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10/02/2012

Cortal Consors rolls out “job ratings” for European equity funds

Cortal Consors has introduced a “job rating,” which evaluates the creation or destruction of jobs at companies present in 475 European equity funds. The funds are rated from 1 to 5, with a 5 rating for those which invest in companies which generate 175 jobs per year for every EUR1bn in market capitalisation. At DNCA Finance, for example, the Centifolia Europe and Europeana funds get ratings of 5. At the other extreme, a fund with a rating of 1 is composed of businesses which have reduced their employee numbers by more than 175 for every EUR1bn of market capitalisation. “We find that the best-rated funds delivered higher returns. Taking into account green and social criteria does not dent performance,” says Benoît Gommard, CEO of Cortal Consors France. He cites the fund Allianz Actions Euro Midcap, which has an overall “green and jobs” rating of 10 (out of 10) and has earned returns of 52.66% in the 3-year period to 31 January 2012.
10/02/2012

Moore invests USD800m in a new hedge fund

The alternative management firm Moore Capital Management has invested USD800m in a hedge fund launched last year by two of its equity traders, Bloomberg reports. Jens-Peter Stein and Kornelius Klobucar, founders of Stone Milliner Asset Management AG, started up their hedge fund with assets of over USD1bn. Assets at Moore are in a managed account, Bloomberg states. Moore Capital, whose assets under management total about USD15bn, has often bet on traders who left the firm to found their own vehicle. Stone Milliner is a macro hedge fund which invests in interest rates, currencies, bonds and equities on the basis of macroeconomic trends.
10/02/2012

Bear Stearns: out-of-court settlement for two HF managers

Ralph Cioffi and Matthew Tannin, two former hedge fund managers from Bear Stearns, have agreed to an out-of-court settlement of civil suits filed against them in 2008 by the SEC. They have not admitted any wrongdoing, but will pay a fine whose amount had not yet been set at the time The Wall Street Journal went to press.The regulator had accused the managers of knowingly misleading investors with overly optimistic claims about the outlooks for their funds at the time that the sub-prime market collapsed.The two men were the only Wall Street execs to have faced criminal charges in cases of this type, but they were acquitted in 2009, in a severe defeat for Federal prosecutors.
10/02/2012

First Private releases an emerging markets equity fund

Via max.xs financial services, the Frankfurt-based asset management boutique First Private (born of the former Salomon Brothers KAG) is now offering to German retail investors the First Private Aktien Emerging Markets fund (DE000A0KFRW4, retail share class, and DE000A0KFRX, institutional share class), which brings together active selection of equities from emerging markets with risk management which has allowed the management team to reduce volatility by more than 25% compared with the benchmark index over the past three years. Since launch, the fund’s performance has been over 90%, with volatility far lower than the benchmark, max.xs reports.From a universe of about 1,500 emerging markets equities, the asset management team selects 40 to 80 of the most attractive shares after a fundamental analysis.
10/02/2012

Slight increase in liquidity for CS Euroreal

As of 31 January, the liquidity of the open-ended real estate fund CS Euroreal (ISIN code: DE0009805002) from the German firm Credit Suisse Asset Management Immobilien totalled EUR1.6bn, or 28.8% of assets, which means that, since redemptions were frozen on 19 May 2010, assets have increased by EUR1.25bn due to the sale of 14 properties. All sales were made at market value or above. Other properties valued at EUR850m are currently up for sale. As of 9 December, liquidity was 25%, at EUR1.25bn (see Newsmanagers of 13 December 2011).This should allow the fund to increase its liquidity to a level compatible with a reopening of redemptions, since assets have fallen meanwhile (to EUR5.99bn as of the end of 2011). However, CSAM Immobilien states that it is planning to undertake a survey in April at the latest to evaluate potential exits. The decision to reopen the fund to redemptions will be taken only if the asset management firm is convinced that the market situation and the liquidity of the fund will allow it to keep redemptions open for the long term. The deadline for a decision is 18 May 2012.
10/02/2012

Morgan Stanley P2 Value sells a property at a loss

After a RFP, Perial Asset Management has acquired the office property Etoile Pleyel (10,000 suqre metres) in Saint-Denis from the German asset management firm Morgan Stanley Real Estate Investment, for EUR27m, plus an additional EUR1m if the performance of the property recovers. This price is EUR31.5m below its most recent expert valuation. The value of the property had already been revised downward by 25% more than 18 months ago (see Newsmanagers of 23 July 2010).Meanwhile, expertise have revised their estimate of the Zoetermeyer property in the Netherlands down by 16%, to EUR38.5m. These two factors have provoked a downward revision of the net asset value of shares in the open-ended real estate fund Morgan Stanley P2 Value (DE000A0F6G89) by EUR0.57 per share as of 8 February.
10/02/2012

