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28/11/2012

Net redressement du résultat de Deka

Après un plongeon de 45,5 % en glissement annuel à 340,7 millions d’euros pour la période de janvier à septembre 2011, le bénéfice économique (bénéfice aux normes IFRS avant impôt plus résultat de la valorisation des instruments financiers) de Deka affiche pour les neuf premiers mois de 2012 un gonflement de 30,6 % à 444,9 millions d’euros.Le gestionnaire central des caisses d'épargne allemandes s’attend à une «sensible» augmentation de son résultat pour l’ensemble de 2012, après un effondrement de 58,6 % à 383,1 millions d’euros l’an dernier.Grâce à l’effet de marché, les encours ont augmenté à 154,3 milliards d’euros au 30 septembre, contre 151 milliards fin décembre et à 142,63 milliards fin septembre 2011. Deka accuse en effet pour les neuf premiers mois de 2012, des sorties nettes de 2.188 millions d’euros contre 5.338 millions pour la période correspondante de l’an dernier. Néanmoins, la collecte nette de ses fonds immobiliers est ressortie à 1,4 milliard d’euros contre 0,7 milliards un an plus tôt. Les fonds de valeurs mobilières ont subi des remboursements nets de 3,6 milliards d’euros contre 6 milliards douze mois auparavant. La plate-forme patrimoniale Deka-Vermögenskonzept a enregistré des rentrées nettes de 1,2 milliard d’euros et la formule Deka-Basisanlage lancée cette année a attiré 200 millions d’euros à fin septembre.
28/11/2012
Fonds

Distribution record pour le DWS Top Dividende

Le 23 novembre, DWS a servi aux porteurs du fonds DWS Top Dividende un montant de 2,75 euros par part, ce qui représente plus de 274 millions d’euros, indique le gestionnaire allemand. C’est une distribution record pour un fonds DWS.Les fonds DWS Top Dividende et DWS Invest Top Dividend, dont l’encours a dépassé les 10 milliards d’euros courant septembre, ont enregistré depuis le début de l’année des souscriptions nettes de 2,5 milliards d’euros.
Fonds
28/11/2012

Skandia intègre huit sociétés de gestion dans son offre à bas coûts

Skandia a passé un accord avec huit sociétés de gestion pour sa gamme de fonds à bas coûts qui sera lancée initialement sous la marque Select, rapporte Fund Web. Ces sociétés sont : Aberdeen, BlackRock, BNY Mellon, Fidelity, Henderson, JP Morgan, Schroders et Threadneedle. Skandia a refusé de dévoiler le détail des arrangements en termes de prix. A terme, l’offre devrait inclure 12 sociétés de gestion.
28/11/2012

Les dirigeants de SAC vont répondre aux inquiétudes des investisseurs

SAC Capital va tenir une conférence téléphonique avec ses investisseurs mercredi afin de répondre aux inquiétudes relatives aux liens du hedge fund avec ce que les autorités américaines qualifient de plus grosse affaire de délit d’initié, rapporte le Financial Times, citant des sources proches du dossier.Les autorités américaines indiquent que SAC a évité 194 millions de dollars de pertes et dégagé un gain de 83 millions de dollars en pariant contre les cours des sociétés pharmaceutiques Wyeth et Elan avant les résultats de l’essai d’un médicament contre la maladie d’Alzheimer. La conférence aura lieu avant l’ouverture des marchés américains.
28/11/2012

Teresa Watkins quitte Comgest

Teresa Watkins a quitté Comgest où elle a passé près de dix ans, révèle Citywire Global. Elle gérait le Comgest Growth Mid Caps Europe, un fonds de 22,6 millions d’euros.
28/11/2012

L'encours d'Acropole AM s'est accru d'un cinquième cette année

Au 31 octobre, Acropole Asset Management affiche un encours de l’ordre de 750 millions d’euros, dont environ 150 millions dans des mandats. Les actifs gérés ont gonflé d’environ 20 % depuis le début de l’année, pour moitié grâce à l’effet de marché et pour moitié du fait de souscriptions nettes, a indiqué mardi Emmanuel Martin, le CIO.Le FCP Acropole Global High Yield (150 noms) lancé le 13 juillet 2010, qui est présentement investi à 57 % en obligations convertibles à haut rendement, affiche un encours de 51 millions d’euros et a collecté quelque 10 millions d’euros depuis le début de 2012.
28/11/2012

