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02/03/2011

State Street extends its cooperation with Britain's PPF

p { margin-bottom: 0.08in; } State Street on 28 February announced that it has been reappointed for a five-year mandate by the Pension Protection Fund (PPF), from 1 January 2011. The mandate, on assets of GBP5bn, has covered the provision of custody and administration services since 2005. In 2008, the mandate was extended to include risk analysis and independent valuation of OTC derivatives. The PPF has added securities lending services within the renewed mandate.
02/03/2011

Ed Rosengarten joins Eden Group

p { margin-bottom: 0.08in; } The former head of equities at M&G. Ed Rosengarden, has joined Eden Group as head of asset management, Investment Week reports. In his new role, Rosengarten will be in charge of developing the client base and creating new products.
02/03/2011

Management firms in better health than in 2007

p { margin-bottom: 0.08in; } Asset management firms are completing their recovery. In fourth quarter 2010, operating margins in the asset management industry improved in the United States, according to a study by the New York consulting firm kasina, cited by Mutual Fund Wire. They now stand at 31.4%, compared with 27.5% in fourth quarter 2009. Net margins for 17 management firms analysed are also up, at 23.4%, compared with 21.2% one year previously. These figures signify that asset managers are now in better shape than they were in 2007 and 2008, kasina states. Among the best performers in terms of margins, Franklin Templeton and BlackRock had the best satisfactory figures among the major players. Among the smaller firms, Pzena Investment Management and Calamos Investments came out on top.
02/03/2011

German real estate funds likely to pull out of Spain

p { margin-bottom: 0.08in; } Expansión reports that it is likely that German real estate funds will seek to liquidate most of their assets in Spain before the entry into force of a new double taxation agreement, which was concluded on 3 February between Spain and Germany, and would probably come into force on 1 January 2012. One of the terms of the agreement would make sales of properties subject to taxes in the country where the property is located, which in these cases would mean Spain. These sales would be subject to a 19% tax, without the exemption from article 14 of the Spanish last on taxation of non-residents, which applies only to dividends and not to capital gains on assets.
02/03/2011

Sparinvest takes over asset management activities of Atrium Partners

p { margin-bottom: 0.08in; } The Danish asset management firm Sparinvest announced on 1 March that it has acquired Atrium Asset Management, the portfolio management affiliate of Atrium Partners, for an undisclosed amount. The firm manages two European small caps funds with total assets of EUR55m, entitled Atrium Value Partners SICAV - European Small Cap (domiciled in Luxembourg) and Atrium Value Partners – Europa Small Cap (domiciled in Denmark).The two managers of Atrium Asset Management, Karsten Løngaard and Lisbeth Søgaard Nielsen, will join the value equities team at Sparinvest, led by Jens Moestrup Rasmussen, which currently manages EUR3.4bn.
02/03/2011

Assets under management up by over 14% at Cantonal Bank of Basel

p { margin-bottom: 0.08in; } Assets under management at the Cantonal Bank of Basel as of the end of 2010 totalled CHF33bn, compared with CHF28.9bn the previous year, the bank has announced in a statement. Net profits at the group totalled CHF254.3m, down 12.1% compared with the record results of the previous year, which were boosted by exceptional factors.
02/03/2011

GAM posts net inflow of CHF8bn in 2010

p { margin-bottom: 0.08in; } For its first complete fiscal year, the Zurich-based asset management group GAM, which has been listed on the stock exchange since October 2009, posted an increase in its assets under management of 4%, to nearly CHF118bn, Agefi Switzerland reports. Net inflows totalled CHF8bn (CHF400m one year earlier) despite a downturn in second half. Net profits were up 35% to over CHF202m.
02/03/2011

Assets under management up 1.1% at BCGE

p { margin-bottom: 0.08in; } Assets under management and administration at the Cantonal Bank of Geneva (BCGE) as of the end of 2010 totalled CHF18.2bn, largely due to the arrival of new clients, compared with CHF18.05bn one year earlier, the bank announced on 1 March. Net profits were down 21.2% to CHF56.4m, due to one-time charges (ongoing project to transfer IT infrastructure, for CHF10m, and provisioning for business risks and trade finance for EUR30m).
02/03/2011

Only one third of absolute return funds outperform the risk-free rate over three years

In 2010, 71% of absolute return funds with a sales license for Germany posted a positive result, averaging 1.96%; over three years, 61.3% of funds did so, with an average of 0.53% (compared with an average loss of 0.31% for the 36 months to the end of June 2010).In addition, according to a study by the Frankfurt asset management firm Lupus alpha on the basis of Lipper data, there was a significant distorsion in results. In 2010, the best performance was 35.99%, while the largest loss was 23.97%.On one year and three years, the proportion of absolute return funds with a positive Sharpe ratio, and thus higher gains than the risk-free rate, were two thirds and one third, respectively.As of the end of December, there were 327 absolute return funds in Geramny, compared with 266 three years earlier. Total assets as of this date toalled EUR58.4bn, putting them above the pre-crisis level (EUR58.3bn at the end of 2007) for the first time.
02/03/2011

