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16/02/2010

La société d’investissement du fondateur de Dell s’ouvre aux autres investisseurs

MSD Capital, la société d’investissement qui gère la fortune personnelle du fondateur de Dell et de sa famille, soit 10 milliards de dollars, s’ouvre à de nouveaux investisseurs pour la première fois, rapporte le Financial Times. Elle lève un fonds de 500 millions de dollars qui investira dans des sociétés européennes en difficulté.
16/02/2010

L'introduction en Bourse de Banca Fideuram bientôt en discussion

L’introduction en Bourse de sa filiale de gestion d’actifs Banca Fideuram, discutée lors d’un conseil d’administration prévu le 23 février, pourrait représenter pour Intesa Sanpaolo entre 2,5 et 3,5 milliards d’euros, selon les analystes financiers cités par la Tribune.
16/02/2010

Les sociétés de gestion italiennes doivent fusionner, selon Assogestioni

Dans une interview à Il Sole – 24 Ore, Marcello Messori, le président de l’association italienne des professionnels de la gestion (Assogestioni), estime que le secteur italien de la gestion d’actifs aurait besoin d’un mouvement de concentration qui donne naissance à quelques grandes entités capables de concurrencer les acteurs européens, et à plusieurs petites sociétés spécialisées. Cela permettrait de réduire la dépendance des sociétés de gestion à l’égard des banques. Le secteur italien de la gestion d’actifs est en crise, surtout les fonds de droit italien, rappelle l’article.
16/02/2010

Julius Baer envisage de créer un advisory board

Dans un entretien à L’Agefi suisse, Boris F.J. Collardi, CEO du groupe Julius Baer, souligne que l’ambition du groupe est d’appartenir aux meilleurs du point de vue de l’absolute return. Dans cette perspective, «nous voulons disposer de toute la chaîne de valeur, avoir l’idée, penser au sujet, regarder comment jouer, avoir la recherche disponible pour le client. Ce service doit faire partie de l’offre de Julius Baer, tant sur le plan «offshore» que «onshore» et sur une base globale, tout en demeurant concentré sur ce que nous savons faire de mieux nous-mêmes et en achetant en dehors de ce cercle ce dont nous avons besoin à des tiers qui font de la bonne recherche et en fonction de notre opinion propre. Nous envisageons de constituer un advisory board qui nous permette de mieux appréhender des méga trends, relatifs aux développements culturels, politiques, environnementaux ou géographiques.»
16/02/2010

Bellevue acquiert 10% de Auerbach Grayson

Bellevue Group a annoncé le 12 février qu’il avait pris une participation de 10% dans le broker américain Auerbach Grayson & Co. La transaction représente un montant de quelque 2,5 millions de dollars. Bellevue coopère déjà depuis trois ans avec la firmé basée à New York, ce qui lui a permis d’entrer sur le marché américain sans devoir y installer une infrastructure propre, souligne Bellevue dans un communiqué. La société Auerbach Grayson, , créée en 1993 et dirigée par ses deux co-fondateurs, Jonathan Auerbach et David Grayson dispose d’un réseau de près de 480 analystes répartis dans le monde entier et couvrant 127 marchés.
16/02/2010

Une collecte de 20 milliards de francs en 2009 pour Pictet

Selon L’Agefi suisse, la banque genevoise Pictet a enregistré l’an dernier une hausse de 24% des montants sous gestion avec global custody (c’est-à-dire les fonds qui sont également administrés), qui atteignent 388 milliards de francs. La progression a également été significative pour les fonds sous gestion sans global custody : en hausse de 21% à 251 milliards. Le net new money – sans tenir compte de l’effet de marché – s’est ainsi élevé à 20 milliards. Soit une meilleure performance qu’en 2008, où l’afflux de nouveaux fonds s’était monté à 17 milliards.
16/02/2010
Fonds

La Banque Migros lance un fonds de fonds dédié à l’immobilier suisse

La Banque Migros annoncé le 15 février le lancement d’un nouveau fonds de placement dédié au marché immobilier suisse, baptisé Mi-Fonds (CH) SwissImmo. Ce fonds de fonds investit dans des actions immobilières et des fonds immobiliers cotés à la Bourse suisse SIX. L’univers de placement du fonds s’inspire de l’indice SXI Swiss Real Estate, qui englobe les cinq actions immobilières et les dix fonds immobiliers les plus importants et les plus liquides cotés à la Bourse suisse SIX. Les fourchettes de pondération varient entre de 40% à 80% de la fortune du fonds pour les fonds immobiliers et de 15% à 55% pour les actions immobilières, 5% étant prévus pour les liquidités, précise le communiqué. La période de souscription débute le 15 février pour un lancement qui aura lieu le 31 mars 2010. La commission de gestion du fonds s’élève à 0,6%.
Fonds
15/02/2010

