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15/09/2009

Strong net subscriptions in July

According to statistics from Lipper Feri, net subscriptions to funds in Europe in July totalled EUR46.6bn, compared with net outflows of nearly EUR9bn in June. In the first seven months of the year, total net subscriptions come to EUR102bn, Handelsblatt reports. Good results in July are due to equities and bond funds, whose net inflows totalled EUR12.3bn and EUR15.7bn respectively, meaning that assets nearly doubled in June for the former and quadrupled for the latter class of funds. Money market funds saw inflows of EUR16.4bn.
15/09/2009

AHL to manage a UCITS III fund for Man and Dexion

Man Investments has announced that with Dexion Capital Group, it is launching the Man AHL Aiversity fund, a trend-following fund which complies with the UCITS III directive, and which will be managed by AHL (USD20.4bn in assets as of the end of March), an affiliate of Man. The product, which is intended as a diversification brick, is aimed at qualified British institutional investors. It is denominated in pounds Sterling and minimal subscription is set at GBP100. The Man AHL Diversity fund will be exposed to more than 90 markets worldwide, on 29 markets which are open 24 hours a day, and the management team will be active in all asset classes, from currencies and fixed income to soft commodities and metals.
15/09/2009

Espa launches a fund of government bonds from central and eastern Europe

Erste Sparinvest (Espa) has opened subscriptions until 9 October to a target-date bond fund which will be launched on 12 October, entitled Espa New Europe Basket. The Austrian-registered fund will invest entirely in government bonds or in state-guaranteed securities from new EU member states or approved candidates for EU membership (such as Croatia and Turkey), and will retain the bonds, which must be rated at least BBB, until maturity. Espa is offering investors fixed returns of at least 5.25% per year. Espa estimates that the product is a fund “which will not cause any headaches.” The asset management firm for Erste Bank and the Austrian savings banks estimates that the economic situation and outlooks in the countries of central and eastern Europe have been subject to a much too severe treatment by the markets. The region is expected to return to positive growth in third quarter 2009, due to the benefits of EU and IMF assistance. In addition, the prospect of EU accession will cause optimism for investors in some countries. Characteristics Name ESPA NEW EUROPE BASKET 2014 ISIN Code AT0000A0EXL1 Subscription period 14/09/2009-09/10/2009 Fund launch 12/10/2009 Minimal returns on securities in the portfolio 5.75% Minimal distribution 5.25% Maturity 10/10/2014 Front-end fee 2.00% Management fee 0.50% Exit penalty 0.50%
15/09/2009

Ignis recruits a head from M&G

Ignis Asset Management has hired Nick Pogmore as head of strategic alliances to help build links with national IFAs, networks, life offices and fund platforms, says Investment Week. He joins from M&G, where he was partnerships development director.
15/09/2009

SG Private Banking announces partnership to offer advising for art collections

SG Private Banking announced on 14 September that it is teaming up with 1858 Limited Art Advisory to meet a growing interest on the part of high net worth private clients in art, and is preparing to offer international clients art advising services. “Art specialists at 1858 Limited Art Advisory will advise and assist clients of the private bank in all impartiality and discretion on various aspects of the management of their artistic wealth portfolios,” says a statement from SG Private Banking. The range of services will include selection, estimation and trading of artworks, so as to achieve significant reductions in transactional costs; advising on purchase and sales of artworks; constitution and valuation of art collections; logistical management of expeditions, restoration, hanging and storage of artworks; representation at auction houses; organisations of private sales; and advising on philanthropy.
15/09/2009

Jim Supple promoted to head of distribution at Fidelity IIS

Mutual Fund Wire reports that Peter Cieszko, president of Fidelity Investment Institutional Services (FIIS), has appointed Jim Supple as head of distribution. He was previously national sales manager at the business, which has recently recruited Scott Couton from Evergreen Investments as its new head of product management. FIIS serves about 4,500 clients with assets of over USD100bn.
15/09/2009

Appointment at Aviva Investors France

Following the arrival of Jean-François Boulier as chairman of the board at Aviva Investors France and a change in the organisation of the business, Pascal Heurtault, currently head of equities at the firm, has been appointed CIO.
15/09/2009

