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08/07/2010

Gold ETFs in price war

Last week, BlackRock lowered the management commission for its iShares Comex Gold Trust ETF (acronym IAU) be more than one third, to 0.25%. The fund has assets of only USD3.3bn, though it is nearly identical to the SPDR Gold Shares (GLD) fund from State Street, which has USD50.6bn, and charges a management commission of 0.40%, the Wall Street Journal reports. According to specialists, the new range from BlackRock is highly attractive, but those who make frequent trades and who already have shares in SPDR would probably do best, for tax reasons among others, to stay put. However, the new range from BlackRock is priced more attractively than the ETF Securities offering, with the ETFS Physical Swiss Gold Shares (SGOL), with USD587m, which charges 0.39%.
08/07/2010

Chinese government grants license to BNY Mellon Western FM

BNY Mellon Asset Management announced on Wednesday that the China Securities Regulatory Commission (CSRC) has authorised BNY Mellon and Western Securities to create a fund management joint venture in China, BNY Mellon Western Fund Management Company Limited. The joint venture will be 49% controlled by BNY Mellon, and 51% by Western Securities. BNY Mellon FM will start out managing Chinese “domestic” securities in several funds aimed at retail investors. It will later develop new products, relying on the expertise of the BNY Mellon group. Distribution will focus on banking and brokerage networks in China. The CEO of the new firm is Bin Hu.
08/07/2010

BNY Mellon joins IDCG as a clearing member

On Wednesday, BNY Mellon and the International Derivatives Clearing Group (ICDG) announced that the BNY affiliate BNY Mellon Clearing LLC will become a clearing member of the International Derivatives Clearinghouse LLC, a derivatives clearing structure regulated by the US Commodity Futures trading Commission (CFTC). BNY Mellon says that joining the body will allow it to offer clients central counterparty clearing for fixed income derivatives, which are an important tool in the management of financial risk for businesses, investors, and municipalities.
08/07/2010

State Street remains profitable despite one-off charge of USD251m

On Wednesday, State Street announced that in second quarter it recorded a second quarter 2010 after-tax charge of USD251m or USD0.50 per share, including a related cash contribution to certain common and collective trust funds managed by State Street Global Advisors (SSgA) that engage in securities lending (the SSgA lending funds). The USD330m transfer will allow SSgA to raise restrictions on redemptions from its lending funds from August 2010. State Street has also announced that in second quarter it had a revenue of USD2.3bn, and profits per share of USD0.87, taking into account the one-time charge of USD251m mentioned above, and a tax expense of USD180m for restructuring of assets in non-US conduits.
08/07/2010

Franklin Templeton leads in advertising spending

Nielsen has found that Franklin Resources was the US mutual fund manager which spent most on advertising in first quarter, with USD3.7m, compared with nearly USD0.51m in the corresponding period of last year, Mutual Fund Wire reports. Franklin Resources was followed by T. Rowe Price (USD2.97m), Vanguard (USD2.13m), Fidelity (USD2.05m), and Power Corp of Canada (the owner of Putnam Investments) with USD2.03m.
08/07/2010

UCITS III funds provide complementary products

Fabrice Cuchet, head of alternative management at Dexia Asset Management, says UCITS III hedge funds, known as newcits, “do not aim to replace hedge funds, but to bring a complementary range of products, more liquid and more regulated.” But there are many pitfalls, and one should not assume that newcits create liquidity. “Newcits are not miracle products which will deliver the same performance as hedge funds while offering more liquidity and less risk,” he says. It is likely, in fact, that the average performance of UCITS hedge funds will be lower than those of the hedge fund industry, partly due to a more restrictive UCITS environment for managers, and partly since not all strategies and assets are eligible for UCITS, which reduces the potential sources of performance. Dexia AM offers 22 UCITS III funds, covering 15 different alternative strategies in all asset classes.
08/07/2010

Outflows continue at Axa Framlington

The head of emerging markets at Axa Framlington, William Calvert, is leaving the group, along with two of his managers, Ming Kemp and Neil Denman. Calvert is lead manager of the Framlington Emerging Markets fund (GBP241.4m). The team will continue to provide management of the product for three months, and will then be replaced by Mark Beveridge and Irina Topa-Serry until successors for the trio can be found.
08/07/2010

Henderson adds to sales staff for Germany

Since the beginning of the month, Alexander van den Berg has become sales manager Germany at Henderson, where he will be in charge of wealth manager, fund of fund, and IFA clients. He will report to Lars Albert, head of sales, Germany. Van den Berg was previously head of wholesale distribution for Germany and Luxembourg at the German fund management firm SEB Asset Management.
08/07/2010

