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27/05/2010

Assets up by nearly one quarter at Metzler AM

The German private bank B. Metzler seel. Sohn & Co. KgaA, presenting its 2009 results, has announced that assets at Metzler Asset Management as of the end of December totalled EUR37bn, which represents a 23% increase compared with their levels twelve months previously. Friedrich von Metzler, one of the two managing partners at the business, says that the increase in assets under management is largely due to a mandate from the Japanese Pension Fund Association, for European growth equities, and a mandate from Russell Investment for European small caps. Quantitative strategies represent assets of about EUR6bn, and volumes on the Metzler Fund Xchange platform as of the end of December for the first time topped EUR10bn.
27/05/2010

BNY Mellon WM appoints a head of international wealth management division

BNY Mellon Wealth Management has tapped Peter Moertl to head its International Wealth Management division. He will divide his time between Europe and the United States, and will report to Donald J. Heberle, head of Family Office and International Wealth Management activities at the group. The Austrian Moertl was previously director of an independent wealth management consulting firm, Dr. Moertl Consult, which was founded in 2008 to advise private investors based in Switzerland and abroad in the acquisition of private banks and independent management firms. BNY Mellon Wealth Management manages nearly USD157bn in private assets.
27/05/2010

Share repurchase program at Legg Mason

The US management firm Legg Mason has announced the launch of an accelerated share repurchase program, totalling USD300m. The move comes as part of an authorisation by the directors of Legg Mason of a share repurchase program for up to USD1bn.
27/05/2010

Diamant Bleu Gestion and LFR launch a flexible SRI fund

Diamant Bleu Gestion and La Financière Responsable have teamed up to create a flexible diversified SRI fund, entitled Diamant Bleu Responsable. The two asset management firms will each contribute their expertise to the new product, which will be launched on Monday, 31 May: Diamant Bleu Gestion in flexible management, and LFR in socially responsible investment. Diamant Bleu Gestion, which is the manager of the fund, will provide asset allocation between various asset classes (money markets, bonds, and equities), global risk management, and management of the money market and bond allocations, while LFR will select SRI issuers from among all asset classes. It will also provide management of the equities allocation. Diamant Bleu Responsable, launched with EUR10m in seed capital contributed by two institutional investors, will be made available by its two “mother” companies to private clients, institutionals, and employee savings clients.
27/05/2010

French Parliament gives increased powers to AMF

Les Echos reports that the Finance committee of the French National Assembly on Tuesday evening approved a series of amendments to the banking and financial regulation bill. In the chapter on short-selling, an amendment which was unanimously approved now extends powers to the regulatory body AMF not only over completed transactions, but also over positions held by market actors. The identification of these positions will allow regulators to identify short positions and to suspend potential violators of bans. In order to further limit short-selling, legislators shortened the deadline for settlement of completed transactions by two days, to a maximum of one day after the transaction. They also extended the coercive powers of the market watchdog. The amendment multiplies the maximum fines the AMF has the power to hand out by a factor of ten, to EUR100m.
27/05/2010

SEC proposes creation of single database for market transactions

The Securities and Exchange Commission (SEC) on 26 May proposed the creation of a single database for all market transactions in the United States. The standardised and automated system would amass data from various participants, allowing regulators to very rapidly reconstruct the flow of orders on the market. The absence of such a system was highlighted by regulators as a reason that it was difficult to determine the exact cause of the brutal drop on the New York Stock Exchange on 6 May.
27/05/2010

European Commission proposes creation of bank bailout funds

The European Commission on 26 May suggested in a statement that the European Union could create a European network of funds to protect against bankruptcies at banks, to prevent taxpayers from having to bear the cost of these bankruptcies, and to prevent them from disrupting the economy as a whole. After submitting its ideas to the next meeting of the European Council, the Commission will present them at the G20, which will be meeting in Toronto on 26 and 27 June 2010. The funds would be integrated into a wider range of measures intended to prevent future financial crises and to strengthen the financial system. The Commission argues that one way to achieve this would be to require member states to constitute funds according to joint guidelines, which banks would be required to contribute to. “The funds would not be intended to bail out or save the banks, but only to guarantee a methodical managemetn of bankruptcies without destabilising the financial system,” the Commission’s statement says.
27/05/2010

