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05/05/2010

Ameriprise n'aura payé Columbia que 0,53 % de l'encours

Ameriprise Financial, qui possède entre autres le britannique Threadneedle Investments et l’américain RiverSource Investments, a indiqué avoir bouclé lundi l’acquisition de la gestion d’actifs de long terme de Columbia Management auprès de Bank of America. La transaction a porté sur environ 1 milliard de dollars en numéraire pour un encours de 189 milliards de dollars. Autrement dit, Ameriprise a payé seulement 0,53 % des actifs sous gestion.Au 31 mars, Ameriprise se situait avec 652 milliards de dollars au huitième rang des sociétés de gestion de mutual funds de long terme. Il est prévu que les fonds RiverSource soient placés sous la marque Columbia, mais le nom de RiverSource sera conservé pour les «annuities» ainsi que pour les produits d’assurance vie, santé et invalidité.De plus, l’opération comporte un volet distribution qui ménage à Ameriprise un accès permanent aux distributeurs affiliés à Bank of America.L’activité de gestion d’actifs continuera d'être dirigée par by William F. “Ted” Truscott, CEO, U.S. Asset Management & President, Annuities. De leur côté, Michael A. Jones et Colin Mmore, qui seront subordonnés à «Ted» Truscott, restent respectivement president et CIO de Columbia Management.
05/05/2010
Fonds

La fusion des hausinvest Europa et Global suscite des critiques

L’association de défense des investisseurs Aktionsbund Aktiver Anlegerschutz (AAA) envisage une action en justice contre Commerz Real et son projet de fusionner au 30 septembre le fonds immobilier offert au public hausinvest Europa (10,89 milliards d’euros d’encours) avec le hausinvest Global (1,58 milliard), rapporte Das Investment. L’AAA souligne que l’opération peut léser les souscripteurs du hausinvest Europa dans la mesure où la moitié du portefeuille du hausinvest Global se compose d’actifs situés à Singapour, au Canada et au Japon, des immeubles dont les baux, pour beaucoup, arrivent à échéance cette année et en 2011. En outre, les frais du hausinvest Global sont les plus élevés et ils seraient appliqués aux porteurs du hausinvest Europa en cas de fusion.
Fonds
05/05/2010
Fonds

db x-trackers lance un ETF sur l'indice S&P 500

Le 17 mai, db x-trackers (groupe Deutsche Bank) compte lancer sur la Deutsche Börse et le London Stock Exchange (LSE) un ETF corrodnné répliquant l’indice S&P 500 TR (dividendes réinvestis).Ce db xtrackers S&P 500 ETF devrait ultérieurement être introduit sur d’autres places boursières en Europe (Borsa Italiana, SIX Swiss Exchange, Nasdaq OMX Stockholm, NXSE Euronext Paris) et en Asie (Singapore Exchange SGX et Hong Kong Stock Exchange).La commission de gestion se situe à 0,20 %. Les investisseurs institutionnels peuvent effectuer des transactions hors cote (OTC) directement avec la Deutsche Bank avant même le début de la cotation en Bourse.
Fonds
05/05/2010
Fonds

RBS lance 10 ETC et 5 ETN à Francfort

La Deutsche Börse a annoncé avoir admis à la négociation jeudi dix ETC et 5 ETN de Royal Bank of Scotland (RBS) sur sa plate-forme électronique Xetra. Sept des 10 ETC permettent pour la première fois aux investisseurs de se positionner sur les indices de matières premières Rogers International Commodity Indexfamilie Enhanced (RICI Enhanced) ; les ETC répliquent l'évolution des indices sur le pétrole (Brent Crude Oil, WTI Crude Oil),, le gaz naturel, les matières premières agricoles, les métaux industriels, les céréales et les oléaginieux (graunns & oil seeds) ainsi que sur un panier de 37 matières premières. Les trois autres reproduisent des indices S&P Goldman Sachs Commodity sur le pétrole (Brent et WTI) ainsi que sur le gaz naturel.Les quatre ETN reproduisent des indices MSCI. Il s’agit du MSCI FM (Frontier Markets) Daily Net Total Return Index, du MSCI AC South East Asia Net TR USD Index, du MSCI Gulf Cooperation Council ex SA Top 50 Net TR USD Index et du MSCI Daily TR Net Emerging Markets USD Index.La Deutsche Börse précise que la cote de son segment ETP comporte actuellement 171 ETC et 19 ETN. Le volume de transactions mensuel sur les ETC se situe à environ 440 millions d’euros.
Fonds
05/05/2010

