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12/01/2010

ADIA is 40-60% invested in global equities

In an interview with Handelsblatt, Sheikh Ahmed bin Zayed Al-Nahyan, managing director of the Abu Dhabi Investment Authority (ADIA), says that the sovereign fund has historically been 40-60% invested in global equities, while bonds represent between 15% and 30% of the portfolio, and the remainder is divided between real estate, private equity, alternative investments, and infrastructure projects. The sheikh confirms that about 60% of ADIA’s assets are invested through index-based strategies; for US equities, ADIA uses S&P indices, and for the rest of the world, MSCI indices. For bonds, the fund uses customised versions of various indices, including the inflation-linked and corporate bond indices from Barclays, and the government bond indices from JPMorgan. The managing director points out several times that ADIA is careful to remain a minority stakeholder wherever it invests, and says the portfolio is 35%-50% invested in the United States, 25%-35% in Europe, and 10%-20% in Asia. Emerging markets represent 15% to 25%.
12/01/2010

Despite their advantages, ETFs are not being used optimally

In its most recent study, State Street Corporation considered exchange-traded funds (ETFs) and the use which institutional investors make of them. Due to a variety of factors related to economic uncertainties, the volatility of the markets and investors’ desire to pay reasonable management fees, these exchange-traded funds are rapidly gaining popularity, as they provide exposure to a variety of assets classes at low cost. However, according to the study, institutional investors are not fully taking advantage of the flexibility offered by these investment tools, which currently represent nearly USD1trn in assets under management. The study also points out differences in the development of ETF markets worldwide and recent regulatory changes. The study of ETFs may be consulted at www.statestreet.com/vision.
12/01/2010

First Eagle seeks a distribution partner in Asia

The New York-based management firm First Eagle Investment Management is seeking a distribution partner in Asia ex Japan, to complement its partnership with Nikko Securities, Asian Investor reports. In 2010, the other strategic priority of the firm, which manages about USD38bn in assets, would be to find a global credit management team with a value orientation which would be integrated into the firm. It already has an internal credit analysis team which focuses on capital structure and its impact on equities, but not with a direct investment perspective.
12/01/2010

UBS strengthens presence in UHNW segment in Asia

UBS has reinforced its activities in the UHNW (ultra high net worth) segment in Asia with the appointment of Reto Marx as managing director and head of the UHNW team in Singapore, Asian Investor reports. He will report directly to Daniel Harel, head of UHNW activities in south Asia. Marx was previously head of the south-east Asia region at the Sarasin-Rabo (Asia) bank.
12/01/2010

GLG MMI chooses BNY Mellon

GLG MMI, the fund of hedge funds arm of GLG Partners, has selected BNY Mellon as custodian and administrator for all of its fund of hedge fund activities. As of the end of 2009, BNY Mellon’s clients in funds of hedge funds represented a total of over USD200bn in assets.
12/01/2010

ETPs: Deutsche Bank predicts increase of at least 20% to assets in 2010

According to Deutsche Bank, as of the end of 2009, assets in Exchange Traded Products (ETFs, ETCs, and ETNs), or ETPs, totalled EUR160bn in Europe, and USD790.1bn in the United States, compared with EUR104.4bn and USD544.6bn twelve months previously. Analysts at the bank estimate that assets under management in ETP funds in Europe and the United States may increase by 20% this year, to USD1.2trn, if traditional markets remain flat, but that they may increase by as much as 40% to USD1.4trn, if equities markets continue to rise. European rankings For Europe, BlackRock (with BGI) was the largest actor on the markets, both by volume of assets as of the end of 2009 (EUR56.46bn), and by net subscriptions last year, which totalled EUR8.35bn. Second place belongs to Lyxor (Société Générale), with EUR28.54bn in assets, but net inflows of only EUR1.43bn. db x-trackers (Deutsche Bank) ranks third by asset volume, with EUR26.28bn, and second for net subscriptions, with EUR6.57bn. Fourth place by asset volumes is ETF Securities, with EUR10.92bn; net subscriptions totalled EUR3.71bn in 2009.
12/01/2010

