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02/11/2012
Fonds

Peu de gérants actifs restent parmi les meilleurs

Les investisseurs qui sélectionnent un gérant de fonds actif parce qu’il a un bon historique ont plus de chances de choisir un perdant qu’un gagnant, montre une étude de Vanguard citée par le Financial Times Fund Management. Vanguard a classé 384 fonds actions britanniques de gestion active en cinq quintiles en fonction de leurs rendements ajustés au risque sur cinq ans à fin décembre 2006 et a ensuite suivi leurs performances sur les cinq années suivantes. Seulement 15,6 % sont restés dans le premier quintile sur les deux périodes de cinq ans se terminant en 2006 et 2011. Mais 23,4 % ont chuté du premier au dernier. Et 23,4 % ont été soit liquidés soit fusionnés en raison de faibles performances.
Fonds
02/11/2012

Progression des encours pour Henderson malgré des rachats

Le britannique Henderson a fait état pour le troisième trimestre d’une décollecte nette de 1,1 milliard de livres, dont 585 millions de livres du côté institutionnel.Toutefois, les actifs sous gestion ont progressé de 1,2 milliard de livres durant le trimestre à 64,8 milliards de livres grâce à des effets marchés et devises positifs pour un montant de 2,3 milliards de livres. Henderson relève la bonne tenue de son pôle immobilier dont la décollecte de 50 millions de livres a été largement compensée par des souscriptions de près de 200 millions de livres.
02/11/2012
Fonds

Le fonds alternatif Edoma est liquidé

Pierre-Henri Flamand, l’ancien responsable du trading pour compte propre de Goldman Sachs en Europe, a été contraint d’annoncer la liquidation d’Edoma Partners, le fonds alternatif londonien qu’il avait lancé il y a deux ans seulement. Selon L’Agefi, la procédure pourrait durer de trois à quatre mois. Le hedge fund event driven a subi la désaffection des investisseurs, qui auraient de sources concordantes effectué des retraits pour un milliard de dollars cette année. Le montant des actifs sous gestion d’Edoma se situerait aujourd’hui à environ 850 millions de dollars.
Fonds
02/11/2012

L’Asie a besoin de sociétés de gestion plus indépendantes

Les sociétés de gestion en Asie ne sont pas suffisamment indépendantes, analyse le Financial Times. Elles font en général partie de grands groupes et leur objectif premier est de soutenir ces derniers. Cela explique pourquoi les sociétés de gestion asiatiques n’ont pas percé à l’échelle internationale.
02/11/2012

Fin de parcours pour la banque saoudienne Faisal à Genève

Etendard de la finance islamique à Genève, Faisal Private Bank se transforme à partir du 1er novembre en un «multi-family office», selon des sources proches de ses actionnaires saoudiens cités par Le Temps. La banque qui gère près de 700 millions de dollars pour le compte de sa clientèle moyen-orientale, deviendra un simple bureau dédié à ses plus riches déposants. Si le nom de la dynastie Faisal devrait lui rester attaché, aucune décision n’a encore été prise quant à la trentaine d’employés, précise le quotidien.
02/11/2012

Gottex nomme un responsable marketing pour l'Asie/Pacifique

Gottex Fund Management a nommé Marc Fisher au poste de directeur marketing pour la région Asie/Pacifique. Cette nomination intervient après l’acquisition, cette année, de Penjin Asset Management, un gestionnaire alternatif de fortune déjà bien établi sur ces marchés, a indiqué Gottex le 1er novembre dans un communiqué. Marc Fisher sera basé à Hongkong et il collaborera étroitement avec le CEO Asie Max Gottschalk et le CIO Ronnie Wu. Auparavant, Marc Fisher a travaillé chez FRM comme responsable pour l’Asie et le Pacifique (à l’exclusion du Japon et de la Corée) et membre du comité de direction.
02/11/2012

Nomination chez Altin

La société suisse de gestion alternative Altin, cotée en Bourse à Londres et en Suisse, a annoncé le 31 octobre la nomination de José Galeano comme principal chargé de relations avec les investisseurs (Head Investor Relations Manager). Marc T. Clapasson le secondera dans cette tâche.Les fonctions assumées jusqu’à présent par José Galeano auprès de la société de gestion en tant qu’expert en gestion alternative seront reprises par Michaël Malquarti.Les deux nominations sont effectives à compter du 1er novembre 2012.
02/11/2012
Fonds

Union acquiert un centre commercial à Lodz

Pour son fonds immobilier offert au public UniImmo: Deutschland, l’allemand Union Investment a investi 390 millions d’euros dans le centre commercial et de loisirs Manufaktura de Lodz (112.500 mètres carrés) en Pologne. Ce complexe implanté dans une ancienne usine de textile est entièrement loué.Les vendeurs sont les français Foncière Euris et Rallye ainsi que le développeur Apsys, qui demeure chargé de la gestion du centre.
Fonds
02/11/2012

