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23/09/2009

Absolute Return Partners lance un fonds énergie

En réponse à la demande croissante des investisseurs pour des véhicules de gestion alternative non corrélés et liquides, Absolute Return Partners (ARP) va lancer le 1er octobre prochain un fonds énergie NEAS Power Fund.Le fonds se propose de négocier des futures, forwards et options sur les certificats d'émission de carbone et les commodities du complexe énergie (charbon, gaz et pétrole). Plus de 95% des titres négociés seront cotées sur les deux principales bourses européennes de l'énergie, Nordpool et EEX. NE Capital Management, filiale de la société danoise spécialisée dans l'énergie Nordjysk Elhandel (NEAS), sera responsable, en tant que «sub-investment manager», de la gestion au jour le jour du portefeuille.
23/09/2009
Fonds

Fidelity boucle la rationalisation de sa gestion multi-manager

Selon Investment Week, Fidelity est en train de mettre la dernière main à la rationalisation de son fonds multi-manager qui devrait se traduire par la fermeture de la gamme FundsNetwork PortfolioManager. Le groupe va conserver le PortfolioManager Balanced, mais le renommer MultiManager Balanced. Fidelity envisage également d’intégrer le fonds MM Distribution (29 millions de livres) dans son MM Income (124 millions de livres). Fidelity avait précédemment annoncé qu’il fermerait l’ensemble de gamme offshore multi-manager d’ici à la fin de 2009 et qu’il a réduit le nombre de ses fonds onshore multi-manager de cinq à trois.
Fonds
23/09/2009

Catella RE recrute chez UBS

Catella Real Estate AG a annoncé mardi la nomination de Michael Denk comme head of business developpement/high net worth. Il sera chargé de la gestion des comptes des intermediaries financiers, des Eglises et des fondations ainsi que du suivi de la clientèle de particuliers haut de gamme et des family offices. Il était auparavant directeur chez UBS Deutschland à Munich où ses responsabilités de certified financial planner (CFP) couvraient la gestion immobilier pour les particuliers et le financement de l’immobilier.
23/09/2009
Fonds

La durée résiduelle des baux des fonds immobiliers est bien répartie

Seuls 4,9 % des baux des immeubles appartenant aux fonds immobiliers allemands offerts au public arrivent à échéance cette année. Jusqu'à fin 2013, cette proportion sera d’environ 10 % annuels, rapporte l’association BVI des sociétés de gestion sur la base de données au 30 juin 2009. Autrement dit, les baux n’auront à être négociés qu’après 2014 pour environ la moitié des immeubles et une partie importante des recettes des fonds se trouve ainsi assurée sur une période assez longue.La crise financière n’a occasionné pratiquement pas de défauts de paiements des loyers. De plus, le portefeuille des fonds immobiliers se compose généralement d’actifs de bonne qualité dont la valeur est moins sujette aux fluctuations que la moyenne du marché.Le BVI souligne en outre que les immeubles dans les portefeuilles des fonds sont relativement récents, ce qui limite les frais d’entretien. Les actifs remontant à 5 ans au maximum représentent 32,7 % du total, ceux entre 5 et 10 ans correspondant à 29,7 %. Donc les portefeuilles comportent plus de 60 % d’immeubles construits depuis moins de dix ans.Sur les douze derniers mois sous revue, les fonds immobiliers ont acheté 129 actifs pour 8,2 milliards et en ont vendu 48 pour 1,1 milliard d’euros. Les achats à l'étranger ont représenté 6,7 milliards d’euros, ce qui a réduit la part de l’Allemagne à 29,5 % du total, contre 41,1 % pour les autres pays de la zone euro.
Fonds
23/09/2009
Fonds

