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21/10/2011

Assets under management dip at Nordea

Assets under management in the wealth management unit of Nordea (private banking, asset management and Life & Pensions) brought in EUR13bn in assets in third quarter, to total EUR178bn at the end of September, down 7% compared with the end of third quarter, and 1% compared with September 2010. In private banking, assets under management have dallen 12% compared with second quarter, to EUR49bn. Assets under management in Asset Management, for their part, dell 4% quarter on quarter to EUR105bn. For the entire wealth management unit, the quarter brought a net outflow of EUR0.7bn, with redemptions from Scandinavian retail funds (-EUR0.7bn) and Scandinavian private banking (-EUR0.5bn) only partly offset by subscriptions from institutional clients (+EUR0.7bn). Operating profits fell 40% compared with the previous quarter, to EUR86m.
21/10/2011

SSgA wins a bond mandate from BNL/BNP Paribas

State Street Global Advisors (SSgA) on 20 October announced that it has received a bond contract for EUR82m in assets from the BNL/BNP Paribas employee pension fund. The pension fund, which covers employees of the BNL/BNP Paribas group in Italy, is one of the largest pre-existing pension funds in Italy. SSgA has been mandated to manage the bond portfolio, which is benchmarked against a composite index including the JPM Global GPI EMU IG (50%) and Barcap Inflation Linked GBI€ (50%). The mandate will be managed in London by the SSgA team dedicated to the active management of bond investments. As of 30 June 2011, SSgA managed USD341bn in assets in bond strategies worldwide.
21/10/2011

Standard Life courting institutional clients in Asia

Standard Life has revised its development model in Asia to orient itself more to institutional clients, Asian Investor reports. Since entering Asian markets in the early years of the last decade, the group had mostly focused on retail clients. The firm has renewed its staff and revised its product ranges. Standard Life has recently set up a range of mutual funds denominated in US dollars, Australian dollars and Singapore dollars. It had previously offered products denominated in pounds Sterling, which did not sell well to Asian clients. Standard Life has also strengthened its absolute return, alternative investment and multi-management offerings.
21/10/2011

New head for Nordea Fonder

Nordea Fonder, the Swedish asset management firm from Nordea, will now be led by Sasja Beslik, current head of socially responsible investment, the Swedish newspaper Svenska Dagbladet (Näringsliv) reports. Beslik succeeds Erik Feldt, who becomes head of human resources for the bank. The change comes at a time when Nordea Fonder has been the subject of criticism, after being named as the worst Swedish bank for fund management in a Morningstar study, the newspaper notes. But the two events are claimed to be unrelated.
21/10/2011

iShares releases three commodities ETFs

In order to offer exposure to businesses in the commodities prospecting, production and exploitation sectors, iShares (BlackRock group) has recently launched three UCITS-compliant, physical replication ETF funds in London, based on the S&P Commodity Producers series of indices. The Irish-registered funds are denominated in US dollars. They are the iShares S&P Commodity Producers Oil and Gas, iShares S&P Commodity Producers Gold and iShares S&P Commodity Producers Agribusiness. iShares S&P Commodity Producers Oil and Gas (SPOG)ISIN code: IE00B6R51Z18TER: 0.55% iShares S&P Commodity Producers Gold (SPGP)ISIN code: IE00B6R52036TER: 0.55%iShares S&P Commodity Producers Agribusiness (SPAG)ISIN code: IE00B6R52143TER: 0.55%
21/10/2011

BlackRock launches a retail version of UK Focus fund

BlackRock will launch a version of its UK Focus fund aimed at the retail market, co-managed by Luke Chappell, managing director and co-head of the British equities unit, and Imran Sattar. The fund will invest in a selection of 20 to 25 of the best British shares picked by managers. The fund, which will be launched in late October, has already received a license from the British market authorities (FSA). The capacity of the fund has been set at GBP350m.
21/10/2011

Henderson limits access to absolute return strategies

Henderson Global Investors will limit access by new investors to its two absolute return funds from the end of next month, Money Marketing reports. The two funds were closed due to substantial net inflows which ran the risk of diluting the potential performance of the funds. On 30 November, the open-ended fund Henderson UK absolute return (GBP386m in assets under management) and the Sicav Henderson Gartmore UK absolute return (nearly GBP326m) will no longer be available to new investors under the same terms. New investors will then be required to pay a front-end fee of 5%.
21/10/2011

