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03/08/2010

UBP prépare une acquisition

Selon Financial News Online, Union Bancaire Privée s’apprête à dépenser une partie de sa trésorerie dans des acquisitions. La banque privée suisse s’intéresse particulièrement aux marchés émergents. Son nouveau directeur de la banque privée, Michel Longhini a notamment été chargé de croître en Asie, au Moyen Orient et en Europe orientale. UBP espère porter la part de ses encours sous gestion dans les marchés émergents à un tiers du total sur trois ans, contre 10 % actuellement, précise FN.
03/08/2010

Alain Dromer devient président du comité investissement de l'ABI

Alain Dromer, le directeur général d’Aviva Investors, sera le prochain président du comité Investissement de l’ABI, l’association des assureurs britanniques qui représente les intérêts du secteur. Il prendra ses fonctions le 15 septembre, succédant à Keith Skeoch, le directeur général de Standard Life Investments, dont le mandat arrive à son terme.Alain Dromer, qui rejoindra également le conseil d’administration de l’ABI, a occupé diverses fonctions dans la finance, et notamment celui de global head of groupe investment businesses chez HSBC.
03/08/2010
Fonds

Forte collecte des fonds retail au premier semestre

En juin, les souscriptions nettes au fonds dédiés aux particuliers au Royaume-Uni ont rebondi à plus de 2 milliards de livres, après une chute en mai, selon les dernières statistiques de l’IMA, l’association britannique du secteur de la gestion d’actifs. Sur les six premiers mois de l’année, la collecte nette des fonds retail atteint ainsi 10,8 milliards de livres, soit le deuxième meilleur score de tous les temps. Les encours sont gestion sont ressortis à 488,2 milliards de livres, en léger retrait par rapport à mai, mais en hausse de 25 % sur un an. L’IMA note que les investisseurs particuliers continuent à se diversifier, les souscriptions ayant été reparties sur plusieurs classes d’actifs. Ce sont néanmoins les obligations qui ont été les plus prisées, avec des souscriptions nettes de 579 millions de livres, devant les actions avec 525 millions de livres.
Fonds
03/08/2010

Ralentissement de la décollecte chez AllianceBernstein

Au cours du deuxième trimestre 2010, AllianceBernstein, filiale d’Axa, a vu ses encours reculer de 43 milliards de dollars ou 9 % à 458 milliards de dollars (ils sont en hausse de 2 % sur un an). Ce déclin est dû aux performances négatives des investissements ainsi qu’à des rachats nets de 4,7 milliards de dollars. Le gestionnaire d’actifs précise néanmoins que le rythme des retraits ralentit, puisqu’ils sont inférieurs de 28 % par rapport à ceux du premier trimestre 2010 et de 81 % par rapport à ceux enregistrés un an plus tôt. Dans ce contexte, le chiffre d’affaires est tombé à 688 millions de dollars (contre 721 millions un an plus tôt) et le bénéfice net a reculé de 16% à 32,3 millions de dollars.
03/08/2010

Two hedge funds merge

Two hedge funds launched by former star Goldman Sachs traders are to merge, the Financial Times reports. TPG-Axon, the largest hedge fund in the world, based in New York, will merge with Montrica Investment Management, one of the largest hedge funds in London, specialised in event-driven strategies. TPG-Axon manages more than USD9bn in assets, while Montrica’s assets total USD1.1bn.
03/08/2010

Crédit Agricole SA makes addition to private management activities in Belgium

Crédit Agricole Luxembourg, an affiliate of the Crédit Agricole SA group specialised in private management, has signed an agreement to acquire a majority stake in Dresdner Van Moer Courtens (DVMC), a Belgian stock market company speicalised in private management activities, pending the approval of the supervisory authorities. Crédit Agricole Luxembourg will join the private management activities of the group’s affiliate CAGP Belgium as a part of DVMC, which will become known as Crédit Agricole Van Moer Courtens. Crédit Agricole Van Moer Courtens will become the private management activity development unit of Crédit Agricole SA in Belgium.
03/08/2010

Outflows slow at AllianceBernstein

In second quarter 2010, AllianceBernstein, an affiliate of Axa, has seen its assets fall by Usd43bn, or 9%, to USD458bn (an increase of 2% year on year). The decline is due to negative performance of investments and to net redemptions of USD4.7bn. The asset management firm states, however, that the pace of rede4mptions is letting up, as they were 28% lower than in first quarter 2010, and 81% lower than the redemptions recorded one year ago. As a result of this decline, earnings have fallen to USD688m (from USD721m one year earlier), and net profits are down 16% to USD32.3m.
03/08/2010

