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17/02/2012
Fonds

L'indice DJ Credit Suisse des hedge funds en hausse de 2,34% en janvier

L’indice Dow Jones Credit Suisse des hedge funds a enregistré en janvier une progression de 2,34%.La stratégie la plus performante du mois sous revue a été la stratégie long-short equity qui a dégagé un rendement de 3,91%. En revanche, la stratégie dedicated short bias a terminé le mois sur une baisse de 7,58%.
Fonds
17/02/2012

Source is top ETC provider in Europe in 2011 by net inflows

Source has continued its conquest of the European markets since its arrival with exchange-traded products (ETPs) in 2009. It has now overtaken all other ETC providers in 2009, with net inflows of USD1.26bn, the firm says in a statement.The flagship ETP from Source, the Source Physical Gold P-ETC, has been so popular that its assets under management now total over USD2.3bn. Overall, Source has attracted nearly 20% of total net inflows to commodity ETPs in Europe, doubling its assets under management in commodities, which now total USD2.5bn.
17/02/2012

Profits and assets down at Union Investment in 2011

Pre-tax profits at Union Investment (German co-operative banks) in 2011 totalled EUR266m, compared with EUR372m the previous year, EUR204m in 2009, and EUR143m in 2008.Assets as of 31 December totalled EUR170.3bn, compared with EUR177.4bn twelve months earlier, EUR166bn as of the end of 2009, and EUR144bn at the end of 2008. The 2011 fiscal year brought net redemptions of EUR1.5bn, compared with net subscriptions of EUR8.7bn the previous year. This development is due exclusively to open-ended funds, which underwent net outflows of EUR2.09bn, compared with EUR250m in 2011. This is once again due to large net outflows of EUR2.22bn from the UniOpti4 tax-optimisation fund, which had already been hit by net redemptions of nearly EUR6bn in 2010, following a regulatory change.However, bond funds also saw outflows of EUR22.8bn, equity funds had redemptions of EUR797m, and guaranteed funds redeemed EUR442m. But money market funds attracted EUR414m, open-ended real estate funds took on EUR537m, and diversified funds posted net subscriptions of EUR1.214bn.Net inflows totalled EUR0.3bn, for institutional funds as well as mandates, compared with net subscriptions of EUR6.2bn and EUR2.8bn, respectively, in 2010. However, Union says that these net inflows from institutionals totalled EUR2.1bn, compared with EUR11.32bn the previous year, EUR8.3bn in 2009 and net outflows of EUR3.61bn in 2008. One third of institutional net inflows came from 23 new clients, of whom 21 do not belong to the cooperative sector.Union has also announced that its sustainable development assets as of the end of 2011 totalled EUR4.5bn.
17/02/2012

Record profits at comdirect bank

For 2011, comdirect bank (Commerzbank group) has announced pre-tax profits of EUR108.08m, up 33.6% compared with 2010. Net profits increased by 87.4% to EUR111.76m, following a tax refund of EUR37m. The firm is proposing a dividend of EUR0.56 per share, up from EUR0.42.Assets in B2C (comdirect) fell due to market effects, to EUR24.90bn as of the end of 2011, compared with EUR26.32bn twelve months earlier, while B2B assets (ebase) rose to EUR16.69bn from EUR16.22bn.
17/02/2012

Record inflows at Vontobel in 2011

The Swiss firm Vontobel has posted net inflows for last year of CHF8.2bn (+10.4%), of which CHF6.3bn are for asset management, CHF0.4bn for investment banking, and CHF1.4bn for private banking. Assets as of the end of December totalled CHF75.7bn (of which CHF47.2bn are in asset management and CHF28.5bn in private banking), compared with CHF78.6bn twelve months earlier.Assets under management from markets of the Middle East and Asia now represent CHF9.5bn.Consolidated net profits have fallen 23% to CHF113.8m, while ROE came to 7.5%, compared with 9.8% the previous year. The cost/income ratio has deteriorated to 80% from 78.3%.
17/02/2012

Slight increase in assets under management at Pictet

The Geneva-based bank Pictet has posted net inflows of CHF15.4bn in 2011, according to Le Temps. As of the end of December, assets under management totalled CHF246.9bn. At first glance, that might appear to be a slight decline compared with the previous year, when the volume of assets under management for private and institutional clients was CHF250.2bn.But the bank has changed its calculation methods, in order to avoid counting assets twice; and this also explains a revised figure for 2010 of CHF243bn. The increase thus comes to 1.6%, the Geneva-based newspaper calculates.The bank, which has not disclosed other information, says it took on 90 employees last year, more than half of them in Switzerland. Overall, the firm had 3,263 employees worldwide as of the end of December.
17/02/2012

