Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
02/03/2009

France - La Socgen modernise ses infrastructures informatiques

Selon l’Agefi, la Société Générale présentera cette semaine une note interne codifiée SG TEC, prévoyant de centraliser dans un pôle unique la gestion des structures informatiques de ses principaux métiers et filiales. Tous les métiers de la banque, dont la gestion d’actifs, sont concernés et cette refonte informatique devrait permettre à la banque d'économiser 100 millions d’euros dès 2010, précise le quotidien.
02/03/2009

Europe - Le marché du crédit en plein essor

Selon La Tribune, alors que Roche vient de placer un emprunt obligataire record de 5,25 milliards d’euros, le marché primaire de la dette corporate est en plein boom. Selon le stratégiste crédit de la Société Générale, Suki Mann, «les 100 milliards d'émissions seront facilement atteints avant la fin du premier trimestre» 2008, rapporte le quotidien en soulignant que les émissions ont déjà été multipliées par 2,5 au dernier trimestre 2008.
02/03/2009

Europe - Gestion de fortune : Celent analyse les offres des fournisseurs IT

Dans un environnement où l’industrie de la gestion de fortune devrait continuer à réaliser d’assez bonnes performances, les fournisseurs de technologies à destination des sociétés du secteur vont devoir ajuster leurs offres pour répondre aux nouveaux besoins de la clientèle comme la convergence toujours plus marquée des fonctionnalités front et back office et faire face aux contraintes de la crise qui ralentit les décisions d’achat et exige du prestataire qu’il fasse plus avec moins de ressources, selon le cabinet de recherche et de conseil Celent. Afin de comparer les solutions proposées en Europe aux gérants de fortune, Celent les a groupées en deux grandes catégories, les solutions de front office avec les offres de Distribution Technology, Finantix, Odyssey, TechRules et Thomson Reuters ; les solutions de couverture front to back office avec les offres de Avaloq, Oracle, SAGE, SunGard et Temenos.Dans l’analyse de l'étendue des fonctionnalités, SunGard arrive en tête des solutions de couverture front to back, devant SAGE et Avaloq. Bien que moins bien classés, Oracle et Temenos disposent d’atouts notamment dans les fonctions de support client. Du côté des solutions de front office, ce sont Odyssey et Distribution Technology qui obtiennent les meilleures notes, juste devant Finantix. Dans l’analyse des technologies (facilités d’intégration aux autres systèmes et architectures existantes, nombre de plates-formes et bases de données servies, options de déploiement, etc), Avaloq et Temenos se démarquent pour les solutions front to back, tandis que Finantix et Distribution Tehnology obtiennent les meilleurs notes pour les solutions de front office.
02/03/2009

Europe - Les fonds ISR ont collecté ? 1 milliard en décembre

Selon les calculs de Responsible Investor à partir des données de Lipper Feri, les souscriptions nettes enregistrées en décembre par les fonds ISR ont atteint 999,4 millions en décembre et l’encours en fin d’année se situait à 35,4 milliards. Le meilleur score a été réalisé en décembre par le fonds monétaire Moné Etheis de BNP Paribas, avec 321,2 millions d’euros.Les fonds environnementaux, qui totalisaient 12,8 milliards d’euros d’actifs sous gestion au 31 décembre, ont collecté en net 181,7 millions pour le dernier mois de l’année après avoir subi une sortie nette de 68,6 millions pour novembre.
02/03/2009

Europe - Les fonds de pension prêtent aux entreprises

Les grands fonds de pension commencent à prêter directement aux entreprises, en quête de crédit, analyse le Financial Times. «Le retrait des banques a gonflé le coût de l’emprunt, augmentant les rendements que les fonds de pension peuvent générer en prêtant même à des sociétés très bien notées, à un moment où les rendements des actifs traditionnels sont faibles», commente le journal.
02/03/2009

Japon - Tokyo chute de près de 4%

L’histoire n’en finit plus de se répéter : à nouveau perturbé par les craintes pesant sur le système financier mondial, le marché japonais a entamé, lundi 2 mars, la semaine sur une chute de 3,81% dans de faibles volumes. Vendredi, Wall Street avait terminé en repli significatif.
02/03/2009

Irlande - AIB devrait être déficitaire sur les deux prochaines années

Allied Irish Banks devrait publier lundi au titre du second semestre une perte avant impôts de 300 millions d’euros environ en raison de dépréciations pour créances douteuses plus importantes que prévu sur ses crédits immobiliers, rapporte le Financial Times. La banque devrait être déficitaire sur les deux prochaines années.
02/03/2009

