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29/10/2012
Fonds

DEGI retarde le remboursement d’un de ses fonds immobiliers

Aberdeen Allemagne a annoncé qu’il retarde à novembre le remboursement semestriel de parts du fonds immobilier offert au public DEGI International qui est en cours de liquidation. Ce report est dû au fait que la vente de plusieurs actifs est programmée d’ici à la mi-novembre, ce qui dégagera des liquidités. En revanche, la vente d’un actif en Suède effectuée en juillet a servi uniquement à rembourser des crédits. Le quotient de crédit du DEGI International est ainsi revenu de 38,7 % fin décembre à 33,9 % fin septembre.
Fonds
29/10/2012

Warburg ouvre à Munich

La banque privée hambourgeoise M.M. Warburg annonce avoir ouvert une succursale à Munich, Maximilianstraße 2. Cette implantation est dirigée par Klaus Stojer, assisté de Paul Christian Recum. La clientèle visée est celle des particuliers haut de gamme, des entreprises et des fondations en Bavière.
29/10/2012

FTSE se renforce dans les ETP

Le 26 octobre, FTSE Group a annoncé la création d’une nouvelle unité de service dédiée aux ETP (exchange traded products) destinée à élargir la gamme des indices et des services au profit des promoteurs d’ETP et d’ETF dans le monde. Cette nouvelle structure regroupera une recherche dédiée et des ressources de suivi de la clientèle. Elle travaillera en étroite coopération avec les clients pour développer des solutions d’indices pour ETP sur différentes classes d’actifs et zones géographiques.La nouvelle unité sera dirigée par Jonathan Horton, president, FTSE North America, assisté de Sudi Raju, managing director, ETP Relationships EMEA, à Londres ainsi que par Marc De Luise, director of ETP Product Solutions, et par Kristen Mierzwa, director of ETP Relationships, North America, tous deux basés à New York. FTSE nommera bientôt un responsable pour l’Asie-Pacifique.
29/10/2012
Fonds

UBS Global AM liquide deux fonds anémiés

UBS Asset Management a décidé de liquider le 30 novembre son US 130/30 Equity Fund de 2 millions de livres et son Asian Equity Fund de 3 millions de livres, faute d’encours -et de performance- suffisants, rapporte Investment Week.
Fonds
29/10/2012
Fonds

L'Angola lance son fonds souverain

L’Angola vient de lancer son fonds souverain, dénommé le Fundo Soberano de Angola (FSDEA), et présenté à l’occasion du sommet asiatique du SWF Institute. Le fonds souverain de l’Angola est doté au départ de 5 milliards de dollars. Le fonds souverain du Nigeria a démarré pour sa part avec 1 milliard de dollars.
Fonds
29/10/2012
Fonds

Les fonds obligataires à nouveau plébiscités

Les investisseurs ne semblent pas avoir répondu aux efforts de la Fed américaine pour les inciter à se porter sur les classes d’actifs plus risquées. Durant la semaine au 24 octobre, les fonds d’actions américaines ont encore été boudés par les investisseurs et les fonds obligataires dans leur ensemble ont enregistré une collecte record de 9,4 milliards de dollars, selon les estimations communiquées par EPFR Global.Selon Cameron Brandt, directeur de la recherche d’EPFR, les investisseurs prennent plus de risques mais ils le font majoritairement à l’intérieur de la sphère obligataire et lorsqu’ils s’intéressent aux actions, ils évitent les Etats-Unis et préfèrent les marchés émergents.Les efforts de la Banque centrale européenne pour mettre un frein aux sorties de la zone euro semblent en revanche trouver un certain écho auprès des investisseurs. Durant la semaine au 24 octobre, les fonds obligataires ont enregistré un niveau record et les fonds actions ont attiré en net 1 milliard de dollars. Les fonds actions dans leur ensemble ont enregistré une décollecte nette de 4,2 milliards de dollars, les fonds monétaires subissant de leur côté des rachats pour un montant net de près de 14 milliards de dollars.
Fonds
29/10/2012

