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23/05/2013

Union Investment acquires Swiss property from BNP

P { margin-bottom: 0.08in; } For an undisclosed sum, the Hamburg-based Union Investment Real Estate (UIRE) has acquired a 30,740 square-metre logistical property from BNP Paribas Leasing Solutions Immobilien Schweiz AG, located in Oftringer (60 km west of Zurich), which is leased ot Fiege Logistik Schweiz AG. The property will be added to the portfolio of the open-ended real estate portfolio reserved for institutional investors UniInstitutional European Real Estate.Real estate funds from UIRE control a total of 18 logistical properties with a total value of EUR630m.
23/05/2013

Capital Group opens branch in Milan

P { margin-bottom: 0.08in; } The US investment firm Capital Group has opened a local branch in Milan as part of a development of its private management distribution in Europe, Investment Europe reports. At the same time, Vlasta Gregis has joined the firm as head of development for Italy. She had previously been at Aviva Investors. The move follows the recent appointment of Grant Leon, formerly of Aberdeen Asset Management, as head of sales for the Private Wealth Distribution activity at Capital.
23/05/2013

Chairman of Swedish fund association reelected

P { margin-bottom: 0.08in; } Eva Gottfridsdotter-Nilsson, CEO of Länsförsäkringar Fondförvaltning, the asset management activity of the Swedish bank Länsförsäkringar Bank, has been reelected as chair of the Swedish investment fund association, Fondbolagens Förening, for an additional year. Peter Branner, of SEB Fonder, has been reelected as vice-chairman. Three new members have been admitted to the board of directors at the association: Thomas Hedberg (Swedbank Robur), Javiera Ragnartz (Handelsbanken Fonder) and Maria Rengefors (Nordea Fonder). Fondbolagens Förening has also admitted two new companies: M&G Investments and KPMG.
23/05/2013

SRI gains ground in Europe

P { margin-bottom: 0.08in; }A:link { } According to a study by the Luxembourg investment fund association (ALFI) and KPMG, assets in socially responsible funds in Europe increased between the end of 2010 and the end of 2012 by 19%, to EUR237.9bn, in 1,775 products compared with 1,558, which represents an increase of 14%.Cross-sector environmental, social and governance (ESG) funds as of the end of last year had total assets of EUR198.4bn, 83.3% of the total, for 63.9% of funds numerically, outpacing primarily environmental funds, with EUR28.1bn, or 11.8% of total assets and 21.7% of the fund population.By country of domicile, France led with 25.9% of assets, compared with 25.1% for Luxembourg, 7.9% for Norway, 7.6% for Denmark, and 6.6% for Finland.The study also points out that 23% of European SRI funds are available for cross-border sale.
23/05/2013

Consolidation continues in mutual fund sector

P { margin-bottom: 0.08in; } In first quarter 2013, 435 funds were launched in Europe, whilst a total of 600 funds (396 liquidations and 204 mergers) were withdrawn from the market during the same period, as the industry continues to consolidate its fund ranges, according to Lipper.During the first three months of the year, 435 funds were launched in Europe, the lowest number for Q1 results of the last five years. This reflects a decrease of 46% compared with the peak in Q1 2010 and a decrease of 14% compared to the same period in 2012, when 506 funds were launched.The number of liquidations is also at its lowest Q1 level for the past five years. The 396 liquidations in first quarter 2013 were 30% fewer than the peak of 566 in first quarter 2009. Compared with first quarter 2012, the number of funds decreased by 20%.As at the end of March 2013, there were 31,854 mutual funds registered for sale in Europe, including 8,581 in Luxembourg and 4,907 in France.Equity funds continued to dominate the fund market in Europe, with 37% of the funds available for sale, followed by mixed-asset funds at 25%. Bond funds stood at 22%, whilst money markets represented 5%.
23/05/2013

Tundra to launch Asian equity fund

P { margin-bottom: 0.08in; } The Scandinavian firm Tundra Fonder has launched an Asia ex-Japan equity fund for the former BankInvest emerging market specialist Jon Scheiber, Citywire Global reveals. Scheiber left BankInvest in May 2012, and joined Tundra in early 2013. The fund will have a quantitative approach, and will be entitled Tundra QuAsia fund.
23/05/2013

Emerging market hedge funds continue to post inflows in first quarter

P { margin-bottom: 0.08in; } In first quarter 2013, hedge funds dedicated to emerging markets posted net inflows of USD1.8bn, according to the most recent edition of the HFR Emerging Markets Hedge Fund Industry Report. Inflows totalled USD3bn in fourth quarter 2012. Assets under management by emerging market hedge funds set a new record at over USD151bn, up by USD12bn compared with the end of December 2012. The HFRX Multi-Emerging Markets index gained 5.9% in the first four months of the year. Despite declines for the Chinese (Shanghai Composite) and Korean (Kospi) stock market indices, the HFR China and HFRX Korea indices have posted respective gains of 8.8% and 10%.
23/05/2013

