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28/10/2010

Very good quarterly results for asset management at Lazard

p { margin-bottom: 0.08in; } Assets under management at Lazard totalled USD143.6bn as of 30 September, up 16% from 30 June and 19% compared with their levels one year ago.Lazard says in a statement released on 27 October that net inflows totalled USD1.1bn in third quarter, and USD6.2bn in the first nine months of the year.Revenues for the asset management unit were up 32% in third quarter, at USD208m. In the first nine months of the year, revenues increased 48% to a record USD578.9m.The group has announced net profits up 18% year on year, at USD62.1m.
28/10/2010

Major increase in profits at AMG

p { margin-bottom: 0.08in; } Affiliated Managers Group (AMG), which controls 27 investment boutiques, has announced net profits for third quarter of USD34m, compared with USD17.8m in the corresponding period of last year, bringing the total for the first nine months of 2010 to USD76.6m, compared with USD34.9m. Assets as of 30 September totalled about USD294bn, and net subscriptions in third quarter represented USD5.5bn, of which USD4.2bn were for institutional clients, USD1.1bn for mutual funds, and USD0.2bn for high net worth retail clients. Meanwhile, AMG has announced that as of 1 January 2011, Sean M. Healey, president & CEO, will succeed the founder, William J. Nutt as chairman. Bill Nutt, who had been chairman since 1993, will remain on the board as an independent director.
28/10/2010

Record assets at Nordea

p { margin-bottom: 0.08in; } Net profits at Nordea in third quarter were up 32% to EUR711m, compareed with EUR539m in April-June; they were 14% up on EUR626m observed in the corresponding period of 2009. In the first nine months of the year, net profit totalled EUR1.89bn, compared with EUR1.87bn. As of the end of September, total assets under management were a record EUR180.2bn, compared with EUR169.8bn at the end of June, and EUR149.2bn twelve months previously. An increase of EUR10.4bn since 30 June is due to market effects and net subscriptions of EUR3.3bn. Assets in the asset management division, for their part, totalled EUR116bn as of the end of September, compared with EUR110bn three months previously, and EUR96bn as of 30 September 2009. Operating profits for the division totalled EUR97m, compared with EUR92m in second quarter and EUR72m in the corresponding period of last year.
28/10/2010

FSB in effort to reduce dependence on ratings agencies

p { margin-bottom: 0.08in; } The financial stability board (FSB) on 27 October published a series of “Principles for Reducing Reliance on Credit Rating Agency Ratings.” The objective of the principles laid out by the board is to reduce mechanical dependency on ratings, and to promote improvements in independent valuation of credit risk and means to undertake due diligence. The board emphasizes that the principles call for a significant modification to existing practices in five major areas: prudential supervision by banks, institutional investor policies, interventions by central banks, margin requirements for the private sector, and information requirements for securities issuers. The board admits, however, that the desires changes will not happen “from one day to the next.” It is desirable to maintain a transitional period, so that interested parties may put their own risk management capacities in place in the mid-term, and limit the influence of ratings agencies. The FSB proposes to issue an interim report on the progress made for the G20 during 2011.
28/10/2010

State Street Private Equity index posts returns of 0.65% in Q2

p { margin-bottom: 0.08in; } In second quarter, ending on 30 June 2010, the Private Equity index from State Street posted returns of 0.65%, 157 basis points lower than in first quarter 2010, and 483 basis points lower than in second quarter 2009. Returns for Europe and the rest of the world were significantly lower than in the previous quarter, at -3.14% and -0.48% in second quarter 2010. In the period from third quarter 2009 to second quarter 2010, Private Equity as a whole posted returns of 19.2%, compared with the previous period. Mezzanine and Distressed Debt funds earned 27.9% in the same period and continue to post better returns than other investment strategies.
28/10/2010

Professionals predict strong growth in private banking market

p { margin-bottom: 0.08in; } According to a survey by bbw-marketing of 117 German providers of financial services, 48% of professionals estimate that the private banking market, which has continued to grow at 5% per year despite the crisis, may expand by 5% to 7% per year in the next five years, while 22% of respondents predict a total growth rate of 7% to 10% per year.In Germany there are 1.2 million retail investors with liquid savings of EUR250,000 or more, while the number of wealth management clients (EUR1m or more) totals about EUR350,000.This market, the largest in the European onshore markets, is attracting foreign operators, as pressure on offshore markets will be likely to provoke a return of capital from Luxembourg and Switzerland. Competition will increase for savings and co-operative banks, which in 2009 already began to pick up shares of this lucrative market.bbw-Marketing insists that the over-50 age group is an increasingly important target for private banking: more than half of clients with EUR1m to EUR10m are over 60 years old. Clients with EUR1m to EUR10m account for 37% of assets under management or administration by private banking services.
28/10/2010

