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22/09/2009
Fonds

Putnam lance des fonds à horizon

Dans le cadre de son projet de développement dans le domaine de la retraite, Putnam Investments va dévoiler mardi 10 fonds à horizon à rendement absolu, rapporte le Wall Street Journal. Malgré son nom, la stratégie ne garantit pas une performance absolue, mais vise à atteindre un certain rendement annuel.
Fonds
22/09/2009
Fonds

Salus Alpha lance un fonds d'arbitrage

Du 17 septembre au 30 septembre, le gestionnaire alternatif Salus Alpha commercialise pour la première fois un fonds d’arbitrage à liquidité journalière conforme à la directive OPCVM III, le Salus Alpha Commodity Arbitrage. Aucune pénalité de sortie ne sera facturée pour les souscriptions effectuées durant cette période initiale. Le fonds possède un agrément pour l’Autriche et l’Allemagne.Ce produit de droit autrichien axé sur les matières premières est censé permettre aux investisseurs de profiter des écarts de valorisation sur différents marchés ou entre différentes familles de matières premières et d’enregistrer des gains aussi bien en situation de déport (backwardation) qu’en configuration de contango (report). De plus, le fonds doit tirer avantage des variations saisonnières de la demande. Le Salus Alpha Commodity Aribrtrage est investi indirectement en matières premières au travers de dérivés (swaps et futures) sur des indices comme le CAX (Commodity Arbitrage Index) qui est coté à Vienne et qui a été lancé par Alternative-Index GmbH, une filiale de Salus Alpha. Le droit d’entrée et la commission de gestion se situent à respectivement 5,55 % et 2,50 %.
Fonds
22/09/2009

York CM releases an event-driven fund with BoA Merrill Lynch

York Capital Management is now offering for sale the York Event-Driven UCITS Fund, a product which provides access to York CM event-driven strategies, as part of the UCITS III-compliant fund product range from Bank of America Merill Lynch. York will manage the fund’s investments, while Merrill Lynch International will act as sponsor for the fund. The fund, managed by Jamie Dinan (founder and CEO of York), and Dan Schwartz (CIO), will employ a multi-strategy approach based on risk arbitrage, event equities, high-yield equities strategies, and credit. The York Event-Driven UCITS fund is open to subscriptions to institutional and retail investors in the United Kingdom, Ireland, France, Italy and Spain. Minimal subscription is set at USD1,000.
22/09/2009

JP Morgan AM liquidates six target-date funds

Fondsweb reports that the board of directors at JPMorgan Investment Strategies Funds II has decided to withdraw its JPM LifeCycle range of Luxembourg-registered target-date funds (2015, 2020, 2025, 2030 and 2035) on 18 September. The decision was motivated by the fact that assets as of 30 April were below the EUR20m threshold stated in the prospectus. In addition, outlooks for sufficient subscriptions to ensure effective management of portfolios were not adequate.
22/09/2009

BNP Paribas to sell ABN Amro Teda Fund Management

BNP Paribas is close to selling its 49% stake in ABN AMRO TEDA Fund Management in China, in a step toward complying with Chinese mutual fund regulations, says Reuters. BNP Paribas currently owns three Chinese fund ventures, after taking over Fortis. China bars foreign investors from owning more than one fund venture.
22/09/2009

Another extension for sale of ABN Amro-Fortis assets

L’Echo reports that the finance minister of the Netherlands has been granted a further extension of two weeks to sell assets owned by ABN Amro and Fortis by the European Competition Commissioner, Neelie Kroes. The deadline has been moved back to 2 October. The sale of assets is a condition of the merger between ABN Amro and Fortis. Last week, Germany’s Deutsche Bank announced that it was backing out of plans to acquire some Dutch assets of ABN Amro, including an affiliate of ABN Amro, HBU.
22/09/2009

Six out of ten equities funds outperform the Ibex index this year

Spanish equities funds have profited from the market rally in early March, and in the first eight months of this year, six out of ten funds show returns higher than the 23.53% posted by the Ibex index, Cinco Días reports. Some funds have earned up to 40% after commissions, which are about 2% of assets. Taking into account dividends paid by Ibex companies, only eight funds have done better than the 29% result for the index. The best returns were for leveraged funds such as the Foncaixa Bolsa España 150, which showed returns of 40.02% as of 31 August. The BBVA Bolas Ibex Quant, which may adopt maximal exposure of 195% to the Spanish market, has earned 34.11%. Some funds which follow a stock-picking approach have also outperformed the Ibex, such as the Manresa Borsa, Barclays Bolsa España and Barclays Bolsa España Selección funds.
22/09/2009

DekaBank launches a corporate bond fund

With the Deka-RentSpezial Plus 1 fund, DekaBank is launching a German-registered bond fund, which will mature at the end of August 2016, and which will invest in 25 bonds with the corresponding maturities. At the end of the first year, the fund will pay a coupon of 3.25% for each EUR100 share. From the second to the seventh year, Deka promises to pay at least 3% per year; however, if, on 31 August of the year which is underway, the Euribor 12 month is higher than 3%, the fund will pay a coupon corresponding to this rate at the end of the year. Redemptions will be for 100% of assets at maturity.
22/09/2009

