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11/01/2011

Bordier & Cie obtient une licence bancaire à Singapour

La banque privée suisse Bordier & Cie ouvre une filiale à Singapour, indique Le Temps. Elle est placée sous la responsabilité d’Evrard Bordier, associé depuis le 1er janvier, qui s’installe sur place. L’implantation locale a reçu lundi sa licence de «merchant bank» de la part de l’autorité de régulation, la Monetary Authority of Singapore. L’effectif devrait être porté à 20 employés d’ici la fin de l’année.Bordier & Cie, dont l’encours sous gestion avoisine 9,5 milliards de francs suisse, prévoit que sa filiale gère un milliard de francs au terme de la première année d’exercice. Pour atteindre cet objectif, la banque va proposer aux clients de Bordier International Bank & Trust (BIBT), une entité domiciliée aux îles Turques-et-Caïques (territoire britannique d’outre-mer aux Caraïbes) spécialisée dans la gestion privée offshore, d’y déplacer leurs avoirs, qui s’élèvent à plus d’un demi-milliard de francs.
11/01/2011

Credit Suisse diffère plus largement les bonus

Credit Suisse durcit ses règles sur les bonus, note l’Agefi. La banque helvète a abaissé de 125.000 à 50.000 francs (40.000 euros) le seuil au-delà duquel les bonus de ses salariés feront l’objet d’un paiement différé au titre de l’année 2010. Les employés sous le grade de «director» recevront l’intégralité de leur variable en actions, ajoute le quotidien.
11/01/2011
Fonds

Raiffeisen lance un fonds indiciel avec Pictet

Associé depuis plusieurs années avec Vontobel dans la gestion et la distribution des fonds de placement, Raiffeisen Suisse a choisi la banque privée Pictet & Cie pour se lancer dans les fonds indiciels, en raison de l’importance de son portefeuille d’actifs gérés dans ce domaine, soit 22 milliards de francs suisses.C’est le segment des actions suisses qu’ont choisi les deux banques partenaires, précise Le Temps. Leur choix s’est porté sur l’indice SPI et ses 220 titres. Les partenaires envisagent le lancement d’un fonds similaire à la mi-2011. En attendant, Raiffeisen compte lever 100 millions de francs pour son fonds helvétique.
Fonds
11/01/2011
Fonds

Invesco Perpetual lance un fonds de rendement sur les actions asiatiques

Invesco Perpetual envisage de lancer un fonds de rendement sur les actions asiatiques. Le fonds, géré par Stuart Parks et Tim Dickson, investira principalement en Asie et en Australasie (hors Japon). La Chine et Hong Kong devraient se voir attribuer les pondérations les plus importantes, la Corée, l’Australie et l’Inde occupant des positions moins importantes.Le fonds vise un rendement du dividende supérieur de 20% à l’indice MSCI Asie Pacifique hors Japon. Les frais d’entrée s'élèvent à 5%, les frais de commission étant de 1,5% par an.
Fonds
11/01/2011

Aviva Investors se renforce en Asie

Après avoir lancé un pôle immobilier il y a deux ans, le groupe britannique Aviva Investors vient de recruter Manish Singhai et Kevin Talbot pour développer ses activités actions et obligations en Asie à partir de Singapour, rapporte Aviva Investors. Manish Singhai a été nommé chief investment officer pour les actions tandis que Kevin Talbot rejoint le groupe en tant que chief investment officer pour le fixed income.Manish Singhai, qui a passé une dizaine d’années chez AllianceBernstein, a lancé en 2008 un hedge fund market neutral dédié à l’Asie hors Japon, Arjava Capital, qu’il vient de fermer. Kevin Talbot travaillait précédemment chez ANZ Private Bank à Singapour.
11/01/2011
Fonds

East Capital renomme les fonds d’AGI

La société de gestion suédoise East Capital vient de renommer les deux fonds gérés par Asia Growth Investors, une société de gestion spécialisée sur l’Asie – également basée à Stockholm - qu’elle a acquise l’année dernière (lire article du 17 juin 2010). Ainsi, depuis le 1er janvier, le fonds AGI China East Asia Fund est devenu East Capital China East Asia Fund, tandis que l’AGI China Fund a adopté le nom d’East Capital China Fund. Ce changement de noms n’a aucun impact sur la stratégie d’investissement des fonds, qui reste la même, précise Karine Hirn, de East Capital, sur le site Internet de la société de gestion nordique. Les deux fonds sont exposés à la Chine, le China East Asia Fund ayant un univers un peu plus large que l’autre. Les produits sont gérés par la même équipe, qui vient néanmoins d’être renforcée.
Fonds
11/01/2011

