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16/03/2010
Fonds

State Street lance un huitième ETF marchés émergents

State Street Golbal Advisors (SSgA) a lancé jeudi le SPDR S&P Russia ETF, son huitième ETF répliquant l'évolution d’un marché emergent. L’encours de ces fonds représentait le 5 mars un total de 2,4 milliards de dollars.Ce nouveau produit, dont la commission de gestion se situe à 0,59 %, suit l’indice S&P BMI Russia Capped (72 valeurs) et a comme acronyme RBL sur la plate-forme NYSE Arca.
Fonds
16/03/2010

Sale of products with ties to Madoff brings a trip to Luxembourg courts for Dexia BIL

L’Echo reports that a Belgian investor has taken the private bank Dexia Banque Internationale à Luxembourg (Dexia BIL) to court to seek a refund of all the money he lost in the Rafale Partners fund, which was invested in products from Bernard Madoff. He is seeking EUR660,000. The lawsuit comes after the investor refused a proposal from Dexia BIL to refund him more than 50% of his investment.
16/03/2010

Investors' appetite for hedge funds returns

According to a Deutsche Bank AG survey, the majority of investors said they expect to see more than USD100 billion of net assets flow into hedge funds in 2010. That comes after two years of net outflows. The survey reflects the views of roughly 600 investors controlling about USD1.1 trillion in hedge-fund assets. They include funds-of-funds.
16/03/2010

Robert Michele plans to double exposure to emerging market debt

Robert Michele, who since October 2008 has been director of fixed income management at J.P. Morgan Asset Management in London, is planning to double the firm’s exposure to emerging market corporate debt by the end of the year, according to Investment Week. Michele, manager of the Strategic Bond Fund (GBP52.4m), says that the current weighting of 10% could rise to 20% or 25%. The fund currently holds government debt from Indonesia, Korea, Mexico, Israel, Turkey, and Egypt, but Michele would like to add corporate debt from Latin America and Asia.
16/03/2010

Hopes rise for a compromise on hedge funds

Pressure was mounting for a compromise deal on Tuesday on the European Union’s draft rules on hedge funds and private equity which would reduce British opposition to the regulation, says the Financial Times.
16/03/2010

AIFM: Britain still pushing for more moderate version of directive

As finance ministers of European Union countries meet this Tuesday to find a compromise on the planned AIFM directive, the British research centre Open Europe has issued a final warning over the dangers the text in its current form poses to the asset management industry as a whole, to investors and to the European economy. According to estimates already advanced by Open Europe, the hedge fund and private equity industries contribute EUR9.2bn per year to tax revenues to the European economy. This total could theoretically be reduced if the directive were retained in its current form. In addition, Open Europe notes, the bill has not been thoroughly amended, and may result in added costs of about EUR8.2bn to investment firms. This cost would largely be passed on to investors. To avoid these eventualities, Open Europe suggests that fewer restrictions should be placed on funds and non-European managers, and that more flexible rules be laid out for depositories. Open Europe also says that it is in favour of the idea that small asset management firms and closed funds (such as investment trusts, for example) be exempted from the directive.
16/03/2010

Frankfurt Trust launches its first multi-asset class fund of funds

With the German-registered fund FT MultiAsset VolaTarget 9, Frankfurt Trust, the asset management firm from BHF-Bank, is launching its first fund of funds authorised to invest in equities, bonds, commodities, private equity, real estate, and cash, with the top priority of controlling risk. The two managers, Christoph Kind and Corinna Ament, will invest in various asset classes, whose weighting will be determined by a systematic quantitative selection process, and which will use either ETF or ETC (commodity) products. The risk level is set ex ante at about 9%. Characteristics Name: FT MultiAsset VolaTarget 9 ISIN: DE 000 A0Y CBJ 3 Front-end fee: 5 % Management commission: 1.5 % Depository banking commission (BHF Asset Servicing): 0.1% Minimal subscription: EUR2,500
16/03/2010

