Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
16/06/2010

ETF Securities launches 22 currency ETCs

ETF Securities has announced the launch of 22 ETC currency funds, including the first European listing of an emerging markets currencies product. The products will all be listed on the London stock exchange. ETF Securities has attracted about USD200m in assets since its launch, last November, of its first currency ETC.
16/06/2010

Mediolanum includes three more managers in Best Brands product range

The Italian Banca Mediolanum has announced that it has recently concluded new partnerships with DWS Investments (Deutsche Bank), Franklin Templeton Investments, and Pimco (Allianz). The managers will join the open architecture platform from Mediolanum, alongside the management firms BlackRock, JPMorgan Asset Management and Morgan Stanley Investment Management. DWS Investments will provide a “mega-trend” equities fund of funds, the Mediolanum DWS MegaTrend Selection, while Franklin Templeton will contribute to the range with a diversified fund of funds specialised in emerging markets. The product created especially by Pimco will be a multi-asset class absolute return product, with a high exposure to bonds, “to combat the likely next enemy of savings, inflation.”
16/06/2010

investtor.de launches a fund with a portfolio determined by subscribers

Michael Thaler, son of the founder of the independent wealth management firm Top Vermögen AG, with the help of the management firm Axxion, has launched the Luxembourg fund Multi-Structure Investtor Aktien global. A sales license for Germany is expected next week. The product allows investors who have subscribed for at least 80 shares, or EUR4,000, to vote on the investtor.de platform to determine the composition of the portfolio of up to 40 positions (from a list of 200 global large caps), and on the weighting of each share and the exposure of the fund to equities, Die Welt reports. Subscription pledges for EUR1.2m have already been received from 30 investors. The fund is intended to earn a profit with volume of EUR10m or more. On Tuesday, its first day, the fund had 37 equities in its portfolio, with the largest weightings, in decreasing order, China Mobile, Deutsche Telekom and Bilfinger Berger.
16/06/2010

Hedge fund performance could turn down

Typical annual returns of hedge funds would drop to 10 per cent – or less – if funds became too defensive as the economic environment turned increasingly challenging, according to Byron Wien, the vice-chairman of Blackstone’s advisory group and former chief investment strategist at Pequot Capital. According to the Financial Times, he told the GAIM conference in Monaco: “The concept of hedge funds was to produce equity-like returns with bond-like volatility. The danger is we get bond-like returns with equity-like volatility.”
16/06/2010

Andbanc registers three funds in Spain

On 11 June, the CNMV registered the first three funds from the Andorran firm Andbanc in Spain. They are the Andbanc FCP Money Market, Diversified Equities and Bonds funds. Sales of the products will be handled by Banco Inversis.
16/06/2010

BBVA launches a guaranteed fund linked to performance of three large caps

BBVA Asset Management on 11 June registered the partially-guaranteed fund BBVA Destacados BP (ES0113279006), which was launched on 21 May, with the CNMV. The originally bond product will mature on 10 September 2013. Investors will recuperate 100% of their initial investment, or its net asset value as of 14 August 2010, minus the depreciation of the one of three large caps (Santander, Inditex, or Repsol) which has lost the most value. In any event, the payment will involve a total remuneration of 0% to 9.2% of the initial investment. The minimal rate guaranteed as of 10 September 2013 will range from a maximal loss of 1.65% and a maximal performance of 8.93%. Front-end fee and penalty for withdrawal are set at 5%, while management commission is 0.1% until August 2010, and 1.4% after that date. Depository banking commission (Banco Depositario BBVA) is 0.05%.
16/06/2010

Italy would do well to consider SGAM-CAAM type merger

Il Sole – 24 Ore raises questions about the future of the asset management industry in Italy, and considers the possibility of a merger similar to the recent French merger of SGAM and CAAM. A marriage of Pioneer, the asset management firm of the UniCredit group, and Eurizon Capital, from Intesa Sanpaolo, would be a wise move, or viewed as desirable by the Bank of Italy, which is calling on the one hand for a separation between production and distribution of asset management products, and on the other is seeking to control the destiny of Italian assets, the newspaper comments. For the moment, however, no moves in this direction appear to be forthcoming, although both of the Italian banking groups are planning to gradually disengage from asset management.
16/06/2010

