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Banque de Luxembourg Investments Expands Its Equity Fund Team

Banque de Luxembourg Investments amplía su equipo de renta variable con Jérémie Fastnacht — CC-BY-SA-2.0, FlickrPhoto: David Evers. Banque de Luxembourg Investments Expands Its Equity Fund Team

Banque de Luxembourg Investments S.A., the fund management company of Banque de Luxembourg, has hired Jérémie Fastnacht as a portfolio manager. The 30-year-old Frenchman’s main task will be to support Guy Wagner, BLI’s Managing Director, in managing the BL-Equities Dividend fund. Jérémie comes from Banque de Luxembourg, where he served for one and a half years as an analyst and equity portfolio manager in the Private Banking Investments department.

“Quality research is even more important in today’s market environment. We are therefore staying on our chosen path and – as we have done successfully with our BL-Equities Europe and BL-Equities America funds – have provided our fund manager with a co-manager,” said Guy Wagner. “With Jérémie we have selected an in-house candidate, especially as he knows the Bank, our investment philosophy, and shares our values.”

Jérémie Fastnacht added: “I am pleased to take on this new role on the equity fund team of Banque de Luxembourg Investments. Alongside Guy I will share responsibility for the Bank’s flagship funds, which is highly motivating.” Jérémie holds a master’s degree in Finance from Université Paris-Dauphine and completed a post-graduate program in Financial markets from SKEMA Business School / North Carolina State University. Jérémie began his career as an equity fund manager at BCEE Asset Management in Luxembourg in August 2012.

EFAMA Submits Asset Managers’ Views on Green Paper on Retail Financial Services

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EFAMA strongly supports actions to deepen the European single market for retail financial products and services, and address its remaining barriers, for consumers and businesses to make full use of it.

Alexander Schindler, President of EFAMA, said: “Investment funds – UCITS in particular – are the best possible example to date of a well-functioning EU single market for financial services, and UCITS is often cited as a successful story to find inspiration from”. The share of funds distributed on a cross-border basis in Europe is regularly increasing and stood at 42% of total European investment fund assets in 2014 (from 29% at the end of 2004).

The UCITS cross-border distribution is working well, yet there is still room for improvement. EFAMA has identified a number of obstacles that are still hindering the cross-border distribution of investment funds. This mostly stems from the absence of an EU regulatory framework in certain areas, goldplating of EU legislation, fragmented marketing rules or discriminatory withholding of tax by EU Member States.

This should be addressed to further reinforce the merits of UCITS as a true cross-border financial product. In this sense, EFAMA is strongly in favour of building on the UCITS success factors and replicate these in other sectors, most notably in the area of personal pensions.

EFAMA has long advocated for the creation of an EU personal pension product as a solution to overcome the fragmentation of personal pension markets in the EU.

Peter de Proft, Director General of EFAMA, commented: “We feel very strongly about the need to address the current fragmentation of the market for retirement savings. This has to be done in order to foster portability, economies of scale to lower costs and generate better returns to consumers, and also to enhance transparency, competition and innovation. The creation of a standardised Pan-European Personal Pension product (PEPP) would allow progressing in that direction“.

The response to the Green Paper is also the opportunity for EFAMA to support the important work done by EIOPA on the PEPP, which would coexist with existing personal pension products and would be used on a voluntary basis.

EFAMA equally welcomes the broader debate about digitalisation and its impact on the retail markets launched by the Green Paper. The trend towards greater digitalisation of financial services promises to bring another dimension to the way fund products are to be marketed and sold.

iCapital Network Acquires HedgeFocus Business from Credit Suisse

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iCapital Network, a financial technology platform that provides the high-net-worth market with access to alternative investments, and Credit Suisse on Tuesday announced that they have entered into a definitive purchase agreement pursuant to which iCapital has acquired the HedgeFocus business from the Swiss bank.

