Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
16/11/2009

Dexia affiche de bons résultats trimestriels en gestion d’actifs

Dexia, dont les résultats du troisième trimestre 2009 ont été communiqués vendredi 13 novembre, a dégagé un bénéfice net de 274 millions d’euros contre une perte de 1,5 milliard un an plus tôt. La contribution du pôle Asset Management and Services (AMS) est passé de 9 millions au deuxième trimestre à 96 millions d’euros au troisième trimestre. Le résultat net part du groupe du segment Asset Management s’est élevé à 16 millions d’euros contre 6 millions précédemment et 4 millions au troisième trimestre 2008, alors que celui du segment «Assurance» s’est inscrit à 73 millions d’euros contre une perte de 2 millions au trimestre précédent.Les actifs sous gestion du segment Asset Management ont augmenté de 5,5 milliards d’euros (+7%), essentiellement en raison d’un effet de marché positif. Les flux d’entrée au niveau des fonds institutionnels se sont poursuivis (1,2 milliard) alors que les fonds retail enregistrent toujours des flux sortants (-1,2 milliard au troisième trimestre contre -2,1 milliards au deuxième trimestre). Les revenus ont augmenté de 24% au cours du trimestre grâce à la progression des commissions de gestion (+14%) et de performance (X5).
16/11/2009

L'Efama se dote d'un comité consultatif de la présidence

Jean-Baptiste de Franssu, président de l’association européenne Efama de la gestion d’actifs, a installé un comité consultatif de la présidence comprenant dix personnalités éminentes du secteur. Ce cénacle doit permettre des échanges d’opinions et la fixation des priorités que l’Efama retiendra pour les années qui viennent, indique Funds People. Ce comité se compose de Dominique Carrel-Billiard, CEO d’ Axa Investment Managers, Alain Dromer, CEO d’Aviva Investors et Philippe Marchessaux, PDG de BNP Paribas Investment Partners pour les Français. Les autres membres de ce comité sont Joachim Faber (Allianz Global Investors), John Fraser, PDG d’UBS Global Asset Management, Dario Frigerio (CEO de Pioneer), Rederick Munster (Robeco), Allan Polack (Nordea Savings & Asset Management et enfin Juan Alcaraz, administrateur délégué d’Allfunds Bank.
16/11/2009

Les mauvaises créances d’UBS ont diminué de presque moitié

La liquidation des mauvaises créances d’UBS avance. Une année après la création du fonds de stabilisation chargé d’écouler les titres pourris de la grande banque (StabFund) par la Banque nationale (BNS), le portefeuille a diminué de près de moitié. Au 30 septembre, il s’élevait à 21,5 milliards de dollars contre 38,7 milliards à la fin mars, indique Le Temps.
16/11/2009

Capital-investissement: la sortie de crise n’est pas loin

Dans un entretien aux Echos, la patronne d’Axa Private Equity, Dominique Senequier, estime que «la sortie de crise n’est sans doute pas loin pour le secteur. La consolidation des portefeuilles est en cours, mais elle n’est pas tout à fait finie. Les restructurations de dette devraient se poursuivre au cours des six prochains mois et, pour certains dossiers, de nouvelles mesures pourraient être nécessaires. La crise a parfois modifié durablement le profil des sociétés, qui n’est alors plus compatible avec des niveaux de dette fixés dans un autre contexte. Dans certains cas, d’ailleurs, les restructurations récentes ne sont qu’une première étape, pour tenir dans l’espoir qu’il sera plus facile de renégocier les ratios bancaires –les fameux «covenants"- dans dix-huit mois».
16/11/2009
Fonds

Les fonds monétaires prennent plus de risques

Les fonds monétaires s’aventurent désormais vers des instruments à duration plus longue, constate le Wall Street Journal. Ainsi, la maturité moyenne des 100 plus gros fonds monétaires aux Etats-Unis était de 47 jours en août 2008, puis a chuté à 43 jours pendant deux mois, selon les statistiques de Crane. En février, ce niveau était remonté à celui d’avant la crise et, actuellement, la maturité moyenne des 100 fonds est de 52 jours, soit un plus haut depuis avril 2006.
Fonds
16/11/2009