Ciloger recrute et reorganise sa direction du développement

Ciloger, la société de gestion spécialisée dans l’immobilier, vient d’annoncer l’arrivée de Lawrence Delahaye en qualité de directeur du développement Institutionnel.Il sera en charge des relations avec les investisseurs institutionnels et du développement de l’activité dédiée à cette clientèle d’investisseurs, précise un communiqué.Âgé de 36 ans, l’impétrant travaillait depuis février 2007 au sein de l’équipe «Corporate Finance - Immobilier» de BNP Paribas Corporate & Investment Banking après être resté six ans chez Atisreal Auguste-Thouard à la direction des Grands Clients puis au département Investissements.Pour sa part, Chantaline Bialas, directeur du développement et de l’animation commerciale des réseaux bancaires, des CGPI, des plateformes et des clients directs, prend désormais en charge directement la relation avec les CGPI et les plateformes.Lawrence Delahaye et Chantaline Bialas sont membres du comité de direction de la société.
28/11/2012

Bob Doll revient déjà… chez Nuveen AM

A peine Russ Koesterich nommé chief investment strategist de BlackRock, Nuveen Investments (220 milliards de dollars d’encours au 30 septembre) annonce que sa filiale Nuveen Asset Management (117 milliards de dollars) a recruté le prédécesseur de Russ Koesterich, Bob Doll comme chief equity strategist et gérant de portefeuilles senior avec effet au 26 novembre.L’impétrant, qui avait annoncé son départ de chez BlackRock en juin, est subordonné à David Chalupnik, responsable des actions de Nuveen Asset Management. Il va renforcer les capacités de Nuveen AM dans le domaine du multi-classes d’actifs.
28/11/2012

Investcorp vend FleetPride à TPG

Le gestionnaire alternatif Investcorp annonce avoir signé la vente de FleetPride, distributeur américain de pièces détachées pour camions, à la société de private equity TPG. Le montant de la vente est d’un milliard de dollars.
28/11/2012
Fonds

Henderson Global Investors rachète deux centres commerciaux

Henderson Global Investors a acquis deux centres commerciaux en France pour un montant total de 151 millions d’euros pour le compte de sa joint-venture allemande Warburg-Henderson.Ces acquisitions concernent la «Grande Galerie commerciale» située à Quétigny dans la banlieue de Dijon et «L’île Napoléon» de Mulhouse-Illzach. Ces actifs totalisent plus de 23.000 m² au total. Ils viennent compléter le portefeuille d’actifs de commerce de Henderson Property France. Klépierre est le vendeur de ces deux actifs immobiliers.
Fonds
28/11/2012

Lehman Brothers Holdings va céder sa foncière Archstone

Lehman Brothers Holdings va céder sa foncière Archstone à deux sociétés immobilières pour environ 6,5 milliards de dollars (5,02 milliards d’euros), selon l’agence Reuters. Les deux repreneurs, Equity Residential et AvalonBay Communities, se partageront les actifs à 60-40, avec reprise de dette (9,5 milliards de dollars). L’opération valorise la société foncière américaine à 16 milliards de dollars.
28/11/2012

Lazard ferme son pôle banque privée en Espagne

L’incursion de Lazard en Espagne dans le secteur de la banque privée aura duré un peu plus d’un an (depuis avril 2011) : la banque d’investissement américaine a décidé de fermer son activité de conseil aux grandes fortunes en Espagne, comme d’ailleurs aux Etats-Unis, rapporte El Confidencial, relayé par Funds People.Cela se traduira par le départ progressif sur les prochains mois des 16 professionnels basés à Madrid. La décision de liquidation de la maison de courtage Lazard Wealth Management AV ainsi que celle de la société de gestion Lazard Gestión, toutes deux héritées de BIS Wealth, n’a pas encore été prise.
28/11/2012

EFSF borrows EUR7bn for one year

The European Financial Stability Facility (EFSF) on 27 November placed a EUR7 billion one-year benchmark bond maturing on 3 December 2013, at an average rate of 0.22%. Earlier in the day, the EFSF expressed an intention to issue one-year bonds “in the near future” to resolve its temporary inability to make use of mid- and long-term issues since the credit rating of France was downgraded by Moody’s. “This inaugural one-year bond from EFSF was met with exceptionally strong demand with close to EUR9 billion in orders received from investors around the world,” the fund says in a statement. The EFSF had been planning to issue three-year bonds last week, but was obliged to call off the plans at the last minute due to the ratings downgrade for France the evening before by the ratings agency Moody’s, from Aaa to Aa1. The FESF rating depends on the ratings of the euro zone member states which guarantee its lending. The rating for these guarantor states has to be equal to or higher than its own long-term rating, from each ratings agency, and hence the temporary inability caused by Moody’s ratings downgrade of France. Christophe Frankel, CFO and Deputy CEO of EFSF stated “Today’s one-year bond has allowed us not only to complete the remaining EUR3.6 billion from this year’s funding programme but also to gain a head start for 2013”.
28/11/2012

