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17/04/2012

Un institutionnel sur deux a voté contre Botín au Santander

Lors de l’assemblée générale du 30 mars, le renouvellement du mandat d’Emilio Botín à la présidence du Santander a été récusé par 24,27 % des présents, tous institutionnels. Cela signifie qu’un peu plus de 42 % des investisseurs institutionnels, qui détiennent 57 % du capital, ont voté contre la reconduction du président qui est président depuis 26 ans, rapporte Cotizalia. Comme les comptes de la banque ont été approuvés à une majorité supérieure à 95 %, on peut en déduire que les institutionnels veulent des changements à la tête du groupe.
17/04/2012

Ping An Russell lance un fonds de gérants

Avec Bank of Communication International Trust, Ping An Russell va lancer en Chine un fonds de gérants (Manager of Managers) qui sera destiné aux investisseurs institutionnels, aux détenteurs d’une licence QFII et aux particuliers, rapporte Z-Ben Advisors. L'équipe va rechercher des gérants de fonds en Chine continentale, aussi bien des spécialistes des mutual funds que des private funds, des produits de courtage et des QFII.
17/04/2012

MIG Bank s’installe à Hong Kong

Le suisse MIG Bank, qui offre des services de trading en ligne à l’intention de clients privés et institutionnels, ouvre un bureau de représentation à Hong Kong. Cette mesure constitue une première étape dans le plan de croissance de la banque en Asie, a indiqué l’établissement dans un communiqué publié le 16 avril. MIG Bank est spécialisée dans les opérations de change en ligne (Forex), les contrats de couverture des fluctuations (CFD) et la négociation de métaux précieux pour divers clients privés et institutionnels dans 120 pays.
17/04/2012

Les hedge funds désertent le quartier de Mayfair à Londres

Les hedge funds ont commencé à déserter le très chic quartier de Mayfair à Londres pour des zones plus modestes de la capitale britannique, rapporte le Financial Times. Compte tenu des marchés difficiles, du durcissement de la réglementation et de l’alourdissement de la fiscalité, de moins en moins de gérants de hedge funds peuvent se permettre de louer des bureaux à Mayfair et St James. La moitié de tous les gérants basés à Londres sont désormais installés dans ces deux quartiers, contre 70 % il y a deux ans, selon les données de Cushman and Wakefield.
17/04/2012

Forte progression des souscriptions nettes pour Polar Capital

La société de gestion Polar Capital a indiqué le 16 avril que ses actifs sous gestion avaient dépassé la barre des 5 milliards de dollars au 31 mars 2012 pour atteindre 5,083 milliards de dollars contre 4,24 milliards de dollars à fin décembre 2011 et 3,88 milliards de dollars à fin mars 2011. Les actifs des fonds long only s’élevaient fin mars à 4,36 milliards de dollars, ceux des hedge funds à 718 milliards de dollars.Polar Capital précise dans un avis boursier que sur les douze derniers mois à fin mars, la collecte nette s’est élevée 1,11 milliard de dollars pour les fonds long only, les hedge funds subissant une décollecte de 67 millions de dollars sur la même période. Les effets marchés et devises représentent un montant positif de 164 millions de dollars, dont 150 millons pour les fonds long only.
17/04/2012

Le "dircom" d'Universal prend du galon dans la distribution

Henning Stegmayer, directeur du marketing et de la communication d’Universal-Investment, a été nommé de surcroît membre de la direction générale de la filiale de distribution Universal-Vertriebs-Services GmbH (UVS), aux côtés de Christian Rauner, qui dirige le pôle private label funds & services. Ce rapprochement du marketing et de la distribution est destiné à promouvoir les ventes de fonds «produits blancs» auprès de nouveaux partenaires et dans d’autres pays que les germanophones.A fin mars, Universal-Investment gérait 406 fonds offerts au public avec un encours total de 14,4 milliards d’euros, soit 80 fonds et plus de 2 milliards d’euros de plus que deux ans auparavant.
17/04/2012
Fonds

