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13/10/2009

DWS, BlackRock and Lombard Odier outperform benchmarks on long term

According to a study by analysts at MyPrivateBanking.com, covering the five years to the end of July 2009, only three of the 15 largest global managers of equities funds have succeeded in outperforming their benchmark indexes: Deutsche Bank/DWS tops the list, with a 4.36% lead on the benchmarks for the two funds analysed, while BlackRock/Merrill Lynch finished second, with 4 funds and outperformance of 3.97%, followed by Lombard Odier, with 2 funds and a 1.03% lead on the benchmarks. Underperformance, however, varies from 4.84% at UBS (4 funds) to 20.06% at Julius Baer (3 funds). Crédit Agricole, BNP/Fortis and BNP/Parvest place 5th, 8th and 11th, respectively, with underperformance of 5.31%, 10.00%, and 14.33%, respectively. It was not possible to rank Goldman Sachs and Sal. Oppenheim, as they did not have the necessary number of funds with a 5-year track record.
13/10/2009

Wealth managers support socially responsible investment

Socially responsible investment is a growing presence on the wealth management scene. According to a survey by the socially responsible investment specialist Eiris, published in association with the specialised news service WealthBriefing and the private bank Kleinwort Benson, 90% of wealth managers resopnding to the survey say their socially responsible investment portfolios have earned returns similar to or better than their other portfolios. For their part, high net worth clients are increasingly aware of social, environmental and governance issues and the implications these have on their investments. This year, 55% of wealth managers will probably study the impact of governance issues and other regulatory topics on the portfolios of their clients. However, wealth managers are unhappy with a lack of clarity and information about performance, which, from their point of view, represents a significant barrier to the creation of dedicated solutions in socially responsible investment. As a result of the crisis, it is increasingly difficult for wealth managers to retain clients who have become increasingly unstable. According to the study, one of the ways to gain the loyalty of these clients may be precisely to respond to a growing number of requests from high net worth clients for SRI products.
13/10/2009

Barclays sells off ballast from its balance sheet

La Tribune reports, citing the Financial Times, that Barclays is planning to sell GBP4bn, or EUR4.3bn, in assets, to lighten its balance sheet. Barclays has decided to sell the assets - structured credit and packages of collateralized loan obligations (CLO) - due to their rising values, which are causing increased interest from potential buyers. In the past few weeks, these debts have been trading at a markdown of 20-30%, rather than 30-40%.
13/10/2009

London to remain the largest European financial centre

In an interview with Les Echos, Lord Adair Turner, chairman of the Financial Services Authority (FSA), claims that the preeminence of London as a financial centre is not in danger. “London is the main European financial centre, and I am absolutely sure that, in 20 years, it still will be, as Paris is the centre of fashion and luxury products. Cities and economies accumulate advantages in certain sectors, and this becomes a self-perpetuating dynamic. Many professions in the City have not been affected: equities trading, interest-funded savings, forex, insurance (Lloyds), merchandise transport, commodities markets. These are necessary functions. Some professions, such as structured products, are in need of adjustment. But I do not think that we would do anything from a regulatory point of view that would work against London, as that is all done in collaboration with our colleagues abroad,” Lord Turner explains to the newspaper.
13/10/2009

Efama creates an advisory council

The European asset management association (Efama) on 12 October announced that it has created an advisory council which includes 10 CEOs of investment firms, which will relay their concerns and interests in the field of asset management, a statement says. The council is intended to strengthen governance at the association, which aims to be the defender of the fund industry in Europe. On the list of high-profile members of the council are the CEO of AXA Investment Managers, Dominique Carrel-Billiard, and the CEO of BNP Paribas Investment Partners, Philippe Marchessaux. The council also includes Juan Alcaraz, CEO of Allfunds Bank, Alain Dromer, CEO of Aviva Investors, Joachim Faber, CEO of Allianz Global Investors, John Fraser, CEO and chairman of UBS Global Asset Management, Dario Frigerio, CEO of Pioneer Global Asset Management, Martin Gilbert, CEO of Aberdeen Asset Management, Roderick Munsters, CEO of Robeco, and Allan Polack, CEO of Nordea Savings & Asset Management.
13/10/2009