DJ Credit Suisse hedge fund index up 2.34% in January

The Dow Jones Credit Suisse hedge fund index has posted gains in January of 2.34%.The best-performing strategy of the month under review was long/short equity, which earned returns of 3.91%. However, the dedicated short bias strategy finished the month with losses of 7.58%.
17/02/2012

Nicolas Duban becomes head of NEXT unit at La Française AM

La Française Asset Management has decided to make Nouvelles Expertise et Talents (NEXT) a business unit of its own. The affiliate, specialised in incubation and seed capital, will be led by Nicolas Duban, who is leaving his job as director of institutional development for France to take the position. His replacement in his former position will soon be announced.NEXT aims to acquire minority stakes in firms founded by entrepreneurs who are seeking to develop new product ideas or distribution approaches, as was recently concretized in the launch of OpenMind Asset Management (see Newsmanagers of 10 February). The firm will now be aimed at all types of clients, and will not hesitate to undertake international inroads.
17/02/2012

Tocqueville loses its head of distribution

Benjamin Biard, director of distribution at Tocqueville Finance, is leaving the asset management firm, according to reports in H24. He had spent six years at the firm, an affiliate of the Banque Postale.
17/02/2012

FATF updates weapons in fight against money-laundering

The Financial Action Task Force (FATF), which is responsible for developing international standards in the struggle against money-laundering and financing for terrorism, on 16 February announced that at the conclusion of two years of work by its members, it has revised its recommendations applied in over 180 countries to combat crimes. The revision, which governments, the private sector and civil society have contributed to, offers authorities an improved framework for the pursuit of criminals, and responds to new threats to the international financial system.The amount of money laundered and related to severe crimes and infractions is very high; according to estimates, it accounts for 2% to 5% of global GDP. The revised recommendations will allow the authorities in various countries to take more effective action to combat money-laundering and financing of terrorism at all levels, from the identification of banking clients when they open an account, to investigation, pursuit and confiscation of assets. Worldwide, the FATF will also continue to monitor and promote the deployment of these standards.
17/02/2012

French regulator continues to push for new rules for ETFs

The French financial market regulator, the Autorité des marchés financiers (AMF), has been contributing to the debate on ETFs at international and European bodies since 2010, the AMF states in the most recent issue of its Letter on Financial Regulation (February 2012). The objectives pursued have been to place the question in a wider context, to rebalance and propose adequate responses to potential risks, and more complex questions these products, which are widely available to retail investors, may raise. “Some ETFs, which had previously been simple, now have far more complex characteristics for less qualified savings investors. Others may pose systemic risks,” the AMF notes. The AMF points out that the European Commission is launching its “transparency perimeter and obligations” terms as soon as possible, as part of the legislative effort for packaged retail investment products (PRIP), following the insertion of the “sales rules” terms into the revised MiFID directive, and later, the insurance intermediation directive.
17/02/2012

EC unveils white paper on pensions

Pensions are the main income source for around a quarter of the EU's population today and younger Europeans will also come to rely on pensions later in their lives. Unless Europe delivers on decent pensions now and in the future, millions will face poverty in old age. Europe is also ageing as people live longer and have fewer children. From next year, the EU's working population will already start to shrink. Pensions are putting increased financial pressure on national budgets, especially with the added strain of the financial and economic crisis. To support these efforts,
17/02/2012

NYSE Euronext lists 9 new Lyxor ETFs in Paris

From 16 February, the Paris platform of NYSE Euronext has admitted nine new ETF funds from Lyxor Asset Management (Société Générale) to trading. They all replicate “select sectors” of the S&P index, and all charge fees of 0.20% (see attached list).The new funds bring the number of ETF funds listed on the European markets of NYSE Euronext to 595, with a total of 693 listings, including secondary listings.
17/02/2012

