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27/04/2010

Aviva Investors nomme un directeur général du développement commercial Europe

Aviva Investors a annoncé aujourd’hui la nomination de Ted Potter au poste de directeur général du développement commercial Europe. Il s’agit d’une création de poste, précise la société de gestion. Ted Potter prendra ses nouvelles fonctions en juin et sera basé au siège de Aviva Investors à Londres. Il sera rattaché à Erich Gerth, directeur exécutif et directeur général Monde du développement commercial, et sera responsable des équipes de développement commercial en Europe. Véronique Cherret, Responsable Clientèle Institutionnelle Europe, et Gabriele Miodini, Responsable Institutions Financières, lui seront rattachés. Auparavant, Ted Potter travaillait pour Pinebridge Investments - anciennement AIG Investments - où il dirigeait les activités de développement commercial du groupe en Europe. Il a également exercé la fonction de directeur des opérations chez Bedford Oak Advisors, société partenaire en gestion alternative, et a passé six ans chez Goldman Sachs Asset Management à New York, où il a occupé différents postes de responsable liés au développement commercial.
27/04/2010

State Street sélectionné par Marshall Wace

Le groupe de gestion alternative Marshall Wace a sélectionné State Street pour la fourniture de services d’investissement pour son nouvel ETF equity neutral, MW Tops Global Alpha.Selon Marshall Wace, cet ETF est le premier ETF en Europe géré par un spécialiste de la gestion alternative.
27/04/2010
Fonds

Amundi lance quatrorze ETF sur la bourse suisse

Amundi ETF a annoncé lundi 26 avril la cotation de 14 ETF cotés sur SIX Swiss Exchange dont sept sont inédits en Suisse. La cotation de ces 14 ETF sur SIX Swiss Exchange s’est effectuée en deux étapes. Le 13 avril 2010, dix ETF ont été cotés composés de cinq ETF actions, dont quatre régionaux et un pays émergent, dont un produit inédit en Europe – Amundi ETF MSCI Europe Ex Switzerland. A cela s’ajoutent deux ETF obligataires dont l’un réplique l’évolution d’un indice d’emprunts d’Etat de la zone euro toutes maturités confondues, alors que le deuxième permet une exposition à environ 40 obligations d’entreprises offrant une bonne liquidité et une note de crédit supérieure ou égale à BBB- selon l’agence de notation S&P. Deux ETF à effet de levier ont également été proposés, dont 1 inédit sur SIX Swiss Exchange, et 1 ETF short. «Ces ETF permettent aux investisseurs de doubler leurs positions ou au contraire se couvrir au quotidien sur des marchés spécifiques», précise la société de gestion. L’indice pris en référence est le Dow Jones Euro Stoxx 50. Enfin, la dernière livraison qui est cotée sur SIX Swiss Exchange à compter du 27 avril 2010 comprend quatre ETF matières premières inédits permettant de s’exposer aux principaux segments de matières premières (agricoles, métaux précieux ou industriels, énergie…) dans un cadre réglementé UCITS III. «La sélection des produits disponibles sera élargie dans les semaines à venir avec plusieurs autres cotations sur SIX Swiss Exchange», annonce Amundi ETF.
Fonds
27/04/2010

Les investisseurs favorisent les stratégies passives, selon BlackRock

BlackRock a fait état pour le premier trimestre d’un résultat net de 423 millions de dollars, ou 2,17 dollars par action, contre 84 millions de dollars ou 62 cents par action un an plus tôt. La marge opérationnelle s’est inscrite à 32,8%, y compris l’impact des coûts d’intégration avant impôts de BGI (52 millions de dollars). Hors coûts liés à l’acquisition de BGI, le résultat net s’inscrit à 469 millions de dollars ou 2,40 dollars par action contre 110 millions ou 81 cents par action.Les actifs sous gestion se sont accrus de 17,6 milliards de dollars au premier trimestre à 3.360 milliards de dollars. Durant le trimestre, la décollecte nette (produits court terme) s’est élevée à 39,6 milliards de dollars alors que la collecte nette en produits de long terme (actions, obligations, investissements alternatifs et multi asset) a totalisé 8,9 milliards de dollars.Dans la classe actions, les actifs sous gestion s'élevaient à la fin du trimestre à 1.580 milliards de dollars, en hausse de 46,5 milliards de dollars depuis la fin de l’année. Les investisseurs ont apporté 4,6 milliards de dollars dans les fonds indiciels et 900 millions de dollars dans les stratégies actions actives. Mais les fonds quantitatifs ont subi une décollecte nette de 8,8 milliards de dollars. Du côté du fixed income, les actifs sous gestion se sont accrus de 3,6 milliards de dollars à 1.060 milliards de dollars. La collecte nette des produits indiciels et des ETF s’est élevée à 13,6 milliards alors que les fonds obligataires actifs on suscité une décollecte de 14,4 milliards de dollars.Les commissions de performance se sont élevées à 50 millions de dollars au premier trimestre contre 125 millions au quatrième trimestre 2009.
27/04/2010
Fonds

