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11/03/2010

Sudden outflows from Swedish equities funds

For the first time since October 2008, equities funds on sale in Sweden saw net redemptions in the month of February. Outflows totalled SEK2.9bn (EUR300m), according to the Swedish investment fund association Fondbolagens Förening. This represents only 0.3% of assets in equities funds, which as of the end of February totalled SEK988bn (EUR102bn). In total, assets in Swedish funds totalled SEK1.691trn (EUR174bn). Net redemptions from equities funds in February were largely offset by net subscriptions of SEK4.9bn to money market funds. In total, funds saw an overall inflow of SEK4.6bn (EUR473m).
11/03/2010

Credit Suisse/Tremont index up 0.87% in February

On the basis of 76% of the usual sample, the Credit Suisse/Tremont hedge fund index is up 0.87% in February, following gains of .17% in January. The best monthly results were for managed futures, with gains of 2.01%, following losses of 3.81% in January, while the heaviest losses were for dedicated short bias, with 4.18%. For the first half of the year, distressed shows the best performance, with 2.42%, while the worst performer was, unsurprisingly, dedicated short bias, with losses of 3.92%.
11/03/2010

Meridio launches an Islamic diversified fund

The Cologne-based wealth maangement firm Meridio has opened subscriptions to a Sharia-compliant diversified fund, Meridio Global Islamic Multi Asset Fonds, for an initial period from 10-19 March. The Luxembourg-registered, actively managed product will be launched on 24 March. It will invest worldwide in equities and sukuks, and will be overseen by an ethical committee composed of three well-known specialists in Islamic law. The fund will offer daily liquidity, and will be managed by Rashad Khourshid, head of private banking at the Federbank of Libanon and manager of the Meridio ArabWorld Fund, and Antoine Salamé, founder of Optimum Invest Libanon and head of trading at Middle East Capital Group Libanon. Meridio estimates the potential market for Islamic financial products in Germany at about EUR1.2bn per year. Characteristics Name: Meridio Global Islamic Multi Asset Fonds ISIN: LU 0442310859 (shares in EUR) LU 0442311071 (shares in USD) Front-end fees: 5% maximum Management commission: 1.5% maximum Performance commission: 15%, with a hurdle rate of 5% and an all time high watermark
11/03/2010

Eagle AM to liquidate money market funds - in favour of JPMAM

Eagle Asset Management, an affiliate of Raymond James, has announced plans to liquidate its two money market funds, Eagle Money Market Fund (USD.156bn) and Eagle Municipal Money Market Fund (USD1.24bn) on 27 August. Shareholders will vote on the measure in an extraordinary shareholders’ meeting on 12 August, but from 1 May, JPMorgan Asset Management (JPMAM) will offer special “Eagle” share classes in its JPMorgan Prime Money Market Fund and JP Morgan Tax Free Money Market Fund, which will allow Eagle shareholders to transfer their assets to these well-known products. Eagle Cash Trust estimates that it is impossible to continue operating these funds in an economically viable manner, due to the volume of expected redemptions and the fact that the fee ratio for the funds would not remain competitive. In addition, Eagle states that “an intermediary whose clients hold a substantial majority of shares” (which may be Raymond James) has advised Eagle that it will no longer offer shares in the fund for sale after 9 July, and will instead offer the “Eagle Class” shares in the two JPMorgan funds.
11/03/2010

Dreyfus launches a mutual fund with the flavour of a hedge fund

Dreyfus Corp on 4 March obtained a sales license from the SEC for the Dreyfus Dynamic Alternatives Fund, a mutual fund which aims to generate performance equal to or higher than that of a diversified portfolio of hedge funds belonging to the HFRI Weighted Composite index. Front-end fees total 5.75%, and net fees total 1.45%. There will be a 2% penalty for early withdrawal within the first 60 days.
11/03/2010

Claymore launches three ETF funds

On Tuesday, Claymore Securities announced the launch of three ETF funds replicating indices from Wilshire Associates: the Wilshire 5000 Total Market (acronym on NYSE Arca: WFVK); the Wilshire 4500 Completon (WXSP), and the Wilshire US REIT (WREI).Fees for the Wilshire 5000 Total market fund are 0.12% while for the Wilshire 45000 Completion, fees total 0.18%. The Wilshire US REIT charges 0.32%.
11/03/2010

