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18/08/2010

T.Rowe Price signe les PRI

La société de gestion américaine T. Rowe Price vient de signer les Principes pour l’investissement responsable (PRI) des Nations Unies. Les actifs sous gestion de T. Towe Price s'élèvent à plus de 390 milliards de dollars.
18/08/2010

Hong Kong attire les sociétés de gestion

Selon les dernières statistiques de la Securities and Futures Commission (SFC) de Hong Kong, le nombre des demandes de licences pour exercer une activité locale s’est élevé à plus de 7.300 sur les sept premiers mois de l’année, en hausse de 46% par rapport à la période correspondante de 2009. A fin juillet, le nombre de détenteurs de licences a ainsi atteint le niveau record de 37.694, à comparer à un précédent record de 37.373 (novembre 2008).La SFC relève que 85% des demandes corporate concernaient le lancement d’activités dans le courtage de titres et l’asset management.
18/08/2010

Eiris augmente sa base de clientèle

Selon Responsible Investor, le cabinet de conseil en éthique Eiris, a vu son résultat net chuter l’an dernier à environ 77.890 livres contre 246.391 livres mais il a parallèlement accru sa base de clientèle.Eiris a par ailleurs signé des accords de vente et de recherche avec Greeneye en Israël et Kocsr en Corée du Sud, ce qui lui donne accès aux informations ESG sur une quarantaine d’entreprises israéliennes et une centaine de firmes coréennes.
18/08/2010
Fonds

Morgan Stanley et PSAM lancent un fonds Ucits III

Morgan Stanley a annoncé le 16 août le lancement de son premier fonds Ucits III sur sa plate-forme FundLogic. Le fonds, qui sera géré par la société de gestion alternative basée aux Etats-Unis P. Schoenfeld Asset Management (PSAM), propose une exposition à une stratégie évenementielle (event-driven) internationale qui comprend notamment les fusions-acquisitions, la dette distressed et les situations spéciales.Le fonds, dénommé MS PSAM Global Event Ucits, sera domicilié à Dublin.Shahzad Sadique, executive director et patron de FundLogic, souligne dans un communiqué l’intérêt des investisseurs concernant l’accès à l’expertise d’un gérant alternatif par le biais d’un fonds Ucits III et indique que d’autres produits conformes à la directive Ucits III et gérés par des sociétés alternatives de premier ordre devraient voir le jour dans les prochains mois.
Fonds
18/08/2010

Allianz GI remporte un mandat de 350 millions d'euros

RCM, filiale d’Allianz Global Investors, a remporté un mandat de 350 millions d’euros auprès de Nykredit, un groupe de services financiers basé au Danemark, pour sa stratégie actions américaines. 86 autres sociétés participaient à l’appel d’offres.
18/08/2010

Fusion de Deka Investment et Deka FundMaster

Comme annoncé fin 2009, les deux sociétés Deka Investment GmbH et Master-KAG Deka Fund Master Investmentgesellschaft mbH fusionnent, rapporte Fondsprofessionell. La nouvelle entité sera baptisée Deka Investment GmbH et réunira dans la même maison la gestion des fonds et des mandats de Master-KAG. La gamme de fonds ne sera pas réduite.
18/08/2010
Fonds

Baisse du taux de couverture du fonds de pension néerlandais bpfBouw

Le fonds de pension néerlandais du bâtiment, bpfBouw (27,6 milliards d’euros d’actifs) a dégagé un rendement de 0,7% au deuxième trimestre, selon IPE, mais son taux de couverture est tombé à 104,5%, en dessous du seuil minimum, contre 108,2% précédemment, sous l’impact du reflux substantiel des taux d’intérêt à long terme. Fin juillet toutefois, le taux de couverture s’inscrivait à 105,3% à la faveur d’une remontée des taux.Sur l’ensemble du premier semestre, le fonds de pension a dégagé un rendement de 5,5%, supérieur au benchmark de 0,5 point de pourcentage.
Fonds
18/08/2010

