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19/11/2009

Neuberger Berman récupère Greg Francfort

Après un détour de cinq ans comme professeur d’analyse de valeurs mobilières à l’Université Columbia, Greg Francfort est revenu lundi comme head of equity research chez Neuberger Berman. Il est subordonné directement à Joe Amato, president, qui avait la recherche actions dans ses prérogatives jusqu'à présent. Greg Francfort avait déjà travaillé chez Neuberger Berman entre 1991 et 2004.
19/11/2009

Calpers a fortement réduit la voilure dans le private equity

Calpers, le plus important fonds de pension américain ,a réduit de 62 % ses investissements dans le private equity, rapporte Bloomberg. Le fonds fait également pression pour une réduction des coûts, y compris au sein d’Apollo Management LP dans lequel il détient une participation.
19/11/2009

Kenneth Griffin tente de regagner la confiance de ses clients

Les clients du hedge fund Kenneth Griffin ont perdu 8 milliards de dollars l’année dernière. Mais le gestionnaire essaie aujourd’hui de convaincre les investisseurs de lui faire à nouveau confiance, rapporte le Wall Street Journal. Il lance quatre nouveaux fonds et veut se développer dans la banque d’investissement.
19/11/2009
Fonds

John Paulson lance un fonds sur l’or

John Paulson va lancer un fonds qui investira dans des actions de sociétés minières aurifères et d’autres placements liés à l’or, selon trois investisseurs cités par le Wall Street Journal. Le fonds verra le jour le 1er janvier.
Fonds
19/11/2009

Une ex-filiale de Dexia dans la tourmente

Selon l’Agefi, une ex-filiale de Dexia, FSA (Financial Security Assurance), ainsi que Trinity Founding, filiale de General Electric, pourraient être soupçonnées par le gouvernement américain de conspiration avec un conseiller financier de chez CDR Financial Product. A l’aide du cabinet de conseil, elles auraient truqué des enchères lors de transactions financières effectuées par les municipalités américaines.
19/11/2009

John Paulson launches a gold fund

John Paulson is launching a fund which will invest in shares of gold-mining companies and other investments related to gold, according to three investors cited by the Wall Street Journal. The fund will open on 1 January.
19/11/2009

Credit Suisse/Tremont: Hedge funds earned only 0.13% in October

Credit Suisse/Tremont recently announced (see Newsmanagers of 10 November) that its hedge fund index shows returns for October of 0.17%, and 15.16% since the beginning of the year. On the basis of the final figures, returns for last month are limited to 0.13%, which is better than the results for the Barclay (-0.50%) and Hennessee (-0.17%) indices, while results for the first ten months of the year according to Credit Suisse/Tremont come to 15.11%. Since the beginning of the year, only two strategies are in the red, according to the Credit Suisse/Tremont index: dedicated short bias, with losses of 19.27%, and managed futures (-6.28%). The best results were for emerging markets, with 25.79%.
19/11/2009

EDHEC: Five strategies out of 13 show losses in October

Last month, the CTA Global strategy was the one of the 13 strategies monitored by EDHEC-Risk which showed the heaviest losses, at 1.39%. Long/short equity funds lost 0.94%, while three other strategies showed marginal losses: 0.12% for equity market neutral, 0.05% for funds of hedge funds, and 0.04% for global macro. The strongest performance, meanwhile, was for dedicated short bias, at 3.40%, followed by fixed income arbitrage (1.94%). For the first ten months of the year, only two strategies are still in the red. They are dedicated short bias (-15.3%), and CTA Global (-2.5%). However, the strongest gains were for convertible arbitrage, at 42.7%, and emerging markets (+32.8%). Since January 2001, the best results were for emerging markets, with annual performance of 12.3%, followed by distressed securities (10.6%).
19/11/2009

Hedge fund assets up

According to statistics from Eurekahedge, hedge funds in October underwent their first losses (0.3%) after seven consecutive months of gains. Market effects were negative to the tune of EUR2.4bn, while net subscriptions totalled slightly over EUR10bn. As of 31 October, total assets under management came to USD1.45trn.
19/11/2009

