Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
24/04/2009

Fidelity buys stake in Deutsche Borse

Fidelity has bought a 2.91% stake in Deutsche Börse via its British affiliate, the German stock market company has confirmed, according to reports in Handelsblatt. Fidelity becomes the second investor to become known since it was learned that the hedge funds TCI and Atticus had sold their stakes (totalling 16%), Handelsblatt notes. The first was the American management firm Wellington, which acquired slightly over 3% of capital in the firm.
24/04/2009

Brian Hogan promoted to head of equities management at Fidelity

Two weeks after the announcement of the departure of its equities CIO, Walter Donovan, to Putnam Investments, Fidelity Investments has announced that the new chief investment officer for equities fund management (USD491bn in assets) will be Brian Hogan, who has 15 years’ seniority, and who has served as vice president of equity research since 2006, the Wall Street Journal reports.
24/04/2009

Assets down at Schroders in Q1

In first quarter 2009, Schroders has seen a decline in its assets under management of GBP7bn compared with the end of 1008, to GBP103.1bn. The management firm has undergone redemptions of GBP2.4bn from institutional investors.In the first three months of the year, pre-tax profits and exceptional elements in Asset Management and Private Banking are down to GBP35.9m, compared with GBP77.8m in first quarter 2008. After one-time elements are taken into account, profits total GBP12.2m, compared with GBP42.2m in Q1 2008. This decline in profits is largely due to Asset Management, while results for the private bank have remained relatively stable.Schroders notes that the ?level of volatility on the financial markets in first quarter is expected to persist, and will continue to affect demand on the part of investors.? In this context, ?we have reduced our personnel costs, which will lead to a reduction in other costs later in the year and in 2010.?
24/04/2009

Arobas Finance launches a platform

The independent wealth management platform Arobas Finance will launch a platform for FCPI, FIP, SOFICA, and SCPI products dedicated to IFAs. ?We will offer a base for prospective clients and targeted clients, which will direct them to agencies geographically near to them. This will allow us to bring us closer to our clients,? says a statement. ?We are also on the lookout for ‘investments or acquisitions of agencies with which we would be able to cooperate’ in a commercial and administrative partnership to provide optimal continuation of our activities,? the statement continues. The announced objective is to sign ?25 quality agreements? in the next 18 months.
24/04/2009

Albert Cobti leaves Natixis Multimanager

Citywire reports on 23 April that Albert Cobti has left Natixis Multimanager, where he was CIO. Xavier Laurent will now become head of long only multi-management, the website reports.
24/04/2009

BNP Paribas to sell asset management activities of Fortis

The Financial Chronicle reports that BNP Paribas may sell the asset management activities of Fortis in India, following its acquisition of the Belgian bank. The two groups currently have separate fund management activities in the country, which is not allowed by Indian law, Dow Jones reports.
24/04/2009

BKB and Bank Coop join forces in asset management

Less than a week after an alliance of three cantonal banks with Wegelin was announced, the cantonal bank of Basel (BKB) and Bank Coop on Thursday announced the creation of a joint centre of expertise in asset management, which will provide services to the two establishments, which will continue to operate separately. The asset management divisions of the two banks will be united on 1 January 2010, to form a new centre of expertise which will be placed under the direction of the private clients and private banking division of BKB. The process will be completed with the move to a joint portfolio management tool known as Avaloq. The project will be led by Alfred Ritter, who becomes CIO of the BKB group, and who was previously director of equities trading at the bank. His deputy will be Martin Volekle, director of asset management at Bank Coop.
24/04/2009

Alternative and traditional management are converging, says CIO of SEB Wealth

Peter Branner, global CIO of SEB Wealth in Sweden, claims that the convergence between hedge funds and long only funds is likely to continue, Citywire reports. The director notes that there is a growing demand for hedge fund-style products in an UCITS III-compliant format. He thinks that product ranges from major management firms such as SEB will continue to attract investors hungry for hedge fund type returns with fewer operational risks.
24/04/2009

