio State Endowment Fund. The fund has nearly USD2bn in assets. BNY Mellon succeeds State Street in this role.
12/04/2010

Small Wall Street businesses facing rising tide of cyber-attacks

Les Echos reports that a growing number of US businesses are falling victim to market manipulations initiated by spam emails which spread false information about them. The spam messages target small companies with low liquidity and low daily trading volumes in particular, especially companies whose share prices are low, which are not listed on the major organized markets (NASDAQ or NYSE), and which generally release limited amounts of public information to the markets.
12/04/2010

Eurazeo considering capital increase

Les Echos reports that the investment holding company Eurazeo is currently considering a capital increase, in order to regain some manoeuvering room when the LBO markets recover. It may raise as much as EUR500m.
12/04/2010

Juan Marín (Fortis) joins Investec

With the merger of BNP Paribas and Fortis, Juan Marín, head of sales for the Iberian peninsula at Fortis Investments, has joined Investec as director of sales for France, Luxembourg, Italy, Spain and Portugal, Funds People reports. The British-South African management firm in November registered the Luxembourg Sicav Investec Strategy Fund (32 sub-funds) with the CNMV, but its products have not yet gone on sale in Spain, except via Allfunds Bank.
12/04/2010

Russell Investments adds to staff in Asia

Russell Investments has added to its workforce in Singapore and South Korea to meet growing demand in the region. Asian Investor reports that the firm is also planning to apply for a license to begin operating in Seoul, and is hoping to open a representative office in China in second half, and to obtain QFII (qualified foreign institutional investor) status in the country. The Korean team, which was reduced to two people last year, has been rebuilt, with the appointment of Kim Dong Ki as chief representative at the Seoul office. Kim was previously at Korea Life.
12/04/2010

Connecticut renews contract for TIAA-CREF as manager of a university savings plan

Tuition Financing Inc (TFI), an affiliate of the pension fund TIAA-CREF (USD414bn in assets) has seen its contract renewed by the Office of the Connecticut State Treasurer, as manager of the state’s 529 savings plan for students, the Connecticut Higher Education Trust (CHET). The trust has 93,000 accounts and assets of USD1.2bn. TFI was initially retained as manager of the CHET in January 2000. At the time, the scheme had 4.000 accounts and assets of USD18m.
12/04/2010

ProFunds launches two leveraged biotech ETF funds

On Thursday, the NASDAQ admitted two ETFs from ProFunds Group to trading, including the ProShares Ultra Nasdaq Biotechnology (acronym: BIB) and the UltraShort Nasdaq Biotechnology (BIS), both of which replicate biotech indices from NASDAQ with double leverage, on long positions for the BIB, and short for the BIS. The two products charge fees of 0.95%. With these two new funds, the ProShares range now includes 105 ETFs.
12/04/2010

Eaton Vance launches commodities fund managed by Armored Wolf

Eaton Vance Management, an affiliate of Eaton Vance Corp (USD161.6bn in assets as of the end of January) on Thursday announced the launch of the Eaton Vance Commodity Strategy fund, whose benchmark is the UBS Commodity Index Total Return. The initial objective is to earn returns comparable to the benchmark, but with lower volatility, while outperformance will come from commodities derivatives, inflation-linked bonds and emerging market bonds. The sub-adviser for the fund is Armored Wolf LLC, a specialist in global macro focused on “real” assets. The two managers of the fund will be John B. Brynjolffson, CIO and managing director of Armored Wolf, and Paul Dickson, managing director and emerging markets bond portfolio manager at Armored Wolf. Management fees total 1.25% for I-class shares, 1.50% for A-class shares, and 2.25% for C-class shares.
12/04/2010

Subscribers prefer low-risk assets

As of the end of 2009, assets in Spanish funds were 75% invested in money market funds, short-term bond funds and guaranteed funds invested primarily in equities or bonds, compared with 66.6% at the end of 2006, and 80% at the end of 2008, Cinco Días reports. The historical average (76% over the past 19 years) reveals that Spanish investors have always been highly conservative, except in 2000, during the internet investment bubble, when the proportion fell to 56%. In the three years of 2007, 2008 and 2009, net redemptions totalled EUR89.47bn, which represents 97.5% of declines in assets under management, which fell by 31%, while commission revenues fell by 48%. Seven of the largest management firms had more than 80% of their assets in lower-risk investments, excepting Ibercaja, for which the figure was 57%. However, Gesmadrid and Ahorro Corporación had more than 87% of their assets in money market instruments, short-term bonds and guaranteed products.
12/04/2010

Fidelity achieves three quarters of objective in China Special Sits fund IPO

Although Fidelity International claims that the initial public offering (IPO) of shares in its China Special Situations has been its largest success since 1990 for an equities product, the total of GBP460m raised for the most recent product from Anthony Bolton represents less than three quarters (73%) of the GBP630m which the asset management firm had set as its objective for the high-profile operation, which was heavily covered by the media. The fund, which becomes the largest China fund listed in London, will officially be launched on 19 April on the London Stock Exchange. Bolton says that he himself has bought 2.5 million shares.
12/04/2010

Gérard Piasko leaves Julius Bär for Sal. Oppenheim Switzerland

Christian Camenzind, CEO of Sal. Oppenheim Switzerland, on Friday announced the appointment of Gérard Piasko as chief investment officer (CIO). Piasko has in the past few years served in the same role at Julius Bär, after ten years as a global strategist at Credit Suisse in London, New York and Zurich.
12/04/2010