Départ du patron des petites capitalisations de Putnam

Le patron de l’équipe petites et moyennes capitalisations de Putnam Investments, Ned Shadek, a quitté l’entreprise la semaine dernière. Il ne sera pas remplacé, selon un porte-parole cité par le Wall Street Journal.
16/11/2009
Fonds

Les investisseurs de TPG peuvent réduire leur exposition au fonds financier

TPG propose à ses investisseurs la possibilité de réduire leurs engagements à son fonds financier, ce qui reflète les difficultés qu’ont les sociétés de private equity cherchant à acquérir des banques «distresssed», rapporte le Financial Times. Ainsi, TPG Financial Partners a initialement reçu des engagements pour un fonds de 6 milliards de dollars en février 2008. La taille du fonds a été réduite à 4,6 milliards en janvier. Maintenant, les investisseurs peuvent ramener leurs engagements à 2,5 milliards.
Fonds
16/11/2009

Nuveen Investments recrute une grosse pointure chez AllianceBernstein

David Levi, senior managing director et head of global business development & marketing chez AllianceBernstein, a rejoint Nuveen Investments comme managing director for global business development à New York, où il sera à la fois co-head de la national accounts team et head of global business development. Il sera l’alter ego du managing director Anthony Ciccarone, qui était head of SMA product management et qui devient co-head of national accounts.La mission de David Levi sera de développer les relations avec la clientèle à niveau élevé ainsi que de développer Nuveen à l’international ainsi que dans le domaine de l'épargne retraite à contributions définies.
16/11/2009
Fonds

Neuberger Berman lance un fonds d'emprunts bancaires

Neuberger Berman prépare le lancement de Floating Rate Income Fund, un fonds investi dans de la dette bancaire senior garantie. Il sera géré par Tim Van Kirk. Neuberger espère mettre le produit en vente avant décembre, précise Mutual Fund Wire.
Fonds
16/11/2009
Fonds

BGI va lancer un ETF "sans génocide"

La gamme des iShares «responsables» de Barclays Global Investors (BGI) sera bientôt complétée du iShares Genocide-Free ETF. L’objectif est de proposer sur la base d’un indice calculé par un fournisseur externe réputé la possibilité d’exclure tout investissement dans des sociétés du monde entier qui pourraient s’avérer fortement impliquées dans un génocide. La date de lancement n’est pas encore fixée.Noel Archard, head of iShares resserach & development chez BGI, a precisé avoir été convaincu qu’il peut y avoir une demande pour ce genre de produit à la suite de conversations récentes avec Investors Against Genocide, notamment.
Fonds
16/11/2009
Fonds

Van Eck Global lance un ETF sur les mines d'or

Van Eck Global lance un deuxième ETF sur les mines d’or. Le Market Vectors Junior Gold Miners ETF est coté depuis mercredi sur le NYSE Arca, suit les petites et moyennes capitalisations du secteur des mines d’or. Au 30 septembre, Van Eck propose 22 ETF et gère 9,7 milliards de dollars d’encours.
Fonds
16/11/2009
Fonds

John Paulson fait un don de 20 millions de dollars à son université

John Paulson, fondateur et président de la société de gestion alternative Paulson & Co, a fait un don de 20 millions de dollars à la New York University Stern School of Business dont il est diplômé, rapporte Hedge Week. Ce montant servira pour partie à financer des travaux de modernisation du campus, le reliquat étant affecté à la création des chaires Alan Greenspan et John A. Paulson.
Fonds
16/11/2009

Hedge funds made more than 100% during equities' "lost decade"

Between 30 September 1999 and 2009, the MSCI World index has lost 7.54%, while in the same period, hedge funds earned average performance of 113%, according to CSFB/Tremont, Cinco Días reports. The MSCI World index does not take into account dividends paid by businesses. However, the S&P 500 index lost 17.59% in the period under review, not including dividends, and 1.53%, taking those dividends into account. Although hedge funds did not avoid losses in the most recent crisis, they lost only 19.07% in 2008, according to CSFB/Tremont, compared with 42% for the MSCI World index and 38.49% for the S&P 500. Average returns over ten years of 113% indicate stupefying returns over this period, as does a figure of 13,247% for the UBAM Dynamic US Dollar. Three funds focused on Russia made returns of over 800% during this period.
16/11/2009

