Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
12/01/2010

Increase in assets in ETFs listed in Madrid

According to statistics from Bolsas y Mercados Españoles (BME), the number of ETF trades in 2009 rose 99% to 50,789, and the volume of these transactions totalled EUR3.47bn. Assets in ETF funds listed in Spain, for their part, represented EUR13.68bn as of the end of December, 28.7% higher than one year previously. This increase was largely due to the introduction of the Lyxor ETF Euro Corporate and Lyxor ETF Ibex 35 Inverso funds during the year.
12/01/2010

Jeff Gundlach responds to TCW accusations

Jeffrey Gundlach on Monday refuted accusations by his former employer, TCW, in a letter addressed to clients and partners of DoubleLine, his new firm, the Wall Street Journal reports. He has announced that he will soon be filing suit against TCW.
12/01/2010

Asset Allocation Advisors and NOAM to merge

As part of its reorganisation, Neuflize OBC has simplified its asset mangaement product range. The affiliate of the ABN Amro private bank will merge with Asset Allocation Advisors, the group’s international centre of excellence in multi-management and selection of third-party managers, and the management firm Neuflize OBC Asset Management, whose sale had been planned for some time. The new entity, which will also include the bank’s financial management activities, will be known as Neuflize OBC Investissements, and will be led by Stéphane Corsaletti, the current head of AAA. “This affiliate will, from January, offer 20 flagship products, which will carry the NOBC name,” says Neuflize OBC. “It will have a full complement of resources in mandated management, traditional and multi-management funds registered in France and Luxembourg, dedicated funds, and manager selection, and will make increased use of open architecture, which will also be offered to institutionals.” The new entity will exist alongside Neuflize Private Assets, directed by François Mouté, which “will offer clients of the bank an original range of products aimed at clients seeking a conviction and opportunity-based management style with high added value,” Neuflize OBC states. Currently, the two asset management affiliates manage a total of EUR30bn. Their objective is to reach EUR34bn in assets under management in 2010, by bringing in more than EUR2.4bn by the end of this year.
12/01/2010

Hedge fund directive is not a top priority for Spanish EU presidency

There are doubts as to whether the Spanish presidency of the European Union will be able to complete the ongoing alternative investment management directive (AIFM) project by the end of June as planned, Expansión reports. There are disagreements about the draft legislation between France and Germany on one hand, and the UK on the other, and Spain lacks experience in the area of hedge funds, which have only been incorporated into Spanish law since 2006. In addition, the directive would have only a limited impact on Spain (local hedge funds only have EUR900m in AUM), which provides the Spanish government with little incentive to make a major effort to keep within the deadlines initially set out for the passage of the directive.
12/01/2010

More UCITS III hedge funds to come this year

80% of fund of hedge funds managers intend to launch a UCITS fund of hedge funds in the next year, according to a survey conducted by KdK Asset Management among 30 of the largest fund of hedge fund managers. Despite the fact that the survey participants generally expect UCITS hedge funds to underperform their equivalent offshore funds, the fund of UCITS appears to be the preferred way to structure such offering for a UCITS investor base.
12/01/2010

Hedge funds perform well in 2009

According to HFR and Hennessee, hedge funds in 2009 posted their best results of the past decade. The HFRI Fund Weighted Composite index, which gained another 1.25% in December, came out with performance of 20.04% for last year as a whole, still below the all-time record set in 1999 (31.29%), but higher than the second-best ever result of 19.55% in 2003. Hennessee confirms that with performance of 24.6%, hedge funds have seen their strongest gains since 1999. In both cases, convertible arbitrage was the best-performing strategy, with gains of 58.53% for HFR and 39.9% according to Hennessee.
12/01/2010

