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25/10/2010

Négociations salariales en bonne voie chez BNP Paribas

BNP Paribas a proposé une augmentation générale comprise entre 450 et 500 euros par an pour les salariés dont la rémunération ne dépasse pas 75.000 euros, rapporte la Tribune. Les syndicats FO, CFTC et CFDT se sont prononcés en faveur des propositions formulées par la direction.
25/10/2010

Amundi cherche à déléguer la partie non cotée de ses FIP et FCPI

Amundi, pôle commun de gestion d’actifs du Crédit Agricole et de la Société Générale, entend mettre en place une architecture ouverte sur son offre de produits FIP ISF (fonds d’investissement de proximité) et FCPI (fonds commun de placement dans l’innovation), révèle l’Agefi. Cette offre a vocation à être gérée à partir de 2011 par d’autres sociétés de gestion, pour les nouveaux capitaux collectés. Un appel d’offres a été lancé la semaine passée auprès d’un grand nombre de gérants de la place de Paris, note le quotidien qui cite une source proche du dossier. Sur une trentaine de sociétés de gestion actuellement consultées, Amundi devrait retenir entre quatre et six d’entre elles qui gèreraient chacune entre 15 et 30 millions d’euros par an. Seule la gestion de la partie réservée aux PME innovantes devrait être déléguée.
25/10/2010
Fonds

Invesco acquiert de l'immobilier de bureaux à Paris

Invesco a annoncé, vendredi 22 octobre, avoir acquis auprès de la société Klépierre un ensemble immobilier de bureaux et commerces de 12.042 m² situé à Paris aux 23-25 rue Marignan et 36-38 rue Marbeuf pour un fonds d’Invesco Real Estate. Le montant de la transaction est de 134,5 millions d’euros. Depuis le début de l’année, Invesco Real Estate a levé 229 millions d’euros de capitaux supplémentaires pour son fonds pan-européen, auprès de neuf nouveaux clients, précise un communiqué.
Fonds
25/10/2010
Fonds

Lyxor lance 10 ETF sectoriels à Paris

Lyxor vient d’introduire sur Euronext Paris 10 ETF indexés sur les indices sectoriels MSCI World total return (dividendes réinvestis), permettant de s’exposer à la hausse comme à la baisse aux principaux secteurs mondiaux : biens de consommation courante, produits de base, énergie, finance, santé, industrie, technologies de l’information, matériaux, télécommunications et service aux collectivités. Ces ETF, de droit luxembourgeois, sont également cotés en Bourse de Milan, sur le London Stock Exchange et la Bourse de Francfort respectivement depuis le 24, 27 et le 29 septembre 2010.Les indices sont calculés par MSCI en dollar et leurs composantes sont libellées en devises locales. L’investissement dans un de ces ETF (cotés en euro) est donc également sensible à l’évolution des taux de change de ces différentes devises face à l’euro. Ces 10 nouveaux fonds indiciels cotés viennent compléter une offre de 28 Lyxor ETF sectoriels dont les encours sous gestion s’élèvent à près de 2,3 milliards d’euros au 10 octobre 2010.Lyxor ETF MSCI World Consumer Discretionary (TR LU0533032008)Lyxor ETF MSCI World Consumer Staples (TR LU0533032263)Lyxor ETF MSCI World Energy (TR LU0533032420)Lyxor ETF MSCI World Financials (TR LU0533032859)Lyxor ETF MSCI World Health Care (TR LU0533033238)Lyxor ETF MSCI World Industrials (TR LU0533033402)Lyxor ETF MSCI World Information Technology (TR LU0533033667)Lyxor ETF MSCI World Materials (TR LU0533033824) Lyxor ETF MSCI World Telecommunication Services (TR LU0533034129)et Lyxor ETF MSCI World Utilities (TR LU0533034558)
Fonds
25/10/2010

"Financière de Champlain aura toujours un fonctionnement indépendant"

