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25/06/2010

Le BBVA repositionne son offre en ligne

La plate-forme Internet du BBVA Uno-e a été rebaptisée unoe dans le cadre d’une relance visant à attirer 100.000 nouveaux clients en trois ans, avec une refonte complète du site, un changement d’image et des services nouveaux. Il est cependant curieux que l’adresse IP du site soit toujours, le 24 juin en début d’après-midi, uno-e.com, alors que la nouvelle marque est déjà en place dans les contenus.Le groupe bancaire espagnol compte notamment sur son offre en architecture guidée en matière de fonds, qui devient l’un des trois piliers (épargne et investissement) de son business model, à côté de l’aspect hypothécaire et du compte d'épargne dont la rémunération augmente avec le degré de fidélisation du client.Actuellement, l’encours sous forme de parts de fonds d’unoe se situe à environ 120 millions d’euros avec principalement trois produits profilés investissant dans une trentaine de gestionnaires différents.
25/06/2010

Rubicon FM va ouvrir une succursale à Madrid

Selon le journal Negocio relayé par Funds People, le gestionnaire britannique Rubicon Fund Management (environ 1 milliard d’euros d’actifs sous gestion) va ouvrir incessamment une succursale à Madrid, au travers d’une entreprise de services d’investissement en cours d’enregistrement auprès de la CNMV.Le hedge fund Rubicon Global Fund, qui affiche une performance cumulée de 400 % depuis son lancement en 1999 et de 14,2 % annuels, devrait être le produit d’appel. Il investit principalement en obligations, en devises et sur les marchés émergents. La gestion en est assurée par Santiago Alarcó et Tim Attias. Il n’est pas exclu que la nouvelle entité espagnole puisse lancer un hedge fund de droit local.
25/06/2010
Fonds

Mini "erreur opérationnelle" sur quelques parts de huit fonds Invesco

Un nombre très restreint de clients d’Invesco a été touché par une «erreur opérationnelle» dans le processus d’allocation comptable des gains et pertes de couverture du risque de change, entre parts couvertes et non couvertes, de quatre fonds Invesco domiciliés en Irlande et de quatre autres domiciliés au Luxembourg, a indiqué le gestionnaire. Les données de performance communiquées sont correctes pour la période postérieure à mai 2009.Les souscripteurs ayant subi un préjudice, ceux de certaines parts dans les fonds irlandais Invesco Global Real Estate Securities Fund et Invesco Emerging Markets Bond Fund ainsi que dans les fonds luxembourgeois Invesco Emerging Local Currencies Debt Fund et Invesco Energy Fund, seront «dûment informés» et dédommagés.Quant aux porteurs de certaines parts des fonds luxembourgeois Invesco US Structured Equity Fund et Invesco US 130/30 Equity Fund ainsi que des fonds irlandais Invesco PRC Equity Fund et Invesco Global High Income Fund, l’erreur n’a pas eu d’incidence ou eu un effet positif. " Il ne sera pas demandé de remboursement aux clients ayant bénéficié d’un trop perçu résultant de cette erreur opérationnelle», précise Invesco.
Fonds
25/06/2010
Fonds

Forte collecte pour le fonds monétaire phare d'ING IM

Le fonds monétaire phare AAA d’ING Investment Management, ING (L)Liquid Euro a collecté quelque 800 millions d’euros depuis le début de l’année pour tutoyer désormais les 4 milliards d’euros, a indiqué Vincent Juvyns, spécialiste de la stratégie monétaire chez ING IM.Vincent Juvyns a toutefois reconnu que ce fonds, qui pèse environ la moitié du total de l’encours des fonds monétaires d’ING IM, n'était pas représentatif de l’ensemble des stratégies, certains fonds ayant aussi dû faire face à des rachats, notamment en Belgique.Mais le fonds Liquid s’adresse à une clientèle institutionnelle et industrielle plus que jamais attentive à la préservation du capital et au rendement mais aussi à la liquidité. L’OPCVM maintient en permanence une poche minimum de liquidités d’au moins 20% tout en limitant le pourcentage des actifs moins liquides en portefeuille. Par ailleurs, le fonds bénéficie d’une diversification à la fois de la clientèle (entreprises, institutionnels, fonds de pension) et géographique, avec environ 1,5 milliard d’euros émanant de la Belgique, mais aussi environ 1 milliard des Pays-Bas et 800 millions de la France.
Fonds
25/06/2010
Fonds

