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07/12/2009

SWIP buys a real estate portfolio from Aviva

On Friday, Scottish Widows Investment Partnership announced that its real estate trust (GBP1.4bn) had purchased a portfolio of 12 real estate properties from Aviva Investors for GBP260m, including facilities in Beckton and Reading, offices in Manchester and Edinburgh, retail locations in Bournemouth, and industrial sites in Crawley and Denham. Net returns on the acquisitions are expected to total approximately 7%.
07/12/2009

Investors want more influence over management of real estate funds

The real estate crisis has transformed relationships between institutional investors and real estate fund managers. Insurers want more influence not only because they are not content with the way in which the recent crisis was handled by funds, but also because BaFin has increased its requirements in regard to risk management, Handelsblatt reports. This will have two primary consequences: on the one hand, the size of funds will shrink, as banks and insurers become more cautious. On the other hand, the number of investors per fund will decrease, as subscribers will pay more attention to who invests with them than previously. There will be more “club deals” and “individual” funds launched by a single investor. Henning Klöppelt, CEO of Warburg Henderson, says each investor will need to contribute at least EUR150m to reach a total of EUR300m including leverage. This is the minimal amount needed to acquire 12 to 20 properties. With fewer than 12 properties, risk cannot be adequately diversified.
07/12/2009

Galleon founder had already been investigated

Raj Rajaratnam, the Galleon Group founder accused of insider trading, first came under investigation by the FBI in 1998 but the government was unable to bring a case against him, according to court documents cited by the Financial TImes. Suspicions were raised after the business man made trades that predicted Intel’s revenue with “extreme accuracy”.
07/12/2009

TCW acquires MetWest

The TCW Group (TCW), an international asset management firm, subsidiary of Société Générale, with approximately USD110 billion in assets under management, and Metropolitan West Asset Management, a US fixed income investment management firm with approximately USD30 billion in assets under management, have announced that the firms have signed a definitive purchase agreement wherein MetWest will be acquired by TCW. The financial terms of the agreement were not disclosed. Key MetWest investment professionals will immediately assume portfolio management responsibilities for all of TCW’s high-grade fixed income client accounts. As it relates to current MetWest clients, MetWest will maintain investment control over its existing fixed income portfolios and strategies and expects no change in its investment process or discipline. Upon completion of the transaction, MetWest Partner and CEO, David Lippman, will become Group Managing Director and Head of TCW’s high-grade fixed income business and a member of The TCW Group, Inc. Board of Directors. The transaction, which is subject to receipt of all required regulatory approvals, is expected to close during the first quarter of 2010. TCW also announced that it will make several management changes in its equities and fixed income groups. Michael P. Reilly has been named Chief Investment Officer of the Equities Group. As part of these changes, TCW separately announced that Jeffrey E. Gundlach has been relieved of his duties as TCW’s Chief Investment Officer and lead portfolio manager of TCW’s high-grade fixed income funds and accounts and removed from the Board of Directors of The TCW Group, Inc.
07/12/2009

Highland CM and Deutsche Bank settle out of court

Highland Capital Management has announced that it has settled out of court with Deutsche Bank, putting an end to lawsuits filed by both firms against each other, to their mutual financial satisfaction. In November, Highland filed a suit against the German bank in Dallas, Texas, for selling it a USD600m portfolio which turned out to be largely overvalued on false pretences. The following month, Deutsche Bank accused three Highland hedge funds of defaulting on margin calls totalling over USD70m related to real estate-backed securities.
07/12/2009

LGT recruits head of distribution from Threadneedle

Christian Pellis, who since 1998 had been head of European distribution at Threadneedle in London, will join LGT Capital Management on 1 March 2010 as a member of the board and director of distribution activities. The Dutchman will be based in Switzerland, and will report to Torsten de Santos, CEO of LGT CM. Threadneedle issued a call for internal applicants to replace Pellis while the position is occupied in the interim by the head of international distribution, Campbell Fleming, who has recently joined the firm from JPMorgan Asset Management (see Newsmanagers of 19 October). The recruitment will provide an opportunity for Threadneedle to reorient the position somewhat, as the British management firm is now planning to turn more of its energies to institutional investors, while Pellis mostly has previous experience in wholesale and retail.
07/12/2009

More than EUR80bn in net new money

According to a survey by JPMorgan AM and Lipper FMI for Funds People, Expansión reports, funds for sale on the main European markets have attracted EUR84.22bn in Q3, 2009, of which more than EUR36.52bn for equity funds, EUR34.57bn for fixed income funds and almost EUR11.11bn for mixed funds, while money-market and enhanced money-market funds suffere EUR2.21bn and EUR3.29bn in outflows, respectively.As far as equity funds are concerned, Deutsche Bank has been the most favoured asset manager with some EUR3bn in net inflows, while the Deka Euro Stocks has been the most successful equity fund, with EUR800m in net new money. Schroders led the net inflows for fixed income funds, with more than EUR3.71bn, while the AllianceBernstein Global High Yield of Axa IM took in EUR1.45bn.Carmignac Patrimoine proved to be the mixed fund with the highest net inflows (in excess of EUR3.3bn), which qualifies it as the second best fund in all categories, behind the JPM US Dollar Liquity Fund, which attracted EUR4.8bn and helped JPMAM to be the leader in money-market funds with total inflows of EUR6bn.
07/12/2009