M&A: 2010 will be the year of the independent asset managers, says Jefferies

In 2009, merger and acquisition activities in asset management were dominated by divestitures, but the acquisition of Advisory Research by Piper Jaffray, and that of MetWest by TCW, both strategic transactions, are a sign that 2010 will be a year in which independent management firms will take the lead, Jefferies predicts. Last year, only 61 independent asset management firms changed hands, the lowest number in a decade, and a contraction of 57% compared with 2008. In 2009, Jefferies counted a total of 143 merger and acquisition operations worldwide, compared with 219 the previous year. However, assets which changed hands hit an all-time high of USD4trn, compared with USD1.95trn in 2008. This also represents a total 51% higher than the previous record, set in 2006. There were nine mega-deals involving management firms with more than USD100bn in assets under management, including the acquisition of BGI by BlackRock (USD1.44trn), the creation of Amundi by CAAM and SGAM (USD839bn), and the acquisition of Sal. Oppenheim by Deutsche Bank (USD201bn). The total declared value of these deals came to USD24.9bn, compared with USD15.9bn in 2008. The three largest deals were the acquisition of BGI by BlackRock for USD13.5bn, the acquisition of Sal. Oppenheim by Deutsche (USD1.9bn), and the acquisition of the retail activities of Morgan Stanley, including Van Kampen Investments, by Invesco (USD1.5bn).
12/01/2010

Increase in assets in ETFs listed in Madrid

According to statistics from Bolsas y Mercados Españoles (BME), the number of ETF trades in 2009 rose 99% to 50,789, and the volume of these transactions totalled EUR3.47bn. Assets in ETF funds listed in Spain, for their part, represented EUR13.68bn as of the end of December, 28.7% higher than one year previously. This increase was largely due to the introduction of the Lyxor ETF Euro Corporate and Lyxor ETF Ibex 35 Inverso funds during the year.
12/01/2010

AGI planning to launch two absolute returns funds in March

Investment Week reports that Nick Smith, managing director and head of fund distribution at Allianz Global Investors (AGI) in the United Kingdom, has announced that an equities fund and a multi-asset class fund, both with an absolute returns approach, will be launched in March, and will probably be managed in London. AGI is planning to rely on its expertise in 130/30 management and multi-asset class funds for its first absolute returns products on the British market. AGI is also planning to launch regional funds based on the concept of the BRIC Stars Fund from Allianz RCM (GBP699m).
12/01/2010

Veritas opens Global Real Return Fund

Veritas Asset Management has for the first time decided to open its international hedge fund to retail and institutional investors, Hedge Week reports. The fund, with GBP30m in assets, was previously available only to a small group of investors which included partners at the firm and private clients. Since its launch in July 2004, the fund has earned 68% returns, compared with 38.39% for hte MSCI World index. The fund has been restructured as a UCITS III vehicle, and renamed as Veritas Global Real Return Fund. It was launched in early January, and provides daily liquidity. The fund will aim to provide annualised returns of 6% on average over the long term, through long and short positions on global equities, bonds, cash, and derivatives. The fund is open to retail investors with a minimal investment of GBP7,000, and to institutional investors from with investments starting at GBP30,000.
12/01/2010

UBS struggling to stem outflows from funds

Agefi Switzerland reports, citing Bloomberg, that the CEO of UBS, Oswalf Grübel, has repeated in an internal memo sent out yesterday and obtained by the US news agency that it is imperative for the firm to put a stop to outflows from funds after six consecutive negative quarters. The UBS CEO says the firm should give clients “no reason to leave the bank.” The bank has also set up a new ethical code of conduct, the memo says, to ensure that “what happened in the last few years never happens again.”
12/01/2010

Calrlyle to launch a fund denominated in Chinese renminbi

Carlyle Group on Tuesday unveiled plans to work with city authorities in Beijing to establish a renminbi fund that will enable it to make local currency investments across China, says the Financial Times. The US private equity fund expects the fund to begin operation later this year.
12/01/2010

Frank Asbeck invests in Hauck

Michael Schramm, managing partner at Hauck & Aufhäuser, has confirmed to the Börsen-Zeitung that Frank Asbeck, chairman of the managing board of Solarworld, at the end of last year bought a 9% stake in the capital of the private bank.
12/01/2010

CRM stake in Deutsche Bank “mechanically” exceeds 3% threshold

Deutsche Bank on Monday announced in an ad-hoc filing that Capital Research and Management (CRM) notified it on 7 January that it held over 3% of its capital, and now controls 3.53%. However, the German bank states, the fact that the investor has passed the 3% threshold is merely due to the mechanical effect of a reshuffle of Deutsche Bank shares between various CRM funds.
12/01/2010

A record year for ETFs in Italy

In 2009, the number of ETF and ETC funds listed on the ETF Plus segment of the Borsa Italiana increased from 326 to 400, Il Sole - 24 Ore reports. Average daily trading volumes increased 12.9% over the year to EUR215m in value, and 73.1% in terms of the number of contracts which changed hands in a single trading period (9,690). The leader in the market in terms of assets, contracts, and value, is Lyxor Asset Management, with EUR31.08bn (+31% year on year).
12/01/2010

