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28/07/2010

Invesco : Hausse des encours au deuxième trimestre

A la fin du second trimestre, soit au 30 juin 2010, les encours sous gestion d’Invesco ont atteint 557,7 milliards de dollars, contre 457,7 milliards à fin mars 2010. L’acquisition de nouvelles activités ont contribué pour 114,6 milliards à la hausse des encours. Les souscriptions long terme se sont élevées à 13,9 milliards au deuxième trimestre. L’effet de marché a joué négativement sur les encours, à hauteur de 24,2 milliards d’euros.
28/07/2010

State Street confidence index up in July

The global investor confidence index published by State Street Global Markets, the research and financial analysis and brokerage division of State Street Corporation, has risen 4.8 points to 96 compared with a corrected level of 91.2 for June. The confidence of institutional investors in North America increased in July, as the regional index gained 5.4 points to a total of 99.9, compared with a corrected level of 9.45 for the previous month. In Europe, confidence is up 2.4 points, from 97.6 to 100, while in Asia, the regional index also shows an increase of 2.1 points, from 102.4 to 104.5.
28/07/2010

Jupiter AM manager dies

Laurie Petar, a manager at Jupiter Asset Management, died of cancer on Sunday, 25 July, Financial News reports. Mr. Petar, 60, managed GBP107m (EUR127m) in the Jupiter Fund of Investment Trusts, and GBP61m via Monthly Income funds. Patrick Harrington, the co-manager who has operated the funds since the beginning of the year, has taken over full management of the funds.
28/07/2010

Franklin Templeton replaces director of its Korean office

Franklin Templeton is replacing Andrew Ashton as head of its Korean office. Ashton is leaving to work in the Dubai office. He is replaced by YB Jeon, who becomes the first Korean to hold the position. He joined the firm in 2001 as head of institutional sales.
28/07/2010

UBP results in line with expectations

The Union Bancaire Privée (UBP) on Tuesday, 27 July announced net profits of CHF103.3m for first half 2010, in line with expectations. UBP drew capital inflows of CHF3.4bn in first half 2010, and its assets under management have held stable at CHF71.9bn, compared with CHF75bn at the end of 2009. Assets in alternative management are stable at CHF17bn, compared with CHF19.5bn in the 2009 fiscal year. Revenues from activities totalled CHF384.4m for first half, compared with CHF418.8m in the same period of 2009. UBP has also stated that with the recruitment of a CEO for its Private Banking unit (Michel Longhini), and additions ot its management, sales and marketing teams, the establishment is continuing to restructure its activities “in two major growth areas: private and institutional management, with a strong orientation to emerging markets.”
28/07/2010

SocGen appoints a private banker to Abu Dhabi office

Les Echos reports that Gonzague de Cerval, 30, who began his career in 2002 at BNP Paribas Private Bank in Luxembourg, and later joined Société Générale Bank & Trust Luxembourg as a private banker, has been apopinted as deputy CEO of the Abu Dhabi representative office.
28/07/2010

Syz & Co develops Asian activities

The Swiss banking group SYZ & CO announced on Tuesday, 27 July that it is extending the activities of its Hong Kong office. To complement institutional alternative management, which it has offered since January 2007, a statement says, SYZ & CO will also provide promotion and distribution of its institutional management and OYSTER investment funds. To match this new orientation, the local business entity will change its name from 3A Asia Ltd. to SYZ & CO Asia Ltd., pending permission from the authorities. Daniel Ghirardi has been appointed CEO for Asia. He will be responsible for the region from the month of September 2010. Ghirardi, 41, created the institutional sales activity in Geneva of the Massena group, a multi-family office based in Luxembourg, between 2007 and 2009.
28/07/2010

