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09/02/2010
Fonds

Lancement d’un nouvel ETF sur les métaux

ETF Securities USA a déposé un dossier à la Securities and Exchange Commission pour obtenir l’autorisation de lancer un ETF basé aux Etats-Unis et adossé à un panier de quatre métaux physiques (or, argent, platine et palladium), rapporte le Wall Street Journal. Le produit portera le nom de ETFS Physical PM Basket Shares.
Fonds
09/02/2010

National Australia Bank et Axa discutent

National Australia Bank et Axa discutent, rapporte la Tribune. Selon la presse australienne, le directeur général de National Australia Bank (NAB), Cameron Clyne, s’est rendu en France pour la mise en oeuvre de son offre de rachat de 11,5 milliards de dollars sur sa filiale de Sydney, Axa Asia Pacific Holdings (APH).
09/02/2010
Fonds

Les ETF ont limité l'hémorragie des fonds ouverts pour 2009

A fin décembre, l’encours des sociétés de gestion fournissant leurs statistiques à l’association BVI du secteur ressortait à 1.701,2 milliards d’euros contre 1.506,3 milliards un an plus tôt, dont 725,6 milliards contre 641,7 milliards pour les fonds institutionnels, 650,2 milliards contre 575,8 milliards pour les fonds offerts au public et 325,5 milliards contre 288,9 milliards pour les mandats.L’augmentation de 74,4 milliards d’euros des actifs gérés par les fonds offerts au public est provenue pour seulement 2,1 milliards d’euros des souscriptions nettes. Autrement dit, les ETF, qui ont affiché une collecte nette de 10,3 milliards d’euros, ont puissamment soutenu le secteur, qui a été sinistré par la sortie nette de 30 milliards qu’ont accusée les fonds monétaires. En 2008, les remboursements nets de l’ensemble des fonds offerts au public avaient atteint près de 28 milliards d’euros.Au total, les fonds d’actions et les fonds diversifiés ont drainé en net respectivement 14,6 milliards d’euros et 6,4 milliards, pendant que les fonds alternatifs enregistraient des rentrées nettes de 3,2 milliards d’euros, soit le même montant que les fonds immobiliers offerts au public. Enfin, les fonds obligataires ont subi des remboursements nets de 0,9 milliard d’euros.
Fonds
09/02/2010

Nouvelle fuite chez AWD ?

La station de radio NDR indique avoir reçu des données concernant 12.000 clients et représentants du prestataire de services financiers AWD (noms, adresses, détail des contrats et, dans plusieurs centaines de cas, numéros de compte), indique la Frankfurter Allgemeine Zeitung. L’automne dernier, NDR avait déjà été destinataire de données sur 27.000 clients d’AWD.Selon AWD, il s’agit de données anciennes, dont certaines datent de plus de dix ans et qui pourraient provenir de la même base que celles divulguées l’an dernier.
09/02/2010
Fonds

Forte dépréciation du portefeuille du DEGI Global Business

Hartmut Leser, l’un des dirigeants d’Aberdeen Asset Management Deutschland, a confirmé à la Börsen-Zeitung que la valeur du portefeuille du fonds immobilier offert au public DEGI Global Business (358 millions d’euros en dernier lieu) a été révisée à la baisse de 21,6 %. Ce fonds, qui a rencontré des problèmes de liquidité, a dû suspendre ses remboursements à la mi-novembre 2009.
Fonds
09/02/2010

BlackRock is now the largest investor in Spanish equities

After the acquisition of iShares, BlackRock holds nearly EUR9bn in Spanish equities, making it the largest shareholder on the Spanish market, dethroning Goldman Sachs, Cotizalia reports. In the past few days, the US-based management firm has informed the CNMV that it controls 4.77% of Santander, which represents about EUR3.6bn at current share prices, as well as 4.45% of BBVA, or EUR1.6bn. In addition to this, it holds stakes of 3.76% in Telefónica, and 3.53% in Repsol. BlackRock also holds a 4.195 stake in Abengoa and 3.99% in Técnicas Reunidas, as well as 9.01% of Gamesa (EUR203m). In the United States, BlackRock controls 5.6% of Apple, 5.9% of Google, 5.2% of Microsoft and 6.3% of HP, as well as 5.76% of Exxon Mobil.
09/02/2010