US money market funds slash exposure to French banks

US prime money market funds have reduced their total exposure to French banks by 62% on a dollar basis between month-end May and month-end September 2011, according to Fitch. French banks exposure currently represents 6.7% only of total holdings of USD654 billion within the agency’s sample of the 10 largest U.S. prime money market funds. At its peak in the second half of 2009, exposure to French banks represented 16.4% of all assets.As of month-end September 2011, U.S. prime money market funds have also reduced their total exposure to European banks by 14% on a dollar basis relative to month-end August 2011. European bank exposure currently represents 37.7% of total holdings, a decrease from 42.1% of fund total assets as of month-end August and from 47.2% as of month-end July. ‘In percentage terms, the current exposure level is the lowest observed within Fitch’s historical time series, which dates back to second-half 2006,’ said Robert Grossman, group managing director, Fitch Ratings. Fitch also notes that over the same timeframe of May 2011 to present, money market funds’ exposure to Canadian banks increased by 12%, and is now the largest single country exposure at 10.7% of total assets.
21/10/2011

Lyxor launches a leveraged ETF based on Ibex 35

Bolsas y Mercados Españoles (BME) on 20 October admitted the first leveraged ETF based on the Ibex 35 index of the Spanish stock markets to trading. As its name indicates, the Lyxor ETF Ibex 35 Doble Apalancado Diario fund offers double the performance of the Ibex 35 index on a daily basis, Expansion reports.This product of Lyxor Asset Management (Société Générale group) replicates the Ibex 35 Doble Apalancado index, which has been calculated in real time since 19 May.With this new product, the Spanish market now lists 66 ETFs.
21/10/2011

Carmignac Gestion: inflation will save Europe

Fredéric Leroux, global manager at Carmignac Gestion, stuck to his guns at the most recent quarterly conference of the asset management firm: only creating inflation can save the euro zone. This “turn of the screw” will be necessary in order to prevent the “virtue” that combating the phenomenon would be from making the situation worse. The strategist thus recommends reducing interest rates to zero. “And when the euro has fallen, Europe will remember that it has some good exporters among its businesses,” he added, as the situation gets worse for the common currency. Clearly, the manager says, a rise in inflation would also need to be accompanied by a relation between incomes and price levels, in order to have a positive effect on households. Until that happens, “self-imposed” budgetary austerity is killing growth, and without growth, paying off debt is impossible, Carmignac Gestion complains. There is still a considerable problem, Leroux adds: convincing the German government to accept inflation, which it has historically considered a scourge. The German outlook on the situation may change when they themselves experience signs of weakness in their growth. “The sooner this realisation comes, the better,” Leroux predicts, as the measures announced so far will strengthen deflationary pressures. The economic slowdown will force good decisions to be taken: in addition to reducing interest rates to zero and monetising public debt, banks will have to be recapitalised and partial defaults will need to be accepted. “These decisions will then make fiscal integration possible, which will need to become a more and more explicit political objective,” the management team concludes.
21/10/2011

Mirabaud recruits a head of convertibles

Renaud Martin is joining Mirabaud as head of convertible bond management, which falls within the Mirabaud Asset Management business line. He will be based in Paris. Renaud Martin had previously been in charge of the convertible bond department at Calyon, after previously serving at La Française des Placements.
21/10/2011

Fival's asset management license revoked

Fival has had its asset management license revoked by the French financial market regulator, the Autorité des marchés financiers (AMF). The license was issued on 22 May 1990. “Having found that the portfolio management firm Fival SA did not satisfy the conditions and engagements to which its license was subject to, in the area of maintenance of financial and human resources, the college of the AMF has decided at its session on 6 September 2011, under article L. 532-10 of the monetary and financial code, to annul its license as a portfolio management business,” the regulator announced in a statement dated 20 October. The assets of the firm, an affiliate of the Geneva-based firm Caprinco, are not sufficient to ensure the stability of the structure, Marc Gilson, CEO of Fival, has explained to Newsmanagers. Its assets under management totalled only EUR10m, largely in mandates and two open-ended funds: Ariane Invest, a European equity fund, and Fival Réactif, a flexible fund of funds. As of the end of 2009, according to the French asset management association yearbook, assets at the firm totalled EUR35m. In the next few days, the assets will be taken over by another asset management firm, pending permission from clients. Fival will continue to exist, but in another form. “We will apply for a license as a financial investment adviser,” says Gilson. But staff will be cut back, from four currently to one. The cancellation of the license will take effect on 1 December. On this date, Fival will be placed in the control of Alain Hindié, who has been named by the AMF as trustee. In addition, the firm will be allowed to make only strictly necessary operations in order to conserve the interests of clients invested in funds and mandates it manages.
21/10/2011

