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06/10/2009
Fonds

Les trois meilleurs gérants sur 12 mois selon Citywire

Citywire dévoile les noms des trois gérants sur 3.643 professionnels ayant le mieux performé sur les 12 mois à fin août. Le meilleur en absolu est Dr Joachim Berlenbach, gérant du Earth Gold Fund UI chez Earth Resource Investment Group, avec +45,21 % en euros, indique Citywire. Vient ensuite Thomas Bobek, gérant du fonds ESPA Alternative Emerging Markets d’Erste Sparinvest, avec +41,6 %. Enfin, le troisième est Abhijig Sarkar d’Hamon Investment Group, qui co-gère le BNY Mellon Vietnam, India & China, avec +33,28 % en dollars.
Fonds
06/10/2009

Le Santander négocierait la cession de sa banque privée offshore au Credit Suisse

Depuis l'échec de son projet de vente de Santander Asset Management, le Santander négocie la cession de sa filiale de banque privée offshore qui gère à Genève, à Miami et aux Bahamas environ 100 milliards d’euros principalement pour des clients latino-américains, croit savoir Cotizalia.L’acquéreur potentiel serait le Credit Suisse, représenté aux négociations par Walter Berchtold, le patron de la gestion de fortune. Les négociateurs du côté du Santander sont Rodrigo Echenique, administrateur de la banque et homme de confiance du président Emilio Botín, et Javier Marín, directeur général de la division banque privée. Si l’on prend comme référence les ratios employés avant la crise lors des acquisitions du Urquijo ou de la banque privée de Morgan Stanley, la transaction pourrait porter sur 6-8 milliards d’euros.
06/10/2009

IPO: le marché chinois en tête au troisième trimestre

Au troisième trimestre 2009, la Chine a très largement dominé le marché des introductions en Bourse, qui ont totalisé 37,8 milliards de dollars, soit près de trois fois le montant réalisé au trimestre précédent, selon Ernst & Young. L’Europe est en revanche toujours à la traîne: il n’y a eu aucune opération en Allemagne et en Italie, une seule en Espagne et en France, et seulement deux en Grande-Bretagne. L’Europe n’a représenté, en valeur, que 0,5% des opérations. La Chine, théâtre de sept des dix plus grosses introductions en Bourse effectuées au troisième trimestre, a représenté quelque 63% du montant total des introductions. Soixante-deux entreprises chinoises sont allées en Bourse de juillet à septembre (sur 149 au total dans le monde), dont la China State Construction Engineering Corp en juillet, plus grosse opération de l’année 2009 pour le moment, avec 7,3 milliards de dollars. Les Etats-Unis occupent la deuxième place, suivis par l’Inde. Selon Franck Sebag, associé chez Ernst & Young, «alors qu’au début des années 2000, les entreprises chinoises ou indiennes envisageaient d’aller sur les Bourses des pays développés, il n’y a plus aucun doute aujourd’hui sur la capacité des Bourses de Bombay ou Shanghaï d’accueillir des introductions de n’importe quelle taille».
06/10/2009

Dix gestionnaires d'actifs européens figurent parmi les vingt premiers mondiaux

Selon le palmarès Pensions & Investments/Watson Wyatt World 500, l’encours total des 500 premiers gestionnaires d’actifs mondiaux a chuté l’an dernier de 23 % à 53,4 billions de dollars fin décembre. Parmi les 20 premiers par le volume des encours figurent dix européens et dix américains, les deux premiers étant Barclays Global Investors (BGI) et Allianz, avec respectivement 1 516,3 milliards et 1 462 milliards de dollars, State Street et Fidelity suivant avec 1 443,8 milliards et 1 389,1 milliards.Axa, BNP Paribas, Crédit Agricole et Natixis se situaient respectivement en cinquième, treizième, seizième et dix-neuvième positions avec 1 383,45 milliards, 809,77 milliards, 776,37 milliards et 630,06 milliards de dollars.Au total, l’encours des gestionnaires nord-américains parmi les 500 premières adresses mondiales a diminué de 24 % à 23,9 billions pendant que celui des européens affichaient une contraction de 25 % à 22,7 billions. Sur les dix dernières années, la part de marché des gestionnaires de pays en développement a doublé à environ 4 %.
06/10/2009

Un nouveau fonds chez Delta Lloyd AM

Selon L’Echo, Delta Lloyd Asset Management vient de lancer Delta Lloyd L European Participation Fund en Belgique. La spécificité de ce fonds d’investissement réside dans son portefeuille composé au maximum de 35 entreprises de qualité, sous-évaluées, avec une valeur en Bourse de moins d’un milliard d’euros. Le fonds se distingue par une participation stratégique de minimum 5 % dans chacune de ces entreprises, ce qui en fait un actionnaire important pour une durée de trois à cinq ans.
06/10/2009
Fonds

