Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
26/02/2010

Eaton Vance profits double in Q1

For the quarter to the end of January, Eaton Vance has declared net profits of USD51.5m (37 cents per share), compared with USD25.3m, or 21 cents per share, in the corresponding period of 2008/2009. In the period under review, the management firm has posted net subscriptions of USD1.5bn, compared with USD500m the previous year. Assets as of 31 January totalled USD161.6bn.
26/02/2010

Korean public pension fund recruits a CIO

The Government Employees Pension Service of Korea (GEPS), the South Korean public pension fund, has recruited Kwon Jae-woan as chief investment officer, following the surprise resignation in January of Chung Kyung-soo, who served in this position at GEPS for less than one year, Asian Investor reports. Assets under management at GEPS currently total about USD8bn. GEPS invests most of its assets in bonds and equities, and less than 1% in alternative assets.
26/02/2010

TCW finalizes acquisition of MetWest

The asset management firm TCW, an affiliate of the Société Générale group, has announced the finalization of its acquisition of Metropolitan West Asset Management (MetWest), with the integration of 115 partners from the business. Since the announcement of MetWest’s acquisition by TCW (see Newsmanagers of 7/12/09), the management firm has seen nearly EUR1bn in inflows, a statement from Société Générale observes. As of 31 January 2010, total combined assets of MetWest and TCW came to over USD15bn.
26/02/2010

Andorran banks waiting for doors of Spain to open

An agreement which would allow the major banks of Andorra, specialised in private banking, to enter the Spanish market will come into force on 1 January 2011, in the wake of the end of banking secrecy and the signature of a taxation agreement between Spain and Andorra, Expansión reports. The Principality of Andorra is no longer considered an offshore tax haven, meaning that local banks (Crèdit Andorrà, Andbanc, Banca Privada d’Andorra and Banca Mora) may hope for a positive end to their nogotiations. For the moment, the Bank of Spain has blocked an acquisition of BSI (the asset management affiliate of Generali in Spain) by Andbanc. But at the same time, Andorran parties are in talks to acquire Tressis and Banco Madrid as soon as possible.
26/02/2010

21% increase in assets under management at Vontobel in 2009

The Swiss Vontobel group last year earned profits of CHF138.3m, a 22% increase compared with 2008. Assets under management at the group increased 21% to CHF75.2bn. These results were driven by market effects and performance totalling CHF6.6bn, by the acquisition of Commerzbank (Schweiz) for a total of CHF4.1bn, and by net inflows of CHF2.1bn. Taxable profits were down 58% to CHF21.2m for private banking activities, and down 59% to CHF31.5m for the asset management division. The board of directors will propose a dividend of CHF1.40 per share for the 2009 fiscal year, a 17% increase year on year.
26/02/2010

IOSCO publishes hedge fund reporting requirements

The technical committee of IOSCO (the International Organisation of Securities Commissions) on 25 February published its requirements for the information which hedge funds must supply to regulators to evaluate systemic risk. IOSCO proposes eleven categories of information that may be of interest to regulators, which include information on the size of businesses, performance, assets under management, exposures, and liquidity, among others. IOSCO recommends that the first collection of information by these standards take place in September 2010, in light of regulatory changes now underway.
26/02/2010

Hedge funds are not prepared to lower their fees

Just one in 10 hedge fund managers expects to see the fees they charge investors fall, according to a Credit Suisse survey. But two-thirds of respondents said that they were willing to bargain on fees if investors consented to longer lock-up periods, says the Financial Times.
26/02/2010

