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18/07/2011

Partners Group a collecté plus de 2 milliards d'euros en janvier-juin

Le suisse Partners Group fait état pour le premier semestre de souscriptions nettes de 2,1 milliards d’euros contre 3 milliards de francs suisses pour la période correspondante de 2010. L’encours à fin juin ressortait à 22,8 milliards d’euros contre 21,4 milliards d’euros fin décembre et 26,5 milliards de francs suisses un an auparavant.L’encours au 30 juin se répartissait en 16,1 milliards d’euros d’actions non cotées contre 15,2 milliards six mois plus tôt, 2,8 milliards d’euros en immobilier non coté contre 2,5 milliards, 1,9 milliard contre 2 milliards pour les obligations non cotées, 1,2 milliard pour l’infrastructure non cotée et 0,8 milliard contre 0,7 milliard pour les sociétés du groupe.
18/07/2011

Turgot Asset Management gère un nouveau fonds actions internationales

Turgot Asset Management a annoncé, vendredi 15 juillet, avoir repris la gestion d’Orelis Capital, un fonds actions internationales investi dans des grandes capitalisations dont l’objectif est de battre un indice de référence composé à 25% du MSCI World, à 40% de l’Eurostoxx 50 et à 35% du CAC40.D’après un communiqué, la société affiche désormais un encours de 50 millions d’euros et gère trois autres fonds : Turgot Multicaps Europe, crée en janvier 2009, un OPCVM «flexible» investi en actions de la Grande Europe; Turgot Asie Flexible, crée en septembre 2010, un autre un fonds «flexible» investi sur l’ensemble de la zone Asie Pacifique et enfin Turgot Multigest International, créé en février 2011, un fonds de fonds actions internationales investi sur une vingtaine de sous-jacents.
18/07/2011

Petercam ajuste la tarification de ses parts

A compter du 1er juillet, le gestionnaire belge Petercam a modifié la tarification des parts institutionnelles de sa sicav luxembourgeoise Petercam L afin d'être en harmonie avec la situation déjà existante pour les parts institutionnelles de sa sicav belge Petercam (B). D’autre part, Petercam a fait enregistrer en Euroclear France les parts K et L, afin de répondre mieux aux attentes des CGPI en termes de commissionnement. Les fonds de Petercam existent désormais sous six classes de parts : A et B (distribution et capitalisation) pour les particuliers, K et L (distribution et capitalisation), qui sont des parts pour investisseurs privés mais avec frais de gestion majorés (d’environ la moitié) afin de rétrocéder davantage à l’intermédiaire, et enfin des part E et F (distribution et capitalisation) réservées aux investisseurs institutionnels. Les frais de gestion appliqués aux parts institutionnelles sont égaux (dans la majorité des cas) à 50% des frais appliqués pour les parts classiques retail.En ce qui concerne les fonds commercialisés en France, Petercam a majoré les frais de gestion pour huit compartiments de la sicav Petercam (B) tandis qu’il les a réduits pour un compartiment et qu’ils demeurent inchangés pour quatre. Pour trois compartiments de la sicav Petercam L, les frais ont été majorés alors qu’ils ont été réduits pour un compartiment et sont restés inchangés pour quatre.
18/07/2011

Pension funds were in positive territory in June

According to statistics from Inverco, the Spanish association of management firms, assets in 1,277 individual retirement plans (pension funds) as of the end of June totalled EUR51.53bn, in 8.4 million accounts. Year on year, due to equities products (+13.09%) and products invested primarily in equities (+7.47%), average performance came out to 2.53%. Over 15 years, the rate stands at 2.93% annually, and over 20 years, 4.61% per year. The consultant Mercer finds, for its part, that over first half as a whole, the average performance of Spanish pension funds totalled 1%, largely due to gains of 1.6% for bond products, and 0.5% for equities funds in euros, which more than offset losses of 2.6% from non-euro equities funds.
18/07/2011

