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05/01/2012
Fonds

L'année 2011 morose pour l'industrie du private equity

L’Agefi rapporte que durant l’exercice 2011, 262,6 milliards de dollars ont été collectés dans l’industrie du private equity selon Preqin, alors que 603 fonds ont effectué un closing définitif. Des chiffres décevants, comme en 2010 (274 milliards de dollars de fonds levés). En détail, les fonds de capital risque ont été les plus nombreux à finaliser leur appel aux investisseurs: 133 pour un montant global de 32,3 milliards de dollars. A l’heure actuelle, Preqin note que que 1.823 fonds cherchent au total 739,6 milliards de dollars. Le nombre record de fonds sur les rails indique que le marché restera extrêmement concurrentiel au cours de 2012. Toujours selon Preqin, 35% des investisseurs sont en dessous de leur cible d’allocations pour le private equity, 49% ont atteint leur objectif et 16% le dépassent.
Fonds
05/01/2012

Suppression d’emplois chez iShares

BlackRock prévoit de supprimer environ 15 postes chez iShares en Europe, en réponse aux conditions économiques difficiles, rapporte Citywire Wealth Manager. Aux Etats-Unis, BlackRock réduit aussi la voilure : 59 postes à San Francisco, où iShares est basé, sont supprimés à fin janvier, selon Bloomberg.
05/01/2012

Nedgroup Investments recrute un ancien cadre de Schroders

Selon les informations de Money Marketing, Nedgroup Investments, filiale d’Old Mutual établie dans l'île de Man, a recruté comme CIO Andrew Yeadon, qui a été licencié de son poste de head of multi-manager chez Schroders l’an dernier après la fusion des équipes multi classes d’actifs et multigestion.Actuellement, Nedgroup Investments propose neuf fonds, dont trois produits de multigestion et six confiés à des gérants externes.
05/01/2012

Aberdeen AM renforce son équipe de multigestion

Sonja Tilly, qui était responsable de la recherche et de la sélection de gérants obligataires chez Broadstone Pensions & Investments, rejoint comme analyste l'équipe de multigestion d’Aberdeen Asset Management où elle est subordonnée à Graham Duce, co-head multi-manager funds. Dans ses nouvelles fonctions, elle assistera les gérants de la gamme de fonds club (pooled), notamment dans le domaine obligataire.L'équipe de multigestion d’Aberdeen AM compte désormais 10 personnes et gère plus de 8 milliards de livres d’encours.
05/01/2012

M&G nomme un gérant adjoint pour deux fonds

M&G Investments vient de nommer Colm D’Olier en tant que gérant de fonds adjoint du M&G Global Emerging Markets Fund et du M&C Asian Fund. Les deux produits, qui représentent respectivement 548 millions de livres et 419 millions, continueront à être co-gérés par Michael Godfrey et Matthew Vaight. Cette nomination correspond à une évolution naturelle pour Colm D’Olier, qui travaille en étroite coopération avec les deux gérants de fonds depuis qu’il a rejoint M&G en 2007.
05/01/2012
Fonds

Le lancement du secteur des fonds 0-35% Shares de l'IMA retardé

L’association britannique de la gestion financière (IMA) a fait savoir qu’elle retardait le lancement du secteur des fonds flexibles 0-35% Shares en raison du faible nombre de fonds dans cette catégorie, rapporte FundWeb.Le secteur compte pour l’instant moins de dix fonds. C’est seulement à partir de ce seuil que l’IMA compte lancer le nouveau secteur. Les trois autres secteurs de fonds flexibles ont déjà été lancés, à savoir IMA Mixed Investment 20-60% Shares, IMA Mixed Investment 40-85% Shares et IMA Flexible Investment.
Fonds
05/01/2012

Fidelity FundsNetwork s'ouvre à trois gérants externes

La plate-forme britannique Fidelity FundsNetwork a admis Hawksmoor Investment Management comme premier gestionnaire discrétionnaire régional pour son service de gestion discrétionnaire, indique Fundweb.FundsNetwork a également inclus dans son offre Ingenious et VestraWealth.
05/01/2012

Sesame Bankhall veut développer ses activités de gestion de fortune

Le groupe Sesame Bankhall a annoncé le 4 janvier la nomination de Pan Andreas en qualité de responsable de la nouvelle équipe spécialisée en gestion de fortune. Pan Andreas travaillait précédemment chez Axa Wealth.Il est notamment chargé de développer l’outil d’analyse des portefeuilles et des risques, de gérer les relations avec le fournisseur de technologies de gestion de fortune Iress et avec Optimum Investment Management, la joint venture développée avec Henderson Global Investors.Sesame veut notamment lancer courant 2012 un nouveau système de gestion de la clientèle en partenariat avec Iress. La coentreprise avec Henderson devrait notamment permettre aux conseillers de créer des solutions d’investissement sur mesure pour leur clientèle.
05/01/2012
Gestion d'actifs

