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17/05/2010

L'encours mondial des ETF continue d'augmenter

A fin avril, les actifs gérés dans 2.189 ETF de 122 émetteurs cotés 4.354 fois sur 42 Bourses dans le monde entier se montaient à 1.113,1 milliards de dollars contre 1.036,1 milliards fin décembre, selon les statistiques de BlackRock. L’encours a augmenté de 7,4 % durant les quatre premiers mois de l’année tandis que le nombre d’ETF s’est accru de 12,4 % avec le lancement de 253 nouveaux ETF. Actuellement, il existe des projets de lancement pour 872 ETF. Les 100 plus gros ETF représentent 64,2 % de l’encours global, alors que 423 de ces fonds affichent des actifs inférieurs à 10 millions de dollars l’unité. Les trois premiers promoteurs, iShares, State Street Global Advisors (SSgA), et Vanguard, ont une part de 70,6 % du marché. iShares (BlackRock) se classe toujours premier avec 438 ETF et des actifs de 516 milliards de dollars. SSgA, avec 108 produits et 159,9 milliards de dollars, est deuxième devant Vanguard, avec 47 ETF et 110,2 milliards de dollars.
17/05/2010

Hedge fund carnage in May

Losses in the first week of May alone erased all gains made so far this year for some hedge funds managers, according to investors who spoke to the Financial Times. BlueTrend, the USD10bn fund run by BlueCrest Capital, dropped 7.57 per cent during the first week of May. Rival AHL, the USD20bn fund run by Man Group, fell 3.3 per cent.
17/05/2010

Sovereign wealth funds cut back investments

According to the US-based consultant Monitor Group and the Fondazione Eni Enrio Mattei, based in Venice, investments by sovereign wealth funds (SWFs) in 2009 fell 37% compared with 2008, to a total of USD69bn, the Wall Street Journal reports. The biggest spender among these funds was the Qatar Investment Authority (QIA), which alone invested more than USD32bn, including USD10bn in Porsche, and USD4.7bn at Volkswagen. According to the report, total assets in sovereign wealth funds is estimated at USD2.4trn.
17/05/2010

Auriga launches three absolute return funds

The Spanish asset management firm Auriga Securities has founded Auriga Investors UCITS III, a Luxembourg Sicav with three sub-funds, all of which are absolute return funds, Expansión reports. The funds are the M2T Multiestrategia, a fund which invests in highly liquid publicly-traded futures, Global Bond, which invests in European government bonds, and Breogán Global Financials, which focuses on financial sector issuers on the credit markets. The Global Bond Fund aims for returns equivalent to the Eonia + 400 basis points, while the other two funds aim for returns of 15% per year. For this new step, Auriga hab been recruiting a management team composed of Pedro Marazuela, Alfonso Torres, Diego Torres, José Mosquera and Rupesh Tailor, who join the firm from Société Générale, Dresdner Bank, Barclays, UBS and Goldman Sachs.
17/05/2010

Lombard Odier builds presence on Spanish market

The Spanish national securities commission (CNMV) has announced the registration of a new management firm in the country: Lombard Odier Darier Hentsch (Espana), SGIIC, S.A., which officially commenced its activities on Friday, 14 May. The group is already present in Madrid as an investment firm.
17/05/2010

Schroders offers a new fund on its GAIA platform

Schroders on 13 May announced the launch of a second fund on its dedicated UCITS platform Schroder GAIA (Global Alternative Investor Access). The new fund, Schroder GAIA Sloan Robinson Emerging Markets, which will be launched on 30 June this year, will be managed by Sloane Robinson, a firm specialised in long/short equities management in emerging markets. Sloane Robinson, founded in 1993 by Hugh Sloane and George Robinson, manages about USD8.3bn in assets invested in global equities outside North America. The new fund will be managed by its team specialised in emerging markets, led by Richard Chenevix-Trench, chief investment officer and portfolio manager for emerging markets and Asia. About two thirds of assets at Sloane Robinson are exposed to emerging markets.
17/05/2010

Record quarter for European funds

With total sales of EUR60.7bn, European fund managers enjoyed their best first quarter for three years, despite money market fund outflows of EUR19bn, says Lipper FMI. Bonds were the top selling asset class in March and for the quarter as a whole with sales of EUR18bn and of EUR41bn respectively. Equity fund sales in March were 16% up on February at EUR7.8bn, bringing total equity flows to EUR26.4bn for the quarter. The best selling equity sector for March and for the quarter was Global equities. The top selling groups in March were Franklin Templeton, Allianz and Carmignac with flows of EUR3.7bn, EUR2bn and EUR1.9bn respectively. For equity fund sales, the top selling group was Deutsche/DWS, adds Lipper FMI.
17/05/2010

