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04/02/2009

Etats-Unis - Apports institutionnels record pour SEI

SEI a annoncé mardi avoir enregistré l’an dernier un montant record de 4,8 milliards de livres d’engagements (commitments) de la part de 35 nouveaux clients institutionnels, ce qui porte le total à 9,6 milliards pour les 24 derniers mois. Parmi les nouveaux clients européens figurent le néerlandais Bpf Meubel et le britannique Higgins Group PLC Pension & Life Assurance Scheme.
04/02/2009

Etats-Unis - Dan Och investit dans sa propre société

Daniel Och, CEO du gestionnaire alternatif Och-Ziff Capital Management Group LLC, a acheté environ 1,57 million d’actions «class A» de l’entreprise pour 7,1 millions de dollars entre le 13 novembre et le 29 janvier, rapporte the Wall Street Journal. Ce sont ses premiers achats depuis l’introduction en Bourse en novembre 2007. Selon Ben Silverman, directeur de la recherche chez InsiderScore, Dan Och a certainement estimé que le titre est largement sous-évalué. Dan Och détient à présent 2,12 % des actions «class A», mais contrôle la société au travers d’une classe spéciale d’actions «supervoting».
04/02/2009

Allemagne - Les fonds d'actions ne sont intéressants qu'après 25 ans

Selon les dernières statistiques de l’association allemande BVI du secteur, les sociétés de gestion doivent produire des séries statistiques sur plus de 25 ans pour prouver que les fonds d’actions allemandes affichent une performance moyenne supérieure à celle des produits spécialistes des autres classes d’actifs, rapporte Die Welt. Le souscripteur de fonds obligataires en euros ou de fonds immobiliers sur les dix dernières années a enregistré une performance moyenne de 2,8 % alors que celui investi en fonds d’actions allemandes ou mondiales a perdu en moyenne de 3,4 % ou 8,1 %. Sur 20 ans, même des produits réputés ennuyeux comme les monétaires ont affiché une performance supérieure à celle des fonds d’actions.
04/02/2009

Etats-Unis - Les hedge funds affichent des gains pour janvier

Selon des chiffres provisoires de HFR, les hedge funds ont affiché une performance moyenne de plus de 1 % en janvier, rapporte The Wall Street Journal. Le BVI Global Fund de Tudor Investment a affiché une performance de 2,5 %, tandis que le OZ Master Fund d’Och-Ziff Capital Management Group gagnait 3,1 %. Quant au Perry Partners International de Perry Capital, il était en hausse de 1,3 % au 23 janvier.
04/02/2009

France - Fitch ne notera plus OFI et ADI

Fitch Ratings a retiré les notes Asset Manager d"OFI Asset Management (OFI AM) et ADI Alternative Investments (ADI), à savoir la note CDO Asset manager «CAM2» attribuée à OFI AM pour ses activités de gestion structurée, la note Asset manager «M3» attribuée à OFI AM et la note Asset manager «M3» attribuée à ADI."Les notes d"OFI AM et ADI sont retirées car l"agence ne disposera plus des informations sur les sociétés, sur le processus d"intégration d"ADI par OFI AM ni sur leurs processus opérationnels, de risk management et de gestion qui permettent le suivi des notes», précise Fitch.
04/02/2009

Monde - Morningstar se lance dans la notation qualitative

Morningstar annonce un plan d"action visant à répondre aux besoins des investisseurs dans le domaine de la recherche qualitative et de la notation des fonds européens et asiatiques. Ces nouvelles notes qualitatives, et les rapports de recherche qui les accompagnent, viennent compléter la notation quantitative Morningstar (communément appelée #Etoiles Morningstar#), dotant ainsi les investisseurs et les conseillers en investissements d"un outil de comparaison, de sélection et d"analyse des fonds. Morningstar a pour objectif de noter et d"évaluer 3.000 fonds en Europe et en Asie, ce qui fera progresser la couverture sur le nombre d"analyses fournies par la société à plus de 5.000 fonds. Morningstar suit les performances ainsi que les données opérationnelles d"environ 110.000 fonds dans le monde entier. Ces nouvelles notes et analyses fournissent une évaluation prospective sur l"évolution d"un fonds en fonction des différentes conditions de marchés ; elles se basent sur des critères fondamentaux tels que les frais de gestion, l"expérience de l"équipe de gestion et le processus d"investissement. La nouvelle notation qualitative Morningstar sera établie sur une échelle de cinq notes : Elite, Supérieur, Standard, Inférieur ou Déficient - basée sur la conviction des analystes dans la capacité d"un fonds à surperformer sa catégorie sur le long terme. L"échelle de notation se distingue de celle d"autres sociétés puisque les analystes identifient non seulement des fonds de haute qualité, mais également des offres peu satisfaisantes, voire déficientes. Les investisseurs pourront classer et filtrer leur sélection de fonds en utilisant les notes qualitatives.
04/02/2009