Good performance for National Social Security Fund

The Chinese National Social Security Fund (NSSF) has announced that it made CNY84.9bn in 2009, which corresponds to returns of 16.1%, while assets allocated to foreign equities earned 53.26%. In 2008, the fund gained only 5.25%, due to losses of CNY39bn for its equities portfolio. Z-Ben Advisors states that in the past nine years, since its inception, the NSSF has earned annualised returns of 9.75%. Assets as of the end of December represented CNY776.5bn, 38% more than at the end of 2008. The objective is to reach CNY1trn by the end of this year.
16/03/2010

Deutsche Bank closes acquisition of Sal. Oppenheim

On Monday, Deutsche Bank announced that it had closed its acquisition of Sal. Oppenheim (EUR137bn in assets as of the end of December). The acquisition price was paid in cash, and totalled EUR1bn, excluding BHF Asset Servicing, which was sold to BNY Mellon. The board of directors of Sal. Oppenheim will be enlarged with the arrival of two directors from Deutsche Bank, Jürgen Dobritzsch and Jürgen Fiedler, who will join the managing board, the former as chief financial officer (finance and management control), and the latter as chief risk officer. In addition, Pierre de Weck, a member of the executive committee at Deutsche Bank in charge of private wealth management, becomes chairman of the supervisory board at Sal. Oppenheim, which will remain a unit of the independent private bank, serving retail and institutional clients. Deutsche Bank states that the investment banking activities of Sal. Oppenheim will be abandoned by the end of the year, while BHF-Bank will continue to operate separately, as Deutsche Bank “studies several strategic options” for the firm.
16/03/2010

Emmanuel Roulin becomes head of business development, Asia Pacific at Lombard Odier

Emmanuel Roulin, who opened the Paris office of Lombard Odier in 2001, and who until the end of last year was head of commercial activities and marketing for relations with institutional clients in Europe, has been appointed head of business development, Asia Pacific, in Hong Kong. In this newly-created position, Roulin will be responsible for development of activities assisting institutional clients in Asia-Pacific for both Lombard Odier Investment Managers and for Lombard Odier Funds. He will be assisted by a marketing and sales team which is in the process of recruitment. Lombard Odier has been providing wealth management services to high net worth investors and families in Hong Kong since 1997, in Tokyo since 1992, and in Singapore since 2007.
16/03/2010

South Korean bankers interested in Islamic finance

South Korean institutions are showing a growing interest in Islamic finance, which appears to be a way to distinguish its financial instruments from traditional products, according to BNY Mellon, which held a seminar on the subject a few days ago in Seoul. According to some estimates, most sukuk bond issues this year may come from the Asian region. Malaysia continues to dominate the Islamic bond market, with a market share of about 80%. But South Korea, a latecomer to this market, nonetheless hopes to do well with the establishment of a fiscal environment favourable to the issue of sukuks.
16/03/2010

Henderson launches new fund from Richard Pease in France

Henderson Global Investors has obtained a license from the French regulator AMF to release the New Star Special Situations fund, managed by Richard Pease, former star manager from New Star, in France. The fund, launched on 1 October 2009, deploys “the well-known investment process of Richard Pease, based on the conviction that value management is a source of outperformance in the long term,” says Henderson, which acquired New Star last year. Henderson will limit assets in the New Star European Special Situations fund to about GBP500m, in order to retain a bias on the small and midcaps market. As of 4 March this year the fund had already received investments of GBP152.2m.
16/03/2010

State Street launches its eighth emerging markets ETF

State Street Global Advisors (SSgA) on Thursday launched the SPDR S&P Russia ETF, its eighth ETF to replicate the evolution of an emerging market. Assets in the fund as of 5 March totalled USD2.4bn.The new product, whose management commission totals 0.59%, tracks the S&P BMI Russia Capped index (72 positions), and is listed under the acronym RBL on the NYSE Arca platform.
16/03/2010

