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22/10/2012

Troisième trimestre satisfaisant pour Gottex

Les actifs générateurs de commissions du gestionnaire de fortune suisse Gottex s'élevaient à fin septembre à 7,56 milliards de dollars, en progression de 2% par rapport à la fin du deuxième trimestre 2012, selon un communiqué publié le 19 octobre.La collecte nette s’est inscrite à 635 millions de dollars, y compris celle du groupe chinois Penjing Asset Management dont l’acquisition a été finalisée le 9 août dernier. La contribution de Penjing AM au portefeuille de Gottex a représenté au troisième trimestre 390 millions de dollars.Les actifs sous gestion de Gottex Fund Management ont atteint au troisième trimestre 6,16 milliards de dollars, en progression de 8,5% par rapport au 30 juin. Les actifs de Luma Gottex Solutions Services ont de leur côté reculé de 20% au troisième trimestre à 1,40 milliard de dollars.Selon Joachim Gottschalk, président et CEO de Gottex cité dans le communiqué, ce sont essentiellement les interventions des Banques centrales qui ont favorisé les marchés au troisième trimestre. Cette situation a eu pour conséquence une hausse des revenus des hedge funds, mais les incertitudes en Europe restent d’actualité et continuent d’orienter flux de liquidités.
22/10/2012

Vontobel lorgne sur un gestionnaire allemand

Axel Schwarzer, directeur du pôle gestion d’actifs chez Vontobel (290 personnes), a indiqué à la Frankfurter Allgemeine Zeitung que le groupe helvétique pourrait utiliser les 600 millions de francs suisses réservés pour des acquisitions à l’achat d’un gestionnaire allemand avec un encours de 25 milliards de francs. Il n’a toutefois pas précisé lequel. A fin juin, Vontobel affichait 54 milliards de francs d’encours institutionnels, et Axel Schwarzer, un ancien dirigeant de DWS, vise les 80 milliards, sans croissance externe, à l’horizon de 5 ans. Il prévoit aussi que, dans cinq ans, 20 % des encours seront investis par les clients dans des fonds et des mandats multiclasses d’actifs.
22/10/2012
Fonds

Amélioration de la situation des caisses de pension au troisième trimestre

La situation de financement des institutions de prévoyance en Suisse s’est améliorée au troisième trimestre, selon Swisscanto. Le taux de couverture pondéré en fonction des actifs sous gestion a atteint 107,3% pour les caisses de pension de droit privé (+2,5 points).Le taux a aussi augmenté pour les caisses de pension de droit public, indique le moniteur Swisscanto publié le 19 octobre. Il a gagné 2,2 points à 98,9%.La part des institutions de prévoyance de droit privé en découvert s’est réduite de moitié depuis fin 2011, pour s'établir à 12,2%. Quant aux caisses de droit public, 18,2% présentent un taux de couverture inférieur à 90% et 3% ne parviennent pas à 80%.Ainsi, 87,8% des caisses de droit privé et 42,5% des caisses de droit public sont «hors d’eau», c’est-à-dire avec une couverture de 100% ou plus.Le moniteur Swisscanto se fonde sur les indications fournies par 340 institutions de prévoyance totalisant des actifs sous gestion de 437 milliards de francs. Il s’agit d’estimations établies à fin septembre sur la base des stratégies de placement qu’elles ont annoncées en début d’année et en tenant compte de l'évolution du marché depuis lors.
Fonds
22/10/2012

EFG International achève sa réorganisation

EFG International a annoncé par voie de communiqué que sa participation dans EFG Financial Products est passée de 58% à environ 25% dans le cadre de l’introduction en bourse de cette dernière. En conséquence, le ratio de solvabilité dit ratio BRI du capital total pro forma d’EFG International augmentera à approximativement 17%, précise la société. Si l’option de surallocation est exercée en totalité, la participation d’EFG International baissera encore, à environ 20%. Le processus de réorganisation d’EFG International est maintenant achevé et la performance réalisée au troisième trimestre 2012 a été «globalement en ligne avec celle du premier semestre de l’année», souligne le communiqué.
22/10/2012

