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12/11/2009

K1 Invest hedge fund to be liquidated

The director of the K1 hedge fund has assigned Grant Thornton to undertake the liquidation of the K1 Invet hedge fund, which has defaulted, Das Investment reports. The administrator of K1 in Switzerland says that the fund had about EUR348m in assets as of the end of July, but it is not known what proportion of those assets correspond to debt owed to banks. K1 was founded by Michael Kiener, who has been jailed since the end of October, awaiting trial on charges of fraud against Barclays and BNP Paribas amounting to EUR280m.
12/11/2009

DeAM appoints Boris Liedtke to head Asia-Pacific ex Japan activities

Deutsche Bank has announced that Boris Liedtke has been appointed CEO for the activities of Deutsche Asset Management (DeAM, USD646bn in assets as of the end of June) for Asia-Pacific ex Japan. Liedtke will be based in Singapore, and will report to Mark Cullen, Global COO of Deusche Asset Management, who also served as interim CEO of DeAM for Asia-Pacific. Liedtke has spent 8 years in Asia (in Hong Kong and Singapore) since joining the Deutsche Bank group 15 years ago. Most recently, he was COO of the DeAM/DWS Investments ensemble in Frankfurt and New York.
12/11/2009

Frank Wieser leaves Sal. Oppenheim for Vontobel

First fallout from Sal. Oppenheim’s acquisition by Deutsche Bank? According to sources close to the firm, Frank Wieser, currently director of Sal. Oppenheim’s Düsseldorf branch, will join the Swiss firm Vontobel next spring, to head its German affiliate, Bank Vontobel Europa, in Munich, the Frankfurter Allgemeine Zeitung reports. He will also be head of Vontobel’s private banking activities in Germany.
12/11/2009

Operating results at AWD begin to recover

On the same day as its rival MLP reported results, the financial services provider AWD (Swiss Life group) presented its own business update for third quarter. It reports operating profits of EUR6.2m, excluding one-time and restructuring costs, bringing the positive score for the year from January to September to EUR3.5m. However, in the first three quarters of the year, AWD has posted a net loss of EUR20m, compared with net profits of EUR27.5m in the corresponding period of 2008, while revenues for their part have fallen 19.7% to EUR381.5m, largely due to difficulties on the Austrian, Eastern European and British markets. One-time and restructuring costs represented EUR22.9m, of which EUR15.3m were in July-September.
12/11/2009

Cheuvreux joins NYSE Euronext dark pool

NYSE Euronext announced on 10 November that its European opaque alternative trading platform SmartPool has taken on three new members, including Bank of America Merrill Lynch and Crédit Agricole Cheuvreux, who join BNP Paribas, JP Morgan, HSBC, Credit Suisse and UBS in the dark pool. The identity of the third new member has not been divulged. SmartPool now has more than 15 members.
12/11/2009

Emerging markets: HSBC Global Asset Management prefers Latin American equities

According to Simona Paravani, a strategist at HSBC Global Asset Management and manager of the World Selection fund, investors have every reason to bet on Latin America, a region which may be expected to perform better than Asia in the whort term. The specialist points out that, on the basis of PER in the past 12 months, Latin American equities (with a PER of 15.6 times) are trading more than 40% below emerging Asian equities (at 26.3 times), compared with an average difference of only 5% over the past five years. “Latin American equities therefore appear to be somewhat undervalued compared with emerging Asia, and may potentially outperform them, particularly if economic data continues to bring surprise increases, thanks to improving domestic demand in Brazil,” Paravani says.
12/11/2009

Latin America is more attractive than Asia in terms of valuation

According to Simona Paravani, a strategist at HSBC Global Asset Management, investors have every reason to bet on Latin America, a region which may be expected to perform better than Asia. Within the region, Brazil appears to be the strongest bet. “Latin American equities are currently trading 40% below the valuations of Asian equities,” Paravani tells Citywire.
12/11/2009

Markets are heading for a correction, warns Walter Scott

Francis Sempill, a manager at Walter Scott and a member of the management team for the BNY Mellon Long-Term Global Equity Fund and the BNY Mellon US Equity Fund, the market boom of the past six months “reflects a rally on the markets driven by massive quantities of liquidity. At their low point in March, many shares worldwide appeared to be particularly inexpensive at the same time that the pace of deterioration in macroeconomic indicators was beginning to recover.” Therefore, conditions were favourable for a rebound. “Since then, the rally has been driven by massive quantities of liquidity created by governments, rather than by genuine indicators of recovery in the global economy. This is the reason that it is certainly not a good time to set critical inclinations aside,” he warns.
12/11/2009

