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16/04/2012

Hausse des actifs sous gestion de Franklin Templeton

Les actifs sous gestion de Franklin Templeton s’inscrivaient fin mars 2012 à 725,7 milliards de dollars contre 727,4 milliards de dollars au 29 février 2012 et 670, 3 milliards de dollars à fin décembre 2011, selon un communiqué publié par la société. A fin mars 2011, les actifs sous gestion atteignaient 703,5 milliards de dollars.Les actifs sous gestion des fonds actions s’élevaient fin mars à 299,9 milliards de dollars contre 270, 2 milliards de dollars fin décembre mais 308,9 milliards de dollars à fin mars 2011.Du côté obligataire, les actifs sous gestion s’établissaient fin mars à 316,5 milliards de dollars contre 297,7 milliards de dollars fin décembre et 275,2 milliards de dollars un an plus tôt.
16/04/2012

Tiger Management supports former head of Norwegian sovereign fund

Julian Robertson of Tiger Management will support the new hedge fund managed by Knut Kjær former head of the Norwegian sovereign fund, the Financial Times reports. Last year, the hedge fund acquired Trient, an asset management firm, with Dag Løtveit, former head of strategic allocation for Norges Bank Investment Management. Tiger has invested in the capital of the new Trient fund in exchange for a share in the revenues.
16/04/2012

Switzerland plans to toughen regulations for hedge funds

Switzerland is preparing to impose tougher regulations on its hedge fund sector, and may become one of the strictest countries in this area, the Financial Times reports. The rules would affect Swiss investors, who are major clients of the global hedge fund industry. Foreign asset management firms who do not comply with the new requirements could be required to refund billions of Swiss francs. The rules, which have been proposed by the Federal Council and must now be debated by the Swiss parliament, aim to bring Switzerland into compliance with European hedge fund regulations, and to go beyond those regulations in some areas.
16/04/2012

Former EIM chairman returns

Jan Frogg, former chairman of the executive board at the fund of fund firm SIM, has returned at a new company, Sayan Capital, where he will aim to raise money for hedge funds, according to reports in Financial News.
16/04/2012

Assets in US ETFs up

According to State Street Global Advisors (SSgA), assets under management by ETFs domiciled in the United States as of the end of March totalled USD1.9trn, 14% more than as of the end of December, the Wall Street Journal reports. Bond ETFs have attracted one third of the USD52.1bn in net subscriptions.
16/04/2012

Assets in sovereign funds continue increase unabated

According to estimates from the Preqin consultancy, assets under management by sovereign funds as of the end of March totalled about USD4.62trn, compared with USD3.98trn one year earlier, USD3.59trn as of the end of March 2010, USD3.22trn as of the end of March 2009, and USD3.05trn as of the end of March 2008.The most recent Preqin newsletter finds that 57% of sovereign funds invest in private equity, 46% in the form of investment commitments to funds and 11% via direct investments.The study also finds that propensity to invest in private equity clearly increases with size: 83% of funds with assets of over USD250bn have already invested in private equity, while only 55% of those with total assets of USD10bn to USD49bn have done so, and 25% of those with under USD1bn.The five sovereign funds which invest most in private equity funds have total assets of over USD2.2trn. The largest of these is the Abu Dhabi Investment Authority (ADIA) with USD627bn, of which 2% to 8% are invested in private equity. The Kuwait Investment Authority (USD296bn) has an allocation to private equity of 10%.
16/04/2012

Improving economic outlooks bring a smile to managers' faces

Managers are highly optimistic due to signs of an improvement in conjuncture, according to a recent survey by SEI. The majority of managers responding to the survey (78%) are optimistic about their growth outlooks in the next three years, and show a level of confidence unprecedented since the financial crisis. The reasons for managers’ prevalent optimism include the strength of the brand they are defending (32%, up from 19%), positive market outlooks (24%), good levels of resources, and the strength of their development strategies (21%).
16/04/2012

KKR plans to buy and merge diamond operations of Rio Tinto and BHP

According to reports in the Sunday Times relayed by Handelsblatt, a spokesperson for KKR on Sunday declined to comment on reports that the private equity firm is planning to acquire and merge the diamond operations of Rio Tinto and BHP Billiton, and that it has already retained a consultant in connection with the plans.
16/04/2012

BVI welcomes tax agreement with US

Thomas Richter, CEO of the German BVI association of asset management firms, on Friday welcomed the terms of a tax agreement between Germany and the United States which makes German institutional funds exempt from income tax withholding in the United States if the fund is held exclusively by one or more German pension funds or retirement entities.Under the new version of the double taxation treaty between Germany and the United States, pension funds and contractual trust arrangements domiciled in Germany are considered pension funds.This rule will benefit assets by about EUR20bn, according to BVI estimates.
16/04/2012