Tassement des souscriptions nettes en août

Tout en demeurant fort élevées avec près de 16,13 milliards d’euros, les souscriptions nettes enregistrées par les fonds luxembourgeois ont diminué en août par rapport aux 22,45 milliards de juillet.Au total, sur les huit premiers mois de l’année, malgré les sorties nettes de février (plus de 4,37 milliards) et de mars (226 millions), les rentrées nettes ont porté sur 56,79 milliards d’euros, contre 37,39 milliards pour la période correspondante de 2008.Pour janvier-août 2009, l’encours a gonflé de 179,76 milliards d’euros, à 1 739,42 milliards d’euros au 31 août contre 1 559,65 milliards fin décembre, selon les statistiques de la Commission de surveillance du secteur financier (CSSF).
Fonds
06/10/2009

Esperia dépasse les 10 milliards d’euros d’encours

Banca Esperia, la joint venture pour la gestion d’actifs entre Mediobanca et Mediolanum, s’apprête à annoncer des résultats en progression malgré la crise, rapporte Il Sole – 24 Ore. Les encours sous gestion, en octobre, ont dépassé l’objectif de 10 milliards d’euros annoncé par le nouvel administrateur délégué, Andrea Cingoli. Le chiffre d’affaires a atteint environ 35 millions d’euros fin août et le bénéfice est ressorti à 2 millions.
06/10/2009

Sept mandats pour Société Générale Securities Services (SGSS) en 2009

Société Générale Securities Services (SGSS) a annoncé lundi avoir gagné en Italie sept mandats depuis le début de l’année 2009 incluant différents fonds de pensions. Avec 760 milliards d’euros d’actifs conservés et 26 milliards d’euros d’actifs administrés au 30 juin 2009, SGSS occupe la deuxième place du plus important fournisseur de services titres sur le marché italien en termes de conservation, d’administration de fonds et d’agent de transfert. Les mandats italiens concernent les sociétés CAAM SGR Pension, Fund FON.TE Pension Fund, Priamo Pension, Fund Previmoda, Pension Fund Byblos Raetia et RE Sator SGR.
05/10/2009

Jens Ehrhardt hands off management of a fund

Since the beginning of the month, Jens Ehrhardt has handed over his duties as lead manager of the DJE Alpha Global fund (EUR125m, 76.7% returns since its launch in 2003) to Eberhard Einberger, Citywire reports. Einberger will be assisted by Ulrich Kaffarnik and Jan Ehrhardt. This will allow Jens Ehrhardt to concentrate on other global and European funds. Growth in assets at DJE Kapital, which have icnreased from EUR1bn to EUR10bn in six years, have made a redistribution of fund management responsibilities necessary.
05/10/2009

Jens Ehrhardt hands over one fund

German fund manager Dr. Jens Ehrhardt has handed over the reins of one of the DJE - Alpha Global fund to Eberhard Weinberger, who will be lead manager, says Citywire. Dr. Jens Ehrhardt will concentrate on his other funds.
05/10/2009

Warburg Invest launches first German solar fund

Warburg Invest on Friday announced the launch on 1 October of the Photovoltaik Global 30 fund, which will be the first German equities fund of companies specialised in solar power. Its benchmark index is the Photovoltaik Global 30, launched by Deutsche Börse on 1 June 2009, but with changes due to the fact that the index is based purely on the criterion of capitalisation, while the management team reserves the right to overweight small caps, which have strong potential for growth. Characteristics Name: Warburg Photovoltaik Global 30 Fonds ISIN: DE000A0RHE51 (R share class, from EUR50/month), and DE000A0RHE44 (I share class, from EUR1m) Promoter: HWM GmbH Stuttgart Front-end fee: 5% Management commission: 1.7% (R class) 0.7% (I class)
05/10/2009

EUR92bn in inflows to UCITS funds in 7 months

At the 15th annual Efama conference, Jean-Baptiste de Franssu, president of the association, has announced that in January-July, net subscriptions to European funds that comply with the UCITS III directive totalled EUR92bn, of which EUR38bn were in July, including EUR28bn for so-called long-term funds, which do not include money market funds. Assets in UCTIS funds, like non-UCITS funds, increased by 4% in July. In second quarter, net inflows to UCITS funds totalled EUR30.44bn, compared with EUR22bn in January-March. These two consecutive quarters of net inflows follow an 18-month period of net redemptions. In detail, Efama reports that only the money market and miscellaneous UCITS fund categories saw net outflows in January-June, with EUR25bn and EUR4bn in net outflows, compared with net inflows of EUR52bn and net redemptions of EUR13bn in first quarter. Net subscriptions to equities, diversified and bond funds totalled EUR23bn, EUR17bn, and EUR20bn, respectively, compared with net outflows of EUR4bn, EUR10bn, and EUR4bn.
05/10/2009