Hedge funds show losses in October

Confirming a trend observed by other hedge fund indices, the Lyxor Global Hedge Fund Index also shows losses for October, totalling 0.96%. However, as of 10 November, the investible index continued to show gains of 5.38% since the beginning of the year. The two areas with the worst returns last month were emerging markets (-3.02%) and long term CTAs (-2.77%), while credit arbitrage showed returns of 4.54%, its best results since the beginning of the year (+48.33%). Equity short bias, for its part, shows the heaviest losses, at 27.43%.
16/11/2009

28% of management firms lost money in 2008

According to quarterly statistics from the CNMV, 34 out of 120 Spanish asset management firms made losses in 2008, of whom four have assets under management of over EUR1bn (Barclays, Credit Suisse, Urquijo and UBS). Net profits for the sector totalled EUR348m, or 0.17% of assets, of which EUR65m were for BBVA Asset Management, and EUR49.6m for Santander Asset Management. Bestinver, the asset management firm of the Acctiona group, has earned profits of EUR27.8m, which represents a margin of 1.42%, compared with 0.19% for BBVA AM and 0.14% for Santander AM.
16/11/2009

Van Eck Global launches a gold mining ETF

Van Eck Global is launching a second ETF fund of shares in gold mining firms. The Market Vectors Junior Gold Miners ETF has been listed on the NYSE Arca exchange since Wednesday, and tracks small and midcaps of the gold mining sector. As of 30 September, Van Eck had 22 ETF funds on sale, and managed USD9.7bn in assets.
16/11/2009

John Paulson donates USD20m to his alma mater

John Paulson, founder and president of the alternative management firm Paulson & Co, has donated USD20m to the New York University Stern School of Business, his alma mater, Hedge Week reports. The donation will be used partly to finance renovations on campus, and partly to endow chairs named after Alan Greenspan and John Paulson.
16/11/2009

TPG offers investors reduction of exposure to financial sector fund

TPG is offering its investors an opportunity to reduce their commitments to its financial sector fund, in a sign of the trouble that private equity firms are having in acquiring distressed banks, the Financial Times reports. TPG Financial Partners had initially received commitments for a USD6bn funds in february 2008. The size of the fund was reduced to USD4.6bn in January. Now, investors may reduce their commitments to USD2.5bn.
16/11/2009

BGI to launch a "genocide-free" ETF fund

The range of socially responsible iShares products from Barclays Global Investors (BGI) will soon grow by one product with the addition of the iShares Genocide-Free ETF. The objective will be to offer investors a means to exclude all investments in firms worldwide who may be implicated in genocide, on the basis of an index calculated by a third-party provider. The date for the launch of the fund has not yet been set. Noel Archard, head of iShares research & development at BGI, says he was convinced that there may be demand for such a product following recent conversations with Investors Against Genocide and others.
16/11/2009

Money market funds take more risk

Some money-market funds are moving into longer-duration instruments, the Wall Street Journal observes. The average weighted maturity of the 100 largest money-market funds was 47 days in August 2008, then dipped to 43 days for two months, according to Crane. By February it was back up to precrisis levels and, currently, the weighted average maturity of the 100 largest money-market funds is 52 days. That’s the highest since April 2006.
16/11/2009

Emotional Assets launches first product

The London-based asset management boutique Emotional Assets Management & Research has launched its first fund, the Emotional Assets Fund I, which will invest in 15 “emotional assets,” including art, photography, contemporary design, antique rugs, musical instruments, antique jewelry, ceramics, architecture, rare coins, diamonds, rare stamps, maps and atlases, rare manuscripts, and rare antiquities. The objective for the closed fund is to achieve a five-year investment duration and returns of 15% per year, with regular volatility, while also conserving the initial investment. The product will be domiciled in Guernsey, and will use no leverage. The minimal investment for the product is GBP100,000.
16/11/2009

Assets in SRI funds down

According to statistics from Vigeo, assets in British SRI funds as of the end of June were down, due to a strong exposure to equities (74%) to EUR10.5bn, compared with EUR12.5bn one year earlier, while average assets under management come to EUR107m per fund, Investment Week reports.
16/11/2009

