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27/04/2010

BlackRock and Vanguard battle for emerging markets ETF assets

The iShares MSCI Emerging Markets Index Fund ETF from BlackRock and the Vanguard Emerging Markets ETF are the fourth- and fifth-largest ETFs in the United States, respectively, with assets of USD36bn and USD24bn, the Wall Street Journal reports. They are based on the same benchmark index, the MSCI Emerging Markets. The Vanguard product is less expensive, with a management commission of 0.27%, compared with 0.72% for the iShares fund. But the latter fund, launched in 2003, has weekly trading volume of 346.9 million shares, compared with 55.5 million for the Vanguard fund, launched in March 2005. Some analysts says that the difference in fees is the reason that the iShares ETF has seen net outflows in January-March of USD4.36bn, while the competing Vanguard fund has seen net subscriptions of USD2.91bn. This is an intriguing situation, since ordinarily, the first mover has the advantage since investors prefer the more liquid fund which has the lowest transaction costs.
27/04/2010

Legg Mason releases Permal absolute return fund

The CNMV has registered the Legg Mason Permal Global Absolute fund, which aims for returns of 8-10% per year over a 3-5 year cycle (see Newsmanagers of 27 January). The Irish-registered fund, which complies with the UCITS III directive, covers several asset classes. It is denominated in US dollars, and has share classes in Euros, pounds Sterling, Canadian dollars, and Japanese yen.
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

LGT Capital Partners launched its first UCITS-compliant FoHF

The Crown Managed Futures UCITS Fund, launched on 4 May, will be the first fund of hedge funds compliant with the UCITS III directive from LGT Capital Parners (USD18bn in assets). The Irish-registered product replicates the Crown Managed Futures fund (USD670m), Hedge Funds Review reports. Minimal subscription for the product, which invests in hedge funds active in the areas of commodities, equities, bonds, and currencies, will be USD10,000, EUR10,000, or GBP10,000. Exposure will be determined by an index of 15 managed accounts. Hedge Week reports that the Crown Managed Futures fund, launched in 2000, has posted average annual returns of 10.5%, compared with losses of 2.1% for its benchmark index, the MSCI World. LGT CP will charge a management commission of 1.5%, and a performance commission of 7.5%. The product, which offers weekly liquidity, will also charge a swap/structuring fee of 0.7%. Shares will be available in US dollars, Euros or pounds Sterling.
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

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.
26/04/2010
Fonds

Progression de 1,63% de l'indice Morningstar des hedge funds au premier trimestre

Au premier trimestre, l’indice Morningstar 1000 Hedge Fund a enregistré une progression de 1,63% contre 2,5% pour le Morningstar MSCI Composite Index. Au cours du seul mois de mars, l’indice des hedge funds a enregistré un gain de 2,77% (contre 2,3% pour l’indice MSCI). L’indice Morningstar Hedge Fund of Funds a stagné avec une hausse de seulement 0,05% sur le trimestre (1,6% en mars).Parmi les meilleures performances, l’indice Morningstar Corporate Actions a dégagé une avance de 6,82% sur le trimestre (et 3,49% en mars) tandis que le Morningstar Distressed Sec affichait un gain de 7,42% (et 5,81% en mars).On relève par ailleurs les performances négatives sur le Morningstar dvlp Asia Equity (60,61%), sur l’Equity Arbitrage (-0,87%), sur Europe Equity (-1,26%) et sur le Short Equity (-2,36%).
Fonds
26/04/2010

Les sociétés de gestion doivent se méfier des fusions

Dans une étude citée par Mutual Fund Wire, Cerulli prévient les sociétés de gestion que les fusions et acquisitions ne sont pas toujours la meilleure façon de croître. D’autres méthodes comme les financements spéciaux et le private equity sont à privilégier. Pour étendre sa distribution, Cerulli recommande aussi les third party marketers.
26/04/2010

Les ETF d'iShares ont franchi la barre de 500 milliards de dollars

BlackRock a indiqué qu’au 31 mars l’encours de ses ETF de la marque iShares a atteint 509 milliards de dollars répartis sur 434 fonds dans le monde, dont 201 ETF avec 409 milliards de dollars aux Etats-Unis et 172 produits avec 100 milliards de dollars en Europe.
26/04/2010

