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23/12/2011

Un risque de sous-performance significatif

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois de novembre 2011 (du 4 novembre au 2 décembre). Ces performances sont mises en perspective par le calcul de la volatilité, du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.
22/12/2011

SGSS Russia mandated by Fleming & Family Partners AM

Societe Generale Securities Services Russia (Rosbank) has been appointed by Fleming Family & Partners Asset Management to act as custodian (depositary) and investment funds trustee (specialized depositary).SGSS Russia will provide custody, fund trustee and transfer-agent services for the full range of local open-ended and closed-ended funds managed by FF&P AM in Russia. Fleming Family & Partners’ heritage is the investment business of Robert Fleming which was founded in 1873. Fleming Family & Partners (FF&P) is an independent, privately-owned investment house with offices located in London, Zurich, Liechtenstein and Moscow. Fleming Family & Partners was founded in August 2000 following the sale of Robert Fleming & Co in which the family was the largest shareholder. The Fleming family has had operations in Russia since 1992.
22/12/2011

ETFs: positive qualities overshadowed by sterile controversies

After recently expressing regret at the unfounded accusations levelled at ETFs, Scott Ebner, global head of product development for SPDR ETF (State Street Global Advisors), has said that he is shocked by the recent discussions taking place about ETFs,, at a round table held in London. “There is inaccurate information [going around] which has obscured the genuinely positive qualities of ETFs and the reasons for their sustained growth rate,” he explained, pointing out that these products are “flexible tools, which bring immediate diversification into market segments which were previously prohibitive or difficult to access.” Separating out the merits of the physical replication method compared with synthetic replication is less important for investors than understanding how and why to use ETFs. Ebner also brushes off the notion that ETFs would have a destabilising effect on the markets. “In reality, there are about 2,000 ETFs on the market, which is not many compared with the number of funds in the Morningstar universe,” he says. In the debate, Justin Urquhart, director of marketing at the firm Seven Investment Management, claimed that the low cost of ETFs are a factor in their popularity. Steven Doran, a fund manager at HSBC Global Asset Management, welcomed the beneficial effects of ETFs on the markets, as they bring liquidity, particularly to sectors such as emerging markets. But the head also militated for increased efforts to educate investors. There is still some work to be done to make retail investors fully understand synthetic ETFs.
22/12/2011

US money market funds make safety their top priority

According to Fitch, the ten largest money market funds in the United States have further reduced their exposure to European bank debt in November, to 33.4%, compared with 34.9% as of the end of October, Agefi reports. The agency also reports that 27% of exposure now consists of repo debt, or financing secured by collateral, compared with 10% as of 2099, the newspaper adds.
22/12/2011

Long-term yields will need structural reforms to bring them down

Long-term yields on government bonds from euro zone countries such as Italy and Greece will not fall so long as structural reforms have not been undertaken in each of the countries concerned, Philippe Delienne, chairman of Convictions Asset Management, said in a press conference on Wednesday. However, Delienne hopes that an unprecedented operation by the European Central Bank (ECB) in which EUR489bn were lent to 523 European banks will help to bring down short-term rates. The new operatoin to provide three-year financing has proved larger than all expectations. “The challenge for the ECB is to pass on its monetary policy to the economy without massively buying up government bonds,” says Delienne. “But that will depend on what banks will do with the money.” He estimates that they may use it to buy short-term government bonds on their respective countries, but that it is unlikely that they will buy bonds from other countries, or long-term debt.
22/12/2011

Madoff: Two hedge funds sue Deutsche Bank

Two hedge funds, Kingate Global Fund and Kingate Euro Fund, have sued Deutsche Bank, accusing it of refusing to honour a commitment to buy up their claims for losses in the Bernard Madoff case for USD1bn, the Wall Street Journal reports. Under the agreement, Deutsche Bank would have been required to but up USD1.6bn in debt for USD1.1bn. But since then, a series of court verdicts has limited the ability of the court-appointed trustee for Madoff to recuperate money for investors.
22/12/2011

