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23/07/2010

Aviva Investors reshuffles its sales team dedicated to UK funds

Aviva Investors is reorganising its sales team dedicated to British funds. Simon Clark becomes director of sales for wealth management. David Robson will hold the same position for sales at Aviva Life. Malcolm MacKenzie will be in charge of partnerships, particularly those signed with independent financial advisers and platforms.
23/07/2010

Net profits up at Raymond James Financial

For the third quarter of its fiscal year, ending 30 June, Raymond James Financial has published net profits of USD60.68m, compared with USD55.623m for the previous quarter. In the third quarter of its 2009 fiscal year, the firm posted net profits of USD42.59m. In the first nine months of 2010, net profits totalled USD159.21m, a 45% increase compared with the 2009 figures. Assets under management as of 30 June totalled USD27.5bn, compared with USD29.3bn as of 30 March, and USD22.6bn one year previously. Assets under administration totalled USD231bn as of the end of June, compared with USD242bn three months earlier, and USD196bn as of 30 June 2009.
23/07/2010

KTCU signs a partnership with Fidelity and Goldman Sachs AM

The Korea Teachers Credit Union (USD14bn) has signed a “strategic partnership” with Fidelity and Goldman Sachs. The practice is increasingly common, Asian Investor notes. The partnerships usually result in large-volume management mandates.
23/07/2010

Considerable improvement in “economic” income at Blackstone

In second quarter, economic net income at the Blackstone Group totalled USD205.24m, compared with USD180.84m in the corresponding period of last year, bringing the total in first half to Usd565.63m, compared with USD978.41m. By GAAP accounting standards, second quarter came out to a loss of USD193.32m, compared with USD164.28m. Fee-earning assets under management as of the end of June totalled USD101.42bn, compared with USD93.5bn twelve months previously. Of this total, private equity represented USD25.19bn, compared with USD25.24bn, and real estate USD23.84bn, compared with USD23.52bn. The difference was in the area of credit and marketable alternatives (CAMA), with a total of USD52.39bn, compared with USD44.74bn.
23/07/2010

Inflows to target date funds slow

According to Ibbotson Associates, an affiliate of Morningstar, net subscriptions to target-date funds in the United States totalled USD2.6bn in May and USD2.1bn in June, Mutual Fund Wire reports. Due to net outflows from equities funds in the same period, these results may appear flattering. But in reality, they conceal a considerable slowdown in net inflows, which have been decreasing by an average of USD3.9bn per month for the past three years.
23/07/2010

USAA awards a management mandate to Wellington Management and Winslow Capital

Marisco Capital Management has lost a mandate for nearly USD1bn. USAA has withdrawn the mandate, which covered the management of the USAA aggressive Growth Fund (USD976m). The mandate has been awarded to Willington Management and Winslow Capital. USAA would like the fund to be managed more dynamically, Mutual Fund Wire comments. The two management firms will each be in charge of half of the assets in the portfolio.
23/07/2010

CS Gestión launches an infrastructure fund

On Thursday, Credit Suisse Gestión launched the CS Infrastructuras fund (ES0175449034), managed by Fernando Gil de Santivañes. The product will be at least 75% invested in equities and up to 25% in bonds. At least three quarters of the amounts invested in equities will be allocated to infrastructure firms. The portfolio will include 20 to 25 positions, on shares in companies worldwide, including emerging markets. Management commission is set at 1.5%.
23/07/2010

Union, Threadneedle and LBB Invest top three in second quarter, according to Feri