Royaume-Uni - La Deutsche Bank lance un 130/30

La Deutsche Bank indique mardi avoir levé 90 millions d’euros pour le fonds DB Platinum IV CROCI Global 130/30 conforme à la directive OPCVM III et lancé le 19 janvier. A présent que le #soft launch# de la semaine dernière est réussi, ce produit est également disponible auprès du grand public dans plusieurs pays européens (il comporte aussi une classe de parts institutionnelle). Le fonds réplique l’indice Deutsche Bank CROCI Global 130/30 (CROCI signifie Cash Return on Capital Invested) et se focalise sur les 200 valeurs (hors financières) affichant les plus fortes capitalisations sur les marchés américain, européen et japonais.La commission de gestion pour la part institutionnelle ressorte à 1 % et le total de frais se monte à 1,16 %.
04/02/2009

Allemagne - Du courrier "Madoff" pour HSBC Investments

Six spécialistes allemands de l’investissement ont adressé ensemble une lettre ouverte à HSBC Investments au sujet du scandale Madoff. BCA, Fondskonzept, netfonds, Top Ten, Carat Fonds Service et Jung, DMS demandent à HSBC Investments Allemagne d’intervenir auprès de ses société-s?urs au Luxembourg et en Irlande pour qu’elles assument leurs responsabilités de dépositaires des fonds Thema et Heral US Absolute Return, faute de quoi on pourrait craindre une propagation de l’incendie à tout le secteur européen de la gestion. Les signataires de la missive ajoutent qu’en cas de résultat insatisfaisant de cette démarche, ils avertiront tous les investisseurs, les conseillers en investissement, les gestionnaires de fortune et les gestionnaires de fonds de fonds que HSBC n’est pas sûre en tant que banque dépositaire, ce qui risquerait de provoquer une vague de rachats sur les fonds de valeurs mobilières HSBC commercialisés en Allemagne et en Autriche.
04/02/2009

Allemagne - Ere glaciaire pour les fonds immobiliers

Sur les douze fonds immobiliers qui ont suspendu les rachats fin octobre, seuls le DEGI International et le Focus Nordic Cities rouvrent le guichet. Les autres produits demeurent gelés et cela représente un encours total de 30 milliards d’euros, soit un tiers environ du marché total, constate la Börsen-Zeitung. Les sociétés de gestion affirment qu’elles ont l’intention de rouvrir leurs fonds le plus vite possible. Mais il est tout aussi possible que certains vont encore proroger l’arrêt des rachats pour un an supplémentaire jusqu'à octobre 2010.
04/02/2009

Espagne - Le BBVA consolide sa place de numéro un de l'épargne-retraite

A fin 2008, l’encours des plans d'épargne-retraite gérés par le BBVA ressortait à plus de 14,64 milliards d’euros, ce qui représente une part de 18,68 % d’un marché de 78,41 milliards d’euros, contre 17,90 % un an auparavant. La banque a gagné 0,95 point de part de marché pour les plans individuels avec 8,04 milliards d’euros, à 16,40 %, et 0,45 point à 23,11 % correspondant à 6,55 milliards pour les plans d’entreprise.Le Santander se classe deuxième et gagne 0,34 point à 15,69 % pour les plans individuels (à 7,7 milliards), mais il n’est que sixième pour les plans d’entreprise, avec 1,11 milliard ou 3,91 % de part de marché (contre 3,82 %). La Caixa, qui se classe troisième pour les plans individuels et deuxième pour les plans d’entreprise, arrive deuxième au palmarès général, avec 11,55 milliards et 14,73 % du marché contre 12,78 %.
04/02/2009

United Kingdom - Deutsche Bank launches a 130/30 fund

Deutsche Bank announced on Tuesday that it has raised EUR90m for the DB Platinum IV CROCI Global 130/30, which complies with the UCITS III directive and was launched on 19 January. Now that last week’s soft launch has proven successful, the product is also being made available to retail investors in European countries (the fund also has a class of institutional shares). The fund replicates the Deutsche Bank CROCI Global 10/30 index (CROCI stands for Cash Return on Capital Invested), and focuses on the 200 shares (excluding the financial sector) which have the strongest capitalisations on the US, European and Japanese markets.Management commission for the institutional shares is 1%, and fees total 1.16%.
04/02/2009

