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25/02/2010

Liontrust to launch an absolute return fund

Liontrust will next week launch an absolute return bond fund, the Liontrust Credit Absolute Return, which will me managed by Simon Thorp, head of fixed income. Fundstrategy reports that the fund, domiciled in Luxembourg, will be based on the European credit long/short hedge fund which Thorp created at the firm Ilex, which he co-founded. The fund will initially be 65% invested in high yield, and 35% invested in investment grade credit.
25/02/2010

Legg Mason to offer ETFs

Legg Mason has filed with the Securities and Exchange Commission to seek clearance to offer actively managed ETFs—funds aiming to capitalize on the skill of its stock and bond pickers, says the Wall Street Journal.
25/02/2010

Legg Mason to offer an absolute return fund

Fund Strategy reports that Legg Mason is preparing to launch a global absolute return credit fund, probably in third quarter, for one of its international affiliates, Western Asset Management, which is specialised in fixed income. The provisional name selected for the vehicle is said to be Legg Mason Western Global Credit Absolute fund. The product will be UCITS III-compliant, and will be domiciled in Dublin. It will be managed by the global credit team at Western, with Dipanker Sherman, previously of BlueBay Asset Management, at the helm.
25/02/2010

MFA signs partnership with New York Hedge Fund Roundtable

After recent overtures from the Connecticut Hedge Fund Association and the Mid-Atlantic Hedge Fund Association, the Managed Funds Association, which includes hedge fund professionals throughout the world, has signed a partnership with the New York Hedge Fund Roundtable, an association which includes over 1,000 investors, hedge fund professionals and financial services businesses. The partnership will allow the two organizations to exchange expertise in areas related to regulations and best practices, a statement says.
25/02/2010

DWS looking abroad for ways to grow

As competition to conquer distribution partners and investors intensifies, DWS (Deutsche Bank) will look abroad to find its areas of future growth, Handelsblatt reports. On the one hand, distributors are claiming an increasingly large portion of fees, while on the other hand, subscribers are becoming increasingly professional. Now, says Ingo Gefeke, head of distribution, DWS is hoping to become a European group with activities in Asia and the United States. US assets under management in Frankfurt total EUR6.7bn, while those managed for Asia weigh in at EUR2.3bn. Among other areas of growth, DWS has identified services to insurers and retirement planning products.
25/02/2010

Record assets at MLP

As of 31 December, assets under management at MLP totalled a record EUR12.8bn, “thanks to slight net inflows and mainly to performance at Feri, the fund management arm,” compared with EUR11.4bn twelve months earlier. The financial services provider has reported net profits for last year of EUR24.2m, compared with EUR24.6m in 2008, though the decline was as much as 11% for activities retained, at EUR27.2m, compared with EUR30.7m, on total operating revenues down 11% to EUR532.1m. Earnings before interest and taxes (EBIT) contracted by 25% to EUR42.2m, despite a strong increase (+74%) in fourth quarter. The total includes EUR3bn in legal consulting fees related to the Swiss Life raid, and EUR2m in restructuring charges. For 2010, MLP is expecting a difficult first half, and is aiming for a further EUR10m reduction in its fixed costs, after a EUR28.7m reduction in 2009. The firm’s objective remains to earn an EBIT ratio of 15% in 2012, compared with 7.9% last year.
25/02/2010

ETFS soon to launch ten new currency ETCs in Euros

ETF Securities (ETFS) has announced that it will launch ten currency ETCs denominated in Euros, replicating the Morgan Stanley Foreign Exchange (MSFXSM) indices, in long and short varieties, on Deutsche Börse’s Xetra electronic trading platform. The products will be integrally collateralised in Euros against the Swiss Franc, pound Sterling, Japanese Yen, Norwegian Kroner and the Swedish Kroner. The ETCs will also offer exposure to local interest rates. The ten new ETC funds come as an addition to the current range of 18 currency ETCs listed on the London Stock Exchange since 12 November 2009.
25/02/2010