BlackRock et Vanguard se disputent les encours pour leur ETF marchés émergents

L’ETF iShares MSCI Emerging Markets Index Fund de BlackRock et le Vanguard Emerging Markets ETF sont respectivement le quatrième et le cinquième ETF aux Etats-Unis par l’encours, avec 36 milliards et 24 milliards de dollars, note The Wall Street Journal. Ils ont le même indice de référence, le MSCI Emerging Markets. Le produit Vanguard est le moins cher, avec une commission de gestion de 0,27 % contre 0,72 % pour le iShares, mais ce dernier, lancé en 2003, affiche un volume de transactions hebdomadaire de 346,9 millions d’actions, contre 55,5 millions pour le fonds Vanguard lancé en mars 2005.Selon certains analystes, c’est la différence des taux de frais qui expliquerait pourquoi l’ETF d’iShares a subi pour janvier-mars des sorties nettes de 4,36 milliards de dollars pendant que son concurrent de Vanguard enregistrait des souscriptions nettes de 2,91 milliards. Cette situation intrigue, parce que d’habitude, c’est le «first mover» qui a l’avantage parce que les investisseurs préfèrent le fonds le plus liquide qui a les frais de transaction les plus bas.
Fonds
27/04/2010

Le bénéfice d'Ameriprise gonfle de 65 %

Lundi, Ameriprise Financial a déclaré pour le premier trimestre un bénéfice net de 214 millions de dollars contre 138 millions de dollars pour janvier-mars 2009, ce qui représente un gonflement de 65 %.Les encours au 31 mars affichaient une hausse de 31 % en un an, à 332 milliards de dollars, grâce principalement à l’effet de marché et souscriptions nettes de 2,5 milliards de dollars pour l’activité «wrap» qui a atteint le volume record de 100 milliards de dollars.Aux Etats-Unis, la division gestion d’actifs a accusé des remboursements nets de 0,9 milliard de dollars dans le retail et des souscriptions nettes de 0,1 milliard dans l’institutionnel, malgré des synergies négatives de 0,6 milliard liées à l’acquisition de Columbia Management.A l'étranger, la gestion d’actifs «retail» a enregistré des rentrées nettes de 1,3 milliard de dollars compensées par des sorties nettes de 1,3 milliard pour la branche institutionnelle.
27/04/2010
Fonds

Rydex/SGI va liquider 12 ETF à effet de levier

Le trustee board de Rydex/SGI (7 milliards de dollars d’actifs sous gestion) a approuvé vendredi la décision de liquider le 21 mai 12 des 14 ETF à effet de levier longs et courts de la gamme, des fonds qui représentent environ 129 millions de dollars d’encours.Cette initiative vise à concentrer l’offre de 40 ETP sur les produits les plus demandés au moment où Guggenheim Partners achète Security Benefit Corp, dont Rydex/SGI est une filiale (lire notre dépêche du 17 février).Parmi les fonds qui doivent être liquidés figurent le Rydex 2x Russell 2000, le Rydex 2x S&P MidCap 400, le Rydex Inverse 2x Russell 2000 et le Rydex Inverse 2x S&P MidCap 400.
Fonds
27/04/2010

Ouverture cette semaine du procès entre Lehman Brothers et Barclays

Le procès opposant la banque américaine Lehman Brothers à son acquéreur, le groupe bancaire britannique Barclays s’est ouvert, hier à New York, rapporte les Echos. Les dépositaires de cette liquidation ainsi qu’un comité de créanciers espèrent récupérer 11 milliards de dollars (8,2 milliards d’euros). Ils veulent démontrer que Barclays avait à l'époque fait une bonne affaire, notamment en empochant sans en informer la justice une plus-value supplémentaire d’au moins 5 milliards de dollars, précise le quotidien.D’un point de vue financier, les liquidateurs de Lehman font face à plus de 60.000 demandes de réparation dépassant 1.000 milliards de dollars. Lehman doit par ailleurs rémunérer ses conseillers juridiques, dont la facture a déjà atteint 731,6 millions de dollars.
27/04/2010
Fonds

