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30/09/2009

Philippe Marchessaux (BNP Paribas IP) n'exclut pas de nouvelles acquisitions

«Fortis est une formidable opportunité, étant complémentaire de notre activité», a déclaré Philippe Marchessaux, le nouveau patron de BNP Paribas Investment Partners et directeur général de BNP Paribas Asset Management, dans un entretien au Financial Times Fund Management. Il n’exclut pas d’autres acquisitions si de nouvelles opportunités se présentent, mais elles seraient néanmoins de taille plus modeste que l’opération Fortis.
30/09/2009
Fonds

Nouveau fonds chez ERAAM

ERAAM, une société de gestion spécialisée dans la multigestion alternative exclusivement dédiée à la sélection de fonds basés en Europe afin de profiter d’un environnement réglementaire plus sûr, vient de lancer ERAAM Pure Alpha. Dédié aux institutionnels, ERAAM Pure Alpha est un fonds qui recherche la performance absolue et décorrélée, avec un objectif de volatilité maximale de 8%. Pour cela, la gestion a accès à toutes les stratégies alternatives, avec néanmoins certaines contraintes à respecter : la présence de vingt gérants maximum, une pondération de 15 % maximum du portefeuille par gérant et des investissements sur des CTA à concurrence de 10 % de l’ensemble. Aujourd’hui, 54 % du portefeuille est consacré à la stratégie «long-short», 5 % au «fixed income» et 10 % au CTA. En raison de l’absence d’effet de levier, les liquidités occupent également 15 % de l’ensemble. Caractéristique du fonds Forme juridique : FCP Aria III Liquidité : Mensuelle Préavis de rachat : 35 à 95 jours avec 10% de frais acquis au fonds, sans frais au-delà de 95 jours Investissement initial : 1 000 000 € / part Frais de gestion : Fixe : 1% TTCCommission de surperformance Variable : 10% au dessus d’EONIA avec «highwater mark»
Fonds
30/09/2009

KanAm grundinvest fund distributes dividend of EUR2.50 per share

For the fiscal year ending on 30 June, the grundinvest fund from the Munich-based asset management firm KanAm will pay an unchanged dividend on 1 October of EUR2.50 per share, representing EUR212m, or EUR22.8m more than in 2007-2008. Performance in 2008-2009 was down to 5%, compared with 5.7% in 2007-2008, and 6% in 2006-2007 (see Newsmanagers of 1 October 2008). Occupancy rates for properties in the portfolio as of the end of June totalled 98.6%, and assets as of the end of August totalled EUR4.4bn, compared with about EUR5bn as of the end of June. The fund was reopened to subscriptions on 8 July, after a period of closure from the end of October 2008 (see Newsmanagers of 7 July 2009). An independent audit of assets in the portfolio has resulted in a downward adjustment of 8 euro cents per share.
30/09/2009

Fidelity launches a fund of "real" assets

On Tuesday, Fidelity International announced that it is releasing the Fidelity Global Real Asset Securities fund, launched on 2 September, for sale. The product, with 40-60 positions (currently 62), managed by Amit Lodha, allows the investor to benefit from economic stimulus programs worldwide and in the industrialisation of emerging countries. The portfolio will be invested in businesses in sectors dealing with “real” assets, such as infrastructure, energy, commodities, base materials, industry, real estate and public services. Returns will nor be impacted by the rise and fall of energy and commodity markets. Front-end fee and management commission total 5.25% and 1.5%, respectively.
30/09/2009

Omega Gestión launches Alphaville

Omega Gestión de Inversiones, the asset management firm owned by Alicia Koplowicz, has registered the hedge fund Alphaville with the CNMV. The fund has initial assets of EUR10m, Funds People reports. The objective is to obtain performance of 12-15%, with average volatility of about 85, says Alberto Ruiz, CEO. The particularity ofAlphaville, a multi-strategy fund, is that it combines investment in absolute returns funds with investments in live securities on bond and equity markets.
30/09/2009

