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28/01/2010
Fonds

Deux indices Dow Jones références d'ETF de Credit Suisse

Le fournisseur d’indices Dow Jones Indexes, a annoncé mercredi 27 janvier l’homologation par Credit Suisse AG du Dow Jones Industrial Average pour servir de base à un de ses ETF, le XMTCH (IE) Dow Jones Industrial Average. A cela s’ajoute l’homologation de l’indice Dow Jones EURO STOXX 50 Index pour le XMTCH (IE) Dow Jones EURO STOXX 50. Ces deux ETF seront disponibles sur la bourse suisse.
Fonds
28/01/2010
Fonds

Les fonds diversifiés des fonds de pension outre-Manche affiche un rendement de 20,5 % en 2009

Selon la dernière enquête trimestrielle réalisée par BNY Mellon Asset Servicing, les fonds diversifiés des fonds de pension outre-Manche ont terminé l’année 2009 sur un rendement de 3,1% au quatrième trimestre. Sur l’ensemble de l’année, le rendement médian s’est ainsi établi à 20,5%.A noter par ailleurs que les pondérations en actions britanniques ont continué de croître au quatrième trimestre, de 0,7% à 38,2%, à comparer à un plus bas historique de 35,5% au premier trimestre 2009. Les actions internationales sont demeurées stables tandis que les allocations sur le monétaire et l’obligataire se sont contractées.
Fonds
28/01/2010
Fonds

Fortes pertes pour le hedge fund AHL de Man Group

Le hedge fund AHL du gérant alternatif Man Group a perdu plus de 700 millions de dollars la semaine dernière, rapporte le Financial Times. Le fonds, qui a 21,7 milliards de dollars d’encours, a perdu 3,57 % d’actifs nets entre le 18 et le 22 janvier. Cette chute fait suite à une année 2009 très difficile pour le fonds, seule année négative pour le fonds en 23 ans. Le mois dernier, AHL avait déjà subi une perte hebdomadaire de la même ampleur (-4,3 % la première semaine de décembre). Ces pertes mettent Man dans l’embarras, alors que la société de gestion tente de faire grimper ses encours. Man a d’ailleurs récemment lancé deux versions UCITS du AHL ouverts au public retail.
Fonds
28/01/2010

Vanguard passe la barre des 500 millions de livres outre-Manche

En l’espace de sept mois, c’est-à-dire depuis le lancement de son activité au Royaume-Uni, Vanguard vient d’atteindre la barre des 500 millions de livres d’actifs sous gestion. Le géant américain a lancé onze fonds indiciels en juin 2009 qui ont été bien accueillis tant du côté institutionnel que retail, souligne Investment Week.
28/01/2010

Le sélectionneur de fonds Gottex repart à l’offensive

Selon L’Agefi suisse, les encours sous gestion du sélectionneur et gestionnaire de fonds alternatifs Gottex ont diminué une nouvelle fois au dernier trimestre 2009. Ils sont revenus de 8,23 milliards de dollars en septembre à 8,13 milliards à la fin de l’année. La performance des placements est toutefois positive. Gottex évalue leur contribution à 10 millions sur la dernière période et à 635 millions sur 2009.La fin des turbulences étant en vue, Gottex formule à nouveau des objectifs ambitieux. La bonne performance de ses principaux produits devrait lui permettre de capturer une partie du retour de fonds institutionnels attendu pour cette année. Sa principale stratégie, le market neutral, devrait dépasser son pic atteint en juin 2007 au cours du second semestre, signifiant ainsi le retour aux commissions de performance.Gottex s’est également mis au développement de produits conformes aux normes UCITS III, avec un premier lancement dans les prochains mois.
28/01/2010
Fonds

Fermeture du fonds Multi Stratégies de Jabre Capital

Selon L’Agefi suisse, le fonds Multi Stratégies de Jabre Capital sera bientôt fermé, afin que sa taille ne pénalise pas la performance. Il sera fermé à tout investissement additionnel pour une durée de deux ans quand il atteindra 2,5 milliards de dollars, contre 2 milliards actuellement. Ce fonds a dégagé une performance de 85,11% en 2009, après une perte de 36% en 2008.
Fonds
28/01/2010
Fonds

La CITIC lève un fonds de private equity de 9 milliards de yuan

Le Boha Industrial Fund et ses 6,1 milliards de yuans sont battus : CITIC Private Equity Funds Management Co, filiale du groupe CITIC, a réussi à lever 9 milliards de yuans ou 1,32 milliard de dollars, rapporte The Wall Street Journal. Wu Tibing, le président de CITIC PEFM, a indiqué que les deux tiers de l’encours seront attribués à des entreprises du secteur public. Le principal souscripteur du fonds est le fonds de pension National Council for Social Security Fund.
Fonds
28/01/2010