Small management firms moving to Geneva

Agefi Switzerland reports that several hedge funds have recently arrived in Geneva, either completely relocating their activities there, or opening branch offices in the city. A Greek hedge fund has set up shop in Geneva in the past few weeks and is actively seeking office space. Managers for the USD3bn fund have decided to leave London, nd did not want to move back to Greece, due to the circumstances there at present. Other structures of a similar size are in similar straits. The situation is slightly different for the two British giants whose arrival in Geneva has been expected for several months: Blue Crest and Blue Howard are both reported to have leased office space in Geneva. In both cases, the move will not involve a complete relocation of London activities, but merely an opening of Swiss branch offices.
15/02/2010

Putnam cuts losses

In fourth quarter 2009, Putnam Investments, now a part of the Canadian insurance group Great-West Lifeco, has cut its net losses to CAD35m, compared with CAD1.1bn in the last three months of 2008. As of 31 December 2009, assets under management at Putnam totalled CAD114.9bn, compared with CAD113.5bn as of the end of September, and CAD105.6bn at the end of 2008.
15/02/2010

HSBC wins a contract in Singapore

Asian Investor reports that Schroders Singapore has selected HSBC Securities Services as its sole provider of custody and fund administration services. The mandate was previously shared between HSBC and OCBC Trustee. Schroders will continue to rely on UBC Dexia for transfer agency services.
15/02/2010

Berenberg recruits a head from Fiduka

The Berenberg private bank has announced the recruitment of Markus Bunse as head of distribution for open-ended funds to banks, funds of funds, wealth managers and brokerage networks, effective 1 February. Bunse was most recently head of distribution and marketing and a member of the board at Fiduka Depotverwaltung.
15/02/2010

ETF assets down 5%

As of the end of January, total assets in ETFs worldwide were down 5% in one month, to a total of USD984bn (EUR725bn), according to statistics from BlackRock. At the end of the period, BlackRock counted a total of 2,053 ETFs listed 3,928 times on 14 stock markets, from 113 issuers. The number of ETF funds on the market increased 5.4%, with the launch of 106 products, while the number of ETFs on sale in Europe (896) exceeds the number of products available in the United States (791). BlackRock reports that 820 new funds are now in preparation. The three largest ETF providers remain the same as in previous months. iShares (BlackRock) remains well ahead, with 434 products and assets of USD470bn, corresponding to a market share of 47.8%. State Street Global Advisors (SSgA) has 107 ETFs, with assets under management of USD139.1bn, representing 14.1% of the market, and Vanguard is in third place, with 47 funds, USD92.2bn, and 9.4% market share.
15/02/2010

Lyxor Hedge Fund index down in January

The Lyxor Hedge Fund Index lost 0.42% in January. For the month, the best-performing alternative strategies are: /S Credit Arbitrage Index (+2.10%); /S Equity Short Bias Index (+1.55%), and /S Equity Market Neutral Index (+1.51%). At the other end of the spectrum, the worst returns were for the following strategies: CTAs Long Term Index (-3.12%); CTAs Short Term Index (-1.93%); Global Macro Index (-1.27%), and L/S Equity Long Bias Index (0.65%). “Lyxor hedge indices” are investible hedge fund indices. Their returns are calculated on the basis of performance and assets in funds.
15/02/2010

Hybrid asset issues expected to continue in 2010

In its most recent quarterly study of the European credit markets, Fitch reports that according to European investors, banks are expected to continue to issue hybrid debt this year, despite volatility which has affected these instruments since the onset of the financial crisis. Nearly two thirds of investors surveyed agree with this assessment, but 55% of respondents estimate that the volume of issues will be modest, whiel only 9% expect significant amounts. “It may well be asked whether regulators will permit an increase in these issues at a time when new regulations are under preparation,” says Gerry Ratcliffe, Group Credit Officer for European banks at Fitch. On the other hand, new products may also play a role, such as “cocos” contingent convertibles), but it is still too soon to evaluate investors’ appetite for instruments of this type. Hybrid debt issues totalled EUR60.2bn in 2009, a slight decrease compared with the previous year (EUR61.8bn).
15/02/2010