The HedgeFocus portfolio contains more than 20 hedge fund access vehicles representing approximately US$1.8 billion in assets in a combination of event driven, multi-strategy, directional, relative value and tactical strategies run by well-established managers. With the transfer of assets, iCapital will be responsible for the ongoing administration and servicing of the investments for all existing investors as well as marketing, administration and servicing for new investors subscribing through iCapital.

“This acquisition is a natural extension of our business strategy, helping us expand our footprint in ways that align with the critical investment priorities of the high-net-worth community for access, choice and transparency,” said Lawrence Calcano, Managing Partner of iCapital Network. “By any metric, this is a transformational deal for iCapital and an important milestone in our efforts to equip the independent wealth community with a leading-edge alternative investments solution.”

“This deal is the culmination of a highly collaborative and close working relationship with iCapital Network that dates back to the firm’s inception in 2013,” said Eileen Duff Blalock, Head of Alternative Investments, Private Banking North America at Credit Suisse. “We needed to be extremely thoughtful about who we could entrust these assets to, and, after reviewing the entire landscape carefully, we knew that iCapital was the right decision on behalf of our investors and relationship managers.”

iCapital offers a curated selection of alternative investments, including private equity, credit, real estate, venture capital and hedge funds, to its private network of registered investment advisors, broker-dealers, family offices and individual high-net-worth investors.

“Our investor base of independent wealth advisors, private banks and family offices has increasingly been asking for a full alts solution, which has been our objective from day one,” said Nick Veronis, Co-Founder and Managing Partner of iCapital Network. “The acquisition of HedgeFocus fits seamlessly with that goal and places the firm and our clients squarely at the technological forefront of the alternative investments landscape.”

Neuberger Berman Signs Partnership Agreement with Fideuram

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Neuberger Berman, one of the world’s leading employee-owned investment managers, has signed a partnership agreement with Fideuram – Intesa Sanpaolo Private Banking SpA, the top private bank in Italy and one of the leading companies in private banking in Europe. This partnership brings Neuberger Berman’s UCITS fund range to the Fideuram and Sanpaolo Invest networks.

Neuberger Berman’s comprehensive fund range will be made available to more than 5 000 Fideuram and Sanpaolo Invest private bankers and consists of Ireland-domiciled funds investing in equities, fixed income and liquid alternative strategies.

“This is a key milestone in our strategy in Italy which is a very important market for us” says Dik van Lomwel, Head of EMEA and LatAm at Neuberger Berman. He adds, “We have a meaningful collaboration with Intesa Sanpaolo that started last year in May when we established a strategic partnership in private equity.

“We are delighted to be extending that relationship now to become a fund provider to their extensive distribution network. We believe this rewards the quality of our range, with products that can help Fideuram and Sanpaolo Invest private bankers to pursue their clients’ specific goals with solutions aiming to generate income, manage volatility and protect capital.”

Paolo Molesini, CEO, Fideuram – Intesa Sanpaolo Private Banking, said, “The partnership agreement with Neuberger Berman allows us to further strengthen the quality of our product range and is an important step in our ongoing search for value both for private bankers and clients. We are delighted to reinforce the relationship with this asset manager which has been selected, as usual, also for the valuable support it offers to our private bankers to help develop the knowledge of the products available to clients.”

Fidentiis Gestión Launched the Fidentiis Tordesillas Iberia Long‐Short

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Fidentiis Gestión lanza la versión UCITS del FIL Siitnedif Tordesillas, que cumple nueve años — Photo: Dennisikeller. Fidentiis Gestión Launched the Fidentiis Tordesillas Iberia Long‐Short

Last March 9th, 2016 was the 9th anniversary of Siitnedif Tordesillas FIL one of the first Hedge Funds set in Spain under the Fondo de Inversion Libre format.

