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26/10/2011
Fonds

KKR : à nouveau l'Asie

L’agence Bloomberg croit savoir que KKR, la société de private equity américaine, cherche à lever 6 milliards de dollars pour son deuxième fonds dédié à l’Asie, rapporte L’Agefi. KKR avait récolté 4 milliards pour le premier en 2007. Les investisseurs pourraient être mobilisés mi-2012.
Fonds
26/10/2011

UBS fined in United States

One of the US regulatory agencies, FINRA, on 25 October announced that it has sentenced UBS bank to pay a fine of USD12m for speculating that the prices of millions of securities would fall, violating rules imposed to limit short-selling. According to a statement from the Financial Industry Regulatory Authority, UBS Securities did not establish the necessary supervision for these market operations. The regulator claims that the supervision of these sales “presented significant shortcomings,” which led to “significant lacks … in its equity trading activities overall.” The result of these violations was that millions of short-selling orders were made on the market, without the bank having “reasonable grounds to believe that these shares could be lent” and thus effectively sold, FINRA explains. The authority finds that UBS sold shares which were notoriously difficult to obtain, and did not store the orders in its system as required, with some sales of financial assets classes as not short (and thus as “long”), although they were actually short positions.
26/10/2011

Inflows at UFF since January

The French firm UFF has posted a net inflow of EUR19m in the first nine months of the year. Despite this, total assets under management for clients at the asset manager have declined from EUR7.2bn as of 31 December 2010 to EUR6.6bn as of 30 September 2011, due to negative market effects. Overall, net banking proceeds in the first nine months of 2011 totalled EUR112.4m, down 6% compared with the first nine months of 2010.
26/10/2011

Schroders extends its product range in Italy

Schroders has introduced 22 new share classes in Italy for nine funds, including variable or fixed coupon shares. The products include the Schroder ISF Euro Bond, Schroder ISF Euro Credit Duration Credit, Schroder ISR Global Convertible Bond Eur Hedged, Schroder ISF Global Corporate Bond Eur Hedged, Schroder ISF Global Credit Duration Hedged, Schroder ISF Global High Yield Eur Hedged, Schroder ISF US Dollar Bond Eur Hedged and Schroder ISF Global Dividend Maximiser Eur Hedged funds. Schroders thus widens its product range in Italy, which is composed of 13 bond funds and 4 equity funds, to a total of 49 share classes in various currencies.
26/10/2011

Profits up at T. Rowe Price

In July-September, net profits at T. Rowe Price have totalled USD185.5bn, compared with USD169.1m in second quarter, bringing the total in the first nine months of the year to USD584.8m, from USD480.6m.However, as of 30 September, assets totalled USD453.5bn, compared with USD520.9bn as of the end of June. They totalled USD482bn one year previously. A contraction of USD67.4bn in third quarter is USD64.8bn due to market effects, while redemptions totalled USD2.6bn. Compared with the end of December 2010, the decline in assets totals USD28.5bn, due to a negative market effect of USD41.5bn, which was not offset by net subscriptions of USD13bn.Of the USD453.5bn in assets under management as of the end of September, USD266.6bn corresponded to mutual funds on sale in the United States, and USD186.9bn to “other portfolios.”
26/10/2011

Profits down at Invesco

In third quarter, net profits at Invesco payable to ordinary shareholders according to adjusted statistics totalled USD192.3m, down from USD207.1m in April-June, which represents a 7.1% contraction. Under GAAP accounting standards, net profits total USD166.9m, down from USD183m.Net profits in the first nine months of the year by GAAP accounting standards rise to USD527.4m, from USD290.5m in the corresponding period of last year.As of the end of September, assets at Invesco totalled USD598.4bn, compared with USD653.7bn three months earlier, and USD604.5bn as of the end of September 2010. At the end of December last year, assets under management totalled USD616.5bn.From January to September this year, Invesco has posted net subscriptions of USD14.6bn for its long-term products, and USD5bn for its institutional money market funds, while market effects reduced assets by USD36.1bn, and forex effects were negative to the tune of USD0.6bn. In third quarter 2011, Invesco earned a net total of USD3.3bn on long-term products, and saw net outflows of USD1.1bn from institutional funds.
26/10/2011