Norwegian pension fund sees heavy losses on BTPs and bonos

According to the finance newspaper Finansavisen, relayed by Handelsblatt, the Government Pension Fund-Global, the Norwegian sovereign fund (formerly known as the Oil Fund, NOK3trn in assets) last year invested NOK84nb (EUR10.8bn) in Italian and Spanish government bonds, and then invested a further NOK2.9bn in first quarter 2011. According to calculations by the newspaper, the fund has already lost NOK3.3bn on these investments so far.
18/07/2011

“Relatively stable development” at Union Investment

Hans Joachim Reinke, chairman of the board at Union Investment, has announced that the central management firm for the German co-operative banks posted net subscriptions in first half of EUR498m, and that assets have increased 5.7% to EUR177bn, “a relatively stable evolution,” the Frankfurter Allgemeine Zeitung reports. However, the tax optimisation fund Uni Opti 4 has seen outflows of EUR800m, and may yet see outflows of EUR1bn in second half. The open-ended real estate fund UniImmo: Global, meanwhile, whose redemptions were frozen following the Fukushima disaster, has been unable to value the Japanese assets in its portfolio. Union Investment has reopened the fund, but it has been obliged to support it with a repurchase of shares redeemed by subscribers with its own money.
18/07/2011

Assets in Austrian funds still below end December levels

As of 30 June, assets managed by Austrian funds totalled EUR142.4bn, according to the VÖIG association for the sector. That figure remains above the EUR141.5bn recorded twelve months previously, but assets have fallen from their levels at the end of May (EUR144.1bn) and at the end of December 2010 (EUR145bn).
18/07/2011

US pension fund coverage rates on the rise again

After a decline of 2.3 points to 86.9% in May, the coverage rate for pension funds at US businesses in June rose back to an average of 88.5%, according to statistics from BNY Mellon Asset Management, which suggest that the adjusted increase was 0.8 points last month. The average liabilities of funds fell 2.1% due to the fact that the discount rage rose to 5.53% from 5.34%. At the same time, assets fell 1.1% with the fall of US and international share prices.
18/07/2011

Investors flock to ETFs to the neglect of traditional funds

According to the most recent statistics from Morningstar, long-term funds (excluding money markets) in June saw net redemptions of USD4.5bn, after net inflows of USD22.6bn in May. In other words, these funds have seen their first net outflows since October 2010. In the first six months of the year, long-term funds attracted USD134.33bn, while money market funds saw net outflows of USD113.44bn. Aversion to risk led investors to withdraw about USD18bn from US equities funds in June, which represents the largest outflow from this asset class since the peak of the credit crisis in October 2008. Subscribers have also lost their appetite for credit risk, as they withdrew a net USD6.3bn from high yield funds. However, ETFs attracted USD9.8bn in June, following net outflows of USD3.1bn in May. For first half as a whole, ETFs have seen inflows of USD57.3bn. US equities ETFs in first half saw net subscriptions of USD23.6bn, while taxable bonds took on USD15.1bn, international equities funds took in USD11.4bn, and ETFs specialised in alternative assets attracted USD10.4bn. Only commodities ETFs saw net outflows, totalling USD3.91bn in first half, of which USD892m were in June.
18/07/2011

CIBC acquires 41% of American Century from JPMorgan for a price equivalent to 1.84% of assets

JPMorgan Chase on 15 July announced that it has sold its remaining 41% stake in the mutual fund management firm American Century Investments (USD112bn in assets as of the end of June) to the Canadian Imperial Bank of Commerce (CIBC), for about USD848m in cash. Arithmetically, CIBC is thus paying the equivalent of 1.84% of assets for the corresponding stake that it acquires in the firm. The transaction will be completed in 60 to 90 days. The CIBC will have two representatives on the six-member board of American Century Investments. In addition to its economic participation of 41%, the Canadian group will also have 10.1% voting rights in American Century.
18/07/2011