UBS struggling to stem outflows from funds

Agefi Switzerland reports, citing Bloomberg, that the CEO of UBS, Oswalf Grübel, has repeated in an internal memo sent out yesterday and obtained by the US news agency that it is imperative for the firm to put a stop to outflows from funds after six consecutive negative quarters. The UBS CEO says the firm should give clients “no reason to leave the bank.” The bank has also set up a new ethical code of conduct, the memo says, to ensure that “what happened in the last few years never happens again.”
12/01/2010

ADIA is 40-60% invested in global equities

In an interview with Handelsblatt, Sheikh Ahmed bin Zayed Al-Nahyan, managing director of the Abu Dhabi Investment Authority (ADIA), says that the sovereign fund has historically been 40-60% invested in global equities, while bonds represent between 15% and 30% of the portfolio, and the remainder is divided between real estate, private equity, alternative investments, and infrastructure projects. The sheikh confirms that about 60% of ADIA’s assets are invested through index-based strategies; for US equities, ADIA uses S&P indices, and for the rest of the world, MSCI indices. For bonds, the fund uses customised versions of various indices, including the inflation-linked and corporate bond indices from Barclays, and the government bond indices from JPMorgan. The managing director points out several times that ADIA is careful to remain a minority stakeholder wherever it invests, and says the portfolio is 35%-50% invested in the United States, 25%-35% in Europe, and 10%-20% in Asia. Emerging markets represent 15% to 25%.
12/01/2010

Despite their advantages, ETFs are not being used optimally

In its most recent study, State Street Corporation considered exchange-traded funds (ETFs) and the use which institutional investors make of them. Due to a variety of factors related to economic uncertainties, the volatility of the markets and investors’ desire to pay reasonable management fees, these exchange-traded funds are rapidly gaining popularity, as they provide exposure to a variety of assets classes at low cost. However, according to the study, institutional investors are not fully taking advantage of the flexibility offered by these investment tools, which currently represent nearly USD1trn in assets under management. The study also points out differences in the development of ETF markets worldwide and recent regulatory changes. The study of ETFs may be consulted at www.statestreet.com/vision.
12/01/2010

GLG MMI chooses BNY Mellon

GLG MMI, the fund of hedge funds arm of GLG Partners, has selected BNY Mellon as custodian and administrator for all of its fund of hedge fund activities. As of the end of 2009, BNY Mellon’s clients in funds of hedge funds represented a total of over USD200bn in assets.
12/01/2010

ETPs: Deutsche Bank predicts increase of at least 20% to assets in 2010

According to Deutsche Bank, as of the end of 2009, assets in Exchange Traded Products (ETFs, ETCs, and ETNs), or ETPs, totalled EUR160bn in Europe, and USD790.1bn in the United States, compared with EUR104.4bn and USD544.6bn twelve months previously. Analysts at the bank estimate that assets under management in ETP funds in Europe and the United States may increase by 20% this year, to USD1.2trn, if traditional markets remain flat, but that they may increase by as much as 40% to USD1.4trn, if equities markets continue to rise. European rankings For Europe, BlackRock (with BGI) was the largest actor on the markets, both by volume of assets as of the end of 2009 (EUR56.46bn), and by net subscriptions last year, which totalled EUR8.35bn. Second place belongs to Lyxor (Société Générale), with EUR28.54bn in assets, but net inflows of only EUR1.43bn. db x-trackers (Deutsche Bank) ranks third by asset volume, with EUR26.28bn, and second for net subscriptions, with EUR6.57bn. Fourth place by asset volumes is ETF Securities, with EUR10.92bn; net subscriptions totalled EUR3.71bn in 2009.
12/01/2010