Royal London AM launches an anti-inflation fund

The British management firm Royal London Asset Management (RLAM) has launched a fund which protects investors against the risk of inflation, the Royal London Global Index Linked Fund, which will be managed by George Henderson. The portfolio will be invested primarily in inflation-linked global bond indices (with 30 to 60 positions), but may also contain up to 30% traditional government and corporate bonds. Caracteristics of the fund Structure: OEICSize of fund at launch: GBP10mFront-end fee: A class: 4%; B class: 0%Management commission: A class: 0.70%; B class: 0.30%.Minimal investment: A class: GBP1,000; B class: GBP1mValuation: daily
15/02/2010

Clean tech index launched

DB Climate Change Advisors, the unit specialised in climate change within the asset management arm of Deutsche Bank, and the Nasdaq OMX on 11 February announced the launch of an index dedicated to clean technologies, the DB Nasdaq OMX Clean Tech Index. The index offers a real-time representation of the clean tech sector, with exposure to clean technologies, energy efficiency, transportation, waste management, and water. The index includes 119 firms selected from a universe of about 4,000 businesses, each with a market capitalisation of at least USD250m.
15/02/2010

ING REIT buys Rugby Estates

The Sunday Times reports that the ING UK Real Estate Income Trust is offering 65 pence in equity or 62 pence in cash per share for the REIT Rugby Estates. This represents a substantial premium over the closing price for the REIT of 49 ½ pence per share on Friday, and values Rugby Estates at GBP29m.
15/02/2010

Strong inflows to mutual funds in January

Mutual funds in the United States posted net inflows in January of USD44.5bn, according to statistics from Morningstar. US equities funds, after four consecutive months of outflows, saw net inflows totalling USD2.7bn. Global equities funds, meanwhile, saw inflows of USD8.1bn, a level not seen since December 2007. Bond funds continued to dominate the market, with inflows of USD28bn for fixed income funds, which now represent 30% of the mutual fund market, compared with 19% at the end of 2007. For ETFs, net outflows totalled USD16.7bn in January. While assets in the sector are down 4.8% compared with December, at USD746.9bn, they are up more than 49% compared with January 2009. Morningstar also points out that an ETF based on the S&P 500 (SPY) was responsible for the high volumes of outflows, with redemptions of over USD15bn. ETFs focused on global equities attracted USD888.2m in January, with the Vanguard Emerging Markets VW0 alone earning net inflows of USD894m. Vanguard now has a market share of about 12.4%, compared with 8.5% one year ago.
15/02/2010

iShares, Lyxor and db x-trackers account for three quarters of ETF market

As of the end of January, assets under management in European ETF funds were down USD5.6bn, or 4% in one month, to a total of USD217.9bn, according to BlackRock. On this date, there were 896 products listed 2,468 times on 18 stock markets, while 67 new ETFs were launched in the first month of 2010. Among the 34 ETF issuers active on the market, three stand out with a total combined market share of 74.4%. These are iShares (BlackRock), with 172 products and USD82.5bn in assets, which is equivalent to a market share of 37.9%, Lyxor Asset Management (Société Générale), in second place with 20.1% market share for 127 ETFs and USD43.8bn, and db x-trackers (Deutsche Bank) with USD35.8bn in 118 ETFs, for a market share of 16.4%.
15/02/2010

Deutsche Bank and Rakuten sign ETF partnership

Asian Investor reports that Deutsche Bank has signed a cooperation agreement with Rakuten Securities, by which the latter will provide distribution of six ETF tracker funds listed in Hong Kong. The ETFs cover Vietnam, China, India, Korea, Taiwan and the United States. In Japan, ETFs traded in the United States are subject to a withholding tax on dividends, which is not the case for funds traded in Hong Kong.
15/02/2010