Credit Suisse réorganise son départment gérants externes

Markus Angst, jusqu’alors managing director de l’activité «gérants externes» de Credit Suisse, a quitté la société, rapporte finews.ch. Son départ va de pair avec une réorganisation de l’activité. A partir du mois de janvier, le département global external asset managers (EAM) de Credit Suisse, dirigé par Daniel Renner, sera divisé en deux unités. «EAM Switzerland German Speaking», sera piloté par Peter Vogt, actuellement responsable de la région nord est de la Suisse. L'équipe EAM Switzerland Bâle, Romandie, Ticino sera dirigée par Mark Hollenstein.
22/10/2012
Fonds

Le marché suisse des fonds franchit la barre des 700 milliards de francs

Les actifs des fonds de placement recensés se sont élevés en septembre 2012 à quelque 710 milliards de francs suisses, en hausse de 7,4 milliards de francs par rapport au mois précédent.La collecte nette a totalisé 284,5 millions de francs. A l’instar du mois précédent, les souscriptions ont bénéficié en premier lieu aux fonds obligataires pour un montant de 2,5 milliards de francs. En revanche, les fonds monétaires ont subi des rachats pour un montant de 2,4 milliards de francs. Les autres catégories de fonds n’ont pas présenté de modifications significatives.
Fonds
22/10/2012
Gestion d'actifs

La CNBF a repoussé la date de délibération sur l'appel d'offres des 8 gestionnaires d'actifs

Selon nos informations, la CNBF tiendra une dernière réunion le 26 octobre en vue de choisir le nom des 8 lauréats sur l’appel d’offres portant sur des mandats de 50 à 400 millions d’euros : 3 gérants d’obligations diversifiées Zone OCDE afin d’améliorer le rendement de la gestion adossée au passif de la CNBF. Le montant global du mandat est estimé à 350 millions d’euros environ. 1 gérant d’actions de la zone EUR afin d’améliorer le rendement de la gestion adossée au passif de la CNBF. Le montant global du mandat est estimé à 50 millions d’euros environ. 3 gérants d’OPCVM toutes classes d’actifs (actions, obligations, diversifié, performance absolue, alternatif), afin d’améliorer le rendement de la gestion adossée au passif de la CNBF. Le montant global du mandat est estimé à 400 millions d’euros environ. 1 gérant d’adossement dont l’objectif sera de constituer et gérer un portefeuille composé d’OAT zéro coupon détenus dans une optique de portage. Le montant global du mandat est estimé à 250 millions d’euros environ.
Gestion d'actifs
22/10/2012

Europe may ban bailouts of money market funds

The European Systemic Risk Board is reported to be in the process of studying a controversial plan to forbid money market fund managers from bailing out investors if their funds suffer losses, Financial Times Fund Management reveals. Only two money market funds have lost investors’ money. But, according to Moody’s, 62 money market funds were bailed out by their sponsors or parent companies during the financial crisis, at a cost of at least USD12.1bn.
22/10/2012

Northill acquires a majority stake in Riverbridge

For an undisclosed amount, the London-based Northill Capital will be acquiring 58% of capital in the US asset management firm Riverbridge Partners, via its US affiliate Northill US Holdings Inc., representing all shares held by the former partners in the firm, and slightly under 50% of the shares held by the management team led by the founder and president Mark Thompson.Riverbridge, founded in 1987 in Minneapolis, has assets of about USD4bn in US equity portfolios of all cap sizes (growth style), for institutional and high net worth retail investors. The management team will remain in place following the acquisition, and the members of the management team at Northill will join the board of Riverbridge without any current directors leaving the board.
22/10/2012