Suppressions de postes confirmées pour BNP Paribas en Espagne

BNP Paribas a confirmé que la fusion de ses équipes et de celles de Fortis Banque en Espagne provoquera les suppressions de 150 à 200 postes entre 2010 et 2012, rapporte l’Agefi. Elles auront lieu au sein d’un périmètre de 1 000 postes dont 400 pour Fortis et le solde pour la banque parisienne comprenant, notamment, le pôle de gestion privée et BP2S, les services titres de l'établissement français .
28/01/2010

Baisse de l'encours géré par le BBVA au quatrième trimestre

Le BBVA a annoncé mercredi que le bénéfice net de sa division banque de gros et gestion d’actifs pour l’ensemble de 2009 a gonflé de 30,5 % à un peu plus d’un milliard d’euros. Au 31 décembre, l’encours se situait à 49,97 milliards d’euros, soit 1,9 % de moins que fin septembre, mais les actifs des fonds d’investissement, à 32,8 milliards d’euros font du groupe le premier gestionnaire espagnol, avec une part de marché de 19,3 %. Selon les statistiques d’Inverco, les fonds du BBVA totalisaient 33,2 milliards d’euros d’encours fin 2008.En ce qui concerne les fonds de pension en Espagne, leur encours s’est accru sur un an de 6,8 % à un peu plus de 17,17 milliards d’euros.
28/01/2010
Fonds

7,7 % de performance en 2009 pour les fonds de pension

Au 31 décembre, les fonds de pension espagnols affichaient un encours total de 84,79 milliards d’euros, ce qui représente une hausse de 8,1 % ou de 6,38 milliards d’euros en un an, la plus forte hausse étant celle des fonds d’entreprise, dont les actifs sous gestion se sont accrus de 9,28 %, rapporte l’association Inverco des sociétés de gestion d’actifs. Les apports bruts ont baissé de 6,7 % à 5,6 milliards d’euros.La performance moyenne sur un an est ressortie à 7,7 % après une perte moyenne de 6,44 % en 2008.
Fonds
28/01/2010

Plaintes en nom collectif contre AWD

Ce jeudi, l’association autrichienne de défense des consommateurs Verein für Konsumenteninformation (VKI) déposera trois plaintes en nom collectif supplémentaires contre la filiale locale du prestataire allemand de services financiers AWD (groupe Swiss Life).Après celle déposée pour le compte de 270 épargnants fin octobre, les trois plaintes s’effectuent au nom de 2.500 personnes reprochant à AWD d’avoir sciemment trompé ses clients en leur conseillant de placer leurs économies dans des titres ImmoEast et ImmoFinanz comme si ces papiers n’avaient présenté aucun risque. Cette fois, le litige porte sur 40 millions d’euros.
28/01/2010

Popularity of money market funds slides in late 2009

Agefi reports, citing data compiled by the International Investment Funds Association in cooperation with Efama in Europe, that outflows from money market funds up to the end of September last year in 45 countries gathered pace. Outflows in third quarter totalled EUR198bn, compared with EUR156bn in second quarter. Funds had assets of EUR3.766trn, slightly less than one quarter of the overall total for the sector.
28/01/2010

DeAM will help two managers to found their own management boutiques

Citywire reports that Deutsche Asset Management (DeAM) will help two of its specialised managers to create their own management boutiques. DeAM will not invest in the new firms which will be led by two of its current heads, Aliver Kratz, head of DeAM’s global thematic strategies, and Janet Campagna, in charge of quantitative management at the firm. However, it will act as a consultant to the new firms, and will provide them assistance where necessary in areas such as legal compliance and public relations. Deutsche Bank says that the two new firms will begin operations in second quarter 2010.
28/01/2010

Five-star ratings in customer service for six management firms

The agency Steria Mummert Consulting has tested the customer services and Internet offerings of 99 fund management firms in Germany. It awarded quality ratings of five stars to four major asset management firms (those with over 15 funds on sale): Union Investment (co-operative banks), DJE Kapital, Deka (savings banks), and Hansainvest (an affiliate of Signal Iduna). Two niche players (with 8 to 15 funds on sale), Berenberg and Star Capital, also earned five stars. In 2008, Steria Mummert awarded five stars to a total of nine asset management firms.
28/01/2010