UBS Global AM to release a fund of funds for institutionals

UBS Global Asset Management has announced that it will be releasing a fund of funds in Germany, which has already been on sale in Switzerland for 10 years. The fund invests in 15-20 funds, and 120 brownfield infrastructure properties worldwide, fondsweb reports. The product, aimed at institutional investors, is entitled UBS AFA Global Infrastructure Multi-Manager (AFA is an abbreviation for Alternative Funds Advisory). 20% of the portfolio is reserved for greenfield infrastructure projects.
24/04/2009

Mubadala publishes its first annual report

Mubadala, one of the most active investment vehicles in Abu Dhabi, has published its first annual report, the Financial Times reports. The investor reports losses of EUR2.5bn in 2008.
24/04/2009

Fidelity to close its multi-management funds

Ignites Europe reports on 23 April that Fidelity International will close its OEICS multi-management funds Special Situations and Equity Income. Subscribers will be offered a free transfer to other funds of the product range.
24/04/2009

Wave of restructuring to come in asset management, says Fitch

In a special study published on Thursday, Fitch Ratings predicts that the German asset management sector will continue to experience difficult market conditions throughout 2009, both in terms of growth and profitability, and that this will result in a process of consolidation and strategic reorientation.Management firms have been noticeably affected by the global financial crisis, though they have conservative risk profiles, with a significant portion of their activities in money market, bonds, and protected capital funds, while the proportion of equities funds is low, and funds are using only limited levels of leverage.Roger Schneider, director of the fund & asset manager rating group at Fitch, says cost reductions to bring them in line with falling revenues are inevitable, and that asset managers will need to find a balance between adjusting their business models and the consequent costs without compromising the depth and quality of their research or their investment processes, which are decisive parts of their capacity to profit from a rebound on the markets at a later date. This pressure is opening the door to consolidation, and creating new horizons for more frequent cooperations and partnerships both nationally and internationally, which the sector has been reticent about in the past.
24/04/2009

External distributors play a key role

Third-party distributors, particularly global banks and local financial advisors and brokers, are key partners in distribution of UCITS funds in all regions, according to a study entitled ?UCITS as a Global Brand,? undertaken by Lipper Feri on behalf of Efama, which surveyed 22 major asset management firms.The findings point to the importance of understanding the consequences of the financial crisis for third-party distributors and to the elaboration and redefinition of cross-border distribution of UCITS funds. Given this importance, Efama notes, participants in the study consider that one of the strategies that is helping them to confront the financial crisis is to seek new distribution partners. This concern comes after cost reductions, but before launches of new products.
24/04/2009

Stanford assets were inflated

The value of most assets held by companies related to Sir Allen Stanford, the billionaire accused of operating a Ponzi scheme, was inflated, says Ralph Janvey, the liquidator appointed by US courts to supervise the group’s affairs, cited by the Financial Times.
24/04/2009

Inflows to life insurance rise

Life insurance contributions climbed 22% in March 2009 compared with the same month of the previous year, after 27 consecutive moths of decline since December 2006, according to the most recent internal study by the French federation of insurance companies (FFSA), viewed by La Tribune. Cumulative payments into policies in the first three months of the year are up 3% to EUR37.5bn, despite decreases in January and February.
24/04/2009

Banks reorganise fund management activities

As elsewhere in Europe, Spanish banks are planning to sell off or reshuffle their fund management activities, Cinco Días reports. For the moment, the only firm to have announced that it would like to sell its asset management unit is Santander, but the sale has not taken place, since the bank is asking EUR3bn, which is too much, and because some of the potential buyers are suffering due to the crisis. Meanwhile, Santander Asset Management has cut back the number of funds in its range by 10% since the end of 2007, and it is now beginning to merge funds which use the same strategies at different fee levels, depending on whether they are sold by Santander, Banesto or Banif. Sabadell, for its part, is reducing the number of its funds to 87 from 100, and has created a new affiliate, BanSabadell Securities Services, to manage the entire securities services process; the firm may provide securities services to other management firms also. Caixa Tarragona has opted for another solution, by outsourcing management of its funds (to Intermoney Valores), while continuing to offer its products and receiving the commissions for them.
23/04/2009