Spanish funds begin to recover

According to a study by JPMorgan AM-Lipper FMI, Spanish funds had net redemptions in July-September of only EUR262m. That total is only 0.3% of assets as of the end of 2008, a sign that the situation is improving. French and German funds also saw net redemptions of EUR1.99bn and EUR408m, respectively. However, excluding money market funds, French and German funds saw net inflows of EUR3.96bn and EUR4.79bn, while Spain continues to be the only country in the red, with net redemptions of EUR557m.
07/12/2009

European funds attracted EUR70bn in subscriptions in third quarter

Efama reports that European UCITS funds posted net subscriptions in third quarter of EUR70bn, bringing the total for January-September to EUR122bn. These figures are a downward revision of other figures published recently (see Newsmanagers of 18 November), with a total of EUR124.2bn for the first three quarters. July-September was the third consecutive quarter of net subscriptions, and the pace of inflows increased, as net subscriptions in April-June totalled EUR30bn. Long-term UCITS funds, excluding money market funds, attracted EUR79bn in second quarter, compared with EUR55bn, and net outflows totalled EUR30bn in January-March. Efama also states that in third quarter, assets in UCITS funds increased by 7.7% to a total of EUR5.157trn as of the end of September, with an increase of 15%, or EUR197bn, for equities funds. Since the beginning of the year, assets in UCITS funds have increased 13.5%, or EUR615bn. Assets in UCITS and non-UCITS funds increased 7.2% in Q3 to a total as of the end of September of EUR6.84trn. In nine months, assets increased 12.4%, or EUR752bn.
07/12/2009

Skandia Property Fund invests in UK

The Skandia Property Fund has made its third investment in six months, in a 90,000 square metre storage facility located in Harlesrowen in the United Kingdom. The fund, managed by Nigel Pickup (ING Real Estate Investment Management) on behalf of Skandia Investment Group (SIG), paid GBP21.7m for the property.
07/12/2009

Pioneer to appoint international chief

Il Sole - 24 Ore reports that the departure of Dario Frigerio, CEO of Pioneer, was sought by Alessandro Profumo, head of UniCredit, the parent company of the asset management firm. Profumo was planning to replace him with a foreign (probably Scottish) director, with the goal of internationalizing the asset manager. Six months ago, UniCredit tried to sell Pioneer, but the bank did not receive any adequate offers. The appointment of a new director appears to indicate that the management firm is not for sale, according to the Italian newspaper.
07/12/2009

Sal. Oppenheim launches a flexible fund

Oppenheim Fonds trust GmbH (OPFT) has announced the launch of a flexible diversified fund whose exposure to equities and bonds may vary from 0% to 100%. The Oppenheim Strategiekonzept III, managed by Heinz Merkens, will involve no currency risks, as it will invest only in bonds denominated in Euros.
04/12/2009

Instinct Capital lance un fonds Japon event-driven

La société spécialisée dans la gestion alternative, Instinct Capital, récemment créée et base à Sydney, vient de lancer un fonds event-driven dédié au Japon, selon Asian Investor.La stratégie event-driven va se concentrer sur les opérations corporate, les augmentations de capital, le trading tactique, ou encore les situations spéciales.Le fonds aura pour investment manager Fred Eechaute, et pour business manager Stephen Good alors que la gestion opérationnelle sera assurée par Anita Lam. Les deux premiers ont travaillé ensemble chez Mizuho Securities au Japon, Fred Eechaute et Anita Lam ayant collaboré chez DKR Oasis.
04/12/2009

"Nous misons sur l'essor des classes moyennes dans les pays émergents"

Matthew Vaight co-gère le fonds M&G Global Basics chez M&G Investments avec Graham French, qui pilote ce produit depuis son lancement en 2000. Ensemble, ils identifient les grandes tendances mondiales et les bons thèmes d'investissement qui en découlent. Dans un entretien à Newsmanagers, le gérant revient sur l'essor des classes moyennes dans les pays émergents et le développement des infrastructures, deux thèmes qui constituent aujourd'hui les principaux focus du M&G Global Basics.
04/12/2009
Fonds