ETF issuers still leading other firms for subscriptions

At the end of September, securities funds on sale in Germany had seen net redemptions of EUR4.7bn since the beginning of the year. But ETF promoters saw net subscriptions during the same period of EUR8.37bn, due to subscriptions of EUR2.88bn for Commerz Derivatives, of which ComStage funds attracted EUR573m; db x-trackers (Deutsche Bank) with EUR3.75bn, ETFlab (Deka) with EUR1.51bn, and BGI (iShares) with EUR237.3m. Of the major asset management firms, only DWS/DB (Deutsche Bank) shows net subscriptions totalling EUR1.47bn. The other firms showing net redemptions in the period include Allianz Global Investors, with net redemptions of EUR2.61bn despite net subscriptions of EUR3.56bn to Pimco Europe, while Deka has seen net outflows of EUR6.1bn, Pioneer (UniCredit) and Union Investment (co-operative banks), for their part, have seen net redemptions of EUR993.9m and EUR792.8m.
16/11/2009

P2 Value real estate fund from Morgan Stanley hit hard on markets

Only four German open-ended real estate funds are maintaining their suspensions of redemptions put in place in late October 2008, the Frankfurter Allgemeine Zeitung reports. The most emblematic of these is the P2 Value fund from Morgan Stanley, whose assets totalled EUR1.4bn, but whose shares were trading on the Hamburg and Stuttgart stock markets at EUR42, though the fund’s net asset value as calculated by Morgan Stanley Real Estate Investment would be equivalent to about EUR46 per share. However, the undervaluation on the markets is slighter for the TMW Immobilien Weltfonds (EUR1bn).
16/11/2009

Hermes and ABI call Volkswagen management to task

In a letter date November 14th to Ferdinand Piëch, who is both chairman of the supervisory board at Volkswagen and one of the most infuential shareholders in Porsche, the British pension fund management firm Hermes criticized the insufficient level of information supplied to minority shareholders, and raised questions about a potential conflict of interests in Volkswagen’s proposed acquisition of Porsche, the Financial Times reports. The Association of British Insurers (ABI) has also sent a letter to Piëch, in which it calls for information about the way in which Porche’s business is being valued for the acquisition, and about the transaction’s economic rationale. The newspaper reports that, according to a Commerzbank analyst, Porsche is “ambitiously” valued at EUR12.4bn, while its fair value is nearer to EUR9bn.
16/11/2009

Recruitments at GSAM

The management team at Goldman Sachs Asset Management in Spain, led by Lucía Catalán, has recruited Diego Astarloa from SGAM, and Iván Gomero from Fidelity, Funds People reports, doubling the firm’s local personnel.
16/11/2009

DWS Go platform: going, going, gone

DWS is discontinuing its certificate activities. At the end of September, it liquidated 30 certificates, and will not launch further products on its DWS Go platform unless there are commitments for the products from clients, Das Investment reports. The platform still includes 125 products, with assets of EUR500m, The two architects of DWS Go have left the firm (though one of them, Matthias Liermann, has joined the X-Markets team at Deutsche Bank), and the head of sales for DWS Go, Eckhard Hülsmann, is rumoured to have lost his job, according to Financial Times Deutschland.
16/11/2009

Nuveen Investments recruits a high-profile managing director from AllianceBernstein

David Levi, senior managing director and head of global business development & marketing at AllianceBernstein, has joined Nuveen Investments as managing director for global business development in New York, where he will be both co-head of the national accounts team and head of global business development. He will be the alter ego of managing director Anthony Ciccarone, who was previously head of SMA product management, and who will now become co-head of national accounts. Levi’s mission will be to develop relations with high-level clients as well as to develop Nuveen’s presence internationally and in the defined-contribution retirement savings market.
16/11/2009

Neuberger Berman launches a bank loan fund

Neuberger Berman is preparing to launch the Floating Rate Income Fund, which will invest in senior guaranteed debt issued by banks. The product will be managed by Tim van Kirk. Neuberger is planning to offer the product for sale by December, Mutual Fund Wire reports.
16/11/2009

Madoff: Major French victim in legal challenge to HSBC

Léone-Noëlle Meyer, former president of Galeries Lafayette, who has one of the largest private fortunes in France, is to file a lawsuit against the bank HSBC, which proposed and sold her shares in Madoff funds, La Tribune reports, citing “La Journal du Dimanche.” Meyer is reported to have lost EUR7.5m invested in the Luxalpha Sicav fund.

Sujets d'actualité

Tous les sujets