Avec un produit sur l’Inde et un autre sur la Russie, iShares (BlackRock) ouvre ce lundi sa plate-forme d’ETF à réplication synthétique surcollatéralisés avec contrepartie de swaps multiples et avec une complète transparence des lignes de collatéral sur une base journalière.Il s’agit donc d’une étape supplémentaire par rapport à la rafale de 13 ETF lancé récemment par Credit Suisse à Francfort, Londres et Milan (lire nos articles du 10 et du 16 septembre), pour lesquels la contrepartie du swap est assurée par un seul partenaire, et de surcroît en interne.Pour ses deux nouveaux ETF de droit irlandais cotés sur le London Stock Exchange, iShares s’est assuré le concours de RBS, d’UBS et de Credit Suisse. Cette approche de contreparties multiples doit permettre à la fois de garantir une meilleure exécution et de réduire le coût du swap.A ce sujet, Axel Lomholt, head of product development for EMEA et Martin Bednall, director of product development ont indiqué à Newsmanagers que le nombre de contreparties pour les swaps a vocation à augmenter à l’avenir,Les deux responsables d’iShares ont précisé que la surcollatéralisation, qui élimine pratiquement le risque du défaut de contrepartie, «pourra atteindre 120 % pour le collatéral actions et 103 % pour les produits obligataires».Sur le principe, iShares demeure fidèle à sa ligne de conduite : le gestionnaire préfèrera la réplication physique partout où cela est possible, puisqu’il s’agit du moyen le plus efficace pour accéder à des classes d’actifs coeur. En revanche, il recourra à la réplication synthétique lorsqu’une exposition ne peut être efficacement montée en conformité avec la directive OPCVM III, parce qu’il s’agit de marchés d’accès difficile ou peu liquides."Actuellement, sur les 437 ETF de la gamme, seuls 19 utilisaient jusqu'à présent la réplication synthétique, représentant à peine 1 milliard de dollars d’encours», précisent à ce sujet Axel Lomholt et Martin Bednall.

p { margin-bottom: 0.08in; } According to data from Lipper for Funds People, assets in the 22 Spanish-registered funds of hedge funds as of the end of June totalled EUR287m, compared with EUR210 as of the end of 2009. Assets peaked at EUR1bn in July 2008. The best-performing fund was the Foncaixa Privada Estrategia Hedge (InverCaixa), with gains of 11.86% in first half, and volatility of 7.71%, followed by the Renta 4 Minerva (6.99% returns and 5.71% volatility), and the DWS Topiary Select (5.97% returns and 3.29% volatility). Nine of the 22 funds analysed posted gains in January-June; the total comes to 13 for the twelve months to the end of June. Funds People points out that 18 of the 22 funds show losses from their launch to 30 June 2010. 5 funds have lost more than 15%, and two have lost over 20%.

p { margin-bottom: 0.08in; } UCITS format funds have posted overall net inflows of EUR5bn for the month of July, compared with net outflows of EUR31bn in June, according to the most recent statistics from the European asset management association (EFAMA). This development is related to better-than-expected results on stress tests and to a more favourable environment in the Euro zone. Net inflows to long-term UCITS funds, excluding money markets, totalled EUR16bn, while the month of June brought net outflows of EUR100m. Bond funds attracted a net EUR9bn, following outflows of EUR3.1bn in June, and equities funds attracted EUR4.8bn, following outflows of EUR1.7bn in June. However, money markets continued to lose a further net EUR10.8bn, following EUR31.2bn in outflows one month previously. Dedicated funds continued to attract capital, with net inflows of EUR7.3bn, compared with EUR11.6bn in June. The same trend may be observed for real estate funds, which show inflows of EUR1bn in July, following outflows of EUR0.5bn in June.

p { margin-bottom: 0.08in; } On Friday, 17 September, the British private equity firm 3i announced that it has decided to merge its LBO and venture capital activities, which according to the business are “increasingly converging in terms of the investment process and the nature of its investors.” It was therefore logical to merge them, 3i says, and to give them a more regional orientation. Jonathan Russell, head of LBO activities, will be leaving 3i.