Morgan Stanley and PSAM launch a UCITS III fund

Morgan on 16 August announced the launch of its first UCITS III-compliant fund on the FundLogic platform. The fund, which will be managed by the US-based alternative management firm P. Schoenfeld Asset Management (PSAM), offers exposure to an international event-driven strategy which includes mergers and acquisitions, distressed debt, and special situations. The fund, entitled MS PSAM Global Event UCITS, will be domiciled in Dublin. Shahzad Sadique, executive director and head of FundLogic, says in a statement that investors will benefit from access to the expertise of an alternative manager through a UCITS III fund, and says that other UCITS compliant funds managed by top alternative management firms will be unveiled in the next few months.
18/08/2010

Sherborne buys 5% of F&C

Sherborne Investors (Guernsey) A Limited has announced that it has purchased 26,556,198 ordinary shares in F&C Asset Management plc at a total cost of GBP15,587,631. It is a 5% stake in the firm. «The Group may continue to acquire shares in F&C, but if it is unable to acquire a large enough shareholding at an acceptable price, the Group may elect to dispose of its shareholding in F&C and invest in another company,» says Sherborne.
18/08/2010

Gartmore hit by loss of Guillaume Rambourg

Gartmore has seen a decline in its assets from GBP22.2bn as of the end of 2009 to GBP19.9bn as of the end of June, following an increase to GBP23.5bn as of the end of March. The drop is primarily due to the suspension of its star manager Guillaume Rambourg in March, and his subsequent departure. “That provoked withdrawals, primarily for the European Absolute Return fund managed by the team, and then in early May, for European hedge funds,” the British management firm says. European long only equity funds also saw outflows due to falling markets. In total, for first half, Gartmore has seen net redemptions of GBP1.8bn. In July, the management has seen further outflows of GBP238m, but its assets climbed back to GBP20.3bn. The firm expects that its assets will be lower in second half than in first half, which will result in reduced revenues from management fees. Despite these factors, in first half, net earnings rose 36% to GBP113.2m, and EBITDA was up 146% to GBP38.8m.
18/08/2010

Corporate bond market in China set to explode

In China and Hong Kong, the fixed income market has been moving increasingly in favour of investors, Asian Investor reports. “China is the most attractive fixed income market in Asia, and maybe in the world,” says Wang Yu-Ming, the new regional head of fixed income in Hong Kong for MFC Global Investment management (MFC GIM). According to statistics from the Asian Development Bank (ADB), the Chinese bond market has increased from USD62bn as of the end of 1996 to USD2.4trn as of the end of 2009, representing more than half of the bond market in Asia ex Japan. And this market is growing rapidly, particularly in the corporate bond sector. This is the reason for MFC GIM’s decision to allocate 30% of its GFII (qualified international institutional investor) quota, totalling USD200m, to its RMB fund, while the remainder is dedicated to its Chinese A-class equities fund. Aberdeen is also planning to dedicate most of its QFII quota, of an amount to be determined, to fixed income. Currently, corporate bonds represent about 15% of the Chinese bond market, according to ADB, but this segment is growing much more quickly than government bonds. Assets under management at MFC in Asia as of 30 June totalled about USD31bn, of which USD23bn were in fixed income.
18/08/2010

Investors worried about Japan and United States

Following China and Europe, it is now the turn of Japan and the United States to be the object of investors’ concerns. According to a BofA Merrill Lynch survey undertaken between 6 and 12 August, covering 187 management firms with a total of USD513bn in assets under management, pessimism about the Chinese economy had decreased, with a net 19% negative on outlooks for the evolution of the Chinese economy in the next 12 months, compared with 39% the previous month. This led to an increase in interest in commodities, with 9% of the sample overweight in commodities, compared with 1% underweight in July. There is also positive opinion about the European economy, for this prospects have improved considerably due to a rebound in optimism about the European banking sector. 11% of respondents are not overweight on Euro zone equities, while one month ago, investors were 10% underweight. Investors’ appetite for the Untied States, however, has considerably decreased. 14% of allocartors now underweight US equities, while 7% overweighted them in July. The change is even moer pronounced for Japanese equities, where 27% were underweight in August, compared with 7% previously.
18/08/2010

