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18/01/2010

Chi-X Europe poursuit sa montée en puissance.

L’Agefi rapporte qu’au dernier trimestre 2009, la plate-forme alternative (MTF) a vu le nombre de ses transactions croître de 14% à 46,3 millions et les volumes qu’elle traite ont bondi de 19% à 277,44 milliards d’euros. Sur le CAC 40, sa part de marché a même atteint à 22,64% le 31 décembre. Seul à tenir tête à Chi-X, ajoute le quotidien, Euronext a vu sa part progresser de 2,40 points de pourcentage à 26,9% sur le dernier semestre 2009. Les autres MTF restent à la traîne.
18/01/2010

Finalisation de la vente des activités suisses d’ING à Julius Baer

Selon L’Agefi suisse, le bancassureur néerlandais ING a annoncé vendredi la finalisation de la vente de ses activités bancaires en Suisse à la troisième banque helvétique Julius Baer. La transaction, annoncée le 7 octobre 2009, va générer un bénéfice estimé à environ 150 millions d’euros. Les activités d’ING dans la Confédération comptent 310 collaborateurs et ses actifs sous gestion totalisent 15 milliards de francs suisses.
18/01/2010

Matthias Aellig nommé chief risk officer de Swiss Life

Swiss Life a annoncé le 15 janvier la nomination au poste de chief risk officer de Matthias Aellig, 38 ans, à compter du deuxième trimestre 2010.Matthias Aellig était précédemment actuaire à la Zurich Vie Suisse. Dans ses nouvelles fonctions, il sera responsable de la gestion des risques, de la compliance et de l’actuariat du groupe Swiss Life. Il sera en outre directement subordonné au CFO du groupe.
18/01/2010

L’amnistie fiscale italienne laissera des traces chez UBS, Credit Suisse et Julius Baer

L’impact de l’amnistie fiscale italienne aura des conséquences pour les gérants de fortune suisses. Les trois principaux gérants de fortune helvétiques, soit UBS, Credit Suisse et Julius Baer, pourraient essuyer jusqu’à 18 milliards de francs suisses de retraits suite à l’opération mise en place par le ministre des Finances, Giulio Tremonti, estime une étude de Morgan Stanley. Dans son étude, la banque américaine évalue entre 3 et 7 milliards de francs les montants que les clients italiens pourraient retirer des unités de gestion de fortune d’UBS et de Credit Suisse. Chez Julius Baer, les retraits s’élèveraient à entre 1 et 4 milliards. L’amnistie a déjà permis de rapatrier 95 milliards d’euros en Italie, indique le Temps.
18/01/2010
Fonds

Négoce, hedge funds: deux autres batailles clés pour Genève en 2010

Selon Le Temps, après la gestion de fortune, c’est au tour de deux autres clefs de voûte de la finance lémanique de se trouver en première ligne: le négoce de matières premières et les fonds alternatifs. Les privilèges fiscaux des négociants en matières premières - symbolisé par le statut de «société auxiliaire» - sont dans le collimateur de Bruxelles. A Genève, le statut leur garantit une imposition sur les bénéfices de 12% en moyenne, la moitié de la contribution d’une société ordinaire. Bruxelles considère ce système comme une distorsion de la concurrence, une aide fiscale de l’Etat.
Fonds
15/01/2010

Reyl AM recrute Raphael Kassin

Ayant quitté depuis désormais six mois Credit Suisse où il gérait un fonds obligataire marché émergents et dirigeait l'équipe dette émergente, Raphael Kassin a pu rejoindre jeudi Reyl Asset Management (2,5 milliards de francs suisses d’encours) comme head of emerging market debt. Selon das investment, Raphael Kassin sera responsable d’un fonds autorisé à monter en cas de besoin jusqu'à 100 % en numéraire.
15/01/2010

BarclayHedge index posts increase of nearly one quarter in 2009

On the basis of results announced by BarclayHedge (the new name of Barclay Group) for 1,335 hedge funds as of 14 January, the average performance of these funds totalled 2.24% in December, bringing the total for the past year to 24.18%. One year previously, the 868 funds which had disclosed results as of 11 January 2009 showed average losses of 21.29%. As observed by other providers of statistics on alternative management, the convertibles arbitrage strategy has seen the largest gains, with 53.87% for 27 funds. Only one strategy shows losses for the year: equity short bias, with losses of 19.17% for 7 funds, and losses of 4.17% in December. The largest category, with 566 funds, is funds of hedge funds. This group shows average performance for 2009 of 10.44%. The 302 equity long/short funds gained 14.43%, while the 209 emerging markets funds gained 44.50%.
15/01/2010

