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02/02/2010

Gartmore lance un fonds de large cap japonaises

Gartmore lance son fonds Japan Absolute Return, géré par John Stewart. Il s’agit d’une version UCITS III onshore du AlphaGen Hokuto, un fonds long/short d’actions japonaises piloté par le même gérant à partir du bureau de Tokyo, rapporte Investment Week. Le portefeuille du Japan Absolute Return sera investi dans des grandes capitalisations japonaises de plus de 100 milliards de yen. Il comptera en moyenne une centaine de lignes. Les frais de souscription s'élèvent à 5 %, les frais de gestion annuels à 1,5 %. Des frais de performance seront facturés, soit 20 % de la surperformance.
02/02/2010

FTSE and Borsa Italiana launch two indices

FTSE Group and Borsa Italiana (London Stock Exchange group) have announced that they are extending their range of Italian indices with the FTSE MIB Dividend Index and the FTSE Italia All-Share Capped Index. The first of these two funds represents the cumulative value of ordinary dividends from firms which belong to the FTSE MIB index. The product is primarily intended to serve as a basis for derivatives, tracker funds, ETFs and other structured products. The FTSE Italia All-Share Capped index replicated the performance of Italian companies traded on the MTA electronic platform from Borsa Italiana. For the moment, the shares in the index are are capped at the time of the quarterly reviews in order to reduce concentration on some shares which are currently overrepresented.
02/02/2010

Financial crime on the rise in Switzerland

Agefi Switzerland reports that KPMG is predicting an increase in cases of economic crime due to the financial crisis. Increased attention to internal controls at businesses and stricter checks of processes may reveal many cases which had previously gone undetected. The KPMG fraud barometer catalogues 57 cases of severe economic crimes of at least CHF50,000 which came before the Swiss courts last year. The crimes represent an overall total of over CHF1.5bn. These figures are 23% down year on year in terms of the number of cases, but up sharply (54%) in terms of the amount of money involved.
02/02/2010

Sustainable investment shows strong rebound

According to statistics from the Sustainable Business Institute (SBI) at Oestrich-Winkel, the number of sustainable development funds in the German-speaking countries in 2009 increased 14%, to a total of 313 products, the Börsen-Zeitung reports. Assets increased 43% to about EUR30bn, following a contraction of 38% in 2008.
02/02/2010

Nomura creates an MTF dark pool

The Nomura group announced on 1 February that it has launched NX MTF, the first MTF to offer dark pool services from an investment bank. The platform, founded on 25 January, allows for trading of shares listed on 14 European stock markets. Nomura points out in a statement that NX MTF is the only MTF dark pool to be regulated by the British financial services authority (FSA). Each transaction will be visible on Markit BOAT immediately. These transactions will then be visible via Bloomberg and Thomson Reuters, as well as via monitoring tools such as those offered by Nomura, such as TradeSpex Liquidity Monitor and the Fidessa Fragulator.
02/02/2010

Aberdeen appoints head of European business development

Aberdeen has appointed Hans Benenga to the newly created role of head of business development, Europe ex UK. Rik Brouwer, senior business development manager, succeeds Hans Benenga as head of business development, Benelux. Hans Benenga will report to Patrick Walker, head of European business development. With EUR102 billion under management, the region (Europe including UK) accounts for over 63% of Aberdeen’s worldwide assets under management.
02/02/2010

Robeco strengthens commitment to responsible investment

The Dutch group Robeco announced on 1 February that it has decided to launch “a global, structured campaign in the area of responsible investment.” Robeco will intensify its activism at businesses to incite them to improve their practices, and will also apply exclusionary investment criteria, which will require it no longer to invest in some businesses. With this move, the firm hopes to “set an example and to show the type of responsible behaviour which it would like to see businesses it invests in to adopt.” In the future, firms which are unwilling to take into account the points raised in discussions with the investment firm may find themselves excluded. “We will now be excluding firms which do not respect international treaties that regulate the sale and production of controversial weapons, particularly cluster bombs and land mines.” The names of the businesses excluded may be found on the website http://www.robeco.com. Responsible investment also involves attention to transparency of investment costs, risks and returns for Robeco clients. In the future, Robeco websites will include a ranking of responsible investments (calculated in partnership with Sustainalytics, an independent agency) for each Robeco fund. On the basis of these rankings, clients will be able to decide whether or not to take certain factors into account in the formation of a portfolio. The listings will include Robeco funds as well as funds from third parties. Robeco will no longer advise third-party funds which invest in businesses that produce controversial weapons.
02/02/2010

