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20/11/2012

Activist shareholders return to CAC 40

Following Safran, which in mid-October saw the British fund TCI buy a 3% stake in its capital, Danone in early November saw the Trian Partners fund from activist investor Nelson Peltz acquire nearly 1% of its capital, Les Echos reports. France is not the preferred country for activist investors, however, who often emerge empty-handed.
20/11/2012

Kyle Bass returns to subprime

The hedge fund manager Kyle Bass, who made gains of about USD500m by short-selling subprime mortgages during the crash in 2007, has announced that he will now be betting half of his money on a rebound of those assets, the news agency Bloomberg reports. Hayman Capital Management, the alternative management firm led by Bass, has invested more than half of his money in sub-prime bonds. Firms which concentrate their assets have earned 19% returns since the beginning of the year, compared with an average of 1.1% for the hedge fund sector overall, according to Bloomberg estimates. Assets under management at Hayman as of the end of September totalled USD1bn, according to a presentation by the firm, obtained by Bloomberg.
20/11/2012

Franklin announces a cash special dividend

Franklin Resources has announced that it is paying a special dividend in cash, totalling USD3 per share, payable on 20 December to all shareholders in possession of ordinary shares at the close of the markets on 6 December. As of the end of October, assets under management at Franklin Resources totalled over USD753bn.
20/11/2012

Hedge funds focus on financials

In the wake of the publication of quarterly results by US businesses, the database of the online portal Insider Monkey can identify the log positions of hedge funds and other major investors. Among the top ten most popular shares for hedge funds at the end of September were financial sector businesses, including Wells Fargo, which has no activity in investment banking, Bank of America and Citigroup, which are in reorganisation phases. The ten most popular shares for hedge funds also include the insurance group AIG and the banking giant JP Morgan Chase. Alongside these unexpected choices, hedge funds are also staying loyal to internet stocks such as Apple, Google and Microsoft.
20/11/2012

Former UBS Wealth Management CEO in France investigated

Patrick de Fayet, former CEO of UBS Wealth Management and UBS Wealth Management France, has been placed under investigation for “complicity in illegal acts,” money-laundering and concealing stolen goods, AFP reports, citing a legal source. The investigation comes as part of an enquiry into allegations of tax fraud against the Swiss bank. It is the third investigation of a UBS executive in France since the outbreak of the scandal.
20/11/2012

Aberdeen prepares to open doors in Spain

The Scottish firm Aberdeen AM, which already has 40 funds registered for sale in Spain, is planning to open an office in the country in 2013, Funds People report. The market had previously been served from London by Marina Poletto, who will help to set up the new structure.
20/11/2012

Credit Suisse AM closes its sales office in Spain

Funds People reports that Pedro Domenech has left Credit Suisse Asset Management (CSAM), and that the management firm has decided to close its sales office in Madrid, and will transfer responsibility for the Spanish market to Andrea Sanguinetto, head of the CSAM distribution team in Milan. Sales efforts in Spain will now focus on alternative products and core products such as bonds and multi-asset class products. As of the end of June, assets totalled EUR165m.Credit Suisse still has an asset management subsidiary in Spain: Credit Suisse Gestión (EUR442m in funds as of the end of October, and EUR775m in Sicavs as of the end of June).
20/11/2012

Old Mutual recruits in Latin America

The South African Old Mutual group on 19 November announced that it is scaling up its distribution capacities on emerging markets, with the acquisition of a majority stake in AIVA Business Platforms (AIVA). The initiative will allow Old Mutual to strengthen its presence on certain emerging markets, particularly in Latin America. The transaction is still pending regulatory approval, but is expected to be completed in early 2013. AIVA is a family business based in Uruguay, with a distribution platform covering all of Latin America. The firm has 120 employees, and offers services to a network of independent financial advisers, wealth managers, and other establishments. Its assets under management total about USD800m. Old Mutual and AIVA have had a business relationship for over 15 years. The new agreement is expected to involve operational synergies between AIVA and the emerging markets unit of Old Mutual in Colombia and Mexico. As of the end of December 2011, assets under management at Old Mutual totalled GBP267bn.
20/11/2012

Swiss fund market remains stable at a high level

Assets under management by Swiss investment funds totalled CHF707.8bn in October, a month-on-month increase of CHF1.2bn, according to statistics from the Swiss Funds Association (SFA) and Lipper. Net inflows totalled nearly CHF4bn in October, compared with less than CHF300m in September. Bond funds attractedCHF3.4bn, while equity funds posted inflows of CHF2.2bn, and commodity funds attracted CHF0.2bn. Money market funds, however, had outflows of CHF1.6bn.
20/11/2012

