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02/11/2012
Fonds

TT International lance un fonds global macro

Le groupe basé à Londres TT International a conclu un partenariat avec la Deutsche Bank pour le lancement d’un fonds global macro sur la plate-forme alternative de la banque allemande, rapporte Citywire.Ce fonds au format Ucits, DB Platinum TT International, sera géré par le fondateur du groupe britannique, Tim Tacchi. Le fonds comprend une poche investie pour l’essentiel dans des actions européennes, avec une allocation global macro d’obligations et de devises. Les actifs sous gestion de TT International s'élèvent à plus de 9 milliards de dollars dans des stratégies macro, long/short equity et long-only equity.
Fonds
02/11/2012

Progression de 15% sur neuf mois des actifs sous gestion de St James's Place

St James’s Place a fait état pour les neuf premiers mois de l’année d’une progression de 15% sur neuf mois de ses actifs sous gestion à 32,8 milliards de livres à fin septembre, selon le rapport intérimaire publié le 31 octobre.La collecte nette des neuf premiers mois de l’année s’est élevée à 2,26 milliards de livres.
02/11/2012

Collecte de 3,2 milliards de livres sur neuf mois pour Standard Life Investments

.Les actifs sous gestion de l’activité dédiée aux clients extérieurs au groupe de Standard Life Investments s’inscrivaient à fin septembre à 78,8 milliards de livres contre 71,8 milliards de livres au début de l’année, selon le rapport intérimaire publié le 31 octobre.La collecte nette s’est élevée à 3,2 milliards de livres sur les neuf premiers mois de l’année, l’effet marché représentant un montant de 3,8 milliards de livres.Au Royaume-Uni, les fonds basés sur le risque de la série My Folio totalisaient 1,9 milliard de livres à fin septembre, avec une collecte nette de 0,8 milliard de livres. Les actifs sous gestion des seuls fonds ouverts britanniques s’inscrivaient à 13 milliards de livres, grâce à une collecte nette de 1,5 milliard de livres.A noter aussi que les actifs sous gestion des fonds de rendement absolu ont dépassé la barre des 19 milliards de livres. Les actifs sous administration s'établissaient à fin septembre à 211,9 milliards de livres,contre 198,4 milliards à fin décembre 2011.
02/11/2012
Fonds

Peu de gérants actifs restent parmi les meilleurs

Les investisseurs qui sélectionnent un gérant de fonds actif parce qu’il a un bon historique ont plus de chances de choisir un perdant qu’un gagnant, montre une étude de Vanguard citée par le Financial Times Fund Management. Vanguard a classé 384 fonds actions britanniques de gestion active en cinq quintiles en fonction de leurs rendements ajustés au risque sur cinq ans à fin décembre 2006 et a ensuite suivi leurs performances sur les cinq années suivantes. Seulement 15,6 % sont restés dans le premier quintile sur les deux périodes de cinq ans se terminant en 2006 et 2011. Mais 23,4 % ont chuté du premier au dernier. Et 23,4 % ont été soit liquidés soit fusionnés en raison de faibles performances.
Fonds
02/11/2012

Fin de parcours pour la banque saoudienne Faisal à Genève

Etendard de la finance islamique à Genève, Faisal Private Bank se transforme à partir du 1er novembre en un «multi-family office», selon des sources proches de ses actionnaires saoudiens cités par Le Temps. La banque qui gère près de 700 millions de dollars pour le compte de sa clientèle moyen-orientale, deviendra un simple bureau dédié à ses plus riches déposants. Si le nom de la dynastie Faisal devrait lui rester attaché, aucune décision n’a encore été prise quant à la trentaine d’employés, précise le quotidien.
02/11/2012

Gottex nomme un responsable marketing pour l'Asie/Pacifique

Gottex Fund Management a nommé Marc Fisher au poste de directeur marketing pour la région Asie/Pacifique. Cette nomination intervient après l’acquisition, cette année, de Penjin Asset Management, un gestionnaire alternatif de fortune déjà bien établi sur ces marchés, a indiqué Gottex le 1er novembre dans un communiqué. Marc Fisher sera basé à Hongkong et il collaborera étroitement avec le CEO Asie Max Gottschalk et le CIO Ronnie Wu. Auparavant, Marc Fisher a travaillé chez FRM comme responsable pour l’Asie et le Pacifique (à l’exclusion du Japon et de la Corée) et membre du comité de direction.
02/11/2012

Nomination chez Altin

La société suisse de gestion alternative Altin, cotée en Bourse à Londres et en Suisse, a annoncé le 31 octobre la nomination de José Galeano comme principal chargé de relations avec les investisseurs (Head Investor Relations Manager). Marc T. Clapasson le secondera dans cette tâche.Les fonctions assumées jusqu’à présent par José Galeano auprès de la société de gestion en tant qu’expert en gestion alternative seront reprises par Michaël Malquarti.Les deux nominations sont effectives à compter du 1er novembre 2012.
02/11/2012

