Funds
SMT Fund Services (Ireland) Limited has appointed Kii Hub to produce and deliver Key Investor Information Documents (KIIDs) for its established platform of UCITS funds.
This extends the relationship that already exists with SuMi TRUST Global Asset Services, as Kii Hub has been producing KIIDs for the funds managed by SuMi TRUST’s UK ACD company, SMT Fund Services (UK) Limited, since 2012.
SuMi TRUST will be using Kii Hub’s full bureau service, which includes drafting, production, hosting and translation of all their KIIDs.
Peter Ward, who manages SMT Fund Services (Ireland) Limited’s management company services, says: “While our
Phaunos Timber Fund has reached agreement by mutual consent to terminate its investment management agreement with FourWinds Capital Management with immediate effect.
The company has established a new subsidiary, Phaunos Boston, through which it intends to manage its assets.
The majority of the employees of the FourWinds Capital Management group (the FWCM Group) who have been responsible to date for the day to day management of the company’s portfolio of assets will be offered employment with Phaunos Boston with immediate effect.
The subsidiary will initially be led by Mason Browne, formerly director of timber operations at FourWinds. Property
BNP Paribas Securities Services has been mandated by Hwang Investment Management, Malaysia’s largest independent asset manager, to provide services to four UCITS funds reported assetservicingtimes.com this week.
HwangIM has appointed BNP Paribas for global custody of their flagship Asian Series portfolio, which is expected to launch in January 2014, as well as fund administration, transfer agency, investment risk and performance reporting and trustee services.
Distributors have access to trade services and local support during Asian working hours via BNP Paribas’ Singapore window, while the bank’s local team leads the client service relationship. Esther Thye, chief sales officer at Hwang Investment
Universal-Investment and London-based fund manager Stratton Street have launched the Stratton Street UCITS Renminbi Bond Fund UI.
This new UCITS fund follows the Renminbi Bond Fund managed since 2007 by Stratton Street.
The original strategy was set up before the offshore CNH or “dim sum” bond market, and has not yet invested in those bonds as they are illiquid and expensive. Instead at present the fund invests in high quality investment grade Asian bonds and uses currency hedges to gain renminbi exposure.
The original fund has had positive returns every year since launch, and a total return of
Archer Daniels Midland Company (ADM) is ‘disappointed’ with the Australian Federal Treasurer’s decision to prohibit ADM’s proposed acquisition of GrainCorp Limited (ASX:GNC).
“We are disappointed by this decision. We are confident that our acquisition of GrainCorp would have created value for shareholders of ADM and GrainCorp, as well as grain growers and the Australian economy,” says ADM Chairman and CEO Patricia Woertz. “Throughout this process, we worked constructively to create an arrangement that would be in Australia’s best interests and made substantial commitments to address issues that were important to stakeholders,”
Woertz has confirmed there were no conditions or undertakings
The Carlyle Group is to acquire Diversified Global Asset Management (DGAM), a manager of hedge funds with more than USD6.7bn in managed and advised assets.
Equity for the transaction will come from Carlyle’s balance sheet. The transaction is expected to close in February 2014.
DGAM will become Carlyle’s fund of hedge funds platform, and George Main and Warren Wright will continue in their roles as CEO and CIO, respectively, managing investments and the day-to-day operations of DGAM.
David M Rubenstein (pictured), co-founder and co-chief executive officer of Carlyle, says: “We are focused on providing fund investors with a broad
MJ Hudson and MW Cornish & Co have merged their respective private equity and hedge funds practices with immediate effect.
The merged firm, known as MJ Hudson, will be committed to providing a specialist legal service to the global alternative assets industry.
The merger is the latest milestone in MJ Hudson’s growth trajectory which, earlier this year, saw the firm merge with Jersey-based legal practice VerrasLaw to provide a one stop onshore/offshore offering to clients, as well as bolster its M&A and venture capital team with an additional two senior lateral hires.
MJ Hudson managing partner Eamon Devlin
Guardian Capital Group is to acquire a specialist boutique emerging market equity investment firm in London, providing the firm with an international platform to expand its asset management business.
Guardian has agreed to acquire London-based Zephyr Management (UK) Ltd, manager of the Zephyr Aurora Fund, an emerging market equity fund led by the experienced emerging market equity portfolio management team of Steve Bates and Clive Lloyd.
Bates (pictured), portfolio manager and chief investment officer for the Zephyr Aurora Fund, has led the Zephyr Management (UK) Ltd investment operations since 2002, following a successful career as head of JP Morgan
Oaktree Capital Group and China Cinda Asset Management are to jointly invest in distressed assets in China and to cooperate with respect to distressed assets investments in markets outside China.
The memorandum of understanding states that Oaktree and Cinda will establish a strategic relationship and pursue business cooperation opportunities using Cinda’s experience in China and Oaktree’s experience elsewhere.
Both parties anticipate forming a joint venture that will be equally owned by Oaktree and Cinda to invest in distressed assets in China, subject to negotiation and execution of definitive documentation.
John Frank, managing principal of Oaktree, says: “We are
UCITS funds recorded net outflows of EUR15billion in September (compared to net inflows of EUR15billion in August) according to the latest investment fund industry factsheet released by the European Fund and Asset Management Association (EFAMA).
Looking at the figures in more detail, net sales of equity funds rose to EUR14billion, a substantial increase on August which attracted just EUR2billion, while bond funds registered net outflows of EUR9billion; a sign perhaps that investors were willing to put more risk on the table in September. Long-term UCITS recorded net inflows of EUR9billion, up from break-even point in August.
The most revealing