Autriche - Aide publique pour Erste Group

Erste Group est la première banque autrichienne à profiter de l’aide de l’Etat. Elle renforcera ses fonds propres de 1,89 milliard d’euros au maximum, moyennant un intérêt de 8 %, indique la Frankfurter Allgemeine Zeitung. Au T4, les amortissements de survaleurs ont provoqué une perte de 603,4 millions d’euros. Le dividende sera réduit à 65 cents contre 75 cents.
27/02/2009

United States - Taxes on hedge funds to increase

La Tribune reports, citing the New York Times, that President Obama will propose an increase in taxes on the income of partners in hedge funds and other investment funds. ?For the moment, the tax rate is only 15% at most. ? Initially, income from the investments in question could be considered the equivalent of normal income, and taxed at 35% or more. Then, in a second stage, they would be taxed at 39.6%.?
27/02/2009

United Kingdom - IFAs concentrate on management and advising commissions

43% of 900 British independent financial advisors (IFAs) consider it a more promising prospect to concentrate on commissions for management and for client relationship management in order to add value to their activities, rather than to rely on income from front-end fees, according to the Trailblazer survey undertaken by Skandia. The results suggest that IFAs are in the process of rethinking their fee structures, with the added impetus of adapting to Retail Distribution Implementation Programme (RDIP) regulations.Skandia states that 25% of respondents are planning to concentrate on fewer, but more upmarket clients, while 13% are planning to create value by positioning themselves on a fund platform.
27/02/2009

Germany - Allianz: Deterioration in cost/income ratio for asset management

As of the end of 2008, assets under management for third parties at Allianz were down 8% to EUR703bn, with a contraction of EUR70bn, to EUR102bn, for the equities portion of the portfolio, and an increase of EUR14bn, to EUR600bn, for bonds. Institutional assets increased to ERU518bn, from EUR485bn, while assets under management for retail investors fell to EUR185bn from EUR280bn. Meanwhile, of all assets under management, EUR415bn came from the United States at the end of 2008, compared with EUR430bn one year earlier (USD578bn compared with USD633bn). The German market represents only EUR85bn, compared with EUR115bn, while Europe accounts for EUR120bn compared with EUR116bn.Commission margins fell to 36.5 basis points in 2008, from 37.1 points in 2007, and operating profits fell 32% to EUR926m; net profits for asset management totalled EUR379m (-23.9%). The cost/income ratio for the division deteriorated to 67.9% from 58.3%.
27/02/2009

Germany - Canada Life and Fidelity extend partnership

Canada Life, which already offers unit-linked solutions on the German market using funds from Fidelity International, is extending its collaboration with the management firm, Fondsprofessionell reports. The firms will now establish a single retirement insurance product, for which Canada Life will bring to bear its expertise as an insurer to cover risk, while Fidelity will be responsible for the investment portion.
27/02/2009

Spain - Funds have lost an estimated EUR1.2bn in February

According to estimates by VDOS Stochastics, Spanish funds experienced a decline in their assets of 0.69% in February, following net redemptions of EUR765m and negative market effects of EUR435m, Cotizalia reports. BBVA Gestión and Santander Asset Management remain the top two actors by far, with EUR35.17bn and EUR34.98bn, which corresponds to market share of 20.42% and 20.30%, respectively.
27/02/2009

United States - Quantitative team at Deutsche Bank goes independent

Bloomberg reports that Equitech Group, the New York owners’ equity trading affiliate of Deutsche Bank, is becoming independent, and will be known as Roc Capital Management. The firm will begin its activities in second quarter, with 20 specialists and 40 function support staff based in India. Roc CM, which will offer hedge funds which Deutsche Bank can no longer support due to budgetary constraints, will be led by Arvind Raghunathan, who was head of global arbitrage for the German bank. The COO will be Robert Wolfson, chief operating officer of equity proprietary trading at Deutsche Bank, while the chief strategy officer will be Annupam Ghose, currently in the prime services group at Credit Suisse.
27/02/2009

United States - Fundamental strategy questions for institutionals

On average, institutional investors in the United States have experienced a decline in the value of their portfolios of 31% in 2008, according to a new Greenwich study. The size of the decline raises questions about asset allocation decisions, risk management practices, manager selection, and investment policies in general.?One of the important lessons of the current crisis may well be the value of liquidity, or the dangers of undervaluing it,? Greenwich comments.
27/02/2009

