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26/05/2010

LIM launches a real-time data service

LIM, an affiliate of Morningstar, on 25 May launched LIM Evolution, a database which allows real-time access to information from stock markets and other data providers.
26/05/2010

Ron Duva sues GLG over takeover by Man Group

Ron Duva, a shareholder in GLG Partners, has filed a lawsuit in Delaware Chancery Court against GLG Partners, claiming that the business allowed itself to be acquired by Man Group at an insufficient price of USD4.50 per share (which values the British asset management firm at USD1.6bn). Investment Week reports that the plaintiff is arguing that the timing of the operation was chosen to disadvantage GLG shareholders, as shares were 73% own from their peak value in November 2007. In addition, Duva contests the USD48m cancellation fee which GLG would be required to pay Man Group if it chose not to be acquired by them, and the fact that the founders of GLG were paid in Man shares rather than in cash. Man Group rejects the claims on the grounds that the transaction was carried out at a price per share 55% above the trading price of GLG shares on 17 May, when the deal was announced.
26/05/2010

Madoff liquidator looking into London activities

Irving Picard, the trustee liquidating Bernard Madoff’s former business, has applied to the UK’s High Court to order FIM Advisers, the London asset management company, to produce thousands of e-mails and documents to help investigate the fraudster’s activities, says the Financial Times. He wants to examine documents relating to Kingate Europe and Kingate Global funds which poured at least USD1.7bn into Bernard L Madoff Investment Securities.
26/05/2010

Artemis launches an equities income fund

Artemis is planning to launch an income fund dedicated to global equities in July, Investment Week reports. The Global Equity Income unit trust, which is pending approval from the British financial market regulatory authority (FSA), will be managed by Jacob de Tusch-Lee, who is also manager of the Capital fund (GBP423m). The fund would invest in ordinary and preferential equities, convertibles, and fixed income. Minimal investment will be set at GBP1,000 or GBP50 per month, with front-end fees of 5.25%, and a management commission of 1.5% per year.
26/05/2010

Helaba Invest aims for EUR150bn by 2015

Uwe Trautmann, CEO of Helaba Invest, says that assets under management and administration at the affiliate of the Landesbank of Hesse and Thuringia have increased from EUR31.8bn as of the end of 2006 to EUR62.4bn as of the end of April 2010. In addition, the proportion of total net inflows in Germany totalled 51% last year, the Börsen-Zeitung reports. These results are due to the fact that Helaba Inest combines find administation and Master-KAG activities with quantitative management of institutional funds (Spezialfonds). The objective is to achieve EUR80bn in assets for institutional funds, with the launch of one or two products per year, and to increase assets under administration by EUR30bn, from a total of EUR40bn as of the end of April.
26/05/2010

Market decline may result in restructuring of asset management industry

Les Echos reports that a decline in the share prices of publicly traded asset management firms since the aggravation of the crisis may lead to some acquisitions. Fund managers traded on the stock exchanges are now being penalised more than other sectors when markets fall, since their source of revenues, commissions on assets, decline mathematically when the markets fall. Hence the interest of potential acquirers seeking a bargain, such as Schroders and Henderson Group.
26/05/2010

Slight increase in State Street private equity index

The State Street private equity index as of 31 December 2009 showed returns of 5.94%, a slight increase compared with third quarter 2009, and an increase of 2.226 basis points compared with the results observed in fourth quarter 2008. “Over the year 2009, we observed a number of smaller transactions and a decrease in activity in fund inflows for the private equity industry,” says William Pryor, senior vice president at State Street Investment Analytics. “However, in the second half of 2009, the sector showed a strong recovery, to finish the year with positive results in all fund categories on horizons of one, three and five years.” From 2008 to 2009, all sectors of Private Equity posted one-year returns of 15% year-on-year, after five consecutive quarters of negative results. It is also notable that the Mezzanine and Distressed Debt fund categories posted returns of 35.3% over a one-year investment period. From its creation until fourth quarter 2009, internal total return on investment for the long-term index (TRI) totalled 11.42%, an increase of 139 basis points compared with the previous quarter. The categories of products for Europe and the rest of the world were up 14.91% and 5.09%, respectively, with the latter category showing an increase of more than 250 basis points compared with third quarter.
26/05/2010