UBS estimates pre-tax quarterly profits at CHF2.5bn

UBS is projecting pre-tax profits of CHF2.5bn for first quarter 2010, the bank announced in a statement published on 12 April, slightly ahead of its general shareholders’ meeting to be held on 14 April. The bank has also registered net outflows from all sectors, though these were “considerably lower” than in fourth quarter 2009. “In first quarter 2010, UBS estimates that it has reached assets of about CHF8bn for Wealth Management & Swiss Bank, CHF7bn for Wealth Management Americas, and CHF3bn for Global Asset Management,” the bank says.
12/04/2010

Blackstone interested in bank branches put up for sale by RBS

La Tribune reports that Blackstone on Tuesday made an indicative offer to buy 318 bank branches which have been offered for sale by the Royal Bank of Scotland (RBS). RBS has already received 4 bids from Santander, BBVA, Virgin Money and National Australia Bank, the newspaper reports.
12/04/2010

L&G head joins Fidelity

Fidelity has recruited Ben Waterhouse as head of wholesale sales for the United Kingdom, Investment Week reports. Waterhouse previously worked at L&G Investments, as director of sales. He will begin in his new position in the next few months, and will consolidate and develop activities with wealth managers in particular.
12/04/2010

Martin Currie closes a China hedge fund

Investment Week reports that Martin Currie has closed a hedge fund dedicated to China which had assets under management of USD203m. The fund, launched seven years ago, has earned annualised returns of 16.2%. In the past two years, the fund has earned returns of 22.8%, compared with losses of 15.4% for the MSCI Golden Dragon index in the same period.
12/04/2010

GBP1bn bonus for F&C chief

The chief executive of F&C Asset Management collected a GBP1 million bonus last year, according to the Times, which cites F&C’s annual report. Alain Grisay received GBP700,000 in cash and GBP300,000 in shares deferred for three years. The bonus came on top of Mr Grisay’s GBP325,000 salary. It will rise by 7.7 per cent to GBP350,000 this year.
12/04/2010

ESAF launches an absolute return fund of funds

The Portuguese management firm Espirito Santo (ESAF), as promoter of the product, and Blue Activos Financeiros (BAF), as advisor, have announced the launch of the Luxembourg-registered fund Dynamic Alpha Portfolio III, which invests actively in funds, particularly UCITS III hedge funds. The objective is to earn returns 400-800 basis points higher than the Euribor 3-month, with volatility of less than 6%, an all market conditions. Among the preferred strategies of the fund are long/short equity, global macro, CTA, currencies, and volatility.
12/04/2010

Italian senator speaks out over powers amassed in the hands of Assogestioni chairman

The Italian senator Elio Lannutti has expressed surprise at the “deafening silence” which has prevailed over the appointment of Domenico Siniscalco, former Italian minister of the economy, and current president of Morgan Stanley, as chairman of Assogestioni, the Italian association of asset managers, the Italian news agency Asca reports. The politician claims that the variety of positions now held by Siniscalco imply “obvious conflicts of interest.” He points out that as chairman of Assogestioni, Siniscalco is able to appoint independent directors in publicly-traded companies, with which he would also work in his capacities at Morgan Stanley. Lannutti is critical of the silence of the Bank of Italy and the market regulatory agency on this subject.
09/04/2010

Credit Suisse se renforce en Inde

Credit Suisse a annoncé le 8 avril la nomination de Aditya Mishra au poste de responsable de Credit Suisse à Delhi, avec effet immédiat. Cette nomination souligne la volonté du groupe de renforcer ses activités de wealth management sur un marché en pleine croissance, souligne la banque dans un communiqué.Aditya Mishra était précédemment chez AM Advisors, où il était managing partner.
09/04/2010

Prudential Real Estate Investors renforce son équipe

Prudential Real Estate Invesors (PREI) a annoncé le 7 avril la nomination de Mark Chamieh au poste de managing director et co-responsable de la distribution internationale et des services à la clientèle.Mark Chamieh travaillera aux côtés de Lester Lockwood, qui pilote la stratégie internationale de distribution de PREI depuis cinq ans.Lester Lockwood, basé dans le New Jersey, continuera de développer les activités aux Etats-Unis tandis que Mark Chamieh, basé à Londres, se concentrera sur la distribution et les relations clients en Europe, en Asie et au Moyen-Orient. Tous deux seront membres du Global Management Committee.Mark Chamieh était précédemment chez managing director et responsable mondial du marketing chez JER Partners.Au 31 décembre 2009, PREI gérait quelque 42,5 milliards de dollars d’actifs immobiliers en brut (22,9 milliards en net) pour le compte de près de 500 clients dans le monde.
09/04/2010
Fonds

Source fait coter quatre ETF supplémentaires à Francfort

Depuis jeudi, le segment XTF de la plate-forme électronique Xetra (Deutsche Börse) cote quatre ETF supplémentaires de Source, tous des produits de droit irlandais chargés à 0,30 %. Les indices répliqués sont tous des sous-indices optimisés du Stoxx Europe 600.Il s’agit du Consumer Discretionary European Source ETF (IE00B62RK662), du Consumer Staples European Source ETF (IE00B6222Y34), du Defensives European Source ETF (IE00B633JD33) et du Cyclicals European Source ETF (IE00B62SYX47).Ces nouveaux produits portent à 651 le nombre de fonds cotés sur XTF.
Fonds

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