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15/03/2010
Fonds

Les institutionnels de plus en plus attirés par les fonds Ucits

Les fonds conformes à la directive OPCVM III séduisent un nombre croissant de hedge funds et d’investisseurs, selon une enquête réalisée par Preqin en février. Seulement 8% de tous les investisseurs institutionnels de l'échantillon (une cinquantaine d’investisseurs institutionnels) allouent du capital à des fonds Ucits III qui sont tous basés en Europe mais 35% d’entre eux envisagent d’ajouter un véhicule Ucits III dans leur portefeuille de hedge funds en 2010.Les principaux facteurs qui plaident pour les fonds OPCVM III sont au nombre de quatre : la transparence (41%), la surveillance réglementaire (22%), la liquidité (22%) et enfin une gestion des risques solide (11%).Du côté des gérants de fonds de fonds, ils sont 28% à gérer une plate-forme Ucits et 28% également sont en train d’adopter un style Ucits dans leur portefeuille de hedge funds.Actuellement, 51% des gérants basés en Europe proposent des produits Ucits alors que seulement 11% des gérants du reste du monde en offrent à leur clientèle. Selon Preqin, l’appétit des investisseurs pour les produits Ucits devrait augmenter hors d’Europe, qu’il s’agisse de l’Asie, de l’Amérique latine ou encore du Moyen-Orient.
Fonds
15/03/2010
Fonds

Contestations en perspective pour un fonds "madoffé"

Dexia Private Banking propose d’indemniser des clients investis dans le hedge fund Rafale Partners, rapporte la Tribune, qui note que ce produit «madoffé» était enregistré aux Îles Vierges Britanniques, géré par Broadgate Management, et avait pour dépositaire Crédit Agricole Suisse et Dexia Banque Internationale. La filiale de banque privée de Dexia qui en faisait la promotion a, selon les informations du quotidien, fixé des montants maximum de remboursement compris entre 15% et 80% environ des sommes investies initialement. Une démarche des plus maladroites dans la mesure où cela suppose une absence d'équité de traitement entre les porteurs concernés, note la Tribune.
Fonds
15/03/2010
Fonds

Forte expansion des ETP sur matières premières en Europe

Entre fin 2008 et le 5 mars 2010, l’encours des exchange traded products sur matières premières (C-ETP) en Europe est passé de 8,6 milliards d’euros à 23,1 milliards. Les actifs gérés dans les ETC de matières premières a gonflé à 11,5 milliards d’euros contre 4,9 milliards tandis que celui des ETF de matières premières atteignait 11,6 milliards d’euros contre 3,7 milliards, selon une étude de la Deutsche Bank.Pour 2009, l’encours des C-ETP a opéré un bond en avant de 145 % et les spécialistes de la banque s’attendent pour 2010 à un gonflement compris entre 60 et 80 %. Les grands gagnants en matière de souscriptions devraient être cette année les produits sur les matières premières industrielles et ceux répliquant les indices large, tandis que les fonds suisses sur l’or pourraient poursuivre leur croissance.Durant la période sous revue (fin décembre 2008-5 mas 2010), le nombre d’ETC sur les matières premières s’est accru de 56 unités pour atteindre 179 tandis que celui des ETF sur matières premières passait de 33 à 75 unités.
Fonds
15/03/2010
Fonds

Les Agnelli vont souscrire au fonds Almacantar

La famille Agnelli va contribuer au fonds immobilier Almacantar (cadran solaire, en arabe) qui doit lever 500 millions de livres d’ici à fin avril pour investir dans des actifs immobiliers à Londres et Paris, rapporte The Sunday Times. Le fonds sera géré par Mike Hussey, l’ancien patron de la division londonienne de Land Securities, assisté de Neil Jones, l’ancien patron Europe de Grosvenor, la société immobilière du duc de Westminster.D’autre part, Matrix va lancer un fonds immobilier de 600 millions de livres à investir au Qatar, en Arabie saoudite et dans les Emirats arabes unis. Ce fonds sera soutenu par la famille Al Attivah du Qatar.
Fonds
15/03/2010

Le gérant de fortune Bestinvest nomme de nouveaux responsables

John Spiers, qui a fondé Bestinvest en 1986, va quitter la direction de la société. Michael Covell devient chairman de Bestinvest avec effet immédiat alors que Peter Hall prend les fonctions de chief executive à compter de juin 2010.Michael Covell, qui depuis plus de trente ans a occupé de nombreux postes dans le secteur de la gestion de fortune, remplace Ray Greenshields, qui a démissionné de la présidence de la société en octobre 2009. De son côté, Peter Hall était précédemment chez UBS où il était managing director depuis 2006.
15/03/2010
Fonds

