New member joining the OpenFunds family!
OpenFunds is pleased to announce that Olivier Lehmann has joined OpenFunds in the Legal Representative team, reporting to Roger Stoffel. After his legal education in France, Olivier has obtained an MBA in Business Law & Management from the Ecole Supérieure de Gestion in Paris. During this time Olivier worked as an apprentice in the legal department of the structured finance team at Société Générale CIB in Paris. In 2014 he then moved to Société Générale Zurich branch, where he first worked as Legal Counsel before joining their Legal Representation team.
ABR and OpenFunds announce the successful seeding of the first of a series of UCITS V fund managed by ABR
OpenFunds Investment Services Ltd. (‘OpenFunds’), the leading independent, partner-owned, Swiss fund placement agent, is pleased to have served as the exclusive placement agent for the launch of the first UCITS V fund of ABR Dynamic Funds (‘ABR’), a US quantitative asset manager.
New member joining the OpenFunds Distribution team
OpenFunds is pleased to welcome Norbert Schmitz, who will be heading the business development of the Fund Distribution team. He has over 20 years’ experience in the banking and asset management sector, in various functions. Among others, he has worked as a fund dealer at Sal. Oppenheim (Cologne and Luxembourg) and as a custody administrator at WGZ-Bank in Luxembourg. In 2004 he joined AXA Investment Managers, where he was in charge for the business compliance of Germany. Between 2008 and 2013 he was dealer and project manager for the fund business at Rothschild Bank in Zurich. After working also for Acolin Fund Services in Zurich, he joined OpenFunds in April 2017. Norbert is fluent in German, English and Luxembourgish and has a good command of French. He will be based in Zurich.
OpenFunds Investment Services Ltd. (‘OpenFunds’) and Kroma Capital Partners Ltd. (‘Kroma’), announced today a strategic partnership for the distribution of investment funds to professional investors in Switzerland and in the Middle East
OpenFunds and Kroma will cooperate in the areas of fund sourcing and due diligence, offering to the fund managers they both distribute access to their respective networks of professional investors in both Switzerland and the Middle East.
Frontier Markets, a possibility according to Tundra Fonder's CIO Mattias Martinsson [PART 2]
Mattias Martinsson is Chief Investment Officer and partner of Tundra Fonder AB, a Swedish asset manager specialising in Frontier Markets. Martinsson, who regularly visits Switzerland, will be again in Switzerland in May, on the 8th and 9th May in Geneva and on the 10th and 11th in Zurich. In this two-part interview with MarketPlus, he explains what is particular about Frontier Markets and the peculiarity of Tundra Fonder in this regard.
The role of UK lending funds is increasing in the post-Brexit world
The investment management industry has become even more critical in the UK's non-bank finance market.
||Founder and CEO of Prestige Asset Management, Vice Chairman of OpenFunds Investment Services AG
Interest in the UK as a market for investment does not seem to have dissipated in the wake of the Brexit vote. Foreign investors see an opportunity from the weaker British pound to increase their exposure and there is also considerable interest in the long-term prospects for the UK economy and the yields to be earned from effectively managed lending strategies.
ABR Dynamic Funds builds for scale
Taylor Lukof is founder and CEO of ABR Dynamic Funds, LLC, in New York. ABR invests firm and client capital through separately-managed accounts in quantitative-driven strategies in US-based equities, futures and options. Lukof will be in Switzerland in June, on the 8th and 9th in Geneva and on the 12th and 13th in Zurich and Liechtenstein. Opalesque, the leading source for "Premium Alternative News", interviewed ABR. This article captures ABR's rich trading history and ambitious future: they are building their firm for scale.
Anarosa Funds (Lux) - Gate of India
OpenFunds has entered into a collaboration with Anarosa Asset Management to distribute Anarosa Funds (Lux) - Gate of India ('Gate of India Fund'), a Luxembourg SICAV UCITS V investing in Indian equities.
Addressing the funding gap in post-Brexit Britain
Craig Reeves, CEO and founder of Prestige Asset Management wrote the following article. Thursday the 24th of August 2017, Craig is visiting Zurich. If you are a qualified investor and would like to meet him, please let us know and send us a message.
Debt-to-Equity Ratio: the past, the present and the "new normal"?
A number of reports have come out over the last few years which put forward the view that investors will have to come to terms with lower returns going forward than they are used to from the past several decades. The argument often boils down to: with rates, as low as they are, either bond returns will be low, or, if rates rise, stocks performance will be hurt. Here is one perspective on the stock performance portion of that statement.
