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30/10/2009

EUR84bn in net inflows worldwide in second quarter

Assets in investment funds worldwide increased in second quarter by 5.4% to total EUR14.4trn as of the end of June 2009, according to statistics published by Efama. Net inflows for all funds totalled EUR84bn in the period under review, following inflows ofEUR46bn in first quarter. Net inflows to long-term funds (all funds excluding money market funds) totalled EUR240bn, with overall outflows of EUR425bn in the three previous quarters. Equities, bond, and diversified funds posted net inflows in second quarter of EUR156bn in second quarter, following cumulative net inflows of EUR405bn in the previous three quarters. As of the end of June 2009, assets in equities funds represented 36% of all assets in funds worldwide. The proportion of assets in bond funds came to 19%, while money market funds accounted for 28%, and diversified funds 10%. Counting non-UCITS-compliant funds, the market share for Europe as a proportion of the global fund market came to 38% as of the end of June 2009, while the United States held 44.5%. Excluding non-UCITS funds, the market shares for Europe and the United States stood at 31.5% and 49.1%, respectively.
30/10/2009

Andreas Muschter joins board at Commerz Real

Dr. Andreas Muschter will join the board of directors at Commerz Real on 1 December, replacing Eberhard Graf, who will be leaving the firm at the end of the year. Muschter, who is currently head of mergers and acquisitions at Commerzbank, will also serve as chief financial officer.
30/10/2009

Barclays and BNP victims of a German Madoff

According to the German authorities, Barclays may have lost the majority of the EUR148m it had invested in the K1 Global Sub Trust fund, managed by the German Helmut Kiener, who was arrested on Thursday on charges of fraud and abuse of confidence. Another suspected victim of the fraud is BNP Paribas, which had invested EUR40m in K1 between 2007 and 2008, L’Echo reports.
30/10/2009

RHJ acquires 20% of quirin bank

The private equity investor RHJ International, which is listed in Brussels, has acquired the 20% stake in quirin bank previously held by the Landesbank Baden-Württemberg (LBBW), quirin bank has announced. The acquisition price has not been disclosed, but according to sources familiar with the matter, it is said to be approximately EUR10.4m, LBBW had acquired the stake in the Berlin private bank when it took control of Sachsen LB.
30/10/2009

DWS may absorb Frankfurt Trust

According to reports in Handelsblatt, following the acquisition of Sal. Oppenheim by Deutsche Bank, Frankfurt Trust, the asset management division of BHF Bank, an affiliate of the bank being acquired, may be absorbed into DWS. BHF Bank, for its part, may be sold to LGT Bank. Frankfurt Trust had no comment on the reports.
30/10/2009

Pension funds return to positive territory

In second quarter, Dutch pension funds have posted performance of over 7%, the first time they have posted gains since 2007, according to statistics from the Dutch national bank (DNB), cited by Global Pensions. Rising equities markets have favoured performance, at a time when the evolution of interest rates has made it possible to increase funding rates to an average of 103%, up from 92% in first quarter.
30/10/2009

Morgan Stanley P2 Value fund remains closed, while UBS (D) 3 Kontinente reopens

On Thursday, the German management firm Morgan Stanley Real Estate Investment GmbH announced that it will be extending the closure of its P2 Value real estate fund to redemptions for a maximum of 12 months, despite gross liquidity of 16% and credit lines made available to the fund. The manager states that as of 30 September the occupancy rate for properties in the portfolio totalled 93.3%, and that defaults on rent remained under 1%. As of 28 October, assets in the fund totalled slightly over EUR1.44bn. As of 13 July, the fund was also provisionally closed to subscriptions, due to an expected depreciation of the value of assets in the portfolio. On the other hand, UBS Real Estate KAG has announced that due to the positive evolution of liquidity and subscriptions, it has reopened the open-ended real estate fund UBS (D) 3 Kontinente (EUR472m as of 30 September) to redemptions from 27 October, at noon. However, the fund management company is introducing a 3% penalty for withdrawal, which will be paid back into the fund. Due to the change of strategy of the fund, it will now be known as UBS 3 Sector Real Estate Europe.
30/10/2009

Deutsche Bank offers to reimburse victims of its error

To appease subscribers to its db Kompass Life I and II funds, Deutsche Bank is offering to pay them out a redemption of 80% of their initial investments until 27 November if they accept not to sue the bank afterwards, fondsprofessionell reports. The funds were invested in the secondary market ina portfolio of life insurance policies in the United States, but mortality rates did not correspond to the projection calculated by the initators of the project. The funds, launched in 2005, attracted more than EUR500m in investments.
30/10/2009

Michael Kiener (K1) arrested

Die Welt reports that the Würzburg prosecutor’s office on Thursday ordered the arrest of the billionaire Michael Kiener, founder of the alternative management firm K1. Kiener is accused of defrauding a British bank and a French bank of several hundreds of millions of Euros. A source close to the case says that K1 manages about EUR600m, invested in 73 hedge funds.
30/10/2009