Euro Convictions from Edram licensed by BaFin

BaFin has issued a sales license for Germany to the Euro Convictions fund (C share class: FR0011158641; I share class: FR0011171438) from Edmond de Rothschild Asset Management (Edram), launched on 27 December 2011, and managed by Olivier Huet (see Newsmanagers of 12 January). The fund invests in the “best ideas” from four Edram funds (EdR Europe Synergy, Europe Value & Yield, Selective Europe and Euro Leaders).The fund has also been licensed for sale in Austria by the FMA.
17/02/2012

UBS lists nine bond ETFs in Frankfurt

Since Thursday, nine Luxembourg-registered bond ETFs from UBS Global Asset Management have been admitted to trading on the XTF segment of the Xetra electronic platform. The listings on the Deutsche Börse now include 933 ETF funds.Four of the new ETF funds replicate Barclays Capital indices of US Treasury bonds, and charge fees of 0.20% each:UBS-ETF Barclays Capital US 1-3 Year Treasury Bond A (LU0721552544)UBS-ETF Barclays Capital US 3-5 Year Treasury Bond A (LU0721552627)UBS-ETF Barclays Capital US 5-7 Year Treasury Bond A (LU0721552890)UBS-ETF Barclays Capital US 7-10 Year Treasury Bond A (LU0721552973)Four other new ETF funds, for which the commission is 0.15%, track iBoxx indices. They are:UBS-ETF Markit iBOXX EUR Germany 1-3 A (LU0721553351)UBS-ETF Markit iBOXX EUR Germany 3-5 A (LU0721553435)UBS-ETF Markit iBOXX EUR Germany 5-10 A (LU0721553518)UBS-ETF Markit iBOXX EUR Germany 7-10 A (LU0721553609)The last fund, which charges 0.20%, replicates an iBoxx index of corporate bonds:UBS-ETF Markit iBoxx EUR Liquid Corporates A (LU0721553864)
17/02/2012

Norwegian sovereign fund looks to reduce exposure to Europe

Agefi reports that the Norwegian sovereign fund is seeking to reduce its investments in European equities and bonds, due to mediocre returns, and instead to increase its investments in Asia and the Americas, according to the country’s central bank. The fund, whose investments total USD591bn, is currently allowed to invest only 15% of its assets in equities and 5% in bonds from Asia and Oceania.
17/02/2012

Ping An of China AMC launches ETFs

The Chinese firm Ping An of China Asset Management has launched three physical replication ETF funds aimed at retail and institutional investors in Hong Kong and internationally, Asian Investor reports.The new products are the HK Dividend ETF, le HK Mid Cap Select ETF and RAFI HK50 ETF. The three physical ETFs come in addition to a synthetic ETF launched in 2010, the A-Share 50 ETF.The range from Ping An of China AM includes two core products, the RAFI HK50 ETF and A-Share 50 ETF, which are appropriate for investors seeking stable, long-term growth, and two other satellite vehicles which are more appropriate for defensive and high beta strategies.
17/02/2012

William Bollinger launches a hedge fund in Asia

William Bollinger, a pioneer in the London hedge fund industry, has launched a hedge fund firm in Singapore, Judico Capital, the Financial Times reports. Bollinger founded Egerton Capital with John Armitage in 1994.
17/02/2012

State Street launches an integrated derivative trading solution

State Street Corp has added the SwapEx trading platform to its integrated derivative trade processing services. The launch coincides with the entry into force of new regulations in the United States (Dodd-Frank) and in Europe (EMIR) which require that over-the-counter swap contracts trading be migrated to multi-party electronic platforms. SwapEx aims to be a first step towards an end-to-end solution which reduces operational risks by automating the various steps in the processing of derivative trades, including execution, clearing, collateral management, cash and securities flows between middle and back offices, transaction costs, risk reporting, valuations, and matching of positions.State Street has stated that it will apply to register SwapEx with the Commodity Futures Trading Commission (CFTC) as soon as the application window opens this year. Meanwhile, State Street has signed an agreement with the National Futures Association (NFA), which will be responsible for regulatory oversight of SwapEx.
17/02/2012

BlackRock holds the key to Xstrata-Glencore merger

On 14 February, BlackRock was the largest shareholder in Xstrata, with 5.8%, after Glencore, which held 34%, the Wall Street Journal reports. The agreement in its current form stipulates that at least three quarters of shareholders must approve the merger. As Xstrata statutes designed to protect minority shareholders do not allow Glencore to exercise the voting rights corresponding to its stake, the transaction may be blocked if more than 16% of capital in Xstrata votes against the deal. This gives a huge influence to BlackRock, particularly as several investors have already announced that they will be voting against the operation under the current terms. But BlackRock has so far shed no light as to its intentions.
17/02/2012