L’Asie a besoin de sociétés de gestion plus indépendantes

Les sociétés de gestion en Asie ne sont pas suffisamment indépendantes, analyse le Financial Times. Elles font en général partie de grands groupes et leur objectif premier est de soutenir ces derniers. Cela explique pourquoi les sociétés de gestion asiatiques n’ont pas percé à l’échelle internationale.
02/11/2012

Feu vert de la CNMV à l'acquisition de Nordkapp par Banco Madrid

La CNMV a donné à Banco Madrid (filiale de l’andorran BPA) l’autorisation d’acquérir Nordkapp auprès de Banco Valencia, comme annoncé début août, rapporte Funds People (lire Newsmanagers du 3 août). Cela permet d’augmenter à 2 milliards d’euros les encours de Banco Madrid.Nordkapp contrôle une société de courtage et une société de gestion et entretient un réseau d’agences à Valence, Pampelune et Marid, avec quelque 40 professionnels. Banco Madrid a l’intention de fusionner sa filiale Banco Madrid Gestión de Activos avec Nordkapp Gestión.
02/11/2012

Natixis GAM ouvre à Hong-Kong

Le gestionnaire français Natixis Global Asset Management a ouvert un bureau à Hong-Kong le 31 octobre, sous la direction de Michael Chang, managing director de NGAM Hong Kong Limited, subordonné à John Hailer, Asia CEO, basé à Boston. Michael Chang était basé à Taipei, où il était responsable-pays pour Taiwan et sera remplacé à ce poste.Cette implantation complète le réseau implanté à Pékin, Singapour, Taipei et Tokyo, avec plus de 50 personnes, sachant que les encours Asie-Pacifique du groupe représentent au total 22,7 milliards de dollars (fin mars, + 66 % en deux ans) sur un total de 711 milliards de dollars ou 560 milliards d’euros au 30 juin.Le bureau de Hong-Kong sera chargé des opérations et des ventes, mais la gestion continuera d'être effectuée par des filiales spécialisées de Natixis AM et GAM, avec notamment Absolute Asia, AEW (45,5 milliards de dollars), Harris Associates, Loomis Sayles, Hansberger Global Investors, (7,4 milliards de dollars), et Ossiam).
02/11/2012

Progression des encours pour Henderson malgré des rachats

Le britannique Henderson a fait état pour le troisième trimestre d’une décollecte nette de 1,1 milliard de livres, dont 585 millions de livres du côté institutionnel.Toutefois, les actifs sous gestion ont progressé de 1,2 milliard de livres durant le trimestre à 64,8 milliards de livres grâce à des effets marchés et devises positifs pour un montant de 2,3 milliards de livres. Henderson relève la bonne tenue de son pôle immobilier dont la décollecte de 50 millions de livres a été largement compensée par des souscriptions de près de 200 millions de livres.
02/11/2012
Fonds

Le fonds alternatif Edoma est liquidé

Pierre-Henri Flamand, l’ancien responsable du trading pour compte propre de Goldman Sachs en Europe, a été contraint d’annoncer la liquidation d’Edoma Partners, le fonds alternatif londonien qu’il avait lancé il y a deux ans seulement. Selon L’Agefi, la procédure pourrait durer de trois à quatre mois. Le hedge fund event driven a subi la désaffection des investisseurs, qui auraient de sources concordantes effectué des retraits pour un milliard de dollars cette année. Le montant des actifs sous gestion d’Edoma se situerait aujourd’hui à environ 850 millions de dollars.
Fonds
02/11/2012
Fonds

Union acquiert un centre commercial à Lodz

Pour son fonds immobilier offert au public UniImmo: Deutschland, l’allemand Union Investment a investi 390 millions d’euros dans le centre commercial et de loisirs Manufaktura de Lodz (112.500 mètres carrés) en Pologne. Ce complexe implanté dans une ancienne usine de textile est entièrement loué.Les vendeurs sont les français Foncière Euris et Rallye ainsi que le développeur Apsys, qui demeure chargé de la gestion du centre.
Fonds
02/11/2012

