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12/04/2010
Fonds

La CNMV se veut en principe optimiste pour la collecte des fonds conservateurs

Dans son dernier rapport trimestriel, la CNMV estime que les produits d'épargne et notamment les fonds d’investissement les plus conservateurs ont de bonnes chances d’attirer les souscripteurs espagnols maintenant que le taux d'épargne des ménages atteint son niveau le plus élevé avec 13 % du revenu et 18,8 % du revenu disponible, rapporte Cinco Días. Cependant, le régulateur reconnaît que les résultats provisoires des premiers mois de 2010 ainsi que la remontée de la volatilité sur les marchés financiers ces derniers temps ont introduit une dimension d’incertitude dans ces perspectives.
Fonds
12/04/2010

Un ancien de Fortis IM rejoint Investec

Avec la fusion BNP Paribas/Fortis, Juan Marín, directeur des ventes de Fortis Investments pour la péninsule ibérique, a rejoint Investec comme directeur commercial pour la France, le Luxembourg, l’Italie, l’Espagne et le Portugal, rapporte Funds People. Les gestionnaire anglo-sud africain a fait enregistrer en novembre sa sicav luxembourgeoise Investec Strategy Fund (32 compartiments) auprès de la CNMV, mais ses produits n'étaient jusqu'à présent distribués qu’au travers d’Allfunds Bank.
12/04/2010
Fonds

Les souscripteurs privilégient les actifs sans risque

A fin 2009, l’encours des fonds espagnols se composait à 75 % de fonds monétaires, de fonds obligataires à court terme et de fonds garantis à majorité d’actions ou d’obligations contre 66,6 % fin 2006 et 80 % fin 2008, rapporte Cinco Días. La moyenne historique (76 % sur les 19 dernières années) montre cependant que l’investisseur espagnol a toujours été très conservateur, sauf en 2000, lors de la bulle technologique, où la proportion était tombée à 56 %.Sur les trois années 2007, 2008 et 2009, les remboursements nets ont atteint 89,47 milliards d’euros, ce qui représente à 97,5 % de la baisse des actifs sous gestion, qui se sont contractés de 31 % pendant que les recettes de commissions chutaient de 48 %.Sept des plus grands gestionnaires affichent plus de 80 % de leurs encours en actifs peu risqués, l’exception étant Ibercaja avec 57 %. En revanche, Gesmadrid et Ahorro Corporación ont plus de 87 % de leur encours investis en monétaire, obligataire court terme et produits garantis.
Fonds
12/04/2010

UBS prévoit un résultat trimestriel imposable de 2,5 milliards de francs suisses

UBS prévoit un bénéfice de 2,5 milliards de francs avant impôts au titre du premier trimestre 2010, a indiqué la banque dans un communiqué publié le 12 avril, à quelques encablures de son assemblée générale (14 avril). La banque a en revanche enregistré des sorties nettes d’argent dans tous les secteurs, mais «nettement plus faibles» que celles du quatrième trimestre 2009. «Pour le premier trimestre 2010, UBS estime qu’elles ont atteint environ 8 milliards de francs suisses pour Wealth Management & Swiss Bank, 7 milliards de francs pour Wealth Management Americas et 3 milliards de francs pour Global Asset Management», précise la banque.
12/04/2010

Bonus de 1 million de livres pour le patron de F&C

Le directeur général de F&C Asset Management, Alain Grisay, a reçu un bonus de 1 million de livres l’année dernière, selon le Times qui cite le rapport annuel de F&C. La prime comprend 700.000 livres en numéraires et 300.000 livres en actions différées sur trois ans. Alain Grisay a perçu en outre un fixe de 325.000 livres. Cette année, ce montant augmentera de 7,7 % à 350.000.
12/04/2010

Martin Currie clôture un hedge fund sur la Chine

Selon Investment Week, Martin Currie a clôturé un hedge fund dédié à la Chine dont les actifs sous gestion avaient atteint 203 millions de dollars.Lancé il y a sept ans, le fonds affiche un rendement annualisé de 16,2 %. Sur les deux dernières années, le fonds a dégagé un rendement de 22,8 %, à comparer à un recul de 15,4 % pour l’indice MSCI Gloden Dragon sur la même période.
12/04/2010

Un responsable de L&G rejoint Fidelity

Fidelity vient de recruter Ben Waterhouse au poste de responsable des ventes de gros pour le Royaume-Uni, selon Investment Week.Ben Waterhouse travaillait précédemment chez L&G Investments en tant que directeur des ventes. Il devrait prendre ses fonctions dans les tout prochains mois pour consolider et développer les activités avec notamment les gérants de fortune.
12/04/2010
Fonds