Scandale du Libor : Début aujourd'hui du premier procès

Aujourd’hui débute le premier d’une longue série de procès relatifs au scandale de la manipulation du Libor à Londres, rapporte L’Agefi. La banque Barclays comparaît devant la Haute Cour à la suite d’une plainte déposée en avril par l’un de ses clients, Guardian Care Homes, qui reproche à l'établissement de lui avoir vendu deux contrats de swaps de taux lui ayant fait perdre 12 millions de livres (15 millions d’euros). Ces produits, adossés à deux emprunts contractés auprès de Barclays, étaient censés couvrir la société contre une hausse du Libor dont la baisse in fine s’est révélée particulièrement onéreuse. Aujourd’hui se tient l’audition préliminaire pendant laquelle chacune des parties va s’exprimer et à l’issue de laquelle le juge devra décider si un procès aura lieu. Le verdict pourrait faire jurisprudence.Vendredi, selon des informations du Wall Street Journal, neuf banques supplémentaires ont été citées à comparaître par la justice américaine dans le cadre de l’enquête sur des soupçons de manipulation des taux interbancaires Libor, rapporte Le Monde qui cite. Les neuf banques citées par le quotidien économique sont Bank of America, Bank of Tokyo Mitsubishi UFJ, Credit Suisse, Lloyds Banking Group, Rabobank, Royal Bank of Canada, Société générale, Norinchukin Bank et WestLB.
29/10/2012

Morningstar: Equities back in grace with investors

According to statistics in investment flows in September established by Morningstar, investors increased their exposure to high-risk assets, and not only in the bond category. Equity funds in September saw net subscriptions of EUR1.91bn, making their first positive net inflows since February, “ending a long period of divergence between the choices of investors and the performance of the markets.”In September, long-term funds posted inflows of EUR20.87bn, bringing the total in third quarter to EUR54.14bn; money market funds have see net redemptions of EUR18.3bn.In detail, fixed income funds have seen inflows of EUR15.9bn in September, and EUR53.24bn in July-September, the largest inflows for this category of funds “since at least 2007.”Morningstar points out that euro diversified funds and funds of British government bonds (gilts) saw net redemptions of EUR689m and EUR667m in September, respectively. The agency also observes that net redmptions from the largest European bond fund, Templeton Global Bond (EUR33bn) fell to EUR63m last month.Global emerging market equity funds have seen the largest net inflows of all Morningstar equity categories in September, with EUR1.42bn in inflows in September, and EUR1.75bn in third quarter; the Global Emerging Markets fund from Aberdeen led this category, with inflows since 1 January of EUR1.61bn.In wealth management funds, the highest net inflows YTD were for the M&G Optimal Income Fund (EUR4.058trn) and Carmignac Patrimoine (EUR2.268trn). Since the beginning of this year, Pimco leads for net subscriptions with EUR23.101bn, followed by BlackRock (EUR13.516bn) and AllianceBernstein (EUR9.350bn).
29/10/2012

FTSE develops ETP operations

On 26 October, FTSE Group announced the creation of a new service unit dedicated to exchange traded products (ETPs), to extend the range of indices and services for promoters of ETPs and ETFs worldwide. The new structure will include dedicated research and client relationship management resources. It will work in close collaboration with clients to develop index solutions for ETPs in various asset classes and geographical regions.The new unit will be led by Jonathan Horton, president, FTSE North America, with the assistance of Sudi Raju, managing director, ETP Relationships EMEA, in London, and Marc De Luise, director of ETP Product Solutions, and Kristen Mierzwa, director of ETP Relationships, North America, both based in New York. FTSE will soon appoint a head for Asia-Pacific.
29/10/2012

Janus opens office in Taiwan

Janus has announced the opening of a Securities Investment Consulting Enterprise office in Taiwan and the recent appointments of Max Chien as general manager of Taiwan and Bruce Chen as head of investment research and sales.Effective immediately, Max Chien comes to Janus Capital with over 13 years’ of sales, management and marketing experience. Prior to joining Janus Capital he was head of investment consulting of Deutsche Far Eastern Asset Management. In his new role he will be responsible for developing Janus Capital’s retail business in Taiwan. Bruce Chen has more than 14 years’ experience in the investment sector. He was head of sales of Robeco Investment before joining Janus Capital. Bruce Chen will partner with Max Chien to build solid long-term distribution relationships in Taiwan. The team will report to Gigi Chan, chief operating officer (Asia Pacific) of Janus Capital Asia Limited, the Asia Pacific regional office of Janus Capital Group Inc..
29/10/2012

Angola launches sovereign fund

Angola has created its own sovereign fund, entitled Fundo Soberano de Angola (FSDEA), and has unveiled it at the Asian summit of the SWF Institute. The sovereign fund from Angola has initial capital of USD5bn. The Nigerian sovereign fund, for its part, started out with USD1bn.
29/10/2012