Nara Capital launches UCITS hedge fund indices

Nara Capital, a consultancy serving the hedge fund industry, on 23 February announced the launch of its range of indices, which will track the performance of hedge funds and funds of funds. The indices offered are the UCITS Alternative Index® Global, UCITS Alternative Index® Fund of Funds, UCITS Alternative Index® Long/Short Equity, UCITS Alternative Index® Equity Market Neutral, UCITS Alternative Index® Fixed Income, UCITS Alternative Index® CTA, UCITS Alternative Index® Macro, UCITS Alternative Index® Event Driven, UCITS Alternative Index® Commodities, UCITS Alternative Index® FX, UCITS Alternative Index® Multi-Strategy. Nara Capital has been tracking the progressive growth of UCITS III-compliant hedge funds for more than two years. Due to the growing interest of investors in more liquid alternative strategies, Nara has decided to make the performance of these indices available to the public. In February 2009, the UCITS Alternative Index included nearly 400 UCITS-compliant hedge funds and funds of hedge funds, which represented total assets of over EUR63bn.
26/02/2010

Markit reduces publication delay for free market data to 15 minutes

The data provider Markit Boat announced on 25 February that its market data will now be available free of charge 15 minutes after their publication on Markit Boat, compared with 2 hours currently. The change will take effect on 1 June. Markit Boat provides information on European over-the-counter equities market trades totalling an average of about EUR20bn per day.
26/02/2010

Former Madoff director arrested

Daniel Bonventre, a former director of operations for Bernard Madoff’s investment firm, has been arrested and charged with conspiracy and securites fraud. He is the sixth person to be criminally charged over the December 2008 case.
26/02/2010

Christian Eckert joins Union Investment Privatfonds

Christian Eckert has been appointed as a member of the managing board at Union Investment Privatfonds GmbH, effective 19 February. He will be responsible for management of bond funds, IT, and organization. Anja Mikus thus gives up responsibility for bond management, and will now concentrate on portfolio management strategy for the Union Investment group as a whole. Before joining the management firm of the German co-operative banks, Eckert was MD for development, management and product marketing at Cominvest Asset Management (which has since been absorbed by Allianz Global Investors), after previously serving as CEO and country head UK at ABN Amro.
26/02/2010

Net redemptions for funds in February

According to statistics from VDOS, assets in Spanish investment funds fell by USD485m in the first three weeks of February, due to net redemptions of USD736m which were only partly offset by USD250m in gains on portfolios, Expansión reports. The best performance since the beginning of the year was for the WM Mercados Globales fund (+12.2%), followed by three funds specialised in Latin America: Santander Acciones Latinoamericanas (+10.3%), Madrid Bolsa Latinoamericana (+9.46%), and Ahorro Corporación Iberoamericana (+8.95%).
26/02/2010

Investec closes a trust

Fund Strategy reports that Investec Asset Management has announced the closure of its Investec Capital Accumulator Trust (ICAT) fund, which was managed by Alastair Mundy, due to a lack of interest on the part of shareholders. The trust was launched in October 2005, with the objective of exploiting potential demand for preference equities with zero dividend. The net asset value of ICAT lost 12.5% in the three years to 22 February, while zero-dividend equities lost 49% in the same period.
26/02/2010

First State raises management fees for a fund which has been closed for seven years

First State has announced that it is increasing management fees from 1.50% to 1.75% for A-class shares in its Global Emerging Markets fund, while the commission on B-class shares will be raised to 1% from 0.85%, Investment Week reports. The fund, with GBP546m in assets, has been closed to new investors since 2003, and Gary Withers, managing director, EMEA, says the increase in fees is justified both by the performance of the fund (142.8% in the 5 years to 15 February, compared with 113.1% for the peer group), and by a desire to control the capacity of the fund.
26/02/2010

Schroders launches a "best ideas" global equities fund

Schroders has announced the launch of the Schroder Global Alpha Plus Fund (subject to FSA approval). It is a high conviction global equity fund of approximately 30 stocks comprising the best investment ideas from the fund’s joint managers - Virginie Maisonneuve, head of global equities, and Jonathan Armitage, head of US equities. “We take a fundamentally-driven, bottom-up approach to identifying attractively-valued, quality growth stocks with strong sustainable competitive advantage. This approach is supplemented by a thematic assessment, which focuses on climate change, demographics and the growing significance of emerging market countries in the world economy,» says Virginie Maisonneuve. The Fund aims to provide long-term outperformance of the MSCI World Total Return index. It opens to investors in May 2010.
26/02/2010