China Special Situations de Fidelity ne fait pas le plein de souscriptions escomptées

Même si Fidelity International souligne que le placement initial (IPO) de son nouveau fonds China Special Situations s’avère le plus grand succès depuis 1990 pour un produit actions, les 460 millions de livres levés par le dernier-né d’Anthony Bolton représentent moins des trois quarts (73 %) des 630 millions de livres qui avaient été fixés comme objectif de cette opération entourée d’un fort battage médiatique. Le fonds, qui est d’ores et déjà le plus grand fonds Chine coté à Londres, sera officiellement lancé le 19 avril sur le London Stock Exchange. Anthony Bolton a indiqué avoir lui-même souscrit 2,5 millions de parts.
Fonds
12/04/2010

Gérard Piasko quitte Julius Bär pour Sal. Oppenheim Suisse

Christian Camenzind, CEO de Sal. Oppenheim Suisse, a annoncé vendredi la nomination de Gérard Piasko au poste de directeur de l’investissement (CIO). L’intéressé remplissait ces dernières années les mêmes fonctions chez Julius Bär, après avoir été pendant dix ans global strategist chez Credit Suisse à Londres, New York et Zurich.
09/04/2010

European Union reassures United States over hedge fund directive

Michel Barnier, the European Union’s internal market commissioner, has written to Tim Geithner, the US Treasury secretary, to assure him that new rules for the hedge fund and private equity industries will not shut foreign funds out of EU financial markets, says the Financial Times. “I am convinced that access to the European single market should be granted to managers and funds domiciled in third countries, including the US, provided that high-level standards of transparency and security are guaranteed,” Mr Barnier wrote in a letter sent last week and seen by the Financial Times.
09/04/2010

SEC investigates use of derivatives

The SEC announced in March that it is undertaking a detailed analysis of the use of derivatives by mutual funds and ETFs, in order to determine whether current practices are in compliance with Federal regulations on the use of leverage, concentration, and diversification. It will also verify whether funds manage risks and disclose information on this subject appropriately, the Wall Street Journal reports. The newspaper points out that the analysis concerns primarily OTC transactions, particularly on interest swaps and CDS, which are used by management firms such as BlackRock, Pimco (Allianz) and Western AM (Legg Mason), says Michael Herbst, an analyst at Morningstar. Some investors may be surprised to learn that several core bond mutual funds make very considerable use of derivatives. Particularly notable for their use of derivatives are the Pimco Total Return Fund (PTTAX) and the BlackRock Total Return Fund I (MDHQX) and II (BCBAX). The Western AM Core (WACSX) and Western AM Core Plus (WAPSX) also use them, but to a lesser extent more recently.
09/04/2010

BNPP IP aims to double Asian contribution to profits

Stewart Edgar, head for Asia of the new entity born of the merger of BNP Paribas Investment Partners (BNPP IP) and Fortis Investments, is planning to double Asia’s contribution to total profits at BNP Paribas IP. Currently, Asia contributes 10% to 15% of profits at BNPP IP. According to the most recent statistics available to Asian Investor, assets under management in the Asia-Pacific region as of last December represented USD64.7bn, of which 70% were for institutional investors. Growth in the next few years will rely on four pillars: China, India, Indonesia and south Korea.
09/04/2010

db x-trackers lists ETF funds in Sweden

On Thursday, German fund manager db x-trackers (EUR29bn in assets) announced that it has listed 11 of its ETF products on the OMX market in Sweden, while 25 more will follow in the next four weeks. In Europe, products from this emanation of Deutsche Bank are also listed in Germany (112 products), Italy (89 products), the United Kingdom (92), Switzerland (36) and France (36). This makes a current total of 376 listings out of 423, all of which are UCITS III-compliant, worldwide. Since the beginning of this year, db x-trackers has listed 44 products on international markets. On the Hong Kong Stock Exchange and Singapore Securities Trading, the number of ETF funds from db x-trackers currently totals 24 and 23 respectively. Among the new offerings in Hong Kong are ETFs based on sectoral sub-indices of teh CSI 300 (materials, financials, real estate), while in Singapore, the German management firm has innovated with the launch of an ETF based on the CSI 300 and another on the MSCI Indonesia.
09/04/2010

ICR liquidates one of its funds of hedge funds

Funds People reports that ICR Institutional Asset Management has liquidated its fund of hedge funds Acciones Baja Volatilidad, which was launched in October 2009, and which as of the end of December had the minimal required assets of EUR0.3m. The objective of the equities product was returns 500 basis points higher than the Euribor 1-month, with volatility of less than 5%. The other two Spanish registered funds of hedge funds from ICR are Alpha Multistrategy and Alpha Plus.
09/04/2010