Netherlands nationalises DSB Bank

DSB Bank was Monday placed under the protection of the court in Amsterdam, AGEFI reports. “This outcome was inevitable,” the Finance minister declared on Monday, cited by the journal. He adds, “it is important to emphasize that the problems encountered by DSB Bank are not due to the financial crisis. This is a relatively small, independent bank, which encountered problems of governance, concerns on the part of clients, a lack of transparency in terms of communication, and ensuing uncertainty.”
13/10/2009

Richard Wohanka joins UBP

Union Bancaire Privée has announced that they have hired Richard Wohanka, former CEO of Fortis Investment Management, as the new CEO of the Bank’s Asset Management and Alternative Investments division. He also becomes a member of the Bank’s Executive Committee and will report directly to Guy de Picciotto.

Christophe Bernard, UBP’s Chief Investment Officer and André Gigon, Head of Institutional Clients and Product Distribution, will report directly to Richard Wohanka.

 Wohanka’s arrival is UBP’s sixth major appointment this year, following on from those of Richard Katz as a Member of the Board of Directors, Sara Sprung as the Chief Investment Officer of Alternative Investments, Matt Auriemma as Co-Head of Structural Risk Analysis, Jonathan Morgan as Head of Research of Alternative Investments and Daniel Kelly as Chief Risk Officer of Alternative Investments.

 Richard Wohanka has more than twenty-five years of experience in asset-management, during which time he had many successes in growing the establishments that he ran, as CEO of Fortis Investment Management from 2001 to 2009 and as CEO of WestLB Asset Management from 1997 to 2001. Previously, he worked for thirteen years at Paribas, three of which as CEO of Asset Management. Richard Wohanka, 56 years old and multilingual, is an economic history graduate of both Harvard and Cambridge.


13/10/2009

Central Huijin increases stake in ICBC, CCB and BoC

The asset management firm Central Huijin Investment, an affiliate of the sovereign wealth fund China Investment Corp (CIC), has announced that it has bought 30 million shares in the Industrial & Commercial Bank of China (ICBC), 16.1 million shares in the China Construction Bank (CCB), and 5.1 million shares in the Bank of China (BoC) on the Shanghai stock exchange, the Frankfurter Allgemeine Zeitung reports. After these transactions, Huijin owns 35.4% of ICBC, 57.1% of CCB, and 67.5% of BoC.
13/10/2009

European commission investigating Dexia

La Tribune reports that Dexia is currently awaiting the conclusions of an investigation by the European Commission to determine whether public funds received by the bank led to a distortion of free competition on the market. Meanwhile, the bank has chosen to “keep a low profile and limit its development,” the newspaper notes, pointing to its recent sale of 20% of Crédit du Nord to Société Générale.
13/10/2009

Hedge funds: future of Geneva market plays out between Bern and Brussels

According to AGEFI Switzerland, the Swiss finance minister, David Hiler, who 18 months ago raised the idea of attracting hedge funds to Switzerland and to Geneva in particular, can still rely on considerable interest on the part of specialists in alternative investment who are considering leaving the City of London. The consulting firm Kinetic Partners has advised 23 relocations of hedge funds to Geneva since August 2007. Glen Millar, director of the Geneva office, confirms that requests for information are continuing to increase: the firm has 15 such projects currently active. These moves are being driven by two factors. “On the one hand, the British alternative industry has encountered several difficulties in the past few years, such as an increase in taxes on managers, planned for next year, as well as the cancellation of advantages related to “non-dom” status, and to changes to social security rules.” On the other hand, the future of the sector may be strongly influenced by the European Union directive on alternative investment managers: “Although the consequences of this directive for hedge fund activities in Switzerland are not yet known, managers are convinced that whatever happens, the situation will not be worse in Switzerland than in London,” says Millar.
13/10/2009