SSgA offers strategic hedge on Asian currencies

Asian Investor reports that State Street Global Advisors (SSgA) has launched its strategic dynamic hedge (SDH) program for Asian markets, aimed at institutional investors who are seeking to manage their currency risks. The initiative will be particularly welcome, says SSgA, at a time when currencies in the region are expected to gain value against the US dollar. SSgA will also offer its investment strategies in the most liquid emerging market currencies (China, Hong Kong, Indonesia, India, Philippines, Singapore, South Korea, Thailand and Taiwan).
26/05/2010

EUR130m increase in quarterly inflows to Euro zone mutual funds

In first quarter 2010, net inflows to Euro zone OPCVM funds (excluding money market funds) totalled EUR130bn, while transactions on money market funds resulted in a net outflow of EUR44bn, according to statistics published by the European Central Bank (ECB). Assets in OPCVM funds other than money market funds as of the end of March totalled EUR5.291trn, compared with EUR4.965trn as of December 2009.
26/05/2010

PEH launches a “double strategy” anti-inflation fund

The German asset management firm PEH Wertpapier on 14 April launched the Luxembourg-registered fund PEH Inflation Linked Bonds Flexibel (LU0498681468, for P-class shares, and LU0498681898, for I-class shares), which may invest both in inflation-linked bonds and in conventional government bonds. The manager may actively manage allocation to the former class of assets in order to take advantage of the evolution of the market in all phases, without depending on the direction in which returns are evolving, while active management of duration allows the fund to profit from increases and decreases in interest rates. Characteristics Name: PEH Inflation Linked Bonds Flexibel ISIN: P shares, LU0498681468; I shares, LU0498681898 Minimal initial subscription: EUR2,500 (P); EUR1m (I) Minimal subsequent subscription: EUR250 (P); EUR1m (I) Front-end fee: 4% Management commission: 1% (P); 0.5% (I) Performance commission: 20% on performance exceeding the REXX-Government-Bonds-Performance-Index
26/05/2010

Kommalpha finds mixed results in first quarter for German funds

From the point of view of assetsunder management, German funds have overcome initial difficulties in first quarter, and their assets have increased continually from January onwards, rising to a total of EUR57.8bn. However, the Kommalpha agency notes, bond funds lost EUR1bn in assets in January-March, though they were down EUR5bn as of the end of January. The major beneficiaries were equities funds, with an increase in assets of EUR13.5bn; mixeded funds, with an increase of EUR8.8bn,and particularly institutional funds, with a leap of EUR28.3bn. For net subscriptions, mixed funds were the big winners in first quarter, with inflows of EUR5.4bn, followed by real estate funds (EUR3.2bn), while equities and bond funds posted net subscriptions of EUR2.3bn and EUR2bn. This means that most of the increase in assets in equities funds is due to positive market effects, which was also true to a lesser extent for diversified funds. However, bond funds arithmetically lost EUR3bn due to depreciation of their portfolios.
26/05/2010

Lazard AM Germany launches the LSDynamic fund

On 10 May, Lazard Asset Management (Germany) launched a German-registered long/short bond fund, the LSDynamic, which deploys an absolute returns strategy, using quantitative and discretionary strategies for the management of rates on the bond markets of Europe, the United Kingdom, Japan, Switzerland and the United States, investing at least 51% of its assets in investment grade bonds denominated in OECD currencies. The fund invests exclusively in bonds and derivatives denominated in Euros, US dollars, Japanese yen, pounds Sterling, or Swiss francs. Characteristics Name: LSDynamic ISIN: DE000A0RHKX8 Front-end fee: 3% Management commission: 0.8% Depository banking commission: 0.1%
26/05/2010

Investors balk at concentration of responsibilities at SocGen

At Société Générale’s general meeting on Tuesday, Hermes, the UK fund manager, and French shareholder groups, including Phitrust Active Investors, demanded that Frédéric Oudéa separate the roles of chairman and chief executive, says the Financial Times. “We are very concerned by the current trend in the French market to recombine the roles of chair and CEO,” said Natacha Dimitrijevic, in charge of engagement with French companies at Hermes.
26/05/2010

LSE still losing market share

Two major trends continued in the month of April, according to market indicators established jointly by Crédit Agricole Cheuvreux and TAG. On the one hand, the market share of the London Stock Exchange has continued to fall, by about 3.5%, counting both Chi-X and BATS, while the market share of SIX as a proportion of the SLI 30 has also continued to slide (by 2.2%, counting Chi-X, BATS and Turquoise). Meanwhile, an increase in market share for Xetra on the DAX exchange has continued, following the rollout of a new fee structure in March, giving the market segment a 2% gain against Chi-X.
26/05/2010