The rankings of managers with funds on sale in Germany are holding stable. As in first quarter (see Newsmanagers of 28 April), Union Investment (German co-operative banks), which has been the leader since September 2009, and Threadneedle have over 50% of their products rated A or B, with 54.2% (compared with 55.4% in January-March) and 52.3% (unchanged) of their products. However, the two third-place asset management firms are below 50%. They are LBB Invest and LGT Group, which have 48% “good” funds each. They thus surpass Pictet (which is no longer in the top 10) and Universal Investment, which has fallen to ninth place with 41.4%. Among the management firms which have between 8 and 24 funds on sale in Germany, Vitruvius remains at the top of the rankings as it has been since first quarter 2008, with 88.9% of its funds (unchanged) rated A or B. DJE is in second place, with 76.9%, overtaking Star Capital, which is in third place alongside Nevsky Capital at 75%. Star Capital had 87.5% A and B rated funds in first quarter. Carmignac Gestion remains in sixth place, with the same 66.7% percentage, and Comgest comes in ninth place with a rate of 63.6%.
23/07/2010

Credit Suisse has little to fear in German market

At a presentation of its results for second quarter, Walter Berchtold, head of the private banking division on the board at Credit Suisse, has stated that, despite an episode in which stolen CD-ROMs stolen from the firm were sold to the German tax authorities, German clients withdrew only modest amounts from their accounts in Switzerland. To the contrary, according to the Frankfurter Allgemeine Zeitung, Credit Suisse added that its branches in Germany have seen significant net inflows. In second quarter, Credit Suisse has posted a net inflow for private banking of CHF5.6bn, from clients in the Europe, Middle East and Africa region, compared with CHF2.4bn in January-March. The money is largely coming from Russia, the Middle East and onshore branches in various countries.
23/07/2010

Sustainable real estate carves out a niche with European investors

In a survey by Union Investment (the asset management firm for the German co-operative banks), covering a representative sample of 185 investment decision-makers at real estate businesses and German, French and British institutional investors, the percentage of “sustainable” properties in the portfolios of European professional investors is expected to strongly increase in the mid-term. 64% of respondents says that sustainable development criteria are now strongly anchored in their real estate investment strategy, while 62% are planning to invest significantly more in sustainable properties. French investors stand out with a desire to strongly increase their engagement in this area. It is also noteworthy that for 50% of the decision-makers surveyed, sustainable investment in real estate is part of a more global move towards corporate social responsibility (CSR). This percentage is as high as 60% for British investors.
23/07/2010

Credit Suisse: Private banking and asset management suffered in second quarter

For second quarter, Credit Suisse has posted net profits of CHF1.59bn, comapred with CHF2.05bn in first quarter, and CHF1.57bn in the corresponding period of last year. The private banking division has posted a pre-tax profit of CHF874m, compared with CHF892m in January-March, and CHF935m in second quarter 2009. The group states that net inflows totalled CHF13.8bn, which represents a significant decline compared with CHF18.6bn in first quarter (see Newsmanagers of 22 April), but remains high considering the context. This new investment money is coming largely from abroad. In asset management, pre-tax net profits fell to CHF22m, from CHF166m in January-March and USD55m in the corresponding period of last year. Credit Suisse points out that the division has posted net subscriptions without interruption over the past four quarters. In April-June 2010, subscriptions fell to CHF1.3bn, of which CHF1.1bn were for alternative investments, and CHF0.2bn for traditional investments, largely for consulting activities in Switzerland. In first quarter, net inflows totalled CHF11.2bn, of which CHF4.4bn were for multi-asset class solutions, and Chf4.3bn for alternative investments.
23/07/2010

Amundi Japan still ambitious to grow

Amundi Japan has more in assets under management (EUR16bn as of the end of March 2010) than the Italian affiliate, and enjoys a remarkable balance between retail and institutional investors, Agefi reports. However, Amundi is planning to increase its assets under management for institutional clients by EUR2bn in the next three years, as Japanese pension reforms present opportunities for the management firm. The firm is also the number 3 foreign firm in collective asset management, and top for structured products among all actors in Japan. The business is hoping to develop relations with existing or new partners, and to increase collaboration between Tokyo, Hong Kong and Paris offices. Overall, the firm is hoping to capture EUR8bn in additional net assets, the newspaper adds.
23/07/2010