New Star founder rejects accusations by a former manager

In an open letter cited by Investment Week, the founder of New Star, John Duffield, has refuted accusations that Patrick Evershed, a former fund manager, levelled against him in a lawsuit which has caused a major stir in the United Kingdom. The case, which pits the manager against the firm (now owned by Henderson), ended in a confidential out-of-court settlement between the parties. Duffield, who did not participate in the case, contests 6 points, including accusations that he tried to bully Evershed into reopening his fund and removing the GBP50m limit, which would have had an impact on performance.
22/12/2011

Fidelity hires a head for Asia

Fidelity Worldwide Investment has confirmed that it has re-hired Bruno Lee, who was at HSBC, as head of retail clients in Asia ex Japan, Asian Investor reports. He will begin in his new role at the beginning of January, and will report to Mark Talbot, managing director for Asia ex Japan.
22/12/2011

Fortress CEO takes leave of absence

Fortress Investment Group has announced that Daniel Mudd is taking a leave of absence from his role as chief executive officer of the company and member of its board of directors. Randal A. Nardone, Fortress principal and co-founder, will serve as interim chief executive officer, effective immediately.“I have requested a leave of absence from my position as chief executive officer to ensure that any time or attention I need to focus on matters outside of Fortress will not affect the business or operations of the company,” said Daniel Mudd. The latter was charged with securities fraud in a civil case brought by the US Securities and Exchange Commission related to his previous role at Fannie Mae.
22/12/2011

DoubleLine triples assets under management

DoubleLine, the asset management firm founded by Jeffrey Gundlach, former head of TCW, has tripled its assets under management to USD21bn this year, the Financial Times reports. But Gundlach stands out most of all for his pessimism. He claims the sovereign debt crisis in Europe will reach a “crescendo” next year. He claims that investors need to prepare a portfolio which will minimise losses in a variety of extreme scenarios, including deflation and hyperinflation.
22/12/2011

Three managers leave AllianceBernstein

AllianceBernstein’s current chief operating officer, David A. Steyn, and co-head of institutional and retail sales and marketing, Gregory J. Tencza, will be leaving the firm effective January 3, 2012. The director of operations, Richard G. Taggart, will be leaving the firm on January 31, 2012. These departures are part of «organizational changes that streamline the firm’s management structure». «With these changes, the firm aims to improve the execution of its long-term strategy of diversifying the mix of investment services it offers to clients, and increasing operating leverage», according to a press release. James A. Gingrich -- chairman and chief executive officer of the firm’s sell-side research subsidiary, Sanford C. Bernstein & Co., LLC -- will assume the role of chief pperating officer of AllianceBernstein, effective immediately. Robert P. van Brugge, global director of research at Sanford C. Bernstein & Co., LLC, will succeed Mr. Gingrich as chairman and CEO of Sanford C. Bernstein & Co., LLC. Robert M. Keith, co-head of institutional and retail distribution, will assume sole responsibility for client service, sales and marketing in those channels, globally. Finally, Lawrence Cohen, chief technology officer, will head both technology and operations.
22/12/2011

Vanguard recruits a chief European economist

Vanguard has announced the appointment of Peter Westaway as its chief European economist. He was previously chief economist Europe for Nomura International and senior research advisor for the Bank of England. In his new position, Peter Westaway will be responsible for formulating macroeconomic analyses and forecasts that will support Vanguard’s global internally-managed portfolio strategies. He will also head Vanguard’s European research efforts, developing in-depth research on investment related strategies that are critical to Vanguard’s individual, adviser, and institutional clients in the UK and across Europe.Vanguard currently has European headquarters in London, and regional offices in Zurich, Paris, and Amsterdam
22/12/2011

