Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
12/04/2012

CalPERS creates a position for a CFO

The California Public Employees’ Retirement System (CalPERS) is looking for an experienced chief financial officer (CFO) who will oversee the financial and risk management operations of the $235 billion pension fund.“We established this position at CalPERS to ensure we maintain a high level of transparency and internal controls in our financial operations,” said the pension fund’s Chief Executive Officer, Anne Stausboll in a statement. “Our CFO will be the single point of coordination for financial and risk-related activities across our organization.”
12/04/2012

Institutionals regain interest in housing markets

A few institutional invetors are planning to diversify their assets by buying up housing properties, Les Echos reports. The trend is still timid: returns on this asset class are continuing to fall.
12/04/2012

Fidelity fighting to stay in the race

Several signs are indicating that Fidelity Worldwide Investment needs to pedal harder than most other actors in the sector in order to retain its even keel, a Financial Times article on the firm claims. The newspaper cites a downgrade in the firm’s credit rating by Standard & Poor’s, the departure of several members of management, a decline in assets and negative performance of funds, among other factors. In 2006, Fidelity Worldwide had USD300bn in assets under management, and consultants praised the stability of the group, the FT reports. The same year, management was aiming for USD500bn in assets in five years’ time, and USD1trn in 10 years. In 2008, assets fell to USD150bn.
12/04/2012

Warrenn Buffett wins out on Goldman Sachs' losing trade

The Wall Street Journal reports that Berkshire Hathaway, the portfolio management firm for Warren Buffett, made a very good deal in November when it bought USD85m in a Lee Enterprises credit from Goldman Sachs, at a price of 65%. The paper is now trading at 82%. Goldman Sachs, which was then seeking to liquidate its credit portfolio, bought the debt at 80%.
12/04/2012

Idinvest Partners launches an FCPI fund dedicated to innovative European SMEs

The third-party management specialist serving the European private equity sector Idinvest Partners on 11 April announced the launch of a new FCPI product, Idinvest Patrimoine 2, which will invest primarily in innovative European SMEs. The fund’s investment strategy aims for a large diversification of investments in terms of sectors and stages of development of businesses. The objective is to select businesses which are active in high-added value innovative technology sectors, such as IT, telecommunications, electronics, health, and the environment.
12/04/2012

Caceis is the new depository for the Experides Sicav

The board of directors of the Luxembourg-registered Sicav Experides has selected Caceis to provide depository banking, transfer agency and financial report production services, Caceis announced in a statement on 11 April. Experides is the collective asset vehicle for the Belgian pension funds of the GDF Suez group, and the companies of the gas & electricity sector in Belgium. The EUR2bn in assets managed by the Sicav have been transferred to Caceis. The Experides Sicav is managed by Contassur Assistance Conseil, an affiliate of Contassur, a life insurance company dedicated to group insurance for the GDF Suez group and companies of the gas & electricity sector in Belgium. The new partnership strengthens the relationship between Contassur and Caceis, which already is depository for the assets of the insurance company in mandate form.
12/04/2012

BlackRock prepares to short-circuit Wall Street

BlackRock Solutions, a unit of BlackRock, will operating a trading platform on which 46 clients, including sovereign wealth funds and insurers, may make trades between them on corporate bonds, mortgages, and other types of assets. This would mean a loss of significant revenue for Wall Street investment banks, the Wall Street Journal reports. The platform would be authorised to process orders from the various actors present on it, and would charge a considerably lower fee than the stock market.
12/04/2012

Deka to discontinue investment in livestock and grains

Handelsblatt reports that DekaBank, the central asset management firm for the German savings banks, on Wednesday confirmed a decision previously announced by the NGO Foodwatch, no longer to contribute via its funds to speculation on the rising price of basic food products. The Deka-Commodities fund will be reorganised so as no longer to replicate the evolution of wheat, corn, soy or cattle. No further funds of this type will be launched.
12/04/2012