Emerging markets equities still have potential for growth, according to RCM

Since March of this year, emerging markets equities have posted unprecedented gains, Raiffeisen Capital Management observes. Since the beginning of the year, the Russian MICEX index has gained about 120%, while the Indian SENSEX index is up nearly 70%, and Chinese equities and the Hong Kong stock exchange have gained nearly 60% in value. “Although it is unlikely that this scenario of steep increase will repeat itself in 2010, RCM estimates that emerging markets still have some potential for growth, excluding the formation of any possible speculative bubbles,” a memo says.
12/11/2009

European ETF funds top USD200bn in assets

Assets in 801 European ETF funds from 32 issuers, listed 2001 times on 18 stock exchanges, set a new record at the end of October, with USD205.54bn, compared with a previous record of USD204bn as of the end of September, Barclays Global Investors (BGI) announces. Since the beginning of the year, assets have increased 44.2%, while the MSCI Europe index has gained 25.5% in US dollars. According to Lipper FMI, net inflows in the first eight months of the year totalled USD23.6bn. The top three providers of funds remain unchanged; iShares (BGI) controlled 39% of the European market as of the end of August, with 168 products and USD80.2bn in assets, ahead of Lyxor Asset Management (Société Générale) with 118 products and USD41.94bn, and db x-trackers (Deutsche Bank) with 113 ETF funds and USD34.53bn. These three playors controlled 39%, 20.4%, and 16.8% of the market, respectively.
12/11/2009

Losses for hedge funds in October

Though the Credit Suisse/Tremont index still appears to be in positive territory for last month, the Hennesee hedge fund index has posted its first decline after seven months of growth in October. It shows losses of 0.50%, bringing average performance in the first ten months of the year to 20.12%. The Barclays hedge fund index, for its part, is down 0.17% for October, based on a sample of 1,177 funds which had reported results as of 11 November. For January-October, average performance comes to 19.80%, despite losses of 15.02% for the 6 equity short bias funds in the sample, and 0.77% for the 35 equity market neutral funds. In October, 9 strategies out of 17 are in the red, with the heaviest losses (-1.94%) for equity long bias. For October, the best performance belonged to distressed securities (2.96%), while since the beginning of the year, the best results belong to convertibles arbitrage (48.71%), which is also the best overall in the Hennessee index, which shows performance of 40.74%, compared with 45.64% for Credit Suisse/Tremont.
12/11/2009

ETF assets set a new record

Assets under management in ETF funds worldwide have set a new all-time high of USD941.85bn as of the end of October, 0.9% higher than the USD933bn recorded at the end of September, Barclays Global Investors (BGI) reports in its most recent monthly bulletin. Since the beginning of the year, assets have risen 32.5%, while the MSCI World index has gained 20.2% in US dollars. As of the end of August, according to Strategic Insight, net subscriptions have totalled USD76.8bn. As of the end of October, there were 1,859 ETF funds on sale, from 97 providers, listed 3,327 times on 40 stock markets. The number of ETF products on offer has increased 16.8%, with 336 launches and 73 closures. There are currently plans underway to launch 805 new ETF funds. BGI also states that its iShares brand remains the largest operator in the world, with 405 ETFs and assets of USD455.72bn as of the end of October, which represents a market share of 48.4%. The number two and three operators remain State Street Global Advisors (SSgA), with 106 products and USD137.08bn, and Vanguard with 40 products and EUR80.76bn. This corresponds to market shares of 14.6% and 8.6%, respectively.
12/11/2009

Myriam Luque takes over as head of Quality Funds

Funds People reports that Myriam Luque, who was previously director of distribution for global markets, has been appointed CEO of the multi-management platfrom from BBVA, Quality Funds. She replaces Juan Pablo Jimeno (appointed in July), who becomes head of traditional asset management at BBVA Asset Management.
12/11/2009

Layoffs expected ahead of Amundi launch

Amundi, which is pending approval from antitrust authorities in Brussels, will save an estimated EUR120m annually in economies of scale on a horizon of three years, half of which will be in IT, thanks to reduced reliance on outside providers, AGEFI reports. Internal sources say that 250 to 300 jobs will also be lost, most of them in France. These layoffs, which are not expected to include involuntary dismissal, will be expected to affect largely employees from SGAM, who will be allowed to return to Société Générale, the newspaper adds. For its part, CAAM in October 2007 pledged to save money through a 10% reduction in staff numbers, including a reduction from 70 to 30 brokers, rationalisation in IT, and the closure of the alternative management affiliate Systeia. These measures will bring EUR150m in cost savings.
12/11/2009

Assets under management at Pictet up 17%

The Geneva-based private bank Pictet has announced a 17.7% increase in assets under management as of 30 September. These assets now total CHF244.3bn, evenly divided between private and institutional wealth management, according to statistics obtained by Le Temps on Tuesday.
12/11/2009