p { margin-bottom: 0.08in; } Newton Investment Management (BNY Mellon Asset Management) has announced that it has added to its account management and mutual fund sales teams. Mark Hammond joins Newton as team leader for institutional pooled funds, while James Blake has been recruited as an account manager, reporting to Hammond. Hammond previously worked at Fidelity, while Blake spent three years at Axa Investment Managers.

p { margin-bottom: 0.08in; } As of 1 September, Ulrich Nack, previously of TMW Property Investment GmbH, has joined LaSalle Vermögensverwaltung GmbH, also based in Munich, as CEO. The firm will become known as LaSalle Investment Management KAG once it receives BaFin approval (see Newsmanagers of 27 August). The firm plans to manage institutional real estate funds.

p { margin-bottom: 0.08in; } Dominique Carrel-Billiard, CEO of Axa Investment Managers, is handing on the presidency of the Forum of European Asset Managers (FEAM) to Elizabeth Corley, CEO of Allianz Global Investors Europe (AGI). Carrel-Billiard will remain as vice-president of the association, while Robert Higginsbottom, chairman and CEO of the European arm of Fidelity Europe, has also been appointed as a FEAM vice president.

p { margin-bottom: 0.08in; } The ratings agency Fitch Ratings on 17 November confirmed its ratings of funds managed by European Credit Management (ECM). The funds concerned, Corporate Credit Europse, Diversified Financials Europe, Investment Grade Europe and Pan European Credit, include largely assets rated in the “A” and “BBB” categories. The portfolios of these funds have minimal exposure to assets in the “CCC” category or below.

p { margin-bottom: 0.08in; } A mini-Madoff fraud scheme has been discovered in Italy. The firm, entitled Brett Trading Company Ltd., which had headquarters in Florence, Frankfurt, and the Antilles, received EUR20m from 200 clients, Il Sole – 24 Ore reports. A small group of IFAs had been offering investment plans that promised to earn 12% per year, with a minimum investment of EUR100,000. Returns were paid with the money of incoming clients.

p { margin-bottom: 0.08in; } With one product focused on India and another on Russia, iShares (BlackRock) this Monday opens its platform for synthetic replication ETFs over-collateralized with multiple swap counterparties and complete transparency of the collateral lines on a daily basis. These mark a further step beyond the series of 13 ETFs launched recently by Credit Suisse in Frankfurt, London and Milan (see Newsmanagers of 10 and 16 September), for which the swap counterparty is a single, internal partner. For these new Irish-registered ETF funds, listed on the London Stock Exchange, iShares will rely on RBS, UBS and Credit Suisse as counterparties. This multiple counterparty approach will both guarantee better execution and reduce swap costs. Axel Lomholt, head of product development for EMEA, and Martin Bednall, director of product development, tell Newsmanagers that the number of counterparties for swaps will be likely to increase further in the future. The two iShares heads say that over-collateralization, which eliminates cirtually all counterparty default risks, “will reach 120% for equities collateral, and 103% for bond products.” “Up to now, of 437 ETF products in the range, 19 were previously using synthetic replication, with assets of barely USD1bn,” Lomholt and Bednall say.

p { margin-bottom: 0.08in; } The French asset management firm Lyxor Asset Management (Société Générale group) has announced the recruitment of Fabien Pavlowsky, head of manager selection for directional trading strategies at Financial Risk Management in New York, as head of quantitative strategies within the hedge fund research team in New York. The recruitment follows another recent recruitment of Francis Chu as head of discretionary trading strategies in the hedge fund research team, also in New York. Laurent Seyer, CEO of Lyxor Asset Management, on Friday, 17 September confirmed to Reuters that the firm is planning to make acquisitions or form partnerships in some global regions, particularly on the US tracker market. To this end, Lyxor AM has already contacted several firms and is examining various strategic options to penetrate this market, the agency reports.

