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24/02/2012
Gestion d'actifs

BNP Paribas Cardif cherche à renforcer les actifs immobiliers à forte visibilité de rendements

Olivier Hereil, directeur des investissements et des gestions d’actifs de BNP Paribas Cardif dans un article paru dans Option Finance numéro 1161: Sur l’immobilier, nous avons un patrimoine assez diversifié (50% de bureaux, 27% de centres commerciaux, 16% de logements et 7% de divers, dont hôtellerie). Nous avons une compétence historique sur les centres commerciaux. Aujourd’hui, compte tenu de la conjoncture économique, nous souhaitons renforcer les actifs à forte visibilité de rendements, comme les logements. Les rendements locatifs ne sont pas très élevés mais très récurrents. Pour le moment, nous avons peu d’immobilier à l’international, mais nous commençons à investir à Taïwan. D’autre part, nous avons engagé depuis 2007 une démarche volontariste dans l’univers de l’ISR. Des critères extra financiers sont intégrés dans notre processus d’investissement. Nous le faisons sur tous nos actifs, que ce soit sur les obligations, les actions ou l’immobilier. Pour rappel, l’allocation d’actifs de BNP Paribas Cardif est la suivante: 79.9% d’obligations, 11.7% d’actions, 6.2% d’immobilier et 2.2% de divers (cash, gestion alternative. Les encours totaux s'élèvent à 150 milliards d’euros.
Gestion d'actifs
24/02/2012

Profits up at Eaton Vance

For the first quarter of its fiscal year ending on 31 October, Eaton Vance has announced net profits by GAAP accounting standards of USD47.27m, compared with USD46.62m in the previous three months, and USD37.53m in November 2010-January 2011.As of 31 January, assets totalled USD191.71bn, compared with USD188.2bn as of the end of October, and USD191.74bn one year previously. Eaton Vance has posted net outflows in the period under review from long-term funds and seggregated accounts of USD1.1bn, compared with USD2.73bn in the previous quarter, and net subscriptions of USD1.85bn in the corresponding period of the 2010-2011 fiscal year.
24/02/2012

Eight new asset management firms join AFG

In the second issue of “Gestion Info” from the AFG, the association says that Verazano Capital SAS, Edouard 7 Gestion Privée, Ginjer AM, Massena Capital Partners, Openmind Asset Management, Riskelia, Trecento Asset Management and Volvar Asset Management have become members. Aurexia Conseil and CID Consulting, meanwhile, have become new correspondent members.
24/02/2012

US money market funds return to euro zone banks

US prime money market funds have increased their exposure to euro zone banks by 15% in US dollars since the end of December, according to the most recent Fitch report on the subject, dated 23 February. This is a reversal of the trend after several months of reductions. This increase in interest has worked to the benefit of French banks, to which exposure has increased by 150%. US money market funds now have 11% of their assets invested in euro zone banks, which is far below the 31% they had invested there as of the end of May. This reduction has been primarily driven by aversion to risk, as these vehicles traditionally allocate more than 30% to euro zone banks, according to Fitch data from 2006 to mid-2011.
24/02/2012

Swiss COSI segment opens to British guarantors

Collateral Secured Instruments (COSI) whose guarantors are based in the UK may now be traded on the SIX Swiss Excchange, the Swiss stock market announced on 24 February. The move aims to internationalise the innovative COSI services, which provide a way to reduce default risks related to an issuer of structured products. The products are listed exclusively on Scoach Zurich and Frankfurt. The service, developed in the wake of the financial crisis, is based on a process which ensures that the debt owed to the investor by the issuer of the structured product has all the necessary guarantees at all times. “Several European and Asian markets have shown a growing interest in this Swiss guarantee mechanism. The SIX Swiss Exchange is now in a position to meet a large part of this demand: for the first time, it is possible to offer the service to issuers whose guarantors are based abroad also,” the Swiss stock market says in a statement.
24/02/2012

Aquila Capital increases sales staff in Germany and Switzerland

The Hamburg-based independent asset management firm Aquila Capital (which owns the Luxemburg-based Alceda Fund Management) has announced that it has recruited Pascale-Céline Cadix as director of retail sales in Frankfurt. She will be in charge of developing the client base of direct banks, wealth managers and private banks in Germany. Cadix had previously been head of distribution for Threadneedle in Frankfurt.Meanwhile, the Zurich-absed affiliate AQ Advisors has recruited a new director of sales, Mauro Gerli, who had most recently been at Credit Suisse Private Banking, after serving at several alternative management firms.
24/02/2012

