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28/04/2010

GAI: Hedge funds gained more than 1.5% in March

According to Greenwich Alternative Investments (GAI), the Greenwich Composite Investable Hedge Fund Index posted returns in March of 1.52%, which gives it gains in the first three months of the year of 1.59%. All strategies posted gains in March and in first quarter. In March, the best-performing strategy was investable futures, with 3.03%. In January-March, the largest gains were for event-driven strategies, with 5.61%, ahead of long/short credit (3.30%).
28/04/2010

Union, Threadneedle and Fidelity are top 3 fund managers in January-March, according to Feri

Only three of the 34 major asset management firms with at least 25 funds on sale in the German market which are rated by Feri EuroRatings have managed to earn high ratings of A or B for over 50% of their funds in first quarter. The number one in the rankings, as in fourth quarter 2009, is Union Investment (see Newsmanagers of 4 February). The management firm for the German co-operative banks has 46 funds rated A or B out of 83, which is a percentage of 55.4% (compared with 62% in October-December). The second-place asset management firm remains Threadneedle, with 23 funds rated A or B out of 44, for a percentage of 52.3% (compared with 52% in fourth quarter 2009). Fidelity is in third place, with 25 A or B-rated funds out of 50, for 50%, compared with 46.5%. Pictet is next in the rankings, with 48%, followed by Universal-Investment (42.9%), BlackRock (40.8%), DWS, LGT Group and JPMorgan, with 40%, 40%, and 37.7%, respectively. In the category of asset management firms with 8 to 24 funds rated by Feri EuroRatings, Vitruvius remains the top provider with 88.9%, followed by StarCapital (87.5%). Third place in this class goes to M&G Investments (78.6%). Carmignac Gestion is sin sixth place, with 6 funds rated A or B out of 9, or 66.7%, followed by Baring AM with 64.3% (Baring was in third place in October-December, with 71.4%).
28/04/2010

First local ETF fund has AED18m

The first ETF in the Gulf region, launched one month ago (see Newsmanagers of 25 March), the NBAD OneShare Dow Jones UAE 25 ETF, had assets as of 26 April of 18 million United Arab Emirates dirhams (AED18.83m; AED100 = USD27.22). The product, launched by the National Bank of Abu Dhabi (NBAD), replicates the Dow Jones UAE 25 Total Return index, and is traded on the Abu Dhabi stock exchange (ADX). Initially, the heaviest exposures in the index are Etisalat, First Gulf Bank, Emaar Properties and NABD. When the weighting of shares is updated, a limit of 8% per line will be introduced.
28/04/2010

Petercam registers “green” govies fund

Petercam Institutional Asset Mangaement on Tuesday obtained permission from the CNMV to register the sustainable government bond fund Petercam L Bonds Government Sustainable, which brings the number of products with a license for sale in Spain to 18. The full Luxembourg range from the Belgian management firm is now registered in Spain, also including corporate bonds, high yield, and government bonds, as well as real estate and core and satellite equities portfolios.
28/04/2010

Metzler AM joins BVI

The German BVI association of management firms on Tuesday announced that Metzler Asset Management GmbH, an affiliate of Metzler seel. Sohn & C. Holding AG, with assets as of the end of 2009 of EUR5.1bn, has joined the association with immediate effect. The BVI association now has among its members 66 fully licensed capital investment companies, 13 asset management firms, and 6 holding companies, with assets under management of about EUR1.7trn.
28/04/2010

SEI publishes an investment guide

SEI has published an online investment guide (The Global Asset Management Product Guide), which sets out the key regulatory points for various investment vehicles. The guide is aimed at managers who are making an effort to respond to increasingly strong demand on the part of investors to diversify the types of funds in their allocations. Among the products explained are, among others, US mutual funds, ETFs, UCITS funds, closed funds, and British-registered OEIC funds.
28/04/2010

Lombard Odier licenses an affiliate in Spain

The Swiss management firm Lombard Odier is expected to receive a license from the CNMV in the near future to launch activities of a fund and Sicav management affiliate in Spain, Expansión reports. The affiliate will have Claudio Ortea as chief investment officer, assisted by Paula Caruana, who will manage portfolios and Sicavs, after 10 years at BBVA Asset Management.
28/04/2010

Deutsche Börse releases statistics on order books

The Market Data & Analytics division of Deutsche Börse on Tuesday announced two new products, the EnBSol Historical Data Eurex and the EnBSol Historical Data Xetra. These are series of gross historical data by millisecond on the evolution of orders on the Eurex and Xetra electronic trading platforms. The data, which will be available back to 1 January 2010, is intended to allow market operators to develop new algorithms and to optimise strategies. They will be available in the original Enhanced Broadcast Solution (EnBSol) format for each platform.
28/04/2010

