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29/02/2012

Deutsche Bank in exclusive talks with Guggenheim Partners

Deutsche Bank on 28 February announced that it has entered exclusive negotiations with the financial services firm Guggenheim Partners over a potential sale of its asset management activities. The activities, which are the subject of a strategic review, include mutual funds in North America (DWS Americas), and the international asset management units dedicated to institutional investors (DB Advisors), for insurers (Deutsche Insurance Asset Management) and alternative investments (RREEF).In other words, the negotiations do not include the activities of DWS in Germany, Europe, or Asia, an essential part of the product offerings from Deutsche Bank to private clients in these markets.Guggenheim Partners, whose headquarters are in both New York and Chicago, is a financial services group which has developed expertise in asset management serving institutional clients, particularly serving insurers and retirement planning entities. Its assets under management total over USD125bn.In 2010, Guggenheim Partners acquired LBBW Securities, the broker-dealer affiliate of the German Landesbank Baden-Württemberg (LBBW). More recently, Guggenheim sold its Canadian affiliate Claymore, dedicated to ETFs.
29/02/2012

Institutional investors inclined to de-risk their portfolios

A survey of 100 institutional investors by Morningstar, in partnership with Forum GI, finds that the European crisis will lead 41% of respondents to reduce their allocation to high-risk assets in the next few years. Meanwhile, 65% are planning to “prefer yield management to asset management,” to seek regular income and make returns consistent, rather than maximising them.These attitudes are also resulting in a “palpable” mistrust of delegated management, with 51% of respondents preferring to hold live shares rather than hand out asset management mandates or invest in mutual funds.It is clear that for institutionals subject to Solvency II regulations, safer securities need to be preferred, with short maturities. When a buy & hold strategy is opted for, it is less necessary to turn to asset managers. And the fact of holding securities directly provides total transparency, which the French Prudential Control Authority (ACP) will in the end be requiring from each investor; in addition, direct investment is more in line with extra-financial engagement requirements.Pierre-Emmanuel Besnard, head of development at Morningstar Professional, states that these factors will cause the management style to evolve: active management with a low tracking error (27%) is now rivalled by passive, index-based management (28%) and high alpha management (27%).
29/02/2012

Bestinver facilitates access to six of its funds

The board of directors at Bestinver Gestión has decided to considerably lower the minimum threshold for additional subscriptions to six of its funds, Funds People reports. The level has been reduced from EUR3,000 to EUR1,000 for the Bestinver Bolsa, Bestinfond, Bestinver Mixto, Bestinver Mixto Internacional, and Bestinvest International. The level has been lowered from EUR6,000 to EUR3,000 for the Bestinver Renta.
29/02/2012

Gamax creates an institutional share class for two funds

The Luxembourg-based asset management firm Gamax (Mediolanum group) on 28 February announced the launch of institutional share classes for its Gamax Funds Maxi-Fonds Asien International (LU0743995689) and Gamax Funds Junior (LU0743996067), which are managed by DJE Kapital.The share classes, available with a minimum investment of EUR1m, carry a management fee of 0.9%, rather than the 1.5% charged for retail shares. There are no front-end fees, placement fees, or sale fees.Gamax, which is distributed by max.xs financial services in Germany, says that it has created a special website dedicated to those clients who have invested more than EUR500,000 in these products. The complementary service, Premium Investors Club, offers reports on the funds and alerts by SMS, email, or telephone if the portfolio is modified. It also provides access to the international Gamax community blog and an information service relaying the Gamax Twitter feed.
29/02/2012

NEIF fund, advised by BNP Paribas, acquires a property in Hamburg

The Next Estate Income Fund (NEIF) has acquired an office property measuring nearly 16,000 square metres in Hamburg, which represents an investment volume of about EUR45bn. The property, which carries a DNGB Silver label (a German label standing for High Environmental Quality) is located in Hamburg City South, very near the city centre. It has excellent transport links, particularly for public transport. “This is a significant acquisition for the international professional area at BNP Paribas Real Estate Investment Management in Germany, a market on which we are already present and where we are hoping to develop. Forthcoming acquisitions will follow in 2012 with the major target markets being Munich, Berlin, and Brussels,” says David Aubin, CEO for Investment Management at BNP Paribas Real Estate, in a statement.
29/02/2012

Head of iShares Asia Pacific transferred to strategy at BlackRock

Nick Good will continue to be based in Hong Kong, and will continue to serve as head of iShares for Asia-Pacific until a replacement is found, but he has been appointed to the newly-created position of head of strategy and business development for Asia-Pacific at BlackRock, Asian Investor reports.
29/02/2012

Sal. Oppenheim recruits head of communications from Lups alpha

Five months after the departure of Dirk von Manikowsky as head of the office of the consultant Hering Schuppener in Düsseldorf, Sal. Oppenheim (Deutsche Bank group) has appointed Pia Kater as head of its press and external relations department, from 2 April. Kater had since 2005 been head of communications and marketing at the independent asset management firm Lupus alpha.The position has been filled in the interim by Markus Bohm, director of press and external relations for the asset management unit at Sal. Oppenheim.
29/02/2012