Thomson Reuters launches 7,500 indices

Thomson Reuters on 15 March announced the launch of 7,500 sector equities indices covering a wide range of regions and sectors (18 regions and 44 countries), including Emerging Market and Asia Pacific sector indices, and specific indices focused on sectors such as water, renewable energies and diversified media.
16/03/2010

Banif Inmobiliario: Courts order Santander to open its books

Judge Belén Sánchez has ordered the real estate fund management firm from Santander to provide the names of all investors who requested redemptions of their shares in the Banif Inmobiliario fund at its last liquidity window in October 2008, Expansión reports. 400 clients have accused the bank of first organising exits for some subscribers, who held 16.9% of assets in the fund, at a time when the net asset value of the fund was at record levels, before causing panic which led investors to demand redemptions of 80% of shares in the fund.
16/03/2010

Net profits at Partners Group up 20%

Though operating revenues were down to GBP325m from CHF328m, and EBITDA fell to CHF227m, from CHF240m, the Swiss asset management firm Partners Group posted a 20% increase in its profits for 2009 by IFRS accounting standards, at CHFR205m. Dividends will be increased to CHF4.50 per share, from CHF4.25 for the 2008 fiscal year. This corresponds to a dividend yield of 3.1% on the basis of the closing price of shares in the firm as of 12 March. Assets total about CHF25bn, and the directors of Partners Group confirm that they are expecting net subscriptions this year of CHF4-5bn.
16/03/2010

Improving results will come before consolidation in the asset management sector

The directors of several of the largest UK asset management firms (Aberdeen AM, Gartmore, F&C, and others) have put an end to hopes of consolidation in the asset management industry this year, Financial News reports. After speaking to several of them, the news source has found that they will prefer to focus on improving their balance sheets, rather than engaging in deals of this type.
16/03/2010

Surprises on short list of candidates to acquire KBL EPB

La Tribune reports that the short list of candidates to acquire KBL European Private Bankers (KBL EPB), the private banking activity of the Belgian financial group KBC, includes five firms. All of them have offered a price of over EUR1.5bn for the company, which manages EUR47bn in assets, the French newspaper notes. Two candidates from emerging countries are in the running: the Brazilian bank Safra and the Indian family investment firm Hinduja, the newspaper reports. In addition to these two, the Italian firm Agnelli, in collaboration with its holding company Exor, the US investment fund KKR in partnership with Luxempart, a holding company owned by the Luxembourg insurance company Le Foyer, and Julius Baer, the only Swiss private bank in the running, are also budding to acquire the business. So far, the five candidates are going over the books and meeting directors of KBL. They will be required to submit their final bids by 9 April.
16/03/2010

Ignis AM and Argonaut launch a fund

Ignis Asset Management and its European equities boutique, Argonaut Capital, have announced the launch of the Ignis Argonaut European Enhanced Income Fund. The fund, due to launch at the beginning of April (subject to regulatory approval), will utilise a covered call strategy whereby the manager will sell call options against stocks in the fund to generate a higher level of yield. In its first year the fund will target an annual yield of approximately 7%, with the target adjusted annually within a range of 5% to 9% thereafter. All returns from the Ignis Argonaut Enhanced Income Fund will be hedged to sterling. Oliver Russ, who co-founded Argonaut Capital Partners with Barry Norris, will manage the Ignis Argonaut European Enhanced Income Fund. The new fund will complement the GBP460 million Ignis Argonaut European Income Fund Similar to the European Income Fund, the new portfolio will invest in 30 to 55 stocks, concentrating on three key areas: value stocks offering high dividends and the potential for capital appreciation; growth stocks with high earnings growth and a record of returning cash to shareholders; and special situations, where dividends are currently low but have considerable potential to increase as a result of restructuring or other corporate action.
16/03/2010