Schroders ajoute deux fonds-maison à sa plate-forme GAIA

Le Schroder GAIA Opus Multi Strategy et le QEP Global Absolute, des hedge funds coordonnés gérés par Schroders lui-même, vont s’ajouter l’Egerton European Equity et au Sloane Robinson Emerging Markets sur la platre-forme GAIA de Schroders, rapporte Expansión.Le Schroder GAIA Opus Multi Strategy est un fonds de fonds multi-stratégies comme son nom l’indice, la sélection des gestionnaires et l’allocation aux différentes stratégies étant assurées par NewFinance Capital, la filiale de gestion de fonds de hedge funds de Schroders. La liquidité est hebdomadaire et le produit vise une performance supérieure de 200-600 points de base à l’Eonia, avec une volatilité de 3 à 7 %.Le QEP Global Absolute est un long/short avec un objectif de performance absolue de 8-10 % par an.
Fonds
25/06/2010

Disparition de l’ancien banquier privé Michel Pictet

Selon Le Temps, l’ancien banquier privé Michel Pictet, associé de l’établissement genevois du même nom de 1955 à 1980, s’est éteint mercredi 23 juin dans sa 95ième année. Il était le père d’Ivan, qui se retirera le 30 juin prochain du collège des associés après y avoir siégé 28 ans.
25/06/2010
Fonds

M&G va lancer un fonds multi-classes d'actifs

D’après Investment Week, M&G compte confier à son chief economist et strategist Stephen Andrews son premier poste de gestionnaire principal avec le lancement d’un fonds de revenu multi-classes d’actifs qui visera un rendement de 4-4,5 % par an. L’intéressé fait partie de l'équipe multi-classes d’actifs avec David Jane et George Tsinonis. Stephen Andrews est déjà gérant-adjoint du M&G Cautious Multi Asset fund (281 millions de livres), dont le gérant principal est David Jane.
Fonds
25/06/2010

Accord conclu entre Axa et Resolution Ltd

Comme Newsmanagers l’indiquait le 14 juin dernier, AXA a confirmé jeudi 23 juin, avoir conclu un accord avec la société Resolution Ltd prévoyant de lui céder les activités vie et retraite traditionnelles, prévoyance et retraite collective distribuées par des conseillers financiers indépendants, et annuités basées au Royaume-Uni. Le montant de la transaction s'élève à 2,75 milliards de livres (soit environ 3,3 milliards d’euros).Dans son communiqué, Axa a confirmé que cette transaction ne remettait pas en cause l’engagement à long terme du groupe au Royaume-Uni, qui va continuer à développer ses activités de « Wealth Management » (cf article du 14/06/10).
25/06/2010

Plusieurs départs de Stark Investments

Selon Financial News, cinq des 15 partenaires de Stark Investments, un hedge fund américain de 4,4 milliards de dollars, sont sur le départ. Les encours de cette société auraient été divisés par deux ces 18 derniers mois.
25/06/2010

