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25/01/2010

Image de marque : Fidelity reperd du terrain

Tant comme distributeur que comme fournisseur de mutual funds, Fidelity est retombé à la deuxième place en matière de notoriété et de fidélisation dans la troisième étude annuelle de Cogent Research, «2010 Investor Brandscape Report». Aux yeux d’un échantillon de quelque 4.000 particuliers haut de gamme, le géant de Boston a été détrôné l’an dernier en tant que numéro un des fournisseurs de fonds par Vanguard, tandis que Charles Schwab lui ravissait sa première place dans la catégorie distributeurs.Pour les mutual funds, les suivants au palmarès sont, dans l’ordre, American Funds, T. Rowe Price et TIAA-CREF. Dans la catégorie distributeurs, les autres favoris sont Morgan Stanley Smith Barney, Edward Jones et Merrill Lynch.
25/01/2010

Paul Harvey va quitter la multigestion de GLG Partners

Paul Harvey devrait, selon Investment Week, quitter la division multigestion de GLG Partners avant la fin du mois prochain. Il avait fondé cette activité au sein du groupe et dirigeait GLG MMI. Il sera remplacé à ce poste par Neil Hobson et Jonathan Howard.
25/01/2010

Nuveen Investments lance son premier fonds émergent

Le fournisseur américain de services d’investissement a annoncé le 21 janvier le lancement de deux nouveaux fonds, dont le premier fonds dédié aux marchés émergents.Le Nuveen Tradewinds Emerging Markets Fund a pour objectif l’appréciation du capital à long terme avec pour benchmark l’indice MSCI Emerging Markets. De son côté, le Nuveen Tradewinds Global All-Cap Plus Fund investit dans des titres américains et internationaux sur la base d’une stratégie long/short. Les deux fonds mettront en œuvre le processus d’investissement de la société Tradewinds, avec une approche bottom up pour sélectionner des titres sous-évalués.Avec plus de 20 milliards de dollars distribués dans 61 mutual funds, Nuveen Investments offre une palette de portefeuilles fixed income, growth, value et global couvrant plusieurs objectifs et styles d’investissement.
25/01/2010

BNP Paribas lance une nouvelle banque privée

BNP Paribas a annoncé, vendredi 22 janvier, le lancement d’une nouvelle banque privée au Maroc, BMCI-BNP Paribas Banque Privé. Le projet a été mené en collaboration entre les équipes de BNP Paribas Wealth Management Networks dirigé par Marie-Claire Capobianco à Paris et les équipes de la BMCI. Il a été bâti selon la conception de relation client globale mise en œuvre par BNP Paribas Wealth Management dans tous les pays où BNP Paribas possède une base de clientèle domestique. Dans un premier temps, des conseils en banque privée seront implantés à Casablanca et à Rabat et seront épaulés par trois pôles d’expertises, précise un communiqué de la banque : l’ingénierie patrimoniale pour les aspects juridiques et fiscaux, une équipe marketing qui élabore les produits et services dédiés aux clients de la banque privée, et une équipe d’Advisory Desk pour le conseil et la gestion financière.» A cela s’ajoute un département de gestion de fortune dont la vocation est de conseiller et accompagner ses clients à l’instar d’une «family office».Dans son organisation, la nouvelle structure a pour objectif de délivrer au client des conseils par l’intermédiaire d’un interlocuteur unique et prendre en charge l’intégralité de ses besoins, de la banque au quotidien à la gestion de patrimoine. Coiffée par la Direction des Particuliers et des Professionnels de la BMCI et dépendant fonctionnellement de la ligne de métier Wealth Management Networks de BNP Paribas, la banque privée est placée sous la responsabilité de Meryem Kabbaj, nommée directeur de la banque privée de la BMCI.
25/01/2010
Fonds

Le private equity a fait mieux que les actions en 2009

Selon les données de Listed Private Equity (LPEQ), qui suit les performances des 25 fonds de private equity les plus liquides dans le monde (hors fonds de fonds), les fonds de private equity ont fait une meilleure année 2009 que le actions. Ils ont réalisé une performance de 44 % sur l’année, contre 26,9 % pour le MSCI Monde.
Fonds
25/01/2010