China Merchants launches first QDII fund

China Merchants, in which ING Investment Management is a minority shareholder, has announced that on 1 March, it will open subscriptions to its first QDII fund, the Global Resources Equity, for 19 days. Assets in the fund will be capped to CNY3bn, Z-Ben Advisors reports. ING IM will be the sub-advisor for the new fund, while ICBC and Standard Chartered will be the custodians, one Chinese, and the other foreign. The benchmark selected will consist 25% of the MSCI World Energy Index, and 75% of the MSCI World Materials Index. Allocation to equities will be at least 60%, while 80% of this allocation will be invested in the energy, utilities, and commodities sectors.
25/02/2010

Fortress International Fund launches a fund investing in life insurance policies

Fortress International Fund is launching the Luxembourg Fortress International Capital & Partners SCS Fund, a product which will allow subscribers to invest in the secondary market in life insurance policies in the United States, Hedge Week reports. Policies included in the portfolio will be rated investment grade, and will have a mid- to long-term investment horizon.
25/02/2010

Lombard Odier signs a distribution agreement in Italy

Lombard Odier has signed a distribution agreement with the Italian platform Onlinesim. The Swiss firm has been working with Italian institutions since 1999. Its activities range from institutional management to distribution support for the 37 sub-funds of the Luxembourg Sicav LO Funds.
25/02/2010

Salus Alpha opens a Singapore office

The Swiss-Austrian asset management firm Salus Alpha has opened a representative office in UOB Plaza, 80 Raffles Place, in Singapore. The office of Salus Alpha Financial Services (SG) Pte. Ltd. puts the group in a position to offer UCITS III-compliant hedge funds on the local market, to institutional and high net worth private clients. Salus Alpha has also launched a local website.
25/02/2010

Ignis AM opens Madrid office

The CNMV has granted permission for the UK management firm Ignis Asset Management to open a representative office in Spain. The Madrid office will be directed by Mauro Lorán, with the assistance of Isabel Aranzabe, and the entire former sales team from New Star, Funds People reports. It will also serve the Portuguese and Andorran markets, as well as major institutional investors in Latin America.
25/02/2010

Fidelity fires two managers in Hong Kong

Fidelity International has fired two veteran fund managers in Hong Kong – Kevin Chang and Wilson Wong – for breaching its internal compliance code and putting “personal interests ahead of those of the company”, says the Financial Times. Industry sources believe that the two managers had been operating personal trading accounts in violation of company policy. The two managers ran a total of USD7.4bn in clients’ money.
25/02/2010

Liberty Acquisition to buy stake in Prisa

Expansión claims to have information that several North American investors are preparing to inject EUR600m in capital into Prisa, chief among them Liberty Acquisition, led by Nicholas Beggruen. The investment fund previously sold its stake in Media Capital to Prisa.
25/02/2010

New head at Fonditel

Fermín Álvarez, director of coordination for affiliates of the Telefónica group since 2008, was appointed on Wednesday as CEO of Fonditel, the asset management firm for the group’s investment and pension funds, replacing Luis Peña, Expansión reports. Even though Álvarez originates from the finance division of the operator, his appointment came as a surprise to asset management professionals, who were expecting the winning candidate to come from somewhere closer to the CFO of Telefónica, Santiago Fernández Valbuena. However, it has been learned that before serving as coordinator for the group’s affiliates, Álvarez was director of risk control and management, which is more similar to the expected profile. The Telefónica pension fund has EUR3.04bn in assets.
25/02/2010

Banif puts Carmignac back on its list of recommended investments

The private banking affiliate of Santander, Banif, has returned funds from the French management boutique Carmignac Gestion to its list of recommended products, after removing them from the list in October 2009, at a time when Quality, the fund platform from BBVA, did the same. The period during which the firm’s products were not recommended lasted only four months. Banif has undertaken an exhaustive audit of the French management firm, including a visit to its Paris offices, and the Spanish experts concluded that Carmignac’s funds are suitable for their service, though they recommend the funds only to investors with the highest propensity for risk. This is due to the fact that Santander’s analysts estimate that the genuine risk involved in Carmignac’s products is their excessive dependence on the decisions of the firm’s president.
25/02/2010

