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03/05/2010

UBS-SDIC launches its first QDII fund

On 6 May, the management firm UBS-SDIC will launch its first QDII fund (the 16th since the launch of the program, and the 6th since the beginning of this year). The product will be the Global Emerging Market Equity Fund, which will be based on the MSCI Emerging Market index as its benchmark, and which will allocate at least 60% of its assets to equities, half of them in emerging markets. The custodians will be ICBC for China, and Standard Chartered in other countries. Z-Ben Advisors reports that the fund will be listed on the Shenzhen stock exchange, which will allow the management firm to attract capital through the banking network as well as through brokers. For each of these sources, investment is limited to CNY2bn. The new product, which received its sales license in mid-December, will be managed by Lu Rongqjanfg, who is already manager of the CSI 300 Index Classified Fund.
03/05/2010

Banque Sarasin gets a new CFO

From 1 May, Thomas Mueller has taken over as chief financial officer of Banque Sarasin (Rabobank group), replacing Matthias Hassels, “who has decided to leave the firm after 12 years there, to take on a new professional challenge.” Mueller, who for the past three years had been CFO and Chief Risk Officer at Swiss Life, will be in charge of investor relations, corporate development, and enterprise financing, and will oversee the Legal & Compliance, human resources, group finance, Controlling, Risk Office, credit and tax departments at the group. Mueller will report directly to Joachim H. Straehle, CEO of Banque Sarasin.
03/05/2010

Italian tax amnesty leads to repatriation of assets from Ticino canton

On the basis of figures from the Bank of Italy, Franco Citterio, director of the association of bankers in the Swiss canton of Ticino (ATB), says that Italians at the end of February “legalised” EUR85bn in undeclared assets deposited abroad, of which EUR60bn came from Switzerland, largely from Ticino, the Neue Zürcher Zeitung reports. But of this total, only EUR25bn actually returned to Italy. Many banks, such as the Banca della Svizzera Italiana (BSI) and Banca del Sempione, for example, were able to recuperate a large amount of the funds which were eligible for this tax amnesty, either through Italian affiliates, or through “legal repatriation.” Eventually, the fiscal amnesty offered by the Italian finance minister, Guilio Tremonti, did not achieve its other objective which was to draw assets out of the Swiss financial centre in Lugano.
03/05/2010

GLG freezes subscriptions for one of its funds

From May 5th, GLG Partners will close its newcits UK Alpha Select to new subscriptions, since this vehicle has already reached the USD300m (GBP195m) mark it had been assigned at the time of the launch, on February 19th. The fund is et UCITS III compliant version of the long/short equity market neutral fund managed by John White.
03/05/2010

France is comparatively less affected by atypical risks

According to Les Echos, war, terrorism, and elections sometimes cause disturbances to the markets. Between 1974 and 2004, there were 112 conflicts (including wars, coups and others), of which 84 were national and 28 international, which affected the financial markets. Only 1 out of 5 of these had a significant effect (positive or negative) on global equities (MSCI World index), according to a study by two economists at the Federal Reserve in Saint Louis; 11.2% of these conflicts had a negative impact on the global stock markets, while 6.7% had a positive effect. The least affected markets (negatively) are the United Kingdom, France, Japan, and the United States. Wall Street is also the market which gains least often (12.4% of the time) on conflicts.
03/05/2010

Jeffries adds to fixed income team

Jefferies has announced the recruitment of several people in the past few weeks, who will join the team dedicated to fixed income products in the Asia-Pacific region. Shiran Dias and Sailesh K. Jha have been appointed as managing directors, and will aim to establish commercial relations with private banks, central banks and hedge funds in the region. Jun-ichi Kasakura and Philip Wen will serve as senior vice presidents.
03/05/2010

Macquarie planning acquisitions

In the fiscal year to 31 March, Macquarie Group Limited has posted net profits of AUD1.05bn, which represents a 21% increase over 2008-2009. Assets under management have increased by a total of 34% to AUD326bn, largely due to the acquisition of the American asset management firm Delaware Investments, which brought in USD125bn in assets. The Macquarie Funds Group contributed AUD95m, or 4% of total operating profits, compared with AUD45m and 6% in the previous period. For the division, assets increased to AUD209.9bn as of the end of March, from AUD49.7bn twelve months previously, thanks to the addition of Delaware (AUD151bn), and to net subscriptions to institutional products and AUD9.1bn in positive market effects. The annual report states that Macquarie is continuing to study potential strategic acquisitions in the area of investment funds, particularly on the largest financial markets.
03/05/2010