Tundra Comment - Pakistan: Where do we go from here?
Since the peak on May 24th earlier this year, the Pakistan equity market has corrected significantly. From peak to bottom the MSCI Pakistan Index Net TR fell 32% in USD, and 38% in SEK to the bottom on September 7th. It is natural for investors to wonder whether this is a buying opportunity or a sign of worse times to come.
Technology meets Finance. Introducing the new OpenFunds App
OpenFunds is very proud to announce the publication of the new App in the Apple and Google stores.
The OpenFunds App is a very user-friendly tool, on mobile access. You can find all the information regarding the funds such as legal documents, monthly factsheets with performance updates, publications, newsletters, events, live surveys and an overview of the fund managers' meetings. All this ready to be downloaded, printed or shared directly with your mobile device.
New strategic partnership with Absolute Return Partners LLP
Kroma and OpenFunds will initially market a multi-manager fund investing in direct lending strategies advised by ARP to their respective network of professional investors in the Middle East & Switzerland respectively.
Monthly Fund Comment
During the month, the fund declined 8.6% (EUR) as compared to the benchmark’s MSCI Pakistan Net (EUR)’s decline of 7.7%. The month of May’s disappointment continued in June as investors were wrong-footed by the absence of Net Foreign Inflows on MSCI Emerging Market upgrade. The month was dominated by political uncertainty stemming from the ongoing investigation by Joint Investigation Team (JIT). The underperforming exposures in June were the Healthcare and Information Technology sectors whereas the outperforming contributors were our underweight stance on Energy and Utilities. The fund trimmed its exposure in Oil and Gas exploration, Banks, IT and Consumer sectors while increased exposure in the Cement and Insurance sectors.
Monthly Market Comment
It is often touted that the external shocks only come into action when they are least expected. The predictability of such, therefore, is only accurate when it is least expected. Such has been the politico-drama in Pakistan lately. Not until long ago were the majority of pundits, businessmen, masses and foreign investors believing that the coast is clear for a clean sweep for the current government in the general elections headed next year. The electioneering, nonetheless, seem to be getting more competitive day by day. The media hype around the aggressive – rather stern - behavior of the Joint Investigation Team (JIT), formed by the Supreme Court to investigate Prime Minister’s money trail, has seemed to have rung the alarm bells within the corners of ruling government. From the Prime Minister himself to his Federal Ministers, the tone against the members of the JIT and slight hinting of possible derailment of democracy and warnings of street agitation are signs that (over) confidence in the ruling team has mellowed a bit. Although the JIT has been given a deadline till 10th July 2017 to submit its findings, further scrutiny could linger on over another few weeks or months. Often the Prime Minister has cited the “bigger JIT” - referring to the general elections - to show his strength. Or that could also reflect the preparedness for any adverse judgment potentially disqualifying the Prime Minister in extreme cases and bringing in the next generation into the driving seat.
In eventuality, the heir-apparent is planned by major political parties, but in this case a rather honorable change of leadership would not be a bad outcome considering the fragility of the impact on the voters.
Economically, the country seems to be dragging along somewhat reasonably also. Although, the Current Account Deficit of 3.2% for 11MFY17, has re-invited the fears of PKR depreciation, the falling FX reserves to an import parity of 4.5 months are still nudging forward on the back of expected foreign loans and investments. To arrest the run-rate, the government has resorted to higher import duties and protectionist measures to encourage local capacity expansion and import substitution.
The current inflation numbers of 3.9% also remain manageable for the foreseeable future, delaying further chances of immediate monetary tightening. Surprisingly, we saw PKR depreciate 3.25% versus USD on 5th July 2016, however, to have appreciate again by almost 3% the very next day as the Finance Minister summoned bankers and termed the rise “artificial”.
Post the recent highs, the ~15% correction has brought the Index down to an attractive Forward Price-to-Earnings ratio of 10x. Companies with very sound business prospects, much lesser downside in the profitability and lesser correlation with political impasse have corrected by ~20-25% also opening up screaming valuations in terms of the prices. However, the buyers are staying put, and the fall in the market is with lower volumes, primarily indicates the anxiety levels among the current holders of stocks. With all eyes on JIT, the coming month of July appears to be a crucial factor in the history of Pakistan’s politics. Leaders pushed to prove their innocence is a new wave of accountability that can go a long way in improving the business climate in Pakistan and enhance the level of transparency, efficiency and honesty across the country.