Kommalpha: institutional investors heading for health sector

According to a survey of 60 German institutional investors, of whom 17% have assets of over EUR10bn, the Kommalpha agency has found that professionals are clearly intending to increase their exposure to the health sector. 68% of them say this taste is due to a megatrend which profits the sector, while 50% are attracted by the potential for growth, and only 29% cite an attractive return/risk ratio as a motive in their investment decision, while 15% explain it as related to the low correlation of the sector with other asset classes. The three best-known funds in the sector are the BB Biotech Lux from Bellevue Asset Management (cited by 56% of those surveyed), the PF (Lux) Biotech I from Pictet Funds, and the DWS Biotech-Aktien from DWS, cited by 50% and 46%, respectively.
08/07/2010

Profits down at BHF-Bank

For 2009, BHF-Bank has declared net profits of EUR13m, compared with EUR198m, and a cost-income ratio up to 95% from 52.4%. At the end of last year, the private bank had assets of EUR43bn, and profits of EUR18m, compared with EUR21m. Assets under management at the affiliates Frankfurt Trust Investment Gesellschaft (Allemagne) and Frankfurt Trust Invest Luxembourg as of the end of December represented EUR17.1bn, of which EUR7.7bn were in open-ended funds, and EUR9.4bn in institutional funds and mandates. The total represents an increase of about 8% over their levels at the end of 2008. Profits for asset management are down to EUR12m from EUR14m. In 2010, BHF, which was taken over by Deutsche Bank at the time of its acquisition of Sal. Oppenheim, is planning to open a private banking affiliate in Singapore. In asset management, Frankfurt Trust will continue to develop quantitative and asset allocation products.
08/07/2010

European stock markets hostile to creation of centralised market data register

The Federation of European Stock Exchanges (FESE) on 7 July announced in a statement that it is hostile to the planned creation of a mandatory Consolidated Tape (MCT) which would record market data for all of Europe, and that it would not like to see a limitation on prices. “From our point of view, these proposals will not serve the objective of improving transparency or reducing costs, but will instead represent a serious threat to the competitive environment which the MiFID directive has made it possible to create,” the European stock exchanges claim.= The federation is also making several pledges, among them, that it will make various market data publicly and freely available for final users one quarter of an hour after the trades are completed, by fourth quarter 2010, and that it will offer pre-trade and post-trade market data separately, at reasonable prices, by the end of the year.
08/07/2010

Funds attracted EUR3.9bn in May

In the first five months of the year, German fund management firms posted net subscriptions of EUR37.2757bn, compared with EUR15.6862bn in the corresponding period of 2009.In May, net subscriptions totalled over EUR3.86bn, compared with EUR2.37bn for Spezialfonds and EUR1.83bn for open-ended funds, despite net redemptions of EUR1.44bn for real estate funds, and EUR1.11bn for money market funds. Despite net subscriptions, total assets in funds and mandates fell by more than EUR4.8bn in one month, to EUR1.75717trn as of the end of May.
08/07/2010

Pimco releases Pathfinder equities funds

Allianz Global Investors (AGI) announced on Wednesday that its US affiliate Pimco has recently released its value equities funds PIMCO EqS Pathfinder Fund™ et PIMCO EqS Pathfinder Europe Fund™ (see Newsmanagers of 21 June and 19 April) in Germany. The products are sub-funds of the Irish-registered, UCITS-compliant Sicav Global Investor Series (GIS).
08/07/2010

Net subscriptions: Allianz Global Investors leads the pack

In the first five months of the year, open-ended securities funds in Germany attracted nearly EUR11.08bn. Of this total, Allianz Global Investors (AGI) took in EUR6.09bn, of which EUR5.6bn went to Pimco Europe. The second-largest inflow went to BlackRock Asset Management Deutschland, whose iShares brand ETF funds drew in EUR3.17bn. ETF promoters have seen significant net inflows, as ComStage (Commerzbank) has attracted EUR565.1m, db x-trackers (Deutsche Bank) has posted net inflows of EUR756.7m, and ETFlab (Deka) has posted net subscriptions of EUR2.26bn. Among the major management firms, the DWS/FB Advisors family (Deutsche Bank) is the only one, aside from AGI, to post net inflows, with EUR810m. Deka (savings banks) and Union Investment (co-operative banks) saw respective net outflows of EUR3.37bn and EUR2.72bn.
08/07/2010

Salus Alpha releases a special situations fund in Germany

The alternative management firm Salus Alpha on Wednesday announced that its Austrian-registered UCITS-compliant fund Salus Alpha RN Special Situations (see Newsmanagers of 22 February) has been approved by BaFin for sales in Germany, and that it has attracted USD25m since its launch on 22 March, when it already had USD20m in assets. Its performance comes in at 2.85%.
08/07/2010