Two new shareholders at Source

Source, a provider of ETPs to European investors, announced on 1 February that it has two new investors in its capital, JP Morgan and Nomura. The other major partners at Source are BofA Merrill Lynch, Goldman Sachs, and Morgan Stanley. Source has also broadened the group of dealers it works with to include ten firms: Nyenburgh, AllOptions, BancaIMI, Exane, FlowTraders, IMC, LaBranche, Newedge, SG Securities, and UniCredit. Source, which was founded less than a year ago, now offers 41 ETFs, 27 ETCs based on Treasury bonds (T-ETC), and one ETC backed by physical gold.
02/02/2010

Invesco PowerShares offers two new equities ETFs

Invesco PowerShares announced on 1 February that it has launched two ETF PowerShares FTSE Rafi funds, which will be traded on Nyse Euronext Paris, which will provide coverage of new geographical regions. The funds are the ETF PowerShares FTSE RAFI Emerging Markets Fund, which is based on the FTSE RAFI Emerging Markets strategy index, which aims to represent the performance of large caps from 20 emerging markets in Asia, Latin America and Eastern Europe. The ETF PowerShares FTSE Rafi Asia Pacific Ex-Japan Fund replicates the FTSE RAFI Developed Asia Pacific Ex-Japan strategy index.
02/02/2010

Deka Immobilien acquires a property in Bordeaux

Deka Immobilien (German savings banks) has acquired a commercial property in the rue Sainte-Catherine in Bordeaux for EUR68m, which will be added to the portfolio of its open-ended real estate fund WestInvest InterSelect. The vendor of the 16,700 square metre property, which is wholly leased for long terms to H&M, Fnac, Sephora, Go Sport and others, is Corio France, an affiliate of the Dutch firm Corio.
02/02/2010

Commodity funds popular in Europe

In November 2009, assets held in commodity and raw material/energy equity funds stood 800% higher than in 2004 at over EUR60bn, according to Lipper. This growth has been fuelled by a tripling in the number of funds available to over 430. Many of the new additions since 2006 have been exchange traded funds (ETFs). As a nation, the Swiss proved the keenest commodity investors in 2009.. The Germans were enthusiastic investors too. In fact all the main European markets, except Russia, reported positive sales of commodity and raw materials funds last year.
02/02/2010

BNY Mellon AM licensed as qualified foreign institutional investor in China

BNY Mellon Asset Management has announced that the application for a Qualified Foreign Institutional Investor (QFII) licence by BNY Mellon Asset Management International Limited has been successfully approved by the China Securities Regulatory Commission (CSRC). The asset manager is currently seeking approval from the State Administration of Foreign Exchange (SAFE) for an initial investment quota. The approval will allow BNY Mellon Asset Management to invest in Renminbi-denominated treasuries and Shanghai- and Shenzhen-listed ‘A’ shares on behalf of overseas investors.
02/02/2010

Apollo Management to launch an Asia Pacific property fund

Apollo Management is launching an Asia Pacific property fund with an expected USD500m to USD1bn under management, to target distressed real estate in the region, says the Financial Times. The fund will be run from Hong Kong by a team headed by Grant Kelley, who was chief executive officer of Colony Capital Asia until a year ago.
02/02/2010

Fund assets down in January

According to the Inverco association of asset management firms, assets in securities funds on sale in Spain declined by nearly EUR911m, or 0.56%, in January, to EUR161.65bn; net redemptions totalled EUR435m.
02/02/2010

Innovest founder launches a sustainable management fund

Matthew Kiernan, the founder of Innovest, has launched Inflection Point Capital Management, a multi-strategy asset management firm based on sustainable development principles, Financial Times Fund Management reports. The firm has the support of Global Currents Investment Management, an affiliate of Legg Mason, and of Phoenix Global Advisors.
02/02/2010

