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03/11/2011

BNP Paribas IP: Outflows of EUR22.5bn in 9 months

The Investment Partners unit at BNP Paribas saw net outflows of EUR22.5bn in the first nine months of the year, according to quarterly results from the bank, published on Thursday. Outflows affected all asset classes, particularly money market funds, the firm says. These redemption demands were only partly offset by inflows in private banking, insurance and Personal Investors. Overall, the Investment Solutions unit at BNP Paribas saw net outflows of EUR7.9bn in nine months. With the addition of the steep decline of equity markets, assets under management by the unit have fallen 5.5% in nine months, to EUR851bn. In this environment, revenues from asset management fell from EUR825m in third quarter 2010, to EUR804m in third quarter 2011. The unit as a whole has seen an increase in its revenues of 2.5%, to EUR1.551bn. Pre-tax income for institutional and private management are also down from EUR250m to EUR195m year on year. For the Investment Solutions unit as a whole, income are down heavily, by 46.4%, to EUR266m.
03/11/2011

La Française AM recruits a legal director

La Française AM has appointed Karina Perwald-Leroy as group legal director. Perwald-Leroy will report to Jérôme Coirier, director of the organisation and group partnerships, and will be in charge of legal management and administration of the group’s companies, clients, partners and distribution platforms, as well as monitoring M&A’s internal and external operations. Before joining La Française AM, since November 2007 Perwald-Leroy had been head of the legal service at State Street France, and a member of its board of directors.
03/11/2011

Bonuses: French banks aim for sensible and moderate distribution

French banks are planning to continue “a sensible and moderate distribution policy,” as it has done in the past, setting aside a very small portion of their profits, the French banking federation announced in a statement on 2 November, following a meeting of the major French banks at Matignonn the Prime Minister’s office.French banks “strictly apply the European directive of 2010,” which resulted in “moderation of variable pay scales” as reported in the international media. “The same will be true in 2011, which, due to the market environment, will represent a significant decline compared with 2010,” the professional federation writes.French banks have also reaffirmed that they are planning to continue to increase their owners’ equity, in keeping with the new requirements of the European Banking Authority and with the intent of applying the new Basel 3 solvency requirements from 2013.Banks have confirmed to the French prime minister, François Fillon, that they are increasing their owners’ equity on their own, without government intervention. In order to achieve that, they are working closely with the Governor of the Bank of France.
03/11/2011

Commerzbank sells former headquarters of Dresdner Bank

Commerzbank at the end of last week sold the “silver tower” in Frankfurt for an undisclosed amount which is rumoured to be about EUR400m, to a consortium led by a fund from IVG Immobilien AG, in which eight investors hold 90% of shares. According to the local press, the fund contributed EUR200m, while IVG kicked in EUR20m.The skyscraper (166 metres) was once the headquarters of Dresdner Bank, and is wholly leased to Deutsche Bahn. With the associated buildings, the transaction includes a total of 72,000 square metres.External financing was made available by “a major complementary retirement institution” from south Germany, for a ten-year period.
03/11/2011

Three new ETFs from Pimco

Pimco has announced the launch of the ETF Pimco Australia Bond Index Fund for US investors. The fund will be managed by Rob Mead. The asset management firm has also confirmed the forthcoming launch of two more ETFs to invest in bonds from countries with good financial health. These include an ETF based on Germany, the Pimco Germany Bond Index Fund, managed by Lorenzo Pagani, and the Pimco Canada Bond Index Fund, managed by Ed Devlin.
03/11/2011

Oddo AM selects BNY Mellon for a new hedge fund

For its new hedge fund, Orsay Merger Arbitrage, Oddo Asset Management has selected BNY Mellon as its administrator and custodian. The fund was launched in June 2011, with seed capital of EUR100m.
03/11/2011

American Century launches three alternative strategies

The American Century Investments group has announced the launch of three alternative strategies, Core Equity Plus, Disciplined Growth Plus and Market Neutral Value.The three strategies will use short-selling techniques, but in different proportions, and using different investment strategies.The new range comes as an addition to the strategies already available, which include Real Estate, Global Real Estate, Global Gold, Strategic Inflation Opportunities and Equity Market Neutral.“These new strategies are there to meet the constantly changing needs of our clients, who in addition to long-only strategies, are looking for new sources of returns,” says American Century chief investment officer Scott Wittman.
03/11/2011