La société de gestion Ecofi Investissements, filiale du groupe Crédit Coopératif, vient de prendre une participation de 58 % au capital de la Financière de Champlain, société spécialisée dans l’univers du développement durable. Jean-François Descaves revient sur l'enjeu et les suites de ce rapprochement.
25/10/2010

KKR recrute des traders de Goldman Sachs

Selon Les Echos, la firme de «private equity» KKR va reprendre, au 1er janvier, neuf membres de l'équipe de Goldman Sachs qui s'était spécialisée dans le courtage sur fonds propres, le «proprietary trading», qui a représenté jusqu'à 10% des revenus de Goldman Sachs. Cette activité vient d'être bannie aux Etats-Unis par la règle Volcker dans la nouvelle loi de réglementation financière parce que jugée trop risquée. Comptant sur la réputation de l'équipe menée par Robert Howard, trente-neuf ans, KKR espère attirer des investisseurs et monter un hedge fund pour sa division de gestion d’actifs (13 milliards de dollars d’actifs sous gestion).
25/10/2010
Fonds

L’ancien fondateur de TCI lance un hedge fund

Patrick Degorce, l’ancien banquier de Merrill Lynch qui avait co-fondé The Children’s Investment Fund avec Chris Hohn, a levé plus de 700 millions de dollars pour son nouveau hedge fund, Thélème Partners, rapporte le Financial Times. Le fonds, investi en actions et géré en partenariat avec un ancien associé de TCI, Snehal Amin, a déjà affiché une performance d’un peu plus de 10 % depuis son lancement en février.
Fonds
25/10/2010

Hausse du bénéfice de T. Rowe Price

Pour le troisième trimestre 2010, T. Rowe Price Group affiche un bénéfice net de 169,1 millions de dollars sur un chiffre d’affaires de 586,1 millions contre 132,9 millions et 498,1 millions pour la période correspondante de l’an dernier. Pour les neuf premiers mois de l’année, le bénéfice net se situe à 480,6 millions de dollars contre 281,1 millions de dollars pour janvier-septembre 2009.Les encours au 30 septembre se situaient à 439,7 milliards de dollars contre 391,1 milliards au 30 juin et 391,1 milliards fin décembre, les souscriptions nettes des neuf premiers mois ayant porté sur 23,4 milliards de dollars (dont 8 milliards au troisième trimestre) pendant que l’effet de marché représentait 25 milliards de dollars. Sur les actifs totaux de fin septembre, 258,7 milliards correspondaient à des mutual funds distribués aux Etats-Unis.
25/10/2010
Fonds

J.P. Morgan Chase lance un ETF sur le cuivre

J.P. Morgan Chase & Co. va lancer un ETF sur le cuivre physique, selon un document déposé vendredi soir auprès de la Securities and Exchange Commission cité par le Wall Street Journal. Le produit cherche à offrir aux investisseurs institutionnels et particuliers un moyen de participer au marché du cuivre par le biais d’un investissement dans des valeurs mobilières sans avoir à acheter et stocker le métal. La logistique du transport et du stockage sera gérée par la société d’entreposage de J.P. Morgan, Henry Bath Group, et le coût sera intégré dans le prix des parts.
Fonds
25/10/2010

GAM veut développer ses fonds UCITS III

Selon Le Temps, l’une des initiatives majeures de GAM en 2010 a été de transposer une partie de l’expertise en hedge funds offshore dans les produits au format européen UCITS III.Aujourd’hui, la moitié des nouveaux fonds UCITS sont gérés en interne. Il s’agit de fonds «equity long/short» et «global macro». Les fonds «externes» sont les «perles» dans lesquelles GAM a pleinement confiance. «Cette répartition plaît à toutes les parties, au client en raison de la liquidité des fonds UCITS, à GAM par l’apport de savoir et de performance des nouveaux produits, et aux gérants par l’accès à de nouveaux clients et la diversification de son portefeuille de clients», précise Daniel Durrer, directeur de la distribution des fonds GAM en Europe continentale.Le quotidien rappelle que GAM a introduit en novembre dernier ses quatre premiers produits UCITS, une combinaison de gérants internes et externes. Il y en a dix actuellement.
25/10/2010

