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06/04/2009

France - Le marché est à un tournant, selon trois gérants

Selon Citywire, les trois gérants que sont François Mouté (Neuflize), Edouard Carmignac (Carmignac Gestion) et Christian Cambier (Prigest) pensent que les marchés boursiers sont à un tournant. Par exemple, Edouard Carmignac a relevé l’exposition actions de son fonds phare Patrimoine de 2,2 % début mars à 30 % aujourd’hui.
06/04/2009

Monde - Forte demande de reverse convertibles sur devises

Dans un entretien au Temps, Gilles Corbel, responsable des produits structurés à la BCV, estime que la demande de structurés se porte surtout sur les devises et provient d"une clientèle privée en quête d"une alternative au placement fiduciaire. Les reverse convertibles à deux semaines sur l"euro/dollar, le dollar/franc suisse et l"euro/franc suisse sont les produits les plus demandés en ce moment. Selon la terminologie officielle, ce sont des produits d"optimisation. Le coupon est garanti, mais pas le capital.
06/04/2009

Suisse - Le secteur de la banque privée va se consolider

Les banquiers privés suisses reconnaissent que les pressions grandissantes sur le secret bancaire pourraient pousser le secteur à se concentrer, analyse le Financial Times. Les institutions financières européennes vont probablement envisager de se défaire de leurs activités de banque privée offshore dans le cadre de leur recapitalisation.
06/04/2009

Allemagne - Hausse de l'encours du SEB ImmoPortfolio TR

Au 31 décembre, l’encours du SEB ImmoPortfolio Target Return Fund, un fonds immobilier offert au public mais destiné prioritairement aux institutionnels et aux particuliers haut de gamme, ressortait à 553,3 millions d’euros, ce qui représente une hausse de 184,7 millions d’euros en un an, sachant que les souscriptions nettes ont porté sur 178,6 millions (+ 250 %). En fin d’exercice, le portefeuille comportait 12 participations et 25 actifs détenus en direct, la valeur des immeubles correspondant à 821,8 millions d’euros, contre 593,3 millions fin 2007, dont 33,8 en Allemagne, 14,2 % aux Etats-Unis et 13,3 % en Pologne.Le fonds, dont la performance est ressortie pour 2008 à 7,1 % (elle a été en moyenne de 8,5 % sur les dix dernières années), va distribuer 26,6 millions d’euros, soit 6 euros par part.
06/04/2009

Allemagne - La Banque cantonale de Saint-Gall s'installe à Munich

Avant la fin du mois, la Banque cantonale de Saint-Gall sera la première banque cantonale suisse à se lancer en Allemagne à la chasse des clients haut de gamme (plus de 500.000 euros), des fondations et des family offices ainsi que des héritiers qui veulent rapatrier en Allemagne la fortune de leurs parents émigrés en Suisse, rapporte la Frankfurter Allgemeine Zeitung. Le président du directoire Hans-Jürgen Röwekamp sera assisté de deux membres du directoire et de six conseillers ; l'établissement implanté à Munich va solliciter une licence bancaire en Allemagne pour pouvoir aussi servir de banque dépositaire et de plate-forme de transactions pour les gestionnaires de fortune indépendants.
06/04/2009

Allemagne - DWS et DB Advisors suppriment des emplois

Lors d’une assemblée du personnel, les collaborateurs de DWS ont appris vendredi que, cette année, 50 emplois vont être supprimés dans la gestion de fonds et des produits ainsi que dans la distribution, rapporte la Börsen-Zeitung. Avec l’autre branche de la gestion d’actifs de la Deutsche Bank, à savoir DB Advisors, ce sont au total 75 postes qui vont être supprimés.
06/04/2009

Allemagne - Frankfurt-Trust applique la méthodologie FSM au FT Life-Invest

Depuis le début du mois, Frankfurt-Trust (BHF-Bank, groupe Sal. Oppenheim) applique à son petit fonds offert au public FT Live-Invest le processus FSM réservé jusqu'à présent à des portefeuilles institutionnels représentant 1 milliard d’euros d’encours, rapporte Fondsprofessionell. Cette méthodologie allie analyse fondamentale (F), sentiment de marché (S) et tendance du marché (M) pour générer un pilotage dynamique de l’allocation d’actifs tactique. Pour 2008, alors que l’indice DJ Euro Stoxx 50 perdait 42,4 %, le modèle FSM a produit une performance de 7,4 %.
06/04/2009

Espagne - Les fonds de pension dégagent à nouveau une performance

Selon le cabinet de consultants Mercer, les fonds de pension espagnols ont affiché pour mars une performance moyenne de 2 %, ce qui est leur premier résultat positif depuis août 2008, indique Cinco Días. Cependant, pour le premier trimestre, les fonds accusent une perte moyenne de 2,7 %.
06/04/2009