Forte collecte pour AMG

Pour le troisième trimestre 2012, Affiliated Managers Group (AMG) a enregistré des souscriptions nettes de 10,9 milliards de dollars, ce qui porte le total des neuf premiers mois à plus de 25 milliards de dollars. A fin septembre, l’encours se situait à 416 milliards de dollarsLe bénéfice net de juillet-septembre est ressorti à 54,9 millions de dollars contre 40,1 millions pour le troisième trimestre de 2011, tandis que pour janvier-septembre il a diminué à 98,9 millions de dollars contre 124,6 millions.
02/11/2012
Fonds

Lyxor abandonne le MSCI pour deux ETF

Lyxor Asset Management a abandonné le MSCI pour deux de ses fonds au profit du FTSE : le Lyxor ETF MSCI World Real Estate – D EUR et le Lyxor ETF MSCI World Real Estate – D USD, qui deviennent respectivement Lyxor ETF FTSE EPRA/NAREIT Global Developed et Lyxor ETF FTSE EPRA/NAREIT Global Developed. Ces informations, publiées dans Financial News, ont été confirmées par un porte-parole de Lyxor.Deux autres ETF de cette gamme immobilière ont déjà changé d’indice pour passer au FTSE, plus représentatif du marché de l’immobilier, selon le porte-parole. Il ne s’agit pas, d’après lui, d’un basculement vers des indices « low cost » comme cela vient de se produire pour Vanguard. Le porte-parole ajoute qu’il s’agit d’un « non-événement », la gamme des quatre fonds ne pesant pas plus de 50 millions d’euros.
Fonds
02/11/2012

Fidelity se renforce à Vienne

Andreas Lessmann, qui était directeur de la distribution pour l’Autriche, le Benelux et la Suisse alémanique chez Tiberius Asset Management après avoir été de 2002 à 2010 executive director institutional asset management et head of mutual funds Austria chez Sal.Oppenheim, devenue Deutsche Bank Autriche, rejoint Fidelity Worldwide Investment à Vienne. Il sera sales director, chargé du suivi de la clientèle institutionnelle et des banques en Autriche, sous la direction d’Adam Lessing, head of Austria & Eastern Europe.
02/11/2012

Record fine for Nomura from Tokyo stock exchange

The Tokyo Stock Exchange on 31 October announced that it has levelled a record EUR2m fine against the financial services group Nomura, for divulging confidential information that resulted in insider trading. Nomura will be required to pay JPY20m (about EUR2m). This is the largest fine ever leveled by the Tokyo Stock Exchange against a business, the Japanese media are reporting. Nomura employees were this spring accused of being responsible for a leak of confidential information to investors in 2010. At the time, the brokerage firm Nomura was organizing capital increases for the energy firm Inpex, the Mihuho Financial Group bank and the electricity company Tokyo Electric Power (Tepco). The information leaked allowed the beneficiaries to make undue profits. After an internal investigation proved that employees of the group were responsible, the chairman and CEO of Nomura, Kenichi Watanabe, and his number two, Takumi Shibata, resigned over the scandal.
02/11/2012

Daniel Godfrey to become IMA president in one month

Richard Saunders will be leaving the Investment Management Association (IMA) at the end of this year, but he will be replaced from 1 December as CEO by Daniel Godfrey. Godfrey has spent three years at Phoenix Group, and for eleven years was director general of the Association of Investment Companies (AIC). The IMA board has thanked Saunders for the excellent work he has done in the past decade.
02/11/2012

SWIP recruits a head of wholesale from Mirae

Francis Ghiloni, director of distritbution & client management at Scottish Widows Investment Partnership (SWIP), has announced the recruitment of Martyn Gilbey, who will report to him as head of wholesale. Gilbey will begin on 12 November. Gilbey had been managing director at Mirae Asset Management in London, after serving as chief marketing officer in Hong Kong.
02/11/2012

GBP3.2bn in inflows over nine months for Standard Life Investments

Assets under management at the activity dedicated to clients from outside the Standard Life Investments group as of the end of September totalled GBP78.8bn, compared with GBP71.8bn at the beginning of the year, according to an interim report published on 31 October. Net inflows totalled GBP3.2bn in the first nine months of the year, while market effects totalled GBP3.8bn. In the United Kingdom, risk-based funds of the My Folio series had GBP1.9bn in assets as of the end of September, with net inflows of GBP0.8bn. Assets under management in British open-ended funds totalled GBP13bn, due to net inflows of GBP1.5bn. Also, assets under management in absolute return funds notably topped GBP19bn. Assets under administration as of the end of September totalled GBP211.9bn, compared with GBP198.4bn as of the end of December 2011.
02/11/2012