Emerging markets have a growing importance in IPO market

Cross-border IPOs represented 9% (1,172) of the total number of operations, and 13% (USD220bn) of the total amount raised worldwide between 2002 and 2011, according to a study recently published by PwC and Baker McKenzie, entitled “Equity sans frontières: Trends in cross-border IPOs.” The past ten years have been marked by an increase in the number of Asian businesses undertaking cross-border IPOs. Businesses in Asia-Pacific make the most cross-border IPOs. China ranks first, with 347 cross-border operations, of which 39% were in the United States. Singapore is a major regional centre for cross-border IPOs, with most issuers from continental China (71% of operations hosted in Singapore, 130 issuers, raising USD5bn), or Hong Kong (14%, 26 issuers, USD6bn raised). Although Paris places in the top 10, London is the main destination for cross-border IPOs (480 cross-border issuers from markets worldwide held IPOs there, totalling USD110bn raised). These figures represent 34% of the volume, and 15% of the value of IPOs on the London Stock Exchange, and 38% in volume and 50% in value of cross-border operations worldwide. New York is the second destination for foreign issuers, with 264 IPOs totalling USD56bn raised. More than half of foreign firms which held IPOs in the United States (51%, 134 issuers) were from China, totalling USD20bn raised. Several of these operations were backdoor listings (acquisition of a public company by a private company).
28/11/2012

Petercam increases its management fees without raising TER

Management fees for funds from the Belgian-registered funds Petercam Equities Europe, Euroland and Europe Sustainable funds on 26 November increased to 1.50% from 1.25% previously, while the Petercam Bonds EUR was increased to 0.50% from 0.30%. Management fees for institutional share classes have increased to 0.75% from 0.62% and 0.40% from 0.30%, respectively.The Belgian asset management firm says that “the goal is to globalise costs inherent to management over all fees, and to limit the impact on TER, which remains the indicator par excellence of fund pricing, to a minimum.”
28/11/2012

Deutsche Bank adds a fund to its dbSelect platform

Deutsche Bank has added a second fund from the Swedish firm Coeli to its dbSelect platform, which provides access to liquid hedge fund strategies, Investment Europe reports. The new fund is the Coeli Spektrum, which has USD110m in assets under management, and has earned 13.6% annualised performance over the past three years.
28/11/2012

Schroders launches Chinese CNY bond fund

The British firm Schroders on 27 November announced the launch on 7 November of the RMB Fixed Income sub-fund of its SISF Sicav (Schroder International Selection Fund), which allows foreign investors access to the bond market denominated in Chinese offshore currency (Hong Kong).The fund is actively-managed, and uses the RMB Investment Grade Bond Total Return Index as its benchmark. Management is provided by the Asian fixed income team led by Rajeev De Mello and Angus Hui.The objective is to construct a diversified portfolio of Chinese government bonds and Chinese and foreign investment grade corporate bonds denominated in yuan.CharacteristicsSchroder ISF RMB Fixed Income EUR Parts A Capitalisation (acc) in euros ISIN code: LU0845699254Management fee: 0.75%Schroder ISF RMB Fixed Income Parts A capitalisation (acc) in CNYISIN code: LU0845698876Management fee: 0.75%
28/11/2012

Italian pension fund to pull out of real estate

The Italian pension fund for medical professionals, Enpam, which has EUR12.5bn in assets under management, will gradually reduce its investments in real estate, Citywire Global reports. The fund will not be selling its current investments in real estate, but it will not be investing more.
28/11/2012

Bob Doll already returns – at Nuveen AM

Russ Koesterich has barely been appointed as chief investment strategist at BlackRock, and Nuveen Investments (USD220bn in assets as of 30 September) has announced that its affiliate Nuveen Asset Management (USD117bn) has recruited Koesterich’s predecessor, Bob Doll, as chief equity strategist and senior portfolio manager, effective from 26 November.Doll, who announced his departure from BlackRock in June, reports to David Chalupnik, head of equities at Nuveen Asset Management. He will reinforce the capacities of Nuveen AM in the area of multi-asset.
28/11/2012

