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25/02/2011
Fonds

Les fonds espagnols auraient enregistré des souscriptions nettes en février

Selon les estimations de VDOS Stochastics relayées par Funds People, l’encours des fonds espagnols aurait augmenté de 1,29 milliard d’euros ou de 0,9 % entre le 1er et le 18 février pour atteindre près de 145,59 milliards d’euros. Cela proviendrait d’un côté d’un effet de marché positif pour presque 1,11 milliard d’euros et de l’autre de souscriptions nettes de 186 millions d’euros, les premières depuis 2009.
Fonds
25/02/2011
Fonds

db x-trackers fait enregistrer 12 ETF d'actions supplémentaires en Espagne

En plus des 21 ETF déjà cotés sur Bolsas y Mercados Españoles (BME), db x-trackers (Deutsche Bank) a fait enregistrer par la CNMV dix ETF répliquant des sous-indices sectoriels du MSCI monde (consumer staples, consumer discretionary, information technology, industrials, health care, energy, materials, utilities, financial et telecommunication services).A cette liste de produits nouvellement admis à la négociation en Espagne s’ajoutent le db x-trackers MSCI Emerging Markets short Daily Index ETF et le db x-trackers FTSE EPRA/NAREIT Global Real Estate ETF.
Fonds
25/02/2011

Lombard Odier recrute un responsable du développement pour l'Asie

Lombard Odier a annoncé le 24 février la nomination de Vincent Duhamel en qualité de responsable du développement des activités de gestion privée et institutionnelle de Lombard Odier en Asie. Il aura le statut d’associé à responsabilité limitée et sera basé à Hong Kong. Il sera épaulé par Bartvan Leemput qui demeure responsable des équipes de clientèle privée pour la région.Il travaillera sous la conduite d’Anne-Marie de Weck, associé-gérant de Lombard Odier Darier Hentsch & Cie, en charge del’activité de gestion privée, et d’Hubert Keller, associé-gérant de Lombard Odier Darier Hentsch & Cie, responsable desactivités de gestion institutionnelle.Vincent Duhamel rejoint Lombard Odier après avoir dirigé SAIL Advisors, la filiale d’investissement de l’un des plusimportants family office d’Asie. Il était auparavant responsable de Goldman Sachs Asset Management pour la région Asie hors Japon, basé à Hong Kong, en charge des activités de gestion d’actifs ainsi que des activités de mandats institutionnels.
25/02/2011

State Street Global Services se réorganise en Asie

Selon Asian Investor, State Street Global Services (SSGS) a réorganisé ses activités en Asie, avec la constitution d'équipes dédiées pour l’Asie du sud et l’Asie septentrionale, et l’objectif d’un renforcement des ressources pour la première.SSGS vient ainsi de recruter un responsable des ventes pour l’Asie du sud, Jason Yip, qui a déménagé fin 2010 de Hong Kong à Singapour pour prendre cette fonction nouvellement créée.
25/02/2011
Fonds

RP Capital lance un fonds immobilier dédié à la Chine

La société de gestion basée à Hong Kong RP Capital lance un fonds immobilier dédié à la Chine, rapporte Asian Investor. La société cherche des capitaux jusqu'à hauteur de 100 millions de dollars auprès d’investisseurs institutionnels et retail intéressés par des investissements dans des locaux commerciaux dans les principales villes chinoises.
Fonds
25/02/2011
Fonds

Les hedge funds auraient collecté plus de 12 milliards de dollars en janvier

Les hedge funds ont collecté environ 12,2 milliards de dollars en janvier, selon les estimations communiquées par TrimTabs qui a revu son estimation de décembre à une décollecte nette de 4,6 milliards de dollars, et non une collecte du même ordre en raison de rachats significatifs émanant d’un grand fonds.Les fonds spécialisés sur les marchés émergents ont enregistré une collecte de seulement 1 milliard de dollars en janvier. La crise au Moyen Orient pourrait provoquer une vague de ventes en février, estime TrimTabs. Les CTA ont en revanche drainé 2,2 milliards de dollars en janvier.Les fonds de hedge funds continuent de perdre du terrain, avec des rachats de 3,9 milliards de dollars au cours des trois derniers mois.Les investisseurs dans les hedge funds ont continué d’afficher une préférence marquée pour les grands fonds. Les hedge funds dotés de plus de 1 milliard d’actifs ont drainé 27 milliards de dollars au cours des quatre derniers mois, alors que les hedge funds de moins de 500 millions d’actifs ont dû faire face à des rachats pour un montant de 5,8 milliards de dollars.
Fonds
25/02/2011