Standish recrute deux spécialistes de renom

Standish Mellon Asset Management (79 milliards de dollars d’encours), filiale spécialiste de l’obligataire de BNY Mellon Asset Management, a annoncé avoir recruté Tom Higgins comme stratégiste global macro et Rebecca Braeu comme analyste macroéconomique et gérante de portefeuille dans l'équipe obligations mondiales.Tom Higgins, qui sera subordonné à David Leduc, le CIO de Standish, vient de Payden & Rygel où il était chief économist. Rebecca Braeu, pour sa part était économiste et stratégiste marchés émergents chez MFC Global Investment Management.Desmond Mac Intyre, president et CEO de Standish, a indiqué que les encours de la société de gestion ont gonflé de 27 % durant les douze mois au 30 septembre. Il fait état d’une forte demande de produits spécialistes de la dette émergente en monnaies locales ainsi que de stratégies sous contrainte de passif (LDI) de la part d'établissements américains et de produits à haut rendement et à fort revenu d'émetteurs américains.
25/10/2010

Aberdeen has no choice but to liquidate DEGI Europa

p { margin-bottom: 0.08in; } On 22 October, Aberdeen Asset Management Deutschland announced that the open-ended real estate fund DEGI Europa (EUR1.3bn) will not be reopened to investments on 30 October, but will instead be liquidated in half-yearly stages between January 2011 and 30 September 2013, with uniform redemptions to all shareholders, retail as well as institutional investors. So far, it is the second open-ended real estate fund to close down, following the KanAm US-grundinvest a few weeks ago (see Newsmanagers of 1 October). The decision of the Munich-based firm Morgan Stanley Real Estate Management GmbH for the P2 Value fund, which has already undergone several downward revisions of its net asset value, is eagerly awaited. Officially, the asset management firm is still planning to reopen the fund to redemptions, and is planning to start up with assets of EUR820/870m, though it closed with EUR1.7bn in assets two years ago. Hartmut Leser, chairman of the board at Aberdeen Germany, explains that the management firm is not confident that it will have over 30% liquidity to keep up with redemption demands, due to market tensions, and the fact that fund shares have been sold on the Hamburg stock exchange far below their value, for EUR400m. As of 30 September, the fund showed losses of 23.7% since the beginning of the year. The Degi Europa, which is one of the oldest open-ended real estate products (launched in 1972), still shows positive returns since launch of 550%, or an annualised average of 5.1%. Aberdeen says that since redemptions were suspended at the end of October 2008, the fund has sold properties for EUR423m. The sale program will continue, and the management team is in talks to reduce leverage.
25/10/2010

BVI sheds crocodile tears over liquidation of DEGI Europa

p { margin-bottom: 0.08in; } The German BVI association of asset management firms on Friday expressed regrets that it was not possible to save the open-ended real estate fund DEGI Europa, for which redemptions had been frozen since the end of October 2008 (see elseqhere).But the association welcomes the announcement that Aberdeen Management Deutschland has chosen to liquidate the portfolio over a longer , «sensible», period of three years. In addition, it recognizes that a reopening of the redemption window for a short period would not have been desirable if professional investors were going to flood the fund with redemption demands.The BVI also notes that open-ended real estate funds have already attracted EUR2.6bn in net subscriptions in the first eight months of the year, following EUR3.2bn in 2009, and EUR0.6bn in 2008.As of 30 September, 21 of the 28 open-ended real estate funds on sale in Germany posted positive performance, of an average of 2.2% since the beginning of the year. Over 20 years, the average annual performance of products in this category comes to 4.8%.
25/10/2010