Managed by Fidentiis Gestión, Siitnedif Tordesillas FIL is one of the Hedge Funds with longest track‐ record within the Spanish hedge fund industry, and it is one of the three funds with the largest AUM. With a Long‐Short Equity Iberia strategy, long biased, it has as main feature the common feature offered by Fidentiis Gestion in its strategies: risk management.

considering their former vehicle structure limited access to a number of investors, Fidentiis Gestion decided to launch he UCITS version of Siitnedif Tordesillas FIL, named Fidentiis Tordesillas Iberia Long‐Short, which will be available to all.  This new vehicle began its path on Thursday March 17th and is part of their UCITS IV vehicle domiciled in Luxembourg Siitnedif Tordesillas Sicav.

With daily liquidity and different classes of shares, the strategy will have similar characteristics to the original fund, keeping its features and constraints in force, and as mentioned above will be available for all type of investors through the different fund distribution platforms.

Have Investors Lost Their Nerves?

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According to Marion Le Morhedec and Jonathan Baltora, managers of the AXA WF Global Inflation Bonds fund at AXA Investment Managers, central banks’ loss of credibility has been one of the major investment themes since the start of 2016. One of the main indicators has been the fall in inflation breakevens reflecting investor fears that we may be entering a deflation spiral that central banks would be unable to stop. However, the fall in oil prices has massively influenced inflation expectations and drawing the conclusion that central banks have lost credibility because of this is overblown.

“The oil price impact on inflation is significant. We estimate that 80% of inflation volatility may be explained by oil. However, food and oil price fluctuations only have a short-term impact on inflation. Assuming stable oil prices, headline inflation rates will gradually increase towards core inflation rates in the later part of the year.” Scenario the managers consider encouraging for the inflation linked bond market “as inflation expectations have become very sensitive to short term inflation developments. We now expect these to better reflect core inflation dynamics.”

They highlight that the US 10-year inflation breakeven, which is a measure of the average annual inflation over the next decade, is trading 0.7% below the current rate of core inflation. “We believe that this is excessively pessimistic. Since the Lehman fallout, this situation has been seen only twice and resulted in a sharp increase of inflation breakevens. The first time was in the exact aftermath of the Lehman failure and the second time in the darkest hours of the euro area crisis. Those two situations were followed by a strong rise in inflation expectations over the subsequent six months. Interestingly, the current situation in the inflation market is the exact opposite of what happened in 2012. In 2012, markets were pricing higher future inflation than current inflation, suggesting that central banks had lost control, facing the risk of high inflation. On this basis, we have added inflation-sensitive positions to our portfolios especially in the US Treasury inflation protected securities (TIPS) market where we see the greatest opportunities over the coming months based on the simple observation that inflation linked bonds do not really forecast inflation, but are instead attracted to the current core inflation rate. We do not sit in the camp of those thinking that central banks have lost control, but instead believe that a volatile start to 2016 may have led some investors to lose their nerve…”, they conclude.

Gravitational Pull of Big Brands: Latest Research on Asset Management Brands in Europe

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Macroeconomic uncertainty and unsettled markets drove European investors to choose the fund houses they knew and trusted. The latest Fund Brand 50 analysis of cross-border third-party brands shows no change to the top six groups but the gap between the brand leader, BlackRock, and its nearest rivals is widening. According to research group Fund Buyer Focus, BlackRock outscored its competitors on most of the brand attribute measures evaluated by fund selectors.

The independent study measures asset managers’ relative brand attractiveness across ten brand drivers to provide cross-border, local market and distribution channel rankings. Findings from the study include the increasing role of brand in the fund selection process and the recent migration of buyers to the bigger fund houses. Commenting on this, Diana Mackay, director of Fund Buyer Focus says: “When investor confidence is low, brand naturally becomes more important in the fund-buying process with investors seeking the comfort and perceived stability of larger, familiar names. The ‘safe houses’, and particularly the brand leader, benefited from this trend in extremely choppy markets. The power of brand was also evident in the stickiness of some groups’ positions even though their flagship products were out of favor.”