Assets in foreign funds increased by 38% in 2009

According to the final statistics for 2009, the CNMV estimates that assets in the 582 foreign funds (a total number which remains unchanged compared with that reported in Newsmanagers on 27 May) as of the end of December totalled EUR25.2bn, which represents a 38% increase in one year. In its annual report, the regulator had previously estimated assets under management at EUR24.3bn, and the increase at 35%. In fourth quarter, the largest number of funds came from Luxembourg (275), France (178), Ireland (64), Austria (27) and Germany (17). The regulator also indicates that 96 of these funds had assets of over EUR30m.
23/07/2010

Amundi to launch a seafood fund in Japan

The French asset management firm Amundi will launch a seafood fund in Japan, after identifying a strong correlation between rising income in emerging markets and consumption of seafood. In China, for example, seafood consumption rose by 2 kilos per person per year between 2001 and 2007, to a total of 26.5kg, the Financial Times reports. The details of the fund remain to be finalised, but the portfolio will include fisheries and seafood processing companies, shipmakers that construct fhishing boats, and seafood restaurants, including Japanese sushi restaurant chains, to capitalise on the growing popularity of these inexpensive outlets in an economy ravaged by deflation. Masato Degawa, chief investment officer at Amuni Japan, says that assets in the fund will be limited to USD800m, due to the relatively small size of target companies.
23/07/2010

Further devaluation for Morgan Stanley P2 Value

On Thursday, the net asset value of the German-registered Morgan Stanley P2 Value fund was lowered by EUR4.43 to EUR36.32. Morgan Stanley Real Estate Investment GmbH explains that the decrease is partly due to a paid dividend of EUR1 per share, while the remainder is related to a downward revision of valuations of four properties in the portfolio: the Draycott Park in Singapore (-10%); the Citigroup Center Building in Tokyo (-13%); the Etoile Pleyel in Paris (-25%), and the Legends Village West in Kansas City (-26%).
23/07/2010

comdirect results hold stable

Due to EUR15.13m in net profits in April-June, compared with EUR15.62m in January-March and EUR18.23m in the corresponding period of last year, the comdirect group (Commerzbank) has posted stable net profits for first half of EUR30.81m, compared with EUR30.96m. For the year as a whole, the group is expecting only EUR80m in net profits, rather than a “triple-digit figure in millions of Euros” (see Newsmnagers of 19 February). Assets at the B2C division (comdirect bank) as of the end of June totalled EUR23.79bn, up 7% over the end of December (ERU22.2bn), while the B2B division (eBase) was up 3% to EUR13.68bn, largely due to net subscriptions.
23/07/2010

Janus doubles net profits in one year

Janus Capital Group Inc. on Thursday, 21 July announced a net profit for second quarter of USD30.2m, near to the net profits of USD31.3m it earned in first quarter 2010, and Usd15.8m in second quarter 2009. Operating margins for the business in second quarter 2010 came to 24.6%, compared with 27.3% in the first three months of 2010, and 23.5% in second quarter 2009. On average, assets under management in second quarter 2010 came to USD160.2bn, compared with USD160bn in first quarter 2010,a nd USD126.7bn in second quarter 2009. As of 30 June, total assets under management came to USD147.2bn, while they totalled USD165.5bn on 31 March, and USD132bn in second quarter 2009. USD17bn of he decline in assets under management in second quarter was due to market effects, and USD.13bn to net redemptions.
23/07/2010

Varengold launches a manager platform for alternative investment

The German asset management firm Varengold Investment AG, which was granted a license by BaFin on 11 March, but which has 15 years of experience in managed futures (at Varengold Wertpapierhandelsbank), announced on Thursday that it has opened the Varengold Managed Account platform for institutional investors. The platform will allow client to invest in funds from the world’s best managers in the area of managed futures and global macro strategies. All the managers present on the platform will be subject to German law (and therefore transparent from a taxation point of view), and will be subject to permanent and ongoing independent risk management. In short, says Yasin Sebastian Oureshi, co-CEO of Varengold Investment, “it’s Europe instead of the Caribbean.” Steffen Fix, the other co-CEO, says that Varengold submits each fund to strict analysis and selection, which simplifies the task for institutional investors.
23/07/2010

