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12/09/2013
Fonds

Une boutique de hedge funds ferme son fonds dette émergente

La boutique de hedge funds Adelante Asset Management a fermé son fonds dette émergente mondiale Adelante Emerging Debt Fund fin juillet après 14 ans parce qu’elle pense que son style d’investissement n’est plus adapté à l’environnement actuel. Le fonds, qui était de 80 millions de dollars, a perdu 2 % sur les sept premiers de l’année. Il a dégagé un gain annualisé de 15,4 % entre son lancement en juillet 1999 et sa fermeture.
Fonds
12/09/2013

Le CAC 40 rend la moitié de ses profits à ses actionnaires

Les entreprises du CAC 40 vont redistribuer la moitié de leurs profits (hors exceptionnel) aux actionnaires : 39,9 milliards d’euros de dividendes devraient ainsi être versés en 2014 au titre de l’exercice 2013, rapporte Les Echos. Un chiffre en croissance de 5 %, selon les estimations de FactSet, retraitées par PrimeView. L’année 2014 serait ainsi la deuxième année consécutive de progression des coupons des géants de la cote, après un recul des dividendes versés au titre de l’exercice 2011. Si bien qu’ils devraient revenir quasiment au niveau de ceux de l’exercice 2010 (40,2 milliards d’euros). Cette progression des versements aux actionnaires est soutenue par une amélioration des comptes et une certaine confiance dans l’avenir. En effet, les analystes anticipent une hausse de 16 % des bénéfices récurrents, à plus de 80 milliards d’euros, pour l’exercice 2013.
12/09/2013
Fonds

iShares concocte quatre ETF d’ETF

Le 6 septembre, iShares US ETF Trust a déposé auprès de la SEC une demande d’agrément (form N-1A) pour quatre ETF d’allocation qui investiront dans dix autres ETF de la série Core lancés par la société en octobre 2012.Ces produits profilés, dont ni l’acronyme ni les taux de frais sur encours n’ont encore été dévoilés sont les suivants: iShares Core Allocation Conservative ETF, iShares Core Allocation Moderate ETF, iShares Core Allocation Moderate Growth ETF et iShares Core Allocation Growth ETF.D’après Mutual Fund Wire, l’encours de la gamme Core atteint presque 100 milliards de dollars.
Fonds
12/09/2013
Fonds

Trecento modifie le nom de son fonds santé

Trecento Asset Management a modifié le nom de fonds actions international investi dans le secteur de la santé. Trecento Global Healthcare devient Trecento Santé. «Nous avons changé le nom du fonds dans une logique de simplification, à la demande de nos clients conseillers en gestion de patrimoine et professionnels de santé», explique Julien Jérémie, directeur général de la société de gestion parisienne. Trecento Santé pèse 12,5 millions d’euros.
Fonds
12/09/2013

Goldman Sachs AM lance un fonds actions dédié aux marchés frontières

Goldman Sachs Asset Management vient de lancer un fonds d’actions dédié aux marchés frontières et aux pays BRIC, rapporte Citywire.Le Goldman Sachs Growth Markets Equity Portfolio a été lancé le 10 septembre et sera géré de façon collégiale. Il devrait être investi dans des sociétés opérant ou cotées dans les pays du groupe des «Next-11» ou dans des pays BRIC.
12/09/2013

Verizon boucle une émission obligataire record

Verizon Communications a finalement émis le 11 septembre un emprunt multitranches de 49 milliards de dollars (36,8 milliards d’euros), un montant record pour un emprunt corporate qui lui permet de financer près de la moitié du rachat des parts de Vodafone dans leur filiale commune Verizon Wireless.
12/09/2013
Fonds

Chute de la valeur des fonds cotés de Pimco

Les fonds fermés cotés en Bourse gérés par Bill Gross et sa société Pimco ont chuté ces derniers mois et se négocient désormais avec une décote par rapport à leurs actifs, rapporte le Financial Times. Les fonds fermés font partie des véhicules d’investissement qui ont été le plus touchés depuis que la Federal Reserve a commencé à signaler, en mai, qu’elle allait bientôt réduire son programme d’assouplissement quantitatif.
Fonds
12/09/2013