East Capital closes its Russian real estate fund

East Capital has closed the East Capital Russian Property Fund. The fund was launched in July 2008 to invest in the fast growing commercial real-estate sector in Russian larger cities. Due to the subsequent financial crisis, East Capital’s team decided to stay out and wait until price fall would stabilize. In this post crisis environment, despite intensive efforts, it proved impossible to realize the initial investment strategy within a reasonable time frame. As a result, no investments were made. Acting in the best interests of its investors, East Capital has taken the decision to close the fund and to return capital to investors at this time.
16/06/2010

Harewood to join BNP Paribas IP

According to information obtained by Newsmanagers, Harewood Asset Management, a wholly-owned subsidiary of BNP Paribas, which currently operates as a part of the investment bank, will be merged into BNP Paribas Investment Partners, the asset management unit of the French banking group. More specifically, the Harewood team will be merged with Sigma (an acronym for structured, index-linked and multi-alpha generation), which includes structuring, index-based management, active guaranteed management, risk allocation, and multi-strategy overlay at BNP Paribas Asset Management. Sources familiar with the matter suggest to Newsmanagers that the new ensemble will be led by Gilles Guérin, who has left GDF Finance, where he was vice president. According to its website, Harewood AM, a specialist in systematic management, structured management and alternative management, had EUR4.2bn in assets under management as of 31 December 2009, of which 64% was managed on behalf of institutional investors, and 36% for distribution clients. The firm has 25 management professionals, according to the website. The Sigma team at BNP Paribas AM, for its part, has 67 specialists.
16/06/2010

ERAFP launches request for proposals for renewed equities mandates

The French pension fund for public sector employees Etablissement de retraite additionnelle de la fonction publique (ERAFP) has launched a restricted request for proposals for renewed financial management mandates for “mid- and large cap publicly traded equities in Euro zone businesses” and diversification of its asset allocation. The request for proposals is composed of four rounds (corresponding to four types of mandates, respectively): a round for small and midcap publicly-traded shares in Euro zone businesses, with index-based management, and three rounds of publicly-traded Euro zone mid and large caps, the first of which will involve index-based management, the second will use active benchmarked management, and the third will be unbenchmarked. The mandates will be for an initial three-year term, and may be renewed once, for a new three-year term. In keeping with the 100% SRI investment policy of the pension fund, the new mandates will integrate the SRI regime, adapted to each case.
16/06/2010

Musical chairs on HSBC board

A desire on the part of Caroline Brousse, CEO of HSBC Global Asset Management Europe and director of asset management at HSBC France to advance her career, while remaining within the group, and the decision of Pierre Séquier, CEO and director of research and management activities at Sinopia, to continue his career outside the HSBC group, are the cause of a redistribution of responsibilities on the HSBC board. Laurent Tignard, currently CEO of Halbis Capital Management (France), will succeed Brousse. He becomes director of asset manaegement for France, and joins the executive baord of HSBC France, while Guillaume Rabault, deputy CEO of Halbis Capital Management (France), is appointed CEO of Halbis Capital Management (France). Philippe Giomard, CEO of HSBC Global Asset Management (France) replaces Séquier as CEO of Sinopia, and will retain his current responsibilities. Jean-Charles Bertrand, head of bond and absolute return management, is appointed director of research and management activities at Sinopia. Bertrand will be assisted by Jean-François Schmitt, deputy director of research and management activities, in addition to his role as CEO of Sinopia Asset Management (UK), a statement from the bank says. Pending the approval of the regulatory authorities, the appointments will take effect on 7 June for Sinopia, and 30 June for the profession in France. Brousse will retain responsibility for HSBC Global Asset Management Europe until 1 September 2010.
16/06/2010

Marc Renaud (Mandarine Gestion): “Thank you, Edouard Carmignac!”