Alternative strategies perform well in September

Hedgeweek reports that hedge funds overall posted positive performance in the month of September. The HFRI Fund Weighted Composite Index is up 3%, according to Hedge Fund Research. Due to these strong gains, the performance of the composite index comes to more than 17% since the beginning of the year, following record losses of more than 19% in 2008. Among alternative strategies, the best performer of the month, event driven, shows gains of more than 4.2%. However, short bias is the only strategy to show a loss for September: it is down 4.9%, bringing losses to more than 19% since the beginning of the year, compared with gains of 28.4% in 2008.
13/10/2009

Foreign management firms hold 90% of corporate bonds

Strong activity in the area of corporate bond issues from Spanish firms is virtually all due to demand from foreign institutional investors, who have subscribed for nearly 90% of the bonds issued since the beginning of the year by volume, or EUR14.9bn out of EUR16.5bn, Cinco Días reports. 85% of an issue from Telefónica, and 100% of an issue from Gas Natural, went to foreign investors, while the percentage was 90% at Iberdrola and 95% at Enagás. The majority of buyers of debt issued by Abertis at the end of September are French, British and German.
13/10/2009

Christopher Todd Burgess joins Julius Baer

Julius Baer Hong Kong has announced the creation of a position for a head, international desk and EAM, which will be filled through the recruitment of Christopher Todd Burgess, who was previously one of the directors of Clariden Leu in Hong Kong. He will serve international clients, institutional investors, family offices and external asset managers.
13/10/2009

Vanguard closes its value fund

On 9 October, Vanguard decided to temporarily freeze its flagshp fund, Vanguard Capital Value Fund, with immediate effect and for an indefinite period. The fund, whose assets total USD742m, earned returns in the first nine months of the year of 68.5%, compared with 21.6% for the benchmark index. Assets have more than tripled since the end of February due to the rebound on the markets and significant inflows. “Despite our efforts to alert investors about the considerable risks related to the quest for performance, we are still concerned by the behaviour of the fund,” says Bill McNabb, CEO of Vanguard. The closure of the fund serves two objectives: on the one hand, to protect investors in the fund from a potential increase in transaction costs which may result from trading of shares in the fund by short-term investors; on the other hand, to protect potential investors, as funds which perform exceptionally well will have to experience a downwards correction sooner or later. Vanguard has previously declared “cooling-off” periods for the High-Yield Corporate Fund 2003 and the Health Care Fund 1999. The funds reopened after six and ten months, respectively.
13/10/2009

Tenth consecutive month of net inflows to Swedish funds

In September net sales of Swedish funds totalled to SEK 11 billion. It was the tenth month of inflows in a row. Equity funds recorded net inflows of SEK 9.4 billion and bond funds had a net inflow of SEK 2.8 billion. Also balanced funds and hedge funds (other funds) had net inflows of SEK 1.9 and 0.9 billion respectively. Money market funds on the other hand recorded a net outflow of SEK 3.9 billion. «The low interest rates are one reason for the great demand for equity funds and the weak demand for money market funds» says Investment Fund Association president Pia Nilsson. During the first three quarters of 2009 the total net inflow into investment funds amounts to SEK 70 billion.
13/10/2009

StoneCross launches a Sharia-compliant investment platform

On Monday, StoneCross Capital announced that it has received the necessary regulatory approval to become the first US asset management firm to create and personalize longevity products with an insurance component that comply with Islamic Sharia law. By complying with the legal principles of Sharia, StoneCross Capial “provides institutions in the Islamic community a way to diversify their portfolios and to satisfy future demand for products in a new asset class, which is not correlated to any other asset class on the market.”
13/10/2009

Erste Group creates single firm for asset and wealth management in central and eastern Europe

Erste Group Bank has created Erste Asset Management GmbH (EAM), a single asset and wealth management firm to serve Austria, Germany and the countries of central and eastern Europe. The new firm, whose board will be chaired by Heinz Bednar, includes entities whose assets total EUR33.8bn. In Austria, EAM includes Erste Sparinvest, Espa financial Advisors (EFA), Erste Immobilien and Ringturm; in other countries of the region, companies that will be included in the new entity include Asset Management Slovenskej sporitelne správ. spol., a.s. In Slovakia; Erste Fund Management Ltd in Hungary; Erste Invest d.o.o in Croatia; S.A.I. Erste Asset Management S.A. in Romania; and Erste Sparinvest Deutschland in Germany. The Czech firm Investicní spolecnost Ceské sporitelny, a.s. will also be included by the end of the year and the Serbian firm Erste Invest a.d. will join later on. According to Bednar, the core business for EAM will be management of Euro zone government bond funds, central and eastern European equities and bond funds; emerging market funds; SRI investment; local institutional funds (such as bond funds in Romania), and mandates with or without absolute returns strategies.
13/10/2009