Spain plans massive repatriation of money stashed offshore

The Spanish government says a list of 1,500 high net worth Spaniards with EUR6bn in 3,000 accounts at HSBC in Switzerland will result in the largest regularisation of “black” money since the Transition (to democracy after the rule of Franco), Expansión reports. According to sources familiar with the matter, it is not absurd to suppose that the offshore accounts of Spanish citizens abroad represent EUR100bn. Initially, only accounts at HSBC will be legalised, but the amnesty will be on offer only if the parties in question declare all their assets in other offshore countries and other Swiss bank accounts, meaning that the undertaking could turn up EUR15bn, according to unofficial figures. The Spanish authorities have given those concerned until 5 July to come forward and avail themselves of the amnesty, which assumes that they will pay off their tax debt, plus interest and an administrative sanction.
25/06/2010

Kneip buys 3i out of its capital

The Luxembourg-based provider of services to the asset management sector Kneip announced on 24 June that it has acquired the entirety of the 3i group’s stake in its capital from 3i. The firm, which has about 150 employees, says in a statement that its strong international growth in the past three years has allowed it to finance the operation. 3i acquired a large minority stake in the capital of Kneip in May 2007, to help the firm to extend its range of services and develop internationally. Since then, Kneip has opened offices in London and Paris, and has made three acquisitions, including La Cote Bleue in Paris last year. Kneip serves major actors in the management industry, with assets under management of nearly EUR1.8trn.
25/06/2010

M&G to launch multi-asset class fund

Investment Week reports that M&G is planning to grant its chief economist and strategist, Stephen Andrews, his first position as principal manager, with the launch of a multi-asset class income fund, which will aim for returns of 4.4.5% per year. Andrews is a member of the multi-asset class team, with David Jane and George Tsinonis. He is already deputy manager of the M&G Cautious Multi Asset fund (GBP281m), whose principal manager is David Jane.
25/06/2010

Schroders adds two in-house funds to GAIA Platform

The Schroder GAIA Opus Multi Strategy and the QEP Global Absolute, UCITS-compliant hedge funds managed by Schroders itself, have joined the Egerton European Equity and Sloane Robinson Emerging Markets funds on the GAIA platform from Schroders, Expansión reports. The Schroder GAIA Opus Multi Strategy is, as its name indicates, a multi-strategy fund of funds. Selection of managers and allocation to various strategies is provided by NewFinance Capital, the fund of hedge funds management affiliate of Schroders. Liquidity is weekly, and the product aims for performance 200-600 basis points above the Eonia, with volatility of 3% to 7%. The QEP Global Absolute is a long/short fund with an absolute performance objective of 8-10% per year.
25/06/2010

Vanguard to launch 19 funds with ETF share classes

On Thursday, Vanguard announced plans to extend its range of tracker funds, with the launch of 19 equities and bond products with ETF share classes. The products were registered with the SEC the same day. In addition, the asset management firm is planning to issue ETF shares in its flagship Vanguard 500 Index Fund. The new ETFs will have “substantially” lower fees than competing funds. Next year, the new funds, along with 20 other new ETFs, will be added to the Vanguard equities product range, with core funds replicating indices from a number of providers, index-based municipal funds for the bond range, and an international real estate fund with an ETF share class.
25/06/2010

Vanguard plans S&P 500 ETF

StartFragment--> Vanguard Group plans to introduce an exchange-traded fund based on the S&P 500-stock index and 19 new index funds with corresponding ETFs, says the WSJ.Vanguard’s S&P fund will be the third in the U.S. to track that stock index.
25/06/2010

Deka board voted in for new five-year term

Though a number of rumours had recently hinted at differences of opinion between shareholders, the savings banks and the Landesbanken, and between shareholders and the managing board, the supervisory board at DekaBank has re-elected chairman Franz S. Waas and board members Oliver Behrens (head of securities funds) and Friedrich Oelrich (CFO) for a new five-year term, beginning on 1 January 2011. Financial industry circles were expecting them to be re-elected for only two years. Now, they may wonder what concessions Waas agreed to in terms of risk reduction.
25/06/2010

