Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
11/03/2011

Investment firms increase spending on lobbying

p { margin-bottom: 0.08in; } A wave of regulation now washing over the asset management industry in the wake of the financial crisis is leading major players in the United States, who are generally quiet in political matters, to make their voices heard, the Wall Street Journal reports. OpenSecrets.org reports that BlackRock spent nearly USD1.7bn on lobbying activities in 2010, compared with USD390,000 in 2009, and nothing in 2006. Fidelity Investments has increased its spending from 21% last year to USD3.5m. Legg Mason, for its part, spent USD1.07m last year, compared with USD580,000 in 2009. Vanguard Group spent USD1.2m last year, which remains stable compared with 2009, but more than double its lobbying spending in 2006.
11/03/2011

Solit releases a silver mine fund in Germany

p { margin-bottom: 0.08in; } The Hamburg-based wealth management firm Solit Management GmbH on 11 March will unveil the Liechtenstein-registered, UCITS-compliant fund FS Gold & Silver Reserve Fund, founded on 22 June last year, which has received a sales license for Germany. The product will be denominated in Swiss francs, and will specialise in shares in companies that operate silver mines (which represent 70% of the portfolio). The product is managed by Adrian Morgen at Everest Wealth Management (Liechtenstein). As of 3 March, the performance of the fund was 73%. Characteristics Name: FS Gold & Silver Reserve Fund ISIN code: LI0112163931
11/03/2011

Parworld merges sub-funds

p { margin-bottom: 0.08in; } A reshuffle of the product offerings from BNP Paribas is continuing, Bluerating reports. This time, sub-funds of the Parworld Sicav will be involved in mergers.
11/03/2011

Pictet methodically develops its range of UCITS-compliant hedge funds

p { margin-bottom: 0.08in; } The new range of UCITS-compliant hedge funds from Pictet will soon include a third product, with the release of the Callisto fund of funds (CTA, global macro and long/short equity), which received a license from the CSSF on 25 February (the fund is not yet licensed for sale in Switzerland or France). The fund (see Newsmanagers of 21 January) will be managed by Cristina Bangoli Mandic, who belongs to the team at Pictet Alternative Investments (PAI), led by Nicolas Campiche.Meanwhile, the absolute return market neutral fund specialised in China, Pictet Mandarin, launched on 1 October (see Newsmanagers of 27 September 2010 and 19 January 2011) has reached USD174m in assets, and has seen its first subscriptions from French institutional investors.The first product in the series, Corto Europe, launched on 12 April 2010 (see Newsmanagers of 7 April), now has EUR292m in assets, slightly less than one third of it sourced in France. One of the managers of the fund, Philippe Sarreau, initially estimated that the capacity of the fund would be about EUR250m. However, as the strategy’s limit is now about EUR700m, as the eligible investment universe has proven larger than expected, there is still about EUR240m in capacity available. The “model” fund registered in the Cayman Islands, Corto European (EUR171m), has seen much more limited subscriptions than its younger sibling which complies with UCITS III.
11/03/2011

Foreign UCITS IV funds will be tax-exempt in Ireland

p { margin-bottom: 0.08in; } The Irish government has stated its position on the adoption of the UCITS IV directive, Fund Strategy reports. According to the most recent proposals, a foreign UCITS IV vehicle managed by an Irish management firm would not be considered subject to Irish tax. Luxembourg, the largest competitor to Ireland, stated in December that funds domiciled in Luxembourg will be taxed. The Irish market is home to about EUR759bn in UCITS funds, representing 79% of all funds as of 31 December, out of EUR964bn in funds domiciled in Ireland.
11/03/2011

UIRE acquires Casal Bertone project in Rome

p { margin-bottom: 0.08in; } For about EUR48m, the German management firm Union Investment Real Estate (UIRE) has acquired the Casal Bertone gallery shopping centre under construction in Rome (9,830 square metres, 56 shops) from the Italian promoter Immobiliare Europea. The property will be added to the EUR4.5bn commercial real estate portfolio, and will belong to the open-ended real estate fund ImmoInvest: Europa.The Casal Bertone gallery is a part of a 21,000 square metre shopping centre, in which the largest space will be an Auchan hypermarket.
11/03/2011

European pension funds planning to adopt more dynamic management

European defined-benefit pension plans are seeking new solutions to manage their portfolios more actively in 2011, according to a study by Pyramis Global Advisors of 160 European pension funds (British, Dutch, Swiss and Scandinavian), representing a total of EUR880bn.Among the major themes cited by pension funds are dynamic allocation strategies and portfolio diversification. The Pyramis study also finds that the major lesson from the financial crisis for pension funds is that their portfolios were not as diversified as they through.European pension funds are also prepared to return to higher-risk asset classes. They are planning to increase their exposure to emerging markets, which they understand will be the most volatile asset class.p { margin-bottom: 0.08in; }
11/03/2011