Madoff trustee seeks USD2bn from Tremont

p { margin-bottom: 0.08in; } Irving Picard, the court-appointed trustee for the business of Bernard Madoff, is seeking USD2.1bn from the management firm Tremont Group Holdings and its affiliates, which would be used to reimburse victims of the fraud, the Wall Street Journal reports. According to a lawsuit filed in December and amended this week, the management firm and a group of funds which it managed are claimed to have ignored warning signs on several occasions which suggested that Madoff’s activities might be fraudulent. Tremont and its affiliates are accused of having allowed more than USD4bn in assets to be transferred to Madoff over a 15-year period.
02/03/2011

Former UBS banker charged

p { margin-bottom: 0.08in; } US prosecutors are accusing a former UBS banker, Christos Bagios, of helping 150 high net worth US citizens to avoid paying taxes on their income, according to a penal case published on Tuesday. The banker, who now works for Credit Suisse Group, was arrested last month in New York, the Wall Street Journal reports.
02/03/2011

Former Goldman Sachs director indicted for insider trading

p { margin-bottom: 0.08in; } La Tribune reports that the US regulatory authority, the Securities & Exchange Commission, announced on Tuesday, 1 March that it is filing charges against a former member of the board of directors of Goldman Sachs, Rajat Gupta, for insider trading in relation to the Galleon hedge fund scandal.
02/03/2011

Goldman Sachs launches Next-11 Equity Fund

p { margin-bottom: 0.08in; } Goldman Sachs Asset Management has announced, in a filing submitted to the SEC on 16 February, the forthcoming launch of the N-11 Equity Fund, with four share classes. The promoter emphasizes that the product is “non-diversified” under the terms of the Investment Company Act of 1940.Under normal circumstances, the portfolio will invest at least 80% in equities from “next eleven” countries, or N-11, or other businesses which are active in N-11 countries (Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam). The fund will not invest in issuers domiciled in Iran, in light of US economic sanctions against the country.The TER for A class shares (GSYAX) is set at 1.90%, while the rate is 2.65% for C class shares (GSYCX). For Institutional shares (GSYIX), the fees are 1.50%, for IR shares (GSYRX), the rate is 1.65%.
02/03/2011

A label for ethical funds at last?

p { margin-bottom: 0.08in; } According to L’Echo, the Belgian Socialist senator Philippe Mahoux has tabled a bill which would promote socially responsible investment (SRI). The ethical character of funds of this type has previously been subject to internal control by issuers. The bill would give the CBFA authority to issue a label, the newspaper states. Currently, 197 funds are billed as socially responsible investment products, according to statistics from the Belgian Asset Management Association. Their assets under management have quadrupled since 2004, to EUR7.66bn (according to statistics as of second quarter 2010).
02/03/2011

Swiss Life doubles profits in 2010, partly due to AWD

p { margin-bottom: 0.08in; } In 2010, net profits at Swiss Life more than doubled, from CHF277m to CHF560m. Swiss Life says in a statement published on 2 March that the Investment Management sector took in CHF4.6bn in net returns on owners’ equity for its insurance portfolio. This corresponds to a net return on investment of 4.1% (compared with 3.9% the previous year). With earnings up 34% compared with the previous year, the Investment Management sector contributed CHF103m to the group’s profits. The successful reorientation of AWD, whose earnings were up 4% last year to EUR547m, has had impressive results: an operating profit of EUR49m (compared with -EUR41m the previous year), and an increase in the margin on earnings before interest and tax (EBIT) to 9% (from -8% the previous year).
02/03/2011

FSA publishes first report on consumer protection

p { margin-bottom: 0.08in; } As a part of its strategy to protect consumers and prepare for the application of the new regulations arising from the Retail Distribution Review (RDR), the British FSA has published its first study of the risks related to the conduct of businesses in regard to consumers, the Retail Conduct Risk Outlook (RCRO), which, along with the forthcoming Prudential Risk Outlook, will replace the former Financial Risk Outlook. The report draws particular attention to distributor influenced funds (DIF), structured funds such as open-ended investment companies (OEIC), in which the distributor, generally an advising firm, has some control over the architecture or the management of the fund. The FSA states that there are at least 40 firms which offer DIF products to their clients. Assets under management in these funds total about GBP2bn. The control exercised by advising firms on these funds, though partial, presents a number of risks, among them the risk of conflicts of interest, as the advising firms distributing DIF products often have a direct financial interest in the products, to which they are meant to be providing consulting services. The report also points to the increasing popularity of complex investment products, including ETFs, “relatively new products” both for retail investors and for advising firms. In addition to counterparty and collateral risks, the FSA mentions conflicts of interest related to the structuring of ETFs and legal issues related to the domicile of underlyings. The marketing and promotion of complex ETFs does not always appropriately reflect the various risks related to these products, and the FSA says it has intensified its surveillance in this area and is prepared to intervene if necessary.
02/03/2011