Les institutions de retraites améliorent leurs schémas de gouvernance

En 2008, les fonds de pension et les institutions de retraites européens ont continué à renforcer leurs structures de gouvernance. Selon une récente étude de Mercer, le nombre d’institutionnels disposant d"un comité d"investissement spécialisé a crû de 35 % l’an dernier. Dans près de 30 % des cas, le choix des gestionnaires d"actifs est totalement délégué par les administrateurs au comité d"investissement. Les institutionnels se montrent également plus dynamique sur leurs investissements. Un nombre croissant de régimes de retraite (16 %) souhaite désormais revoir leur stratégie d"investissement au moins une fois par an, contre tous les trois ans, habituellement, précise l'étude.
23/04/2009
Fonds

Les temps sont durs pour les gérants de fonds garantis

A fin février, l’encours des fonds garantis, en Allemagne, affichait un gonflement de 22 % en un an, à 30,3 milliards d’euros, tandis que leur nombre avait augmenté à 261 contre 219, rapporte la Frankfurter Allgemeine Zeitung. Cependant les marchés rendent la vie très difficile aux promoteurs de ces fonds, à cause de la conjonction d’un taux sans risque particulièrement bas, ce qui limite le budget de risque, et d’une forte volatilité. Cette situation a d’ailleurs incité Union Investment à renoncer en décembre au lancement d’une gamme de fonds garantis qui avait pourtant déjà été annoncée.
Fonds
23/04/2009

Geojit FS devient Geojit BNP Paribas Financial Services

BNP Paribas a annoncé jeudi qu'à la suite de l’OPA de février 2009, il est devenu le principal actionnaire du courtier indien Geojit Financial Services (plus de 450.000 clients), qui adopte la raison sociale de Geojit BNPParibas Financial Services Ltd. Les 500 agences Geojit en Inde vont changer d’enseigne et «porter les couleurs» de BNP Paribas. Geojit offrira désormais ses services à la population croissante des Indiens non résidents. Selon le communiqué, C.J George, directeur général de Geojit BNP Paribas, «Geojit BNP Paribas bénéficiera aussi de l"expertise de BNP Paribas Personal Investors en tant que courtier en ligne leader en Europe, pour développer rapidement l"activité de trading online et la vente d"OPCVM et d"assurance-vie».
23/04/2009

Décès de Gilles Glicenstein, responsable de la gestion d'actifs de BNP Paribas

Gilles Glicenstein, responsable du métier gestion d’actifs de BNP Paribas depuis 2005 et directeur général de BNP Paribas Asset Management depuis 1999 est décédé à l"âge de 44 ans, annonce La Tribune. Gilles Glicenstein a eu un rôle moteur dans l'évolution structurelle de BNP Paribas AM (mises en place d'équipe de multigestion, de gestion structurée...) dans la réussite d’acquisitions tels que Fischer Francis Trees & Watts (FFTW), Overlay AM, ainsi que de plusieurs implantations sur les marchés émergents, rappelle le quotidien économique.
23/04/2009

UBS supprimerait 10% de son personnel en France

UBS va supprimer une cinquantaine d’emplois en France, sur un effectif global d’environ 500 personnes dans l’Hexagone,selon La Tribune du 22 avril. La gestion de fortune et la gestion d’actifs, avec CCR rachetée un an plus tôt, seront concernées. La banque d’investissement UBS Securities pourrait éviter le plan social, avec moins de 10 emplois supprimés.
23/04/2009