Two Credit Suisse sub-funds liquidated

In a financial statement published on Wednesday, 28 July, the Credit Suisse SICAV One (Lux) announced that on 2 July 2010, two of its sub-funds were liquidated: Credit Suisse SICAV One (Lux) Challenger (US$) and Credit Suisse SICAV One (Lux) Defender (US$). The net proceeds per share of the liquidation of the aofrementioned sub-funds, calculated on 23 July 2010, will be debited to each respective depository/client at the value as of 27 July 2010, as follows: Credit Suisse SICAV One (Lux) Challenger (US$) Class B USD : 89.13897 Credit Suisse SICAV One (Lux) Defender (US$) Class B USD : 95.16590 Any net proceeds of the liquidation which remain unclaimed for six months following the liquidation will be paid into the “consignment” entity in Luxembourg until the legal limitation deadline. Following the conclusion of liquidation, accounts and books for the sub-funds in question will be retained for five years at Credit Suisse Asset Management Fund Service (Luxembourg) S.A., the statement adds.
28/07/2010

Deutsche Bank posts solid results in asset management

For second quarter, Deutsche Bank, which published its results on Tuesday, 27 July, has declared net profits of EUR7.2bn. Pre-tax profits totalled EUR1.5bn, up 16% compared with second quarter of the previous year, when they totalled EUR1.3bn. In the first six months of 2010, net profits were EUR.29bn, compared with EUR2.3bn in the first six months of 2009. In this period, pre-tax profits on revenues totalled EUR4.3bn, compared with EUR3.1bn. For private client and asset management activities, the bank has posted solid results. Net earnings totalled EUR2.4bn, compared with EUR2bn in second quarter 2009. For Asset and Wealth Management (AWM), net revenues were EUR969m in second quarter, up 57% compared with second quarter 2009. These earnings include EUR148m attributable to Sal. Oppenheim Group (including BHF) in Private Wealth Management, which was consolidated into the group’s results for the first time in the previous quarter. Assets under management in the AWM division total EUR870bn as of the end of the quarter, EUR17bn more than in the previous quarter. Net redemptions totalled EUR12bn for the quarter, while market effects for the quarter were EUR9bn.
28/07/2010

Société Générale suspected of tax fraud

L’Echo reports that a Belgian court in Turnhout is trying Société Générale for large-scale tax fraud, involving more than 20 companies in Belgium. “The prosecutor’s office has confirmed the reports to reporters for Tijd, stating that the scale of the fraud is EUR89m. The trial will focus on the role of the French bank as an intermediary in the sale of companies to Swedish businessmen who never paid tax on the companies,” the newspaper reports.
28/07/2010

Private equity pulls out of European slump

L’Echo reports, citing statistics compiled by the British investment fund Candover and the news publication Unquote, that in the first six months of this year, private equity transactions have picked back up again in Europe. Operations increased 23% in volume compared with the first half of 2009. They tripled in value to a total of EUR25.2bn, compared with EUR8.1bn as of the end of June 2009.
28/07/2010

Rothschild & Cie et Banque Privée 1818 en discussions exclusives autour de leurs plateformes

Dans un communiqué de presse commun, Rothschild & Cie et Banque Privée 1818 ont annoncé, mardi 27 juillet, leur décision d’entrer en discussions exclusives en vue d’un projet de partenariat industriel et financier entre leurs plateformes Sélection R et 1818 Partenaires. Plus tôt dans la journée, Rothschild & Cie avait informé les conseillers en gestion de patrimoine indépendants de cette décision. Soucieux d'élargir l’offre de Sélection R, et ainsi accélérer le développement de cette plateforme filialisée pour devenir un acteur majeur sur le marché, le groupe Rothschild & Cie avait entrepris la recherche d’un partenaire stratégique. Récemment encore, quelques noms revenaient fréquemment parmi lesquels la Société Générale, la Banque 1818, Fidelity et Cardif . Deux offres tenaient cependant la corde : celle de la Société Générale et celle la Banque 1818 (voir Newsmanagers du 24 /06/10).In fine, le projet de Banque Privée 1818 a donc été jugé comme satisfaisant au mieux les conditions de pérennisation et de développement des activités de Sélection R. Les deux partenaires se sont fixés pour objectif de conclure les accords définitifs d’ici la fin du mois de septembre.
27/07/2010
Fonds