Ezra Sun to manage a China long/short fund for Veritas

Veritas Asset Management has announced that it will launch a long/short fund focused on China in early October, which will comply with the UCITS III directive. The Veritas China fund will be managed by star manager Ezra Sun, who is responsible for Asia strategies at Veritas. The fund will aim to generate annual returns of 15-20% in the long term. The capacity of the new product will be limited to USD500m. The objective will be to limit volatility to half of that of the Chinese equities market, as measured by the SMCI Zhong Hua index.
22/09/2009

Khadafi withdraws USD5bn from Geneva

Political tensions between Switzerland and Libya are becoming costly for Geneva. Moammar Khadafi, is closing the local branch of the Libyan Investment Authority, the national sovereign fund, the Zurich Tages-Anzeiger reports, relaying reports in Private Banking, a professional magazine. LAP Swiss has managed a part of the Libyan African Portfolio (USD40bn) since 2006. The Libyan government is withdrwaing USD5bn. LAP Swiss owns stakes in several African countries, in the hotel, finance, communications, oil and gas production and air transport sectors. In 2008, according to statistics from the BNS, Libyan assets deposited at Swiss banks were reduced by CHF628m, to CHF5.12bn.
22/09/2009

Banque d'Orsay launches an arbitrage fund

Banque d’Orsay has launched Orsay Arbitrages Actions, a French-registered fund which aims for absolute returns from a combination of two drivers of performance: arbitrage on announced mergers and acquisitions, and long/short equities market neutral arbitrage. The new fund will aim for annualised performance higher than the EONIA +2%, with a volatility objective of less than 5%, with daily liquidity. Orsay Arbitrage Actions is managed by Frédéric Staub, who joined Banque d’Orsay in 2008 from BNP Paribas, to strengthen the equities team, particularly in the area of long/short management.
22/09/2009

Putnam launches target-date funds

As part of its push to expand its retirement business, Putnam Investments on Tuesday will unveil 10 absolute return target-date funds, says the Wall Street Journal. Despite the name, the strategy does not guarantee an absolute return, but aims to hit a certain annual-return figure.
22/09/2009

Salus Alpha launches an arbitrage fund

From 17 September to 30 September, the alternative management firm Salus Alpha is releasing its first arbitrage fund with daily liquidity which complies with the UCITS III directive, entitled Salus Alpha Commodity Arbitrage. No withdrawal penalties will be charged for subscriptions made in this initial period. The fund is licensed for sale in Austria and Germany. The Austrian-registered product, focused on commodities, is intended to allow investors to profit from differences in valuations between various markets or entire families of commodities, and to earn gains both in backwardation and contango situations on the market. In addition, the fund aims to take advantage of seasonal variations in demand for commodities. The Salus Alpha Commodity Arbitrage fund invests indirectly in commodities via derivatives (swaps and futures) on indexes such as the CAX (Commodity Arbitrage Index), which is listed in Vienna, and maintained by Alternative-Index GmbH, an affiliate of Salus Alpha. Front-end fees and management commission are 5.55% and 2.50%, respectively.
22/09/2009

Rumours of merger between Glencore and Chinese sovereign fund

Les Echos, reports that the global leader in commodities trading, the Swiss firm Glencore, has been in discussions since summer with China Investment Corp. (CIC), the Chinese sovereign fund with assets of about USD300bn. Some observers say that the two parties signed a letter of intent in August which laid out a framework for plans to team up. Glencore is in search of added sources of financing, and China has high demand for commodities.
21/09/2009

FTSE: Malaysia well positioned to graduate to "advanced emerging" class

Malaysia has joined a list of candidate countries to be promoted by the index provider FTSE to the status of “advanced emerging” countries, Asian Investor reports. A-class shares in China and Taiwan, meanwhile, remain under watch for potential promotion to “emerging” and “developed,” respectively. The changes follow an annual re-evaluation of country classifications for the Global Equity Index Series (GEIS). South Korea will join the group of developed countries on 21 September.
21/09/2009

Thomson Reuters buys Hugin from NYSE Euronext

In a release published on Monday morning, Thomson Reuters announced that it has acquired the business information service Hugin Group BV from NYSE Euronext. In addition, Thomson Reuters and NYSE Euronext are planning to develop their strategic partnership, to offer added value services to issuers. The financial details of the transaction, which will be concluded during fourth quarter 2009, were not revealed. Hugin Group was founded in 1995 in Oslo.
21/09/2009