EdRAM converts a fund into UCITS III format

To respond to strong growth in demand on the part of investors for the fund, Edmond de Rothschild Asset Management announced on Tuesday, 9 October that it has converted the Europe Rendement Flexible fund into a UCITS III fund. The OPCVM fund, founded on 30 January 2009, aims to allow investors a gradual return to the European equities markets with reduced volatility, adjusting the exposure to equities (from 20% to 80%), through a flexible, tactical allocation.
11/03/2010

Martin Currie launches China OEIC fund

The Scottish management firm Martin Currie on Wednesday launched its China Fund, an OEIC vehicle managed by James Chong and focused on Hong Kong, as planned. The product, with 40-60 positions, will use the MSCI Zhong Hua index as its benchmark. Front-end fee and management commission are set at 5% and 1.5%, respectively, while management fees for institutional (B) class shares are 1%. Though the manager is based in Edinburgh, a team of 13 people based in Shanghai are at his disposal.
11/03/2010

AGI funds have trouble carving out a place for themselves on Commerzbank network

Allianz Global Investors (AGI) may be the largest management firm in Germany, with EUR248.4bn in assets, but it is only the fourth-largest management firm for open-ended retail funds, the most lucrative category, with EUR79.1bn, Handelsblatt reports. Since Allianz sold Dresdner Bank to Commerzbank, AGI has lost its captive distribution network, as Commerzbank practices open architecture. Its advisors are required to recommend the best funds - which are currently often products from Carmignac, James Dilworth, CEO of AGI Deutschland, admits. AGI is now seeking to set up joint products with Commerzbank. Dilworth admits that some distribution partners saw negative results last year. He will not say which ones, but sources familiar with the matter say that Allianz may be one of them.
11/03/2010

Credit Suisse lists 13 more ETF funds in Frankfurt

Deutsche Börse has announced that 13 ETF funds with the Xmtch (Credit Suisse) brand were on Wednesday admitted to trading on the XTF segment of its Xetra electronic platform. The new additions bring the total number of Xmtch funds traded in Frankfurt to 30, and the total number of ETF funds on the XTF segment to 589. The launch and first listing of these products took place in January on the Swiss market SIX. Of the 13 newly-created funds, seven are denominated in Euros, four in US dollars, and two in pounds Sterling. Credit Suisse is planning to further extend its ETF product range, in a product category in which it currently manages about CHF10bn in assets. ETF Name ISIN Fees Currency Xmtch (IE) on DJ EURO STOXX 50 IE00B53L3W79 0.06% EUR Xmtch (IE) on DJ Industrial Average IE00B53L4350 0.22% USD Xmtch (IE) on FTSE 100 IE00B53HP851 0.22% GBP Xmtch (IE) on FTSE MIB IE00B53L4X51 0.20% EUR Xmtch (IE) on MSCI Canada IE00B52SF786 0.36% EUR Xmtch (IE) on MSCI EMU IE00B53QG562 0.20% EUR Xmtch (IE) on MSCI Europe IE00B53QFR17 0.20% EUR Xmtch (IE) on MSCI Japan IE00B53QDK08 0.36% EUR Xmtch (IE) on MSCI Pacific ex Japan IE00B52MJY50 0.35% USD Xmtch (IE) on MSCI UK IE00B539F030 0.21% GBP Xmtch (IE) on MSCI USA IE00B52SFT06 0.22% USD Xmtch (IE) on NASDAQ 100 IE00B53SZB19 0.17% USD Xmtch (IE) on Nikkei 225 IE00B52MJD48 0.38% EUR
11/03/2010

Rothschild & Cie Gestion to recruit 10 people

“We will be making a large recruitment, of about 10 people, most of whom will be dedicated to commercial development in Switzerland, Germany, Benelux, Italy, and Spain, ... and to developing expertise in emerging markets equities management,” said Jean-Louis Laurens, managing partner at Rothschild & Cie Gestion, at an asset management conference held by Reuters in Paris on 8-10 March. The management firm is also seeking a partner for its Sélection R platform, and has not ruled out the possibility of selling a controlling stake in the venture.
11/03/2010