BAI association distances itself from K1 hedge fund

The hedge fund K1, which is under investigation on suspicion of fraud, is not a German-registered product, the German BAI alternative management association hastened to announce. Frank Dornseifer, head of legal affairs and strategy at BAI, points out that the K1 group is composed of several firms which are nearly all registered abroad. In Germany, the only registered entity of the group is X1 Fund Allocation GmbH, which is neither a German-registered fund, nor a German asset management firm. It is in fact a provider of financial services licensed by BaFin, which “seems to have provided advising activities, and potentially distribution functions” for the group’s foreign-registered firms. BAI is seeking to avoid a belief becoming prevalent in public opinion that any German hedge fund might be insufficiently monitored.
30/10/2009

Barclays et BNP victimes d’un Madoff allemand

Selon les autorités allemandes, Barclays pourrait avoir perdu la majeure partie des 148 millions d’euros investis dans le fonds K1 Global Sub Trust dirigé par l’Allemand Helmut Kiener, arrêté jeudi pour fraude et abus de confiance. Une autre victime du présumé escroc serait BNP Paribas, qui a investi 40 millions d’euros dans «K1» entre 2007 et 2008, précise l’Echo.
30/10/2009

Inrate AG and Centre Info to merge

The two Swiss sustainable development ratings agrencies Inrate AG and Centre Info SA have announced that they will be merging their activities. The merger will take place in the first half of 2010, according to a press statement.
30/10/2009

JPMorgan had concerns about Galleon as early as 2001

Concerns about the business practices of Galleon founder Raj Rajaratnam and his associates were raised Inside JPMorgan Chase as far back as 2001, according to an internal company document seen by the Financial Times. The 2001 note written by an analyst at JPMorgan’s alternative asset management arm said the unit “should reduce our allocation” in Galleon’s technology fund. It alleges that the principals of Galleon “liked to operate in the ‘grey areas’” of the markets.
30/10/2009

Profits down at Morningstar in January-September

In third quarter, net profits at Morningstar rose to USD22.5m, from USD22.2m in the corresponding period of last year, on revenues down 4.3%, to USD120.1m, and operating profits down 1.4% to USD33.7m. In the first nine months of the year, net profits contracted to USD68m, from USD73.3m, while revenues fell 7% to USD356.4m, and operating profits fell 8.5% to USD101m.
30/10/2009

Edouard Carmignac strongly critical of Santander and BBVA

The founder of Carmignac Gestion and himself a manager, Edouard Carmignac has sinled out Satander and BBVA for strong criticism, Expansión reports. He called their attitude “prehistoric,” since the two major Spanish banks recently withdrew Carmignac funds from the list of products that they offer to clients. He says the two firms are now selling their inhouse funds, even though they are less profitable for subscribers. The newspaper reports that since Quality, the third-party fund platform from BBVA, published a report a few weeks ago which suggested that Carmignac may encounter some problems due to the significant increase in its assets under management, the French asset management firm has seen EUR450m in redemptions from its EUR1.8bn in assets in Spain. Edourard Carmignac has made assurances that these redemptions have not penalized other shareholders in the funds, and the two Spanish banks have preferred to make no comment about the issue
30/10/2009

Gilbert van Hassel becomes CEO of ING IM

ING Investment Management has announced on its website that Gilbert van Hassel has been appointed global CEO, replacing Jacques de Vaucleroy, who resigned on 26 October. The new CEO was previously CEO of ING IM Europe, and will report to Tom McInerney, who will become COO of ING Insurance Management. Rob Leary, who was previously CEO of ING IM Americas, will become CEO of ING Insurance US, and will be replaced in his current position by Jeff Becker, who was COO of ING IM Americas.
30/10/2009

Jefferies launches two new ETFs

The US-based Jefferies group on 28 October announced the launch of two new ETFs based on the new series of Thomson Reuters/Jefferies CRB-EQ indexes. The two ETFs, the TR/J CRB Global Agriculture Equity Index Fund and the TR/J CRB Global Industrial Metals Equity Index Fund, have been listed on NYSE Arca since 27 October. The first of the two funds invests in shares in companies which produce or distribute agricultural products. The second is focused on shares in businessses which produce or distribute base metals, industrial metals, or related products.
30/10/2009

Cooperation between La Compagnie Financière Edmond de Rothschild and Bank of China stepped up

Michel Cicurel, chairman of the board at La Compagnie Financière Edmond de Rothschild Banque, and Li Lihui, chief executive officer at Bank of China, whose respective banking groups have been partners since 2008, have announced a “strengthened strategic agreement for long-term cooperation, covering private banking and asset management activities, and financial services to businesses.” From 2010, the two groups will aim to intensify their cooperation in the management and selection of investment funds, as well as in the conception and sales of private banking services.
30/10/2009

Richard Zack joins Prudential Bache Global Commodities Group

Richard Zack is joining Prudential Bache Global Commodities Group as vice president and chief investment officer. He will be in charge of developing structured product activities. Zack was previously at the National Bank of Canada, where he was co-head of development for structured products based on linear options.
30/10/2009