Allianz Global Investors streamlines legal structures in Europe

In a continuation of its integration of its various entities in Europe (EUR400bn in assets) and a simplification of its structures, Allianz Global Investors (EUR1.5trn) on 10 March announced the absorption of Allianz Global Investors Deutschland GmbH, which includes all activities in the German market, into Allianz Global Investors Europe Holding GmbH by the end of the month.AllianzGI Product Solutions GmbH, which provides development and management of products, will be absorbed into Allianz Global Investors Europe GmbH, which will also take on Allianz Global Investors Advisory GmbH by the end of the year.Due to the increasing internationalisation of its activities and the forthcoming introduction of the UCITS IV directive, Allianz Global Investors has also decided to adopt a single title of «managing director» for all of its high-level directors in Europe. In addition, the board of directors of the German-registered management firm Allianz Global Investors Kapitalanlagegesellschaft has been increased to five members, in order to bring the affiliate into compliance with regulations.The list of managing directors at Allianz Global Investors Europe is as follows (EEC= European Executive Committee):Giovanni Bagiotti (EEC),Oliver Clasen,Jose Maria Concejo,Elizabeth Corley (EEC),Wolf Diederichs,James Dilworth (EEC),Franck Dixmier,Tomaso Giorgetti,Michel Haski (EEC),Martin Keil,Nina Klingspor;Claudia Kock,Michael Korn,Daniel Lehmann,Thomas Linker,Markus Lohmann,Fabrice Neyroumande,Michael Peters (EEC),Tobias Pross,Wolfgang Pütz (EEC),Livio Raimondi,Ernst Riegel,Nick Smithand Thomas Wiesemann (EEC).The board of directors at Allianz Global Investors KAG is composed of:James Dilworth (chairman)Andrew Bosomworth,Michael Hartmann,Daniel Lehmannand Andreas Utermann.
11/03/2011

Commodities: the best defence against inflation

p { margin-bottom: 0.08in; } Asian Investor reports that Peter Kerger, head of DG Advisors for Asia-Pacific in Singapore, claims that inflation-linked products, which are theoretically the ultimate defence against inflation, are not the best solution to gain from inflationary trends. From this point of view, it’s a better idea to look to real assets such as commodities.The price of commodities rises in crises, he explains, while inflation-linked bonds are only attractive if prices rise further.Peter Kerger adds that Deutsche Asset Management, of which DB Advisors is the institutional unit, is seeking new solutions to cover against inflation, as part of its plans to become a niche player in Asia. It is planning to offer an unusual vehicle (other than an Asian equities product), which would be a complement to a fund of fund portfolio.In first quarter, Asian pension funds were widely demanding multi-asset class absolute return investments, in mandates totalling USD50m to USD500m, he says.
11/03/2011

Julius Baer scales up range of yuan-denominated services in Hong Kong and Singapore

p { margin-bottom: 0.08in; } The Swiss private bank Julius Baer, which has ambitions to make Asia its second home market, announced in Hong Kong on 10 February that it is adding to its range of products denominated in Chinese yuan to meet growing demand from its clients. It is now offering CNY conversion services, current and fixed deposit accounts, CNY-denominated trusts, currency-linked investments and bonds. As the market grows, Julius Baer is also planning to offer other products, such as shares in investment funds.Julius Baer, the only private bank with a QFII license in China, which it received in December, obtained a complete banking license in Hong Kong late last year (see Newsmanagers of 4 November). It is also planning to open a representative office in Shanghai this year, and to create a trust company in Singapore, as previously announced (see Newsmanagers of 13 September 2010).
11/03/2011

Jean-Luc Eyssautier joins Martin Currie

p { margin-bottom: 0.08in; } The UK investment firm Martin Currie has recruited Jean-Luc Eyssautier as director of sales and client services for Asia. In this position, he replaces Chen Ee-Fang, who joined Northern Trust last October. In his new role, Eyssautier will be in charge of institutional investors and private banks, largely in Hong Kong and Singapore. Eyssautier was previously head of fund distribution in Asia at Axa Investment Managers.
11/03/2011

Union Investment Real Estate plans to recruit for the French market

p { margin-bottom: 0.08in; } At the MIPIM conference in Cannes, Karl-Joseph Hermanns-Engel, a member of the executive board at Union Investment Real Estate (UIRE), announced on 10 March that the opening of an office in France at the beginning of this year (with the acquisition of Euragone, see Newsmanagers of 10 January) will allow the German real estate fund management firm easier access to regional markets such as Lyon, Lille and Marseilles, and thus to smaller properties (valued between EUR15m and EUR80m), which it is seeking for the portfolios of its institutional funds. In 2010, UIRE made EUR2.6bn in transactions, including 24 acquisitions for EUR1.6bn, and 17 sales (noticeably in Germany, London, Paris and Seoul), for EUR1bn. In 2011, the German management firm is planning to invest EUR1bn to EUR1.5bn, while also making sales, particularly in core European markets.
11/03/2011

