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26/04/2011

Scottish Widows pourrait être mise en vente

Selon L’Agefi qui cite le Times de lundi 25 avril, Lloyds Banking Group est près de mettre en vente Scottish Widows. Le nouveau patron Antonio Horta-Osorio doit donner fin juin les conclusions d’une étude stratégique et cette cession en serait l’une des composantes. Le prix de la cession pourrait atteindre entre cinq et sept milliards de livres, précise le quotidien.
26/04/2011

F&C renforce son équipe Investment Solutions

F&C vient de recruter Nabil Owadally en tant que gérant de fonds spécialisé dans les dérivés dans son équipe Investment Solutions créée en décembre 2000. Il sera placé sous la responsabilité d’Alex Soulsby, responsable de la gestion de fonds dérivés. Nabil Owadally vient de Towers Watson où il était consultant et s’occupait principalement de fournir des solutions de stratégies d’investissement basées sur des dérivés à des fonds de pension britanniques.
26/04/2011
Fonds

Luresa Inmobiliaria se fait conseiller pour sa gestion internationale

Cotizalia rapporte que, selon la presse spécialisée, l’espagnol © a mandaté les cabinets Gresham Down et Knight Frank pour le conseiller sur la gestion de ses actifs au Royaume-Uni. Il s’agit en réalité de la stratégie du fonds GlanEuro Property, coté à Dublin et qui va être rebaptisé Luri 5 UK Property Fund. L’encours est de 74 millions d’euros et le fonds possède 21 locaux commerciaux répartis sur tout le Royaume-Uni.Luresa (La Unión Resiñera Española) qui gère quatre autres fonds est une société de gestion contrôlée par le Santander dont les principaux souscripteurs sont les membres de la famille Botín.
Fonds
26/04/2011
Fonds

Le fonds des retraites japonais doit vendre une partie de ses actifs

Selon L’Agefi qui cite le quotidien Nikkei de dimanche, le fonds de gestion des retraites publiques japonaises qui gère environ 1.400 milliards de dollars, a l’intention d’amputer ses actifs d’environ 6.400 milliards de yens (78 milliards de dollars) au cours de l’exercice pour combler un trou dans le paiement des pensions.
Fonds
26/04/2011

BlackRock gère l'équivalent d'un PIB annuel de l'Allemagne

Dans un long article consacré à Rob Kapito, président de BlackRock, Die Welt constate qu’en dehors de la sphère financière, rares sont ceux qui connaissent la société de gestion américaine qui est devenue le plus gros actionnaire des sociétés du Dax lors de l’acquisition de Barclays Global Investors et de ses ETF de la marque iShares. Avec un encours de 3.600 milliards de dollars, BlackRock gère l'équivalent d’un PIB annuel de l’Allemagne.
26/04/2011
Fonds

Les ETF sur l'argent sont à manier avec précaution

Depuis le début de cette année, les quatre principaux ETF sur l’argent physique, iShares Silver Trust, Sprott Physical Silver Trust, ETFS Physical Silver Shares et PowerShares DB Silver Fund affichent des performances comprises entre 50 et 59 %. Le produit iShares a triplé de volume sur les 12 derniers mois, à 16,6 milliards de dollars et détient environ un tiers de l’argent-métal existant sur terre, rapporte The Wall Street Journal.Lancés à la poursuite d’un cours de l’argent qui s’envole (+ 160 % en un an), les investisseurs risquent de négliger certaine risques et particularités de ces produits. Par exemple, le fonds du canadien Sprott, un fonds fermé qui se traite avec une prime de 22 % sur le cours de l’argent, a comme atout que son métal en lingots est stocké dans les caves de la Monnaie royale canadienne, que les parts peuvent être remboursées en métal physique et que le taux de fiscalisation des plus-values peut être limité à 15 % si l’investisseur dispose du formulaire 8621 de l’IRS.Seulement, Sprott a déjà notifié à la SEC qu’il pourrait vendre les 10 % de parts bloquées au lancement en novembre 2010 et le remboursement ne s’effectuerait en physique que pour les investisseurs détenant pour l'équivalent de 600.000 dollars. Et le régime fiscal préférentiel n’est valable que si l’on obtient le formulaire 8621. Pour les produits iShares et PowerShares, le taux de prélèvement sur les plus-values est de respectivement 28 et 23 %.
Fonds
26/04/2011
Fonds