Significant rise in profits at comdirect

On Tuesday, comdirect bank (Commerzbank group) announced pre-tax profits for first quarter up 19% to EUR21.2m, while net profits have increased 23% to EUR15.7m (they were a mere EUR7.1m in October-December). Total assets under administration as of the end of March totalled EUR37.56m, which represents an increase of 6% compared with the end of December, half of which is due to market effects, and half to net subscriptions. For B2C activities, assets are up 6% to EUR23.5bn, while for the B2C division (eBase), assets are up 5% to EUR14.1bn.
28/04/2010

La Caixa Banca Privada teams up with fashion designers

La Caixa Banca Privada has signed an exclusive cooperation agreement with the Spanish association of fashion creators (ACME) which will allow its private banking clients benefits which include a loyalty card that entitles them to discounts, and exclusive promotions from participating designers in the fashion industry. The agreement, offered in collaboration with the La Caixa Foundation, also provides for the training and integration of people in danger of social exclusion into the workshops of certain designers affiliated with the ACME. Personalised financial advising will also be made available to these designers. Assets at La Caixa Banca Privada increased last year by 21.5% to a total of EUR40.98bn.
28/04/2010

USS invests USD135m in Neuberger Berman Secondaries Fund

The British Universities Superannuation Scheme (USS) is increasing its investment in private equity, through the acquisition of a USD135m stake in the Neuberger Secondary Opportunities Fund II from Lehman Brothers Estate. With this acquisition, USS becomes the largest investor in the fund, which has Usd1.77bn in assets, raised in July 2008.
28/04/2010

Pension funds give real estate another chance

According to a survey by Institutional Real Estate and Kingsley Associates, pension funds and other major institutional investors are planning to invest USD34bn in real estate, nearly twice as much as the total in 2009, the Wall Street Journal reports. About one third of this amount will go to safe investments in commercial real estate. Roughly USD8bn would be invested in debt, overseas deals and other kinds of real-estate transactions. Another USD13bn would go to riskier private-equity deals such as land and distressed properties. Only 3.5% of the total would be invested in REITs.
28/04/2010

Peter Hargreaves makes way for a new CEO

Peter Hargreaves is planning to retire from his position as CEO of Hargreaves Lansdown at the end of this year. He has announced that he making way for a younger successor in the position, Fund Strategy reports. Hargreaves, 63, founded the firm in 1981 with Stephen Lansdown. He will be replaced as CEO by Ian Gorham, starting in November. Gorham is currently chief operating officer. Hargreaves will remain as executive director of the firm.
28/04/2010

Nicolas Homassel takes over as head of Natixis Private Equity

In a statement, the board of directors of Natixis Private Equity announced on Tuesday, 27 April that it has appointed Nicolas Homassel, 47, as CEO of Natixis Private Equity. He replaces Jean Duhau de Berenx, who is taking his retirement. François Baubeau has also resigned from his position as deputy CEO. Homassel, who will retain his reponsibilities as executive director of strategy at Natixis, will aim to assist in the evolution of activities at Natixis Private Equity, and particularly its reorientation towards management for third parties. In 2002, Homassel, who has spent his entire career at Natixis, was appointed as head of growth operations at Natexis Banques Populaires. He later became director of strategy for the institution.
28/04/2010

Good start to the year for Lazard

Lazard is doing much better, Les Echos reports. In the first three months of the year, activities overall rose 67%, while revenues from advising (EUR269m) were up 65%, and revenues from mergers and acquisitions (+53%) and restructuring (+64%) were up by nearly as much. Commissions from portfolio management activities, meanwhile, were up 78%.
28/04/2010

SEC cracks down on side pockets

The SEC has created an enforcement unit with 60 attorneys led by Rob Kaplan and Bruce Karpati to investigate the use of side pockets by private equity funds, hedge funds and other asset managers, the Wall Street Journal reports. Some funds examined by the SEC may have provided an inaccurate evaluation of their assets in side pocketseven as they continued to charge commissions on these inflated valuations. The new enforcement unit will also seek to establish to what extent managers are honest when they invest their own money in their funds.
28/04/2010

Beijing approves two new fund management firms

The Chinese regulatory authority CSRC has granted licenses to two new fund management firms, according to the China Securities Journal (which is controlled by the Chinese government). Market Watch reports that they are a joint venture of the Bank of New York Mellon and the Chinese broker Western Securities, and an affiliate of Zheshang Securities Co. Of the 60 existing fund management firms in China, 33 are joint ventures between Chinese and foreign firms.
28/04/2010

