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29/10/2010
Fonds

Le Fondak a généré 10,5 % de performance par an sur six décennies

Au 30 octobre, le fonds d’actions Fondak d’Allianz Global Investors (2,1 milliards d’euros) fêtera son 60ème anniversaire. Il a produit durant cette période une performance annuelle moyenne de 10,5 %, rapporte Die Welt. Depuis le début de l’année, il a gagné 12,5 %, soit environ 200 points de base de plus que l’indice Dax.Lorsque le Fondak, géré depuis dix ans par Heidrun Heutzenröder, a été lancé, il n’existait que quelques fonds d’actions en Allemagne ; aujourd’hui, les investisseurs ont le choix entre 2.443 produits.
Fonds
29/10/2010

Universal-Investment renforce sa distribution institutionnelle

Avec le recrutement de Giovanni Gentilcore (ex Allianz Global Investors) et de Matthias Eizenhöfer (ex Vontobel Europe) comme senior sales managers, Universal-Investment vient de renforcer son équipe de distribution dédiée aux institutionnels dirigée par Ralf Bräuer. Ces embauches font suite à une forte augmentation de la demande, avec un encours de 124 milliards d’euros fin septembre, soit une hausse de 20 milliards d’euros en douze mois, l’essentiel provenant des investisseurs institutionnels.Les deux nouvelles recrues seront plus particulièrement chargées de commercialiser des «master-fonds», des fonds institutionnels et de prestations complémentaires comme le prêt de titres ou le reporting sur le risque.Bernd Vorbeck, président du comité exécutif, a souligné qu’Universal-Investment compte encore développer ses services au profit des clients institutionnels en proposant les services des trois divisions administration, gestion du risque et internalisation pour fournir des solutions sur mesure.
29/10/2010
Fonds

Universal Investment lance un fonds comportemental de performance absolue

Avec sentix Asset Management, Universal-Investment a lancé le fonds de droit allemand (DE000A1C2XH4) sentix Fonds 1 qui utilisera une approche comportementale des marchés d’actions, d’obligations, des devises et des matières premières. La gestion s’inspire du sondage effectué régulièrement depuis 2000 sur le sentiment de marché auprès de 3.000 opérateurs dans 20 pays. Le fonds sera investi surtout en Europe.Le taux de frais sur encours se situe actuellement à un maximum de 1,525 % pour la part retail et à 0,775 % pour la part institutionnelle (au moins 100.000 euros), tandis que le droit d’entrée pour la part retail se situe à 3 % maximum. La commission de performance est de 20 % sur la surperformance par rappoert à l’euribor 1 mois plus 500 points de base.
Fonds
29/10/2010

J.P. Morgan Private Bank muscle son équipe

Håkan Strängh, head of private bank pour l’Allemagne et l’Autriche chez J.P. Morgan Private Bank, a recruté Wolf-Christian Maßner qui était jusqu’ici membre du directoire de la Fürstlich Castell’sche Bank, responsable de la banque privée, de la banque de détail et des opérations. Quant à Georg Albrecht, qui rejoint également JPM Private Bank, il était key client relationships officer chez UBS pour la partie septentrionale de l’Allemagne.
29/10/2010
Fonds

Generali Investments lance un fonds obligataire d'allocation tactique

Avec le Generali IS-GaranT 5 (LU0499461126) et le Generali IS-Tactical Bond Allocation (LU0500334650), Generali Investments vient d'élargir sa gamme de fonds européens.Le second, surtout, est une innovation, puisqu’il offre les meilleures idées des différents gérants obligataires du groupe dont l’encours dans cette classe d’actif dépasse les 250 milliards d’euros. Selon Carlo Cavazzoni, Eueropean head of institutional sales, ce produit allie tous les avantages d’une gestion à la fois flexible, tactique et dynamique de tous les compartiments obligataires. Le fonds sera investi dans tous types d’obligations, principalement en euros et prioritairement avec des échéances résiduelles de un à cinq ans. Le gérant est Fabio Mandirola.Quant au nouveau fonds garanti, à échéance 30 septembre 2015, il est confié à Daniele Marvulli.
Fonds
29/10/2010