SIX Group hopes to bring together finance actors

SIX Group, which operates the Swiss stock exchange, is hoping to bring together actors in the Swiss financial market to present the requirements of the industry to the minister of finance, Eveline Widmer-Schlumpf, as a “master plan,” the SonntagsZeitung reports. The financial market urgently needs a coherent strategy, says Urs Rüegsegger, head of SIX Group. “Switzerland is too much on the deensive,” he says. Politicians and administrators have taken control, without actors in the industry having a say. Rüegsegger would like to change that situation, by uniting these actors behind SIX Group, a “neutral party,” to deliver their ideas to the Federal Council by this autumn.
16/04/2012

Swiss government signs taxation agreement with Austria

The Swiss government has signed a new taxation agreement, this time with Austria. The legislation, singed on 13 April in Bern, sets up a tax on Austrian funds on sale in Switzerland and imposes withholding tax for capital gains. Switzerland has also already signed similar treaties with Germany and the United Kingdom, and would like to continue with Greece. The agreements signed so far will come into force in January 2013. Their fate still depends on approval from the parliaments of the countries concerned, which may be complicated in Germany. By giving the priority to solutions of this kind, Switzerland hopes to wipe the slate clean without affecting banking confidentiality, and is hoping to avoid automatic exchange of information sought by the European Union (EU).
16/04/2012

Taxation: names of bank employees may be handed over to United States

The Swiss Federal Council has decided to allow the 11 banks targeted by the US tax authorities to hand over the names of their employees to the United States, Agefi Switzerland reports. So far, sales documents transmitted have been required to be encrypted. The banking establishments may now directly deliver unencrypted information to criminal investigation authorities, says Nadia Batzig, a spokesperson for the Swiss federal finance department (DFF), confirming reports in the Tages-Anzeiger and Bund newspapers. The government has recently decided to allow them to deliver unencrypted information concerning their employees and third partners, including external wealth managers. It has also allowed the banks exemption from article 271 of the Swiss criminal code, which punishes “acts undertaken without permission for a foreign government.” However, information on banking clients still may not be transmitted.
16/04/2012

Italy reforms supervisory authorities

The Italian insurance regulator (ISVAP) and the pension fund surveillance authority (COVIP) may disappear, Il Sole – 24 Ore reports. The idea is to transfer the competences of the two authorities to the Bank of Italy, which would become the single regulatory authority for operator stability (banks, insurance and the finance sector). Consob (the market watchdog) and the antitrust agency would also see their resources related to transparency and market competition strengthened.
16/04/2012

Tax evasion: preliminary investigation of UBS opened in France

According to Les Echos, judges have recently decided to open an inquiry into UBS in France for “organised financial and banking services to unqualified individuals and money-laundering [tax fraud and funds obtained through illicit means].” These offences are punishable by a sentence of five years in prison and a fine of EUR750,000. In March 2011, the prosecutor’s office opened a preliminary investigation following a notification from the prudential control authority (ACP) about internal actions and control procedures at the bank. The regulator will pay particular attention to the handling of clients in France by sales staff at the bank from Switzerland. The inquiry has been entrusted to Paris investigating judge Guillaume Daieff. Neither the bank nor its advisers had any comment on the reports when contacted.
16/04/2012

M&G closes down Prudential funds

The British firm M&G has announced that it would like to close four unit trusts from the range on offer from Prudential as part of a rationalisation of its product range, FundWeb reports. The closures proposed will affect the Prudential European Tracker trust, the Prudential Ethical trust, the Prudential (Invesco Perpetual) Managed trust and the Prudential Managed Funds Tracker trust. The planned closures will be put into effect form 8 June. Clients will be allowed to transfer their investments to equivalent vehicles from M&G.
16/04/2012

Assets with limited liquidity in Spanish funds reduced

According to the quarterly newsletter from the CNMV, the total volume of illiquid assets in Spanish funds as of the end of 2011 was EUR7.5bn, which represents 5.6% of total assets, whereas that percentage was 7.4% as of the end of 2010. Funds People states that the amount has been reduced by EUR3bn in absolute terms. Compared with 2009, when the total was EUR14.9bn, the volume of illiquid assets has been halved.
16/04/2012

“We are very satisfied with our partnership with Alfi Partners”

The head of the independent asset management firm Jupiter Asset Management, Edward Bonham-Carter, discusses its strategy and development plans with Newsmanagers. With about GBP23bn in assets under management, Jupiter is looking to continue its development, but at its own pace. In addition to the British market, where the firm is hoping to attract investments from more high-end clients, the two major areas of growth for Jupiter are continental Europe and, more recently, Asia.
16/04/2012

