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21/04/2009

United Kingdom - iShares launches six ETF funds

Since Monday, the London Stock Exchange (LSE) lists six new ETFs of the iShares brand: the Barclays Euro Government Bond 5-7, Barclays Euro Government Bond 10-15, Barclays Euro Treasury Bond, FTSE Gilts U.K. 0-5, FTSE Developed World ex-U.K., MSCI Pacific ex-Japan, and lastly, the MSCI Europe ex-EMU.
21/04/2009

Sweden - Women lose less in crisis times

The majority of the 6 million savings investors on the Swedish PPM retirement platform lost between 30% and 40% of their assets in 2008, according to the most recent annual report from PPM, cited by Citywire. Considering Swedish savings investors who actively selected their investments in funds, PPM finds that women (-27.9%) have lost less than men (-29.4%).
21/04/2009

Germany - DEGI International distributes nearly EUR100m to subscribers

DEGI (Aberdeen Property Investors group) has announced that its open-ended real estate fund DEGI International on 14 April distributed approximately EUR97.3m to its subscribers for the 2008 fiscal year, corresponding to EUR2.10 per share, up from EUR2 for the previous year. Net profit totalled EUR103.2m, and the occupancy rate for properties in the portfolio is 98%. DEGI states that the dividend reinvestment ratio has risen to 68% from 63% in 2008.
21/04/2009

France - MMGI takes over management of a water fund

Last December, Brigitte Pascaud and Michel Dumoulin, at Martin Maurel Gestion Institutionnelle, took over the financial management of Praetor Wallis Infrastructures, a sub-fund of a Luxembourg Sicav created in April 2005. The product, previously known as the Praetor Water, had been managed by the Banque Degroof, which continues to be the asset management firm for the product; it was advised by Aquaterra. MMGI provided promotion of the product.There were some slight changes to personnel at the firm at the time of the transfer. The fund, specialised in equities of companies active in the water sector, saw an extension to its investment universe, to also include infrastructure. At the same time, the fund was recentered on the Euro zone.This double filter leaves the fund focused on following sectors: energy networks and distribution (electricity, gas, renewable energies), water (treatment, distribution, pipes, and sewers), waste treatment, transportation (roads, highways, ferries, airports, ports), ownership and management of communication networks («historic» telecommunications operators, satellite operators, postal services), the construction and management of public service infrastructure (hospitals, schools, prisons). Within the Euro zone, this includes 155 companies; managers are planning to invest 50% in large caps, and 50% in small caps.From this total, Pascaud and Dumoulin have selected 30 companies, which include IBR Renovables, Veolia Environnement and France Télécom, among the large caps, and Aguas de Barcelona, Ansaldo STS and SMA Solar Tech among the small caps.As of 31 March 2009, the fund had total assets of EUR4.43m.
21/04/2009

Germany - db x-trackers already has over EUR20bn in assets

db x-trackers, which has been in operation since January 2007, announced on Monday that it now has over EUR20bn in assets under management in more than 100 Luxembourg-registered ETFs, of which more than EUR10bn are in 37 bond products. The db x-trackers II EONIA Total Return Index ETF is currently the ETF product with the largest asset volume in Europe, at EUR6bn.Total assets under management for the entity of the Deutsche Bank group makes it the third-largest European ETF promoter, after Barclays Global Investors, with its iShares line of products, and Lyxor (Société Générale), with a market share of 19%. These UCITS III-compliant funds replicate indexes of equities, bonds, commodities and currencies, as well as one hedge fund index. The range includes 15 short ETFs based on equities, bond, and credit indexes.db x-trackers ETF products are traded on European markets (Germany, France, Italy, Switzerland, the United Kingdom), and in Singapore.
21/04/2009

Luxembourg - Franklin Templeton in plans to merge two funds

Franklin Templeton Investment Funds will propose at an extraordinary general shareholders’ meeting for the Franklin Technology Fund (EUR70.6m as of the end of January), to be held on 18 May, to merge the fund with the Franklin U.S. Opportunities Fund (EUR382.5m as of the end of January). The management firm is of the opinion that the merger is justified from an economic point of view, and serves the interests of subscribers. If the EGM passes the motion, the funds would be merged on 17 July.
21/04/2009