Regulatory clampdown on money market funds

With the Reserve Primary Fund meltdown a recent memory, the Securities and Exchange Commission on Wednesday introduced new regulations which require money market funds to hold more liquid top-rated assets, the Wall Street Journal reports. Money market funds will also be required to publish their net asset value more frequently, while the average duration to maturity of assets in the portfolio will be reduced to 60 days from 90 days currently. This could cut into performance, reducing it by a further 0.10%, says Pete Crane, president of the research firm Crane Data. This is not good news for money market fund management firms, which have already seen redemptions due to low returns. Investors withdrew USD540bn from money market funds in 2009, bringing assets down to USD3.3trn.
28/01/2010

Foreign managers outpace German firms

In 2009, foreign fund management firms had the upper hand over German rivals, as they offer largely equities products in Germany. And, with the exception of Pioneer, they were not affected by the massive wave of redemptions which hit money market funds, which are predominantly distributed by local (German) asset management firms. According to estimates by Handelsblatt, Germans invested a net total of EUR5bn in open-ended funds from the largest and best-known foreign asset management firms (such as Carmignac, Schroders and BlackRock), while as of the end of November, they had withdrawn a net total of EUR10bn from funds by DWS, Allianz Global Investors, Union Investment and Deka.
28/01/2010

Growing ETF industry faces regulatory uncertainty

Regulatory uncertainties may represent a sword of Damocles for the rapidly-growign ETF markets, according to a study by State Street Global Advisors, cited by Asian Investor. The rapid growth of the ETF market cannot conceal the fact that many products (commodity, inverse, leveraged and actively-managed products) are causing some concern among regulators. US regulators are asking questions about the future of commodities products, for example, particularly about the impact of speculative trading on underlying commodity prices. Though some commodity ETF funds invest in the physical commodities themselves, most use futures to replicate such an exposure, which may cause market distortions. The Securities and Exchange Commission and the US Commodities Futures Trading Commission (CFTC) may soon propose new regulations, according to the study. The CFTC is said to favour the introduction of limits to the size and market share of ETFs.
28/01/2010

7.7% returns for pension funds in 2009

As of 31 December, Spanish pension funds had total assets of EUR84.79bn, which represents an increase of 8.1% or EUR6.38bn in one year, with the strongest increases for corporate schemes, whose assets under management rose by 9.28%, the Inverco association of asset management firms reports. Gross inflows were down 6.7% to EUR5.6bn. Average annual performance for the year comes to 7.7%, following average losses of 6.44% in 2008.
28/01/2010

HSBC releases three ETF funds

On Wednesday, HSBC Global Asset Management released three of its Irish-registered ETF funds for sale in Germany. The funds are the HSBC DJ Euro Stoxx 50 ETF (IE00B4K6B022) , which charges 0.15% fees, the SBC Cac 40 ETF (IE00B4L49M32), which charges 0.25%, and a product denominated in pounds Sterling, the HSBC FTSE 100 ETF (IE00B42TW061), for which the management commission is 0.35%. HSBC is planning to market more ETF funds on the German market in the future.
28/01/2010

Thames River launches a real estate fund

Thames River Capital will launch a UCITS III compliante real estate fund in first quarter 2010, the Thames River Real Estate Securities Fund. This fund will be managed by James Wilkinson and Marcus Phayre-Mudge, and will offer weekly liquidity and a high level of transparency for investments concentrated on publicly-traded real estate firms in Europe. According to a statement from Thames River Capital, the fund will seek to outperform the benchmark index, the FTSE EPRA/NAREIT Developed Europe Capped Index in pounds Sterling. Stock-picking will follow a bottom-up approach enriched by expertise in the area. Gross exposure to real estate shares will range from 80% to 160% of net assets, while net exposure will be within a range of 60% to 140%. Primary characteristics Structure: UCITS III fund domiciled in Ireland Asset classes: capitalisation and distribution shares in pounds Sterling, capitalisation shares in Euros and Norwegian Kroner Performance commission: 15% on performance exceeding the benchmark (FTSE EPRA/NAREIT Developed Europe Capped Index in pounds Sterling) Annual management fees: 1.5% (retail), 1% (I) Minimal retail investment: EUR10,000/GBP10,000, NOK100,000 Minimal institutional investment: EUR2.5m/GBP2/5m, NOK25m
28/01/2010