La CCR licencierait une vingtaine de salariés

Filiale d’UBS depuis un an, la Caisse Centrale de Réescompte (CCR) devrait se séparer d’une vingtaine de salariés, dans le cadre du plan de réduction d’effectifs du groupe, selon La Tribune du 22 avril. Les réductions d’effectifs de cette division résulteraient d’une externalisation des fonctions supports et administratives de back-office.
23/04/2009

Décès de Gilles Glicenstein, responsable de la gestion d'actifs de BNP Paribas

Gilles Glicenstein, responsable du métier gestion d’actifs de BNP Paribas depuis 2005 et directeur général de BNP Paribas Asset Management depuis 1999 est décédé à l"âge de 44 ans, annonce La Tribune. Gilles Glicenstein a eu un rôle moteur dans l'évolution structurelle de BNP Paribas AM (mises en place d'équipe de multigestion, de gestion structurée...) dans la réussite d’acquisitions tels que Fischer Francis Trees & Watts (FFTW), Overlay AM, ainsi que de plusieurs implantations sur les marchés émergents, rappelle le quotidien économique.
23/04/2009
Fonds

Les fonds de hedge funds espagnols font confiance à Harbinger

Expansión rapporte que les fonds de hedge funds espagnols Banif Fairfield Impala, Banif Optimal Low Volatiliy, Optimal Arbitraje Plus, BNP Paribas Alternativo Diversificado et Renta 4 Minerva ont fait confiance à Philip Falcone et investi au total 4,5 millions d’euros dans des fonds de Harbinger Capital. Philip Falcone a vendu à découvert les banques espagnoles, américaines et britanniques. Il a notamment pris pour 500 millions d’euros de «shorts» sur le Santander, le Banco Popular et le BBVA.
Fonds
23/04/2009

Fed et Trésor avaient exigé le black-out sur la situation de Merrill

Kenneth Lewis, CEO de Bank of America (BofA), avait déclaré sous serment en février devant l’avocat général de new York que le président de la Fed Ben Bernanke et le Secrétaire au Trésor Henry Paulson lui avaient fait comprendre qu’il ne devait pas faire publiquement état des pertes géantes de Merrill Lynch afin de ne pas ébranler le système financier, rapporte The Wall Street Journal, qui a obtenu copie de la transcription de la déposition. Les deux officiels voulaient pouvoir négocier dans le calme les modalités des aides de l’Etat à BofA pour permettre à cette dernière d’absorber Merrill.
23/04/2009

UBS commence à élaguer ses conseillers les moins productifs

Selon les proches du dossier cités par Dow Jones, l’UBS a commencé à licencier des conseillers financiers appartenant à sa branche gestion de fortune et qui font partie de ceux dont la production annuelle est inférieure à 250.000 dollars. Au total, le groupe helvétique compte supprimer environ 2.000 emplois dans la gestion de fortune aux Etats-Unis. C’est la première fois que des licenciements affectent du personnel rémunéré exclusivement à la commission.
23/04/2009
Fonds

Macromarkets lance un fonds immobilier sans immobilier

Le gestionnaire Macromarkets lancera la semaine prochaine le fonds Macroshares Major Metro Housing dont les parts seront cotées sur la plate-forme électronique NYSE Arca, rapporte la Frankfurter Allgemeine Zeitung. Ce produit d’une échéance de 5 ans et demi utilise comme référence l’indice du prix des maisons S&P/Case-Shiller Composite-10 qui reproduit l'évolution des pavillons dans dix des plus grandes métropoles des Etats-Unis. Toutefois, l’argent des souscripteurs ne sera pas investi dans des immeubles mais dans des obligations à court terme de l’Etat américain pour garantir la liquidité. Les investisseurs auront la possibilité d’acquérir des parts «up» s’ils pensent que l’indice va augmenter ou «down» dans le cas contraire. Le nombre des parts «up» et «down» émises sera toujours le même. Si l’indice monte, les obligations d'Êtat sous-jacentes des parts «down» sont converties en parts «up» et inversement.
Fonds

Sujets d'actualité

Tous les sujets