DWS transfère Ivan Rancic de Vienne à Francfort

Ivan Rancic vient d'être nommé head of IFA-sales chez DWS à Francfort. Avec son équipe, il est chargé du suivi de la clientèle de courtiers ainsi que des petites sociétés de gestion en Allemagne. L’intéressé était auparavant responsable de la distribution en Autriche et en Europe de l’Est chez DWS Autriche.
05/05/2010

Le trading haute fréquence en pleine croissance

Selon un rapport que vient de publier Aite Group, le trading à haute fréquence représente d’ores et déjà 25% du volume du marché des futures. Selon Aite, cette proportion pourrait atteindre 40% d’ici à 2015.
05/05/2010

Hausse du bénéfice d'Aberdeen AM

Aberdeen Asset Management a dégagé un bénéfice sous-jacent avant impôts de 92,6 millions de livres sur les six mois à fin mars 2010, contre 33 millions sur le semestre correspondant de l’année dernière.Entre le 30 septembre 2009 et le 31 mars 2010, ses encours ont augmenté de 16,2 % à 170,9 milliards de livres, principalement grâce à l’acquisition de l’activité des activités de multigestion de RBS (13,5 milliards de livres) et à un effet de marché positif. Les souscriptions nettes se sont limitées à 0,1 milliard de livres. Toutefois, elles ont concerné des classes d’actifs à forte marges, ce qui a permis d’accroître de 26 millions de livres par an les revenus issus de commissions. Ses revenus sont ressortis à 294,9 millions de livres, contre 192,2 millions un an plus tôt.
05/05/2010

F&C garde la marque Thames River

F&C Asset Management a confirmé en début de semaine le maintien de la marque Thames River Capital. La société de gestion devrait opérer de façon autonome au sein du groupe F&C qui souhaite faire le nécessaire pour garder les cadres dirigeants de Thames River.Si elle est approuvée par les actionnaires, la transaction annoncée la semaine dernière devrait être bouclée d’ici au troisième trimestre 2010
05/05/2010

Warburg Pincus achète Poundland

Pour un montant non divulgué, mais qui serait de l’ordre de 200 millions de livres selon les milieux financiers, le capital-investisseur Warburg Pincus a acheté à son homologue Advent International le discompteur britannique Poundland. Cette chaîne de 260 magasins vend au prix unique d’une livre des produits alimentaires, des produits d’hygiène et de beauté ainsi que des articles de ménage, de la papeterie, des jouets, des articles saisonniers et des produits liés aux loisirs. Le chiffre d’affaires de l’exercice 2011 est censé atteindre 700 millions de livres.
05/05/2010

Bonne opération pour Lloyds dans le secteur de la titrisation

Lloyds a vendu, vendredi dernier, 3,9 milliards d’euros de RMBS (titres adossés à de l’immobilier résidentiel) dont 3,2 milliards à des investisseurs, rapporte l’Agefi. Malgré la tourmente qui secoue le marché de la dette bancaire, la banque britannique a obtenu un prix inférieur à celui de sa précédente opération de titrisation en septembre dernier.
05/05/2010

Aberdeen fait une pause dans ses acquisitions

Aberdeen Asset Managament a annoncé une pause dans sa politique d’acquisitions qui a permis à ses encours de passer de 96 milliards de livres en mars 2009 à 171 milliards un an plus tard, rapporte le Financial Times. Martin Gilbert, le directeur général, a déclaré que sa société allait se concentrer sur la croissance organique et le remboursement de la dette. Il indique que le prix des sociétés de gestion a beaucoup augmenté avec la reprise des marchés.
05/05/2010
Fonds