Natixis closes its Geneva private bank

p { margin-bottom: 0.08in; } Two years ago, Natixis opened a private banking affiliate in Switzerland, Natixis Gestion de Fortune, which originally employed two people. Now, Le Temps reports, the group has decided to pull out of the Geneva market. “We wanted to recenter our networks, especially in France, where our shareholders are most present,” the firm says. The bank says the structure of the group has changed since its two shareholders, Banque Populaire and Caisse d’Epargne, merged to create the Groupe BPCE.
29/10/2010

Paul Wiebel becomes head of private clients at Swiss Life

p { margin-bottom: 0.08in; } Swiss Life announced on 29 October that it has appointed Thomas Bach, previously head of private client activities in Switzerland, as head of the operational sector for multiple channels, from 1 December. Paul Weibel, currently head of life insurance business for private clients at Zurich Switzerland, will succeed Bach as head of private clients.
29/10/2010

EFG opens a branch in Lugano

p { margin-bottom: 0.08in; } EFG Bank, which includes the private banking activities of EFG International in Switzerland, has stepped up its presence with the opening of a new branch in Lugano, Agefi Switzerland reports. Currently, six client advisors are working at the new branch. The team is led by Pierguiseppe Vescovi, who was previously director of the wealth management division of the Lugano branch of the Banque de Dépôts et de Gestion.
29/10/2010

Profits down sharply at Santander

p { margin-bottom: 0.08in; } For the first nine months of the year, net profits for the Santander group fell 9.8% to EUR6.08bn, while the operating coefficient rose to 42.9% from 41.3%. Net profits for the asset management and insurance division increased by 10.5% to EUR348m in January-September. As of 30 September, assets under management totalled EUR119bn, 2% higher than at the end of December and 7% higher than at the end of September 2009. Net profits for asset management rose 38.1% compared with the corresponding period of last year, to EUR64m. Assets in traditional management (investment funds, investment companies and pension funds) as of the end of September totalled EUR115bn, 2% higher than at the end of December, of which 80% were in the Spanish, Brazilian and Mexican markets.
29/10/2010

Universal-Investment recruits for institutional distribution

p { margin-bottom: 0.08in; } With the recruitment of Giovanni Gentilcore (ex Allianz Global Investors) and Matthias Eizenhöfer (ex Vontobel Europe) as senior sales managers, Universal-Investment has added to its distribution team dedicated to institutionals, led by Ralf Bräuer. The recruitments follow a strong increase in demand, with assets of EUR124bn as of the end of September, an increase of EUR20bn in twelve months, mostly from institutional investors. The two new recruits will be in charge of distributing master funds, institutional funds and complementary services such as securities lending and risk reporting. Bernd Vorbeck, chairman of the executive board, says Universal-Investment is planning to further develop its services to institutional clients, to offer custom solutions in the three divisions of administration, risk management and insourcing.
29/10/2010

Markus Fuchs becomes senior counsel for Swiss Funds Association

p { margin-bottom: 0.08in; } At the beginning of November Markus Fuchs will join the secretariat of the Swiss Funds Association (SFA), as senior counsel, in the areas of alternative investment and asset management. He was most recently managing director and head of product management at UBS. Andreas Ventouras, business counsel, left SFA at the end of September, to “take on a new challenge” in the area of investment funds in French Switzerland.
29/10/2010

