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27/08/2009
Fonds

Des encours en progression pour la gestion collective française

Selon Les Echos, les statistiques établies par Europerformance-SIX Telekurs montrent que les fonds français, qui ont collecté 12,3 milliards d’euros en juillet,ont vu leurs actifs progresser de 3,9%, à 850,69 milliards d’euros. Sur les sept premiers mois de l’année, la hausse des actifs est de 12,2%, hors fonds alternatifs. Sur ce dernier segment, l’hémorragie s’est certes arrêtée mais, avec 8,53 milliards d’actifs, il ne pèse plus que 1% de l’ensemble des encours des fonds français.
Fonds
27/08/2009

Une émission à un milliard à la Société Générale

La Tribune rapporte que la Société Générale va émettre 1milliard d’euros de dette subordonnée en euros afin de renforcer ses fonds propres de première catégorie (Tier One). Les titres émis porteront un coupon de 9,375% avec une échéance fixée dans dix ans.
27/08/2009

Crédit Agricole : collecte nette pour la gestion d’actifs au premier semestre

Au premier semestre 2009, le métier gestion d’actifs de Crédit Agricole, appelé à intégrer Société Générale Asset Management, enregistre des souscriptions nettes de 2,8 milliards d’euros. Ses encours ressortent ainsi à 473 milliards d’euros au 30 juin 2009, en hausse par rapport aux 457 milliards de décembre 2008, mais en repli par rapport à un an plus tôt où les encours étaient de 490 milliards d’euros. Au total, le pôle Gestion d’actifs, assurances et banque privée de Crédit Agricole a enregistré des souscriptions nettes de 14,5 milliards d’euros au premier semestre, portant les encours sous gestion à 775,5 milliards d’euros au 30 juin 2009. Le résultat net part du groupe du pôle ressort à 370 millions d’euros, en baisse de 26,3 % par rapport au premier semestre de l’année dernière.
27/08/2009

Même en perte, Natixis n'exclut pas les bonus

Revenant sur la question des bonus, et après avoir qualifié de «bonne chose» l’adoption d’un Code de bonne conduite avec des «règles précises», François Pérol, le patron de Natixis, a précisé que le montant de la provision passée en prévision des bonus dans la banque ne seraient décidé que début 2010, sans exclure d’en verser même si Natixis est en perte sur l’année 2009, indique la Tribune.
27/08/2009

Terra Firma acquiert Everpower Wind

Le capital-investisseur britannique Terra Firma achète à Good Energies (groupe Brenninkmeijer) la société américaine Everpower Wind Holdings Inc. La Börsen-Zeitung rapporte que, selon des informations non confirmées, la transaction porterait sur 350 millions de dollars.
27/08/2009

Grey Owl ouvre son Opportunity Strategy aux particuliers haut de gamme

Créée en mai 2009 par deux anciens de Merrill Lynch (C. Eric Brugel et Jeffery S. Erber), la société de gestion Grey Owl Capital Management annonce qu’après avoir déjà drainé quelque 160 millions d’euros, elle va désormais proposer aux particuliers haut de gamme sa stratégie «tout-temps» Opportunity Strategy. La souscription minimale est fixée à 250.000 dollars. L’horizon de placement doit être compris au minimum entre trois et cinq ans.Grey Owl est basée à Falls Church en Virginie, l’argument de vente étant de donner l’impression de prendre du champ par rapport aux «grandes sociétés de gestion mal gérées» de Wall Street dont le défaut serait d'être axées sur la distribution des produits et non sur la fourniture d’un conseil en investissement «best-in-class».Eric Brugel et Jeffery Erber sont partisans d’une approche «retour aux sources» (back to basics) qui consiste à identifier les valeurs sous-évaluées offrant la perspective d’importantes plus-values. L’idée consiste à sélectionner entre 15 et 25 lignes en actions, en fonds traditionnels, en ETF sectoriels et en instruments obligataires.
27/08/2009

La dwpbank assure l'administration de 90 000 nouveaux comptes

Avec effet immédiat, la Deutsche WertpapierService Bank (dwpbank) prend en charge l’administration d’environ 90.000 comptes de fonds de la Wüstenrot Bank, ce qui augmente le nombre de ce type de comptes gérés par dwp à environ 270.000. Par ailleurs, la Wüstenrot Bank devient le premier client du nouveau service WPBrokerage de la dwp La dwpbank, qui appartient pour moitié chacun au groupement des banques populaires et à celui des caisses d'épargne, compte environ 400 clients directs et environ 1.600 établissements rattachés pour le règlement des transactions sur valeurs mobilières. Au total, elle administre environ 8,3 millions de comptes.
27/08/2009
Fonds