Guy de Blonay to co-manage Jupiter Financial Opportunities from summer 2010

Jupiter on Wednesday confirmed reports in the press in late October that Guy de Blonay will be leaving Henderson New Star to go back to Jupiter Asset Management, eight years after leaving the firm, and stated that de Blonay will be starting in January 2010 as an advisor, before joining the financial sector fund management team, composed of Philip Gibbs and Robert Mumby, next summer. De Blonay will become co-manager, with Philip Gibbs, of the Jupiter Financial Opportunities fund, which has GBP1.4bn in assets. Mumby will continue to assist in the management of the fund, which shows performance of 82.5% since its launch in June 1997. The fund has posted gains of 7% in 2008, while the financial sector sub-index of the FTSE shows losses of 48%.
19/11/2009

iShares launches five ETF funds in Hong Kong

iShares is launching five new A-share ETF funds in Hong Kong: one feeder fund which provides exposure to the CSI 300 index, and four funds which provide exposure to different sectors. The products are the iShares CSI 300 A-shares Index ETF, iShares CSI A-share Energy Index ETF, iShares CSI A-share Financials Index ETF, iShares CSI A-share Infrastructure Index ETF and iShares CSI A-share Materials Index ETF.
19/11/2009

Oyster launches a long/short credit fund

SYZ & CO yesterday announced the launch of Oyster Credit Opportunities, a new long/short sub-fund which will invest in credit, combining corporate bonds and Credit Default Swaps (CDS). The management of the UCITS III-compliant fund will be outsourced to Cairn Capital, a London-based firm specialised in credit strategies. Oyster Credit Opportunities, registered in Switzerland, is a response to strong demand on the part of investors for high added value products which are less sensitive to stock market volatility. Cairn Capital will deploy directional as well as relative value strategies, with the objective of absolute returns over the credit cycle, and low volatility. “Compared with conventional bonds, CDS offer many advantages. They are not only more liquid and more transparent than bonds in times of crisis, but they also allow managers to express negative views on market outlooks, and to use non-directional strategies,” says a statement from Syz. The fund aims for annual returns 3-5% above the Euribor in current market conditions. The product will open weekly and is available in Euros.
19/11/2009

BRIC funds will gain 40% in the next four years, says Mark Mobius

Equities markets in Brazil, Russia, India and China (BRIC) will gain 30% to 40% in the next 3 to 4 years, according to Mark Mobius, president of Templeton Asset Management, L’Echo reports. According to Mobius, increased economic growth and contained deficits will mean a favourable environment for corporate profits.
19/11/2009

Management commissions down

Due to falling interest rates, pressure from competition and poor performance, many asset management firms have lowered their fees, Financial Times Deutschland reports. In money market products, Invesco has lowered the management commission for the Invesco Euro Reserve and the Invesco USD Reserve by 0.05 points, to 0.30% and 0.40%, respectively, while BlackRock has simply ceased to charge commissions on the BGF Euro and US Dollar Reserve funds. In bonds, DWS has cut its management commissions by 0.25 points for generic products, but not for specialised products, while Schroders has cut fees for the Global Credit Duration - Hedged by half, to 0.75%. Similar cuts may be observed for equities funds. BlackRock has cut commissions for two European and one Japanese fund as well as three sectoral funds by 0.25 points, as these funds were overpriced compared with the competition. In real estate, Commerz Real in October cut its fees by more than half, for a period of one year, on the hausInvest global fund, whose performance has fallen as the value of two properties in Singapore had to be revised downward.
19/11/2009

Greg Francfort returns to Neuberger Berman

After a five-year stint as a professor of securities research at Columbia University, Greg Francfort on Monday returned to Neuberger Berman as head of equity research. He will report directly to Joe Amato, president, who was previously also responsible for equities research. Frankfurt previously worked at Neuberger Berman between 1991 and 2004.
19/11/2009

Morningstar becomes investment provider to US armed forces

On Wednesday, Morningstar announced that it has signed an agreement with the Department of Defence, by the terms of which the firm is authorised to provide research activities and exclusive investment resources to all members of the armed forces and their families. The online database Morningstar(R) Investment Research Center will be made available to about 6.5 million people. Since 2002, the service has been available to members of the US Marines. The agreement extends this audience to include the US army, navy, air force, and coast guard. The database may be accessed at libraries on military bases and through online military portals (Military OneSource, Army OneSource, Army Knowledge Online (AKO), Navy Knowledge Online (NKO) and My AF Portal).
19/11/2009