Neuberger Berman prépare deux fonds d'actions

Dans une notification à la SEC (form N-1A) datée du 15 avril, Neuberger Berman annonce son intention de lancer d’ici au troisième trimestre deux fonds d’actions : le Neuberger Berman Global Equity Fund, chargé à 1,51 % (part A) et le Neuberger Berman Global Thematic Opportunities Fund, dont le TFE (Total frais sur encours) est de 1,61 % (parts A).Le Global Equity Fund, très diversifié, sera géré par Benjamin Segal et investira principalement dans des grandes capitalisations du monde entier, avec en période normale un minimum de 80 % placés en actions.Le Global Thematic Fund sera géré par Anthony Gleason, Alexandra Pomeroy, William Hunter et Richard Levine qui sélectionneront d’abord des thèmes porteurs puis identifieront des valeurs sous-évaluées susceptibles de profiter de ces thématiques.
Fonds
26/04/2011
Fonds

Allianz ferme un peu plus son fonds value de petites capitalisations

Depuis avril 2009, le Allianz NFJ Small Cap Value Fund était déjà fermé aux nouveaux investisseurs, rapporte The Wall Street Journal. Maintenant qu’il a continué à grossir et qu’il atteint 8,2 milliards de dollars, ce qui en fait le plus grand fonds value de petites capitalisations, Allianz Global Investors Distributors a notifié à la SEC son intention de le fermer aussi dès que possible aux plans d'épargne-retraite (les 401 (k), 457s, les 403(b), les schémas de participation aux bénéfices, les régimes à contribution définie et les 529).Le fonds affiche une performance de presque 20 % sur les 12 mois au 21 avril, contre une moyenne de 14,3 % pour les fonds value de petites capitalisations, d’après Morningstar. Et, sur les cinq ans au 21 avril, le fonds a généré une performance de presque 7 % par an contre 3 % pour ses pairs.
Fonds
26/04/2011

At the end of 2010, 7.4% of Spanish fund assets had “reduced liquidity”

According to the CNMV bulletin for first quarter 2011, Spanish funds as of the end of December had EUR10.65bn in “reduced liquidity” assets, which represents about 7.4% of their total assets of EUR144bn, Cinco Días reports.Of these reduced liquidity assets, securitisations represented EUR3.26bn, compared with EUR4.71bn six months earlier, while surprisingly, AA or AAA-rated bonds falling into this category came to over EUR4.37bn, EUR650m more than at the end of June 2010.
26/04/2011

Independent wealth managers' association opens up to family offices

At its general shareholders’ meeting on 15 April, the German VuV association of independent wealth managers voted to agree to accept memberships from family offices. Family offices will receive the status of extraordinary members, and will have no voting rights, and no power to influence the association’s strategy. Currently, the VuV has about 200 members, about half of whom are independent wealth management firms in the country. Its managers have about EUR60bn in assets under management.
26/04/2011

Edhec outsources its indices and benchmarks activities

Hedge Week reports that the Edhec-Risk Institute has spun off its Indices & Benchmark activities, with the aim of becoming one of the major designers of beta intelligent indices for the asset management sector. The operation will have offices in London, New York, Nice and Singapore. Two experienced specialists have been recruited to develop the activity in Europe and North America. The new structure will house the existing range of indices and benchmarks from the Edhec-Risk Institute, including the FTSE EDHEC-Risk Efficient Index, EDHEC-Risk Alternative Indexes and EDHEC IEIF Commercial Property (France) Index.
26/04/2011