Bärbel Schomberg (ex Degi et Aberdeen) goes solo

With Karl Ohl, Bärbel Schomberg, who suddenly quit her job as chair of the executive board at Aberdeen Immobilien KAG and head of Continental Europe at Aberdeen Property Investors (see Newsmanagers of 2 March), a few weeks ago founded the consulting firm Schomberg & Co Real Estate Consulting GmbH in Koenigstein, near Frankfurt. The new firm covers three areas of activity: investment strategy, fund management, and asset management.
25/06/2010

Volker Noack promoted at Union Investment Real Estate

After leading its fund management activities, Volker Noack has become a member of the board at Union Investment Real Estate (UIRE), where he will oversee finance and participations, in addition to fund management. The board has two other members, in addition to chairman Rienhard Kutscher: Frank Billand (Asset Management Germany, AM Shopping-Center, AM Hotel, project management) and Karl-Josef Hermanns-Engel (AM Europe, AM Americas, AM Asia/Pacific).
25/06/2010

Aabar acquires nearly 5% of UniCredit from IPIC

The Abu Dhabi sovereign fund Aabar, which owns more than 9% of Daimler (see Newsmanagers of 23 March and 17 November 2009), on Thursday notified the Italian regulator Consob that it has acquired a 4.991% stake in UniCredit from the International Petroleum Investment Company (IPIC), which owns a majority stake in Man Ferrostaal, 37.5% of Cepsa, and 19% of ÖMV. The transaction was completed on 16 June. According to the website of the Italian banking group, the largest shareholders are Mediobanca, with 5.143%, Central Bank of Libya (4.998%), and the savings banks foundation of Verona, Vicenza, Belluno and Ancona (4.984%).
25/06/2010

Chris Lee joins Deutsche Bank

Asian Investor reports that Chris Lee, who left UBS last March, will join Deutsche Bank has head of retail sales and private banking. In this position he replaces Nitin Nath. At UBS, Lee was head of equities risk management products, and in this position he was one of the foremost specialists in the equities derivative market, particularly publicly-traded products. Lee will also be head of the db-x structuring platform.
25/06/2010

Source tops USD6bn in assets

In a statement, the ETF and ETC provider Source announced that it has assets under management of over USD6bn, after 14 months in existence. This amounts to an increase of 86% since the beginning of this year, due to heavy inflows to several of its products. The two Source ETFs specialised in emerging markets saw rapid growth in the month of May. The Source ETF replicating the MSCI Emerging Markets index, launched in May, already has USD869m in assets, while the RDX (Russia) fund has gained USD272m, Source says. In emerging markets, assets under management now total over USD1.1bn. The ETF DJ EURO STOXX 50 has gained nearly USD575m since the beginning of the month of June, bringing its assets under management to more than EUR1bn, up 150% since the beginning of the year.
25/06/2010

Hedge fund bill to go to vote in late September

Jean-Paul Gauzès, reporter for the proposed EU hedge fund legislation, has told Reuters that following the breakdown of negotiations to reach an agreement between European parliament members and member states before summer, a vote on the bill has been postponed until the second plenary session in September, to be held in Strasbourg from 20 to 24 September. Further meetings are planned in the meantime, this time under the Belgian EU presidency, on 28 June, 7 July, and in mid-July.
25/06/2010

Multiple departures from Stark Investments

According to Financial News, five out of 15 partners are in the process of leaving Stark Investments, a USD4.4bn hedge fund firm based in the United States. Assets are understood to have fallen by almost half over the past 18 months.
25/06/2010

US managers see market as undervalued

According to the most recent quarterly survey by Russell Investments, nearly half (47%) of US managers surveyed estimate that the market is undervalued, while only 28% thought so in the March survey. Only 9% see the market as overvalued. “Managers estimate that the market is undervalued, but they would also like to see a very significant increase in profits and some improvement in the job market before taking risks,” says Mark Eibel, director and head of client investment strategies at Russell Investments. 73% of managers cite economic trouble in Europe as a significant risk to the performance of US equities in the next 12 months. A vast majority of managers, showing a high sensitivity to risk, have given more weight to defensive sectors. Interest in money markets rose 10 percentage points to 16%, from the all-time low observed in March of this year. Treasuries gained only 6 points to 12%, while consumer sectors and utilities gained 5 points and 9 points, respectively. The IT sector lost 10 points, but remains the most popular, with 69% positively inclined.
25/06/2010

