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09/03/2011

Le Crédit Mutuel Arkéa efface les mécomptes nés de la crise financière

L’Agefi rapporte que le Crédit Mutuel Arkéa a affiché un chiffre d’affaires record de 1,57 milliard d’euros, en hausse de 17% (13% à périmètre constant) et un bénéfice net historique de 273 millions d’euros. Les pôles de banque de détail (intégrant aussi la clientèle des entreprises, BPE et la banque en ligne Fortuneo) et d’assurance et gestion d’actifs contribuent au résultat à hauteur de 125 et 144 millions respectivement. Le groupe doit une partie importante de son dynamisme commercial à sa stratégie de déploiement. Ainsi, l’accroissement net de 137.000 clients en 2010 vient pour moitié de ses «nouveaux réseaux": Financo, Fortuneo, Federal Finance, etc. L’activité en marque blanche a contribué à hauteur de 15% à 20% aux revenus, une tendance qui devrait se confirmer avec les partenariats signés en 2010 avec notamment Allianz Bank, RCI Banque et ING en Belgique.
09/03/2011

Aberdeen AM recrute un spécialiste de l’immobilier à Singapour

Aberdeen Asset Management vient de recruter Christiaan van Beek en tant que spécialiste senior des investissements immobiliers à Singapour. Il travaillait précédemment chez CBRE – Real Estate Finance Asia à Hong Kong. Chez Aberdeen, depuis le 1er mars, Christiaan van Beek est chargé de promouvoir les stratégies d’immobilier direct européen en Asie, ainsi que de développer une base d’investisseurs asiatiques pour l’activité d’immobilier indirect de l’équipe locale (représentant plus de 1 milliard de dollars d’actifs).
09/03/2011
Fonds

Les ETF restent largement méconnus en Autriche

Selon une étude de Stefan Perklin, de PricewaterhouseCoopers, la Bourse de Vienne ne cote pour l’instant que 22 ETF sur les quelque 450 ETF et les quelque 4.500 fonds de toutes sortes qui bénéficient d’un agrément de commercialisation en Autriche, rapporte e-fundresearch. La part du marché européen des ETF de la Bourse de Vienne se limite à 0,04 %, alors qu’elle est de 41,12 % pour la Deutsche Börse, 15,8 % pour Borsa Italiana, 12,4 % pour le London Stock Exchange, 11,64 % pour la Bourse Suisse et 6,46 % pour Euronext Paris.
Fonds
09/03/2011

Promotion chez Allianz Invest en Autriche

Passée en 2001 d’Allianz Investment Bank chez Allianz Invest KAG, Sonja König a été promue membre du comité exécutif de cette société de gestion (11 milliards d’euros), la quatrième par importance en Autriche. Depuis 2009, elle était responsable de la gestion et du contrôle du risque pour la centaine de fonds d’Allianz Invest.
09/03/2011

Saxo ouvre un bureau à Hong Kong

Saxo Capital Markets annonce l’ouverture d’un quatrième bureau en Asie. La filiale du danois Saxo Bank va s’installer à Hong Kong. Saxo Capital Markets HK Limited permettra aux clients retail de la région d’accéder à la plateforme de trading.
09/03/2011
Fonds