Asset management generated 47% of profits at Allianz

Allianz on Thursday announced net profits for 2011 down 46.2% to EUR2.804bn. In the same period, the asset management unit has generated net profits up 38.7% compared with 2010, to EUR1.312bn, which corresponds to 46.8% of total profits for the group.Total assets as of the end of December were up 9.2% to EUR1.657trn, of which EUR1.281trn (+10%) are managed for third parties. Net subscriptions to Allianz Global Investors from third parties fell to EUR39.3bn from EUR112.7bn in 2010, and EUR82.8bn in 2009, while 2008 saw net outflows of EUR0.3bn. Net inflows to bond products and third-party products totalled EUR44.8bn, compared with EUR113.7bn the previous year. However, equity products saw net outflows of EUR5.1bn, compared with EUR0.4bn in 2010.Operating profits for the asset management unit increased 9.5% to EUR2.3bn, and 14% if currency effects are set aside. In addition, the cost/income ratio remained stable, at 59%, compared with 58.7% the previous year, well below the 65% limit set for it (it had been 62% in 2009).Net revenues from commissions increased 11% to EUR5.47bn, despite currency effects of EUR215m; they increased 15.3%, excluding currency effects. Performance commissions, in this environment, fell to EUR455m from EUR514m.
24/02/2012

Private equity valuation under investigation again

The SEC and the attorney general of Massachusetts have been investigating since at least last autumn a private equity fund owned by Oppenheimer Holdings, and have been issuing several subpoenas, including one to Oppenheimer Asset Management, the Wall Street Journal reports. It appears that the Oppenheimer Global Resource Private Equity Fund LP (USD140m), which has been spun out since 1 January 2012 under the hame of Roc Resources LLC, in autumn 2009 valued an investment by the Cartesian A fund in the Romanian firm Fondul at 33 cents per share, when the shares were actually trading at 7 cents.
24/02/2012

SEC charges two Chinese businessmen

The Securities and Exchange Commission (SEC) has announced that it has charged two Chinese corporate directors of misleading US investors by telling them that they were investing in a Chinese mining company, when in reality they were investing in an empty shell company in New York. The two directors are said to have taken more than USD100m.
24/02/2012

Fall in the number of positions held by directors outside their own firms

A study of the identity of and changes to the management at businesses of the SBF 120 index between 1998 and the end of 2010 has found several consistent trends, including a trend in the number of women represented, as well as several changes. There has been a decline in the number of directorship positions held by directors outside their own firms, according to the study, published by the AMF in its Lettre Economique et Financière for winder 2011. In 2010, 43.71% of directors had positions as a director at other publicly-traded firms, in France or abroad, compared with 50.91% in 2000. The average number of positions held by these directors was 1.77 in 2010, compared with 2.27 in 2000. Another development identified by the study is that there has been a rise in the frequency of changes in management since 2005. In addition, the number of disciplinary dismissals was higher than the number of non-disciplinary dismissals in 2004 and 2005, and in 2008, 2009 and 2010. Over the full period under study, there have been 210 changes of directors at 131 firms. Between 1998 and 2010, 60.65% of businesses had at least one change in management. Eight businesses (3.70%) have had four changes in management, and five CEOs, while 39.35% of businesses have retained the same director over the period under study.
24/02/2012

Gibraltar seeks to attract more hedge funds

Gibraltar has launched a campaign to win over hedge fund managers with a loosening of fund administration regulations, Hedge Funds Review reports. In other words, hedge funds will no longer be required to use exclusively local fund administrators, the minister for financial services, Gilbert Licudi, a member of the new Labour government for the territory which has been in place since December last year, says. The new regulations, which will be passed in the next few days, include a reference list which may be added to according to demand.
24/02/2012

Fraud at Threadneedle tied to Russian group

Suspected fraud by a former manager at Threadneedle Asset Management totalling USD150m was related to an order for more than a billion Argentine warrants, issued by Otkritie, a Russian financial services group, some of whose employees are facing charges, the Financial Times reports. The name of the Threadneedle trader is Vladimir Gersamia, the newspaper reports. He had worked as an emerging markets bond fund manager.
24/02/2012

Hedge funds see increase in assets in January

In January, hedge funds worldwide have seen an increase in their assets of USD15bn, to USD1.72trn, according to the most recent statistics from Eurekahedge. This comes due to subscriptions of USD3.7bn, and performance effects of USD11.4bn.
24/02/2012

EdRAM registers Euro Conviction fund in Spain

Funds People has announced that Edmond de Rothschild Asset Management (EdRAM) has received a license from the CNMV for its new Euro Conviction fund (C share class: FR0011158641; I share class: FR0011171438), managed by Olivier Huet, launched on 27 December. The fund is already on sale in France and Germany (see Newsmanagers of 12 January and 17 February).
24/02/2012

