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10/02/2010

La crise réduit de plus de moitié le bénéfice de Banif

Selon Expansión, durant la crise, de 2007 à 2009, la filiale de banque privée du Santander, Banif, a accusé une chute de 58 % de son bénéfice avant impôt à 38,7 millions d’euros. Toutefois, son résultat a été supérieur à celui de toutes ses concurrentes locales, Banco Urquijo (Sabadell), Banco Madrid, Popular Banca Privada, Altae, Fibanc, BNP Paribas, Credit Suisse et UBS.
10/02/2010

IAM ouvre un bureau à Madrid

Selon Citywire, la société londonienne de hedge funds International Asset Management (IAM) a ouvert un bureau à Madrid. Marivi Lorente a été nommé «general manager» de l’entité espagnole et s’occupera des relations clients de la société dans la région.
10/02/2010
Fonds

Berenberg lance un fonds quantitatif avec UI

La succursale hambourgeoise de Berenberg Lux Invest a annoncé le lancement avec Universal Investment du fonds de droit allemand Select A-Credit-Rated-Stocks-Universal, un fonds d’actions de sociétés européennes notées au moins A- par Standard & Poor’s, A3 par Moody’s et A- par Fitch Ratings. L’objectif consiste à générer, après les frais, une performance supérieure de 300 points de base à celle de l’Eurostoxx 50. Le portefeuille comporte environ 140 lignes sur un univers de 600 valeurs. Le produit figure dans la catégorie fonds diversifiés. Il peut aussi investir en dérivés, en obligations d’Etat, en Pfandbriefe (covered bonds) et en obligations d’entreprises «investment grade».Caractéristiques Dénomination : SELECT A-CREDIT-RATED-STOCKS-UNIVERSAL-FONDS Code Isin : DE000A0YEQX8 Droit d’entrée : 5,5 % maximum Commission de gestion maximum 1,75 % actuellement Commission de performance : 10 % de la surperformance par rapport à l’Eurostoxx 50 en euros
Fonds
10/02/2010
Fonds

TMW Pramerica gèle à nouveau les remboursements de son Weltfonds

Avec effet au 8 février, 12 heures, le munichois TMW Pramerica Property Investment GmbH a suspendu, initialement pour trois mois, le remboursement de parts de son fonds immobilier offert au public TMW Immobilien Weltfonds. Cette mesure est justifiée par le fait que les liquidités disponibles ne suffisent plus pour payer les parts présentées au remboursement et pour permettre une gestion convenable du fonds. Les achats de parts et le calcul quotidien de la valeur liquidative ne sont pas affectés par cette mesure.Le Weltfonds, qui a été rouvert aux remboursements le 10 décembre après douze mois et demi de fermeture (lire nos dépêches du 22 janvier et du 6 décembre 2009), semble avoir été victime par contagion des inquiétudes suscitées par l’annonce que la valeur du portefeuille du DEGI Global Business d’Aberdeen a été révisée à la baisse de 21,6 %.
Fonds
10/02/2010

HWB Capital Management rachète GIP Invest S.A.

GIP Invest S.A. devient HWB Capital Management S.A. suite au rachat par HWB. Les gammes de fonds des deux entreprises seront rationalisées, indique un communiqué. Ainsi, le fonds GIP Universum sera fusionné avec le GIP Massiv et le GIP InvestWorld Ökoselekt avec le fonds GIP InvestWorld.
10/02/2010

Le patron de Gerresheimer prend la tête de Blackstone

Axel Herberg, qui est depuis dix ans président du directoire de Gerresheimer, va diriger l’activité de private equity de Blackstone en Allemagne, rapporte la Börsen-Zeitung. L’intéressé, qui a dirigé Gerresheimer entre autres pendant la période où l’entreprise appartenait à Blackstone, sera remplacé par son bras droit, Uwe Röhrhoff.
10/02/2010

Laurent Chevallier rejoint Eurofin Capital

Eurofin vient de nommer Laurent Chevallier en tant que responsable de l'équipe de gestion de portefeuille et de la recherche alternative d’Eurofin Capital à Genève. Laurent Chevallier était précédemment director & head of manager selection & investments chez Unigestion à Genève.Il aura également en charge la gamme des produits multi-gérants et le développement de nouvelles stratégies d’investissement en performance absolue.
10/02/2010

Vienne durcit sa législation anti-blanchiment

Le ministre des Finances autrichien Josef Pröll a annoncé à l’issue du conseil des ministres de mardi avoir établi avec ses collègues de la Justice, de l’Intérieur, des Affaires étrangères et de l’Economie, un train de dix mesures de transparence pour la place financière Autriche. Il s’agit, à l’instigation du GAFI (FATF en anglais), de renforcer la lutte contre le terrorisme et le blanchiment.Ce plan prévoit notamment le renforcement des pouvoirs de l’agence de lutte contre le blanchiment ainsi que de l’Autorité de surveillance des marchés financiers (FMA). Il dispose également que le blanchiment pour compte propre donne lieu à des poursuites au pénal ; jusqu'à présent, il n'était répréhensible que s’il était commis pour le compte de tiers.Le gouvernement a aussi décidé de restreindre aux sociétés cotées l’autorisation d'émettre des actions au porteur, parallèlement à la création d’un registre électronique des actionnaires.
09/02/2010