Neuberger Berman va faire coter un fonds "distressed"

Neuberger Berman, la société de gestion américaine issue de Lehman Brothers, va coter l’un des premiers fonds de dettes «distressed» sur le London Stock Exchange, rapporte le Financial Times. Le gestionnaire cherche à lever 150 millions de dollars avec cette opération. Le fonds sera principalement investi aux Etats-Unis, mais est coté à Londres car la demande vient principalement d’Europe.
Fonds
15/03/2010

Strategic Insight s'installe à Londres

Vendredi, l’américain Strategic Insight a annoncé l’ouverture de son bureau de Londres et la nomination d’Andreas Pfunder comme managing director Europe. Il sera chargé de développer la clientèle de Strategic Insight parmi les sociétés de gestion de fonds, les gestionnaires et fortune et les réseaux de distribution au Royaume-Uni et en Europe continentale. Andreas Pfunder était jusqu'à présent consultant indépendant après avoir exercé des fonctions de direction du développement chez Fidelity International et AllianceBernstein.D’autre part, Strategic Insight a indiqué que son global business dévelopment manager, Jamie Maak, va être transféré de New York à Londres.Enfin, la société précise avoir l’intention d’ouvrir aussi un bureau à Hong Kong avant la fin de l’année.
15/03/2010
Fonds

First State lance deux nouveaux fonds offshore

First State Investments a a annoncé qu’elle commercialise désormais deux nouveaux fonds offshore destinés aux investisseurs institutionnels, le First State Asia Pacific Select et le First State Global Emerging Markets Select. Ces deux Fonds seront domiciliés en Irlande et gérés par l'équipe Asie Pacifique/Marchés émergents basée à Edimbourg et en Extrême-Orient. Ils viennent en complément du First State Asia Pacific Leaders et First State Global Emerging Market Leaders.Le fonds Asia Pacific Select sera géré par Alistair Thompson et aura un portefeuille concentré de grandes capitalisations, l’indice de référence étant le MSCI AC Asia Pacific ex Japan. Le Global Emerging Markets Select Fund sera géré par Jonathan Asante avec le MSCI Emerging Markets comme benchmark.Les deux fonds, dont le portefeuille comportera 50 lignes environ, sont libellés en dollars et auront des parts UK distributor.Il est prévu la création ultérieure d’une part retail pour chacun de ces deux produits.
Fonds
15/03/2010

GAM: un nouveau membre proposé au conseil d’administration

Selon L’Agefi suisse, un nouveau membre devrait être nommé au conseil d’administration de l’ancienne filiale de Julius Bär. Diego du Monceau, de nationalité belge, sera proposé à l’élection lors de la prochaine assemblée générale du 13 avril. Diego du Monceau a occupé différentes fonctions chez White Weld, Merrill Lynch et Swiss Bank Corporation.
15/03/2010
Fonds

Le Fonds de l’AVS économise grâce à la gestion en interne

Le Fonds de compensation de l’AVS parvient à économiser plus de 10 millions de francs par année en rapatriant en interne des mandats de gestion. Dans un entretien au «Temps», ses responsables, Marco Netzer (président) et Eric Breval (directeur), expliquent que la part gérée en externe est passée de 75% à 50% de l’encours en deux ans. La réorganisation des mandats externes suit le constat selon lequel lorsque ceux-ci sont trop nombreux – ils étaient 50 contre moins de 30 aujourd’hui – la surveillance est difficile. Ce projet s’est accompagné d’un renforcement des effectifs de 30 %, à 30 personnes.
Fonds
15/03/2010

Fideuram prête pour la Bourse

Banca Fideuram, la banque contrôlée par le groupe Intesa Sanpaolo, a enregistré en 2009 une hausse de 1,3 % du bénéfice net consolidé à 178,4 millions d’euros, rapporte Il Sole – 24 Ore. Les encours sous gestion ont augmenté de 12,1 % à 67,8 milliards d’euros. Ces chiffres fourniront la base à partir de laquelle la société sera valorisée pour son introduction en Bourse. Le processus devrait s’accélérer dans les prochaines semaines, estime Il Sole – 24 Ore. Entre 60 et 65 % du capital de Fideuram devraient être cotés.
15/03/2010