United Kingdom - Deka invests in Enfield

The German management firm Deka Immobilien has announced that it has invested EUR73m in a logistical centre with 58,000 square metres of storage space and 6,300 square metres of office space in Enfield, 25 kilometres from the centre of London. The property, which will be added to the portfolio of the Deka-ImmobilienEuropa fund (EUR7.3bn), is leased in its entirety to Sainsbury’s Supermarket Ltd.
04/02/2009

World - Threadneedle forms strategic partnership with StanChart

Threadneedle announced on Tuesday that it has acquired the World Express range of funds, which at the end of December had assets totalling USD2.7bn, from Standard Chartered Bank (StanChart). The transaction increases the number of Threadneedle Luxembourg sub-funds to 35, including already existing funds.Threadneedle (GBP51bn in assets) has also signed a distribution agreement with StanChart, by the terms of which the manager becomes the strategic partner and global provider of funds for the bank in Asia and Europe. StanChart has 1,700 offices in 70 countries.
04/02/2009

United Kingdom - RAB Capital sells Northwest to management

RAB Capital has announced that it is selling the Northwest brand to George Philips and David Rogers, who directed the firm and manage three funds specialised in Asia, Northwest Fund Limited, Northwest China Opportunities Fund Limited and Northwest Warrant Fund Limited, whose assets at the time the transaction is to be completed (on 2 April) are expected to total about USD300m, on the basis of assets under management as of 31 December and redemptions already requested. The sale price of the firm is GBP1m in cash. In addition, Philips and Rogers agree not to receive 6.7 million ordinary shares in RAB Capital out of the 13.4 million shares which were pledged to be issued when Northwest was acquired by RAB Capital. These 6.7 million shares will be used for employee incentives within the group.On a proforma basis, Northwest’s activities that have been sold back to its principals are estimated to have generated pre-tax profits of GBP9m in 2007 and are expected to post a loss in 2008.
04/02/2009

United States - Record institutional inflows for SEI

SEI announced on Tuesday that last year it registered a record GBP4.8bn in commitments from 35 new institutional clients, bringing the total to GBP9.6bn in the past 24 months. Among the firm’s new European clients are the Dutch Bpf Meubel and the British Higgins Group PLC Pension & Life Assurance Scheme.
04/02/2009

United Kingdom - Paul Griffiths to transfer to Aberdeen

Until the end of June, Paul Griffiths will remain global head of fixed income at the asset management division of Credit Suisse. Then, he will move to the same position at Aberdeen Asset Management in London, where he will also be a member of the management board, Professional Pensions reports. Griffiths will succeed Gary Bartlett, who will be leaving Aberdeen. In the interim, the position will be occupied by Anne Richards, chief investment officer at Aberdeen.
04/02/2009

Germany - Equities funds are only interesting after 25 years of performance history

According to the most recent statistics from the German BVI association of management firms, recent statistics suggest that these firms need 25 years to prove that German equities funds provide better performance than products specialised in other asset classes, Die Welt reports. Subscribers to bond funds in Euros or real estate funds in the past ten years have earned an average performance of 2.8%, while investors in German or global equities funds have lost an average of 3.4% or 8.1%. On 20 years, conservative and even boring products such as money markets have produced higher performance than equities funds.
04/02/2009

Spain - Hedge funds trim sails in stormy conditions

The fund of hedge funds Consulnor Multigestión Alternativa has become the most recent Spanish hedge fund to announce that it will be closing, Cinco Días reports. Santander, Bankinter, Barclays, UBS and Próxima Alfa (BBVA) have all decided to close their Spanish-registered hedge funds or funds of hedge funds. Since October, seven of these products have been liquidated. At the end of December, assets in hedge funds totalled EUR459.7bn, and funds of hedge funds had EUR917.6m, or 0.8% of total assets in funds on sale in Spain overall. The average losses in 2008 were 11.9% for the former, and 15% for the latter.Valorica and Cygnus are two managers which have nonetheless posted enviable performance: the Valorica Global fund gained 11.8% in 2008, while the Cygnus Long Short Utilities Paneuropas gained 5.3%.There are also new products being created; Epsilon will soon launch a fund of hedge fund entitled Brightgate Capital.
04/02/2009