La gestion d’actifs, un secteur moins concentré que celui de l’administration de fonds

A l'échelon international, le secteur de la gestion d’actifs est concentré, mais moins que celui de l’administration de fonds. Selon une étude citée par Les Echos («Mutual Fund Industry Competition and Concentration: International Evidence», janvier 2009), la part de marché des 5 et 10 plus gros gérants était, en 2006 pour un panel de 27 pays, en moyenne respectivement de 53,8% et 71,3%. Elle était de 60,5% et 78,1% pour les 5 et 10 plus grands administrateurs de fonds. Le marché français de l’asset management est le quatrième marché le moins concentré (la part de marché des 5 plus grandes sociétés était de 37,9% en 2006), ce qui ne signifie pas pour autant qu’il soit le plus ouvert aux acteurs étrangers, puisque leur part de marché plafonne depuis quelques années entre 10% et 15%. Les pays les plus concentrés sont la Belgique, la Suisse, le Portugal ou la Pologne.
25/01/2010

Galileo Capital Management lance ses activités

Une équipe de spécialistes de la gestion vient de lancer Galileo Capital Management, une firme de conseil, de gestion et d’investissement avec des implantations à Londres et à Hong Kong.Selon Hedge Week, les fondateurs Anders Jacobsen et Paul Thompson ont une expérience cumulée de plus de quarante ans d’expérience chez Goldman Sachs, Prudential Financial, Bankers Trust et Chase Manhattan Bank.La société se propose de privilégier des stratégies d’investissement dans des activités de niche jusqu’ici négligées par les investisseurs.
25/01/2010

CS Portfolio Real earns 12% in 2009

Last year, the German-registered real estate fund of funds CS Portfolio Real turned in returns of 12.02%, after losses of 11.13% in 2008. The product, launched in January 2007, has assets of over EUR100m, and at the end of last year, had 32% of its assets allocated to real estate equities/convertible bond funds, and 8.5% to alternative products. As the limits for these two respective allocations are 50% and 10%, the allocation is slightly higher than the long-term target allocation. The remainder of the fund’s assets is invested in open-ended real estate funds, an asset class which may represent 40% to 90% of the portfolio. Credit Suisse manages a real estate portfolio in Germany worth EUR6.5bn, of which EUR6.13bn belong to the CS Euroreal fund.
25/01/2010

DWS launches closed equities fund

On 25 January, DWS will launch the Luxembourg-registered fund DWS Dividende Direkt 2014, a fund which will mature in 2014, and which follows the formula established in 2009 for the Renden-Direkt bond strategy: it will invest in shares in companies which pay high dividends, and will pay EUR6 per share each year. The manager, Jens Labusch, will rely on research by Thomas Schüßler, the manager of the DWS Top Dividende fund, for the selection of equities. Characteristics Name: DWS Dividende Direkt 2014 ISIN: LU0418445317 Management commission: 1.45% maximum Front-end fee: 4% maximum
25/01/2010

Fund gurus will invest in equities this year

Expansión has surveyed star managers at Spanish management firms. Overall, they say that a bubble in bonds and rising interest rates are the primary concerns. They therefore recommend investing in equities for the long term, and avoiding government bonds. Juan Suárez de Figueroa, president of A&G Fondos and the only Spanish manager rated AAA by Citywire, says that after a strong rebound in 2009, stock markets are highly vulnerable to bad news, which will result in periods in which the danger will be due to a lack of proof of an economic recovery, and other periods when the danger will be rather one of excessive growth, which could generate inflation, and potentially interest rate increases.
25/01/2010

Galileo Capital Management opens its doors

A team of management specialists has launched Galileo Capital Management, an advising, management and investment firm, with offices in London and Hong Kong. Hedge Week reports that the founders, Anders Jacobsen and Paul Thompson, have combined experience of more than 40 years at Goldman Sachs, Prudential Financial, Bankers trust and Chase Manhattan Bank. The firm will prioritise investment strategies focusing on niche activities which investors have neglected in the past.
25/01/2010