Swedish fund association publishes a book on responsible investment

The Swedish investment fund association Fondbolagens Förening has published a book on responsible investment, at a time when climate talks are beginning in Doha. A survey by TNS Sifo Prospera of 1,600 Swedes aged between 18 and 79 finds that they place a high importance on the “responsible” product ranges from asset management firms. On a scale of 1 (not important) to 5 (very important), this aspect receives an average of 4. SRI is more popular with women (4.3) than men (3.7).
28/11/2012

DEGI International distributes EUR70m

Due to the recent sale of several properties, the open-ended real estate fund DEGI International from Aberdeen Immobilien KAG (DE0008007998, EUR1.3364bn in assets), which is in liquidation, will be able to distribute about EUR70m to its approximately 70,000 shareholders, the Börsen-Zeitung reports.
28/11/2012

Record payout for DWS Top Dividende

On 23 November, DWS paid EUR2.75 per share to shareholders in the DWS Top Dividende fund, which represents over EUR274m, the German asset management firm says. This is a record payout for a DWS fund.The DWS Top Dividende and DWS Invest Top Dividend funds, whose assets topped EUR10bn in September, have posted net subscriptions of EUR2.5bn YTD.
28/11/2012

UBS GAM appoints a new head of real estate

UBS Global Asset Management has appointed Thomas Wels as head of its global real estate business, Investment Week reports. Wels has been working at the firm since 2005, most recently as COO of the executive board. He replaces Paul Marcuse, who is leaving UBS.
28/11/2012

Teresa Watkins leaves Comgest

Teresa Watkins has left Comgest, where she spent nearly ten years, Citywire Global reports. She had been manager of the Comgest Growth Mid Caps Europe, a fund with EUR22.6m.
28/11/2012

Investors increasingly want to meet CEOs

In these difficult times, a growing number of investors are insisting on meeting the heads of businesses before buying a stake – which leaves the directors less time to run their businesses, the Wall Street Journal explains. This trend is not likely to stop. In a study which has not yet been published, Eugene Soltes, an assistant professor at Harvard Business School, shows that investors who met the CEO of a mid-sized US business between 2004 and 2010 more frequently tended to make better investments.
28/11/2012

SAC management to respond to investor concerns

SAC Capital will hold a telephone meeting with investors on Wednesday in order to respond to concerns in relation to ties of the hedge fund’s which the US authorities are calling the largest insider trading scandal ever, the Financial Times reports, citing sources familiar with the matter. The US authorities claim that SAC avoided USD194 in losses and made gains of USD83m on bets against the prices of the pharmaceutical companies Wyatt and Elan ahead of the results of tests of Alzheimer medications. The meeting will be held before the US markets open.
28/11/2012

Assets at Acropole up by one fifth this year

Currently (as of 31 October), Acropole Asset Management has assets of about EUR750m, of which about EUR150m are in mandates. Assets under management have increased by about 20% since the beginning of the year, half of this due to market appreciation, and half to net subscriptions, Emmanuel Martin, CIO, said on Tuesday.The FCP Acropole Global High Yield (150 positions), launched on 13 July 2010, which is currently 57% invested in convertible high yield bonds, has assets of EUR51bn, and has posted inflows of about EUR10bn since the beginning of 2012.
28/11/2012

Swiss Life overhauls asset management business

Swiss Life would like to «significantly» expand its asset management business and will manage it from now on under the brand «Swiss Life Asset Managers», according to a statement released on 28 November by Swiss Life at its investor day, which lays out the new “Swiss Life 2015” orientations for the Swiss Group. Swiss Life will use its expert knowledge and experience in the field of real estate investment and fixed-interest and asset-allocation-based products to expand the business with the goal of increasing its contribution to earnings by more than 20% by 2015. As part of “Swiss Life 2015,” Swiss Life is strengthening its presence in Germany and Switzerland. From now all production and distribution organisations in each market will be managed under one roof to optimise market development and exploit synergies. In Switzerland, Swiss Life would like to position itself as a provider of complete global retirement and financing solutions. In Germany, its goal is to evolve towards the status of a financial advising and insurance business.
28/11/2012

BBVA sells a Mexican affiliate to Banorte

A 97.3% stake in Mexican-based Afore Bancomer, the pension fund administrator owned by the Spanish firm BBVA, has been sold to Afore XXI from Banorte for USD1.6bn, and even as much as USD1.73bn counting the cash at the business at the completion of the transaction, Funds People and Cinco Días report. Afore Bancomer has EUR13.13bn in assets under management for 4.4 million clients.For BBVA, the deal will bring net capital gains of EUR800m. The Spanish group is also planning to sell its pension fund management affiliates in Chile, Colombia and Peru.

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