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19/01/2010
Fonds

Deka achète encore un actif à Tesco

Dans le cadre d’un contrat de «sale and lease back» avec la filiale tchèque du britannique Tesco (Tesco Stores CR), l’allemand Deka Immobilien a acheté pour 36 millions d’euros le Tesco Distribution Center situé à 14 km de Prague. Cet actif logistique de 60.100 mètres carrés est affecté au portefeuille du Deka ImmobilienEuropa. L’an dernier, ce même fonds avait investi environ 34 millions d’euros dans l’acquisition d’un actif de Tesco situé dans la grande banlieue de Varsovie.
Fonds
19/01/2010
Fonds

Jyske lance un fonds obligataire

La société de gestion danoise Jyske Invest vient de lancer un nouveau fonds obligataire, Jyske Invest High Grade Corporate Bonds. Ce produit est investi principalement dans des obligations d’entreprises émises en euros et bien notées par les agences de notation internationales. Le fonds n’a pas été approuvé à la commercisation en France et en Suisse, souligne Jyske Invest.
Fonds
19/01/2010
Fonds

Les souscriptions nettes auront atteint 220-230 milliards d'euros en 2009

En novembre, les fonds européens long-only ont subi une baisse d’environ 10 milliards d’euros de leurs souscriptions nettes par rapport à octobre, et elles sont ressorties à 23,32 milliards d’euros, selon Lipper Feri.Néanmoins, cela porte le total des onze premiers mois de l’an dernier à 200 milliards d’euros contre des rachats nets de 305 milliards pour janvier-novembre 2008, si bien que les rentrées nettes pour l’ensemble de 2009 se sont probablement situées entre 220 milliards et 230 milliards d’euros, contre des remboursements nets de 300,4 milliards pour l’année précédente.
Fonds
19/01/2010
Fonds

E-Fund lève plus de 600 millions de dollars

Mardi, E-Fund a annoncé avoir bouclé la levée de 600-650 millions de dollars pour son premier produit QDII, un fonds Asie hors Japon distribué par ICBC, rapporte Z-Ben Advisors. E-Fund a l’habitude d’ignorer les particuliers lors du lancement de ses produits, préférant se concentrer sur les investisseurs institutionnels et sur ceux qui sont disposés à rester investis longtemps. Le gestionnaire pourrait se tourner vers le marché du retail dans trois ou six mois, lorsqu’un premier historique de performance (track record) aura été établi.
Fonds
19/01/2010

Un avenir très incertain pour KBL Swiss Private Banking

Selon L’Agefi suisse, la vente attendue de KBL European Private Bankers par le groupe de bancassurance belge KBC risque d’avoir des répercussions jusqu’en Suisse. La filiale KBL Swiss Private Banking compte 181 collaborateurs, pour 5 à 6 milliards de francs d’actifs sous gestion. Présente dans quatre villes (Genève, Lausanne, Zurich et Lugano), elle pourrait connaître un sérieux redimensionnement dans les prochains mois. Une vente en bloc à un opérateur non-suisse reste l’option privilégiée. Mais dans l’hypothèse d’une acquisition par un groupe suisse, l’option d’un démantèlement n’est pas à exclure compte tenu du profil offshore de l’établissement : les doublons en Suisse seraient éliminés, tandis que les activités onshore à l’étranger seraient privilégiées.
19/01/2010
Fonds

Lancement de fonds réussi pour Unigestion

Débuts prometteurs pour le fonds de fonds de private equity d’Unigestion, Secondary Opportunity II, dont la création avait été annoncée à la mi-avril 2009. Lors de son premier closing, précise L’Agefi suisse, les souscriptions se sont déjà élevées à plus de 135 millions d’euros. Il devrait bientôt atteindre sa taille idéale de 150 millions d’euros, le maximum étant fixé à 200 millions. Le fonds n’effectuera que peu de transactions, 20 à 25 dans les 2 à 3 ans à venir. Le fonds de fonds demeure réservé aux investisseurs visant le long terme.
Fonds
18/01/2010

