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04/07/2011

Asset management firms of the Rothschild family compete on the German market

The Frankfurter Allgemeine Zeitung reports that the French asset management firms Edmond de Rothschild Asset Management (EDRAM) and Rothschild & Cie Gestion have both recently initiated assaults on the German market.EDRAM (EUR14bn in AUM) has chosen the more costly option of an office in Frankfurt, in the Opern Turm, with two CEOs (Rupert Hengstler, former CEO of Oppenheim KAG, and Stefan Zayer) and contracting a communications agency.Rothschild & Cie Gestion (EUR22.4bn), meanwhile, has opted for a lower-profile option, without a local office, and a distribution agreement with max.xs.The newspaper reports that people at both firms careful avoid to speak about competition from the family’s other entity.
04/07/2011

Sal. Oppenheim opens an office in Hanover

In August, the Sal. Oppenheim private bank (Deutsche Bank group) will open its tenth branch office in Germany, in Hanover. It will be led by Michael Jänsch, who has been recruited along with his entire team from Credit Suisse in the capital city of the Lower Saxony region, and who began work at his new employer on 1 July.
04/07/2011

SWIP closes five funds

Scottish Widows Investment Partnership (SWIP) has decided to close five funds as part of a larger reexamination of its international equities range, Fund Web reports. The Pan European Equity fund (GBP10.5m), the Pan European SRI Equity (GBP14.7m), and the Asian Equity (GBP15.2m) will be closing, following redemptions requested by institutionals revising their allocations to these vehicles. The redemptions will substantially reduce the net asset value of the funds, making them no longer truly commercially viable. SWIP is also closing the Japanese Smaller Companies (GBP13m) and the US Smaller Companies (GBP25.5m).
04/07/2011

Prudential to merge 17 of its funds with M&G funds

Prudential has decided to merge 17 of its unit trusts with M&G funds during the coming year, Fund Web reports. Last month, Prudential already merged five unit trusts into their M&G fund counterparts. The wave of mergers aims to create a separation between insurance and retail activities. The Prudential brand will concentrate on multi-asset class funds, while M&G will promote multi-asset class funds as well as funds dedicated to a single asset class. Another series of mergers will be announced during the month of October.
04/07/2011

Amber acquires 3.5% of FonSai

According to Italian financial sector sources, the US asset management firm Amber Capital has recently acquired two blocks of shares in subscription rights to new shares in Fondiara Sai, Il Sole – 24 Ore reports.Following the capital increase, Amber Capital is expected to control about 3.5% of capital in the insurance company, making it the third-largest shareholder after Premafin (41%) and UniCredit (6.6%).Amber Capital already holds stakes of under 2% in Italian businesses valued at a total of EUR426.7m, including investments in Iride, Cofide and Banca Popolare di Milano.
04/07/2011

Smart-ISH fund of funds aims for returns of 10%

Cinco Días analyses the composition of the Smart-ISH d’Abante Asesores fund (see Newsmanagers of 7 and 29 June), concluding that the unstated objective is to generate annualised returns of 10%. The paper states that the selection does not aim to construct a balanced portfolio, but rather to have “a slightly aggressive slant.” The article goes on to list the various funds selected, and the qualities of each, as perceived by Ángel Olea, chief investment officer at Abante.
04/07/2011

UBS launches eight ETFs, six of them agricultural sector funds

The UBS CMCI Bloomberg agricultural index, with rolling optimisation at constant maturity horizons of 3, 6 and 12 months, two years, and five years, will be used as the underlying for six new Irish-registered ETF funds denominated in Swiss francs, euros and US dollars, which UBS ETF plc added to trading on the SIX Swiss Exchange on 27 June.Three of the products (UBS ETFs plc - CMCI Agriculture SF A acc CHF, UBS ETFs plc - CMCI Agriculture SF A acc EUR and UBS ETFs plc - CMCI Agriculture SF A acc USD) charge fees of 0.60%, while three others (UBS ETFs plc - CMCI Agriculture SF I acc CHF, UBS ETFs plc - CMCI Agriculture SF I acc EUR et UBS ETFs plc - CMCI Agriculture SF I acc USD) charge management commissions of 0.45%.UBS has also launched the emerging markets funds UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-A, which charges 0.60%, and UBS ETFs plc - MSCI Emerging Markets TRN Index SF USD-I, with fees of 0.45%.
04/07/2011

