Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
05/03/2010

Record de souscriptions nettes pour Schroders

Le bénéfice net de Schroders pour 2009 s’est accru à 95,7 millions de livres contre 71,3 millions l’année précédente, malgré une chute à 200,2 millions contre 290,5 millions du bénéfice avant impôt et charges exceptionnelles. Les éléments exceptionnels n’ont plus représenté que 62,7 millions contre 167,4 millions. De ce fait, le bénéfice avant impôt a augmenté à 137,5 millions de livres contre 123,1 millions. Le dividende total pour 2009 reste inchangé à 31 pence par action.Le revenu d’exploitation net de la gestion d’actifs s’est replié à 679,2 millions contre 748,7 millions pendant que celui de la banque privée diminuait à 97,7 millions contre 111,3 millions, ce que le gestionnaire britannique explique par une contraction des marges et par la baisse des recettes de commissions de performance. Les bénéfices avant impôt de la gestion d’actif et de la banque privée se sont repliés à respectivement 192 millions de livres contre 249,8 millions et à 20,1 millions contre 38,2 millions.Cela posé, Schroders affiche pour l’année écoulée des souscriptions nettes record de 15 milliards de livres contre des remboursements nets de 9,6 milliards en 2008. En fin d’année, l’encours se situait à 148,4 milliards de livres contre 110,2 milliards, l’effet positif de marché et de change se situant donc arithmétiquement à 23,2 milliards de livres.
05/03/2010

La Banque de Luxembourg lance des services dédiés aux femmes

La Banque de Luxembourg a annoncé le 4 mars, qu'à l’issue d’une année de préparation, elle avait décidé de lancer « Femmes & Patrimoine », un ensemble de services et d’initiatives dédiés aux femmes. A l’occasion de la Journée de la Femme, un cycle de conférences sera inauguré à l’Auditorium de la Banque.Des conseillers « Femmes & Patrimoine », formés sur les aspects de planification patrimoniale, ont pour mission d’accompagner les femmes sur les implications financières découlant de l’organisation de leur patrimoine, de les aider à planifier leur retraite, mais aussi de les conseiller dans la constitution ou la gestion d’une épargne, en tenant compte de la fiscalité, de leur niveau de vie, des contraintes de court terme et de leurs projets futurs.
05/03/2010

BanSabadell resserre ses liens avec Zurich

Jaime Hoyos, directeur de la gestion d’actifs et de patrimoines chez Urquijo Gestión, a été nommé selon Cotizalia au comité exécutif de BanSabadell Inversión afin de renforcer la coopération avec l’assureur Zurich, partenaire stratégique du Banco Sabadell et premier client de la gestion d’actifs du groupe financier espagnol.Le Banco Urquijo a été acheté par le Sabadell en 2006.
05/03/2010
Fonds

Les gestionnaires lancent des hedge funds sur la dette bancaire

Renta 4, avec le Spanish RMBS Fund, Altamar avec son fonds Senior Loans et Arcano, qui vient de lancer avec DWS l’Arcano Credit Fund, sont les derniers en date des gestionnaires espagnols à avoir mis sur le marché des fonds sur la dette bancaire, rapporte Expansión.Les deux suivants devraient être N+1 et Mercurio, qui prévoit de lancer un produit similaire à celui d’Arcano et lever 50 millions d’euros avec l’aide de Mercapital.
Fonds
05/03/2010

Sacyr veut faire entrer des fonds d'investissement dans ses autoroutes

Après avoir dû se défaire de sa filiale Itinere l’an dernier, Sacyr Vallehermoso (SyV) relance son activité dans le domaine des concessions et cherche des partenaires susceptibles de cofinancer les investissements promis en Espagne et à l'étranger. Selon Expansión, le groupe dirigé par Luis del Rivero se tourne pour cela vers les grands fonds internationaux d’infrastructures. SyV a échoué dans son projet de vendre la moitié de son portefeuille de concessions à KKR en fin d’année dernière, mais il est en négociations avec plusieurs interlocuteurs et notamment avec Alinda Capital Partners, créée par des anciens dirigeants de Citi et qui vient de boucler un second fonds de 4 milliards de dollars.
05/03/2010

Progression de 15% des actifs sous gestion de Harcourt

Le spécialiste suisse de la gestion alternative Harcourt Investment Consulting AG a indiqué le 3 mars que les actifs sous gestion au 31 décembre dernier s'élevaient à 4,5 milliards de dollars, en progression de 15% d’une année sur l’autre. Une évolution due pour l’essentiel à la clientèle institutionnelle.La société indique dans un communiqué que les perspectives pour 2010 sont favorables, grâce notamment à plusieurs projets basés sur des comptes gérés et au lancement prochain d’un fonds de hedge funds conforme à la directive OPCVM III.
05/03/2010