Eaton Vance to buy back up to 8 million shares

The board of directors at the asset management firm Eaton Vance Corp (USD200bn in assets) on 15 July decided to pay out a quarterly dividend of 18 cents per share. It has authorised the repurchase of up to 8 million shares without voting rights. Under an authorisation on 15 January 2010, Eaton Vance has already bought back 6.7 million shares.
18/07/2011

APFC chooses Russell's fundamental index

Russell Investments on July 14th announced that the Alaska Permanent Fund Corporation (APFC) has selected the Russell Fundamental Developed Large Company Index for its new quasi-passive global mandate. APFC converted an existing market capitalization-weighted portfolio managed by State Street Global Advisors (SSgA) to this new strategy. The initial mandate, which started July 1, is approximately USD640m.The new index suite, developed by Research Affiliates and Russell Investments, has been released approximately 5 months ago (see NewsManagers of February, 28th).
18/07/2011

Petercam adjusts fee levels without raising prices

From 1 July, the Belgian management firm Petercam has modified the fee structures for institutional share classes in its Luxembourg Sicav Petercam L, in order to bring them into line with the situation that already obtains for institutional share classes of the Belgian Sicav Petercam (B). Petercam has also registered K and L shares in the Euroclear France, in order to more adequately meet the expectations of IFAs in terms of commission kickbacks. Management fees for A and B share classes (and consequently also K & L and E & F share classes) for some funds have been adjusted “in order to bring them more accurately into line with the market in strategies where Petercam’s added value is significant,” Ives Hup, sales director, tells Newsmanagers. “But, at any rate, that comes with a reduction of other fees inherent in the administration of the Sicav so that the total expense ratio (TER) for sub-funds will not be affected by the changes.” For funds on sale in France, Petercam has raised management fees for eight sub-funds of the Petercam (B) Sicav, while it has reduced them for one sub-fund, and they remain unchanged for four. For three sub-funds of the Petercam (L) sub-fund, fees have been raised, while they have been reduced for one sub-fund, and they remain unchanged for four.
18/07/2011

Turgot Asset Management manages a new global equities fund

Turgot Asset Management on Friday, 15 July announced that it has taken over management of Orelis Capital, a global equities fund which invests in large caps with the objective of outperforming a benchmark index composed 25% of the MSCI World index, 40% of the Eurostoxx 50 and 35% of the CAC40 index. According to a statement, the firm now has assets of EUR50m, and manages three other funds: Turgot Multicaps Europe, founded in January 2009, a “flexible” OPCVM fund which invests in equities of greater Europe; Turgot Asie Flexible, founded in September 2010, another “flexible” fund which invests in the entire Asia-Pacific region, and Turgot Multigest International, founded in February 2011, an international equities fund of funds which invests in 20 underlyings.
18/07/2011

Schwab launches its 14th ETF

On 8 July, Charles Schwab notified the SEC that Schwab ETFs has launched a new bond product, the Schwab US Aggregate Bond ETF, which charges fees of 0.10%. It is the 14th ETF from the promoter, which as of the end of June managed USD4.4bn in this segment.
18/07/2011

ProShares launches an ETF based on a hedge fund index

Following the Credit Suisse 130/30 and the RAFI Long/Short, the US management firm ProShares (USD26bn) on 14 July announced that it is launching a third product in the Alpha ProShares range, the ProShares Hedge Replication ETF, with the acronym HDG on the NYSE Arca platform. The new product uses the hedge fund replication method adopted by Merrill Lynch, with the Merrill Lynch Factor Model – Exchange Series (MLFM-ES) as its benchmark index. The total expense ratio for the fund is 0.95%.
18/07/2011

Precidian offers first ETF based on Nikkei 225

According to Mutual Fund Wire, Precidian Investments (formerly known as Next Investments) has launched what it says is the first ETF listed in the United States to replicate the Japanese Nikkei 225 index. The Maxis Nikkei 225 Index Fund charges a TER of 0.50%. The fund is sub-advised by Northern Trust. Precidian has received exclusive rights to use the Nikkei 225 index in the United States from Mitsubishi UFJ Asset Management.
18/07/2011