Assenagon launches a protected capital fund

The Luxembourg-based management firm Assenagon Asset Mangement has announced that it has received a license from BaFin to offer a fund for sale in Germany which complies with the UCITS III directive, managed following a quantitative model by Rodian Ruffini, head of quantitative structuring, which offers a watermark at 80% of its peak level. The portfolio of the fund, which is open to retail and institutional investors, will be invested in sectoral indices of the DJ Stoxx 600 total return index. The objective is to achieve outperformance through active management and the detection of signs of a change in market trends. The strategy will also move assets from sectoral equities ETF funds to bond ETFs in the event of a significant increase in volatility on equities markets. The manager may also move up to 100% of assets to money markets if the 80% of peak level is appraching. Assenagon reports that ten-year backtesting reveals that the strategy would have earned returns higher than the DJ Stoxx 600 TR index, with volatility corresponding to half that of the benchmark, and that the protection level would never have been reached. Characteristics Name: Assenagon Trend Sektor 80 ISIN: LU0475770987 (P class for retail investors) LU0475769898 (I class for institutional investors) Issue price: EUR50 (P class) EUR1,000 (I class) Front-end fee: 3% (P shares) Management commission: 1.3% (P class) 0.5% (I class) Subscription tax: 0.05% (P class) 0.01% (I class)
15/02/2010

DEGI extends closure of DEGI International for three months

Aberdeen Immobilien KAG (formerly known as DEGI) announced on Friday that due to market conditions which remain difficult, a freeze on redemptions of shares in its open-ended fund DEGI International will be extended, initially for a further nine months, until 16 November 2010. During this period, the management team will continue its efforts to free up more liquidity. The fund, with about EUR1.97bn in assets (as of the end of December) was closed to redemptions at the end of October 2008, until the end of January 2009. On 17 November (see Newsmanagers of 18 November 2009), redemptions were again suspended for this fund and for the DEGI Europa fund.
15/02/2010

Resignation at Royal London AM

The head of sales at Royal London Asset Management (RLAM), Stan Bland, has submitted his resignation, in order to pursue other interests, Investment Week reports. Bland, who was also manager of hte RLAM Bonds Funds, joined the management firm nine years ago.
15/02/2010

Assets under management down 3.2% at AllianceBernstein

Assets under management at AllianceBernstein totalled USD480bn as of 31 January 2010, a 3.2% decline from the end of December 2009, according to preliminary estimates. The decline of about USD16bn is largely due to the negative perforamnce of equities investments and slight outflows.
15/02/2010

New appointment at EFG AM France

EFG Asset Management France announced on Friday, 12 February, that Eve Nogues has joined the firm in the position of head of external distribution and prescriber relations. Since 2006, Nogues has served as head of sales to IFAs at VP Finance (Bance di Leonardo group). According to a statement from the asset management firm, the recruitment will among other things allow the firm to provide wider distribution of its wealth management OPCVM funds.
15/02/2010

Russell concludes rebalancing of a pension fund

Russell Investments yesterday announced that it has completed the rebalancing of a pension fund, the MainePERS (Maine Public Employees Retirement System), with USD3.7bn in assets. The objective of the operation is to overhaul beta exposure to most assets of the program. In second half 2009, Russell Investments provided transitions for public pension funds in North America totalling over USD86bn in assets.
15/02/2010

Two appointments to board of directors at OFI AM

OFI Asset Management announced on Friday, 12 February, that it has appointed Nicolas Gomart and Christophe Lepitre to the board of directors at the asset management firm. Gomart, 45, will serve as deputy CEO in charge of alternative management and alternative multi-management activities, and of coordination and organization of development projects for the group. Lepitre, 46, has been appointed as deputy CEO of OFI Asset Management, a member of the executive board, in charge of supervision of risk controls, operations, and IT systems for the group.They both come from ADI, a company bought by OFI.
15/02/2010

Investors fleeing from junk bond markets

Investors are selling out of “junk” bonds at the fastest rate since September 2005, in the latest indication that concerns over sovereign debt are spreading to other credit markets, says the Financial Times. In the week that ended on Wednesday, nearly USD1bn was withdrawn from US funds that hold high-yield corporate bonds, according to Lipper FMI. It is the largest outflow in almost four and a half years.
15/02/2010

Bank Sarasin sells its Lugano affiliate

Bank Sarasin & Co. Ltd has agreed to sell its subsidiary, Sarasin Colombo Gestioni Patrimoniali SA, domiciled in Lugano, back to the Colombo family. In 2007 Bank Sarasin completed the acquisition of Colombo Gestioni Patrimoniali SA to strengthen its market position in the Italian market. The market situation and regulatory developments over the recent months in Italy have prompted the executive management of Bank Sarasin to pursue new business opportunities in Italy. During this process, the Colombo family has approached Bank Sarasin and made an offer to buy back Sarasin Colombo Gestioni Patrimoniali SA. Both parties wish to continue their cooperation in the years to come. They have agreed not to disclose the purchase price.

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