Germany - Ice age for real estate funds

Of the twelve real estate funds which froze redemptions at the end of October, only the DEGI International and the Focus Nordic Cities are opening their windows back up this season. The other products, representing total assets of EUR30bn, or one third of the total market, remain frozen, the Börsen-Zeitung reports. Management firms claim they are planning to reopen their funds as soon as possible. But it is also possible that some of them will extend the redemption freeze for another year, until October 2010.
04/02/2009

United States - JPMorgan chief lets fly at politicians

At a conference on Tuesday in New York, Jamie Dimon, CEO of JPMorgan Chase, declared that politicians should not lump all banks together when they criticise pay scales, and that they should distinguish between well-managed and troubled institutions, the Financial Times reports, citing Bloomberg.
04/02/2009

United States - UBS wants to sell PaineWebber

The Wall Street Journal reports that UBS is looking to sell its wealth management activity in the United States, PaineWebber. The Swiss bank was in negotiations last year with Morgan Stanley and Wachovia Securities over a possible deal. UBS is reported to have approached other major American banks.
04/02/2009

World - Madoff: 3 million victims worldwide

The Spanish law firm Cremades & Calvo Sotelo, which is already working with thirty of its counterparts in 25 countries in relation to the Madoff affair, argues that the fraud calls for a global response. It will hold a conference on 17th February in Madrid with 50 firms to co-ordinate their actions. According to the law firm’s estimates, ?the fraud exceds USD50bn, and the number of people affected is about 3 million.?
04/02/2009

World - Private equity must adapt or die

At a conference in Berlin on Tuesday, Henry Kravis, one of the best-known executives in private equity, declared that his sector will have to adapt, or it is in danger of disappearing in the context of the current crisis, the Financial Times reports.
04/02/2009

United States - TPG calls off plans of stake sale

The Financial Times reports that TPG has broken off talks to sell a stake in itself to investors, including the Kuwait Investment Authority and two California pension funds. The talks, which lasted two years, broke down over the valuation of the venture capital firm. TPG is reported to have abandoned all plans to launch an IPO, the FT says.
04/02/2009

United States - Harry Markopolos accuses SEC of ?financial illiteracy?

Harry Markopolos this Wednesday testifies before a committee of the House of Representatives on the Madoff case. His 311-page report was published on Tuesday, the Wall Street Journal reports. Markopolos, who alerted the regulator about Madoff nearly ten years ago, accuses SEC top brass of not having asked enough questions and of having made insufficient effort to understand derivative instruments which Bernard Madoff said he was using. He accuses them of ?financial illiteracy? and says that he did not contact the FBI since the SEC decided not to pursue the case. The did not go to the Financial Industry Regulatory Authority (FINRA) due to its family ties with Madoff.
04/02/2009

United States - Dan Och Invests in his own company

Daniel Och, the CEO of Och-Ziff Capital Management Group has purchased about 1.57m class A shares of the company for USD7.1m between November 13th and January 29th, The Wall Street Journal reports. He presently own about 2.12% of the alternative fund manager’s class A shares but anyway controls the company through a special class of supervoting shares.
04/02/2009

United States - Hedge funds post gains in January

According to provisional data from HFR, hedge funds showed an average 1% positive return for January, The Wall Street Journal reports. The BVI Global Fund (Tudor Investment) showed a 2.5% performance while the OZ Master Fund (Och-Ziff Capital Management Group) returned 3.1% and Perry Partners International (Perry Capital) made about 1.3% to Januray 23rd.
04/02/2009

United States - Hedge funds post gains in January

According to provisional data from HFR, hedge funds showed an average 1% positive return for January, The Wall Street Journal reports. The BVI Global Fund (Tudor Investment) showed a 2.5% performance while the OZ Master Fund (Och-Ziff Capital Management Group) returned 3.1% and Perry Partners International (Perry Capital) made avout 1.3% to Januray 23rd.
04/02/2009

France - WCP licensed to manage OPCI funds

Weinberg Capital Partners (WCP) has announced that it has been granted a license by the French financial regulator, the Autorité des marchés financiers (AMF), to manage OPCI RFA funds (collective real estate investment organisms under the simplified rules of operation), and a license for a first OPCI RFA AL fund (leveraged OPCI RFA). The license allows WCP to make operations with preferential OPCI tax status, on behalf of clients it advises, ?particularly Weinberg Real Estate Partners? - and to go in on ?club deals? with other investors.Laurent Halimi, partner in charge of real estate activities, states that WCP will prioritise ?structured outsourcing operations with owner-occupants, for which the OPCI format presents real advantages.?

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