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05/11/2010

Systematic Alpha plans to release funds in Asia

p { margin-bottom: 0.08in; } The New York-based commodities trading firm Systematic Alpha has appointed Solomon Josue as its sales representative for Asia, Hedgeweek reports. Josue is the founder and president of Asia Pacific Advisors, an alternative investment advising firm focused on the Asia-Pacific region. Assets under management at Systematic Alpha total USD640m.
05/11/2010

Pierre Simonet joins PIM Gestion France

Pierre Simonet on 1 October joined the portfolio management firm PIM Gestion France, with assets of over EUR500m, as CEO and director.Béatrice Philippe remains chairwoman of the board of directors at the French firm, and CEO of its sister company Philippe Investment Management, based in New York.Simonet was a member of the French regulator CMF from 1998 to 2002. He also served as director and CEO of CPR Asset Management.
05/11/2010

Thames River delays fund launch

p { margin-bottom: 0.08in; } Thames River has delayed the launch of its global emerging markets absolute return fund until next year, Money Marketing reports. The boutique, bought by F&C this year, received considerable support for the fund, which was to be managed by Kristof Bulkai and Hugo Rogers.
05/11/2010

Retail subscriptions continue at a good pace

p { margin-bottom: 0.08in; } In the first nine months of this year, net subscriptions to retail funds domiciled and distributed in the United Kingdom totalled GBP17.9bn, compared with a record GBP18.9bn in the corresponding period of 2009, according to statistics from the Investment Management Association (IMA). In September, these net subscriptions totalled GBP2.4bn, compared with an average of EUR2.1bn in the past 12 months. Net inflows were over GBP2bn per month in 15 of the 18 months under review. They totalled GBP2.8bn in September 2009.As of the end of September, assets in retail funds domiciled in the United Kingdom totalled an all-time record GBP542.6bn, due to rising equities markets, compared with GBP516.1bn one month earlier, and GBP463.35bn as of 30 September 2009.The IMA says that for the third consecutive month, the asset class which attracted the most retail net subscriptions was bonds, with GBP914m in September and GBP3bn in third quarter. Equities funds attracted GBP760m in September and GBP2.1bn in July-September.Institutional funds attracted GBP1bn in September, less than in the previous months, as insurers transferred their assets to unit trusts and OEIC products (GBP5.36bn in August, for example).Lastly, the IMA states that foreign-domiciled funds as of the end of September represented GBP24.2bn, compared with GBP23.1bn as of the end of August, and GBP24.9bn one year earlier.
05/11/2010

Union Investment and Lyxor top Feri rankings for third quarter

p { margin-bottom: 0.08in; } Only two asset management firms of those with more than 25 funds rated by Feri in Germany in third quarter had 50% or more of their products rated A or B. They are Union Investment (co-operative banks), with 57.1% (48/84), and LBB-Invest, with 50% (13/26). Following them in the rankings are Erste Asset Management (48%), Threadneedle (47.6%), LGT Group (46.2%), and BlackRock (45%). Then come Universal-Investment (43.9%), JP Morgan (42.9%), DWS Investment (41.7%, but out of 103 funds), and then Franklin Templeton and State Street (40% each).Among the managers with 8 to 24 products rated, Lyxor Asset Management (Société Générale) comes top with 87.5% of its products rated A or B, followed by DJE (78.6%), Vitruvius (77.8%), and Carmignac (75%, 6 funds out of 8).
05/11/2010

Strong increase in subscriptions in January-September

p { margin-bottom: 0.08in; } In the first nine months of this year, net subscriptions for the German asset management sector totalled EUR61.8bn (of which EUR21.3bn were in third quarter), compared with EUR29.26bn for the corresponding period of last year. Assets totalled a record EUR1.80848trn as of 30 September, compared with EUR1.729471trn one month previously, and EUR1.66401trn one year previously.The German BVI association of asset management firms states that of this total as of the end of September, open-ended funds accounted for EUR689.37bn, institutional funds EUR799.12bn, and mandates EUR319.38bn.Of EUR18.92bn in net subscriptions to open-ended funds since the beginning of the year, EUR4.6bn went to passive funds, while the 10 funds which had the largest inflows were active funds, led by the Premium Management Stabilität A EUR (EUR1.86bn) and the Templeton Global Bond Fund (EUR1.23bn). Money market funds, for their part, saw YTD net outflows of EUR10.5bn, putting them at EUR48.4bn in assets as of the end of September.
05/11/2010