Skandia sélectionne Fifth Third AM pour son fonds "bue chips" US

Skandia Global Funds (SGF) a annoncé lundi 26 avril avoir nommé, pour son fonds composé de grandes capitalisations américaines, Skandia US Large Cap Growth Fund, la société de gestion américaine Fifth Third Asset Management (FTAM). Cette dernière dispose de 19 milliards de dollars d’actifs sous gestion. De son côté, Skandia US Large Cap Growth Fund affiche un encours de 80 millions de dollars.
Fonds
27/04/2010

Promotion for Dieter Hein at Bank of Luxembourg

The Banque de Luxembourg has announced that Dieter Hein, its CIO for bonds, has been appointed alongside Guy Wagner as director of the management firm Banque de Luxembourg Fund Research & Asset Management (BL FR&AM). He will be in charge of distribution in Germany, Austria, France, Belgium, and Sweden, as well as risk management and sales support and administrative functions.
27/04/2010

ASB proposes a compromise between declaration and banking secrecy

Les Echos reports, citing a document predicting the evolution of the Swiss financial market from now until 2015, that the Swiss bankers association (ASB) is hoping to set out a procedure for declaration of undeclared foreign assets in order to legalise the money now held in Swiss banks while preserving banking secrecy.
27/04/2010

Aviva Investors appoints a CEO of commercial development for Europe

Aviva Investors today announced the appointment of Ted Potter as CEO for commercial development in Europe. This is a newly-created position, the management firm states. Potter will begin in his new position in June, and will be based at the Aviva Investors headquarters in London. He will report to Erich Gerth, executive director and global CEO for commercial development, and will be in charge of commercial development teams in Europe. Véronique Cherret, head of institutional clients for Europe, and Gabriele Miodini, head of financial institutions, will report to him. Potter previously worked for Pinebridge Investments, formerly known as AIG Investments, where he was head of commercial development activities for the group in Europe. He also served as director of operations at Bedford Oak Advisors, an alternative management partner firm, and spent six years at Goldman Sachs Asset Management in New York, where he held several positions of responsibility related to commercial development.
27/04/2010

Stoxx launches an index of European Christian shares

On Monday, Stoxx Ltd, a joint venture of Deutsche Börse and the Swiss stock exchange SIX, announced the launch of the Stoxx European Christian Index, which reflects the performance of companies selected from the Stoxx Europe 600 index on the basis of the values and principles of the Christian religion. It will serve as a benchmark for its actively-managed funds, ETFs and other investment products. Stoxx has formed an independent committee to define, create and deploy selection criteria, in order to guarantee the quality of the index and respect for methodology. The committee includes representatives of Christian Brothers Investment Services, Inc. (CBIS), which directs the project, the Vatican, the Missionary International Service News Agency (MISNA), academics and investment professionals. The index will exclude businesses which do not satisfy predetermined levels of tolerance for certain areas of activity such as pornography, strategic and non-strategic weapons, birth control and gambling. Weighting of businesses in the STOXX Europe Christian Index, which is calculated in Euros and US dollars, will be based on the free-float, with a limit of 20% for each share. It will be updated every June and December. Stoxx has backtested the index to 31 December 2004.
27/04/2010

Private equity: market activity stagnates in first quarter

The number of transactions completed in first quarter in Europe totalled 235, compared with 226 in the previous quarter, according to the private equity barometer “unquote,” published by Private Equity Insight in partnership with Candover. The value of these transactions still represents a 2.6% increase compared with the previous quarter, at EUR10.5bn compared with EUR10.3bn. But compared with first quarter 2009, activities represent nearly triple the investment value. In the buy-out sector, the number of transactions is down 12% at 69, ending three consecutive quarters of growth, but the cumulative value of transactions totalled EUR9.2bn for the quarter, a record level equalling the previous record set in third quarter 2009.
27/04/2010

Frankfurt Trust changes names of ten funds

In order to make the names of its fund products more uniform, and to make the themes on which funds are basedmore transparent, Frankfurt Trust has decided to change the names often of its funds from 1 May. They are as follows:ISINFormer nameNew nameDE000A0D95R8BHF SustainSelect FTFT Navigator SustainabilityDE0009770206FT Accugeld FT AccuGeldDE0008478082FT AccuzinsFT AccuZinsDE0008478041FT Amerika Dynamik FondsFT AmerikaDynamikDE0008478181FT Europa Dynamik Fonds FT EuropaDynamikDE0009772988FT Global Dynamik FondsFT GlobalDynamikDE0005317416FT HighDividendFT Global HighDividend DE0008478009FT InterspezialFT InterSpezialDE0008478033FT Nippon Dynamik FondsFT NipponDynamikDE0009770230FT US-Dollar Plus FT DollarGeld
27/04/2010