Tous les fonds immobiliers allemands ne sont pas en difficulté

Certes, les fonds immobiliers offerts au public SEB Immoinvest (6,35 milliards d’euros) et le CS Euroreal (6 milliards) de Credit Suisse risquent fortement de devoir être liquidés à partir du mois prochain au bout de deux ans de gel des remboursements, mais ce n’est pas un problème de qualité de la gestion, aussi surprenant que cela puisse paraître, constate la Frankfurter Allgemeine Zeitung. De fait, il semble bien que l'élément déterminant soit que le gestionnaire dispose d’un réseau captif pour distribuer ses produits. C’est le cas pour REEF (Deutsche Bank) avec le Grundbesitz Europa, de Deka (caisses d'épargne) avec le Deka ImmoEuropa ou d’Union Investment (banques populaires) avec le UniImmo: Europa qui n’ont aucun problème pour faire absorber les parts remboursées par d’autres clients dans les agences.Le journal rappelle qu’actuellement les fonds immobiliers offerts au public qui fonctionnent normalement représentent un encours de 61,5 milliards d’euros, que les fonds gelés pèsent 13,9 milliards et que les fonds en liquidation ont 9,7 milliards. Les fonds immobiliers offerts au public ont affiché des collectes nettes chaque année depuis 2008, et ils ont encore drainé 1 milliard d’euros sur les deux premiers mois de cette année.
Fonds
17/04/2012

Asset management unit of Barclays adds to range of services in Asia

Barclays Capital Fund Solutions, the asset management unit of the British Barclays froup, will this week commence activities serving investors in Asia, Asian Investor reports. The new range of services, which is already well-developed in Europe and the United States, provides a way for institutional investors to outsource operations such as execution and risk management, particularly for non-traditional asset classes such as commodities, emerging markets, and derivatives. Barclays is aiming particularly at pension funds, sovereign funds and private banks.
17/04/2012

Anthony Bolton to continue to manage China fund until 2014

Anthony Bolton will be extending his minimal tenure as portfolio manager for the Fidelity China Special Situations fund for one year, until April 2014, according to a statement released to the London Stock Exchange, where the product is listed.The star manager had initially planned to remain until April 2013.The Fidelity China Special Situations fund, which raised GBP460m at its launch in 2010, has so far delivered disappointing performance. In December 2011, it had lost 38% since its creation.
17/04/2012

Peak debt levels expected in several countries, according to IMF

The International Monetary Fund (IMF) on 17 April estimated that peak levels of public debt will soon be reached in most of its member states. “debt ratios [to gross domestic product] are rising, but peaks are still ahead of us,” the IMF states in its semi-annual “Public Finance Monitor.”“By 2015, we predict that the debt ratio will have stabilised or begun to fall in 85% of countries surveyed” (a total of 60 countries) according to the IMF’s projections for the next five years. This is the case in France, where the peak is expected to be 90.8% in 2013, and in Italy, where levels will peak at 123.8% in the same year, but not in the United States and Japan, where public debt may set new records in 2017 (113.0% and 256.6%, respectively).“However, in many cases, this is based on the assumption of continued highly favourable interest rates and growth in the next few years in most countries, despite high levels of debt,” IMF economists warn. They say that “in many advanced economies, including France, Italy and the United Kingdom, even small shocks … could prevent stabilisation in the mid-term.”Japan announced on Tuesday, 17 April that it will be providing a further USD60bn to the IMF to help it fight the debt crisis in Europe.
17/04/2012

Thomson Reuters launches a credit risk evaluation model

The solution provider Thomson Reuters on 16 April launched its credit risk evaluation model, the StarMine SmartRatios Credit Risk Model. The new model takes into account various accounting ratios covering five areas: profitability, coverage, leverage, liquidity and growth, on scales of 1 to 100, so as to rapidly identify strengths and weaknesses of a business on the credit risk front.
17/04/2012