In an interview with Das Investment, Marc Renaud says that he has thanked Edouard Carmignac for opening up a new front which has benefited all boutiques, in the highly rigid and bank-dominated world of distribution. The founder of Mandarine Gestion says that he can only hope that Carmignac’s success will continue, as major errors in decision-making would work against all small boutiques. When asked if his investment method designed for a European framework can be extrapolated and used globally, including in emerging markets, Renaud replies in the affirmative, but emphasizes that it must be placed in the hands of another manager: for 20 years, he has been working with European businesses, and it would not be judicious to enlarge its spectrum. He does not feel qualified to evaluate political and fiscal situations in Brazil or China. However, the businesses of the Stoxx 50 do earn at least 45% of their revenues and profits outside Europe. Renaud can easily envision a time when there is a global equities product in the Mandarine range, but the firm would need a real expert for that universe.
16/06/2010

Brown Advisory teams up with Alfi Partners to develop in French-speaking Europe

The US-based independent asset management firm Brown Advisory announced on 15 June that it has formed a strategic alliance with ALFI Partners, to develop its product range in French-speaking Europe. “The partnership is a sign of the desire of Brown Advisory to increase sales of its UCITS III US equities fund to professional and qualified investors,” says a statement. Since its creation in 1993 as a part of the Alex Brown & Son group (the first US investment bank, founded in 1800 in Baltimore), Brown Advisory specialises in the area of US equities and fixed income, and has grown. The firm manages over USD18bn. Following the opening of its London office in 2008, assets under management for professional clients outside the USA have already reached USD1bn. This development has come via a UCITS III Sicav (founded in 2006) registered in Dublin, and management mandates. ALFI Partners, founded in 2004, is one of the largest third-party marketers in continental Europe, specialised in representing and distributing products to professional investors, from a limited number of top-performing management firms. More than EUR2bn have been invested in funds represented by ALFI Partners since 2005.
16/06/2010

Franklin Templeton only foreign firm in top ten for inflows

In January-April, Allianz Global Investors (AGI) was the German asset management firm whose net subscriptions were strongest, with nearly EUR4.9bn for its affiliate Pimco Europe, and EUR1.77bn in direct inflows, the Kommalpha agency reports. In second place is Deutsche Bank, whose ETF brand db x-trackers attracted EUR1.62bn, while the real estate management firm RREEF raised EUR1.07bn, and DWS Luxembourg drew EUR875m. At the top of the rankings, in addition to RREEFs, there are two other real estate fund managers: Union Investment Real Estate (with EUR990.2m) and Deka Immobilien (890,8m), while Universal-Investment, the Master-KAG specialist, in eighth place with EUR770.4m. The only foreign manager among the top ten by inflows in the first four months of the year is the Luxembourg management firm Franklin Templeton Investment Funds (FTIF), with EUR635m. In tenth place is Frankfurt Service KAG, with EUR623.5m.
16/06/2010

Good results for EFA in 2009

The fund administration specialist EFA (European Fund Administration) last year posted earnings of EUR63m, a 2.5% increase year on year, while pre-tax profits totalled EUR5.1m. As of 31 December 2009, EFA administered a total of EUR83.2bn in net assets, in 2,450 funds, on behalf of 226 clients. “A 13.6% increase in the number of clients is a sign of good progress in the sales of EFA services and the EFA brand, the firm says in a statement. In addition to significant amounts of business from clients of shareholder banks, earnings generated by direct EFA clients are up 15%. As of the end of 2009, these repersented 29% of earnings and 41% of the total number of clients. EFA is now working in collaboration with 86 depository banks and 8 prime brokers.
16/06/2010

Les titres d'Etat américains ont encore séduit en avril

Selon l’Agefi, les actifs américains attirent toujours les investisseurs étrangers, mais un cran en deça. Le solde des flux vers les actifs à long terme en avril s’est établi à 83 milliards de dollars, contre 140,5 en mars. En avril, les investisseurs ont continué à privilégier les titres d’Etat américains avec des flux acheteurs de 76,4 milliards de dollars.
16/06/2010

