JP Morgan Worldwide Securities Services s’est vu confier un mandat afin d’assurer la fonction de dépositaire et les services annexes liés aux régimes de retraite à prestations définies pan-européens conseillés par Hewitt Delegated Consulting services. JP Morgan assurera le rôle de dépositaire, la gestion de la transition, la comptabilité, la mesure du rendement, FX, la «compliance», les prêts de titres et les services de fiducie pour aider les fonds de pension clients de Hewitt à travers l’Europe, dont trois, représentant plus de 450 millions d’actifs sous gestion, utilisent déjà les services de JP Morgan.

Gerry Harvey, responsable de la conformité de Gartmore a quitté la société, rapporte Money Marketing. L’intérim est assuré par David Young. Gartmore précise que le départ de Gerry Harvey n’est pas dû à l’enquête ouverte par la SEC américaine sur Gartmore et à la suspension du gérant Guillaume Rambourg, qui a récemment été mis a pied pour avoir enfreint des procédures internes de la société. Ce dernier est d’ailleurs depuis retourné travailler chez Gartmore, mais en tant qu’analyste, indique Citywire. Il devrait très bientôt réintégrer l'équipe de gestion, une fois que la FSA britannique a donné son accord.

JO Hambro Capital Management (JOHCM) annonce le lancement de JOHCM Emerging Markets, un fonds marchés émergents de droit irlandais (Oeic). Il est géré par les deux nouvelles recrues de la société de gestion, Emery Brewer et Ivo Kovachev, qui ont rejoint JOHCM en provenance de Driehaus Capital Management le mois dernier. L’encours du fonds ne dépassera pas les 1,5 milliard de dollars, indique la société. Les deux gérants contruiront un portefeuille composé d’entre 60 et 90 valeurs, d’un poids de maximum 5 % chacune. Les sociétés présentes dans le portefeuille seront issues de la liste du Global Industry Classification Standard (GICS). Un maximum de 30 % du portefeuille pourra être alloué à des sociétés actives dans les secteurs hors de cette classification. Les droits d’entrée s'élèvent à 5 %, les frais de gestion à 1,5 %. Une commission de surperformance de 15 % est également appliquée.

La société de gestion britannique F&C (101,5 milliards de livres sous gestion) rachète son concurrent Thames River Capital. Depuis mi 2009, Pacific Investments avait entamé les discussions pour la vente de sa participation de 50 % dans Thames River Capital, dont le reste du capital est détenu par les co-fondateurs de la société de gestion Charlie Porter et Jonathan Hughes-Morgan. La vente, pour un montant estimé à 53,6 millions de livres, soit 62 millions d’euros, devrait être finalisée au troisième trimestre de l’année, une fois que les actionnaires de F&C auront donné leur accord à l’opération lors de l’assemblée générale. Le versement d’un montant de 33,6 millions de livres est d’ores et déjà décidé, les 20 millions restant seront versés si Thames River Capital atteint certains objectifs de bénéfices en 2011 et 2012. F&C va financer l’acquisition grâce à une augmentation de capital, des réserves de cash et un crédit. Nevsky Capital, la joint-venture de Thames River, sera séparée de l’ensemble et n’est donc pas concernée par la vente. L’acquisition de Thames River s’inscrit dans la volonté de F&C de se spécialiser dans les produits générant des frais de gestion plus élevé et permettra une distribution plus efficace, a indiqué Alain Grisay, CEO de F&C.Thames River a été créée en 1998 et totalise aujourd’hui 4,2 milliards de livres d’encours sous gestion. Elle compte dans son équipe de gérants deux multi-gérants renommés, Gary Potter et Robert Burdett, qui ont rejoint Thames River en provenance de Credit Suisse Asset Management en 2007. Les deux gérants seront les nouveaux responsables de l’activité de multigestion retail au sein de la nouvelle structure. Les équipes de F&C seront responsables de la gestion des fonds de la gamme Lifestyle et des encours institutionnels. Les équipes de Thames River déménageront dans les locaux de F&C à Londres. S’engageant dans la nouvelle structure dans un objectif de coopération de long terme, les responsables clé ont signé une clause de fidélisation d’une durée maximale de six ans.

Le fonds d’investissement américain Amerimar Enterprises a acheté à l’espagnol NH Hoteles (NHH) le principal hôtel de ce dernier à Londres, le St Ermin’s de Westminster (275 chambres) pour 65 millions de livres. Le gestionnaire américain pourrait à présent confier la gestion de l’hôtel à la chaîne Sheraton, rapporte Expansión

Though they averaged 1.98% in 1990, average management fees for equities funds in the United States have fallen to 0.99% as of 2009. A study by the Investment Company Institute has also found that in the same period, management fees fell 60% for bond funds (to 0.75% on average from 1.89%), and nearly 40%, to 0.34%. For money market funds, average management fees fell 4 basis points last year compared with the 38 points observed in 2008. Average fees for funds of funds fell for the fourth consecutive year in 2009. They totalled 0.91, compared with 0.92% in 2008, and 1.01% in 1999.