ESPA considers South Korea a developed country

The Austrian-registered fund ESPA Stock BRICK from ERSTE Sparinvest (EUR116.42m in assets as of the end of June) on 14 July changed its name to ESPA Stock BRIC. The strategy of the fund remains unchanged, but the management firm, Erste Sparinvest (Erste Bank, Austrian savings banks) now considers South Korea (represented by the K in the acronym) to be a developed country, although MSCI Barra has not yet approved the move, due to the fact that the Korean won lacks adequate liquidity. Management commissions are 1.80%, while front-end fees are 4% for the four share classes in euros, and 5% for share classes in Hungarian forint and Czech crowns.
18/07/2011

Partners Group took on more than EUR2bn in January-June

The Swiss firm Partners Group in first half had net subcsriptions of EUR2.1bn, compared with CHF3bn in the corresponding period of 2010. Assets as of the end of June totalled EUR22.8bn, compared with EUR21.4bn as of the end of December, and CHF26.5bn one year previously. Assets as of 30 June were divided between EUR16.1bn in shares that are not publicly traded, compared with EUR15.2bn six months earlier, EUR2.8bn in non-publicly traded real estate, compared with EUR2.5bn, EUR1.9bn compared with EUR2bn in non-publicly traded bonds, EUR1.2bn in non-publicly traded infrastructure, and EUR0.8bn, compared with EUR0.7bn, in companies of the group.
18/07/2011

Hauck releases two new funds of funds

On 20 June, the Luxembourg-based firm Hauck & Aufhäuser Investment Gesellschaft SA (H&A) launched two new sub-funds of its Luxembourg Sicav Structured Solutions, which have received sales licenses for Germany. The funds of funds may rely on physical replication as well as synthetic replication. The Structured Solutions Rare Earth / Strategic Metals Index Strategie Fonds (B and C share classes) will reproduce the Market Vectors Rare Earth / Strategic Metals (EUR) index, while the Structured Solutions UCITS HFS Investable Index Strategy Fund will reproduce the UCITS HFS Investable Performance-Index. Characteristics Name: Structured Solutions Rare Earth / Strategic Metals Index Strategie FondsISIN codes: B shares: LU0575319081C shares: LU0575320337 Front-end fee (B shares): 3% Management commission (B shares): 0.8% Depository banking commission (Hauck & Aufhäuser Banquiers Luxembourg S.A.), B shares: 0.1% Advising commission (Baader Bank AG): 0.1% Name: Structured Solutions UCITS HFS Investable Index Strategy FundISIN code: LU0575317382 Front-end fee: 3% Management commission: 0.8% Depository banking commission (Hauck & Aufhäuser Banquiers Luxembourg S.A.): 0.1% Advising commission (Structured Solutions AG): 0.1%
18/07/2011

Sarasin and Catella create an institutional fund focused on sustainable real estate

From 13 July to 7 October 2011, the Swiss bank Banque Sarasin and the German firm Catella Real Estate KAG are opening subscriptions to the Sarasin Sustainable Properties – European Cities, an institutional real estate fund which according to its makers will be the first in Germany to invest solely in sustainable properties located in growing European cities, initially in Germany, France and Scandinavia. The objective for the German-registered product is to generate annual performance of 5-5.5% per year, from investments primarily in commercial and office properties, with residential properties limited to 25% of the portfolio. The promoters are aiming for assets of EUR500m. IT is the first cooperation between a Swiss bank and a German management firm to create a German-registered fund. Minimal subscription is set at EUR0.5m, and front-end fees are 2.5%.
18/07/2011

La production industrielle américaine en hausse

La production industrielle des Etats-Unis a progressé de 0,2% en juin par rapport au mois précédent, a annoncé vendredi la Réserve fédérale. Le taux d’utilisation des capacités est resté stable à 76,7%.
18/07/2011