Managers slightly less optimistic about emerging markets and corporate bonds

In third quarter, investment professionals have reined in their exceptional optimism in the previous quarter, particularly about emerging markets and corporate bonds, according to the most recent quarterly survey from Russell Investments (“Investment Manager Outlook”). More than half of managers surveyed, 54%, estimate that American equities markets are correctly valued, following a rebound on the markets since early March. Other managers are more or less evenly divided between those who feel the market is undervalued (24%) and those who consider it overvalued (22%). Fixed income assets have lost a lof of their shine over the course of the past quarter. Optimism about fixed income has fallen from 66% a quarter ago to 44% in third quarter. Similarly, favourable outlooks for high yield bonds have fallen to 52% from 66% previously. Losses in these assets classes have been among the heaviest of the quarter. There is still some optimism that despite this, investors will remain invested at relatively high levels.
30/09/2009

Chris Allen gets promoted at HSBC

According to Hedge Week, HSBC Private Bank has appointed Chris Allen managing director and head of HSBC Alternative Investmentsthe operation dedicated to hedge funds, institutional mandates and FoFs as well as head of real estate and private equity investment for HSBC Global Private Banking. From January 1st, 2010, Allen will report to Nigel Webber, CIO of HSBC Global Private Banking and to Peter Rigg, global head of HSBC Alternative Investment Group.
30/09/2009

Corporate bond markets not affected by bubble

Agefi Switzerland reports that Adam Cordery, manager of the Fixed Income fund from Schroders, claims that “the bubble in the bond markets only affects government bonds, not corporate bonds.” Investors’ concerns are centred on the risk of inflation and a continuing lack of opportunities on the credit markets. In terms of inflation, Schroders is predicting a two-stage increase in the next two years: first, a phase of falling inflation, followed by a rebound, due to economic recovery and the effects of currency injected into the economy. In this environment, the British firm considers inflation-linked US and Japanese bonds more attractive than their European counterparts.
30/09/2009

State Street confidence index shows decline in North America

In September, the index of institutional investor confidence maintained by State Street Global Markets totalled 118.1, down 4.7 points from its five-year high of 122.8 points in August, after eight consecutive months of increases. The global index was dragged down by a fall in appetite for risk in North America, where the index fell by 4.6 points to 113.7. However, the confidence of European and Asian investors brought increases for the index, to 110.9 from 109.3, and to 93 from 91.9.
30/09/2009

Recovery on US real estate markets is fragile but real

Since May, the price of residential properties in the United States has been rising steadily, Agefi reports, with an increase of 1.6% in July in the 20 largest metropolitan areas in the country, according to the Case-Shiller index, published by Standard & Poor’s. The improvement of the market in one year is also visible. The value of homes has fallen 13.3%, the smallest rate of decrease observed since February 2008. The end of falling prices has been accompanied by an increase in activity in four of the past five months. But caution is still best, ahead of the end of some support measures in November and an expected rise in unemployment. Since March, more than 300,000 repossessions have been counted every month by RealtyTrac.
30/09/2009

92 SRI funds receive SRI label from Novethic

Of 121 funds that were candidates to receive the label, 92 socially investment funds on sale in France have obtained the Label ISR Novethic, intended as a point of reference for retail investors. The funds, in all asset classes, represent a total of EUR10bn in assets, and are managed by 25 asset managers. Among these are affiliates of the major distribution networks, with the notable exception of Crédit Agricole Asset Management, a few foreign asset management firms, and specialised boutiques. The label was launched on Tuesday by Novethic (an affiliate of the Caisse des Dépôts), with the goal of promoting the diffusion of socially responsible investment products among retail investors, by facilitating the comprehension of these products. Though SRI management is developing, its market share among retail investors shrank between 2007 and 2008. To obtain the label, which is free of charge, funds from applicant asset management firms must meet four requirements.
30/09/2009

Actively-managed ETFs use stock-picking

Grail Advisors, of San Francisco, is launching on Thursday four actively managed ETFs relying solely on stock pickers: RP Growth, RP Focused Large Cap Growth, RP Technology and RP Financials, says the WSJ. RiverPark Advisors, assisted by Wedgewood Partners, will do the day-to-day stock selection.
30/09/2009

