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04/12/2009
Fonds

Les fonds souverains asiatiques ont été les plus gros investisseurs en 2009

Selon Asian Investor, les fonds souverains (SWF) asiatiques ont dépassé leurs homologues du Moyen-Orient en termes d’actifs investis. En 2009, indique Barclays Capital, les SWF d’Asie ont représenté 64 % des investissements, contre 44 % l’an dernier. Les fonds souverains du Moyen Orient ont effectué en 2009 35 % des investissements, contre 54 % en 2008. Les plus gros investisseurs cette année ont été China Investment Corporation (CIC), Mubadala Development Company et IPIC.
Fonds
04/12/2009

Instinct Capital lance un fonds Japon event-driven

La société spécialisée dans la gestion alternative, Instinct Capital, récemment créée et base à Sydney, vient de lancer un fonds event-driven dédié au Japon, selon Asian Investor.La stratégie event-driven va se concentrer sur les opérations corporate, les augmentations de capital, le trading tactique, ou encore les situations spéciales.Le fonds aura pour investment manager Fred Eechaute, et pour business manager Stephen Good alors que la gestion opérationnelle sera assurée par Anita Lam. Les deux premiers ont travaillé ensemble chez Mizuho Securities au Japon, Fred Eechaute et Anita Lam ayant collaboré chez DKR Oasis.
03/12/2009

New hedge fund draws lessons from the crisis

Les Echos reports that Northlight, a hedge fund launched this week by three former Goldman Sachs, Lehman Brothers and GLG Partners managers, will seek to bring the interests of incoming and outgoing investors into line, to avoid panic when the markets are nervous. Its commissions are lower than the industry average. The fund will be invested in European high yield credit markets, and will start out with USD50m in assets. It will aim for USD300m-USD500m when it reaches full size. The test will come when the structure confronts market turbulence.
03/12/2009

Gestefin to reimburse clients who lost money in Madoff scandal

The Catalan asset management firm Gestefin on Tuesday notified the CNMV that it is planning to pay slightly over EUR69,000 to subscribers to the Fonmaster I fund who registered with the firm before 11 December 2008 as victims of the Bernard Madoff fraud. The CNMV had previously found that the fund’s investments in Boiro Kingate (XS0325579539) bonds, issued by Boiro Finance BV, did not comply with the fund’s declared investment policy.
03/12/2009

Espirito Santo to offer same "Madoff refund" as Gestefin

A few hours after Gestefin announced that it would pay back approximately EUR69,000 to its investors, Espirito Santo Gestión notified the Spanish market regulator CNMV that its Cartera Universal fund will reimburse EUR183,500 to subscribers who registered before 11 December 2008 as victims of the Madoff fraud. The CNMV had found that investments by the firm’s funds were in violation of their own prospectus. For the same reason, the Sicav Ernio Ingenieros, also managed by Espirito Santo, will reimburse EUR104,630. In both cases, the management firm assures investors that control procedures have since been reinforced.
03/12/2009

BNY Mellon to scale up presence in China

BNY Mellon Asset Management is planning to recruit at least 50 people in Asia next year, with the majority of the increase to be concentrated in China, Asian Investor reports. The asset management firm will reportedly soon receive qualified foreign institutional investor (QFII) status. BNY Mellon would then launch a QFII product, very likely an offshore equities fund. Other growth areas cited by BNY Mellon are Japan and South Korea, where the firm hopes to obtain a license.
03/12/2009

Tim McCarron to leave Fidelity

Fidelity is losing its European manager Tim McCarron, who after 16 years at the firm has decided to retire in first quarter 2010. The European fund, which has roughly GBP3.5bn in assets, will be taken over by Sam Morse from 1 January 2010. McCarron will remain to ensure a smooth transition until the middle of first quarter 2010. He has managed the European fund since January 2003.
03/12/2009

Are active managers lucky or talented?

It is impossible to tell whether actively managed funds that beat the market do so out of luck or skill, according to a new study by Eugene Fama and Kenneth French («Luck Versus Skill in the Cross Section of Mutual Fund Returns»), cited by the Wall Street Journal. It means that investors can not know for sure how good their active manager is.
03/12/2009

Disappointing performance for guaranteed funds

In the first eleven months of the year, 64 Spanish guaranteed funds with assets of EUR5bn have matured, and Cinco Días reports that 38 of them have had to pay a supplement to subscribers since their net asset value was lower than the amount guaranteed in the prospectus. Only two funds finished with a lower NAV than at launch. The average annual performance of maturing funds this year is 2.54%, but 12 of these funds earned gains of over 4%, of which five were obliged to pay supplements under their guarantees.
03/12/2009

Chinese sovereign fund invests in Apax

China Investment Corp., the Chinese sovereign fund, will invest up to EUR800m in Apax Europe VII, the EUR11.2bn private equity fund from Apax Partners, the Financial Times reports. At the same time, CIC may also acquire a 2.3% stake in Apax Partners LLP.
03/12/2009

Chinese sovereign fund invests in Apax

China Investment Corp, China’s sovereign wealth fund, is offering to invest as much as EUR800m into Apax Partners’ EUR11.2bn private equity fund - Apax Europe VII, says the Financial Times. The Chinese fund may also buy 2.3% of Apax Partners LLP.
03/12/2009