Vanguard tops GBP500m under management in UK

In the space of seven months, since the launch of its activities in the United Kingdom, Vanguard has achieved GBP500m in assets under management. The US giant introduced eleven exchange-traded funds in June 2009, which were well-received by both institutional and retail investors, Investment Week reports.
28/01/2010

Merseyside pension fund announces RFP in sustainable investment

The Merseyside Pension Fund (GBP4.2bn in assets under management) has launched a RFP for three mandates in the area of sustainable investment, totalling GBP500m, Responsible Investor reports. The three mandates are for emerging markets equities, Japan, and the Pacific region. All three were previously managed by Nomura Asset Management, which may submit bids in the new RFP after a seven-year term, the maximum allowed by the fund.
28/01/2010

BNPP lays off 10 staff in Portugal

L’Echo reports, citing labour union sources, that ten employees in private banking activities of BNP Paribas in Portugal have been let go. “The reshuffle comes at the time of the firm’s merger with Fortis. BNP Paribas is using this as an occasion to push through other reorganizations,” the source says. The ten employees were laid off from a team of about 40 people who are employed under more favourable financial conditions than the applicable legal norms, due to the intervention of the European Commission in the management of the French bank BNP Paribas, the Belgian newspaper points out.
28/01/2010

FRR awards two mandates to Goldman Sachs and Frank Russell

The French national pension fund, the Fonds de réserve pour les retraites (FRR), announced on 27 January that it has awarded two mandates for management of transition operations, to Goldman Sachs International and Russell Implementation Services Limited (Frank Russell Company group). The two mandates were awarded following a restricted RFP launched on 20 May 2009. The mission of the asset management firms will be to undertake centralised trading of financial instruments for the FRR in order to construct portfolios of financial assets with the best possible cost and confidentiality conditions.
28/01/2010

Fidelity reshuffles several management positions

Mike Durbin, president of Institutional Wealth Services (USD392.7bn), Sanjiv Michandani, president of National Financial (the clearing platform, with USD550m in assets), and Ed Orazem, president of Family Office Services, will report directly to Gerald McGraw, head of Fidelity Institutional. Mutual Fund Wire observes that the reshuffle follows the announcement of the departure of Charles Goldman, who was head of custody and settlement at Fidelity, and will be leaving the company at the end of March.
28/01/2010

C-Quadrat: Bernhard Wenger appointed as head of institutional sales

Bernhard Wenger has been appointed as head of sales to institutionals at the Austrian fund management firm C-Quadrat Investment. He will be in charge of Austria, Switzerland, and central and eastern Europe. Wenger was previously Director Institutional Sales Global Banking and Markets at HSBC Trinkhaus in Düsseldorf.
28/01/2010

Assets under management at BBVA down in fourth quarter

BBVA announced on Wednesday that net profits for its retail banking and asset management division for 2009 as a whole were up 30.5% to slightly over EUR1bn. As of 31 December, assets under management totalled EUR49.97bn, 1.9% less than at the end of September, but assets in investment funds, at EUR32.8bn, make the group the largest Spanish asset management firm, with a market share of 19.3%. According to statistics from Inverco, funds from BBVA have a total of EUR33.2bn in assets as of the end of 2008. For Spanish pension funds, assets increased in one year by 6.8%, to slightly over EUR17.17bn.
28/01/2010

Fund selection firm Gottex on comeback trail

Agefi Switzerland reports that assets under management at the hedge fund selection firm Gottex fell once again in the fourth quarter of 2009, from a total of USD8.23bn in September to USD8.13bn at the end of the year. The performance of investments remained positive. Gottex values the contribution of investments at USD10m in fourth quarter and USD635m in 2009. With the end of the period of turbulence in sight, Gottex is setting itself ambitious objectives. The good performance of its main products will bring it a share of the spoils as investments flow back into institutional funds this year. Its main strategy, market neutral, will pass its peak in June 20007 in the second half of this year, meaning that performance commissions may be charged again. Gottex is also planning to develop UCITS III-compliant products, with the first launch of such a fund to come in the next few months.
28/01/2010

Heavy losses for AHL hedge fund from Man Group

The hedge fund AHL, from the alternative management firm Man Group, lost more than USD700m last week, the Financial Times reports. The fund, which has USD21.7bn in assets, lost 3.57% of its net assets between 18 and 22 January. The losses follow a tough year in 2009 for the fund, the only negative year it has had since its inception 23 years ago. Last month, AHL was already reporting weekly losses on the same scale (-4.3% in the first week of December). These losses are an embarrassment for Man, as the asset management firm is seeking to boost its assets. Man recently launched two UCITS versions of AHL open to retail investors.

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