19/03/2010
La division de l'Europe pénalise la Grèce
L'idée d'un soutien du FMI à Athènes a été très mal perçue par le marché des taux
18/03/2010
Two former Madoff employees indicted
Two former computer programmers at convicted Bernard Madoff’s firm were indicted on charges they allegedly helped Mr. Madoff hide a massive fraud from regulators. The three-count indictment, returned Wednesday, charges Jerome O’Hara and George Perez with conspiracy, falsifying the books and records of a broker-dealer, and falsifying the books and records of an investment adviser.
18/03/2010
Hedge funds: Barclay Hedge confirms results from Credit Suisse/Tremont
The BarclayHedge hedge fund index (which includes 1,791 products that have published results as of 17 March) in February shows results of 0.77%, making it possible to establish a projection for first quarter results, with gains of 0.42%. In terms of general trends, this agrees with the general direction of the Credit Suisse/Tremont index (see Newsmanagers of yesterday), as it does in terms of individual strategies, as equity short bias shows the heaviest losses, at 2.02% for the month. Emerging markets show the worst results for the first two months of the year, with losses of 1.01%, nearly even with global macro (-1%). The largest gains in January-February were for distressed securities, with gains of 3.04%.
18/03/2010
db x-trackers launches an SMI short ETF
Germany’s db x-trackers (Deutsche Bank) has announced the launch of the first short ETF based on the Swiss equities index SMI. The SMI Short Daily ETF is a Luxembourg-registered product (LU0470923532) with a management commission of 0.50%. The management firm plans to register and offer the fund in Switzerland. The new fund brings the number of db x-trackers short ETFs based on equities indices to 16. The management firm is planning to launch short and leveraged ETFs based on the Dax, the S&P 500, the DJ Euro Stoxx and the FTSE 100 in the coming weeks. The XTF segment of the Xetra platform now lists 611 ETF funds.
18/03/2010
Old Mutual releases a bond fund in France
The fund of global bond manager Stewart Cowley, who joined Old Mutual from Newton at the end of 2008, has been made available to investors in Switzerland, Sweden and France. Old Mutual Global Bond is a Ucits III fund which invests in an array of fixed income securities and currencies.
18/03/2010
Pimco launches six bond ETF funds
Allianz Global Investors (AGI) will release six bond ETF funds which its affiliate Pimco has recently registered with the SEC, but for which the managers and fee levels have not yet been determined. Of this group of products, only one, the Pimco Build America Bond Strategy Fund, will be actively managed. Pimco is the first management firm to offer an actively managed Build America fund, Mutual Fund Wire reports. The other five passively-managed products are the Pimco 0-3 Year Banking Sector Corporate Bond Index Fund, the Pimco 1-5 Year High Yield Corporate Bond Index Fund, the Pimco Emerging Markets Aggregate US$ Denominated Bond Index Fund, the Pimco High Yield Corporate Bond Index Fund, and teh Pimco Investment Grade Corporate Bond fund. The products replicate indices from Merrill Lynch.
18/03/2010
Fondiaria-SAI sells asset management firm
The Italian insurance company Fondiaria-SAI has sold 90% of capital in its fund management firm, SAI Asset Management SGR, to Alberto Amilcare Foà, Roberto Brasca, Giordano Martinelli and Giovanni Brambilla, former partners at the asset management firm Anima. The acquisition price is EUR4.86m. The capital which paid to acquire the stake will come in equal parts from the four buyers (22.5% each). Fondiaria-SAI will retain a 10% stake in the firm. The new owners of the management firm will seek to develop collective and individual asset management activities, and to strengthen the quality of advising services.
18/03/2010
Solutions in sight for assets locked in by gates
Agefi Switzerland reports that Gamma Finance will be coming to the aid of institutionals whose assets are locked in by gates. The London-based firm, which was co-founded by a former employee of Société Générale and Deutsche Bank, Florian de Sigy, and a former Barclays Global Investors employee, Javier Rodriguez, will offer to stand as an intermediary between private banks which are seeking to sell off locked-in positions, and investors interested in buying up the shares at a discount that may range from 5% to 30%, depending on the quality of the fund. “This kind of intermediation previously existed mostly in the area of private equity. We were surprised that there were no equivalents in the hedge fund industry,” explains de Sigy, whose firm, founded in early 2009, now employs three people, and is seeking three more experts.