Inflows continue for Swedish funds

In April, net sales of Swedish funds totalled SEK 12.8 billion (EUR1.33bn), according to the Swedish investment funds association. Balanced funds had a net inflow of 9.4 billion. Also bond funds and equity funds recorded net inflows 3.4 and 2.4 billion respectively. Money market funds and hedge funds, on the other hand, recorded net outflows of SEK 1.8 and 0.5 billion. Total net assets of funds at the end of April amounted to SEK 1 834 billion, which is the highest fund asset figure ever recorded. More than 1,100 billion were invested in equity funds.
17/05/2010

Deutsche Bank seeks buyers for BHF

According to sources in Frankfurt financial circles, Deutsche Bank will be announcing in the next few days that it is putting the Sal. Oppenheim affiliate BHF-Bank up for sale, the Frankfurter Allgemeine Zeitung reports. This may interest foreign banks from Switzerland, Liechtenstein, France and Russia. But Deutsche Bank has already stated that it is not prepared to sell the business at a cut price.
17/05/2010

Toscafund launches a UCITS version of its Cayman Islands fund

Citywire reports that Toscafund has launched a UCITS III-compliant version of its offshore fund registered in the Cayman Islands. The Tosca Midcap long/short fund will be managed by the founder of Toscafund, Martin Hughes, and Paul Compton, a former Collins Stewart manager. The objective will be to take advantage of investment opportunities in the part of the British equities market least monitored by analysts. “We will invest in a part of the market which is spectacularly under-analysed. Our investment universe runs to 1,000 companies, and when you get down to small caps, coverage becomes severely unequal. More than one third of these firms, with market capitalisation of under GBP400m, are not at all monitored by analysts. Due to the considerable number of companies which are unknown to analysts, we treat the United Kingdom as an emerging market,” says Matthew Siebert, a partner at Toscafund. Gross exposure to the market will not exceed 150%, and the number of positions will be 30 long and 30 short. Due to the size of these businesses, the fund’s objective is GBP300m-GBP400m. The Cayman Islands fund on which the product is based, launched in February 2008, posted returns of over 100% in 2009.
17/05/2010

Claren Road returns to London with recruitment of a Deutsche Bank head

Bloomberg reports that the New York management firm Claren Road Asset Management LLC has recruited John Aylward, head of high yield trading at Deutsche Bank, to reopen the firm’s City office, closed last year. A spokesperson for Deutsche Bank in London confirms the departure of Aylward. Aylward will be based in London, and will oversee the debt investments of Claren Road, which manages about USD3.7bn. Claren Road’s return to London comes as a surprising move at a time when the European Union is putting the finishing touches to its AIFM directive, which is leading some City hedge fund management firms to consider moving to Switzerland, Singapore and Hong Kong.
17/05/2010

Gartmore hit by net redemptions due to suspension of Guillaume Rambourg

Between 1 January and 30 April 2010, Gartmore has suffered net redemptions of GBP708m, of which GBP634m were in the month of April alone. Net outflows in the period from 31 March to 4 May were largely a result of the temporary suspension of the fund manager Guillaume Rambourg, due to an internal investigation by the UK asset management firm. As of the end of March, assets at Gartmore totalled GBP23.5bn, a 6% increase compared with the end of 2009. But as of the end of April, assets had fallen back to GBP22.4bn, in the wake of redemption demands in the month of April. The asset manager had seen outflows of GBP380m from its hedge funds as of 4 May.
17/05/2010

F&C marketing chief departs

F&C head of marketing and global wholesale Scott Stevens has resigned from the firm, says Money Marketing. He joined F&C in November 2005 from Deutsche Asset Management. It is understood he will be taking on a sales role at a hedge fund firm.
17/05/2010

Italian money market funds under pressure

Money market funds, which were once considered safe investments, are no longer what they used to be, Il Sole – 24 ore reports. Between 13 April and 12 May, the Fideuram index for the Italian money market fund category lost 0.35%. The three funds with the heaviest losses in the period were Nextam Partners-Liquidità (-1.37%), Norfondo Liquidità (0.60%) and Sai Am-Liquidità (-0.57%). They suffered due to uncertainty on the government bond markets.
17/05/2010

Assets up at Nuveen Investments

For first quarter, Nuveen Investments has reported pre-tax profits by GAAP accounting standards of USD43.37bn, compared with USD20.21m in the equivalent period of last year. Assets as of 31 March totalled USD150.1bn, compared with USD144.8bn as of the end of December and USD115.3bn twelve months previously. First quarter saw total net subscriptions of USD1.34bn, and positive market effects of USD3.97bn, compared with USD2.91bn and USD910m in October-December. In January-March 2009, Nuveen saw net redemptions of USD1.81bn, and capital losses of USD2.08bn from its portfolio.
17/05/2010

