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21/09/2009

Banque privée: BNP Paribas se développe outre-Rhin

Selon les Echos, BNP Paribas va officialiser ce lundi son entrée sur le marché de la banque privée en Allemagne. L'établissement français est actuellement en train de constituer une équipe de 15 à 20 personnes basées à Francfort et à Munich pour se développer dans la gestion de fortune, en collaboration avec sa banque directe Cortal Consors. L’activité est placée sous la responsabilité de Pascal Grundrich, un ancien du Crédit Lyonnais recruté en 2008. BNP Paribas a par ailleurs regardé le dossier Sal. Oppenheim, mais est visiblement sorti du processus de vente.
21/09/2009
Fonds

TMW "verdira" progressivement son Immobilien Weltfonds

Pour tenir compte de l’importance croissante du développement durable dans le secteur immobilier, TMW Pramerica a décidé de transformer son fonds immobilier offert au public TMW Immobilien Weltfonds en premier produit de sa catégorie orienté développement durable selon un approche «best-in-class». Pour ce faire, TMW Pramerica s’est associé avec Ökorenta, l’un des pionniers de l’ISR, qui apportera son savoir-faire dans la conception du fonds et qui mobilisera sa force de vente. Les premiers contacts avec des investisseurs importants ont montré que ce projet est bien accueilli au point que certains ordres de rachat ont été annulés et transformés en promesses de souscriptions (le fonds est fermé aux remboursements depuis fin octobre 2008).En d’autres termes, le fonds pourra continuer d’acquérir des immeubles selon des critères économiques mais pas uniquement conformes au concept de développement durable, du moment qu’une évolution «écologique» ultérieure de ces actifs est prévue. Cela signifie que le TMW Immobilien Weltfonds ne deviendra «évidemment» pas du jour au lendemain un fonds vert.
Fonds
21/09/2009
Fonds

Les fonds d'actions allemands sont relativement chers

Selon Lipper, le taux de frais sur encours (TFE ou TER en anglais) des fonds d’actions allemands se situe en moyenne à 1,6 % contre 1,2 % pour les américains, rapporte la Frankfurter Allgemeine Zeitung. Si l’on pondère en fonction de la taille des fonds, les produits allemands sont chargés à 1,4 % contre 0,9 % pour les américains. Pour les fonds obligataires, le TFE est de 0,9 % en Allemagne et de 0,8 % aux Etats-Unis.
Fonds
21/09/2009

Les créations de sociétés de gestion se multiplient

Les gérants de fortune prennent leurs distances d’avec les groupes financiers et se mettent à leur compte, constate le Handelsblatt. Ainsi, Roman von Ah, l’ancien patron de la gestion d’actifs de Julius Baer a-t-il créé à Zurich Swissrock avec l’ancien directeur financier d’AWD Ralf Brammer et un spécialiste de l’assurance, Klaus Mutschler. Ils gèrent 230 millions d’euros et cherchent à présent de nouveaux clients.Alpine Capital est opérationnelle depuis deux mois avec un fonds diversifié de gestion active. La société est dirigée par Dirk Schaper, l’ancien président du directoire de Concord Investmentbank et Peter Böhnke, co-fondateur de la Main-First Bank.Bernd Borgmeier, qui a dirigé la gestion d’actifs chez Sal. Oppenheim et qui était en dernier lieu associé de la banque Warburg a créé Bay Investment, qui gère déjà 1 milliard d’euros pour des investisseurs institutionnels.
21/09/2009

FTSE: Malaysia well positioned to graduate to "advanced emerging" class

Malaysia has joined a list of candidate countries to be promoted by the index provider FTSE to the status of “advanced emerging” countries, Asian Investor reports. A-class shares in China and Taiwan, meanwhile, remain under watch for potential promotion to “emerging” and “developed,” respectively. The changes follow an annual re-evaluation of country classifications for the Global Equity Index Series (GEIS). South Korea will join the group of developed countries on 21 September.
21/09/2009