OSS Capital Management to close hedge fund

Oscar Schafer is planning to liquidate his hedge fund at O.S.S. Capital Management in the next six months, sources familiar with the matter have told the Wall Street Journal. The fund did not manage to make back the heavy losses it suffered in 2008, and its assets as of the end of August fell to USD500m, compared with a peak of over USD2.5bn.
03/11/2011

Vanguard launches two bond funds with ETF share classes

The US firm Vanguard has filed with the SEC for two international bond funds, Vanguard Total International Bond Index Fund and Vanguard Emerging Markets Government Bond Index Fund.The Vanguard Total International Bond Index Fund will aim to replicate the performance of the Barclays Global Aggregate ex-USD Float Adjusted Index (Hedged) and will thus use currency hedging techniques.The product will be a part of the Vanguard Total product range, which has about USD300bn in assets.The Vanguard Emerging Markets Government Bond Index Fund will track the Barclays Emerging Markets Sovereign Index (USD). The portfolio will invest exclusively in emerging market government bonds denominated in US dollars, which eliminates currency risks for investors based in the United States.Vanguard will offer both traditional share classes for the two new funds (Investor, Admiral and Institutional), and ETF share classes. The latter will cost 0.30% for the Total International Bond Fund, and 0.35% for the Emerging Markets Government Bond Index Fund.
03/11/2011

UAE expats may have to save for retirement

Expats working in the United Arab Emirates may have to contribute to a retirement system whose primary objective is to build a local asset management industry and to strengthen equity and bond markets, according to Financial Times Fund Management. The assets which the pensions savings would represent are estimated to total in the hundreds of billions of dollars, according to Nigel Sillitoe, chief executive of Insight Discovery. That represents a massive opportunity for international and local asset management firms.
03/11/2011

DWS offers a closed hydroelectric fund

With the DWS Access Wassercraft, DWS is offering a closed fund which will invest in a decentralised manner in small and mid-sized hydroelectric centres in Europe. The fund management firm is DWS Access Wasserkraft Alpha GmbH & Co (this German format does not require an ISIN code), and the target volume for the fund is about EUR83m in orders equity, plus 2% agio. The product will be available to investors for a minimal investment of EUR25,000.The subscription commission is set at 4% (on 30 November 2011 and 29 February and/or 29 June 2012), while annual commission will be 0.55% per year for the first seven years.The management of the assets will be outsourced to the Austrian enso hydro GmbH, while enso GmbH & Co KG will contribute about EUR30m to the fund.The first distribution is planned for the 2015-2016 fiscal year, and the duration of the fund is undetermined, with the first exit opportunity for investors on 31 March 2029. The overall performance objective is 180% if the fund is liquidated after 7 years.DWS says that the product is aimed at retail investors who do not need regular revenue, and who can sustain a total loss of their investment without severe economic consequences.
03/11/2011

Standard Life to pull out of funds of hedge funds

Standard Life Investments is planning to close its fund of fund boutique Aida Capital, acquired last year, according to reports in Financial News. Assets at the structure have reportedly not boomed.
03/11/2011

Schroders closes a fund to new subscriptions

Schroders will soft close its European Alpha Plus fund, managed by Leon Howard-Spink, Investment Week reports. Schroders has confirmed the information to Newsmanagers. The firm has contacted its major investors to inform them that it is in their interest no longer to put money in the fund, Robin Stoakley, managing director, has told the website.
03/11/2011

Appointment at Henderson GI

Henderson Global Investors has hired Ilna Patel as assistant portfolio manager for its Central London office funds (CLOF I and CLOF II). Working alongside fund managers Clive Castle and Nick Deacon, she will be based in Henderson’s London office where she will support new business initiatives and investment activity as well as focusing on the fund’s current major projects which include Smithfield, the Soho Estate, Regent Quarter and the Leadenhall Triangle.Ilna Patel joins Henderson from the DTZ Central London valuation team.
03/11/2011

