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06/10/2009

Aberdeen regroupe ses activités valeurs mobilières et immobilier

Aberdeen Asset Management a annoncé la création d’Aberdeen Asset Management Deutschland AG, qui sera le holding coiffant, de Francfort, les activités fonds de valeurs mobilières et fonds immobiliers en Allemagne et en Autriche. Cela représente environ 120 personnes et plus de 8 milliards d’euros d’encours.Le directoire est composé de Patrick Walker (président), qui est également head of European business development d’Aberdeen, Michael Determann, Hetmut Leser (client management & business development) et Bärbel Schomberg, responsable de l’immobilier.
06/10/2009

Forte progression de l'indice King Sturge sur l'immobilier

L’indice mensuel King Sturge sur l'évolution du secteur immobilier en Allemagne a confirmé en septembre ses bonnes dispositions du mois précédent. L’indicateur est passé de 64,6 point au mois d’août à 75,6 point en septembre, enregistrant ainsi sa plus forte hausse mensuelle. «Même si la crise est loin d'être terminée, les perspectives à long terme d’un boom économique sont désormais en vue», selon Sascha Hettrich, managing partner chez King Sturge Deutschland.
06/10/2009

Liquidation du FCPI Alto Innovation

Alto Invest vient d’annoncer le remboursement final de son premier fonds commun de placement dans l’innovation , le FCPI Alto Innovation qui a eu lieu le 30 septembre 2009, avec une plus-value de +51,9% (hors CSG, CRDS) sur le montant de la souscription d’origine en 2001 (réduction d’impôt de 25% non comprise). Le rendement annuel du fonds sur la période, soit 7 an et 9 mois, ressort à 12,07% avantage fiscal inclus (6,97% hors avantage fiscal).Ce fonds a été remboursé en trois fois, en 2007, 2008, et au final le 30 septembre 2009. Le fonds était investi à plus de 60% dans des PME innovantes (Laser, SSII, logiciels), et à hauteur d’environ 40% dans une multigestion OPCVM.
06/10/2009

Création de IENA Finance à destination des directions financières

Le cabinet Iena consulting qui pratique la «business intelligence» et pilotage de la performance, vient d’annoncer le lancement d’une activité dédiée intitulée IENA Finance. Spécialisé dans le conseil opérationnel auprès des directions financières et de contrôle de gestion, IENA Finance doit accompagner ses clients dans tous les domaines d’activité des directions financières, qu’il s’agisse de la transformation des organisations et des systèmes, le pilotage de la performance, le reporting ou la consolidation.
06/10/2009
Fonds

BDL Alternatif Europe adopte le statut UCITS III

Le FCP long/short actions BDL Alternatif Europe, géré par la petite société de gestion française BDL Capital Management, fait peau neuve. Il abandonne son statut d’Aria EL pour devenir un FCP diversifié UCITS III. Dans le même temps, il change de nom, renonçant à la mention potentiellement sulfureuse d’"alternatif», pour adopter celui de BDL Rempart Europe. Le nouveau nom «reflète la conviction que BDL a de son métier : investir dans des entreprises européennes dont il est vraiment difficile pour un concurrent de prendre la place, à l’image d’un château fort imprenable», explique Thierry Dupont, directeur associé de la société.Car malgré ces changements, le fonds conserve bien la stratégie d’investissement qu’il met en œuvre depuis quatre ans, et qui consiste à acheter les actions intéressantes et vendre celles qui ne le sont pas sur un univers européen de capitalisations de plus d’un milliard d’euros de capitalisation ou de chiffres d’affaires. Depuis le début de 2009, il affiche une performance de 17,19 % (au 30 septembre).
Fonds
06/10/2009
Fonds