L'Agirc Arrco ne croit pas vraiment aux vertus de la gestion flexible

« On peut déléguer l’intégralité de l’allocation tactique » a affirmé Philippe Goubeault, directeur financier de l’Agirc Arrco, à l’occasion du Pension Fund Forum organisé à Paris le 13 décembre 2011. Pour ce qui est de l’allocation stratégique, Philippe Goubeault reste plus circonspect. En effet, il en va de « l’entière responsabilité des régimes de gérer leur allocation stratégique » pour laquelle « déléguer la totalité des encours à un, deux ou trois gérants » constitue une prise de risque importante. Toutefois, à l’instar des fonds de l’Agirc Arrco dont la gestion est déléguée « à 95% sous différentes formes, toute l’allocation tactique peut être gérée par un tiers ». Pour exemple, « le recours à un OPCVM ouvert est déjà une forme de délégation », selon le directeur financier et dans le cadre de ces délégations, la gestion flexible peut tout à fait s’appliquer. Cependant, Philippe Goubeault reste prudent : « il est impossible de dire que la gestion flexible est la solution à nos problèmes » au regard de ses performances qui manquent de clarté. Déjà existante par le passé, « la gestion active n’a pas toujours apporté les résultats escomptés ». Il s’agit donc d’un mode de gestion concevable en troisième classe d’actif ou en élément de diversification dans un portefeuille.
Gestion d'actifs
05/01/2012

Layoffs at iShares

BlackRock is planning to lay off about 15 people from iShares in Europe, in response to difficult economic conditions, Citywire Wealth Manager reports. In the United States, BlackRock is also cutting back, with 59 layoffs in San Francisco, where iShares is headquartered, at the end of January, Bloomberg reports.
05/01/2012

Bradesco AM launches a fund dedicated to small and midcaps

The Brazilian firm Bradesco Asset Mangement has launched a fund dedicated to Brazilian small and midcaps, Citywire reports. The new fund, BGF Brazilian Equities Mid Small Caps, is a Sicav version of the Brazilian fund, managed for the past seven years by Milton Cabral and Jose Alberto Baltieri.
05/01/2012

Direxion recruits a former DWS director

Direxion, a US firm specialised in alternative investment solutions, has hired Angelo Pirri as regional director for the Northwestern United States. Pirri will be responsible for sales of Direxion products to independent financial advisers. Pirri joins Direxion from Deutsche Bank DWS US, where he had been senior regional vice president.
05/01/2012

Spanish asset management industry gradually transforming

Amidst the problems in the Spanish banking industry and the mergers they are provoking, asset management firms controlled by banking firms are also being obliged to merge. On the basis of the operations reported by Funds People since 28 December, the pace of these mergers appears to be picking up. Liberbank Gestión, heir to Cajastur Gestión merged with Caja Cantabria, and has now EUR874m in assets (as of the end of November), of which only EUR84m are from Caja Cantabria.Meanwhile, Caja España Fondos (EUR1.57bn) has already absorbed the 21 funds from Gesduero (EUR547m), but it will soon merge again, and will represent only 30% of the new ensemble it will form with Unicaja Gestión.For their part, the Basque savings banks on 1 January merged as Kuxtabank. The asset management unit of the new entity has EUR5.16bn in assets in 122 funds, of which EUR2.49bn come from BBK Gestión, EUR1.18bn from Kutxagest, EUR820m from Vitalgestión and EUR672m from GIIC Fineco.
05/01/2012

CAC 40 dividends hold up in crisis

The major businesses of the CAC 40 index are expected to pay as much as EUR37bn in dividends in 2012, for the 2011 fiscal year, according to analysts’ predictions, Les Echos reports. A majority of businesses will increase or maintain their dividend levels, in order to avoid sending negative signals to the markets. While a degradation in conjuncture occurred at the end of the year, 2011 profits are expected to hold up overall. Last year was also marked by share purchases on the SBF120 more than doubling as prices plummeted.
05/01/2012

Caceis controls in France comply with new standards

The consultancy Deloitte in November 2011 issued an unreserved approval of reports on controls of fund administration services and depository banking custody at Caceis in France, under SSAE 16 and ISAE 3402 type II standards, Caceis has announced in a statement. In December 2009, the International Auditing and Assurance Standards Board (IAASB) published a new standard, ISAE 3402, covering internal control of service companies. As a result, the American Institute of Certified Public Accountants (AICPA) modified its SAS 70 standard to create the SSAE 16 standard. The two new standards have been applicable since 15 June 2011. Since the standards came into force, Caceis has adopted them for its efforts top bring its permanent controls into compliance. In Luxembourg and Germany, where Caceis services are also in compliance with SAS 70 type II standards, the next audits will apply the new standards. The reports are expected in January and July 2012, respectively.
05/01/2012