Thomson Reuters buys Hugin from NYSE Euronext

In a release published on Monday morning, Thomson Reuters announced that it has acquired the business information service Hugin Group BV from NYSE Euronext. In addition, Thomson Reuters and NYSE Euronext are planning to develop their strategic partnership, to offer added value services to issuers. The financial details of the transaction, which will be concluded during fourth quarter 2009, were not revealed. Hugin Group was founded in 1995 in Oslo.
21/09/2009

CME and Citadel call off plans for CDS platform

The CME Group and Citadel on Friday abandoned efforts to establish a trading platform for the USD27,000bn credit default swap market, says the Financial Times. They conceded that they could not attract any interest from the Wall Street banks.
21/09/2009

AllianceBernstein changes head of US retail

Harold Hughes, head of private clients at AllianceBernstein in London, has been appointed head of US retail, replacing Brian Gallary, who was national sales manager, and who will now become head of sub-advisory, Mutual Fund Wire reports.
21/09/2009

AllianceBernstein announces commercial real estate division

AllianceBernstein has announced the creation of a real estate investment division, which will be led by Brahm Cramer and Jay Nydick. Cramer, who will join the Axa affiliate in first quarter 2010, was co-head of real estate principal investment at Goldman Sachs Group. Nydick has been president of iStar Financial since 2004. The product range will be “opportunistic,” and will initially focus on the commercial real estate market in the United States. The new division, which will be operational from the middle of next year, will be aimed at high net worth private clients and institutional investors.
21/09/2009

Lehman Brothers Europe submits request for repayments from US parent company

La Tribune reports that the liquidator of the former European headquarters of Lehman Brothers, PricewaterhouseCoopers (PwC) is preparing to demand “more than USD120bn” from the former parent company of the European outfit in the United States. The request is being made now due to the fact that the US Department of Justice has set a deadline of 22 September for creditors to submit their claims, the newspaper states.
21/09/2009

BBVA to distribute funds via Allfunds

BBVA Asset Management has been making its funds available to institutional investors for several months via Allfunds Bank, the joint platform from Santander and Intesa Sanpaolo. This week, Expansión has learned, the agreement will be extended to include clients of the approximately 200 branches of the private bank, who will also gain access to BBVA funds. Currently, external distribution accounts for only 3% of assets under management at BBVA. The new agreement with Allfunds will increase this percentage.
21/09/2009

Changing of the guard at Credit Suisse

Bruno Aguilar has been relieved of his duties as CEO for management at Credit Suisse Asset Management for Spain, as part of a reshuffle following the acquisition of Aberdeen Asset Management for GBP250m, Funds People reports. The new head of management for Spain, Portugal and Latin America is Pedro Domenech, who created the asset management activities of Lehman Brothers in Spain. The appointment will have no impact on the locally-registered asset management affiliate, Credit Suisse Gestión, whose assets total EUR1bn in Sicav funds and EUR850m in regular funds.
21/09/2009

Banks in emerging markets take an interest in climate change

As debates develop over the issue of climate change, a new report from Ceres reveals that banks in emerging markets are beginning to integrate climate change issues into their decision-making processes. Despite this rising awareness, the report points out, few banks in emerging regions participate in financing clean energy projects or in carbon emissions trading programs. “A growing number of banks in emerging markets are realising that climate change is a big deal, but so far, their responses have been derisive and have only scratched the surface,” says Mindy S. Lubber, president of Ceres, and author of the report (“Addressing Climate Risk : Financial Institutions in Emerging Markets”).
21/09/2009

Growing number of management firms founded

Wealth managers are distancing themselves from financial groups, and are creating their own independent firms, Handelsblatt observes. Roman von Ah, former head of asset management at Julius Bär, has founded Zurich Swissrock, with the former CFO of AWD, Ralf Brammer, and an insurance specialist, Klaus Mutschler. They manage EUR230m, and are now seeking new clients. Alpine Capital has been operational for two months, with a diversified active management fund, The firm is led by Dirk Schaper, former chairman of the board at Concord Investmentbank, and Peter Böhnke, co-founder of Main-First Bank. Bernd Borgmeier, who was head of asset management at Sal. Oppehneim and who was most recently a partner at the Warburg bank, has founded Bay Investment, which already has EUR1bn in assets under management for institutional investors.
21/09/2009