Brazil's BTG Pactual acquires Chile's Celfin Capital

The Brazilian investment bank BTG Pactual and the Chilean asset management firm Celfin Capital on 8 February announced that the two firms had signed a merger agreement to create a new heavyweight in Latin American asset management. Once the merger is complete, BTG Pactual will have USD69bn in assets under management in its asset management unit, and USD28bn in assets under management in its wealth management unit. BTG will now be active in the three countries where Celfin is already present: Chile, Peru and Colombia. The new group will focus initially on these markets, as well as Brazil, Argentina and Mexico, the two markets where BTG Pactual is planning to develop. In Latin America, the asset management sector has total assets under management of about USD1.24trn.
10/02/2012

Strong inflows to ETPs worldwide in January

Last month, ETPs worldwide posted net subscriptions of USD34.1bn, compared with USD15.8bn in December, and USD13.9bn in the corresponding period of last year, BlackRock reports.This has contributed to a month-on-month increase of USD126bn in total assets as of the end of January, to USD1.651trn, compared with USD1.525trn as of the end of December. Compared with 31 January 2010, assets under management increeased by USD152bn.Taking into account ETFs alone, volume increased in one month by USD109.5bn, to USD1.4604trn. The provider which showed the largest inflows in January was iShares (BlackRock), with a net total of USD11bn, putting it ahead of Vanguard (USD6.9bn) and State Streeet Global Advisors (SSgA, USD5.1bn). PowerShares/Deutsche Bank attracted USD3.8bn, db x-trackers/db ETC (Deutsche Bank) have posted inflows of USD1.1bn, and Lyxor Asset Management (Société Générale) has posted inflows of USD0.5bn.By asset volumes, iShares remains the runaway leader, with assets as of the end of January of USd644.2bn, followed by SSgA (USD291.6bn), and Vanguard (USD187.8bn). These are followed by PowerShares/Deutsche Bank with USD66.8bn, db x-trackers/db ETC with USD48.3bn, and Lyxor with USD41.1bn.
10/02/2012

Good annual results in asset management at Canada's Manuvie

Assets under management by the Canadian Manuvie group (SFM, for Société Financière Manuvie) increased by USD1.7bn in 2011, to a total of USD178.1bn, the firm announced in a statement on 9 February. Taking into account assets under management in the general fund from Manuvie, assets are up by USD2.3bn to USD211.4bn. In the United States, subscriptions to mutual funds from John Hancock (“Fonds JH”) totalled USD12.5bn in the 2011 fiscal year, up 29% compared with USD9.7bn in 2010. Assets under management in Fonds JH totalled USD35.5bn as of 31 December 2011, up 4% compared with the end of December 2010. The retirement planning sector at John Hancock has retained its leading position on the market, with a market share of 21% in the segment for retirement regimes with under 500 members as of 30 September 2011, down 3 points compared with the corresponding period of the previous year. Assets under management in this sector totalled USD62.8bn as of 31 December 2011, down 1% compared with 31 Dcember 2010, with positive net subscriptions more than offset by unfavourable performance of investments in 2011. The group finished the fiscal year with net profits of USD129m, an improvement of USD1.8bn compared with 2010.
10/02/2012

Credit Suisse asset management sees net redemptions in 2011

In 2011 the Asset Management unit at Credit Suisse Group had CHF 0.9 billion net asset outflows. In the fourth quarter of 2011, net outflows stood at CHF 9.6 billion in Asset Management.Asset Management reported income before taxes of CHF 87 million in 4Q11, down 52% compared to 4Q10 and 5% compared to 3Q11. Net revenues of CHF 455 million were down 26% from 4Q10 and 3% from 3Q11. Fee-based revenues were CHF 464 million, down 13% compared to 4Q10, and down 5% compared with 3Q11, reflecting lower asset management fees, lower performance fees and carried interest, partially offset by higher placement, transaction and other fees. Investment-related gains were CHF 6 million compared to gains of CHF 101 million in 4Q10 and losses of CHF 17 million in 3Q11. In 4Q11, realized and unrealized gains included revenues in the industrial and transportation sectors, partially offset by unrealized losses in the energy and commodities sector.Total operating expenses of CHF 368 million were down 16% compared to 4Q10 and 3% compared to 3Q11, reflecting lower compensation and benefits and lower general and administrative expenses.
10/02/2012

