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29/02/2012
Fonds

La Commerzbank lance huit ETC sur le WTI et huit sur le cacao

Depuis lundi, 16 nouveaux ETC de la Commerzbank ont été admis à la négociation sur la plate-forme électronique Xetra de la Deutsche Börse, qui cote ainsi désormais 251 instruments de ce type.Les nouveaux produits, tous de droit allemand, sont des ETC sur le pétrole WTI et sur le cacao en versions longue et courte, plus, pour chaque variété des instruments à effet de levier de 2, 3 et 4 . Les commissions de gestion s'échelonnent entre 0,40 % et 0,75 %.
Fonds
29/02/2012
Fonds

Mauvais début d’année pour les fonds italiens

En janvier, les fonds ouverts commercialisés en Italie ont accusé des rachats nets de 3,236 milliards d’euros, selon les dernières statistiques d’Assogestioni, l’association italienne des professionnels de la gestion.Toutes les catégories de fonds ont décollecté, et plus particulièrement les fonds monétaires qui ont vu sortir 1,115 milliard d’euros. A fin janvier, les encours des fonds ouverts ressortaient à 427 milliards d’euros, en légère hausse par rapport à décembre (419 milliards). En ajoutant les fonds fermés et les gestions discrétionnaires, les encours s’établissaient à 469 milliards d’euros, contre 938 milliards un mois plus tôt.Les sociétés de gestion ayant enregistré en janvier les plus fortes souscriptions nettes, sur les fonds ouverts et les gestions discrétionnaires, sont Poste Italiane (570,5 millions d’euros), Credit Suisse (314,9 millions) et Arca (223 millions). A l’autre bout du classement, les maisons ayant affiché les plus importantes demandes de remboursements sont Generali (-1,375 milliard d’euros), Pioneer (1,303 milliard) et Banca Popolare (-434,6 millions).Les sociétés françaises Amundi et BNP Paribas ont quant à elles décollecté (-399,4 millions et 387,5 millions respectivement), tandis qu’Axa a enregistré un solde positif (+89,6 millions).Le secteur est dominé par trois maisons italiennes : Intesa Sanpaolo, Generali et Pioneer, lesquels contrôlent presque 50 % des encours.
Fonds
29/02/2012
Fonds

Forte collecte au Royaume-Uni, hémorragie en France l'année dernière

Le Royaume-Uni, la Suisse et la Suède ont été les trois marchés ayant drainé les plus fortes souscriptions nettes en 2011 en Europe, avec respectivement près de 46 milliards d’euros, 17 milliards d’euros et 8 milliards d’euros, selon les estimations de Lipper qui vient de publier sa dernière étude annuelle sur le marché européen des fonds. Au total, seuls huit pays sur 32 ont collecté l’an passé, alors que le marché dans son ensemble voyait sortir 70,5 milliards d’euros. Outre le trio de tête, il s’agit de la Norvège, la Roumanie, le Liechtenstein, le Luxembourg et la Russie.La France, en revanche, arrive en dernière position du classement, avec des sorties nettes de près de 65 milliards d’euros, derrière l’Italie (-34,2 milliards), l’Allemagne (-22 milliards) et l’Espagne (-6 milliards d’euros).En termes de produits, les deux fonds actions qui se sont le mieux vendu en 2011 ont été des ETF sur l’Allemagne : le iShares DAX avec 8,4 milliards d’euros et le DB X-Trackers DJ Dax avec 4 milliards d’euros. Côté obligataire, les deux «best-sellers» de l’année sont gérés par Frankin Templeton : le Templeton Global Total Return (5,8 milliards) et le Templeton Global Bond (4,8 milliards). Pimco suit avec également deux fonds obligataires mondiaux. A noter qu’en 2011, les 25 fonds s’étant le mieux vendus ont concentré 33 % de la collecte totale.
Fonds
29/02/2012

RBC Dexia IS recrute un nouveau patron de la stratégie

RBC Dexia Investor Services a annoncé le 28 février le recrutement de Paul Stillabower en qualité de responsable de la stratégie, chargé de piloter la mise en œuvre de la stratégie de croissance du groupe.Paul Stillabower, précédemment chez HSBC Securities Services, remplace Alex Muto, appellé à prendre de nouvelles fonctions en tant que responsable «Enterprise Transformation», entre autres l’intégration des nouvelles acquisitions ou encore les programmes de transformation décidées par l’entreprise.
29/02/2012
Fonds