March Gestión releases an emerging markets equities fund

p { margin-bottom: 0.08in; } On 24 September, March Gestión de Fondos created the Spanish-registered fund March New Emerging World, which uses the MSCI Emerging Markets index as its benchmark; the product was registered by the CNMV on 29 October.The portfolio may be up to 70% invested in other funds. It will be at least 75% exposed to emerging markets equities, and up to 20% in equities in businesses in OECD countries which earn 5% to 50% of their profits from emerging markets. The fund may also invest up to 20% in commodities via indices or derivatives.Management of the product will be undertaken by Santiago Montero Ruíz, head of multi-management.CharacteristicsName: March New Emerging WorldISIN code: ES0160933000Management commission: 1.9%
05/11/2010

Schroders registers three GAIA funds in Spain

p { margin-bottom: 0.08in; } Schroder has announced that it has registered its emerging markets long/short fund Schroder GAIA Sloane Robinson Emerging Markets (see Newsmanagers of 24 September) with the CNMV for sale in Spain. In addition, the British management firm has registered two other funds from its GAIA (Global Alternative Investor Access) platform: the Schroder GAIA Opus Multi Strategy (multi-strategy) and Schroder GAIA QEP Global Absolute (market neutral global bonds). The Schroder GAIA Egerton European Equity had already been registered in Spain for several months (see Newsmanagers of 11 February).
05/11/2010

Major image deficit for French hedge funds

p { margin-bottom: 0.08in; } According to a research by Reinhold & Partners, cited by Agefi, the French alternative management industry is not competitive. “A detestable image and no domestic market are two major obstacles to any slight inclination to setting up in the country, and any possible development for existing companies,” conclude the writers of the research, who spoke to about 200 international players, in partnership with the French asset management association (AFG). French alternative asset management does not attract investments from major funds of funds, family offices, or pension funds, which further accentuates the gap from managers based in the United Kingdom or Switzerland. 66% of French-speaking managers surveyed, and 80% of English-speaking managers, say that setting up in France brings no competitive advantage. The research also blames the French tax regime, which is unattractive.
05/11/2010

Very good third quarter for Norwegian sovereign fund

p { margin-bottom: 0.08in; } The Government Pension Fund - Global (the former Petroleum fund), the second-largest sovereign fund in the world, earned returns of 7.2% in third quarter, bringing its value to NOK2.908trn, or about EUR356bn, the Bank of Norway announced on 4 November. “Better-than-expected results for some businesses and easing fears of an economic downturn in Europe contributed to rises for equities markets,” explained Yngve Slyngstad, CEO of the investment direction at the Bank of Norway. The equities portfolio gained nearly 10%. In the past quarter, the fund took on an added NOK49bn the to the contribution of oil revenues by the government. However, currency effects wiped out NOK132bn, as the appreciation of the Norwegian kroner mechanically reduced the value of investments in foreign currencies. The Bank of Norway also announced that it has made its first foray into real estate investment, in Regent Street in London, with the acquisition of 25% of a real estate portfolio owned by the Crown Estate for GBP448m. The fund will receive a share of rents from shops and offices in the street for a period of 150 years. 5% of the value of the fund will eventually be invested in real estate, in other countries, so as not to distort the Norwegian market. The fund was previously 60% invested in equities, and 40% in bonds.
05/11/2010

Man Group fait mieux que prévu

Le gestionnaire alternatif coté a dégagé au titre de son premier semestre, clos fin septembre, 227 millions de dollars de bénéfices avant impôts, 5,8% de mieux que ses prévisions de pré-clôture. Les actifs sous gestion ont grimpé à 40,5 milliards de dollars à fin septembre, contre 38,5 milliards trois mois plus tôt. Ces résultats ne prennent pas en compte GLG Partners, intégré depuis le 14 octobre.
05/11/2010