Pimco adds to teams in Hong Kong, London and New York

Ky Myung (Kim) Hong, regional vice chairman and president of Asia Pacific at Bank of America Merrill Lynch, has been recruited as managing director and head of Asia Pacific at Pimco (Allianz Global Investors) in Hong Kong. He will be in charge of the Hong Kong, Singapore, Sydney and Tokyo offices. In addition, he will enter the global operating committee. He will report to Douglas Hodge, COO, who was previously head of Asia Pacific. Meanwhile, as a part of the development of its equities management, Pimco has recruited two people from Goldman Sachs Asset Management for its London office: Maria Gordon, as executive vice president and emerging market portfolio manager, and Melissa Turtle, as senior vice president and equity trader. Gordon managed the Goldman Sachs Emerging Markets Equity Fund and co-managed the BRIC fund from GSAM. For the New York office, the management firm has recruited four senior vice presidents. They are Rebecca Babin (formerly of Brigade Capital), for equity trade, Eteve Craige (from Franklin Templeton Mutual Series), as equity product manager, and Mark Cooper and Patrick Lawler as equity analysts, Cooper from Omega Advisors, and Lawler from Pequot Capital Management. More hires are to follow this year and in 2011 for the equities platform, says Neel Kashari, managing director and head of new investment initiatives.
23/07/2010

La variété des performances au plus bas

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois de juin 2010. Ces performances sont mises en perspective par le calcul de la volatilité et du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.
Grand Prix du Patrimoine Experts Certifiés
23/07/2010

Les marchés dirigés par le sentiment

Le graphique ci-contre montre l’évolution de l’appétit pour le risque, mesuré par la corrélation de rang entre les rendements des facteurs de risque et la volatilité qui leur est associée. Si la corrélation est positive, l’aversion pour le risque a baissé ; si la corrélation est négative, elle a augmenté.
Grand Prix du Patrimoine Experts Certifiés
22/07/2010
Fonds

Première cession pour le fonds Qualium

Les Echos rapporte que le nouveau fonds Qualium (ex-CDC Capital Investissement) s’apprête à réaliser sa première cession. La société d’investissement, qui a confié six mandats de vente sur son portefeuille, négocie avec LBO France la cession du groupe Exxelia, spécialisé dans les composants électroniques, notamment pour l’aéronautique et le secteur militaire. La société avait été valorisée lors de ses précédents rachats autour de 100 millions d’euros. Qualium en demande aujourd’hui bien plus, qui cherche à élargir son tour de table pour lever jusqu'à 250 millions supplémentaires aux 250 millions apportés par la Caisse des Dépôts.
Fonds
22/07/2010
Fonds

Baisse de l'encours des fonds de pension

Selon les statistiques de VDOS Stochastics, l’encours des fonds de pension individuels espagnols au 30 juin ressortait à 50,82 milliards d’euros, ce qui représente une diminution de 2,60 % ou de 1,35 milliard sur les six premiers mois de l’année. Les trois leaders sur le marché à fin juin étaient BBVA (8,3 milliards d’euros), Vida Caix (8,1 milliards et Santander Pensiones (7,37 milliards).
Fonds
22/07/2010

Ibersuizas se lance sur le créneau de l'assurance

Le capital-investisseur Ibersuizas (600 millions d’euros d’encours) est en négociations exclusives pour l’acquisition de Multiasistencia, le leader Espagne des services de réparations et de sinistres pour les portefeuilles multirisques des assureurs et des groupes bancaires, rapporte Cotizalia. D’après les proches du secteur, la transaction pourrait porter sur 150-200 millions d’euros. Multiasistencia est présente en France au travers de Smabtp.
22/07/2010