Credit Suisse launches a megatrends fund

p { margin-bottom: 0.08in; } On 30 September, Credit Suisse launched the Luxembourg-registered fund Credit Suisse Solutions (Lux) Megatrends, which is specialised in major global economic trends (multi-polar world, demongraphy, sustainable development), and which is managed in Zurich by a team led by Markus Mächler. The fund has been available since 22 October on the German and Austrian markets. The management team may invest without constraints worldwide in all currencies. The portfolio will be composed of equities, ETFs, and thematic products. Characteristics Name: Credit Suisse Solutions (Lux) Megatrends Currencies: USD, EUR, CHF ISIN codes: B USD LU0522191245R EUR: LU0522192136R CHF: LU0522192300S EUR: LU0522192482S CHF: LU0522192565 Management commission (B shares): 1.92% Benchmark index: MSCI AC World
25/10/2010

Invesco acquires office property in Paris

p { margin-bottom: 0.08in; } Invesco announced on Friday, 22 October that it has acquired a group of office and commercial properties in Paris, located at 23-25 rue Marignan and 36-38 rue Marbeuf, and measuring 12,042 square metres, for the Invesco Real Estate fund. The sale price was EUR134.5m. Since the beginning of the year, Invesco Real Estate has raised EUR229m in capital for its pan-European fund, from nine new clients, a statement says.
25/10/2010

Lyxor launches 10 sector ETFs in Paris

p { margin-bottom: 0.08in; } Lyxor has launched 10 ETFs based on MSCI World total return sector indices (dividends reinvested), which expose investors to the major global industries: consumer products, base products, energies, finance, health, industry, IT, materials, telecommunications, and utilities. The Luxembourg-registered ETFs have also been listed on the Milan stock exchange, the London Stock Exchange and the Frankfurt stock exchange, since the 24, 27 and 29 September 2010, respectively. The indices are calculated by MSCI in US dollars, and their components are denominated in local currencies. Investment in any of the ETF products (denominated in euros) is thus also susceptible to changes in exchange rates for the various currencies against the euro.
25/10/2010

Pioneer preparing a mixed high yield/emerging markets bond fund

p { margin-bottom: 0.08in; } Pioneer Investments Austria is planning to launch the Luxembourg fund Pioneer Funds – High Yield & Emerging Markets Bond Opportunities 2015 on 29 November. The fund will invest about 60% of its assets in European high yield bonds (average rating: B to BB), and the remainder in emerging markets corporate and government debt. The government debt may be denominated in local currencies. Subscriptions are open until 26 November 2010. The objective is to deliver maximal annual returns of 1.5% per year. Characteristics Name: Pioneer Funds – High Yield Emerging Markets Bond Opportunties 2015 ISIN code: LU0363633636 Maturity: 31 December 2015NAV calculation: every two weeks Front-end fee: 3% Expected exit fee: 1.5% Minimal initial subscription: EUR1,000
25/10/2010

Deutsche Bank plans to register ETC funds in Spain

p { margin-bottom: 0.08in; } Alejandro Diaz-Llanos, European head of commodities sales at Deutsche Bank, has announced that the German group is planning to register its entire product range on the Madrid stock exchange, Funds People reports. Initially, the German group is planning to register its ETF range (db x-trackers). Then will come physical ETCs of industrial metals, and then in a third phase, ETCs of precious metals.
25/10/2010

Commissions bite into performance of pension funds

p { margin-bottom: 0.08in; } According to statistics from VDOS Stochastics, reported by Expansión, management and deposit commissions for the 22 largest firms offering individual retirement savings plans range from an average of 1.47% for Bankinter to 2.19% at Santander. Europensiones (Banco Popular), Bansabadell and Bancaja are also at over 2% per year.Average commissions for the five largest asset management firms by assets are 1.83%, compared with an average of 1.79% for the sector, while investment funds average 1.11%.As an example, the average performance of pension funds over one year to the end of September was only 0.09%, according to Inverco.
25/10/2010