A Kansas management firm may have partly triggered the mini-crash of 6 May

Les Echos reports that the management firm Waddell & Reed (USD74bn in assets under management) on 6 May made a large futures transaction, selling 75,000 “e-minis” in a 20-minute period during which Wall Street lost nearly Usd1trn in market capitalisation. E-minis are the world’s most liquid futures, designed to allow investors to manage their exposure to the Standard & Poor’s 500 index. The transaction may have been a cause of the Wall Street mini-crash, but it does not explain everything. Safeguards designed to shut down the markets to prevent rapid falls for indices were not fully successful and will need to be revised.
17/05/2010

La Deutsche Bank cherche des acquéreurs pour la BHF

Selon les milieux financiers francfortois, la Deutsche Bank fera parvenir dans les prochains jours le dossier de la BHF-Bank, filiale de Sal. Oppenheim, à des repreneurs potentiels, rapporte la Frankfurter Allgemeine Zeitung. Cela peut intéresser des banques étrangères, suisses, du Liechtenstein, françaises et russes. Mais la Deutsche Bank a déjà précisé qu’elle n’est pas prête à vendre à n’importe quel prix.
17/05/2010

"Nous avons besoin de nouveaux débouchés, pas de nouveaux fonds"

En France, le gestionnaire d'origine écossaise Aberdeen Asset Management qui affiche 259,3 milliards de dollars d'encours multiplie les présentations. L'ancienne équipe de Credit Suisse passée sous bannière Aberdeen met les bouchées doubles pour faire connaître la société de gestion aux institutionnels et aux distributeurs. Le récent passage à Paris de Hugh Young, un Britannique qui se trouve aussi être le patron de la filiale asiatique basée à Singapour, s'inscrit clairement dans cette logique.
14/05/2010
Fonds

Harewood Solutions lance un fonds de rendement

La filiale de BNP Paribas, Harewood Solutions, devrait lancer le 17 mai un fonds de rendement qui vise un rendement de 8% par an assorti d’une volatilité beaucoup moins importante que le FTSE 100. Le UK Enhanced Income Fund est une version au format OPCVM III d’un fonds fermé phare de Harewood Solutions. Ce véhicule lancé en octobre 2006 a produit une surperformance de 20% par rapport à l’Eurostoxx 50. Pour la partie retail, l’investissement minimum a été fixé à 1.000 livres, assorti d’une commission d’entrée de 4% et de frais de gestion de 1,5% par an. Pour la partie institutionnelle, les frais d’entrée sont de 1%, les frais de gestion de 0,75%par an.
Fonds
14/05/2010
Fonds

First State présente son fonds "agribusiness"

Annoncé voici près d’un mois (lire notre dépêche du 21 avril), le fonds Global Agribusiness fait à présent l’objet d’une communication plus large de la part de First State, qui précise entre autres que l'équipe de gestion composée de Renzo Casarotto (gérant du portefeuille) et de Skye Mcpherson (analyste) se distingue par le fait qu’elle ne cherche pas à prévoir l'évolution à court terme des prix des matières premières et qu’elle recherche les meilleures sociétés dans le plus grand nombre possible de secteurs ou de matières premières.Le portefeuille, principalement investi en actions, comportera entre 20 et 75 lignes, la moyenne se situant aux alentours de 50 positions. L’indice de référence de cet OEIC de droit irlandais s’appuie à 75 % sur le DAXglobal Agribusiness et à 25 % du le S&P Global Timber & Forestry. Caractéristiques Dénomination : First State Global Agribusiness FundISIN : IE00B3D8LW07 (part retail ou A)Devises des parts : GBP et EURSouscription initiale minimale : GBP 1.000Droit d’entrée : 4 %Commission de gestion : 1,5 %
Fonds
14/05/2010

Esther Heer quitte RBS Coutts

Selon Asian Investor, Esther Heer, responsable du private banking en Asie du nord pour RBS Coutts a quitté la filiale de gestion privée de RBS. C’est Ignatius Cong qui doit la remplacer et qui sera en charge du développement des activités de Coutts en Chine, à Hong Kong, à Taiwan et dans les Philippines.Ignatius Chong travaille pour RBS Coutts depuis plus de quinze, dernièrement en tant que responsable du marché de Hong Kong.
14/05/2010
Fonds

Paulson ferme deux fonds aux nouvelles souscriptions

Paulson & Co, le deuxième plus gros hedge fund au monde, va fermer ses deux fonds vedette aux nouveaux investisseurs, rapporte le Financial Times. Ainsi, les fonds Advantage, qui représentent tous les deux environ 20 milliards de dollars d’encours, seront fermés d’ici à la fin de l’année.
Fonds

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