La dette hybride de plusieurs banques privées suisses revue à la baisse

L’agence Moody’s a annoncé le 4 mars la révision à la baisse des notes de la dette hybride de plusieurs banques privées suisses. Les autres notations ne sont pas affectées par ces modifications qui bouclent l’examen des titres hybrides engagé en novembre 2009 dans le sillage de la publication des recommandations révisées pour la notation des titres de dette subordonnée et hybride, précise l’agence dans un communiqué.Les banques touchées par ces révisions sont Julius Baer, EFG International et Banque Syz.
05/03/2010

Madoff: Investors cannot sue UBS directly

Investors who lost money in the fraud orchestrated by Bernard Madoff through a fund offered by UBS will not be able to hold the Swiss bank directly liable, a Luxembourg court found on Thursday, Reuters reports. A small group of investors in the AlphaLux fund were seeking to file individual lawsuits against the bank, rather than going through the liquidators of the fund, but the Luxembourg court rejected their claims.
04/03/2010

A ratings agency within the ECB?

L’Echo reports, citing Handelsblatt, that the Euro zone countries are considering creating a European ratings agency which would be lodged within the European Central Bank (ECB). The newspaper cites sources close to European finance ministers as saying that Euro zone governments do not want to depend on the opinions of Standard & Poor’s (S&P), Moody’s and Fitch, which, according to an anonymous sources cited by Handelsblatt “were completely wrong in the case of Lehman Brothers.”
04/03/2010

db x-trackers launches a corporate bond ETF

On Wednesday, db x-trackers (Deutsche Bank) announced the launch of its Luxembourg-registered fund db x-trackers II iBoxx EUR Liquid Corporate 100 Total Return Index ETF, which charges 0.20% fees, and which was created on 8 February. The synthetic replication fund replicates the iBoxx EUR Liquid Corporate 100 corporate bond index, which includes exclusively bonds denominated in Euros or currencies which preceded the Euro, with a remaining time to maturity of at least two years, and a minimal volume of EUR750m.
04/03/2010

ETFlab founds its first tracker fund of corporates

The Munich-based ETF management firm of the Deka group (German savings banks), ETFlab Investment, on Wednesday announced the launch and introduction on the XTF segment of the Deutsche Börse of its first publicly-traded corporate bond fund, the ETFlab iBoxx Euro Liquid Corporates Diversified. The German-registered product (DE000ETFL375) based on physical replication offers access to a diversified range of securities, as the index it replicates includes 75 issues from firms whose headquarters are located in the Euro zone, Switzerland, the United Kingdom, Sweden, Norway, or Denmark, with a preference for fixed-rate securities. The manager is allowed to retain only up to two issues from the same borrower, and no issuer is allowed to account for more than 7.5% of assets. The securities are rated investment grade, or at least BBB-, but the limit is A- for financial sector borrowers. The remaining time to maturity for bonds in the portfolio is between 1.5 and 10.5 years. As for corporate bond ETFs launched the same day by db x-trackers (Deutsche Bank), the management commission for the product is 0.20%.
04/03/2010

Singapore sovereign fund invests in UBS

Agefi Switzerland reports that the GIC, one of the two major Singapore sovereign funds, will on 5 March convert a loan it made to the Swiss UBS group into shares in the firm. The CHF11bn, which it lent to UBS in 2007, will give GIC a stake of at least 6% in a capitalisation estimated at CHF59.453bn. This CHF11bn stake has nonetheless lost about 70% of its value in two years, giving it a potential value of CHF5.5bn, though the Singapore fund also holds about CHF2bn in coupons. It appears unlikely that GIC will seek to sell its stake off in the short term, and will be likely to hold it at least until it can break even on its initial outlay.
04/03/2010

HSBC Private Bank builds presence in Switzerland

Agefi Switzerland reports that HSBC Private Bank will open a new branch office in Gstaad, which will be operational by mid-2010. The move comes as part of a strategy to significantly increase the bank’s presence in the Swiss onshore market.
04/03/2010

Le "billion dollar club" grossit un peu

D’après Absolute Return, les 213 hedge funds américains dont l’encours dépasse le milliard de dollars, ceux du «billion dollar club», ont affiché en 2009 une augmentation de 48 milliards de dollars ou de 4,2 %, de leur encours total, qui est ressorti à 1.182 milliards de dollars. Il était de 1,6 billion de dollars fin 2007.JPMorgan a détrôné Bridgewater comme numéro un par les actifs sous gestion tandis que Soros Fund Management s’est installé en quatrième position, évinçant D.E. Shaw.
04/03/2010