World - Share values for real estate companies are six months ahead of the physical property markets

In general, shares in real estate companies or REITs tend to lead their underlying markets by approximately six months, according to a survey by the European Public Real Estate Association (EPRA) commissioned to the US investment company Cohen & Steers. Liquidity appears to bring a higher level of pricing transparency and a more rapid transfer of information on REIT markets than on the less liquid physical property markets.The study, published on Monday, also reveals that publicly traded real estate markets show more pronounced peaks and troughs than the direct markets, which may be related to the fact that data on the performance of publicly traded real estate shares includes leverage, which is not the case for the physical market, though investors in these markets also rely on leverage.Cohn & Steers estimate that although the publicly traded real estate markets incorporate a higher level of risk than the physical real estate markets, it is likely that the underlying real risk of the direct market is strongly underestimated due to the effects of appraisal smoothing. For example, the standard deviation for the physical property market in the United States is only slightly higher than government bonds, and for the British and Australian physical property markets, it is even lower than for government bonds.
21/04/2009

Germany - Women make better investments than men

Women make better stock market investments than men, in both rising and falling markets, according to a study by the German brokerage firm DAB Bank, which examined the investments of 465,000 of its clients. In 2007, when the markets were rising overall, female clients of DAB Bank earned an average return of 18%, compared with 14% for men (7% for the MSCI World index). Women also perform better when the markets are falling, as in 2008. Last year, women outperformed the MSCI World index by 12 percentage pionts, limiting their losses to 30%, compared with losses of 36% in the portfolios of male investors.Another finding of the study is that women have a more prudent investment approach. As of 31 December 2008, they had invested an average of 41% of their assets in equities, compared with 48% for men. Bonds represented 16% of their investments, compared with 13% for male investors.
21/04/2009

World - EIRIS finds shortcomings in management of ESG risks by financial companies

According to the most recent survey by the EIRIS agency of the way in which non-financial risks in social, environmental, and governance (ESG) areas are managed by the 2,200 companies of the FTSE All-World Developed Index, only one quarter of companies achieved a satisfactory score. But nearly one quarter of financial companies did not publish data about ESG management in 2008 - twice as many as in all other sectors.EIRIS has also found that progress has been limited: between 2005 and 2008, the number of companies which earned an average overall score for ESG risk management increased by only 7.4%. Lastly,t he study finds that the best results were in the natural resources sector, which is a result of the fact that companies in this sector are more exposes to critical public opinion, due to high-profile issues such as pollution in the Gulf of Niger or the explosion of a refinery in Texas.
21/04/2009

Germany - Source lists 35 ETF and ETC funds on XTF segment

Deutsche Börse announced on Monday that the XTF segment of its Xetra electronic trading platform will list 13 new ETFs based on equities indexes, and 22 ETCs backed by publicly traded commodities, from Source, a joint venture of Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley (see Newsmanagers of 20 April). This brings the total number of products listed on the XTF segment to 442 ETFs and 136 ETCs.The equities ETF products from Source are all registered in Ireland. Six of them replicate DJ Stoxx indexes (STOXX 600, STOXX 50, STOXX Mid 200 et STOXX Small 200, DJ EURO STOXX 50 et DJ EURO STOXX Select Dividend 30), while four of them replicate MSCI indexes (MSCI Europe, Japan, USA, and World). Two of them track FTSE indexes (FTSE 100 and FTSE 250), while the remaining product replicates the Russell 2000. The ETC products all reproduce the evolution of the S&P GSCI indexes in areas such as energy, agriculture, oil, base metals, and precious metals.Source is planning to list up to 100 products on the Deutsche Börse by the end of the year.
21/04/2009

Spain - Time is ripe for all-terrain funds

Spanish investors, like other Europeans, have rediscovered dynamic diversified funds, which are able to flexibly alter the configuration of their portfolios to profit from all opportunities that appear on the markets. In 2008, one of the foremost of these was the Carmignac Patrimoine fund, which stood out for its active management without a focus on indexes. Other favourite funds of Spanish investors were the JPM Global Capital Preservation, Santander Eurobalance, Axa WF Optimal Income and BGF Global Allocation from Blackrock, Expansión reports, citing statistics from Lipper and JPMorgan Asset Management.In first quarter, the diversified funds which attracted the highest subscriptions were the Banesto Selección RV, Kutxadinero Plus and Ibercaja Patrimonio Dinámico.
21/04/2009