Deutsche Bank to push through with acquisition of Sal. Oppenheim

According to reports in Handelsblatt, the official closing of the acquisition of Sal. Oppenheim by Deutsche Bank may come as soon as this Monday afternoon. The chairman of the board of Deutsche Bank, Josef Ackermann, is reportedly planning to cut off as quickly as possible the relationship with the Cologne-based financier Josef Esch. The bank will very quickly sell its 5% stake in Oppenheim-Esch Holding, which is 95% controlled by Esch and the former managing partners of Sal. Oppenheim. The real problem is with about one third of the 40 to 50 realty firms known as “Esch funds,” which were used largely for fiscal optimisation, and which owned real estate properties occupied by the retail group Arcandor. Deutsche Bank will also make a quick decision as to the future of the Sal. Oppenheim group’s headquarters in Luxembourg, which no longer serve a purpose as Deutsche Bank will now be focusing Sal. Oppenheim solely on the German market.
15/03/2010

Costs wipe out 96% of income for real estate funds

In 2009, the eight Spanish real estate funds had operative expenses of EUR211m, while revenues from rent totalled EUR219m, Cinco Días reports. This is due to a steep fall in occupancy rates, to 77.6% for the Santander Real Estate fund and 73.2% for the fund from Ahorro Corporación, while operating costs remain unchanged. The value of assets in the funds fell by 12.7% between the end of December 2008 and the end of February 2010. Two funds have suspended redemptions until further notice: Banif Inmobiliario and Segurfondo Inversión, while BBVA has pledged to reopen redemptions in November of this year. Since the beginning of the year, only three real estate funds have made money: A. C. Patrimonio Inmobiliario, Sabadell BS Inmobiliario and Habitat Patrimonio.
15/03/2010

Abu Dhabi sovereign fund makes show of transparency in first annual report

The Abu Dhabi sovereign fund Abu Dhabi Investment Authority on Monday will publish its first annual report, which sums up its long-term results and investment strategy, the Financial Times reports. The document reveals that the fund’s annualised returns over 20 and 30 years as of the end of 2009 were 6.5% and 8% respectively. However, ADIA did not reveal the total volume of its assets, estimated at USD350bn.
15/03/2010

Contestations en perspective pour un fonds "madoffé"

Dexia Private Banking propose d’indemniser des clients investis dans le hedge fund Rafale Partners, rapporte la Tribune, qui note que ce produit «madoffé» était enregistré aux Îles Vierges Britanniques, géré par Broadgate Management, et avait pour dépositaire Crédit Agricole Suisse et Dexia Banque Internationale. La filiale de banque privée de Dexia qui en faisait la promotion a, selon les informations du quotidien, fixé des montants maximum de remboursement compris entre 15% et 80% environ des sommes investies initialement. Une démarche des plus maladroites dans la mesure où cela suppose une absence d'équité de traitement entre les porteurs concernés, note la Tribune.
15/03/2010

Institutional investors show a growing interest in UCITS funds

UCITS III-compliant funds are winning over a growing number of hedge funds and investors, according to a Preqin survey undertaken in February. Only 8% of all institutional investors in the sample (50 institutional investors) have allocated capital to UCITS III funds, which are all based in Europe, but 35% of them are planning to add a UCITS III vehicle to their hedge fund portfolio in 2010. There are four major factors working in favour of UCITS III funds: transparency (41%), regulatory supervision (22%), liquidity (22%), and solid risk management (11%). As to fund of fund managers, 28% manage a UCITS platform, while 28% are in the process of adopting a UCITS management style for products in their hedge fund portfolio. Currently, 51% of managers based in Europe offer UCITS products, while only 11% of managers in the rest of the world offer their clients products of this type. According to Preqin, investors’ appetite for UCITS products is expected to increase outside Europe, in Asia, Latin America and the Middle East.
15/03/2010

Planned AIFM directive faces lively debate

This week is a decisive one for the proposed European alternative management directive (AIFM), La Tribune reports. On Wednesday, 17 March, at a presentation of proposed amendments to the directive by the Ecofin commission, discussions are likely to be lively, with Spain, France and Germany on one side, hostile to the idea of funds from countries outside the EU being offered for sale in the Union, and Great Britain favouring the proposal by the reporter on the directive, Jean-Paul Gauzès, that after a transitional period to locate compatibilities and harmonize regulations, countries outside the European Union could be granted European passports to offer their products for sale in Europe. Tension is high between Europe and the United States, which accuses the Union of “discrimination” against US speculative funds. The United Kingdom sides with the Americans, the newspaper adds.
15/03/2010