Outside the top ten rankings, pricing pressures and regulatory changes fueled support for passive providers. iShares and Vanguard had the biggest impact on the cross-border rankings. But it was Vanguard that was the fastest riser – improving its FB50 ranking by 13 places over the year.

Four new groups gained sufficient recognition to enter the top 50 with highest new entrant, last year’s boutique winner Flossbach von Storch, extending its brand reach into new markets and gaining 32nd place. Meanwhile, the US group, T. Rowe Price saw its investment in developing its retail presence realized by increased recognition in multiple markets and 46th position.

But it was not just about the brand giants. At the other end of the asset management scale, boutiques had another good year. The Nordic boutique Lannebo Fonder moved up two places to take the boutique brand crown. Lannebo Fonder’s success reflected a trend in this year’s rankings of investor appetite for generating yield from investing in local specialists.

“Interest in specialist alpha-generating managers remained strong, helping to put new and more established niche managers in the spotlight. But even for these small groups, fund selectors placed great emphasis on the importance of corporate consistency, ranking the stability of the investment management team as the most influential brand driver,” explains Diana Mackay.

Top 10 cross-border groups ranked by Total Brand Score

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About the research

The Fund Brand 50 (FB50) report is sponsored by Broadridge and FERI EuroRating Services. The Fund Buyer Focus FB50 report is an annual study monitoring the influence of brand on third-party fund selection. The study is based on intensive interviews with nearly 1,000 of Europe’s most significant fund selectors in ten key markets. These selectors account for EUR 2.2 trn of third-party assets.

Fund selectors are asked to name their top three suppliers on the basis of ten brand drivers including: appealing investment strategy, client orientation, innovation and solidity. Answers to these and other preference questions are scored using an algorithmic process that produces a ‘Total Brand Score’, on which groups are ranked.

The research is conducted by Fund Buyer Focus, the Berlin-based subsidiary of MackayWilliams LLP (London).

AZ Quest: “We Believe Now Is The Perfect Time To Invest In Brazil”

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Santiago, Chile, will this week receive a visit from Walter Maciel, CEO at AZ Quest, an independent asset management boutique of Brazilian origin which, since April 2015, belongs to the Azimut group. The reason for this visit is simply to explain to Chilean investors why it may now be a good time to re-invest in Brazil. In a road show organized by AZ Andes, Azimut’s Chilean subsidiary, which was established in Santiago in August 2015, Walter Maciel will discuss the long-term opportunities offered by Brazil. In his interview with Funds Society, he reveals some of the keys factors to understanding why now is the right time to invest in Latin America’s largest economy, despite the country’s current economic crisis.

It has been almost one year since Azimut purchased a controlling stake in Quest Investimentos, how has the firm changed? Which products are now offered that were not offered before?

Now at AZ Quest Investimentos, we remain fully independent. Azimut wanted to acquire our expertise in the Brazil and, being an independent asset manager as well, understands the importance of us conducting business as usual, preserving our investment process and retaining our team of professionals, and agreed to preserve that independence as per the contract we signed.

The deal increased our fire power to bring more management capacity, offering other professionals the same conditions pertaining to our deal. Last November we brought Credit Suisse Brazil’s former Credit Head Portfolio Manager and team. In three months we have added a new family of very conservative high grade credit funds and raised close to BRL 500 million.

Your largest funds by asset under management (according to the data available on your website), are the AZ Quest Acoes FIC FIA, the AZ Quest Total Return, and the AZ Quest Yield, would you please explain why have there been more successful than the other ones? Is there any other particular fund that has significantly increased its assets under value?

The credit funds as per the answer above. AZ Quest Acoes is the flagship fund of the long-only all cap family, that includes exclusive mandates for local Institutional Investors and holds around BRL 1 billion of AUM. AZ Quest Acoes has outperformed the Ibovespa Index every single year since inception in June 2005. In 10 years, the fund accumulates 467% net of all fees vs 67% of the Ibovespa.