BoA et BlackRock toujours partenaires

«Vous pouvez investir dans BlackRock et nous continuerons à être un partenaire stratégique pour un très long moment», a déclaré le directeur général de Bank of American, Brian Moynihan, au lendemain de l’annonce d’une cession de 34,5 millions de titres. Ce placement secondaire réduira la participation de BoA dans BlackRock de 33,9% à 12,6%.
05/11/2010

NYSE Euronext finalise une migration

L’opérateur boursier transatlantique a indiqué avoir achevé la migration de ses marchés cash et dérivés européens vers le centre de données de Basildon, au Royaume-Uni. Une opération similaire se poursuit aux Etats-Unis, avec le centre de Mahwah (New Jersey).
05/11/2010

Retour en piste d’AMP avec Axa

Le gestionnaire d’actifs australien a repris ses discussions avec Axa quant à une éventuelle nouvelle offre sur la filiale asiatique de l’assureur français, Axa Asia Pacific, a annoncé vendredi la société cible, selon Reuters.
05/11/2010

Booz Allen fixe les conditions de son IPO

La société de conseil, détenue majoritairement par Carlyle, prévoit de céder 14 millions de titres à un prix unitaire compris entre 17 et 19 dollars. En milieu de fourchette, l’offre devrait permettre à Booz Allen de lever quelque 252 millions de dollars.
05/11/2010

FDR refinance la tour CB 21 pour 270 millions d'euros

Troisième refinancement pour la tour CB 21 située à la Défense. Bayern LB, DG Hyp, Berlin Hyp et LBB viennent d’arranger un financement à hauteur de 270 millions d’euros pour ce bâtiment loué aux deux tiers à Suez Environnement. En juillet 2009, FDR avait refinancé CB 21 pour 290 millions d’euros sur 5,5 années auprès de banques différentes.
05/11/2010

Les gérants français résistent

L’AFG estime que les encours sous gestion de l’industrie ont progressé de 2,2% à fin septembre 2010, à 2.670 milliards d’euros, la progression des mandats compensant la baisse des OPCVM. Une récente étude souligne par ailleurs le déficit d’image de la gestion alternative à la française.
05/11/2010

La baisse des impôts en Allemagne est toujours au menu

Le ministre allemand des finances, Rainer Brüderle, cité par le journal, souhaite toujours réduire le niveau des impôts d’ici 2013, même si la réduction du déficit budgétaire reste la priorité actuelle. Même si le but à court terme est de simplifier le système d’imposition, le potentiel de baisse des impôts dépendra in fine de l’ampleur de l’activité.
05/11/2010

Christine Lagarde craint de nouvelles pressions sur l’euro

La ministre de l’économie et des finances a estimé que la décision de la Fed de lancer un nouveau round d’assouplissement quantitatif de 600 milliards de dollars devrait mettre une pression supplémentaire sur la valeur de l’euro, selon le quotidien qui évoque un entretien. «L’euro supporte le poids de cette décision» a estimé Christine Lagarde.
05/11/2010

Les gérants alternatifs préservent leur bonus

Bonne nouvelle de fin d’année en perspective pour les gérants américains de hedge funds. Le quotidien cite une enquête menée par Hedge Fund Research et Glocap selon laquelle leur bonus devrait progresser en moyenne de 5% (après une hausse de 15% l’an dernier). Un signe de retour en grâce du secteur selon le quotidien.
04/11/2010

La BoE maintient son taux directeur à 0,5%

La Banque d’Angleterre a, comme attendu, maintenu son taux directeur à son plus bas niveau historique. S’agissant de son programme d’assouplissement quantitatif, la BoE a confirmé le maintien à 200 milliards de livres de l’enveloppe allouée à des rachats d’actifs financiers signe que la reprise de l'économie britannique ne ralentit pas aussi fortement qu’on pouvait le craindre.

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