Guy de Blonay co-gérera le Jupiter Financial Opportunities à partir du 1er juin

Jupiter a annoncé mardi que Guy de Blonay gérera le fonds Financial Opportunities (1,2 milliard de livres) aux côtés de Philipp Gibbs dès le 1er juin. Initialement (lire notre dépêche du 19 novembre), il était prévu qu’il assume cette fonction à partir de l'été. L’intéressé, qui a quitté Henderson New Star le 21 octobre 2009, avait rejoint Jupiter en tant que conseiller en janvier de cette année. Il avait déjà passé six ans chez Jupiter avant de rejoindre New Star le 28 décembre 2001.
Fonds
05/05/2010

Europe to create a blacklist of excluded hedge funds

The Wall Street Journal reports that the European Parliament is preparing to pass regulations which woudl ban hedge funds based in some offshore tax havens from raising money from EU investors. The proposed rule would require European authorities to create a blacklist. To avoid being put on the list, countries would be required to satisfy five criteria, the reporter on the legislation, Jean-Paul Gauzès, says.
05/05/2010

Vanguard cancels transaction commissions for 46 ETFs

On Tuesday, Vanguard announced that it will cancel transaction commissions for 46 funds of its low-cost ETF range. It is reducing fees to USD7 and USD2 on transactions on equities and ETFs which do not belong to its product range. The changes apply to transactions at Vanguard.com as well as to trades made with the assistance of a broker affiliated with Vanguard. The average management commission for Vanguard ETFs now totals 0.18%, compared with a market average of 0.52% as of 31 December 2009, according to estimates from Lipper. The management firm has posted net subscriptions of USD11.7bn for its ETFs from the beginning of this year to 29 April. Assets in its ETF funds total over USD100bn; the largest products are the Vanguard Emerging Markets ETF (VWO), with USD24bn, and the Vanguard Total Stock Market ETF (VTI), with USD15bn.
05/05/2010

High-frequency trading in rapid growth

According to a report recently published by Aite Group, high-frequency trading already represents 25% of volumes on futures markets. Aite says this percentage may rise to as much as 40% by 2015.
05/05/2010

AWD returns to good health in first quarter

In first quarter 2010, the financial services provider AWD, an affiliate of the German Swiss Life group, earned operating profits of EUR9.8m, on earnings which remained stable at EUR133.8m. Compared with fourth quarter 2009, the numner of advisers increased by 1% in the first three months of this year, to a total of 5411. Restructuring costs at AWD totalled EUR53.7m, which gave the group a gap of EUR64m to make up. The group earned net profits of CHF277m (slightly over EUR193m), compared with CHF345m previously.
05/05/2010

Credit Suisse folds ETF brand Xmtch

As planned, Credit Suisse is changing the name of its ETF product range. Xmtch will now be replaced by Credit Suisse ETF, in a move which comes as part of a strategy to position the new brand as one of the major ETF providers on the European markets. The global ETF activities of Credit Suisse are led by Dan Draper, who was previously global head of ETFs at Lyxor Asset Management (see Newsmanagers of 9 February).Currently, Credit Suisse manages about EUR50bn in tracker products, and is the leading ETF provider in Switzerland, with assets of CHF12bn, or EUR8bn. The Credit Suisse ETF range includes 40 funds, 26 of which are dedicated to equities, 11 to European bonds, and three to physical gold.Since the beginning of this year, assets have increased by CHF2bn, of which CHF465m have gone to the CS ETF (Lux) on MSCI Emerging Markets, and CHF337m to the CS ETF (IE) on MSCI Japan Large Cap. In addition to this, the CS ETF II (CH) on Gold, launched in October 2009, saw inflows in one month of CHF1.25bn; its asset currently total CHF1.6bn.
05/05/2010