Promotions at Liontrust

As Rob Page will join Ignis in November, Liontrust has appointed Simon Hildrey, recruited in July 2008, to replace him as director of marketing and communication from 1 November; he was previously director of communication. Nick Pilkington, who has ten years of experience at Liontrust, has been appointed director of marketing. He was previously marketing manager and will now report to Hildrey.
05/10/2009

T. Rowe Price buys into UTI

The American management firm T. Rowe Price will pay USD125m-USD135m to acquire a 26% stake in the oldest management firm in India, UTI Asset Management, Mutual Fund Wire reports.
05/10/2009

Sovereign fund to lobby

Anne Kvam, global head of corporate governance at NBIM, the affiliate of the Bank of Norway that manages the Government Pension Fund - Global (GPFG), has announced that the pension fund will kick off a campaign to demand that the US firms Harris Corporation, Clorox Company, Parker Hannifin and General Health separate the positions of president and CEO, Responsible Investor reports. The sovereign fund will also join initiatives to require directors of UK companies to be subject to re-election every year. GPFG owns British publicly-traded shares worth GBP32bn.
05/10/2009

Blackstone may acquire Busch Entertainment

According to the Sunday Times, Blackstone, which owns Legoland and Madame Tussaud’s, is considering acquiring Busch Entertainment Corp, which operates ten amusement parks in the United States, from Anheuser-Busch InBev, for USD2.5bn-USD3bn.
05/10/2009

Legg Mason considering launching actively-managed ETFs

At a conference in Boston, Matt Schiffman, head of retail at Legg Mason, admitted that his business missed the boat on ETF funds, but that it may be planning to launch actively-managed ETFs, Mutual Fund Wire reports. A final decision has not yet been taken, however.
05/10/2009

RBC Dexia recruits a chief risk officer

RBC Dexia Investors Services has announced the appointment of Frank Van Hoornweder as chief risk officer, based in Luxembourg. He was previously CEO and general manager of Adinfo, a Belgian business which he joined in 2005, after leaving Dexia Bank.
05/10/2009

Sal. Oppenheim: Barclays backs out of bidding

Following the Italian firm Mediobanca, the British firm Barclays has become the next bidder to back out of talks to acquire the investment banking division of Sal. Oppenheim, Handelsblatt reports. The only bidder still in the running is the Australian firm Macquarie, which is already in negotiations and which is conducting due diligence currently.
05/10/2009

Sources of capital drying up for private equity

Net inflows to the 79 funds from private equity firms which underwent a final closing in third quarter 2009 totalled USD38bn, down 55% from their total in April-June, and 68% less than in the corresponding period of last year, according to a report from Previn. This is the lowest level recorded since fourth quarter 2003, when the total was USD37bn. The record was set in second quarter 2007, with a total of USD208bn. According to Preqin, 90 private equity funds this year called off plans to raise capital, up from 30 last year and 15 in 2007. This month, there were 1,574 funds in active fund-raising, nearly 100 fewer than at the beginning of the year. In addition, these funds are aiming for USD754bn in inflows, while a total of USD900bn in capital was aimed for in first half. In these conditions, the average duration of fundraising until the final closing has lengthened to more than 18 months, from 15 months in 2008, 12 months in 2007 and 9 ½ months in 2004. Eight funds which had a final close in July-September raised over USD1bn, of which the largest is Hellman & Friedman VII, with USD8.8bn, though it had iniitally aimed for USD13bn. The TA XI fund from TA Associates attracted USD4bn.
05/10/2009

BNY Mellon concludes merger of Dutch affiliate into its Belgian bank

Having now received permission from regulators, BNY Mellon on 1 October proceeded with the absorption of its Netherlands affiliate BNY Mellon Asset Servicing BV into its Belgian bank, founded in May. The Belgian bank will take over all activities of the Dutch affiliate in London, Amsterdam, Breda, Luxembourg and Frankfurt. Staff will total about 1,400, of whom 500 are from the Dutch affiliate. The Belgian bank was founded in order to become the leading platform for the group in Europe for asset servicing. It has about EUR36bn in assets.
05/10/2009

Madoff scandal has taken a bite out foreign fund product range available to Spanish investors