St James's Place posts strong inflows

UK-based asset management firm St James’s Place has reported net inflows in third quarter of GBP800m.In an interim report published on 2 November, the asset management firm adds that despite significant subscriptions, assets under management have fallen 8% in the same period, to a total of GBP26.7bn, largely due to negative market effects.
03/11/2011

Heavy fall in inflows at Royal London AM

Net inflows to Royal London Asset Management (RLAM) in the first nine months of the year totalled GBP218m, compared with GBP649m in the corresponding period of 2010, the firm announced on 2 November.The UK asset manager has announced that retirement plans and life insurance policies, however, have posted net inflows of GBP2.59bn in nine months, up 12% compared with the corresponding period of 2010.
03/11/2011

John Chatfeild-Roberts steps down as manager of Jupiter Global Managed Fund

John Chatfeild-Roberts, chief investment officer at Jupiter, will step down as the manager of the GBP256m Jupiter global managed fund and will hand responsibility to Simon Somerville. He will become deputy manager on the fund and will continue to provide input to the Fund’s asset allocation strategy.Simon Somerville, who has worked as deputy manager on the fund since September 2010, will take over the fund from John Chatfeild-Roberts with effect from 14 November 2011. He will remain lead manager of the Japan funds (the GBP478m Jupiter Japan Income Fund and the GBP51m Jupiter Japan Select fund) , supported by Dan Carter, who has been appointed deputy manager for both portfolios. John Chatfeild-Roberts, chief investment officer at Jupiter, said: “With my role having expanded since I became CIO last year, I feel the time is right to hand over full-time responsibility for this portfolio to Simon. It is also pleasing to be able to appoint Dan as deputy manager on both our Japan funds. He has worked hard and deserves greater responsibility.”
03/11/2011

Axa IM recruits a head of sales for UK institutionals

AXA Investment Managers has announced the appointment of Madeline Forrester as head of institutional sales UK. She will report to Irshaad Ahmad, head of UK and Nordics and member of the AXA IM executive committee. She will be responsible for the ongoing development and promotion of AXA IM’s proposition for the institutional market in the UK and will lead the sales efforts across this key channel.Madeline Forrester joins from Threadneedle where she had direct responsibility for building the UK Institutional Business.
03/11/2011

Royal London Asset Management recruits one

Royal London Asset Management (RLAM) has announced the recruitment of Grant Hadland as head of consultant relations in its Institutional Business Development team. He had previously served in a similar position at Fidelity International.
03/11/2011

Threadneedle toughens SRI policy

The British asset management firm Threadneedle Investments (EUR76.2bn in assets as of the end of June) on 2 November announced that, in keeping with the United Nations convention on cluster bombs, which came into force on 1 August 2010, it will no longer invest in shares in firms which produce “controversial” weapons. This will extend not only to cluster bombs, but also to land mines, chemical weapons and depleted Uranium.The decision comes as a part of Threadneedle’s socially responsible investment (SRI) policy, and respect for environmental, social and governance (ESG) criteria. However, Threadneedle has not ruled out short positions on these assets.The British asset management firm points out that its SRI policies were developed internally, and are based on the best international practices, including the United Nations Principles for Responsible Investment (UN PRI), the UN Global Compact, and the UK Stewardship Code.
03/11/2011

Third consecutive quarter of losses for SRI funds

Falling markets have not spared socially responsible investment (SRI) funds. Novethic reports that SRI mutual funds on sale in France have seen a third consecutive quarter of losses. Assets were down 9.3% to EUR41.9bn for 304 funds as of 30 September 2011.This contraction is due to losses from funds (-7.8%) more than outflows (-1.7%), Novethic notes in its publication “SRI essentials.” Market effects which affected equity funds represent losses of EUR3.6bn. For the bond and money market segments, “the slightly positive market trend barely offsets outflows from a few large funds,” Novethic adds.
03/11/2011
Fonds