Net profits at Ameriprise up 32% in second quarter

p { margin-bottom: 0.08in; } Ameriprise on 27 October reported net profits of Usd344m for third quarter, up 32% compared with third quarter 2009. Assets under management and administration at Ameriprise as of 30 September totalled Usd649bn, up 48% year on year, due to the acquisition of Columbia Management and market effects. Assets in the asset management unit were up 89% in third quarter to USD445bn, due to the acquisition of Columbia Management and appreciation of the S&P 500. For US management, the quarter finished with net inflows of USD1.1bn in third quarter, due to strong institutional demand, while European retail saw net outflows. Assets under management in the United States as of 30 September totalled USD347bn, compared with USD146bn one year previously, with the acquisition of Columbia Management. Assets under management at Threadneedle for their part were up 9% as of 30 September to USD102bn.
29/10/2010

Assets under management at Legg Mason up 4%

p { margin-bottom: 0.08in; } Assets under management at Legg Mason increased 4% in the quarter to the end of October compared with 30 June, to a total of USD673.5bn. The quarter ended with net outflows of USD12.7bn, of which USD8bn were in fixed income, largely offset by market effects of USD40.8bn. Results for the quarter totalled USD75.3m (including a fiscal gain of USD8.9m in the United Kingdom), compared with USD47.9m one quarter earlier, with revenues up slightly to USD674.8m compared with USD674.2m.
29/10/2010

UCITS III strategies do not prevent counterparty risks

p { margin-bottom: 0.08in; } The managing director of Meteor Asset Management, Graham Devile, says plans in the structured products sector to do away with counterparty risk by using the UCITS III format will certainly not resolve all problems, Money Marketing reports. The UCITS III former is too costly to be viable, and Devile does not think that it is a panacea to resolve the problem of counterparty risks. UCITS III funds need to have at least GBP10m in assets under management to be profitable. Structured products are offered for set periods, and rarely attain these levels. “Management of such a vehicle can cost GBP100,000 per year,” says Devile.
29/10/2010

SAM founder to launch a responsible bank

p { margin-bottom: 0.08in; } Responsible Investor reports that Reto Ringer, the founder and former CEO of the Zurich-based firm Sustainable Asset Management or SAM has assembled a team for a project to create a private bank specialised in responsible investment. Ringger, who launched SAM fifteen years ago, announced the plans at a conference in Zurich where he said that he had applied for a license from the Swiss authorities. The new firm, which has “a provisional label from Globalance Capital, will have 20 employees, several of whom are former SAM executives. The responsible bank will base its activities on seven major principles, including a long-term development model, transparency of commissions and evaluation of the impact of the bank’s investments in the environment.
29/10/2010

Hedge funds increasingly interested in businesses

According to the most recent annual survey by BNY Mellon of trends in investor relations, 93% of publicly-traded businesses hold meetings with hedge funds, compared with 89% last year. One quarter of meetings with investors at a business involve hedge funds, compared with only 16% in 2009.Sovereign funds represent another favourite target for businesses. 47% of departments of investor relations hold meetings with sovereign funds, and 23% of businesses are planning to do so in the future. The study funds, however, that teams dedicated to investor relations in North America are less interested in meetings with sovereign funds (30%), while 52% of them have no plans to meet with these funds in the coming months.In addition, nearly one quarter of businesses in the sample (22%, 83 out of 371) are planning a second listing on an emerging market. Most candidates for listing cite Hong Kong or China due to their strategic interest.
29/10/2010

Appointment at Nuveen Investments

p { margin-bottom: 0.08in; } The US-based investment services provider Nuveen Investments on 25 October announced that it has appointed Oscar Isoba as senior vice president in charge of development of Latin American activities. Isoba previously worked at Alliance Bernstein, where he was in charge of Latin American activities. Nuveen Investments says that strong demand for UCITS-format products has led them to launch two new UCITS funds recently, Nuveen Tradewinds Global All Cap Fund ESG Fund and Nuveen Tradewinds value Opportunities Fund. The two new strategies are managed by Tradewinds Capital Advisors.
29/10/2010