Uniqa recruits a German as head of asset management

Arnd Münker, head of strategic asset allocation/asset liability management international operations at the primary insurer Ergo (Munich Re group) in Düsseldorf since 2003, was appointed at the beginning of October as member of the executive board at Uniqa Finanz-Service GmbH. The position makes him the new head of asset management for the Austrian insurance group.The other two members of the executive board remain Andreas Bertl and Franz Hagmann. The new arrival will report to Hannes Bogner, chief financial officer (CFO) on the board of the Uniqa group.
22/10/2012

Finance professors prefer equities

The behaviour of 1,368 professors of finance at universities in the United States has been studied by three US university professors, and compared with that of the general population (Survey of Consumer Finance from the Fed), in a study published in the Financial Analysts Journal entitled “Do Finance Professors Invest Like Everyone Else?” The study finds that the individuals in the sample on average have a greater tendency to invest in equities, and that they are less subject to behavioural bias, since their decision not to buy equities is based neither on the outcome of their past investments nor on short-term market expectations.
22/10/2012

Appaloosa and Marathon critical of American Airlines chief

The two hedge fund managers Appaloosa Management and Marathon Asset Management, which own about USD800m in bonds from American Airlines, have criticised the attitude of CEO Tom Horton. In a letter to him, they accuse him of lacking transparency in negotiations to pull the parent company, AMR, out of chapter 11 bankruptcy protection, and of negotiating exclusively with a group of bond holders chosen by himself (including Pentwater Capital Management, Litespeed Management and J.P. Morgan Securities).Appaloosa and Marathon are also critical of the choice by AMR directors to continue to operate American without merging with US Airways.
22/10/2012

Wisdom Tree to liquidate three ETFs

The New York firm Wisdom Tree, which has about USD16.9bn in assets under management in 49 ETFs, has announced that its board of directors on 17 October decided to liquidate the ETF WisdomTree LargeCap Growth Fund (USD14.3bn, acronym ROI), the WisdomTree Dreyfus South African Rand Fund (USD4.5bn, SZR), and the WisdomTree Dreyfus Japanese Yen Fund (USD6.6m, JYF). The funds represent only 0.15% of total assets in Wisdom Tree ETFs.The three ETFs will cease to be listed on NYSE Arca on 3 December, and liquidation will occur on 10 December.
22/10/2012

Golden Tree to acquire one third of Bawag

Pending approval from the Austrian regulator FMA, the US hedge fund manager Golden Tree is planning to acquire 33% of the Bawag bank, a majority of which is controlled by the private equity investor Cerberus, Handelsblatt reports. After the transaction, which will result in an increase of EUR200m in owners’ equity for the firm, Cerberus will control 55% of Bawag, and Golden Gree will hold 33%, while the remainder will be distributed between a few minority shareholders.
22/10/2012

First State loses its head of fixed income

Murray Collins has left First State Investments in Hong Kong, where he was head of the Asian bond unit, Asian Investor reports. The identity of his potential successor has not been announced. After 15 years at First State, Collins is reported to have decided to join a rival firm.
22/10/2012

Departure from Assogestioni

Vincenzo Galimi is leaving his position as director of sales and institutional affairs at the Italian asset management association, Assogestioni, to take on new responsibilities in the financial sector. Jean-Luc Gatti, head of the press, will take over the organisation of the Savings Fair.
22/10/2012

Lyxor lists two more ETFs in Paris

Since 19 October, the Paris-based platform from NYSE Euronext has admitted two Luxembourg-registered ETFs from Lyxor Asset Management (Société Générale group) to trading, each with fees of 0.45%. The funds are: Lyxor ETF SGQI EUR LU0832436512 SGQI replicating the SG Global Quality Income NTR andLyxor ETF SGQI USD LU0832436603 SGQU replicating the SG Global Quality Income NTR.
22/10/2012

