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30/09/2009

92 SRI funds receive SRI label from Novethic

Of 121 funds that were candidates to receive the label, 92 socially investment funds on sale in France have obtained the Label ISR Novethic, intended as a point of reference for retail investors. The funds, in all asset classes, represent a total of EUR10bn in assets, and are managed by 25 asset managers. Among these are affiliates of the major distribution networks, with the notable exception of Crédit Agricole Asset Management, a few foreign asset management firms, and specialised boutiques. The label was launched on Tuesday by Novethic (an affiliate of the Caisse des Dépôts), with the goal of promoting the diffusion of socially responsible investment products among retail investors, by facilitating the comprehension of these products. Though SRI management is developing, its market share among retail investors shrank between 2007 and 2008. To obtain the label, which is free of charge, funds from applicant asset management firms must meet four requirements.
30/09/2009

Actively-managed ETFs use stock-picking

Grail Advisors, of San Francisco, is launching on Thursday four actively managed ETFs relying solely on stock pickers: RP Growth, RP Focused Large Cap Growth, RP Technology and RP Financials, says the WSJ. RiverPark Advisors, assisted by Wedgewood Partners, will do the day-to-day stock selection.
30/09/2009

2010 could be the year of the green boom

Agefi Switzerland reports that the sustainability analysis service from Banque Sarasin is convinced that the Copenhagen climate accords will mean strong potential for sustainable investments. As pledged made under the Kyoto protocol expire in 2012, the Copenhagen conference to be held this December will represent an important turning point, not only for the climate, but also for investors. At a press conference in Hong Kong, Andreas Knörzer, head of sustainable investments at Banque Sarasin, emphasized that sustainable investors would profit from infrastructure spending planned by governments in order to stimulate growth. This spending will be primarily invested in the energy, water and transportation sectors. Before the Copenhagen environmental summit in December, 16% (USD512bn) of public spending totalling USD3.1trn was invested in technologies to adapt to climate change.
30/09/2009

Crisis provokes concentration for real estate funds

The Wall Street Journal notes a growing trend for limited partners in private equity funds to require general partners to transfer real estate funds or assets to other fund managers whom they trust. For example, Palmer Capital Partners took over two European real estate funds in July from Belgravia Asset Management, a firm which has since closed down. ING Groep has taken over about USD2.1bn in assets since the beginning of the year from clients seeking to change managers, and in June, ING Clarion took over the New City Asia Opportunity Fund, which was previously managed by New City Asia Fund Management Pte. Ltd of Singapore. AEW (an affiliate of Natixis Global Asset Management) has received transfers of about USD1.5bn in assets from institutional investors, including CalPERS, as these investors have withdrawn their assets from other managers (Shattuck Hammond, in the case of CalPERS).
30/09/2009

Corporate bond markets not affected by bubble

Agefi Switzerland reports that Adam Cordery, manager of the Fixed Income fund from Schroders, claims that “the bubble in the bond markets only affects government bonds, not corporate bonds.” Investors’ concerns are centred on the risk of inflation and a continuing lack of opportunities on the credit markets. In terms of inflation, Schroders is predicting a two-stage increase in the next two years: first, a phase of falling inflation, followed by a rebound, due to economic recovery and the effects of currency injected into the economy. In this environment, the British firm considers inflation-linked US and Japanese bonds more attractive than their European counterparts.
30/09/2009

Managers slightly less optimistic about emerging markets and corporate bonds

In third quarter, investment professionals have reined in their exceptional optimism in the previous quarter, particularly about emerging markets and corporate bonds, according to the most recent quarterly survey from Russell Investments (“Investment Manager Outlook”). More than half of managers surveyed, 54%, estimate that American equities markets are correctly valued, following a rebound on the markets since early March. Other managers are more or less evenly divided between those who feel the market is undervalued (24%) and those who consider it overvalued (22%). Fixed income assets have lost a lof of their shine over the course of the past quarter. Optimism about fixed income has fallen from 66% a quarter ago to 44% in third quarter. Similarly, favourable outlooks for high yield bonds have fallen to 52% from 66% previously. Losses in these assets classes have been among the heaviest of the quarter. There is still some optimism that despite this, investors will remain invested at relatively high levels.
30/09/2009