18/03/2010
Bestinver plans to diversify distribution channels
The value management firm Bestinver (Acciona group) has announced at its annual investors’ conference that it has signed an outsourcing contract with a distribution partner that will allow it to market its funds by Internet and telephone, says Beltrán Parages, director of sales. Meanwhile, Funds People reports, Bestinver is planning to cancel the withdrawal penalty for its two diversified funds, as it has already done for the Bestinver Renta.
18/03/2010
Forum GI: SEB AM to launch other funds in France
At the end of January, SEB Asset Management officially announced the launch of its first fund in France, SEB Asset Selection, a product which complies with the UCITS III directive, launched in October 2006 and with about EUR1.5bn in assets. The asset management firm from the Swedish banking group SEB, which this year is present for the first time at the Forum Gestion Institutionelle in Paris, is not planning to stop there, and also plans to release other funds on the French market. Peter Branner, global head of SEB Investment Management, told Newsmanagers. In addition to the SEB Asset Selection, which will be available in several versions with different risk profiles, SEB AM is planning to release a mandate fund based on currencies, managed in London. The firm is also planning to bring its expertise in local real estate in Germany to France, as well as its fund of hedge funds managed by its affiliate Key in Lolndon. In terms of more traditional products, SEB AM is also planning to release its Eastern Europe and Russia funds in Europe, which cover an area where Swedish establishments have traditionally had a strong presence, due to their proximity to these countries. SEB AM is approaching the French market from its offices in London, where its international sales team is based. The asset management firm currently has no plans to open a physical office in Paris, but, of course, depending on the volume of inflows, that strategy may change.
18/03/2010
Unigestion participates at Forum GI in France
Though it has been present in France for several years with an office in Paris, Unigestion was for the first time present at the Forum GI this year. This occasion provided a way for the Swiss management firm to show the importance of the French market, which represents 20% of its assets, or EUR1.4bn. Unigestion, which has 10 personnel in Paris, has been relatively active recently, with the launch of a French Aria III fund of hedge funds, Uni-Hedge Selection, specially for the French market. It has also offered French investors its most recent UCITS III fund, Uni-Global Minimum Variance Emerging Markets, which aims to capitalise on opportunities related to economic growth in emerging markets. The firm is also active in private equity.
18/03/2010
Spécial Forum GI - SEB AM va lancer d'autres fonds en France
Fin janvier, SEB Asset Management annonçait officiellement le lancement de son premier fonds en France, SEB Asset Selection, un produit conforme à la directive OPCVM III lancé en octobre 2006 et qui affiche environ 1,5 milliard d’euros d’encours. La société de gestion du groupe bancaire suédois SEB, présente cette année pour la première fois au Forum Gestion Institutionnelle à Paris, ne compte pas s’arrêter là et projette de commercialiser d’autres fonds sur le marché français, nous a confié Peter Branner, global head de SEB Investment Management. Outre que le SEB Asset Selection sera disponible en plusieurs versions, plus ou moins risquées, SEB AM a l’intention de distribuer en France son fonds de devises SEB Multi Manager Currency, qui est un fonds de mandats sur le thème des devises, géré à Londres. La société veut aussi importer son expertise immobilière localisée en Allemagne, ainsi que ses fonds de hedge funds, gérés par sa filiale Key à Londres. Côté plus traditionnel, SEB AM souhaite aussi commercialiser en France sa gamme Europe de l’Est et Russie, une zone géographique où les Suédois sont généralement très présents compte tenu de leur proximité avec ces pays. Pour aborder le marché français, SEB AM passe par Londres où son équipe commerciale internationale est basée. La société de gestion n’a pour le moment aucun projet d’implantation physique à Paris. Mais bien sûr, en fonction des capitaux collectés, cette stratégie pourra changer...
18/03/2010
Carmignac's Napoleonic tactics begin to show their limitations
The Frankfurter Allgemeine Zeitung reports that, although the Carmignac Patrimoine fund, which underwent a rapid growth spurt, bringing its assets to EUR16.5bn, up from EUR10bn nine months earlier, is still one of the best mixed fund selection products, it is no longer the outright leader, with returns of 15%, while competing funds are earning gains of 30% or more. The large size of the fund is certainly a handicap, as Carmignac is no longer as free in its choice of investments as its was in the past. As soon as it enters an investments, it must plan how it is getting out of it. Its aggressive tactics are beginning to reach their limits, but it is not yet a foregone conclusion that the campaign will end in a defeat reminiscent of Waterloo.