Global X Management launches two China ETFs

New York-based Global X Management on 1 December announced the launch of two new ETFs, the China Consumer ETF and the China Industrials ETF. The Consumer ETF will replicate the S-BOX China Consumer Index, while the industrial sector ETF will replicate the S-BOX China Industrials Index. Global X Management says in a statement that the Chinese economy has been looking healthy, with growth of more than 16% year on year in retail sales in the month of October.
03/12/2009

French investors still reluctant to make high-risk investments

Les Echos reports that French investors, still worried by the economic crisis, are dragging their feet on the way back to the stock markets. They prefer safer and less risky investments. They have begun to store up savings again in an environment of concern about employment and an economic environment that remains fragile, according to a survey undertaken by TNS Sofres for La Banque Postale and Les Echos in October.
03/12/2009

Real estate investment to rebound in 2010

The first edition of the IPD/ARD quarterly barometer of institutional investors’ outlooks on the market, unveiled at the SIMI expo, reveals that institutional investors see the economic recovery as a fragile one, accompanied by a considerable number of questions. Most respondents to the survey present at the premiere (including publicly traded realty firms, private management firms, insurers, SCPI and OPCI fund managers, and open-ended German funds) are concerned that the French economy is headed for a W-shaped scenario in which a second downturn will come for several quarters in 2010, followed by a return to positive territory and a redirection towards an exit from the crisis in 2011. Against this background, investment may rise nonetheless, with an average of EUR10bn in investments pledged for next year, compared with about EUR6bn this year, EUR12bn in 2008, and EUR27bn in 2007. The most active investors on the French market in 2010 were German funds, insurers, and publicly-traded realty firms. Overall returns will continue to be negative in 2009 and 2010, at -7.7% for this year, and -0.4% in 2010. However, though investors largely agreed in their evaluations of the year 2009, opinions are more varied for 2010, with estimates ranging from -10% to +10%. Overall returns on the French market, as measured by IPD, fell from 21.9% in 2006 to 17.8% in 2007, and then -0.9% last year.
03/12/2009

EUR500m per person at BlackRock

With the close of the deal on 1 December to complete BlackRock’s acquisition of Barclays Global Investors (BGI), the BGI team in Paris has moved into the BlackRock offices, located in the Washington Plaza building. The new entity has less than 20 people, with assets that may be estimated at slightly over EUR10bn, on the basis of figures which had been published in the last few weeks. An e-mail was sent out on Tuesday to clients of the two asset management firms. Responsibility for the merged entity (see Newsmanagers of 19 October) will be placed in the hands of Eric Wohleber, who was previously head of BGI (which promotes the iShares ETF brand) for France.
03/12/2009

E-Fund launches an Asia ex Japan fund

Three days after attracting CNY19bn for an ETF feeder fund, E-Fund has announced the launch of an enhanced QDII fund on 7 December, which will be focused on Asia-Pacific ex Japan (the E-Fund Enhanced Asia-Pacific QDII Fund), consulting firm Z-Ben Advisors reported on Thursday, adding that there is a “reasonable” expectation that the new product will attract USD500m in subscriptions. However, in the space of a few days, the manager may attract as much as USD1bn in subscriptions, since the distributor for the product is the powerful ICBC network, and management commissions are only 150 basis points, below the 185 basis point price of other QDII products. Z-Ben also notes that E-Fund has not named a sub-advisor for the fund.
03/12/2009

LFG launches a platform for UCITS III hedge funds

In response to the continued growth in market demand for UCITS III hedge funds, Luxembourg Financial Group, a structured products boutique, starts an open-architecture hedge funds UCITS platform. LFG cooperates with Ganymede Partners, a specialist hedge fund advisor, in the roll-out of LAUP. «More than half of European hedge fund companies either plan to launch regulated, onshore versions of their strategies or have already done so», according to LFG, citing HedgeFund Intelligence, a research group.
03/12/2009

Oliver Clasen joins BVI board

Oliver Clasen, CEO of Allianz Capital Investors Kapitalanlaggesellschaft mbH and cominvest Asset Management GmbH, has been elected as a member of the board of the German BVI association of management firms until Autumn 2011. The BVI stated on Thursday morning that Clasen will finish out the term of Horst Eich, ex co-head of AGI Deutschland, who resigned on 12 October (see Newsmanagers of 28 September).
03/12/2009

RBC Dexia selected by Aberdeen

Aberdeen Asset Management has selected RBC Dexia to provide administration services in Australia to funds it has recently acquired from Credit Suisse. The assets involved total about AUD20bn.
03/12/2009

Investors increasingly unsatisfied with private equity

The most recent edition of the “Global Private Equity Barometer” from Coller Capital reveals that more than two thirds of limited partner (LP) investors are not likely to invest more money with private equity general partners (GP) with whom they are already in business, the Börsen-Zeitung reports. The Frankfurter Allgemeine Zeitung reports that LPs and GPs agree that in 2010 there will be a greater number of attractive opportunities in mergers and acquisitions, and that existing funds may then need to call in more capital.
03/12/2009
Fonds