F&C plans to scale up closed fund activities

The British management firm F&C has decided to place open-ended funds and investment trusts under the responsibility of Charlie Porter, who is already responsible for the former, Fund Web reports. Ed Morse will take up the newly-created position of head of development for activities related to investment trusts, while Mike Woodward will remain in his position as head of the unit dedicated to investment trusts.
04/07/2011

F&C moves to a new operating model

Very soon, F&C will choose a subcontractor from two final candidates, to receive administrative funds at a price which will depend on assets under management and the size of transactions. The arrangement will result in annual savings of GBP12m, of which GBP9m will be the result of restructuring, and GBP3m from reductions in rental costs associated with staff reductions, the firm announced on 1 July.The outsourcing agreement will affect about 110 people, 70% of administrative personnel (thus not affecting investment, distribution or customer service). A significant portion of these personnel will be transferred to the subcontracting firm.The reshuffle arises from a desire on the part of F&C to diversify and to extend its activities beyond its historic base of insurance mandates, says CEO Alain Grisay.
04/07/2011

Alken gets a fourth partner

Funds People reports that Isabel Ortega, who joined Alken Asset Management in 2007, has been appointed as global head of sales, and on 1 July became a partner at the management firm, joining Nicolas Walewski, Antoine Badel and Marc Festa. Festa has recently been appointed as co-head of strategy.
04/07/2011

Outflows from Spanish funds continue

For the third month in a row, Spanish securities funds have seen net redemptions estimated at EUR960m in May, compared with EUR973m in April, according to statistics from Inverco, the Spanish association of management firms. Total assets have fallen by 1.4% in one month, to a total as of the end of May of EUR135.325bn, compared with EUR137.813bn as of 30 April, and EUR139.017bn as of the end of March.The top seven Spanish asset management firms by asset volumes all saw net outflows in May. This was the case at Invercaixa Gestión (third in the rankings, with EUR16.34bn), which has seen net outflows of EUR269.26m, and at Santander Asset Management, top of the rankings with EUR22.75bn in assets under management, with EUR248.35m in net redemptions. At BBVA Asset Management, number two in the rankings, with EUR20.93bn, net outflows in May totalled EUR162.61m.
04/07/2011

La zone euro offre un répit à la Grèce

Le financement à court terme du pays est assuré, alors que les débats autour d’un deuxième plan d’aide vont se poursuivre dans les prochaines semaines.
04/07/2011

L'AMF précise les règles sur la tenue du passif des OPCVM

A la suite de travaux engagés avec l’AFG et l’AFTI sur la tenue du passif, l’AMF a inséré dans le livre IV de son règlement général de nouvelles dispositions qui définissent les différentes tâches liées à la centralisation des ordres et à la tenue du compte émission des OPCVM. Elles clarifient en outre le rôle des différents intervenants, sécurisent le circuit de passation des ordres et donnent une existence juridique aux ordres directs.
01/07/2011

Les stress tests de l'assurance publiés le 4 juillet

L’Eiopa, la nouvelle autorité européenne de supervision des assureurs, publiera le 4 juillet à midi les résultats de la deuxième vague de tests de résistance menés sur le secteur à l'échelle de l’Europe.
01/07/2011