United Kingdom - Sarah Deaves joins RBS

The private bank Coutts & Co, an affiliate of the Royal Bank of Scotland (RBS), has announced that its CEO since November, Sarah Deaves, will become managing director of activities serving affluent customers of RBS. She has also been CEO of RBS Wealth Management since June.According to Reuters, Deaves will report to Paul Geddes, CEO of UK retail, and will be in charge of developing services for 60,000 of the bank’s most high net worth clients, as well as the investment needs of 15 million retail clients.
21/04/2009

Germany - Hedge fund blacks government's takeover bid for HRE

Christopher Flowers and his private equity group will not be alone in refusing to sell their shares as part of a takeover bid for Hypo Real Estate (HRE) launched by the German government’s financial stabilisation fund, SoFFin: according to the Börsen-Zeitung, the hedge fund manager Exchange Investors is also opposed to the deal.
21/04/2009

Switzerland - Werner Peyer leaves UBS

Handelsblatt reoprts that Werner Peyer, second in command in global wealth management and corporate banking at UBS, will be leaving the firm. The reasons for the departure are not yet known.
21/04/2009

India - AGI forms partnership with Bajaj Finserv

Allianz Global Investors (AGI) has announced the creation of an asset management joint venture with Bajaj Finserv in India. The German partner in the venture will control 51% of shares in the new firm, Handelsblatt reports. The insurance group Allianz already has two other joint ventures with Bajaj Finserv; according to the Wall Street Journal, it also announced on Monday that it will be buying out its Indian partner in Bajaj Allianz Financial Distribution, a financial products distribution firm.
20/04/2009

UBS revend UBS Pactual

UBS a annoncé lundi la vente pour environ 2,5 milliards de dollars de ses activités de services financiers au Brésil, sous l’enseigne UBS Pactual, à BTG Investments, une société dirigée par André Esteves. Ce prix de cession comporte une prime sur la valeur comptable de la filiale mais le groupe helvétique s’attend que cette transaction se solde par une «légère perte». Le 9 mai 2006, l’UBS avait annoncé que «la valeur actuelle de l’acquisition de Pactual dans son ensemble, y compris la somme de fidélisation des personnels, est d"un montant maximum de 2,5 milliards de dollars». La vente de Pactual augmente les fonds propres de premier rang (tier 1) de la banque suisse de 1,3 milliard de francs suisse tout en réduisant les actifs pondérés du risque de 3 milliards de francs et le total du bilan de 6,3 milliards de francs. Le ratio prudentiel de fonds propres de premier rang augmente d’environ 60 points de base.
20/04/2009

Fortis Haitong va servir un dividende sur son fonds QDII

Fortis Investments a annoncé que sa joint-venture chinoise Fortis Haitong est la première société de gestion qui va verser un dividende (de 0,2 yuan pour 10 parts) sur un fonds (lancé en 2008) bénéficiant du statut de Qualified Domestic Institutional Investor (QDII) en Chine.
20/04/2009
Fonds

Les riches sont les premiers à sortir des hedge funds

Les riches européens, qui étaient les premiers à investir dans les hedge funds, ont aussi été les premiers à sortir pendant la crise, selon une étude de Bank of New York Mellon et Casey Quirk citée par le Financial Times. Les personnes fortunées (HNWI) ont représenté l"année dernière 80 % (soit plus de 500 milliards de dollars) des rachats des hedge funds, alors qu"ils ne détenaient que les deux tiers des actifs. Les retraits ont principalement été européens.
Fonds
20/04/2009
Fonds

ETFlab lance un ETF sur les dividendes

ETFlab a lance un nouveau fonds, baptisé DAXplus Maximum Dividend. L’ETF suit l'évolution des 20 sociétés présentant le rendement de dividendes le plus élevé parmi les valeurs de l’indice Hdax. Les frais de gestion s'élèvent à 0,30 % par an.
Fonds
20/04/2009