ComStage lists four more ETFs in Frankfurt

On Wednesday, Deutsche Börse admitted four Luxembourg-registered ETFs from ComStage (Commerzbank) to trading, including three equities funds, the ComStage ETF DAX FR and the ComStage ETF EURO STOXX 50 FR, which charge fees of 0.15%, and the ComStage ETF FTSE 100 TR, with management commissions of 0.25%. The last product is a bond fund: the ComStage ETF iBoxx € Germany Covered Capped Overall TR, with management commission of 0.17%. With these four funds, the XTF segment now lists 678 ETFs.
08/07/2010

BNP Paribas Weatlh Management adapts its governance

BNP Paribas Wealth Management on 7 July announced its decision to develop its organisation, bringing together all private management actors within a single professional unit, Wealth Management, which will be led by Jacques d/Estais, who will also retain his responsibilities as head of the Investment Solutions unit. The firm has also decided ot create a new governance format, to accentuate the transversality of geographical regions and support functions. 5 geographical regions have been defined: Asia-Pacific, Euro Domestic Markets and New Domestic Markets, International Europe (including the Middle East and Latin America), and Luxembourg. These regions will be led by Mignonne Cheng, Marie-Claire Capobianco for all domestic markets, Pascal Boris and Patrice Crochet. 3 transversal functions will aim to develop these regions: Products & Services, led by Olivier Maugarny; an UGNWI )ultra high net worth individuals) expert unit, which has recently been created, and whose organisation will be announced subsequently; and a COO unit, which will include the professional functions overseen by Vincent Lecomte. Cheng, Capobianco, Boris, Crochet, Maugarny and Lecomte will join d’Estais as members of the Executive Board of BNP Paribas Wealth Management.
08/07/2010

Nadine Chakar takes over as head of a new unit at BNY Mellon

Following the completion of the acquisition of PNC Global Investment Servicing, BNY Mellon has announced the creation of a new GFI (global financial institutions) group, which will concentrate on banking, mutual fund and insurance clients. The unit will be directed by Nadine Chakar, previously head for Europe, the Middle East and Africa. Steve Wynne, previously CEO of PNC Global Investment Servicing, becomes CEO of US fund services (mutual funds, closed funds, ETFs).
08/07/2010

Pioneer launches a green balanced fund

Jürgen Rauhaus, head of investments at Pioneer Investments Deutschland, has announced that the affiliate of UniCredit will on 26 July launch its first ecological and sustainable development balanced fund, the Pioneer Investments Balanced Ecology. The German-registered product is managed by Johannes Sienknecht and Reinhard Stork. It excludes in advance any shares in companies in the areas of alcohol, nuclear energy, gambling, pornography, arms and tobacco, as well as companies which admit to environmental damage, falsification of the balance sheet, or corruption. However, the portfolio will invest in shares in companies which respect high ecological and sustainable development standards. For bonds, the fund will not invest in securities from governments which possess nuclear weapons or which breach human rights. Maximal allocation to equities will be 50%, while exposure to bonds may total 100%. Preselection of securities will be entrusted to oekom research, and the portfolio will include 30 to 50 equities and 20-30 bond positions.CharacteristicsName: Pioneer Investments Balanced Ecology A EUR DAISIN: DE000A0RL2G4Front-end fee: 4%Management commission: 1.20%
08/07/2010

Bank of America remains the largest wealth manager in the world

Agefi reports that an annual study by the Scorpio Partnership agency (Global Private Banking KPI Benchmark 2010) has found that the ten largest actors in wealth management now account for nearly two thirds of the market. The volume of assets worldwide increased last year by 17%, to USD16.5trn. Bank of America retains its place at the top of the list, with assets of USD1.74trn, followed by UBS and Morgan Stanley.
08/07/2010

Aviva Investors takes over management of Henderson International Property Fund

Henderson Global Investors and Aviva Investors on 7 July announced that Aviva Investors will become the manager and “Authorised Corporate Director” of the Henderson International Property Fund, from 2 August 2010. Aviva Investors is planning to merge the assets of the Henderson International Property Fund (GBP183m as of 30 June) with the GBP223m (also as of 30 June) in its European and Asia-Pacific real estate funds. The larger size will allow for more diversification and reliance on the expertise of regional teams.
08/07/2010

Investment trust TERs at 1.83% in 2009

According to a study by the British association of investment companies (AIC), the average TER of investment companies, including performance commissions, came to 1,83% in 2009, compared with 1.56% in October 2008, and 1.74% in June 2007. In January 2010, 54% of companies charged a performance commission, compared with 51% in October 2008. Excluding performance commissions, 60% of investment companies had TERs of less than 1%, and 58% had a TER under 1.5%.
07/07/2010
Fonds