Feu vert des parlementaires italiens au plan d'austérité

Après les sénateurs la veille, les députés italiens ont adopté à leur tour, vendredi, le plan d’austérité présenté par le gouvernement, qui prévoit 48 milliards d’euros d'économies sur quatre ans. Les députés se sont prononcés par 314 voix en faveur du plan et 280 ont voté contre. Un peu plus tôt, ils avaient majoritairement accordé leur confiance au gouvernement de Silvio Berlusconi. Son objectif est de ramener le déficit public de 3,9% du PIB en 2011 à l'équilibre en 2014.
18/07/2011

Le moral des ménages américains se détériore en juillet

Le sentiment du consommateur américain s’est détérioré nettement plus que prévu en juillet pour tomber à un niveau sans précédent depuis mars 2009, plombé par la hausse du chômage et la baisse du pouvoir d’achat, révèlent les estimations provisoires de l’enquête Thomson Reuters / Université du Michigan publiées vendredi. Selon ces estimations, l’indice ressort à 63,8 après 71,5 en juin. Les analystes prévoyaient en moyenne 72,5.
18/07/2011

Le ministre égyptien des Finances jette l’éponge

Samir Radouan, qui avait été nommé peu avant la chute d’Hosni Moubarak, a démissionné hier et va être remplacé par Hazem el Beblaoui, ancien conseiller économique du gouvernement. Le ministre de l’Industrie Samir el Sayyad quitte également le gouvernement.
18/07/2011

Plus de 100 milliards d’euros pour la reconstruction au Japon

Les projets du gouvernement japonais de reconstruction du pays prévoient un coût allant jusqu'à 107 milliards d’euros lors de ces cinq prochaines années, indique le journal Asahi dans son édition de samedi. Le gouvernement prévoit de présenter le projet de reconstruction avant la fin du mois de juillet.
18/07/2011

Démission du directeur général de Dow Jones

Le groupe Dow Jones, appartenant à News Corp, a annoncé vendredi la démission de son directeur général, mêlé au scandale d'écoutes téléphoniques qui frappe l’empire médiatique de Rupert Murdoch. Les Hinton était chargé de superviser les journaux britanniques détenus par News Corp au moment des faits incriminés.
18/07/2011

Le Niger demande davantage pour son uranium

Niamey souhaite obtenir un meilleur prix sur ses exportations d’uranium, dont il est un important fournisseur du secteur nucléaire français, a déclaré samedi le président Mahamadou Issoufou à la télévision publique du pays. Le tiers des revenus à l’exportation du Niger provient de l’uranium.
18/07/2011

Nouvelle contraction de l'indice Empire State en juillet

La production manufacturière dans la région de New York s’est à nouveau contractée en juillet tout en montrant une légère amélioration par rapport au mois dernier. L’indice de la Réserve fédérale de New York est ressorti à -3,76, après -7,79 en juin et 4,50 attendu par les analystes.
18/07/2011

Berlin n’envisage pas de restructuration en Grèce

La chancelière allemande Angela Merkel a affirmé hier qu’elle n’envisageait pas de programme de restructuration de la dette grecque. «Ce que nous souhaitons, c’est prendre le moins de mesures possible. Une restructuration, comme on l'évoque constamment en ce moment, aurait l’effet négatif de pousser les pays à ne plus faire autant d’efforts», a déclaré Angela Merkel lors d’un entretien à la chaîne ARD. «Je ne travaille pas dans cette perspective. Nous faisons tout ce que nous pouvons pour éviter une issue encore plus rude, mais j’affirme clairement que le fait que les créanciers privés soient impliqués montre que nous avons un problème particulier en Grèce en raison du niveau très, très élevé de la dette», a-t-elle ajouté. La chancelière a par ailleurs indiqué qu’elle se rendrait jeudi à un sommet spécial des leaders de la zone euro sur la Grèce seulement si un plan de sauvetage clair est préparé en amont.

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