ETFs make hedge funds' job more difficult

Growing use of ETFs has contributed to an increase in correlations between equities, creating problems for long-short equity hedge funds, according to Hennessee Group, cited by the Financial Times.The consultant said their rising share of overall trading volumes was leading to the stock market being driven more by sentiment about broad economic issues rather than company fundamentals.
28/10/2010

Investor confidence index down in October

p { margin-bottom: 0.08in; } In October, the global investor confidence index from State Street fell 1.9 points to 86.2 compared with a corrected level of 88.1 for September. In North America, the confidence of institutional investors fell 3.2 points to 84.9, compared with a corrected level of 88.1 the previous month. Confidence in Europe remains stable, as the index has fallen from 97.0 to 96.4, a slight decline of 0.6 points. In Asia, the confidence of investors remains positive, at 103.3 points, despite a fall of 4.4 points compared with the level in September. “The underlying data indicate that institutionals are turning away from developed markets and allocating assets to emerging markets, but the net total of the two flows was negative. This is in line with a trend observed in early August, which suggested that institutional investors are satisfied to play the role of providers of liquidity, rather than takers of liquidity, in the current market environment,” State Street commented in a statement.
28/10/2010

Lyxor registers an ETF in Spain

p { margin-bottom: 0.08in; } On 25 October, the CNMV registered the Luxembourg fund Lyxor ETF S&P 500 (LU04967865740), for which the distributor is the local affiliate of Société Générale, for sale in Spain. Management commission is 0.25% and assets in the fund already total EUR70m. The fund is the 36th Lyxor ETF to be listed in Spain, and the first in SICAV format since the liberalisation of the sector.
28/10/2010

T. Bailey becomes first multi-manager to integrate GARS funds

p { margin-bottom: 0.08in; } Investment week reports that T. Bailey has become the first multi-manager to adopt a position on the global absolute return strategies (GARS) from Standard Life, whose assets under management total about GBP5.6bn. Standard Life modified the prospectus for GARS funds last September, introducing a limit of 10% for investments in other funds, and allowing multi-managers to invest in them.
28/10/2010

Man planning severe staff cutbacks

p { margin-bottom: 0.08in; } According to a source familiar with the matter cited by the Wall Street Journal, the London-based hedge fund manager Man Group is planning to lay off 200 people in the next six months, which is several times worse than expected at the time of its acquisition of GLG Partners in May. Currently, the new Man-GLG ensemble has about 1,800 employees.
28/10/2010

BNY Mellon launches a Latin American infrastructure fund

BNY Mellon has launched an infrastructure fund to capture investment opportunities created by the upgrading of Latin America’s transport networks, says CItywire. The fund, seeded with USD200 million, will be run locally by Bruno Garcia, who is also one of the managers on the BNY Mellon Brazil Equity fund.
28/10/2010

Blue Crest and Merrill Lynch close a Newcits fund

USD600 million is to be returned to investors in the BlueTrend Ucits fund, after hedge fund Blue Crest Capital and Merrill Lynch decided to close the fund over fears its tracking error with the original offshore strategy is set to increase, Citywire can reveal.The Newcits fund was launched in April 2009 and was part of Merrill Lynch’s Luxembourg Sicav. It will close on November 30.The BlueTrend Ucits fund was supposed to provide Ucits investors with access to BlueCrest Capital’s USD7 billion trend-following CTA strategy, Citywire says.
28/10/2010
Gestion d'actifs

AG2R - La Mondiale attribue trois nouveaux mandats ISR

Avec l’assistance de Mercer, AG2R - La Mondiale vient de sélectionner trois sociétés de gestion pour gérer des mandats obligataires ISR pour un encours total de 175 millions d’euros réparti de la manière suivante: Un premier mandat porte sur les Obligations d’Etat Zone Euro ISR pour un montant de 75 millions d’euros, le second porte sur les Obligations d’Entreprises ISR pour 50 millions d’euros, de même que le troisième mandat (50 millions d’euros) sur l’obligataire mixte. Les sociétés de gestion retenues sont les suivantes:
Gestion d'actifs
28/10/2010

L'efficacité des politiques monétaires peut être discutée

La politique monétaire du monde est fortement expansionniste. Dans le G7, les taux sont très faibles (inférieurs à 1%) pour stimuler la demande domestique et soulager le désendettement. Fed et Banque d’Angleterre (BoE) financent les déficits publics par des achats directs de bons du Trésor. Du côté des émergents, asiatiques surtout en raison de la dépendance des économies aux exportations, les banques centrales freinent l’appréciation des devises en emmagasinant les réserves de change (de 250 à 2.500 milliards de dollars en Chine en moins de dix ans). Avec des taux directeurs nettement supérieurs au G7, l’afflux de capitaux vers les émergents est à nouveau aussi fort qu’avant la crise.
28/10/2010