Acacia Inversión obtient un agrément de société de gestion de fonds

Créée en 1997 comme société de gestion de portefeuille, Acacia Inversión est le premier opérateur à obtenir en 2011 une licence de société de gestion de fonds, rapporte Funds People. Elle propose déjà à sa clientèle de particuliers haut de gamme quatre fonds profilés : Acacia Bonomix (75 % d’obligations, 25 % d’actions), Globalmix Mixto Renta Variable (50/50), Reinverplus Renta Bariable (100 % actions) et Acacia Premimum Renta Variable Global (100 % actions internationales).
11/01/2011
Fonds

Les hedge funds ont dégagé une performance de 11,6% en 2010

Le secteur des hedge funds a enregistré une collecte nette de 13 milliards de dollars en novembre, selon les estimations de TrimTabs Investment Research et BarclaysHedge. Il s’agit du cinquième mois consécutif de collecte et du montant le plus élevé depuis février 2010.L’année 2011 se présente sous les meilleurs auspices pour le secteur, estime le fondateur et président de Barclayshedge, Sol Waksman, qui souligne dans un communiqué que «les hedge funds ont dégagé une performance de 11,6% en 2010 et les investisseurs continuent de leur confier des capitaux». En outre, les fonds de pension seront certainement amenés à faire appel à leurs services compte tenu de la faiblesse des rendements offerts par le marché.Les fonds actions long/short ont drainé 2,5 milliards de dollars durant le mois sous revue, le montant le plus élevé parmi l’ensemble des stratégies alternatives. Les fonds évenementiels ont attiré 2,2 milliards de dollars et les fonds émergents 1,8 milliard de dollars. Les fonds obligataires ont poursuivi sur leur lancée des mois précédents, avec une collecte de 1,9 milliard de dollars.Les CTA ont en revanche subi une décollecte de 3,9 milliards de dollars en novembre, la première en neuf mois mais, précise-t-on, en raison du remboursement d’un seul fonds. Les fonds de fonds ont pour leur part collecté 473 millions de dollars.Vincent Deluard, executive vice president responsable de la recherche chez TrimTabs, estime que 50% environ des gérants de hedge funds vont toucher des commissions pour les performances réalisées en 2010. C’est mieux que les 32% de 2009 ou les 16% de 2008, mais loin du niveau record de 90% enregistré en 2006.
Fonds
11/01/2011
Fonds

Les hedge funds collectent 70 milliards de dollars en 2010

Les hedge funds ont enregistré des souscriptions nettes de 70 milliards de dollars en 2010, portant les encours à plus de 1.650 milliards de dollars pour la première fois depuis septembre 2008, indique Eurekahedge. Ils ont en outre affiché une performance de 10,86 % sur l’année. Eurekahedge note que les hedge funds japonais ont progressé de 6,79 % en 2010, soit leur meilleure performance annuelle en 5 ans.
Fonds
11/01/2011
Fonds

L'indice Ucits Alternative a progressé de 1,86% en 2010

L’indice global «Ucits Alternative Index» publié par la société éponyme a progressé en décembre de 1,07% et de 1,86% sur l’ensemble de l’année contre 9,27% pour 2009.Les meilleures stratégies pour décembre ont été les commodities et les CTA qui affichent des gains de respectivement 2,73% et 2,66%. Mais sur l’ensemble de l’année, les stratégies commodities accusent un recul de 2,10% après un gain de près de 6% en 2009. Les CTA ont de leur côté terminé l’année sur une progression de seulement 0,01% contre 0,88% en 2009.Les grands gagnants de l’année ont été l’event-driven (+4,47%) et le fixed income (+4,15%).
Fonds
11/01/2011

Acacia Inversión granted fund management firm license

p { margin-bottom: 0.08in; } Acacia Inversión, founded in 1997 as a portfolio management firm, has become the first operator to be issued a fund management license in 2011, Funds People reports. It already offers its high net worth private clients four profiled funds: Acacia Bonomix (75% bonds, 25% equities), Globalmix Mixto Renta Variable (50/50), Reinverplus Renta Variable (100% equities) and Acacia Premium Renta Variable Global (100% global equities).
11/01/2011