SGSS wins an Irish mandate

Société Générale Securities Services (SGSS) announced on 1 February that it has been selected by the National Asset Management Association (NAMA), based in Dublin, to provide valuation of several types of derivatives (options, interest swaps, swaptions, caps, and floors). The association was founded in mid-2009 by the Irish government to acquire real estate debt and derivatives from several financial institutions in the country, in order to help them to improve the health of their balance sheets.
02/02/2010

JPMorgan AM France rises back to EUR4bn in assets

JP Morgan Asset Management France finished 2009 with assets of about EUR4bn, compared with EUR3.7bn one year previously. Net subscriptions were largely concentrated in fourth quarter, with commercial success in particular for global convertible bonds, emerging markets, and to a lesser extent, US equities, Karine Szenberg, CEO, tells Newsmanagers. In 2010, the Paris office of the US management firm is planning to foreground products specialised in “real” assets such as infrastructure and European real estate. It is also putting emphasis on emerging market debt, with a fund managed by Pierre-Yves Barreau (see Newsmanagers of 28 August), without neglecting emerging markets equities.
02/02/2010

Christian Collin takes over as chairman at Groupama AM

Groupama Asset Management announced on 1 February that Christian Collin, CEO for Finance and Risk at Groupama, has since 1 January 2010 been serving as chairman of the board of directors at Groupama Asset Management. In this position, he replaces Helman le Pas de Sécheval, who on 1 January became CEO of the Groupama regional bank serving the Central Atlantic region. Collin was also appointed as CEO for Finance and Risk at Groupama last month. In this position, he oversees the directors of finance and investments, accounting for the group, reinsurance and guidance, risk functions, internal controls, and group shareholding, as well as the financial affiliates of the group, including Groupama Asset Management, Groupama Private Equity, Groupama Bank and Groupama Real Estate.
02/02/2010

Credit Suisse passes 3% threshold at Santander

Credit Suisse has notified the CNMV that it now controls 3.11% of Santander, via its investment funds and affiliates in Hong Kong, Monaco, Gibraltar, Singapore, and Germany. This corresponds to a total of about EUR2.56bn at current share prices.
02/02/2010

Good prospects for growth in Islamic finance

According to a Standard & Poor’s survey published on 1 February (“Islamic Finance Is Likely To Advance In 2010 On Firm Growth And Widening Geographic Reach,”) the growth of Islamic finance remained strong last year despite turbulence on the financial markets, and may be expected to remain strong this year also. In 2009, assets at the 500 largest Islamic banks increased by 28.6%, to USD822bn, compared with USD639bn in 2008. “We predict that Islamic finance has made a place for itself as a specialised segment of finance, and that its prospects remain very good,” says Mohamed Damak, a credit analyst at Standard & Poor’s, in a statement. A number of important questions remain about the future development of these activities, particularly in non-Muslim countries, which include the scale of demand for Sharia-compliant products, the regulatory and fiscal environment, the support of the financial and political communities, the issuance of government sukuks, and the potential for the establishment of a joint strategy for the development of Islamic finance in Europe.
02/02/2010

Amati Global Partners acquires Noble Fund Managers

Following the acquisition of Noble Fund Managers by Amati Global Partners, the management firm is changing its name, and will now be known as Amati Global Investors. Amati will manage the Noble AIM VCT and CF Noble Smaller Companies funds. In the future, the asset management firm is planning to add to its range of fund products, Money Marketing reports.
02/02/2010

Commerzbank liquidates Comas

A spokesperson for Commerzbank in London on Monday confirmed to Newsmanagers that the German bank is liquidating Comas, its fund of hedge fund operation. As of the end of December, Comas had redeemed about 85% of assets to subscribers; these assets were then slightly under USD1bn. The remaining 15% will be refunded in the next few months, as remaining positions are gradually unwound.
02/02/2010

Santander AM adds to fund product range

Santander Asset Management has announced the launch of a corporate bond fund denominated in pounds Sterling, managed by Patrick Smith. The fund will invest in investment grade bonds and government bonds. The managemetn firm is also launching a dynamic regular distribution enhanced income fund, managed by Stephen Payn, Money Marketing reports.
02/02/2010