13% of funds failed to keep up with inflation in 2009

Although, on average, securities funds on sale in Spain posted returns of 4.9%, in line with results for 2006, which was the best year since the 5% returns in 1999, 12.9% of all products produced gains which were lower than inflation, which, at 0.8%, was at its lowest levels since 1962, Cinco Días reports. According to statistics from the Inverco association, 6.8% of funds saw losses, among which, oddly, 18% were short-term bond funds, and 15.6% were “global” funds. At the other extreme, 8.5% of funds had returns of over 30%, and only 2.8% had returns of over 50%. The best performer was the ETF from BBVA replicating the FTSE Latibex Brasil, with 123.6%.
15/01/2010

Lyxor predicts correlations between asset classes will diminish

Lyxor Asset Management (Société Générale) on Thursday held a conference in Madrid dedicated largely to hedge funds. Stefan Keller, a strategist at Lyxor, predicts that in 2010 there will be less systemic risk and more dispersion, which is to say, less correlation between various asset classes. This year, the Lyxor portfolio will be largely dedicated to emerging market credit to the detriment of equities. It will retain a less directional profile, and will prefer event-driven strategies to long/short.
15/01/2010

Natixis AM launches an emerging markets fund

Natixis Asset Management on 14 January announced the launch of the FCP Natixis Actions Global Emergents, which offers active management of country allocation for a universe of emerging markets equities. The Natixis Actions Glboal Emergents fund, denominated in Euros, will aim to achieve performance equal to or higher than its benchmark index, the MSCI Emerging Markets with net dividends reinvested, for a recommended minimal investment period of five years. The investment is aimed at all investors, including institutional, business, and retail clients.
15/01/2010

Strong net subscriptions to mutual funds and ETFs

In 2009, mutual funds in the United States posted net subscriptions of USD377.4bn, according to Morningstar, of which USD356.6bn went to bond funds, while US equities funds saw net redemptions of USD25.7bn, and global equities funds drew net subscriptions of USD25.5bn, after net outflows of USD70.4bn in 2008. Among the management firms which saw net redemptions were American Funds (USD25.5bn), Legg Mason/Western Asset, Putnam, Oppenheimer (USD2.5bn), Van Kampen, and Morgan Stanley. However, Vanguard and Pimco posted net subscriptions of USD94bn and USD82.7bn. ETFs finished the year with USD784.9bn in assets, compared with USD533.4bn at the end of 2008. About 40% of this increase was due to net subscriptions, while 60% was due to market effects. The SPDR Gold Shares fund, which saw USD11.2bn in net inflows last year, now has over USD40.2bn; it was by far the ETF with the largest net subscriptions.
15/01/2010

LCF Rothschild achieves both prudence and performance

In 2009, a year of complex results for the firm, La Compagnie Financière Edmond de Rothschild (LCF Rothschild) was able to continue growth in assets, which increased overall by 14.8% to EUR33.7bn as of the end of December, with about half of this increase coming from market effects. The portfolio at the end of the year was 40.7% composed of equities, 15.1% of fixed-income products, 11.8% of structured management products, and 10.4% of diversified products. The private equity portion of the firm’s investment products represented 8.3% of the total, while alternative investment represented 7.7%, and convertible bonds accounted for 5.9%. The result, which has yet to be definitively and “very conservatively” tallied up in the next few days, says chairman of the board Michel Cicurel, will come out to “roughly half” at best of the EUR51m earned in 2008.
15/01/2010

Evergreen brand to disappear, replaced by Wells Fargo

The ranges of investment funds from Wells Fargo Funds Management (which advises the Wells Fargo Advantage Funds) and Evergreen Investment Management Company (which advises the Evergreen Funds) will be reprofiled through mergers, reorganisations and liquidations, resulting in the disappearance of the Evergreen brand, probably in the second half of this year. Evergreen (USD67.2bn as of the end of December) has been absorbed by Wells Fargo FM (USD179.1bn) since the acquisition of wachovia Corp by Wells Fargo at the end of 2008. In practice, pending the approval of shareholders (the baords of trustees have already unanimously approved the plans), the operation will result in the emergence of a unified range of 128 Wells Fargo Advantage Funds, variable trust funds and Wells Fargo Managed Account CoreBuilder Shares. 27 Evergreen funds will be “reorganised” to become new Wells Fargo Advantage Funds, while 53 mutual funds of the two product ranges will merge, and four Evergreen funds and one Wells Fargo Advantage Fund will be liquidated.
15/01/2010