BNP Paribas private banking developing in Germany

According to Les Echos, BNP Paribas on Monday will make its entry to the German private banking industry official. The French firm is currently forming a team of 15 to 20 people based in Frankfurt anf Munich, to develop wealth management activities in collaboration with its direct bank, Cortal Consors. The business will be led by Pascal Grundrich, a veteran of Crédit Lyonnais who was hired by BNP Paribas in 2008. BNP Paribas has also studied a potential acquisition of Sal. Oppenheim, but it has visibly withdrawn from the sales process.
21/09/2009

Luxembourg funds lead for subscriptions

According to statistics from Lipper FMI, European funds have posted net subscriptions in first half of EUR34.82bn, following net redemptions of EUR272bn in July-December 2008. Of this total, Luxembourg funds alone attracted EUR21.5bn, Funds people reports. The two salient points in the first six months of the year are the popularity of corporate bond funds, particularly the BlueBay Investment Grade Bond and the Schroder ISF-Euro Corporate Bond, and the extraordinary growth of Carmignac Patrimoine, which has drawn about EUR5bn in subscriptions in the period under review.
21/09/2009

AllianceBernstein (AXA) owns 4.70% of Delhaize retail group

AllianceBewrnstein L.P., an investment firm owned by the AXA group, has reduced its stake in the capital of the Belgian retail group Delhaize below the 5% threshold, and now controls 4.70%. AXA Investment Managers Paris has announced that AllianceBernstein L.P. and its affiliates act independently of all other entities of the AXA group.
21/09/2009

SSgA launches a new ETF

State Street Global Advisors (SSgA) has announced the launch of the SPODR Wells Fargo Preferred Stock ETF, which has been listed since 17 September on the Arca platform from NYSE. The fund replicates the Wells Fargo Hybrid & Preferred Securities Aggregate index, which as of the end of July included more than 160 securities, all of them preferential, non-convertible securities listed on NYSE or Arco, whose face value is USD25, which are rated as investment grade by Moody’s or S&P, and whose monthly trading volume has been at least 250,000 shares for the past six months.
21/09/2009

Fund distribution more expensive in Europe

Fees paid to mutual fund distributors in Europe for equity funds are double those in the US, according to a study by Lipper quoted by the Financial Times. Commission paid to distributors of cross-border equity funds in Europe averages 70 basis points, compared with 25-35 bps for the equivalent share class in the US.
21/09/2009

BNP Paribas to pull out of a Chinese fund

L’Agefi reports that BNP Paribas will soon sell its stake in ABN Amro Teda Fund Management in China. The decision has been taken in order to comply with regulations in the country, which allow foregn banks to own only one fund.
21/09/2009

TMW to gradually turn its Weltfonds 'green'

In order to keep up with the growing importance of sustainable development in the real estate sector, TMW Pramerica has decided t oconvert its open-ended real estate fund TMW Immobilien Weltfonds into the first product in its category with a sustainable development orientation, using a best-in-class approach. To achieve this, TMW Pramerica has teamed up with Ökorenta, one of the pioneers of SRI, which will contribute its expertise in fund design and will also mobilise its sales force. The first contacts with major investors have shown that the project has received a good reception from investors, to the extent that some redemption demands have been cancelled and replaced by subscription pledges (the fund has been closed to new subscriptions since the end of October 2008). The fund will be able to continue to acquire properties following economic criteria, but not only according to a sustainable development concept, as a subsequent ‘ecological’ transformation of the properties is planned. This means that the TMW Immobilien Weltfonds will not become a ‘green’ fund overnight.
21/09/2009