p { margin-bottom: 0.08in; } Bloomberg reports that Citadel LLC is planning to slash the management fees for its two largest hedge funds – Kensington and Wellington – in order to attract new clients, as inflows are at their worst levels for two decades. Citadel lost 55% of its assets in the stock market declines of 2008, and when investors sought to withdraw USD1.2bn, the firm was obliged to suspend redemptions, which were reopened in late 2009. Even after returns og 62% last year, and gains of 4% in 2010, funds still need to gain 30% for investors to break even.

p { margin-bottom: 0.08in; } Fidelity Investments announced on 16 September that it has been selected by Purdue University as sole provider of 403(b) plans. Purdue previously had five providers. From 1 January 2011, Fidelity will act as administrator and account-keeper for defined-contribution retirement savings plans at Purdue, as well as for the University’s voluntary retirement savings plans. The plans have about 15,000 members, and assets represent about USD2.3bn.

p { margin-bottom: 0.08in; } On 17 September, the XTF segment of the Xetra electronic trading platform from Deutsche Börse admitted its 703rd ETF, the BofAML Hedge Fund Factor Euro Source ETF, from Source. The fund, which replicates the hedge fund index ML Factor Model (EUR Adjusted) Index, which reflects the performance of a synthetic portfolio composed of the best-known and most liquid shares of the S&P 500, Russell 2000, MSCI EAFE and MSCI Emerging Markets indices, with both long and short positions, and monthly updating. The composition of the portfolio is based on Merrill Lynch International algorithms to replicate the Hedge Fund Research Inc. Weighted Composite Index. The fund is an Irish-registered product (IE00B3NY0D27), which has been listed on the London Stock Exchange since 4 August. It carries a management commission of 0.70%.

p { margin-bottom: 0.08in; } PKB Privatbank, which has been present in Lugano since 1969, announced on 17 September that it had acquired all shares in Gesfid bank, a specialist in wealth management. Gesfid, which has been present in Lugano for 25 years, was previously controlled by the Italian insurance firm Fondiaria-SAI, which had no other offices in Switzerland. PKB says that “the acquisition of Gesfid represents an excellent occasion for the group to develop in Switzerland.” PKB Privatbank SA has branch offices in Bellinzone, Geneva, and Zurich. The wealth management specialist bank has assets under management of CHF5bn, and about 180 employees. Assets under management at Gesfid, with 60 employees, are about CHF1.7bn.

p { margin-bottom: 0.08in; } In second quarter 2010, at a time when the Spanish government has been obliged to offer higher returns in order to borrow, as the markets had doubts about its solvency, local pension funds increased their exposure to government bonds, Expansión reports. Allocation to Spanish government debt increased from 48% to 53%, for a total of EUR43.66bn as of the end of June, of which EUR19.95bn (or 23%, compared with 20% at the end of March) were for government debt. The pension fund most exposed to Spanish government debt is BBVA 23 (92,343 subscribers and EUR1.54bn in assets), 75% of whose assets, or EUR1.16bn as of the end of June, were invested in Spanish government debt, compared with EUR605m as of the end of March.

p { margin-bottom: 0.08in; } José Manuel Dabrio, CEO of Altae, the private banking affiliate of Caja Madrid, says that assets have risen back, but confidence has not returned, which is provoking the flight of clients to traditional savings accounts, which have lower fees, Cinco Días reports. Banif, the private banking affiliate of Santander, has posted a 9.4% increase in assets in first half, to EUR32.15bn, but its profits in the same period fell 18.6% compared with January-June 2009. Profits at Banco Urquijo have fallen 18%. UBS, one of the few firms where results improved in first half, in part due to cost-reduction measures, remains in the red.

