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27/10/2010

Banif offers ETF funds

p { margin-bottom: 0.08in; } Santander’s private banking affiliate, Banif, is now offering ETFs on its Innova platform, Funds People reports. The products are selected from funds available from Allfunds Bank (a joint venture of Santander and Intesa Sanapolo). The Banif Innova focus list, which will now be complemented by some ETFs, includes the Julius Baer Absolute Return, Santander Revalorización Activa, Quadrim 4, Robeco US Premium Equities, M&G Pan European, Templeton Asian Growth and Invesco Pan European Equity funds.
27/10/2010

AdvisorShares launches an ETF fund advised by Cambria

p { margin-bottom: 0.08in; } On 26 October, AdvisorShares launches the Cambria Global Tactical ETF (GTAA), a quantitative ETF fund advised by Cambria Investment Management in Los Angeles, on NYSE. The two co-managers, Mebane Faber and Eric Richardson, CIO and CEO of Cambria, respectively, will invest actively in ETFs covering all the major asset classes worldwide, including equities, bonds, real estate, commodities and currencies. Management commission is set at 1.35%.
27/10/2010

Threadneedle launches a European equities hedge fund

p { margin-bottom: 0.08in; } On 26 October, Threadneedle announced the launch of a long/short equities hedge fund domiciled in Ireland (IE00B3ZWD247), entitled Threadneedle Apex European Fund. The fund, which is not UCITS-compliant, will be managed by Paul Doyle, who will use the same strategy as for the Threadneedle European Crescendo Fund, which he has lead-managed since 2008, and which shows average annual performance of 6.10% over the past ten years. Doyle will be assisted by William Davies, head of European equities. Bottom-up stock-picking will be complemented by a top-down overlay to determine sectoral exposure without compromising risk management. Threadneedle states that due to strong demand from investors in the Threadneedle European Crescendo Fund seeking to change over to the Threadneedle Apex European Fund, the fund domiciled in the Cayman Islands will be closed in October.
27/10/2010

Open-ended real estate funds are a disappearing breed

p { margin-bottom: 0.08in; } On 26 October, the Munich-based management firm Morgan Stanley Real Estate Investment announced that it is liquidating the open-ended real estate fund P2 Value, following the closures of the KanAm US-grundinvest and DEGI Europa (Aberdeen). With the spectacular end of these three funds, the likelihood that other funds which have suspended their redemptions will reopen has been considerably reduced, Die Welt observes. Currently, with the three products in liquidation, redemptions are frozen for more than EUR25bn in assets (in 11 funds), out of total assets of EUR88bn in the sector. Though KanAm, Aberdeen and Morgan Stanley REI considerably increased the liquidity of their funds through sales of assets, it was not enough to keep up with redemption demands. Professionals give Commerzbank a good part of the blame for the current situation, since as exclusive distributor, it refused to support the reopening of the DEGI Europa fund, and lowered the rating of the real estate fund Premium Management Immobilien-Anlagen from Allianz Global Investors, while offering a discounted transfer from the fund to its own hausinvest product.
27/10/2010

Stable quarterly results for Deutsche Bank asset management

p { margin-bottom: 0.08in; } The asset management unit of Deutsche Bank in third quarter earned pre-tax profits of EUR78m. This result takes into account a net charge of EUR52m related to the acquisition of Sal. Oppenheim/BHF. Excluding this one-time charge, pre-tax profits would have been the same as in third quarter of last year (EUR134m). Invested assets were down EUR25bn in third quarter to EUR846bn. The group has reported pre-tax profits of EUR1.3bn for the quarter, but after a one-time charge of EUR2.3bn related to Postbank is taken into account, the quarter brings a net loss of EUR1bn.
27/10/2010

Morgan Stanley REI to liquidate P2 Value

p { margin-bottom: 0.08in; } The Munich-based management firm Morgan Stanley Real Estate Investment GmbH announced on 26 October that it plans to liquidate the open-ended real estate fund P2 Value, for which redemptions were frozen at the end of October 2008 following net outflows of EUR600m, with a volume at that time of EUR1.7bn. Currently, with EUR211m in liquidity and 34 properties remaining in the portfolio, the fund has EUR852.58m in assets, after risk provisions and credit redemptions are deducted. Liquidation will be undertaken over a three-year period, as for the DEGI Europa (see Newsmanagers of 25 October), until the end of September 2013. Investors will theoretically receive the proceeds of sales every six months, to the extent that liquidity is available. The net asset value of the fund will be published on each trading day. After 30 September 2013, any assets which may be remaining in the fund’s portfolio will be transferred to the depository bank (UniCredit Bank AG), which will then be in charge of liquidating them. Morgan Stanley REI has decided not to charge transaction fees on sales of the properties. The closure of the P2 Value fund will also have a negative impact on 13 real estate funds of funds or diversified funds. For example, positions on the fund represent 16.6% of the Euro Netto Fonds UI, 13.2% of the IFM-Real Estate Plus 1, and 13% of the FFPB Substanz.
27/10/2010