Hedge funds miss high watermarks

According to Absolute Return + Alpha, only 38% of hedge funds last year succeeded in generating performance exceeding their high watermark, compared with 73% in 2010. This has resulted in a significant reduction in the number of funds which were able to earn performance commissions.
12/04/2012

Ignis AM launches a fund in Italy

The British asset management firm Ignis Asset Management has launched the Ignis Absolute Return Government Bond fund in Italy. The product is an absolute return global bond fund, Bluerating reports.
12/04/2012

Appointment at Investec AM

Investec Asset Management has announced the appointment of Victoria Harling as co-manager of the Investec Emerging Markets Corporate Debt Strategy fund, launched in April 2011, InvestmentEurope reports. Harling will also take control of emerging market corporate debt and emerging market debt denominated in hard currency. Before joining the South African asset management group, Harling was previously worked at Nomura.
12/04/2012

Profits at Robeco down in 2011

For the fiscal year to the end of December, Robeco has posted net profits of EUR133.8m, compared with EUR181.3m in 2010, while operating profits are down to EUR198.3m from EUR281.3m, and operating costs have dipped somewhat to EUR482m from EUR482.3m.As of the end of December, assts totalled EUR150.3bn, compared with EUR149.6bn twelve months previously, and management and performance commission revenues for 2011 were down to EUR914.2m from EUR932.8m.Net subscriptions totalled EUR7.6bn (of which 2.2bn were for retail and EUR5.4bn for institutional funds), compared with net outflows of EUR3.4bn in 2010 (and net inflows of EUR3.3bn for retail and net outflows of EUR6.7bn for institutional). Market effects were negative to the tune of eUR4.5bn, where 2010 brought positive returns totalling EUR19.6bn.As of 31 December, assets totalled EUR78.2bn in retail and EUR72bn for institutional, compared with EUR80.9bn and EUR68.7bn twelve months previously.Robeco states that AUM as of the end of February were up strongly compared with the end of December, at EUR176bn, compared with EUR150.3bn.
12/04/2012

EFG Financial Products opens an office in Madrid

EFG Financial Products, an affiliate of EFG International, has opened an office in Madrid, led by Michael Hartweg, head of the Spanish and Portuguese markets, Funds People reports. The objective is to reach a volume of EUR250m in collateralised notes, as in Germany.
12/04/2012

Bond funds set sales records in February

Bond funds across Europe recorded in February their greatest sales (EUR19.5bn) since July 2005 — most notably high yield bonds reaching EUR6.5bn and beating last month’s all-time high, according to Lipper.Equity fund sales were EUR6.3bn. While global equity fund sales looked most impressive (EUR3.3bn) more than EUR1bn of this related to three new launches.In total, net sales of long-term funds (excluding money market funds) across Europe were the best for sixteen months in February, reaching EUR28.7bn.UBS was the surprise leader when comparing fund companies’ sales success, with inflows of EUR2.8bn, narrowly ahead of Allianz/PIMCO (EUR2.7bn).Funds at the top of the best-sellers list were AXA US Short Duration High Yield (EUR690m), AllianceBernstein American Income Portfolio (EUR640m) and Neuberger Berman High Yield Bond (EUR530m).
12/04/2012

Lyxor AM and Caxton Hawks launch a UCITS hedge fund

Lyxor Asset Management has announced its partnership with Hawk Quantitative Strategies LLC, a company associated with Caxton Associate LP to launch the third alternative single manager on its Lyxor Dimension UCITS Platform. The Lyxor/Caxton Hawk strategy Index Fund offers access to a medium-term, trend-following strategy with a focus on Emerging Markets. The investment strategy is based on a proprietary system developed by Jeff Enslin, a partner and portfolio manager at Caxton Associates LP, who has been trading macro/EM on a discretionary basis since 1995. As of February 1, 2012, this strategy represents approximately USD327m and Hawk Quantitative Strategies LLC manages approximately USD379m.Lyxor Dimension consists of 11 multi-manager funds, two hedge fund replicators, one absolute return program and 3 single alternative strategies.Caxton Hawk is the third single alternative strategy on the platform -after Old Mutual Asset Managers (UK) and Ikos Asset Management- and Lyxor intends to launch more alternative UCITS funds in the coming months.
12/04/2012