UBS may integrate prop desk into asset management unit

UBS may integrate its proprietary equity trading activities into its asset management unit, the CFO at the Swiss group, Tom Narabil, has told Bloomberg. The plans may be put into action in the coming few quarters, and would affect about 50 employees.
10/02/2012

Sustainable development fund assets down

As of the end of December, assets in investments categorised by Ecoreporter as sustainable development had assets of EUR28.1bn, a contraction of 12% compared with the end of 2010, the Börsen-Zeitung reports. The number of these funds has also declined to 289 from 306 twelve months previously.
10/02/2012

DWS recruits a director of Latin American equities from a sovereign fund

DWS Investments has announced that it has recruited Luiz Riberio as director of Latin American equities. He had previously served in a similar position at ADIA (Abu Dhabi Investment Authority). Riberio will be based in São Paolo and will report to Andreas Römer, director of emerging markets at DWS. Following the appointment of Hian-Boon Tay, who had previously been at GIC (Government of Singapore Investment Corporation), Riberio is the second manager of a sovereign fund to join DWS in the space of a few months.
10/02/2012

Berenberg and Universal launch Chinese yuan bond fund

The Swiss affiliate of the German private bank Berenberg, Berenberg Bank (Schweiz), has teamed up with the Luxembourg affiliate of the German firm Universal-Investment to launch the Berenberg Renminbi Bond Opportunities UI, a fund of corporate bonds denominated in Chinese yuan with an overlay that allows for indirect investments in yuan via Asian corporate bonds denominated in US dollars. The investment strategy is determined by Berenberg Bank (Schweiz), but the operational management of the fund is provided by specialists at Goldman Sachs Asset Management in London.CharacteristicsName: Berenberg Renminnbi Bond Opportunities UIISIN codes: LU0679891803 (R EUR shares)LU0679891639 (R USD shares)Front-end fee: Maximum 3%Management commission: Currently 1.70%
10/02/2012
Gestion d'actifs

Médicis a effectué une mise en concurrence restreinte sur une série de fonds dédiés

Dans le cadre de la remise à plat de sa gestion dédiée diversifiée, la Mutuelle Médicis a procédé, avec l’aide de son consultant Insti 7, à une série d’appels d’offres restreints dont les principaux lots concernent, d’après nos informations: La Multigestion traditionnelle OCDE: 2 fonds dédiés de 18 millions d’euros chacun Les actions internationales large cap (MSCI World couvert en euro): 2 fonds dédiés (95 millions d’euros + 10 millions d’euros) La gestion crédit Investment Grade avec échéance 2017, pouvant intégrer jusqu'à 40% de High Yield et de Convertibles: deux fonds dédiés (65 millions d’euros + 130 millions d’euros) Les actions small et mid cap Europe: un fonds dédié de 25 millions d’euros La gestion diversifiée flexible avec un poids maximal des actions de 60% dont la majorité devra être investie en Europe et OCDE: 3 fonds dédiés de 50 à 60 millions d’euros chacun avec pour indice de référence 50% MSCI EMU et 50% Ibox. Les FCP devront être investis en obligations OCDE, en euro. Le dépositaire et valorisateur est CACEIS. Les candidats avaient jusqu'à vendredi 3 février 12h00 pour répondre.
Gestion d'actifs
10/02/2012
Gestion d'actifs

Agrica Epargne s'éloigne des obligations US et britanniques

Le groupe Agrica qui gère 5,3 milliards d’euros s'éloigne des obligations américaines (US) et britanniques. Les obligations de ces deux zones, d’après Jean Claude Guimiot (Directeur général délégué d’Agrica Epargne), ne sont pas un reflet précis de la réalité économique outres Manche et Atlantique. Le groupe préfère investir dans la zone Euro, limitant les obligations Allemandes pour se focaliser sur la France. Agrica travaille principalement avec Amundi et Groupama AM pour gérer son portefeuille obligataire. Le Fonds a aussi réduit son exposition aux actions en préparation de Solvabilité 2, même si cette poche est actuellement plus importante que ce qu’elle ne devrait l'être. Les cinq institutions au sein d’Agrica (CAMARCA, Agrica Retraite AGIRC, Agri Prévoyance, CPCEA, CCPMA Prévoyance) ont sept portefeuilles puisque deux d’entre elles proposent des retraites supplémentaires. En moyenne, l’allocation stratégique de ces sept portefeuilles contient 6% d’immobilier, 24% d’actions et d’actifs diversifiés et 76% d’obligations corporate et d'état. Agrica investit actuellement 85,6% de ses actifs selon des critères ISR. Le groupe ne travaille avec aucun consultant si ce n’est Vigeo qui l’accompagne sur les stratégies ISR.
Gestion d'actifs
10/02/2012