FvS releases a fund of hedge funds

BaFin has granted a sales license for Germany to the Luxembourg-registered fund of hedge funds Tectum Global Hedge (ISIN LU0250237731), launched in April 2006 by Flossbach & von Storch. The product, whose assets total over EUR95m, is managed with a multi-strategy approach, and invests in 15 hedge funds, with the objective of generating absolute returns of 7% to 9% per year. Management fees total 0.75%, and FvS also charges a performance commission of 10%, with high watermark.
12/01/2010

Helaba Invest launches an absolute returns fund

On 4 January, Helaba Invest launched the German-registered fund HI-Atlas-Invest, a multi-asset class absolute returns product whose objective is to reliably generate higher returns than the money markets, and to limit losses at the end of the year to three percentage points. The management team will replicate the evolution of ten global equities markets and four global bond markets through the use of highly liquid futures, and may invest in commodities as well as volatility. Characteristics Name: HI-Atlas-Invest ISIN: DE000A0YCQL7 Minimal subscription: EUR2.5m Front-end fee: 2% maximum Management fee: 0.80% Initial value per share: EUR50
12/01/2010

Sparinvest signs Principles for Responsible Investment

Danish fund manager Sparinvest (EUR12.36bn in assets as of the end of December) has announced that it has signed the United Nations Principles for Responsible Investment (UN PRI). Henrik Lind-Grønbæk, managing director, says responsible investment is nothing new for Sparinvest, which since 1998 has managed the Ethical Global Value fund, for example, which takes into account ethical criteria. In addition, the management firm has for several years been having its investments screened by the Swedish conslutant Ethix, to ensure their compliance with the directives of the Global Compact. Sparinvest will no longer stop at excluding bad ethical performers from its portfolio, but will follow an active policy of engagement. However, says Lind- Grønbæk, the application of the UN PRI will not take place overnight, as Sparinvest’s portfolios include shares in nearly 3,000 companies. “Consequently, this will be a long-term project, particularly in terms of the active use of shareholder voting rights.”
12/01/2010

Former head of Credit Suisse AM UK launches an asset management firm

The former chief executive of Credit Suisse Asset Management UK, David Norman, is launching a new asset management firm, which will seek to ride the wave of growing investor demand for inexpensive multi-asset class investment products, Money Marketing reports. Norman has teamed up with the founder of Folio Partners, Gary Mairs, to launch the new asset management firm, entitled TCF Fund Managers. TCF will initially offer a low-price fund management service, which will serve independent financial advisers (IFAs) and pension funds. Products offered will be based on ETFs, passively-managed mutual funds and futures. Portfolios may include British and global equities, including emerging markets, fixed income, cash, commodities, and real estate.
12/01/2010

Confidence of British investors headed downward going into 2010

According to the most recent survey by the British Investment Management Association (IMA), investors are currently far more confident than they were in 2008, but still circumspect about their investment prospects in 2010. The confidence index calculated by the association came out at 99 in November, 7 points below the level observed in May of last year, but still comfortably (28 points) higher than the low point recorded one year ago. The number of respondents to the survey who are planning to invest fell to 17% in November, from 30% in May 2009. The largest change was in the high net worth investor segment, where those planning to invest fell to 27%, from 44% in May of last year.
12/01/2010

Profit margins up for management firms

67% of asset management firms in the UK posted an increase in their profits in second quarter 2009, according to Financial Times Fund Management, citing the CBI/PwC Financial Services Survey. 35% predict an increase in profits in the first quarter of this year.
12/01/2010

Assets and number of funds increased in November

According to statistics from the Commission de Surveillance du Secteur Financier (CSSF), as of 30 November 2009, net overall net total wealth in collective investment organisms and specialised investment funds totalled EUR1.788910trn, an increase of 0.64% over the previous month (EUR1.777528trn). In detail, the EUR11.382bn increase is due to market effects of EUR9.271bn, and net inflows of EUR2.111bn. As to net inflows, OPC funds invested in “generalist” equities saw the strongest inflows (+1.48%), followed by OPC funds invested in US equities (+1.45%). At the other end of the spectrum, OPCs investing in Japanese equities saw the heaviest net outflows (-2.42%). As of the end of November, the number of collective investment vehicles (OPC) and specialised investment funds (FIS) included in the statistics increased. From a total of 3,454 products at the end of October, the total increased to 3,473 as of the end of November. A study of the structure of investments revealed a total of 2,097 entities with multiple sub-funds - including a total of 10,875 sub-funds - and 1,376 entities with a traditional structure. In total, that makes 12,251 financial vehicles active in the marketplace.
12/01/2010