Increase in assets at Ashmore in third quarter

The British asset management firm Ashmore, a specialist in emerging markets, has seen a 9.1% increase in its assets in the third quarter of its fiscal year, to USD65.9bn. The firm has posted subscriptions in overlay, external debt, local currencies, corporate debt and multi-strategy themes, and redemptions from equities and multi-debt themes.
16/04/2012

23 layoffs at SWIP

The British asset management firm Scottish Widows Investment Partnership will be laying off 23 staff from its team dedicated to equities, as part of a reorganisation of the GBP54bn activity.The equities unit will now be refocused on active and quantitative management, and some strategies will become passive. “In the asset management sector, we are seeing a widening gap between equity investors seeking high alpha solutions, and those who prefer a lower-risk strategy using a quantitative approach,” a statement explains.Andrew November, director of equities at SWIP, has appointed the team which will be in charge of this new equities strategy. Will Low will continue to serve as head of global equities, which now includes British small caps, publicly-traded real estate and absolute returns. Tony Whalley will continue to direct the equities dealing team, and Anne Fraser will be head of governance.Sean Phayre will remain as director of the quantitative equities team, which is part of the Investment Solutions unit.SWIP states that it has initiated the transition of some funds to the new equity strategy. This process will take a few months, and will result in the closure of some small regional equity funds and funds whose small size renders them economically unviable.
16/04/2012
Gestion d'actifs

Le Fonds de pension de Total en Belgique va prochainement investir sur les convertibles

Le fonds de pension de Total en Belgique finalise la sélection d’un gérant pour un mandat de 20 millions d’euros sur les convertibles avec un style de gestion passive. Le fonds de pension s’appuie sur le consultant bfinance et devrait annoncer le nom du lauréat fin avril. Philippe Lamy, le directeur de la gestion du fonds de pension a déclaré vouloir investir jusqu'à 30 millions d’euros à terme sur les convertibles, en réduisant son exposition sur les actions et certains segments obligataires. Il est également prévu de poursuivre la diversification du portefeuille et de rechercher des sources de rendements plus importants. Dans un troisième temps, il s’agira de remettre en concurrence les gérants avec lesquels le fonds travaille déjà sur d’autres classes d’actifs. La situation de Dexia est notamment suivie avec une extrême attention. L’allocation d’actifs (400 millions d’euros au total) est la suivante : 57% en obligations, 33% en actions et 10% en immobilier. Total Belgique a retenu BNP Paribas IP sur les actions et les taux, Aberdeen AM uniquement sur les taux, PIMCO sur les obligations d’entreprises, Dexia AM sur les actions, Blackfriars AM sur les actions émergentes, en particulier sur l’Asie et Petercam sur l’immobilier.
Gestion d'actifs
16/04/2012

SWIP supprime 23 postes

La société de gestion britannique Scottish Widows Investment Partnership va supprimer 23 postes dans son équipe dédiée aux actions dans le cadre d’une réorganisation de cette activité de 54 milliards de livres. Le pôle actions sera désormais recentré sur la gestion active et la gestion quantitative, et un certain nombre de stratégies deviendront passives. «On assiste dans le secteur de la gestion d’actifs à un écart grandissant entre les investisseurs actions en quête de solutions à alpha élevé et ceux préférant une stratégie à plus faible risque par le biais d’une approche quantitative», explique un communiqué.Andrew November, le directeur des actions de SWIP, a dans ce cadre nommé l’équipe qui pilotera cette nouvelle stratégie actions. Will Low continuera à occuper son rôle de responsable des actions mondiales, qui inclue désormais les petites capitalisations britanniques, l’immobilier coté et le rendement absolu. Tony Whalley continuera à diriger l’équipe equities dealing, et Anne Fraser restera responsable de la gouvernance. Sean Phayre sera toujours le dirigeant de l’équipe quantitative qui se trouve dans le pôle Investment Solutions. SWIP indique par ailleurs avoir entamé la transition d’un certain nombre de fonds à la nouvelle stratégie actions. Ce processus prendra quelques mois et se traduira par la fermeture d’un certain nombre de petits fonds actions régionaux et de fonds dont la petite taille ne les rend plus viable économiquement.
16/04/2012
Fonds

M&G ferme des fonds de Prudential

Le britannique M&G a indiqué vouloir fermer quatre unit trusts de la gamme proposée par Prudential dans le cadre de la rationalisation de son offre, rapporte fundWeb.Les fermetures proposées concernent le Prudential European Tracker trust, le Prudential Ethical trust, le Prudential (Invesco Perpetual) Managed trust et le Prudental Managed Funds Tracker trust. Les fermetures envisagées devraient être mises en œuvre le 8 juin prochain. Les clients sont invités à transférer leurs investissements dans des véhicules équivalents de M&G.
Fonds
16/04/2012