MIG bank sets up shop in Hong Kong

The Swiss firm MIG Bank, which offers online trading services to private and institutional clients, is opening a representative office in Hong Kong. The measure is a first step in a growth plan for the bank in Asia, the firm says in a statement published on 16 April. MIG Bank is specialised in online forex trading, contracts for difference (CFD) and trading of precious metals for various private and institutional clients in 120 countries.
17/04/2012

Ping An Russell launches a manager of managers fund

With Bank of Communication International Trust, Ping An Russell will be launching a Manager of Managers fund in China, which will be aimed at institutional investors, holders of QFII licenses, and retail clients, Z-Ben Advisors reports. The team will look for fund managers in continental China, as well specialists in mutual funds as of private funds, brokerage and QFII products.
17/04/2012

Bank Zweiplus refocuses on B to B

Bank Zweiplus is planning to refocus its activities on core activities in the future, including activities dedicated to financial services providers, wealth managers and insurers. In other words, the firm is planning to position itself as a preferred B to B banking partner, able to offer solutions adapted to its business clients. As a result, the retail clients unit will be managed by the Cash online platform, effective immediately, the firm controlled by Sarasin bank (57.5%) and Falcon PrivateBank (42.5%) announced on 16 April. Zweiplus claims that the market appears to be showing a need for an independent product and development platform for qualified financial service providers, wealth managers and insurers. The bank is planning to respond to this development by making a clear separation between accounts in its two major units of activity, namely business and retail clients. For retail clients, the Cash online platform, with Zweiplus, has created Cash Zweiplus AG, 50% controlled by Ringier and 50% by Zweiplus. Ringier is contributing the “Cash” brand and the platform of the same name, already used by 170,000 users. As of the end of 2011, assets under management at Zweiplus bank totalled CHF4.8bn.
17/04/2012

IOSCO and CPSS publish principles for market infrastructure

The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) on April 16 published three documents that promote global efforts to strengthen financial market infrastructures (FMIs): a report entitled Principles for financial market infrastructures; a consultation paper on an Assessment methodology for these new standards; and a consultation paper on a Disclosure framework for the standards.Comments on these two documents for public consultation should be sent by 15 June 2012. The CPSS and IOSCO, together with the Financial Stability Board, are also working on guidance for designing resolution regimes for FMIs. This work will be published in the coming months.
17/04/2012

Universal “dircom” takes on sales duties as well

Henning Stegmayer, director of marketing and communications at Universal-Investment, has been additionally appointed as a member of the board at the distribution affiliate Universal-Vertriebs-Services GmbH (UVS), alongside Christian Rauner, director of the private label funds & services unit.The marriage of marketing and sales aims to promote sales of white label products to new partners, and sales in non-German-speaking countries.As of the end of March, Universal-Investment managed 406 open-ended funds with total assets of EUR14.4bn, 80 more funds and EUR2bn more than two years previously.
17/04/2012

La Mondiale Europartner plans to start up on British market

The French AG2R La Mondiale group is reportedly soon to enter the British market via its international wealth management unit, La Mondiale Europartner (LMEP), a firm listed in Luxembourg, Investment Europe reports. Assets under management at LMEP, which is 65% controlled by La Mondiale and 35% by Aegon, total over EUR4bn.
17/04/2012

Skybridge Capital adds to sales teams

The hedge fund management firm Skybridge Capital, whose assets under management and advising total about USD6.2bn (as of the end of February 2012), has recruited five people for its distribution teams in the United States and Europe, Hedgeweek reports. In addition to four people in the United States, Skybridge Capital has recruited Henrik P Molin as director of marketing for European activities of the firm. Molin, who will be based in Zurich, has previously worked at businesses including Systeia Capital Management.
17/04/2012