Chris Allen gets promoted at HSBC

According to Hedge Week, HSBC Private Bank has appointed Chris Allen managing director and head of HSBC Alternative Investmentsthe operation dedicated to hedge funds, institutional mandates and FoFs as well as head of real estate and private equity investment for HSBC Global Private Banking. From January 1st, 2010, Allen will report to Nigel Webber, CIO of HSBC Global Private Banking and to Peter Rigg, global head of HSBC Alternative Investment Group.
30/09/2009

State Street confidence index shows decline in North America

In September, the index of institutional investor confidence maintained by State Street Global Markets totalled 118.1, down 4.7 points from its five-year high of 122.8 points in August, after eight consecutive months of increases. The global index was dragged down by a fall in appetite for risk in North America, where the index fell by 4.6 points to 113.7. However, the confidence of European and Asian investors brought increases for the index, to 110.9 from 109.3, and to 93 from 91.9.
30/09/2009

Omega Gestión launches Alphaville

Omega Gestión de Inversiones, the asset management firm owned by Alicia Koplowicz, has registered the hedge fund Alphaville with the CNMV. The fund has initial assets of EUR10m, Funds People reports. The objective is to obtain performance of 12-15%, with average volatility of about 85, says Alberto Ruiz, CEO. The particularity ofAlphaville, a multi-strategy fund, is that it combines investment in absolute returns funds with investments in live securities on bond and equity markets.
30/09/2009

KanAm grundinvest fund distributes dividend of EUR2.50 per share

For the fiscal year ending on 30 June, the grundinvest fund from the Munich-based asset management firm KanAm will pay an unchanged dividend on 1 October of EUR2.50 per share, representing EUR212m, or EUR22.8m more than in 2007-2008. Performance in 2008-2009 was down to 5%, compared with 5.7% in 2007-2008, and 6% in 2006-2007 (see Newsmanagers of 1 October 2008). Occupancy rates for properties in the portfolio as of the end of June totalled 98.6%, and assets as of the end of August totalled EUR4.4bn, compared with about EUR5bn as of the end of June. The fund was reopened to subscriptions on 8 July, after a period of closure from the end of October 2008 (see Newsmanagers of 7 July 2009). An independent audit of assets in the portfolio has resulted in a downward adjustment of 8 euro cents per share.
30/09/2009

Fidelity launches a fund of "real" assets

On Tuesday, Fidelity International announced that it is releasing the Fidelity Global Real Asset Securities fund, launched on 2 September, for sale. The product, with 40-60 positions (currently 62), managed by Amit Lodha, allows the investor to benefit from economic stimulus programs worldwide and in the industrialisation of emerging countries. The portfolio will be invested in businesses in sectors dealing with “real” assets, such as infrastructure, energy, commodities, base materials, industry, real estate and public services. Returns will nor be impacted by the rise and fall of energy and commodity markets. Front-end fee and management commission total 5.25% and 1.5%, respectively.
30/09/2009

Novethic plans to rate asset management firms

Novethic las launched an SRI label for socially responsible investment funds (read the article “92 funds obtain SRI label” in this issue of Newsmanagers). The aim is to facilitate understanding of these products by retail investors, and to favour their spread amongst this class of clients. Although it has a slightly different vocation, this label replaces SRI ratings that Novethic had been developing for several years. “We decided that it would be impossible to have the two coexist,” says Anne-Catherine Husson-Traore, CEO of the affiliate of the Caisse des Dépôts. Novethic is not planning to completely abandon the idea of ratings, but will change their object slightly. Instead of rating products, the affiliate of the Caisse des Dépôts will evaluate asset management firms. The rating, which will be free of charge, like the label, will rate the SRI investment process specifically. It will be launched in first half 2010.
30/09/2009