Assets under management at Impax up 44%

p { margin-bottom: 0.08in; } The environmental sector specialist Impax Asset Management Group (a partner of BNP Paribas IP), which is listed on the AIM, announced on 10 January that its assets under management were up 44% in the year to 30 September, to a total of GBP1.82bn. Assets under management have continued to increase in the subsequent months, to a total of GBP2.25bn as of 31 December 2010. Pre-tax profits, which got a boost from the repayment of a loan valued at GBP1m, totalled GBP5.2m, compared with GBP2.5m the previous year. The firm is proposing to pay a dividend of 0.60 pence per share, compared with 0.40 pence per share the previous year. Long-only strategies on publicly-traded equities earned returns of 69.3% in the five years to 31 December, compared with 23.6% for the MSCI World index.
11/01/2011

Profitability of asset management industry rising

p { margin-bottom: 0.08in; } Fundstrategy reports that a study by PriceWaterhouseCoopers and the Confederation of British Industry (CBI) finds that the profitability of the asset management sector has increased significantly in the UK in the past quarter. Average costs have increased, but business volumes have also increased along with fees and commissions.
11/01/2011

Threadneedle adds to emerging markets equities personnel

p { margin-bottom: 0.08in; }Threadneedle has annouced the appointment of Irina Miklavchich to the position of fund manager, Global Emerging Markets Equities. She will join the Asia (ex Japan) and Global Emerging Markets Equities team of seven headed by Vanessa Donegan and will manage a number of global emerging markets funds. Ms Miklavchich joins Threadneedle from Goldman Sachs where she was an executive director in the Principal Strategies Group since 2006, with responsibility for managing the EMEA equity long-short portfolio. Prior to that Ms Miklavchich worked at Goldman Sachs Asset Management as an executive director in the Emerging Markets and Global Financial teams.
11/01/2011

Guaranteed funds attracted a net total of EUR2.1bn in 2010

p { margin-bottom: 0.08in; } Despite average losses of 0.9%, according to Ahorro Corporación, Spanish guaranteed funds, with EUR2.1bn, were the only category aside from equities funds (EUR500m), to post net subscriptions in 2010, Cinco Días reports. And of the 124 new funds launched in Spain last year, 61 were guaranteed products.Assets in guaranteed funds increased by EUR1.6bn to total EUR48.5bn as of the end of the year. Meanwhile, assets managed by bond funds fell over the year as a whole by EUR27.5bn (of which EUR20.9bn were net outflows), to a total of EUR52.6bn as of 31 December.
11/01/2011

BNY Mellon AM launches Latin American infrastructure strategy in France

p { margin-bottom: 0.08in; } As reported by Newsmanagers on 29 November 2010, BNY Mellon Asset Management announced on Monday, 10 January that it has launched its BNY Mellon Latin America Infrastructure fund, a sub-fund of the BNY Mellon Global Funds Sicav, managed by the BNY Mellon ARX Investments team based in Rio de Janeiro, in France. BNY Mellon Latin America Infrastructure, which is aimed at retail and institutional investors, will invest in companies active in sectors related to infrastucture, such as equipment, transport, steel, telecommunications and energy, and in the key regions of Brazil, Mexico, Chile and Peru. The fund is composed of a concentrated portfolio of 35-50 equities. Characteristics ISIN code: EUR (A) shares: IE00B45KKV37EUR © shares: IE00B3VB9Y99Management fee: A shares: 2%C shares: 1%Minimal subscription: A shares: EUR5000C shares: EUR5m
11/01/2011

Hermès/LVMH: minority shareholder defence organisation will appeal AMF decision

p { margin-bottom: 0.08in; } The French Association for the Defence of Minority Shareholders (ADAM) will appeal a decision by the French financial market regulator, the Autorité des marchés financiers (AMF), to grant a special dispensation to the usual takeover regulations for family shareholders in Hermès defending themselves against LVMH. Colette Neuville, president of ADAM, has told Reuters that she will file the appeal by Monday, 17 January. The appeal does not come as a surprise, as the ADAM president had already stated on several occasions that she opposed any exceptions under the law. “The appeal will be filed within six days, as regulations stipulate,” says Neuville, adding that the six-day period counts from last Thursday, when the AMF granted its clearance to Hermès. Neuville, who challenges the “reclassification” arguments used by the AMF, claims that the case “poses the problem of the value of regulated information” published by the Hermès directors, who had always claimed in the documents they supplied to the regulator and to the market that there were no shareholders who singularly or collectively controlled the capital of the company.
11/01/2011