Profits up at Blackstone

The US private equity investor Blackstone Group may have posted a net economic loss for third quarter 2011 of USD342m, compared with net profits of USD339m in the corresponding period of 2010, but for the first nine months of the year, net profits have risen 3% compared with January-September 2010, to USD929m.Distributable earnings were USD120m in third quarter, compared with USD166m in July-September 2010, while for the first three quarters of the year distributable earnings are up 8% to USD501m.As of 30 September, fee-earning assets under management totalled a record USD133bn, compared with USD104bn one year earlier. Total assets under management came to USD158bn (+32% year on year).
21/10/2011

Carmignac Gestion: heaviest outflows were in southern Europe in 2011

The decline in assets under management at Carmignac Gestion has totalled EUR10bn this year (as of the end of September), of which two thirds were due to net outflows, while the remaining one third was due to negative market effects, Eric Helderlé, deputy CEO of Carmignac Gestion, has said at a press conference. The head says that a closer reading of the figures reveals that in July and August, the asset management firm managed to stabilise outflows. From a geographical standpoint, outflows were heaviest in southern Europe, due to the larger presence of networks in this area than in the more variegated nothern European markets. Sales have been more muted, “but,” says Helderlé, “southern Europe is also the area where inflows were largest in the previous two years.”
21/10/2011
Gestion d'actifs

Actifs et performances du FRR au 30 septembre 2011

Au 31 décembre 2010, le FRR disposait de 37 milliards d’euros. Or, à la date du 30 septembre, le total de ses actifs s'élevait à 34,7 milliards d’euros. Dans la mesure où le FRR avait versé 2,1 milliards d’euros à la CADES au mois d’avril 2011, la valeur de ses actifs au 30 septembre était donc très proche de celle du début de l’année (- 200 millions d’euros) déduction faite de ce versement. La baisse de la valeur des actifs a pu être contenue grâce à l’effet conjugué de trois facteurs : la bonne performance des actifs de couverture (obligations) qui représentent plus de 60% du portefeuille: +5,3% (effet direct de la baisse des taux d’intérêt) ; la diversification du portefeuille de performance qui a permis d’atténuer le choc subi sur les marchés actions : performance de - 10,4% alors que les actions européennes ont perdu 17,7%1 ; la gestion flexible de la poche de performance qui a permis de réduire la volatilité du portefeuille. Le ratio de financement a diminué, principalement sous l’effet de la baisse des taux d’intérêt qui conduit à augmenter la valeur actuelle du passif, pour se situer à 132% au 30 septembre. Moins confortable qu’au 30 juin dernier (143%), il permet toutefois d’assurer un haut degré de sécurité du paiement des passifs. Compte-tenu des évolutions de marchés, la poche de couverture représentait au 30 septembre 63,2% du total des actifs et la poche de performance 36,8% à cette même date. Le rendement de l’ensemble de l’actif net du FRR depuis le 1er janvier était de -1% et la performance annualisée du FRR nette de tout frais depuis le début de la gestion s'élevait à 2,6%.
Gestion d'actifs
21/10/2011
Gestion d'actifs