CalPERS creates a position for a head of risk, deontology and ethics

The Californian pension fund CalPERS has announced the appointment of Kathleen Webb to the newly-created position of chief officer for risk, deontology and ethics. In her new role, Webb will be in charge of offering independent evaluation of all types of risk likely to affect the pension fund, including financial, legal, operational, political, strategic, and other risks. She will also act as an adviser and independent consultant on the CalPERS risk committee. Webb will report to Russ Fong, chief financial officer of CalPERS. She will begin on 23 April. Webb previously worked in the California state health department, where she was in charge of risk management.
17/04/2012

Three promotions at Edmond de Rothschild Capital Partners

The Edmond de Rothschild Capital Partners company on Monday, 16 April announced three promotions in its team. Sylvie Verges is appointed as a partner, while Bertrand Demesse and Louis-Antoine Roullier are both appointed as managing partner at the firm. Edmond de Rothschild Capital Partners has EUR530m in assets under management in three funds, dedicated to growth LBOs in the French midcap segment.
17/04/2012

Asian institutionals turn to ETPs

State Street Global Advisors (SSgA) reports that the ETP market in Singapore and the rest of Asia has a bright future. “Surveys of local institutional investors have found that they would like to increase the proportion of their allocations dedicated to ETPs in the near future. A 2011 survey finds that 48% of institutionals surveyed would like to increase their exposure to this type of product, half of them by more than 5%, by 2013,” a statement from State Street says.
17/04/2012

One out of two institutionals votes against Botín at Santander

At the general shareholders’ meeting on 30 March, Emilio Botín’s re-election as chairman of Santander received a «no» vote from 24.27% of those present, all institutional investors. This means that slightly over 42% of institutional investors, who control 57% of capital in the firm, voted against the re-election of a chairman who has been in place for 26 yeasr, Cotizalia reports. As the bank’s annual accounts were approved with a majority larger than 95%, the conclusion is that institutionals would like to see changes at the top of the group.
17/04/2012

Heavy outflows form equity funds in early April

High-risk asset classes faced uncertainty about growth worldwide and in the euro zone in the week to 11 April. High yield bond funds finished the week in the red for the first time in nearly five months, according to statistics from EPFR Global. Equity funds have posted a net outflows of USD9.26bn, while bond funds have attracted only EUR2bn. Money market funds have finished the week with net outflows of USD1.7bn, with net redemptions in the United States easily cancelling out subscriptions in Europe.
17/04/2012

Shareholders call for dual governance at Société Générale

The asset management firm Phitrust, which in a shareholder activist campaign was able to ensure the support of 0.595% of shareholder votes, will be placing a question on the agenda of the general shareholders’ meeting at Société Générale on 22 May about dual governance, Les Echos reports. Shareholders will vote on a resolution which proposes to “change the administrative and management structure of the firm into a firm with a supervisory board and a board of directors,” through a modification of its statutes. Société Générale is currently the only French bank where the positions of chairman of the board and CEO are combined.
17/04/2012

Moody's sees no reason to change France's credit rating on 12 May

The financial ratings agency Moody’s has “no particular reason” to take any action or release any statements about France’s credit rating on 12 May, a spokesperson announced on 16 April, as François Hollande announced that the ratings agency would deliver a decision on that date. The three major ratings agencies have placed France’s credit rating on a negative watch. Standard & Poor’s was the first to lower its rating from AAA to AA+ in January, meaning that further downgrades are possible in the short term. The placement of a rating on negative watch by Moody’s does not necessarily imply that a decision will be taken within 90 days, unlike an announcement that the rating will be reviewed for downgrade.
17/04/2012

Hedge funds to be allowed to advertise

Hedge fund managers will be allowed to talk more publicly about their strategies and returns, and may even be allowed to advertise, which has been forbidden hitherto, the Wall Street Journal reports.A new law, the JOBS Act, signed by the US president on 5 April, gives the Securities and Exchange Commission 90 days to revise its 80-year-old rules which forbid advertising and any form of communications by hedge funds and private equity firms. The new rules will establish exactly how funds are allowed to woo clients, the US newspaper reports.
17/04/2012