Profits down at Richard Ellis in third quarter

The Global Investment Management unit at the CB Richard Ellis group in third quarter has earned operating profits of USD6.1m, compared with USD20.7m one year earlier. Assets under management total USD34.9bn as of the end of third quarter, a 4% decline compared with second quarter 2009, and 9% down on the end of 2008. In third quarter, the group earned net results of USD12.4m (USD21.6m excluding one-time charges), compared with USD40.4m one year earlier (or USD56.1m excluding one-time charges), for revenues of USD1bn, following USD1.3bn one year earlier. On nine months, the group has seen losses of USD30.9m, compared with net results of USD77.4m for the corresponding period of 2008.
30/10/2009

Allianz Global Investors takes initiative in responsible investment

The asset management firm Allianz Global Investors France, which two years ago, along with nearly 500 institutional investors and asset managers, signed the six United Nations Principles for Responsible Investment (PRI), has announced that it has pledged to integrate environmental, social and governance (ESG) factors into all of its investment processes. “Every year, the signatories of the PRI are evaluated on the basis of the deployment of these principles as a part of their investment policies and practices,” says a statement from the asset manager. “The 2009 evaluation, covering the year 2008, has revealed, in the ‘mainstream asset managers’ category, composed of 94 management firms worldwide, that there has been noticeable progress at Allianz Global Investors France,” the statement continues. The firm now rankes in the first and second quartiles for all of the six principles, while it stood in the 3rd and 4th quartiles among the 43 firms evaluated in 2008, for activities covering 2007. The five funds managed by Allianz Global Investors France, whose SRI assets represent nearly EUR5bn as of the end of September 2009, out of total assets under management of over EUR72bn, have recently obtained the Novethic label, on the basis of their adherence to four criteria: integration of environmental, social, and governance (ESG) considerations, transparency and SRI management process, extra-financial reporting on the basis of ESG criteria, and the publication of complete details of portfolio composition.
30/10/2009

Further redemptions from Henderson

Henderson Group continued to undergo net redemptions in third quarter, as GBP1.2bn flowed out of its funds, the Financial Times reports. In first half, outflows totalled GBP2.9bn. However, assets have increased 9% to GBP57.7bn since the end of June, thanks to rising markets and movements in currency rates.
30/10/2009

Délits d'initiés suspectés sur le titre KBC

Selon le quotidien belge l’Echo, une enquête judiciaire a été ouverte hier concernant d'éventuels délits d’initiés à la suite de transactions suspectes sur le titre KBC réalisées en mai dernier. Ces mouvements seraient liés à la connaissance de problèmes de l’assureur-crédit MBIA sur KBC.
30/10/2009

New license issued for Chinese fund

La Tribune reports that the Chinese fund E Fund Management announced this week that it had received a license from the Chinese market regulator as a qualified foreign investor under the Qualified Domestic Investor Program (QDII). The news raises hopes among asset management firms present in Hong Kong that, although Chinese asset management has suffered in third quarter, funds who have a license of this type may be more fortunate, the newspaper reports.
30/10/2009

SAM launches a new water "strategy"

The Swiss asset management firm SAM Sustainable Asset Management has announced that it will be launching a third strategy based on water, which will invest in small and micro-caps and emerging markets, and shares in businesses active in new technologies related to water in Asia, the Middle East and Latin America. The “SAM Sustainable Water Evolution Strategy” comes as an addition to the sustainable water and Sharia-compliant water strategies, and is aimed at “sophisticated” institutional investors. The universe includes 150 positions, and the portfolio will include only firms whose exposure to water-related business is at least 40%.
30/10/2009

Blackstone opens Shanghai office

US private equity firm The Blackstone Group has founded an affiliate in Shanghai and concluded a preliminary agreement with the state-controlled financial company Lujiazui Financial Development Co to launch The Blackstone Zhonghua Development Investment Fund, which will aim to raise CNY5bn (USD732.3m), the Wall Street Journal reports. The fund will focus its investments on Shanghai and the neighbouring region in the Yangtse river delta, but may also invest elsewhere in China. In sectoral terms, priority will be given to businesses in the area of alternative energies, environmental technologies, and medicine.
29/10/2009

Axa Reim trouve un deuxième partenaire en Asie

Selon Asian Investor, Axa Real Estate Investment Management (Axa Reim) vient de passer un accord de partenariat stratégique avec le groupe japonais Sumitomo Trust & Banking qui fait suite à un accord similaire conclu en juillet dernier avec Ping An.Axa Reim poursuit ainsi la stratégie décidée l’an dernier : devenir un acteur de tout premier plan en Asie en développant notamment ses activités en Chine, en Inde et au Japon. Les actifs sous gestion d’Axa Reim s'élèvent actuellement à 40 milliards d’euros mais sur ce montant, seulement 2 milliards d’euros trouvent leur source dans la région Asie-Pacifique. Axa souhaite que l’Asie représente 20% de son portefeuille d’ici à 2012. Axa Reim est présente au Japon depuis 2006 et a ouvert un bureau à Singapour en 2008. Axa Reim va maintenant s’installer en Chine à la faveur du partenariat conclu avec Ping An et en Australie. L'équipe régionale compte douze personnes et devrait doubler d’ici à la fin 2010.

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