M&A: 2010 will be the year of the independent asset managers, says Jefferies

In 2009, merger and acquisition activities in asset management were dominated by divestitures, but the acquisition of Advisory Research by Piper Jaffray, and that of MetWest by TCW, both strategic transactions, are a sign that 2010 will be a year in which independent management firms will take the lead, Jefferies predicts. Last year, only 61 independent asset management firms changed hands, the lowest number in a decade, and a contraction of 57% compared with 2008. In 2009, Jefferies counted a total of 143 merger and acquisition operations worldwide, compared with 219 the previous year. However, assets which changed hands hit an all-time high of USD4trn, compared with USD1.95trn in 2008. This also represents a total 51% higher than the previous record, set in 2006. There were nine mega-deals involving management firms with more than USD100bn in assets under management, including the acquisition of BGI by BlackRock (USD1.44trn), the creation of Amundi by CAAM and SGAM (USD839bn), and the acquisition of Sal. Oppenheim by Deutsche Bank (USD201bn). The total declared value of these deals came to USD24.9bn, compared with USD15.9bn in 2008. The three largest deals were the acquisition of BGI by BlackRock for USD13.5bn, the acquisition of Sal. Oppenheim by Deutsche (USD1.9bn), and the acquisition of the retail activities of Morgan Stanley, including Van Kampen Investments, by Invesco (USD1.5bn).
12/01/2010

AGI planning to launch two absolute returns funds in March

Investment Week reports that Nick Smith, managing director and head of fund distribution at Allianz Global Investors (AGI) in the United Kingdom, has announced that an equities fund and a multi-asset class fund, both with an absolute returns approach, will be launched in March, and will probably be managed in London. AGI is planning to rely on its expertise in 130/30 management and multi-asset class funds for its first absolute returns products on the British market. AGI is also planning to launch regional funds based on the concept of the BRIC Stars Fund from Allianz RCM (GBP699m).
12/01/2010

Veritas opens Global Real Return Fund

Veritas Asset Management has for the first time decided to open its international hedge fund to retail and institutional investors, Hedge Week reports. The fund, with GBP30m in assets, was previously available only to a small group of investors which included partners at the firm and private clients. Since its launch in July 2004, the fund has earned 68% returns, compared with 38.39% for hte MSCI World index. The fund has been restructured as a UCITS III vehicle, and renamed as Veritas Global Real Return Fund. It was launched in early January, and provides daily liquidity. The fund will aim to provide annualised returns of 6% on average over the long term, through long and short positions on global equities, bonds, cash, and derivatives. The fund is open to retail investors with a minimal investment of GBP7,000, and to institutional investors from with investments starting at GBP30,000.
12/01/2010

A record year for ETFs in Italy

In 2009, the number of ETF and ETC funds listed on the ETF Plus segment of the Borsa Italiana increased from 326 to 400, Il Sole - 24 Ore reports. Average daily trading volumes increased 12.9% over the year to EUR215m in value, and 73.1% in terms of the number of contracts which changed hands in a single trading period (9,690). The leader in the market in terms of assets, contracts, and value, is Lyxor Asset Management, with EUR31.08bn (+31% year on year).
12/01/2010

Calrlyle to launch a fund denominated in Chinese renminbi

Carlyle Group on Tuesday unveiled plans to work with city authorities in Beijing to establish a renminbi fund that will enable it to make local currency investments across China, says the Financial Times. The US private equity fund expects the fund to begin operation later this year.
12/01/2010

Frank Asbeck invests in Hauck

Michael Schramm, managing partner at Hauck & Aufhäuser, has confirmed to the Börsen-Zeitung that Frank Asbeck, chairman of the managing board of Solarworld, at the end of last year bought a 9% stake in the capital of the private bank.
12/01/2010

CRM stake in Deutsche Bank “mechanically” exceeds 3% threshold

Deutsche Bank on Monday announced in an ad-hoc filing that Capital Research and Management (CRM) notified it on 7 January that it held over 3% of its capital, and now controls 3.53%. However, the German bank states, the fact that the investor has passed the 3% threshold is merely due to the mechanical effect of a reshuffle of Deutsche Bank shares between various CRM funds.
12/01/2010