Bad start to the year for Italian funds

In January, open-ended funds on sale in Italy underwent net outflows of EUR3.236bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. All categories of funds showed outflows, particularly money market funds, which saw outflows of EUR1.115bn. As of the end of January, assets in open-ended funds totalled EUR427bn, slightly up compared with December (EUR419bn). With the addition of closed funds and discretionary portfolios, assets totalled EUR469bn, compared with EUR938bn one month earlier. Asset management firms which posted the strongest net inflows in January for open-ended funds and discretionary management were Poste Italiane (EUR570.5bn), Credit Suisse (EUR314.9m) and Arca (EUR223m). At the other end of the rankings, the asset management firms which psoted the largest redemption demands were Generali (-EUR1.375bn), Pioneer (-EUR1.303bn) and Banca Popolare (pEUR434.6m). The French firms Amundi and BNP Paribas, for their part, posted outflows (-EUR399.4m and -EUR387.5m, respectively), while Axa posted a positive balance (+EUR89.6m). The sector is dominated by three Italian firms: Intesa Sanpaolo, Generali and Pioneer, which control nearly 50% of assets.
29/02/2012

Appointment at Barclays Wealth

Philippe Hofer has been appointed as Managing Director and Market Head for Africa Offshore in the International Private Bank, Europe, Middle East and Africa (IPB EMEA) division at Barclays Wealth, Agefi Switzerland reports. He will be based in Geneva, and will report to Nomkhita Nqweni, market manager for Africa, and Patrick Ramsey, director of Barclays Wealth in Switzerland. Hofer had previously been director of emerging markets teams at UBS, where he spent 23 years, largely as Market Head for Africa and Turkey.
29/02/2012

Nicola Horlick goes into private equity

An emblematic figure in the asset management industry in the UK, Nicola Horlick, has started up a new activity which aims to facilitate access to private equity for high net worth clients. Rockpool Investments, which Horlick is launching with two former heads from 3i, Gary Robins and Matt Taylor, will aim to take advantage of recent regulatory changes which aim to encourage investment in SMBs. Horlick, who is co-head of the new firm, will also continue to serve as chair of Bramdean Asset Management, a firm which she also founded. Horlick was in the news in 1997, when she successfully went head to head with her former employer, Deutsche Bank, which had suspended her from her position as managing director at Morgan Grenfell Asset Management on the grounds that she wanted to join a rival company with her entire team.
29/02/2012

ETF Securities offers four ETCs of Brent

On 28 February, ETF Securities added four ETCs to trading on the London Stock Exchange, which replicate DJ-UBS sub-indices of Brent crude oil. The ETFS Brent Crude and ETFS Forward Brent Crude funds charge 0.49%, while the ETFS Short Brent Crude (leverage of -1) and Leveraged Brent Crude (leverage of 2) carry a management commission of 0.98%. They are all registered in Jersey, and denominated in US dollars.
29/02/2012

Kasina: gulf in asset management margins is widening

In fourth quarter 2011, operating margins for asset management firms in the United States fell to an average of 31.2%, compared with 32.2% in July to September, while the net margin increased to 23.1% compared with 20.1%, the consulting firm Kasina reports.Falling operating margins may be partly due to fundamental changes in investors’ asset allocations. Total flows now total over USD122bn, as investors have continued to pull out of equity products that charge high commissions and turn to lower-risk bond products. US equity funds have seen outflows of USD43.7bn in fourth quarter, while bond funds have posted inflows of USD41.1bn. Actively-managed funds have seen net redemptions of USD30bn, while index-based, passively-managed funds have seen net inflows of USD22.8bn.Kasina finds that asset management firms are facing increasing pressure from distributors on the price front. Major broker-dealers are increasing the prices for access to their platforms, due to the modest level of margins earned from distributors compared with asset management firms. Between 2009 and 2011, the spread between distributor and asset manager margins has consistently increased, and now totals 19%.
29/02/2012

European funds attracted EUR13bn in January

According to Morningstar, long-term funds domiciled in Europe in January attracted a net total of EUR13bn, of which EUR7bn went to bond funds. Investors showed a predilection for EUR high yield and corporate bond funds, and for high yield funds in US dollars, Investment Europe reports.Equity funds attracted over EUR3bn, their largest inflows since May 2011, while index-based funds attracted EUR1.2bn.
29/02/2012

Forte baisse des commandes de biens durables aux Etats-Unis

Les commandes de biens durables aux Etats-Unis ont connu en janvier leur baisse la plus forte en trois ans, victimes d’une baisse généralisée de la demande. Ces commandes ont baissé de 4% le mois dernier, le pourcentage le plus élevé depuis janvier 2009, suivant les statistiques publiées par le département du Commerce. Les économistes n’anticipaient qu’une baisse de 1%.
29/02/2012

55 millions de billets en francs n'ont pas été échangés

La Banque de France fait le bilan de l’échange contre euros de la dernière gamme des billets en francs qui a pris fin le 17 février. Au total, 1,5 million de billets ont été portés à l’échange, pour une valeur globale de 378 millions de francs (57,6 millions d’euros). Le volume non porté à l’échange s’élève à 55 millions de billets. Ce solde, appelé «culot d’émission», sera reversé à l’État, qui devrait être ainsi crédité de 526 millions d’euros.
29/02/2012