Le taux de chômage dans la zone euro stable à 9,9% en mai

Le taux de chômage de la zone euro est resté stable à 9,9% en mai, comme s’y attendaient les économistes. Selon Eurostat, 15,51 millions de personnes étaient dépourvues d’un emploi en mai, soit 16.000 de plus qu’en avril mais 551.000 de moins qu’en mai 2010. Le taux de chômage le plus élevé est en Espagne (près de 21%). Vient ensuite l’Irlande (14%). Le taux de chômage le plus bas est aux Pays-Bas (4,2%) et en Autriche (4,3%). En Allemagne, il a encore diminué, à 6,0% en mai contre 6,1% en avril.
01/07/2011

Encore des risques pour l’Italie malgré le plan d'austérité, estime S&P

L’Italie est encore confrontée à des risques concernant son endettement représentant quelque 120% de son produit intérieur brut (PIB) et ce malgré les nouvelles mesures d’austérité adoptée la veille, a estimé vendredi l’agence de notation Standard & Poor’s. Dans un communiqué, cette dernière précise que ces risques sont surtout le fait des faibles perspectives de croissance de la troisième économie de la zone euro.
01/07/2011

L'AFT, en avance sur son programme d'émission, annule l’adjudication d’août

L’Agence France Trésor, en avance sur son programme d'émission de titres à moyen et long terme, a annoncé l’annulation de l’adjudication unique du mois d’août, initialement prévue le 4. L’AFT précise qu’elle a émis à ce jour 128,1 milliards d’euros d’OAT et de BTAN sur un programme d'émission 2011 de 184 milliards d’euros net des rachats. Elle précise que le rythme normal des émissions mensuelles d’OAT, de BTAN et de titres indexés sur l’inflation reprendra en septembre. Dans cette attente, elle a annoncé qu’elle émettrait jeudi 7 juillet entre 7 et 8,5 milliards d’euros d’OAT 2020, 2021 et 2029. Les adjudications de BTAN et d’indexés sont prévues le 21 juillet, les montants visés seront annoncé le vendredi 15 juillet. En revanche, le calendrier des émissions hebdomadaires de bons du Trésor (court terme) reste inchangé.
01/07/2011

UBS takes over ING wealth management in Australia

The Swiss group UBS is taking over the Australian asset management activities of the Netherlands banking and insurance provider ING, Agefi Switzerland reports. Assets under management in the operation total EUR24.8bn.
01/07/2011
Fonds

BNY Mellon va distribuer un premier fonds Insight en Espagne

La CNMV a délivré son agrément au compartiment BNY Mellon Absolute Return Equity Fund, un produit de droit irlandais qui est le premier fonds Insight Investment enregistré pour la vente en Espagne. Ce fonds d’actions, un compartiment de BNY Mellon Global Funds, a été lancé il y a presque cinq mois (lire notre article du 2 février).
Fonds
01/07/2011

State Street renforce ses services de gestion alternative dans la zone Asie-Pacifique

State Street a annoncé le 29 juin le lancement d’une nouvelle activité de services à destination des hedge funds de la zone Asie-Pacifique et des projets de développement du côté des services dans l’immobilier et le private equity en Chine, à Hong Kong et à Singapour.Dans cette perspective, State Street a nommé Carol Hall en qualité de senior managing director et responsable des services à destination de l’investissement alternative dans la zone Asie-Pacifique. Elle sera basée à Hong Kong.
01/07/2011
Fonds

Sauren communique les détails de son nouveau fonds de fonds

Au lendemain de l’annonce du lancement le 25 juillet du fonds multi-classes d’actifs Sauren Emerging Markets Balanced (lire notre dépêche du 30 juin), l’allemand Sauren Fund-Research a indiqué que le droit d’entrée sera de 5 %, la commission de gestion de 0,55 % et la commission de distribution de 0,65 %. De plus, il est prévu une commission de 15 % sur la performance excédant les 5 % annuels.Initialement, ce fonds de fonds sera investi principalement dans des fonds d’actions des pays émergents d’Asie à hauteur de 19,5 % et des fonds d’actions émergentes du monde entier de 13 %. L’exposition aux fonds obligataires des pays émergents sera de 22 % et celle aux hedge funds de 15 %.
Fonds

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