To prevent future scandals similar to the Madoff scandal from polluting their reputations, Spanish private banks are moving from open architecture to controlled architecture, and the CEO of Pictet Funds for the Iberian peninsula and Latin America, Gonzalo Rengifo, predicts that the range of foreign products on offer from private banks will soon shrink to 15 providers, compared with 80 before the crisis, Expansión reports. Security is being preferred over profitability, as specialists focus on major management firms with high volumes and good reputations. This process has two other causes: on one hand, conducting fewer due diligences costs less, and on the other hand, redistributing capital among fewer managers produces larger soft commissions. Between the end of December 2007 and the end of August 2009, assets at foreign asset management firms in Spain fell from EUR50.04bn to EUR27bn; they totalled EUR25bn as of the end of June 2009. The major players are currently JPMorgan (EUR5.23bn), BNP Paribas (EUR2.17bn), Crédit Agricole (EUR2.08bn), Pioneer (EUR1.49bn), and Schroders (EUR1.16bn), followed by Fidelity and Société Générale with EUR1.07bn and EUR1.04bn. Deutsche Bank, BlackRock and Pictet follows with EUR934m, EUR803m and EUR718m.
05/10/2009

A profitable deal for RREEF

Cotizalia has calculated the actual profits to RREEF from a sale and lease back operation in which it will take over the BBVA bank branches from Deutsche Bank at 10-12%, above the announced 6-7%; the announced rate did not include rent revenues. The effects of strong leverage should also be taken into account, as RREEF financed 80% of the EUR1.2bn acquisition through loans. BBVA and RREEF have also agreed that the fund will have six months to find financing corresponding to 25% of the initial project, as not all the properties could be acquired in the recently announced operation (see Newsmanagers of 18 September).
05/10/2009

88% of equities funds have lost money since 2006

According to figures from VDOS Stochastics, 88% of Spanish equities funds have lost money in the past three years, while only 53 out of 439 showed positive returns. Among the funds specialised in Spanish equities, 24% have posted gains in this period, Cotizalia reports. Currently (as of September 2009), equities funds represent 7% of total assets in funds, compared with 39% for bond funds and 29% for guaranteed funds. In September 2006, equities funds accounted for 12%, while bonds and guaranteed funds accounted for 32% and 22% of the total.
05/10/2009

SEB Immoinvest tops EUR6bn in assets

The German firm SEB Asset Management announced on Friday that it has acquired the KPN Büroneubau building from OVG Real Estate for EUR98.5m. The 23,000 square metre property with 190 parking spaces, located in Amsterdam (Sloterdijk), is leased for 10 years to KPN Telecom BV. It will be added to the portfolio of the open-ended real estate fund SEB ImmoInvest, whose assets currently total EUR6.1bn, with investments in 18 countries of Europe, North America, and Asia.
05/10/2009

UBS SDIC launches a leveraged tracker fund

The Singaporian Marc Tan has been appointed as CIO of UBS SDIC, a joint venture in which UBS controls 49% and the Chinese State Development and Investment Corp (SDIC) controls the remaining 51%, Asian Investor reports. UBS SDIC is also launching a tracker fund which will be traded on the Shenzhen stock exchange. It will replicate the CSI300 index (the most actively-traded shares in Shenzhen and Shanghai) for 95%, while the remaining 5% will replicate the local inter-bank interest rate. The product, whose net asset value will be calculated once per year, will employ 1.6 times leverage.
05/10/2009

Madoff family sued by trustee

Bernard Madoff’s two sons, brother and niece were on Friday sued for nearly USD200m by Irving Picard, the court-appointed trustee, says the Financial Times. All of them held positions at Madoff’s firm. According to the trustee, if family members had been doing their jobs the Madoff Ponzi scheme might never have succeeded, or continued for so long. He also alleged that they have profited for years from Mr Madoff’s Ponzi scheme.
05/10/2009

Silk Invest launches frontier markets bond fund

Specialist boutique Silk Invest has launched a new fixed income fund focusing on frontier markets across Africa, the Middle East and Central Asia, said Citywire. The Luxembourg-domiciled Silk Road Income fund will be run by former Renaissance Capital man John Bates.
05/10/2009

Private bankers already talking about recovery

Clients at private banks are once again taking more risks in their investments. It appears that the worst has past and that assets at the various establishments have bounced back above their levels at the end of 2008, Cinco Días reports. This is the case at Banif (Santander), where assets under management have been above EUR30bn since July, after hitting bottom at EUR27.7bn at the end of March, down from EUR29.1bn at the end of December. The same trend has been observed at the private bank from Banco Madrid, at Altae, Merrill Lynch and Popular Banca Privada. However, if assets are increasing, that does not necessarily mean that results at banks will follow suit. It would appear that in this area the recovery is proving much slower. Commissions have fallen, as have profits per product and per client advised.

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