La Commerzbank vend l'ancien siège de la Dresdner Bank

Pour un montant non divulgué, mais qui serait de l’ordre de 400 millions d’euros, la Commerzbank a vendu en fin de semaine dernière la «tour argentée» de Francfort à un consortium animé par un fonds d’IVG Immobilien AG dans lequel huit investisseurs institutionnels détiennent 90 % des parts. Selon la presse locale, le fonds apporterait 200 millions d’euros et IVG, 20 millions.Ce gratte-ciel (166 mètres) a été le siège de la Dresdner Bank et il est loué en totalité à la Deutsche Bahn. Avec les immeubles attenants, la transaction porte sur un ensemble de 72.000 mètres carrés. Le financement externe a été mis à disposition par une «importante caisse complémentaire» du sud de l’Allemagne pour une durée de dix ans.
Fonds
03/11/2011
Fonds

Un fonds fermé sur le secteur hydroélectrique chez DWS

Avec le DWS Acces Wasserkraft, DWS lance un fonds fermé qui investira de manière décentralisée dans des centrales hydroélectriques de petite et moyenne taille en Europe. La société de gestion du fonds est DWS Access Wasserkraft Alpha GmbH & Co (ce statut typiquement allemand dispense d’avoir à solliciter un code Isin) et le volume visé est d’environ 83 millions d’euros de fonds propres, plus 2 % d’agio. Ce produit est accessible aux investisseurs à partir de 25.000 euros.La gestion des actifs sera confiée à l’autrichien enso hydro GmbH, enso GmbH & Co KG devant apporter environ 30 millions au fonds. La première distribution est prévue au titre de l’exercice 2015-2016 et la durée du fonds est indéterminée, avec la première possibilité de sortie pour les investisseurs au 31 mars 2029. Au total, l’objectif de rendement est de 180 % en cas de liquidation au bout de 7 ans.DWS précise que ce produit s’adresse à des particuliers qui n’ont pas besoin de revenus réguliers et qui peuvent supporter une perte totale de leur placement sans conséquences économiques graves.La commission de souscription est fixée à 4 % (les 30 novembre 2011, 29 février et/ou 29 juin 2012) tandis que la commission annuelle sera 0,55 % par an pour les sept premières années.
Fonds
03/11/2011

Allfunds Bank a bien profité de son internationalisation

Dans un entretien avec Funds People, Luis Ussía, directeur régional Europe Occidentale et Amérique Latine, indique que depuis le début de la crise en juillet 2007, l’encours sous administration a gonflé de 32 % à 55 milliards d’euros, ce qui est attribuable à la politique d’internationalisation amorcée en 2005.Actuellement, Allfunds Bank est présente dans 25 pays et l’une des étapes décisives de son expansion a été la création d’Allfunds International à Luxembourg.Le groupe, contrôlé paritairement par le Santander et Intesa Sanpaolo, dispose de bureaux à Madrid, Milan, Londres, Santiago du Chili et Dubai. Il se spécialise exclusivement sur le service aux investisseurs institutionnels.Luis Ussóa précise aussi que deux marchés, l’Espagne et l’Italie, représentent à eux seuls 65 % de l’activité.
03/11/2011

Goldman Sachs AM veut renforcer son pôle monétaire en Asie

Kathleen Hughes, managing director des produits monétaires chez Goldman Sachs Asset Management (GSAM), a indiqué à Asian Investor vouloir développer les activités du pôle en Asie.Goldman Sachs AM dispose actuellement d’une force de vente de quatre personnes dans la région Asie-Pacifique dédiée aux produits monétaires, ainsi que deux gérants de portefeuille basés en Chine et en Australie. Kathleen Hughes veut renforcer ses activités sur le monétaire en Chine, en Corée et en Inde. Les actifs monétaires sous gestion de GSAM représentent environ 240 milliards de dollars dans le monde, soit environ un tiers du total des actifs sous gestion du groupe.
03/11/2011

L&G va vendre des fonds en Asie

Legal & General va vendre en Asie les fonds de sa société de gestion, LGIM, selon le Financial Times, qui cite Tim Breedon, le directeur général. L’activité sera pleinement opérationnelle l’année prochaine.
03/11/2011