Fulcrum débarque à Madrid

Le britannique Fulcrum Asset Management (800 millions de dollars d’actifs) a obtenu de la CNMV l’agrément de commercialisation en Espagne du Fulcrum Alternative Beta Plus Fund, un fonds qui utilise des stratégies de hedge funds dans une enveloppe OPCVM III. Selon Funds People, Fulcrum a l’intention de faire enregistrer prochainement un fonds d’actions mondiales et un fonds de matières, puis un fonds sur l’Afrique en début d’année prochaine.
Fonds
04/12/2009
Fonds

Banca March lance un fonds sur la filière vin

March Gestión de Fondos, filiale de gestion de fonds de Banca March, annonce le lancement du March Vini Catena F.I. qui se veut le premier fonds d’actions mondiales couvrant la totalité de la chaîne de valeur du vin. Ce produit de 35 lignes actuellement est géré par Francisco Javier Pérez (noté AA par Citywire) et Alejandro Muñoz, responsables respectivement des actions mondiales et des actions européennes. Ils pourront s’appuyer sur un comité d’experts composé de professionnels renommés du secteur. L’indice de référence est le Morgan Stanley Capital International World Index en monnaie locale. La commission de gestion sera de 2 % et la souscription minimale est fixée à 6.000 euros. Il est prévu aussi une pénalité de sortie de 0,5 % pour les rachats avant un an.
Fonds
04/12/2009
Fonds

Les gérants font relativement confiance aux actions

D’après le Baromètre des fonds établi par Lipper, les grands gestionnaires espagnols interrogés jusqu’au 30 novembre étaient 38,46 % à surpondérer les actions contre 30,77 % le mois précédent, indique Cinco Días. La proportion de gérants neutres sur les actions a baissé à 46,14 % contre 53,85 %. Mais, paradoxalement, l’allocation aux actions s’est tassée à 41,12 % contre 41,74 % en moyenne. Le sondage a toutefois coïncidé avec l'émergence des tensions liées à Dubai World. Les poches obligations et cash sont passées respectivement de 33,02 % à 35,02 % et de 22,01 % à 20,77 %.
Fonds
04/12/2009

L'acquisition de Fortis par BNP Paribas coûterait 150-200 emplois

Selon une communication faite au personnel et rapportée par les milieux financiers madrilènes, l’intégration de Fortis (300 personnes) dans BNP Paribas (700 personnes) se traduirait par la suppression de 15 à 20 % de l’effectif total en Espagne, donc 150 à 200 personnes, indique Cotizalia. Le plan aurait été bien accueilli dans un premier temps, mais tout dépendra des modalités, notamment en ce qui concerne les mises à la retraite anticipée. Il est possible que le groupe conserve les deux marques en banque privée, vu que celle de Fortis (qui avait acheté Beta Capital) est particulièrement bien implantée.
04/12/2009

Les fonds de hedge funds sont encore confrontés à des problèmes de liquidité

Les expositions brutes des hedge funds restent encore nettement en dessous de leurs niveaux historiques, selon le dernière analyse de Standard & Poor’s sur le secteur."De nombreux fonds de hedge funds sont encore confrontés à des problèmes de liquidité» malgré la reprise des marchés actions et crédit, souligne Randal Goldsmith, analyste chez S&P Fund Services.Les expositions nettes sont également en deçà de leurs niveaux historiques mais se sont accrues au troisième trimestre. La remontée est très progressive car les gérants de hedge funds n'étaient pas convaincus de la pérennité du rally et se sont concentrés sur la génération d’alpha.Les fonds de hedge funds ont dégagé un rendement de 4% au troisième trimestre et 8% depuis le début de l’année, les fonds spécialisés sur les marchés émergents affichant les meilleurs résultats. GAM Multi-Emerging Markets a enregistré une performance de 20,5%, Permal Asian Holdings 24,8% et Permal Emerging Markets Holdings 26,1%.
04/12/2009
Fonds

Sur les fonds d'actions, les commissions de gestion se tiennent

Sur un univers de 33 fonds à compartiments d’origine britannique ou américaine basés à Luxembourg ou à Dublin avec 280 milliards d’euros d’encours et plus de 1.200 compartiments actions, l'écart-type des commissions de gestion pour les produits transfrontières commercialisés en Europe se limite selon Lipper FMI (Thomson Reuters) à 19 points de base. Cependant, 86 % des groupes affichaient un écart-type inférieur à 15 points de base et l'écart au sein des groupes se limitait à 9 points de base.Cela signifie en d’autres termes que le différentiel est finalement minime pour les fonds d’actions gérés activement dans la grande majorité des gammes de produits, souligne Lipper FMI.
Fonds
04/12/2009

Les investisseurs boudent ING

Selon Les Echos, le groupe néerlandais a du mal à lever les 7,5 milliards d’euros destinés à rembourser la moitié de sa dette de 10 milliards d’euros envers l’Etat. Depuis le début de la semaine, le cours de l’action d’ING s’affiche en baisse en dépit d’une offre pour les actionnaires existants présentant une décote de 37,3% par rapport au prix de clôture du titre du 26 novembre.

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