Banesto and Mapfre launch guaranteed funds

On 16 November, the CNMV issued a sales license for Spain to the two guaranteed funds Banesto Garantia I (ES0113732004) and Mapfre Puente Garantia 1 (ES0160582005), which will mature on 3 February 2017 and 20 June 2017, respectively.The Bankinter product will deliver a maximal return, if the Euro Stoxx 50 index rises, of 3% above redemption of initial capital, while the Mapfre product will pay a total return of 0.66% to 5.31% per year.The two products charge a front-end fee of 5%, while the withdrawal penalty is 3% for the Banesto fund and 4% for the Mapfre product. The management commission will be 0.3% until 4 February 2013, and 1.25% thereafter, for the Banesto fund. For the Mapfre fund, the management commission will be 0.03% until 20 December 2012, and then 1.9%.
20/11/2012

M&G strengthens agreement with Skandia in Italy

M&G Investments has signed a new agreement with Skandia, a life insurance leader in Italy, Bluerating reports. Funds from the British asset management firm may now be used for unit-linked products from the group. These include M&G European Corporate Bond, M&G Global Dividend and M&G Global Macro Bond.
20/11/2012

Ignis AM hires a new regional director for Benelux

Ignis Asset Management has recruited Roger de Passe as regional director for Benelux in its European sales team, where he will report to Philip Goldsmith, managing director, Europe. He replaces Ghislaine Fournigault, who has left the Scottish asset management firm. Fournigault joined the firm in 2009 when the European team was being created by Goldsmith, with whom she had worked at New Star. De Passe joins from Generali Investments Luxembourg, where he was head of institutional sales for Northern Europe. At Ignis AM, he will be responsible for developing sales across the Belenux region, with a particular focus on both wholesale and institutional channels. Importantly, part of his remit will be to develop connections within the Dutch pensions market, as Dutch is one of the languages he speaks fluently, along with French and English.
20/11/2012

Fund managers replaced at LGT

Jürgen Betz and Ralf Piersig will take over the reins at LGT Multi Asset Dynamic Shield and LGT Sustainable Impact Europe Equity, respectively, which had been managed by Felix Niederer and Lars Knudsen, Das Investment reports. The two managers will be leaving LGT Capital Management in December.
20/11/2012

ETF fad may help value corporate bonds

Klaus Blaabjerg, head of the value bond management team at Sparinvest (EUR9bn in assets as of the end of September 2012), claims that investors’ current liking for ETFs which replicate corporate bond indices has led providers of these products to invest in corporate issuers who have issued a lot of debt.The phenomenon tends to boost the prices of bonds from the companies with the highest levels of debt in the universe. But excessive debt is precisely what as a value manager, Sparinvest seeks to avoid. Blaabjerg estimates that the ETF effect favours Sparinvest, since it creates investment opportunities in companies which issue bonds that are not part of the index (small companies), or companies which have only a minimal presence in the index, since they don’t issue much debt.Currently, Sparinvest continues to see solid value scenarios among financial sector businesses, European insurers and energy sector shares. “We are finding high yield bonds from some companies that are not included in the index,” the Danish manager concludes.
20/11/2012

Natixis GAM recruits for UK wholesale & retail team

Several British news media are reporting that Natixis Global Asset Management has recruited Leigh Fisher (ex Neptune Investment Management) and Darren Pilbeam (ex Investec) for its London-based UK wholesale & retail team. They will report to Ed Farrington, head of global key accounts and UK wholesale.Fisher will become head of the advisory department, while the latter will lead the strategic alliances department.
20/11/2012

British advisers will continue to assist retail clients

In the UK, most independent financial advisers (IFAs, 63%) are planning to continue to serve clients with assets to invest ranging from GBP20,000 up to GBP75,000, according to a survey by the British Financial Services Authority (FSA), obtained by the Sunday Times. The survey is thus a formal reubuttal to those who were concerned about clients being massively excluded from advising when the new RDR regulations come into effect. 38% of advisers surveyed say they will continue to assist clients whose assets for management are less than GBP20,000.
20/11/2012