Hedge funds had strong inflows in February, according to Morningstar

The Morningstar index of 1,000 hedge funds in March shows an 0.1% increase, which brings its returns to 2.1% in first quarter, while funds of hedge funds gained 0.3% in March and 1.6% in January-March.The US agency announced on 25 April that hedge funds in its database in February posted net subscriptions of USD5.2bn, their highest levels since August 2009. Most of these subscriptions went to European equities hedge funds (USD872m), US equities (USD1.1bn), and global trend funds (USD1.6bn).Funds of hedge funds posted net inflows of USD669m in February, after five consecutive months of significant net outflows.
26/04/2011

Lloyds TSB Private Banking fills a gap in international personnel

The Lloyds TSG private bank has announced the recruitment of five specialists in Miami and Switzerland. The recruitments will allow the firm to compensate for five recent departures of employees to Barclays Wealth. In Florida, the British group has recruited Ricardo Morean (ex Wells Fargo) as director of strategy and business development for Latin America, and Armando González, who has left Bank of America Merrill Lynch in order to become chairman and senior international advisor. In Geneva, Lloyds TSB Private Banking has recruited the managing director for Scandinavia and the United Kingdom from UBS, Urs Emmenegger, as director of strategic development. In Zurich, the team will gain two members, with the arrival of Mark Wizenrised (ex Arab Bank) as director of the Saudi Arabia and Egypt team, and Daniel Steiner (ex RBS Coutts) as senior relationship manager.
26/04/2011

Strong rise in pay for CAC 40 heads in 2010

According to the 2011 rankings of the salaries of heads of CAC 40 businesses established by Les Echos, total salaries for CAC chiefs this year came to over EUR98.3m, an average of EUR2.46m per head, and 24% higher than in 2009 (at non-comparable perimeter). The first of the three managers of Michelin, Michel Rollier, takes the top spot in the 2011 rankings, with EUR4.5m in pay for 2010. Second and third place go to Frank Riboud, chairman and CEO of Danone, with about EUR4.4m in remuneration, and Bernard Arnault, chairman and CEO of LVMH, with EUR3.9m in total pay.
26/04/2011

Neuberger Berman preparing two equities funds

In a notification to the SEC (form N-1A) dated 15 April, Neuberger Berman has announced plans to launch two equities funds by third quarter: the Neuberger Berman Global Equity Fund, which will charge 1.51% (A class shares), and the Berman Global Thematic Opportnities Fund (1.61% Ter for A shares). The highly diversified Global Equity Fund will be managed by Benjamin Segal, and will invest primarily in global large caps, with at least 80% invested in equities under normal conditions. Anthony Gleason, Alexandra Pomeroy, William Hunter and Richard Levine will manage the Global Thematic Fund, and will first select promising themes, and then undervalued shares likely to profit from those themes.
26/04/2011

Allianz closes its large small caps value fund for a little longer

Since April 2009, the Allianz NFJ Small Cap Value Fund has been closed to new investors, the Wall Street Journal reports. Since the fund is continuing to grow, and now has USD8.2bn in assets, making it the largest value small caps fund, Allianz Global Investors Distributors has notified the SEC that it plans to close the fund as soon as possible to subscriptions from retirement savings plans (401(k), 457s, 403(b), profit-sharing schemes, defined contribution plans, and 529s).The fund has earned returns of nearly 20% in the 12 months to 21 April, compared with an average of 14.3% for value small caps funds, according to Morningstar. And in the five years to 21 April, the fund has generated returns of nearly 7% per year, compared with 3% for others in its class.
26/04/2011

