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09/06/2011

Inflows for Luxembourg funds in April

In April, Luxembourg based funds showed net inflows of EUR10.667bn, according to the most recent statistics from the Luxembourg regulator (CSSF). But, due to a negative market effect of EUR6.155bn, assets increased by only EUR4.512bn (+0.21%), to EUR2.195408trn. In the past twelve months, assets increased by 9.07%. The number of collective investment organisms and specialised investment funds included in the statistics for April totalled 3,736, compared with 3,724 the previous month, the Luxembourg regulator adds.
09/06/2011

Henderson registers its Credit Alpha fund in France

The Henderson Credit Alpha fund, managed by Chris Bullock and Thomas Ross, under the direction of credit manager Stephen Thariyan, has received a license for sale in France. The long/short credit fund, launched in July 2007 and compliant with the UCITS III directive, has assets of EUR600m. It aims to earn absolute returns equivalent to the Libor 3-month +5%, through a strategy oriented around three core elements: thematic positions (long or short), pair trading positions (arbitrage intra-sectored), and more opportunistic tactical positions. The managers of the fund rely on a team of 8 dedicated credit analysts, who aim to identify various opportunities involving investment grade as well as high yield securities.
09/06/2011

HSBC launches a new ETF in Paris

NYSE Euronext on 8 June announced that it has admitted the HSBC MSCI EM LATIN AMERICA ETF (IE00B4TS3815) fund to trading on its Paris platform. The product, from HSBC ETFs, charges fees of 0.60%.
09/06/2011

Strong rise in assets for Russell LifePoints range

Russell Investments has announced that its LifePoints Fund Target Date Series now has over USD1bn in assets, which represents a 44% increase in one year. The range includes ten multi-management funds, of which nine are target-date funds, and the other one is the In Retirement Fund. The funds may be integrated into retirement savings plans offered by Russell through financial intermediaries and administrators of defined contribution retirement plans.
09/06/2011

Lyxor lists another bond ETF in Frankfurt

Deutsche Börse has announced that it has admitted a further product from Lyxor Asset Management to trading on the XTF segment of its Xetra electornic platform. The product is the Lyxor ETF Daily Leveraged Bund (FR0011023654), which charges 0.20%. The underlying index is the SGI Daily Leveraged Bund Index.
09/06/2011

Inflows for foreign funds from Italian asset managers in May

In May, funds on sale in Italy registered net outflows of EUR1.737bn, following redemptions of EUR2.155bn in April, according to the most recent statistics from Assogestioni, the Italian association of asset managers. All categories of funds show outflows. The fund categories which had the heaviest outflows were bond funds (EUR583m), money market funds (EUR536m), and equity funds (EUR444m). In terms of fund domicile, foreign -registered funds posted net subscriptions of EUR471m, while funds domiciled in Italy saw outflows of EUR2.208bn. Among foreign-registered funds, only products managed by Italian firms saw net inflows, totalling EUR691m. The management firms which saw the heaviest redemptions in May were Amundi, with EUR243.1m, and Arca, with EUR252.1m. The funds with the largest inflows were Gruppo Mediolanum, with EUR152.9m, and Banca Leonardo, with EUR52.8m. Since the beginning of the year, Italian funds saw net outflows of EUR10.723bn. As of the end of May, assets under management in the sector totalled EUR448bn.
09/06/2011

DB Platinum launches a UCITS-compliant version of a Milburn fund

Deutsche Bank and US-based Milburn Ridgefield Corporation (USD2.3bn in assets) on 8 June announced the launch of the UCITS-compliant fund DB Platinum IV dbX Millburn Multi-Markets Index Fund. The product is a UCITS III-compliant version of the Multi-Markets trading program from Milburn, with weekly liquidity. The product will be available in several share classes (euro, pounds Sterling, US dollar, and yen).The original product, which has earned annual returns of 12.4% since its launch six years ago, relies on strategies ranging from intra-day to investments lasting several months on more than 120 markets. It invests in commodities, futures, and currencies.The UCITS-compliant fund will replicate the performance of the dbX Milburn Multi-Markets fund, whose composition is decided by Milburn. It reflects exposure to publicly traded futures, forwards, and/or swap and option contracts covering markets such as energy, base and precious metals, soft commodities, equities indices, bonds, interest rates, and currencies.
09/06/2011

Fourth REIT listed in Frankfurt

The Munich-based Prime Office will be the first REIT to be released on Deutsche Börse in four years, the Börsen-Zeitung reports. Previously, there were only three REITs: Alstria Office (EUR760m), Hamborner (EUR240m), and Fair Value (EUR40m). With market capitalisation of between EUR332m and EUR451m, Prime Office will even be a heavyweight in its segment.Prime Office is planning to raise up to EUR380m from its launch, of which up to EUR320m will be from a capital increase. Shares will be offered in a range from EUR7 to EUR9.50, until 21 June.The firm, run by 8 people of whom 3 are board members, now has more properties (14) than employees. It is true that accounting and facility management have been outsourced to DCM, which has 45 employees.
09/06/2011