J.P. Morgan Private Bank adds to team

p { margin-bottom: 0.08in; } Håkan Strängh, head of private bank for Germany and Austria at J.P. Morgan Private Bank, has recruited Wolf-Christian Maßner, previously head of the board at Fürstlich Castell’sche Bank, as head of private bank, retail bank and operations. Georg Albrecht, who has also joined JPM Private Bank, was key client relationships officer at UBS for northern Germany.
29/10/2010

IASB publishes IFRS 9 standards for financial instruments

p { margin-bottom: 0.08in; } The International Accounting Standards Board (IASB) on 28 October published new rules which will be added to IFRS 9 for financial instruments and complete the first round of work on the planned replacement for IAS 39 standards for financial instruments. The new rules in particular treat the problem of volatility of result accounting (P&L) when an issuer chooses to record fair value of its debt. The IASB has decided to maintain amortised cost accounting for most liabilities. The modifications related to the use of fair value for accounting debt will no longer be due to P&L, but instead to “other comprehensive income” (OCI), which provides a way to measure variation in owners’ equity between two points in time. The entry into force of IFRS 9 is planned for 1 January 2013. In the meanwhile, the IASB will complete the second and third phases of the planned replacement of IAS39 standards, treating accounting for depreciation of financial assets and hedge accounting. The two phases will be completed by the end of June 2011.
29/10/2010

There are 10,000 funds of hedge funds in the world

p { margin-bottom: 0.08in; } The first fund of hedge funds was created in Switzerland in 1969. Currently, one third of products are domiciled in Switzerland; there are about 10,000 hedge funds worldwide, with total assets of USD500bn to USD600bn, the Frankfurter Allgemeine Zeitung reports. The largest providers are Alternative and Quantitative Investments (UBS), Blackstone Alternative Asset Management, UBP, HSBC Alternative Investments and Grosvenor Capital Management.
29/10/2010

Legg Mason merges a British fund into an international fund

p { margin-bottom: 0.08in; } Money Marketing reports that the US management firm Legg Mason has announced the merger of its British value fund (GBP7.6m in assets) into the international Legg Mason global equity income fund (GBP7.2m). Legg Mason’s decision is related to concerns over the ability of the FTSE to produce returns for investors.
29/10/2010

Investec adjusts its fees

p { margin-bottom: 0.08in; } Fund Strategy reports that Investec Asset Management has lowered the management commission for its Target Return Fund (GBP374m) from 1.50% to 1.25%, but that it has increased fees for five funds. Fees for the Cautious Managed Fund (GBP1.6bn) will increase to 1.5% from 1.25%, while the Strategic Bond Fund (GBP268m) and Global Bond Fund (GBP150m) will be increased to 1% from 0.75%. The Monthly High Income Fund (GBP197m) and Target Return Fund (GBP374m) are increased from 0.95% to 1.25% and to 1.5% from 1.25%.
29/10/2010

Pivalto UK closes Millenium tracker fund

p { margin-bottom: 0.08in; } Investment Week reports that Privalto UK, an affiliate of BNP Paribas, has decided to close its Millenium tracker fund, which replicates the performance of the BNP Paribas Millenium 10 Europe Series 3 (Sterling Hedged) Total Return index. The index is composed of liquid shares, including US, European and Asian equities as well as commodities, real estate, and foreign currencies. The product had GBP7m in assets, which is too small to be profitable.
29/10/2010

Inversis to sell Popular Gestión products

p { margin-bottom: 0.08in; } Rafael Hurtado, CIO of Popular Gestión (EUR6.16bn in assets), has announced that the 65 funds of the range will now also be available on the Inversis Banco platform, Funds People reports. This will allow the firm to reach institutional clients who do not want to subscribe to the Banco Popular network.
29/10/2010