SRI still hesitating in choice of doctrine

There is no universal definition of socially responsible investment (SRI), and at least three methodologies are competing for the favour of managers, which include exclusion, ‘best-in-class’ and engagement, with other variants in between. This was the conclusion at a round table discussion held in Paris by the Belgian firm Petercam, in the presence of Grégoire Cousté, director general of the Responsible Investment Forum (FIR), which discussed methodology, ratings, reporting and bonds. All participants agreed that for the moment, SRI remains a subject which is very primarily (about 90%) for institutionals, in France as in Belgium. And it remains difficult to prove that there is “double alpha,” extra-financial and financial, although few could now accuse SRI of performing less well than traditional management, which is a significant development of the past two years. Ophélie Mortier, SRI co-ordinator at Petercam, says that the Belgian asset management firm, which is a signatory of the United Nations Principles for Responsible Investment (UN-PRI), combines best-in-class and exclusion (tobacco, alcohol, pornography, and the criteria selected by the Norwegian Government Pension Fund – Global), to produce SRI and sustainable funds. For equities, assets at Petercam Equities Europe sustainable represent about 10% of those in the Europe equities fund, although after assets tripled earlier this year to about EUR250m, assets under management in the Petercam L Bonds Government Sustainable, a govies fund, are in the range of EUR8bn.
02/11/2012

Ireland prepares for AIFM directive

The Irish central bank on 31 October launched a consultation on the introduction of significant improvements to its non-UCITS regime under the AIFM directive, the Irish fund investment association (IFIA) has announced. The directive will bring in substantial changes for the non-UCITS fund sector, the professional association notes. The current “Qualifying Investor Fund” (QIF) regime will be replaced with a new “Qualifying Investor Alternative Investment Fund” (QIAIF) regime, and a regime dedicated to retail investors will be created at this time. All annexed non-UCITS documents published by the central bank will be replaced with a single booklet covering all aspects of the regulations.
02/11/2012

Month of October looking very bad for quant hedge funds

Quantitative hedge funds are facing their worse performance since the beginning of the financial crisis this October, as managers made losing bets on many asset classes, including bonds, currencies, and commodities, the news agency Reuters reports. As of 25 October, CTA funds were down 5.6%, which is the heaviest loss since August 2007, according to the CTA Trend sub-index from Newedge.
02/11/2012

Union acquires a shopping centre in Lodz

The German asset management firm Union Investment has invested EUR390m in the leisure and shopping centre Manufaktura in Lodz, Poland (112,500 square metres), for its open-ended real estate fund UniImmo: Deutschland. The complex, located in a former textile factory, is wholly leased. The vendors are the French Foncière Euris et Rallye and the developed Apsys, which retains responsibility for the management of the centre.
02/11/2012

Daniel Godfrey to become IMA president in one month

Richard Saunders will be leaving the Investment Management Association (IMA) at the end of this year, but he will be replaced from 1 December as CEO by Daniel Godfrey. Godfrey has spent three years at Phoenix Group, and for eleven years was director general of the Association of Investment Companies (AIC). The IMA board has thanked Saunders for the excellent work he has done in the past decade.
02/11/2012

SWIP recruits a head of wholesale from Mirae

Francis Ghiloni, director of distritbution & client management at Scottish Widows Investment Partnership (SWIP), has announced the recruitment of Martyn Gilbey, who will report to him as head of wholesale. Gilbey will begin on 12 November. Gilbey had been managing director at Mirae Asset Management in London, after serving as chief marketing officer in Hong Kong.
02/11/2012

GBP3.2bn in inflows over nine months for Standard Life Investments

Assets under management at the activity dedicated to clients from outside the Standard Life Investments group as of the end of September totalled GBP78.8bn, compared with GBP71.8bn at the beginning of the year, according to an interim report published on 31 October. Net inflows totalled GBP3.2bn in the first nine months of the year, while market effects totalled GBP3.8bn. In the United Kingdom, risk-based funds of the My Folio series had GBP1.9bn in assets as of the end of September, with net inflows of GBP0.8bn. Assets under management in British open-ended funds totalled GBP13bn, due to net inflows of GBP1.5bn. Also, assets under management in absolute return funds notably topped GBP19bn. Assets under administration as of the end of September totalled GBP211.9bn, compared with GBP198.4bn as of the end of December 2011.
02/11/2012

Alix capital unveils a new bond index

The Geneva-based firm Alix Capital, the provider of the UCITS Alternatives range of indices, on 31 October announced the launched of the UAIX Fixed Income Global Index, an investable UCITS-compliant bond fund index whose portfolios are invested both in developed and emerging markets. It is composed of 10 to 15 UCITS-compliant bond hedge funds, with an allocation limited to 40% to emerging market funds.
02/11/2012

Assets up at Henderson despite redemptions

The British asset management firm Henderson has reported net outflows in third quarter of GBP1.1bn, of which GBP585m were from institutional investors. However, assets under management were up GBP1.2bn in the quarter, to GBP64.bn, due to positive market and currency effects totalling GBP2.3bn. Henderson reports that its real estate unit, has performed well, with GBP50m in outflows more than offset by subscriptions of nearly GBP200m.
02/11/2012