Oliver Fischer leaves FPM for Charlemagne Capital

P { margin-bottom: 0.08in; } The head of distribution to professionals at FPM Frankfurt Performance Management, Oliver Fischer, will on 3 June join Charlemagne Capital as head of Germany/Austria, the German media is reporting. Fischer will replace Davut Deletioglu, who has decided to leave the company after 10 years.
23/05/2013

GLG makes capital gains by shorting Bankia

P { margin-bottom: 0.08in; }A:link { } Cinco Días reports that, since the close of trading on 29 April, Bankia shares have lost 87.6% of their value. Although retail investors were not able to play on this decline by selling shares as there were no more shares available to be lent, the British hedge fund management firm GLG Partners on 17 April declared a short position representing 0.52% of capital in Bankia, or 103,700 shares.Without any leverage, shares which were worth EUR12 and have now fallen to EUR1.40 will have brought GLG capital gains of EUR1.1m in slightly over one month.
23/05/2013

Lyxor moves seven ETFs to physical replication

P { margin-bottom: 0.08in; }A:link { } Seven French-registered, UCITS-compliant ETFs replicating EuroMTS investment grade bond category indices have been moved by Lyxor Asset Management from a synthetic replication formula to a physical replication formula, fondsweb.de reports.The products are the following:LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE (FR0010222224)LYXOR ETF EUROMTS 3-5Y INVESTMENT GRADE (FR0010037234)LYXOR ETF EUROMTS 5-7Y INVESTMENT GRADE (FR0010411413)LYXOR ETF EUROMTS 7-10Y INVESTMENT GRADE (FR0010411439)LYXOR ETF EUROMTS 10-15Y INVESTMENT GRADE (FR0010037242)LYXOR ETF EUROMTS 15+ Y INVESTMENT GRADE (FR0010481093) andLYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE (FR0010028860)
23/05/2013

Inflows of CHF1.6bn to Swiss Life AM in first quarter

P { margin-bottom: 0.08in; }A:link { } Swiss Life Asset Managers has posted net inflows in first quarter of CHF1.6bn, according to figures released on 23 May by the insurance group Swiss Life.The firm has continued its growth in the area of wealth management serving external clients, thanks to additional mandates.The group has posted net returns for non-annualised investments of 1.4% between January and March, compared with 0.9% in the corresponding period of 2012.
23/05/2013

Balderton invests over USD10m in social networks

P { margin-bottom: 0.08in; }A:link { } The London-based fund Balderton Capital has invested USD10.7m in a startup based in Lausanne, Urturn (formerly known as Webdoc), which develops a social network complementary to Facebook and Twitter. Urturn has raised a record total of USD13.4m, according to a statement from Balderton released on 22 May.
23/05/2013

Temasek acquires 10% of Markit

P { margin-bottom: 0.08in; }A:link { } The Singapore sovereign fund Temasek has bought a stake of about 10% in the London-based firm Markit, specialised in financial data and services, Les Echos reports. The operation, totalling about EUR500m, values Markit at about USD5bn. Three years ago, an investment by the private equity firm General Atlantic Partners valued Markit at USD3bn.
23/05/2013

Lloyds sells an additional 15% stake in SJP

P { margin-bottom: 0.08in; }A:link { } Fundweb reports that Lloyds Bnaking Group will be selling an additional 15% stake in the asset management firm St. James’s Place (SJP) for GBP500m, in order to increase its capital.A stake of 20% was already sold in March, but the group is required to observe a 180-day minimum lock-in period before being allowed to sell its remaining 21% stake in SJP.
23/05/2013

LGIM recruits head of allocation from BNPP IP

P { margin-bottom: 0.08in; }A:link { } Emiel van den Heiligenberg, CIO of the multi-asset class solutions group at BNP Paribas Investment Partners (BNPP IP), will be joining Legal & General Investment Management (LGIM) later this year as head of asset allocation, replacing David North, who has left the business after twelve years, Fundweb reports.
23/05/2013

Vanguard launches four more ETFs in Europe

Vanguard Asset Management has launched four new Irish-domiciled ETFs, complementing the five ETFs that it brought to the European market in 2012. The broadening of Vanguard’s ETF line-up underscores the firm’s commitment of providing low-cost, physically backed ETFs to investors, according to a press release. The four Vanguard ETFs newly listed on the London Stock Exchange are:Vanguard FTSE Developed Europe UCITS ETF, Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF, Vanguard FTSE Japan UCITS ETF and Vanguard FTSE All-World High Dividend Yield UCITS ETF.
23/05/2013

Conroversy over revisions to Assogestioni statutes

P { margin-bottom: 0.08in; }A:link { } Alberto Giovannini, responsible for carrying out revisions to the statutes of Assogestioni, the Italian association of asset managers, has not garnered unanimous support from the members of the association, Bluerating reports. Some fault him for having been senior advisor to Long Term Capital Management, and that he is a shareholder and deputy director of Unifortune, a firm which is not an Assogestioni member. Others point out that he was investigated in connection with the Cirio junk bond crash.
23/05/2013