Nouveau responsable de la distribution pour Nordea en Italie

Fabio Caiani a été nommé responsable de la distribution de Nordea en Italie, rapporte Bluerating. L’intéressé conservera les fonctions de responsable des activités retail au sein de la société de gestion nordique qu’il occupe depuis 2007.
12/09/2013

Skagen recrute une gérante pour le fonds Kon-Tiki

La société de gestion norvégienne Skagen a recruté Hilde Jenssen en tant que nouvelle gérante dans l’équipe de Skagen Kon-Tiki, son fonds d’actions mondiales et émergentes décotées, à compter du 1er octobre 2013.L’intéressée travaillait précédemment chez Skyview Investment Advisors aux Etats-Unis où elle était associée et gérante depuis 2009.L’équipe de Skagen Kon-Tiki se compose de Kristoffer Stensrud, gérant principal, Knut Harald Nilsson, Cathrine Gether et Erik Landgraff.
12/09/2013
Fonds

Le fonds pétrolier norvégien cède des titres EDF

Une source impliquée dans l’opération a confié hier à IFR selon Reuters que le fonds souverain norvégien, le governement Pension Fund - Global, géré par Norges Bank Investment Management, filiale de gestion d’actifs de la banque centrale du pays, a mis en vente 13 millions d’actions EDF, représentant 0,7% du capital du groupe français, rapporte L’Agefi. Le prix unitaire de cession équivaut à un montant total de l’opération de près de 280 millions d’euros.
Fonds
12/09/2013
Fonds

Un Suisse sur quatre ignore qui gère sa pension

Un Suisse sur quatre (24%) ignore quelle caisse de pension gère son deuxième pilier (prévoyance professionnelle). Si l’intérêt pour la prévoyance professionnelle semble supérieur à la moyenne en Suisse alémanique et au Tessin, seuls deux tiers des Romands s’en soucient, selon le dernier sondage réalisé par AXA Investment Managers. Globalement, 29% des assurés interrogés se désintéressent de la prévoyance, selon l'étude «Connaissances de la population suisse relatives aux caisses de pension 2013" présentée en début de semaine à Zurich. Plus d’un quart d’entre eux se considèrent encore trop jeunes pour s’en inquiéter. Un sondé sur cinq juge quant à lui le sujet trop compliqué, a indiqué Werner Rutsch, responsable de l'étude auprès de AXA Investment Managers. Environ 10% s’en détournent carrément au motif de n’avoir aucune influence sur leur pension. L'étude, qui examine comment la population suisse évalue ses propres connaissances en matière de second pilier, démontre que l'âge reste un facteur décisif. Ainsi, les assurés actifs de plus de 42 ans s’estiment à 83% bien informés, voire experts, tandis que 86% des retraités peuvent en dire autant.
Fonds
12/09/2013

Global Financial Products recrute deux spécialistes des matières premières

Global Financial Products a recruté Ronald Wildmann et Steven Frey pour renforcer ses équipes en tant que senior advisors en matières premières. Les intéressés travaillaient auparavant chez Basinvest en tant que gérant matières premières, précise Finews. L'équipe de Global Financial Products compte au total treize personnes.
12/09/2013

La banque privée Rahn & Bodmer confrontée à une enquête pénale américaine

Les autorités américaines ont ouvert une enquête pénale contre la banque privée zurichoise Rahn & Bodmer pour non-déclaration de patrimoine aux Etats-Unis. La banque en a été informée fin août, a indiqué au quotidien Neue Zürcher Zeitung, Christian Rahn, associé gérant de la banque.Rahn & Bodmer a affirmé avoir décidé dès 2008 de ne plus accepter d’avoirs américains non déclarés et d’encourager ses clients américains à se dénoncer spontanément. C’est ce qui a permis aux autorités judiciaires américaines d’avoir connaissance des noms d’un grand nombre de ses clients, précise Christian Rahn.Rahn & Bodmer gère environ 12 milliards de francs suisses d’actifs et emploie quelque 200 collaborateurs.
12/09/2013