Pension funds reduce inflation hedging

In the second quarter of 2010, UK pension funds decreased their inflation hedging by nearly a third compared to the first quarter of the year, but have maintained similar levels of interest rate hedging, according to the latest F&C LDI Survey. Inflation hedging was unusually high at the start of the year, but by early April RPI swap levels looked unattractively high, with 30 year RPI swap rates reaching 3.9% - as high as at any time since summer 2008. This fall in inflation hedging can be attributed to the combination of unattractive market levels, an acute and prolonged period of pre-election wariness and renewed concerns about the prospects of a “double-dip” recession and deflationary fears, all of which has meant that a considerable volume of potential hedging activity was put on hold.
03/08/2010

Alain Dromer becomes chairman of ABI investment committee

Alain Dromer, chief executive of Aviva Investors, is to become the next Investment Committee Chairman of the ABI. Dromer will take on this new role on 15th September 2010, replacing Keith Skeoch, Chief Executive of Standard Life Investments, who will step down, having completed three years in office. As a result of this appointment, Dromer will join the Board of the ABI. Dromer has been chief executive of Aviva Investors since September 2007. He has enjoyed an extensive career in financial services including roles as Global Head of Group Investment Businesses at HSBC.
03/08/2010

GAM launches a fund with Wadhwani AM

The Swiss asset management firm GAM (CHF54.1bn in assets under management) has announced the launch of a UCITS III-compliant quantitative, high liquidity investment fund which invests in financial instruments. The product, entitled GAM Star Keynes Quantitative Strategies, is managed by Sushi Wadhwani, founder and CEO of Wadhwani Asset Management, a fund manager based in London specialised in quantitative macroeconomic management. The fund uses directional equities and bond models to generate returns with a low correlation to traditional markets. “These exclusive investment models, the fruit of Sushi Wadhwani’s experience of more than 25 years in quantitative modelling, aims to exploit economic factors which underly each market. They may thus produce better results than other trading strategies, through a combination of momentum and influence indicators. The inclusion of data unrelated to prices is essential, as it allows models to anticipate changes in market orientation,” a press statement explains.
03/08/2010

CESR recommends more transparency for ETF markets

One of the key recommendations of the Committee of European Securities Regulators last week was that a “consolidated tape” – a complete record of all trading – should be established for ETFs and other equity-like instruments, says the Financial Times FM. This development would bring the European Union into line with the US, where all ETF trading has to be reported.
03/08/2010

Lehman: Ruling in favour of some hedge funds

A U.K. Court of Appeal has ruled in favor of hedge funds which maintained that their client money, held in the main European arm of Lehman Brothers Holdings Inc., wasn’t properly protected when the investment bank collapsed, the Wall Street Journal writes. The European arm had segregated a pool of as much as about USD2.1 billion of money for some hedge-fund clients, thus providing protection in the event of bankruptcy. But the bank failed to ring-fence potentially billions of dollars of additional money for other clients who also believed their money was segregated. The ruling is likely to disappoint hedge funds whose money had been properly segregated and which now will have to share the USD2.1 billion with others, says the WSJ.
03/08/2010

Strong inflows to retail funds in first half

Net retail sales for June are back over GBP2 billion once again, after a drop in May, according to the Investment Management Association in the UK, which has published its monthly fund statistics for June 2010. Net retail sales for the first six months of 2010 totalled GBP10.8 billion - the second best on record. Funds under management stood GBP488.2 billion - slightly down on May, but up 25% on a year ago. Retail investors continued to diversify, with sales spread across different asset classes.
02/08/2010

BNP Paribas : décollecte du métier gestion d’actifs

Au deuxième trimestre, le métier Gestion d’actifs du groupe BNP Paribas, logé dans le pôle Investment Solutions, a accusé des rachats nets de 8,9 milliards d’euros. Une décollecte qui a été accentuée par la décision d’un client de réinternaliser sa gestion (-5,2 milliards d’euros), précise la banque. «La bonne collecte dans l’assurance (2,2 milliards d’euros) en France, en Belgique, au Luxembourg et à Taiwan, dans la Banque privée (+1,4 milliard d’euros) et de Personal Investors (+0,7 milliard d’euros) permet cependant de limiter la décollecte nette du pôle à -4,4 milliards d’euros», tempère néanmoins le communiqué de presse concernant les résultats du deuxième trimestre 2010. Les actifs sous gestion du pôle, à 874 milliards d’euros, sont tout de même en hausse de11,0% par rapport au 30 juin 2009 et stables par rapport au 31 mars 2010. A 1.539 millions d’euros, les revenus du pôle augmentent de 15,7% par rapport au deuxième trimestre 2009. «A périmètre et change constants, ils progressent de +5,7%, tirés par l’assurance (+21,2%), le rebond des revenus du métier titres (+2,7%), grâce notamment à la hausse des encours, et la bonne résistance de la Gestion institutionnelle et privée (+1,1%)», indique le communiqué. Le résultat avant impôt du pôle s’établit à 473 millions d’euros, en hausse de 32,1% par rapport au deuxième trimestre 2009 (+24,8%).
02/08/2010
Fonds