Pékin réintroduit un marché à terme des obligations d’Etat

Selon des sources concordantes, l’autorité chinoise du Marché à terme aurait demandé à dix établissements de se préparer au lancement d’un projet pilote visant à réintroduire, après 17 ans d’interdiction, un marché secondaire des obligations d’Etat. Le marché obligataire chinois pèse 21.270 milliards de yuans (2.540 milliards d’euros), le cinquième au monde.
10/02/2012

Le dynamisme des marchés boursiers émergents va se poursuivre

Selon une étude de Citigroup, les actions sur les marchés émergents devraient poursuivre leur rally en 2012, soutenues par les conditions de liquidité. Citigroup s’attend à ce que les gains soient surtout enregistrés en début d’année grâce à une inflation plus faible et à des taux d’intérêt en baisse sur les marchés émergents.
10/02/2012

Hong Kong ajuste le calcul du ratio de liquidité pour les banques

L’Autorité monétaire de Hong Kong (HKMA) a décidé d’assouplir ses règles afin que les banques puissent détenir davantage d’actifs libellés en yuan, lesquels rentrent dans le calcul d’un ratio de liquidité global. Pour justifier cette décision, HKMA souligne que le marché offshore en yuan est devenu plus mature après des années de développement.
10/02/2012

Paradoxe inquiétant sur le commerce extérieur chinois

Le rebond de l’excédent de la balance commerciale à 27,3 milliards de dollars en janvier, son niveau le plus élevé depuis six mois, a été permis par une première baisse depuis plus de deux ans des exportations de 0,5% sur un an, ainsi que par une chute de 15,3% des importations en glissement annuel. Le ministre du commerce, Chen Deming, avait alerté hier que le niveau des exportations en janvier n’était pas «de nature à nous rendre optimiste», alors que le FMI estimait qu’une récession plus forte que prévue en Europe pouvait faire tomber la croissance chinoise à 4,5% cette année. «La crise de la dette européenne va freiner les exportations chinoises qui pourrait ralentir à un rythme de croissance à un chiffre cette année» estime la Société Générale. D’autant que le rebond de l’inflation à 4,5% en janvier pourrait limiter les marges de manœuvre de la Banque Populaire de Chine pour assouplir sa politique monétaire.
10/02/2012

Menace sur le rachat d’El Paso

Selon un avocat des actionnaires de l’opérateur de pipelines El Paso, Goldman Sachs vient d’être pris en flagrant délit de conflit d’intérêt, ce qui doit remettre en cause le projet de rachat de 21 milliards de dollars d’El Paso par son concurrent Kinder Morgan. La banque travaille en effet en tant que conseil de la cible alors qu’elle détient une part de 19% au capital du prédateur.
10/02/2012

Les fonds monétaires américains de retour en zone euro

Selon JPMorgan, les fonds monétaires américains ont augmenté leurs actifs bancaires de la zone euro en janvier et ce pour la première fois depuis avril 2011, ce qui suggère que les craintes de voir la crise de la dette échapper à tout contrôle se sont apaisées. Ils ont ajouté 27 milliards de dollars de dette bancaire de la zone euro, dont 23 milliards pour les seules banques françaises, à leurs portefeuilles le mois dernier.
10/02/2012

KKR voit son résultat chuter

Le résultat économique net du groupe de private equity a baissé de 68% au quatrième trimestre, à 225,5 millions de dollars (33 cents par action). Les analystes du panel Bloomberg tablaient en moyenne sur un résultat de 75 cents. Les fonds n’ont crû que de 4% l’an dernier contre 33% en 2010.
10/02/2012

Compromis en vue entre Bumi et Nathaniel Rothschild

La famille Bakrie et son partenaire indonésien, Samin Tan, qui détiennent à eux seuls 29,9% du capital de Bumi, seraient prêts à un compromis qui permettrait de voir Nathaniel Rothschild quitter ses fonctions de vice-président du groupe minier mais conserver sa place au sein du comité de direction, selon le quotidien qui cite des sources proches du dossier.

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