Nouvelle donne pour un fonds de développement durable

Le Panda Renditefonds DWS (environ 15 millions d’euros d’encours) devient le Renditefonds UI. White Investments, un gestionnaire de fortune «développement durable», a donc changé de société de gestion, passant ainsi de DWS Investments (Deutsche Bank) à Universal Investment (UI), l’un des leaders des produits blancs en Allemagne. Ce changement de société de gestion s’explique par une réorientation du produit, qui a été lancé en 1997 en tant que fonds de partage qui distribuait une partie de ses revenus au WWF.Compte tenu de l'évolution de la demande, explique à Newsmanagers Johannes Weber, le directeur général de White Investments, le concept a été changé et le fonds obligataire adopte une optique «développement durable». A ce stade, White Investments a recherché sur le marché une société de gestion susceptible de fournir la même prestation que DWS, mais si possible à moindre coût, ce qui a été le cas de UI.Dans la nouvelle configuration, qui est en fait entrée en vigueur le 1er juillet 2009, White Investments prend en charge l’analyse des critères écologiques et sociaux, qui est sa spécialité. En premier lieu, White Investments procède à l’exclusion des émetteurs qui ne respectent pas les dix Principes du Pacte mondial des Nations-Unies ; ensuite, elle procède à une analyse selon des critères extra-financiers. Dans la troisième étape, la gestion obligataire proprement dite est déléguée au francfortois Johannes Führ Deutschland.Le droit d’entrée et la commission de gestion ressortent à respectivement 3 % et 0,95 %. Une commission de 15 % est de plus facturée sur la partie de la performance excédant le taux butoir (hurdle rate) de 4 % (avec high watermark).
Fonds
23/09/2009

Pirelli RE vend un immeuble à Paribus

Pirelli Real Estate annonce mardi avoir vendu pour 15,8 millions d’euros l’immeuble Gossler’s Park situé à Hambourg-Blankenese à Paribus Capital. Il s’agit d’un immeuble mixte avec des magasins, des cabinets médicaux et des logements.
23/09/2009
Fonds

Une nouvelle rafale de dix EasyETF sur Xetra

BNP Paribas Asset Management (BNPP AM) a fait admettre mardi à la négociation sur le segment XTF de la plate-forme Xetra de la Deutsche Börse dix EasyETF de droit français couvrant les entreprises d’Europe, de la zone euro et des Etats-Unis ainsi que le marché monétaire en euros. Désormais la cote du XTF compte 496 ETF.Les produits nouvellement cotés à Francfort sont les EasyETF DJ STOXX 600 Double Short (0,60 % de frais), EURO STOXX 50 Double Short (0,50 %), EURO STOXX 50 (A Share) avec 0,25 % de frais comme pour le EURO STOXX 50 (B Share). Le STOXX 50 Europe (A Share) et le STOXX 50 Europe (B Share) comportent 0,30 % de commission de gestion.L’EasyETF EuroMTS EONIA est assorti de 0,15 % de frais, le S&P 100 (EUR) est chargé à 0,30 % dans que celui sur le DJ STOXX 600 est facturé à 0,35 %, comme celui sur le Russell 1000 (EUR).
Fonds
23/09/2009

Tax evader sues LGT

A German citizen who admits to tax evasion is suing the LGT Bank in a Liechtenstein court in Vaduz, for EUR13m in damages and interest. According to Financial Times Deutschland, the plaintiff accuses the bank owned by the Liechtenstein royal family of failing to inform him of a case of data theft to which it fell victim, which led to the spectacular opening of investigations in 2008 of about 700 German tax fraudsters. The real estate sector entrepreneur reveals that he was not able to turn himself in to the German tax authorities under an amnesty program, and that he was sentenced to pay EUR7.5m in fines, and to two years in prison under a suspended sentence. The hearing will be held this Wednesday. If the plaintiff wins this case, many others may follow.
23/09/2009

Lessons of Madoff scandal laid out in report by ALFI

L’Agefi reports that the Luxembourg investment fund association ALFI has published a report on the lessons to take away from the Madoff scandal. It recommends the creation of an investor forum, a revision of its code of conduct, and has modified guidelines for best control procedures applicable to depositaries.
23/09/2009