Financière de Champlain aura toujours un fonctionnement indépendant

La société de gestion Ecofi Investissements, filiale du groupe Crédit Coopératif, vient de prendre une participation de 58 % au capital de la Financière de Champlain, société spécialisée dans l’univers du développement durable. Jean-François Descaves revient sur l'enjeu et les suites de ce rapprochement.
25/10/2010

FRR seeking a new overlay manager

p { margin-bottom: 0.08in; } The French national pension fund, the FRR, on 22 October issued a request for proposals (RFP) to select a new overlay manager. The procedure has become necessary as a current mandate in course, the result of a previous selection process in 2007, will soon mature. The FRR says in a statement that “the mission of the provider will be on the one hand to inform and advise the FRR, and on the other to provide management of exposure to currency risks, and to execute exposure decisions made by the FRR directorate.” Candidates should apply to the FRR by Monday, 22 November 2010, at 12 noon in France.
25/10/2010

Gaëtan Obert takes over as head of SRI unit at BNPP IP

p { margin-bottom: 0.08in; } BNP Paribas Investments Partners (BNPP IP) has appointed Gaëtan Obert, a sustainable and responsible investment (SRI) equities manager, as head of its SRI investments. The decision follows the departure of Stewart Armer, who joined BNP Paribas last year when it merged with Fortis Investments. Armer was head of sustainable investment at BNPP IP, and recently left the business.
25/10/2010

Amundi seeks to outsource non-publicly traded portions of FIP and FCPI funds

p { margin-bottom: 0.08in; } Amundi, the joint venture asset management firm from Crédit Agricole and Société Générale, is planning to put in place open architecture for tis range of FIP ISF (proximity investment funds) and FCPI (innovation common investment funds), Agefi reports. The range will be managed by other management firms from 2011, for new capital collected. A request for proposals was issued last week to a number of management firms in the Paris industry, the newspaper notes, citing a source familiar with the matter. Of 30 management firms currently consulted, Amundi will retain 4 to 6, which would each manage EUR15m to EUR30m per year. Only the management of the portions dedicated to innovative SMBs would be outsourced.
25/10/2010

Standish recruits two well-known specialists

p { margin-bottom: 0.08in; } Standish Mellon Asset Management (USD79bn in assets), a bond specialist affiliate of BNY Mellon Asset Management, has announced the recruitment of Tom Higgins as global macro strategist, and Rebecca Braeu as macroeconomic analyst and portfolio manager in the global bonds team. Higgins, who will report to David Ledue, CIO of Standish, joins from Payden & Rygel, where he was chief economist, while Braeu was an economist and emerging markets strategist at MFC Global Investment Management. Desmond MacIntyre president and CEO of Standish, says that assets at the management firm have increased 27% in the twelve months to 30 September. He says there has been strong demand for products specialised in emerging market debt denominated in local currency and liability-driven investment (LDI) strategy, from US establishments and high yield products from US issuers.
25/10/2010

French institutional management rebounded in 2009

p { margin-bottom: 0.08in; } According to the France 2010 institutional panorama, undertaken by Seeds Finance (Morningstar) on behalf of The French institutional investor association (AF2I), the total volume of assets managed by institutional actors last year rose 14.4% to EUR2.8931trn, following a decline of over 9% last year. For insurers, which represent over 56% of the total, unit-linked accounts rose 17.1% to EUR216.5bn, but now represent only 7.5% of the total. In life insurance, inflows rose, but there was a parallel decline in returns, to 3.3% for 2011 and 3.5% in 2010, compared with 3.7% last year. Meanwhile, the fifth edition of the annual AF2I study does not show any major changes in the terrain of the sector. Bonds represent over 70% of overall allocations, compared with 13% for equities, with a more marked preference for the Euro zone (83% of equities, 93% of bonds). Institutionals are continuing to avoid emerging markets, though these are often described as a major investment theme.
25/10/2010