Jupiter AM shares priced low

Jupiter Asset Management will on Wednesday announce that shares in its London listing have been sold near the bottom of the price range, says the Financial Times. The final price for the new shares was fixed at 165p, people close to the listing said. The fund manager had hoped to sell the shares for as much as 210p each, with a 150p lower limit.
16/06/2010

Barings recruits executive from Schroders

Andrew Benton, who gad been head of UK institutional sales at Schroders since 2005, has joined Baring Asset Management in London as head of UK & international institutional sales and business development, in which position he will report to George Harvey, head of sales, business development & client service. He will be in charge of all institutional sales activities based in London, which represent GBP18bn in assets.
16/06/2010

RWC Partners recruits a head from JP Morgan AM

RWC Partners has recruited John Bennett as head of intermediated sales in the UK. Bennett previously worked at JP Morgan Asset Management, where he spent 15 years, initially in distribution to independent financial advisers (IFA).
15/06/2010
Fonds

Commerz Real effectue un second investissement à Varsovie

Pour le compte de son fonds immobilier offert au public hausInvest europa (11 milliards d’euros), l’allemand Commerz Real a acheté pour environ 56 millions d’euros le complexe de bureaux Harmony Office Center (19.300 mètres carrés) situé à Varsovie. Cet actif est loué en totalité pour dix ans à la Bank Millenium.
Fonds
15/06/2010

Barclays Wealth créé un poste de chief risk officer pour l'Asie

Barclays Wealth vient d’annoncer la nomination de Urban Wilde au poste nouvellement créé de chief risk officer pour la région Asie-Pacifique.Urban Wilde, qui prendra ses fonctions le 2 août prochain, était précédemment chez UBS, où il occupait le poste de managing director des projets stratégiques. Il est rattaché au CRO mondial Mark Cooke et au chief executive pour l’Asie-Pacifique, Didier von Daeniken.
15/06/2010

Clariden Leu recrute chez UBS

Clariden Leu vient de nommer Peter Buehler, un ancien d’UBS, au poste nouvellement créé de responsable de la clientèle européenne et des gérants de fonds extérieurs souhaitant investir à Singapour, rapporte Asian Investor.Peter Buehler, basé à Singapour, a pris ses fonctions le 1er juin dernier. Il est directement rattaché à Othmar Foffa, responsable de l’Europe du Sud.
15/06/2010
Fonds

Les fonds obligataires plébiscités en Europe

En avril, les fonds commercialisés en Europe ont enregistré des souscriptions nettes de 26,7 milliards d’euros, indique Lipper FMI dans son dernier FundFlash. Les deux tiers de la collecte ont été le fait de fonds obligataire, dont le succès depuis le début de l’année ne se dément pas. Les souscriptions de ces deux derniers mois, supérieures à 18 milliards d’euros, ont été les meilleures depuis le record de juillet 2005 (20 milliards d’euros). Depuis le début de l’année, les fonds obligataires ont engrangé 61 milliards d’euros, ce qui est supérieur au montant enregistré sur la période correspondante de 2005, l’année record pour les fonds obligataires (150 milliards d’euros). Cette fois, c’est la faiblesse des taux d’intérêt qui alimente l’appétit pour les fonds obligataires, sachant que les catégories marchés émergents, devises londiales et high yield sont privilégiées.Lipper se demande si la crise en Grèce et dans ses voisins du Sud de l’Europe va tempérer cet enthousiasme. En revanche, si les investisseurs continuent à investir dans les fonds obligataires, la classe d’actifs pourrait atteindre des proportions dignes d’une bulle. Les souscriptions aux fonds actions se sont limitées à 4 milliards d’euros, la moitié du total de mars, et le plus faible niveau depuis mars 2009. Les marchés émergents, les Etats-Unis et le Royaume-Uni ont été privilégiés. L’hémorragie se poursuit pour les fonds monétaires. Les sociétés de gestion ayant le plus collecté en avril sont Franklin Templeton, HSBC et Aviva, avec respectivement 4 milliards, 3,6 milliards et 2,3 milliards d’euros. Pour les obligations, le meilleur groupe a été Franklin Templeton, avec 3,4 milliards d’euros. Côté actions, c’est Amundi qui est en tête, avec 800 millions d’euros.
Fonds
15/06/2010