Investors disappointed in Barclays

In the first three months of the year, Agefi reports, Barclays has earned net banking proceeds of GBP8.1bn, compared with a predicted estimate of GBP9.4bn advanced by analysts at KBW. This decline in revenues is particularly severe for the investment banking unit, where net banking proceeds fell by 26% to GBP3.8bn, compared with analysts’ expectations of GBP5bn. The bank has not profited as much as its rivals from trading in fixed income, currencies and commodities, the newspaper adds.
03/05/2010

New contract for BNY Mellon Asset Servicing

BNY Mellon Asset Servicing has been selected by UOB Asset Management (UOBAM) to provide custody and administration services for its fund United Asia Bond Multi Currency Fund, domiciled int he Cayman Islands. The product has assets of about CNY5bn (USD50m).
03/05/2010

Carlyle takes over management mandates from Stanfield CP

On Thursday evening, the Carlyle Group announced that it will be taking over the management mandates of Stanfield Capital Partners, a specialist in bond management. These mandates represent USD5.1bn in the form of CLO (USD4.2bn) and other credit assets (USD950m); including these assets, total assets at Carlyle in alternative credit come to USD18.1bn, of which USD14.4bn are in CLO assets. The financial terms of the transaction have not been made public.
03/05/2010

Spängler and IQAM create a joint brand

The management firm Carl Spängler Kapitalanlagegesellschaft, an affiliate of the Spängler private bank, and the Institut für Quantitatives Asset Management (IQM) have decided to create the joint brand Spängler IQAM Invest for funds and other asset management products. Spängler KAG will handle wholesale clients, including banks, funds of funds and wealth managers, while IQAM will serve institutional investors (insurers, businesses, pension funds and professional organisations). The product range from Spängler IQAM (Spängler KAG acquired a stake in IQAM some time ago) will include open-ended funds, investment solutions (i.e., mandates managed by IQAM), institutional funds (from Spängler) and investment advising.
03/05/2010

Assets up at The Hartford

In first quarter, mutual fund activities at The Hartford posted net subscriptions of USD1.5bn, and assets totalled USD97.7bn as of the end of March, compared with USD69.4bn twelve months previously.
03/05/2010

Gottex adds to marketing team

The alternative management firm Gottex Fund Management on Thursday evening announced the recruitment in Boston of Debra Tothman as managing director, head of North American sales & marketing. She was previously head of business development at SCS Financial, where she contributed to the commercial development of the fund of hedge funds range. Gottex has also recruited Mark Ostergaard as marketing director in London. He will be in charge of developing and assisting North American clients. He was previously in charge of relations with Scandinavian establishments at London & Capital.
03/05/2010

Long term money market funds popular with investors again

Les Echos reports that a survey undertaken in mid-April by MultiRatings of 50 professional treasurers who manage assets of over EUR200bn finds that “long term money market” funds are returning in force to the allocations of French institutional investors. Within the new classifications of money market funds, the “long terme” category includes diversified funds with volatility of less than 2%. These funds have less risk and aim to outperform the Eonia rate through various strategies. Most institutional investors surveyed were planning to increase (45%) or maintain (41%) their allocation to these products. Only a minority (14%) were planning to reduce the weight of these funds in their future allocations.
03/05/2010

Record capital increase at China Construction Bank

China Construction Bank, the second-largest Chinese bank in terms of the size of its portfolio of loans, will soon launch the largest capital increase ever undertaken in Asia, according to La Tribune. The total amount raised will be CNY75bn (USD11bn), through share offerings in Shanghai and Hong Kong.
30/04/2010
Fonds

Un nouveau FCPR mise sur les femmes dirigeantes

En partenariat avec Women Equity for Growth, la société de gestion Bryan Garnier Principal Investments (groupe Bryan Garnier & Co) a lancé, jeudi 29 avril, un Fonds commun de placement à risques - FCPR Women Equity Fortunae – dont l’objectif est de constituer un portefeuille de PME croissance européennes dirigées par des femmes. La création de ce fonds se justifie, selon ses concepteurs, par le fait que de nombreuses études aux Etats-Unis et en Europe établissent un lien entre mixité des instances dirigeantes, performance des entreprises et croissance économique. Dans le détail, le fonds sera investi pendant cinq ans, à 80% dans des PME européennes éligibles – c’est-à-dire répondant à des critères de mixité des instances dirigeantes. Les PME européennes non cotées ciblées bénéficient d’ores et déjà d’un certain niveau de taille et de maturité, et exerçent leur activité dans des secteurs tel que les services aux entreprises et à la personne, l’industrie, la distribution spécialisée, la santé, les biens de consommation, les médias et technologies de l’information, les énergies renouvelables. Bryan Garnier Principal Investments procèdera aux études approfondies visant à qualifier au mieux ce potentiel de valorisation dans un horizon de 4 à 6 ans. Elle assurera un suivi actif, et une promotion des entreprises en portefeuille afin d’en assurer une valorisation optimale en vue d’une sortie par cession ou introduction en bourse, indique le communiqué de la société de gestion. A noter que la souscription du FCPR autorise une réduction d’ISF de 40% du montant investi, en contrepartie d’une durée de blocage des parts d’au moins six ans.
Fonds
30/04/2010