Profits up at T. Rowe Price

p { margin-bottom: 0.08in; } For third quarter 2010, T. Rowe Price Group has announced net profits of USD169.1m, on earnings of USD586.1m, compared with USD132.9m and USD498.1m in the corresponding period of last year. For the first nine months of the year, net profits total USD480.6m, compared with USD281.1m for January-September 2009. Assets as of 30 September totalled USD439.7bn, compared with USD391.1bn as of 30 June, with net subscriptions in the first nine months of the year totalled USD23.4bn (of which USD8bn were in first quarter) while market effects totalled USD25bn. Of total overall assets as of the end of September, USD258.7bn were for mutual funds on sale in the United States.
25/10/2010

Institutionals adopt Stewardship Code

p { margin-bottom: 0.08in; } The Financial Reporting Council (FRC), which monitors and promotes governance standards in the UK, has published a list of institutional investors who have signed up to the Stewardship Code, launched at the beginning of summer by the FRC. In total, 68 institutional investors have announced plans to sign the governance code, including 48 management firms. Among the signatories are BlackRock, Fidelity IM, M&G IM, Threadneedle AM and CalPERS.
25/10/2010

BlackRock considers development of trusts

p { margin-bottom: 0.08in; } Money Marketing reports that BlackRock has organised a series of meetings with investment trusts to listen to the points of view of independent financial advisers (IFAs) and possibly add to its offerings for this sector. The regain of interest in these vehicles – BlackRock has six of them – is related to the introduction of the RDR (Retail Distribution Review), which will have consequences for the transparency of commissions.
25/10/2010

Mediolanum awards a custody mandate to State Street

State Street Corporation has been appointed to provide custody services for Banca Mediolanum’s Italian assets. State Street will also serve as the sole global custodian for the Italian entity of the Mediolanum Group. Banca Mediolanum has more than EUR43 billion in assets and services more than 1.1 million customers in Italy. State Street will provide an integrated post-trading solution to support Mediolanum’s global needs and streamline settlements with its preferred providers. First announced in December of 2009, State Street acquired Intesa Sanpaolo’s Securities Services business (ISPSS) in May of 2010, enhancing its position to be the largest investment service provider in Italy. State Street now has more than 440 employees in Italy providing a wide range of investment and asset management services to institutional investors.
25/10/2010

Asset management firms recruiting again

p { margin-bottom: 0.08in; } Asset management firms are beginning to increase their head counts once again. A number of them have seized the occasion provided by stabilisation of assets in the past few months to add to staff, Expansión reports. The most active was Santander, which has recently recruited José Manuel Pérez Jofre as its CIO for Spain. He was a partner and fund manager at Valorica, which has been acquired by Tressis. Santander AM has also recruited a credit head, Pedro Jorge Monteiro (ex-Spirito Santo), and a head of emerging market bonds, Alfredo Mordezki (ex-BBVA). The British affiliate of Santander, for its part, has recruited Tom Caddick and Tobby Vaughan (ex-LVAM). In sales, Santander has recruited Fernanda Kremer (ex-BNP Paribas). BBVA, for its part, has recruited Julian Ide (ex-Credit Suisse London) has head of institutional clients, Enrique García Pazos (ex-UBS) as head of credit, Salvador Gómez (ex-BlacRock) to coordinate the ETF segment, Aymeric Forest (BNP/Fortis) as director of investment solutions, and Olivier Asselin (ex-Western AM) as head European fixed income. Banca Privada d’Andorra (BPA) has recruited Xavier Torres, former CIO of Caixa Manresa, while KBL has hired Rafael Garu, former CEO of Banco Urquijo y Riva y García, and Iñigo Colomo (ex-Fonditel) as CIO. Carlos Costales (ex-Scottish Widows) and Juan Ramón Caridad (ex-Atlas Capital) have joined Swiss & Global Asset Management, while Luis Peña, former CEO of Fonditel, has joined Belgravia Capital.

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