18/03/2010
MLP cuts dividends
The financial services provider MLP is planning to pay out a dividend for 2009 of EUR0.25 per share, compared with EUR0.28 in 2008. Andreas Dittmar, CFO, says that the dividend payout will total EUR27m, very near the EUR27.2m in net profits the firm earned from its retained activities last year.
18/03/2010
Profits up at DBAG
For the first quarter of the current fiscal year, covering the three months ending on 31 January, the private equity firm Deutsche Beteiligungs AG (DBAG) has posted net profits of EUR9.3m, compared with losses of EUR9m in the corresponding period of last year, and owners’ equity per share has increased 3.8% to EUR19.61, compared with a decrease of 3.8% in the corresponding period of 2008-2009. However, for the complete fiscal year, ending on 31 October 2009, DBAG has posted net profits of EUR19.6m, and ROE of 8.2%.
18/03/2010
LGT group sees net outflows in Liechtenstein
Agefi Switzerland reports that LGT Group, the largest banking group in Liechtenstein, controlled by the royal family of the principality, finished the 2009 fiscal year with a net outflow of assets to clients of CHF3.7bn, largely to clients in the principality. However, LGT earned positive net inflows in Germany, Austria, Switzerland, and Asia. In asset management one of the two core strategic areas for the group, alongside private management, the takeover of Dresdner Bank (Switzerland) last year added CHF8.2bn in client assets for LGT, bringing the total to CHF89bn as of the end of 2009, an increase of 14% compared with the previous year, including positive returns from investments of CHF6.5bn. Net profits were down 35% to CHF106m.
18/03/2010
Former Aviva Investors manager joins TCF
Jeremy Bezant, former head of retail structured products at Aviva Investors, has been appointed a member of the investment board at TCF Fund Managers. The board is in charge of due diligence on ETFs and passive mutual funds used by TCF.
18/03/2010
Saxo plans to release closed real estate funds in UK
Saxo Properties, an affiliate of the Danish financial group Saxo Bank, is planning to release up to five closed real estate funds on the British retail market. The first of these funds is expected to be launched within a month. It will invest primarily in real estate in Copenhagen, in the residential or office sectors. The fund will be closed after a three-month subscription period.
18/03/2010
British Airways reaches agreement in principle over pension fund
British Airways on Tuesday evening reached a tentative agreement with the labour unions Unite, BALPA and GME over how to make up a deficit for the pension fund that now comes to about GBP3bn (see Newsmanagers of 15 December 2009). The solution will need to be approved both by the manager of the fund and the regulator. The proposed solution involves two options. Either employees will continue to pay contributions at current levels, but will agree to a reduction in future benefits, or they will agree to a 4.5% increase in contributions to preserve the current level of benefits. British Airways will pledge to continue its annual contributions to the fund at their current level of GBP330m.
18/03/2010
Ashmore launches eight sub-funds
Ashmore has released eight sub-funds of its Luxembourg Sicav, bringing the total number to 12, Citywire reports. All of the new products are invested in emerging markets, Ashmore’s specialty.
18/03/2010
Oil sector lobbies for creation of Indian sovereign fund
India is facing demands from the local state-owned oil industry to create the country’s first sovereign wealth fund to compete with China in the race to secure global energy assets, according to government and industry officials, says the Financial Times.
18/03/2010
Des solutions en vue pour les actifs bloqués dans des gates
Selon L’Agefi suisse, Gamma Finance veut venir en aide aux institutionnels dont les actifs sont bloqués dans des gates. La société, cofondée à Londres par un ancien de Société Générale et de Deutsche Bank, Florian de Sigy, et un ancien de Barclays Global Investors, Javier Rodriguez, propose ainsi de se placer comme intermédiaire entre ces banques privées, qui souhaitent se défaire de positions bloquées, et des investisseurs intéressés à racheter ces parts avec une décote comprise entre 5% et 30% en fonction de la qualité des fonds. «Cette intermédiation existait largement dans le domaine du private equity. Nous étions étonnés qu’il n’y ait pas ou peu d’équivalent dans l’industrie des hedge funds», explique Florian de Sigy, dont la société, lancée début 2009, emploie actuellement trois personnes et recherche trois experts.
Ashmore lance huit compartiments
Ashmore a lancé huit compartiments dans sa Sicav luxembourgeoise, portant le total à douze, rapporte Citywire. Tous ces nouveaux produits sont investis sur les marchés émergents, la spécialité d’Ashmore.