European asset management activities still under pressure

The European asset management sector will remain under pressure in 2010 and beyond, due to a need for restructuring and market conditions, Fitch Ratings predicts in a special report published on 4 May. Profits in the sector will not return to their pre-crisis levels in the short term, due to lower growth in assets under management and fewer opportunities to reduce costs. These factors all make the sector more vulnerable to the effects of any new phase of poor market conditions. Profits are lower in the sector, though average operating margins are still in good shape, at 27%, compared with 35% in 2007. The report points to regulatory changes on the horizon (UCITs IV, WIFM, Basel 3, Solvency II), which are a cause for uncertainty in the sector. The first effects of these developments are already apparent in the launch of hedge fund vehicles in OPCVM format and the move to European domiciles of offshore funds. “Changes in the longer term, including Basel 3 and Solvency II, represent a more considerable challenge for the financial industry, which may lead major investors such as banks, insurers and pension funds to pull out of some higher-risk assets,” says Aymeric Poizot, head of the Fund and Asset Manager group for the EMEA region at Fitch.
05/05/2010

Carmignac Gestion builds presence in Spain

Carmignac Gestion on Tuesday, 4 May announced the arrival of Nicolás Llinas as head of fund sales at its Madrid office, opened in 2008. He joins the sales team at Carmignac Gestion, which already includes six people. Llinas was previously head of analysis and fund selection at Skandia, where he spent nine years. Llinas will officially concentrate his efforts on the growth of the management firm, which experienced some difficulties in Spain in 2009, following the decision of Quality Funds, an affiliate of BBVA, to withdraw six funds bearing the Carmignac Gestion brand name from its list of recommended products (see Newsmanagers of 16 October 2009). Soon after, the French management firm appointed a second account commissioner (KPMG), and BBVA returned Carmignac to its recommended list.
05/05/2010

Opposition to merger of hausinvest Europa and Global funds

The investor defence association Aktionsbund Aktiver Anlegerschutz (AAA) is planning a lawsuit against Commerz Real over its plans to merge the open-ended real estate fund hausinvest Europa (EUR10.89bn in assets) with the hausinvest Global fund (EUR1.58bn) on 30 September, Das Investment reports. The AAA claims that the deal could disadvantage subscribers in the hausinvest Europa fund as half of the portfolio of the hausinvest Global fund is composed of properties located in Singapore, Canada and Japan, many of which are under leases which will expire this year or in 2011. Fees for the hausinvest Global are also higher, and would be charged to shareholders in the hausinvest Europa if the funds were merged.
05/05/2010

db x-trackers launches an ETF fund based on S&P 500 index

On 17 May, db x-trackers (Deutsche Bank group) is planning to launch a UCITS-compliant ETF fund which replicates the S&P 500 TR index (dividends reinvested) on Deutsche Börse and the London Stock Exchange. The db xtrackers S&P 500 ETF fund will subsequently be launched on other European stock markets (Borsa Italiana, SIX Swiss Exchange, Nasdaq OMX Stockholm, NYSE Euronext Paris), and in Asia (Singapore Exchange SGX and Hong Kong Stock Exchange). Management commissions total 0.20%. Institutional investors will be allowed to make over-the-counter (OTC) transactions directly with Deutsche Bank, even before the product is released on the stock markets.
05/05/2010

RBS launches 10 ETC and 5 ETN funds in Frankfurt

Deutsche Börse has announced that on Thursday it admitted 10 ETC and 5 ETN funds from the Royal Bank of Scotland (RBS) based on the Rogers International Commodity Indexfamilie Enhances (RICI Enhanced) family of indices to trading. The ETC products replicate the evolution of indices for oil (Brent Crude Oil, WTI Crude Oil), natural gas, soft commodities, industrial metals, grains and oil seeds, and a basket of 37 commodities. The other three products replicate the S&P Goldman Sachs commodity indices for oil (Brent and WTI) and natural gas. The four ETN products replicate MSCI indices, they include the MSCI FM (Frontier Markets) Daily Net Total Return Index, the MSCI AC South East Asia Net TR USD Index, the MSCI Gulf Cooperation Council ex SA Top 50 Net TR USD Index and the MSCI Daily TR Net Emerging Markets USD Index. Deutsche Börse states that its ETP segment now includes 171 ETC and 19 ETN products, with monthly trading volumes for ETC products of about EUR440m.
05/05/2010