Rising tension on money markets

Although the ECB has been all but constantly injecting liquidity since the Lehman Brothers bankruptcy, the inter-bank lending market continues to be under pressure, Agefi reports, as banks continue to mistrust one another, concerned about their exposure to other peripheral debts. The nationalisation of a Spanish savings bank this weekend, concerns about the solvency of the more fragile European states, and doubts about the credibility of debt reduction programs are expected to result in a continued rise in spreads on the Libor-ODS. These spreads stood at 28 basis points on Monday, and 23 basis points only one week ago. In general, they are currently gaining 3 to 4 points a day, a strategist cited by the newspaper notes.
26/05/2010

Spanish team at Deka takes over responsibility for Portuguese market

Funds People reports that the sales team at the German DekaBank responsible for Spain and Andorra will also now take on responsibility for the Portuguese market. The team is led by Alberto González Méndez, assisted by Ana Guzmán Quintana in Madrid and Rebecca Porekar-Rinne, in charge of support functions and based in Frankfurt. The range of Deka products currently registered with the CNMV includes nine funds, and the German management firm is currently not planning to license funds with the Portuguese CMVM, but is instead planning to focus on local institutional investors in this market.
26/05/2010

BofA/Merrill Lynch recruits a banker from Credit Suisse

Bank of America Merrill Lynch has recruited a former Credit Suisse banker, Lim Eng Guan, to direct its wealth management activities in South-East Asia, various sources report. He will join BofA Merrill Lynch as managing director and head of global wealth and investment management activities for the region. He replaces Kong Eng Huat, who has recently left the firm. Lim, who joined Credit Suisse in 2008 after 15 years at Citi, was managing director and market leader for private banking activities in Singapore.
25/05/2010
Fonds

Les fonds européens ont drainé 88,8 milliards au premier trimestre

Les fonds européens ont enregistré au mois de mars des souscriptions nettes de 18 milliards d’euros contre 19,2 milliards d’euros en février, ce qui porte le total pour le premier trimestre à 88,8 milliards, selon les statistiques publiées par l’Efama, l’association européenne de la gestion d’actifs. Les fonds coordonnés de long terme (hors monétaires) ont attiré en mars 26,5 milliards d’euros contre 27,8 milliards d’euros en février, si bien que le total des trois premiers mois ressort à 89 milliards d’euros. En revanche, les fonds monétaires coordonnés ont subi des sorties nettes de 18,3 milliards d’euros contre 16,3 milliards pour février, si bien que le premier trimestre se solde par une décollecte nette de 37,4 milliards d’euros. Pour l’ensemble des fonds coordonnés, la collecte nette s’inscrit ainsi à 8,2 milliards d’euros pour mars contre 11,5 milliards le mois précédent. Sur janvier-mars, la collecte nette ressort à 51,7 milliards d’euros. A fin mars, l’encours total des fonds s’inscrivait à 7.253 milliards d’euros, soit 3,6 % de plus que fin décembre, dont 5.499 milliards pour les fonds coordonnés (+ 3,7%)
Fonds
25/05/2010

Blackstone se joint aux repreneurs de General Growth

Blackstone Group va contribuer pour 500 millions de dollars aux 6,5 milliards de dollars du plan de reprise de General Growth Properties monté par Brookfield Asset Management, Pershing Square Capital Management et Fierholme Capital Management, rapporte The Wall Street Journal.Lorsque General Growth sortira de la protection du chapitre 11 d’ici à la fin de l’année, les quatre investisseurs détiendront les deux tiers du capital. Blackstone aura 5 % et un siège au board, plus 120 millions de warrants pour acheter des actions General Growth à 10 dollars l’unité.General Growth, qui possède 204 centres commerciaux, s’est mis en avril 2009 sous la protection du Chapitre 11 parce qu’il avait été dans l’incapacité de refinancer une partie de ses 27 milliards de dollars de dette arrivés à échéance.
25/05/2010

Swip se renforce dans le capital investissement

Scottish Widows Investment Partnership (SWIP) a annoncé le renforcement de son équipe spécialisée dans le capital investissement avec le recrutement de Narcisa Sehovic en qualité d’investment manager.Basée à Londres, Narcisa Sehovic est rattachée à Billy Gilmore, responsable du pôle private equity de Swip. Elle aura la responsabilité de la gestion de l’ensemble des mandats de private equity de Swip ainsi que de la recherche d’opportunités d’investissement à long terme dans les pays du Benelux, en Italie et dans les pays de la CEE (Central and Eastern Europe).Narcisa Sehovic était précédemment chezAlphex One Limited, en qualité de director dans l'équipe de conseil sur les fusions/acquisitions.
25/05/2010