Fortress forms allegiance with Carlisle Management

The Fortress International Fund announced on 28 September that it is signing an agreement with Carlisle Management, which will become the investment advisor for all investment and restructuring activities at Fortress. The Fortress International Fund, which will be launched by the end of the year, offers investors potential for growth combined with lower volatility than traditional investment strategies. Exposure to life insurance comes through investments in American mid- and long-term life insurance policies.
30/09/2009

UBS may sell off Paine Webber

Agefi Switzerland reports that the CEO of UBS, Oswald Grübel, has told Financial Times Deutschland that wealth management activities in the United States (Paine Webber), which the firm acquired at peak prices in 2000, are not part of the bank’s core activities. The bank is not planning to sell them off immediately, however. “We have received a number of inquiries from potential buyers, but it wouldn’t make sense to sell at current valuations,” the CEO adds. He says the firm’s recent battle with the US tax authorities is not expected to cause further withdrawals of assets.
30/09/2009

FDIC in plans to make banks pay in advance

Agefi reports that the agency that guarantees banking deposits in the United States, the FDIC, whose special guarantee fund is financed by premiums paid by insured institutions, decided on Tuesday by a unanimous vote of its board to ask banks to pay their premiums in advance for a period of three years, in order to bring in USD45bn in reserves. As of 17 September 2009, the liquidator for bankrupt banks guaranteed deposits totalling a cumulative USD4.8trn, at 8,134 savings institutions, with total assets of USD13trn. If the proposal is approved, banks will be required to pay their contributions for fourth quarter 2009 and for the years 2010-2012 to the guarantee fund by 30 December.
30/09/2009

Recovery on US real estate markets is fragile but real

Since May, the price of residential properties in the United States has been rising steadily, Agefi reports, with an increase of 1.6% in July in the 20 largest metropolitan areas in the country, according to the Case-Shiller index, published by Standard & Poor’s. The improvement of the market in one year is also visible. The value of homes has fallen 13.3%, the smallest rate of decrease observed since February 2008. The end of falling prices has been accompanied by an increase in activity in four of the past five months. But caution is still best, ahead of the end of some support measures in November and an expected rise in unemployment. Since March, more than 300,000 repossessions have been counted every month by RealtyTrac.
30/09/2009

Skagen recruits a portfolio manager

Skagen Funds has hired Cathrine Gether as portfolio manager. She will mainly be working on equity analysis of existing and potential holdings as part of the team that manages the emerging markets fund Skagen Kon-Tiki. Cathrine Gether comes from a position as portfolio manager in the hedge fund Millennium Capital Partners in London.
29/09/2009

BGI launches three new iShares funds based on Russell Top 200

On Friday, Barclays Global Investors (BGI) listed three ETF funds, iShares Russell Top 200 Value Index Fund (IWX), iShares Russell Top 200 Index Fund (IWL) and iShares Russell Top 200 Growth Index Fund (IWY), on the New York Stock Exchange (NYSE). The Russell 200 index includes the 200 largest firms of the Russell 3000 index, which represents about 65% of the total capitalisation of publicly traded US businesses.
29/09/2009

Crédit Agricole Asset Management launches an Islamic Sicav

Crédit Agricole Asset Management Group (CAAM Group) is launching CAAM Islamic, its first Sicav fund invested in keeping with the principles of Islamic law. To achieve this, the management firm has created a sharia compliance committee, composed of reputable Islamic scholars. The Luxembourg-registered Sicav is composed of sub-funds aimed at retail and institutional investors, which will invest in various asset classes in strict respect of Sharia rules. Among these, all sectors forbidden by Sharia (alcohol, gambling, pork products and their derivatives, arms, tobacco, etc) will be excluded, as well firms considered unacceptable due to their levels of debt, bonds or liquidity. In France, three sub-funds will be available: CAAM Islamic BRIC Quant is a quantitative emerging markets equities management fund investing in Brazil, Russia, India and China, with the objective of ourperforming the Dow Jones Islamic Market BRIC equally weighted index in the long term. CAAM Islamic Asian Active Equity Ex-Japan is a fundamental management and Asian equities fund investing in a selection of shares which may or may not be included in the universe of an Islamic index, with the goal of outperforming the Dow Jones Islamic Market Asia Pacific ex. Japan, Australia and New Zealand in the long term; and CAAM Islamic Multimanagers Global Equities, a fund of international Islamic equities funds, which aims to outperform the Dow Jones Islamic Market World index in the long term.
29/09/2009