La CPCL va ajuster son allocation tactique au mois de novembre

La Caisse de Pension du personnel Communal de Lausanne (CPCL) a réalisé une performance annuelle nette des placements de 3,55 % en 2010. Grâce à sa forte proportion d’immobilier direct, la CPCL fait mieux que les indices Crédit Suisse des caisses de pensions, UBS des caisses de pensions, conférence des administrateurs de fonds de pensions et que les résultats de l’enquête Swisscanto. Elle fait, par contre, légèrement moins bien que l’indice ASIP-Towers Watson. La CPCL a indiqué dans son rapport annuel avoir ratifié la proposition de modification de l’allocation tactique dès le 1er janvier 2011. A compter de cette date, l’allocation tactique sera progressivement ajustée chaque année au mois de novembre et adoptée en janvier de l’année suivante le cas échéant. Un niveau élevé de liquidités par prudence La part des placements immobiliers (déduction faite des dettes hypothécaires) représente 46,4 % des placements au 31 décembre 2010 et reste de loin la poche d’investissements la plus importante. Les autres catégories pèsent entre 0,4 % pour les placements privés jusqu'à 9,9 % pour les actions de sociétés suisses. On notera le niveau élevé des liquidités qui représentent 7,8 % des placements ; cette situation provisoire résulte des liquidités encaissées dans le cadre de l’opération de recapitalisation de la caisse de pensions opérée en 2009 et de la situation particulière des marchés durant l’année 2010 qui a conduit, par prudence, à un non réinvestissement intégral.
Gestion d'actifs
21/10/2011

Blackstone touché par les turbulences du marché

Le groupe de private equity a été contraint d’inscrire une lourde perte comptable au troisième trimestre, la valeur des ses investissements ayant été affectée par le déclin du marché. La perte économique nette, qui reflète la performance opérationnelle, s’est établie à 342 millions de dollars contre un profit de 339 millions un an plus tôt. Blackstone, qui évoque un trimestre «de contrastes», a néanmoins jugé l’environnement très favorable pour de nouveaux investissements. La société disposait sur la période de 33,4 milliards de dollars de capitaux mobilisables. Elle en a investi 4,8 milliards, son plus haut niveau d’investissement depuis 2007. Dans son ensemble, le niveau d’activité des sociétés de private equity reste toutefois loin des volumes d’avant crise. Selon Thomson Reuters, ces acteurs ont réalisé pour 240 milliards de dollars d’opérations depuis le début de l’année, contre 730 milliards sur la période comparable de 2007.
21/10/2011

Les encours mondiaux des ETP « commodities » à un niveau record

ETF Securities a publié hier son rapport trimestriel sur le marché mondial des ETP sur les matières premières. Les encours ont augmenté de 3,7 milliards de dollars milliards au cours du troisième trimestre pour atteindre un niveau record à 178,2 milliards. L’étude souligne de fortes divergences sectorielles, les encours des ETP sur les métaux précieux enregistrant une hausse de 11,8 milliards de dollars, alors que les autres ETP sur les matières premières ont diminué.
21/10/2011

Retrait d’agrément de la société de gestion Fival

Ayant constaté que la société de gestion de portefeuille Fival SA ne remplissait plus les conditions et engagements auxquels était subordonné son agrément s’agissant de la permanence des moyens, notamment financiers et humains, le collège de l’AMF, lors de sa séance du 6 septembre, a décidé de prononcer le retrait de son agrément en qualité de société de gestion de portefeuille.
21/10/2011

Carmignac délaisse les emprunts d’Etat français

Carmignac Gestion ne détient plus d’obligations d’Etat françaises, jugeant le AAA de la France menacé, et n’entend pas en racheter pour le moment, ont indiqué hier les dirigeants de la société de gestion lors de leur conférence trimestrielle. La société préfère les Treasuries et les Bunds.
21/10/2011

Le chinois CIC met le cap à l’international

Le 21st Century Business Herald indique de source proche que les autorités de Pékin ont approuvé le principe de la création d’une entité tout spécialement dédiée à l’investissement international au sein du fonds souverain China Investment Corp. La Banque centrale chinoise pourrait bien consacrer des liquidités au lancement de ce nouvel investisseur.
21/10/2011

Londres en appelle à la prudence des fonds de pension

Le régulateur britannique des fonds de pension devrait prochainement publier des instructions interdisant aux sociétés dont le fonds est déficitaire d’investir dans des actifs au rendement relativement élevé mais représentant un risque plus important dans le but justement de combler le déficit.
21/10/2011

KKR mise sur Hong Kong

La société américaine de private equity table selon le quotidien sur un volume grandissant d’opportunités à Hong Kong en parallèle à un affaiblissement de la croissance économique de la Chine. Au cours des six à neuf prochains mois, KKR va mettre en œuvre selon le quotidien une «unité de situations spéciales» disposant d’une force de frappe de deux milliards de dollars.

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