FvS releases a fund of hedge funds

BaFin has granted a sales license for Germany to the Luxembourg-registered fund of hedge funds Tectum Global Hedge (ISIN LU0250237731), launched in April 2006 by Flossbach & von Storch. The product, whose assets total over EUR95m, is managed with a multi-strategy approach, and invests in 15 hedge funds, with the objective of generating absolute returns of 7% to 9% per year. Management fees total 0.75%, and FvS also charges a performance commission of 10%, with high watermark.
12/01/2010

Helaba Invest launches an absolute returns fund

On 4 January, Helaba Invest launched the German-registered fund HI-Atlas-Invest, a multi-asset class absolute returns product whose objective is to reliably generate higher returns than the money markets, and to limit losses at the end of the year to three percentage points. The management team will replicate the evolution of ten global equities markets and four global bond markets through the use of highly liquid futures, and may invest in commodities as well as volatility. Characteristics Name: HI-Atlas-Invest ISIN: DE000A0YCQL7 Minimal subscription: EUR2.5m Front-end fee: 2% maximum Management fee: 0.80% Initial value per share: EUR50
12/01/2010

Sparinvest signs Principles for Responsible Investment

Danish fund manager Sparinvest (EUR12.36bn in assets as of the end of December) has announced that it has signed the United Nations Principles for Responsible Investment (UN PRI). Henrik Lind-Grønbæk, managing director, says responsible investment is nothing new for Sparinvest, which since 1998 has managed the Ethical Global Value fund, for example, which takes into account ethical criteria. In addition, the management firm has for several years been having its investments screened by the Swedish conslutant Ethix, to ensure their compliance with the directives of the Global Compact. Sparinvest will no longer stop at excluding bad ethical performers from its portfolio, but will follow an active policy of engagement. However, says Lind- Grønbæk, the application of the UN PRI will not take place overnight, as Sparinvest’s portfolios include shares in nearly 3,000 companies. “Consequently, this will be a long-term project, particularly in terms of the active use of shareholder voting rights.”
12/01/2010

Former head of Credit Suisse AM UK launches an asset management firm

The former chief executive of Credit Suisse Asset Management UK, David Norman, is launching a new asset management firm, which will seek to ride the wave of growing investor demand for inexpensive multi-asset class investment products, Money Marketing reports. Norman has teamed up with the founder of Folio Partners, Gary Mairs, to launch the new asset management firm, entitled TCF Fund Managers. TCF will initially offer a low-price fund management service, which will serve independent financial advisers (IFAs) and pension funds. Products offered will be based on ETFs, passively-managed mutual funds and futures. Portfolios may include British and global equities, including emerging markets, fixed income, cash, commodities, and real estate.
12/01/2010

Confidence of British investors headed downward going into 2010

According to the most recent survey by the British Investment Management Association (IMA), investors are currently far more confident than they were in 2008, but still circumspect about their investment prospects in 2010. The confidence index calculated by the association came out at 99 in November, 7 points below the level observed in May of last year, but still comfortably (28 points) higher than the low point recorded one year ago. The number of respondents to the survey who are planning to invest fell to 17% in November, from 30% in May 2009. The largest change was in the high net worth investor segment, where those planning to invest fell to 27%, from 44% in May of last year.
12/01/2010

Profit margins up for management firms

67% of asset management firms in the UK posted an increase in their profits in second quarter 2009, according to Financial Times Fund Management, citing the CBI/PwC Financial Services Survey. 35% predict an increase in profits in the first quarter of this year.
12/01/2010

Assets and number of funds increased in November

According to statistics from the Commission de Surveillance du Secteur Financier (CSSF), as of 30 November 2009, net overall net total wealth in collective investment organisms and specialised investment funds totalled EUR1.788910trn, an increase of 0.64% over the previous month (EUR1.777528trn). In detail, the EUR11.382bn increase is due to market effects of EUR9.271bn, and net inflows of EUR2.111bn. As to net inflows, OPC funds invested in “generalist” equities saw the strongest inflows (+1.48%), followed by OPC funds invested in US equities (+1.45%). At the other end of the spectrum, OPCs investing in Japanese equities saw the heaviest net outflows (-2.42%). As of the end of November, the number of collective investment vehicles (OPC) and specialised investment funds (FIS) included in the statistics increased. From a total of 3,454 products at the end of October, the total increased to 3,473 as of the end of November. A study of the structure of investments revealed a total of 2,097 entities with multiple sub-funds - including a total of 10,875 sub-funds - and 1,376 entities with a traditional structure. In total, that makes 12,251 financial vehicles active in the marketplace.
12/01/2010