Regulators need to step up the pace of reforms to OTC derivative markets

The Financial Stability Board (FSB) has called on regulators worldwide to accelerate their efforts to co-ordinate reforms of over-the-counter (OTC) derivative markets. In a progress report published on 1 November, the FSB states that efforts are progressing, particularly in the major markets concerned, but that it would be advisable to intensify efforts on all fronts toward a complete implementation of the reforms called for by the G20.
02/11/2012

Regulators publish an updated list of banks that present systemic risks

The Financial Stability Board (FSB) on 1 November published an updated list of banks which are of “systemic” importance, meaning that by their size, they represent a danger to the entire economy in case of bankruptcy. These banks will be subject to stricter regulatory measures to support them. The FSB, which has been mandated by the countries of the G20 to strengthen legislation in the banking sector, on Thursday unveiled the list, which now includes 28 banks, down from 29 last year. The FSB then said that the list was not final, but that it would be updated each year and published in the month of November. Of the 29 banks initially listed, the French-Belgian firm dexia, the German Commerzbank and the British Lloyds Banking Group were removed from the list, while two new establishments join the group: the Spanish BBVA and the British Standard Chartered.
02/11/2012

MSCI takes over IPD

MSCI Ltd has acquired IPD Group Limited, the holding company of the IPD group, a provider of benchmark indices for real estate, investment, risk management tools, and real estate market analysis, for USD125m, or GBP78m in cash. In first half 2012, IPD earned revenues of USD26.4m, or GBP16.7m. The deal will be completed by the end of this year.
02/11/2012

Strong inflows for AMG

In third quarter 2012, Affiliated Managers Group (AMG) has posted net subscriptions of USD10.9bn, bringing the total in the first nine months of the year to over USD25bn. As of the end of September, assets totalled USD416bn. Net profits in July-September totalled USD54.9m, compared with USD40.1m in third quarter 2011, while in January-September, they were down to USD98.9m from USD124.6m.
02/11/2012

Fidelity recruits in Vienna

Andreas Lessmann, who had been director of distribution for Austria, Benelux and German-speaking Switzerland at Tiberius Asset Management, after serving as institutional executive director asset management and head of mutual funds Austria at Sal. Oppenheim, which became Deutsche Bank Austria, is joining Fidelity Worldwide Investment in Vienna. He will be sales director, responsible for relationship management for institutional and banking clients in Austria, and will report to Adam Lessing, head of Austria & Eastern Europe.
02/11/2012

Asia needs more independent asset management firms

Asset management firms in Asia are not independent enough, the Financial Times claims. They generally are owned by large groups, and their first objective is to support these groups. That explains why Asian asset management firms have not been impressive in international markets.
02/11/2012

Dividend taxation: BVI satisfied

The German BVI association of asset management firms on 31 October declared itself satisfied that the German federal government is planning to put foreign shareholders on an even footing with regard to taxation of dividends paid to shareholders who hold a stake in the capital. The German government has largely followed the recommendations of the BVI, to refund the withholding tax on capital gains which is paid by foreign companies in Germany even in cases where the tax would not be payable outside Germany. The German government has actually transposed a verdict of the European Court of Justice, without penalising German companies. One year ago, the Court found that foreign companies were disadvantaged against their German competitors when they held less than 10% in a German publicly-traded company. Foreign companies with a stake in a German company were subject to a 15% tax on their capital gains as German dividends, which German companies were not. German companies remained exempt to company tax on dividends. That prevented multiple taxation, since the company paying the dividend had already paid company tax. This also works to the advantage of equity funds which hold stakes in capital. They remain attractive for these businesses, which also does not work to the disadvantage of corporate retirement savings.
02/11/2012

Natixis GAM opens in Hong Kong

The French asset management firm Natixis Global Asset Management opened an office in Hong Kong on 31 October, under the leadership of Michael Chang, managing director of NGAM Hong Kong Limited, who will report to John Hailer, Asia CEO, based in Boston. Chang had been based in Taipei, where he had been country head for Taiwan. He will be replaced in that position. The implantation includes a network in Beijing, Singapore, Taipei and Tokyo, with over 50 people. Asia-Pacific assets at the group total USD22.7bn (as of the end of March, +66% in two years), out of a total of USD711bn, or EUR560bn, as of 30 June. The Hong Kong office will be responsible for operations and sales, but management will continue to be undertaken by specialist affiliates of Natixis AM and GAM, including Absolute Asia, AEW (USD45.5bn), Harris Associates, Loomis Sayles, Hansberger Global Investors (USD7.4bn) and Ossiam.

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