Philip La Pierre joins Union Investment Real Estate

On October 1, Philip La Pierre, who was a member of the management board at ING Real Estate Investment Management, in charge of real estate transactions in Germany and Austria, joined Union Investment Real Estate. He is now director of asset management for Germany, and will be responsible for 138 properties with a total floor area of 1.6 million square metres, and a value of about EUR3.49bn. La Pierre will report to Frank Billand, a member of the board of directors.
19/11/2009

Union Investment RE has over EUR18bn in assets

At a time when Aberdeen happens to be closing its DEGI fund to redemptions, Union Investment Real Estate (UIRE) has announced that its assets have risen by 17%, or EUR2.6bn, since the beginning of the year (according to data as of 17 November). Total assets under management in four open-ended real estate funds and two institutional real estate funds for the first time topped EUR18bn (EUR18.01bn as of 17 November). UIRE’s market share has risen from 16.9% as of 1 January to 19.2% as of the end of September. UIRE adds that subscriptions are currently so high that the funds are no longer being actively promoted for the moment. Real estate funds from the asset management firm, an affiliate of the German co-operative banks, are invested in 25 countries throughout Europe, Asia, and the Americas. UIRE has invested more than EUR1bn since the beginning of this year.
19/11/2009

Les gestionnaires d'actifs envisagent de recruter

Sur la base d’enquêtes et d’entretiens menés ces deux derniers mois, Fuse Research Network (de Boston) constate que plus de 50 % des gestionnaires d’actifs ont l’intention d’embaucher pour leur activité de product management (47 % à temps plein et 7 % en CDD) (contractors) durant les douze mois qui viennent, ce qui marque une inversion totale de tendance par rapport à la situation d’il y a un an, où 80 % des responsables interrogés prévoyaient au contraire une réduction de leur effectif.Selon Michael Evans, president de Fuse Research Network, il est clair qu'à présent la plupart des entreprises du secteur ont désormais parachevé la rationalisation de leurs activités et qu’elles sont désormais obligées de recruter pour des raisons stratégiques. Seuls 13 % des dirigeants interrogés ont encore l’intention de réduire encore leur effectif en 2010.
19/11/2009

Net subscriptions at highest levels since January-March 2006

According to statistics from Lipper FMI, net subscriptions for management firms active in Europe in July-September this year reached their highest levels since first quarter 2006, at least for long-term funds. In September, net subscriptions were limited to nearly EUR2.3bn, due to net redemptions of more than EUR28bn from money market funds, the highest level since statistics began, which more than offset inflows to equities funds (EUR14.4bn) and bond funds (EUR11.5bn), Handelsblatt reports. The asset management firms with the highest net subscriptions are BNY Mellon, State Street Global Advisors, and Carmignac.
19/11/2009

Index IQ launches M&A arbitrage ETF

The American firm Index IQ has announced that it will become the first management firm to launch an ETF whose objective, in tracking the IQ Arb Merger Arbitrage, is to outperform, before fees, by betting on shares in companies worldwide which are the target of takeover bids. The idea is to buy shares forless than the target price, and to earn gains when the transaction is completed at the target price or above it. The new product, IQ Arb Merger Arbitrage, whose acronym on Arca is MNA, carries fees of 0.75%.
19/11/2009

Funds of "German Madoff" were never genuinely audited

According to a Capital investigation undertaken by Financial Times Deutschland, Helmut Kiener - the accused fraudster known as the “German Madoff” - falsified the performance of his funds, and for years avoided any real auditing of his books. Journalists found no trace of attention to the books by any chartered accountant. The relevation raises serious questions about the rigour of controls undertaken by the German financial market supervisory authority, BaFin. It also reveals that in the British Virgin Islands, the K1 Global fund was registered only as a “private fund,” while the K1 Invest fund was not declared at all. Meanwhile, the Financial Service Commission (FSC) in Tortola, on the Virgin Islands, has revealed that the tax advisor Josef Augustin Becker de Frankenthal of Palatinat, whom Kiener declared as his chartered accountant, is not licensed as an auditor by the FSC.
19/11/2009

French financial sector association backs single carbon trading market for Europe