Munich Re increases exposure to equities

p { margin-bottom: 0.08in; } The 2010 annual report from Munich Re states that of an investment portfolio of EUR196bn as of the end of December, the proportion invested in bonds was down to 57.7% from 60% one year previously, while stocks, shares in equities funds and stakes in businesses totalled 4%, or 4.4% including derivatives, compared with 2.8% one year previously. Allocations to land and real estate, for their part, were down to 2.9% from 3%.
11/03/2011

Aviva Investors team scales up in Frankfurt

p { margin-bottom: 0.08in; } As a part of the European expansion of Aviva Investors, which will soon involve the appointment of members of an ad-hoc executive committee to assist Jean-François Boulier, CEO of Aviva Investors Europe (see Newsmanagers of 10 March), the asset management firm is adding to its team in Germany.In Frankfurt, Aviva Investors already has two sales staff and one person for client service, and two real estate specialists. This year, two more team members will be recruited, one for institutional clients and one for distribution.The recruitment of one person in Sweden, from SEB, has also been announced. There are also plans to recruit in Denmark, and one person in the Netherlands in early June.
11/03/2011

Pioneer recruits a big name from Allianz Global Investors Europe

p { margin-bottom: 0.08in; } As of 1 April, Oliver Bilal, who was European head of institutional business development & consultant relations at Allianz Global Investors Europe GmbH, will be joining Pioneer Investments Germany as head of institutional distribution and wholesale. He will report to Evi Vogl, chairwoman of the executive board at Pioneer Investments Kapitalanlagegesellschaft mbH.
11/03/2011

Swedish investors pull out of equities funds in February

p { margin-bottom: 0.08in; } In February, equities funds on sale in Sweden had net outflows of SEK9.3bn (about EUR1bn), according to the most recent statistics from the Swedish investment fund association (Fondbolagens Förening), which explains that the trend is due to geopolitical turmoil. The redemptions largely affected funds investing in Swedish equities (-SEK5.7bn). Bond funds also saw SEK2bn in outflows. Meanwhile, balanced funds had net inflows of SEK7bn, and money market funds took on SEK4.9bn. In February, total net sales of funds amounted to SEK 1.4 billion. As of the end of February, assets in funds on sale in Sweden totalled SEK1.92trn (EUR218bn), of which SEK1.144trn are still invested in equities funds.
11/03/2011

Profits down at Azimut

p { margin-bottom: 0.08in; } In 2010, the Italian management firm Azimut Holding earned consolidated net profits of EUR84.3m, down from the EUR118.2bn in profits it reported for 2009. Consolidated earnings, however, were up to EUR358.4m from EUR347.4m the previous year.
11/03/2011

Le FRR s’adapte à son nouveau modèle

Face à ses engagements envers la Cades, le fonds articule sa stratégie autour de deux poches, de couverture (60% de l’actif net) et de performance.
11/03/2011

Deutsche Börse pourrait se laisser diluer au sein de Direct Edge

L’opérateur de la Bourse de Francfort pourrait solliciter des investisseurs bancaires afin de laisser diluer sa participation au capital de la plate-forme américaine. Cela afin d’atténuer les critiques potentielles des autorités de la concurrence aux Etats-Unis dans le cadre du projet de fusion entre Deutsche Börse et Nyse Euronext.
11/03/2011

L'immobilier en manque d'actifs sécurisés

Le Mipim, salon international de l’immobilier, se clôt sur un bilan plutôt positif. Mais derrière la stabilisation du marché, les investisseurs - au rang desquels les fonds souverains montent en puissance - sont confrontés à une pénurie de biens de premier choix.
11/03/2011

Schroders signe un grand millésime 2010

Le gérant britannique a quasiment triplé son résultat avant impôt l’an dernier, à 406 millions de livres. A fin 2010, Schroders affichait 197 milliards de livres d’actifs (contre 148 milliards fin 2009). A 27 milliards, la collecte nette a presque doublé.
11/03/2011

Duke Street investit dans la gestion

Le fonds de capital-investissement a pris une participation majoritaire dans la société UK Wealth Management, un spécialiste de la gestion de patrimoine et de l’épargne salariale en Grande-Bretagne. Le montant n’est pas communiqué. Duke Street, qui a déjà investi en 2010 dans Payzone (paiements) et Marlin (rachat de crédits), a fait des services financiers un secteur privilégié.

Sujets d'actualité

Tous les sujets