Invesco merges four of its affiliates

Invesco Ltd has announced that as of 1 January, it has merged four of its affiliates, Invesco Aim Advisors, Invesco Aim Capital Management, Invesco Aim Private Asset Management and Invesco Global Asset Management, under the name Invesco Advisers. The simplification of the legal structures comes as the group constructs a global operating platform. Fund management teams for AIM funds will not be changed, and the service provided to clients will remain the same.
15/01/2010

OFI AM will soon obtain qualified investor status in China

Ofi Asset Management is about to obtain the status of qualified financial institutional investor (QFII) in China, the deputy CEO of OFI AM, Thierry Callault, stated on 14 January at an annual conference held by the asset management firm. The legal status will allow OFI to invest in equities funds on the A market, reserved for local actors. Haiyan Li-Labbé, an Asian markets analyst and manager at Ofi AM, says the Chinese market, which has reasonable valuation levels, is “a beta market but also an alpha market,” in which stock-picking is a productive activity.
15/01/2010

RBC GAM recruits a former SGAM head to build an emerging markets team

RBC Global Asset Management (RBC GAM), the Canadian-based global investment manager and part of RBC Wealth Management, has announced the hires of Philippe Langham and Michael Joynson to its London team.Philippe Langham, who holds the position of portfolio manager, will be responsible for establishing and leading RBC GAM’s Emerging Markets equities team. He has been active in the investment management industry since 1992. Most recently, he was the head of Global Emerging Markets at Société Générale Asset Management (SGAM) in London, and prior to this, he was based in Zurich as head of Asia and Emerging Markets for Credit Suisse. Joynson joins RBC GAM as a senior member of the European Equities team. He has twenty years experience in the investment management industry and was most recently at Citigroup, where he was a director in Global Equity Strategy. Prior to this he was at Invesco Perpetual.
15/01/2010

Colin Ng joins Barings

Baring Asset Management on Thursday announced the recruitment of Colin Ng to the newly-created position of head of Asian equities. He will report to Henry Chan, head of Asia Pacific investment. Ng will be in charge of the range of regional and country funds for Asia, excluding products focused on China. Ng left MFC Global Investment Management (Manulife group) in November. He was head of Asia Pacific Equities, and has recently been replaced in this position by Linda Csellak, who joined MFC Asia in Hong Kong in December. Until March 2009, she was director of Ballingal Investment Advisors, also based in Hong Kong, and was in charge of a Pacific long/short strategy. In her new position, she will report to Tahnoon Pasha, Asia head of investments, equities.
15/01/2010

Dutch pension fund results threatened by future AIFM directive

Les Echos reports that the future European AIFM directive, which is chiefly concerned with hedge funds, at this stage is in danger of cutting into the roughly EUR1.5bn per year of financial revenues for Dutch pension funds. This reduction would trigger a domino effect which could result in a 6% increase in retirement contributions for employees and businesses, the sector calculates. At present, the portfolio of retirement institutions in the Netherlands are 9% compoased of alternative investments. On average, these investments brought returns of about 8.84%, compared with 6.64% for equities or bond markets.
15/01/2010

Lombard Odier seeks to diversify clients and products

In France, Lombard Odier is seeking to diversify its client base by winning over external distributors, who represent only 20% of institutional client assets in Paris, Agefi weekly reports. Institutional investors represent EUR2bn out of a total of EUR3.7bn managed by the Paris office. In terms of products, the Swiss bank is seeking to promote alternative management.
15/01/2010

Raphael Kassin launching a fund with Reyl AM

Raphael Kassin is making his return to fund management with a new Luxembourg-domiciled Ucits III product, six months after he left Credit Suisse, Citywire can reveal. The portfolio manager specialised in the emerging debt space is launching a new fund in partnership with Reyl Asset Management (RAM). He will start with up to USD50 million in seed capital.
15/01/2010