State Street remporte un mandat auprès de Norges Bank

Le fonds de pension du gouvernement norvégien, Norges Bank a attribué à State Street un mandat de gestion administrative sur la poche immobilière du fonds pour un montant de 20 milliards de dollars. State Street a obtenu ce contrat suite à l’acquisition toute récente de l’administrateur spécialisé dans l’immobilier Mourant International Funed Administration.
25/05/2010

RWC Partners lance de nouveaux produits

RWC Partners envisage de lancer de nouveaux produits pour Nick Purves et Ian Lance, qui viennent de quitter Schroders et qui vont rejoindre la société en août prochain, rapporte Investment Week.Ils devraient dans un premier temps gérer de nouveaux véhicules au format OPCVM III Income et Value, accessibles à la fois aux investisseurs retail et institutionnels. L’arrivée des transfuges de Schroders devrait permettre à RWC Partners de renforcer son offre au Luxembourg, qui regroupe de 60 % à 65 % des actifs sous gestion de la société.
25/05/2010
Fonds

Deux nominations au fonds souverain de Singapour

Temasek Holdings, le fonds souverain de Singapour, a annoncé la nomination de Hsieh Fu Hua, l’ancien patron de la Bourse de Singapour, en tant que directeur exécutif et président, à compter du 1er août. Dilhan Pillay Sandrasegara rejoindra aussi l’agence en tant que responsable de la gestion de portefeuille le 18 octobre.
Fonds
25/05/2010
Fonds

Santander Real Estate retarde la vente des actifs du Banif Inmobiliario

Dans une notification remise vendredi à la CNMV, Santander Real Estate annonce que la liquidation de l’essentiel des actifs du fonds immobilier Banif Inmobiliario (2,69 milliards d’euros), dont les remboursements sont gelés depuis le 4 mars 2009, interviendra non au second semestre 2010 comme prévu initialement, mais à partir de 2011 et durant les années suivantes. Ce report est expliqué par la situation d’illiquidité et de déprime généralisée du marché de l’immobilier, ce qui a conduit les repreneurs potentiels des actifs du fonds à proposer des prix déraisonnables aux yeux du gestionnaire et de ses conseillers externes (CB Richard Ellis et Clifford Chance).
Fonds
25/05/2010

Quatre assureurs et l'Etat vont investir dans l'immobilier allemand

Les assureurs Mapfre, Santander Seguros, ING-Nationale Nederlanden et Santa Lucia ont créé la société d’investissement dans l’immobilier allemand Inmoalemania Gestión de Activos Inmobiliarios dont ils détiennent chacun 20 %, les 20 % restants étant pris par la Chambre de compensation des Assurances du ministère de l’Economie, rapporte Expansión.Inmoalemania est confiée à la division gestion d’actifs de Banif, filiale du Santander. Elle affiche un actif de 100 millions d’euros (chiffre de 2008) en immeubles locatifs situés en Allemagne.L’objet de la société est la gestion d’actifs pour le compte de compagnies d’assurances disposant d’un agrément pour opérer en Espagne. Les actionnaires estiment que la création de cette filiale conjointe est une formule qui présente moins de risques que l’investissement direct dans l’immobilier à l'étranger. Le marché allemand est censé offrir une bonne stabilité et des perspectives intéressantes. Inmoalemania est un fonds fermé qui possède une filiale en Allemagne. Elle est actuellement présidée par Luis Basagoiti (Mapfre), mais la présidence sera tournante.
25/05/2010
Fonds

Le chômage prélève son tribut sur les fonds de pension

D’après le rapport 2009 sur les assurances et les fonds, 41.985 chômeurs ont fait usage l’an dernier de la «flexibilisation» du régime qui leur permet depuis août 2009 de récupérer l'épargne qu’ils ont confiée à des fonds de pension. C’est un quadruplement par rapport à 2008, constate Expansión, mais le montant concerné, 219 millions d’euros, n’a que triplé sur l’année précédente (76 millions).Le remboursement moyen a porté sur 5.115 euros alors que la moyenne de l’encours se situe à 6.640 euros pour les fonds de pension individuels et à 15.900 euros pour les fonds de pension d’entreprise.
Fonds

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