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29/03/2010
Fonds

Aberdeen veut muscler son offre obligataire

Aberdeen Asset Management envisage de lancer le mois prochain deux nouveaux fonds obligataires, l’un investi sur l’Asie (Asian Bond Fund), l’autre sur les obligations high yield paneuropéennes (Aberdeen High Yield Bond Fund), selon Funds Strategy. Il y a quelques jours, Aberdeen avait annoncé le lancement d’un fonds obligataire onshore sur les marchés émergents.Les deux fonds seront structurés comme des Oeic britanniques.
Fonds
29/03/2010
Fonds

Jon Rebak remplace Nicholas Pothier chez HSBC

Les fonds Open Global Distribution (342,30 millions de livres d’encours) et Global Return (132,81 millions de livres) de HSBC seront désormais pilotés par Jon Rebak, en remplacement de Nicholas Pothier qui a fait part de sa décision de quitter la société et de regagner son pays d’origine, l’Afrique du Sud, pour s’engager dans des activités d’agriculture durable.Nicholas Pothier devrait toutefois garder une activité de conseil pour faciliter la transition avec son successeur qui devrait assumer la gestion des deux fonds à compter du 1er mai.Jon Rebak a rejoint HSBC en 1992 et a géré des fonds de fonds pendant plus de dix ans. Il a également assuré le pilotage du fonds de fonds de croissance de HSBC (161 millions de livres d’encours) depuis février 2003.
Fonds
29/03/2010

Le Sabadell vend 378 agences à Moorpark

Dans le cadre d’une opération de sale & lease-back, le Banco Sabadell a réalisé une plus-value de 265 millions d’euros sur la cession pour 403 millions d’euros de 378 agences au fonds Moorpark Capital Partners, rapporte Cinco Días. Cela permet de porter le ratio de fonds propres de premier rang du Sabadell à près de 8 % contre 7,6 %.
29/03/2010
Fonds

Le Sabadell mise sur les hedge funds non coordonnés

Au moment où plusieurs gestionnaires lancent des fonds de hedge funds coordonnés, BanSabadell Inversión commence à commercialiser activement auprès des particuliers haut de gamme et des investisseurs institutionnels le Sabadell BS Selección Hedge Top, qui a commencé à investir en septembre dans les hedge funds traditionnels, a indiqué Sergio Miguez, directeur de la gestion performance absolue.Funds People rapporte que le fonds a affiché une performance de 2,17 % sur les quatre derniers mois de 2009 et qu’il reste en territoire positif depuis le début de l’année.Ce produit à liquidité trimestrielle est investi à 60 % dans des hedge funds à liquidité mensuelle ou plus fréquente. A la différence d’autres maisons espagnoles, BanSabadell Inversión dispose d’une équipe en interne pour la gestion du produit
Fonds
29/03/2010

Frédéric Jolly and Philippe Collas found a firm

According to Financial News, Frédéric Jolly, the former European chief executive of Russell Investments, has teamed up with Philippe Collas, a former head of SG Asset Management, to set up London-based Lexam Partners. Lexam plans to create a private equity vehicle that will invest in asset managers and other players in the funds industry.
29/03/2010

Jon Rebak replaces Nicholas Pothier at HSBC

The Open Global Distribution fund (GBP342.3m in assets) and the Global Return fund (GBP132.81m) from HSBC will now be managed by Jon Rebak, who replaces Nicholas Pothier, who has decided to leave the firm and return to his native country, South Africa, to practice sustainable agriculture. Pothier will, however, continue in an advisory capacity to ensure a smooth transition as his successor takes over the management of the two funds from 1 May. Rebak joined HSBC in 1992, and managed funds of funds for over ten years. He has also managed the growth fund of funds from HSBC (GBP161m in assets) since February 2003.
29/03/2010

New CEO at UBS Switzerland

UBS has appointed Lukas Gähwiler as CEO of UBS Switzerland and co-CEO of Wealth Management & Swiss Bank. In these roles, he will also become a member of the group executive board. Gähwiler will take up his new position on 1 April 2010. He succeeds Franco Morra, who will support him during the transition period. Until February 2010, Lukas Gähwiler was under contract with Credit Suisse, where he began his career in 1990 and held various leadership positions with responsibility for client businesses as well as control functions. Most recently, he served as the Chief Credit Officer of Credit Suisse Private Banking, responsible for the division’s credit business worldwide.
26/03/2010
Fonds

SEB AM prépare une version "soft" de son fonds Asset Selection

Deux mois à peine après avoir fait enregistrer en Espagne son fonds de performance absolue au format OPCVM III, le SEB Asset Selection géré par Hans-Olov Bornemann, SEB Asset Management prépare le lancement à brève échéance d’une version plus défensive de ce produit, a indiqué Daniel Rubio, de Capital Strategies, la société qui représent SEB AM en Espagne.Le nouveau produit, rapporte Funds People, visera une volatilité moyenne limitée à 5 % au lieu des 10 % du fonds original.
Fonds
26/03/2010