Commerz Real invests in a logistical property in Frankfurt

Commerz Real (EUR43bn) has invested EUR43.3m for its open-ended real estate fund hausInvest europa (EUR9bn in assets), in a logistical centre under construction which is expected to be completed in 2010. The 23,000 square metre hall is located in «Cargo City Süd» at Frankfurt airport, and is already wholly leased for ten years to a transport firm. The vendor is the developer Jürgen B. Harder.
29/09/2009

okoworld takes over direct management of its funds

The Luxembourg management firm Ökoworld Lux SA, an affiliate of the German sustainable development consulting firm versiko, announced on Monday that from 1 November, it will take over direct management of the five sub-funds of its Ökovision Sicav: Classic, Europe, Garant 20, Klima and Water for life. For 13 years, Ökoworld had been limited to developing ecological and ethical investment supports. For its transition into the phase of direct management, the firm has recruited two experienced portfolio managers, Alexander Funk (who has managed the equities fund ÖKO-Aktienfonds at DZ-Bank International, among others), and Frank Frey.
29/09/2009

Robert Zoellick warns United States

La Tribune reports that the president of the World Bank yesterday warned that the United States should not aim to maintain a dominant position for the US dollar as a global currency, when there are a growing number of alternatives, such as the Euro, the Yuan and special currency issue rights. Robert Zoellick is also wary of the growing influence of the Federal Reserve over the financial system.
29/09/2009

GLG launches a debt fund

GLG Partners, one of London’s largest hedge funds, has launched a new fund to invest in the debt of troubled UK and European companies. The fund already manages about USD300m of clients’ money, according to people familiar with the situation. It is managed by Galia Velimukhametova.
29/09/2009

Saudi fund F6 interested in Liverpool FC

According to Cinco Días, the Saudi fund F6 is in negotiations with George Gillett over an acquisition of a 25% to 50% stake in Liverpool Football Club. The news comes one month after Sulaiman el Fahim, an investor from the United Arab Emirates, bought the Portsmouth football team. A year ago, the sovereign fund Abu Dhabi United Group took control of Manchester City.
29/09/2009

British taxes driving managers out of the UK

One investment professional in five is planning to leave the United Kingdom in the next twelve months, according to Hedge Week. The main reason is changes to British tax policy soon to take effect, according to a survey by CFA UK. The major destinations for the departing professionals will be Switzerland, the Untied States, Hong Kong, and Singapore.
29/09/2009

Prisa vend des participations à DLJ et Ongoing

Pour 404 millions d’euros, Grupo Prisa vend 25 % de l'éditeur Santillana au fonds DLJ South American Partners et 35 % du portugais Media Capital au fonds Ongoing Strategy Investments, rapporte Cinco Días.
29/09/2009

Probable augmentation de capital pour Unicrédit

L’Agefi rapporte que les rumeurs sont pressantes sur une levée de quatre à six milliards d’euros sur les marchés d’Unicredit grâce à une augmentation de capital avec droit préférentiel de souscription. Selon Reuters et la presse transalpine citées par l’Agefi, la banque italienne aurait mandaté au moins quatre banques pour réaliser l’opération - Merrill Lynch, Credit Suisse, Goldman Sachs, Mediobanca, UBS - sans compter la division de banque d’affaires d’Unicredit. Une augmentation de capital éviterait à UniCredit, qui tient un conseil d’administration aujourd’hui, le recours aux titres hybrides, dits «Tremonti» (du nom du ministre des Finances), mis en place par l’Etat et assortis de plusieurs conditions. UniCredit se verrait notamment imposer des limites dans ses politiques de rémunération et de dividende.

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