Unnim launches a fund which competes with its own savings accounts

The savings bank Unnim, born out of a merger of three other Catalan savings banks, has launched the Garantit 8 fund, which at maturity (16 April 2015) offers a minimum return of 112.48% of initial capital, an annual return of 4%. The CMNV registered the product on 4 February. At this level, the product competes directly with bank savings accounts, including accounts at Unnim which are currently available via its network.The portfolio is 51.3% invested in bonds from the Kingdom of Spain, 18.5% in bonds from autonomous communities, 20% in corporate bonds, and 10.15% in mortgage-backed bonds (cedulas hipotecarias).CharacteristicsName: Unnim Garantit 8, FIISIN code: ES0125133001Front-end fee: 5% from 16 AprilWithdrawal penalty: 5%Management commission: 0.4%Depository banking commission: 0.05%Minimal subscription: EUR1,000
24/02/2012

Warburg-Henderson invests in the Hague

For its institutional fund Warburg-Henderson European Core Property Fund No. 1, the German asset management firm Warburg-Henderson has invested EUR27m in the acquisition of the Haagsche Hof office building (10,500 square metres) in the Hague. The portfolio now includes 11 properties in seven European countries.
24/02/2012

ESAF registers ETF Sicav in Spain

The Portuguese firm Espírito Santo Activos Financieros (ESAF) has obtained a license from the Spanish CNMV for its Luxembourg-registered Sicav of ETF funds (which complies with UCITS IV regulations), which currently has only one sub-fund, the ESAF NYSE Euronext Iberian ETF, Funds People reports. The entirely physical replication ETF, which uses no swaps and practices no securities lending, has a TER of 0.45%.
24/02/2012

Funds cost less in Spain than in the rest of Europe

Based on statistics from EFAMA as of the end of 2010, the Spanish Inverco association of asset management firms, total expense ratios (TER) for Spanish funds (1.07%) are on average 30% lower than the European average (1.53%). Viewed from the other perspective, this means that European funds are on average 43% more expensive than Spanish funds. This does not apply to all asset classes, as the TER for Spanish equity funds (199 basis points) compares with a European average of 175bps; for diversified funds, the Spanish average is 145bps, compared with a European average of 142bps. On average, the management commission for Spanish funds is 96bps, compared with 127bps for Europe, while other fees come to 11bps, compared with 26bps. Inverco says that the proportion of TER retained by Spanish asset management firms averaged 31% (33bps), compared with 42% (64bps) on average for Europe, but that the amount paid out as soft commissions is higher, at 59% (63bps) compared with 41% (62bps).
24/02/2012

Assets under management at RBS down in 2011

Assets under management by the asset management unit of Royal Bank of Scotland (RBS), primarily at Coutts, as of the end of December totalled GBP30.9bn, compared with GBP29.9bn as of 30 September 2011. Assets under management have fallen 9% compared with the end of December 2010, however. Redemptions contributed 3% to asset increases, while the remainder was due to market conditions. Operating profits nonetheless rose 6% compared with 2010, to GBP321bn.
24/02/2012

Barclays Wealth opens an office in Monaco

The British firm Barclays Wealth has opened an advising office in Monaco, Investment Europe reports. The office will be directed by Simon Morris, who has been working at Barclays Wealth Advisory for seven years.
24/02/2012

Deborah Fuhr launches her own ETF consulting and advising firm

The ETF specialist Deborah Fuhr will soon announce the formation, together with her team, of ETF Global Insight, an independent research and consulting firm aimed at providing services to the global Exchange-Traded Fund (ETF) industry.The founding partners, Fuhr, Shane Kelly and Matthew Murray, are all ETF specialists who helped to develop the sector with their research and instruction manuals. In addition to Fuhr, who was head of ETF research at BlackRock, the team includes Kelly, who was vice president at Merrill Lynch and also former vice president and investment strategist at BlackRock/BGI, and Murray, who worked alongside Fuhr at BlackRock as an analyst.Fuhr, who has been covering the ETF sector since 1997, when the sector had 21 products with USD21bn in assets under management, says “I believe that ETFs have been one of the most successful financial products of the past 25 years, bringing investors liquidity, diversification and low-cost access to a wide range of asset classes around the world.”In this context of strong growth, “regulators, investors, ETF managers, brokers, index providers and all of the members of the ETF eco-system have been citing the need for more and better independent education, research and customised assistance to investors seeking to navigate the vast array of products. ETF Global Insight has been set up to provide this service across the globe,” Fuhr continues.
24/02/2012