South Korean pension fund NPS to acquire a shopping centre

Les Echos reports that the South Korean National Pension Service (NPS), which manages South Korean pension assets, told AFP yesterday that it was about to purchase the French shopping centre O’Parinor, the fifth-largest commercial area in the Paris region. NPS, which says it is the fourth-largest pension fund in the world by asset volume, is seeking to buy the 51% stake in the property, located in Aulnay-sous-Bois, currently controlled by Hammerson. The acquisition price could total EUR230m.
18/08/2010

T. Rowe Price signs up to UN PRI

The US asset management firm T. Rowe Price has signed the United Nations Principles for Responsible Investment (UN PRI). Assets under management at T. Rowe Price total over USD390bn.
18/08/2010

Net outflows from Liontrust in second quarter

The British management firm Liontrust announced on 17 August that its retail assets under management as of 30 June totalled GBP662m, compared with GBP772m one quarter previously.
18/08/2010

RBS sells a loan portfolio

Agefi Switzerland reports that the British bank Royal Bank of Scotland (RBS) announced on Tuesday that it has sold a portfolio of European loans totalling EUR1.4bn to the British fund manager Intermediate Capital Group ( ICG). The two groups did not reveal the price of the purchase, which will be completed by the end of the month. The priority loans were contracted in Europe in several sectors, ICG states.
18/08/2010

Hong Kong attracts management firms

According to the most recent statistics from the Securities and Futures Commission (SFC) in Hong Kong, the number of applications for licenses to operate locally came to more than 7,300 in the first seven months of the year, up 46% compared with the corresponding period of 2009. As of the end of 2009, the number of licensed operators came to a record 37,694, compared with a previous record of 37,373 as of November 2008. The SFC reports that 85% of corporate applications are related to the launch of securities brokerage and asset management activities.
18/08/2010

Coverage rate down for Dutch pension fund bpfBouw

The Dutch building industry pension fund bpfBouw (EUR27.6bn in assets) earned returns of 0.7% in second quarter, according to IPE but its coverage rate has fallen to 104.5%, below the legal minimum, from 108.2% previously, due to the impact of a substantial reflux in long-term interest rates. However, as of the end of July, the coverage rate was 105.3%, due to a rebound in interest rates. For first half as a whole, the pension fund has earned returns of 5.5%, 0.5% higher than the benchmark.
18/08/2010

SWIP Short Term Fund tops GBP2bn

The Scottish management firm SWIP has announced that its Short Term Fund, launched on the institutional market in 2006, has topped GBP2bn in assets. In its first three years, the fund earned annualised returns of 4.68%, compared with 3.11% for its benchmark index.
18/08/2010

Allianz GI wins a EUR350m mandate

The US Equity Strategy of RCM has been awarded a 350 million Euro mandate by Nykredit, a financial services group based in Denmark. The mandate was won by Seung Minn, Senior Portfolio Manager and Chief Investment Officer of the Disciplined Equities Group at RCM and his team, after a competitive tendering process with 86 other companies.
18/08/2010

Clients upset with suspension of a UBS real estate fund

Agefi Switzerland reports that a group of French-speaking Swiss former clients of the wealth management firm UBS are going to sue for reimbursement of their investments in the UBS real estate fund Global Property Fund, which was liquidated in late 2009. Their investments in the fund are still locked up. The plaintiffs claim that the value of their investments is continuing to decrease: the fund has lost more than 21% so far this year, after a similarly negative performance in 2009. Another complaint is that they will need to wait 3 to 5 years to recuperate their money, meaning that they will get it back only in 2012 at best. This is the time needed for the properties owned by the investment vehicle to be sold off. This could create difficulties, for example, in cases of inheritance, or if the clients in question would like to leave UBS.
18/08/2010

Four countries may lost AAA ratings, says Moody's

The ratings agency Moody’s announced on 17 August that France, the United States, Germany and Great Britain are nearing the point at which they may lose their top AAA ratings, due to budget troubles. The ratings agency estimates in a statement that “challenges related to budget adjustments imply that the way to go under the ratings of these countries may be lowered is becoming shorter.”
18/08/2010