Nuveen completes acquisition of 60% stake in Greshman IM

Nuveen Investments, a global provider of investment services to institutions as well as individual investors, in November announced the completion of its acquisition of a 60% stake in New York-based Gresham Investment Management. The transaction, which was previously announced in November of 2011, was completed on December 31, 2011.
05/01/2012

Fed will not increase prime rate before 2014, survey predicts

The US Federal Reserve (Fed) will maintain its prime rate at near zero until 2014, a survey of specialists in government bonds published on 4 January predicts. According to the survey, undertaken by the Fed itself between 2 and 5 December, 60% of the establishments it relies on to deploy its monetary policy estimate that the next increase in interest rates in the United States will take place after 31 December 2013; 15% of respondents predict it will come in first quarter 2014, while 45% say it will come after 31 March that year. This result is drawn from a document summarizing the results of a questionnaire that the Fed sends before each meeting ot its monetary policy committee (last held on 13 December) to 21 banks and brokerage firms which it grants the status of Tresury bond specialist. This is the first time that the Fed has published the results of the survey, following a decision announced in early December, and realising a declared ambition to “increase transparency” in its actions.
05/01/2012

Financial transaction tax: France wants to pick up the pace

Encouraged by a rally in many countries in the euro zone and beyond, France is hoping to speed up the pace of negotiations over a financial transaction tax, with the help of Denmark, which holds the EU presidency from 1 January, and has decided to schedule additional meetings of experts, Les Echos reports. The French government says that the country is hoping to reach an agreement in first quarter this year. This French drive to speed up the process has been cautiously welcomed by the European Commission. “We are naturally open to all contributions by member states on this subject, but a deadline of the end of 2012 appears highly ambitious,” the Commission explains.
05/01/2012

Weltwoche accuses BNS president of insider trading

In its 5 January edition, the weekly newsmagazine Weltwoche reports that the account at Bank Sarasin from which currency transactions attributed to Kashya, the wife of Philipp Hildebrand, president of the Swiss National Bank (BNS) were conducted, in fact belonged to Philipp himself. The orders for the trades were made personally by the BNS president; they are reported to have included a purchase of USD504,000 on 15 August 2011 at CHF0.7929, three weeks before it was announced that the exchange rate with the euro would be tied down at CHF1.20. The dollars were resold at CHF0.902, for a gain of CHF75,000.The newspaper also reports that the IT department employee at Banque Sarasin who has admitted violating banking secrecy with the leaking of the information has filed charges against the BNS president for insider trading.
05/01/2012

Wegelin claims to have complied with Swiss law

Wegelin & Co on 4 January announced its position in response to charges filed against three of its bankers in New York on Tuesday for helping US taxpayers to evade taxes, picking up clients who were fleeing UBS out of fear of detection (see Newsmanagers of 4 January). “While US law has some room for manoeuvre concerning the possibility of legal action, Wegelin bank is convinced that it has acted in compliance with Swiss law,” according to a position statement by the private bank, relayed by Agefi Switzerland. The case will now be submitted to lawyers to prepare for dialogue with US prosecutors, Wegelin states.
05/01/2012

Former Vontobel executive sentenced to prison

A former executive at the Zurich-based Vontobel bank who has confessed to fraud totalling CHF5m has been sentenced to 30 months in prison, with a partial suspended sentence, Agefi Switzerland reports. The former director of the investment department will spend six months in prison, a Zurich district court decreed on 4 January. The defendant will also be required to repay the CHF5m he made on the fraud.
05/01/2012

Assets at euro zone insurers and pension funds fell in third quarter

Total financial assets at insurance companies and pension funds in the euro zone were EUR13bn lower at the end of September 2011 than at the end of June 2011, according to statistics from the European Central Bank (ECB). In the same period, legally mandated reserves for insurance were down to EUR5.973trn from EUR5.987trn due to valuation effects.In terma of ventilation of the aggregate balance sheet of insurance companies and pension funds in the euro zone, assets in securities other than equities as of the end of September 2011 represented 39% of total financial assets in the sector. Shares in mutual funds represented the second-largest category, with 22% of financial assets. Cash and savings represented 11% of the total.Transactions in the major areas of legally mandated reserves for insurance, net household claims to life insurance legally mandated reserves increased by EUR4bn in third quarter 2011. Net hosehold claims to pension funds increased by EUR13bn in the same period, while unearned premium reserves and unpaid loss liabilities were down by EUR13bn.In the area of contributions in the two sub-sectors, financial assets held by insurance companies totalled EUR5.495trn as of September 2011, 80% of the total balance sheet for the insurance and pension fund sector, while financial assets held by pension funds totalled EUR1.412trn.
05/01/2012