Barclays Stockbrokers launches an improved platform with Fidelity

The British broker Barclays Stockbrokers has teamed up with the US firm Fidelity FundsNetwork to launch an improved version of its platform, Investment Week reports. By the terms of the exclusive agreement between the two partners, FundsNetwork will provide transaction, settlement and custody services to institutional investors.
24/02/2012

Assets down at Ashmore

In the six months to the end of December, Ashmore, an asset management firm specialised in emerging markets, has seen a decline in its assets of USD5.4bn to USD60.4bn, according to half-yearly results published on Thursday. This comes despite net inflows of USD0.7bn. Pre-tax profits totalled GBP129.8m, up 2% compared with the corresponding period of last year. Net revenues increased 4% to GBP181m.
24/02/2012

Record inflows for new Asian hedge funds

Asian hedge funds from new or existing managers raised EUR4.43bn in 2011, the highest level observed since their peak in 2007, according to a study by AsiaHedge magazine. The average size for the 58 new hedge funds launched last year was USD76.4m, nearly twice the average observed in 2010 (USD40m). New hedge funds raised a record USD7.8bn. In December, about 42% of Asian hedge funds had assets under management of USD20m or slightly less, an increase of 13 percentage points compared with the end of 2007. New hedge fund creations outpaced liquidations in first half, but subsequently, liquidations increased due to poor performance and redemptions by investors. In third quarter, hedge fund liquidations reached their highest levels since the closing months of 2008, according to the Singapore-based data provider Eurekahedge. According to Aradhna Dayal, head of HedgeFund Intelligence for Asia, the data provider which publishes AsiaHedge, new hedge funds launched last year by professionals coming largely from proprietary trading desks at banks, will this year be founded by major alternative management firms which offer strategies dedicated to Asia, and by asset management firms in continental China seeking to set up shop in Hong Kong. In terms of markets, Hong Kong remains the largest market for new Asian funds, with a percentage of 34% (20 funds). Singapore is in second place, with 17 funds.
24/02/2012

S&P provides new indices to Invesco PowerShares

The index provider S&P Indices on 23 February announced a new addition to its “high beta” family of indices, with the launch of the S&P BMI International Developed High Beta Index and the S&P BMI Emerging Markets High Beta Index. These indices measure the performance of 200 shares in their respective markets which are highly sensitive to market movements. They may also be used as a benchmark for investors seeking to benefit from market volatility. S&P Indices says that Invesco Powershares has acquired a license to launch ETFs based on the new indices. The asset management firm also wasted no time in announcing the launch on 24 February of the PowerShares S&P Emerging Markets High Beta Portfolio (acronym EEHB) and PowerShares S&P 500 International Developed High Beta Portfolio (IDHB) funds on NYSE-Arca. The ETF funds include the two high beta and low volatility ETFs launched on 5 May 2011 (USd1.3bn in assets) and the two global low volatility funds launched on 13 January 2012. The new products will invest at least 90% of their assets in shares from each index.
24/02/2012

Bank share prices hit by hedge fund shorts

Since the CNMV lifted its ban on short-selling financial sector shares on 16 February, all share prices in the sector have fallen, a sign that hedge funds have returned to the market, Cinco Días reports. There may be other causes, such as the Greek crisis and the overvaluation of Spanish banks in the current economic environment, but the fact is that, for example, Sabadell has lost 11%, Banco Popular 10%, and CaixaBank 8%.
24/02/2012

AFG creates a think-tank to study advertising

The AFG has announced that its Commission is creating a think tank to observe and analyse the practices in place for publicity documents from asset management firms. The group will consider advertising for all types of vehicles and videos about products and investment solutions as well as corporate advertising.
24/02/2012

Professional investors in funds create an association

The APFI (association of professional fund investors), a Swiss non-profit association, will hold its first general assembly on 10 May 2012 in Montreux. It will aim to promote the interests of fund investment professionals and to make the voices of its members heard on major issues in the asset management sector, as consideration of the opinions of investors are a determining factor for sustainable growth in the sector.According to the association’s website, the APFI says that its members share several common principles. Among these are the principle that “funds are bought, not sold.” Also, the association claims that hot concepts may lead to investment bubbles, and that professionals need to identify funds and managers with “sustainable” characteristics. They also claim that a competitive environment is essential for funds, which implies the existence of open architecture.The AFPI was founded by Mussie Kidane, head of fund selection at Pictet, Carlos Fernandez (Inversis), Luca de Biasi (BSI) and Roland Meerdter (Propinquity Advisors).

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