La Deutsche Bank va vendre son siège

Selon des proches du dossier, la Deutsche Bank a l’intention de vendre les tours jumelles de son siège francfortois, rebaptisées «Greentowers» après leur reconditionnement écologique complet de ces trois dernières années, rapporte le Financial Times Deutschland. La vente est confiée à la filiale de gestion d’actifs DWS qui va «packager» les tours dans un fonds immobilier fermé destiné aux particuliers.Les tours, qui ont été «réinaugurées» jeudi soir, avaient été cédées à un fonds interne pour 272 millions d’euros à la mi-2007 et le reconditionnement énergétique a englouti environ 200 millions d’euros. Selon les experts, les Greentowers valent environ 500 millions d’euros.
25/02/2011
Fonds

DWS Access lève 70 millions d'euros pour le fonds fermé Marmarapark

Auprès de particuliers clients de la Deutsche Bank, DWS Access a collecté environ 70 millions d’euros pour le fonds fermé DWS Access Marmarapark, qui va financer pour moitié l’investissement de 220 millions d’euros du groupe ECE dans la construction du centre commercial Marmarapark (100.000 mètres carrés) à Istanbul. L’effet de levier sur la part de DWS Access sera de 40 %. Les 50 % restants du financement seront assurés par le développeur hambourgeois ECE et la famille OttoDWS Access précise qu’avant même le début des travaux plus d’un tiers des surfaces sont déjà louées. La livraison est prévue pour l’automne 2012.
Fonds
25/02/2011

2010, année de tous les records pour la gestion d'actifs d'Allianz

A fin 2010, l’encours total géré par le groupe Allianz s’est établi à un montant record de 1.518 milliards d’euros contre 1.200 milliards un an plus tôt. Les actifs gérés pour le compte de tiers ont affiché pour leur part un gonflement de 25,7 % à 1.164 milliards d’euros contre 926 milliards, record battu. Et le troisième record a été enregistré avec les 113 milliards d’euros de souscriptions nettes pour le compte de tiers contre un précédent record de 84 milliards d’euros pour 2009.Ces résultats se retrouvent également à l'échelon du coefficient d’exploitation, qui s’est amélioré à 58,7 % pour 2010 contre 62 % pour 2009. L’excédent net réalisé sur les commissions a gonflé de 37,2 % à 4,9 milliards d’euros l’an dernier contre 3,6 milliards d’euros en 2009, ce qui s’explique par une augmentation de la part des produits à forte marge dans l’activité totale. De plus, les recettes de commissions de performance se sont nettement accrues pour ressortir à 514 millions d’euros contre 421 millions d’euros.Quant au bénéfice d’exploitation de la gestion d’actifs, il a opéré un bond en avant de 47 % pour atteindre 2,1 milliards d’euros contre 1,4 milliard l’année précédente.A titre indicatif, le bénéfice net du groupe Allianz pour 2010 a augmenté de 12 % à 5,2 milliards d’euros, le bénéfice d’exploitation gonflant de 17 % à 8,2 milliards d’euros.
25/02/2011

Natixis AM sets new management priorities

p { margin-bottom: 0.08in; } The new organization for management at Natixis AM, unveiled in September 2010, has declared its ambitions for 2011 and beyond. The director of fixed income management, Ibrahim Kobar, says that he would like to develop the credit unit in the next few years, one of the five areas of the new fixed income management architecture, alongside money market management, euro bond management, international bond management, and insurance management. With assets under management of EUR6-7bn, the credit unit is still far behind euro bonds (about EUR20bn in assets), money markets (EUR55bn), and the historic insurance management unit (EUR150-170bn). The development of the credit unit, whose staff was increased last year, and now includes 12 analysts, includes development of new products, such as a high yield fund, launched in November 2010, and a credit arbitrage product. In terms of equities, the director of the unit, Emmanuel Bourdeix, says that he is seeking to develop the sattelite portion of the new tripartite architecture (core, thematic and insurance). Out of assets of about EUR80bn, the core portion represents about 45%, while the insurance portion also accounts for about 45%, and the satellite portion only 10%. The idea is to have a much stronger presence internationally, particularly in emerging markets. With this in mind, two Europe equities analysts have decided to develop an expertise in Asia and Latin America, and Bourdeix is planning to recruit specialists to round out the team.
25/02/2011

Strong growth in profits at KKR in 2010

p { margin-bottom: 0.08in; } The US group KKR earned net profits last year of USD2.1bn, up 9.5% compared with the previous year. A key result in this good result was the fact that KKR’s investment portfolio increased 33% in value over the year. Assets under management increased by 16.8% last year to USD31bn as of 31 December 2010, compared with USD52.2bn one year earlier.
25/02/2011

T. Rowe Price appoints a director of distribution

p { margin-bottom: 0.08in; } T. Rowe Price has announced the appointment of Scott B. David as director of distribution. He will be responsible for commercial relations with third-party distributors (including financial advisers) in the United States. He will begin in this position on 2 May this year. David was most recently president of Fidelity Institutional Retirement Services.
25/02/2011