Cowen launches a managed accounts platform

Cowen Group has created Ramius Trading Strategies, an affiliate of Ramius Alternative Solutions, Hedge Week reports. The group has also launched the RTS Global Fund, which offers exposure to hedge funds specialised in trading activities strategies, such as managed futures and global macro, via the managed accounts platform recently created by Ramius Trading Strategies. Ramius Trading Strategies is led by William Marr, preciously international head of hedge fund research and portfolio construction at Merrill Lynch. For the 2009 fiscal year, Cowen made a net loss of USD55.3m, or USD1.35 per share, compared with USD141.8m or USD3.78 per share the previous year. As of 1 January 2010, assets under management totalled USD7.85bn, a 26% decline year on year due to net outflows of USD3.05bn offset by performance gains of USD329m.
04/03/2010

Evercore launches its first retail funds

Evercore Pan Asset Capital Management has launched its first funds dedicated to the retail market, Fund Strategy reports. Pan Dynamic Balanced and Pan Dynamic Growth will invest mainly in ETFs.
04/03/2010

Jason Mackay leaves GLG

Jason Mackay, co-head of British equities at GLG Partners, will be leaving the group at the end of the year, Investment Week reports. Mackay has decided to retire, but he will remain invested in British equities strategies, and will continue to serve GLG in an advisory role.
04/03/2010

Jupiter recruits a director from Investec

John Tevenan will join the British management firm Jupiter as director of sales to international financial institutions, Money Marketing reports. Tevenan, who has more than 28 years of experience in asset management, had been sales director at Investec Asset Management since September 2005. In his new role, Tevenan will be in charge of developing relations with wealth management specialists.
04/03/2010

La gratuité n'est pas un bon argument de vente pour les ETF

Selon un sondage effectué en février par Phoenix Marketing International auprès de 924 investisseurs disposant d’une épargne financière d’au moins 100.000 dollars, les émetteurs d’ETF préférés du public sont Charles Schwab, E*Trade, Fidelity, Scottrade, TD Ameritrade, Vanguard et Wells Fargo/Wachovia, devant un second peloton composé de Bank of America, Citibank, Edward Jones, ING/Sharebuilder, Merrill Lynch, T. Rowe Price et UBS.Cette analyse a aussi mis en évidence que réduire les commissions sur les ETF n’a pratiquement aucune utilité en tant qu’argument commercial pour toucher la majorité des investisseurs. L’auteur de l'étude, Kristina Terzieva, précise que près 64 % des investisseurs aisés attachent la plus grande importance au fait que les fonds viennent faire le complément de leur style d’investissement, qu’ils répliquent des indices de marché larges, qu’ils soient commercialisés au travers d’un service complet et qu’ils puissent faire l’objet d’ordres en ligne.En revanche, renoncer aux commissions sur un nombre limité d’ETF ou sur des ETF d’une marque ou encore sur des ETF commercialisés au travers d’un courtier donné n’a qu’une incidence minimale pour toucher de nouveaux investisseurs.
04/03/2010

Nevsky to close flagship fund

Nevsky Capital, the London hedge fund manager, is poised to wind down its flagship emerging markets fund. Sources close to the fund have told the Financial Times that the USD3.3bn Nevsky hedge fund would “highly likely” be liquidated after the departure of its two star managers, Martin Taylor and Nick Barnes, was announced on Wednesday. The pair will continue to manage the fund for another 12 months.
04/03/2010

Barings to launch its MENA fund in three and a half weeks

As we announced at the end of last year (see Newsmanagers of 15 December 2009), Baring Asset Management will finally launch its OEIC fund of Middle East and North Africa (MENA) shares by the end of first quarter. Investment Week reports that the product, managed by Ghadir Abu Leil-Cooper will be placed on the market on 29 March, which coincides with the end of first quarter 2010, the deadline the firm announced last year for the launch. For Barings, the MENA region offers attractive long-term outlooks, despite the risks in the region, including political ones. The countries of the region are rich in commodities and are profiting from a continuing rise in energy consumption. In addition, oil and gas are not the only resources in these countries, which also have a young and growing population. In the past few years, the financial and tourism sectors have seen strong growth, and these trends are likely to continue, while governments are committed to developing infrastructure in the region.
04/03/2010