Les fonds de fonds préfèrent les sociétés de gestion anglo-saxonnes

En 2011, BlackRock, JP Morgan et Schroders ont été les sociétés de gestion préférées des fonds de fonds, avec respectivement 1.277, 1.047 et 1.028 clients de ce type ayant investi chez eux, selon Lipper, qui a analysé 2.000 fonds de fonds « tiers » domiciliés en Europe. En termes d’encours, cela représente 4,3 milliards d’euros, 3,4 milliards d’euros et 2,3 milliards d’euros. Mais seul un fonds de ces trois maisons se classe dans le « top ten » des produits qui se sont le mieux vendus auprès de cette population en 2011 : le BlackRock GF World Gold Fund, avec 120 investisseurs et 172 millions d’euros.Les fonds les plus populaires auprès des fonds de fonds en 2011 ont été le Templeton Global Bond, avec 157 clients et 588 millions d’euros, devant M&G Global Basics (157 et 215,6 millions) et Alken Fund – European Equities (155 et 407,3 millions). Deux sociétés françaises figurent dans le classement des 10 sociétés préférées des fonds de fonds en 2011 : Amundi, en septième position avec 761 fonds de fonds clients et 2 milliards d’euros d’encours, et BNP Paribas, juste derrière, avec 705 clients et 2,4 milliards d’euros. Mais aucun de leurs fonds n’est référencé dans le classement des 10 meilleurs produits.Au total, en 2011, la collecte auprès des fonds de fonds externes s’est montée à 7,8 milliards d’euros en Europe, alors que le marché voyait sortir quelque 70 milliards d’euros. La France est le premier marché en termes d’actifs de fonds de fonds externes, selon Lipper, avec 66,2 milliards d’euros, devant le Royaume-Uni et l’Allemagne.
Fonds
29/02/2012
Fonds

Lyxor AM et Ikos lancent une stratégie de futures sous format Ucits

Lyxor Asset Management et la société américaine Ikos viennent d’annoncer le lancement d’un fonds, le Lyxor/Ikos Futures Strategy Index Fund. Logé sur la plate-forme Ucits Lyxor Dimension, le nouveau produit donne accès au savoir-faire d’Ikos, spécialisée dans les futures. Plus précisément, le fonds propose une stratégie de managed futures diversifiée qui applique une approche global macro quantitative systématique pour négocier les futures cotés très liquides. Il s’agit de la deuxième stratégie alternative lancée sur la plate-forme Lyxor Dimension, créée en 2009, après celle d’Old Mutual Asset Managers. D’autres devraient suivre dans les mois qui viennent. Code ISIN = IE00B7FN3698
Fonds
29/02/2012
Fonds

Bestinver facilite l'accès à six de ses fonds

Le conseil d’administration de Bestinver Gestión a décidé d’abaisser considérablement le plancher des souscriptions minimales additionnelles pour six de ses fonds, rapporte Funds People. Le montant diminue à 1.000 euros contre 3.000 pour les fonds Bestinver Bolsa, Bestinfond, Bestinver Mixto, Bestinver Mixto Internacional et Bestinvest Internacional. Il revient à 3.000 euros contre 6.000 pour les Bestinver Renta.
Fonds
29/02/2012

Le patron de iShares AsPac est muté à la stratégie chez BlackRock

Nick Good va rester basé à Hong-Kong et continuera d’exercer ses fonctions de Asia-Pacific head of iShares jusqu'à ce qu’un successeur lui soit trouvé, mais il vient d'être nommé au poste nouvellement créé de head of strategy and business development for Asia-Pacific chez BlackRock, rapporte Asian Investor.
29/02/2012

Goldman Sachs executive under investigation

David Loeb, managing director of Goldman Sachs Group, is the subject of a criminal investigation by the US federal authorities, who are seeking to determine whether he transmitted insider information about IT sector shares to hedge fund manager clients of the bank, the Wall Street Journal reports.
29/02/2012

Lyxor AM and Ikos launch a UCITS-compliant futures strategy

Lyxor Asset Management has announced its partnership with Ikos to launch the second alternative manager on its Lyxor Dimension UCITS Platform. The Lyxor / Ikos Futures Strategy Index Fund offers access to a diversified managed futures strategywhich applies a systematic quantitative global macro approach to trade highly liquid listed futures. Ikos will be the second alternative strategy on the platform - after Old Mutual Asset Managers (UK) -and Lyxor plans to launch more alternative UCITS funds in the coming months.ISIN Code = IE00B7FN3698
29/02/2012