Union lance un fonds garanti à trois piliers

Le 25 septembre, Union Investment (banques populaires) lancera le fonds de droit luxembourgeois UniGarant: 3 Chancen 2016 qui garantit au minimum le capital hors droit d’entrée et frais de compte. Il investira en actions et en matières premières sur les marchés internationaux ainsi qu’en obligations d’Etat de la zone euro.Caractéristiques Dénomination UniGarant: 3 Chancen 2016 Code ISIN LU0426556196 Echéance 23 septembre 2016 Valeur initiale de la part 100 euros Droit d’entrée 4 % Commission de gestion 1 % Pénalité de sortie anticipée 2 % acquis au fonds
Fonds
27/08/2009

ABN Amro wants to finish winding down by the end of the year

Les Echos reports that the Dutch banking group ABN Amro lost EUR2.656bn in first half, largely from the activities it sold to RBS, compared with profits of EUR2.9bn one year previously. The dismantling of ABN Amro has still not been completed. The group is hoping to complete the process by the end of this year, but the operation is still dependent on selling off assets, particularly the sale of Holland Bank to Deutsche Bank, for which the Netherlands government will need to resolve some details to comply with European Union requirements.
27/08/2009

Asset management at Dexia triples net profits in Q2, to EUR6m

Dexia on Wednesday evening announced that net profit at its asset management division in April-June totalled EUR6m, compared with EUR2m in first quarter. In second quarter 2008, it totalled EUR24m. For first half as a whole, this EUR8m corresponds to a 79.8% decrease compared with the EUR41m in January-June of last year.Revenues for asset management contracted in April-June by 37% compared with second quarter 2008, and are up 17% compared with January-March 2009, and assets have increased in Q2 by EUR4bn, or 5%, largely due to positive market effects.Dexia states that “net inflows have been satisfactory for institutional funds, but retail funds are still showing outgoing volumes, though these are less considerable in size.”
27/08/2009

USS selects UBS as administrator for funds of hedge funds

The Universities Superannuation Scheme (USS) announced on Wednesday that it has selected UBS Global Asset Management - Fund Services to provide fund of hedge fund administration services. The services will be provided by the Irish arm of UBS Fund Services. On this occasion, USS says that it has considerably strengthened its internal capacities in hedge fund selection, as a part of which it has deployed a program of absolute performance strategies, and recruited Luke Dixon and Emily Porter for its dedicated hedge fund team.The pension fund is planning to invest 5% of its assets in individual hedge funds in the next 18 to 24 months. In the mid-term, USS is planning to increase its exposure to alternative strategies to 20%.
27/08/2009

Testosterone leads to increased risk-taking

Testosterone plays an important role in financial risk aversion, according to a new study by the Kellogg School of Management at Northwestern University and the University of Chicago’s Booth School of Business and Department of Comparative Human Development. Prior research has shown that the hormone, which is generally found in higher concentrations in men, enhances competitiveness and dominance, reduces fear, and is associated with risky behaviours such as gambling and alcohol use. However, until now, the impact of testosterone on gender difference in financial risk-taking had not been explored, according to the study, entitled “Gender differences in financial risk aversion and career choices are affected by testosterone.”The researchers found that higher levels of testosterone was related with a greater appetite for risk in women, but not among men. However, in men and women with similar levels of testosterone, the gender difference in risk aversion disappeared. In addition, the researchers reported that the relationship between risk aversion and testosterone predicted career choices after graduation: individuals with more testosterone and a lower risk aversion choose risker careers in finance.
27/08/2009

ING hoping to raise USD1.5bn through sale of assets

ING is seeking to raise at least USD1.5bn with the imminent sale of its private banking activities in Asia and Switzerland, the Financial Times reports, citing people familiar with the matter. The potential buyers are expected to submit final bids next week. Julius Baer is reported to be a leading contender. The other candidates are Standard Chartered, HSBC, Barlcays, and DBS Bank.
27/08/2009