Skandia to be more aggressive on US large caps

Skandia Investment Gruop (SIG) on 15 January announced the appointment of the management firm Fifth Third Asset Management, a specialist in US large caps, to manage its US Large Cap Growth Fund, which has about USD80m in assets. The mandate was previously assigned to Wellington Management. The change in contractor is a sign of Skandia’s desire to adopt a more aggressive strategy on large caps, as Fifth Third AM predicts lower returns from US large caps in 2010, which will favour high quality shares.
18/01/2010

Musical chairs at BNP Paribas

Sofia Merlo, 46, director of sales for private banking in France at BNP Paribas since February 2009, has been appointed as director of the private bank from 1 January 2010. She succeeds Marie-Claire Capobianco, who will now become head of BNP Paribas Wealth Management Networks, in charge of development of private banking activities in all countries where BNP Paribas has a banking network, a statement from the bank says. Merlo will aim to continue the development of the private bank in France; it currently manages EUR63bn and has 120,000 clients. She will report to François Villeroy de Galhau, a member of the group’s executive board, and head of the retail banking unit in France, and to Capiobanco.
18/01/2010

Sanders Capital joins Vanguard advising team

Two asset management professionals, Lewis Sanders, CEO and co-CIO of Sanders Capital, and John Mahedy, co-CIO and director of research at Sanders Capital, are joining the advisory team for the largest actively-managed fund at Vanguard, the Windsor II Fund, which has USD35bn in assets. The Sanders experts will manage the fund’s large caps allocation, which accounts for about 8.5% of assets in the fund. Sanders Capital uses a traditional bottom-up approach to identify undervalued shares. The sub-fund will include 35 to 45 positions, with a turnover rate of 30% to 40% per year.
18/01/2010

T. Rowe Price CIO defends US stocks

Brian Rogers, chairman and CEO of T. Rowe Price (USD400bn in assets) is worried that American investors who continue to snub US equities in favour of bonds or emerging markets equities are setting themselves up for a fall, the Financial Times reports. With an increase in interest rates on the cards, which could cut into the value of assets such as corporate bonds, and the rapid rise of emerging markets last year, Rogers predicts that investors would do well to buck the trend. In his opinion, emerging markets equities, high yield bonds and precious metals should be avoided.
18/01/2010

Reshuffle in asset management at BNY Mellon AM

BNY Mellon Asset Management has announced that, following the departure of Sean Simon, CEO and son of the founder of the fund of hedge fund management firm Ivy Asset Management, Ivy will now undergo a strategic re-examination to improve its position, the Wall Street Journal reports. In addition, Ivy, Mellon Global Alternative Investments (MGAi) and EACM Advisors will be put under the control of Phil Maisano, head of alternative investments. The grouping will create a fund of hedge fund management firm with assets of over USD8bn. The CEO of EACM, Bill Crerend, will become chairman, and assets at MGAI will be transferred to EACM. The New York Times reports that Ivy (USD7.2bn in assets) has also announced in a letter to clients that Peter Norris, CIO, has left the firm, and has been replaced by Fred Sloan, who joins the firm from its rival, Island Brook Capital. Lawrence R. Morgenthal, former managing director of Acom Partners, has also been recruited as COO.
18/01/2010

Perella makes a recruitment for asset management unit

Perella Weinberg has recruited a former JP Morgan Chase manager, William Johnson, who will be joining the firm as a partner and deputy head of the asset management unit. In his new position, Johnson, who has 25 years of experience in the asset management profession, will be in charge of developing the product range, for multi-manager investment strategies, private capital and hedge funds.
18/01/2010

Marshall Wace launches an alternative ETF

Marshall Wace, one of Europe’s largest hedge funds, will on Monday unveil plans to launch an exchange-traded fund, says the Financial Times. The vehicle, to be named Marshall Wace Tops Global Alpha, will be listed on both the London and Frankfurt stock exchanges and will track an index designed to mirror the holdings of the six existing Marshall Wace Tops funds, hedge fund strategies currently only available to institutions and wealthy individuals. The ETF is expected to raise USD500m.
18/01/2010