Henderson cleans up product range

Henderson Global Investor will offer subscribers and shareholders a series of five fund mergers and eight name changes in May, following the integration of the Henderson and New Star product ranges to form a single platform since 6 April 2010. In the UK equities product range, the Henderson Growth & Income Fund will be absorbed into the Henderson Higher Income Fund, but will continue to be managed by Graham Kitchen and Andy Jones, while the Henderson UK Growth Fund, managed by Trevor Green, will be merged into the Henderson UK Alpha Fund, managed by Stephen Peak. Lastly, the Henderson UK Extra Income Fund, managd by Job Curtis, will be absorbed into the Henderson Managed Distribution Fund, though it will have more “sophisticated” elements which will continue to be managed by John Pattullo, Jenna Barnard and Trevor Green.
27/04/2010

Les investisseurs favorisent les stratégies passives, selon BlackRock

BlackRock a fait état pour le premier trimestre d’un résultat net de 423 millions de dollars, ou 2,17 dollars par action, contre 84 millions de dollars ou 62 cents par action un an plus tôt. La marge opérationnelle s’est inscrite à 32,8%, y compris l’impact des coûts d’intégration avant impôts de BGI (52 millions de dollars). Hors coûts liés à l’acquisition de BGI, le résultat net s’inscrit à 469 millions de dollars ou 2,40 dollars par action contre 110 millions ou 81 cents par action.Les actifs sous gestion se sont accrus de 17,6 milliards de dollars au premier trimestre à 3.360 milliards de dollars. Durant le trimestre, la décollecte nette (produits court terme) s’est élevée à 39,6 milliards de dollars alors que la collecte nette en produits de long terme (actions, obligations, investissements alternatifs et multi asset) a totalisé 8,9 milliards de dollars.Dans la classe actions, les actifs sous gestion s'élevaient à la fin du trimestre à 1.580 milliards de dollars, en hausse de 46,5 milliards de dollars depuis la fin de l’année. Les investisseurs ont apporté 4,6 milliards de dollars dans les fonds indiciels et 900 millions de dollars dans les stratégies actions actives. Mais les fonds quantitatifs ont subi une décollecte nette de 8,8 milliards de dollars. Du côté du fixed income, les actifs sous gestion se sont accrus de 3,6 milliards de dollars à 1.060 milliards de dollars. La collecte nette des produits indiciels et des ETF s’est élevée à 13,6 milliards alors que les fonds obligataires actifs on suscité une décollecte de 14,4 milliards de dollars.Les commissions de performance se sont élevées à 50 millions de dollars au premier trimestre contre 125 millions au quatrième trimestre 2009.
27/04/2010
Fonds

BlackRock et Vanguard se disputent les encours pour leur ETF marchés émergents

L’ETF iShares MSCI Emerging Markets Index Fund de BlackRock et le Vanguard Emerging Markets ETF sont respectivement le quatrième et le cinquième ETF aux Etats-Unis par l’encours, avec 36 milliards et 24 milliards de dollars, note The Wall Street Journal. Ils ont le même indice de référence, le MSCI Emerging Markets. Le produit Vanguard est le moins cher, avec une commission de gestion de 0,27 % contre 0,72 % pour le iShares, mais ce dernier, lancé en 2003, affiche un volume de transactions hebdomadaire de 346,9 millions d’actions, contre 55,5 millions pour le fonds Vanguard lancé en mars 2005.Selon certains analystes, c’est la différence des taux de frais qui expliquerait pourquoi l’ETF d’iShares a subi pour janvier-mars des sorties nettes de 4,36 milliards de dollars pendant que son concurrent de Vanguard enregistrait des souscriptions nettes de 2,91 milliards. Cette situation intrigue, parce que d’habitude, c’est le «first mover» qui a l’avantage parce que les investisseurs préfèrent le fonds le plus liquide qui a les frais de transaction les plus bas.
Fonds
27/04/2010

Le bénéfice d'Ameriprise gonfle de 65 %

Lundi, Ameriprise Financial a déclaré pour le premier trimestre un bénéfice net de 214 millions de dollars contre 138 millions de dollars pour janvier-mars 2009, ce qui représente un gonflement de 65 %.Les encours au 31 mars affichaient une hausse de 31 % en un an, à 332 milliards de dollars, grâce principalement à l’effet de marché et souscriptions nettes de 2,5 milliards de dollars pour l’activité «wrap» qui a atteint le volume record de 100 milliards de dollars.Aux Etats-Unis, la division gestion d’actifs a accusé des remboursements nets de 0,9 milliard de dollars dans le retail et des souscriptions nettes de 0,1 milliard dans l’institutionnel, malgré des synergies négatives de 0,6 milliard liées à l’acquisition de Columbia Management.A l'étranger, la gestion d’actifs «retail» a enregistré des rentrées nettes de 1,3 milliard de dollars compensées par des sorties nettes de 1,3 milliard pour la branche institutionnelle.
27/04/2010
Fonds

