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26/04/2010

Profits triple at T. Rowe Price

The US asset management firm T. Rowe Price has announced net profits for first quarter of USD153m, compared with USD48.2m for the corresponding period of last year. Assets as of the end of March totalled USD419bn, compared with USD391.3bn as of the end of December, and USD268.8bn one year previously. Of this total, mutual funds on sale in the United States represented USD249.5bn. Net subscriptions totalled a record USD10.3bn in first quarter (of which USD6.1bn were for mutual funds), while market effects brought an increase of USD17.4bn in assets under management.
26/04/2010

US Senate points finger at Moody's and S&P over crisis

Agefi reports that the US Senate has received a report which blames unjustified ratings by the ratings agencies Moody’s and S&P for high-risk financial products for causing “massive economic damage.” The report follows an investigation which looked at hundreds of emails, and found that the ratings were sometimes based on subtle negotiations between bankers and ratings agencies. A more severe issue, the newspaper notes, is that employees of both ratings agencies gave testimony that there was pressure to give good ratings to products from “good clients.” The report also reveals an inability on the part of Moody’s and S&P to integrate fraud risks tied to real estate mortgages, even though emails from employees reveal that they were aware of the issue. The US Senate concludes that the cupidity of the agencies prevented them from being objective.
26/04/2010

Apollo buys CKE Restaurants

On Saturday, the directors of CKE Restaurants Inc., the parent company of the fast food chains Carl’s Jr. and Hardee’s, accepted a takeover bid at USD694m, or USD12.85 per share, from Apollo Mangement Group, the Wall Street Journal reports. CKE has cancelled a previous agreement by which it had accepted a bid from Thomas H. Lee at USD11.05 per share, or USD619m in total.
26/04/2010

Pimco increases exposure to emerging market corporate bonds

Ramin Toloui, a portfolio manager at Pimco (Allianz Global Investors) says that clients, especially pension funds and insurers, who are often the most reticent when it comes to emerging markets, are demanding products which invest in corporate bonds from these markets, the Wall Street Journal reports. Pimco last month increased the exposure of its Total Return fund to bonds of this type from 5% to 6%. More significantly, the Global Advantage Bond index from Pimco assigns a weight of 30% to emerging markets. Pimco is currently invested in bonds from state-owned energy and financial sector businesses, as well as bonds from private sector businesses in commodities, housing construction and infrastructure. Many of these investments are in Brazil, Mexico, Russia and the Gulf region.
26/04/2010

Banco Popular sets up a division for high net worth families

In July 2009, Banco Popular founded a new division, Family Office PBP, led by José Luis Castro. Currently, the new activity manages the wealth of 46 high net worth families, with average total net worth of about USD25m, Expansión reports. Family Office PBP is a division of Popular Banca Privada, an entity which is 60% controlled by Banco Popular and 40% owned by Dexia-BIL. As of the end of 2009, Popular Banca Privada had a total of 4.005 clients, 348 more than at the end of 2008, and managed total assets of EUR5.66bn (+13%). Pre-tax profits increased 67% last year.
26/04/2010

BBVA Asset Management sets out to conquer Asian and European markets

María Luisa Gómez Bravo, president of BBVA Asset Management, says in an interview with Expansión that she is planning to leverage the bank’s network in Asia to attract local investors, particularly in China. BBVA has branches and representative offices in India, Japan, Korea, Singapore and Taiwan. In addition, it has formed an alliance in China with Citic, in which it holds a 15% stake. BBVA AM is also adding to its sales personnel in the region. Another area of growth for BBVA is Europe, due to the upcoming UCITS IV directive. To strengthen its European team, BBVA has recently recruited Olivier Asselin (Western AM) as CIO for Europe, as well as a director of investment solutions (Aymeric Forest, from BNP Paribas Fortis), a credit head (Enrique García Pazos from UBS) and an ETF coordinator (Salvador Gómez, from BlackRock).
26/04/2010

Assets under management down at Gottex in first quarter

Agefi Switzerland reports that Gottex Fund Management Holdings Ltd announced on 23 April that its assets under management as of the end of March totalled USD7.92bn, compared with USD8.13bn as of the end of 2009. The Lausanne-based management firm managed to attract only USD290m in assets (of which USD120m were for the managed accounts platform GSS< and USD130m for the Constellar platform, which is now a part of Gottex), while redemptions totalled the same amount in first quarter. In addition to these balanced inflows and outflows, USD100m were redeemed to investors in run-off asset classes. In a statement, Gottex confirms that it has “growing activities serving institutional clients,” but says that “the time necessary for decision-taking remains too long,” due to a sentiment of uncertainty which continues to reign on the financial markets.
26/04/2010