CASAM lance 10 nouveaux ETF actions

Désormais, la gamme d’ETF de Crédit Agricole Structured Asset management (CASAM) comporte 65 références, puisque le gestionnaire a annoncé lundi le lancement de dix nouveaux produits dont les commissions de gestion s'échelonnent entre 0,15 % et 0,35 %.La nouvelle rafale comporte trois fonds sur les indices européens phares, FTSE 100 (commission de 0,25 %), et sur les Dox Jones Stoxx 50 et 600, avec des frais de respectivement 0,15 % et 0,18 %.CASAM, fidèle à son penchant pour MSCI, lance aussi des produits sectoriels sur le MSCI World Energy et le MSCI World Financials (0,35 %) alors que l’ETF répliquant le MSCI Europe Materials est chargé à 0,25 %. Quant au Real Estate REIT IEIF, il est assorti d’une commission de gestion de 0,35 %.Les trois nouveaux produits «short» Europe sont aussi chargés à 0,35 %. Il s’agit du Short Dax 30, fu Dhort MSDCI Europe Daily et du Short MSCI USA Daily.Comme les autres ETF de CASAM, ces nouveaux fonds seronts distribués par une équipe de vente dédiée de CA Chevreux ainsi que par les équipes commerciales de Crédit Agricole Asset Management (CAAM).
Fonds
06/10/2009
Fonds

Direxion bascule ses ETF à effet de levier à une base mensuelle

Direxion Funds (Rafferty Asset Management) a annoncé vendredi qu’en écho à la demande du marché, il a changé les objectifs d’investissement de tous ses mutual funds indiciels à effet de levier à compter du 30 septembre. Concrètement, la base de calcul de performance de ces ETF devient mensuelle après avoir été journalière. D’autre part, Direxion précise que les fonds visant une performance de 250 % sur une base journalière tant «long» que «short» vont désormais viser une performance de 200 % sur une base mensuelle.
Fonds
06/10/2009

CASAM launches 10 new equities ETFs

The ETF product range from Crédit Agricole Structured Asset management (CASAM) now includes 65 funds, as the manager on Monday announced the launch of 10 new products, with management commissions varying form 0.15% to 0.35%. The new additions to the product range include three funds based on popular European indices, the FTSE 100 (0.25% commission) and the Dow Jones Stoxx 50 and 600, with fees of 0.15% and 0.18%, respectively. CASAM, in keeping with its demonstrated penchant for MSCI, is also launching sectoral products basedon the MSCI World Energy and MSCI World Financials indexes (0.35%), while an ETF replicating the MSCI Europe Materials carries fees of 0.25%. The Real Estate REIT IEIF fund carries a management commission of 0.35%. The three new European short products also carry fees of 0.35%. They are the Short Dax 30, Short MSCI Europe Daily, and Short MSCI USA Daily. Like other ETF products from CASAM, these new funds will be distributed by a dedicated team at CA Chevreux and by sales teams from Crédit Agricole Asset Management (CAAM).
06/10/2009

Direxion moves leveraged ETF funds to monthly performance calculations

Direxion Funds (Rafferty Asset Management) announced on Friday that, in response to market demand, it has changed the investment objectives for all of its leveraged index-based mutual funds, from 30 September. Concretely, the basis of the calculations for these ETF funds will become monthly rather than daily. Meanwhile, Direxion also states that funds which aim for performance of 250% on the basis of daily calculations, of both “long” and “short” types, will now aim for returns of 200% on a monthly basis.
06/10/2009

Changes on the way in banking surveillance

The directors of the Bundesbank this weekend voted to set up an integrated structure to which all banking supervisory functions which it currently shares with BaFin, the German market regulator, will be transferred. The head of the Bundesbank, Axel Weber, says that a complete absorption of BaFin could put an end to the two-headed structure created a decade ago, which is currently viewed as ineffective.
06/10/2009

Aberdeen brings together securities and real estate activities

Aberdeen Asset Management has announced the creation of Aberdeen Asset Management Deutschland AG, which will be headquartered in Frankfurt, and will serve as the holding company for securities and real estate activities in Germany and Austria. These activities represent about 120 employees and more than EUR8bn in assets. The managing board includes Patrick Walker (chairman), who is also head of European business development at Aberdeen, Michael Determann, Hetmut Leser (client management & business development), and Bärbel Schomberg, head of real estate.
06/10/2009