CIC acquires 15% stake in Noble

The sovereign fund China Investment Corp (CIC) has acquired a stake of about 15% in Noble Group Ltd, a commodity trading group based in Hong Kong and listed in Singapore, which is planning to make new acquisitions in the agricultural sector with fresh capital, for about USD850m, the Frankfurter Allgemeine Zeitung reports. The operation will involve the issue of 438 million shares, and the acquisition of 135 million shares from the founder, Richard Elman. In 2008, Noble earned revenues of about USD36bn, which fell to USD13.3bn in the first half of 2009. In August, CIC announced that 87.4% of its assets of USD297.5bn were still held in the form of liquidity. The sovereign fund is reported to be in negotiations to acquire a stake in the American firm AES Corp., a builder of power stations.
23/09/2009

EasyETF launches another volley of ten funds on Xetra

BNP Paribas Asset Management (BNPP AM) on Tuesday listed ten French-registered EasyETF funds covering European, Euro zone and United States businesses and the Euro money market on the XTF segment of the Xetra platform from Deutsche Börse. The XTF segment now lists 496 ETF products. The products added to the listings in Frankfurt include the EasyETF DJ STOXX 600 Double Short (0.60% fees), EURO STOXX 50 Double Short (0.50%), EURO STOXX 50 (A Share), with 0.25% fees, like the EURO STOXX 50 (B Share). The STOXX 50 Europe (A Share) and the STOXX 50 Europe (B Share) carry 0.30% management commissions.
23/09/2009

EFA and BCEE win administration mandate for first Islamic money market fund

The Bank of London and Middle east (BLME) has mandated European Fund Administration S.A. (EFA) and the Banque et Caisse d’Epargne de l’Etat (BCEE) for administrative and depository banking services for the first European money market fund to comply with Sharia law, which has been launched in Luxembourg. The BLME Umbrella Fund Sicav-SIF, created with capital of more than USD50m, invested in a diversified portfolio of top quality Islamic money market products such as Murabahas (trading contracts), Sukuks (Islamic equivalents of bonds), and Ijaras (rental contracts for assets). In order to serve BLME and respond to the rapid growth of the Islamic finance market, EFA has adapted its accounting and transfer agency tools and has set up a special training program for its dedicated teams.
23/09/2009

Funds with disappointing performance in 2008 struggle to find subscribers

Some prominent mutual funds have made spectacular comebacks this year, says the Wall Street Journal. Fidelity Magellan, Legg Mason Value Trust and Dodge & Cox International Stock are among the funds beating the markets again. But investors aren’t following and many funds still are losing clients.
23/09/2009

Merrill Lynch to launch 12 retail hedge funds

Bank of America Merrill Lynch is to launch 12 more retail hedge funds, on top of the York Event-Driven Ucits Fund it announced yesterday. So reports Ignites Europe.Eric Personne, EMEA head of the fund solutions group at Bank of America Merrill Lynch, says the bank’s target is to have around 15 funds and at least USD2bn in assets under management from its Ucits-compliant Luxembourg Sicav called Merrill Lynch Investment Solutions.
23/09/2009

European regulator: Mervyn King a favourite for number two post on board

Bank of England Governor, Mervyn King, has emerged as the leading candidate to become deputy of a European board tracking the stability of financial institutions and coordinating risk supervision by national bank regulators, the Financial Times reports. The new body will be chaired by Jean-Claude Trichet.
23/09/2009

French government announces puts Swiss banks in the clear

L’Agefi Switzerland reports that the French budget minister, Eric Woerth, on 22 September announced that Swiss banks with operations in France are not the source of a list of 300 French residents with accounts not declared to the French tax authorities, in a denial of previous reports in the Swiss newspaper Le Temps, which claimed that France had obtained the names of the 3000 French taxpayers from the French affiliates of three Swiss banks, including Credit Suisse.
23/09/2009

French government signs tax agreement with Andorra

The French Budget minister, Eric Woerth, on 22 September singed an agreement to share taxation information with Andorra. ‘The signing of this agreement allows each of the parties involved to realise their ambition to deploy international principles of transparency and exchange of information,” according to a statement. The signature of the agreement between France and Andorra follows an internal Andorran move to comply with transparency principles in early September.
23/09/2009