Performance de 1,4 % pour le Axa Immoselect

Axa Investment Managers a indiqué que le huitième exercice du fonds immobilier offert au public Axa Immoselect s’est achevé le 30 avril. Un dividende de 1,85 euro par part sera versé aux souscripteurs le 28 juillet. La performance du fonds s'élève à 1,4 % et la distribution représente un rendement de 3,2 %. Actuellement, le fonds possède 48 actifs dans 10 pays européens. Il détient en plus des participations dans 22 sociétés immobilières.
Fonds
27/07/2010

Ageas cède des actifs turcs à BNPP Assurance

Selon L’Echo, l’assureur belge Ageas va céder ses activités vie et pension en Turquie à BNP Paribas Assurance. Le montant de l’opération n’a pas été dévoilé. La transaction doit encore être approuvée par les instances de contrôle. Elle devrait être clôturée au cours du quatrième trimestre 2010.
27/07/2010

Chi-X, BATS et Turquoise en bonne forme ces deux derniers mois

Crédit Agricole Cheuvreux a publié hier ses indicateurs de marché de mai-juin, établis conjointement avec la société TAG (*). Parmi les marchés primaires, seuls XETRA et SIX ont perdu des parts de marché sur les deux derniers mois, SIX entre le premier trimestre et le deuxième trimestre 2010, étant le marché primaire qui a le plus souffert de la fragmentation du marché. Le LSE a également perdu 3 points de pourcentage de part de marché. De leur côté, Chi-X, BATS et Turquoise augmentent leur part de marché globale en Europe (à 18.5%, 5.8% et 4%, respectivement), mais sans amélioration significative sur la plupart des indices majeurs. Sur les valeurs du LSE, la part de Chi-X a atteint 30% pendant plusieurs jours en mai, note le communiqué. En ce qui concerne les tendances futures, le système de croisement des ordres GES de Getco a démarré, le broker du groupe Crédit Agricole précise que le MTF (dark) d’UBS a trouvé son directeur général. Equiduct a proposé aux anciens clients de NASDAQ OMX de conserver leurs connexions et de les convertir en une connexion avec Equiduct. (*) Fournisseur de solutions d'évaluation de la performance d’exécution et de la qualité du marché destinées au trading sur actions.
27/07/2010

Mauvais temps pour les petites sociétés de capital-investissement

Les Echos rapporte que soixante-quatre firmes de capital-investissement risquent de fermer dans le monde selon la dernière revue stratégique à paraître du cabinet de conseil Bain & Co. Les sociétés d’investissement sont essentiellement américaines (44 fonds), 12 sont européennes, les petits fonds étant les plus exposés. Ces sociétés d’investissement sont à court de liquidités pour investir, et sont contraintes de solliciter les investisseurs. Mais les chances d’engager ces investisseurs à leurs côtés diminuent de trimestre en trimestre. Alors que les fonds ont levé 60 milliards de dollars de janvier à mars, la somme est tombée à 41,3 milliards en juin,note le quotidien.
27/07/2010

La gestion d'actifs d'UBS reprend son souffle

UBS a publié mardi 27 juillet un bénéfice net de deux milliards de francs suisses pour son deuxième trimestre 2010 clos fin juin, contre une perte nette de 1,4 milliard à la même période de l’an passé. Dans la gestion de patrimoine (Wealth Management & Swiss Bank), les sorties nettes de capitaux ont atteint 5,5 milliards de francs à la fin juin, contre 16,5 milliards un an plus tôt. La gestion d’actifs (Global Asset Management) a en revanche enregistré des rentrées nettes pour 3,4 milliards après des sorties de 17,1 milliards. Les sorties nettes de capitaux dans la gestion de patrimoine ont atteint 5,2 milliards de francs à la fin juin, contre 16,5 milliards un an plus tôt. La division Wealth Management Americas a enregistré des reflux nets d’argent frais à hauteur de 2,6 milliards après 5,8 milliards. La gestion d’actifs (Global Asset Management) a en revanche enregistré des rentrées pour 3,4 milliards après des sorties de 17,1 milliards.
27/07/2010