Sovereign wealth funds increasingly interested in private equity

Sovereign wealth funds (SWFs) are increasingly interested in private equity. According to a study by Preqin, 55% of SWFs are invested in private equity, compared with 49% last year. The larger a sovereign fund is, the more likely it is to have invested in private equity. More than two thirds of SWFs with USD10bn or more in assets under management are invested in private equity, while only 22% of sovereign funds with assets of under USD10bn are invested in this category. Some SWFs with no investments in this asset class are planning to change their allocations. The SWFs of the United Arab Emirates, created in late 2007, is planning to allocate some assets to private equity in the future. The Korea Investment Corporation (KIC), for its part, is planning to double its exposure to private equity in 2010, with a particular interest in the distressed sector and secondary funds. More generally, SWFs which invest in private equity have a marked preference for buy-out funds: 92% invest in this sector, compared with 64% in venture capital, 32% in secondary funds and special situations, 20% in mezzanine, and 12% in funds of funds.
15/03/2010

Refunds may be on the way for investors in a Madoff victim fund

Dexia Private Banking is offering to pay back clients who had invested in the hedge fund Rafale Partners, La Tribune reports, noting that the product, which was involved in the Madoff collapse, was registered in the British Virgin Islands, managed by Broadgate Management, and had as its depositories Crédit Agricole Switzerland and Dexia International Bank. The affiliate of the Dexia private bank which promoted the product, according to the newspaper, set maximal redemption levels at 15% to 80% of the amounts initially invested. This move was all the more awkward as it appeared to imply a lack of equality in the treatment of investors in the fund, La Tribune reports.
15/03/2010

European funds bounce back with positive subscriptions in January

European sales bounced back into the positive in January at €34bn, following December’s outflows, says Lipper FMI. Business was at its highest level since last August, but was virtually identical to flows in January last year. The major difference between this year and last is the make-up of fund sales.Last January business was heavily weighted towards money market funds. In the first month of this year, investors looked elsewhere for higher returns. The best-selling asset class in January was fixed income which accounted for over a third of total flows at EUR12.4bn. Over 20 % of sales were into Emerging Market Bond funds. The attractions of Investment Grade Bonds are diminishing. The second best selling asset class across Europe in January was equities. However, sales were 40% down on December’s level at EUR9bn. Mixed asset funds, by contrast, saw increased sales in January of EUR6.3bn, their highest since early 2006. They have proved particularly popular recently in Italy and Germany. Having been the worst performing market in December, France became the best selling domestic market in January. It was its first month of positive sales since last August. Finally, groups with the strongest net flows were Franklin Templeton, BlackRock and Carmignac with EUR1.7bn, EUR1.67bn and EUR1.5bn respectively. In the equity stakes, BlackRock was the clear leader with sales of EUR1.4bn.
15/03/2010

Strong expansion for commodities ETP products in Europe

Between the end of 2008 and 5 March 2010, assets in exchange-traded products based on commodities (C-ETP) in Europe increased from EUR8.6bn to EUR23.1bn. Assets under management in commodities ETC funds increased to EUR11.5bn, compared with EUR4.9bn, while commodities ETF funds had EUR11.6bn, compared with EUR3.7bn, according to a study by Deutsche Bank. In 2009, assets in C-ETP rose 145%, and specialists at the bank predict that in 2010, growth will total 60%-80%. The big winners in terms of subscriptions this year are expected to be products focused on industrial commodities and those which replicate larger indices, while Swiss gold funds may also continue to grow. In the period under review (end of December 2008 to 5 March 2010), the number of commodity ETC products increased by 56 to a total of 179, while the number of commodities ETFs increased by 33 to 75 products.
15/03/2010

Certains fonds monétaires tracassent l'AFG

La baisse des taux du marché monétaire et leur très faible niveau qui pénalisent les performances des fonds monétaires inquiète désormais des professionnels de la gestion d’actifs. Avec un eonia à 0,32 % en fin de semaine dernière, ces derniers voient le caractère positif de la rémunération de certains OPCVM de cette nature remis en cause.Ainsi, dans une note de l’AFG datée du 23 février dernier que Newsmanagers a pu se procurer, l’association a mis en garde ses adhérents contre la baisse structurelle de la valeur liquidative de leurs fonds monétaire. Une baisse qu’il convient de distinguer d’un recul ponctuel de la valeur liquidative sur un ou deux jours par exemple – évènement qui n’est pas rare - ou d’une baisse liée à la gestion du fonds du fait d’un défaut d’un émetteur ou d’une contrepartie.L’AFG vise plus particulièrement les sociétés de gestion les plus gourmandes en matière de frais de gestion, à même de faire passer la valeur liquidative du fonds sous la ligne de flottaison. Si l’AFG admet que cette situation de marché ne concerne «qu’un périmètre limité d’OPCVM monétaires», elle n’en préconise pas moins que les sociétés de gestion concernées s’en préoccupent et reconsidèrent le niveau des frais de gestion - «en liaison le cas échéant avec le distributeur» - de façon à éviter les dits risques de baisse structurelle. La note ayant été diffusée il y a moins de deux semaines, les préconisations n’ont pas encore été suivies d’effet.
15/03/2010