Triton veut acheter Karstadt

Le capital-investisseur américain Triton propose 30 millions d’euros pour acheter les 120 grands magasins Karstadt, dans lesquels il compte investir par ailleurs 60 millions d’euros. Cependant, précise Bild am Sonntag, le repreneur potentiel envisage la suppression de 4.000 des quelque 26.000 emplois. D’après Der Spiegel, Triton veut en outre renégocier les accords salariaux ainsi que les loyers, complète Die Welt am Sonntag.
26/04/2010
Fonds

db ETC lance cinq nouveaux produits

Un mois et demi après avoir créé sa nouvelle plate-forme db ETC Index Plc et y avoir lancé les quatre premiers produits (lire notre article du 9 mars), la Deutsche Bank a annoncé que cinq nouveaux ETC ont été admis à la négociation sur Xetra à Francfort, avec un produit sur l’indice large S&P GSCI (le db Commodity Booster Euro Hedged ETC) et quatre ETC sur des sous-indices S&P GSCI (db Agriculture Booster Euro Hedged ETC, db Industrial Metals Booster Euro Hedged ETC, db Energy Booster Euro Hedged ETC et db Natural Gas Booster Euro Hedged ETC).Comme les quatre premiers de la série, ces ETC bénéficient d’une couverture du risque de change sur le dollar américain ainsi que d’une dispositif d’optimisation «Booster» pour limiter les risques de pertes lors du roulement des positions pour répliquer l'évolution des futures sur matières premières.Tous les nouveaux ETC sont de droit allemand et assortis d’une commission de gestion de 0,45 %.
Fonds
26/04/2010

BBVA Asset Management veut conquérir des marchés en Asie et en Europe

María Luisa Gómez Bravo, présidente de BBVA Asset Management, indique dans un entretien avec Expansión qu’elle compte s’appuyer sur le réseau de la banque en Asie pour attirer des investisseurs locaux, notamment en Chine. Le BBVA dispose de succursales et de bureaux de représentation en Inde, au Japon, en Corée, à Singapour et à Taiwan. De plus, il a conclu une alliance en Chine avec Citic, dont il détient 15 %. En outre, BBVA AM renforce actuellement son équipe commerciale dans la zone.L’autre axe de développement sera l’Europe, grâce à la directive Ucits IV. Dans ce contexte, BBVA AM a recruté récemment Olivier Asselin (Western AM) comme CIO Europe, un directeur des solutions d’investissement, (Aymeric Forest, BNP Paribas Fortis), un responsable pour le crédit (Enriquee García Pazos d’UBS) et un coordinateur pour les ETF (Salavador Gómez, BlackRock).
26/04/2010

Le Banco Popular se dote d'une division pour les grandes fortunes familiales

En juillet 2009, le Banco Popular a créé une nouvelle division, Family Office PBP, dirigée par José Luis Castro. Actuellement, cette nouvelle activité gère la fortune de 46 groupes familiaux dont le patrimoine financier moyen se situe à 25 millions d’euros, indique Expansión.Family Office OBP dépend de Popular Banca Privada, une entité détenue à 60 % par le Banco Popular et à 40 % par Dexia-BIL. Popular Banca Privada comptait fin 2009 un total de 4.005 clients, soit 348 de plus que fin 2008 et gérait 5,66 milliards d’euros (+ 13 %). Son bénéfice avant impôt a gonflé de 67 % l’an dernier.
26/04/2010

Recul des actifs sous gestion chez Gottex au premier trimestre

Selon L’Agefi suisse, Gottex Fund Management Holdings Ltd a indiqué le 23 avril que ses actifs sous gestion s’élevaient à fin mars 2010 à 7,92 milliards de dollars contre 8,13 milliards fin 2009. Le gestionnaire lausannois n’a réussi à attirer que 290 millions de dollars (dont 120 millions sont à mettre sur le compte de la plateforme de comptes gérés GSS et 130 millions sur celui de Constellar désormais intégré dans Gottex) pour des retraits atteignant le même montant au premier trimestre. A ce résultat équilibré s’ajoutent 100 millions remboursés aux investisseurs dans les classes destinées à la liquidation (run-off). Dans son communiqué, Gottex confirme «l’activité croissante au sein des clients institutionnels». Mais «le temps nécessaire à la prise de décisions reste relativement long», constate-t-il, en raison du sentiment d’incertitude qui règne toujours sur les marchés financiers.
26/04/2010

Sears achète à Pershing Square 17,3 % de Sears Canada

Sears Holdings Corp a annoncé l’acquisition de plus de 18,66 millions d’actions ordinaires de Sears Canada auprès du gestionnaire de hedge funds Pershing Square Capital Management, sur la base de 30 dollars par action. Ces 17,3 % du capital payés environ 560 millions de dollars permettent au groupe américain de détenir environ 90,4 % de sa filiale canadienne.
26/04/2010

Apollo achète CKE Restaurants

Samedi, les dirigeants de CKE Restaurants Inc, la maison-mère des chaînes de restauration rapide Carl’s Jr. et Hardee’s, ont accepté une offre d’achat portant sur 694 millions de dollars, soit 12,85 dollars par action, émanant d’Apollo Management Group, rapporte The Wall Street Journal.CKE a dénoncé un accord précédent par lequel il acceptait une offre de Thomas H. Lee qui portait sur 11,05 dollars par action ou 619 millions de dollars au total.

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