Savings banks gain market share in fund management

As of the end of January, management firms owned by the Spanish savings banks controlled 32.6% of total assets in Spanish investment funds, giving them the largest market share they have seen since 1990. This represents an increase of 4.4 percentage points since the onset of the credit crisis in July 2007, when banks lost 5.4 points in market share, Expansión reports. Banks now control 57.4% of assets under management, of which 37.5% are at BBVA and Santander.
09/02/2010

Severe depreciation of DEGI Global Business portfolio

Hartmut Leser, one of the directors of Aberdeen Asset Management Deutschland, has confirmed to the Börsen-Zeitung that the value of the portfolio of the open-ended real estate fund DEGI Global Business (EUR358m as of the last reporting) has been revised downward by 21.6%. The fund, which has encountered liquidity problems, was obliged to suspend redemptions in mid-November 2009.
09/02/2010

ETFs helped to offset outflows from open-ended funds in 2009

As of the end of December, assets under management at fund management firms which provide statistics to the BVI association of management firms totalled EUR1.7012trn, compared with EUR1.5063trn one year earlier, of which EUR725.6bn, up from EUR641.7bn, were in institutional funds, while EUR650.2bn, up from EUR575.8bn were in open-ended funds, and EUR325.5bn, up from EUR288.9bn, in mandates. Only EUR2.1bn of the total increase of EUR74.4bn in assets under management in open-ended funds came from net subscriptions. In other words, ETF funds, which posted net inflows of EUR10.3bn, were a strong sustaining force for the sector, which was hit by EUR30bn in outflows from money market funds. In total, equity and mixed funds attracted a net total of EUR14.6bn and EUR6.4bn, respectively, while hedge funds posted net inflows of EUR3.2bn, the same amount as open-ended real estate funds. Finally, bond funds saw net redemptions of EUR0.9bn.
09/02/2010

Sustainable investment in Asia underestimated

According to a study which has recently been published by Vontobel, investors tend to underestimate the potential of the Asian (ex Japan) region in the area of sustainable investment. Assets under management in investments related to sustainable development may rise from approximately USD20bn currently to about USD4trn by 2015. The figure of USD20bn represents only 0.4% of assets under management in sustainable investments worldwide, the study points out. On the basis of information received and evaluated, “for the first time, we are giving investors a way to reliably identify factors for success in sustainable investment in Asia,” the author of the study, Falko Paetzold, says.
09/02/2010

Short-selling of European ETFs has doubled

Borrowing of European ETFs by short sellers more than doubled in 2009, according to Data Explorers’ Securities Lending Yearbook. The most shorted ETF was iShares FTSE 250 tracker, which, on average, had USD79m of stock lent out throughout last year.
09/02/2010

Barclays Cap joins ETFX

Barclays Capital (Barclays Cap) has joined BofA Merrill Lynch, Citi, and Rabobank as a participant in the ETF Exchange (ETFX) platform launched by ETF Securities (ETFS). ETFX offers 21 equities ETF funds focused on natural resources, as well as double-short ETFs.
09/02/2010

Hedge funds in search of effective administrators

Hedge Week reports that a recent study by TKS Solutions has found that 10% of hedge funds have sought to replace their administrators in the past 12 months, due to troubles related in large part to the accuracy of reporting. Some fund administrators are still using manual procedures, the study finds, which is a source of excess cost and errors.
09/02/2010

Major outflows from UBS in October-December

In fourth quarter, UBS has posted anet profits of CHF1.205bn, compared with a loss of CHF564m in third quarter. For 2009 as a whole, the group has seen losses of CHF2.736bn, compared with CHF21.292bn in 2008. In October-December of last year, net outflows of new money totalled CHF33.2bn from the Wealth Management & Swiss Bank division, CHF12bn from Wealth Management Americas, and CHF11bn for Global Asset Management. Invested assets totalled CHF2.233trn as of 31 December 2009, an increase of 3% in annual terms, and 1% lower than as of 30 September (CHF2.258trn). This decline is due both to net redemptions and negative currency effects, which were partly offset by performance effects. In fourth quarter, the Global Asset Management division posted pre-tax profits of CHF284m, compared with CHF130m in July-September, as a reduction in personnel costs has more than offset the decline in revenues.
09/02/2010