Hedge fund assets may top USD2.1trn by the end of 2012

Institutional investors remain sympathetic to hedge funds, whose assets under management may reach USD2.13trn by the end of the year, according to a study by Credit Suisse of more than 600 institutionals with over USD1trn in assets. According to institutional investors, their hedge fund portfolios may post returns of 8.6% in 2012, compared with 11% last year. In light of this performance and inflows, assets in the sector are expected to increase by about 12%, or about USD200bn in additional assets. The favourite strategies of investors are global macro (more than 25%), long/short equity (19%) and emerging markets (18%). Among the concerns expressed by institutionals are the high level of correlation between long/short and equity indices, and the excessive correlations between hedge funds, followed by sovereign default risks and counterparty risks. Interestingly, the mediocre results last year, which saw average losses of 5% for hedge funds, according to Hedge Fund Research, did not affect the confidence of institutional investors, with only 5% of respondents predicting that the sector would finish 2012 with losses.
29/02/2012

Noticeable fall in institutional investor morale in February

The global investor confidence index by State Street Global Markets for February came out to 86.5 points, compared with 92.6 in January, with the largest declines in North America, where confidence is down 9.5 points, to 80.5, its lowest level in three years.However, the confidence of European investors has improved, with the regional index up 4 points, to 95.2 in February. In Asia, the confidence of investors has held relatively stable, with the index down slightly to 96.3 from a corrected level of 96.6.Ken Froot, one of the «authors» of the index, explains that in February, institutional investors reduced their allocations to equities. As this asset class has generated returns in the past three months, they have tended to act as “purveyors of liquidity” to the market, as they rebalance their portfolios to these higher valuations.At the same time, the specialist continues, there has been a pro-cyclic bias in reallocations: “institutional investors are tending to retain or increase their positions in growth sectors such as industrial sector equities and shares related to discretionary consumer spending, to the detriment of sectors such as consumer staples, health, and telecoms.”
29/02/2012

RepRisk extends access to reputation database

The ESG business intelligence agency RepRisk on 28 February announced that its database of over 20,000 reports on the reputation of publicly-traded and private businesses worldwide is now available on the Webshop page on its website.The studies of these firms provide information about environmental, social and governance (ESG) risks related to controversial activities for which businesses may have met with criticism in publicly available sources (think tanks, universities, NGOs, the media, governments, communities).As CEO Philipp Aeby points out, clients of RepRisk had previously been banking and financial institutions, asset management firms, and pension funds. Now, the ESG database will also be available to multinational companies, NGOs, small and mid-sized businesses, consultants, and retail clients.
29/02/2012

Nearly USD70bn in inflows to Asian funds in 2011

Mutual funds based in Asia and Japan posted net inflows of USD69.4bn in 2011, in line with a trend observed in the United States, while Europe saw significant redemptions, according to statistics from Strategic Insight relayed by Asian Investor. Worldwide, net inflows totalled USD200bn, five times less than the USD1trn in net subscriptions observed in each of the previous two years. Worldwide, inflows have been concentrated in recent years on fixed income products, but equities are expected to return to the foreground this year, Strategic Insight predicts. Currently, equities represent slightly over 42% of a total of USD30trn in assets.
29/02/2012

Ray Dalio is now the world's best hedge fund manager

Ray Dalio has dethroned George Soros as the best hedge fund manager in the world, after Bridgewater Pure Alpha made investors USD13.8bn last year, the Financial Times reports, citing rankings by LCH Investments. The fund is also the largest in the world, with USD72bn in assets.
29/02/2012

RBC Dexia IS recruits a new head of strategy

RBC Dexia Investor Services on 28 February announced the recruitment of Paul Stillabower as head of strategy, in charge of deploying the group’s growth strategy. Stillabower, who had previously been at HSBC Securities Services, replacex Alex Muto, who will take up a new position as head of Enterprise Transformation, responsible for the integration of new acquisitions and transformation programmes announced by the business.
29/02/2012

European MPs debate ratings agencies and transaction tax

The Economic and Monetary Affairs Committee of the European Parliament will Wednesday debate two highly controversial issues in the financial community, the tax on financial transactions and ratings agencies. Anni Podimata, the MEP in charge of the financial transaction tax legislation, will present the proposals as rather an extension of existing frameworks. For his part, Leonardo Domenici, the MEP responsible for the new legislation on ratings agencies, will call for unsolicited ratings of sovereign debt to be forbidden, and for the creation of an entity to evaluate the solvency of European Union member countries.
29/02/2012