LB-P AM lance un OPCI

La société de gestion française LB-P Asset Management indique que le 13 juillet 2010, l’Autorité des Marchés Financiers a agréé l’OPCI Génération Solidaire. Le produit sera investi principalement dans les murs d’EHPAD, établissements d’hébergement pour les personnes âgées et dépendantes. Il s’agit d’un OPCI dédié, à règle de fonctionnement allégé et à effet de levier. Il sera réservé au maximum à 20 investisseurs institutionnels ou avertis.
Fonds
02/08/2010

Les femmes veulent être prises au sérieux par les gestionnaires de fortune

Les femmes en ont assez d'être traitées comme des clientes de second ordre par les gestionnaires de fortune. C’est ce qui ressort d’une étude récente publiée par Boston Consulting Group et citée par Financial News. Les auteurs de " Levelling the playing field: upgrading the wealth management experience for women» ont interrogé 500 clientes et 70 spécialistes de la banque privée. La majorité des femmes estiment qu’elles pourraient recevoir de meilleurs services de la part des professionnels ; près de 25 % pensent même qu’une sérieuse remise en question s’impose. Selon Peter Damisch, un des auteurs de l'étude, les femmes ont l’impression que les hommes reçoivent davantage d’attention de la part des conseillers, de meilleurs conseils et même des contrats plus avantageux. D’autres habitudes dérangent beaucoup de femmes interrogées. Les conseillers financiers partent ainsi toujours du principe que leur aversion au risque est élevée et leur proposent donc souvent moins de produits d’investissement ou alors que des versions simplifiés.
02/08/2010
Fonds

Janus lance un fonds avec Perkins

Janus Capital annonce selon Mutual Fund Wire le lancement du fonds Value Plus Income Fund jeudi 29 juillet, en partenariat avec Perkins Investment Management. C’est le premier produit qui sera géré conjointement par l'équipe fixed income de Janus et sa filiale.
Fonds
02/08/2010

Li Lu pourrait succéder à Buffett

Le Wall Street Journal consacre un long article au parcours du gérant de hedge funds Li Lu, pressenti pour devenir le successeur de Warren Buffett au sein de Berkshire Hathaway. L’investisseur vedette, qui fêtera ses 80 ans dans un mois, affirme qu’il ne prévoit pas de démissionner et qu’il scindera en deux son poste après son départ, avec une partie pour les fonctions de CEO et une autre pour les fonctions d’investissement. Li Lu, qui avait été l’un des étudiants leaders des manifestations de Tienanmen, semble bien placé pour occuper celles concernant les investissements. Les hedge funds de Li Lu ont dégagé un rendement annualisé de 26,4 % depuis 1998.
02/08/2010

State Street launches turbulence indices

State Street Global Markets has announced the launch of a line of “turbulence indices,” which measure the typical characteristics of day-to-day market behaviour. State Street says investors can use the indices to test the resistance of their investment strategies, to construct more diversified portfolios, and to increase their flexibility in terms of exposure to risk. “Each day, each index produces a unique measure of turbulence as a function of abnormalities in returns and their constituent elements on the day observed,” State Street says. Institutional investors can use the indices to test the resistance of their current financial models by evaluating the performance of the model under extreme conditions. The indices may also help managers to construct robust portfolios likely to better withstand such market conditions. The new indices cover US and European equities, currencies, US fixed income, and global asset classes.
02/08/2010

Women want to be taken seriously by wealth managers

Women have had enough of being treated as second-class clients by wealth managers, according to a recent study published by Boston Consulting Group, cited by Financial News. The authors of “Levelling the Playing Field: Upgrading the Wealth Management Experience for Women” interviewed 500 clients and 70 private banking specialises. The majority of women say that they could receive better service from professionals, while nearly 25% say that professionals need to seriously re-examine the service they provide. Peter Damisch, one of the authors of the study, says women have the impression that men get more attention from advisers, better advice, and even more advantageous contracts. Financial advisers thus always follow the principle that women’s aversion to risk is comparatively high, and therefore often offer them fewer investment products, or even simplified versions.
02/08/2010

Robeco identifies new investment themes for China

Victoria Mio, manager of the Robeco Chinese Euqities fund, says that in the short term, the Chinese market is likely to go through a slowdown as a result of political measures. “However, we think China will bear the slowdown smoothly, and we remain positive about the economic outlooks for the country on the whole,” the manager says. “From a macroeconomic standpoint, the central investment theme is the end of fiscal and monetary stimulus measures in 2010 and 2011,” says Mio. “Because of this, we will gradually and selectively pull out of sectors which will no longer benefit from these supporting measures, such as the automotive, real estate, infrastructure, metals and mining sectors.” The manager has identified new themes, such as redistribution of income, technologies and innovation, and alternative energies.
02/08/2010