10 European actors among the world's top 20

According to rankings from Pensions & Investments/Watson Wyatt World 500, total assets at the 500 top asset management firms in the world fell last year by 23% to USD53.4trn as of the end of December. Among the top 20 by asset volumes, there are 10 European and 10 US firms, with the top two firms being Barclays Global Investors (BGI) and Allianz, with USD1.5163trn and USD1.462trn, followed by State Street and Fidelity with USD1.4438trn and USD1.3891trn. Axa, BNP Paribas, Crédit Agricole and Natixis come in fifth, 13th, 16th and 19th place, with USD1.38345trn, USD809.77bn, USD776.37bn, and USD630.06bn. In total, assets at North American management firms in the top 500 global firms fell 24% to USD23.9trn, while European firms lost 25%, to finish at USD22.7trn. Over the past ten years, the market share belonging to managers in developing countries has doubled, to about 4%.
06/10/2009

The top three managers of the past 12 months, according to Citywire

Citywire reveals the three fund managers out of 3643 managers who have returned the most in the 12 month period up to the end of August. The top performer in absolute terms is Dr Joachim Berlenbach, who runs Earth Gold Fund UI at Earth Resource Investment Group. He has returned 45.21% in euro terms. The second best performer was Thomas Bobek, manager of Erste Sparinvest’s ESPA Alternative Emerging Markets fund, who has returned 41.6%. Making up the trio of managers out in front for their year’s returns is Abhijig Sarkar from Hamon Investment Group, who co-manages the BNY Mellon Vietnam, India & China, with returns of 33.28% in dollar terms.
06/10/2009

Santander freezes an infrastructure fund

Cotizalia relays reports in Europa Press that Santander has decided to temporarily freeze the Santander Infrastructure Fund II, until the economic situation improves. The Santander Infrastructure Fund I is continuing its normal operations. The bank was planning to raise EUR1.5bn from institutional investors for the Infrastructure II fund, which would have allowed investments of EUR5bn. Santander has already invested about EUR900m in three projects in Chile (two highways and one water company), which it will continue to manage, even though plans to launch the fund are on hold.
06/10/2009

Toxic asset funds kick off

Five investment funds that raised USD1.94 billion in private capital to purchase troubled assets through the Public Private Investment Partnership can start buying next week, says the Wall Street Journal. Many public pension funds have invested in the PPIP funds. Because prices have been rallying for months, investors are unlikely to get the 20% to 30% returns that were expected when the program was first announced. Instead, returns of 15% are more likely.
06/10/2009

Three new asset managers join public-private investment program

Three new asset management firms have opened their doors to US government financing as part of the public-private investment program (PIPP), Agefi reports. The firms are Wellington Capital Management, AllianceBernstein, and BlackRock. Nine institutions in total were selected this summer by the US authorities as eligible to participate in the toxic bank asset repurchasing program. Since the announcement of the public-private partnership in March this year, banks have shown their ability to raise capital without having to clear out their balance sheets, the newspaper reports. Though it had an initial objective of up to USD1trn, the Treasury is now looking at a volume of USD40trn in repurchases through the PIPP program.
06/10/2009

SEB AM releases a defensive version of Asset Selection

Frankfurt-based SEB Asset Management (SEB AM) on Monday announced that it has obtained a license to sell its new Luxembourg fund SEB Asset Selection Defensive, which is the defensive version of its SEB Asset Allocation fund, in Germany. The product is characterized by a volatility objective of only 5%, rather than 10% for the original fund launched in 2006. The manager of the total return fund, which complies with UCITS III, is Hans-Olov Bornemann, head of the quantitative management team, based in Stockholm. His base portfolio is invested in money market assets, with an overlay portfolio which uses futures and other derivatives. The manager invests in equities, bonds, currencies and commodities, with both long and short positions. Characteristics Name: SEB Asset Selection Defensive ISIN: LU0425992988 Minimal subscription: EUR50 per month Front-end fee: 5% Management commission: 1.1%
06/10/2009

European banks will need USD78bn

In a prediction based on the hypothesis that Basel II will set a “hard” limit on owners’ equity ratios (tier one, excluding hybrid debt and all forms of quasi-capital) at 8%, JPMorgan estimates that European financial sector establishments will need a total of USD78bn (EUR53bn) by 2011, excluding public aid money, Agefi reports. USD38.3bn of this will need to be dedicated to repaying government aid. German banks alone will need USD26.6bn in capital, largely due to the USD16.8bn needed at Commerzbank. HSBC is doing best of the businesses in Great Britain, with a surplus of USD39.7bn. Among French banks, Société Générale has the most severe need for capital, which JPMorgan estimates at USD6.3bn.
06/10/2009