Strong growth in profits at KKR in 2010

p { margin-bottom: 0.08in; } The US group KKR earned net profits last year of USD2.1bn, up 9.5% compared with the previous year. A key result in this good result was the fact that KKR’s investment portfolio increased 33% in value over the year. Assets under management increased by 16.8% last year to USD31bn as of 31 December 2010, compared with USD52.2bn one year earlier.
25/02/2011

Fund managers capture savings for the first time in 15 months

p { margin-bottom: 0.08in; } Expansión reports on the basis of statistics from VDOS that fund managers in February managed to bring in the first net subscriptions in 15 months, totalling EUR186m, bringing them out of the slump that set in with the “deposits war” between financial institutions.Management firms took the occasion to beef up distribution of guaranteed funds with dominant exposure to bonds, which offer total annual returns of 2% to 4% over 3-4 years.The fund management firm which profited most from the situation was Invercaixa (La Caixa), which attracted EUR839m for Foncaixa Estabilidad, after previously capturing EUR1bn in 2010 for the Foncaixa Bienvenida.The other two asset management firms with the largest inflows in February are Bestinver (Acciona) and Mutuactivos (Mutua Madrileña).
25/02/2011

Assets under management hold stable at RBS

p { margin-bottom: 0.08in; } Assets under management at the Royal Bank of Scotland (RBS) increased last year by 5%, to GBP30.7bn, largely due to an improvement in market conditions. The British group has reported a net loss for the part of the group down by two thirds in 2010, to GBP1.125bn, compared with GBP3.6bn in 2009.
25/02/2011

BlackRock forms a partnership in British real estate

Workspace Group is to launch a GBP100m joint venture with BlackRock to buy high-yielding property in areas of the market ignored by many real estate investors, the Financial Times writes. Workspace buys then turns former industrial and office buildings into modern premises dedicated to small-to-medium-sized businesses.
25/02/2011

Strong growth in inflows in 2010 for St James's Place

p { margin-bottom: 0.08in; } Net inflows for the British St James’s Place last year totalle GBP3bn, up 30% compared with the previous year, the management firm has announced in a statement. Assets under management increased 26% to GBP27bn. The firm, which reported pre-tax profits of GBP84.2m, up 69% compared with 2009, is proposing a dividend of 6 pence, up 33% from the previous year.
25/02/2011

Barclays Wealth launches China Optimiser fund

p { margin-bottom: 0.08in; } Barclays Wealth has opened subscriptions until 8 April for its new China Optimiser fund, which is designed on the same principle as the Emerging Markets Optimiser fund.The fund charges 3% for a six-year period, and at maturity guarantees the subscriber the initial capital invested, plus 65% of the performance of the benchmark index, the FTSE Xinhua 25.The exposure of the fund (limited to 150%) is adjusted daily as a function of volatility: when volatility is low, exposure is high, and vice versa. The counterparty is Barclays Bank.Minimal subscription is set at GBP5,100.
25/02/2011

Henderson registers Credit Alpha Fund in Switzerland

p { margin-bottom: 0.08in; } Six weeks after receiving a sales license for Germany from BaFin (see Newsmanagers of 11 January), Henderson Global Investors has received permission to sell its British-registered, UCITS-compliant Henderson Credit Alpha Fund in Switzerland. The product is managed in London by Stephen Thariyan, and aims to achieve returns 500 basis points higher than the Libor 3-month.
25/02/2011

London would like to see women hold 25% of seats on boards at top FTSE companies

p { margin-bottom: 0.08in; } Les Echos reports that a report commissioned by the British government recommends that the 100 companies of the FTSE index should have women occupying one quarter of the seats on their boards of directors by 2015. Quotas may be introduced if management fails to respect certain objectives. Currently, only five businesses of the FTSE 100, including Pearson, Burberry and Imperial Tobacco, have women as CEOs. Only one out of eight directors at FTSE 100 companies is a woman.
25/02/2011

Fidelity reports an increase in average assets in 401(k) plans

p { margin-bottom: 0.08in; } Fidelity Investments has announced that average assets in 401(k) retirement plans in the United States have set a new record. As of the end of 2010, they come to USD71,500, a level not seen in 10 years. For plans which have been in existence for more than 10 years, average assets have increased to USD183,100 as of the end of 2010, compared with USD59,100 at the end of 2000.
25/02/2011