ETFs based on silver to be used with caution

Since the beginning of this year, the four major physical silver ETFs, iShares Silver Trust, Sprott Physical Silver Trust, ETFS Physical Silver Shares and PowerShares DB Silver Fund, have posted total returns of 50% to 59%. The iShares product has tripled its volume in the past 12 months, to USD16.6bn, and controls about one third of all supplies of the metal on Earth, the Wall Street Journal reports.Investors following in the wake of a booming price for the metal (+160% in one year) are in danger of neglecting some major risks and particularities associated with these products. For example, the fund from the Canadian management firm Sprott, a closed fund of funds which is trading at a 22% markup over the price of silver, has the advantage that its metal is held in ingots stored in the vaults of the Royal Canadian Mint, so that its shares may be redeemed in physical metal, and the tax rate for capital gains may be limited to 15%, if the investor has 8621 status from the IRS.Sprott has already notified the SEC that it may sell the 10% of shares which were been locked in in November 2010, and that redemption in physical metal will only be possible for investors with the equivalent of USD600,000 or more in shares. The preferential tax regime is applicable only to investors who have obtained the 8621 application. For iShares and PowerShares products, the tax rate for capital gains is 28% and 23%, respectively.
26/04/2011

ETC inflows set records this year

In the space of one year, exchange-traded commodities (ETC) have doubled in volume to USD174bn as of the end of March; these products attracted Usd3.5bn in net subscriptions in first quarter 2011, Expansión reports. The phenomenon is due to the fact that investors use ETC funds to protect themselves against inflation and to profit from speculative movements such as those which have been driven by the crises in North Africa and the Middle East.
26/04/2011

CNMV approves a volley of French-registered funds

On 19 April, the CNMV registered seven funds and 14 classes of shares in French-registered products, all of which are from Allfunds Bank. They are the Elan Convertibles Europe, Elan Euro Valeurs, Elan Midcap Euro, Neuflize Ambition and Neuflize Optimum funds, as well as R Convertibles and R Obligations privées.
26/04/2011

Haitong preparing a Yuan offshore high yield bond fund

Asian Investor reports that following the Haitong Global RMB Fixed Income Fund, which was launched in August, and a private placement in December, Haitong International Asset Management is now preparing a private placement of a new offshore high yield bond fund, denominated in Chinese yuan, which will pay quarterly dividends, to professional investors in Hong Kong and internationally.Joseph Lau, managing director, says that the fund invests in high yield bonds denominated in Hong Kong dollars, in synthetic bonds, bond denominated in dollars issued by Chinese businesses, and convertible bonds.The new fund has two share classes, one of them in Chinese yuan, for Hong Kong investors, and one in US dollars, for foreign investors. The objective is annual returns of 7-8%, which would result in dividends of about 1.5% per quarter.Assets already total HKD18bn (USD2.8bn), and Haitong’s objective for the product is to reach HKD50bn in assets.
26/04/2011

Barclays WM launches a closed bond fund

On 3 March, Barclays Wealth Managers España launched the Barclays Renta 2015 fund, a bond fund which was registered with the CNMV on 19 April, and for which the management firm is aiming for non-guaranteed annual returns of about 3.5% for subscriptions until 27 May 2011 which remain in the fund until 31 August 2015.At launch, all assets, which are rated at least A- by S&P, will have an approximate average duration of 4.2 years; they will be retained until 31 August 2015, and then sold. The product will invest in repos of Spanish public debt, money market instruments and checking deposits of at least one year with EU or OECD credit institutions subject to prudential controls. The portfolio will contain no securitisations or currency risks.CharacteristicsName: Barclays Renta 2015ISIN code: ES011398400Minimal subscription: EUR600Front-end fee: 5%Management commission: 1%Depository banking commission (Barclays Bank SA): 0.1%Penalty for early withdrawal before 31/08/2015: 3%
26/04/2011

Jefferies to release sub-funds of its Luxembourg Sicav in Spain

On 8 April, the CNMV issued licenses for two sub-finds of the Luxembourg Sicav Jefferies Umbrella Fund (JUF, USD1.05bn in assets), managed by the Swiss affiliate of the US Jefferies group. The JUF Global Convertible Bonds and JUF Europe Convertible Bonds funds will both be available for Allfunds Bank. So far, Jefferies has not applied for licenses for Japanese and Asian bond funds which are also sub-funds of the Sicav.
26/04/2011