DekaBank (German savings banks) has announced the launch on 22 April of the Deka-RentSpezial Plus 2, a bond fund maturing on 31 March 2017 which will aim for returns which will be based on the Euribor 12-month inter-bank lending rate from the second year onwards, with a floor of 2.25%. The fund is therefore aimed primarily at investors who are seeking to profit from a rise in Euro zone interest rates, and those for whom a regular income flow is important. For the first year, the fund will pay returns of 3%. The fund is available in capitalisation and distribution versions. The German-registered fund will be invested primarily in corporate bonds from 25 issuers in various sectors who already have a well-established reputation on the market. If one of the issuers no longer meets the solvency standards of the manager, it will be replaced with another issuer of adequate standing.Characteristics Name: Deka-RentSpezial Plus 2 ISIN: DE000DK2CCW4 (distribution shares) DE000DK2CCX2 (capitalisation shares) Front-end fee: 1.75 % Management commission: 0.35 % Other fees: 0.12 % Initial value per share: EUR100

Expansión reports that Société Générale has informed clients that it is shutting down its custodial activities in Spain, which were operated by Euro-VL. The closure will take place in fourth quarter 2010. The firm’s withdrawal from the Spanish market is due to a decline in assets under custody and Euro-VL’s limited penetration into the local market.

In first quarter, net profits at BBVA have risen 0.2`% to EUR1.24bn, of which EUR284m, compared with EUR236m, come from the Wholesale Banking & Asset Management division. The cost/income ratio has held stable at 40%. In asset management, the Spanish group states that earnings increased 23.9% in January-March 2009, to EUR41m. As of 31 March, assets were down slightly, by 1.8%, compared with their levels twelve months earlier, at EUR49.3bn, of which EUR31.9bn were in investment funds, and EUR17.4bn in Spanish pension funds (+9.8%).

The iPath Vstoxx Short-Term Futures Total Return ETN, recently launched by Barclays Bank on the Xetra electronic platform from Deutsche Börse, is the first product to allow investors to participate in the evolution of volatility on the European equities markets, the Börsen-Zeitung reports. The iPath product range now includes 9 ETN funds based on commodities and 3 products based on volatility indices. The ETN segment of Deutsche Börse lists 14 ETN funds based on volatility, currency and equities indices.

A survey by the VuV association of independent wealth managers in Germany (52 members out of 191 responded) has found that professionals are currently recommending that their clients invest in equities funds (87%) and directly in equities (85% for large caps, 79% for small caps). 79% also recommend that they invest in commodities, while 69% recommend corporate bonds. But 58% advise against hedge funds, which lost much of their credibility during the crisis, says Günter T. Schlösser, chairman of the board at VuV, while 58% recommend avoiding investment in money market funds, and 48% are disinclined to recommend investment in private equity. In geographical terms, respondents to the survey prefer Asia ex Japan (92%) and the BRIC countries (85%).

The most recent edition of the newsletter of the German sustainable investment forum (Forum Nachhaltige Geldanlagen, or FNG) states that new members have signed up to the association. They include the asset management firms Aquila Capital, HSBC Global Asset Management (Deutschland), LGT Capital Management, and Union Investment Institutional.

Gerry Harvey, head of compliance at Gartmore, has left the firm, Money Marketing reports. In the interim, the position will be occupied by David Young. Gartmore states that the departure of Harvey is not due to the United States SEC’s investigation of Gartmore and the related suspension of Guillaume Rambourg, who was recently suspended for infractions of the firm’s internal procedures. Rambourg has also returned to work at Gartmore once again, but as an analyst, Citywire reports. He will very soon rejoin the management team, once the British FSA has granted permission.

JP Morgan Worldwide Securities Services has won a contract to provide depository and related services for pan-European defined contribution retirement schemes advised by Hewitt Delegated Consulting Services. JP Morgan will provide depository services, transition management, accounting, performance measurement, FX, compliance, securities lending and fiduciary services to pension fund clients of Hewitt throughout Europe, of which three, representing more than EUR450m in assets under management, already use the services of JP Morgan.

The British management firm F&C has acquired its competitor Thames River Capital. The sale, for an estimated GBP53.6m, or EUR62m, is expected to be completed in third quarter this year, and is a sign that the management firm has ambitions to become a multi-specialist business. An initial payment of GBP33.6m has already been made, and a further GBP20m will be paid if Thames River Capital achieves certain profit objectives in 2011 and 2012. F&C will finance the acquisition through a capital increase, as well as from cash reserves and credit.

The US investment fund Amerimar Enterprises has acquired the largest London hotel owned by NH Hoteles (NHH), the St Ermin’s hotel in Westminster (275 rooms), for GBP675m. The US asset management firm may now contract out the management of the hotel to Sheraton, Expansión reports.

La Tribune reports that for the third day running, Republican members of the US Senate gathered enough votes on Wednesday, 28 April to prevent the formal opening of debate on planned reforms to banking and financial regulations.

High net worth investors in the Denver region appear to have been victims of a Ponzi pyramid scheme similar to the Madoff scandal, which is reported to have been orchestrated by a little-known hedge fund manager, the Wall Street Journal reports. The Securities Commissioner of Colorado has been granted a court order to freeze the assets of Mueller Capital Management, whose head, Sean Mueller, is said to have defrauded more than 30 investors, including three who gave him more than USD20m each.