JP Morgan builds platform aimed at hedge funds

J.P. Morgan has announced the creation of the Prime-Custody Solutions Group, a team which will provide integrated prime brokerage and custody services, largely to hedge fund managers. The service will be headed by Devon George-Eghdami, who was previously head of the Hybrid Capital Trading unit. George-Eghdami, based in New York, will report to both Michael Minikes, CEO of J.P. Morgan Clearing Corp. for Prime Services, and Sandie O’Connor, global head of financing & markets for the Treasury & Securities Services division. J.P. Morgan explains that the establishment of the new services comes at a time when hedge funds are launching long-only funds and are seeking structures which would allow them to domicile certain assets with custodians, while traditional asset management firms are starting up long/short strategies which need to be financed by a prime broker.
15/09/2009

Fidelity announces bonuses for 300 employees

Fidelity Investments has disclosed stock-based awards totaling USD268 million to fewer than 300 people, which is less than 1 percent of its work force, according to the Boston Business Journal. The newspaper thinks that Fidelity needs to make happy a senior group of leaders that have joined the company in the past two years.
15/09/2009

Jean-François Boulier becomes chairman of Aviva Investors France

The CEO and CIO of Aviva Investors France, Jean-François Boulier, will become chairman of the board at Aviva Investors France from 21 September. He replaces Eric Duval de la Guierce, who will continue his activities at Aviva Investors France as advisor to Alain Dromer, chief executive of Aviva Investors, and to Boulier. Duval de la Guierce will remain a member of the executive board at Aviva Investors until the end of 2009, and will continue to be a member of the executive board at Aviva France until June 2010. Boulier, for his part, will become a member of the executive board at Aviva Investors, and will remain a member of the executive board at Aviva France. Boulier has confirmed to Newsmanagers that his objective is to continue the ambitious plan put in place globally by Aviva Investors a few months ago. “We have two major areas of development,” he explains: “management on behalf of third parties outside the firm, and internationalisation of the firm’s activities.”
15/09/2009

Christian Desbois leaves UFG IM

Christian Desbois, currently CEO of UFG Investment Managers, has been appointed CFO of Crédit Mutuel Nord Europe (CMNE). He will retain his duties at UFG IM, an affiliate of CMNE, until the end of the month, a statement announcing his appointment states. Then, a new organisation will be put in place, as part of the merger process between UFG and La Française des Placements. Desbois joined the UFG group in 2002. He was previously CEO of CPR Gestion, and also worked at Fimagest and Fortis Investment Management.
15/09/2009

Nasdaq OMX and HQ Bank to launch ETF funds

According to the website of the Swedish newspaper Dagens Industri, Nasdaq OMX and HQ Bank are planning to launch ETFs on the Stockholm stock exchange in October. The first products will track the OMXS30 and Nasdaq 100 indexes. HQ Bank has recruited Jacob Sternius, an ETF expert, from Handelsbanken, Dagens Industri recalls.
15/09/2009

ERAFP preparing an SRI SMB fund

In partnership with EDHEC, the French civil servants pension fund ERAFP (Etablissement de retraite additionnelle de la Fonction publique) is working on an SRI index of SMBs, based on risk budget rather than capitalisation, Responsible Investor reports. Once the index has been created, ERAFP will launch a RFP to manage a fund worth a few tens of millions of Euros, which would use the index as a benchmark, says CEO Philippe Desfossés, who adds that ERAFP is likely to open the index to other asset management firms.
15/09/2009

Pension fund assets up in Q2

According to statistics from the Dutch central bank (DNB), assets in pension funds in the Netherlands increased 4.5% in second quarter to EUR560bn as of the end of June, largely thanks to gains of EUR16bn on equities and of EUR5.5bn on bonds, IPE reports. The central bank states that pension funds sold nearly EUR75m in bonds, and invested EUR72bn in investment funds, bringing total investments in these funds to EUR217bn as of 30 June.
15/09/2009

Berenberg benefiting from crisis

Hans-Walter Peters, chairman of managing partners, says the number of clients at the Berenberg private bank has increased by 7% since the beginning of the year, and that assets under management for high net worth private clients increased by EUR1bn to EUR8.3bn, (out of a total of EUR21bn), the Frankfurter Allgemeine Zeitung reports. Profits in first quarter increased by about 25% to EUR35.1m. Berenberg is planning to eventually increased staff at its London affiliate to 100 analysts and traders; staff has already been tripled to 45. The German bank is also planning to develop its presence in investment banking, and to set up merger and acquisition operations.
15/09/2009