Quarterly profits at UBS up

In first quarter 2011, net profits at UBS totalled CHF1.8bn, compared with CHF1.7bn in October-December. By comparison, the Swiss group one year ago earned net profits of CHF2.5bn in January-March 2010.The group announced on 26 April that its net inflows during the period under review totalled CHF22.3bn, compared with CHF7.1bn for the previous quarter, and that the group’s invested assets as of the end of March totalled CHF2.198trn, 2% more than at the end of December. Of this total, CHF791bn comes from the wealth management division, CHF700bn from Americas wealth management, and CHF569bn to Global Asset Management. The remaining CHF138bn are for the retail and business banks.
26/04/2011

Profits up slightly for cantonal bank of Lucerne

The cantonal bank of Lucerne has reported gross profits for first quarter 2011 of CHF59.4m, up 3.3% compared with the first three months of 2010. Net profits totalled CHF44.7m (+0.2%). Net inflows totalled CHF57m in the quarter under review. In total, assets under management at the bank as of the end of March totalled CHF25.5bn, compared with CHF25.2bn as of the end of December 2010.
26/04/2011

City bankers continue to earn high bonuses

The Centre for Economics and Business Research (CEBR), which keeps track of bonuses paid in the London financial sector, esimates that bonuses have fallen by 8%, to GBP6.7bn in the 2010 fiscal year, compared with GBP7.3bn the previous year, Les Echos reports. However, the think tank notes that ordinary salaries grew by 7% in the first quarter of this year, compared with 2% for the United Kingdom as a whole. The CEBR recently announced that it estimated that available in comes corrected for inflation would be at least GBP910 lower this year in the United Kingdom due to the government’s austerity program.
26/04/2011

F&C adds to Investment Solutions team

Following the creation of its integrated Investment Solutions business in December 2010, F&C has further strengthened the team with the appointment of Nabil Owadally as a derivatives fund manager. At F&C, he reports to Alex Soulsby, head of derivative fund management.Nabil has joined F&C from Towers Watson where he worked as a consultant focused on providing derivative based investment strategy solutions to UK pension schemes. Prior to Towers Watson, he was an analyst at Aon Hewitt.
26/04/2011

Ahorro Corporación recruits a partner from AFI

Sebastián Larraza, who was previously a partner at Analistas Financieros Internacionales (Afi), has been appointed director of alternative management at Ahorro Corporación Gestión, replacing Concepción Fernández, Funds People reports.Larraza will work with three others to oversee management of the VaR fund range and to put Ahorro Corporación’s plans in multi-management into action, as well as the plans of banking groups which have recently become shareholders in the firm.
26/04/2011

PGGM increases socially responsible investments

In 2010, the Netherlands pension fund PGGM, which manages EUR105bn in assets, increased its ESG (environmental, social and governance) investments from EUR1.1bn to EUR3.7bn, according to its latest annual reports on responsible investment.The manager has undertaken several initiatives, and has sought to evaluate the effects of climate change on its portfolios.
26/04/2011

RCM recruits a new head of RIFA from Volksbanker Immo

From 1 August, Andreas Witzani, a board member at the real estate fund management firm Volksbanken Immo, will become CEO of the Raiffeisen International Fund Advisory (RIFA), an affiliate of Raiffeisen Capital Management (RCM, EUR31.5bn in assets, of which USD29bn are under management) founded in 1998. He will oversee coordination of institutional and international distribution (outside central and eastern Europe), which corresponds to assets of EUR21bn. Currently, the two CEOs of RIFA are Matthias Bauer and Gerhard Aigner, directors of RCM.
26/04/2011

BlackRock manages the equivalent of Germany's entire annual GDP

In a long article dedicated to Rob Kapito, chairman of BlackRock, Die Welt observes that outside the finance industry, few know the US management firm which became the largest shareholder in Dax companies at the time of its acquisition of Barclays Global Investors and its iShares ETF brand. With assets of USD3.6trn, BlackRock manages the equivalent of Germany’s gross domestic product for one year.Though fate would have it that the acquisition of the Irish firm NTR (see Newsmanagers of 1 March) was announced shortly before the Fukushima disaster, Kapito says that demand for renewable energy is set to increase strongly at any rate.

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