Asset management decision makers have their eyes on the globe

Senior executives from the investment management industry feel confident enough about the future that they are expanding into new geographical locations, according to a survey taken at Investit’s bi-annual industry conference. The conference, held on 28 January 2010, was attended by 60 delegates from 19 investment management firms with GBP3.5 trillion of assets under management, and six third party administrators with GBP25 trillion of assets under custody and management.95% of respondents to the survey expressed confidence about the year ahead. Furthermore 64% expected the outlook to improve significantly by the end of the year. This is in sharp contrast to early 2009, when 41% of participants had put their projects on hold and only 27% expected the picture to improve. As confidence is returning, 88% of delegates stated that expanding into new regions is their top priority for the year ahead. In terms of where the industry is looking to expand, 56% of the participants ranked Asia Pacific as their number one destination, while the Middle East and North Africa region came second with 27% of the vote. North and South America followed with 9% and 7% respectively. As for other major areas of focus identified by respondents, UCITS (88%), data management (79%) and client reporting (77%) continue to feature prominently.
04/03/2010

Rafael Hurtado becomes CIO of Popular Gestión

Rafael Hurtado, manager of the asset allocation fund of funds Popular Selección and head of multi-management since 2000, has been appointed as director of investments for the asset management division of Popular Gestión, replacing Miguel Colombás, who is taking over as CEO of the firm, replacing Carmen Ortiz (see Newsmanagers of 18 February).
04/03/2010

“You liked BRIC? You will love Africa”

Under this attention-grabbing headline in Cinco Días, Baldwin Berges, CEO of Silk Invest, launches a plea for investment in Africa to promote the development of emerging markets. In Nigeria and South Africa, he sees similarities with Brazil: populations of over 200 million consumers, an abundance of natural resources, and the advantage of leading positions in regions with populations of over 500 million. Egypt and Morocco are comparable with India: few natural resources of their own, but a growing demographic pyramid and competitive advantages over Europe in terms of the manufacturing prices and services.
04/03/2010

Aquitaine launches a strategy investing in Asian hedge funds

Aquitaine Investment Advisors is launching a fund whose strategy is to buy stakes in Asian hedge fund management firms, Asian Investor reports. The Crescent Fund, based in the Cayman Islands, will aim for USD200m in assets. It is available to US charaities and Asian family offices.
04/03/2010

Sovereign funds on the comeback

Sovereign funds, which like other investors have been affected by a crisis that they did not anticipate, are now returning to the market. According to a study by International Financial Services London (IFSL), investments by sovereign funds increased from USD10bn in first half (their lowest level since 2005) to USD500bn in second half, mostly in Europe and the United States. The Chinese sovereign fund was particularly active, with investments of about USD15bn over the year as a whole. Two thirds of assets at sovereign funds, which totalled about USD2.5trn as of the end of 2009, are in the hands of funds which are supplied by exports of commodities, especially oil and gas, by countries. The percentage of assets in other funds, which are supplied largely from currency reserves, will increase to 38% by 2012, from 34% currently. However, assets under management by sovereign funds fell 3% for the year as a whole to USD3.8trn. According to estimates by IFSL, assets at sovereign funds may total about USD5.5trn by 2012.
04/03/2010

Invesco, Union and Deka invest EUR529m in real estate properties

Invesco Real Estate (EUR18.4bn in assets) is acquiring five Accor hotels under the Pullman, Mercure and Novotel brand names in Paris, Rome, Munich, and Bratislava (with a total of 1,112 rooms), for EUR154m. The management firm is also planning to invest EUR10m to increase the value of the properties and the operating profits from them. The German asset management firm Union Investment Real Estate, meanwhile, has announced that it is spending EUR316m to acquire 91% of the Alexa shopping centre (180 shops) on Alexanderplatz in Hamburg. The vendors are Sonae Sierra and the French firm Foncière Euris/Rallye. Sonae Sierra will continue to manage the property, which has 43,000 square metres of shop space, 2,000 square metres of restaurant and 8,000 square metres of leisure space. The shopping centre will be added to the portfolio of the open-ended real estate fund UniImmo: Deutschland. Lastly, Deka Immobilien has announced that it has acquired the certified green office building Bylingen on Söderalm island in Stockhom. The 14,500 square metre property will be transferred this month to the portfolio of the open-ended real estate fund WestInvest ImmoValue.
04/03/2010

Five new “Newcits”

The list of hedge fund management firms which are launching UCITS III-compliant products is growing, Citywire reports, citing the examples of Toscafund, Trycon GCM, Cheyne Capital, Castlestone Management and Merchant Capital-Tressis. Toscafund will launch a UCITS version of its small and midcaps strategy, Reuters reports, while Cheyne Capital will launch a mergers and acquisitions fund.

Sujets d'actualité

Tous les sujets