Number of Spanish funds down 12% in 2009

Due to the crisis and rationalisations of product ranges, the number of funds in Spain as of the end of 2009 was down to 2,593 from 2,943 one year earlier (-11.9%). There were 90 launches and 440 closures (of which 426 took place through merger or absorption), according to the annual CNMV report. As a result, average assets in funds increased by 11.6%, from EUR60m to EUR67m. Meanwhile, the number of foreign-registered funds on sale in Spain increased 3.4% to 582, but their assets rose 35% to EUR24.3bn, while total assets in funds fell a further 3%, to EUR170.55bn.
27/05/2010

Hedge funds have USD2.7trn in assets under management

The global hedge fund industry has more than USD2,700bn of assets under management according to a survey of custodians and administrators calculated for a HFM Week Survey. This figure makes the industry far larger than most market participants have previously estimated, says the Financial Times. The estimate is a more accurate figure than those traditionally reported for the size of the hedge fund industry. It ignores any leverage in funds.
27/05/2010

Russell releases three funds in Italy

Bluerating reports that Russell Investments has launched three multi-management funds in Italy, which will allow clients to invest in the US market: the RIC US Small Cap Equity fund (small cap equities), RIC US Equity fund (large caps), and RIC US Bond fund (bonds).
27/05/2010

SEB AM launches an Asian institutional fund

Siegfried Cofalka, a board member at the German asset management firm SEB Asset Management, has told the Börsen-Zeitung that the firm will be launching the SEB Asia REI fund, an institutional real estate fund which will invest exclusively in Asia. Other funds to target the Asian continent will follow.
27/05/2010

Avana Invest launches emerging markets and commodities strategies

The asset management firm Avana Invest, a specialist in ETF-based management founded by Götz J. Kirchhoff and Thomas W. Uhlmann (see Newsmanagers of 9 February 2009), on Wednesday announced the launch of two new products which follow passive strategies on commodities and emerging markets. The AVANA IndexTrend Commodities and Cash R (ISIN DE000A0RGWR7) invests on the basis of a trend-following model in commodities ETC and ETF products in the energy, precious metals, industrial metals, soft commodities and livestock sectors. The AVANA IndexTrend Emerging Markets and Cash R (ISIN DE000A0RGWN6) invests in equities ETFs covering the strongest economies among emerging markets, on the basis of the GDP of each region, but no region may exceed 25% of the portfolio. In both cases, front-end fees may be up to 5%, and management commission is 1.2%. Avana will also charge a performance fee of 15%.
27/05/2010

Axa IM closes a second real estate fund

On Wednesday, AXA Investment Managers Deutschland GmbH announced that, following a nine-month extension of the freeze on redemptions from its open-ended real estate fund Axa Immoselect (see Newsmanagers of 18 February), it is suspending redemptions for an initial period of three months from its open-ended real estate fund reserved for institutional investors, Axa Immosolutions (ISIN: DE000A0J3GM1). The fund has about EUR400m in assets. The suspension comes as a result of liquidity problems, as the fund now has only a very limited cash reserve. Axa IM claims the redemption demands have been triggered by the publication by the German government of draft reforms to legislation governing real estate funds. As of 21 May, the liquidity rate for Axa Immosolutions was 9.1%, which represents EUR36.5m, while the external financing rate was 15.3%. If the announced redemptions were fulfilled, the liquidity rate would be negative by 2.5%.
27/05/2010

Managers of three KBL funds replaced

KBL has changed the managers of three of its funds, Citywire reports. Bernard Pons has left the firm, leaving the KBL Key-Eastern Europe fund to Gabriel Catherin, and the KBL Key-Natural Resources Equities fund to Eric Hemmer. Catherin will also take over the KBL Key-Major Emerging Markets fund, previously managed by Christophe Bogaert.
27/05/2010

