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18/08/2010

Gartmore souffre du départ de Guillaume Rambourg

Gartmore a vu ses encours reculer de 22,2 milliards de livres fin 2009 à 19,9 milliards fin juin, après avoir bondi à 23,5 milliards fin mars.Cette baisse s’explique principalement par la suspension de son gérant star Guillaume Rambourg en mars et son départ qui a suivi. «Cela a provoqué des retraits, d’abord pour les fonds European Absolute Return gérés par l'équipe et ensuite, début mai, pour les hedge funds européens», indique la société de gestion britannique. Les fonds actions européennes «long only» ont aussi accusé des sorties compte tenu de la baisse des marchés. Au total, sur le premier semestre, Gartmore a accusé des remboursements nets de 1,8 milliard de livres. En juillet, la société de gestion a de nouveau vu sortir 238 millions de livres, mais ses encours sont remontés à 20,3 milliards de livres. Elle anticipe que ces encours seront plus faibles au second semestre qu’au premier, ce qui se traduira par une baisse des revenus issus des frais de gestion.Malgré tout, au premier semestre, les revenus nets ont augmenté de 36 % à 113,2 millions de livres et l’Ebitda de 146 % à 38,8 millions. Mais le bénéfice net a chuté de 65 % à 18,8 millions de livres.
18/08/2010

QS Investors se sépare de DeAM

QS Investors, qui faisait auparavant partie de Deutsche Asset Management, a récemment vu le jour en tant que société de gestion d’actifs et de conseil indépendante, après un MBO, rapporte IPE.com. La société est dirigée par Janet Campagna, ex-managing director et responsable des stratégies quantitatives de DeAM. Elle gère 11 milliards de dollars d’encours.
18/08/2010

T.Rowe Price signe les PRI

La société de gestion américaine T. Rowe Price vient de signer les Principes pour l’investissement responsable (PRI) des Nations Unies. Les actifs sous gestion de T. Towe Price s'élèvent à plus de 390 milliards de dollars.
18/08/2010

Four countries may lost AAA ratings, says Moody's

The ratings agency Moody’s announced on 17 August that France, the United States, Germany and Great Britain are nearing the point at which they may lose their top AAA ratings, due to budget troubles. The ratings agency estimates in a statement that “challenges related to budget adjustments imply that the way to go under the ratings of these countries may be lowered is becoming shorter.”
18/08/2010

T. Rowe Price signs up to UN PRI

The US asset management firm T. Rowe Price has signed the United Nations Principles for Responsible Investment (UN PRI). Assets under management at T. Rowe Price total over USD390bn.
18/08/2010

SWIP Short Term Fund tops GBP2bn

The Scottish management firm SWIP has announced that its Short Term Fund, launched on the institutional market in 2006, has topped GBP2bn in assets. In its first three years, the fund earned annualised returns of 4.68%, compared with 3.11% for its benchmark index.
18/08/2010

Hong Kong attracts management firms

According to the most recent statistics from the Securities and Futures Commission (SFC) in Hong Kong, the number of applications for licenses to operate locally came to more than 7,300 in the first seven months of the year, up 46% compared with the corresponding period of 2009. As of the end of 2009, the number of licensed operators came to a record 37,694, compared with a previous record of 37,373 as of November 2008. The SFC reports that 85% of corporate applications are related to the launch of securities brokerage and asset management activities.
18/08/2010

Coverage rate down for Dutch pension fund bpfBouw

The Dutch building industry pension fund bpfBouw (EUR27.6bn in assets) earned returns of 0.7% in second quarter, according to IPE but its coverage rate has fallen to 104.5%, below the legal minimum, from 108.2% previously, due to the impact of a substantial reflux in long-term interest rates. However, as of the end of July, the coverage rate was 105.3%, due to a rebound in interest rates. For first half as a whole, the pension fund has earned returns of 5.5%, 0.5% higher than the benchmark.
18/08/2010