Pictet commercialise un fonds haut rendement géré par MetWest

Selon Funds People, Pictet va commercialiser au Portugal un fonds spécialiste des obligations à haut rendement d’entreprises des Etats-Unis. Ce produit est un compartiment de la Sicav luxembourgeoise Pictet Funds lancé en novembre et qui affiche environ 285 millions d’encours. Il est géré par MetWest, de Los Angeles (lire notre article du 23 novembre).
Fonds
03/12/2009
Fonds

Nouveau fonds à formule chez Orelis Finance

Jusqu’au 29 janvier 2010, Orelis Finance commercialise Génération CACexpress un fonds à formule d’une durée maximum de cinq ans affichant un objectif de gain de 9 % par année écoulée et disposant d’un système de protection du capital. Dès la première année, si la performance depuis l’origine de l’indice CAC 40 est supérieure ou égale à son niveau initial à une date d’observation annuelle, Génération CACexpress permet d’activer le remboursement par anticipation. L’investisseur récupère son capital initial majoré de 9 % par année écoulée depuis l’origine. Si à l'échéance fixée à cinq ans, le produit n’a jamais été remboursé par anticipation, la performance depuis l’origine de l’indice CAC 40 est négative mais supérieure ou égale à -40 %, l’investisseur récupère alors 100 % de son capital initialement investi. Le cas échéant, l’investisseur reçoit à l’échéance des 5 ans, la valeur finale de l’indice et subit de fait dans ce cas une perte en capital. Caractéristiques Code Isin : FR0010827451 Période de commercialisation : du 27 novembre 2009 au 29 janvier 2010Valeur nominale initiale : 1.000 € par coupure au 29 janvier 2010 Date d’échéance : 6 février 2015Fonds réalisé en partenariat avec la Société Générale
Fonds
03/12/2009

Amundi en ordre de bataille début 2010

Amundi Asset Management, la société de gestion commune des groupes Société Générale et Crédit Agricole sera opérationnelle début 2010 et devrait générer des synergies annuelles avant impôts à compter de 2012 d’environ 120 millions d’euros, a indiqué la Société Générale.
03/12/2009
Fonds

RCM commercialise en France son fonds Raiffeisen Emerging Markets Aktien

Le spécialiste des pays émergents Raiffeisen Capital Management (RCM) annonce avoir reçu le 20 Novembre 2009 l’agrément de l’AMF pour la commercialisation en France du fonds Raiffeisen Emerging Markets Aktien. Le fonds vient compléter une gamme de six fonds Raiffeisen actions et obligations émergentes proposés aux investisseurs français.Lancé en mai 1999, le fonds est géré par l’équipe Actions Emergentes de RCM à Vienne. L’équipe, dirigée par Dr Angelika Millendorfer, se compose aujourd’hui de 8 analystes-gérants répartis par spécialité géographique. Le Raiffeisen Emerging Markets Aktien est un fonds global émergent dont l’indice de référence est le MSCI Global Emerging Markets. L’approche générale de gestion est résolument value. La particularité du fonds est de combiner approches bottom up et top-down, gestions discrétionnaire et quantitative, soit plusieurs moteurs de performance complémentaires. Le fonds est conçu pour un investissement de long terme, à savoir une dizaine d’années. Au 30 novembre dernier, les actifs du fonds ont franchi la barre des 90 millions d’euros. Au 30 octobre 2009, le fonds se classait quatrième sur un total de 128 fonds émergents sur un an, avec une performance de 69% et deuxième sur 90 fonds sur trois, avec un gain de 22%. Caractéristiques du fonds Code ISIN : AT0000497268 Commission d’entrée : jusqu'à 5% Frais de gestion : 2% par an Investissement minimum : 186 euros (une part)
Fonds
03/12/2009

Eric Wohleber prend la tête de BlackRock Paris

Avec le bouclage de la transaction au 1er décembre par laquelle Blackrock a acheté Barclays Global Investors (BGI), l'équipe BGI à Paris a déménagé dans les locaux de BlackRock Paris situés au Washington Plaza. La nouvelle entité compte moins de 20 personnes pour un encours que l’on peut estimer à un peu plus de 10 milliards d’euros, sur la base des chiffres qui pouvaient circuler voici quelques semaines. Un courriel a été adressé mardi aux clients des deux sociétés de gestion.La responsabilité de l’ensemble fusionné (lire notre article du 19 octobre) est confiée à Eric Wohleber, qui était le directeur France de BGI (qui commercialise la gamme d’ETF iShares).
03/12/2009
Fonds

Global X Management lance deux ETF sur la Chine

La société new-yorkaise Global X Management a annoncé le 1er décembre le lancement de deux nouveaux ETF, le China Consumer ETF et le China Industrials ETF. L’ETF consommation se propose de répliquer le S-BOX China Consumer Indewx alors l’eTF consacré aux industrielles tente de répliquer le S-BOX China Industrials Index. Global X Management souligne dans un communiqué la vigueur de l’activité en Chine, avec notamment une progression de plus de 16% sur un an des ventes de détail au mois d’octobre.
Fonds

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