BlackRock owns 5.04% of Société Générale

According to a market statement published by the French market regulator, the Autorité des marchés financiers (AMF), BlackRock’s stake in Société Générale has passed the 5% threshold, and now totals 5.04% of capital in the French bank, with 4.63% of voting rights. Employees of Société Générale remain the largest group of shareholders in the bank, with a 7.1% stake (as of the end of 2008), ahead of BlackRock, which stands as the second-largest shareholder. Groupama, with a 4.1% stake (as of the end of 2008) is in third place.
25/02/2010

Larsen & Toubro moves into asset management

The Indian industrial group Larsen & Toubro (L&T) has made its first foray into asset management, following its acquisition of the management firm DBS Chola Mandalam Asset Management Company (DCAM). L&T Finance, the financial services affiliate of L&T, acquired DCAM along with its affiliate DBS-Chola Mutual Fund. The management firm has been renamed as L&T Investment Management, while its affiliate is now known as L&T Mutual Fund. The fund has about USD570m in assets under management. L&T is planning to develop activities serving institutional investors, and is also hoping to enter foreign markets.
25/02/2010

Henderson looking for acquisition opportunities

A year after it bought New Star Asset Management, Henderson said it was on the look-out for more acquisitions. Andrew Formica, chief executive, said: “We remain alert to acquisition opportunities but we will be choosy.” The focus is likely to be on expanding outside the UK.
25/02/2010

12% growth in operating profits at St. James's Place

The UK asset management firm St James’s Place last year earned operating profits of GBP228.9m, a 12% increase year on year. Pre-tax profits totalled GBP363.2m, following losses of GBP115.9m in 2008. Assets under management rose 31% to GBP21.4bn.
25/02/2010

GBP73.7m in profits for Henderson in 2009

The UK asset management firm Henderson last year earned ongoing profits before amortisations, charges, and taxes of GBP73.7m, an 8% decline from the previous year’s results. Net profits total GBP14.5m, following a loss of GBP20.8m in 2008. Net inflows totalled GBP700m for high-margin assets, with an inflow of GBP1bn in fourth quarter. Assets under management as of 31 December last year totalled GBP58.1bn, compared with GBP49.5bn one year earlier. The increase was largely due to the acquisition of New Star (GBP8.1bn) last April. Positive market effects of GBP5.1bn were largely offset by net outflows of GBP4.6bn. A statement from the group points out that in continental Europe, Henderson saw net inflows of GBP500m, largely for the Henderson Horizon Global Technology Fund, and for two UCITS III-compliant funds, Henderson Horizon China (+125% for the year to the end of 2009), and Henderson Horizon Pan European Alpha (+34.7% in the same period).
25/02/2010

La BCE toujours plus pessimiste que le consensus

Les prévisions de croissance du consensus sont aujourd’hui bien plus optimistes que celles de la BCE. Alors que les prévisionnistes envisagent une progression du PIB de 1,3% cette année, la banque centrale ne table que sur une maigre hausse de 0,8%. Ses projections seront actualisées lors du conseil de mars, mais convergeront-elles significativement vers le consensus? Rien n’est moins sûr.
24/02/2010
Fonds

Deux fonds américains prendraient une participation de taille dans une banque chinoise

La Tribune qui cite l’AFP rapporte que les géants de l’investissement KKR et TPG sont sur le point de mettre la main sur une part significative du capital (34,3 %) de la banque chinoise CICC. Les deux partenaires rachèteraient la portion que détient actuellement Morgan Stanley, ajoute le quotidien. Interrogés par « La Tribune », KKR et TPG n’ont pas souhaité faire de commentaire.
Fonds
24/02/2010