TMW Pramerica signs up to UN-PRI

On Friday, TMW Pramerica Property Investments GmbH, a German affiliate of Pramerica Real Estate International AG, announced that last year it invested EUR325m to acquire real estate properties for its three institutional funds. The investment volume for the three funds represents about EUR2bn, and TMW Pramerica has announced plans to launch new “Spezialfonds” this year. Acquisitions in 2009 included a logistical property in Milan, a shopping centre in Lille, a supermarket property in Cologne, and offices in London, Paris and Seoul. The firm reopened its Weltfonds (DE 000A0DJ32 8) to subscriptions on 11 December, and on 31 December, its assets totalled EUR840.48m, down from EUR1.01bn before the reopening. Green management Pramerica Real Estate Investor, which is an affiliate of Pramerica Financial, has recently signed the United Nations Principles for Responsible Investment (UN-PRI). The move comes as the firm joins the Energy Star program by the United States Environmental Protection Agency (EPA). Pramerica’s objectives are to reduce the ecological footprint of its real estate portfolio, to improve its profitability through a reduction of operating costs, to increase the value of the properties through strategic management of energy and commodities consumption, and to improve the well-being of tenants, residents and employees, by making green living and working spaces available to them.
18/01/2010

JPMorgan AM confident in future for high yield in 2010

Michael Mewes, credit manager at JPMorgan AM, says credit remains the major conviction of the firm in the allocation of its risk budget. Corporate bonds will continue to outperform in the next two to three years, but the high yield segment will perform best. In this area, default rates may return to 4-6% by the end of the year.
18/01/2010

Pictet launches a convertible bond fund managed by Philippe Jabre

On 1 February, Pictet Funds (Lux) will launch the Convertible Bonds sub-fund, whose management has been contracted out to Jabre Capital Partners (Jabcap). The fund (LU0366535077 for the P Cap share class) has already been the subject of a prospectus addendum published in France in September 2009, and already has sales licenses for 12 other countries. The initial subscription period runs from 11 to 25 January. The manager will be Philippe Jabre (formerly of GLG Partners), and the convertible bond portfolio will initially concentrate on large caps, 40% of which will be North American, 40% European, and 20% from other continents. The fund complies with the UCITS III directive, with a management commission of 1.6% and a performance commission of 20%. The initial subscription fee will be EUR100, and the fund, denominated in Euros, will also be available in shares hedged for currency risks in US dollars and Swiss francs.
18/01/2010

Allianz remains cautious about equities

Paul Achleitner, CFO, has announced that Allianz will this year continue to avoid equities and to prefer bonds, as global growth is too weak, and uncertainty about markets is too great. The German insurer manages a portfolio of more than EUR400bn, which last year was 355 invested in government bonds, 27% in Pfandbriefe, 15% in corporate bonds, and 8% in equities. Allianz is planning to double its private equity allocation to EUR15bn, while alternative investments will be increased to EUR30bn, the Börsen-Zeitung reports.
18/01/2010

Gen Re Capital becomes Oppenheim VAM

The acquisition of the management firm Gen Re Capital GmbH from Kölnische Rück (group Gen Re) by Bankhaus Sal. Oppenheim jr. & Cie was completed on Friday, as the necessary permission was issued by the antitrust and supervisory authorities (see Newsmanagers of 10 September 2009). Gen Re Capital (EUR11bn in assets) will now be known as Oppenheim VAM Kapalanlagegessellschaft mbH (OVAM), and will be a wholly owned subsidiary of Oppenheim Kapitalanlagegesellschaft (OKAG), which is in turn an affiliate of Sal. Oppenheim in charge of institutional management (EUR42bn). The two directors of Gen Re Capital, Andrea Simokat and Christian Finke, and most of the partners at Gen Re Capital, will join Oppenheim VAM.
18/01/2010

Matthias Aellig appointed as chief risk officer at Swiss Life

Swiss Life on 15 January announced the appointment of Matthias Aellig, 38, beginning in second quarter 2010. Aellig was previously an actuary at Zurich Life Switzerland. In his new position, he will be in charge of risk management, compliance, and actuary responsibilities for the Swiss Life group. He will report directly to the group’s CFO.
18/01/2010