Nouveaux rachats nets en février pour les fonds en Italie

En février, les fonds commercialisés en Italie ont accusé des rachats nets de 1,7 milliard d’euros, après avoir vu sortir 3,7 milliards en janvier, selon les dernières statistiques d’Assogestioni, l’association italienne des professionnels de la gestion. Ensemble, les fonds actions, diversifiés et flexibles ont recueilli, en net, 1,1 milliard d’euros. Mais cette collecte a été plus qu’effacée par les forts rachats sur les fonds obligataires (-1,1 milliard), les fonds monétaires (-1,4 milliard) et les hedge funds (-287 millions). A fin février, les encours des fonds vendus en Italie ressortaient à 454 milliards d’euros, soit le même niveau qu’en janvier. Assogestioni souligne que les fonds de droit étranger (qu’ils soient gérés par des sociétés italiennes ou des groupes d’autres pays) ont terminé le mois de février sur des rentrées nettes de 1,3 milliard d’euros, portant les encours de ces produits à 266 milliards d’euros, soit plus de 58 % des encours totaux. A fin janvier, 76 % des encours étaient gérés par des groupes italiens, et 24 % par des groupes étrangers. Les trois principaux groupes dans le paysage italien des fonds sont ainsi Intesa Sanpaolo avec Eurizon et Fideuram et une part de marché de 25,18 %, devant Pioneer (14,32 %) et AM Holding (6,69 %). A noter qu’en février, c’est Pioneer qui a accusé les plus forts rachats nets avec 416,5 millions d’euros, juste devant BNP Paribas qui voit sortir 410 millions d’euros. Du côté des sociétés ayant le plus fortement collecté figurent Generali avec 200 millions d’euros et JP Morgan Asset Management avec 177,8 millions d’euros.
Fonds
09/03/2011
Fonds

Baisse mensuelle des encours de la gestion allemande en janvier

Bien que les souscriptions nettes aient porté sur 6,63 milliards d’euros en janvier (lire newsmanagers du 8 mars), l’encours total de la gestion allemande avait diminué au 31 janvier de 36, 06 milliards d’euros sur fin décembre pour revenir à 1.794,42 milliards d’euros, révèlent les statistiques de l’association allemande BVI des sociétés de gestion. Le phénomène affecte aussi bien les fonds offerts au publics, qui sont revenus à 706,16 milliards d’euros contre 710,04 milliards que les mandats, tombés à 272,61 milliards d’euros contre 307,07 milliards. En revanche, les actifs gérés par les fonds institutionnels se sont accrus à 815,66 milliards d’euros contre 813,38 milliards.Par rapport à fin janvier 2010 (1700,38 milliards d’euros), en revanche, des hausses sont constatées pour les fonds offerts au public, qui arrivaient à 651,22 milliards et les fonds institutionnels, qui se situaient à 732,51 milliards. En revanche l’encours dans les mandats était de 316,65 milliards d’euros.
Fonds
09/03/2011
Fonds

Lyxor fait coter un ETF supplémentaire à Francfort

La Deutsche Börse a annoncé le 8 mars que la cote du segment XTF de sa plate-forme électronique Xetra comporte désormais 798 ETF. En effet, Lyxor (groupe Société Générale) a fait admettre à la négociation le fonds de droit français Lyxor ETF iBoxx € Liquid High Yield 30 (FR0010975771), chargé à 0,45 %.
Fonds
09/03/2011

BVK awards a major mandate to Man Group

p { margin-bottom: 0.08in; } UK-based hedge fund manager Man Group on 8 March announced that it has received a managed accounts mandate totalling an initial EUR1.2bn from Bayerische Versorgungskammer (BVK), a group of 12 German pension funds.Man Group, whose assets in managed accounts totalled USD8.7bn as of the end of January, will undertake operational due diligence, pre-selection of managers, and risk management for BVK. The management firm will remain responsible for selection of managers and construction of portfolios.
09/03/2011

Gartmore bond manager does not plan to remain at Henderson

p { margin-bottom: 0.08in; } According to information obtained by Investment Week, the bond manager John Anderson is not planning to remain at Henderson Global Investors after the company acquires Gartmore, where he works currently. He is reportedly seeking another position.
09/03/2011

Skandia UK increases assets by 20% in 2010

p { margin-bottom: 0.08in; } Skandia UK, a part of the wealth management activity of Old Mutual, has announced operating profits adjusted to IFRS accounting standards of GBP140m for the year 2010, an increase of 56% compared with 2009. The increase in profits was due to an increase in assets and cost reductions, Skandia says. Assets under management increased by 20% over the year, to GBP33.9bn, largely due to net sales of GBP2.3bn (+77%). The cost reduction program at Old Mutual Wealth Management also saved GBP35m.
09/03/2011