Source creates an ETF fund replicating MSCI Emerging Markets index

The new MSCI Emerging Markets Source ETF, launched by Source UK Services on the London Stock Exchange (LSE), replicates the MSCI Emerging Markets Total Return (net) index. The Irish-registered product (IE00B3DWVS88), denominated in US dollars, uses several counterparties to ensure a faithful replication of the evolution of the underlying index. The precaution is not trivial, as according to Source, performance tracking error for other ETFs which replicate the MSCI EM index ranges from 1% to 5.2%. The management commission for the fund is 0.65%.
05/05/2010

Merrion launches a long/short fund

Citywire reports that the Dublin-based management firm Merrion Investment Managers has launched a new absolute returns fund in UCITS III format, which will be managed by Michael Nicol and Alistair Campbell, both of whom come from Pengaga Capital, where they previously managed a European long/short strategy before joining Merrion in April of this year.
05/05/2010

Rosenberg funds placed under review by Morningstar

Morningstar has placed four Rosenberg funds under review, following an error in the investment process at the management firm for Axa Investment Managers detected a few weeks ago (see Newsmanagers of 19 April), fundstrategy reported on Tuesday. The funds concerned are Axa Rosenberg America, Axa Rosenberg Europe, Axa Rosenberg Japan and Axa Rosenberg Asia Pacific ex-Japan, all of which are rated “standard” due to mediocre returns for the funds since their management has been provided by Rosenberg.
05/05/2010

Pension funds lost 0.8% in April

According to statistics from Mercer (Pension Investment Performance Service), Spanish pension funds lost an average of 0.8% in April, with losses of 3.6% for equities funds denominated in Euros, while in the first four months of the year, these funds gained 1.5%. Funds specialised in equities from outside the Euro zone posted gains of 14.6%, but funds focused on Euro zone equities saw losses of 4.4%, while funds specialised in bonds gained 1.7%. In twelve months, pension funds posted returns of 10.6%; funds invested in bonds gained 5.6%, while funds positioned on equities posted gains of 24.1% for funds in Euros, and 37.7% for those denominated in other currencies.
05/05/2010

HSBC registers three ETFs in Spain

HSBC has registered ETFs in Spain which replicate the CAC 40, FTSE 100 and DJ Euro Stoxx 50 indices, Expansión reports. The asset manager will soon launch ETFs on international markets which track the FTSE Xinhua China 25 and the FTSE 250, which will also soon be made available in Spain.
05/05/2010

DWS transfers Ivan Rancic from Vienna to Frankfurt

Ivan Rancic has been appointed head of IFA-sales at DWS in Frankfurt. With his team, he will be in charge of client relationship management serving brokers and small management firms in Germany. He was previously in charge of distribution for Austria and Eastern Europe at DWS Austria.
05/05/2010

FSI to buy stake in capital of Inside Contactless

The French strategic investment fund (FSI) on 3 May announced that it plans to invest in the capital of Inside Contactless, a firm specialised in contactless payment systems, based in Aix-en-Provence (Bouches-du-Rhône), to assist it with a planned acquisition. The FSI will bring a EUR7.5m participation to a capital increase planned by Inside to finance an acquisition of the secure micro-controller division of the US semiconductor manufacturer Atmel, based in Rousset (Bouches-du-Rhône). The current shareholders at Inside, the private equity firm Gimv and Sofinnova Partners, will also participate, and Atmel will also invest in Inside. Gims has announced in a separate statement that it is planning to invest EUR11.2m in this round of fundraising.
05/05/2010

EDRAM signs up to UN-PRI

LCF Rothschild has announced that Edmond de Rothschild Asset Management (EDRAM) on 23 April signed the United Nations Principles for Responsible Investment (UN-PRI). EDRAM has also decided to integrate awareness of environmental, social and governance (ESG) criteria into its voting policies, in addition to the principles of good corporate governance. The policy will apply uniformly to all shares held in portfolios in France and all global stock markets. To respect the highest standards for transparency about its SRI approach and ESG selection for investors, Edmond de Rothschild Asset Management has also brought its Saint-Honoré Europe SRI fund into compliance with AFG/FIR standards. The code is the French application of the guiding transparency principles for retail SRI funds established by Eurosif.

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