UCITS IV directive will be a major source of savings

p { margin-bottom: 0.08in; } In a study of the impact of the UCITS IV directive on the asset management sector in Europe (“UCITS IV: Implications for the Asset Management Industry in Europe”), the research and advising agency Celent estimates that the two main themes related to the directive will be growth and consolidation. In the environment of the new directive, the UCITS fund market will continue to grow, both in Europe and internationally. This will be all the more so as hedge funds are showing a growing interest in these vehicles. In operational terms, the directive will also bring strong pressure to standardise flows, processes and systems for all participants. In the longer term, the major contribution of the directive will be an occasion for management firms to make total annual savings of EUR2bn to EUR3bn through appropriate use of terms in the legislation dealing with master-feeder structures, Celent says savings on administration and transactions directly attributable to master-feeder structures may range from 10% to 15%. The study finds that the degree to which the UCITS project is successful will depend on several challenges it faces, including taxation, management of commissions, pay scales, and others. But the sector is confident. As evidence of this, the study finds, the European asset management federation (EFAMA) is backing a pan-European retirement products, which would be in UCITS format.
27/10/2010

U.S. Capital Advisors selects National Financial

p { margin-bottom: 0.08in; } National Financial, an affiliate of Fidelity Investments specialised in custody and clearance services for brokers, has announced that U.S. Capital Advisors has selected it to provide securities clearing for its wealth management division.
27/10/2010

Rothschild & Cie Gestion looks to international development

p { margin-bottom: 0.08in; } Thanks to inflows of EUR1bn since the beginning of the year, Rothschild & Cie Gestion now has assets under management of EUR21bn, higher than at the end of 2007 (EUR20.49bn), up from a low of EUR18.12bn at the end of 2008, Option Finance reports. Jean-Louis Laurens, managing partner and CEO, has announced that in 2011, the management firm is planning to develop its commercial presence in Spain and Italy. Laurens has also announced that the firm has no plans to launch newcits.
27/10/2010

Profits up for asset management firm which triggered flash crash

p { margin-bottom: 0.08in; } Waddell & Reed Financial, whose sell order on USD4.1bn in futures triggered the “flash crash” of 6 May, has announced that as of September it managed USD76bn in assets, the Wall Street Journal reports. Net profits for third quarter totalled USD40.5m, up 21% compared with July-September 2009 (USD33.4m). However, net subscriptions declined to USD658m from USD731m in second quarter, and USD2.4bn in the corresponding period of last year.
27/10/2010

BlackRock creates an investment strategy group at iShares

p { margin-bottom: 0.08in; } On 26 October, BlackRock announced that Russ Koesterich, head of the investment strategy team at its scientific equity group, has been appointed to also serve as global chief investment strategist for the new global investment strategy group of the iShares (ETF) division. The creation of the group and the appointment of a dedicated chief investment strategist come in response to demand from clients seeking insights on a variety of economic and investment subjects related to asset classes, sectors and markets for which iShares offers products.
27/10/2010

Three appointments at Barclays Wealth Managers

p { margin-bottom: 0.08in; } Barclays Wealth Managers France has announced the arrival of three new partners, as Jean-François Moulin joins the firm as head of internal control. He joins the Control & Governance department, and will report to Matthieu Desgrees du Lou, head of control & governance. He was previously a member of the general inspection service at the BPCE group. Elodie Duvaldestin will serve as head of product marketing for France. She joins from the Paris team of Morgan Stanley Investment Management, where she was head of marketing. Philippe Gaboriau joins Barclays Wealth Managers as multi-manager. He was previously at Primonial FundQuest, as an analyst and manager in multi-management.
27/10/2010

Net increase in profits for Invesco in third quarter

p { margin-bottom: 0.08in; } In adjusted figures, net profits at Invesco for July-September totalled USD185m, compared with USD125m in second quarter, and USD117.7m for the corresponding period of last year. Meanwhile, by GAAP accounting standards, net profits to be distributed to ordinary shareholders increased by 37.3% in the first nine months of the year, to USD290.5m, from USD211.6m. Assets as of the end of September totalled USD604.5bn (see Newsmanagers of 13 October), compared with USD557.7bn as of the end of June, and USD446.9bn twelve months previously.
27/10/2010

S&P launches CDS indices of sovereign issuers

p { margin-bottom: 0.08in; } Standard & Poor’s has announced the launch of a range of CDS indices of government debt issuers, the S&P International Developed Nation Sovereign CDS Index and S&P Eurozone Developed Nation Sovereign CDS Index. The first of these aims for approximately the same composition and weightings as the S&P/Citigroup International Treasury Bond (ex U.S.) Index, while the second replicates the S&P Eurozone Government Bond Index. Composition and weighting by country is set at the launch of each series. At each rollover date, a new series with the weighting and composition of the corresponding bond indices is created. The two indices will have a maturity of 5 ¼ years.
27/10/2010