Morgan Stanley and PSAM launch a UCITS III fund

Morgan on 16 August announced the launch of its first UCITS III-compliant fund on the FundLogic platform. The fund, which will be managed by the US-based alternative management firm P. Schoenfeld Asset Management (PSAM), offers exposure to an international event-driven strategy which includes mergers and acquisitions, distressed debt, and special situations. The fund, entitled MS PSAM Global Event UCITS, will be domiciled in Dublin. Shahzad Sadique, executive director and head of FundLogic, says in a statement that investors will benefit from access to the expertise of an alternative manager through a UCITS III fund, and says that other UCITS compliant funds managed by top alternative management firms will be unveiled in the next few months.
18/08/2010

South Korean pension fund NPS to acquire a shopping centre

Les Echos reports that the South Korean National Pension Service (NPS), which manages South Korean pension assets, told AFP yesterday that it was about to purchase the French shopping centre O’Parinor, the fifth-largest commercial area in the Paris region. NPS, which says it is the fourth-largest pension fund in the world by asset volume, is seeking to buy the 51% stake in the property, located in Aulnay-sous-Bois, currently controlled by Hammerson. The acquisition price could total EUR230m.
18/08/2010

Corporate bond market in China set to explode

In China and Hong Kong, the fixed income market has been moving increasingly in favour of investors, Asian Investor reports. “China is the most attractive fixed income market in Asia, and maybe in the world,” says Wang Yu-Ming, the new regional head of fixed income in Hong Kong for MFC Global Investment management (MFC GIM). According to statistics from the Asian Development Bank (ADB), the Chinese bond market has increased from USD62bn as of the end of 1996 to USD2.4trn as of the end of 2009, representing more than half of the bond market in Asia ex Japan. And this market is growing rapidly, particularly in the corporate bond sector. This is the reason for MFC GIM’s decision to allocate 30% of its GFII (qualified international institutional investor) quota, totalling USD200m, to its RMB fund, while the remainder is dedicated to its Chinese A-class equities fund. Aberdeen is also planning to dedicate most of its QFII quota, of an amount to be determined, to fixed income. Currently, corporate bonds represent about 15% of the Chinese bond market, according to ADB, but this segment is growing much more quickly than government bonds. Assets under management at MFC in Asia as of 30 June totalled about USD31bn, of which USD23bn were in fixed income.
18/08/2010

Investors worried about Japan and United States

Following China and Europe, it is now the turn of Japan and the United States to be the object of investors’ concerns. According to a BofA Merrill Lynch survey undertaken between 6 and 12 August, covering 187 management firms with a total of USD513bn in assets under management, pessimism about the Chinese economy had decreased, with a net 19% negative on outlooks for the evolution of the Chinese economy in the next 12 months, compared with 39% the previous month. This led to an increase in interest in commodities, with 9% of the sample overweight in commodities, compared with 1% underweight in July. There is also positive opinion about the European economy, for this prospects have improved considerably due to a rebound in optimism about the European banking sector. 11% of respondents are not overweight on Euro zone equities, while one month ago, investors were 10% underweight. Investors’ appetite for the Untied States, however, has considerably decreased. 14% of allocartors now underweight US equities, while 7% overweighted them in July. The change is even moer pronounced for Japanese equities, where 27% were underweight in August, compared with 7% previously.
18/08/2010

Sherborne buys 5% of F&C

Sherborne Investors (Guernsey) A Limited has announced that it has purchased 26,556,198 ordinary shares in F&C Asset Management plc at a total cost of GBP15,587,631. It is a 5% stake in the firm. «The Group may continue to acquire shares in F&C, but if it is unable to acquire a large enough shareholding at an acceptable price, the Group may elect to dispose of its shareholding in F&C and invest in another company,» says Sherborne.
18/08/2010