Former UBS head sells hedge fund firm

William Blair & Company, a US asset management firm with USD46bn in assets under management, has acquired Singer Partners, a firm specialised in global macro hedge fund management, founded by Brian Singer, former head of the Global Investment Solutions unit at UBS Global Asset Management. Seven other people from Singer Partners will be joining Wiliam Blair & Company.
09/06/2011

Gilles David becomes CIO at CamGestion

CamGestion, a BNPP IP partner specialised in wealth management, has announced that Gilles David has joined the firm as chief investment officer, replacing Philippe Forni, who will remain as CEO of CamGestion. In practice, David will define the major outlines of the investment policy of CamGestion, and will lead the management team, composed of 12 people, a statement says. David willr eport directly to Forni. David, aged 45, joined the BNP Paribas group in 2007 as head of the risk allocation team at BNP Paribas Asset Management. Previous to that, from 2001 to 2007, he was an international diversified management manager in charge of institutional accounts at Crédit Agricole Asset Management (CAAM).
09/06/2011

DWS plans growth in France

Slightly more than two months ago, Philippe J. Goetmann took over as the head of the Paris office of DWS Investments, the asset management firm of the German Deutsche Bank group, from Olivier Renard, who left the group. The Frenchman, who was previously head of the distribution department of DWS in Belgium, is aiming to make the German structure one of the ten largest asset management firms in France in the next three years. Now, with about EUR1bn in assets under management for private banking clients, platforms, life insurers and funds of funds, the firm places about 15th in France, Goettmann says. In terms of assets, this ambition would mean increasing total volume to about EUR1.5bn, although the figure would naturally depend on results at rival management firms and market evolution.In order to develop in France, Goetmann, who will be based in Luxembourg and Paris, will have a team of two people, composed of a senior sales person and a product manager. These will soon be completed with the arrival of a senior salesperson, probably in September.
09/06/2011

ING IM to launch a high dividend emerging markets strategy

ING Investment Managemetn has launched a high dividend strategy investing in emerging markets in the United States, which it also plans to offer in Europe in the next few months, Nicolas Simar, head of the high dividend team at the Netherlands-based management firm, announced on a visit to Paris on Tuesday. The strategy will be offered in a UCITS-compliant vehicle.The high dividend stategy, which invest in firms which pay high and stable dividends, is a flagship strategy from ING IM. It had EUR10.2bn in assets as of 30 April, out of total assets of about EUR378bn. The strategy, first launched in 1999 with a first fund focused on the Euro zone, is now available for other regions, including Europe, the United States,, the world, and Asia. Emerging markets will thus become the next region to be included.The new product will provide investors with exposure to emerging markets with low volatility, Simar explains. “Average dividend returns on emerging markets are higher than in Europe or the United States,” he adds.
09/06/2011

Deka now belongs fully to the "Sparkassen"

The DSGV association of German savings banks (Sparkassen) on Wednesday announced that the 50% holding owned by the Landesbanken in DekaBank, the central asset manager of the savings bank galaxy, has officially been taken over by its members. It has been purchased fo EUR2.3bn, of which EUR1.3bn paid by the Sparkassen themselves and EUR1bn coming from Deka’s reserves (see Newsmanager of April, 8th). The Landesbanken, which orignally were the regional central banks for the saving banks, havec been compelled to sell their stake in order to obtain financial support from the state or simply to enhence their financial position.Deka’s AUM in open-ended securities funds at end-April was EUR100.52bn, which represents a 16.3% market share, according to the BVI association of German asset management companies. Deka also hat EUR20bn in open-ended real estate funds (23,3 %), EUR50.8 bn in institutional funds (6.3%), EUR1.43bn in institutional real estate funds and EUR12.48bn under administration in mandates.
09/06/2011
Gestion d'actifs

L'ERAFP lance un appel d'offres restreint sur un mandat de gestion d'actifs immobliers

Sélection d’un prestataire pour l’attribution d’un mandat de gestion d’actifs immobiliers par l’ERAFP. L’ERAFP souhaite procéder à la sélection d’un prestataire pour l’attribution d’un mandat de gestion d’actifs immobiliers (le mandat). Le présent marché aura pour objet la réalisation du premier investissement immobilier de l’ERAFP par l’acquisition d’un immeuble de bureaux et la gestion de cet actif immobilier. Ce premier investissement sera réalisé au travers d’un véhicule d’investissement dédié, constitué et géré par le titulaire du marché. Lire l’avis complet: cliquez ici
Gestion d'actifs
09/06/2011
Gestion d'actifs