Aberdeen to launch a fund of emerging market bonds in local currencies

As a sub-fund of its Luxembourg Sicav Aberdeen Global, the British management firm Aberdeen Asset Management is planning to launch a fund on 1 April 2010, which will come as an addition to its Emerging Markets Bond Fund. The product will be denominated in US dollars, and will invest in bonds from emerging countries denominated in local currencies, and will be entitled Aberdeen Global Emerging Markets Local Currency Bond Fund. At least two thirds of assets will be invested in corporate or government bonds from emerging countries. Currently, according to portfolio manager Kevin Daly, the emerging markets team is overweight in Argentina, and is developing a strong preference for Mexico, Indonesia (“the Brazil of Asia,”) Poland, for its currency, and Hungary, for its interest rates. The Aberdeen Global Emerging Markets Local Currency Bond Fund carries a front-end fee of 4.25%, and a management commission of 1.50%, while minimal subscription is set at USD1.500 or its equivalent.
16/03/2010

Adia dévoile sa stratégie de gestion

Fondée sur des actifs diversifiés, la performance annualisée de son portefeuille à fin 2009 s’élève à 6,5 % par an sur 20 ans et à 8 % sur 30 ans
15/03/2010
Fonds

Les Agnelli vont souscrire au fonds Almacantar

La famille Agnelli va contribuer au fonds immobilier Almacantar (cadran solaire, en arabe) qui doit lever 500 millions de livres d’ici à fin avril pour investir dans des actifs immobiliers à Londres et Paris, rapporte The Sunday Times. Le fonds sera géré par Mike Hussey, l’ancien patron de la division londonienne de Land Securities, assisté de Neil Jones, l’ancien patron Europe de Grosvenor, la société immobilière du duc de Westminster.D’autre part, Matrix va lancer un fonds immobilier de 600 millions de livres à investir au Qatar, en Arabie saoudite et dans les Emirats arabes unis. Ce fonds sera soutenu par la famille Al Attivah du Qatar.
Fonds
15/03/2010

Le gérant de fortune Bestinvest nomme de nouveaux responsables

John Spiers, qui a fondé Bestinvest en 1986, va quitter la direction de la société. Michael Covell devient chairman de Bestinvest avec effet immédiat alors que Peter Hall prend les fonctions de chief executive à compter de juin 2010.Michael Covell, qui depuis plus de trente ans a occupé de nombreux postes dans le secteur de la gestion de fortune, remplace Ray Greenshields, qui a démissionné de la présidence de la société en octobre 2009. De son côté, Peter Hall était précédemment chez UBS où il était managing director depuis 2006.
15/03/2010
Fonds

Neuberger Berman va faire coter un fonds "distressed"

Neuberger Berman, la société de gestion américaine issue de Lehman Brothers, va coter l’un des premiers fonds de dettes «distressed» sur le London Stock Exchange, rapporte le Financial Times. Le gestionnaire cherche à lever 150 millions de dollars avec cette opération. Le fonds sera principalement investi aux Etats-Unis, mais est coté à Londres car la demande vient principalement d’Europe.
Fonds
15/03/2010

Strategic Insight s'installe à Londres

Vendredi, l’américain Strategic Insight a annoncé l’ouverture de son bureau de Londres et la nomination d’Andreas Pfunder comme managing director Europe. Il sera chargé de développer la clientèle de Strategic Insight parmi les sociétés de gestion de fonds, les gestionnaires et fortune et les réseaux de distribution au Royaume-Uni et en Europe continentale. Andreas Pfunder était jusqu'à présent consultant indépendant après avoir exercé des fonctions de direction du développement chez Fidelity International et AllianceBernstein.D’autre part, Strategic Insight a indiqué que son global business dévelopment manager, Jamie Maak, va être transféré de New York à Londres.Enfin, la société précise avoir l’intention d’ouvrir aussi un bureau à Hong Kong avant la fin de l’année.
15/03/2010
Fonds

