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09/11/2009

Pioneer launches fund of emerging market debt in local currencies

On 4 November, Pioneer Investments launched the Pioneer Funds - Emerging Market Bond Local Currencies fund, a new sub-fund of the Luxembourg-registered Pioneer Funds Sicav, investing primarily in debt from emerging countries denominated in local currencies, the Italian website Bluerating reports. The manager of the fund will be Greg Saichin, head of emerging markets and high yield.
09/11/2009

National Social Security Fund to create professional status for fund managers

The Chinese National Social Security Fund (NSSF), one of the pension funds for the People’s Republic, may initiate a series of changes, as it approaches CNY1trn in assets, a level it expects to reach in the next two years, Asian Investor reports. One of the innovations may be the transformation of the professional status of those working in fund management, who have previously been state functionaries. The creation of a private management team may help the fund to attract new talent. The fund is also talking about a new allocation which would reduce its exposure to bonds and increase exposure to alternative assets.
09/11/2009

Prudential launches Islamic finance activities in Malaysia

Prudential on Thursday announced the launch of Prudential Al-Wara’ Asset Management, a management firm based in Malaysia, wholly dedicated to management according to the Islamic principles of Sharia, Asian Investor reports. Zulkifli Ishak, former director of Sharia investments at Prudential Fund Management, becomes CEO and CIO of the new structure, which will offer Malaysian institutional investors offshore and onshore mandates.
09/11/2009

Morgan Stanley PWM recrute chez UBS pour l'Amérique latine

Afin de développer la couverture du segment des familles très haut de gamme en Amérique latine, notamment au Venezuela, au Chili, en Colombie, au Pérou, en Bolivie et au Mexique, Morgan Stanley Private Wealth Management (PWM) a recruté une équipe de six spécialistes chez UBS qui seront basés à New York et placés sous la responsabilité de Fabian Onetti, managing director. Trois executive directors figurent parmi les personnes nouvellement recrutées : Maria C. Lipton, Juan Larrain et Pablo Granja. Ils seront rejoint par deux vice presidents, Lisa Markowitz et Helena Astor, et par Tatiana Dominguez.Morgan Stanley PWM est une division de Morgan Stanley Smith Barney.
09/11/2009

Och-Ziff reste dans le rouge

Pour le troisième trimestre 2009, le gestionnaire alternatif Och-Ziff Capital Management Group déclare une perte nette aux normes GAAP de 80 millions de dollars contre 69,4 millions pour la période correspondante de l’an dernier. Sur les neuf premiers mois de cette année, la perte a diminué à 250,2 millions de dollars contre 398,4 millions en janvier-septembre 2008. Les comptes reflètent une baisse des recettes tirées des commissions, de gestion du fait de la diminution des encours, et une augmentation des rémunérations.Au 1er novembre, les actifs sous gestion étaient estimés à 22,6 milliards de dollars contre 22,1 milliards au 1er octobre et 22,3 milliards au 30 septembre. Cela signifie qu’ils avaient augmenté à la fin du troisième trimestre de 2 % sur le niveau de fin juin (21,9 milliards) mais chuté de 29 % sur les 31,2 milliards de fin septembre 2008.Pour le troisième trimestre, la progression de 358 millions de dollars des encours résulte d’un effet de marché positif de 1,5 milliard rogné par des sorties nettes de 1,1 milliard. Sur les neuf premiers mois de l’année, la baisse de 8,9 milliards de dollars des actifs sous gestion s’explique par des sorties nettes de 9,3 milliards qui ont été limitée par un effet de marché positif de 424 millions de dollars.Les sorties nettes pour juillet-septembre prennent en compte les demandes de remboursements reçues pour le 30 juin mais non celles pour le 30 septembre, qui sont reflétées dans l’encours au 1er octobre.
09/11/2009

Blackstone reprend l'offensive

Blackstone qui a annoncé un bénéfice de 275 millions de dollars (185 millions d’euros) au troisième trimestre, rapporte la Tribune, dispose d’une enveloppe de 27 milliards de dollars qu’il compte investir si l’amélioration sur le marché du crédit se confirme. Selon Tony James, le directeur général adjoint du géant américain du LBO et de l’immobilier (près de 100 milliards d’actifs sous gestion), le nombre d’opérations en préparation augmente fortement.
09/11/2009