Schroders adds to sales team

UK asset management firm Schroders on Monday announced the recruitment of Marc Stroh as distribution assistant for its institutional sales team. He will report to Robert Schlichting, head of the institutional activities of Schroder Investment GmbH for Germany and Austria. Stroh, who was previously a part of the product management team at Union Investment, will assist clients including insurance firms and pension funds. He will also distribute products from Schroder Property.
13/10/2009

Lyxor at work on a real estate ETF

Lyxor is planning to launch a new real estate ETF by the end of the year, according to Isabelle Bourcier, global head of ETFs at Lyxor Asset Management, speaking at a breakfast organised by bfinance. Bourcier also declared that the popularity of ETFs is not a passing fad. “Of course they may be fashionable just now, but in my opinion, the growth of this market is not related to fashion. The ETF market is here to stay,” she said. She adds that the European market has considerable potential for growth. Daily trading volumes on the US market, which now weighs in at about USD400bn, run to USD50bn, while in Europe (for a market that weighs EUR125bn), trading volumes are at about EUR1.5bn. Of course, the crisis has taught the markets a few lessons which it is wise to integrate into investment policies. In particular, it is important to ensure the quality of liquidities, as the crisis has shown the importance of maintaining liquidity in all phases of the market.
13/10/2009

Total net inflows in 2009 already higher than 2007

European mutual funds had net inflows of EUR34bn in August, helping the year-to-date total to EUR144bn, according to the latest Lipper FMI’s Fund Flash. This now exceeds the 2007 full-year volume. Equities reigned supreme with net subscriptions of EUR12bn with almost every western European market contributing. The one notable exception was Switzerland, which posted minor redemptions. According to Lipper FMI, «lack of equity appetite amongst Europe’s most sophisticated wealth management community suggests a growing mood of concern that the recovery is far from bullet proof». Corporate investment grade funds continue to underpin fixed income growth (EUR8.5bn). Group with strongest net inflows for the month was Barclays, while group with the strongest equity flows was DWS.
13/10/2009

Is BNP Paribas interested in Eurizon?

The name of BNP Paribas is being cited as one of the companies that may be interested in Eurizon Capital, the asset management firm from the Italian Intesa Sanpaolo group, Milano Finanza reports. For the moment, there is said to be no contact between the French and Italian banks on this issue, the Italian newspaper states. But it is known that, following the joint venture from Crédit Agricole and Société Générale, BNP Paribas is seeking opportunities for growth in order to increase its assets under management.
12/10/2009

Les fonds souverains réclament le maintien de l'ouverture des frontières

Lors du sommet du Forum international des fonds d’investissement souverains (IFSWF) vendredi à Bakou (Azerbaïdjan), les représentants des vingt membres ont appelé les Etats d’accueil de leurs investissements à garder leurs frontières ouvertes. Ils ont exprimé leur appui à des politiques budgétaires et monétaires de relance tant que la reprise ne sera pas assurée, rapporte Reuters.
12/10/2009
Fonds

Certains hedge funds sont déjà repassés au dessus de leur high watermark

En moyenne, d’après hedge Fund Research, les hedge funds ont enregistré une performance de 17 % depuis le début de l’année, ce qui permet à certains gérants de repasser au-dessus du fameux high watermark et de recommencer à collecter des commissions de performance, indique the Wall Street Journal. C’est le cas pour la plupart des fonds de SAC Capital Advisors ainsi que pour le Master Fund d’Och-Ziff Capital Management. Fortress Investment indique que le Drawbridge Global Fund devrait pouvoir encaisser à nouveau des commissions de performance d’ici à la fin de l’année si les résultats continuent d'être aussi bons que jusqu'à présent.
Fonds
12/10/2009