1.63% increase in Morningstar hedge fund index in first quarter

In first quarter, the Morningstar 1000 Hedge Fund index posted growth of 1.63%, compared with 2.5% for the Morningstar MSCI Composite Index. In the month of March alone, the hedge fund index has posted a gain of 2.77%, compared with 2.3% for the MSCI index. The Morningstar Hedge Fund of Funds index has stagnated, with gains of only 0.25% for the quarter (1.6% in March). Among the top performers, the Morningstar Corporate Actions index leapt forward by 6.82% for the quarter (and 3.49% in March), while the Morningstar Distressed Sic earned gains of 7.42% (and 5.815 in March). Negative performances, however, were registered for the Morningstar dvlp Asia Equity (-6.61%), Equity Arbitrage (-0.87%), Europe Equity (-1.26%), and Short Equity (-2.36%).
26/04/2010

Major outflows from money market funds

In the past four weeks, US and European investors have withdrawn a net total of USD93.7bn from money market funds, and according to Société Générale, net outflows since the beginning of the year have totalled USD300bn in the United States and USD14.4bn in Europe, equivalent to 11% and 15% of total assets, respectively, the Frankfurter Allgemeine Zeitung reports. The withdrawals have largely been redirected to government bonds, particularly Asian emerging market bonds denominated in local currencies, as well as to commodities, inflation-linked bonds and ETFs. However, despite strong gains on the stock markets, equities funds have received little of the money withdrawn from money market funds.
26/04/2010

French managers improve alpha performance

Les Echos reports that French management firms slightly improved their returns adjusted for equity risks in 2009, bringing this monthly alpha level up from 0.11% to 1.89%, a level which remains far lower than the prevailing average before the crisis of about 3%. But they have also managed a more considerable increase in the proportion of funds in the top performance brackets (ratings of four or five stars). The Alpha League Table places Rothschild & Cie Gestion ahead of Oddo Asset Management, Palatine Asset Management and Camgestion.
26/04/2010

Heavy losses for RREEF America REIT III

Deutsche Bank has admitted that since 2009 it has been undertaking a restructuring of its real estate fund America REIT III, from its affiliate RREEF (USD2.6bn in assets). Its participation in the fund is 10%, while the remainder was contributed by institutional investors, including US pension funds, Die Welt reports. The RREEF America REIT III is invested in REITs as well as in 92 real estate properties located in major US cities. The fund is said to have lost 65% of its value.
26/04/2010

Private real estate funds look set to attract new capital this year

Agefi reports, citing figures from the annual study by Inrev, the European association of non-publicly traded real estate funds, total capital raised in 2009 for these funds was down 60% at EUR5.9bn. Meanwhile, in a sign of considerable caution on the part of investors, 64% of capital raised in 2009 was from investors who already know the fund manager, 10% more than in 2008. The association is expecting funds raised this year to total EUR10.9bn, an 86% increase, the newspaper adds.
26/04/2010

db ETC launches five new products

One and a half months after creating its new platform, db ETC Index Plc, and launching the first four products in its range (see Newsmanagers of 9 March 2010), Deutsche Bank has announced that five new ETCs have been admitted to trading on Xetra in Frankfurt, with a product based on the large S&P GSCI index (the db Commodity Booster Euro Hedged ETC) and four ETCs based on sub-indices (db Agriculture Booster Euro Hedged ETC, db Industrial Metals Booster Euro Hedged ETC, db Energy Booster Euro Hedged ETC, and db Natural Gas Booster Euro Hedged ETC). Like the first four products in the series, these ETC funds are hedged for forex risks against the US dollar, and have a Booster optimisation mechanism which limits the risk of losses when positions are rolled to replicate the evolution of commodities futures. All the new ETC products are registered in Germany and carry a management commission of 0.45%.
26/04/2010

70% of Italian fund assets are from retail investors

In Italy, investment fund clients are mostly retail investors. Therefore, according to a study by GtK Eurisko and prometeia, 70% of assets in funds on sale in Italy are in the hands of retail investors, compared with 45% in Germany and about 20% in France and the United Kingdom. However, insurers and pension funds represent only 18% of assets in Italian funds, while the comparable percentage in France and Germany is 30%, and as much as 80% in the United Kingdom. This low institutionalisation of assets in Italy is partly due to the weakness of the Italian asset management sector, whose assets totalled about EUR430bn at the end of 2009, according to the study, which adds that the market is highly dependent on the product offerings at banks.
26/04/2010