Carlyle recruits Michael Petrick

The private equity group Carlyle has recruited Michael Petrick as managing director and global head of alternative credit and capital markets. Petrick will also become a member of the executive board at Carlyle. He was previously at Morgan Stanley, where he spent 20 years, and where he was most recently managing director and global head of sales and institutional trading. He wil lbe based in New York, and will take up his new position at the end of March.
11/03/2010

Neptune arrives in France

After Jupiter, Neptune Investment Management has become the next planet to make its debut in the French asset management industry. The British independent asset management firm, which manages about GBP5bn in assets (as of the end of 2009), has recently been issued a license by the Autorité des marchés financiers (AMF) for nine of its funds.These funds are the Neptune Asia Pacific Opportunities, Neptune China, Neptune European Opportunities, Neptune Global Equity, Neptune India, Neptune Japan Opportunities, Neptune Russia & Greater Russia, Neptune UK Equity and Neptune US Opportunities. All of these are equity products. Three of them are managed by Robin Geffen, founder and managing director of the management firm: the China, Russia, and global funds, which Neptune says represent “the purest expression of the Neptune process.”The active management of the firm is based on internal research and the idea that the equities universe should be considered overall or by sectors, rather than by region.
11/03/2010

Launch of Saxo Properties

Saxo Bank (EUR5.4bn in assets) has decided to extend its activities to real estate investments, and to this end has founded a dedicated affiliate, Saco Properties, which will offer closed real estate funds to high net worth private and institutional investors. The new firm will be led by Jasper Dambord as CEO, and Claus Klostermann as managing director, and will feature some of the best-known managers in Demark on its management team. Property management will be handled by flemming Schandorff, former COO of ISS and one of the top global actors in facility service.
11/03/2010

F&C AM seeking acquisitions

On the occasion of the publication of unaudited 2009 results for F&C Asset Management, CEO Alain Grisay announced plans to increase the size and strengthen the capacity of the management firm he leads in the area of products and distribution, both organically and through acquisitions. He firm has also confirmed that it will remain in the running to acquire C-Quadrat, a management firm based in Vienna. In 2009, F&C AM saw a slight decrease in its assets, from GBP98.6bn as of the end of December 2008 to GBP97.8bn as of the end of 2009. Net revenues declines to GBP225.1m from GBP229.9m one year earlier. Operating profits were also down, from GBP60.7m to GBP51.8m.
11/03/2010

Two recruitments at Société Générale Cross-Asset Research

Société Générale Cross-Asset Research no Tuesday, 9 March announced the recruitment for its fixed income and currency strategy in London of Mark Capleton, who becomes head of Sterling fixed income strategy and global inflation, and Valentin Marinov as senior currency strategist. He will primarily cover G10 currency markets. Capleton was previously head of European fixed income strategy at RBS, while Marinov was senior currencies strategist at Commerzbank. Both will report to Vincent Chaigneau, head of fixed income and currency strategies, according to a statement from the firm.
11/03/2010

Vega reopens its three funds to subscriptions

After the best year in its history, the hedge fund management firm Vega, which had assets as of the end of December of about USD400m, has decided to reopen its three funds Vega Global (USD123m), Vega Select Opportunities (USD94.5m) and Vega Credit Opportunities (USD14m) to subscriptions, Expansión reports. According to sources familiar with the matter, the manager, Ravi Mehra, will not accept subscriptions from US investors. Vega, which also manages USD150m in mandates, had USD12bn in assets in 2004. Due to difficulties related to this excessive volume and the departure of some managers, Vega converted itself into a family office in 2007 and 2008, for its two managers, Mehra and Jesús Saá Requejo.
11/03/2010

Jones Lang LaSalle recruits from Commerz Real

The German desk at Jones Lang LaSalle in London has a new head: Verena Brüller, who was most recently head of purchasing for the UK and Ireland at Commerz Real (Commerzbank group).
10/03/2010