Journée décisive pour la présidence de Generali, G. Delacroix

Selon les Echos, la banque d’affaires Mediobanca, premier actionnaire de l’assureur Generali, réunit cet après-midi son comité des nominations. Celui-ci doit arrêter le nom du successeur d’Antoine Bernheim à la présidence du groupe. La position de Vincent Bolloré, membre du comité, s’annonce déterminante.
26/03/2010
Fonds

Les nouvelles têtes dans la gestion ont aussi du talent

Dans sa recherche de talents dans l’univers de la gestion de fonds, Citywire a étudié le marché pour retenir de «nouveaux visages» ne figurant pas encore sur ses radars. En se contentant d’observer ce mois les gérants qui interviennent sur un univers d’investissement européen, et qui bien que n'étant pas encore éligible à la notation et au classement de Citywire, n’en affichent pas moins un impressionnant ratio d’information sur un an, et des performances élevées, il ressort qu’ avec des marchés européens affichant en moyenne une performance moyennes, certains «nouveaux» gérants sortent nettement du lot. C’est le cas par exemple de Robrecht Wouters à la tête du fonds JOHCM European Select Values Inst Eur sur un an (58,39 %) avec un ratio d’information de 3,08, devant Rob Raddelaar qui pilote ING (L) Invest European Equity I Cap (45,59 %) avec un ratio d’information de 1,69, Michel Constantis qui gère BGF European Growth Fund A2 Eur (36,57 %) avec un ratio de 1,34, Françoise Labbé à la tête d’Aviva Actions Europe (40,42 %) avec un ratio de 1,34 ou Damien Lanternier qui gère Agressor (56,60 %) avec un ratio de 0,87.
Fonds
26/03/2010

Financière de Champlain warns against bastardisation of SRI process

At a time of growing demand for socially responsible investment (SRI) products by institutional as well as retail investors, asset management firms are stepping up their efforts to integrate environmental, social and governance (ESG) issues into their traditional management. Though the development may be welcome news, Financière de Champlain, an asset manager specialised in sustainable management, warns of the dangers of SRI funds becoming too commonplace. “One of the approaches used by asset management compnaies for SRI integration is to use analysis undertaken for their SRI funds to set up ratings of traditional equities portfolios partly composed of the same shares,” the firm explains in a note. This type of analysis is known as “ex post.” Financière de Champlain claims that it “is not, fundamentally, based on a stock-picking process on the basis of extra-financial criteria.” Even though ESG integration practices make extra-financial information available to managers which could allow them to identify new risks, “they do not constrain the manager,” the asset management firm states. “The danger is thus high that this might create some confusion in the minds of retail investors between management firms which are genuinely in the process of converting their product ranges to SRI, and others who see the trend as an opportunity to paint themselves green,” Financière de Champlain concludes.
26/03/2010

Invesco to cut back on sales staff

A spokesperson for Invesco AIM has announced that, following the completion of the firm’s acquisition of retail asset management activities at Morgan Stanley, the combined sales team to be led by John cooper will include 375 people, 60 less than at present, Mutual Fund Wire reports.
26/03/2010

Jenny Bell promoted to COO of Franklin Resources

From 16 March, Jennifer Bell has been appointed executive vice president and COO of Franklin Resources, Franklin Templeton Investments has announced. She will continue to report to Gregory F. Johnson, president and CEO of Franklin Resources. Bell was previously executive vice president of operations and technology. In addition to her current responsibilities, she will now be in charge of HR and compensation.
26/03/2010

Sovereign funds to increase risk exposure

Sovereign funds, which have accumulated more than USD3.5trn in assets worldwide, now have cash allocations that are not doing anything for them. They are thus planning to make a further increase in their allocation to higher risk investments, but their investments will be for far lower amounts each, and far more diversified. In addition, says Bernard Eschweiler, senior economic advisor for the German independent investment bank Silvia Quandt & Cie AG, the centre of gravity for these investments will move from industrialised countries towards emerging markets, and from financial institutions to infrastructure and alternative energies. According to the study by Eschweiler, sovereign funds in 2008-2009 lost nearly 15% of their assets, while incoming amounts fell due to the recession and the falling price of oil. However, even at a more moderate rate of growth, assets will probably exceed USD6trn in five years.
26/03/2010