Ole Søeberg joins Skagen Funds

Ole Søeberg is joining Skagen Funds as a portfolio manager to further strengthen the global and Norwegian equity fund SkagenVekst. He will be responsible for analysing existing and potential investments alongside a team comprising 9 fund managers. Søeberg has extensive experience in both global and Danish capital markets. He joins Skagen from his position as managing director of the insurance company Tryg where he was responsible for investor relations since 2006. For the past four years Søeberg has been a member of the board of directors of Skagen AS. He has stepped down from the Board to assume his new position. Ole Søeberg will take up his new role at Skagen in the first half of 2011.
02/03/2011

Top 10 hedge funds made USD28bn in second half

The top 10 hedge funds made USD28bn for clients in the second half of 2010, according to the Financial Times which cites data calculated by LCH Investments, an investor in hedge funds run by Edmond de Rothschild Group. This is USD2bn more than the net profits of Goldman Sachs, JPMorgan, Citigroup, Morgan Stanley, Barclays and HSBC combined, underlines the newspaper. The 10 funds have earned a total of USD182bn for investors since they were created, with George Soros making USD35bn for clients – after all fees – since he set up his Quantum Fund in 1973.
02/03/2011

Banif Inmobiliario reopens to redemptions

p { margin-bottom: 0.08in; } Two years after redemptions from the Banif Inmobiliario real estate fund were frozen by Santander, the fund’s 44,033 shareholders have begun receiving their money back. They will receive EUR1,211.05 per share, or 11.9% less than their value when redemptions were suspended, Cinco Días reports. In 2009 and 2010, the net asset value of the fund fell by 12.4% and 6.3%, respectively. Since the beginning of 2011, the fund has lost another 0.6%.
02/03/2011

First net subscriptions to Spanish funds in 16 months

p { margin-bottom: 0.08in; } In February, Spanish securities funds posted gross subscriptions of EUR5.12bn, and net subscriptions of EUR74m, the first net subscriptions after a 16-month spell of net redemptions, according to statistics from the Inverco association of asset management firms.Total assets as of 28 February totalled nearly EUR138.89bn, which represents an increase of EUR717m, or 0.5%, compared with the end of January, making February the second consecutive month of increase in assets under management.In January-February, the two top management firms in the country, Santander Asset Management and BBVA Asset Management, saw declines in their assets of EUR364.6m and EUR69.3m, respectively, while assets under management at Incercaixa Gestión (La Caixa) increased by EUR804.24m.In the month of February alone, Santander AM saw net outflows of EUR386.9m, while BBVA AM saw net redemptions of EUR146.18m. Of the top 10 Spanish management firms, six saw net redemptions in February, including Ahorro Corporación Gestión, with net outflows of EUR112.43m.However, Invercaixa Gestión stands out with net subscriptions of EUR769.22m in February. The other two major beneficiaries of net inflows are Bestinver Gestión (Acciona), with EUR50.09m, and Mutuactivos (Mutua Madrileña).
02/03/2011

Doughty Hanson acquires two shopping centres in Spain

p { margin-bottom: 0.08in; } The private equity investor Doughty Hanson & Co real Estate has acquired the shopping centres El Rosal (51,000 square metres) in the province of León, and Plaza Eboli (31,000 square metres) in the province of Madrid, fron Sonae Sierra, for EUR120m, Cotizalia reports.
02/03/2011

Les tarifs de négociation peinent à baisser

Le quotidien publie les résultats du Baromètre Equinox Consulting, concernant les coûts de transactions en Europe. «Malgré la concurrence», avance le quotidien, «la baisse des tarifs des négociations est peu visible». La facture n’aurait commencé à baisser qu’à la mi-2009. la baisse pour les ordres des investisseurs institutionnels serait de l’ordre de 5% depuis novembre 2007.
02/03/2011

Les fonds d’investissement alternatifs rapportent

Selon des données publiées par LCH Investments et relayées par le journal, les dix plus importants fonds d’investissement alternatifs ont réalisé quelque 28 milliards de dollars de gains au second semestre 2010, soit 2 milliards de plus que les résultats combinés de Goldman Sachs, JPMorgan, Citigroup, Morgan Stanley, Barclays et HSBC. Le fonds de John Paulson a été le plus rentable avec 5,8 milliards de gains sur la période. Depuis leur création, ces dix hedge funds auraient même réussi à gagner un montant total de 182 milliards pour le compte de leurs clients, dont 35 milliards pour le seul George Soros depuis le lancement de son «Quantum Fund» en 1973.
02/03/2011

Les barbares à la porte

Ancien président de Sofinnova Partners et de l’Association européenne de capital-investissement, Jean-Bernard Schmidt estime dans un point de vue publié par le quotidien qu’il convient de s’inquiéter du retour des LBO. Ce schéma d’acquisition aboutirait à ponctionner les ressources internes de l’entreprise rachetée pour rembourser ses créanciers, la privant du même coup des moyens nécessaires pour assurer sa croissance.

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