Credit Suisse recruits Dan Draper

Credit Suisse has announced that Dan Draper, formerly a managing director and global head of exchange traded funds (ETFs) at Lyxor Asset Management, will join Credit Suisse in its Asset Management business as managing director and head of ETFs. He will start later this spring, be based in London and report to Oliver Schupp. This appointment reflects Credit Suisse’s commitment to the expansion of its ETF platform.
09/02/2010

Chinese sovereign fund using ETFs

China Investment Corporation, the Chinese sovereign wealth fund, is using exchange-traded funds to take positions on sectors ranging from healthcare to gold, according to a filing with the Securities and Exchange Commission in the US. About a quarter of its US portfolio was in ETFs, many of them provided by BlackRock’s iShares division.
09/02/2010

State Street selected by Wellington West

The American management firm State Street Corporation and the Canadian specialised provider of transfer agency services IFDS on 8 February announced that they have been selected by Wellington West Asset Management, Inc. to provide a range of investment services to their group. State Street will provide fund accounting and administration services, custodial services and fiduciary services for the launch of a new range of funds by Wellington West. Wellington West, founded in 1993, has become one of the largest independent investment firms practising in Canada, and one of the fastest-growing firms in the industry, with nearly CAD8.8bn in assets under administration.
09/02/2010

HDF Finance adapts three funds to UCITS III-compliant format

HDF Finance on 1 January converted three long-only Aria funds of funds into UCITS III-compliant funds. The products are the HDF Global Equity, HDF Europe Equity, and HDF Emerging Markets Equity. The three funds aim to achieve outperformance by investing at least 60% of assets in long-only funds and a maximum of 40% in long/short funds, in their respective investment universes. The adaptation of the funds will allow HDF Finance to more effectively make these funds available to investors.
09/02/2010

East Capital temporarily closes a fund

East Capital has temporarily closed one of its funds, the Baltikumfonden, which is a part of the Swedish defined-contribution pension system, known by the name PPM, IPE.com reports, relaying an article in the Swedish newspaper Pensionsnyheterna. The closure follows a sizeable wave of subscriptions last month, which managers were hard-put to place due to the limited size of the equities markets in the Baltic countries.
09/02/2010

BlackRock prepares to launch seven iShares country funds

On 29 January, BlackRock notified the SEC that it plans to launch seven ETF country funds under the iShares brand by 7 March. These products will replicate MSCI country indices. The commission rates for the funds have not yet been determined. The iShares products are the MSCI USA Index Fund, MSCI Brazil Small Cap Index Fund, MSCI Egypt Capped Investable Market Index Funds, MSCI Ireland Capped Investable Market Index Fund, MSCI Russia Capped Index Fund and MSCI Philippines Investable Market Index Fund.
09/02/2010

Six new ETF products launched by Fist Trust and Global X

Mutual Fund Wire reports that Global X Funds has registered four ETF funds with the SEC based on metals. The products are the Copper Miners, Gold Miners, Platinum Miners and Silver Miners funds, all of which will be managed by Bruno del Ama and José Gonzalez. First Trust, meanwhile, has announced the forthcoming launch of its fifth and sixth ETFs, the First Trust Developed International Markets AlphaDEX Fund and the First Trust Emerging Markets AlphaDEX Fund, both of which will be actively managed.
09/02/2010

Launch of a new ETF based on metals

ETF Securities USA has filed with the Securities and Exchange Commission for permission to launch a U.S.-based ETF backed by a basket of physical gold, silver, platinum and palladium.The product will be named ETFS Physical PM Basket Shares.
09/02/2010