First State creates a distinct brand for an investment team

First State Investments on Thursday unveiled a sub-brand for its Asia Pacific / Global Emerging Markets (AP/GEM) equities team, managing GBP26.7bn. It will now operate under the ‘First State Stewart’ brand.The new brand reflects the team’s heritage as the people, processes and investment style became part of First State Investments following the acquisition of Stewart Ivory in 2000."The launch of a sub-brand will allow this team to appropriately distinguish itself and its investment approach from other asset teams within the First State group,» Mark Lazberger, Chief Executive Officer of First State Investments, comments. The 28-strong team, led by Angus Tulloch and Stuart Paul, is based in the UK and Asia. First State Stewart will remain part of First State Investments and members of the team will continue to be First State Investments’ employees.
17/02/2012

Le fonds souverain norvégien délaisse l’Europe

Le fonds souverain norvégien veut réduire ses investissements en actions et obligations européennes en raison de rentabilités médiocres et accroître la part de ses investissements en Asie et en Amérique, selon la banque centrale du pays. «Nous ne sommes pas particulièrement pessimistes sur l’Europe; nous pensons qu'à un moment, la croissance redémarrera, mais une période prolongée de surpondération de l’Europe n’est pas justifiée», a déclaré son gouverneur, Oeystein Olsen. La politique d’investissement du fonds, parfois considérée comme trop rigide, l’a forcé à conserver un important portefeuille d’actifs européens, y compris des obligations d’Etat, et lui a fait manquer une partie importante de la croissance rapide constatée en Asie et en Amérique latine. Le fonds, dont le montant investi se monte à 594 milliards de dollars, doit maintenant conserver 50% de ses actions et 60% de ses obligations en avoirs en Europe, et ne peut investir que 15% de ses actions et 5% de ses obligations en Asie et en Océanie.
17/02/2012

Carlyle fait des efforts sur les commissions

La société américaine de private equity, qui songe à une introduction en Bourse cette année, concède selon Bloomberg des réductions sur les commissions de gestion aux investisseurs importants au sein de son prochain fonds, Carlyle Partners VI. Carlyle vise un actif de 10 milliards de dollars. Les investisseurs garantissant un apport de plus de 500 millions verseraient une commission fixe de 1,1%, celle pour les autres pouvant aller jusqu’à 1,5%. La commission sur performance s’élèverait à 20% des gains. Le magazine Fortune évoque une première clôture du fonds pendant le semestre en cours. Blackstone et KKR ont déjà consenti de telles ristournes. Reuters signale par ailleurs le souhait de Carlyle de sortir des marchés financiers taïwanais de par la cession de sa participation de 40% au capital du prêteur Ta Chong Bank, valorisée à quelque 300 millions de dollars.
17/02/2012

Axa IM a bien résisté en 2011

Le pôle de gestion d’Axa a décollecté un milliard d’euros en 2011, la poursuite des retraits chez Axa Rosenberg (-5 milliards) étant compensée par le non coté, l’immobilier etAxa Framlington. En ajoutant les effets marchés et change, les actifs sous gestion sont en léger repli, de 516 à 512 milliards d’euros en fin d’année, contre une moyenne de 503 milliards sur l’ensemble de 2011. L’hémorragie continue chez AllianceBernstein, la filiale américaine, qui enregistre 28 milliards de retraits, dont 16 milliards venant d’un mandat d’Axa Japon. Retraité des charges exceptionnelles chez Rosenberg en 2010, le résultat opérationnel d’Axa IM a progressé de 11% l’an dernier à 215 millions d’euros.
17/02/2012

Billabong repousse les avances de TPG

Le titre du fabricant textile australien spécialiste des sports de glisse a bondi de plus de 50% aujourd’hui à Sydney, après que le groupe a rejeté une offre de 765 millions de dollars australiens (près de 630 millions d’euros) émanant de la société de private equity texane TPG et annoncé pour sa défense son intention de vendre un actif et fermé jusqu’à 150 magasins.
17/02/2012

L’ensemble des gérants profite du rally de janvier

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions européennes au cours du mois de janvier 2012. Ces performances sont mises en perspective par le calcul de la volatilité, du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.

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