Morgan Stanley liquide un fonds immobilier

A quelques jours d’une échéance réglementaire, la banque américaine a fait part de sa décision de clôturer le fonds immobilier allemand P2 Value, valorisé à 852 millions d’euros et gelé depuis deux ans. La banque suit les traces de KanAm et d’Aberdeen Asset Management, après avoir pensé rouvrir le fonds le 1er novembre mais s’être ravisée en raison d’une contraction de la liquidité.
27/10/2010

Le trilogue avalise la directive AIFM

L’accord trouvé la semaine dernière par les Etats membres de l’UE sur la directive «hedge funds» a reçu hier le soutien de représentants du Parlement européen et de la Commission, ouvrant la voie à un vote définitif du texte le 10 novembre. Cet accord final est intervenu lors d’une réunion organisée entre le rapporteur du texte au Parlement, l’eurodéputé français Jean-Paul Gauzès, le ministre belge des Finances Didier Reynders, dont le pays préside l’Union, et le commissaire européen au Marché intérieur Michel Barnier. La version de la directive sur laquelle les trois institutions se sont entendues ne varie que sur des points de détail par rapport à l’accord obtenu au forceps entre les Vingt-Sept au terme de plus d’un an et demi de négociations. Une clause détaillée de révision de la directive a été insérée afin que le texte soit revu d’ici 2017.
27/10/2010

Le patron du LSE s’inquiète de la régulation

Le directeur général du London Stock Exchange, Xavier Rolet, a estimé devant des parlementaires que les évolutions de la régulation européenne pourraient affecter l’économie britannique. Londres étant le premier centre européen pour les dérivés de gré à gré, les nouvelles règles de transparence de ce marché pourraient mener à une perte d’activités outre-Manche.
27/10/2010

La Bourse saoudienne prête à s’ouvrir prudemment

L’Arabie Saoudite prévoit d’ouvrir davantage le marché boursier domestique aux investisseurs étrangers mais ne le fera que de manière graduelle afin d’éviter l’afflux de capitaux spéculatifs, a indiqué le régulateur financier local à Reuters. Le pays pourrait également autoriser les étrangers à accéder à son marché obligataire secondaire.
27/10/2010

BlackRock enregistre un ETP sur le cuivre

Le gestionnaire d’actifs américain a enregistré auprès de la SEC un ETP (exchange traded product) adossé à du cuivre physique, connu sous la dénomination «iShares Copper Trust». Ce produit prévoit de répliquer sur le London Metal Exchange le prix du cuivre cash, chaque titre devant représenter 10 kgs de cuivre. JPMorgan a fait part d’une démarche similaire lundi.
27/10/2010

Macquarie réduit la voilure dans les infrastructures

La banque australienne devrait supprimer 60 postes dans sa filiale d’investissement dans les infrastructures, soit un dixième de son personnel, a indiquéle quotidien qui ne cite pas ses sources. Macquarie vient de clôturer l’appel aux investisseurs pour son troisième fonds d’infrastructure européen avec 1,2 milliard d’euros, soit moins d’un quart de l’objectif initial.
27/10/2010

La Banque d'Angleterre peut temporiser

La publication d’une croissance de 0,8 % du PIB britannique au troisième trimestre, deux fois supérieure aux attentes, rend désormais peu probable l’hypothèse d’une deuxième phase d’assouplissement quantitatif dès novembre. Celle-ci reste cependant d’actualité pour début 2011.
26/10/2010

Le PIB britannique surprend à la hausse

L'économie britannique a enregistré une croissance de 0,8 % au troisième trimestre, soit deux fois la prévision moyenne des analystes, selon la première estimation publiée mardi matin. Sur un an, la croissance du produit intérieur brut est de 2,8 %. Le chiffre, susceptible d'être révisé, doit cependant être pris avec des pincettes. La vigueur de l'économie au troisième trimestre s’explique en grande partie par le secteur de la construction, en croissance de 4%, un rythme intenable. Le plan d’austérité décidé outre-Manche devrait ralentir la croissance dans les trimestres à venir. Pour les économistes de RBS, cette publication n’est donc pas de nature à faire évoluer fondamentalement le débat sur une éventuelle nouvelle phase d’assouplissement quantitatif de la Banque d’Angleterre.
26/10/2010

S&P relève la perspective de la Grande-Bretagne à stable

Standard & Poor’s a annoncé réviser la perspective du Royaume-Uni de négative à stable, tout en confirmant les notes à long et court terme AAA/A-1+. L’agence estime que l'économie britannique est saine et diversifiée, que le pays fait preuve de souplesse en matière de politique monétaire et budgétaire et que les marchés des biens et du travail disposent d’une relative capacité d’adaptation.

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