Wellington launches an emerging market debt fund

After its Government Relative Value Portfolio fund of government bonds from developed countries (see Newsmanagers of 4 April), Wellington Management is now releasing an emerging market debt fund, the Wellington Emerging and Sovereign Opportunities, which will rely on fundamental, macro and momentum strategies via long and short positions on bonds, fixed income and currencies.CharacteristicsName: Wellington Emerging and Sovereign OpportunitiesISIN code: IE00B7GZ2R88Management commission: 1%Performance commission: 20% with high watermark on performance exceeding 3-month Treasury BillsMinimal subscription: EUR5m
12/04/2012

Warburg launches a European smidcaps fund

Two months after releasing the Warburg-D- Fonds Small&Midcaps Deutschland, Warburg Invest on 30 March launched the Warburg – D Fonds Small&Midcaps Europa, a product managed by Christoph Gebert. The portfolio will include 30 to 50 positions, on undervalued European small and midcaps.CharacteristicsName: Warburg – D- Fonds Small&Midcaps Europa RISIN code: DE000A0LGSA4Front-end fee: 5%Management commission: 1.40%
12/04/2012

Complete Schroders product range will have KIIDs in May

Achim Küssner, CEO of Schroder Investment Management GmbH, on 11 April announced that from 14 May, every one of the 99 Schroders funds on sale in Germany and 93 funds on sale in Austria will have KIID documents. This means that the British asset management firm will make a total of 1,150 KIID documents available, corresponding to all share classes. From 7 May, most of that information will be available online at www.schroders.lu/kiid.
12/04/2012

Derivatives: London will benefit from new regulations

The City is attracting a large part of the investments brought about by toughening regulations for derivative products accused of having aggravated the crisis, Les Echos reports. The Chicago Mercantile Exchange has announced that it is considering launching a derivatives market in London. The market would probably be an alternative to acquiring the London Metal Exchange (LME), a commodities market on which many derivative products are traded, which is also being wooed by NYSE Euronext, Intercontinental Exchange (ICE) and the Hong Kong stock exchange.
12/04/2012

Liechtenstein looks to siphon off Swiss assets

In a confidential study by PricewaterhouseCoopers (PwC), undertaken for the Liechtenstein government and banking association, the rapid adoption by the Principality of European directive 2011/61/EU of 1 July 2011, on managers of alternative investment funds (the text of the transposed regulations were reportedly ready by 22 December) is recommended, with the objective of siphoning off assets from Swiss asset management firms, Handelsblatt reports. The Principality is reportedly hoping to attract as many as 400 Swiss wealth and fund managers, with assets of CHF870bn.
12/04/2012
Gestion d'actifs

Le Fonds de compensation AVS / AI / APG recherche un gérant d'actions suisses small et mid cap

Le Fonds de compensation AVS (assurance-vieillesse et survivants) / AI (assurance-invalidité) / APG (régime des allocations pour perte de gain) recherche un gérant actions suisses small et mid cap pour un mandat de 60 millions de francs suisses. Type de gestion: active Objectif de performance :** 300 points de base en moyenne, nets de frais par an sur une période de 4 ans Tracking error :** au maximum 15 % Benchmark: SPI Small and Middle Companies (SPISMC) Pour en savoir plus et répondre à l’appel d’offres, cliquez ici.
Gestion d'actifs
12/04/2012

Les élections grecques auront lieu le 6 mai

Les élections législatives anticipées en Grèce auront lieu le 6 mai prochain. «Les choix qu’on va faire (...) vont définir l’avenir du pays pour les prochaines décennies» a indiqué le premier ministre, Lucas Papadémos, dans un message télévisé. Et de préciser que le pays devrait «choisir la voie, qui lui assure sa position au sein de l’Union européenne et la zone euro».
12/04/2012