Spanish funds continue to hemmorhage

According to estimates from VDOS reported by Funds People, as of 19 October, assets in Spanish funds are reported to have increased by 0.43%, or EUR545m, compared with the end of September, to a total of EUR128.429bn. Positive market effects came to EUR1.283bn, but net redemptions are estimated to have totalled EUR738m.
29/10/2012

Italian independent financial advisers see inflows in September

Networks of financial advisers in Italy in September posted net subscriptions of EUR759m, down from August (EUR1.1bn), according to the most recent statistics from Assoreti, the Italian association of financial investment products and investment services. A net total of EUR326m were invested in mutual funds. Insurance and retirement planning products saw inflows of EUR463m.
29/10/2012

DEGI delays redemptions from one of its real estate funds

Aberdeen Germany has announced that it is postponing half-yearly redemptions of shares in its open-ended real estate fund DEGI International, which is in the liquidation process, until November. The postponement is due to the sale of several properties which is slated for mid-November, which will bring in additional liquidity. However, the sale of a property in Sweden in July went entirely to pay off creditors. The credit quotient for DEGI International has been reduced from 38.7% as of the end of December, to 33.9% as of the end of September.
29/10/2012

Two hedge fund managers accused of insider trading

Two former managers of the hedge funds Level Global and Diamondback Capital Management will be facing verdicts from a jury this week. They are accused of insider trading and of making profits of USD61m through the use of information about shares in Dell obtained from a “circle of friends,” the Financial Times reports.
29/10/2012

Change of indices at Vanguard works to BlackRock's advantage

Mutual Fund Wire reports that, according to statistics from ETF Trends, the iShares MSCI Emerging Markets ETF has seen inflows of about USD1.3bn since Vanguard announced earlier this month that it is changing the benchmark indices for its ETFs.
29/10/2012

Money market funds return to European banks

US money market funds have raised their exposure to European banks, the Financial Times reports, citing figures from Fitch Ratings. Exposure by he major money market funds to European financial sector businesses at the end of September rose 16% in US dollars. This increase follows declarations by Mario Draghi, chairman of the ECB, in July, that he would do “everything necessary” to preserve the euro. Despite the rebound in confidence in European banks, US money market funds are still avoiding banks on the European periphery. Exposure remains low overall, as funds are allocating only 11% of their portfolios to banks located in Europe.
29/10/2012

Bond funds popular once again

Investors do not appear to have responded to the efforts of the US Fed to lead them to higher-risk asset classes. In the week to 24 October, Us equity funds were still avoided by investors, and bond funds overall posted record inflows of USD9.4bn, according to estimates by EPFR Global. Acording to Cameron Brandt, director of research at EPFR, investors are taking more risks, but they are mostly doing it within the bond sphere, and when they take an interest in equities, they avoid the United States in preference to emerging markets. The efforts of the European Central Bank to slow outflows from the euro zone, however, appear to have echoed somewhat with investors. In the week to 24 October, bond funds posted record levels, and equities attracted inflows of USD1bn. Equity funds overall posted a net outflow of USD4.2bn, while money market funds, for their part, have posted net redemptions of nearly USD14bn.
29/10/2012

Warburg opens in Munich

The Hamburg-based private bank M.M. Warburg has announced that it has opened a branch office in Munich, at Maximilianstraße 2. The office will be led by Klaus Stojer, with the assistance of Paul Christian Recum. Target clients will be high net worth investors, businesses and foundations in Bavaria.
29/10/2012

US firm Direxion plans to open office in Hong Kong

The complex ETF specialist Direxion, based in New York, is planning to open an office on Hong Kong to distribute its products to institutional investors, Asian Investor reports. Assets under management at Direxion as of 30 September totalled USD6.2bn.
29/10/2012

BNP Paribas SS wins a mandate from a British pension fund

The Teeside Pension Fund is retaining BNP Paribas Securities Services to provide it with custody and valuation services, with the objective of extending this to securities lending, surveillance and reporting. Assets under management by the Teeside Pension Fund total about GBP2.5bn, invested in British and international equities, bonds, and direct investment in real estate.
29/10/2012