Consolidation dans la gestion d'actifs en Italie

Selon l’Agefi, les sociétés de gestion Primia et Anima vont fusionner pour représenter 40 milliards d’euros d’actifs sous gestion. L’opération, précise le quotidien, est estimée entre 400 et 600 millions d’euros, avec une plus-value de 200 millions pour le propriétaire d’Anima.
22/07/2010

DWS se dote d'une nouvelle division "stratégie produits"

Ingo Gefeke, directeur de la distribution et de la gestion de produits de DWS investments (Groupe Deutsche Bank), a annoncé que la société de gestion vient de créer une division «stratégie produits» couvrant l’ensemble de l’Europe et qui groupera les spécialistes produits avec les analystes et la recherche sur les fonds.Cette nouvelle structure doit permettre d’intensifier la coopération avec les partenaires de distribution, les marchés-clés étant la Suisse, l’Autriche et l’Italie, sans oublier l’Allemagne. Il s’agit en fait d’exporter dans toute l’Europe les recettes qui ont fonctionné en Allemagne, notamment en ce qui concerne les solutions structurées pour les produits et les retraites «avec des profils clairs».
22/07/2010

Julius Baer louche sur la BHF-Bank

Dans un entretien avec la Frankfurter Allgemeine Zeitung, Boris Collardi, CEO de Julius Baer, a cité nommément les BHF-Bank comme cible potentiel de la politique de croissance externe de la banque suisse. Il a indiqué avoir étudié le dossier de Sal. Oppenheim (remportée par la Deutsche Bank) et de Merck Finck (acquise avec KBL european Bankers par Hinduja) qui était trop chère. Les acquisitions s’inscrivent dans le projet de Julius Baer de devenir bénéficiaire en Allemagne, qui est avec la Suisse et l’Italie l’un des marchés clé pour la banque en Europe.
22/07/2010

Partenariat outre-Rhin entre SGSS et Credit Suisse

Société Générale Securities Services (SGSS) et Credit Suisse (Deutschland) AG ont annoncé mercredi avoir signé un accord de partenariat à travers lequel SGSS fournira à Credit Suisse Asset Management en Allemagne une offre complète de services d’administration de fonds (solution de type Master KAG).SGSS fournira à Credit Suisse (Deutschland) une gamme complète de solutions administratives et technologiques, y compris des services de front-office (ASP), des services d’administration de fonds et de reporting. Dans le cadre de ce partenariat, SGSS acquerra la structure juridique Credit Suisse Asset Management KAG mbH qu’elle intégrera dans son entité locale existante, SGSS Deutschland KAG mbH. La clôture de la transaction, soumise à l’autorisation du régulateur local, devrait intervenir le 30 septembre 2010.Au 31 mars, SGSS en Allemagne affichait 62,2 milliards d’euros sous administration, répartis sur près de 500 fonds.
22/07/2010

Dans trois ans, Julius Baer veut atteindre le taille critique en Allemagne

Boris Collardi, directeur général du groupe Julius Baer, déclare au Temps vouloir accélérer sa croissance en Allemagne. «Notre argent frais augmente de plus de 10% en Allemagne au premier semestre. Nous allons l’accélérer avec l’engagement du nouveau responsable du private banking», précise-t-il. Il espère atteindre la taille critique dans les trois ans et y devenir bénéficiaire. La taille critique se situe vers 3 à 5 milliards d’euros.
22/07/2010

Alexander Ciric devient patron de la distribution d'Oppenheim Fonds Trust

Anita Zuleger prenant de nouvelles fonctions au sein de la maison-mère, Sal. Oppenheim, Alexander Ciric, qui était en dernier lieu responsable des canaux de distribution «banques et assurances» et «partenaires de coopération» a été nommé avec effet au 1er juillet directeur de la distribution d’Oppenheim Fonds Trust (OPFT).

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