Gartmore launches a Japanese large cap fund

Gartmore is launching the Japan Absolute Return fund, which will be managed by John Stewart. The fund is an onshore UCITS III-compliant version of the AlphaGen Hokuto, a long/short Japanese equity fund managed by the same manager, who is based in the firm’s Tokyo offices, Investment Week reports. The portfolio of the Japan Absolute Return fund will be invested in Japanese large caps with more than JPY100bn in traded capital. It will have an average of 100 positions. Subscription fees total 5%, while annual management fees total 1.5%. Performance fees equivalent to 20% of performance will also be charged.
02/02/2010

British management firm Artemis taken over by US firm AMG

The US-based Affiliated Managers Group (AMG) and the management of the British management firm Artemis Investment Management on 1 February announced that they have signed a definitive agreement to acquire 100% of capital in Artemis from Fortis Bank, which has recently been taken over by BNP Paribas. By the terms of the agreement, AMG will control a majority stake in Artemis, while the management of the British firm will hold a “substantial” portion of the firm’s capital, and will continue to oversee its day-to-day activities. Artemis represents AMG’s second foray into the UK: in 2004, the firm acquired Genesis Investment Management, a management firm specialised in emerging markets, with GBP14bn in assets under management. Artemis, founded in 1997, is a management firm specialised in active management for retail and institutional investors in the UK, Europe, and the Middle East. With offices in London and Edinburgh, Artemis manages GBP10bn in assets. The transaction will be completed early in second quarter 2010. For the 2009 fiscal year, Artemis reports net profits of USD59.5m, compared with USD1.3m the previous year, on earnings of USD841.8m (compared with USD1.15bn). Aggregated assets under management for management firms owned by AMG as of 31 December totalled about USD231bn.
02/02/2010

Thomas Neiße (Deka) becomes chairman of BVI

As Wolfgang Mansfeld (Union Investment Asset Management Holding) has completed his three-year terms as president of the BVI association, his successor has been named by the managing board of the German association of asset management firms. The new president will be Thomas Neiße, CEO of Deka Investment (German savings banks). Neiße has been a member of the board at BVI since 2005. He will begin his term as president on 8 February. The board of BVI now includes Neiße, Oliver Clasen (Allianz Global Investors KAG and cominvest Asset Management), Götz J. Kirchoff (Avana Invest), Dirk Klee (BlackRock AM Deutschland), Barbara Knoflach (SEB AM), Wolfgang Mansfeld (Union), Thomas Richter (DWS Holding & Service), Karl Stäcker (Frankfurt-Trust Investment Gesellschaft), and Bernd Vorbeck (Universal Investment).
02/02/2010

Franklin Templeton assets up

Following a decline in its assets to EUR8bn from EUR15.6bn in 2008, Franklin Templeton Investment has posted a rebound in assets in its open-ended funds in Germany in 2009 to EUR10.2bn, the CEO of the local affiliate, Reinhard Berben, states. This increase is primarily due to positive market effects. Subscriptions were concentrated in second half, but overall, the asset management firm shows slight net outflows.
02/02/2010

Warren Buffett increases stake in Munich Re

On Monday, Munich Re announced that Berkshire Hathaway, the portfolio management firm owned by Warrenn Buffett, had increased its stake in the capital of the firm to 3.278% as of 22 January, up from 3.08%. In light of options which may be exercised up until 11 March, via OBH Inc and National Indemnity Co, Berkshire Hathaway may increase its stake in the German reinsurer as far as 5.224%. On 17 January, Munich Re announced that Buffett had passed the 3% threshold, with 3.045% of voting rights (see Newsmanagers of 18 January).
02/02/2010

Fidelity controls over 3% of Deutsche Börse

In a filing on Monday, Deutsche Börse announced that on 29 January it received notification that Fidelity Investment Trust on 27 January passed the 3% threshold in its capital. On that date, the asset management firm held 3.02% of voting rights, or nearly 5.9 million shares.
02/02/2010

Challenging times for private equity in Europe

The ties between the private equity industry and the banking sector are very close in Europe, and the impact of the Obama reforms would be disastrous, La Tribune reports. Since 2006, European banks have raised EUR23bn, according to Preqin, and they still have EUR11bn to invest. Two major European players, Barclays and Natixis, are currently looking for ways to exit from a market which has become a guzzler of owners’ equity, the newspaper reports.

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