Carlos Costales becomes head of sales for Spain at Swiss & Global

After overseeing the entry of Scottish Widows Investment Partnership (SWIP) into the Spanish market, beginning in 2007, Carlos Costales has joined Swiss & Global (an asset management affiliate of Julius Baer), as head of sales for Spain. He was previously a partner at Atlas Capital, in which Julius Baer owns a 28.6% stake, Funds People reports. Meanwhile, Atlas Capital has announced the resignation of Juan Ramón Caridad, who is also leaving his position as head of Swiss & Global. Caridad was part of the former Morgan Stanley management team which founded Atlas Capital six years ago.
27/05/2010

State Street investor confidence index dips in May

The global investor confidence index calculated by State Street has fallen 11.2 points to 88.2, compared with a corrected level of 99.4 for April. A fall in investor confidence in North America is largely to blame for this decline, as the regional index fell by 5 points to a total of 98.3, compared with a corrected level of 103.3 the previous month. Among European investors, confidence is also down by 3.5 points, from 95.7 to 92.2. Asia, however, has maintained its confidence levels, as the regional confidence index has gained 6.8 points, to 101. “We have observed this month that institutional investors are continuing to considerably reduce their allocations to high-risk assets, in a trend which had already begun last month,” says Ken Froot, one of the two creators of the index. “As they did at the beginning of the subprime credit crisis in 2007, institutions have taken advance steps by reducing their risk from March levels, even though markets continued to rise. The sustained disengagement which we have observed this month is a sign of considerable uncertainty over the deficit levels in the Euro zone, and the repercussions that these might have worldwide.”
27/05/2010

Carlos Costales devient directeur commercial de Swiss & Global pour l'Espagne

Après avoir mené l’implantation de Scottish Widows Investment Partnership (SWIP) en Espagne depuis 2007, Carlos Costales rejoint Swiss & Global (filiale de gestion d’actifs de Julius Baer) comme directeur des ventes pour l’Espagne. Il avait auparavant été associé d’Atlas Capital, dont Julius Baer détient 28,6 %, rapporte Funds People.Parallèlement, Atlas Capital a annoncé la démission de Juan Ramón Caridad, qui abandonne également ses fonctions de responsable de Swiss & Global. L’intéressé faisait partie de l'équipe d’anciens de Morgan Stanley qui a fondé Atlas Capital voici six ans.
27/05/2010
Fonds

Baisse de 12 % du nombre de fonds espagnols en 2009

Du fait de la crise et de la rationalisation des gammes, le nombre de fonds en Espagne avait diminué fin 2009 à 2.593 contre 2.943 un an plus tôt (- 11,9 %). Il y a 90 lancements et 440 suppressions (dont 426 par fusion-absorption), selon le rapport annuel de la CNMV. De ce fait, l’encours moyen s’est accru de 11,6 %, passant de 60 millions d’euros à 67 millions.Parallèlement, le nombre de fonds étrangers commercialisés en Espagne s’est accru de 3,4 % à 582 unités, mais leur encours a gonflé de 35 % à 24,3 milliards d’euros alors que l’encours total des fonds a encore baissé de 3 % à 170,55 milliards d’euros.
Fonds
27/05/2010
Fonds

Russell lance trois fonds en Italie

Selon Bluerating, Russell Investments a lancé en Italie trois fonds de multigestion qui permettent d’investir sur le marché américain : RIC US Small Cap Equity fund (actions petites capitalisations), RIC US Equity fund (grandes capitalisations) et RIC US Bond fund (obligataire).
Fonds
27/05/2010
Fonds

Les hedge funds gèrent 2.700 milliards de dollars

Le secteur mondial des hedge funds gère plus de 2.700 milliards de dollars d’actifs, selon un sondage réalisé auprès des dépositaires et administrateurs pour HFM Week et relayé par le Financial Times. Il s’agit d’un montant bien supérieur aux estimations précédentes. Ce chiffre est néanmoins plus précis que ceux habituellement publiés, d’autant qu’il ne prend pas en compte le levier.
Fonds
27/05/2010

Quel montant de pertes la BCE peut-elle absorber ?