Major absolute return fund platforms have USD8bn in assets

Assets on the five major UCITS-compliant absolute return fund platforms as of the end of June 2011 totalled nearly USD8bn, according to statistics from HedgeFund Intelligence. Funds available on these platforms represented nearly 10% of total assets for UCITS-compliant absolute return funds.Within a total of USD7.82bn for the platforms, the largest platform is Merill Lynch Investment Services, with assets of USD2.3bn, followed by the Deutsche Bank Platinum platform (USd2.1bn), the Alceda platform from Aquila Capital (USD1.7bn), the GAIA platform from Schroders (USD977m), and Universal Investments (USD772m).
05/01/2012

Hedge funds posted net inflows in November

After net outflows of USD2.59bn in September and USD9bn in October, hedge funds posted net subscriptions in November of USD3.6bn, BarclayHedge reports.Assets increased to USD1.710trn as of 30 November, compared with USD1.670trn as of the end of October, the first increase after five months of decline. Sol Walksman, founder and president of BarclayHedge, says all strategies posted net inflows in November, except emerging markets, which saw net outflows of USD1.3bn, and long/short equity, which saw net redemptions of USD1bn.This is a considerable improvement compared with October, when only five strategies out of 14 posted net inflows, while others saw net outflows, according to Leon Mirochnik, an analyst at TrimTabs. The two most popular categories with investors in November were multi-strategy, which attracted USD1.5bn, or 5.75% of its assets, and macro, with USD981m, or 8.5% of assets under management.
05/01/2012

CBRE Clarion launches a long/short fund focused on real estate

On 3 January, CBRE Clarion Securities announced the launch of the CBRE Clarion Long/Short Fund, which will be managed by T. Ritson Ferguson, Steven D. Burton and Joseph P. Smith, who have managed long/short funds for the past 11 years, and long-only funds for 20 years.The product, whose portfolio will invest in shares in companies in the real estate sector, is aimed at investors seeking to improve the risk/return profile of their portfolios via increased diversification and controlled volatility. The objective is to generate attractive returns regardless of the direction of the markets.Initially, the fund will be available in two share classes: CLSWX for retail investors, and CLSIX for institutional investors.CBRE Clarion, which has USD19bn in assets under management, is an affiliate of CBRE Group.
05/01/2012

Groupama reprofiles and renames Alpha Euro Stock fund

Groupama Asset Management has announced to shareholders in the FCP fund Groupama Alpha Euro Stock that from 5 January 2012, the fund will become known as Groupama Statique 2. The change in strategy, due to disappointing returns, was approved on 28 December 2011 by the AMF. The FCP fund will now be permitted to invest all of its assets in mutual funds, up from 10% previously, and will no longer hold convertible bonds. Long/short strategies will no longer be applicable, and the fund will instead use “an investment strategy resulting from a double top-down and bottom-up approach.” “As the level of returns attained recently does not meet up to our fund development objectives, we have taken the decision to reposition our investment strategy and to replace the active management style based on the search for absolute returns previously adopted with a discretionary management style based on the evolution of various markets (equities, bonds). The impact of the decision is a total change in the investment strategy,” the management firm says.
05/01/2012

Creation of 0-35% Shares fund sector put off by IMA

The British Investment Management Association (IMA) has announced that it will be delaying the launch of the 0-35% Shares flexible funds sector, due to the limited number of funds in this category, FundWeb reports. The sector currently has less than ten funds. The IMA will create the sector only when there is a quorum of at least 10 funds. The other three sectors of flexible funds have already been created: IMA Mixed Investment 20-60% Shares, IMA Mixed Investment 40-85% Shares, and IMA Flexible Investment.
05/01/2012

Nedgroup Investments recruits a former Schroders exec

According to reports in Money Marketing, Nedgroup Investments, an affiliate of Old Mutual based on the Isle of Man, has recruited Andrew Yeadon, who had been fired from his previous position as head of multi-manager at Schroders last year following the merger of the multi-asset class and multi-management teams, as its CIO. Currently, Nedgroup Investments offers nine funds, including three multi-management products and six funds outsourced to external managers.
05/01/2012

Investors buy record amounts of gilts

International investors bought up GBP28.87bn in British government bonds in October and November, the highest level since 1982, when data was first collected, the Financial Times reports. Demand has been supported by a quantitative easing program at the Bank of England and the status of the United Kingdom as a haven from the troubled euro zone.

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