Franklin Templeton launches offshore funds in India

Following several of its competitors (including BlackRock, Fidelity, and JP Morgan), Franklin Templeton has decided to launch its first offshore products on the Indian market. Asian Investor reports that Franklin Templeton is planning to offer a range of funds domiciled in Europe in the next three to six months, via feeder mutual funds. The future evolution of Indian legislation may work in favour of distributors of offshore products. However, Indian regulations still do not allow the use of derivative products in funds available to either retail or institutional investors. Franklin Templeton is therefore unable to offer its range of Luxembourg-domiciled mutual funds, which often contain derivative products, and will therefore be obliged to limit itself to traditional offshore funds, which do not necessarily have the best track records.
09/02/2010

Liontrust creates a position for a head of retail

Liontrust Asset Management has appointed John Ions to the newly-created position of head of retail. The appointment aims to reconstruct the firm’s activities, following the resignations of the managers Jeremy Lang and William Pattison in early 2009, Money Marketing reports. For fourth quarter 2009, Liontrust has posted a net outflow of GBP131m, of which GBP33m came from the retail product range. Ions was previously chief executive of Tactica Fund Management, a position he held from the inception of the firm in 2005, and previously served as joint managing director at SG Asset Management.
09/02/2010

Comas veterans reunite

Mahraj Mattoo, former head of Comas (the fund of hedge fund firm liquidated by Commerzbank), has founded Commonwealth Asset Management in London, not to be confused with the eponymous real estate fund management firm in the United States, efinancialnews reports. The new entity has taken on board the former directors of Comas, including Edward Hands (head of portfolio management) and Carol Barazzone (head of business development). The new firm will be operational by the end of third quarter.
09/02/2010

Strong growth in assets

As of the end of December, assets under management at Chinese asset management firms totalled CNY2.6761trn, compared with CNY2.2477trn as of the end of September, and CNY2.007trn as of 31 March. Assets under management by local actors totalled CNY1.4909trn, compared with CNY1.2637trn three months earlier, and CNY1.1194trn at the end of first quarter, while assets under management at joint venture firms totalled CNY1.1851trn, compared with CNY984bn as of the end of September, and CNY887.6bn twelve months previously, according to figures compiled by Z-Ben Advisors.
08/02/2010
Fonds

Altex Partners lance son premier single hedge fund

Gestionnaire de trois fonds de hedge funds, l’espagnol Altex Partners a fait enregistrer le 29 janvier son premier single hedge fund, l’Altex Activist FIL (*). Ce produit «activiste» se focalisera sur des entreprises sous-évaluées de France, d’Espagne et du Portugal et dont la capitalisation boursière se situe entre 25 millions et 500 millions d’euros. Le prospectus précise que le nombre de lignes n’excédera pas la douzaine, la plus importante étant plafonnée à 20 %, et que le fonds ne prendra pas de participations de contrôle mais s’efforcera d’influer sur la gestion en participant aux organes de contrôle.Ce nouveau produit aura une liquidité mensuelle et un préavis de 60 jours pour les remboursements après un délai de lock-up de trois ans, l'équipe de gestion s’accordant deux ans pour investir les encours, sans effet de levier. La souscription minimale est fixée à 3 millions d’euros. La commission de base se situe à 2 % et la commission de performance à 20 %.(*) Altex Activist FIL : code isin : ES0163030002
Fonds
08/02/2010

Dexia doit mettre en place sa nouvelle stratégie en 2010

L’accord conclu dans le cadre des négociations sur son plan de restructuration est jugé comme un moindre mal pour Dexia qui devra réduire son bilan de 35% d’ici à 2014, rapporte l’Agefi. La banque devra aussi réduire son portefeuille d’actifs placé en gestion extinctive de 80 milliards d’euros. Sur un total de 191 milliards fin 2008, 35 milliards d’euros d’obligations et de créances ont déjà été vendues (dont 30 milliards en 2009), selon le président du comité de direction Pierre Mariani. Dexia s’est engagée à n’effectuer aucune acquisition dans la finance jusqu'à la fin de 2011. Cette année, la nouvelle stratégie du groupe doit se mettre en marche. Elle prévoit de se resserrer autour de trois activités: à l’horizon 2014, la banque de détail devrait représenter 60% de ses revenus, le financement des collectivités locales 20% et le pôle gestion/assurance/services titres 20%, ajoute le quotidien.

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