Threadneedle appoints a co-manager for Enhanced Commodities fund

p { margin-bottom: 0.08in; } Threadneedle has appointed Nicolas Robin as co-manager for the Threadneedle (Lux) Enhanced Commodities Fund, alongside David Donora, head of commodities. Robin joined the commodities team at Threadneedle in May 2010, and was actively involved with the investment strategies of the Threadneedle (Lux) Enchanced Commodities Fund and the Threadneedle Commodities Crescendo Fund. The Threadneedle (Lux) Anhanced Commodities Fund is a Luxembourg Sicav that complies with UCITS III. The fund is long-only, and invests solely in commodities.
09/03/2011

Groupama AM pleased with 2010 results

p { margin-bottom: 0.08in; } Accounts at Groupama Asset Management (313 personnel) for 2010 show a net profit of EUR25.6m, compared with EUR24.6m the previous year (+6%), on earnings of EUR136m, compared with EUR134.4m (+3%), a result which the firm calls “satisfactory in a difficult context.”Assets as of the end of December totalled EUR89.9bn, compared with EUR88.8bn one year earlier, EUR81.3bn at the end of 2008, and EUR87.9bn as of the end of 2007. The manager saw net redemptions of EUR1.9bn, largely from money markets, despite subscriptions of EUR1.1bn in France and EUR1bn internationally.Foreign affiliates of the group had EUR7.6bn in assets as of the end of December, compared with EUR6.8bn twelve months previously, of which EUR5bn were in Italy, where Groupama received investments from external pension funds. In Spain, where 26 funds were already registered with the CNMV, assets under management total about EUR100m.Clients from outside the group as of the end of last year represented EUR15.1bn, compared with EUR17.2bn at the end of 2009, and EUR15.2bn at the end of 2008. In France, Groupama AM has seen outflows of EUR3bn from clients outside the group, of which EUR2.3bn were from markets, and EUR0.7bn from diversified management, to retirement planning institutions (IRP), following pension reforms. However, international clients brought in EUR0.5bn.SRI assets now total EUR6.4bn, compared with EUR5.5bn as of the end of 2009.
09/03/2011

Allianz Invest promotes an employee in Austria

p { margin-bottom: 0.08in; } Sonja König, who moved from Allianz Investment Bank to Allianz Invest KAG in 2001, has been promoted to become a member of the executive board at the management firm (EUR11bn), the fourth-largest in Austria. Since 2009, König has been head of management and risk control for the approximately 100 products from Allianz Invest.
09/03/2011

GE AM adds to intermediary relations team

p { margin-bottom: 0.08in; } GE Asset Management Incorporated has announced the arrival of two people for its sales team dedicated to relations with intermediaries, Mutual Fund Wire reports. Bill Manthorne is joining the management firm as vice-president for sales to intermediary advisers, while Brian McCarthy will be in charge of defined contributions activities.
09/03/2011

Mellon Capital Management launches a commodities strategy

p { margin-bottom: 0.08in; } Mellon Capital Management (BNY Mellon Asset Management group) is launching a commodities strategy aimed at institutional investors. The Commodity Alpha Long-Bias Strategy fund was created to provide clients with diversification beyond investments in equities and bonds, and to protect them against inflation. The strategy will take long and short positions on futures on a wide range of commodities (energy, precious metals, livestock, soft commodities, and others).
09/03/2011