Sal. Oppenheim: Due diligence has been completed

A spokesperson for Deutsche Bank on Monday told the Börsen-Zeitung that due diligence on Sal. Oppenheim’s books has now been completed, which the latter firm confirms. According to sources familiar with the matter, talks over Deutsche Bank’s potential acquisition of a stake in the private bank will begin next week.
15/09/2009

Cheyne creates an Irish OPCVM

Cheyne Capital Management (UK) has announced the launch of the Irish umbrella fund Cheyne Select Ucits Fund, which complies with the UCITS III directive and whose first sub-fund will be the Cheyne Select Convertibles Fund. The new range will be managed by Cheyne, while administration and custody will be provided by JPMorgan in Ireland.
15/09/2009

Rally on gold markets triggers fund gold rush

The SPDR Gold Shares fund, an ETF from State Street, has posted an increase in its assets of USD35bn, close to its all-time record set this June, the Wall Street Journal reports. With the price of gold again flirting with the USD1,000 per ounce threshold, managers are launching ETF funds based on gold to capitalise on the rally. ETF Securities has launched the ETFS Physical Swiss Gold Shares fund on the NYSE Arco platform, with shares in the fund representing one tenth of an ounce of gold stored in the form of ingots in Zurich. The structure of the fund is similar to that of the SPDR Gold Shares, with the only difference that the second fund stores its gold reserves in London. There is at least one other ETF backed by physical gold: the iShares Comex Gold Trust. Investors have a wide selection of ETF and ETN products to choose from, including inverse and leveraged products. The list includes funds such as the E-TRACS UBS Bloomberg CMCI Gold ETN, PowerShares DB Gold Fund, PowerShares DB Gold Double Long ETN, ProShares Ultra Gold, PowerShares DB Gold Double Short ETN, PowerShares DB Gold Short ETN, and ProShares UltraShort Gold.
14/09/2009

3i vend des participations minoritaires

Le capital investisseur 3i Group a vendu des participations minoritaires dans des petites entreprises technologiques, des télécoms et de la santé en Europe pour un total de 150 millions d’euros, indique Cinco Días. Le consortium acquéreur est composé de Coller Capital, Harbour Vest et DFJ Esprit.
14/09/2009
Fonds

Les fermetures de fonds se multiplient

Quelque 250 fonds ont disparu en 2007 et 2008 en Espagne. Cette année, avec le retour de la sérénité, le nombre de produits a augmenté au compte-gouttes, mais cette tendance s’est inversée en juin, rapporte Expansión. D’après les dernières statistiques de l’association Inverco des sociétés de gestion, 207 fonds ont fermé leurs portes entre fin mai et fin juin, et le nombre total a baissé à 2.746 unités.En un mois, il y a donc eu autant de fermetures que pour l’ensemble de 2008. Et il semble que cela se poursuive : d’après Ahorro Corporación, le nombre de fonds est tombé à 2.702 en juillet et il a réaugmenté à 2.709 en août.La seule catégorie de produits épargnée par le phénomène est celle de l’obligataire court terme, refuge traditionnel des Espagnols en cas de turbulences : le nombre de ces fonds a augmenté de 9,6 % depuis le début de l’année.
Fonds
14/09/2009
Fonds

Second record d'affilée pour l'encours des ETF

Les actifs gérés dans les ETF en Europe se sont accrus de 9,1 milliards de dollars en août pour atteindre 192,1 milliards de dollars. Il s’agit de leur second record historique consécutif, selon Barclays Global Investors (BGI). Depuis le début de l’année, l’encours a gonflé de 34,7 % et le nombre de fonds s’est accru de 18,8 % avec 141 nouveaux ETF, pour atteindre un total de 751 produits cotés 1 889 fois sur dix-neuf bourses.iShares (BGI) demeure de loin le premier acteur avec 158 ETF et en encours de 76,32 milliards de dollars fin août, ce qui représente une part de marché de 39,7 %. Lyxor Asset Management (Société Générale) se classe deuxième avec 100 fonds, des actifs de 39,71 milliards de dollars et 20,7 % de part de marché, devant db x-trackers (Deutsche Bank) qui alignait 105 ETF pour un encours de 31,19 milliards de dollars et 16,2 % de part de marché.BGI ajoute que, d’après Lipper FMI, les souscriptions nettes enregistrées durant le premier semestre par les ETF domiciliés en Europe ont porté sur 15,2 milliards de dollars.
Fonds
14/09/2009