UBS continues to recruit in Asia

UBS Wealth Management has announced that Vinay Gandhi, who joined JP Morgan Private Bank in early November after leaving Deutsche Bank Private Wealth Management, has been appointed managing director and country head India international Asia. He will be based in Singapore, and will report to Andreas Weber, regional market management of India Indochina and global investors APAC. At his two previous employers, Gandhi was in charge of wealth management for the Indian diaspora and the south Asian region. The Swiss group says that the recruitment of Gandhi follows the recent recruitments of Carlo Grigioni, vice chairman, wealth managment & Swiss bank, as head of ultra high net worth (UHNW), Asia Pacific, Daniel Harel as head of UHNW, South Asia, and Yeong Phich Fui and Kurt Kumschick as senior advisors UHNW South Asia, and of Reto Mark as managing director, UHNW country team head for South Asia.
15/01/2010

Number of fund subscribers down

In second half 2009, the number of subscribers to shares in equities and diversified funds fell by 3.5% compared with first half, to a total of EUR6.59m, compared with EUR6.89m, according to a study by NFO-Infratest for the Deutsche Aktien Institut (DAI). This decline of 241,000 investors follows an increase of 232,000 observed in January-June. 9.8% of the population holds shares in equities or diversified funds, which represents an increase of 185.6% or 4.3 million people compared with 1997, but a decrease of 32.5% or 3.2 million people compared with the record observed in 2001.
15/01/2010

Vladimir Potanine veut entrer au capital de la Société Générale

Selon Les Echos qui cite l’agence Interfax, Vladimir Potanine, l’oligarque russe partenaire de la Société Générale dans Rosbank, envisage d’entrer au capital de la banque française. «Nous avons le plan stratégique de devenir actionnaire de la Société Générale d’ici à quelque temps et nos partenaires français sont bienveillants à l'égard de cette idée.», a-t-il déclaré à l’agence. Mais Vladimir Potanine a fixé des conditions : il faudrait d’abord que tous les actifs de la Société Générale en Russie soient fusionnés, a-t-il précisé. La banque française détient 64,7% de Rosbank, ainsi que la banque de détail BSGV et les sociétés DeltaCredit et Rusfinansbank.
15/01/2010
Fonds

Des opportunités latino-américaines en multigestion alternative

A l’occasion d’un atelier portant sur la multigestion alternative lors de la conférence annuelle d’OFI, Frédéric P. Lebel, directeur général délégué d’OFI MGA s’est arrêté sur les nouveaux horizons de ce type de gestion et notamment sur les nouveaux thèmes, les marchés générateurs d’opportunités et les nouvelles sources d’alpha pour l’alternatif. Dans ce cadre, Frédéric P. Lebel a confirmé que OFI MGA allait lancer, au cours du premier trimestre 2010, un produit latino-américain.
Fonds
15/01/2010

Les nouveaux gérants alternatifs meilleurs que les anciens

Au cours d’un atelier portant sur la multigestion alternative lors de la conférence annuelle d’OFI AM – Quel niveau de maturité pour la multigestion après dix ans de croissance ? – Philippe Paquet, directeur du développement de Newalpha spécialiste de l’incubation alternative (filiale du Groupe OFI AM) a rappelé l’intérêt que les investisseurs ont à s’intéresser aux nouveaux gérants. Ces derniers affichent en effet des performances plus élevées que celles réalisées par des gérants établis. A titre d’illustration, reprenant les chiffres de Hedge Funds Research, sur dix ans – d’octobre 1999 à septembre 2009 – les premiers ont affiché une performance de 14,8 % contre 8,5 % pour les seconds. Sur trois ans (toujours avec des chiffres arrêtés à septembre 2009), les résultats sont respectivement de 11,4 % et 3,8 %. Enfin, sur l’année 2008, les jeunes gérants ont également limité leur perte – à - 1,76 % tandis que les gérants établis ont enregistré une baisse de 11,97 %. Les raisons de ces écarts tiendraient, selon Philippe Paquet, au recours à des stratégies plus simples, des portefeuilles nouvellement constitués et des gérants plus motivés… Créée en 2003, la filiale d’incubation du groupe OFI AM n’en a pas moins fait preuve de sélectivité : sur 705 dossiers analysés, 13 d’entre eux seulement ont été signés, représentant 320 millions d’euros d’investissement «seed money».

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