Hausse du bénéfice de la gestion d'actifs du Santander

Pour le premier trimestre, le Santander a déclaré un bénéfice net de 2,21 milliards d’euros contre 2,1 milliards pour janvier-mars 2009, le coefficient d’exploitation après amortissements s’améliorant à 41,5 % contre 43 %.L’encours total des fonds et sociétés de gestion du groupe ressortait au 31 mars à 110,8 milliards (+ 24,3 % sur un an et + 6 % sur fin décembre), dont 40,27 milliards (+ 1,9 %) pour l’Espagne et 54,45 milliards (+43,8 %) pour l’Amérique latine. Les actifs des fonds de pension représentaient pour leur part 11,21 milliards (+ 6,1 %), dont 9,83 milliards (+ 6 %) en Espagne.Le bénéfice net de l’activité fonds d’investissement a augmenté de 12,6 % à 18 millions tandis que celui des fonds de pension a chuté de 40 % à 3 millions.
30/04/2010

KKR investit 350 millions d'euros dans Inaer

Le capital-investisseur américain KKR a déboursé 350 millions d’euros pour acquérir 49,9 % de l’espagnol Inaer, le leader européen de l’exploitation d’hélicoptères, rapporte Expansión. La société d’Alicante (1.700 personnes, 281 hélicoptères) restera contrôlée par son directeur général Luis Miñano et par le fonds Investindustrial II (1 milliard d’euros) de la famille italienne Bonomi.
30/04/2010

Renta 4 atteint les 5 milliards d'euros d'encours

A fin mars, les actifs totaux gérés par Renta 4 ont franchi pour la première fois les 5 milliards d’euros grâce entre autres à des souscriptions nettes de 131 millions d’euros durant le premier trimestre. Sa filiale de gestion de fonds a enregistré un accroissement de 7,7 % de ses encours, à 777 millions d’euros, malgré un effet de marché négatif de 1,7 %.
30/04/2010
Fonds

Les fonds espagnols ont subi une nouvelle saignée en avril

Selon les données provisoires de VDOS Stochastics au 23 avril, l’encours des fonds espagnols de valeurs mobilières a diminué de 1,04 milliard d’euros depuis le début du mois, l’effet de marché (+ 161 millions) étant insuffisant pour compenser près de 1,2 milliard de remboursements nets.
Fonds
30/04/2010

SGSS ferme son administration de fonds en Espagne

Funds People rapporte que Société Générale Securities Services (SGSS) a décidé de fermer son service d’administration de fonds, antérieurement connu sous le nom d’Euro-VL, en Espagne. Cette activité cessera d’ici à la fin de l’année, SGSS se concentrant ensuite sur le service de conservation, son activité principale dans le pays depuis 25 ans. L’administration de fonds a été pratiquée ces cinq dernières années, avec quelques succès ponctuels auprès des hedge funds de droit espagnol, mais la croissance est demeurée inférieure aux attentes.
30/04/2010

En Espagne, les gestionnaires étrangers gagnent du terrain

D’après les statistiques d’Inverco, les gestionnaires étrangers qui fournissent leurs statistiques à l’association espagnole des sociétés de gestion (et qui correspondent à environ les trois quart du marché), ont enregistré pour le premier trimestre des souscriptions nettes de 2,7 milliards d’euros alors que les sociétés de gestion espagnoles subissaient dans le même temps une hémorragie de 3,51 milliards. De ce fait l’encours des firmes étrangères a gonflé de 14 % à 27,11 milliards d’euros pendant que celui des espagnoles diminuait de 1,75 % à 160,4 milliards.Les trois premiers acteurs étrangers sont JP Morgan AM avec 4,61 milliards d’euros d’encours, devant Schroders avec 3,43 milliards et BNP Paribas avec 3,03 milliards. Mais JPMAM a accusé 277 millions d’euros de sorties nettes alors que Schroders et BNP Paribas affichaient des souscriptions nettes de 573 millions et 178 millions.
30/04/2010

Matrix et Redux fusionnent

Le groupe financier londonnien Matrix et Redux, gestionnaire spécialisé dans les marchés émergents fusionnent et créent une co-entreprise, Redux Research, qui sera dirigée par Sudeep Singh. Dans le passé, il était actif dans le trading de securities sur les marchés émergents, et gérant chez Caxton Associates et chief investment officer de Lotus Capital Partners. La joint-venture prévoit le lancement de hedge funds sur les monnaies émergentes et des stratégies macro plus tard dans l’année.

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