Insider trading investigation extended to pharmaceutical stocks

A US investigation into insider trading on Wall Street has been extended to shares in the biotech and pharmaceutical sectors, the Financial Times reports, citing a source familiar with the matter. The FBI and the attorney general’s office in Manhattan are investigating transactions by hedge funds in both sectors, in connection with approvals of new medicines and acquisitions or mergers of businesses. On Monday, the FBI identified 300 people concerned in the investigation.
29/02/2012

SEC investigates Wells Fargo and Goldman Sachs

After Citigroup and Bank of America, which have been under investigation since earlier this month, Wells Fargo and Goldman Sachs have announced that they have been sent Wells notices by the SEC, stating that they are suspected of providing misleading information to investors in order to sell them sub-prime backed securities, the Financial Times reports.
29/02/2012

Swiss pension funds earned 0% returns in 2011

The average returns of Swiss pension funds was 0% in 2011, according to estimates published by the Swiss association of retirement planning institutions (ASIP), on the basis of a sample of 60 pension funds with overall assets of CHF187bn. The stability of the second pillar is still assured, the association estimates, due to a widely diversified investment strategy focused on the long term. After a first half in 2011 during which the performance of retirement planning institutions was under strong pressure, second half also proved particularly difficult, as the current performance comparison from ASIP reveals. The average returns on the overall portfolio is -0.2% over the past twelve months, and +0.1% in second half 2011. This performance of near 0% is due to major uncertainty which affected the market in this period.
29/02/2012

Santander launches first fund of funds in Mexico

The new range of Fondos Elite launched in Mexico by Santander Asset Management so far includes the first three funds of funds from the asset management firm, based on open architecture, Funds People reports. The multi-strategy profiled products (prudent, conservative and dynamic) are available exclusively from the private banking division of Santander, and funds in the portfolios are selected by Santander specialists based in London, Madrid and Mexico.This is a first in Mexico, where the major international asset management firms have all met with significant difficulties in selling their funds, as the local regulator does not allow listing of foreign funds, which protects local products. The only way is to create a local feeder fund which invests all of its assets in a foreign master fund.
29/02/2012

Fidelity launches a global high yield fund

Fidelity Worldwide Investment is scaling up its bond product range with the launch of the Fidelity Global High Yield fund in March. The fund is based on an unconstrained portfolio of 150 positions, largely in credit rated “BB” or “B.” The fund, domiciled in the United Kingdom, will be managed by Ian Spreadbury and Peter Khan.
29/02/2012

Inflows in UK, Switzerland and Sweden in 2011

The United Kingdom, Switzerland and Sweden were the three markets that attracted the strongest net inflows in Europe in 2011, with nearly EUR46bn, EUR17bn and EUR8bn, respectively, according to estimates by Lipper, which has recently published its latest annual study of the European fund market.Overall, only eight countries out of 32 posted inflows last year, while the market overall saw outflows of EUR70.5bn. After the top three come Norway, Romania, Liechtenstein, Luxembourg, and Russia.France, however, is at the bottom of the rankings, with net outflows of nearly EUR65bn, after Italy (-EUR34.2bn), Germany (-EUR22bn) and Spain (-EUR6bn).In terms of products, the two equity funds which sold best in 2011 were ETFs based on Germany: the iShares DAX with EUR8.4bn, and the DB X-Trackers DJ Dax, with EUR4bn.In bonds, the best-sellers are managed by Franklin Templeton: the Templeton Global Total Return (EUR5.8bn) and the Templeton Global Bond (EUR4.8bn). Pimco comes next, with two global bond funds. In 2011, the 25 best-selling funds accounted for 33% of total inflows.
29/02/2012

Favourite asset management firms of funds of funds

In 2011, BlackRock, JP Morgan and Schroders were the favourite asset management firms of funds of funds, with 1,277, 1,047 and 1,028 clients of this type investing with them, respectively, according to Lipper, which analysed 2,000 third-party type funds of funds domiciled in Europe. In terms of assets, that represents EUR4.3bn, EUR3.4bn and EUR2.3bn. But only one fund from the three asset management firms places in the top ten best-selling products to this population in 2011: the BlackRock GF World Gold Fund, with 120 investors and EUR172m.The most popular fund for funds of funds in 2011 was the Templeton Global Bond fund, with 157 clients and EUR588m, followed by the M&G Global Basics (157 clients and EUR215.6m), and the Alken Fund – European Equities (155 clients and EUR407.3m).Two French firms place in the rankings of the top 10 favourite companies of funds of funds in 2011: Amundi, in seventh place, with 7661 fund of fund clients and EUR2bn in assets, and BNP Paribas, just behind with 705 clients and EUR2.4bn. But none of their funds placed in the top 10 products.Overall, in 2011, inflows from external funds of funds totalled EUR7.8bn in Europe, while the market saw outflows of about EUR70bn.France was the largest market in terms of assets in external funds of funds, according to Lipper, with EUR66.2bn, followed by the United Kingdom and Germany.
29/02/2012