Rahn & Bodner private bank faces criminal investigation in United States

The US authorities have opened a criminal investigation into the Zurich-based private bank Rahn & Bodmer for failure to declare assets in the United States. The bank was informed in late August, Christian Rahn, managing partner at the bank, has told the newspaper Neue Zürcher Zeitung. Rahn & Bodmer says that in 2008 it decided no longer to accept undeclared US assets, and to encourage its US clients to voluntarily disclose their assets. This allowed the US authorities to discover the names of many of its clients, Rahn states. Rahn & Bodmer manages CHF12bn in assets, and has 20 employees.
12/09/2013

CAC 40 companies pay out half of their profits to shareholders

Companies of the CAC 40 will redistribute half of their profits (excluding one-time entries) to shareholders: EUR39.9bn in dividends will be paid out in 2014 for the 2013 fiscal year, Les Echos reports. This figure is up 5%, according to estimates by FactSet, processed by PrimeView. The 2014 year will also be the second year of growth in coupons from stock market giants, after a fall in dividends paid for the 2011 fiscal year. The rise will bring them virtually back to their levels in the 2010 fiscal year (EUR40.2bn). This increase in payments to shareholders is supported by an improvement in the accounts and some confidence in the future. Analysts anticipate a rise of 16% in recurrent profits, to more than EUR80bn, in the 2013 fiscal year.
12/09/2013

New head of distribution for Nordea in Italy

Fabio Caiani has been appointed as head of distribution at Nordea in Italy, Bluerating reports. Caiani will retain his position as head of retail activities at the Scandinavian asset management firm, which he has held since 2007.
12/09/2013

License for MSIF Global Quality fund in six European countries

The Luxembourg-registered equity fund Morgan Stanley Investment Funds (MSIF) Global Quality Fund, launched more than ne month ago (see Newsmaangers of 2 August) has been granted sales licenses for various asset classes for shares denominated in US dollars and/or euros in six European countries.A shares in US dollars (LU0955010870) are now available in Germany, Ireland, the Netherlands, Sweden and Denmark, while AH shares denominated in euros (LU0955011506) are available in Germany, Ireland, and the Netherlands I (LU0955011175) and Z (LU0955011258) shares in US dollars may be sold in Ireland, the Netherlands, Denmark and Sweden. Z shares are also available in Portugal.
12/09/2013

Ossiam offers commodity smart beta ETF

Ossiam simultaneously lists a new ETF strategy in its smart beta range for trading in Paris, London, Milan and Frankfurt on 12 September. The product, the Ossiam Risk Weghten Enhanced Commodity ex. Grains R UCITS ETC 1C (EUR) (acronym: CRWE), is a UCITS IV-compliant fund registered in Luxembourg and based on synthetic replication.The ETF replicates the Risk Weighted Enhanced Commodity ex. Grains TR index which offers a global exposure to commodities, excluding grains, for ethical reasons. The weighting of each commodity is inversely proportional to its volatility over one year.The new vehicle represents an extension of a new universe of smart beta investments already established by Ossiam for equities, Isabelle Bourcier, head of development, is already planning the next step, which may be a smart beta ETF for the bond asset class.“This product, with returns near those of equities, is aimed primarily at professionals with a mid-to long-term diversification objective, with risk controlling which characterises all Ossiam products,” Boursier tells Newsmanagers.Ossiam currently has assets of EUR920m, which represents an increase of 63.5% since the beginning of the year. Assets under management in 13 ETFs of the brand total about EUR720m.CharacteristicsName: Ossiam Risk Weighted Enhanced Commodity ex. Grains TR UCITS ETF 1C (EUR)ISIN code: LU0876440578Total expense ratio: 0.45%
12/09/2013