Amundi ETF fait coter 17 ETF sur Deutsche Börse

Amundi ETF vient d’annoncer une nouvelle étape dans sa stratégie de développement à l’international avec la cotation de 17 ETF sur Deutsche Börse, dont la cote du segment XTF comporte désormais 573 références. Cette première vague de cotation sera suivie de plusieurs autres séries prévues dans les prochains mois qui viendront compléter de manière significative l’offre d’Amundi ETF sur Xetra a annoncé la société de gestion.Dans le détail, les 17 ETF se composent de 6 ETF Actions Régionaux, dont deux produits totalement inédits en Europe, permettant aux investisseurs européens ou de la zone euro de s’exposer au reste du monde en une seule transaction. A cela s’ajoutent 5 ETF Actions Pays, permettant de s’exposer aux actions allemandes, américaines, japonaises ou émergentes. Seront également disponibles 3 ETF à effet de levier et 2 ETF Short, pour les investisseurs souhaitant doubler leurs positions ou se couvrir sur des marchés spécifiques. A noter que les ETFs à effet de levier répliquent deux fois la performance quotidienne de leurs indices respectifs. Les 2 ETF short quant à eux, «offrent une exposition quotidienne inverse, à la hausse comme à la baisse, de l’évolution du DAX 30 et du DOW JONES EURO STOXX 50® respectivement», précise le communiqué. Enfin, dernier produit à être coté : 1 ETF Monétaire, pour un placement des liquidités à court et moyen terme. La gestion de ces ETF se caractérisent par une méthode de réplication synthétique de l’indice. La liste et les caractéristiques des différents produits peuvent être consultés sur le site amundietf.com.
24/02/2010

DWS cesse d'émettre des certificats

La société de gestion DWS (groupe Deutsche Bank) a décidé de ne plus émettre de certificats, rapporte la Börsen-Zeitung. Les derniers en circulation arriveront à échéance dans trois ans et DWS continuera de les traiter jusque là, a indiqué Ingo Gefeke, directeur de la distribution.
24/02/2010

La gestion d'actifs de la Deutsche Bank est redevenue bénéficiaire en 2009

Dans une longue interview au Handelsblatt, Kevin Parker, qui dirige le pôle gestion d’actifs de la Deutsche Bank (496 milliards d’euros contre 555 milliards fin 2007), indique que cette activité a affiché l’an dernier un bénéfice avant impôt de 159 millions d’euros contre une perte de 732 millions pour 2008. Les souscriptions nettes ont porté sur 9 milliards d’euros. Dans les années normales, DWS (retail, 166 milliards d’euros) fournit la moitié du bénéfice, l’autre provenant de l’immobilier et de l’institutionnel, mais en 2009 DWS a apporté plus de 50 % du résultat. L’objectif pour cette année est de ramener le coefficient d’exploitation, qui est de plus de 80 %, dans la zone des 60 %.
24/02/2010

Forte hausse du bénéfice de Berenberg Bank

Pour 2009, la banque privée Berenberg a affiché un gonflement de 38 % de son bénéfice net à 65,1 millions d’euros, «le meilleur résultat des 420 ans d’histoire» de l'établissement. Le quotient de fonds propres de premier rang (tier one) est ressorti à 13,1 % contre 12 % fin 2008 et le rendement des fonds propres a augmenté à 53 % contre 37,5 % tandis que le coefficient d’exploitation s’est amélioré à 61,9 % contre 66,9 %.Berenberg fait état d’entrées record en banque privée, notamment dans le segment des grandes fortunes. L’encours de la gestion d’actifs, spécialisée sur le quantitatif, s’est accru de 1,6 milliard d’euros sur l’année pour atteindre 29,1 milliards fin décembre.
24/02/2010

Walter Riester a rejoint Maschmeyer-Rürup

L’inauguration officielle du bureau de Francfort de la nouvelle société de conseil Maschmeyer-Rürup AG créée par Carsten Maschmeyer, ancien fondateur d’AWD, et Bert Rürup (ancien «Sage» des retraites) a permis de constater selon Fondsprofessionell que parmi les douze premiers collaborateurs de l’agence figurent des noms très connus. On y trouve en effet Walter Riester, l’ancien ministre fédéral du Travail à l’origine des plans d'épargne-retraite qui portent son nom, Klaus-Peter Müller, l’ancien président du directoire de la Commerzbank, et Hansjörg Cramer, ancien membre du directoire d’Allianz.L’agence Maschmeyer Rürup se propose de conseiller les banques, les assurances et les gouvernements en matière de prévoyance retraite et de couverture maladie.

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