Gold still has potential for growth

In an interview with Les Echos, the president and CEO of Barrick Gold, Aaron Regent, says that teh price of gold still has potential to rise, as the exposure of central banks to the US dollar is considered excessive and in need of rebalancing. “The sovereign debt crisis is an added incitement to diversify assets, and in so doing to invest sustainably in gold,” says Regent.
26/02/2010

Carlyle launches an Renminbi fund with a Chinese conglomerate

The Carlyle group announced on 24 February that as part of a strategic partnership with the Chinese conglomerate Fosun, it has launched a fund denominated in Chinese Renminbi (RMB), which will initially have USD100m in assets. The two businesses are proposing to invest in high-growth companies, and to identify opportunities for co-investment worldwide, so long as the planned investments are related to China and its potential for growth. The two firms are already acquainted, as in September 2009 they invested together in the Chinese firm Guangdong Yashili Group.
26/02/2010

Fortis Haitong's QFII quota doubled

Fortis Haitong (BNP Paribas IP group) on Wednesday announced that it has received permission from the Chinese State Administration of Foreign Exchange (SAFE) for an added USD1bn on its QFII (Qualified Foreign Institutional Investor) quota. The initial quota granted to Fortis Bank on 29 September 2004 was for USD500m. Z-Ben Advisors reports that Fortis Haitong has received permission to increase its QDII (Qualified Domestic Institutional Investor) quota to USD1bn, though the asset management firm does not state whether the added quota will be used for existing QDII funds or QDII mandates which it is in the process of developing.
26/02/2010

Evercore Partners acquires a division of Neuberger Berman

Most of the assets of the Private Funds Placement Group at Neuberger Berman have been acquired by the British management firm Evercore Partners, for an amount which will depend on results for the unit sold. Neuberger Berman will receive earnout payments which will provide them with an economic interest in the success of the group for a period of time. During the transitional period, the activities acquired by Evercore will operate under the name Evercore Private Funds Group, with eight people. The objective is to develop the Private Funds Placement Group in the United States, continental Europe, and the Middle East.
25/02/2010

Goldman Sachs AM se renforce en Asie

Selon Asian Investor, Goldman Sachs Asset Management renforce ses positions en Asie, où le groupe concentrait jusqu’ici ses efforts sur la distribution de produits essentiellement en provenance des Etats-Unis à destination d’une clientèle asiatiques institutionnelle.Goldman Sachs a désormais acquis un track record de deux à quatre ans sur la gestion de stratégies onshore en Corée du Sud et en Inde, où il a une licence depuis deux ans, et il a également développé ses compétences au Japon. Goldman Sachs envisage en outre d’ouvrir un bureau en Malaisie. Le groupe veut également mettre en place une équipe spécialisée sur le fixed income asiatiaque.
25/02/2010

Rothschild installe une nouvelle équipe à Londres

Selon L’Agefi suisse, Helen Watson et Mark Kary sont les deux nouveaux directeurs de Rothschild Private Banking & Trust au Royaume-Uni. Helen Watson a travaillé pendant 19 ans chez Morgan Stanley. Elle s’y est spécialisée dans la gestion de patrimoine, de trusts et d’entreprises fortunées. Mark Kary, quant à lui, était directeur de la société de gestion Polar Capital Holdings depuis 2005. L’équipe est complétée par le banquier privé James Morrell, qui a collaboré avec Helen Watson depuis 2003.
25/02/2010

Henderson cherche de nouvelles acquisitions

Un an après avoir racheté New Star Asset Management, Henderson est en quête de nouvelles acquisitions, rapporte le Financial Times. Andrew Formica, le directeur général, a déclaré : «nous restons ouverts à des opportunités d’acquisition, mais nous serons sélectifs». L’idée est de se développer en dehors du Royaume-Uni.
25/02/2010