Petercam appoints two partners and reshuffles executive board

Petercam has announced the appointment of Francis Heymans and Sylvie Huret as partners, from 1 January 2010. Since 2000, Heymans has been head of commercial development and marketing for asset management serving institutional clients, while Huret has been head of the financial and risk management unit at the gruop. From 18 January, the executive board at Petercam, which handles coordination and daily organisation for all the firm’s professions and functions, will undergo some changes. It will now be composed of Axel Miller, Pascal Minne, Sylvie Huret, Francis Heymans, Geoffroy d’Aspremont and Marc Janssens.
18/01/2010

Hauck & Aufhäuser is now completely privately owned

Michael Achramm, managing partner at the bank Hauck & Aufhäuser, has announced that the Mast family, owners of Mast-Jägermeister AG, have bought a stake in the bank equivalent to the 9% recently acquired by Frank Asbeck, founder and president of Solarworld, the Frankfurter Allgemeine Zeitung reports. The private bank is now wholly in private hands, as institutional investors such as BayernLB, Münchener Verein and WWK Versicherung have sold their stakes.
18/01/2010

Target date funds outperform benchmarks in 2009

Using the new Target Date Metric (TDM) tool on 39 ranges of target-date funds, Russell Indexes has found a wide variance in performance, from 107.7% outperformance of the benchmark to underperformance of 31.8%. On average, however, the 39 product ranges posted average performance last year 36.4% above their benchmark indexes. Initially, performance rankings based on the TDM will be available only from Russell, but in the next few months, Morningstar will integrate them into its Morningstar Direct research platform, aimed at institutional investors. T. Rowe Price Retirement tops the one-year rankings, with outperformance of 107.7%, followed by John Hancock2 Lifecycle (106.8%), Oppenheimer Transition (94.8%), AllianceBernstein Retirement Strategy (71.7%) and Franklin Templeton Retirement Target (71.5%). On three years, only Franklin Templeton Retirement turned in outperformance (of 4.6%). American Century Lifesong and Wells Fargo Advantage show underperformance of 1.1% and 4.9%, respectively.
18/01/2010

La Financière Responsable measures the eco-social footprint of its funds

The asset management firm La Financière Responsable, a specialist in socially responsible investment, has sought to measure the extra-financial performance of its fund, LFR Euro Développement (EUR29bn in assets), in the two years since its creation. To achieve this, the asset manager has focused on social and environmental criteria, although financial management also takes other aspects into account. For 40 indicators considered, 19 have been retained. For each indicator, LFR considered 103 companies, including those in the portfolio, and others in the universe of the CAC 30 and Eurostoxx indices, to provide a basis for comparison. The resulting “social footprint” findings were satisfactory to LFR.
18/01/2010

Significant increase in assets in 2009

According to statistics from Strategic Insight, equities and bond mutual funds in the United States, including ETFs, last year attracted USD478bn in net subscriptions, of which an all-time record USD396bn went to bond products (traditional and ETFs). Total assets as of the end of December for all equities and bond mutual funds, including ETFs but not including variable annuity funds, represented a total of USD7.8trn. ETFs attracted USD144.4bn in net inflows, compared with USD176bn in 2008 and USD149bn in 2007. They finished the year with record assets of USD785.3bn, in 893 products, compared with USD535.2bn one year earlier, and USD613.2bn at the end of 2007.
18/01/2010

Net redemptions for Man Group

As of 31 December, assets at the alternative management firm Man Group Plc totalled USD44bn, compared with USD42.4bn three months earlier, following net redemptions of USD1.1bn, negative performance effects of USD1.2bn, and negative currency effects of USD0.3bn. “Other” factors, however, made a positive contribution of USD1bn to total assets under management. Redemptions concerned institutional management, where outflows totalled a net USD1bn. With the addition of lesses from the AHL fund range (5.6% in October-December, 16.9% in twelve months), this explains a 4% decline in assets in one quarter, says CEO Peter Clarke.
18/01/2010

Cazenove adds to British sales team

Investment Week reports that Cazenove Cpaital has recruited Louis Greening as a consultant for British distribution. In his new role, he will be in charge of developing relations with intermediaries, and strengthening relations with existing clients. Greening was previously at Skandia, where he was part of the team specialised in distribution.

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