2009 was a very good year for hedge funds

The Morningstar 1000 Hedge Fund Index gained only 0.1% in December, but for the year as a whole, it has earned 19.5%, close to the record set in 2003 (20.3%). The strategies with the most heavily negative results in 2008 went on to earn the highest returns last year, according to Morningstar. The Morningstar Emerging Market Equity Hedge Fund Index, which lost 45.7% in 2008, bounced back with gains of 50.4% in 2009. Meanwhile, the Morningstar U.S. Small Cap Equity Hedge Fund Index finished the year 2008 with one of its worst performances ever (-32.8%), but posted gains of 36.4% in 2009. However, hedge funds specialised in emerging markets and small caps did not manage to offset all of their losses in 2008. Another big winner in 2009 was convertibles arbitrage, whose benchmark index gained 2.1% in December, and shows gains of moer than 37% in 2009, after one of its worst performances ever in 2008. However, some strategies, such as the Short Equity and Global Trend, continued their negative trajectories through the end of the year. In the first eleven months of the year, hedge funds posted net outflows of USD53.4bn, but subscriptions began to flow in once again in June. In November of last year, hedge funds saw USD4.7bn in subscriptions. In other notable developments last year, Morningstar observes that small hedge funds outperformed larger structures and the single-manager hedge funds performed better on average than funds of funds.
25/01/2010

Nuveen Investments launches its first emerging markets fund

US-based investor services provider Nuveen Investments announced on 21 January that it has launched two new funds, the first of which is dedicated to emerging markets. The Nuveen Tradewinds Emerging Markets Fund aims for long-term capital appreciation, with the MSCI Emerging Markets index as its benchmark. The Nuveen Tradewinds Global All-Cap Plus Fund, for its part, will invest in US and global equities with a long/short strategy. Both funds will rely on the investment process of the asset management firm Tradewinds, with a bottom-up stock-picking approach to select undervalued equities. With more than USD20bn distributed over 61 mutual funds, Nuveen Investments offers a range of fixed-income, growth, value and global portfolios, covering several investment objectives and styles.
25/01/2010

Brand image: Fidelity falls back in rankings

As a distributor and provider of mutual funds, Fidelity has fallen back to second place in the rankings for reputation and customer loyalty, in the third annual study by Cogent Research, entitled “2010 Investor Brandscape Report.” On the basis of responses from approximately 4,000 high net worth private clients, the Boston-based management firm was dethroned last year as the top fund provider by Vanguard, while Charles Schwab has taken the top place in the rankings as a distributor. For mutual funds, the following places in the rankings go, in order, to American Funds, T. Rowe Price, and TIAA-CREF. Among distributors, the other favourites are Morgan Stanley Smith Barney, Edward Jones, and Merrill Lynch.
25/01/2010

Paul Harvey to leave GLG Partners multi-management

Investment Week reports that Paul Harvey is expected to leave the multi-management division of GLG Partners by the end of next month. He founded the division of the group, and was director of DLD MMI. He will be replaced in this position by Neil Hobson and Jonathan Howard.
25/01/2010

RiskMetrics up for sale

According to sources familiar with the matter, cited by the Wall Street Journal, RiskMetrics Group Inc, 46% controlled by General Atlantic, Spectrum Equity and Technology Crossover Ventures, has decided to put the business up for sale. The firm’s stock market value is about USD1bn. Among the potential buyers are MSCI, Bloomberg, McGraw-Hill, Thomson Reuters, KKR, and Carlyle.
25/01/2010

New mandate for State Street

MD Physician Services Inc (MDPSI) has granted a mandate to State Street Corporation for custody, fund accounting and asset valuation for a CAD15.6bn portfolio. MDPSI manages 22 mutual funds, sold under the brand name MBD Private Counsel.
25/01/2010

Offering a large fund product range may be a winning strategy

Les Echos reports that a study by A. Gavazza at Leonard Stern School of Business in New York finds that asset managers who offer a higher number of fund products than other providers win out, proportionally, with a larger market share, at least in the retail segment. A firm which increases the number of funds in its product range by 10% will see an increase in total assets of 12.8%, while a 10% increase in categories of products on sale to retail clients (global equities, bonds, etc.) brings a 13.7% increase in assets. These efforts bear the most fruit for funds invested in equities. In the institutional segment, the story is different, as a firm which increases the number of funds in its product range for investors of this type by 10% sees only an 8.7% increase in assets.
25/01/2010