Few French groups are exemplary in the area of climate change

The CDP Global 500 Climate Change Report 2013, published by CDP (formerly the Carbon Disclosure Project) and PricewaterhouseCoopers (PwC) includes two rankings of the 50 best businesses of the FTSE Global 500 companies in the area of performance in combating climate change (CPLI), on one hand, and transparency in communication on the subject (CDLI) on the other. French asset management firms are under-represented in these rankings with three business in the first case (L’Oréal, Axa and BNP Paribas) and two in the second (Sanofi and Schneider Electric).CDP states that the data were collected from 389 businesses at the request of 722 institutional investors, representing USD87trn in assets. Germany, Switzerland and the United Kngdom are over-represented in the CPLI rankings, in which only seven asset management firms have received a maximal score of 100 (BMW, Daimler, Philips Electronics, Nestlé, BNY Mellon, Cisco Systems and Gas Natural).However, the report reveals that 50 of the 500 largest publicly-traded businesses in the world are responsible for three quarters of greenhouse gas emissions, and emissions from the 50 most polluting businesses, primarily active in the energy, materials and utility sectors, increased 1.65% over the past four years. This increase represents the equivalent of 8.5 million additional pickups in streets, or the power consumption of 6 million homes per year.
12/09/2013

Institutionals willingly turn to hedge funds

Institutional investors are increasingly turning to hedge funds for risk management and diversification according to new research from Cerulli Associates published in the September release of the “Cerulli Edge U.S. Management Edition.” «Numerous institutions are using hedge funds to reduce risk in their investment portfolios,» reveals Michele Giuditta, associate director at Cerulli. «Our research shows that institutional investors overall have been steadily increasing the portion of their assets allocated to hedge funds over the past five years. Endowment funds, family offices, and foundations were early adopters and currently remain established investors.» More recently, asset managers are experiencing demand for a range of hedge fund strategies, in particular, credit-related, global macro, and event-driven. Cerulli believes that demand for these products should continue in the near term, given the low interest rate environment, ongoing global financial uncertainty, and steady merger and acquisition activity.
12/09/2013

Global Financial Products recruits two commodity specialists

Global Financial Products has recruited Ronald Wildmann and Steven Frey as additions to its teams, as senior commodity advisers. Wildmann and Frey previously worked at Basinvest, as commodity managers, according to Finews. The Global Financial Products teams include a total of 13 people.
12/09/2013

Lazard Frères Gestion adds prudent fund to its range

Lazard Frères Gestion is preparing to launch Objectif Long Short Flexible, an international long/short fund of funds with a prudent profile, whose total volatility will be between 3% and 6%.The mutual fund combines flexible management with exposure to equities in the portfolio with allocation to “market neutral” and “directional” strategies, a statement says. The management team manages exposure to the equity markets by modulating the allocation between these strategies according to market outlooks. Flexible exposure to the equity market by modulating the allocation between these two strategies according to its market outlooks. Flexible exposure to equity markets for the fund may vary between -10% and +40% (net exposure). It is currently 27%, with a peak at 36% in January 2013.The asset management firm explains that the launch of the fund of funds is based on long/short strategies, based on the observation that bond markets are confronting rising interest rates which are expected to persist on one hand, while on the others, equities represent an asset class to be preferred within a diversified portfolio acquisition. With high volatility on equity markets, “long/short strategies provide a means to profit from opportunities related to this context while limiting risk,” it says.
12/09/2013

Une boutique de hedge funds ferme son fonds dette émergente

La boutique de hedge funds Adelante Asset Management a fermé son fonds dette émergente mondiale Adelante Emerging Debt Fund fin juillet après 14 ans parce qu’elle pense que son style d’investissement n’est plus adapté à l’environnement actuel. Le fonds, qui était de 80 millions de dollars, a perdu 2 % sur les sept premiers de l’année. Il a dégagé un gain annualisé de 15,4 % entre son lancement en juillet 1999 et sa fermeture.
12/09/2013

iShares develops four ETFs of ETFs

On 6 September, iShares US ETF Trust filed a form N-1A) with the SEC for four allocation ETFs, which will invest in ten other ETFs of the Core series launched by the firm in October 2012.The profiled products, for which neither the acronym nor the total expense ratio have yet been disclosed, are as follows: iShares Core Allocation Conservative ETF, iShares Core Allocation Moderate ETF, iShares Core Allocation Moderate Growth ETF and iShares Core Allocation Growth ETF.According to Mutual Fund Wire, assets in the Core range now total nearly USD100bn.
12/09/2013

Goldman Sachs AM launches an equity fund dedicated to frontier markets

Goldman Sachs Asset Management has launched an equity fund dedicated to frontier markets and the BRIC countries, Citywire reports. The Goldman Sachs Growth Markets Equity Portfolio fund was launched on 10 September, and will be team-managed. It will invest in companies which operate or are traded in countries of the “Next-11” group or in BRIC countries.
12/09/2013