Aberdeen to liquidate DEGI International as well

On 25 October, Aberdeen Immobilien KAG announced that its open-ended fund DEGI International (DE0008007998, EUR1.56bn as of the end of August), will be liquidated “in an orderly manner” by 15 October 2014. Redemptions had been suspended since 16 November 2009.A survey of the 70,000 shareholders found that redemption demands would be higher than the available liquidity (EUR288.6m as of the end of August).Aberdeen Immobilien is planning to reimburse shareholders with half-yearly payments beginning in April 2012.The DEGI International becomes the third German real estate fund to be liquidated by Aberdeen, following the DEGI Europe and DEGI Global Business funds (the latter of which was an institutional fund). It is the sixth open-ended real estate fund to be closed, counting the two other DEGI products, the KanAM US-grundinvest, the Morgan Stanley P2 Value, TMW Weltfonds, and most recently, Axa Immoselect. In total, liquidations will involve assets of about EUR7bn.
26/10/2011

SEB launches a hedge fund seeding vehicle

Scandinavian banking group SEB launched on 1 October its second dedicated hedge fund seeding vehicle, HFMWeek can reveal. The fund known as the Manager Catalyst Fund II has raised USD300m from Nordic pension funds and other institutions. It will invest in six emerging managers.
26/10/2011

Bedrock builds presence in Brazil and Monaco

The Geneva-based asset management firm Bedrock has recruited Roberto Neumann, former director of private banking for Latin America at Banque Safdié Genève (which was acquired by Leumi in February), Agefi Switzerland reports. He comes as an addition to the team dedicated to Brazil. Bedrock is also opening an office in Monaco, which will be directed by the former head of the Middle East and North Africa (MENA) platform at HSBC Private Bank Monaco, Jihad Tabbara. The new structure will employ three people, and will primarily target middle eastern clients. Bedrock has USD2bn in assets under management and USD6bn in assets under administration.
26/10/2011

ETF Securities rejects iShares proposals

ETF Securities is opposed to proposals by iShares to restrict the ETC label to commodities products backed by physical goods, and to rename other commodities ETPs as ETNs, the Financial Times reports. Towsend Lansing, head of regulatory affairs at ETF Securities, says ETC investors are not confused.
26/10/2011

Hedge fund managers' pay scales fell sharply this year

In general, employees of hedge funds with any level of qualifiation, this year saw an average decline of 10% to their pay compared with 2010, according to the Glocap Hedge Fund Compensation Report 2012. For senior hedge fund managers, there is more disparity, ranging from stable levels compared with last year to a decline of 30%.In the mid- to junior levels, pay has evolved in a range from +7% to -10%. Pay for operations specialists (marketing, client services, accounting and compliance) have remained stable or have shown slight gains.
26/10/2011

Axa IM planning to launch a fund of funds dedicated to extreme risk

Axa Investment Managers is planning to launch a fund of hedge funds dedicated to extreme risk, Financial News reports. Axa has already set up similar strategies for a small number of investors since last November. Axa is planning to offer the strategy to a wider public by the end of this year. Fund of hedge fund activities at Axa total about EUR5bn in assets under management.
26/10/2011

iShares registers four ETFs in Spain

The three iShares S&P Commodity Producers ETFs (Oil & Gas, Gold and Agriculture) and ETF iShares MSCI ACWI, recently launched on the London Stock Exchange (see Newsmanagers of 21 and 25 October), are now also available in Spain, according to a statement released on 25 October. The four Irish-registered products rely on physical replication.
26/10/2011

Kames Capital recruits three managers from ING Reim

Kames Capital (ex-Aegon AM) has added to its real estate team with the recruitment of three real estate multi-managers from ING Real Estate Investment Management UK, Money Marketing reports. Mark Bunney, Matt Day and Tony Yu, specialised in real estate funds of funds, managed more than GBP2bn in assets at ING Reim.
26/10/2011