Only 0.5% of funds have over EUR1bn in assets

p { margin-bottom: 0.08in; } According to statistics from the Inverco association of management firms as of the end of September, only 13 of the approximately 2,600 funds in Spain have assets of over EUR1bn, including the two largest real estate funds, for which redemptions are currently frozen: Santander Immobiliario Banif, which is the largest fund of all, with EUR2.54bn, and the BBVA Propriedad, which is in fifth place, with nearly EUR1.4bn. Three management firms claim three each of the largest funds. In addition to Santander (Banif Immobiliario, Rendimento B with EUR1.58bn, and Renta Fija Corporativa with EUR1.8bn, there is BBVA (Ahorro C/P with EUR2.36bn, Propriedad and Ahorro Corto Plazo II with EUR1.01bn), and Invercaixa with Foncaiza Rentimento CP (EUR1.67bn), Foncaixa Bienvenida (EUR1.6bn after five months of existence) and Foncaixa RFFlexible (EUR1.03bn). The other four management firms in the rankings with over EUR1bn are Popular Gestión (Eurov. Partic. EUR1.47bn), Sabadell (Sabadell BS Inmobiliario, EUR1.03bn), Bestinver (Bestinver Internacional, EUR1.03bn) and Ibercaja (Ibercaja DIN, EUR1bn).
29/10/2010

Spanish funds continue to lose assets

p { margin-bottom: 0.08in; } According to estimates from VDOS Stochastics as of 22 October, reported by Expansión, Spanish funds have seen further net outflows since early October of over EUR1.5bn, and their assets have declined by EUR729m, as market effects were positive to the tune of EUR857m.
29/10/2010

Foreign management firms gain ground

p { margin-bottom: 0.08in; } In January-September, foreign management firms in Spain posted net subscriptions of EUR4.5bn, while Spanish firms underwent net redemptions of EUR18bn, Cinco Días reports, citing the Inverco association of management firms. Total assets for foreign management firms in Spain as of the end of September represented EUR4.5bn (+19%), while Spanish firms were down 8% to EUR177bn. The three largest foreign management firms are JP Morgan (EUUR5.11bn), Schroders (EUR3.27bn) and BNP Paribas (EUR2.81bn).
29/10/2010

Hedge funds turn to Asia

p { margin-bottom: 0.08in; } In Asia, the cost of creating a hedge fund is lower than in the West, as financial centres are seeking to attract actors of this type, who bring liquidity to the markets, while hedge fund managers are attracted to growth markets which offer prospects of lucrative returns, the Frankfurter Allgemeine Zeitung reports. Currently, Eurekahedge reports, there are 1,248 hedge funds in Asia, more than in 2007 before the financial crisis, although at USD116.9bn, their assets have not returned to their peak levels of 2007. The largest 20% of hedge funds in the region control 60% of assets in the sector. The performance of hedge funds in 2009 was 53.62% in India, 45.31% in China, 41.52% in Australia, 7.17% in Japan and 9.47% in Korea, with an average of 26.71% for Asia as a whole.
29/10/2010

Fondak has generated 10.5% per year over six decades

p { margin-bottom: 0.08in; } On 30 October, the Fondak equities fund from Allianz Global Investors (EUR2.1bn in assets) will celebrate its 60th birthday. In this period, it generated average annual performance of 10.5%, Die Welt reports. Since the beginning of the year , it has earned 12.5%, about 200 basis points higher than the Dax index. When the Fondak fund, managed by Heidrun Heutzenröder, was launched, there were only a few equities funds in Germany; now, investors may choose from 2,443 products.
29/10/2010

Universal Investment launches an absolute return behavioural fund

p { margin-bottom: 0.08in; } Universal-Investment has joined forces with sentix Asset Management to launch the German-registered sentix Fonds 1 (DE000A1C2XH4), which will use a behavioural approach to equities, bond, currency and commodity markets. Management is inspired by an annual survey since 2000 of market sentiment according to 3,000 operators in 20 countries. The fund will invest primarily in Europe. TER is currently a maximum of 1.525% for retail and 0.775% for institutional shares (at least EUR100,000), while front-end fees for retail shares are a maximum of 3%. Performance commission is 20% for performance exceeding the Euribor 1 month plus 500 basis points.

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