Severe depreciation of DEGI Global Business portfolio

Hartmut Leser, one of the directors of Aberdeen Asset Management Deutschland, has confirmed to the Börsen-Zeitung that the value of the portfolio of the open-ended real estate fund DEGI Global Business (EUR358m as of the last reporting) has been revised downward by 21.6%. The fund, which has encountered liquidity problems, was obliged to suspend redemptions in mid-November 2009.
09/02/2010

ETFs helped to offset outflows from open-ended funds in 2009

As of the end of December, assets under management at fund management firms which provide statistics to the BVI association of management firms totalled EUR1.7012trn, compared with EUR1.5063trn one year earlier, of which EUR725.6bn, up from EUR641.7bn, were in institutional funds, while EUR650.2bn, up from EUR575.8bn were in open-ended funds, and EUR325.5bn, up from EUR288.9bn, in mandates. Only EUR2.1bn of the total increase of EUR74.4bn in assets under management in open-ended funds came from net subscriptions. In other words, ETF funds, which posted net inflows of EUR10.3bn, were a strong sustaining force for the sector, which was hit by EUR30bn in outflows from money market funds. In total, equity and mixed funds attracted a net total of EUR14.6bn and EUR6.4bn, respectively, while hedge funds posted net inflows of EUR3.2bn, the same amount as open-ended real estate funds. Finally, bond funds saw net redemptions of EUR0.9bn.
09/02/2010

Liontrust creates a position for a head of retail

Liontrust Asset Management has appointed John Ions to the newly-created position of head of retail. The appointment aims to reconstruct the firm’s activities, following the resignations of the managers Jeremy Lang and William Pattison in early 2009, Money Marketing reports. For fourth quarter 2009, Liontrust has posted a net outflow of GBP131m, of which GBP33m came from the retail product range. Ions was previously chief executive of Tactica Fund Management, a position he held from the inception of the firm in 2005, and previously served as joint managing director at SG Asset Management.
09/02/2010

Comas veterans reunite

Mahraj Mattoo, former head of Comas (the fund of hedge fund firm liquidated by Commerzbank), has founded Commonwealth Asset Management in London, not to be confused with the eponymous real estate fund management firm in the United States, efinancialnews reports. The new entity has taken on board the former directors of Comas, including Edward Hands (head of portfolio management) and Carol Barazzone (head of business development). The new firm will be operational by the end of third quarter.
09/02/2010

BlackRock is now the largest investor in Spanish equities

After the acquisition of iShares, BlackRock holds nearly EUR9bn in Spanish equities, making it the largest shareholder on the Spanish market, dethroning Goldman Sachs, Cotizalia reports. In the past few days, the US-based management firm has informed the CNMV that it controls 4.77% of Santander, which represents about EUR3.6bn at current share prices, as well as 4.45% of BBVA, or EUR1.6bn. In addition to this, it holds stakes of 3.76% in Telefónica, and 3.53% in Repsol. BlackRock also holds a 4.195 stake in Abengoa and 3.99% in Técnicas Reunidas, as well as 9.01% of Gamesa (EUR203m). In the United States, BlackRock controls 5.6% of Apple, 5.9% of Google, 5.2% of Microsoft and 6.3% of HP, as well as 5.76% of Exxon Mobil.
09/02/2010

Short-selling of European ETFs has doubled

Borrowing of European ETFs by short sellers more than doubled in 2009, according to Data Explorers’ Securities Lending Yearbook. The most shorted ETF was iShares FTSE 250 tracker, which, on average, had USD79m of stock lent out throughout last year.
09/02/2010

Barclays Cap joins ETFX

Barclays Capital (Barclays Cap) has joined BofA Merrill Lynch, Citi, and Rabobank as a participant in the ETF Exchange (ETFX) platform launched by ETF Securities (ETFS). ETFX offers 21 equities ETF funds focused on natural resources, as well as double-short ETFs.
09/02/2010

Hedge funds in search of effective administrators

Hedge Week reports that a recent study by TKS Solutions has found that 10% of hedge funds have sought to replace their administrators in the past 12 months, due to troubles related in large part to the accuracy of reporting. Some fund administrators are still using manual procedures, the study finds, which is a source of excess cost and errors.
09/02/2010

Major outflows from UBS in October-December

In fourth quarter, UBS has posted anet profits of CHF1.205bn, compared with a loss of CHF564m in third quarter. For 2009 as a whole, the group has seen losses of CHF2.736bn, compared with CHF21.292bn in 2008. In October-December of last year, net outflows of new money totalled CHF33.2bn from the Wealth Management & Swiss Bank division, CHF12bn from Wealth Management Americas, and CHF11bn for Global Asset Management. Invested assets totalled CHF2.233trn as of 31 December 2009, an increase of 3% in annual terms, and 1% lower than as of 30 September (CHF2.258trn). This decline is due both to net redemptions and negative currency effects, which were partly offset by performance effects. In fourth quarter, the Global Asset Management division posted pre-tax profits of CHF284m, compared with CHF130m in July-September, as a reduction in personnel costs has more than offset the decline in revenues.
09/02/2010