BlueCrest ferme un fonds ouvert

Le gestionnaire alternatif s’apprête à liquider le 30 novembre un fonds ouvert lancé l’an passé et dont les actifs s’élèvent à 630 millions de dollars, BlueCrest Blue Trend Ucits. Une déconvenue de référence pour les hedge funds sur le terrain des fonds coordonnés, le fonds étant le plus important lancé sur ce segment au cours des dix huit derniers mois.
28/10/2010

Bonne surprise pour l’IPO d’AZ Electronic Materials

Le quotidien croit savoir que les propriétaires du groupe chimique, à savoir les fonds de private equity Carlyle et Vestar Capital Partners, ont relevé leurs ambitions quant au montant de son introduction en Bourse. Ils en espèrent désormais 400 millions de dollars de la vente de nouveaux titres et 100 millions de celle de titres existants.
27/10/2010

La consommation des ménages en hausse de 1,5% en septembre

La consommation des ménages français en produits manufacturés a augmenté de 1,5% en septembre, trois fois plus que prévu, montrent les statistiques publiées par l’Insee. Sur l’ensemble du troisième trimestre, ces dépenses de consommation affichent une progression de 1,2% après un recul de 0,8% sur la période avril-juin.
27/10/2010

Echec des négociations sur le budget au Portugal

Les négociations au Portugal sur le projet de budget 2011 entre le gouvernement minoritaire socialiste de José Socrates et le Parti social-démocrate (PSD), principale formation de l’opposition, n’ont pas permis d’aboutir à un accord, a annoncé un responsable du PSD mercredi. L’absence de compromis pourrait inciter l’opposition à voter contre le texte budgétaire. Un tel scénario présente le risque d’une crise politique et d’une forte hausse pour le pays de ses taux d’emprunt.
27/10/2010
Fonds

Threadneedle lance un hedge fund sur les actions européennes

Le 26 octobre, Threadneedle a annoncé le lancement d’un hedge fund d’actions long/short domicilié en Irlande (IE00B3ZWD247), le Threadneedle Apex European Fund. Ce fonds qui n’est pas coordonné, sera géré par Paul Doyle qui utilisera la même stratégie que pour le Threadneedle European Crescendo Fund qu’il gère depuis 2008 et qui affiche une performance annuelle moyenne de 6,10 % sur les dix dernières années. Paul Doyle sera assisté par William Davies, head of European equities.La selection de valeurs est complétée d’un «overlay» macroéconomique pour piloter les expositions sectorielles sans perdre de vue la gestion du risque.Threadneedle précise que suite à la forte demande de la part des investisseurs du Threadneedle European Crescendo Fund souhaitant changer de support au profit du Threadneedle Apex European Fund , le fonds domicilié aux îles Caïman fermera en octobre.
Fonds
27/10/2010

SGSS ajoute l’Egypte à son réseau de sous-conservateurs

Société Générale Securities Services (SGSS) a annoncé mardi 26 octobre avoir été mandaté par Standard Chartered en Egypte pour fournir des services de conservation pour ses actifs propres et ceux de ses clients.En tant que sous-conservateur, SGSS fournira une large gamme de services titres, comprenant entre autres une offre de conservation et de règlement/livraison, précise un communiqué.
27/10/2010
Fonds

Jyske Invest lance un fonds en livres

Le gestionnaire danois Jyske Invest annonce pour le 10 novembre le lancement du fonds en livres Jyske Invest Balanced Strategy (GBP) dont l’objectif est de générer une performance au moins égale à celle d’un indice de référence (60 % d’obligations, 40 % d’actions) composé comme suit :50 % JP Morgan Hedged ECU Unit GBI Global40 % MSCI AC World Daily, dividende nets inclus5 % JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified2,5 % Merrill Lynch Global High Yield Index, BB-B constrained1,25 % Merrill Lynch Global Broad Market Corporate Index, BBB rated1,25 % Merrill Lynch Euro High Yield Index, BB-B rated constrained Index.La souscription est ouverte jusqu’au 5 novembre inclus.Ce produit (DK0060238194), un compartiment de Investeringsforeningen Jyske Invest International, s’adresse à des investisseurs disposant d’un horizon de placement d’au moins trois ans.Le prix initial de la part sera de 100 livres sterling.
Fonds
27/10/2010

Rothschild & Cie Gestion vise l'Europe du Sud en 2011

Grâce à une collecte d’un milliard d’euros depuis le début de l’année, Rothschild & Cie Gestion affiche à présent avec 21 milliards d’euros un encours supérieur à celui de fin 2007 (20,49 milliards), après un passage à 18,12 milliards fin 2008, rapporte Option Finance.Jean-Louis Laurens, associé gérant et directeur général, annonce que, courant 2011, la société de gestion compte développer sa présence commerciale en Espagne et en Italie. Il indique également que la maison n’a pas l’intention de se lancer dans les newcits.

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