Prudential Real Estate Investors adds to team

Prudential Real Estate Investors (PREI) on 7 April announced the appointment of Mark Chamieh as managing director and co-head of international distribution and client services. Chamieh will work alongside Lester Lockwood, who has served as head of international sales strategy at PREI for the past five years. Lockwood, based in New Jersey, will continue to develop activities in the United States, while Chamieh, based in London, will concentrate on distribution and client relations in Europe, Asia and the Middle East. Both will be members of the Global Management Committee. Chamieh was previously managing director and global head of marketing at JER Partners. As of 31 December 2009, PREI managed a gross total of about USD42.5bn in real estate assets (for a net total of USD22.9bn), on behalf of about 500 clients worldwide.
09/04/2010

London leads for IPOs in first quarter

Les Echos reports that a study by PricewaterhouseCoopers shows that London has been the leading location in Europe for initial public offerings in first quarter, both in terms of the volume of capital raised (EUR2.1bn), and in terms of the number of offerings (23). The London Stock Exchange beat out Deutsche Börse (EUR1.7bn), putting NYSE Euronext in third place in Europe, with far lower volumes (about EUR300m), though the North American stock market company topped the rankings in 2009.
09/04/2010

Citibank España to pay out 55% to Lehman victims

On Thursday, Citibank España announced in a joint statement with the association of bank customers Adicae and the law firms Zunzunegui and Jausas, that it will be offering a 55% cash compensation to the approximately 2,700 clients who purchased a total of EUR78m of Lehman Brothers structured products from the business. It is stated that the offer, valid from 9 April until 7 May 2010, is made without any admissions by the bank of any responsibility.
09/04/2010

PGGM to invest less, but better

PGGM, the pension asset manager for healthcare and related indusries in the Netherlands, will suggest to clients that they invest in fewer companies or adopt an exclusion policy, IPE.com reports. The objective is to reduce the number of positions in the portfolio, in order to know them better, and to be a more active and engaged investor. Johan van der Ende, CIO of PGGM, remarks that “it’s not a very comfortable feeling that we can’t always know exactly what we’re investing in.”
09/04/2010

Mirabaud granted permission to enter capital of venture Finanzas

The CNMV on Thursday granted permission for the acquisition of a minority stake in the Spanish brokerage, management and fund distribution firm Venture Finanzas by the Swiss firm Mirabaud (see Newsmanagers of 25 November 2009). The deal will allow Venture Finanzas to strengthen its private banking activities, while it will provide the Swiss institution an opportunity to continue its geographical diversification and international expansion. From this summer, the private banking services, as well as the other activities of Venture Finanzas, will operate under the Mirabaud brand name. The two firms have already begun preparations for the integration of the Venture Finanzas product range into the Mirabaud group. Against this background, Venture Finanzas has recruited Tomás Termens as director of private banking, and also Xavier Solé. Mirabaud may subsequently acquire a majority stake in the capital of the firm, as was announced in November.
09/04/2010

Blue Mountain raises USD250m for three funds

Hedge Week reports that Blue Mountain has raised more than USD250m for three new funds, whose objective will be to seize investment opportunities in the post-crisis credit world. The three funds are the BlueMountain Long/Short, BlueMountain Distressed Fund, and a fund dedicated to securitisations. Blue Mountain is also planning to launch a multi-client ABS fund by the end of third quarter. The funds will allow clients access to strategies which have already been proven by the firm’s flagship fund, the BlueMountain Credit Alternatives, but in dedicated products with custom liquidity conditions.
09/04/2010

Russell preparing 13 ETF funds

In a notification to the SEC (form N-1A), Russell Investments announced that it is planning to launch eleven ETF funds which replicate house indices, the Russell Global 1000, 2000 and 3000, each in simple, growth and value versions. In addition to these nine products, advised by Russell Investment Management Company, are two large cap ETFs, the Russell Developed ex US Large Cap and the Russell Emerging Markets Large Cap. They will be the first products launched by Russell since the recruitment of two former iShares chiefs at the end of January, James Polisson and Andrew Arenberg (see Newsmanagers of 27 January).
09/04/2010

SEB AM acquires building near Paris

The German firm SEB Asset Management has announced that it has acquired the Cap de Paris office building (8,100 square metres) in Montrouge, which is wholly leased for seven years to the La Martinière.group, for about EUR50.6m. The vendor is the pharmaceutical group Pfizer. The property will be added to the portfolio of the open-ended institutional real estate fund SEB Europe REI, which was launched in 2009, and which has already invested in the United Kingdom and Austria.

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