Net profits up 4% at Banque Cantonale Vaudoise

p { margin-bottom: 0.08in; } The BCV group (Banque Cantonale Vaudoise) has reported net profits for 2010 of CHF313.2m, up 4% compared with the previous year. Assets under management as of the end of 2010 totalled CHF75.8bn, up 1%, largely due to forex rates. Net inflows totalle CHF758m. Inflows from private clients and SMBs totalled CHF1.3bn, but inflows form major businesses and institutionals wree down by CHF500m. The 4% increase in net profits “is all the more remarkable as it takes into account a payment of CHF34m to the Federal Contributions Administration (AFC) to settle litigation against the bank. Excluding the cost of this operation, net profits would have increased by 13%,” BCV comments. The board of directors of the BCV group will propose at the next general shareholders’ meeting to pay an ordinary dividend of CHF22 (up from CHF21), and to distribute CHF10 per share (unchanged) from the legal reserve of incoming capital. This payment will allow the group to pay CHF275m out to shareholders.
25/02/2011

DWS Access raises EUR70m for closed fund Marmarapark

p { margin-bottom: 0.08in; } DWS Access has collected about EUR70m in assets from retail clients of Deutsche Bank for the closed fund DWS Access Marmarapark, which will finance half of a EUR200m investment by the ECE group in the construction of the Marmarapark shopping centre (100,000 square metres) in Istanbul. Leverage for DWS Access will by 40%. The remaining 50% of the capital will be provided by the Hamburg-based developer ECE and the Otto family. DWS Access states that before work has even begun, one third of the space has already been leased. Completion is slated for autumn 2012.
25/02/2011

Hedge funds remain cautious

p { margin-bottom: 0.08in; } Despite an increasing appetite for risk, hedge fund managers remain highly prudent in their use of leverage. According to the Financial Times, hedge funds either have acces to leverage exceeding their needs, or they are avoiding taking excessive risk. According to statistics from Credit Suisse, the average hedge fund began the year with leverage of 2.53%, and finished it with 2.52%. Since then, leverage has risen to 2.65%, but recent events will have incited many hedge funds to back-pedal.
25/02/2011

Hedge funds reported to have collected USD12bn in January

p { margin-bottom: 0.08in; } Hedge funds pulled in about USD12.2bn in January, according to estimates from TrimTabs, which has revised its estimate for December to reflect a net outflows of USD4.6bn, and not an inflow of a similar scale, due to significant redemptions from a large fund.Funds specialised in emerging markets posted inflows of only USD1bn in January. The crisis in the Middle East may provoke a wave of sales in February, TrimTabs estimates. CTAs, however, attracted USD2.2bn in January.Funds of hedge funds are continuing to lose ground, with redemptions of USD3.9bn in the past three months.Investors in hedge funds continued to show a marked preference for large funds. Hedge funds with over USD1bn in assets attracted USD27bn in assets in the past four months, while hedge funds with less than USD500m have faced redemptions totalling USD5.8bn.
25/02/2011

db x-trackers list 12 more ETFs in Spain

p { margin-bottom: 0.08in; } In addition to the 21 ETFs it already has listed on the Bolsas y Mercados Españoles (BME), db x-trackers (Deutsche Bank) has registered ten more ETFs with the CNMV, which replicate sectoral sub-indices of the MSCI World (consumer staples, consumer discretionary, information technology, industrials, health care, energy, materials, utilities, financial and telecommunication services).Two additions to the list of products newly added to trading in Spain are the db x-trackers MSCI Emerging Markets short Daily Index ETF and the db x-trackers FTSE EPRA/NAREIT Global Real Estate ETF.
25/02/2011

ING IM to release four more funds in Spain

p { margin-bottom: 0.08in; } Although the Emerging Markets Corporate Debt sub-fund of the ING (L) Renta Fund has not yet received a license from the CNMV for sale in Spain, two other sub-funds, the FX Alpha (absolute return, currencies) and Europe High Yield (bonds) now have the necessary authorisation, Funds People reports. ING Investment Management is also preparing to release the Commodity Enhanced fund, a sub-fund of ING (L) Invest, in Spain.
25/02/2011

Spanish funds show net subscriptions in February

p { margin-bottom: 0.08in; } According to estimates by VDOS Stochastics, relayed by Funds People, assets in Spanish funds are reported to have increased by EUR1.29bn, or 0.9%, between 1 and 18 February, to a total of nearly EUR145.59bn. This comes in addition to positive market effects of nearly EUR1.11bn, and net subscriptions of EUR186m, the first net subscriptions since 2009.
25/02/2011

ICE veut prévenir une extrême volatilité sur le sucre

Dans le but de prévenir une volatilité excessive des contrats à terme sur le sucre, l’opérateur américain ICE Futures a indiqué qu’il annulerait à compter du 1er mars les ordres s’établissant «en dehors d’une fourchette de prix acceptable». L’erreur humaine est fréquemment à l’origine des pics de volatilité, et le blâme ne devrait pas être uniquement porté sur le trading assisté par ordinateur, estime le consultant Jonathan Kingsman.

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