F&C cuts jobs

F&C has announced that it has revised its expense reduction target to GBP33.2 million by 2013 from the GBP12 million of savings announced in January 2011. These cuts wil mostly lead to job losses. The incremental savings of GBP21.2 million are comprised of GBP16.7 million in staff reductions. Staff reductions affect primarily back office and corporate staff functions, with limited impact on investment teams and client facing personnel. No reductions are being implemented in the Group’s compliance or risk functions, according to F&C. The announcement comes amidst a strategic review by the group which has been underway since March 2011, and whose final results will be announced in first half of 2012. F&C has also announced that its assets under management are down from GBP108bn as of 30 June, to GBP103.2bn as of 40 September. This decline is due to net outflows of GBP2.3bn. The firm has also appointed two new independent non-executive directors. They are Keith Jones, cormer CEO of Morley Fund Management and NPI Investments, and Keith Percy, former executive chairman and CEO of Société Générale Asset Management UK and CEO of Morgan Grenfell Asset Management.
26/10/2011

Hedge funds post increasingly disparate returns

In September, the performance of hedge funds was more divergent than ever, the head of the multi-management unit at Man Group, Luke Ellis, has told Investment Week. According to Ellis, about one third of the most high-profile managers have earned gains of over 5% or of less than 5%. An analysis by FundWizard suggests that the divergences are even wider over the past twelve months. Out of a sample of 1,640 long/short managers, returns over the past twelve months to the end of September varied by 78 percentage points, between the best and the worst performers.
26/10/2011

Anti-tax evasion initiatives have brought in roughtly EUR14bn

Nearly EUR14bn in supplementary tax revenue have been recuperated in the past two years in 20 countries due to international agreements to combat tax evasion, the Organisation for Economic Cooperation and Development (OECD) announced on 25 October. “There is much more in the works,” the OECD promised at the opening of its fourth global forum on transparency and information exchange for fiscal purposes. The OECD says these added revenues make “a substantial contribution to budgetary consolidation without increasing tax rates” in many countries which are under fiscal pressure due to the crisis. The OECD states that measures enacted to combat tax evasion have brought in more than EUR1bn in France, EUR1.8bn in Germany, EUR1.4bn in the United States, EUR150m in Australia, and EUR260m in Spain and the United Kingdom. More than 100,000 taxpayers have disclosed their holdings, including 30,000 in the United States, 1,350 in the United Kingdom, 4,700 in France, and 25,000 in Germany.
26/10/2011

MEAG continues to invest in renewable energies

The asset management firm of the Munich Re group, MEAG Munich Ergo, on 26 October announced that acquisition of a solar pannel farm in the Canary Islands. The property has been purchased from the renewable energy portfolio of Banco Santander.Although the acquisition price has not been disclosed, MEAG says that the investment comes as part of the Renewable Energy and New Technologies (RENT) programme at Munich Re, which has a budget of EUR2.5bn, and was launched in 2010. MEAG had already invested EUR500m overall on behalf of its shareholder. The asset management firm bought a wind farm earlier this year, and solar energy farms in Spain and Italy.MEAG manages a total of EUR203bn, largely on behalf of Munich Re.
26/10/2011

Carmignac Gestion loses its head for Germany

John Korter has decided to leave Carmignac Gestion. He had previously been based in Luxembourg, as country head for Germany at the Paris-based asset management firm, where he had been since late 2006, but decided not to follow his team to Germany, according to sources familiar with the matter cited by the website fondsprofessionell.de (in German). By the end of this year, the firm, based in the place Vendôme in Paris, is planning to open an office in Frankfurt with staff of seven (see Newsmanagers of 3 June 2011), which John Korter was supposed to head.Carmignac Gestion had no comment on the reports to Newsmanagers.Before beginning in his position as country head for Germany, Korter had been head of sales for Carmignac Gesion in Switzerland. In total, he will have spent nearly seven years at the asset management firm.
26/10/2011