Rusal to be listed in Paris from 27 January

Les Echos reports that the world’s top aluminium producer, the Russian firm Rusal, has received permission from the French financial market regulator, the Autorité des marchés financiers (AMF), on its prospectus for an initial public offering in Paris. The firm has already placed virtually all of the shares to be included in the offering. Rusal will be listed from Wednesday 27 January, in the professional section of the Paris stock exchange. About 768 million Global Depository Shares (GDS) in the Russian business will be initially listed.
25/01/2010

BNP Paribas seeks to build real estate fund activities

Henri Faure, deputy CEO, has told Handelsblatt that BNP Paribas Real Estate is planning to develop through both organic and external growth on the German market. The firm is not interested in retail open-ended funds, as it has no distributor. As a result, the French group is planning to buy an asset management firm active in real estate funds for institutional and high net worth private investors. The other major key market of interest for BNPP RE is the United Kingdom. Funds for retail investors will be made available only in countries where the firm has a distribution network, including France, Italy, and soon, Belgium and Luxembourg (thanks to Fortis).
25/01/2010

High returns for hedge funds

Morningstar reports that 2009 was the best year for hedge funds since 2003: the Morningstar 1000 hedge fund index gained 0.1% in December, and is up 18.5% for the year 2009 as a whole, slightly less than the 20.3% gains observed in 2003. The Morningstar MSCI hedge fund index hedged for currency risks gained 0.2% in December, and shows gains of 14.2% for the year. The worst-performing strategies in 2008 were the most profitable in 2009: the emerging markets index, which lost 45.7% in 2008, gained 50.4% last year, while convertibles arbitrage gained more than 37%. In other trends, results show that small hedge funds tended to outperform larger ones, and that single-manager hedge funds did better than funds of hedge funds. Morningstar also estimates that in January-November, hedge funds in its database saw net outflows of USD53.4bn, but that the sector has seen net subscriptions since June, with USD4.7bn in inflows in November alone.
25/01/2010

Goldman Sachs closes a hedge fund

Overnight between Friday and Saturday, Goldman Sachs announced the closure of its quantitative hedge fund Global Equity Opportunities (GEO), which saw heavy redemptions, and which managed only USD200m as of the end of 2009, compared with a peak of about USD7bn a few years ago, the Frankfurter Allgemeine Zeitung reports. The Wall Street Journal adds that Goldman Sachs says it has no plans to pull out of the hedge fund sector. On Thursday, the bank stated that of USD871bn in assets, about USD146bn are in alternative investments, including hedge funds and funds of hedge funds managed by its quantitative team.
25/01/2010

Tracking error may vary significantly from one ETF to another

It appears that ETFs, even those that replicate broad indices, vary widely in their tracking error levels. The Wall Street Journal reports that the iShares MSCI Emerging Markets Index ETF (EEM) and the Vanguard Emerging Markets ETF (VWO), both of which are based on the MSCI Emerging Markets index, posted respective returns in 2009 of 72% and 76%, respectively, though the index itself gained 78.6%. In 2008, the first of these two funds lost 50%, and the second lost 53%, both beating the index (-54%). These differences are due, firstly, to a difference in commissions: 0.27% for the Vanguard product, compared with 0.72% for the iShares fund. Secondly, the two funds have different approaches, and are constructed differently. The Vanguard product replicates the index of more than 800 positions in its entirety, while the iShares product has only about 400 positions. As the iShares fund is intended to be easy to trade, it is managed in a way which is intended to preserve high levels of liquidity and transparency, avoiding less liquid shares of the index. The Vanguard fund avoids being stuck with less liquid shares due to a significant advantage: it can trade them with its twin fund, the open-ended Vanguard Emerging Markets Stock Index Fund (VEIEX), which has assets of USD30.5bn.
25/01/2010

Private equity outperformed equities in 2009

According to data from Listed Private Equity (LPEQ), which tracks the performance of the 25 most liquid private equity funds in the world (excluding funds of funds), private equity funds had a better year in 2009 than equities. They earned returns of 44% for the year, compared with 26.9% for the MSCI World index.

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