ETF Securities launches another oil ETC

This week, the ETC segment of the London Stock Exchange (LSE) will add the ETFS Forward Crude Oil fund to trading, an addition to the range of oil ETC funds from ETF Securities. The product replicates the DJ-UBS Crude Oil 3 Month Forward Sub-Index SM, and carries a management commission of 0.49%. The 14 oil ETC funds from ETF Securities have total assets of USD1.4bn.
12/11/2009

BlueCrest transfers part of its activities to Geneva

BlueCrest Capital, one of the UK’s largest hedge funds, is moving a 50 staff to Geneva amid growing concerns about London’s status as a centre for alternative asset managers, says the Financial Times. The new office will be BlueCrest’s largest after its headquarters in London, where it currently employs 300 people.
11/11/2009

Collecte mensuelle record pour les fonds suédois

Total net sales of funds amounted to SEK 17 billion (EUR1.6bn) in October. That constitutes an all time high net inflow for a single month, according to the Swedish Investment Fund Association Fondbolagens Förening. October also represented the eleventh month in a row with net inflows into investment funds.Equity funds recorded net inflows of SEK 12 billion and balanced funds had a net inflow of SEK 2.8 billion. Also bond funds and money market funds recorded net inflows of SEK 1.7 and 0.6 billion respectively. Hedge funds had net sales close to zero. Since the end of year 2008, net inflows into investment funds totals to SEK 86.7 billion and equity funds has a total net inflow of 79.1 billion.
10/11/2009

SG Private Banking se renforce au Moyen-Orient

Afin de renforcer son dispositif au Moyen-Orient, SG Private Banking, la ligne métier de gestion de fortune du groupe Société Générale, vient d’annoncer la nomination d’Eddy Abramo, directeur général de SG Private Banking (Middle East), et d’Eric Lorentz, directeur en charge de la clientèle fortunée arabe.Eddy Abramo, 37 ans, poursuivra la stratégie de croissance de la banque privée à Bahreïn, Abu Dhabi et Dubaï, précise SG Private Banking, et supervisera notamment le développement de l’offre de produits et de services destinée aux particuliers fortunés arabes et indiens. Basé aux Emirats Arabes Unis, Eric Lorentz, 49 ans, dirigera et coordonnera les activités marketing et commerciales à destination de la clientèle arabe des bureaux de SG Private Banking en Europe et au Moyen Orient.
10/11/2009
Fonds

Octobre "plat" pour les hedge funds

Sur la base des résultats publiés par 71 % du panel, l’indice Credit Suisse/Tremont des hedge funds devrait avoir affiché pour octobre une progression de 0,17 % seulement, contre 3,04% pour septembre. Depuis le début de l’année, la performance moyenne ressortirait ainsi à 15,16 %.Sur 14 stratégies et sous-stratégies, seules trois ont terminé le mois dernier dans le rouge, l’equity market neutral avec – 0,53 % et le long/short equity, avec – 1,18 %, la plus forte baisse (- 2,23 %) concernant les fonds de futures (managed futures). En revanche, la stratégie equity short bias affiche un gain de 5,53 %.Pour les dix premiers mois de l’année, la plus forte performance est enregistrée par l’arbitrage de convertibles (45,64 %) tandis que la plus forte perte (18,53 %) est constatée pour l’equity short bias.
Fonds
10/11/2009
Fonds

La crise financière touche aussi la microfinance

Selon Les Echos, la crise financière a accentué, pour ses différents acteurs, les risques de surendettement, de défaut et de change. Dans certains pays, les institutions de microfinance ont enregistré une multiplication par plus de trois du taux des impayés. C’est le cas notamment de la Bosnie (de 4% à 17%) et du Tadjikistan (de moins de 2% à 12% en seulement huit mois). Du coup, les investisseurs ont préféré, par prudence, se constituer des poches de liquidités, qui ne sont plus introduites dans le circuit de financement. Au-delà de son impact direct, la crise financière a également révélé les difficultés techniques inhérentes à ce segment encore réduit - environ 50 milliards de dollars d’encours - de la finance mondiale, notamment l’absence fréquente de centrale du risque proposant des données fiables sur l’endettement des ménages.
Fonds
10/11/2009

Arques perd de l’argent sur la cession d’Agencia Servicios Mensajeria

Le capital-investisseur Arques Industries indique avoir cédé pour 1 euro symbolique les messageries espagnoles Agencia Servicios Mensajeria (ASM) à un groupe d’investisseurs espagnols du même secteur. Cette transaction, qui se solde pour l’allemand par une perte de 0,6 million d’euros, marque le retrait d’Arques du marché espagnol. ASM avait été achetée également pour un euro symbolique en avril 2008. Arques avait ensuite acheté en octobre, également pour un euro symbolique, le réseau de distribution d’un des concurrents d’ASM.
10/11/2009