Danielle Chiesi asks not to be tried with Raj Rajaratnam

The Wall Street Journal reports that Danielle Chiesi, who was a consultant at the hedge fund management firm New Castle Funds, has requested that her criminal trial, in which the first hearings are scheduled for 25 October, be separated from those of the founder of Galleon Group, Raj Rajaratnam, since, of the seven new charges brought in February, only one involves both of the accused. Chiesi and Rajaratnam have been in custody since October 2009.
15/03/2010

Lyxor hedge fund index up 0.33% in February

The Lyxor hedge fund index gained 0.33% in February. The best-performing strategies were fixed income arbitrage (2.09%), CTA long term (1.35%), and credit strategies (0.67%). However, equity short bias lost 4.68%, emerging markets lost 2.90%, and convertibles arbitrage lost 1.12%.
15/03/2010

Fideuram ready for IPO

Banca Fideuram, the bank controlled by the Intesa Sanpaolo group, in 2009 saw a 1.3% increase in its consolidated net profits, to EUR178.4m, Il Sole - 24 Ore reports. Assets under management increased by 12.1%, to EUR67.8bn. These figures provide a starting point on the basis of which the business will be valued for its IPO. The process will be accelerated in the next few weeks, Il Sole - 24 Ore says. Between 60% and 65% of Fideuram’s capital is expected to be floated.
15/03/2010

Oddo AM invests in Greek debt

Oddo Asset Management 15 days ago launched the Oddo Rendement Grèce fund, which invests solely in Greek debt. The product is reserved for institutional investors, and is based on the idea that Greece will not leave the Euro zone and will not default on its debt. The fund, which currently has EUR40m in assets, is 100% invested in Greek government bonds, but it may eventually invest up to 30% in Greek corporate debt. The fund is in the “opportunities” category of the convertible fixed income product range from Oddo Asset Management. As of the end of April, the management firm is also planning to launch another product, in the same range but part of the bond category, based on European convergence, based on the idea that “after spreads have widened, we will return to a phase of reconvergence between spreads in the Euro zone, and in the European Union with countries which are hoping to join the Euro zone,” says Xavier Hoche, head of convertible and fixed income management. The product range is managed by a team of 9 people. In total, the team manages EUR4.1bn, between open-ended funds, dedicated funds, and mandates.
15/03/2010

Equities funds for institutional investors do not perform better than others

In North America, funds aimed at institutional investors, focused on equities, earn disappointing returns in the long term, compared with products for retail clients, according to studies cited by Les Echos. The sensitivity of the two types of investors to returns delivered by products is not the same, as professionals have a less “short-termist” approach.
15/03/2010

Germany considers tax on banking sector

The German government will in April vote on a tax on the banking sector intended to redistribute the cost of bank bailouts, Finance minister Wolfgang Schäuble has told the newspaper Bild, Agefi reports. The minister has said that it is difficult to legally limit speculation on financial markets. “Naturally, we need stricter rules, but we must not overreact and stifle the free markets and competition, since that would paralyse the economy,” he said. “It is unfortunately very difficult to distinguish between good financial transactions and bad ones,” Schäuble added.
15/03/2010

Swiss citizens remain attached to banking confidentiality

Agefi Switzerland reports that a survey undertaken on behalf of the Swiss banking association ASB has found that Swiss respondents remain highly attached to protections in the area of private banking: 70% of them reject the notion of an automatic exchange of information. Professional banking secrecy remains an institution: 73% (78% in 2009) would prefer to see it preserved. 70% of respondents feel that it is not necessary to give in to European pressure in this area, and oppose automatic exchange of information with foreign tax authorities.
15/03/2010

Swiss banks seek to salvage banking confidentiality

Agefi Switzerland reports that UBS has asked Swiss members of parliament to approve the transmission of 4,450 names of US clients suspected of tax fraud to the US tax aurthorities. Swiss banks are, however, refusing to agree to an automatic transfer of information.

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