Bientôt un nouveau fonds actions chez EFG

Selon Citywire, EFG Private Bank s’apprête à lancer un fonds «croissance» investis aux États-Unis en s’alliant pour la circonstance avec Mazana Capital Management , un gestionnaire d’actifs aux États-Unis .New Capital US Growth est un fonds OPCVM III listé à Dublin de style croissance et «long-only». Son portefeuille combinera des stratégies de croissance à partir de grandes valeurs et de capitalisations de taille moyenne. Citywire précise que ce sera la première fois que des investisseurs européens auront accès aux stratégies de Mazama CM.
27/07/2010

Les produits dérivés chez Goldman Sachs intéressent la commission d'enquête

La commission d’enquête américaine pourrait avoir recours à des comptables extérieurs pour se pencher sur les activités de produits dérivés de Goldman Sachs. La banque qui affirme que son système ne permet pas d’isoler les transactions réalisées dans les seuls produits dérivés, ne convainc pas le président de la commission d’enquête.
27/07/2010

Legg Mason affiche une baisse de ses encours

Au premier trimestre de son exercice 2010-2011qui s’est achevé le 30 juin, le gestionnaire d’actifs américain Legg Mason a accusé un repli de 4,2 % de son bénéfice net à 47,9 millions de dollars, contre 63,6 millions au trimestre précédent. Comparé au trimestre précédent, les actifs sous gestion affichent une baisse de 6 %, à 645,4 milliards de dollars, contre 684,5 milliards à fin mars. Les rachats net de la part des investisseurs représentent 23,1 milliards de dollars de cette baisse, l’effet de marché 16 milliards. Sur un an, les encours perdent 2%.
27/07/2010

1.4% returns for Axa Immoselect

Axa Investment Managers has announced that the eighth fiscal year of the open-ended real estate fund Axa Immoselect concluded on 30 April. A dividend of EUR1.85 per share will be paid to subscribers on 28 July. The performance of the fund totals 1.4%, and the dividend represents returns of 3.2%. Currently, the fund owns 48 properties in 10 European countries. It also holds stakes in 22 real estate funds.
27/07/2010

Changes to methodology at Dow Jones

The index provider Dow Jones Indexes on Monday, 26 July announced changes to the methodology of the Dow Jones global and U.S. Total Stock Market indexes. From 20 September, offshore businesses listed on a US market will be eligible to join the Dow Jones Global Total Stock Market index. This modification takes into account the consequences of a change in US tax law, which has led some publicly-traded businesses to move their tax domicile to other financial centres such as Ireland or Switzerland. Previously, the businesses in question were included in the country indexes for the country to which they had transferred their tax domicile, which caused confusion as the indexes of these countries were no longer useful as accurate measures of their respective local markets. From 20 September, businesses listed on the Korean Securities Dealers Automated Quotations (KOSDAQ) will also be admissible to the Dow Jones US Total Stock Market Index and the Dow Jones Global Total Stock Market indexes. Currently, the Dow Jones indexes include shares of the Korean stock exchange (KRX). As of 16 July 2010, there were 966 companies listed on KOSDAQ, representing a total float of about USD41bn.
27/07/2010