Gartmore hit by loss of Guillaume Rambourg

Gartmore has seen a decline in its assets from GBP22.2bn as of the end of 2009 to GBP19.9bn as of the end of June, following an increase to GBP23.5bn as of the end of March. The drop is primarily due to the suspension of its star manager Guillaume Rambourg in March, and his subsequent departure. “That provoked withdrawals, primarily for the European Absolute Return fund managed by the team, and then in early May, for European hedge funds,” the British management firm says. European long only equity funds also saw outflows due to falling markets. In total, for first half, Gartmore has seen net redemptions of GBP1.8bn. In July, the management has seen further outflows of GBP238m, but its assets climbed back to GBP20.3bn. The firm expects that its assets will be lower in second half than in first half, which will result in reduced revenues from management fees. Despite these factors, in first half, net earnings rose 36% to GBP113.2m, and EBITDA was up 146% to GBP38.8m.
18/08/2010

Net outflows from Liontrust in second quarter

The British management firm Liontrust announced on 17 August that its retail assets under management as of 30 June totalled GBP662m, compared with GBP772m one quarter previously.
18/08/2010

RBS sells a loan portfolio

Agefi Switzerland reports that the British bank Royal Bank of Scotland (RBS) announced on Tuesday that it has sold a portfolio of European loans totalling EUR1.4bn to the British fund manager Intermediate Capital Group ( ICG). The two groups did not reveal the price of the purchase, which will be completed by the end of the month. The priority loans were contracted in Europe in several sectors, ICG states.
18/08/2010

Allianz GI wins a EUR350m mandate

The US Equity Strategy of RCM has been awarded a 350 million Euro mandate by Nykredit, a financial services group based in Denmark. The mandate was won by Seung Minn, Senior Portfolio Manager and Chief Investment Officer of the Disciplined Equities Group at RCM and his team, after a competitive tendering process with 86 other companies.
17/08/2010

Un nouveau directeur général pour l’Europe chez Franklin Templeton

Franklin Templeton Investments a nommé Jamie Hammond au poste de directeur général pour l’Europe. Il succède à Hans Wisser. Auparavant, Jamie Hammond était directeur senior en charge de l’Europe du Nord. Dans le cadre de ses nouvelles attributions, Hammond s’attachera à diriger et développer les activités de la société auprès des clients particuliers et des investisseurs institutionnels dans toute la région.
17/08/2010
Fonds

Le fonds souverain norvégien lance un appel d'offres

Norges Bank Investment Management (NBIM), qui gère les actifs (quelque 350 milliards d’euros) du fonds de pension du gouvernement norvégien, vient de lancer un appel d’offres pour un mandat portant sur le credit corporate américain. Le montant du mandat n’a pas été divulgué.
Fonds
17/08/2010

Nominations chez Citi à Singapour

Selon le site professionnel WealthBriefing, Citi Private Bank à Genève a décidé de transférer à Singapour son responsable des activités de vente et de conseil, Manav Abrol. Depuis six ans chez Citi Private Bank, Manav Abrol assumera les mêmes fonctions à Singapour. Il remplacera Jennifer Tay, appelée à d’autres fonctions («head of managed investments products»). Tous deux sont rattachés à Debashish Duttagupta, responsable des investissements pour la région Asie-Pacifique.
17/08/2010

Création d'un CGPI à Marne-la-Vallée

Le Val d’Europe, le territoire le plus récemment développé de Marne-la-Vallée, accueille un nouveau cabinet de conseil en gestion de patrimoine indépendant, «Val d’europe Patrimoine», agréé CIF «conseiller en investissements financiers» auprès de l’AMF. Selon le communiqué, le cabinet qui démarre ses activités en septembre, se propose d’accueillir «une clientèle qui se veut haut de gamme et à la recherche d’une certaine expertise de qualité».
17/08/2010

Julius Bär renforce son équipe dérivés

Julius Bär a recruté Hans Jörg Pütz au poste nouvellement créé de responsable des ventes de produits dérivés, indique Fondsprofessionell. L’intéressé rejoint la banque le premier novembre. Il occupait auparavant des postes similaires chez Zürcher Kantonalbank (ZKB) et Sal. Oppenheim. Hans Jörg Pütz dirigera une équipe de cinq personnes.
17/08/2010