Allemagne - Bankhaus Lampe gagne du terrain

Dans un entretien avec la Börsen-Zeitung, Stephan Schüller, président du comité directeur de Bankhaus Lampe, refuse de quantifier précisément le montant de la provision passée sur la participation de 6,06 % dans Aareal Bank, mais elle devrait avoir été comprise entre 30 millions et 60 millions d’euros. La banque privée n’a nullement l’intention pour autant de reconsidérer cette participation. D’autre part, le banquier indique que le nombre de clients haut de gamme a augmenté de plus de 10 %, même si les encours n’ont pas pu soutenir le même rythme en raison de l'évolution des marchés. Bankhaus Lampe se prépare par ailleurs à filialiser son family office.
06/04/2009

Allemagne - Berlin va lancer un fonds obligataire pour les particuliers

Deutsche Finanzagentur, l"agence en charge des émissions obligataires allemandes, met au point un panier d"obligations souveraines du pays dans lequel les investisseurs particuliers pourront prendre des participations, a déclaré Carl Heinz Daube, co-directeur de l"agence, au Financial Times.
06/04/2009

Espagne - Bankinter lance un fonds garanti

Bankinter commercialise un nouveau fonds garanti de sa filiale Bankinter Gestión de Activos, le Bankinter Consolidación Garantizado, FI. De fait, il s’agit d’une réédition de l’ancien Bankinter BRIC Garantizado arrivé à échéance le 12 mars avec une performance de 13,55 % sur 3 ans et qui redémarre avec une nouvelle politique d’investissement ainsi qu’avec de nouvelles commissions (1,90 % pour la commission de dépôt et 0,10 % pour celle banque dépositaire). Cette fois, l'échéance est à 4 ans et 5 jours (14 mai 2013). L’investisseur percevra la plus élevée des rémunérations calculées selon deux modes : soit la somme des performances et pertes de l’Ibex 35 sur 48 mois, avec un plafonnement des gains à 2,80 % mensuel, soit un système de cliquet capturant la performance, par tranches de 5 %.
06/04/2009

Switzerland - Private banking sector to consolidate

Swiss private bankers admit that growing pressures on the banking sector may lead to consolidation, the Financial Times reports. European financial institutions will probably seek to sell off their offshore private banking activities as part of recapitalisation efforts.
06/04/2009

World - Investors still have hope for emerging markets

Three quarters of private equity investors in emerging markets are planning to invest more money in these regions, according to a survey of 156 financial institutions by the Emerging Markets Private Equity Association and Coller Capital, cited by the Financial Times. Brazil, China, and India are the three most popular countries.
06/04/2009

France - Market at a turning point, according to managers

Citywire reports that three managers, François Mouté (Neuflize), Edouard Carmignac (Carmignac Gestion) and Christian Cambier (Prigest) estimate that the market is at a turning point. For example, at the beginning of March, Carmignac raised the equities exposure of the flagship Patrimoine fund by 2.2% to a level of 30% currently.
06/04/2009

United States - Funds contributed to wage inflation

Funds contributed with their votes to corporate America"s excessive pay, according to a study by the Corporate Library and the American Federation of State, Country and Municipal Employees, cited by the Financial Times. AllianzBernstein, Barclays Global Investors, Ameriprise and Columbia Management from Bank of America were the most consistent supporters of motions by management to increase pay. Those who regularly voted against pay raises were T Rowe Price, Templeton (Franklin Resources group) and Charles Schwab, the FT notes.
06/04/2009

Luxembourg - February was a bad month for funds

In February, the Luxembourg UCIT sector suffered net redemptions of EUR4.375bn, according to the most recent statistics from the country’s regulator (CSSF). Counting negative market effects of EUR36.868bn, assets fell by EUR41.243bn, to EUR1.530291trn at the end of the month, a decline of 2.62% since the end of January 2009. The upturn in January, with a slight increase in assets and positive inflows, thus proved short-lived.In the past twelve months, the volume of assets under management has fallen by 22.04%.
06/04/2009

United Kingdom - SGAM completes sale of SGAM UK to GLG

On Friday, Société Générale Asset Management (SGAM) announced that it had completed the sale of its London-based asset management affiliate SGAM UK, after receiving permission from the regulatory authorities. The operation was undertaken through a sale of the shares in SGAM UK owned by SGAM to GLG, which will provide continued management of funds and mandates previously awarded to SGAM UK.
06/04/2009

Germany - Silvia Schmitten-Walgenbach leaves DEGI

On Friday, DEGI (EUR6bn in assets, Aberdeen Property Investors group) announced that Silvia Schmitten-Walgenbach left her job on 19 March as a member of the board of directors in charge of fund and cash management. She has resigned for personal reasons, and her responsibilities will be redistributed to the other four members of the board of directors. A statement adds that Schmitten-Walgenbach successfully oversaw the sale of large portfolios in 2007 and 2008.
06/04/2009

World - Assets in Latin American funds down by one quarter in 2008

According to the website Fund Pro, funds registered in Latin America ended 2008 with assets of USD600bn, compared with a record USD745bn one year earlier, Funds People reports. The top five markets in the region (Brazil, Mexico, Chile, Peru, and Argentina) accounted for USD557bn as of 31 December last year. Declines in assets under management ranged from 25% in Brazil to 45% in Argentina.The Banco do Brasil is the largest retail outlet in the region, with USD94.94bn, ahead of Bradesco Asset Management, with USD65.37bn, Itaú Asset Management (USD60.33bn), Santander Asset Management (USD48.2bn), and Caixa Económica Federal (USD32.94bn). BNP Paribas and Crédit Agricole are in 17th and 34th place, respectively, with USD5.82bn and USD1.33bn.
06/04/2009