First State lance deux nouveaux fonds offshore

First State Investments a a annoncé qu’elle commercialise désormais deux nouveaux fonds offshore destinés aux investisseurs institutionnels, le First State Asia Pacific Select et le First State Global Emerging Markets Select. Ces deux Fonds seront domiciliés en Irlande et gérés par l'équipe Asie Pacifique/Marchés émergents basée à Edimbourg et en Extrême-Orient. Ils viennent en complément du First State Asia Pacific Leaders et First State Global Emerging Market Leaders.Le fonds Asia Pacific Select sera géré par Alistair Thompson et aura un portefeuille concentré de grandes capitalisations, l’indice de référence étant le MSCI AC Asia Pacific ex Japan. Le Global Emerging Markets Select Fund sera géré par Jonathan Asante avec le MSCI Emerging Markets comme benchmark.Les deux fonds, dont le portefeuille comportera 50 lignes environ, sont libellés en dollars et auront des parts UK distributor.Il est prévu la création ultérieure d’une part retail pour chacun de ces deux produits.
Fonds
15/03/2010
Fonds

Les fonds européens renouent avec les souscriptions

En janvier 2010, les fonds commercialisés en Europe ont renoué avec un solde positif entre rachats et souscriptions, après les sorties de décembre. Selon Lipper FMI, ils ont enregistré une collecte nette de 34 milliards d’euros. Il s’agit du niveau le plus élevé depuis août dernier, mais d’un montant pratiquement égal à celui de janvier 2008. La grande différence, néanmoins, est que, l’an dernier, les fonds monétaires tenaient le haut du pavé. Alors que, cette année, les investisseurs sont en quête de rendements plus élevés.En janvier 2010, ce sont donc les fonds obligataires qui ont enregistré les plus fortes souscriptions, avec 12,4 milliards d’euros, dont 20 % dans des fonds émergents. En revanche, l’intérêt pour les obligations investment grade faiblit. La deuxième catégorie de fonds les plus populaires est celle des fonds actions, qui ont pour leur part attiré 8,7 milliards d’euros, ce qui est inférieur de 20 % à décembre. Là encore, les marchés émergents sont privilégiés. Les fonds diversifiés ont vu leurs souscriptions augmenter à 6,3 milliards d’euros, soit leur plus fort niveau depuis début 2006. Ils sont particulièrement populaires en Allemagne et en Italie. La France a été le marché le plus porteur en janvier. Il s’agissait de son premier mois positif depuis août. Enfin, les sociétés de gestion ayant attiré les plus fortes souscriptions nettes sur le mois ont été Franklin Templeton, BlackRock et Carmignac, avec respectivement 1,7 milliard d’euros, 1,67 milliard et 1,5 milliard. Dans les actions, BlackRock se démarque clairement avec 1,4 milliard d’euros de souscriptions nettes.
Fonds
15/03/2010
Fonds

Les institutionnels de plus en plus attirés par les fonds Ucits

Les fonds conformes à la directive OPCVM III séduisent un nombre croissant de hedge funds et d’investisseurs, selon une enquête réalisée par Preqin en février. Seulement 8% de tous les investisseurs institutionnels de l'échantillon (une cinquantaine d’investisseurs institutionnels) allouent du capital à des fonds Ucits III qui sont tous basés en Europe mais 35% d’entre eux envisagent d’ajouter un véhicule Ucits III dans leur portefeuille de hedge funds en 2010.Les principaux facteurs qui plaident pour les fonds OPCVM III sont au nombre de quatre : la transparence (41%), la surveillance réglementaire (22%), la liquidité (22%) et enfin une gestion des risques solide (11%).Du côté des gérants de fonds de fonds, ils sont 28% à gérer une plate-forme Ucits et 28% également sont en train d’adopter un style Ucits dans leur portefeuille de hedge funds.Actuellement, 51% des gérants basés en Europe proposent des produits Ucits alors que seulement 11% des gérants du reste du monde en offrent à leur clientèle. Selon Preqin, l’appétit des investisseurs pour les produits Ucits devrait augmenter hors d’Europe, qu’il s’agisse de l’Asie, de l’Amérique latine ou encore du Moyen-Orient.
Fonds

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