Les étrangers s'intéressent à BHF-Bank

Selon le FT Deutschland, la BHF-Bank, dont la Deutsche Bank avait héritée l’an dernier en rachetant sal.Oppenheim mais dont elle souhaite se séparer, semble susciter beaucoup d’intérêt chez les investisseurs étrangers. Parmi les candidats au rachat figurent notamment la banque du Liechtenstein LGT, la banque française BNP Paribas et la banque privée suisse Julius Bär. Sont également cités Permira, Apollo et Kohlberg Kravis Roberts (KKR).
17/08/2010
Fonds

Credit Suisse commercialise son Prima Multi-Strategy

Credit Suisse commercialise désormais en Allemagne son fonds CS (Lux) Prima Multi-Strategy, un fonds de fonds UCITS III de droit luxembourgeois qui investit dans différentes stratégies alternatives (long/short, event driven, convertibles, macro, credit, managed futures, fixed income, emerging markets equities, taux).
Fonds
17/08/2010
Fonds

Schroders commercialise le GAIA Sloane Robinson Emerging

Le fonds alternatif GAIA Sloane Robinson Emerging, disponible sur la plate-forme GAIA de Schroders, est désormais enregistré et autorisé à la distribution en Allemagne. Le produit est piloté par Sloane Robinson, une société spécialisée dans la gestion actions long/short notamment sur les pays émergents.
Fonds
17/08/2010

Axa provisionne pour Rosenberg

Axa a mis de côté 64 millions d’euros afin de couvrir d'éventuelles réclamations de la part des clients de sa filiale Axa Rosenberg, indique Financial News. La provision a été dévoilée dans les résultats du premier semestre de l’assureur.
17/08/2010
Fonds

Cheyne Capital va remanier un fonds

Cheyne Capital, l’un des principaux hedge funds crédit de Londres, doit réorganiser son véhicule coté Queen’s Walk Investment, investi dans les emprunts hypothécaires complexes, rapporte le Financial Times. Les actions du fonds se négocient avec une forte décote par rapport aux encours, valorisés à plus de 100 millions d’euros. Cheyne veut repositionner le fonds sur des actifs adossés à des hypothèques plus liquides.
Fonds
17/08/2010
Fonds

RAB Capital va fermer un fonds

Selon Money Marketing, RAB Capital va fermer son fonds European Dynamic, représentant 2,8 millions de livres, car il n’est plus viable. Ce produit, un Ucits III de droit irlandais, avait été lancé en 2003, précise le site Internet.
Fonds
17/08/2010
Fonds

Les commissions de surperformance laissent parfois à désirer

Les deux tiers des fonds ouverts au Royaume-Uni (66 %) peuvent facturer une commission de performance alors même qu’ils surperforment un indice en baisse, autrement dit alors que l’investisseur perd de l’argent, indique une récente étude de Lipper, qui a recensé 81 fonds ouverts utilisant ce type de frais outre-Manche, soit 5 % du secteur.Pour la filiale de Thomson Reuters, cela montre bien que l’investisseur particulier doit être très attentif à ce à quoi il s’engage. Car manifestement, afficher des commissions de performance n’est pas un gage d’alignement des intérêts entre la société de gestion et ses clients. De même, une minorité de fonds ayant des commissions de performance fait payer des frais de gestion à un taux inférieur au niveau traditionnel de 1,5 %, mais la majorité facture davantage, ce qui signifie que la société de gestion ne prend aucun risque en mettant en place des commissions de performance. Enfin, le taux moyen de commission de performance est de 18,2 % contre un taux de 20 % chez les hedge funds habituellement, montre Lipper, sachant que seuls quatre fonds analysés, soit moins de 10 %, ont plafonné le montant qui peut être prélevé chaque année.
Fonds

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