Ethias et Dexia perdent du terrain en assurance-vie

Selon la CBFA, Dexia Insurance Belgium (DIB), la branche assurance de Dexia, et Ethias ont subi l’an dernier une forte perte en termes de parts de marché en Belgique, au profit d’autres acteurs, rapporte L’Echo.La part de marché de DIB a reculé en 2009 de 8,64 à 5,04%. Celle d’Ethias passe de 10,73 à 8,96%. Une chute attribuable à la branche assurance-vie.Dexia a ainsi vu ses primes vie se réduire de moitié à 1,07 milliard d’euros. Sa part de marché dans ce segment n’atteint plus que les 5,83% là où un an auparavant elle s’établissait à 11,92%.
18/08/2010
Fonds

Des clients mécontents de la suspension d’un fonds immobilier d’UBS

Selon L’Agefi suisse, un groupe d’ex-clients romands de la gestion de fortune d’UBS vont réclamer un remboursement de leurs parts dans le fonds immobilier d’UBS, Global Property Fund, mis en liquidation fin 2009. Leurs investissements dans ce fonds sont en effet toujours bloqués. Les plaignants déplorent notamment que la valeur de leurs investissements continue à diminuer: le fonds a perdu plus de 21% cette année, après une performance négative similaire en 2009. Autre grief : il leur faudra attendre entre trois et cinq ans pour récupérer des fonds, soit au minimum jusqu’en 2012. C’est le temps nécessaire pour que les objets détenus par le véhicule soient vendus. Ce qui peut créer des difficultés en cas de succession par exemple ou si les clients en question souhaitent quitter UBS.
Fonds
17/08/2010

Création d'un CGPI à Marne-la-Vallée

Le Val d’Europe, le territoire le plus récemment développé de Marne-la-Vallée, accueille un nouveau cabinet de conseil en gestion de patrimoine indépendant, «Val d’europe Patrimoine», agréé CIF «conseiller en investissements financiers» auprès de l’AMF. Selon le communiqué, le cabinet qui démarre ses activités en septembre, se propose d’accueillir «une clientèle qui se veut haut de gamme et à la recherche d’une certaine expertise de qualité».
17/08/2010
Fonds

Cheyne Capital va remanier un fonds

Cheyne Capital, l’un des principaux hedge funds crédit de Londres, doit réorganiser son véhicule coté Queen’s Walk Investment, investi dans les emprunts hypothécaires complexes, rapporte le Financial Times. Les actions du fonds se négocient avec une forte décote par rapport aux encours, valorisés à plus de 100 millions d’euros. Cheyne veut repositionner le fonds sur des actifs adossés à des hypothèques plus liquides.
Fonds
17/08/2010

Un analyste carbone rejoint le fournisseur d'indices MSCI

L’ancien responsable des programmes d’investissement au sein du réseau Ceres, Matt Moscardi, a rejoint le fournisseur d’indices MSCI en tant qu’analyste ESG, selon Responsible Investor. Matt Moscardi était responsable du développement de programmes d’investissements à faible teneur en CO2 pour les membres fonds de pension et sociétés de gestion du réseau d’investisseurs sur le changement climatique (INCR- Investor Network on Climate Risk, quelque 8.000 milliards de dollars d’actifs sous gestion) au sein du Ceres.
17/08/2010
Fonds

Zoe Cruz lance son hedge fund

Selon Financial News, Zoe Cruz, une ancienne de Morgan Stanley, refait surface avec son propre hedge fund, Voras Capital Management. Elle aurait levé 200 millions de dollars et créé deux fonds distincts, indiquent des personnes proches du dossier.
Fonds
17/08/2010
Fonds

RAB Capital va fermer un fonds

Selon Money Marketing, RAB Capital va fermer son fonds European Dynamic, représentant 2,8 millions de livres, car il n’est plus viable. Ce produit, un Ucits III de droit irlandais, avait été lancé en 2003, précise le site Internet.
Fonds

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