Source va faire coter des ETF et des ETC à Francfort

La Deutsche Börse annoncera ce lundi l’admission à la négociation sur le segment XTF de la plate-forme électronique Xetra d’ETF et d’ETC lancés par Source, la plate-forme commune de Bank of America Merrill Lynch, Goldman Sachs et Morgan Stanley. La société de gestion (KAG) choisie par Source est l’allemand Assenagon Asset Management.
20/04/2009
Fonds

AXA Immosolutions investit en Scandinavie

AXA Investment Managers Deutschland vient de réaliser pour le compte de AXA Immosolutions son premier investissement en Suède. Le montant de la transaction s'élève à 40 millions d’euros. Le fonds poursuit ainsi sa stratégie de diversification en Europe. AXA Immosolutions gère désormais 13 investissements immobiliers dans quatre pays.
Fonds
20/04/2009

Dan Roberts quitte Aviva pour Gartmore

Selon Money Marketing, Dan Roberts, qui gérait depuis août 2005 l’equity income fund d’Aviva Investors (458 millions de livres) a rejoint Gartmore.
20/04/2009
Fonds

Souscriptions record pour les ETC métaux précieux d'ETF Securities

ETF Securities indique avoir enregistré au premier trimestre des souscriptions nettes record pour ses ETC spécialistes des métaux précieux, l’encours total atteignant fin mars 6,8 milliards de dollars. Les souscriptions nettes ont gonflé de plus de 400 % en janvier-mars par rapport à la période correspondante de l’an dernier. Les deux ETC spécialistes de l’or, ETFS Physical Gold (PHAU) et Gold Bullion Securities (GBS), notamment, ont enregistré une augmentation 1,3 million d’onces de leurs actifs (soit 1,1 milliard de dollars) à 7,4 millions d’once ou 6,5 milliards de dollars. Les souscriptions ont augmenté à 3,7 fois la vitesse constatée pour le T4 de 2008.
Fonds
20/04/2009
Fonds

Gartmore lance son fonds de performance absolue "UK"

Comme annoncé fin février, Gartmore a lancé le 14 avril la commercialisation d’un fonds de performance absolue focalisé sur le Royaume-Uni. Hedge Week rapporte que le Gartmore UK Absolute Return Fund est un produit conforme à la directive OPCVM III qui peut prendre des positions longues et courtes sur des actions britanniques et qui sera géré par Ben Wallace selon la même stratégie que l’AlphaGen Octanis Fund, qu’il gère depuis le lancement en mars 2005. Le nouveau fonds vient compléter une gamme de performance absolue comprenant déjà les fonds Gartmore MultiManager Absolute Return et Gartmore European Absolute Return.
Fonds
20/04/2009
Fonds

Hausse pour l'indice Credit Suisse/Tremont en mars

Finalement, l’indice Credit Suisse/Tremont des hedge funds affiche pour par une performance de 0,65 % au lieu des 0,86 % annoncés sur la base de 55 % de l'échantillon (lire notre dépêche du 9 avril). Il avait accusé une perte de 0,88 % pour février. Sur l’ensemble du premier trimestre, il marque une augmentation de 0,85 %. Pour mars, les fonds dedicated short bias ont accusé une perte moyenne de 5,47 % tandis que les fonds marchés émergents enregistraient une performance de 2,24 %. Pour janvier-mars, la stratégie la plus payante a été celle de l’arbitrage de convertibles, avec un gains de 7,72 % et la moins rentable a été l’equity market neutral avec une parte de 3,49 %.
Fonds
20/04/2009

Le Banif Inmobiliario compte tirer ? 3 milliards de la vente de ses actifs

Santander Real Estate, gestionnaire du fonds immobilier offert au public Santander Banif Inmobiliario, a choisi CB Richard Ellis comme conseiller pour la cession d’actifs dont il espère tirer plus de 3 milliards d’euros, selon les proches du dossier. Expansión souligne que cela représente environ 90 % de l’encours total du fonds avant le gel des remboursements (entre-temps la valeur des actifs a été revue à la baisse de 7,5 %). Le processus de vente durera au moins deux ans.

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