Rabobank attracts EUR3bn in subscriptions in first half

Net subscriptions in first half to Robeco, Sarasin and Schretlen & Co have totalled EUR3bn, while assets under management and custody increased 6%, to a total of EUR195bn as of 30 June.The division nonetheless shows a net loss of EUR9m, compared with net profits of EUR131m in the corresponding period of 2008, excluding capital gains on the sale of Alex. This deterioration is due to a decline in ordinary and performance commissions.
27/08/2009

Rabobank results affected by toxic loans

Netherlands Rabobank has posted net profits of EUR1.3bn for first half 2009 (compared with EUR1.6bn in the first half of the previous year), La Tribune reports. Toxic loans will remain a considerable issdue in second half, the bank warns.
27/08/2009

Assets up for French collective management

Les Echos reports that statistics established by Europerformance-SIX Telekurs show that French funds, which collected EUR12.3bn in July, saw an increase in their assets of 3.9%, to EUR850.69bn, in that month. In the first seven months of the year, the increase in assets totals 12.2%, exclusing hedge funds. In this latter segment, outflows may have ceased, but, with EUR8.53bn in assets, these funds now account for only 1% of total assets in French funds.
27/08/2009

Merrill Lynch bonuses: Judge accuses SEC of complacency

After accusing Bank of America directors of lying to their shareholders about USD3.6bn in bonuses awarded to Merrill Lynch executives, Judge Rakoff has now accused the SEC of complacency. The District Court of Manhattan judge has challenged the “amicable settlement” reached between the SEC and BoA, by which the bank paid a fine of USD33m. Rakoff argues that a more severe sanction needs to be imposed on the directors responsible rather than on shareholders.
27/08/2009

Liechtenstein and Luxembourg ratify double taxation agreement

Liechtenstein on 26 August signed a double taxation agreement with Luxembourg, the fourth such agreement since the principality decided to comply with OECD standards in cooperation with the tax authorities of other countries. With the ratification of this agreement, the principality “continues to meaningfully deploy international cooperation in matters of taxation,” the principality’s prime minister, Klaus Tschütscher, says in a statement.
27/08/2009

Hermes speaks out against German brain drain danger

The British management firm Hermes on Wednesday sent a letter to the presidents of the 80 largest German companies (the businesses included in the Dax and MDax indexes) to tell them that in their opinion, a rule that forbids board members from becoming members of the supervisory board for two years after they leave their jobs runs the risk of costing the companies precious experience and expertise, the Financial Times reports. The rule is included in a new law on remuneration which came into force this month, and has also come in for criticism from the largest asset management firm in the country, DWS (Deutsche Bank group).
27/08/2009

New money market instruments for British insurers

After an extensive consultation, the association of British insurers (ABI) has decided to create a new investment sector within the money markets, entitled “Deposit & Treasury.” The constraints for the new category for available instruments and their maturities will be stricter than those for the current sector, which will nonetheless continue to exist, the association says in a statement. The new category, which will be available from 1 November, will respond to investors’ desire to have a sector in the wake of the crisis in which capital preservation will be the main priority. “This initiative is good news for consumers. It will make life easier for investors seeking stability in a volatile context. No sector can cover all risks, but this new segment will consist only of the simplest available funds,” says Maggie Craig, director of life and savings at the association. Among the instruments to be made available in the new category will be time deposits, deposit certificates, and British government bonds. All instruments will be denominated in pounds sterling, and will have a maximal time to maturity of 12 months.
27/08/2009

AWD posts losses

In first half, sales at AWD (Swiss Life group) contracted by 20% to EUR258.3m. The German financial services provider has posted negative earnings before interest and taxes (EBIT) of EUR10.3m, compared with profits of EUR27.2m, while net losses totalled EUR8.9m, compared with profits of EUR20m. Due to the continuing financial crisis, AWD has announced that it will be accelerating its “Milestone” cost reduction program, with a resizing of the holding company at the top, and an optimization of back-office functions for German companies of the group. Following the abandonment of several sponsorship programs, AWD is now planning to reduce its spending on marketing and administrative functions, which could generate savings of EUR7m in 2009. In 2010, the volume of savings aimed for it EUR17.5m.
27/08/2009

Net subscriptions total EUR16.5bn in first half

Initially, the BVI association had estimated net subscriptions to German asset management firms in first half at EUR3.7bn. This applies only to funds on sale in Germany. With the addition of funds on sale abroad and mandates, net inflows for the asset management sector totalled EUR16.5bn, the association states.As of the end of June, total assets thus increased by nearly EUR52bn in six months, to a total of EUR1.5664trn. Two thirds of this growth is due to positive market effects.
27/08/2009