Deka Immobilien invests in Bremen

Deka Immobilian has acquired the Daimler Plant Consolidation Centre (PCC, 102,000 square metres), located in Bremen, for its sectoral fund WestInvest TargetSelect Logistics fund. The investment represents EUR34m. The WestInvest TargetSelect Logistics is an open-ended real estate fund reserved for institutional investors.
27/04/2010

Fund manager reimburses subscribers out of his own pocket

Olaf-Johannes Eick, manager of several funds launched by the Swiss firm Multi-Invest with Sal. Oppemheim, has bought back a packet of shares from the funds he manages (Multi-Invest OP and Multi-Invest Spezial OP) in the British firm Petrocapital Resources (PCR), whose value has fallen to USD0.14 per share, down from USD0.81 at the time he bought them, Wirtschaftswoche reports. The manager personally bought up the shares, at a cost of about EUR10m, because he did not want subscribers to be penalised by his error in judgement.
27/04/2010

Better governance could increase allocation to hedge funds

According to a survey by RBC Dexia Services Investor Services of 57% of the world’s hedge fund managers, of which 42% manage more than USD1bn in assets, 61% of respondents are of the opinion that better governance in alternative investments could result in higher levels of allocation to this asset class, which would lead to the launch of a “significant” number of new funds, both offshore and onshore, within a few months. The survey defines governance to include structural issues, independent valuation, transparency and third party control. The influence of regulation on the choice of domicile for funds is a key question for large managers. 92% of the managers surveyed who have assets of over USD1bn admit that regulatory questions are important in the choice of domicile, while the percentage is limited to only 64% of managers with assets of less than USD1bn. Among those surveyed, 49% are planning to launch onshore funds, and 40% are planning launches of offshore funds. As to how they would react to new rules imposing stricter governance requirements, 40% of respondents said they would be obliged to hire personnel, while 35%, largely whose with less than USD1bn in assets, are planning to outsource.
27/04/2010

Muzinich registers four funds in Spain

Muzinich & Co on Thursday registered four funds with the Spanish regulator CNMV. They are the Muzinich America Yield, Europe Yield, Transatlantic and Enhanced Yield funds, which are registered in Ireland, are focused on high yield bonds, and will be available exclusively from Capital Strategies Partners.
27/04/2010

Asset management losses down at Deutsche Bank

On Tuesday, Deutsche Bank declared net profits for first quarter of EUR1.8bn, compared with EUR1.2bn for January-March 2009, with an improvement in the cost-income ratio from 68% to 66%. Pre-tax losses for the asset & wealth management (AWM) division were down to EUR5m, from EUR173m. Invested assets as of the end of March totalled EUR808bn, EUR122bn more than as of 31 December 2009. Positive market effects are to thank for only EUR17bn of this increase. For the asset management branch, assets under management increased by EUR41bn (+8%), of which EUR4bn were due to net subscriptions, and EUR14bn due to the consolidation of some activities of Sal. Oppenheim. In wealth management, invested assets increased by EUR81bn, of which EUR68bn were related to the consolidation of Sal. Oppenheim. Net subscriptions represented EUR5bn.
27/04/2010

JPMAM adds to sales staff

The sales team at JPMorgan Asset Management (JPMAM) dedicated to independent distributors how has a ninth member in Germany, following the addition of Martina Pröschold, who has been at the firm since 1998, to this team. Pröschold and two colleagues will serve independent financial advisers, while two others will handle wealth managers, and two more will be responsible for independent advisers in the insurance sector. The team also has two assistants. Pröschold previously served in relationship management for banking, fund of fund and asset management clients.
27/04/2010

German government preparing new regulations for real estate funds

The Börsen-Zeitung reports that the German federal finance ministry is currently putting the final touches on a new regulation to address liquidity problems being faced by open-ended real estate funds. It would impose a minimal investment period of two years and advance notice periods for redemption demands of 6 to 24 months. The shorter the advance notice period, the more liquidity the fund would be required to have. In addition, the German government is planning to introduce a more flexible procedure to the liquidation of open-ended real estate funds which are not able to provide the liquidity required to permit investors to exit from the fund.
27/04/2010