Les marchés japonais dévissent

L’indice Nikkei a clôturé la séance en forte baisse de 7,32% à 14.483,98 points ce matin dans des volumes très importants,après la publication de l’indice HSBC traduisant les mouvements de l’activité manufacturière en Chine qui est tombé sous le seuil de contraction à 49,6 points pour le mois de mai, après 50,4 en avril. L’indice Topix plus large cédait de son côté 6,87% à 1.188,34 points.
Indices boursiers dans une rue de Tokyo, le 23 mai 2013. Photo: Tomohiro Oshumi/Bloomberg
23/05/2013

La collecte du Livret A repart à la hausse en avril

Selon les données de la Caisse des dépôts et consignations, la collecte nette du Livret A s’est établie à 3,05 milliards d’euros en avril, après 1,83 milliard en mars. La collecte du Livret de développement durable a atteint pour sa part 1,56 milliard d’euros le mois dernier, après 960 millions en mars. L’encours des deux produits s’élevait à 363,3 milliards d’euros en avril.
23/05/2013

La Pologne veut rendre son gaz de schiste plus attractif

Varsovie ne taxera pas avant 2020 la production de gaz de schiste extrait de son sol, a indiqué mercredi le ministre des Finances, afin de rendre son exploitation plus attractive après le retrait de plusieurs acteurs internationaux du secteur au cours des derniers mois. Une quarantaine de puits d’essai ont été creusés mais aucun d’eux ne devrait entrer en production avant 2015.
23/05/2013

L'économie chinoise donne des signes inquiétants

L’indice PMI du secteur manufacturier calculé par HSBC est tombé en zone de contraction de l’activité au mois de mai, à 49,6 points, après 50,4 en avril. Un chiffre décevant puisque le consensus tablait sur une stabilité de l’indice. «Il y a à présent une forte probabilité que la croissance du PIB chinois au deuxième trimestre soit plus faible qu’au premier», estime Ken Peng, économiste chez BNP Paribas.
23/05/2013

Glencore et Trafigura dans le viseur de l’ONU

Les accords conclus entre l’Iran et les géants du courtage en matières premières Glencore Xstrata et Trafigura pourraient avoir aidé la République islamique à contourner les sanctions internationales prises en raison de son programme nucléaire, selon un rapport confidentiel d’experts de l’ONU dont Reuters a eu connaissance.
23/05/2013

Plainte pour commissions boursières excessives outre-Atlantique

Un groupe de quatre sociétés d’investissement, emmené par Citadel Securities, a porté plainte contre cinq marchés boursiers les accusant d’avoir systématiquement surévalué le montant de certaines commissions sur transactions pendant des années. Sont mis en accusation le CBOE (Chicago Board of Options Exchange), l’ISE (International Securities Exchange, filiale de Deutsche Börse), les plateformes de Nyse Euronext Arca et Nyse Amex, ainsi que le Philadelphia Stock Exchange, propriété du Nasdaq. La plainte assure qu’«il n’y a aucun doute sur le fait que les marchés ont prélevé des commissions trop élevées pendant sept ans sur des millions d’ordres».
23/05/2013

Thomas H. Lee Partners vise le crédit hypothécaire

Le fonds d’investissement et l’assureur Fidelity National Financial seraient de sources concordantes en négociations avancées pour l’acquisition du spécialiste des services en crédit hypothécaire Lender Processing. Le Wall Street Journal a le premier évoqué l’opération, misant sur une offre mixte équivalente à 33 dollars par action valorisant la cible à 2,9 milliards de dollars. Thomas H. Lee Partners prendrait 19,9% du groupe.
23/05/2013

Quilvest lève trois fonds pour 700 millions de dollars

L’activité de capital-investissement du groupe Quilvest annonce jeudi la clôture de trois levées de fonds : QS PEP 2012, QS REP II et QS Capital Strategies, pour des montants respectifs de 150, 300 et 230 millions de dollars. QS PEP est un fonds de fonds annuel de private equity mondial, QS REP intervient dans l’immobilier non coté, là aussi au niveau mondial, et QS Capital Strategies mise sur les entreprises américaines de taille moyenne. Les 80 millions de dollars engagés par des investisseurs dans ce dernier véhicule peuvent être abondés de 150 millions additionnels, via un financement en dette par la Small Business Administration (SBA) aux Etats-Unis, ce financement supplémentaire restant soumis à l’octroi d’une licence par les autorités américaines. Par ailleurs, Quilvest lance la levée de QS PEP Core, qui succédera à QS PEP, avec un objectif de 400 millions de dollars. A lire, l’entretien de Michel Abouchalache, patron du groupe, dans L’Agefi Hebdo du 23 mai.

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