Certains s’inquiètent du risque de faillite de la BCE, depuis qu’elle s’est auto-déclarée «acheteur en dernier ressort» des titres de dettes publiques et privées de la zone euro que le marché refuse. Ils peuvent se rassurer. Quelle que soit la qualité de l’actif sous-jacent et même avec un «junk bond» grec, l’Eurosystème ne réalisera aucune perte sur ses opérations de repo tant que les contreparties (les banques) ne sont pas elles-mêmes en cessation de paiement.
26/05/2010

Convictions AM recrute un ancien de la Barep

Nicolas Gautier vient de rejoindre Convictions Asset Management pour développer sa clientèle de grands investisseurs (Institutionnels, Banques Privées, Family Offices).Agé de 35 ans, il travaillait précédemment chez Barep Asset Management en tant que commercial en charge de la clientèle française. Avant, il était chez Société Générale Corporate & Investment Banking.Convictions Asset Management, dont le groupe UFG détient 30 % du capital, est une société de gestion de portefeuille créée en 2008 par Philippe Delienne. Basée à Paris, la société compte 20 collaborateurs et gère plus de 700 millions d’euros.
26/05/2010
Fonds

OFI Reim et F&C Reit lancent un fonds dédié aux bureaux en France

OFI Reim and F&C Reit ont annoncé le 25 mai la création de Fosca II, qui vient d’être souscrit à hauteur d’environ 100 millions d’euros par des investisseurs institutionnels européens, compagnies d’assurances et fonds de pension.Fosca II succède à Fosca qui a réuni des investisseurs institutionnels pour plus de 200 millions d’euros en 2005 et 2006. Sa stratégie est de constituer un portefeuille diversifié d’immeubles de bureaux et commerces en France. De nouvelles souscriptions sont attendues en 2010 et 2011 pour atteindre un montant de 300 millions d’euros de fonds propres. Ceci permettra avec la part de dette prévue pour financer les acquisitions, de constituer un portefeuille d’environ 600 millions d’euros.
Fonds
26/05/2010

L'impact des actifs toxiques sera moindre à l'avenir pour la SocGen

Selon l’Agefi, qui cite les déclarations de Frédéric Oudéa, le patron de la Société Générale, lors de l’assemblée générale des actionnaires, l’impact des actifs toxiques, qui ont plombé la banque sera plus modéré à l’avenir qu’en 2008 et 2009. Le quotidien précise que les actifs toxiques, qui s'élèvent à 35 milliards d’euros, coûteront cette année à la banque entre 700 millions et un milliard d’euros.
26/05/2010

HSBC Trinkaus va augmenter son capital

Le directoire de HSBC Trinkaus & Burkhardt (T+B) a décidé mardi une augmentation du capital par l'émission en numéraire de plus de 2 millions d’actions à 75 euros l’unité sur la base d’une nouvelle pour treize anciennes, ce qui représente environ 150 millions d’euros. Cela permettra d’augmenter de 1,8 point le ratio de fonds propres qui se situait fin mars à 14,5 %, dont 10 % de fonds propres de premier rang hors titres hybrides (11,8 % avec ces titres).HSBC Germany Holdings, qui détient 78,6 % des parts, a l’intention de suivre l’augmentation de capital et d’acquérir les actions qui n’auraient pas été souscrites (la LBBW détient actuellement environ 20 % T+B).
26/05/2010
Fonds

Lazard AM Allemagne lance le LSDynamic

Le 10 mai, Lazard Asset Management (Deutschland) a lancé un fonds obligataire long/short de droit allemand, le LSDynamic qui suit une stratégie de performance absolue en utilisant des stratégies quantitatives et discrétionnaires pour les gestion de taux sur les marchés obligataires de la zone Europe, du Royaume-Uni, du Japon, de la Suisse et des Etats-Unis en investissant au minimum 51 % de son encours en obligations «investment grade» libellées dans une des monnaies de l’OCDE. Ce fonds investit exclusivement en obligations et en dérivés libellés en euros, en dollars américains, en yen, en livres ou en francs suisses.CaractéristiquesDénomination : LSDynamicCode Isin : DE000A0RHKX8Droit d’entrée : 3 %Commission de gestion : 0,8 %Commission de banque dépositaire : 0,1 %
Fonds

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