Decline of M&A in the asset management industry

In terms of mergers and acquisitions, asset management is among the sectors that have been most severely affected in fourth quarter 2011, along with the banking, consumer goods and telecommunications sectors. Mergers and acquisitions have fallen by more than 40%, according to the first edition of hte quarterly M&A Tracker barometer by Ernst & Young. Only the automotive sector has seen an increased volume of merger and acquisition operations in the quarter. For the countries studied as a whole, the number of merger and acquisition operations has fallen by 14% compared with the previous quarter, and 18% compared with the fourth quarter of last year. In the French market alone, the decline in mergers and acquisitions in fourth quarter comes to 4% by number of operations, and 18% by volume. This is the second consecutive quarter of declines.
22/12/2011
Gestion d'actifs

L'UNMI a sélectionné deux gérants pour des mandats de gestion diversifiée

L’Union Nationale Mutualiste Interprofessionnelle (UNMI) a sélectionné en septembre les gérants du portefeuille diversifié action/taux dont l’encours total est de 180 millions d’euros. Epaulée par la société Alpha Institutionnels Conseil, l’UNMI a désigné Fédéris Gestion d’Actifs (FGA), qui était jusqu’alors le gérant principal du mandat et La Banque Postale Asset Management (LBPAM).
Gestion d'actifs
22/12/2011

Fidelity recrute un responsable en Asie

Fidelity Worldwide Investment a confirmé avoir à nouveau recruté Bruno Lee, parti entre temps chez HSBC, en tant que responsable de la clientèle de particuliers pour l’Asie hors Japon, rapporte Asian Investor. Il prendra ses fonctions début janvier et sera placé sous la responsabilité de Mark Talbot, managing director pour l’Asie hors Japon.
22/12/2011

Vanguard recrute un chef économiste européen

La société de gestion américaine Vanguard vient de nommer Peter Westaway en tant que chef économiste européen. Il était précédemment chef économiste Europe pour Nomura International et conseiller senior pour la Banque d’Angleterre.Chez Vanguard, Peter Westaway sera chargé de formuler les analyses et prévisions macroéconomiques qui serviront de base pour les stratégies de portefeuille mondiales gérées en interne par la société de gestion. Il dirigera aussi la recherche européenne. En Europe, Vanguard est basé à Londres et possède des bureaux à Zurich, Paris et Amsterdam.
22/12/2011

Le fondateur de New Star réfute les accusations d’un ancien gérant

Dans une lettre ouverte citée par Investment Week, le fondateur de New Star, John Duffield, réfute les accusations que Patrick Evershed, ancien gérant de fonds, a portées à son encontre à l’occasion d’un procès qui a fait grand bruit au Royaume-Uni. Cette affaire, qui opposait le gérant à la société (maintenant détenue par Henderson), s’est conclue par un accord confidentiel entre les deux parties. John Duffield, qui ne prenait pas part au procès, conteste 6 points et notamment les accusations selon lesquelles il aurait malmené Patrick Evershed afin que celui-ci rouvre son fonds et supprime la limite de 50 millions de livres, ce qui aurait impacté la performance.
22/12/2011

Trois départs de la direction d’AllianceBernstein

David A. Steyn, chief operating officer d’Alliance Bernstein, Gregory J. Tencza, co-responsable des ventes institutionnelles et retail, qui avait créé le bureau de Londres de la société, et Richard G. Taggart, directeur des opérations, vont quitter AllianceBernstein en janvier prochain. Ces départs s’inscrivent dans le cadre de la rationalisation du management de la société de gestion américaine du groupe Axa. «Avec ces changements, la société cherche à améliorer l’exécution de sa stratégie de long terme qui est de diversifier le mix des services d’investissement offerts aux clients et d’accroître le levier opérationnel», peut-on lire dans un communiqué.Suite à ces départs, James A. Gingrich, président et directeur général de la filiale de recherche sell-side d’AllianceBernstein, Sanford C. Bernstein & Co, va devenir chief operating officer, avec effet immédiat. Il sera remplacé à la présidence de Sanford par Robert P. van Brugge, directeur global de la recherche de la structure. Robert M. Keith, co-responsible de la distribution institutionnelle et retail, assumera quant à lui seul la responsabilité du service, après le départ de Gregory J. Tencza. Enfin, Lawrence Cohen, chief technology officer, dirigera à la fois la technologie et les opérations.
22/12/2011