Investec launches three new UCITS III funds

Investec Asset Management has launched three new funds in its GSF range, domiciled in Luxembourg, Investment Week reports. The Investec GSF Enhanced Global Energy fund, managed by Mark Lacey and Jonathan Waghorn, will take long and short positions on energy-related investments (equities, commodities, and derivatives), with the objective of earning more regular returns throughout the cycle. The Investec GSF Emerging Markets Currency Alpha, managed by Werner Guy van Pittius, will be managed with an absolute returns objective, and will be exposed to equities and bond markets in a universe of 55 emerging markets currencies. The third fund, the GSF Enhanced Natural Resources Fund, managed by Bardley George and George Cheveley, will take long and short positions on a universe of over 300 commodities ETCs and 800 equities in the natural resources sector.
11/01/2010
Fonds

Schroders obtient l'agrément pour son fonds Egerton European Equity A

Schroders a obtenu de la BaFin et de la FMA l’agrément de commercialisation en Allemagne et en Autriche du compartiment Egerton European Equity A de sa nouvelle Sicav luxembourgeoise Global Alternative Investor Access (GAIA). Cette plate-forme permet à Schroders de distribuer des stratégies de hedge funds dans un environnement conforme à la directive OPCVM III. Le fonds, lancé le 25 novembre, investit en actions européennes et peut utiliser des positions short synthétiques ; en période normale, il devrait rester «long» en net. Caractéristiques de Schroder GAIA Egerton European Equity A ISIN : LU0463469048Droit d’entrée : 3,09 % maximumCommission de gestion 2 %Commission de performance : 20 % de la performance dépassant l’Eonia + 100 pbSouscription minimale initiale : 5000 euros
Fonds
11/01/2010

Reinhard Moll devient patron de BayernInvest

Michael O. Bentlage ayant rejoint au 1er octobre Hauck & Aufhäuser Privatbankiers comme associé non responsable sur son patrimoine, Reinhard Moll a été nommé président du comité de direction de la société de gestion BayernInvest KAG, filiale de Bayerische Landesbank ( BayernLB) spécialiste de la clientèle institutionnelle (plus de 29 milliards d’euros d’encours). L’impétrant sera responsable du développement, de l’administration, du contrôle de l’investissement,Parallèlement, Oliver Brandt a annoncé qu’il ne demande pas le renouvellement de son mandat de membre du comite de direction et qu’il quittera l’entreprise au 30 juin.D’autre part, Katja Lammert, directeur juridique et Eberhard Schwarz, directeur du marketing et de la distribution, sont promus au rang de directeurs centraux. La première sera chargée de la comptabilité des fonds et des activités «client consulting Master KAG» et asset valuation & settlement ; elle est suboronnée directement à Reinhard Moll. Le second sera subordonné à Oliver Schlick, l’autre directeur général, chargé du marketing, de la distribution et du recrutement de nouveaux clients.
11/01/2010
Fonds

UBS fait coter deux ETF à Francfort

La Deutsche Börse a annoncé vendredi l’admission à la négociation sur le segment ETF de sa plate-forme électronique Xetra de deux nouveaux compartiments de la sicav luxembourgeoise UBS ETF répliquant des indices MSCI et s’adressant principalement aux investisseurs institutionnels. Il s’agit du UBS-ETF MSCI Canada I, chargé à 0,28 % et du UBS-ETF MSCI EMU I dont la commission de gestion se situe à 0,18 %.Ces deux nouveaux produits portent à 549 le nombre total d’ETF cotés à Francfort.
Fonds
11/01/2010

Deminor prépare une plainte aux Pays-Bas

Selon L’Echo, l’association de défense des minoritaires Deminor est en train de préparer une plainte aux Pays-Bas contre le gestionnaire de fortune Wijs & Van Oostveen qui a vendu des obligations émises par la banque américaine faillie Lehman Brothers.
11/01/2010

Un nouveau CEO chez le britannique Witan

La société de gestion Witan Investment Trust vient de recruter Andrew Bell en tant que CEO, en remplacement de Robert Clarke, en poste depuis septembre 2008, selon Investment Week.Andrew Bell est actuellement responsable de la recherche et de la stratégie chez Rensburg Sheppards à Londres.

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