New CEO for Metzler AM Japan

Hiroto Makino, who since 2001 had worked at T&D Asset Management, has been appointed as managing director of Metzler Asset Management (Japan), in Tokyo. He will begin in the position on 1 March 2012, and replaces Mitsuyuki Kobayashi, who becomes chairment, and remains a consultant for real estate and corporate finance projects. The Japanese affiliate of the German firm B. Metzler seel. Sohn & Co. Holding AG works for local pension funds and institutional clients. It also cooperates with local asset management firms, which allows it to offer clients direct investments in Japan and Asia.
29/02/2012

UBS recruits for European UHNW segment

Eva Lindholm has been appointed as head of ultra-high net worth clients (UHNW) in Europe at UBS, from 1 May, WealthBriefing reports. The former head of corporate banking EMEA at J.P. Morgan will be based in London. Lindholm will work with Josef Stadler, global head of UHNW, and Jakob Stott, head of wealth management for Europe, two other veterans of J.P. Morgan. In her first six months at UBS, Lindholm will share responsibility for the UHNW segment and global family office activities with Philip Higson, who will then concentrate on the larger family office clients of UBS.
29/02/2012

Profits up 8% at Swiss Life in 2011

Swiss Life on 29 February announced that it earned profits in 2011 of CHF606m, compared with CHF560m the previous year. Operating profits corrected for one-time elements and unrealised exchange loss totalled CHF793m, which represents a significant increase compared with 2010 (CHF751m). The contribution of the Investment Management sector to the group’s results is up 26% go CHF130m. AWD confirms the success of its reorientation, with corrected operating profits of EUR54m (compared with EUR49m the previous year), and an increase in its EBIT maring to 9.7% (9% in 2010). Operating profits are still weighed down by reserves for ongoing legal actions totalling EUR47m, which results in a total EBIT of EUR7m. Earnings at AWD are up 3%, to EUR561m. Assets managed by Investment Management total CHF134.3bn, up 10%. These assets are partly managed for third parties: they are up by CHF4.3bn. This growth is largely due to an acquisition in France and the launch of a new foundation investment group at Swiss Life.
29/02/2012

HSBC releases a frontier markets fund to retail investors

The Frontier Markets Fund, a sub-fund of the Luxembourg-registered Sicav HSBC GIF, is now available in Germany to retail investors (see Newsmanagers of 1 December 2011). The portfolio includes 70 to 90 positions, of which 50% are African and Middle Eastern firms, 40% are Asian and Latin American, and 10% are European. About 50% of the fund is invested in the financial sector.CharacteristicsName: HSBC GIF Frontier Markets FundISIN code: LU0666199749Front-end fee: 5.54%Management commission: 2.15%
29/02/2012

Commerzbank launches 8 ETCs based on WTI and cocoa

Since Monday, 16 new ETC products from Commerzbank have been available for trading on the Xetra electronic platform from Deutsche Börse, which now lists 251 instruments of this type. The new products, all registered in Germany, are ETCs based on WTI oil and cocoa, in long and short versions, plus, for each type of instrument, versions with leverage of 2, 3 and 4. Management commissions vary from 0.40% to 0.75%.
29/02/2012

AGI and DWS retirement savings products popular

In the area of retirement savings, two providers of retirement savings products are widely popular with the majority of institutional investors and asset management firms. According to the most recent edition of the Kommalpha study, German specialist institutional investors (insurers, pension funds, etc.) and asset management firms surveyed by the agency rank Allianz Global Investors (AGI) and DWS/DB Advisors (Deutsche Bank group) as the best, with 67%/63% and 63%/61% favourable responses, respectively. In third place is Metzler Kag, popular with investors (33%), and Union Investment for asset management firms (44%). Fourth place goes to Fidelity (27%) for institutionals and Deka (30%) for asset managers. Union Investments is cited by 17% of institutional investors for retirement savings products, while Fidelity is chosen by 26% of asset management firms.

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