Fitch dégrade la note AM de Pioneer

Fitch Ratings a dégradé la note Asset Manager de Pioneer Investments de M2+ à M2, couvrant les activités de la société de gestion du groupe UniCredit à Milan, Dublin, Munich et Boston, mais exclut la gestion alternative.Cette baisse reflète principalement l’affaiblissement de la situation financière de la société et les ajustements qui s’en sont suivis en termes de stratégie, lesquels pourraient avoir un impact sur son organisation. L’agence de notation rappelle que Pioneer a vu ses encours sous gestion baisser fortement en 2008 et 2009, à 157,6 milliards d’euros à fin juin, en raison de la chute des marchés et de lourds rachats, notamment en Italie et en Allemagne. Les sorties ont totalisé 54,9 milliards d’euros en 2008 et au premier semestre 2009.Résultat, la société de gestion s’est lancée dans un «repositionnement» afin d’aligner ses coûts au niveau plus faible des encours et de stabiliser les flux. Pour Fitch, la décision de Pioneer de croître de manière organique, alors que précédemment elle avait une stratégie d’acquisitions, et les défis du secteur de la gestion d’actifs, pourraient accroître le risque d’une redéfinition de la société et de sa stratégie, ce qui aura un impact sur de nombreux domaines, y compris le personnel.
10/11/2009

T. Rowe Price Group se renforce en Inde

Selon Bloomberg, T. Rowe Price Group, qui gère 366,2 milliards de dollars d’actifs (242,2 milliards d’euros), vient de prendre une participation de 26 % dans UTI Asset Management, la plus ancienne société de gestion indienne, qui dispose de 768,5 milliards de roupies d’actifs (10,06 milliards d’euros). Depuis cinq ans, le montant des actifs sous gestion au sein des fonds indiens a été multiplié par cinq.
10/11/2009

Affaire Madoff : UBS doit payer

Une enquête de la Tribune publiée le 9 novembre, met en évidence que UBS ne pouvait ignorer que Bernard Madoff était un important maillon intervenant dans la gestion de sa Sicav Luxalpha American Selection et US Equity Plus. Comme le démontre l’« operating memorandum » du fonds US Equity Plus où le nom de Bernard Madoff apparaît plus de vingt fois.UBS Fund Services Luxembourg (UBSFSL) a notamment failli dans son rôle de valorisateur du fonds, en se contentant des reportings falsifiés édités par Ma- doff pour calculer les valeurs communiquées ensuite aux investisseurs. Aujourd’hui, la VL du fonds est égale à zéro. Par conséquent, comme l’indique la circulaire 2002/77 du 27 novembre 2002 du régulateur luxembourgeois (CSSF), UBSFSL doit dédommager les investisseurs à concurrence de la différence entre la VL surévaluée appliquée aux parts souscrites et la VL recalculée (égale à 0). Cette circulaire définit aussi les responsabilités en cas d’inobservation des règles de placement ayant entraîné une perte. A la page 20 de l’operating memorandum, il est écrit que le fonds et les investisseurs lésés seront dédommagés par le fautif, « en principe le portfolio manager », c’est-à-dire UBS Third Party Management. Si ce dernier ne paie pas, c’est le promoteur du fonds qui pourrait être contraint de le faire. Il pourrait aussi se retourner contre le gérant. Et le promoteur n’est autre qu’UBS AG, conclut la Tribune.
10/11/2009

L'ancien patron de Lehman Brothers AM chez Nemesis

La société de gestion londonienne Nemesis Asset Management a recruté Robert Sargent, l’ancien CEO de Lehman Brothers Asset Management (Europe, Moyen-Orient et Afrique), en tant que directeur de la gestion d’actifs au Royaume-Uni. Il sera basé à Londres et placé sous la responsabilité de Pier-Alberto Furno, CEO.Nemesis AM, avec Nemesis SAM, gère environ 400 millions de dollars d’encours. La société, qui avait d’abord été créée comme joint venture avec Lehman en 2004, fournit des services d’investissement en actions, principalement à des individus fortunés et des family office. Elle était initialement connue sous le nom de Furno and Del Castaño Capital Partners (FCCP). Après la faillite de Lehman, Pier-Alberto Furno a acquis la part de l'établissement dans la coentreprise.
10/11/2009

Scottish Widows Investment Partnership nomme un directeur des taux

Scottish Widows Investment Partnership (SWIP) vient de nommer Andrew Tunks en tant que directeur intérimaire des taux (interim director of fixed income). Récemment, il était responsable des taux et du global macro chez Old Mutual. «La création du poste de directeur des taux illustre l’engagement de SWIP à l'égard de la classe d’actifs. Sur les prochaines semaines, plus de 20 milliards de livres d’actifs obligataires vont être transférés de Insight à SWIP, portant nos encours dans les taux à plus de 65 milliards de livres», rapporte Dean Bucklet, managing director de SWIP.

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