Spain - Lyxor releases two hedge funds in UCITS III format

Ander López, head of alternative management for Lyxor in Spain, has announced that the French management firm is releasing two new products in the country which comply with the UCITS III directive, and which have been registered since February with the CNMV, Funds People reports. One of them is the Lyxor Hedge Fund Index Fund, a passive management product which replicates the house hedge fund index. The other is the Lyxor Active Edge, which functions like a hedge fund, but which invests in sectoral indices and not directly in funds. In addition, the product is not directional. The two funds are available in retail and institutional share classes.
06/04/2009

Germany - Natixis GA releases two guaranteed equities funds

Natixis Global Associates is releasing two sub-funds of its Luxembourg Sicav Natixis International Funds (Lux) I, managed by the American investment firm Gateway Investment Advisers, in Germany. The funds are the Gateway U.S. Equities Fund and Gateway Euro Equities Fund; Das Investment reports that they are guaranteed equities products that comply with the UCITS directive and are aimed at institutional and high net worth private investors in several countries outside the United States. The portfolio of the ‘US’ fund is based on the S&P 500, while the European fund aims to replicate the DJ Euro Stoxx 50. Guarantees are achieved through the use of calls and puts.
06/04/2009

Germany - Assets up for SEB ImmoPortfolio TR

As of 31 December, assets in the SEB ImmoPortfolio Target Return Fund, an open-ended real estate fund aimed primarily at institutional investors and high net worth private clients, were EUR553.3m, which represents an increase of EUR184.7m in one year, while net inflows have totalled EUR178.6m (+250%). At the end of the year, the portfolio included 12 investments and 35 properties owned directly, and the value of properties in the portfolio were EUR821.8m, compared with EUR593.3m at the end of 2007, of which 33.8% come from Germany, 14.2% from the United States, and 13.3% from Poland.The fund, whose performance in 2008 was 7.1% (and has averaged 8.5% over the past ten years), will pay dividends of EUR26.6m, or EUR6 per share.
06/04/2009

Norway - Former Oil Fund considers tobacco boycott

In a review of its ethical investment policies, the Government Pension Fund - Global, formerly known as the Oil Fund, may establish a policy against investment in tobacco companies, along with firms that contribute most to climate change, says finance minister Kristin Halborsen. The Wall Street Journal also reports that the finance ministry is not planning to modify the fund’s overall investment strategy, but may limit its room to maneuver in active management. However, a spokesperson for the Bank of Norway has stated that as far as it is concerned, active management is an adequate format for the fund.
06/04/2009

Spain - Pension funds earn positive returns again

According to the consulting firm Mercer, Spanish pension funds posted average performance in March of 2%, which is their first positive result since August 2008, Cinco Días reports. In first quarter, however, funds show average losses of 2.7%.
06/04/2009

Spain - UBS opens an office in Bilbao to court Basque clients

Swiss bank UBS two weeks ago opened an office in Bilbao to serve high net worth clients in the Basque country, one of the richest areas in Spain, Cinco Días reports. Currently, the new branch employs nine people, in addition to whom the bank has seven other employees in the autonomous region. The branch location is an addition to the UBS network following a branch opened in A Coruña last summer. The bank is already present in Barcelona, Sevilla, Zaragoza, Valencia, and Marbella.
06/04/2009

Germany - BHF-Bank interests potential acquirers

Although Sal. Oppenheim has not officially put its affiliate BHF-Bank up for sale, several potential buyers have already expressed interest, Matthias, count of Krockow, CEO of Sal. Oppenheim, has told Handelsblatt. According to sources close to the firm, BHF-Bank is reported to interest the private bank Delbrück Bethmann Maffei, the Swiss bank UBS and the private equity investor Lone Star, which already owns IKB. However, Santander is not said to be a candidate any more.
06/04/2009

Spain - Reig in plans to launch hotel fund for ultra-high net worth private investors

Expansión reports that Reig Capital Group, the portfolio management firm for the Andorran Reig family, has applied to the CNMV for a license to manage a hotel real estate fund with EUR200m in assets, of which EUR70m will be provided by the Reig family, and which will be aimed at ultra high net worth individuals with over EUR30m. The fund would launch in early 2010, and invest in luxury hotels located in Madrid, Paris, London, and Milan, operated by the Mandarin, Starwood, Marriott and Four Seasons brands. The fund will plan to acquire three to four such properties in two years.In June 2007, Reig Capital Group had already launched a EUR100m investment fund specialised in SMBs, entitled Miura Private Equity, which counts among its investors the French Masséna group, the American Stevenson Family Investments, the BBVA, as well as the Cerqueda and Botet families. José Caireta, CEO of Reig Capital Group, says that after luxury hotels, the Andorran family will launch a fund specialised in fashion.

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