Triplement du bénéfice de Berkshire Hathaway au troisième trimestre

Pour juillet septembre, Berkshire Hathaway, le groupe contrôlé par Warren Buffett, a déclaré vendredi un bénéfice net part du groupe (attribuable to shareholders) de presque 3,24 milliards de dollars contre près de 1,06 milliard pour la période correspondante de l’an dernier, ce qui porte le total des neuf premiers mois à 5 milliards de dollars contre 4,88 milliards pour janvier-septembre 2008.Le bénéfice d’exploitation, qui exclut le résultat des investissements et des positions sur dérivés, s’est inscrit pour le trimestre sous revue à 2,06 milliards de dollars contre 2,07 milliards et pour les neuf premiers mois de l’année à 5,54 milliards contre 6,27 milliards.
06/11/2009

Legg Mason veteran joins JPMAM

Andy McNulty has joined JP Morgan Asset Management, where he will be in charge of regional sales for North England, Investment Week reports. He was previously at Legg Mason, as head of UK retail sales, before he was laid off in June.
06/11/2009

Kathryn Langridge to manage a new fund at Lloyd George Management

Lloyd George Management is launching a global emerging market high yield equity fund, which will be managed by Kathryn Langridge, a former manager at Invesco Perpetual, who joined LGM in 2007. The product will be a UCITS III-compliant fund domiciled in Dublin, Citywire reports.
06/11/2009

Institutional redemptions weigh on Man Group

In the first half of its fiscal year, to 30 September, the hedge fund firm Man Group has seen net redemptions of USD1.8bn. These have been primarily to institutional clients, who withdrew a net total of USD4.6bn. However, the asset management firm received net subscriptions from private clients totalling USD2.7bn. In total, between 1 April and 30 September, assets under management dipped 6% to USD44bn. Average assets under management fell by USD54.5bn in the second half of 2009 to USD43.2bn. In this environment, revenues for the first six months of the fiscal year fell 41% to USD692m, compared with the second half of the previous fiscal year. Revenues from management commissions and other fees fell 16% to USD649m. Pre-tax profits totalled USD302m, an increase from the USD121m reported for the previous half, but a heavy decline from the USD622m in the corresponding period of last year.
06/11/2009

Rory Hammerson to join Kempen

Citywire reports that Rory Hammerson, the former head of European equities at Scottish Widows Investment Partnership, will join Kempen Capital Management in Edinburgh.
06/11/2009

Managed accounts at MAN Group show strong growth

Multi-manager activities at Man Group are doing well, the firm has announced in a statement. As of the end of September, it had USD17.8bn in assets under management. Managed accounts totalled USD6bn as of 30 September, compared with USD4bn six months ago.
06/11/2009

ETF Securities launches a platform for ETC currency funds

ETF Securities is planning to launch a platform for Exchange Traded Currency (ETC) funds. Initially, 18 ETC products will be listed on the London Stock Exchange. They will track the recently-launched Morgan Stanley Foreign Exchange indices.
06/11/2009

Inflows to bond funds

In October, mutual funds on sale in Italy posted net subscriptions of EUR1.26bn, after EUR1.58bn in subscriptions in September, according to the most recent statistics from Assogestioni, the Italian association of management professionals. Like last month, inflows were driven by bond funds, with EUR1.1bn. Equities, diversified and flexible mutual funds also show positive balances, with EUR488m, EUR156m, and EUR229m in inflows, respectively. However, treasury funds saw net outflows of EUR532m, while hedge funds lost EUR183m. Despite this good month, mutual funds on sale in Italy have seen net redemptions since the beginning of the year of EUR6.3bn, of which EUR5.4bn were from hedge funds, whose assets now represent only EUR16bn. As of the end of October, total assets in the fund sector totalled EUR422bn, a slight decrease from the previous month. The market is dominated by Gruppo Intesa Sanpaolo, Pioneer Investments and Gruppo Ubi Banca, which control 47% of assets. The three groups have posted net subscriptions in October of EUR190.1m, EUR131.4m, and EUR94.5m, respectively. Among the other firms to have posted strong inflows for the month are Gruppo Mediolanum, with EUR227.4m, and BNP Paribas, with EUR177.1m. The heaviest net redemptions were from Allianz (-EUR172m), Gruppo Banco Popolare (-EUR91.3m), and UBS (-EUR52m).

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