BNP Paribas IP : décollecte de 22,5 milliards d’euros sur 9 mois

Le métier Investment Partners de BNP Paribas a subi des rachats nets de 22,5 milliards d’euros sur les neuf premiers mois de l’année, d’après les résultats trimestriels de la banque publiés ce jeudi. La décollecte a concerné l’ensemble des classes d’actifs et en particulier les fonds monétaires, précise l’établissement.Ces demandes de remboursements n’ont que partiellement été compensées par la collecte réalisée par la banque privée, l’assurance et par Personal Investors. Au total, le pôle Investment Solutions de BNP Paribas accuse des rachats nets de 7,9 milliards d’euros sur neuf mois. Si l’on ajoute la forte chute des marchés actions, les actifs sous gestion du pôle ont reculé sur neuf mois de 5,5 % à 851 milliards d’euros. Dans cet environnement, les revenus de la gestion d’actifs baissent de 825 millions d’euros au troisième trimestre 2010 à 804 millions au troisième trimestre 2011. L’ensemble du pôle voit néanmoins ses revenus progresser de 2,5 % à 1,551 milliard d’euros. Le résultat avant impôts de la gestion institutionnelle et privée recule aussi, de 250 millions à 195 millions d’euros sur un an. Pour l’ensemble du pôle Investment Solutions, le résultat est aussi en fort repli, de 46,4 % à 266 millions d’euros.
03/11/2011
Fonds

Le fonds Emergence bientôt sur les rails

Emergence, le fonds d’incubation pour les sociétés de gestion, devrait être lancé officiellement fin novembre, rapporte L’Agefi Hebdo. «Le fonds était quasiment prêt fin juillet pour un lancement en septembre. Toutefois, après l’été complexe traversée par la Bourse, ce n’était plus le moment», explique Alain Leclair, qui pilote le projet Emergence en tant que membre du comité de direction de Finance Innovation et président d’honneur de l’Association française de gestion financière (AFG). En plus de la Caisse des dépôts, qui a immédiatement manifesté son intérêt, plusieurs compagnies d’assurances et caisses de retraite vont également prendre part au projet. «Nous avions initialement envisagé de lever 250 millions d’euros de capitaux mais nous allons nous lancer avec 100 millions, puis effectuer un deuxième appel début 2012", expose Alain Leclair.
Fonds
03/11/2011

Henderson accuse des rachats nets au troisième trimestre

Henderson a subi des rachats nets de près de 2 milliards de livres entre juin et septembre 2011. Dans le détail, la société de gestion britannique a vu sortir, en net, 692 millions de livres de ses fonds dédiés aux particuliers de la marque Henderson, tandis que ceux anciennement gérés par Gartmore perdaient 254 millions de livres. Les remboursements ont principalement concerné la Sicav européenne (508 millions de livres).Côté institutionnel, la décollecte nette atteint 1 milliard de livres, répartis également entre Henderson et Gartmore. Dans ce contexte, et compte tenu des turbulences des marchés, les encours sous gestion de Henderson ont reculé de 9 milliards de livres à 65,4 milliards de livres. La baisse inclut également la vente de 1,1 milliard de livres d’actifs de New Star Institutional Managers. Par ailleurs, Henderson annonce que l’intégration de Gartmore est pratiquement terminée. Les fonds de la société qui a été rachetée début 2011 ont été renommés pour adopter le nom de Henderson et 13 fonds ont été fusionnés. Les rachats nets depuis l’acquisition ont représenté 2,1 milliards livres, ce qui signifie qu’Henderson a retenu 87 % des actifs.
03/11/2011
Fonds

Troisième trimestre consécutif de repli pour les fonds ISR

La baisse des marchés n’a pas épargné les fonds «investissement socialement responsable». Les OPCVM ISR distribués en France enregistrent ainsi selon Novethic un troisième trimestre consécutif de repli. Les encours s’affichent en baisse de 9,3 % à 41,9 milliards d’euros pour 304 fonds au 30 septembre 2011.Cette contraction s’explique davantage par la perte enregistrée par les fonds (-7.8%) que par la décollecte (-1.7%), souligne Novethic dans sa publication «L’Essentiel de l’ISR». L’effet marché qui a affecté les fonds actions représente ainsi une perte de 3,6 milliards d’euros. Sur les segments obligataire et monétaire, «la tendance de marché légèrement positive permet tout juste de compenser la décollecte de quelques grands fonds», ajoute Novethic.
Fonds

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