La pression monte sur les sociétés de private equity

Watson Wyatt, qui conseille des fonds de pension gérant 1.500 milliards de dollars dans le monde, a à son tour demandé des conditions plus justes et un alignement plus clair des intérêts entre sociétés de private equity et investisseurs, rapporte le Financial Times.
12/10/2009

Aabar prend 0,6 % de la filiale du Santander

Le fonds souverain d’Abou Dhabi, Aabar Investments, filiale de l’International Petroleum Investment Company (IPIC), a investi 234 millions d’euros lors de l’introduction en Bourse pour prendre environ 0,6 % du capital de la filiale brésilienne du Santander, rapporte Cinco Días. Le groupe espagnol a réalisé une plus-value de 1,43 milliard d’euros sur cette «IPO».
12/10/2009
Fonds

HSBC lance un fonds MENA

HSBC lance au Luxembourg le compartiment HGIF Middle East and North Africa, géré par Andrea Nannini et qui sera investi dans des pays comme le Koweit, les Emirats arabes unis, le Qatar, Oman, Bahrayn, la Jordanie, le Liban, le Maroc, l’Egypte et la Tunisie ; le gérant, un spécialiste des pays «frontière» chez Halbis, a la faculté de placer jusqu'à 10 % des encours dans d’autres pays comme la Libye, la Syrie et l’Arabie Saoudite. Les sociétés doivent afficher une capitalisation minimale de 50 millions de dollars.L’indice de référence est le MSCI Arabian ex-Saudi Index en dollars, et la souscription minimale pour ce portefeuille de 50-60 valeurs est fixée à 5.000 dollars (un million pour la part institutionnelle. La commission de gestion et les frais administratifs se montent à respectivement 1,50 % et 0,40 % pour la part retail et à 0,75 % et 0,30 % pour la part institutionnelle.
Fonds
12/10/2009
Fonds

HSBC lance un fonds Moyen-Orient et Afrique du Nord

HSBC Global Asset Management lance le fonds HSBC GIF Middle East and North Africa (MENA). Ce produit actions devait initialement voir le jour en octobre 2008, mais son arrivée a été retardée en raison de la crise financière. Aujourd’hui, HSBC GAM pense que le moment est venu d’investir dans le Moyen-Orient et en Afrique du Nord. Avec comme indice de référence le MSCI Ariabian ex-Saudi Arabia Total Return Index, HSBC GIF Middle East and North Africa sera investi dans des entreprises de la région ayant une capitalisation boursière de plus de 50 millions de dollars. Les pays inclus dans l’univers sont les Emirats Arabes Unis, Oman, le Koweït, Bahreïn, l’Egypte, la Jordanie, le Qatar, le Liban, le Maroc et la Tunisie. Géré selon une approche bottom up, le produit sera concentré autour de 50-60 actions. Le nouveau fonds, qui fera partie de la Sicav luxembourgeoise Global Investment Funds, est géré par Andrea Nannini et son équipe chez Halbis, l'équipe de spécialistes de la gestion active de la société de gestion. L’investissement minimum pour la part retail est de 5 000 dollars, tandis que le seuil d’entrée pour la part institutionnelle est fixée à 1 million. Les frais de gestion annuels sont de 1,5 % et 0,75 % respectivement.
Fonds
12/10/2009

Francis Candylaftis quitte Eurizon

Francis Candylaftis a démissionné de son poste d’administrateur délégué et directeur général d’Eurizon Capital SGR, la société de gestion du groupe Intesa Sanpaolo. Mauro Micillo, précédemment directeur financier de Banca Popolare di Vicenza, le remplacera à compter du 16 octobre.
12/10/2009

MBO sur les pôles belges de Commerzbank et Dresdner

Selon L’Echo, la Commerzbank a vendu à des membres de la direction sa filiale Dresdner Van Moer Courtens ainsi que International S.A. Luxembourg (Cisal), la succursale belge de Commerzbank dédiée aux clients particuliers aisés. Ces enseignes gèrent 615 millions d’euros d’actifs et emploient 48 collaborateurs. L’identité des acheteurs et le montant restent secrets.

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