2010 could be the year of the green boom

Agefi Switzerland reports that the sustainability analysis service from Banque Sarasin is convinced that the Copenhagen climate accords will mean strong potential for sustainable investments. As pledged made under the Kyoto protocol expire in 2012, the Copenhagen conference to be held this December will represent an important turning point, not only for the climate, but also for investors. At a press conference in Hong Kong, Andreas Knörzer, head of sustainable investments at Banque Sarasin, emphasized that sustainable investors would profit from infrastructure spending planned by governments in order to stimulate growth. This spending will be primarily invested in the energy, water and transportation sectors. Before the Copenhagen environmental summit in December, 16% (USD512bn) of public spending totalling USD3.1trn was invested in technologies to adapt to climate change.
30/09/2009

Crisis provokes concentration for real estate funds

The Wall Street Journal notes a growing trend for limited partners in private equity funds to require general partners to transfer real estate funds or assets to other fund managers whom they trust. For example, Palmer Capital Partners took over two European real estate funds in July from Belgravia Asset Management, a firm which has since closed down. ING Groep has taken over about USD2.1bn in assets since the beginning of the year from clients seeking to change managers, and in June, ING Clarion took over the New City Asia Opportunity Fund, which was previously managed by New City Asia Fund Management Pte. Ltd of Singapore. AEW (an affiliate of Natixis Global Asset Management) has received transfers of about USD1.5bn in assets from institutional investors, including CalPERS, as these investors have withdrawn their assets from other managers (Shattuck Hammond, in the case of CalPERS).
30/09/2009

Fortress forms allegiance with Carlisle Management

The Fortress International Fund announced on 28 September that it is signing an agreement with Carlisle Management, which will become the investment advisor for all investment and restructuring activities at Fortress. The Fortress International Fund, which will be launched by the end of the year, offers investors potential for growth combined with lower volatility than traditional investment strategies. Exposure to life insurance comes through investments in American mid- and long-term life insurance policies.
30/09/2009

Novethic plans to rate asset management firms

Novethic las launched an SRI label for socially responsible investment funds (read the article “92 funds obtain SRI label” in this issue of Newsmanagers). The aim is to facilitate understanding of these products by retail investors, and to favour their spread amongst this class of clients. Although it has a slightly different vocation, this label replaces SRI ratings that Novethic had been developing for several years. “We decided that it would be impossible to have the two coexist,” says Anne-Catherine Husson-Traore, CEO of the affiliate of the Caisse des Dépôts. Novethic is not planning to completely abandon the idea of ratings, but will change their object slightly. Instead of rating products, the affiliate of the Caisse des Dépôts will evaluate asset management firms. The rating, which will be free of charge, like the label, will rate the SRI investment process specifically. It will be launched in first half 2010.
30/09/2009

UBS may sell off Paine Webber

Agefi Switzerland reports that the CEO of UBS, Oswald Grübel, has told Financial Times Deutschland that wealth management activities in the United States (Paine Webber), which the firm acquired at peak prices in 2000, are not part of the bank’s core activities. The bank is not planning to sell them off immediately, however. “We have received a number of inquiries from potential buyers, but it wouldn’t make sense to sell at current valuations,” the CEO adds. He says the firm’s recent battle with the US tax authorities is not expected to cause further withdrawals of assets.
30/09/2009

FDIC in plans to make banks pay in advance

Agefi reports that the agency that guarantees banking deposits in the United States, the FDIC, whose special guarantee fund is financed by premiums paid by insured institutions, decided on Tuesday by a unanimous vote of its board to ask banks to pay their premiums in advance for a period of three years, in order to bring in USD45bn in reserves. As of 17 September 2009, the liquidator for bankrupt banks guaranteed deposits totalling a cumulative USD4.8trn, at 8,134 savings institutions, with total assets of USD13trn. If the proposal is approved, banks will be required to pay their contributions for fourth quarter 2009 and for the years 2010-2012 to the guarantee fund by 30 December.
30/09/2009

Aberdeen opens an office in Sao Paulo

Aberdeen Asset Management is opening an office in Sao Paulo in Brazil. It will be headed by Nick Robinson. The Credit Suisse acquisition brought Aberdeen’s total equities under management in Latin America to USD4 billion.
30/09/2009

Assets at ETF Securities hit all-time highs

Assets under management at ETF Securities have set a new record at EUR10bn, as a growing number of investors show an interest in hard assets, at a time when the financial situation of governments is deteriorating and quantitative easing raises particular concerns about the evolution of the US dollar and the pound sterling, and about inflationary outlooks in the mid-term.
30/09/2009