Shares in Carmignac Investissement and Carmignac Patrimoine split in ten

Carmignac Gestion informed holders of shares in funds from Carmignac Investissement and Carmignac Patrimoine at the end of last week that the net asset value of A-class capitalisation shares denominated in euros in these two funds will be divided by 10 from 12 November this year, and not next July as initially announced, the asset management firm states, in order to make these funds accessible to a wider audience. For example, the value of shares in Carmignac Investissement and Carmignac Patrimoine on Friday, 17 October, were worth EUR8,767.60 and EUR5,511.47, respectively.
22/10/2012

First Trust preparing a 130/30 high yield ETF

According to an application for an SEC license dated 11 October, First Trust Exchange-Traded Fund IV is planning to alunch the First Trust High Yield Long/Short ETF fund within 75 days of publication of the announcement. The acronym, market of listing and fees for the fund have not yet been set.The fund will be an actively-managed ETF which will invest at least 80% of its assets in high yield bonds, securities from US or non-US firms, bank loans and convertible bonds, while under normal circumstances, exposure to foreign securities and currencies will be limited to 10%.Thanks to a 130/30 type long/short approach, First Trust will aim for outperformance of the fund of its benchmark index, the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index.The asset management firm states that it is planning to use the short bias investments to acquire other high yield securities, which will create a sort of leverage.
22/10/2012

UIRE invests in Finland

The German asset management firm Union Investment Real Estate (UIRE) has acquired the office building Alberga B (5,590 square metres), located in Espoo, near Helsinki, for EUR23.1m. The vendor is the developer NCC Property Development.The property, completed in September 2012, is already 70% leased, and will be added to the portfolio of the open-ended real estate portfolio UniImmo: Europa.This is the third acquisition for UIRE in Espoo: the Hamburg-based asset management firm in 2010 acquired the Alberga A property, which will be added to the institutional real estate fund UniInstitutional European Real Estate fund, and the office property under construction Eventes Business Garden, which when completed will be added to the portfolio of the open-ended real estate fund UniImmo: Deutschland.Open-ended real estate funds from UIRE have invested about EUR270m in Finland.
22/10/2012

RBC Wealth Management recruits for Eastern European desk

The wealth management unit at the Canadian Royal Bank of Canada group on 19 October announced the appointment of two client advisers for its desk dedicated to Eastern Europe. Tanya Blazhko and Nathalie Gorshkova, both based in London, will aim to develop the activities of RBC Wealth Management in the markets of Eastern Europe, including the Community of Independent States. Blazhko previously worked at Bank of America Merrill Lynch, while Gorshkova was at BNP Paribas Wealth Management. Assets under management at RBC Wealth Management total over CAD324bn, or about EUR251bn.
22/10/2012

BlackRock and SSgA rivals to acquire Credit Suisse ETFs

BlackRock, via iShares, and State Street Global Advisors, the two largest providers of ETFs in the world, are racing to acquire the ETF activities of Credit Suisse, which represent assets of USD17bn, the Financial Times reports. The deadline for bids was two weeks ago, and an unknown third bidder has also submitted a bid. Credit Suisse is the fifth-largest ETF manager in Europe, with a market share of 4.9%, according to ETFGI.
22/10/2012

Schroders takes over marketing for its European Alpha Plus fund

The British firm Schroders has begun to offer its European strategy European Alpha Plus, which it had decided to close to new investors in November 2011, Investment Week reports. The fund had then reached its capacity of EUR5bn. Assets in the fund were then reduced by significant proportions due to a disaffection with European equities related to the ongoing crisis in the euro zone. In the three years to 17 October, the fund has posted returns of 14.2%, compared with average returns of 3.6% for the European equity sector.
22/10/2012

Renaissance Asset Managers appoints a director of research

Renaissance Asset Managers (RAM) has recruited Mark Robinson as director of research, Investment Europe reports. Robinson previously worked at Wood & Company, a Czech asset management firm specialised in emerging markets, where he served as director of research and director of equities.
22/10/2012