La MGEN et Ofivalmo s'associent

La MGEN et Ofivalmo, actionnaires majoritaires respectivement d’Egamo et d’OFI Mandats, annoncent avoir conclu un accord. Celui-ci prendra la forme d’une participation croisée avec d’une part, l’entrée de la mutuelle étudiante à hauteur de 10 % au capital d’Ofivalmo Partenaires (actionnaire d’OFI AM et d’OFI Mandats), et d’autre part, une prise de participation par Ofivalmo Partenaires de 20 % du capital d’Egamo.
12/04/2012

Le Sénat lance une consultation sur les agences de notation

La mission commune d’information du Sénat sur le fonctionnement, la méthodologie et la crédibilité des agences de notation, présidée par Frédérique Espagnac, lance une consultation en ligne en direction des investisseurs, des émetteurs et des analystes des agences à l’adresse http://blogs.senat.fr/agences_de_notation/. Le rapport «Espagnac-Montesquiou» devrait être publié à l’été 2012.
12/04/2012

La Chine envisage de poursuivre la libéralisation du yuan

Les autorités chinoises envisageraient d’octroyer la possibilité aux sociétés du pays d’emprunter des fonds libellés en yuan en dehors de ses frontières dans le but de les rapatrier sur le territoire chinois, selon le Wall Street Journal qui cite des sources proches du dossier. Jusqu’à présent, Pékin autorisait les entreprises non financières du pays à vendre des obligations libellées en yuan uniquement sur le marché hongkongais, mais restreignait fortement la capacité des sociétés chinoises à emprunter des titres en yuans directement auprès d’établissements étrangers à des fins locales. Un système de quotas pourrait ainsi être mis en place. Li Dongrong, le vice-président de la Banque populaire de Chine (PBOC), avait indiqué au mois de janvier la volonté de la banque centrale de poursuivre le développement des échanges transfrontaliers en renminbi avec une extension des canaux de distribution.
12/04/2012

TD Ameritrade abandonne le Nasdaq pour Nyse Euronext

La société de courtage a annoncé son intention de transférer la cotation de ses actions ordinaires de Nasdaq OMX vers Nyse Euronext. Le changement devrait être effectif dès le 25 avril prochain. TD Ameritrade explique que «compte tenu notre relation actuelle avec Nyse et les nombreux efforts issus de notre collaboration sur plusieurs années, le temps était venu de réaliser ce changement».
12/04/2012

Accélération de l’activité des pays émergents

L’indice synthétique du secteur manufacturier et des services HSBC des pays émergents (HSBC EMI), basé sur les indices PMI nationaux a progressé d’un point à 53,4 au premier trimestre 2012 par rapport au trimestre précédent.
12/04/2012

Tokyo durcit le ton

Le ministre des finances japonais, Jun Azumi, a indiqué regarder «avec la plus grande attention» le niveau du change. Il a également exhorté la BoJ à prendre des mesures supplémentaires pour atteindre l’objectif d’inflation à 1%. Son gouverneur, Masaaki Shirakawa, a indiqué ce matin qu"il comptait poursuivre les mesures d’assouplissement, faisant repartir le yen à la baisse, à 81,01 contre dollar.
12/04/2012

Fitch confirme la note de la Chine

L’agence de notation a confirmé hier la note A+ de la dette en devise étrangère de la Chine avec une perspective stable, et la note AA- en devise locale assortie d’une perspective négative. «Fitch s’attend à ce qu’un surcroît de dette alourdisse le bilan souverain de la Chine dans la mesure où l'économie subit le contrecoup de l’envolée du crédit entre 2009 et 2011» précise l’agence.
12/04/2012

L'AMF souhaite boucler l'enquête sur S&P d'ici septembre

L’Autorité des marchés financiers espère boucler d’ici septembre son enquête sur les conditions dans lesquelles l’agence avait annoncé par erreur en novembre le déclassement de la dette souveraine de la France. «Le sujet est de vérifier si la thèse avancée par l’agence de l’erreur est exacte» a rappelé hier Sophie Baranger, secrétaire générale de la direction des enquêtes et des contrôles de l’AMF.

Sujets d'actualité

Tous les sujets