Deka Immobilien sells a property in Vienna

The office and commercial property La Stafa in Vienna, Austria, has been sold by Deka Immobilien for an undisclosed sum to an Austrian investor. The 11,600 square metre property was acquired in 2003 for the open-ended real estate fund WestInvest InterSelect. The sale offers the fund an opportunity to refresh its portfolio under good conditions, Deka states.
17/04/2012

Lazard Frères Gestion launches Objectif Oblig Emergentes 2018

Lazard Frères Gestion is launching Objectif Oblig Emergentes 2018, a horizon FCP fund (maturing in 2018) which invests in emerging market corporate bonds. The fund aims for a gross actuarial rate of return of 7% (not guaranteed). The manager of the fund, Lionel Clément, allocates a preponderant proportion of the portfolio to Latin America, which is complemented by investments in Asia and Central Europe. The current economic context appears particularly favourable to the theme of the fund. “The attraction of this asset class resides in the fact that all emerging countries have a particularly favourable macroeconoimc environment, particularly with a higher growth rate than in the euro zone and a positive trade balance. Despite this promising context, it also presents a significant risk premium. At equivalent ratings, returns on a business in an emerging market are higher than for a European company,” the asset management firm points out. The subscription period extends from 16 April until 29 June 2012, inclusive. Characteristics ISIN code: C shares: FR0011223098; D shares: FR0011228568 Date of issue of fund license: 30 March 2012 Recommended investment duration: 6 1/2 years Management fees: 1.25% of assets, including all taxes, excluding OPCVM fees Front-end fees not paid to the FCP fund: maximum 2%, including all tax Early withdrawal fees: none
17/04/2012

Percos continue to take off in 2011

Collective retirement savings plans, or Perco plans, last year continued to grow, with assets as of the end of December of EUR5bn, a 25% increase over 31 December 2010, according to statistics from the French financial management association (AFG). Over the past year, the number of businesses equipped to offer Percos increased by 20%. As of the end of December 2011, nearly 148,000 businesses of all sized offered access to these retirement savings vehicles to their employees. Of 3.4 million employees covered, more than 960,000 have already made contributions, an increase of 39% in one year. Inflows to Perco plans last year totalled EUR1.4bn, up by nearly 18% in one year, with 23% coming from participation, 16% from profit-sharing, and 21% from voluntary employee contributions, while the contribution of the business totals 40%. Redemptions totalled EUR240m, with the remaining subscriptions totalling EUR1.18bn, an increase of 15% compared with 2010. Average assets held by each beneficiary total EUR5,187. One third of employees have put in place piloted management of their Perco, meaning financial management based on a gradual movement of the asset allocation to less risky investments as retirement approaches.
17/04/2012

French inflows driven by money market funds

The French collective management market has posted net subscriptions in first quarter of EUR14.534bn, according to the most recent statistics from EuroPerformance. These inflows were driven by money market funds, which have seen net inflows of EUR18.974bn, due to a return of investors to short-term assets, and to a lesser extent, by bond funds (+EUR2.148bn). All other categories of funds show a negative balance, particularly equity funds, which have seen total net outflows of EUR3.16bn. In detail, Americas and Asia funds show a quarterly outflow, of -EUR39m and -EUR25m, respectively. Meanwhile, invetors have continues to steer clear of the France, euro and European equities categories: these categories show outflows of -EUR3.4bn. For the quarter, only international equities and emerging markets equities show net inflows (+EUR676m). Among the various categories of sector equity funds (-EUR322m in net redemptions for the quarter), only the finance equities fund category shows significant investment flows (+EUR125m). Diversified funds, guaranteed or formula mutual funds, and hedge funds show net outflows, respectively, of EUR1.715bn, EUR1.297bn, and EUR416m. Overall, with the addition of a positive market effect of EUR26.141bn for the first three years of the year, assets in the French collective management sector have increased 6% compared with the previous quarter, to EUR770.650trn.

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