ICI unveils plan for liquidity bank

The Investment Company Institute presented regulators with a proposal that would form a liquidity bank to help stabilize money-market funds during a market panic, according to The Wall Street Journal. The proposed bank wouldn’t backstop a fund that collapsed on its own. Instead, it would seek to prevent the damage from spreading to other funds.
11/01/2011

SEC charges hedge fund

The Securities and Exchange Commission has filed civil charges against the co-founder of hedge fund Trivium Capital Management and three others persons, accusing them of trading on inside information regarding Google and other companies as part of its investigation into Galleon Group, the Financial Times writes.The US regulator alleged that Trivium, its co-founder Robert Feinblatt and analyst Jeffrey Yokuty made USD15m in profits by trading ahead of Google and Polycom’s earnings reports and before private equity takeovers of Hilton and Kronos were announced.
11/01/2011

East Capital renames AGI funds

p { margin-bottom: 0.08in; } The Swedish asset management firm East Capital has renamed two funds managed by Asia Growth Investors, an asset manager specialised in Asia, also based in Stockholm, which it acquired last year (see Newsmanagers of 17 June 2010). From 1 January, the AGI China East Asia Fund has become the East Capital China East Asia Fund, while the AGI China Fund becomes known as the East Capital China Fund. The change of names has no impact on the investment strategy of the funds, which remains the same, says Karine Hirn of East Capital on the website of the Scandinavian asset management firm. The two funds are exposed to China, where the China East Asia Fund has a slightly broader universe than the other fund. The products are managed by the same team, which has recently been enlarged.
11/01/2011

Invesco Perpetual launches an Asian income equities fund

p { margin-bottom: 0.08in; } Fundstrategy reports that Invesco Perpetual is planning to launch an income fund focused on Asian equities. The fund, managed by Stuart Parks and Tim Dickson, will invest largely in Asia and Australia (ex Japan). The fund aims for returns from dividends equivalent to 120% of the MSCI Asia Pacific ex Japan index.
11/01/2011

Raiffeisen launches a tracker fund with Pictet

p { margin-bottom: 0.08in; } Raifeissen Switzerland, which for several years has been partnered with Vontobel for the management and distribution of investment funds, has selected the private bank Pictet & Cie to launch its first tracker fund, due to the size of its portfolio of assets managed in this area, totalling CHF22bn. The Swiss equities segment was selected by the partner banks. Their choice fell on the SPI index of 220 shares. The partners are planning to launch a similar fund in mid-2011. Meanwhile, Raifeissen is planning to raise CHF10m for its Swiss fund.
11/01/2011

Société Générale Securities Services appoints a deputy director of emerging markets

p { margin-bottom: 0.08in; } Société Générale Securities Services (SGSS) has announced the appointment of Philippe Huerre as deputy director of emerging markets. He will work in close collaboration with Ramy Bourgi, director of emerging markets. Huerre, who since 2004 had been director of retail client custody services at SGSS, will aim to “consolidate the leading position of SGSS in emerging markets, where SGSS provides securities services to domestic and international investors,” a statement says. In 2010, SGSS extended its geographical presence into the Gulf states, through a commercial agreement with the National Bank of Abu Dhabi.
11/01/2011

Real estate funds: performance will remain modest in 2011

p { margin-bottom: 0.08in; } According to a Handelsblatt survey of Commerz Real, Deka Immobilien, RREEF (Deutsche Bank) and Union Investment Real Estate (UIRE), with a total of EUR52bn in assets for their real estate open-ended funds, a major increase in performance compared with 2010 is not to be expected in 2011. Gains as of the end of November varied from 1.3% for Westinvest (Deka) to 3.3% for the hausInvest fund from Commerz Real, well below the usual 4% to 5%. This is due to high levels of liquidity, at 20% to 34% for UIRE, and 20% for funds from RREEF and Deka, which reduces performance. The hausInvest fund has only 15% cash, which boosted returns.Some real estate funds are seeking to reduce their liquidity by investing, but the competition drives up the prices of good quality commercial properties. UIRE was therefore not able to spend all of its investment budget of EUR1.2bn for 2010, and RREEF is expecting only EUR500m in investments this year, compared with EUR800m last year.Net subscriptions in 2010 are estimated to have totalled over EUR1bn at RREEF and Deka, and EUR1.5bn at UIRE, but hausInvest saw net outflows of EUR1.4bn in January-November.
11/01/2011