Anders Johnsson, currently head of Trading & Capital Markets within Merchant Banking at SEB, has been appointed head of Wealth Management of the Swedish bank. He succeeds Fredrik Boheman, currently head of Wealth Management, who has been appointed new head of SEB Germany. The appointments are effective as of 1 November 20.

p { margin-bottom: 0.08in; } From today, 20 September, the composition of the Dow Jones Sustainability Indexes (DJSI) has been updated on the basis of the results of the SAM Corporate Sustainability Assessment, undertaken by SAM Sustainable Asset Management. In total, the DJSI World index has admitted shares from 48 companies, while those of 46 businesses have been removed. The total number of businesses now comes to 318. Selection of “best in class” businesses is based on environmental, social and governance (ESG) criteria. The largest new entrants to the index are Standard Chartered, Morgan Stanley and ArcelorMittal, while the most eminent outgoing businesses are Toyota Motor, Royal Dutch Shell, and UniCredit. The new “Supersector Leaders” for 2010-2011 are: Air France-KLM, AkzoNobel, ANZ Banking Group, BMW, EDP Energias de Portugal, GPT Group, Investimentos Itaú, Lotte Shopping, Nokia, Pearson, Philips Electronics, Roche, Sasol, Siam Cement, SwissRe, Telefónica, TNT, Unilever and Xstrata.

Claire Chaves d’Oliveira, gérante actions européennes chez Groupama AM

Patrick de Fraguier, responsable de la stratégie d’Amundi

IShares lance une plate-forme sur les ETF synthétiques. Elle concurrencera Source

Stefan Isaacs, gérant obligataire chez M&G investments

Le scénario d’un retour dans la zone des 2.400-2.450 points semble fragilisé

Jean Fauconnier, gérant gestion absolue chez Groupama AM

Laurent Bilke, responsable global de la stratégie d’inflation chez Nomura

Le groupe danois TDC a annoncé le 17 septembre la cession de l’opérateur zurichois Sunrise à la société de participations CVC Capital Partners pour un montant de 3,3 milliards de francs suisses.TDC avait auparavant envisagé de vendre Sunrise à Orange, filiale de France Télécom, mais l’autorité de régulation suisse avait bloqué la fusion entre les deux sociétés. Les principaux actionnaires de TDC - ils en détiennent près de 88% - sont les sociétés de capital-investissement Apax Partners, Blackstone Kohlberg Kravis Roberts, Permira Advisers et Providence Equity Partners.

Reyl Private Office, filiale du Groupe Reyl spécialisé dans l’optimisation juridique et fiscale de grands patrimoines, annonce l’arrivée, début juillet, de Françoise Adam, spécialiste des marchés de l’art. Sa mission est de développer une gamme de services liés à la gestion d’œuvres d’art et de patrimoines artistiques. Avant de rejoindre le Groupe Reyl à Genève, Françoise Adam a travaillé pendant sept ans pour Christie’s, à Paris et Genève. Elle y était chargée du développement de la clientèle et de l’organisation de grandes ventes aux enchères.

Le comité exécutif d’Altira Advisory a été complété le 16 septembre avec la nomination de Josef Pfannestill comme responsable des relations avec les intermédiaires et les partenaires de distribution (banques privées, gestionnaires de fortune et fonds de fonds). Il rejoint Michael Rieder, le CEO d’Altira Group et Oliver Brandt. Auparavant, Josef Pfannenstill a été membre du directoire de versiko, où il était responsable d'Ökoworld Lux, après avoir assuré les fonction de head of marketing de Fortis Investments pour l’Allemagne, l’Autriche ainsi que l’Europe centrale et orientale. Chez BNP Paribas Asset Management, il avait précédemment été responsable de la distribution en Autriche et dans les pays d’Europe centrale et orientale.

Le 16 septembre, le comité des actionnaires de la banque privée francfortoise Hauck & Aufhäuser (H&A) a nommé Michael Schramm président du comité exécutif. Son alter ego, Volker van Rüth, de sept ans plus âgé, acceptera difficilement cette nomination et ne tardera probablement pas à démissionner, estime le Handelsblatt.Michael Schramm, qui a une réputation de «grande gueule», a contribué ces quatre dernières années à une forte augmentation des encours et a ficelé l’acquisition de Cazenove auprès de J.P. Morgan.