Rydex/SGI va liquider 12 ETF à effet de levier

Le trustee board de Rydex/SGI (7 milliards de dollars d’actifs sous gestion) a approuvé vendredi la décision de liquider le 21 mai 12 des 14 ETF à effet de levier longs et courts de la gamme, des fonds qui représentent environ 129 millions de dollars d’encours.Cette initiative vise à concentrer l’offre de 40 ETP sur les produits les plus demandés au moment où Guggenheim Partners achète Security Benefit Corp, dont Rydex/SGI est une filiale (lire notre dépêche du 17 février).Parmi les fonds qui doivent être liquidés figurent le Rydex 2x Russell 2000, le Rydex 2x S&P MidCap 400, le Rydex Inverse 2x Russell 2000 et le Rydex Inverse 2x S&P MidCap 400.
Fonds
27/04/2010

Ouverture cette semaine du procès entre Lehman Brothers et Barclays

Le procès opposant la banque américaine Lehman Brothers à son acquéreur, le groupe bancaire britannique Barclays s’est ouvert, hier à New York, rapporte les Echos. Les dépositaires de cette liquidation ainsi qu’un comité de créanciers espèrent récupérer 11 milliards de dollars (8,2 milliards d’euros). Ils veulent démontrer que Barclays avait à l'époque fait une bonne affaire, notamment en empochant sans en informer la justice une plus-value supplémentaire d’au moins 5 milliards de dollars, précise le quotidien.D’un point de vue financier, les liquidateurs de Lehman font face à plus de 60.000 demandes de réparation dépassant 1.000 milliards de dollars. Lehman doit par ailleurs rémunérer ses conseillers juridiques, dont la facture a déjà atteint 731,6 millions de dollars.
27/04/2010
Fonds

Skandia sélectionne Fifth Third AM pour son fonds "bue chips" US

Skandia Global Funds (SGF) a annoncé lundi 26 avril avoir nommé, pour son fonds composé de grandes capitalisations américaines, Skandia US Large Cap Growth Fund, la société de gestion américaine Fifth Third Asset Management (FTAM). Cette dernière dispose de 19 milliards de dollars d’actifs sous gestion. De son côté, Skandia US Large Cap Growth Fund affiche un encours de 80 millions de dollars.
Fonds
27/04/2010

State Street sélectionné par Marshall Wace

Le groupe de gestion alternative Marshall Wace a sélectionné State Street pour la fourniture de services d’investissement pour son nouvel ETF equity neutral, MW Tops Global Alpha.Selon Marshall Wace, cet ETF est le premier ETF en Europe géré par un spécialiste de la gestion alternative.
27/04/2010
Fonds

LGT Capital Partners lance son premier fonds de hedge funds coordonné

Le Crown Managed Futures Ucits Fund lancé le 4 mai sera le premier fonds de hedge funds conforme à la directive OPCVM III de LGT Capital Partners (18 milliards de dollars d’encours. Ce produit de droit irlandais réplique le fonds Crown Managed Futures (670 millions de dollars), rapporte Hedge Funds Review.La souscription minimale pour ce produit investissant dans des hedge funds actifs dans les domaines des matières premières, des actions, des obligations et des devises sera de 10.000 dollars, euros ou livres. L’exposition s’effectuera au travers d’un indice de 15 comptes gérés.D’après Hedge Week, le fonds Crown Managed Futures, lancé en 2000, affiche une performance annuelle moyenne de 10,5 % contre une perte de 2,1 % pour son indice de référence, le MSCI World.LGT CP facturera une commission de gestion de 1,5 % et une commission de performance de 7,5 %. Ce produit à liquidité hebdomadaire sera également assorti d’une commission de swap/structuration de 0,7 %. Les parts seront disponibles en dollars, en euros et en livres.
Fonds
27/04/2010

Aviva Investors nomme un directeur général du développement commercial Europe

Aviva Investors a annoncé aujourd’hui la nomination de Ted Potter au poste de directeur général du développement commercial Europe. Il s’agit d’une création de poste, précise la société de gestion. Ted Potter prendra ses nouvelles fonctions en juin et sera basé au siège de Aviva Investors à Londres. Il sera rattaché à Erich Gerth, directeur exécutif et directeur général Monde du développement commercial, et sera responsable des équipes de développement commercial en Europe. Véronique Cherret, Responsable Clientèle Institutionnelle Europe, et Gabriele Miodini, Responsable Institutions Financières, lui seront rattachés. Auparavant, Ted Potter travaillait pour Pinebridge Investments - anciennement AIG Investments - où il dirigeait les activités de développement commercial du groupe en Europe. Il a également exercé la fonction de directeur des opérations chez Bedford Oak Advisors, société partenaire en gestion alternative, et a passé six ans chez Goldman Sachs Asset Management à New York, où il a occupé différents postes de responsable liés au développement commercial.

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