Santander negotiating sale of its offshore private bank to Credit Suisse

Its efforts to sell Santander Asset Management having ended in failure, Santander is now negotiating a sale of its offshore private banking affiliate which manages about EUR100bn in Geneva, Miami and the Bahamas, mostly for Latin American clients, Cotizalia reports. Potential buyers are said to include Credit Suisse, represented at the negotiations by Walter Berchtold, the head of wealth management. Negotiations on the Santander side are Rodrigo Echenique, who is director of the bank and who has the confidence of Emilio Botín, and Javier Marín, CEO of the private banking division. Taking the multiple ratios in use before the crisis as a guide, for example, those used at the acquisitions of Urquijo or the Morgan Stanley private bank, the deal could be worth EUR6-8bn.
06/10/2009

Fitch published new ratings criteria for money market funds

The Fitch agency on 5 October published its new ratings criteria for money market funds, particularly for funds which invest in short-term debt instruments issued by financial institutions, non-financial sector businesses, and ABCP programs. The publication of the new criteria coincides with recent proposals by the Securities & Exchange Commission (SEC) to strengthen the regulatory framework governing money market funds. A new ratings scale and new definitions have been defined by Fitch, with an “AAAmmf” rating which will replace the “AAA/V1+” rating. This will aim to improve transparency, and to better differentiate ratings applicable to money market funds from those covering other debt instruments. Fitch has also set up a measure of global portfolio risk, which takes into account the quality of credit and its maturity, an analysis of the diversification of the fund, which takes into account direct and indirect exposure to credit risk, a daily and weekly measure of portfolio liquidity, a revision of recommendations which aim to reduce risks related to securities lending, and an evaluation of the role of the sponsor (investment management, risk monitoring, governance, administration, etc).
06/10/2009

AUM at the largest asset managers fell by USD16trn in 2008

Last year, the 500 largest asset management firms in the world saw a contraction of more than 23% in their assets, which represents the first decline since 2002, and the largest contraction since statistics began in 1996. These are the findings of the Pensions & Investments/Watson Wyatt World 500 ranking, which put total assets as of the end of December at USD53.4trn, compared with USD69.4trn twelve months previously. The study finds that the 20 largest global actors alone accounted for one third of declines in assets under management, at USD5.6trn, but that the share of total assets at these firms remains high, at 38%. This has had a negative impact on their profitability, as performance commissions have suffered, and there is no room to raise fees. However, overheads have fallen, as many asset management firms have made cuts in their headcount. Carl Hess, global head of investment consulting at Watson Wyatt, notes that the asset management industry is facing three problems: a wave of consolidation, toughening regulations, and the loss of client confidence.
06/10/2009

Private bankers on the defensive

Major actors in wealth management are meeting in Singapore to consider the future of their industry, the Frankfurter Allgemeine Zeitung reports. Chris Meares, CEO of HSBC Private Banking, says 60% of client assets are in cash or in liquid accounts, compared with 35% in 2006; clients are gradually beginning to become interested in assets other than bonds, such as equities and simple structured products. The sector is also expecting strong growth in Asia, particularly in Hong Kong and Singapore, where the number of high net worth clients (more than USD5m in assets) and ultra high net worth clients (over USD100m) are rising at 13% per year, compared with 8% in the rest of the world. However, Daniel Truchi, head of SG Private Banking, notes that clients are increasingly inclined to sue their banks, which necessitates reserves to be set aside and cuts into margins. Meanwhile, some clients in Hong Kong, for instance, are willing to take enormous risks, and banks sometimes need to reason with them, in order to avoid having trouble later.
06/10/2009

HSBC launches an ETF based on the Euro Stoxx 50

Zurich-based Stoxx Ltd on Tuesday announced that it has licensed HSBC to use the Dow Jones Euro Stoxx 50 index as the underlying index for an ETF fund which will be listed from this Tuesday on the London Stock Exchange (LSE). Farley Thomas, global head of wholesale at HSBC Global Asset Management, states that HSBC gives priority to the launch of ETF funds replicating indexes which serve as an underlying for large volumes of assets, of which the Dow Jones Euro Stoxx 50 is by far the largest in Europe.
06/10/2009