Li Lu may succeed Buffett

The Wall Street Journal has run a long article dedicated to the hedge fund manager Li Lu, said to be a likely successor to Warren Buffett at the helm of Berkshire Hathaway. The star investor, who will turn 80 in one month, says he has no plans to resign, and that after his departure he will divide his responsibilities into two positions, with one role for a CEO and another for investment functions. Lu, who was one of the leading student demonstrators in Tiananmen Square, appears to be well-positioned to take over the investment role. Lu’s hedge funds have earned annualised returns of 26.4% since 1998.
02/08/2010

Outflows from asset management at BNP Paribas

In second quarter, the asset management profession at BNP Paribas, part of the Investment Solutions unit, saw net redemptions of EUR8.9bn. These outflows were accentuated by the decision of a client to return to handling management internally (-EUR5.2bn), the bank says. “Good inflows in insurance (EUR2.2bn) in France, Belgium, Luxembourg and taiwan, in private banking (+EUR1.4bn) and Peronal Investors (+EUR0.7bn) will make it possible to limit net outflows for the unit to EUR4.4bn,” a press statement says, qualifying the results for second quarter 2010. Assets under management in the unit, at EUR874bn, are nonetheless up 11.0% compared with 30 June 2009, and stable compared with 31 March 2010. At EUR1.539bn, revenues for the unit are up 15.7% compared with second quarter 2009. “At constant perimeter and exchange rates, they are up 5.7%, driven by insurance (+21.2%), a rebound in revenues from the securities profession (+2.7%), largely due to an increase in assets, and the good resistance of institutional and private management (+1.1%),” the statement says. Pre-tax profits for the unit totalled EUR473m, up 32.1% compared with second quarter 2009 (24.8%).
02/08/2010

Management firms worried by OTC derivative market reforms

Major European asset management firms claim that a desire on the part of regulators to make over-the-counter derivative markets be traded through clearing houses will damage pension funds, and ultimately savings investors, due to the added costs that would generate, the Financial Times reports. Among asset managers concerned by the measures are Investec, Threadneedle, Schroders, Aviva, F&C, and the Dutch asset management association.
02/08/2010

Wyly brothers sued by SEC over USD550m fraud

Les Echos reports that the Securities and Exchange Commission is suing the brothers Samuel and Charles Wyly over a vast financial fraud which is said to have make them more than half a billion US dollars. The two philanthropists and two collaborators are said to have committed a series of tax frauds through a complex system of entities and affiliates domiciled on the Isle of man and the Cayman islands, two offshore tax havens. It is claimed by the SEC that the system created by the brothers allowed them to sell shares in four publicly-traded companies (Michaels Stores, Sterling Software, Sterling Commerce and Scottish Annuity & Life Holdings), for a total of over USD750m.
02/08/2010

Janus launches a fund with Perkins

Mutual Fund Wire reports that Janus Capital on Thursday, 29 July announced the launch of the Value Plus Income Fund, in partnership with Perkins Investment Management. It will be the first product to be jointly managed by the fixed income teams at Janus and its affiliate.
30/07/2010

Fortunes diverses pour la gestion privée et le capital-investissement au Crédit Mutuel CIC

L’Agefi rapporte que le Crédit Mutuel CIC poursuit le renforcement de son maillage hexagonal et international. Il a pour la première fois hier communiqué sur son changement de dimension, avec, entre autres, à compter du 1er janvier prochain, l’adhésion de cinq nouvelles fédérations du Crédit Mutuel. En matière de résultats, à la fin du premier semestre 2010, l'établissement a annoncé un produit net bancaire (PNB) en hausse, à périmètre constant, de 9,9% pour atteindre 5,48 milliards d’euros. Cela dit, le capital-investissement et la banque privée ont connu des destins divergents. La seconde, dont les encours s'élèvent à 5,4 milliards d’euros, a concédé une baisse de 211 à 198 millions de son PNB et de 69 à 44 millions de son résultat imposable. En revanche, l’activité de capital-investissement affiche sur le semestre écoulé un bond de 16 à 100 millions d’euros du produit net bancaire et de 4 à 87 millions du résultat imposable.
30/07/2010

Standard Life Investments et Chuo Mitsui signent un partenariat

Suite à la décision de créer une joint-venture avec la société japonaise Chuo Mitsui Asset Trust and Banking, Standard Life Investments a signé un partenariat de gestion avec cette dernière. Standard Life va conseiller Chuo pour la gestion de son activité de global equity, aklors que Chuo conseillera son partenaire pour la gestion des actions japonaises, indique Financial News.

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