Alix capital unveils a new bond index

The Geneva-based firm Alix Capital, the provider of the UCITS Alternatives range of indices, on 31 October announced the launched of the UAIX Fixed Income Global Index, an investable UCITS-compliant bond fund index whose portfolios are invested both in developed and emerging markets. It is composed of 10 to 15 UCITS-compliant bond hedge funds, with an allocation limited to 40% to emerging market funds.
02/11/2012

Regulators need to step up the pace of reforms to OTC derivative markets

The Financial Stability Board (FSB) has called on regulators worldwide to accelerate their efforts to co-ordinate reforms of over-the-counter (OTC) derivative markets. In a progress report published on 1 November, the FSB states that efforts are progressing, particularly in the major markets concerned, but that it would be advisable to intensify efforts on all fronts toward a complete implementation of the reforms called for by the G20.
02/11/2012

Regulators publish an updated list of banks that present systemic risks

The Financial Stability Board (FSB) on 1 November published an updated list of banks which are of “systemic” importance, meaning that by their size, they represent a danger to the entire economy in case of bankruptcy. These banks will be subject to stricter regulatory measures to support them. The FSB, which has been mandated by the countries of the G20 to strengthen legislation in the banking sector, on Thursday unveiled the list, which now includes 28 banks, down from 29 last year. The FSB then said that the list was not final, but that it would be updated each year and published in the month of November. Of the 29 banks initially listed, the French-Belgian firm dexia, the German Commerzbank and the British Lloyds Banking Group were removed from the list, while two new establishments join the group: the Spanish BBVA and the British Standard Chartered.
02/11/2012

Assets up at Henderson despite redemptions

The British asset management firm Henderson has reported net outflows in third quarter of GBP1.1bn, of which GBP585m were from institutional investors. However, assets under management were up GBP1.2bn in the quarter, to GBP64.bn, due to positive market and currency effects totalling GBP2.3bn. Henderson reports that its real estate unit, has performed well, with GBP50m in outflows more than offset by subscriptions of nearly GBP200m.
02/11/2012

Lyxor drops MSCI for two ETFs

Lyxor Asset Management has dropped MSCI for two of its funds, in favour of FTSE: the Lyxor ETF MSCI World Real Estae – D EUR and Lyxor ETF MSCI World Real Estate – D USD, which become the Lyxor ETF FTSE EPRA/NAREIT Global Developed and Lyxor ETF FTSE EPRA/NAREIT Global Developed, respectively. The reports, published in Financial News, have been confirmed by a Lyxor spokesperson. Two other ETFs in the real estate range have already changed index to FTSE, the most representative in the real estate market, the spokesperson says. This is not a move to “low cost” indices as at Vanguard, the spokesman says. The spokesman adds that this is a “non-event,” as the range of four funds has only EUR50m in assets.
02/11/2012

Asia needs more independent asset management firms

Asset management firms in Asia are not independent enough, the Financial Times claims. They generally are owned by large groups, and their first objective is to support these groups. That explains why Asian asset management firms have not been impressive in international markets.
02/11/2012

Natixis GAM opens in Hong Kong

The French asset management firm Natixis Global Asset Management opened an office in Hong Kong on 31 October, under the leadership of Michael Chang, managing director of NGAM Hong Kong Limited, who will report to John Hailer, Asia CEO, based in Boston. Chang had been based in Taipei, where he had been country head for Taiwan. He will be replaced in that position. The implantation includes a network in Beijing, Singapore, Taipei and Tokyo, with over 50 people. Asia-Pacific assets at the group total USD22.7bn (as of the end of March, +66% in two years), out of a total of USD711bn, or EUR560bn, as of 30 June. The Hong Kong office will be responsible for operations and sales, but management will continue to be undertaken by specialist affiliates of Natixis AM and GAM, including Absolute Asia, AEW (USD45.5bn), Harris Associates, Loomis Sayles, Hansberger Global Investors (USD7.4bn) and Ossiam.
02/11/2012

CNMV approves acquisition of Nordkapp by Banco Madrid

The CNMV has granted Banco Madrid (an affiliate of the Andorran BPA) permission to acquire Nordkapp from Banco Valencia, as announced in early August, Funds People reports (see Newsmanagers of 3 August). This will bring an increase in assets of EUR2bn for Banco Madrid. Nordkapp controls a brokerage firm and an asset management firm, and operate a network of branches in Valencia, Pamplona and Madrid, with about 40 employees. Banco Madrid is planning to merge its affiliate Banco Madrid Gestión de Activos with Nordkapp Gestión.
02/11/2012

Strong inflows for AMG

In third quarter 2012, Affiliated Managers Group (AMG) has posted net subscriptions of USD10.9bn, bringing the total in the first nine months of the year to over USD25bn. As of the end of September, assets totalled USD416bn. Net profits in July-September totalled USD54.9m, compared with USD40.1m in third quarter 2011, while in January-September, they were down to USD98.9m from USD124.6m.
02/11/2012