Strong rise in profits and assets at Mediolanum

In 2009, Banca Mediolanum has announced net profits of EUR217m, up 66% on the pro forma results for 2008, when net profits including the impact of the Lehman collapse came in at EUR24m. Pre-tax profits are up 56%, to EUR258m. Net subscriptions rose 177% compared with 2008 to total EUR6.94bn, which represents an all-time high. Assets increased 37% last year, to total more than EUR40.39bn. In terms of the Italian market, including the group’s 50% stake in Esperia, net profits increased 55% to EUR224m, and assets increased 38%, to a total of EUR38.53bn as of the end of December. For Banca Mediolanum, net subscriptions rose 122% to EUR5.795bn, while net inflows to managed accounts totalled EUR1.99bn (+1.01%), of which 57% went to equities products. In Spain, 2009 saw losses of EUR0.1m, compared with losses of EUR6.3m the previous year, but Fibanc Mediolanum earned profits of EUR0.5m. In Germany, losses remained similar to those in 2008, at EUR6.8m, while activities retained at Bankhaus August Lenz brought losses of EUR7.6m. In total, foreign banking affiliates of the group as of the end of December had assets of EUR1.86bn, which represents a 13% increase in one year.
26/03/2010

Amundi ETF plans to list 50 funds in Italy

Amundi ETF is planning to list up to 50 products in Italy by the end of 2010, an article from Soldi published on the Italian website Bluerating states. In early March, the firm launched 15 new equities products.
26/03/2010

SEB AM preparing a “soft” version of its Asset Selection funds

Barely two months after registering its UCITS III absolute performance fund in Spain, the SEB Asset Selection fund managed by Hans-Olov Bernemann, SEB Asset Management is preparing to launch a more defensive version of the product in the very near future, says Daniel Rubio of Capital Strategies, the firm which represents SEB AM in Spain. The new product will aim for average volatility of only 5%, down from the 10% of the original fund, Funds People reports.
26/03/2010

Morgan Stanley AIP raises USD370m for real estate

Morgan Stanley Investment Management has announced that its unit, Morgan Stanley Alternative Investment Partners (Morgan Stanley AIP), has raised USD370m for its fund Morgan Stanley AIP Phoenix Global Real Estate Secondaries 2009 LP (Phoenix), which is dedicated to opportunity-driven investments in private equity real estate funds. AIP had set itself an objective of USD250m.
26/03/2010

C-Quadrat to launch ETF funds

In a press statement, the Austrian-German management firm C-Quadrat has announced that it is planning to add a range of ETF funds, entitled iQ Products, to its offerings. The funds will represent a new generation of ETFs which limit the risk of losses. The issuer of the first iQ ETF is Commerzbank. The products of the range will be unveiled in mid-April.
26/03/2010

Guy Wyser-Pratte denounces limited partnership tactics of Lagardère at Poussielgue group

The French-American financier Guy Wyser-Pratte has denounced the law of limited partnership of shareholders which allows Arnaud Lagardère to completely control his group Poussielgue with only a 10% stake in its capital, Les Echos reports. He claims that the partnership has a negative impact on the value of shares. He is seeking a place on the supervisory board of the group, and to reform the group’s statutes.
26/03/2010

Madoff: UBS faces Paris courts

Les Echos reports, citing AFP, that UBS has been summoned before the Paris courts on charges of defrauding 80 investors who lost money they had invested in the Luxembourg-registered fund Luxalpha, which was offered for sale by the bank, and which invested in companies operated by Bernard Madoff. The investors accuse UBS of having presented Luxalpha as a low-risk investment, and of having neglected its responsibilities as a manager and depositary for the product, which funnelled investments to the firm of the frauster Madoff without informing clients. The savings investors, who lost all of their investments in Luxalpha, have “strong grounds to seek reparation for the prejudice they suffered as a result of the deception of which they were victims and of the serious errors committed by UBS,” says the summons, of which a copy was obtained by AFP.
26/03/2010

SEC probes use of derivatives by funds

The Wall Street Journal reports that the SEC has announced that it has launched a review into the use of derivatives by mutual funds, exchange-traded funds and other investment companies. The review effectively means that any new or pending exemptive requests under the Investment Company Act submitted by ETF management firms that are seeking to heavily invest in derivatives will be suspended until the results of the study are clear, the SEC says. The regulator is seeking to verify that current market practices using derivatives respect the regulations of the Investment Company Act in relation to leverage and risk distribution. The regulator will also seek to determine what risk control instruments are used by funds which invest in derivatives.
26/03/2010

Metzler Fund Xchange removes Templeton Growth Fund from trading

Franklin Templeton has announced that the fund platform Metzler Fund Xchange is unilaterally delisting the Templeton Growth Fund from 30 June, Das Investment reports, adding that the management firm had anticipated the move. The measure concerns only assets in the fund which are invested directly through the Metzler platform as custodian. Franklin Templeton says in a letter to intermediaries that it will continue to provide free depositary services for clients of the Templeton Growth Fund as well as for Franklin Templeton Investment Funds (FTIF). It adds that there are no plans to “de-register” the Templeton Growth Fund in Germany.

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