Seven new mandates for Société Générale Securities Services (SGSS) in 2009

Société Générale Securities Services (SGSS) announced on Monday that it has won seven mandates in Italy since the beginning of the year 2009, including mandates from several pension funds. With EUR760bn in assets in custody and EUR26bn in assets under administration as of 30 June 2009, SGSS is the second-largest provider of securities services on the Italian market in terms of custodial, fund administration and settlement and clearance. Italian mandates include CAAM SGR Pension, Fund FON.TE Pension Fund, Priamo Pension, Fund Previmoda, Pension Fund Byblos Raetia and RE Sator SGR.
06/10/2009

FRR names members of investment strategy committee

In connection with the Fund’s new investment strategy, which was unveiled last June, the FRR’s Supervisory Board has formed a Committee whose role is to assist the Board in the performance of its duties relating to defining, monitoring the implementation of, and adapting the strategic asset allocation. The Committee is composed of the following individuals: representing employee trade unions: Jean-Christophe Le Duigou; representing employer trade unions: Alain Leclair; representing the Ministry of the Economy: Hervé de Villeroché; representing the collège of qualified individuals: Jean-Louis Beffa and Raoul Briet. Raoul Briet, Chairman of the Supervisory Board, and Augustin de Romanet, Chairman of the Executive Board, have designated the two individuals chosen to serve as experts, assisting the Committee in its work. They are: Bertrand Jacquillat, university professor at the Institut d’Etudes politiques de Paris, and Marc de Scitivaux, economist.
06/10/2009

EUR4.8bn capital increase at SocGen

Société Générale this morning announced the launch of a capital increase of about EUR4.8bn, maintaining preferential subscription rights. “This transaction will allow Société Générale to pay off preferential shares (B class) and super-subordinated securities of indeterminate duration (TSSDI) subscribed by the French government, and to increase the level and improve the quality of its regulatory ratios. It will also allow Société Générale to seize opportunities for external growth if they should emerge,” says a statement, adding that the increase will be likely to have no impact on net profit per share in 2010. As to external growth opportunities, the firm states that they may involve international retail banking and private banking.
06/10/2009

Credit Suisse goes into alternative management business in Japan

Agefi Switzerland reports that Credit Suisse Securities (Japan) on 2 October received a license from the Japanese market surveillance authorities to operate as an investment firm. This authorization follows the recruitment in August of Shinichiro Sato, from BlackRock, who will lead a team of six people. This represents a “strange strategic reorientation,” the newspaper comments, pointing out that at the end of 2008, Credit Suisse sold its “Global Investors” asset management division to Aberdeen Asset Management in exchange for a 24.5% stake in the enlarged capital of the British wealth management firm. But Credit Suisse is seeking to develop its alternative management activities in order to attract the savings of Japanese pensioners, which total nearly CHF800bn. This represents a considerable challenge, as Japanese pension funds are increasingly inclined to invest in alternative assets, including hedge funds and private equity.
06/10/2009

Gartmore recruits a team from GAM

Gartmore has announced the appointment of Asim Rahman and Christian Billinger as investment analysts and Eleanor Cameron as manager (dealing & operations) from GAM. They will report to John Bennett, Gartmore’s new senior portfolio manager, European equities, who joins in January 2010. At Gartmore, John Bennett and his team will assume lead management responsibility for the Gartmore European Selected Opportunities and Gartmore SICAV Continental European Funds. The Funds’ current managers, Roger Guy and Guillaume Rambourg, will concentrate on their growing list of alternative and institutional mandates. John Bennett will also develop a range of Pan European products for Gartmore.
06/10/2009
Fonds

Les trois meilleurs gérants sur 12 mois selon Citywire

Citywire dévoile les noms des trois gérants sur 3.643 professionnels ayant le mieux performé sur les 12 mois à fin août. Le meilleur en absolu est Dr Joachim Berlenbach, gérant du Earth Gold Fund UI chez Earth Resource Investment Group, avec +45,21 % en euros, indique Citywire. Vient ensuite Thomas Bobek, gérant du fonds ESPA Alternative Emerging Markets d’Erste Sparinvest, avec +41,6 %. Enfin, le troisième est Abhijig Sarkar d’Hamon Investment Group, qui co-gère le BNY Mellon Vietnam, India & China, avec +33,28 % en dollars.
Fonds

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