Fidelity recruits in Vienna

Andreas Lessmann, who had been director of distribution for Austria, Benelux and German-speaking Switzerland at Tiberius Asset Management, after serving as institutional executive director asset management and head of mutual funds Austria at Sal. Oppenheim, which became Deutsche Bank Austria, is joining Fidelity Worldwide Investment in Vienna. He will be sales director, responsible for relationship management for institutional and banking clients in Austria, and will report to Adam Lessing, head of Austria & Eastern Europe.
02/11/2012

Month of October looking very bad for quant hedge funds

Quantitative hedge funds are facing their worse performance since the beginning of the financial crisis this October, as managers made losing bets on many asset classes, including bonds, currencies, and commodities, the news agency Reuters reports. As of 25 October, CTA funds were down 5.6%, which is the heaviest loss since August 2007, according to the CTA Trend sub-index from Newedge.
02/11/2012

Ireland prepares for AIFM directive

The Irish central bank on 31 October launched a consultation on the introduction of significant improvements to its non-UCITS regime under the AIFM directive, the Irish fund investment association (IFIA) has announced. The directive will bring in substantial changes for the non-UCITS fund sector, the professional association notes. The current “Qualifying Investor Fund” (QIF) regime will be replaced with a new “Qualifying Investor Alternative Investment Fund” (QIAIF) regime, and a regime dedicated to retail investors will be created at this time. All annexed non-UCITS documents published by the central bank will be replaced with a single booklet covering all aspects of the regulations.
02/11/2012

SRI still hesitating in choice of doctrine

There is no universal definition of socially responsible investment (SRI), and at least three methodologies are competing for the favour of managers, which include exclusion, ‘best-in-class’ and engagement, with other variants in between. This was the conclusion at a round table discussion held in Paris by the Belgian firm Petercam, in the presence of Grégoire Cousté, director general of the Responsible Investment Forum (FIR), which discussed methodology, ratings, reporting and bonds. All participants agreed that for the moment, SRI remains a subject which is very primarily (about 90%) for institutionals, in France as in Belgium. And it remains difficult to prove that there is “double alpha,” extra-financial and financial, although few could now accuse SRI of performing less well than traditional management, which is a significant development of the past two years. Ophélie Mortier, SRI co-ordinator at Petercam, says that the Belgian asset management firm, which is a signatory of the United Nations Principles for Responsible Investment (UN-PRI), combines best-in-class and exclusion (tobacco, alcohol, pornography, and the criteria selected by the Norwegian Government Pension Fund – Global), to produce SRI and sustainable funds. For equities, assets at Petercam Equities Europe sustainable represent about 10% of those in the Europe equities fund, although after assets tripled earlier this year to about EUR250m, assets under management in the Petercam L Bonds Government Sustainable, a govies fund, are in the range of EUR8bn.
02/11/2012

Two more investigations into Barclays in the United States

The British bank Barclays on 31 October announced that it is being investigated as part of two more regulatory enquiries in the United States, which may complicate restoring its reputation after a series of scandals, including the Libor scandal this summer in particular, which have tarnished its reputation. The bank has stated that it is co-operationg with the United States Department of Justice (DoJ) and the securities and exchange commission (SEC) in an investigation into a potential infraction of the corruption of foreign heads law, as part of a case which is already under investigation in the United Kingdom. The Financial Services Authority (FSA) and the British Serious Fraud Office (SFO) are investigating the financial conditions of fundraising at Barclays from Middle Eastern investors, who allowed the bank to avoid seeking government aid in 2008, at the height of the financial crisis. Barclays on Wednesday announced another investigation, this time into its energy brokerage activity in the Western United States between late 2006 and 2008. The group says that it plans to “vigorously” defend itself in this case. “We have a lot to do to restore trust,” CEO Antony Jenkins, who was appointed in late August to succeed Bob Diamond following the Libor manipulation scandal, admits. The scandal broke in late June, when Barclays revealed that it would pay GBP290m to settle an investigation by British and American regulators into manipulations of the British Libor and European Euribor inter-bank lending rates between 2005 and 2009.
02/11/2012

Gottex appoints a head of marketing for Asia/Pacific

Gottex Fund Management has appointed Marc Fisher to the position of director of Marketing for the Asia/Paicific regon. The appointment comes after the acquisition of Penjin Asset Management, an alternative wealth management firm which is already well-established on these markets, earlier this year, Gottex says in a statement on 1 November. Fisher will be based in Hong Kong, and will work closely with CEO for Asia Max Gottschalk and CIO Ronnie Wu. Fisher previously worked at FRM as head for Asia-Pacific (excluding Japan and Korea) and a member of the board of directors.

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