According to Les Echos, Bertrand Meyer, deputy head of publicly traded commodities derivatives at BNP Paribas and chairman of the commodities committee of the French financial markets association (Amafi), which is holding a conference today on carbon trading, claims that “carbon trading has not been affected by the crisis. In 2009, it has continued its strong growth: its valuation is expected to reach USD150bn for all carbon markets worldwide by the end of this year.” He says, however, that the market is still being harmed by its fragmentation. “We need to have a single carbon market in Europe. We have no preference about its model. Bluenext has real advantages: it is on the cutting edge for trading of emission rights, and has recently signed agreements with China. In the area of the desirable type of settlement for over-the-counter operations, ICE has a long head start,” he says.
18/11/2009
Fonds

Jupiter lance un compartiment actions américaines

La société de gestion britannique Jupiter annonce le lancement d’un nouveau compartiment de sa Sicav luxembourgeoise Jupiter Global Fund investi sur les actions nord américaines. Le Jupiter North American Equities sera géré par Sebastian Radcliffe, pratiquement de la même manière que le «unit trust» Jupiter North American Income Fund qu’il pilote déjà. Le compartiment est enregistré en Autriche, en Allemagne, en Finlande, en Suède, en Suisse, à Jersey, à Singapour et au Royaume-Uni. Jupiter a l’intention de le faire agréer également en France, où la société de gestion vient de s’implanter, et à Hong-Kong. Il sera disponible en dollars, en euros et en livres.
Fonds
18/11/2009
Fonds

L'Inde soutient la collecte asiatique

En Asie, les fonds ont enregistré entre juillet et septembre des souscriptions nettes de 21,3 milliards de dollars, soit son meilleur trimestre de l’année rapporte Lipper FMI dans son dernier Fund Flash sur l’Asie. Le secteur a été tiré par l’Inde, avec des entrées de 26 milliards de dollars, mais qui ont concerné uniquement des produits non risqués : fonds d’obligations en devises locales et fonds monétaires.D’une manière générale, les investisseurs asiatiques sont peu portés sur les actions en ce moment, à l’exception notable de ceux en Chine, Hong Kong et au Japon, note Lipper. Dans ces marchés, le gros des souscriptions s’est dirigé vers des fonds actions chinoises (17 milliards de dollars). Les marchés ayant par ailleurs accusé des rachats nets sur le trimestre sont la Corée du Sud (-16 milliards), l’Australie (-5,5 milliards), Singapour (-3,6 milliards) et Taiwan (-2 milliards).
Fonds
18/11/2009

Le taux de défaut des entreprises à 9,71% en octobre

Malgré les signes de reprise économique observés ici et là, le nombre d'émetteurs dans le monde notés «B-" ou en dessous de ce niveau reste élevé. Au 11 novembre 2009, le nombre de ces émetteurs s'élevait à 251 contre un niveau record de 300 en avril mais 207 il y a un an, selon un article publié le 17 novembre par Standard & Poor’s. Ces 251 émetteurs en position de faiblesse ont une dette cumulée de 268,44 milliards de dollars. Ils se trouvent d’abord aux Etats-Unis (172 sociétés sur 251, soit 69% du total).Dans ce contexte, le taux de défaut des émetteurs en catégorie spéculative s’est inscrit à 9,71% en octobre, contre 9,59% en septembre. Ce taux représente ainsi plus de douze fois le taux de 0,79% observé en novembre 2007.Depuis le début de l’année jusqu’au 11 novembre, 243 émetteurs se sont retrouvés en situation de défaut, représentant une dette cumulée de 573 milliards de dollars. Sur l’ensemble de l’année 2008, le nombre de défauts avait atteint 126 entreprises, pour une dette cumulée de 433 milliards de dollars.
18/11/2009

Le Santander regroupe sa gestion d'actifs et sa banque privée mondiale

Le conseil d’administration de Banco Santander a décidé lundi de regrouper l’activité de gestion d’actifs (Santander AM et la gestion des fonds de pension) avec la banque privée mondiale, sous la direction de Javier Marín; qui était jusqu'à présent à la tête de la division de banque privée mondiale. Quant à Juan Alcaraz, il prend la direction de la gestion d’actifs tout en conservant celle d’Allfunds Bank. Il remplace Joan David Grimá Terré, qui dirigeait la gestion d’actifs et a demandé à bénéficier d’une retraite anticipée.

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