Asset management at UBS on the rebound

UBS on Tuesday, 27 July announced net profits of CHF2bn for its second quarter 2010, ending on 30 June, compared with losses of CHF1.4bn in the equivalent period of last year. In the Wealth Management & Swiss Bank division, net capital outflows totalled CHF5.5bn as of the end of June, compared with CHF16.5bn one year earlier. Global Asset Management, however, saw net inflows of CHF3.4bn, following outflow of CHF17.1bn. Net capital outflows from wealth management totalled CHF5.2bn as of the end of June, compared with CHF16.5bn one year earlier. The Wealth Management Americas division posted inflows of new money totalling CHF2.6bn, following CHF5.8bn the previous quarter. The Global Asset Management division, however, posted inflows of CHF3.4bn, following outflows of CHF17.1bn.
27/07/2010

Environment remains weakest link in SRI practices

In terms of responsible investment, South Africa is one of the most active emerging countries, Novethic reports in the most recent issue of its quarterly newsletter “L’Essentiel de l’ISR.” In that country, there are 20 institutional investors who have signed up to the United Nations Principles for Responsible Investment, and 39 SRI funds on sale. But SRI funds are taking into account the social dimension as their top priority, and taking far fewer environmental criteria into account, Novethic notes, referring to a study conducted between June and December 2009 by the Environmental Policy Unit of the University of Cape Town of 22 organisations that have signed up to the UN-PRI, or which offer SRI funds on the South African market. “Of these 40 funds, none of them prioritises green themes such as combatting climate change,” Novethic finds. 58% of the funds concentrate on social themes such as jobs and economic development in the country. Elsewhere, with 24% of the SRI market represented by funds which respect Sharia principles, religion-based exclusionary selection remains a strong practice.
27/07/2010

UK sets ball rolling for financial reforms

The new British government has announced its reforms to financial regulations, which it hopes to pass by mid-2011, La Tribune reports. The proposed legislation unveiled on Monday, 26 July confirms that the single banking, insurance and financial market regulatory body, the Financial Services Authority, will be dissolved, and most of its powers transferred to the Bank of England. A new Financial Policy Council (FPC) will be in charge of identifying “systemic” dangers which could unbalance the financial sector. Reforms would also create a Consumer Protection and Markets Authority (CPMA). The FPC and CPMA would begin to operate “invisibly” once the reforms are passed, the newspaper notes.
27/07/2010

Goldman Sachs derivatives activities focus of US investigation

A US investigative committee may turn to outside accountants to evaluate Goldman Sachs’ derivatives activities. The bank, which claims that its system makes it impossible to isolate transactions on single derivative products, has not convinced the chairman of the investigative committee.
27/07/2010

Madoff scandal: More lawsuits to come

Irving Picard, the court-appointed administrator in charge of liquidating Bernard Madoff’s company, will file further legal actions to recuperate money from investors who were duped by the fraudster. La Tribune reports that the administrator has told the Wall Street Journal that he may sue as many as 2,000 individual investors.
27/07/2010

Managed futures gain 0.12% in June

The Lipper Managed Futures/CTAs index registered returns of 0.12% in June, bringing its losses since the beginning of the year to 3.90%, Hedge Week reports.
27/07/2010

Chi-X, BATS and Turquoise in good form in the past two months

Crédit Agricole Cheuvreux yesterday published its market indicators for May and June, established jointly with he TAG company, a provider of evaluations of execution performance and the quality of markets for equities trading. Of the primary markets, only XETRA and SIX lost market share in the past two months, while SIX was the primary market hardest hit by market fragmentation between first and second quarter 2010. The LSE also lost 3 percentage points of market share. Chi-X, BATS and Turquoise, for their part, have gained overall market share in Europe (to 18.5%, 5.8%, and 4%, respectively), but without a significant improvement over most of the major indices. On trading in shares of the LSE, Chi-X achieved as much as 30% in the first days of May, a statement adds. In terms of future trends, the system of crossed GES and Getco orders has kicked off, and the brokerage arm of Crédit Agricole states that the MTF (dark) market from UBS has found a CEO. Equiduct has offered former clients of NASDAQ OMX a way to retain their connections and to convert them into Equiduct connections.

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