United States - Profits down at Eaton Vance

In the first quarter of its fiscal year, ending on 30 November, Eaton Vance has posted net profits of USD24.7m, compared with USD34.95m in August-October 2008, and USD57.93m in the corresponding period of last year. In the period under review, the manager has posted net subscriptions of USD3.3bn for long-term funds and mandates, while gross subscriptions totalled USD12.3bn, and redemptions totalled USD7.7bn, and reductions in leverage represented USD1.3bn. In total, assets declined overall by USD1.2bn, or 1%, compared with the end of October, to a total of USD121.93bn as of 31 January. Eaton Vance states that the total at the end of January includes USD6.9bn in the form of Tax Advantaged Bond Strategies (TABS), an activity acquired on 31 December from M.D. Sass Investors Services. Equities funds represented USD46.59bn, and bond funds weighed USD18.85bn, which corresponds to declines of 10% and 31% since the end of October and the end of January 2008 in the first case, and of 3% and 18% in the second. For equities, subscriptions of USD4.79bn were compensated for largely by USD3.53bn in redemptions and negative market effects of USD6.59bn.
27/02/2009

United Kingdom - Gartmore to launch another absolute performance fund

After a similar vehicle focused on Europe which it launched in January, Gartmore (GBP18bn as of the end of 2008) is planning to launch an absolute performance fund dedicated to the United Kingdom in April, Investment Week reports. The product will pursue the same strategy as the Octanis hedge fund, and will also be managed by Ben Wallace. Minimal subscription will be set at GBP1,000.
27/02/2009

Germany - Go-ahead for Swiss Life squeeze-out at AWD

An extraordinary general assembly at AWD approved all the motions on its agenda with a majority of over 99.8%, including motions to transfer all capital in the firm to Swiss Life Beteiligungs GmbH, and to undertake a squeeze-out of minority stakeholders at EUR30 per share. Shareholders also approved the appointment of Ivo Furrer as director.
27/02/2009

France - Cat bonds team at Axa IM begins operations

Since the end of 2007, Axa Investment Managers has been constructing an insurance linked securities (ILS) team within its structured products division, which will be led by Christophe Fritsch, an actuary and financial engineer specialised in structuring. The team includes a portfolio manager, a quantitative manager, and a management assistant.The team is now sufficiently prepared, and with the Lehman collapse in the past, the market has returned to a sufficient pace of new issues, that the French management firm is planning to launch its first catastrophe (cat) bonds fund, aimed ast institutional investors, this year. Without ruling out the possibility of mandates, Fritsch says that he is aiming to launch a Luxembourg-registered fund in the next three to six months, which will have assets of up to EUR200-300m.
27/02/2009

Spain - Invercaixa cuts fees for a fund of hedge funds

So far, hedge fund managers in Spain have reacted to the crisis either by liquidating their funds, or by freezing redemptions. Invercaixa (La Caixa) has chosen a third way with its fund of hedge funds Invercaixa Privada Estrategia: from Thursday, 26 February, it is lowering management commissions to 0.25% from 0.75%, and cancelling a 10% performance commission, Funds People reports. It is true that the product has posted a 50% loss for January-november 2008. Specialists say such financial conditions are not sustainable for the manager, since funds of hedge funds are costly products.
27/02/2009

Spain - BBVA Gestión launches two prudent funds

BBVA Gestión is launching two products to respond to demand from investors with more conservative profiles, funds People reports. The BBVA Bonos Cash is the retail version of a money market fund aimed at businesses, which invests in government bonds and corporate bonds denominated in Euros from companies rated at least P2 or A-2 for short-term debt. The BBVA Doble Garantia (for which subscriptions will open in March) will be a bond fund with a duration of 3 ½ years (maturing on 31/10/2012), which, if conditions are met, will deliver 50% of the average performance of the DJ Eurostoxx 50. A 2.22% coupon will be paid on 16 October 2009.
27/02/2009

World - Hedge funds return to their roots

Fabrice Cuchet, director of hedge fund activities for Dexia Asset Management, says hedge funds which have survived the crisis most successfully are those which practice all-time strategies, such as long/short equity or global macro funds, the Frankfurter Allgemeine Zeitung reports. He also argues that the most regulated and transparent funds will do best in the future, particularly funds which use arbitrage strategies: the sector is returning to its roots. The Dexia specialist estimates that the deleveraging process at hedge fund is nearing its end.
27/02/2009

United Kingdom - Shortfall for RBS pension fund

The Royal Bank of Scotland (RBS) announced on Thursday that its pension fund, which had a surplus of GBP340m at the end of 2007, was underfinanced by nearly GBP2bn 12 months later, Global Pensions reports. The deterioration is due to market effects, which were partly compensated for by income from AA+ rated corporate bonds and a reduction in the estimated inflation rate.

Sujets d'actualité

Tous les sujets