Galaxy lance un fonds Ucits sur la Chine

Le hedge fund basé à Hong Kong Galaxy Asset Management va lancer une version Ucits III de son fonds Galaxy China Opportunities en utilisant la plate-forme installée à Dublin de Merchant Capital, selon Asian Investor.Le fonds devrait être disponible en septembre au plus tard avec un objectif de collecte d’environ 500 millions de dollars. Le véhicule vise une clientèle institutionnelle et fortunée, le ticket d’entrée étant fixé à 100.000 euros.Depuis sont lancement en 2005, le fonds d’origine a dégagé des rendements annuels compris entre 22% et 24%.
15/06/2010

Teun Draaisma quitte Morgan Stanley pour un hedge fund

Au bout de treize ans chez Morgan Stanley, dont il était devenu le stratégiste en chef pour les actions européennes à Londres, le Néerlandais Teun Draaisma rejoint TT International Investment Management pour y gérer un hedge fund, rapporte la Börsen-Zeitung. Il sera remplacé par Graham Secker.
15/06/2010
Fonds

DWS Espagne lance un fonds d'obligations d'entreprises de pays émergents

Vendredi, la CNMV a enregistré le fonds DWS Rentas Emergentes 2015 (ES0127337006 pour la classe de parts A et ES0127337014 pour la classe B) qui avait été lancé le 8 juin par DWS Investments (Spain). Il s’agit d’un fonds de 30 obligations d’entreprises de pays émergents dont l'échéance est fixée à 30 juin 2015. Ce produit sera investi à partir du 15 juillet dans des titres d’une échéance comprise entre trois et six ans.placés par des émetteurs dont la notation s'échelonnera entre B- et BBB+ dont la plupart seront conservés juqu'à échéance. Il est prévu le transfert semestriel des gains au fonds monétaire DWS Fondepósito Plus (dont la commission de gestion est de 0,7 %). Un coupon de 3 % sera servi sur le nominal tous les six mois et le système de remboursements partiels prévoit que l’investisseur récupérera 20 % de son investissement à la fin de la troisième année, puis de nouveau 20 % à la fin de la quatrième. Le reliquat, plus le coupon seront perçus à l'échéance du fonds.A partir du 14 juillet 2010 la commission de gestion passe de 0,3 % à 1,3 %, tandis que la commission de banque dépositaire se situe à 0,1 % (pour la part B, la commission de gestion sera de 0,45 %). Le droit d’entrées est fixée à 5 % à compter du 31 juillet 2010 jusqu’au 29 juin 2015 tandis que la pénalité de sortie ressort à 3 % du 15 juillet 2010 au 29 juin 2015.
Fonds
15/06/2010
Fonds

Performance de 3,4 % sur un an pour les fonds de pension

L’association espagnole Inverco des sociétés de gestion a annoncé lundi que les fonds de pension individuels ont affiché pour mai une performance moyenne de 3,42 % sur douze mois, malgré la baisse des marchés. Toutes les catégories sont dans le vert, avec des gains échelonnés entre 0,57 % pour les fonds spécialistes de l’obligataire court terme et 11,88 % pour ceux spécialistes des actions.Toutefois, sur trois ans, les fonds perdent en moyenne 1,45 % par an, alors qu’ils ne gagnent que 0,91 % sur cinq ans et 0,67 % sur 10 ans.
Fonds
15/06/2010

Partners Group investit dans Kaffee Partner

Le suisse Partners Group (25 milliards de francs suisses d’encours) annonce avoir effectué pour le compte de ses clients un investissement dans Kaffee Partner, une smid-cap allemande spécialisée dans la distribution de café et de boissons en machine.

Sujets d'actualité

Tous les sujets