NYSE Euronext cote deux ETF supplémentaires d'Amundi

A compter de mardi, NYSE Euronext a admis à la négociation des Amundi ETF en euros de droit français Euro Stoxx Small Cap (FR0010900076) et Dow Jones Euro Stoxx 50 (D) (FR0010908251), ce qui porte à 542 le nombre de cotation de 494 ETF. Le premier est chargé à 0,30 % et le second à 0,15 %.A fin juin,NYSE Eurnoext déclarait 541 cotations pour 493 ETF de 17 émetteurs sur plus de 300 indices couvrant plusieurs classes d’actifs (actions, obligations, matières premières, short, avec effet de levier etc).Par rapport à fin juin 2009, le nombre d’ETF s’est accru de 18,5 % et 46 nouveaux ETF ont été admis à la cote de NYSE Euronext. A fin juin 2010, l’encours de tous les ETF cotés sur les marchés européens de NYSE Euronext représentait 116,7 milliards d’euros, soit 39,3 % de plus que les 83,7 milliards de dollars de fin juin 2009.
Fonds
07/07/2010

Fedéral Finance entre au capital de Schelcher Prince

Selon nos informations, Federal Finance, la société de gestion de Crédit Mutuel Arkea va prendre un ticket de 35 % dans le capital de la société de gestion indépendante Schelcher Prince, spécialisée dans la gestion obligataire - plus précisément dans le domaine du crédit et des convertibles. Si l’opération est concluante, la banque mutualiste devrait monter à 51 % dans un an. Actuellement, Schelcher Prince dispose de deux milliards d’euros d’actifs sous gestion et s’adresse essentiellement à une clientèle d’investisseurs institutionnels parmi lesquels les caisses de retraites (42,5 %), les assurances (17 %) et les associations (16,5%) se présentent comme les acteurs les plus importants. A noter également que les fonds dédiés et ouverts représentent peu ou prou une part égale (45 % et 40 % respectivement), les mandats représentant le solde. Cette opération n’entraîne pas de changement pour les équipes de la société de gestion. Crédit Mutuel Arkéa pousse actuellement les feux sur l’obligataire. Fin mai, l'établissement a pris une participation de 15% - avec la possibilité de monter à terme jusqu'à 34% - dans le capital de Tikehau Investment Management (TIM), une société de gestion dédiée à tous les segments de la dette. En outre, le partenariat doit s’accompagner d’un engagement dans les fonds sous gestion de la petite société de gestion parisienne qui gère 375 millions d’euros répartis entre 5 fonds.
07/07/2010

Deux responsables nommés chez BNP Paribas ERE

BNP Paribas a annoncé, mardi 6 juillet, les nominations de Thierry Augier à la fonction de directeur de la Distribution et des Partenariats et d’Edouard Clarke de Dromantin au poste de directeur commercial. Thierry Augier qui a créé Fortis Epargne Retraite (FER) en était le directeur général avant de rejoindre les équipes de BNP Paribas Epargne et Retraite Entreprises suite à l’intégration de FER. Il prend désormais la direction de la distribution des offres en épargne salariale et en assurance collective auprès des réseaux du groupe. Il est également en charge du développement de partenariats auprès de distributeurs externes en France. Edouard Clarke de Dromantin a intégré BNP Paribas Epargne et Retraite Entreprises en 2001, et était depuis juin 2009 responsable Epargne Salariale. Il a désormais pour objectif de renforcer l’offre tant en épargne salariale qu’en assurance collective avec, sous sa responsabilité, cinq équipes commerciales dédiées aux différents segments d’entreprise. Dans son communiqué, BNP Paribas précise que Thierry Augier et Edouard Clarke de Dromantin rejoignent également le Comité Exécutif de BNP Paribas Epargne et Retraite Entreprises.
07/07/2010

Nouvelle direction collégiale du bureau parisien de Russell Investments

Russell Investments a annoncé mardi 6 juillet la composition de la nouvelle direction de son bureau parisien. Dominique Dorlipo et Michaël Sfez deviennent directeurs généraux associés de Russell Investments pour la France. Les deux associés superviseront le renforcement des activités de gestion d’actifs et de services d’implémentation de Russell en France, Benelux, Suisse et Afrique du Nord, et le suivi des relations stratégiques avec les clients et partenaires du bureau parisien, précise le communiqué.Agé de 44 ans, Dominique Dorlipo partageait jusque là la direction générale du bureau parisien avec Serge Heringer, arrivé en 2008 et qui a quitté l’entreprise cette année pour poursuivre d’autres projets entrepreneuriaux. Agé de 36 ans, Michaël Sfez était depuis 2009 au sein de l’entreprise directeur des ventes et partenariats pour la France, la Suisse, le Benelux et l’Afrique du Nord.

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