Hedge funds post gains in July

The Barclay index of hedge funds has posted further gains in July. The 2,303 funds of the index which had reported results as of 26 July had earned an average of 3.04% last month, which brings average gains for the first seven months of the year to 14.31%. Only equity short bias shows a loss (of 10.88%) in January-July, but this includes only 11 products. The strongest results were for convertibles arbitrage (35.60%, for 36 funds), and emerging markets (27.66%, for 356 funds).
27/08/2009

NYSE Euronext and LSE look to India

L’Agefi reports that the two stock market operators NYSE Euronext and the London Stock Echange may each acquire 55 of the new Indian stock market MCX. The founders of the MCX-SX market will be required to reduce their stakes by the 15th of September to comply with regulations.
27/08/2009

Net redemptions at a two-year high

According to estimates by the Inverco association of asset management firms, assets un securities funds as of the end of July totalled EUR161.37bn, which represents an increase of more than EUR1.26bn or 0.8% since the end of June, and the largest increase in 27 months. Meanwhile, net redemptions have totalled EUR196m, the smallest amount since April 2007.In the first seven months of the year, net outflows contracted to slightly over EUR9.2bn, while they were as much as EUR35.12bn in the corresponding period of 2008.
27/08/2009

European management industry reganing confidence

Les Echos reports that estimates by Lipper Feri finds that the European management industry started the summer on a good note, with EUR4bn in inflows in June to bond funds, and EUR7bn to equities funds. In first half, products invested in debt (excluding junk bonds) from European companies posted subscriptions of EUR19bn, while those invested in equities took on EUR30bn. Carmignac has posted the largest inflows in Europe, with EUR2.1bn in June, and EUR7.5bn in first half.
27/08/2009

Grey Owl opens Opportunity Strategy to high net worth private clients

The asset management firm Grey Owl, founded in May 2009 by two former employees of Merrill Lynch (C. Eric Brugel and Jeffery S. Erber), has announced that after receiving more than EUR160m in subscriptions already, it will now be offering its “all-season” Opportunity Strategy to high net worth private clients. Minimal subscription will be set at USD250,000. The investment horizon will vary from a minimum of three to five years.Grey Owl is based in Falls Church, Virginia, and profiles itself as a firm which operates far from the “large, mismanaged investment management firms” of Wall Street, which it claims are oriented to product sales rather than to providing “best-in-class” investment advising.Brugel and Erber support a “back-to-basics” approach which aims to identify undervalued shares which offer a prospect of major capital gains. They aim to select 15 to 25 positions in equities, traditional funds, sectoral ETFs, and bond instruments.
27/08/2009

Terra Firma acquires Everpower Wind

The British private equity investor Terra Firma has acquired the American firm Everpower Wind Holdings Inc. from Good Energies (Brenninkmeijer group). The Börsen-Zeitung states that, according to unconfirmed reports, the sale price is said to have been USD350m.
27/08/2009

Crédit Agricole : net subscriptions for H1

For the first half of this year, the asset management operation at Credit Agricole, which is bound to take over Société Générale Asset Management, shows net subscriptions of EUR2.8bn. AUM thus rose to EUR473bn at June 30th from EUR457bn at end-December, but are down from EUR490bn yoy. The asset management, insurance and private banking division registered net inflows to the tune of EUR14.5bn for the first six months of this year, which helped AUM to reach EUR775.5bn by the end of June. Net profit after minority interests plummetted 26.3% yoy to EUR370m.
27/08/2009

AP1 posts first net outflows

As of the end of June, assets in the pension fund Första AP-fonden (AP1) totalled SEK181.4bn, which represents an increase of SEK9.8bn compared with 31 December, though net investment income totalled SEK11.5bn, a net performance of 6.7%, compared with losses of 8%. This difference is due to the fact that AP1 has seen net outflows for the first time, of SEK1.7bn, largely due to the retirement of employees of the “baby boom” generation.AP1 says in its half-yearly report that it has altered its asset management model, and now prefers an absolute returns formula to an active management policy. Before fees, performance of listed assets totalled 7.5%, while the alternative allocation lost 4.4% (or SEK400m), largely due to a depreciation of 6% in the value of real estate assets.

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