Swedish committee warns over misleading fund names

The Swedish ethical committee for sales of funds (ENF) is asking asset management firms to choose the names of their funds carefully, in order to avoid any confusion on the part of investors. For example, the concept of “absolute returns” should not be used in the name of a fund. “This expression is difficult to understand for those who do not work in the fund industry, and may give the impression that a gain is guaranteed,” the ENF claims. The committee also disapproves of the expression “small caps,” since it finds that many funds which use the term invest in businesses with large cap sizes, which may give an inaccurate impression to savings investors. The ethical committee for fund sales is an independent organisation which ensures that asset management firms follow rules for the sector.
20/11/2012

Over 800 ETPs on the Italian stock exchange

Last week, with the listing of two new ETFs, ETFPlus, the Borsa Italiana market dedicated to ETPs, topped 800 registered instruments, ten years after its launch, Bluerating reports. The range from 11 providers includes 196 developed marekt equity ETFs, 96 ETFs of emerging market equities, 126 bond etFs, 31 Style ETFs, 168 ETFs based on other asset classes, 172 ETCs, and 12 currency ETNs.
20/11/2012

Changements de gérants chez LGT

Jürgen Betz et Ralf Piersig vont prendre les commandes respectivement des fonds LGT Multi Asset Dynamic Shield et LGT Sustainable Impact Europe Equity qui étaient gérés par Felix Niederer et Lars Knudsen, rapporte Das Investment. Ces deux gérants quitteront en effet LGT Capital Management en décembre.
20/11/2012

Credit Suisse AM ferme son bureau de vente en Espagne

Funds People rapporte que Pedro Domenech a quitté Credit Suisse Asset Management et que le gestionnaire a décidé de fermer son bureau de vente à Madrid, transférant la responsabilité du marché espagnol à Andrea Sanguinetto, directeur de l’équipe de distribution de CSAM à Milan. L’effort commercial en Espagne se focalisera désormais sur les produits alternatifs et «core» comme l’obligataire et le multi classes d’actifs. A fin juin, l’encours se situait à 165 millions d’euros.Credit Suisse conserve une société de gestion en Espagne, Credit Suisse Gestión (442 millions d’euros dans des fonds fin octobre et 775 millions dans des sicav fin juin).
20/11/2012

BNY Mellon Service KAG renforce sa direction générale

Katarina Melvan, «fondé de pouvoir général» (Generalbevollmächtigter) depuis le 1er juillet, a été promue le 15 novembre à la direction générale de BNY Mellon Service KAG aux côtés du président Thomas Grünewald.L’impétrante était managing director and head of operations de BNY Mellon Asset Servicing pour les pôles securities operations et client services en Allemagne et en Europe continentale.L’encours sous administration de BNY mellon Service KAG atteignait fin octobre 128,2 milliards d’euros contre 100,4 milliards au début de cette année.
20/11/2012

Petercam fait enregistrer 14 fonds en Allemagne

La BaFin a délivré son agrément de commercialisation à quatorze fonds (douze d’actions, deux obligataires) Petercam de droit belge, compartiments de la sicav Petercam Fund. Les cinq fonds Petercam de droit luxembourgeois sont déjà enregistrés pour la vente en Allemagne depuis février 2010.Les fonds d’actions nouvellement autorisés à la vente en Allemagne sont les suivants :Petercam Equities Agrivalue (BE0947763737) Petercam Equities Energy & Resources (BE0946563377) Petercam Equities Euroland (BE0058181786) Petercam Equities Europe (BE0058178758) Petercam Equities Europe Dividend (BE0057450265) Petercam Equities Europe Sustainable (BE0940001713) Petercam Equities Small & Midcaps (BE0058183808) Petercam Equities Metals & Mining (BE6217705050) Petercam Equities North America Dividend (BE0058174716) Petercam Equities World 3F (BE0058651630) Petercam Equities World Dividend (BE6228798409) Petercam Securities Real Estate Europe (BE0058186835)Les deux fonds obligataires sont :Petercam Bonds Euro (BE0943876665) Petercam Bonds Euro Investment Grade (BE0935123431)
20/11/2012
Fonds

Lyxor fait coter 14 ETF à Londres

Le 19 novembre, Lyxor Asset Management (groupe société Générale) a annoncé l’admission à la négociation sur le London Stock Exchange (LSE) de 14 de ses ETF les plus liquides.Les 14 ETF déjà cotés à Londres et répliquant les mêmes indices seront fusionnés avec les nouveaux. Les investisseurs détenant des parts des ETF déjà cotés sur le LSE recevront automatiquement le nombre correspondant de parts des nouveaux fonds.
Fonds
20/11/2012