Henderson seeks to develop relations with investment advising firms

Henderson Global Investors, which manages more than USD90bn in assets, has announced the appointment of Nancy McNally as director of relations with investment advising firms in North America. McNally, who previously worked at Gartmore, began in her new position on 1 June. Henderson, which is well-placed in the institutional markets in the United Kingdom and Europe, is seeking to gain a foothold in the US and Canada markets, particularly for its real estate and hedge fund products.
25/06/2010

Strong inflows to ING IM flagship money market fund

The AAA-rated flagship money market fund from ING Investment Management ING (L)Liquid Euro has seen about EUR800m in inflows since the beginning of the year, and now has about EUR4bn in assets, says Vincent Juvyns, money market strategist at ING IM. Juvyns admits, however, that the fund, which has about half of all assets in ING IM money market funds, is not representative of all its strategies, as some funds have also seen redemptions, particularly in Belgium. The Liquid, however is aimed at institutional and industrial clients, who are more attentive than ever to preservation of capital and returns, as well as liquidity. The fund maintains a permanent minimum cash allocation of 20%, while also limiting the percentage of less liquid assets in the portfolio. Meanwhile, the fund has a diversified presence both in terms of clients (businesses, institutionals, and pension funds) and of regions, with about EUR1.5bn from Belgium, but also about EUR1bn from the Netherlands, and EUR800m from France.
25/06/2010

BBVA repositions online product range

The internet platform from BBVA, Uno-e, has been renamed unoe as part of a relaunch which aims to attract 100,000 new clients over three years, with a complete redesign of the wise, a change of image, and new services. However, the web address of the site as of the afternoon of 24 June was still uno-e.com, though the new branding is already in place there. The Spanish banking group is counting on its guided architecture fund offerings, which are becoming one of the three pillars of its business model (savings and investment), alongside mortgages and savings accounts, as profitability increases the longer clients remain. Currently, assets in the form of unoe fund shares total about EUR120m, largely in three profiled products which invest in funds from 30 asset management firms.
25/06/2010

Blair Pickerell leaves Morgan Stanley IM

Asian Investor reports that Blair Pickerell is leaving Morgan Stanley Investment Management (MSIM) in Hong Kong, where he was managing director and CEO for Asia-Pacific. His departure is said to be due to a decision by Morgan Stanley to reduce its presence in retail activities, as illustrated by its sale of its US retail unit, Van Kampen Investments, to Invesco last year. Pickerell has said that he will soon take up another job in the asset management industry, but has not given any details.
25/06/2010

Madoff: Oddo loses Luxembourg lawsuit

Les Echos reports that an appeals court in Luxembourg has rejected an appeal from Oddo in its battle to recover money it had invested in Luxalpha. The verdict is far from ending the story, as other legal proceedings are still ongoing. “This decision of the appeals court affects only the case which was appealed, which was a provisional proceeding. However, in the main proceeding, the Oddo & Cie group has filed a restitution claim against Luxalpha, and a lawsuit against UBS on the basis of those claims,” says Grégoire Charbit, manager at Oddo & Cie.
25/06/2010

Banks and hedge funds face USD19bn costs

Banks and hedge funds will be hit with a USD19bn fee to pay costs associated with financial reform, Barney Frank, chairman of the US House financial services committee, said late on Thursday. According to the Financial Times, banks with more than USD50bn in assets and hedge funds with more than USD10bn will be required to pay into the fund as a proportion of their assets. Separately, banks will be allowed to invest up to 3 per cent of their tier one capital in hedge funds.

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