CIAM buys a stake in the incubator firm APG

p { margin-bottom: 0.08in; } The French alternative management firm CIAM, founded in 2010 by three women, has announced that it has received an investment for its fund from IMQubator, an incubation firm for young hedge funds owned by APG, the Netherlands pension fund, which has EUR277bn in pension assets. The entity has invested EUR20m in the CIAM Merger Arbitrage fund, which invests in operations which have been officially announced in Europe and North America, taking the firm’s total assets under management above EUR40m. In parallel with the entry into the fund’s capital, CIAM, which is headquartered in Paris, will soon be opening an office in Amsterdam, pending approval from the AMF. ImQubator, which aims to attract the most talented hedge fund managers, made it a condition of its investment that the management firm set up shop in the same building as the IMQubator headquarters.
09/03/2011

Thierry Bogaty becomes CEO of Ideam

Thierry Bogaty, ex editor in chief of the French newspaper Investir, has been appointed CEO of Ideam, Amundi’s business centred on extra-financial analysis, as of 1st March 2011. He reports to Pierre Schereck, who as a member of Amundi’s Executive Committee supervises Employee Savings and Sustainable and Responsible Investment (SRI).Michèle Jardin and Xavier de Bayser have left Ideam.
09/03/2011

Groupama AM makes international activities and multi-management its priority development areas

Jean-Marie Catala, head of development, explained on 8 March that the internationalisation of the product range is at the core of the strategy of Groupama Asset Management. The strategy has already resulted in the creation of an international sales team, led by Arnaud Ganet (see Newsmanagers of 12 October 2010). The French manager will then add to its teams dedicated to international development, with the creation of a team to handle central and northern Europe (Benelux, German-speaking Switzerland, and the Scandinavian countries).The strategy also resulted in the recent creation (14 December 2010) of the Luxembourg Sicav G Fund, which already has three sub-funds, with a total of EUR200m in assets. As Francis Ailhaud, CEO of Groupama AM, explains, the vehicle will be highly useful for international sales, and not only in Europe.Groupama AM is also planning to add to its multi-management offerings, at Groupama Fund Pickers, directional multi-management, at Groupama Alternative Asset Management, alternative multi-management, and the absolute return and high-conviction management units. These will all be included in the Σ (sigma) platform, should the merger of the entities, slated for 15 April, be approved by the AMF. Σ will also be equipped to handle mixed mandates combining direct management and multi-management.Personnel in the new management unit is nearly complete. It will include 15 fully-operating managers. The new CIO, Antoine de Salins (see Newsmanagers of 13 January 2011) has announced that initial assets at Σ will total EUR2bn, with 15 products.
09/03/2011

State Street offers a centralised collateral management service

p { margin-bottom: 0.08in; } With the new Collateral Tracking Service, State Street Corporation is offering managers and owners of assets a centralised tracking system for their collateral, whoever the counterparties may be. Clients may now receive updated reporting on the location and status of all collateral.Clients may transfer their contracts for collateral services to the exclusive platform established by State Street, which will automatically bill for status and location monitoring services.In addition, the completely adaptable operation of the service allows clients to schedule report deliveries for regular intervals or custom dates, using any combination of dates, clients, counterparties, funds, and types of products.Jeff Conway, head of investment manager operations services, says the Collateral Tracking Service is at the core of State Street’s strategy for derivatives, which now includes handling and management of collateral, and independent evaluation of the end-to-end chain for both publicly traded and over-the-counter (OTC) derivatives.
09/03/2011

ETFs are not widely trusted in Austria

p { margin-bottom: 0.08in; } According to a study by StefanPerklin of PricewaterhouseCoopers, the Vienna stock exchange now lists only 22 ETF funds, our of about 450 ETFs and 4,500 funds of all kinds which are eligible for sale in Austria, e-fundresearch reports. The European market share for ETFs on the Vienna stock exchange is 0.04%, while Deutsche Börse accounts for 41.12%, Borsa Italiana 15.8%, the London Stock Exchange 12.4%, the Swiss stock exchange 11.64%, and Euronext Paris 6.46%.
09/03/2011