Pimco Europe and db x-trackers together attract all of subscriptions

p { margin-bottom: 0.08in; } In January-November 2010, German open-ended funds, excluding real estate, attracted net subscriptions of EUR21.21bn, less than the total for Pimco Europe, of the Allianz Global Investors (AGI) group (with EUR17.73bn), combined with that of db x-trackers, the ETP provider from Deutsche Bank (with EUR5.8bn), according to statistics from the German BVI association of asset management firms.Two groups had net outflows: Deka (savings banks), which had net redemptions of EUR5.45bn, and Union Investment (co-operative banks), with net outflows of EUR2.68bn.Among the other major firms, the AGI ensemble has net subscriptions of EUR14.36bn, and the DWS/DB Advisors/Deutsche Bank family has EUR2.89bn.For ETFs, excluding db x-trackers (and Lyxor, which does not make its figures public), BlackRock, with its iShares products, attracted over EUR1.16bn, while Commerz Derivative Funds solutions, with ComStage, attracted EUR684.3m. However, ETFlab (Deka) saw net outflows of nearly EUR200m.
11/01/2011

Net inflows to asset management firms nearly doubled in January-November 2010

p { margin-bottom: 0.08in; } According to the most recent statistics from the German BVI association of asset management firms, net subscriptions in the first eleven months of the year totalled nearly EUR80.86bn, compared with more than EUR43.57bn in the corresponding period of last year.However, the 85.5% increase conceals a major transformation in the distribution between the various classes of contributions. Open-ended funds in January-November 2010 attracted about EUR22.58bn, compared with EUR2.83bn for the corresponding period in 2009, while net inflows to institutional funds (Spezialfonds) increased to EUR61.12vn from EUR21.87bn. But net inflows to mandates of EUR18.87bn in the first eleven months of 2009 were transformed into net outflows last year of EUR2.84bn.In total, assets (open-ended funds, institutional funds and mandates) as of the end of November were down to EUR1.8235trn, from EUR1.8251trn one months earlier, and up compared with the EUR1.6899trn recorded on 30 November 2009. As of the end of November 2010, open-ended funds represented EUR701.11bn, while institutional funds came in with EUR808.83bn, and mandates measured EUR313.56bn.
11/01/2011

Henderson granted a license in Germany for Credit Alpha Fund

p { margin-bottom: 0.08in; } On 4 January, BaFin issued a sales license for Germany to the British-registered Credit Alpha fund, a sub-fund of the Henderson Strategic Investment Funds, launched on 16 April 2010. The fund invests in corporate bonds, ABS, preferential equities, equities, collateralised credits in CDS, and other derivatives. The fund is available in US dollar and euro shares, all of which are hedged for currency risks. Characteristics Names: Henderson Credit Alpha Fund A USD (hedged) Acc. ; Henderson Credit Alpha Fund A EUR (hedged) Acc.ISIN codes: GB00B603K666 (shares in dollars) ; GB00B630QF50 (shares in euros)Front-end fee: 5%Management commission: 1.5%depository banking commission (RBS): 0.30%Performance commission: 20% of quarterly outperformance of the Libor GBP 3-month, with high watermark Account maintenance fee: 0.18%Minimal subscription: USD1,500 or EUR1,500
11/01/2011

Number of ETFs in Europe tripled during the crisis

p { margin-bottom: 0.08in; } At the beginning of 2007, ETFs in Europe had assets under management of EUR103bn. As of the end of September 2010, assets totalled EUR232bn, according to data from Global ETF Research and BlackRock, Expansión reports. In the same period, the number of funds tripled, from 500 to 1,500 products. The three largest operators in Europe are iShares (BlackRock), with a market share of 32.7%, Lyxor Asset Management (Société Générale), with 16.6%, and db x-trackers (Deutsche Bank), with 15.7%.
11/01/2011

Funds managed by banks underperform

Funds managed by banks and insurance companies generally underperform those operated by independent asset managers across Europe, according to data compiled for Financial Times Fund Management by Lipper.However, in some countries, such as France, pure asset managers are over-represented at both extremes of the performance scale, suggesting they are taking more risk than their banking and insurance counterparts.

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