Bol de confiance pour les ménages américains

La confiance des consommateurs américains a atteint en février son plus haut niveau depuis un an, l’optimisme des ménages concernant le marché de l’emploi ayant éclipsé les inquiétudes autour du renchérissement des prix du carburant. L’indice du Conference Board mesurant la confiance des consommateurs a grimpé à 70,8 en février, contre 61,5 en janvier (61,1 en première estimation). Le panel Reuters le donnait à 63,0.
29/02/2012

La deuxième LTRO attirera les banques solides

Un nombre important de banques européennes relativement solides sont susceptibles de tirer parti de la deuxième opération de refinancement à trois ans de la Banque centrale européenne prévue aujourd’hui, estimait hier Fitch Ratings. La première opération de refinancement à long terme (LTRO) de la BCE, en décembre, a permis d'éviter «de nouveaux déclassements, plus marqués, des banques», a ajouté l’agence.
29/02/2012

Lente baisse attendue du chômage américain

Une baisse du taux de chômage à 6%, son niveau de plein emploi, pourrait prendre encore quatre à cinq années du fait d’une reprise économique «lente», selon la présidente de la Fed de Cleveland, Sandra Pianalto. «Nous n’avons pas beaucoup de références historiques concrètes de politique monétaire dans des circonstances telles que celles que nous vivons, mais je reste confiante que la Fed fait au mieux avec les outils dont elle dispose pour faire repartir l’économie dans la bonne direction».
29/02/2012

Rebond de la production industrielle japonaise

La production industrielle au Japon a grimpé de 2,0% en janvier, tirée par la fabrication de voitures de tourisme, d’appareils photos numériques et de systèmes de navigation embarqués, a annoncé le ministère de l’Economie mercredi. Elle avait déjà augmenté de 3,8% en décembre, et l’enquête auprès des professionnels anticipe une nouvelle hausse de 1,7% en février et en mars.
29/02/2012

Le Parlement néerlandais vote l'aide à la Grèce

A contrecœur, le Parlement néerlandais a ratifié hier le deuxième plan de sauvetage financier accordant 130 milliards d’euros à la Grèce. Les chrétiens-démocrates et les libéraux au pouvoir, ainsi que l’opposition sociale-démocrate et libérale-démocrate ont donné leur accord en estimant que cette aide était nécessaire pour stabiliser la zone euro.
29/02/2012

La Fed de New York vend les derniers actifs de Maiden Lane II

Un portefeuille d’une valeur faciale de 7 milliards de dollars, contenant des obligations adossées à des prêts résidentiels subprime acquises en 2008 dans le cadre du sauvetage d’AIG, a été mis à prix hier. Des filiales de Morgan Stanley, Credit Suisse, RBS, Barclays et Bank of America ont pris part à l’opération, a rapporté Reuters.
29/02/2012

Le Dow Jones au-dessus des 13.000 points

L’indice américain des 30 industrielles a clôturé hier en hausse de 0,18% à 13.005,20 points, passant pour la première fois depuis mai 2008 la barre des 13.000 points. L’optimisme renforcé des ménages américains est venu soutenir la tendance à Wall Street.
29/02/2012

Dublin va consulter sur le traité budgétaire européen

Les Irlandais seront consultés par référendum sur le nouveau traité budgétaire européen, a annoncé hier le Premier ministre. «Je crois fermement que l’intérêt de l’Irlande est que ce traité soit approuvé», a déclaré Enda Kenny. Ce dernier avait demandé au conseiller juridique du gouvernement de préparer un avis sur le bien-fondé d’un référendum. L’Irlande et 24 autres pays de l’Union européenne se sont mis d’accord fin janvier sur un pacte destiné à renforcer la discipline budgétaire. Ce texte doit désormais être examiné par chaque pays. Il suffira toutefois que 12 d’entre eux le ratifient pour qu’il entre en vigueur. Les électeurs irlandais ont par le passé rejeté à deux reprises des modifications des traités européens avant de les approuver sous des formes amendées. Le ministre irlandais aux Affaires européennes estimait le mois dernier qu’un «non» rendrait difficile le maintien du pays dans la zone euro.
29/02/2012

La zone euro sur la voix de la reprise

Dans un entretien accordé au journal, Ewald Nowotny, membre de la BCE, indique qu’il «y a aujourd’hui des perspectives plus optimistes» et les «premiers bourgeons» d’une reprise apparaissent. Il ajoute que le premier LTRO a été un succès et s’attend au même résultat pour le deuxième. Il précise cependant que ceci «n’indique pas qu’il devrait y en avoir un troisième».
29/02/2012

Les gestions pâtissent du contexte bancaire

A quelques exceptions près, les filiales de gestion d’actifs des groupes bancaires et des assureurs français ont souffert en 2011, en raison de la volatilité des marchés et de la politique commerciale des banques. Natixis s’en tire le mieux en termes de collecte.

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