German equities funds are relatively expensive

According to Lipper, the total expense ratio (TER) for German equities funds averages 1.6%, compared with 1.2% for US funds, the Frankfurter Allgemeine Zeitung reports. When the statistics are weighted according to the size of the fund, German products show a cost of 1.4%, compared with 0.9% for US funds. For bond funds, the TER is 0.9% in Germany, and 0.8% in the United States.
21/09/2009

Equities funds post strong subscriptions

Wolfgang Mansfeld, chairman of the German BVI association of asset management firms, on Friday announced that in the first seven months of the year, equities funds had net inflows of EUR7.4bn, of which about 50% were for ETF funds.
21/09/2009

Number of IFAs expected to fall

According to a report by Ernst & Young cited by the Financial Times, of the existing 35,000 independent financial advisers in the United Kingdom, only 10,000 will remain in three years’ time. A further 10,000 will switch to giving restricted advice. This will be the result of new rules which ban the commission-based system of remunerations and which requires more qualifications.
21/09/2009

Elliott & Page acquires Markland

Elliott & Page Ltd, an affiliate of Manulife Financial Corporation, has bought all shares in the Canadian firm Markland Street Asset Management Inc, as well as the retail fund activities of AIC Ltd, a unit of Markland. The price of the acquisition, which will be concluded on 30 September, has not been disclosed. Via Elliott & Page, Manulife becomes the manager of the Oil Sands Sector Fund and the Markland AGF Precious Metal Corp. Markland, a specialist in structured financial products, had assets as of 31 August of USD114m. The fund management team at Markland will remain in place “for the moment.”
21/09/2009

Fitch confirms M2+ rating for ECM

On Friday, Fitch Ratings withdrew the London-based activities of the management firm European Credit Management Ltd (ECM) from its Rating Watch Evolving list, confirming the agency’s M2+ rating for the asset management firm. The move follows a clarification of ECM’s status following the integration of the management firm into the asset management activities of Wells Capital, after the acquisition of Wachovia by Wells Fargo in late 2008. Fitch emphasizes that Wells Capital has shown an intention to preserve the operational independence of ECM as a European credit management specialist within its multi-boutique framework. The agency also notes that activities at ECM (EUR12bn in assets as of the end of July), while they were affected by the turbulence on the credit markets last year, have withstood these difficult times relatively well compared to their competitors.
21/09/2009

Henderson New Star appoints a co-manager

Ainslie McLennan has been appointed co-manager of the New Star UK Property Unit Trust. McLennan will collaborate with Marcus Langlands Pearse, who joined Henderson after working for New Star. McLennan joined Henderson Global Investors in 2002. She was head of the European and British commercial real estate portfolio for institutional investors.
21/09/2009

Blackstone reduces stake in Cineworld and acquires 50% of Broadgate

Blackstone has announced that as part of a secondary placement, it has sold off 57% of its stake in the Cineworld chain of movie theatres for GBP62.9m, the Times reports. The private equity investor now holds a 20% stake in Cineworld. Meanwhile, Blackstone has confirmed its acquisition of a 50% stake in the Broadgate complex in the City of London from British Land for GBP77m. In addition, the private equity investor is taking over half of British Land’s debt, which totals GBP1.97bn.
21/09/2009

Paul Reichmann leaves Canary Wharf

The Canadian developed Paul Reichmann has sold his stake in Canary Wharf Group to Songbird Estates, the Sunday Times reports. Songbird now controls a 69.3% stake in Canary Wharf. Its affiliate Songbird Finance last week bought 54 million shares in Canary Wharf from Commerzbank for GBP112.5m.
21/09/2009

US government announces bond issue

L’Agefi reports that USD112bn in government bonds, with maturity dates ranging from 2 to 7 years, will be put on the market this week in the United States. The last issue of this kind was in late August, when the US Treasury issued USD109bn in bonds in the space of a few days. Previously, indirect actors, including foreign central banks, had been involved in the process, the newspaper notes. The US Treasury will raise USD1.9trn for the 2009 fiscal year (which ends on 30 September), and then USD2.5trn the following year, according to projections from Barclays Capital. In 2011 and 2012, issues are expected to total USD2trn.

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