Aviva Investors recrute un patron pour son équipe d'analystes obligataires

Aviva Investors a nommé Jiten Joshi à la tête de son équipe d’analystes obligataires, qui compte six personnes.L’impétrant anaysera les obligations notées investment grade et high yield, et travaillera à l'élaboration de stratégies absolute return avec son équipe. Il sera basé à Londres. Jiten Joshi était auparavant directeur des special situations chez Pali Capital.
10/03/2010

Progression de 19% des actifs sous gestion de Gartmore en 2009

Les actifs sous gestion de Gartmore ont progressé de 19% l’an dernier à 22,2 milliards de livres, grâce notamment à une collecte nette de 485 millions de livres sur les mutual funds. La collecte nette a totalisé 252 millions de livres alors que l’année précédente s'était soldée sur une décollecte nette de 4,87 milliards de livres.Le résultat avant impôts, amortissements et dépréciations s’est inscrit à 54,8 millions de livres contre 90,2 millions l’année précédente.Gartmore précise que la gestion alternative a dégagé un rendement net de 19,1% et que 72% des mutual funds ont fait mieux que leur benchmark sur une période de trois ans
10/03/2010

Eaton Vance recrute son directeur du développement chez GSAM

Le Néerlandais Pepijn Heins, qui était executive director, instiutional business development chez Goldman Sachs Asset Management (GSAM) à Londres, a été recruté par l’américain Eaton Vanc Management Internationale comme business development director. Il est chargé du développement et du suivi des grands comptes institutionnels en Europe du Nord, sous l’autorité de Niall Quinn, managing director d’Eaton Vance Management International.
10/03/2010
Fonds

Un fonds qui finance des chanteurs

Charlotte Church, présentatrice télé et chanteuse, a signé un accord de 2 millions de livres avec Power Amp Music, un fonds d’investissement spécialisé dans la musique, qui financera l’enregistrement de son prochain album, rapporte le Financial Times. En échange, Power Amp collectera 50 % des revenus bruts de l’enregistrement, de l’édition, du merchandising et des concerts pendant une période déterminée. Le fonds cherche à doubler l’argent des investisseurs tous les trois ans.
Fonds
10/03/2010

Barclays s’intéresse à une grosse banque américaine

Selon le Financial Times, Barclays cherche à acquérir une grosse banque «retail» aux Etats-Unis afin de réduire le poids de sa banque d’investissement. Les analystes pensent que les cibles potentielles pourraient être SunTrust, PNC Financial et US Bancorp.
10/03/2010

L'année 2009 aura été faste pour Comgest

Depuis le début de 2009 et jusqu'à ce premier anniversaire du plus bas des marchés occidentaux des 8 et 9 mars, l’encours de Comgest est passé d’environ 6,8 milliards à 10,5 milliard d’euros (dont la moitié en mandats), l’effet de performance n’expliquant à lui seul «que» 2,2 milliards d’euros de cette hausse. Le gestionnaire a en effet enregistré des souscriptions nettes de 900 millions d’euros pour ses fonds marchés émergents, de 300 millions pour ses produits européens et de 300 millions d’euros encore pour les produits «globaux», comme l’ont expliqué mardi le président du directoire Jean-François Canton et son état-major.De surcroît, cette expansion s’est faite avec dix recrutements, dont ceux de trois gérants seniors, et l’effectif atteint désormais 75 salariés, dont 26 gérants analystes. 90 % des salariés sont actionnaires de Comgest. Au moins deux autres recrutements d’analystes sont dans les tuyaux, pour le Brésil et pour l’Inde.Comgest a aussi lancé de nouveaux produits, avec le Growth Greater Europe Opportunities et le Growth Latin America,, suivi au cours de ce premier trimestre 2010 de deux fonds conformes à la loi islamique, Growth Europe Shariah et Growth Emerging Markets Shariah.Le succès de Comgest s’explique en grande partie par le fait que le gestionnaire, qui compte un quart de clients français, a su faire partager aux investisseurs son approche de long terme, avec des titres conservés en moyenne entre 4 ½ et 5 ans en portefeuille. A ce rythme, les bons résultats économiques escomptés par les gérants finissent pratiquement toujours par générer une performance correspondant aux attentes des souscripteurs ainsi fidélisés.

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