German institutional investors favour safety

The portfolios of German institutional investors are 84% composed of bonds or money market shares, 9% of equities, 5% of real estate and 1% of private equity, Union Investment has found in its annual study of the behaviour of this category of actors.The 2011 edition of the survey, which has been undertaken since 2005 by the central asset management firm of the German co-operative banks, also reveals that returns have become the determining criterion for 12% of respondents, up from only 7% in 2010. Despite this increase, the two most decisive criteria remain safety of the investment (for more than two thirds of the 42 investors surveyed), and the liquidity of investments (19%).Geographically, German institutional investors remain highly focused on Europe, with 81% of equity investments and 93% of bond investments made in Europe.
26/10/2011

FSA fines Credit Suisse GBP5.95m

The British Financial Services Authority (FSA) on 25 October announced that it has fined Credit Suisse GBP5.95m for control infractions related to sales of complex structured products by its private bank. Between January 2007 and December 2009, clients at Credit Suisse UK invested more than GBP1bn in complex structured products (SCARPs, or structured capital at risk products). In the same period, control systems did not provide a correct valuation of the profile of clients concerned in terms of risk. As a result, the FSA says, “clients were exposed to unacceptable risk of buying a SCARP product inappropriate for their profile.”
26/10/2011
Gestion d'actifs

La Carpa de Strasbourg veut " booster " ses placements

La caisse des règlements pécuniaires des avocats (Carpa) de Strasbourg est une petite structure qui gère au total 29 millions d’euros de fonds par an, dont six millions sont placés. Les Carpa sont régies par des règles très strictes car elles gèrent et sécurisent les fonds des tiers transitant entre les mains des avocats. Ainsi, les fonds maniés par un avocat doivent être déposés en Carpa dès lors qu’ils sont accessoires à un acte juridique ou judiciaire. De plus, la loi du 10 juillet 1991 leur a confié la gestion des fonds publics en matière d’aide juridictionnelle. Ces fonds sont placés et Jean W. Wiesel, bâtonnier de l’Ordre de Strasbourg explique : « Nos placements sont sécurisés car nous éliminons l’idée même d’un investissement comportant le moindre risque. Nous bénéficions encore aujourd’hui, de quelques placements souscrits avant la crise, dont les taux sont intéressants à 4,35% et 4,4%, dont un qui peut paraitre aujourd’hui exceptionnel, à 5,2% mais dont le montant est modeste ». Ainsi, la Carpa a investi ses fonds en majorité sur des contrats en capitalisation chez divers assureurs comme Generali ou Axa. Par ailleurs, elle possède aussi des placements courts termes en bons de caisse pour 1,9 millions d’euros. Aujourd’hui pourtant, la Carpa de Strasbourg se trouve dans une impasse car ses charges statutaires ont augmenté alors que le produit des capitalisations est resté le même. De plus, elle se trouve dans un système de reconduite des anciens contrats de capitalisation. « Il nous faudra sans doute d’autres produits qui pourront offrir une meilleure rentabilité, souligne maître Wiesel. C’est pourquoi nous sommes aujourd’hui, à la recherche d’un partenaire consultant, un vrai professionnel qui puisse éventuellement nous trouver de nouvelles ressources ».
Gestion d'actifs
26/10/2011

KKR vise l’Asie

De source proche, Bloomberg croit savoir que la société de private equity américaine cherche à lever pas moins de 6 milliards de dollars pour son deuxième fonds dédié à l’Asie. KKR avait récolté 4 milliards pour le premier en 2007. Les investisseurs pourraient être mobilisés mi-2012.
26/10/2011

TD Ameritrade subit l’impact du marché

Le courtier en ligne a dégagé un bénéfice net plus faible qu’attendu au quatrième trimestre de son exercice fiscal (clos au 30 septembre), l’augmentation des ordres des clients ayant été compensée par un environnement de marché défavorable. Le résultat net s’établit à 163,7 millions de dollars (29 cents par action), contre 114 millions (20 cents) un an plus tôt.

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