Do you have any type of interaction with the other Azimut firms in Brasil, AZ Legan and AZ Futurainvest?

We are part of a single project, albeit independent. AZ Futura is now Azimut Brazil WM, a wealth management firm. AZWM is our own distribution arm, offering their individual clients an open platform and with profound knowledge of the Azimut funds (including AZ Quest funds). Our main job is to provide them with a diversified shelf of quality products and their main contribution is to concentrate in our funds and provide us AUM stability.

What is the purpose of this visit to Chile and AZ Andes? Do Chilean Investors have a particular interest for investing in Brazil or any of your funds?

Chilean investors have always had investments in Brazil. Unfortunately, in the last few years the bad economic policies, the greater intervention of state in the macro and sector levels have led Brazil to a major recession and lack of credibility, leading foreign investors, including Chilean, to divest and stay away. We believe this is the perfect time to invest in Brazil.

This past month the real has finally shown a slight recovery against the dollar, as politic turmoil keeps affecting Brazilian economy, are there any signs of improvement?

In the last four recessions in Brazil, since 1980, the investor that was able to enter the market at least three months prior to the inflection of the economy on quarter over quarter basis, made money every single time, in average USD + 60% in 12 months. We believe that inflection will occur by the end of the year.

Furthermore, we believe we are facing the end of both an economic cycle and a political cycle as well. The Brazilian society has changed profoundly. 25 years ago 65% of the people belonged to the informal economy and received transfers from the government. Today, 68% of the people are formalized, holding bank accounts and having access to credit. They pay taxes and demand return of those taxes, decent infra-structure and good public services.

The new cycle will be based on investments and on diminishing the size of the state. There will be a wave of concessions, privatizations, revision of benefits like the social security and no tolerance with corruption on the private or the public sector. We believe the Brazilian investment theme is a long term one.

CTA & Merger Hegde Funds Insulated From Rotations

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Los hedge funds aumentan su protección contra el riesgo de ‘Brexit’ — . CTA & Merger Hegde Funds Insulated From Rotations

The Lyxor Hedge Fund Index was down -0.9% in February. 3 out of 11 Lyxor Indices ended the month in positive territory. The Lyxor CTA Long Term Index (+2.2%), the Lyxor Merger Arbitrage Index (+0.5%), and the Lyxor LS Equity Long Bias Index (+0.4%) were the best performers.

“In a make-or-break environment, we recommend keeping some directionality through tactical styles. We would remain put on relative-value strategies, but focusing in areas least correlated to current themes.” says Jean-Baptiste Berthon, senior cross asset strategist at Lyxor AM.

Brexit risk helped Global Macro funds recoup some of the losses endured early February. It was a hill-start for the strategy, which suffered on their short bond and long European equities exposures (we note that positioning divergence among managers remained elevated). The collapse of the pound below $1.39 then allowed Global Macro funds to regain some of the lost ground. Indeed, London mayor Boris Johnson throwing support to the exit cause led markets to implement stronger protection against a risk of Brexit. The relative economic and monetary pulses between the UK and the US also played out. Funds remain slightly long in European equities. In bonds, they are long US and short EU bonds. Their top plays remain on their long dollar crosses.

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The rally by mid-February triggered multiple macro and sector rotations. The selling pressure exhausted by mid-month. The rally in risky assets unfolded in poor trading volumes as most market players were initially reluctant to join in. An unstable market tectonic and multiple downside fundamental risks kept investors – hedge funds included – on the cautious side. In that context, CTAs outperformed, hoarding returns in the early part of the month, while remaining resilient thereafter thanks to stubbornly low yields. Besides, the longest bias strategies enjoyed a V-shape recovery. By contrast, those exposed to the rotations suffered the most.