Lehman Brothers Europe submits request for repayments from US parent company

La Tribune reports that the liquidator of the former European headquarters of Lehman Brothers, PricewaterhouseCoopers (PwC) is preparing to demand “more than USD120bn” from the former parent company of the European outfit in the United States. The request is being made now due to the fact that the US Department of Justice has set a deadline of 22 September for creditors to submit their claims, the newspaper states.
21/09/2009

CME and Citadel call off plans for CDS platform

The CME Group and Citadel on Friday abandoned efforts to establish a trading platform for the USD27,000bn credit default swap market, says the Financial Times. They conceded that they could not attract any interest from the Wall Street banks.
21/09/2009

Changing of the guard at Credit Suisse

Bruno Aguilar has been relieved of his duties as CEO for management at Credit Suisse Asset Management for Spain, as part of a reshuffle following the acquisition of Aberdeen Asset Management for GBP250m, Funds People reports. The new head of management for Spain, Portugal and Latin America is Pedro Domenech, who created the asset management activities of Lehman Brothers in Spain. The appointment will have no impact on the locally-registered asset management affiliate, Credit Suisse Gestión, whose assets total EUR1bn in Sicav funds and EUR850m in regular funds.
21/09/2009

BBVA to distribute funds via Allfunds

BBVA Asset Management has been making its funds available to institutional investors for several months via Allfunds Bank, the joint platform from Santander and Intesa Sanpaolo. This week, Expansión has learned, the agreement will be extended to include clients of the approximately 200 branches of the private bank, who will also gain access to BBVA funds. Currently, external distribution accounts for only 3% of assets under management at BBVA. The new agreement with Allfunds will increase this percentage.
21/09/2009

Elliott & Page acquires Markland

Elliott & Page Ltd, an affiliate of Manulife Financial Corporation, has bought all shares in the Canadian firm Markland Street Asset Management Inc, as well as the retail fund activities of AIC Ltd, a unit of Markland. The price of the acquisition, which will be concluded on 30 September, has not been disclosed. Via Elliott & Page, Manulife becomes the manager of the Oil Sands Sector Fund and the Markland AGF Precious Metal Corp. Markland, a specialist in structured financial products, had assets as of 31 August of USD114m. The fund management team at Markland will remain in place “for the moment.”
21/09/2009

Number of IFAs expected to fall

According to a report by Ernst & Young cited by the Financial Times, of the existing 35,000 independent financial advisers in the United Kingdom, only 10,000 will remain in three years’ time. A further 10,000 will switch to giving restricted advice. This will be the result of new rules which ban the commission-based system of remunerations and which requires more qualifications.
21/09/2009

Banks in emerging markets take an interest in climate change

As debates develop over the issue of climate change, a new report from Ceres reveals that banks in emerging markets are beginning to integrate climate change issues into their decision-making processes. Despite this rising awareness, the report points out, few banks in emerging regions participate in financing clean energy projects or in carbon emissions trading programs. “A growing number of banks in emerging markets are realising that climate change is a big deal, but so far, their responses have been derisive and have only scratched the surface,” says Mindy S. Lubber, president of Ceres, and author of the report (“Addressing Climate Risk : Financial Institutions in Emerging Markets”).
21/09/2009

AllianceBernstein changes head of US retail

Harold Hughes, head of private clients at AllianceBernstein in London, has been appointed head of US retail, replacing Brian Gallary, who was national sales manager, and who will now become head of sub-advisory, Mutual Fund Wire reports.
21/09/2009

AllianceBernstein announces commercial real estate division

AllianceBernstein has announced the creation of a real estate investment division, which will be led by Brahm Cramer and Jay Nydick. Cramer, who will join the Axa affiliate in first quarter 2010, was co-head of real estate principal investment at Goldman Sachs Group. Nydick has been president of iStar Financial since 2004. The product range will be “opportunistic,” and will initially focus on the commercial real estate market in the United States. The new division, which will be operational from the middle of next year, will be aimed at high net worth private clients and institutional investors.
21/09/2009

Fitch confirms M2+ rating for ECM

On Friday, Fitch Ratings withdrew the London-based activities of the management firm European Credit Management Ltd (ECM) from its Rating Watch Evolving list, confirming the agency’s M2+ rating for the asset management firm. The move follows a clarification of ECM’s status following the integration of the management firm into the asset management activities of Wells Capital, after the acquisition of Wachovia by Wells Fargo in late 2008. Fitch emphasizes that Wells Capital has shown an intention to preserve the operational independence of ECM as a European credit management specialist within its multi-boutique framework. The agency also notes that activities at ECM (EUR12bn in assets as of the end of July), while they were affected by the turbulence on the credit markets last year, have withstood these difficult times relatively well compared to their competitors.
21/09/2009

Henderson New Star appoints a co-manager

Ainslie McLennan has been appointed co-manager of the New Star UK Property Unit Trust. McLennan will collaborate with Marcus Langlands Pearse, who joined Henderson after working for New Star. McLennan joined Henderson Global Investors in 2002. She was head of the European and British commercial real estate portfolio for institutional investors.

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