Ingrid Szeiler takes over as head of RVV

From 1 May, Ingrid Szeiler will become a member of the board and CEO of Raiffeisen Vermögensverwaltungsbank AG (RVV), an affiliate of Raiffeisen Capital Management (RCM) specialised in high net worth retail investors. Since 1999, Szeiler has been head of asset allocation and multi-asset class strategies at RCM. She replaces Georg-Viktor Dax, who is leaving the Raiffeisen Zentralbank (RZB) group. The other board member at RVV is Mathias Bauer, CEO of RCM.
27/04/2010

Investors prefer passive strategies, according to BlackRock

BlackRock has reported net profits for first quarter of USD423m, of USD2.17 per share, compared with USD84m, or USD0.67 per share one year previously. Operating margins came out to 32.8%, including the impact of the cost of the integration of BGI before taxes (USD52m). Excluding costs related to the acqusition of BGI, net profits totalled USD469m, of USD2.40 per share, compared with USD110m or USD0.18 per share. Assets under management increased by USD17.6bn in first quarter, to USD3.36trn. During the quarter, net outflows (short-term products) totalled USD39.6bn, while net inflows to long-term products (equities, bonds, alternative investments and multi-asset) totalled USD8.9bn. In the equities asset class, assets under management as of the end of the quarter totalled USD1.58trn, an increase of USD46.5bn since the end of the year. Investors placed USD4.6bn in tracker funds and USD900m in active equities strategies. But quantitative funds saw a net outflow of USD8.8bn. In fixed income, assets under management increased by USD3.6bn to USD1.06trn. Net inflows to tracker products and ETFs totalled USD13.6bn, while actively-managed bond funds saw a net outflow of USD14.4bn. Performance commissions totalled USD50m in first quarter, compared with USD125m in fourth quarter 2009.
27/04/2010

Russell Investments builds presence in institutional management

Russell Investments has announced the appointment of Penny Zuckerwise as CEO Americas Institutional. Zuckerwise, previously president and CEO of the management firm Utendahl Capital Management, will join Russell Investments on 3 May. She will report to the president and CEO of Russell, Andrew Doman, and will join the executive board at the firm. The development of institutional activities at Russell will be accompanied by the recruitment of 30 staff in the areas of advising, product development and risk management.
27/04/2010

Ameriprise profit up 65% in Q1

On Monday, Ameriprise Financial declared net profits for first quarter of USD214m, compared with USD138m for January-March 2009, which represents an increase of 65%. Assets as of 31 March were up 31% in one year, to USD332bn, largely due to positive market effects and net subscriptions of USD2.5bn for wrap activities, which have reached record volumes of USD100bn. In the United States, the asset management division saw net redemptions of USD0.9bn in retail, and net subscriptions of USD0.1bn in institutional, despite negative synergies of USD0.6bn related to the acquisition of Columbia Management. Elsewhere in the world, retail asset management saw net inflows of USD1.3bn, offset by outflows of USD1.3bn from the institutional operation.
27/04/2010

Lehman Brothers-Barclays lawsuit hearings to begin this week

A lawsuit pitting the US bank Lehman Brothers against its acquirer, the British banking group Barclays, began yesterday in New York, Les Echos reports. Depositories in the liquidation process and a group of Lehman creditors are hoping to recuperate USD11bn (EUR8.2bn). They are hoping to demonstrate that Barclays got away with a good deal at the time, particularly as they were able to pocket additional capital gains of at least USD5bn, without having to inform the authorities, the newspaper reports.
27/04/2010

Tiburon Partners launches a UCITS III fund

Fund Strategy reports that Tiburon Partners, the investment boutique specialised in Asia, is planning to launch a long/short equities fund next month dedicated to Asia ex Japan. The Tiburon Taurus fund will be a UCITS III version of an existing Asian hedge fund, the Tiburon Tiger fund. The new fund will be managed by Mark Fleming and Mark Martyrossian, who already manage the Tiburon Tiger. The fund will be listed on the Irish stock market.
27/04/2010

Rydex/SGI to liquidate 12 leveraged ETFs

The trustee board of Rydex/SGI (USD7bn in assets under management) on Friday approved the decision to liquidate 12 of the 14 long and short leveraged ETFs of the range on 12 May. These funds represent assets totalling USD129m. The move aims to concentrate the range of 40 ETPs on products most in demand at a time when Guggenheim Parrtners is buying Security Benefit Corp, of which Rydex/SGI is an affiliate (see Newsmanagers of 17 February). Among the funds to be liquidated are the Rydex 2x Russell 2000, the Rydex 2x S&P MidCap 400, the Rydex Inverse 2x Russell 2000 and the Rydex Inverse 2x S&P MidCap 400.

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