Bénéfice de 73,7 millions de livres pour Henderson en 2009

La société de gestion britannique Henderson a dégagé l’an dernier un résultat courant avant amortissements, charges et impôt, de 73,7 millions de livres, en recul de 8% par rapport à l’année précédente. Le résultat net s’inscrit à 14,5 millions de livres après une perte de 20,8 millions en 2008.La collecte nette s’est élevée à 700 millions de livres sur les actifs à fortes marges, avec un flux de 1milliard au quatrième trimestre. Les actifs sous gestion s'élevaient au 31 décembre dernier à 58,1 milliards de livres contre 49,5 milliards de livres un an plus tôt. Le gain enregistré est dû pour l’essentiel à l’apport de New Star (8,1 milliards de livres) racheté en avril dernier. L’effet marché positif de 5,1 milliards de livres a été en grande partie effacé par une décollecte nette de 4,6 milliards de livres.Le communiqué du groupe souligne qu’en Europe continentale, Henderson a engrangé une collecte nette de 500 millions de livres, grâce notamment au Henderson Horizon Global Technology Fund et aux deux fonds Ucits III Henderson Horizon China (+125% sur l’année à fin 2009) et Henderson Horizon Pan European Alpha (+34,7% sur la même période.
25/02/2010

Lombard Odier renforce sa filiale britannique

Selon L’Agefi suisse, la banque genevoise vient de recruter Kevin Corrigan, un ancien de Goldman Sachs Asset Management. Il sera responsable du crédit, au sein de la division fixed income de la banque à Londres. Dirigée par Stéphane Monier, cette unité compte 23 professionnels de l’investissement.
25/02/2010

Progression de 12% du résultat d'exploitation de St. James's Place

La société de gestion britannique St James’s Place a dégagé l’an dernier un résultat d’exploitation de 228,9 millions de livres, en progression de 12% d’une année sur l’autre. Le résultat avant impôts s’inscrit à 363,2 millions de livres, après une perte de 115,9 millions de livres en 2008.Les actifs sous gestion se sont accrus de 31% à 21,4 milliards de livres.
25/02/2010

Ignis AM s'implante à Madrid

La CNMV a donné son agrément à l’ouverture par le gestionnaire britannique Ignis Asset Management d’un bureau de représentation en Espagne. Cette antenne de Madrid sera dirigée par Mauro Lorán assisté d’Isabel Aranzabe et de toute l’ancienne équipe commerciale de New Star, rapporte Funds People. Elle couvrira également les marchés portugais et andorran ainsi que les principaux investisseurs institutionnels latino-américains.
25/02/2010

GreenShoots se spécialise sur "l'alpha opérationnel"

Carlos Salinas, un ancien des gestionnaires alternatifs Vega Asset Management et de Próxima Alfa, a créé en 2009 le cabinet de conseil GreenShoots spécialiste des solutions d’administration et de technologie pour aider les petits hedge funds, les family offices et les nouvelles sociétés de gestion à réaliser de «l’alpha opérationnel», rapporte Funds People.Pour le conseil en informatique GreenShoots s’appuie sur une coopération avec Airod Sistemas, une société fondée par deux anciens de Vega AM et de Próxima Alfa. Pour les services de contrôle interne et de conformité, GreenShoots coopères avec Prayma Investments, créée par un autre ancien de Vega AM.
25/02/2010

Fidelity se sépare de deux gérants à Hong Kong

Fidelity International a licencié deux anciens gérants de fonds à Hong Kong - Kevin Chang et Wilson Wong - pour avoir enfreint son code déontologique interne et placé leurs propres intérêts devant ceux de la société, rapporte le Financial Times. Des sources du secteur pensent que les deux professionnels avaient des comptes de trading personnels, ce qui est contraire à la politique de Fidelity. Ils géraient un total de 7,4 milliards de dollars pour le compte de clients.

Sujets d'actualité

Tous les sujets