Morningstar Inc. on Wednesday declared net profits for first quarter of USD20.2m (USD0.40 per share), compared with USD25m, or USD0.51 per share in the corresponding period of 2009, on earnings of USD1128.3m (+9.9%). Operating profits fell 10.6% to USD30.9m. Morningstar states that, excluding acquisitions (for USD9.7m) and currency effects (+USD3.7m), earnings fell by 1.6%. Personnel at the business as of 31 March totalled 2,760 worldwide, compared with 2,600 three months earlier, and 2,370 one year previously. Operating margins fell to 24.1% in January-March, from 29.7% in the corresponding period of 2009, due to increased spending on sales and marketing and increased overall costs including bonuses and commissions paid.

For Q1-10, which is the second quarter of its fiscl year, Franklin Resources (Franklin Temleton Investments) posted net profits of USD356.7m, on earnings of USD1.41bn, compared with USD355.6m on earnings of USD1.38bn in October-December. In the corresponding quarter of 2009, net profits totalled USD110.8m, on earnings of USD912.3m. Operating profits fell to USD461.1m, from USD467m in the previous quarter. Operating profits fell to USD461.1m from USD467m the previous quarter, but compare with USD223.3m in January-March 2009. Total assets as of the end of March came to USD586.8bn, compared with USD553.5bn as of the end of December, and USD391.1bn twelve months previously. Assets in equities represented 45% of the total as of 31 March, compared with 36% for bonds, while the remaining 19% were in hybrid and other assets. Net inflows totalled USD17.4bn in first quarter 2010, compared with USD14.3bn in October-December, and net redemptions of Usd5.5bn in January-March 2009.

Prudential Investments this Wednesday announced the launch of the Prudential Jennison Market Neutral fund, which will be managed by Jennison Associates. The fund will aim for regular returns both in rising and falling markets. The market neutral strategy of the fund will include both long and short positions. The long portion of the portfolio, managed by Spiros “Sig” Segalas, David Kiefer and John Mullman, includes positions on growth and value equities, small and midcaps selected on the basis of fundamental research by Jennison. The short portion of the portfolio is composed with the assistance of a quantitative tool and supervised by Mehdia Mahmud and Jason McManus.

JP Hambro Capital Management (JOHCM) has announced the launch of the JPHCM Emerging Markets fund, an Irish-registered OEIC fund. It is managed by two newly-recruited managers at the firm, Emery Brewer and Ivo Kovachev, who joined JOHCM from Driehaus Capital Management last month. Assets in the fund will be capped to USD1.5bn, the firm states. The two managers will construct a portfolio composed of 60 to 90 positions, with a maximal weight of 5% each. The businesses in the portfolio will be selected from the Global Industry Classification Standard (GICS) list. A maximum of 30% of the portfolio will be allocated to firms active in sectors outside this classification. Front-end fees will total 5%, and management fees 1.5%. A performance commission of 15% will also be applied.

The closed fund management firm MPC Capital, which has recently completed a capital increase to pay off creditors, has announced that it will be introducing the product sheet format which has been recommended by the federal ministry of food, agriculture and consumer protection since July 2009. The informational document provides a brief and comprehensible presentation of the main characteristics of the product, which will allow investors to compare it with other products. The first product sheet will accompany the new closed real estate fund MPC Holland 71, which is in a subscription phase. MPC Capital is apparently the first German promoter of closed funds to adopt a product sheet formula. Meanwhile, MPC has announced that it will publish short reports on the activity of various funds of the range.

The US-based investment bank Morgan Stanley has created a securities lending service for ETF funds which will make it possible to open short positions on 51 funds from the major European asset management firms, Funds People reports. This is a first on the European market, although this type of possibility has existed in the United States for some time. The initiative originates with the cooperation of Morgan Stanley with the British platform Source.

The Monetary Authority of Singapore (MAS) has launched a consultation paper which will be open until 31 May, to consider plans to toughen rules for fund management, the Wall Street Journal reports. The MAS is considering tightening capital requirements for fund management firms, compulsory licensing, and requiring management firms to place client assets with a third-party custodian.

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Une résolution de la crise grecque semble un préalable avant de prendre des positions vendeuses

Perspectives de ventes forcées et appels de marge alimentent la défiance des marchés

Perspectives de ventes forcées et appels de marge alimentent la défiance des marchés

L’hystérie collective a de nouveau frappé les marchés financiers. Le coût de refinancement à deux ans de la dette grecque a bondi de 1.500 points de base sur les sept derniers jours. Un quart de cette dette devant arriver à maturité d’ici deux ans, la charge d’intérêt explose et conduit les agences à abaisser la notation, en «junk» désormais chez S&P. Si les autres agences suivent, elles risquent de déclencher un sell-off général puisque les banques européennes ne pourront plus se refinancer avec les papiers grecs auprès de la BCE et la plupart des fonds et assureurs ne peuvent pas conserver de titres non «investment grade» dans leur portefeuille. Encore faudra-t-il trouver un acheteur…