Natixis GAM renforce son équipe UK wholesale & retail

Selon plusieurs médias britanniques, Natixis Global Asset Management vient de recruter pour son équipe londonienne UK wholesale & retail Leigh Fisher (ex Neptune Investment Management) et Darren Pilbeam (ex Investec), qui seront subordonnés à Ed Farrington, head of global key accounts a UK wholesale.La première prendra la tête du advisory department, le second dirigera le strategic alliances department.
20/11/2012
Fonds

Banesto et Mapfre lancent des fonds garantis

Le 16 novembre, la CNMV a accordé son agrément de commercialisation en Espagne aux fonds garantis Banesto Garantia I (ES0113732004) et Mapfre Puente Garantia 1 (ES0160582005) dont les échéances sont fixées respectivement au 3 février 2017 et au 20 juin 2017.Le produit Bankinter servira en cas d'évolution favorable de l’indice Euro Stoxx 50 un rendement maximal de 3 % en sus du remboursement du capital tandis que celui de Mapfre offrira un rendement compris 0,66 % et 5,31 % par an.Les deux produits affichent des droits d’entrée de 5 % tandis que la pénalité de sortie se situe à 3 % pour le fonds Banesto et à 4 % pour celui de Mapfre. Quant à la commission de gestion, elle se situe à 0,3 % jusqu’au 4 février 2013 et à 1,25 % ensuite, pour le fonds Banesto. Pour le fonds Mapfre, la commission de gestion sera de 0,03 % jusqu’au 20 décembre 2012, puis de 1,9 %.
Fonds
20/11/2012

Bruxelles accepte d'assouplir le plan de restructuration d'ING

La Commission européenne a accepté d’assouplir le plan de restructuration imposé en 2009 au bancassureur néerlandais ING en échange d’une aide publique de 10 milliards d’euros, qui lui avait été accordée lors de la crise financière, ont indiqué le 19 novembre les deux parties dans des communiqués séparés.ING devait initialement vendre ses différentes filiales d’assurance d’ici à fin 2013, mais Bruxelles a finalement accepté d’assouplir ses exigences : de nouvelles échéances, certaines s'étendant jusqu'à fin 2018, ont été fixées pour les différentes filiales, a indiqué ING dans son communiqué.Un programme en vue du remboursement de la part restante de l’aide publique reçue de l’Etat néerlandais a en outre été établi. Le bancassureur doit payer quatre tranches de 1,125 milliard d’euros chacune pour mai 2015 au plus tard. Au total, il aura remboursé 13,5 milliards d’euros à l’Etat néerlandais, primes de remboursement incluses."Nous sommes satisfaits du fait que l’accord annoncé aujourd’hui nous donne plus de temps et de flexibilité pour achever les restructurations requises tout en ne changeant pas nos objectifs stratégiques», a déclaré le directeur exécutif du groupe, Jan Hommen, cité dans le communiqué.
20/11/2012

Aberdeen se prépare à débarquer en Espagne

L’écossais Aberdeen AM, dont 40 fonds sont déjà enregistrés pour la vente en Espagne, a l’intention d’ouvrir un bureau dans ce pays en 2013, rapporte Funds People. Jusqu’à présent, ce marché était servi de Londres par Marina Poletto, qui va aider à la mise sur pieds de la nouvelle structure.
20/11/2012
Fonds

Les actionnaires activistes de retour dans le CAC 40

Après Safran qui, à la mi-octobre, a vu le fonds britannique TCI prendre 3% de son capital, Danone a vu début novembre le fonds Trian Partners de l’activiste Nelson Peltz acquérir près de 1 % de son capital, rapporte Les Echos. Cela dit, la France n’est pas le terrain de chasse préféré des activistes, qui repartent souvent bredouilles.
Fonds
20/11/2012

Les investissements réalisés en Europe par les sociétés chinoises battent des records

Pour la première fois, les investissements réalisés en Europe par les sociétés chinoises deviennent plus importants que ceux des sociétés européennes en Chine. C’est ce qui ressort de l'étude de PwC « China Deals, A fresh perspective ». Ces transactions étaient seulement au nombre de 11 en 2006 et sont passées à 61 en 2011. Au premier semestre 2012, les transactions étaient au nombre de 32 en Europe, contre 26 transactions réalisées en Chine par des entreprises européennes. Au total, les Chinois ont investi 11 milliards d’euros en Europe en 2011, contre 7 milliards d’euros investis par les Européens en Chine. La France est devenue en 2011 le premier investisseur européen en Chine et le 3ème pays destinataire des investisseurs chinois.

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