Credit Suisse recruits Dan Draper

Credit Suisse has announced that Dan Draper, formerly a managing director and global head of exchange traded funds (ETFs) at Lyxor Asset Management, will join Credit Suisse in its Asset Management business as managing director and head of ETFs. He will start later this spring, be based in London and report to Oliver Schupp. This appointment reflects Credit Suisse’s commitment to the expansion of its ETF platform.
09/02/2010

Sustainable investment in Asia underestimated

According to a study which has recently been published by Vontobel, investors tend to underestimate the potential of the Asian (ex Japan) region in the area of sustainable investment. Assets under management in investments related to sustainable development may rise from approximately USD20bn currently to about USD4trn by 2015. The figure of USD20bn represents only 0.4% of assets under management in sustainable investments worldwide, the study points out. On the basis of information received and evaluated, “for the first time, we are giving investors a way to reliably identify factors for success in sustainable investment in Asia,” the author of the study, Falko Paetzold, says.
09/02/2010

East Capital temporarily closes a fund

East Capital has temporarily closed one of its funds, the Baltikumfonden, which is a part of the Swedish defined-contribution pension system, known by the name PPM, IPE.com reports, relaying an article in the Swedish newspaper Pensionsnyheterna. The closure follows a sizeable wave of subscriptions last month, which managers were hard-put to place due to the limited size of the equities markets in the Baltic countries.
09/02/2010

BlackRock prepares to launch seven iShares country funds

On 29 January, BlackRock notified the SEC that it plans to launch seven ETF country funds under the iShares brand by 7 March. These products will replicate MSCI country indices. The commission rates for the funds have not yet been determined. The iShares products are the MSCI USA Index Fund, MSCI Brazil Small Cap Index Fund, MSCI Egypt Capped Investable Market Index Funds, MSCI Ireland Capped Investable Market Index Fund, MSCI Russia Capped Index Fund and MSCI Philippines Investable Market Index Fund.
09/02/2010

Six new ETF products launched by Fist Trust and Global X

Mutual Fund Wire reports that Global X Funds has registered four ETF funds with the SEC based on metals. The products are the Copper Miners, Gold Miners, Platinum Miners and Silver Miners funds, all of which will be managed by Bruno del Ama and José Gonzalez. First Trust, meanwhile, has announced the forthcoming launch of its fifth and sixth ETFs, the First Trust Developed International Markets AlphaDEX Fund and the First Trust Emerging Markets AlphaDEX Fund, both of which will be actively managed.
09/02/2010

Launch of a new ETF based on metals

ETF Securities USA has filed with the Securities and Exchange Commission for permission to launch a U.S.-based ETF backed by a basket of physical gold, silver, platinum and palladium.The product will be named ETFS Physical PM Basket Shares.
09/02/2010

HDF Finance adapts three funds to UCITS III-compliant format

HDF Finance on 1 January converted three long-only Aria funds of funds into UCITS III-compliant funds. The products are the HDF Global Equity, HDF Europe Equity, and HDF Emerging Markets Equity. The three funds aim to achieve outperformance by investing at least 60% of assets in long-only funds and a maximum of 40% in long/short funds, in their respective investment universes. The adaptation of the funds will allow HDF Finance to more effectively make these funds available to investors.
09/02/2010

Chinese sovereign fund using ETFs

China Investment Corporation, the Chinese sovereign wealth fund, is using exchange-traded funds to take positions on sectors ranging from healthcare to gold, according to a filing with the Securities and Exchange Commission in the US. About a quarter of its US portfolio was in ETFs, many of them provided by BlackRock’s iShares division.
09/02/2010

State Street selected by Wellington West

The American management firm State Street Corporation and the Canadian specialised provider of transfer agency services IFDS on 8 February announced that they have been selected by Wellington West Asset Management, Inc. to provide a range of investment services to their group. State Street will provide fund accounting and administration services, custodial services and fiduciary services for the launch of a new range of funds by Wellington West. Wellington West, founded in 1993, has become one of the largest independent investment firms practising in Canada, and one of the fastest-growing firms in the industry, with nearly CAD8.8bn in assets under administration.
09/02/2010

Franklin Templeton launches offshore funds in India

Following several of its competitors (including BlackRock, Fidelity, and JP Morgan), Franklin Templeton has decided to launch its first offshore products on the Indian market. Asian Investor reports that Franklin Templeton is planning to offer a range of funds domiciled in Europe in the next three to six months, via feeder mutual funds. The future evolution of Indian legislation may work in favour of distributors of offshore products. However, Indian regulations still do not allow the use of derivative products in funds available to either retail or institutional investors. Franklin Templeton is therefore unable to offer its range of Luxembourg-domiciled mutual funds, which often contain derivative products, and will therefore be obliged to limit itself to traditional offshore funds, which do not necessarily have the best track records.

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