L/S Equity: volatile and dispersed returns, skepticism prevails. Long bias funds enjoyed a V-shape recovery over the month and ended up slightly positive. They continued to generate strong alpha. Variable bias funds pared losses on the way down thanks to their cautious stance, but they underperformed on the way up. The rotation out of defensive back into value stocks proved costly. Market Neutral funds were the worst performers. They were hit by multiple sector and quant factor rotations, amid high equity correlation, while keeping their leverage steady. They endured a double whammy through untimely portfolio shifts.

Overall Lyxor L/S Equity funds slightly raised their market beta mainly through short covering. But skepticism prevails as to the sustainability of the rally. Interestingly, a number of funds are increasingly tactical in their stock and sector positioning.

Merger Arbitrage continued to defy risk aversion. The performance of Special Situation funds mirrored that of broader markets. They suffered in the early part of the month – especially in their healthcare and telecom positions – before recouping most of their losses. The returns of Merger Arbitrage funds were less volatile. Deal spreads initially factored higher macro risks, before settling down. Short duration operations with small P&L to lock in continued to lure managers. They maintained their elevated long exposures, reflecting their confidence in the current merger opportunity set.

The underperformance of European credit hurt L/S Credit strategies. The pressure mounting on global banks, and in particular European institutions, hurt some funds. Underperforming junior debt in Europe, and concerns about coupons suspension in contingent convertibles took a dent in some funds (as a reminder, “cocos” convert into shares if a pre-set trigger is breached – the level of solvency ratios for example. These securities were designed to enhance capital levels and provide investors with greater safety). BoJ venturing into negative yield regime also hurt Japanese and Asian issues.

Perfect conditions for CTAs, which continued to outperform. Continued de-risking in the early part of the month was beneficial to most CTAs. They kept on making strong gains in their long bond positions, their equity and energy shorts. In the second part of the month, most of the gains were made in EU long bonds and on GBP. The recovery in risk appetite led their models to shave off their most aggressive bearish positions. They reduced their short on energy and brought their equity allocation up to neutral. Their main vulnerability lies with their long bond exposure.

Neuberger Berman Trust Company Names Richard Gardiner Chief Investment Officer

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Neuberger Berman has announced that Richard Gardiner has joined the firm and is appointed chief investment officer of Neuberger Berman Trust Company, an affiliate of Neuberger Berman. Mr. Gardiner will also lead the firm’s Investment Strategy Group and join the firm’s Asset Allocation Committee.

As part of his role within the $11.4 billion Neuberger Berman Trust Company, Mr. Gardiner will work along with Neuberger Berman’s wealth advisors and trust officers on high-net worth individual and foundation and endowment clients. With oversight of asset allocation, manager selection, and portfolio construction, Mr. Gardiner and the Investment Strategy Group will identify the most appropriate managers and investment strategies across multiple regions to provide the most optimal outcomes for Neuberger Berman clients.

“Richard’s skill set complements and enhances our approach to wealth management and investing, including traditional and alternative investments. His diverse background working in wealth management and in alternative investment strategies for a wide range of clients is a great match for his role as chief investment officer of the Neuberger Berman Trust Company. We are delighted to have him join us in that position as well as leading the firm’s Investment Strategy Group,” said Erik Knutzen, chief investment officer of multi-asset class portfolios at Neuberger Berman.

Prior to joining the firm, Mr. Gardiner was a consultant at the Reservoir Capital Group and chief investment officer and co-founder of an independent wealth management firm. Earlier, Mr. Gardiner was at Man Investments as head of Arbitrage & Credit and a member of the firm’s Investment Committee. Before joining Man, he was responsible for convertible sales and trading at J.P. Morgan and Goldman Sachs. Currently, Mr. Gardiner is a board trustee of the Emma Willard School and a member of the school’s Investment Committee and Finance & Audit Committee. Mr. Gardiner graduated cum laude from Yale University and earned his M.B.A. from Harvard Business School.