Investors seeking returns more than ever

Improving statistics from the United States and outlooks for a sooner-than-expected aid plan for Spain have driven investors to concentrate on returns. In the week to 17 October, bond and equity funds dedicated to emerging markets attracted over USD1bn each, according to statistics from EPFR Global.High yield funds and dividend equity funds also each posted subscriptions of over USD1bn. Since the beginning of the year, high yield bond funds showed net inflows of over USD67bn.In Europe, investors continued to steer clear of French and Swiss equity funds, preferring German, Italian and British equity funds. European bond funds outside the UK attracted over EUR350m in the week.Overall, bond funds have posted net inflows in the week to 17 October of USD8.4bn, while equity funds, for their part, hve posted net redemptions totalling a net USD1.2bn. Money market funds finished the week to 17 October with inflows of USD23.1bn.
22/10/2012

ECPI launches a second Chinese ESG index

ECPI, a provider of sustainable research, ratings and indices, has launched a second ESG China Series index, developed in partnership with China Securities Index, a provider of Chinese indices, and Caitong Fund Management, an asset management firm based in China, Investment Europe reports. The new index, the CSI Caitong ECPI ESG China 100 index, is composed of the top-rated businesses for environmental, social and governance criteria from the CSI 300 index.
22/10/2012

Swiss fund market tops CHF700bn

Assets in investment funds monitored in September 2012 totalled about CHF710bn, up by CHF7.4bn compared with the previous month. Net inflows totalled CHF284.5bn. As in the previous month, subscriptions primarily benefited bond funds, with a total of CHF2.5bn. However, money market funds have undergone redemptions totalling CHF2.4bn. Other fund categories did not show significant changes.
22/10/2012

Situation improves at pension funds in third quarter

The financial situation at retirement planning institutions in Switzerland improved in third quarter, according to Swisscanto. The weighted overage rate as a function of assets under management came to 107.3% for private pension funds (+2.5 points). The rate has also increased for public pension funds, the Swisscanto monitor published on 19 October states. It gained 2.2 points to 98.9%. The proportion of private retirement planning institutions with a shortfall has fallen by half since the end of 2011, to 12.2%. As for public pension funds, 18.2% had a coverage rate of less than 90%, and 3% had less than 80%. 87.8% of private pension funds and 42.5% of public pension funds have their ‘heads above water,’ meaning that they have a coverage rate of 100% or more. The Swisscanto monitor is based on information provided by 340 retirement institutions with total assets under management of CHF437bn. The estimates were made at the end of September on the basis of investment strategies announced earlier in the year, and take into account the evolution of the markets since then.
22/10/2012

Vontobel eyes a German asset management firm

Axel Schwarzer, head of the asset management division at Vontobel (290 personnel), has announced to the Frankfurter Allgemeine Zeitung that the Swiss group may use its CHF600m reserved for acquisitions to acquire a German asset management firm, with assets of CHF25bn. However, he did not state which one.As of the end of June, Vontobel had CHF54bn in institutional assets, and Schwarzer, a former DWS manager, is aiming for EUR80bn, without external growth, within 5 years. He also predicts that in five years, 20% of assets will be invested by clients in multi-asset class funds and mandates.
22/10/2012

Satisfactory quarter for Gottex

Assets that generate commissions at the Swiss wealth management firm Gottex at the end of September totalled USD7.56bn, up 2% compared with the end of second quarter 2012, according to a statement released on 19 October. Net inflows totalled USD635m, including those of the Chinese firm Penjing Asset Management, the acquisition of which was finalised on 9 August this year. The contribution of Penjing AM to the portfolio of Gottex in third quarter totalled USD390m. Assets under management at Gottex Fund Management in third quarter totalled USD6.16bn, up 8.5% compared with 30 June. Assets at Luma Gottex Solutions Services, for their part, were down 20% in third quarter, to USD1.40bn. According to Joachim Gottschalk, chairman and CEO of Gottex, cited in a statement, it was mostly intervention by central banks which favoured the markets in third quarter. This situation resulted in an increase in revenues to hedge funds, but uncertainties in Europe persist and continue to orient liquidity flows.

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