Les OPCI institutionnels intéressent la direction financière de la CARPV

Concernant la poche immobilière, nous souhaitons augmenter les investissements de la poche immobilière (bureaux et commerces) pour la porter de 7% actuellement à 10% du portefeuille total. Une augmentation qui se fait au cas par cas en fonction de la qualité des supports (OPCI institutionnels) en phase de levée de fonds. Nous accordons de l’importance à l’existence d’un savoir faire éprouvé de la société de gestion et à l’alignement des intérêts du gérant sur celui de l’investisseur souligne Gilles Désert, le Trésorier de la CARPV (Caisse Autonome de Retraite et de Prévoyance des Vétérinaires).
Gestion d'actifs
09/06/2011

Une commission d’enquête sur les « emprunts toxiques »

Les députés français ont décidé de créer une commission d’enquête parlementaire sur les «emprunts toxiques» contractés par les collectivités locales. Ils ont suivi à l’unanimité la commission des Finances de l’Assemblée nationale qui avait adopté la semaine dernière une demande du socialiste Claude Bartolone, président du conseil général de Seine-Saint-Denis, d’enquêter sur ces produits.
09/06/2011

KKR s’invite dans la vente d’ING Direct USA

De sources concordantes, la société de private equity américaine cherche à acquérir une participation minoritaire au sein de la banque en ligne mise en vente par ING outre-Atlantique. Le solde pourrait être conservé par ING ou cédé à un tiers comme General Electric ou Capital One Financial Corp, qui auraient tous les deux soumis une offre.
09/06/2011

Allianz RE boucle son premier financement

Allianz Real Estateaapporté 300 millions d’euros de dette dans le cadre de l’acquisition par DWS Investments des deux tours de Deutsche Bank à Francfort, un ensemble valorisé environ 600 millions.Ceprêt sur dix ans affiche un intérêt de 4,93 %. Il s’agit de la première opération d’Allianz RE dans le domaine du financement, où il devrait privilégier à l’avenir les prêts entre 50et 150 millions d’euros.
09/06/2011

Cerberus en quête d’au moins 4 milliards de dollars

Selon des sources au fait du dossier citées par Bloomberg, la société de capital investissement cherche à récolter au moins 4 milliards de dollars pour son prochain fonds de private equity. Ce nouveau véhicule devrait donc être moins important que le précédent qui avait atteint 7,5 milliards de dollars.
09/06/2011

CME veut se renforcer dans la compensation des dérivés OTC

L’opérateur boursier américain entend développer son service de compensation pour les dérivés de gré à gré (OTC) sur les métaux de base au Royaume-Uni, a indiqué hier son PDG à Reuters. Le Chicago Mercantile Exchange (CME) a ouvert cette année CME Clearing Europe, un an après le dépôt d’une demande d’autorisation auprès de la FSA.
09/06/2011

L’Isda se prononce sur le roulement volontaire grec

L’International Swaps and Derivatives Association (Isda), qui a le dernier mot sur la détermination d’un événement de crédit, a estimé hier qu’un roulement volontaire des obligations d’Etat grecques ne déclencherait «généralement» pas le règlement des Credit Default Swaps (CDS). Dans le cas où l’échange volontaire porterait sur des obligations assorties de conditions différentes, cela ne serait également pas un élément déclencheur, d’après David Geen, directeur juridique de l’Isda. Une analyse qui tranche avec celle des agences de notation et de certains stratégistes crédit. Selon l’association, un événement de crédit est déclenché en cas de faillite, d’accélération d’obligation (l’obligation est remboursable avant maturité initiale), de défaut de l’obligation, de défaut de paiement, de répudiation/moratoire (cas où l’émetteur conteste la validité de l’obligation) ou de restructuration.
09/06/2011

Moody’s renforce sa recherche sur les covered bonds

L’agence de notation a annoncé le lancement d’un nouveau service de recherche dédié au marché des obligations sécurisées. Ce service propose notamment l’accès aux notes et à l’analyse de 220 programmes en Europe, au Canada et aux Etats-Unis.
09/06/2011

La cacophonie entoure le dossier grec

Le ministre des Finances allemand a relancé l’idée d’un échange d’obligations grecques pour allonger les maturités tandis que la BCE n’est ouverte qu'à une initiative de Vienne. Quant à la troïka, elle conditionne le versement de l’aide à la résolution du déficit de financement (lire p.19).
08/06/2011

Le chômage à son plus haut niveau en Grèce

Le taux de chômage grec a augmenté en mars pour atteindre 16,2% de la population active, contre 15,9% en février, annonce le service national des statistiques (Elstat). C’est le plus haut niveau jamais atteint depuis que la Grèce a commencé à publier ses chiffres du chômage de façon mensuelle, en 2004. Ces données ne sont pas corrigées des variations saisonnières. En mars 2010, le taux de chômage grec était de 11,6%. La production industrielle a de son côté, chuté de 11% au mois d’avril après une baisse de 8% en mars.

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