Investec launches three new UCITS III funds

Investec Asset Management has launched three new funds in its GSF range, domiciled in Luxembourg, Investment Week reports. The Investec GSF Enhanced Global Energy fund, managed by Mark Lacey and Jonathan Waghorn, will take long and short positions on energy-related investments (equities, commodities, and derivatives), with the objective of earning more regular returns throughout the cycle. The Investec GSF Emerging Markets Currency Alpha, managed by Werner Guy van Pittius, will be managed with an absolute returns objective, and will be exposed to equities and bond markets in a universe of 55 emerging markets currencies. The third fund, the GSF Enhanced Natural Resources Fund, managed by Bardley George and George Cheveley, will take long and short positions on a universe of over 300 commodities ETCs and 800 equities in the natural resources sector.
12/01/2010

First Eagle cherche un partenaire distributeur en Asie

La société de gestion basée à New York, First Eagle Investment Management, cherche un partenaire distributeur en Asie hors Japon, pour compléter l’association développée avec Nikko Securities, selon Asian Investor.Pour 2010, l’autre priorité stratégique de la société qui gère quelque 38 milliards de dollars serait de trouver une équipe de gestion global credit orientée value qui serait intégrée dans la société. La société dispose déjà en interne d’une équipe d’analyse crédit qui se concentre sur la structure du capital et son impact sur les actions mais pas dans la perspective d’investissements directs.
12/01/2010

UBS se renforce sur le segment UHNW en Asie

UBS vient de renforcer son activité sur le segment UHNW (ultra high net worth) en Asie avec la nomination de Reto Marx en tant que managing director et responsable de l'équipe UHNW à Singapour, selon Asian Investor. Il sera directement rattaché à Daniel Harel, responsable de l’activité UHNW dans le sud de l’Asie.Reto Marx était précédemment responsable de la zone Asie du Sud-Est à la banque Sarasin-Rabo (Asia).
12/01/2010
Fonds

FvS commercialise un fonds de hedge funds

La BaFin a accordé son agrément de commercialisation en Allemagne au fonds de hedge funds de droit luxembourgeois Tectum Global Hedge (code Isin : LU0250237731) lancé en avril 2006 par Flossbach & von Storch. Ce produit dont l’encours dépasse les 95 millions d’euros est géré selon une approche multi-stratégies et investit dans une quinzaine de hedge funds, l’objectif étant de générer une performance absolue de 7 à 9 % par an.Les frais de gestion se situent à 0,75 % et FvS facture une commission de performance de 10 %, avec high watermark.
Fonds
12/01/2010
Fonds

Un fonds de performance absolue chez Helaba Invest

Au 4 janvier, Helaba Invest a lancé le fonds de droit allemand HI-Atlas-Invest, un produit de performance absolue multi-classes d’actifs dont l’objectif est de gérer en permanence un rendement supérieur à celui du monétaire et de limiter le perte en fin d’année à trois points de pourcentage.L'équipe de gestion réplique au moyen de futures très liquides l'évolution de dix marchés d’actions mondiaux et de quatre marchés obligataires mondiaux et peut investir en matières premières ainsi qu’en volatilité.Caractéristiques de HI-Atlas-Invest : Code Isin : DE000A0YCQL7Droit d’entrée : 2 % maximum Frais de gestion: 0,80 %Montant initial de la part : 50 eurosSouscription minimale : 2,5 millions d’euros
Fonds

Sujets d'actualité

Tous les sujets