Kathleen Gaffney joins Eaton Vance IM

Eaton Vance Management, a subsidiary of Eaton Vance Corp, has announced that Kathleen C. Gaffney, CFA, is joining the firm as vice president and co-director of investment grade fixed income. In that role, she will serve alongside Thomas H. Luster, CFA, as co-leader of the investment grade fixed income team and will report to Payson F. Swaffield, CFA, chief income investment officer. Ms. Gaffney joins Eaton Vance from Loomis, Sayles & Company, where she was a vice president and portfolio manager for the fixed income group.
29/10/2012

KKR swings to profitability

GAAP net income attributable to KKR & Co. L.P. was USD127.4m and USD464.1m for the quarter and nine months ended September 30, 2012, respectively, up from losses of USD243.4m and USD44.2)m in the comparable periods of 2011, the company said on Friday.Assets under management totaled USD66.3bn as of September 30, 2012, up from USD61.5bn as of June 30, 2012, mainly due to net sales for the North America Fund XI (whose AUM reached USD6.2bn), while fee paying assets under management was USD50.3bn, an increase of USD3.1bn, or 6.6%, compared to USD47.2bn three months earlier..Economic net income was USD509.9m and USD1,783.2m for the quarter and nine months ended September 30, 2012, respectively, vs a loss of USD592.1m and a profit of USD465.5m in the comparable periods of 2011. During the conference call, KKR stated that it has USD16bn of capital available for new deals.
29/10/2012

Invesco Real Estate makes major investment in France

Invesco Real Estate (IRE) has announced two new acquisitions in the month of October 2012 of prime commercial properties in France: Alpha Park 2, a 33,000 square metre retail park in Clayes-sous-Bois (Yvelines) near Paris, and 114 rue de Rivoli, a 6,750 square metre commercial and office property in central Paris, for a total of about EUR200m.Alpha Park 2 represents the first partnership with the Compagnie de Phalsbourg, a specialist in the development of high-end commercial properties. The Compagnie de Phalsbourg will retain responsibility for the physical management of the site. The property has been acquired for “a pan-European fund from Invesco Real Estate,” Invesco says, without providing further details.114 Rivoli has been acquired for an institutional real estate fund from the German pension institution Bayerische Versorgungskammer (BVK). IRE acquired the property directly from the promoter Vinci.
29/10/2012

Legg Mason's results turn to the better

For July-September, Legg Mason Inc on Friday reported net income of USD80.8m, as compared with a net loss of USD9.5m in the previous quarter and net income of USD56.7m in the second quarter of fiscal 2012.Assets under management reached USD650.7bn at end-September (see Newsmanagers of October, 12th), up 3% as compared with USD631.8bn as of June 30, 2012 and up 6% from USD611.8bn as of September 30, 201. The increase in July-September was driven by market appreciation of USD20.7bn and net client inflows of USD0.2bn, which more than offset dispositions of USD2bn which reflect the last of the previously identified liquidity AUM to be transferred to Morgan Stanley Wealth Management.Equity and fixed income outflows were USD5.7bn and USD3.8bn respectively, while liquidity (MMfs) inflows were USD9.7bn for the quarter ended September 30th.At September 30, 2012, fixed income represented 57% of AUM, while equity represented 23% and liquidity represented 20% of AUM. By client domicile, 61% of AUM was United States and 39% of AUM was non-U.S.
29/10/2012

Strong increase in assets at Banco Popular

As of 30 September, Banco Popular had EUR7.495bn in assets under management in its investment funds, and EUR4.806bn in pension funds, which represents respective increases of 22.3% and 21.7% year on year, says Jacobo González-Robatto, CFO. Funds People reports that this increase is both the result of positive market effects and the integration of Banco Pastor.
29/10/2012
Gestion d'actifs

Le FRR ne s'intéresse pas pour le moment aux obligations convertibles

Alors que l’ERAFP vient d’annoncer le résultat de son appel d’offres sur les obligations convertibles, le Fonds de Réserve des Retraites (FRR) ne semble pas prêt à lui emboîter le pas. D’après son directeur d’investissement ISR, Jérémy Willems, le FRR ne voit « pas d’urgence particulière à être présent sur les obligations convertibles ». La raison ? « Dans les conditions de marché actuelles et étant donné nos contraintes en terme de recherche de rendement, les obligations convertibles n’ont pas la liquidité requise et ne sont pas celles qui rapportent le plus » justifie Jérémy Willems.
Gestion d'actifs

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