18/03/2010
Fondiaria-SAI vend sa société de gestion
La compagnie d’assurance italienne Fondiaria-SAI a vendu 90 % du capital de sa société de gestion SAI Asset Management SGR à Alberto Amilcare Foà, Roberto Brasca, Giordano Martinelli et Giovanni Brambilla, anciens associés du gestionnaire Anima. Le prix de la transaction est de 4,86 millions d’euros. Le capital qui change de mains se partage à égalité entre les quatre acquéreurs (soit 22,5 % chacun). Fondiaria-SAI garde néanmoins 10 % des actions. Les nouveaux propriétaires de la société de gestion veulent développer l’activité de gestion collective et individuelle et renforcer et valoriser l’activité de conseil.
db x-trackers lance un ETF pour "shorter" le SMI
Le gestionnaire allemand db x-trackers (Deutsche Bank) annonce le lancement du premier ETF «short» sur l’indice d’actions suisses SMI. Le SMI Short Daily ETF, est un produit de droit luxembourgeois (LU0470923532) dont la commission de gestion se situe à 0,50 %. Il est prévu de faire enregistrer et coter ce fonds en Suisse.Ce nouveau fonds porte à 16 le nombre d’ETF «short» sur des indices d’actions de db x-trackers, qui prévoit pour les semaines qui viennent le lancement d’ETF «short» et à effet de levier sur le Dax, le S&P 500, le DJ Euro Stoxx 50 et le FTSE 100.En attendant, le segment XTF de la plate-forme Xetra cote 611 ETF.
18/03/2010
MLP réduit son dividende
Le prestataire de services financiers MLP envisage de servir au titre de 2009 un dividende de 25 cents par action contre 28 cents pour 2008. Andreas Dittmar, le directeur financier, précise que la distribution va porter sur 27 millions d’euros, ce qui est très voisin des 27,2 millions d’euros de bénéfice net dégagés sur les activités conservées.
Amélioration du résultat de DBAG
Pour le premier trimestre de l’exercice en cours, les trois mois au 31 janvier, le capital-investisseur Deutsche Beteiligungs AG (DBAG) affiche un bénéfice net de 9,3 millions d’euros contre une perte de 9 millions d’euros et ses fonds propres par action ont augmenté de 3,8 % à 19,61 euros alors qu’ils avaient baissé de 3,8 % dans la période correspondante de 2008-2009.Néanmoins, pour l’ensemble de l’exercice au 31 octobre, DBAG a enregistré un bénéfice net de 19,6 millions d’euros et un ROE de 8,2 %.
Hedge funds : Barclay Hedge confirme Credit Suisse/Tremont
L’indice BarclayHedge des fonds alternatifs (1.791 produits ayant publié leurs résultats au 17 mars) affiche pour février une performance de 0,77 %, qui permet au résultat sur le premier trimestre de ressortir en hausse de 0,42%.Tendanciellement, cela conforte l’évolution générale affichée par l’indice Credit Suisse/Tremont (voir notre édition d’hier), de même que sur le plan des stratégies individuelles, puisque l’equity short bias accuse la plus forte perte, avec 2,02 % sur le mois. Les marchés émergents marquent le plus mauvais score au premier bimestre, avec une perte de 1,01 %, juste devant le global macro (- 1 %). La plus forte performance pour janvier-février a été signée par la stratégie distressed securities, avec un gain de 3,04 %.
18/03/2010
Bestinver compte multiplier les canaux de distribution
Le gestionnaire value Bestinver (groupe Acciona) a indiqué lors de sa conférence annuelle pour les investisseurs qu’il a signé un contrat d’externalisation avec un partenaire de distribution qui lui permettra de commercialiser ses fonds par Internet ou par téléphone, a annoncé Beltrán Parages, directeur commercial.D’autre part, précise Funds People, Bestinver songe à supprimer la pénalité de sortie sur ses deux fonds diversifiés, comme cela a déjà été fait pour le Benstinver Renta.
Lancement de l’offre ISF 2010 d’Alto Invest
Alto Invest annonce le lancement de son FIP ISF 2010, le FIP France Fortune Alto 2. Le fonds permet une réduction d’impôt globale de 45% (hors droits d’entrée) dont 40% de réduction d’ISF limité à 20.000 euros, précise le communiqué. 80 % du produit est investi dans des PME de croissance de tous secteurs, 20% en placements financiers diversifiés, notamment en OPCVM.Les droits d’entrée du FIP France Fortune Alto 2 s'élèvent à 5%. Les frais de gestion et de fonctionnement sont de maximum 4,1% TTC. Le rachat s’effectue le 1er janvier 2018, sauf cas légaux (invalidité, décès).