Paulson will foot legal bill for Goldman Sachs case

John Paulson has said in a letter to investors that the hedge fund management firm he heads, Paulson & Co (USD32bn), will shoulder all legal costs for the civil case against Goldman Sachs Group, in which Paulson & Co played a significant role, the Wall Street Journal reports.
23/04/2010
Fonds

Russell veut créer des ETF gérés activement

Russell Investments projette de créer des ETF gérés activement, annonce Andrew Doman, directeur général de la société dans un entretien au Financial Times Fund Management. «Nous pensons que les ETF sont la prochaine génération de mutual funds», indique-t-il. L’idée est de proposer les produits de multigestion de Russell dans une enveloppe ETF afin d’en faciliter l’accès. Ces produits seront d’abord lancés en Australie.
Fonds
23/04/2010

KBL EPB bientôt indien

Selon «De Standaard» cité par l’Echo, le conglomérat industriel indien Hinduja est favori pour la reprise de KB Lux. Les négociations sont clôturées et les Indiens devraient reprendre l’activité de gestion privée de la banque KBC, sauf événement de dernière minute. Ces derniers temps, seul l’italien Exor (famille Agnelli) restait en lice avec Hinduja pour la reprise de KBL European Private Bankers, note le quotidien.
23/04/2010
Fonds

HSBC Global AM commercialise le HSBC GIF European Equity Alpha

HSBC Global Asset Management Allemagne commercialise désormais en Allemagne le HSBC GIF European Equity Alpha Fonds. Le produit a une liquidité quotidienne. Selon fondsprofessionell, les frais de gestion s'élèvent à 1,5 % pour les particuliers et à 1 % pour les investisseurs institutionnels.
Fonds
23/04/2010

"Wegelin AM va proposer son "Active Indexing" aux professionnels français"

En janvier, Wegelin Asset Management, département de la banque privée suisse Wegelin, a recruté Pierre-Yves Cahart pour s'occuper de la clientèle institutionnelle en France et dans les pays francophones. Une nomination qui marque l'arrivée de l'établissement helvétique en France. Dans un entretien à Newsmanagers, Pierre-Yves Cahart explique qui est Wegelin AM et quelles sont ses projets en France.
23/04/2010

Giles Morland devient associé de Mirabaud & Cie

Giles Morland a été nommé associé de Mirabaud & Cie, banquiers privés, par les autres associés de la banque. Sa nomination sera effective le 1er janvier 2011.Agé de 45 ans, Giles Morland est président-directeur général de Mirabaud à Londres et président de Mirabaud à Hong Kong. Il siège aussi au conseil d’administration de plusieurs sociétés Mirabaud et assure des fonctions d’administrateur externe. Il travaille pour l’établissement suisse depuis 1991. Mirabaud & Cie affiche 24 milliards de francs suisses d’actifs sous gestion pour le compte d’une clientèle à 80 % privée et 20 % institutionnelle.
23/04/2010
Fonds

Soft closing du Pictet-Emerging Local Currency Debt

Pictet & Cie a décidé selon fondsweb de limiter les souscriptions sur son fonds Pictet-Emerging Local Currency Debt, spécialisé dans la dette émergente en monnaie locale.Suite à une forte demande de la part des investisseurs, les encours du fonds sont passés de 1,5 milliard de dollars en décembre 2009 à 5,7 milliards au 16 avril, indique le quotidien électronique.
Fonds
23/04/2010
Fonds

GLG reprend la gestion d’un fonds de Tisbury

GLG Partners a annoncé l’arrivée dans ses équipes de Gerard Griffin et Gerald Lucaussy de Tisbury Capital Management pour diriger ses stratégies événementielles (event driven). Dans ce cadre, GLG Partners devient le gestionnaire du Tisbury Liquid Event Master Fund, qui sera renommé GLG Tisbury Event Driven Fund. Ce transfert est néanmoins soumis au feu vert des régulateurs.Tisbury Capital Management est une société de gestion établie à Londres et spécialisée dans les stratégies événementielles. En 2007, ses encours avaient atteint 2,75 milliards de dollars.
Fonds
23/04/2010
Fonds

Putnam remplace trois gérants

Selon Business Week, qui cite Bloomberg, Putnam Investments a nommé Robert Brookby et Pam Gao en tant que gérants de trois fonds qui sous-performent par rapport à leurs concurrents, en remplacement de Raymond Haddad, Gerry Moore et Anthony E. Sutton. Robert Brookby va gérer le Putnam New Opportunities Fund et le Vista Fund, tandis que Pam Gao s’occupera du Small Cap Growth Fund.
Fonds

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