Ashmore augmente ses encours au troisième trimestre

La société de gestion britannique Ashmore spécialisée sur les marchés émergents a vu ses encours augmenter de 9,1 % au troisième trimestre de l’année à 65,9 milliards de dollars. La société a enregistré des souscriptions dans l’overlay, la dette externe, les devises locales, la dette d’entreprises et les thèmes multi-stratégies et des retraits sur les actions et les thèmes multi-dettes.
16/04/2012

Evolution divergente des encours de quatre grandes maisons en mars

A fin mars, les actifs gérés par Invesco et Legg Mason ressortaient respectivement à 672,8 milliards et 643,3 milliards de dollars, contre 667,6 milliards et 638 milliards un mois plus tôt, alors que les encours de Franklin Templeton et d’AllianceBernstein baissaient à 725,7 milliards contre 727,4 milliards et à 419 milliards contre 424 milliards.En revanche, chacun de ces grands gestionnaires affichait à la fin du premier trimestre un montant d’actifs supérieur à celui du 31 décembre 2011. Le gonflement le plus important en valeur absolue est celui de 55,4 milliards de dollars constaté pour Franklin Templeton, devant Invesco (47,5 milliards), Legg Mason (16,3 milliards) et AllianceBernstein (13 milliards).
16/04/2012

Forte croissance de la banque privée d'UBS aux Etats-Unis

Au mois de mars et début avril, le groupe suisse UBS a recruté 12 brokers en provenance de Bank of America Merrill Lynch et de Morgan Stanley Smith Barney, rapporte Finews.Ces brokers apportent avec des actifs de leur clientèle pour un montant d’environ 2 milliards de dollars.Fin 2011, le pôle wealth management d’UBS était le quatrième broker aux Etats-Unis, avec 7.000 conseillers et des actifs sous gestion pour un montant de 754 milliards de dollars.
16/04/2012

Goldman Sachs devra payer une amende de 22 millions de dollars

La Security and Exchange Commission (SEC) a annoncé jeudi 12 avril que Goldman Sachs allait devoir s’acquitter d’une amende de 22 millions de dollars. Cette amende du régulateur américain sanctionne une séparation insuffisante entre ses analystes et ses traders et clients. 11 millions de dollars devront être versés à la SEC et autant à la Financial Industry Regulatory Authority (Finra), précise Hedgeweek.
16/04/2012

JP Morgan décollecte au premier trimestre

Le pôle Asset Management de JP Morgan Chase a accusé sur les trois premiers mois de cette année des rachats nets de 8 milliards de dollars, selon les résultats trimestriels de la banque américaine publiés vendredi. Cela s’explique par des sorties nettes de 25 milliards de dollars subies par les produits monétaires, qui n’ont pas été totalement compensées par les 17 milliards de souscriptions nettes sur les produits dits «de long terme» (hors monétaires). Sur les douze derniers mois, toutefois, la gestion d’actifs de JP Morgan Chase voit entrer en net 45 milliards de dollars.A fin mars, les encours sous gestion de la banque ressortaient à 1.400 milliards de dollars, soit une augmentation de 4 % par rapport à l’année précédente. Les encours sous supervision sont de 2.000 milliards de dollars, une hausse de 6 %. Les revenus nets sont ressortis à 2,4 milliards de dollars, une baisse de 36 millions de dollars, ou 1 %, par rapport à l’année précédente. Le bénéfice net recule de 17 % à 386 millions de dollars.
16/04/2012
Fonds

Plus de 100 milliards de dollars de collecte pour les fonds de long terme au premier trimestre

Les fonds de long terme aux Etats-Unis ont drainé au premier trimestre 106,3 milliards de dollars en net, selon les dernières statistiques sur les mutual funds communiquées par Morningstar.Les fonds d’actions américaines ont toutefois continué de perdre du terrain, avec une décollecte nette sur le trimestre de 20,9 milliards de dollars pour les fonds de grandes capitalisations.En revanche, les fonds d’obligations de moyen terme et d’obligations «high yield» ont enregistré au premier trimestre une collecte nette totale de 314,4 milliards de dollars.Les fonds monétaires ont de leur côté subi des rachats pour un montant de 114 milliards de dollars au premier trimestre, une décollecte jamais vue depuis le deuxième trimestre 2010.
Fonds
16/04/2012

La rémunération du patron de Goldman chute de plus d'un tiers

Lloyd Blankfein, chairman & CEO de Goldman Sachs Group, a vu sa rémunération totale au titre de 2011 chuter de 35,5 % sur l’année précédente à 12 millions de dollars, rapporte The Wall Street Journal. Cependant, selon la notification à la SEC, cette rémunération aurait en fait augmenté de 14,5 % sur 2010 à 16,2 millions de dollars grâce à une prime en numéraire et aux multiples avantages en nature et les prestations liées à la retraite.

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