Le CEO de Fortress prend un congé

Daniel Mudd, le directeur général de Fortress, prend un congé. «J’ai demandé un congé pour m’assurer que tout le temps et l’attention dont j’ai besoin pour des affaires extérieures à Fortress n’affecteront pas l’activité de la société», explique-t-il. Daniel Mudd fait l’objet d’accusations de fraude boursière dans un procès au civil intenté par la Securities and Exchange Commission lié à son rôle précédent chez Fannie Mae. Randal A. Nardone, principal et co-fondateur de Fortress, remplacera temporairement Daniel Mudd, avec effet immédiat.
22/12/2011

DoubleLine triple ses encours sous gestion

DoubleLine, la société fondée par Jeffrey Gundlach, l’ancien dirigeant de TCW, a multiplié par trois ses encours sous gestion à 21 milliards de dollars cette année, selon le Financial Times. Mais Jeffrey Gundlach se distingue surtout pour son pessimisme. Pour lui, la crise de la dette souveraine en Europe va atteindre un «crescendo» l’an prochain. Il estime que les investisseurs doivent préparer un portefeuille qui minimisera les pertes dans une variété d’événements extrêmes dont la déflation et l’hyperinflation.
22/12/2011

SGSS Russie mandaté par Fleming Family & Partners AM

Société Générale Securities Services Russie (Rosbank) a été mandaté par Fleming Family & Partners Asset Management (FF&P AM) pour assurer les services de conservateur, de dépositaire de fonds et d’agent de transfert pour l’ensemble de la gamme locale des fonds de placement à capital fixe et variable gérés par FF&P AM en Russie.Fleming Family & Partners (FF&P) est une société d’investissement privée indépendante basée à Londres, à Zurich, au Liechtenstein et à Moscou. Elle a été fondée en août 2000 à la suite de la vente de Robert Fleming & Co, dont la famille Fleming était le principal actionnaire, précise le communiqué.
22/12/2011

Les fonds monétaires US jouent la sécurité

Les dix premiers fonds monétaires américains ont encore réduit leur exposition à la dette des banques européennes en novembre, à 33,4% contre 34,9% fin octobre, selon Fitch. L’agence relève aussi que 27% de l’exposition est désormais constituée de repo, du financement sécurisé par du collatéral, contre 10% fin 2009.
22/12/2011

Pékin envisage d’ouvrir son marché actions aux fonds de pension

Les autorités chinoises envisageraient, selon le Wall Street Journal, d’introduire un nouveau système identique au fonds de sécurité sociale national qui permettrait aux gouvernements locaux d’investir une partie des fonds dans le marché actions domestique. Les fonds de pension locaux représentent un montant de près de 2.000 milliards de yuans, soit environ 241 milliards d’euros et ont dégagé un rendement de 4,2% en 2010.
22/12/2011

Daniel Mudd prend du recul

Le directeur général de Fortress Investment Group a annoncé son retrait provisoire. Il est remplacé par un cofondateur, Randal Nardone. L’ancien patron de Fannie Mae ne souhaite pas que les «affaires» externes perturbent la marche du gestionnaire américain. Daniel Mudd a été accusé par la SEC d’avoir délibérément sous-estimé l’exposition des agences aux crédits hypothécaires risqués.
22/12/2011

L’AMF se met à jour sur la directive OPCVM IV

L’Autorité des marchés financiers a indiqué que dans le prolongement de la transposition de la directive OPCVM IV, ses instructions relatives à l’agrément et au fonctionnement des OPCVM et OPCI ont été modifiées, prenant désormais en compte l’ensemble des nouveautés introduites en droit français.
22/12/2011

Franklin Templeton prévoit la fin de la crise européenne d’ici juin 2012

Mark Mobius, le président de Franklin Templeton, anticipe dans le quotidien brésilien Valor Economico que la crise de la dette souveraine en zone euro trouvera une issue favorable d’ici la fin du premier semestre de l’année prochaine. «La crise européenne n’est pas aussi profonde que ce que les gens pensent», estime-t-il.

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