Euroclear to sell stake in LCH.Clearnet

As part of an initiative to rebalance the shareholder structure of LCH.Clearnet, Euroclear is planning to redeem its 15.8% stake in the London-based clearing organisation. Pierre Francotte, CEO of Euroclear, has also announced that LCH.Clearnet and Euroclear will launch an initiative to allow their clients to save on costs and to benefit from improved synergies between cash settlement of securities trading activities at LCH.Clearnet, and custody and settlement activities at Euroclear.
30/09/2009

Lyxor becomes number one provider of sectoral ETFs

Thomas Meyer zu Drewer, head of ETF activities at Lyxor Asset Management (Société Générale) for Germany and Austria, says that the 18 sectoral ETFs (covering 18 of 19 sub-indexes of the DJ Euro Stoxx 600) from the French management firm as of 18 September had assets of EUR1.85bn. This makes Lyxor the new number one promoter of sectoral ETFs in Europe. Assets have leapt 135% since the beginning of the year, while the Euro Stoxx 600 has gained 23%.
30/09/2009

GIC to restart investments

Ng Kok Song, director of investment for the Government of Singapore Investment Corp (GIC), has announced that the Singapore sovereign fund is planning to begin investing again. Its liquidity ratio currently stands at 8%, on USD200bn in assets, and the percentage of equities in its portfolio has fallen to 38% from 44%, largely due to sales of shares in industrialised countries, the Frankfurter Allgemeine Zeitung reports. In the period ending on 31 March, assets fell by “more than 20%,” which reduced performance over 20 years to 2.6% in real terms. However, since the beginning of April, more than half of these losses have been offset.
29/09/2009

La gestion d’actifs de Credit Suisse en phase d’intégration chez Abderdeen

Selon L’Agefi suisse, Aberdeen Asset Management entre dans le stade final et critique de l’intégration des activités de gestion institutionnelle de Credit Suisse. La société écossaise, qui a acquis ces activités en décembre dernier pour 250 millions de livres, souhaite ainsi se développer en Suisse où elle est encore peu connue et où elle gère déjà quelque 22,5 milliards de francs d’actifs. Elle cherche à renforcer sa présence locale en élargissant les bureaux à Zurich et à Genève avec six employés que la société a hérités de Credit Suisse.
29/09/2009

UBS : Sergio Marchionne et Peter Voser jettent l'éponge

L’UBS a annoncé mardi matin du Sergio Marchionne, «senior independent director» du conseil d’administration, et Peter Voser ne seront pas candidats lors de l’assemblée générale du 14 avril 2010 à une réélection comme administrateurs de la banque. Tous deux sont «désireux de se concentrer sur leurs tâches managériales très exigeantes». Le premier est notamment CEO de Fiat SpA, de Fiat Group Automobiles et de Chrysler Group. Le second est CEO de Royal Dutch Shell.
29/09/2009

OMAM muscle sa force de vente

Matthew Appelstein, executive vice president, qui est responsable des ventes institutionnelles et du marketing, va désormais diriger également la distribution retail et non-US d’Old Mutual Asset Management (OMAM), rapporte Mutual Fund Wire. L’intéressé a indiqué qu’il va augmenter à 25 personnes l'équipe de distribution qui en compte actuellement 20. Il a indiqué faire partie d’un «triumvirat» comprenant Julian Sluyters, president & CEO d’Old Mutual Capital, chargé des activités retail, et James Mikolaichik executive vice president et head of product, strategy and corporate development, qui est chargé des produits destinés au retail.
29/09/2009

Les fonds du Golfe ont perdu 350 milliards de dollars

Selon L’Agefi suisse, le rapport de la Conférence de l’ONU pour le commerce et le développement (UNCTAD) indique que quatre fonds souverains du Golfe ont perdu environ 350 milliards de dollars en raison de la crise financière. Les avoirs des fonds d’Arabie saoudite, du Koweït, du Qatar et d’Abou Dhabi n’ont toutefois pas beaucoup baissé en raison de l’injections de revenus pétroliers. De 1165 milliards de dollars fin 2007, ces avoirs sont passés à 1115 milliards fin 2008 après des injections de 300 milliards.

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