Abu Dhabi to invest USD5bn in Russian infrastructure

Abu Dhabi is planning to invet up to USD5bn in infrastructure projects in Russia in the next seven years, the Financial Times reports, illustrating Russian efforts to attract money from sovereign funds. The engagement of the department of finance in Abu Dhabi is expected to be announced on Thursday by the Russian Direct Investment Fund, the USD10bn fund supported by the government, founded in 2011 by Vladimar Putin.
12/09/2013

UBS Real Estate Germany appoints two MDs

As of 1 October, two people will join the management at the Munich-based UBS Real Estate KAG.Gabriele Merz, director of accounting for German and Luxembourg real estate funds since 2007, will replace Christine Bernhofer as chief financial officer. Bernhofer will be leaving the business at the end of the month to dedicate herself to charitable activities in Africa.Meanwhile, UBS Real Estate KAG has recruited Axel Vespermann, who had been head of the entire commercial real estate portfolio at Allianz Real Estate GmbH. He will be responsible for portfolio management, acquisitions and sales, asset management, construction and development.The other two members of the general management are Tilman Hickl (CEO) and Jörg Sihler.
12/09/2013

One in four Swiss do not know who manages their pension

One in four Swiss respondents (24%) are unaware of which pension fund manages its second retirement pillar (professional retirement planning). Although interest in professional retirement planning appears to be higher than average in German-speaking Switzerland and Ticino, only two thirds of French-speaking Swiss are concerned about it, according to the second survey carried out by AXA Investment Managers. Overall, 29% of policyholders surveyed have no interest in retirement planning, according to the study “Knowledge of the Swiss population concerning pension funds 2013,” presented earlier this week in Zurich. More than one quarter of them consider themselves still too young to think about it. One respondent in five considers the subject too complicated for themselves, ways Werner Rutsch, head of the study by AXA Investment Managers. About 10% avoid the subject squarely on the grounds that they have no influence over their pension.
12/09/2013

Spanish SRI funds continue to outperform

According to estimates by Santander Asset Management for Spainsif, the Spanish socially responsible investment forum, the 13 SRI funds managed in Spain have posted returns of 3.45% in first half 2013, compared with an average of 1.98% for all funds (including 13 SRI funds), Funds People reports.However, these funds represent only EUR184m in assets, equivalent to 0.14% of the Spanish market.In 2009, 2010 and 2012, SRI funds had already outperformed, with gains of 7.5%, 1.08% and 6.7%, respectively, compared with 4.93%, 0.12% and 5.15%, according to statistics from the Spanish Inverco association of asset management firms. In 2011, however, SRI funds, with a more aggressive profile, lost 1.59%, at a time when the industry had posted losses of only 0.52%.
12/09/2013

Banco Madrid launches fund of the best Spanish Sicavs

With the Banco Madrid Sicav Selección, Banco Madrid Gestión de Activos (Banca Privada d’Andorra group) on 11 September registered a fund with the CNMV to invest in the best Spanish Sicavs, with a way to include some particularly well-performing funds in the portoflio. That will allow subscribers to profit from the best talents in Spanish asset management, as it invests the money of high net worth clients, says Rafael Valera, CEO of Banco Madrid.The fund will invest at least 50% in Spanish Sicavs or Spanish and/or foreign funds, and the proportion of equities will total between 10% and 70%. The portfolio will inclue 20 to 30 positions.Among the investments which have already been made are Elcano Inversiones Financieras (manages by Credit Suisse Gestión), Bestinver Internacional (Bestinver Gestión) and Torrenova de Inversiones (Banca March).Backtesting over the past 12 months reveals that the portfolio would have earned double the returns of its benchmark index (50 AFI FIM an 50% Eurostoxx 50), with 20.2% compared with 10%, with a volatility nearly haf (5.10% compared to 9.30%), according to Cotizalia.CharacteristicsName: Banco Madrid Sicav Selección, FIISIN code: ES0170614004Management fee: 2.03%Performance commission: 9%

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