Carl Icahn to reimburse subscribers to fund

p { margin-bottom: 0.08in; } The billionaire Carl Icahn has announced that he plans to reimburse external shareholders for shares in his USD7bn high-risk fund, created in 2004, because he does not want clients themselves to run risks if another financial crisis occurs, Expansión reports. Clients have USD1.75bn invested in the fund. They will be 95% reimbursed in April.
09/03/2011

Madoff victims will begin to receive reimbursement this year

p { margin-bottom: 0.08in; } Irving Picard, the court-appointed trustee for Bernard Madoff,'s businesses announced on 8 March that he hopes to recuperate over USD50bn involved in the fraud, and that some of this money (USD2.6bn) will be reimbursed to victims by the end of this year, pending a court decision expected next month, the Wall Street Journal reports.Picard has filed over 1,000 lawsuits in an effort to claw back over USD100bn from retail investors or entities which got money out of Madoff, or who had business relationships with Madoff’s companies. About USD10bn have already been recuperated, but cannot be distributed due to legal challenges.
09/03/2011

Lyxor lists another ETF in Frankfurt

p { margin-bottom: 0.08in; } Deutsche Börse on 8 March announced that the XTF segment of the Xetra electronic platform now includes 798 ETF products. Lyxor (Société Générale) has added the French-registered fund Lyxor ETF iBoxx € Liquid High Yield 30 (FR0010975771), with fees of 0.45%, to trading.
09/03/2011

Assets under management in Germany down in January

p { margin-bottom: 0.08in; } Although net subscriptions totalled EUR6.63bn in January (see Newsmanagers of 8 March), total assets under management in Germany as of 31 January fell by EUR36.06bn compared with the end of December, at EUR1.79442trn, according to statistics from the BVI association of asset management firms.The phenomenon affected open-ended funds, which were down to EUR706.16bn from EUR710.04bn, as well as mandates, which fell to EUR272.61bn from EUR307.07bn. However, assets under management by institutional funds rose to EUR815.66bn, from EUR813.38bn.Compared with the end of January 2010 (EUR1.70038trn), however, there were increases for open-ended funds, which stood at EUR651.22bn, and institutional funds, which had EUR732.51bn. However, assets in mandates totalled EUR316.65bn.
09/03/2011

Sovereign fund assets up

p { margin-bottom: 0.08in; } Sovereign funds last year saw an 11% increase in their assets, to USD3.98trn, according to the Financial Times, citing a new report. The proportion of these funds invested in infrastructure has increased from 47% at the beginning of 2010 to 61% at the beginning of 2011. The proportion invested in real estate and private equity has also risen, from 51% to 56%, and from 55% to 59%, respectively. For hedge funds, the proportion has held stable at 36%.
09/03/2011

Hedge fund assets totalled USD2.25trn as of the end of 2010

p { margin-bottom: 0.08in; } According to the Deutsche Bank Alternative Investment Survey of more than 500 investors worldwide, hedge funds will has up to USD2.25trn in assets under management by the end of the year, beating the previous record of USD1.9trn set in 2008 and nearly beaten at the end of 2010, the Frankfurter Allgemeine Zeitung reports. 64% of charities and more than 80% of sovereign funds saw they increased allocation to these products last year. Investors are increasingly tending to invest directly in hedge funds, rather than via funds of hedge funds. There is also growing demand for hedge funds with less than USD500m in assets under management.
09/03/2011

L'Espagne syndique de la dette à 15 ans

Malgré le regain de tension sur les pays périphériques, le souverain a levé hier 4 milliards d’euros à échéance juillet 2026 contre une demande de 7 milliards.
09/03/2011

La frénésie immobilière se poursuit à Hong Kong

Alva To, responsable de la recherche chez DTZ, a indiqué au quotidien que le prix des résidences de luxe à Hong Kong pourrait bondir de 15 à 20% cette année. La hausse générale de l’immobilier dans la ville pourrait être limitée à 15%, accompagnée d’une hausse de 2 points des taux d’emprunt hypothécaire.

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