Principal GI cherche des acquisitions en Europe

Principal Global Investors cherche une boutique européenne spécialisée dans les obligations mondiales, selon Ignites Europe. Jim McCaughan, CEO de Principal, cherche à s'étendre par le biais d’acquisitions. Et le premier endroit qui l’intéresse est Londres.
14/09/2009

Credit Suisse plus généreux en 2010 ?

Selon les analystes de Morgan Stanley, rapporte la Tribune, Credit Suisse pourrait faire partie des quelques banques européennes qui pourraient augmenter leur dividende en 2010.
14/09/2009
Fonds

Les portefeuilles des analystes battent les fonds

Les choix des brokers en matière d’actions peuvent aider les investisseurs à battre la performance de la plupart des fonds, indique une étude de GLG, relayée par le Financial Times. En s’appuyant sur une base de données de recommandations quotidiennes reçues de courtiers européens sur les quatre dernières années, la société de hedge funds montre qu’un portefeuille qui suivrait les tuyaux des analystes et qui détiendrait les titres en question pendant trois mois surperformerait de 75 % les fonds.
Fonds
14/09/2009
Fonds

Les 10 ETF qui restent à inventer

Le site ETF Database suggère une liste de dix ETF qui n’existent pas encore et qu’il serait intéressant de lancer : des produits ciblés sur la Pologne, l’Egypte ou l’Irlande, un fonds spécialiste des obligations d’entreprises mais focalisé par secteur ou duration, ou un ETF alternatif sur les obligations indexées sur l’inflation. Les autres seraient un ETF actif qui répliquerait la gestion de Bill Gross (Pimco), un fonds «ultra risqué, ultra agressif», un fonds devises autres que le dollar, un ETF sur le secteur automobile et un produit de long terme à effet de levier.
Fonds
14/09/2009
Fonds

L'indice Lyxor des hedge funds augmente moins que les autres

Le Lyxor Hedge Fund Index affiche au 31 août une progression mensuelle de 0,94 % et une hausse de 4,21 % depuis le début de l’année, des résultats qui sont nettement en retrait par rapport à ceux des indices HFR, ou Hennessee ou Barclay, avec cette nuance qu’il s’agit de résultats observés sur la plate-forme Lyxor (groupe Société Générale) et qu’il s’agit de performances de fonds «investissables». Pour les huit premiers mois de l’année, les marchés émergents et les CTA long terme accusent des pertes respectives de 6,93 % et de 7,72 %, le plongeon le plus net étant affiché par la stratégie de vente à découvert avec - 21,71 %. Les meilleurs scores sont en revanche enregistrés par l’equity long/short (22,25 %) et surtout par l’arbitrage de crédit (34,7 %).
Fonds
14/09/2009

Les Cosmen et CVC ont le feu vert pour éplucher les comptes de National Express

Le board de National Express a autorisé la famille asturienne Cosmen et le capital investisseur CVC Capital Partners à pratiquer une due diligence sur les comptes de l’entreprise, et l’autorité britannique de surveillance des fusions-acquisitions a repoussé la date du dépôt des offres de vendredi 11 septembre 18 heures au 25 septembre, rapporte Cinco Días. D’ici là, le consortium pourra décider s’il maintient ou non son offre de 5 livres par action. En cas de succès de l’opération, les Cosmen et CVC envisagent de rétrocéder certains actifs de National Express à Stagecoach.
14/09/2009

Nils Bolmstrand prend la tête de SIG

Skandia Investment Group (SIG, environ 50 milliards de livres d’encours) a annoncé vendredi la nomination comme CEO avec effet immédiat de Nils Bolmstrand, qui était responsable du développement de produits, de la distribution et des relations avec les gestionnaires à l’international. Cette nomination fait suite à la démission surprise de Jamie McLeod, qui avait fondé Skandia Investment Management voici sept ans. SIG a été créée en octobre 2007.

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