Fidelity completes rationalisation of multi-management product range

Investment Week reports that Fidelity is in the process of concluding a rationalisation of its multi-management product range, with the closure of the FundsNetwork PortfolioManager line of products. The group will retain the PortfolioManager Balanced fund, which will be renamed MultiManager Balanced. Fidelity is also planning to merge the MM Distribution fund (GBP29m) into the MM Income (GBP124m). Fidelity had previously announced that it would be closing its entire offshore multi-manager product range by the end of 2009, and that it would be reducing the number of onshore funds from five to three.
23/09/2009

Absolute Return Partners launches an energy fund

In response to growing demand on the part of investors for uncorrelated and liquid alternative management products, Absolute Return Partners (ARP) will launch an energy fund entitled NEAS Power Fund on 1 October. The fund will trade futures, forwards and options on carbon emissions certificates and complex energy commodities (carbon, gas, and petrol). More than 95% of the shares traded will be listed on the two main Europeanenergy trading markets, Nordpool and EEX. NE Capital Management, an affiliate of the Danish energy specialist firm Nordjysk Elhandel (NEAS), will be responsible, as sub-investment manager, for the day-to-day management of the portfolio.
23/09/2009

EEX and Eurex launch new carbon emissions futures contracts

The European Energy Exchange (EEX) in Leipzig and Eurex (Deutsche Börse group) are planning to extend their range of futures contracts on European Emmission Allowance (EUA) and Certified Emissions Reduction (CER) carbon emissions rights, with maturity and delivery dates modified to better meet the requirements of market actors. Currently, EUX and CER futures mature on the last trading day of November, with delivery in the first trading day of December. In the future, there will be another maturity date in mid-December, which will bring the EEX/Eurex market into line with other CO2 markets.
23/09/2009

Catella RE recruits a head from UBS

Catella Real Estate AG on Tuesday announced the appointment of Michael Denk as head of business development/high net worth. He will be in charge of managing the accounts of financial intermediaries, churches and charities, as well as assisting new high net worth private clients and family offices. He was previuosly director of UBS Deutschland in Munich, where his responsibilities as a certified financial planner (CFP) included the management of real estate assets for retail clients and real estate financing.
23/09/2009

Big opportunities in private banking

In an interview with L’Agefi Switzerland, Joachim H. Strähle, executive president of Banque Sarasin, says organic growth is a first preference, but does not rule out an acquisition (of a firm with assets under management of at least CFH20bn), if an opportunity presents itself. “We see big opportunities in the next three to five years, especially in Asia and the Middle East. Private banking remains fundamentally a growth industry, with enough potential for all actors in the market. Consolidation is probable, even if it takes a while to fully appear. The recovery of the financial markets is helping to defer this process, and is inciting some actors to wait for a better sale price. In the longer term, the process is inevitable, particularly for banks whose private banking operations are not a core activity, who will need to divest in order to repay debts. Whatever happens, the next twelve months will be interesting,” the CEO of the Sarasin group explains.
23/09/2009

Changes ahead in capital of Atlas

Funds People relays reports in Negocio that the managing partners of Atlas Capital Gestión, León Benelbas, Pablo Cervera and Moisés Israel, are currently negotiating a sale of their 31% stake in the affiliate of Daiwa Securities, the former Atlas Capital Close Brothers. It remains to be seen whether Julius Baer, currently a minority shareholder, will retain its stake or not.
23/09/2009

La Caixa takes over management of Gas Natural and Fenosa pension funds

Vidacaixa, an affilaite of La Caixa, will become the manager of the pension funds of Gas Natural (EUR56m and 3,300 members) and Unión Fenosa (EUR295m and 3,912 members), Expansión reports. Previously, the funds were managed by BBVA and Santander, respectively. The Catalunian savings bank will become the depositary for the two funds. The transfer will take place with the agreement of the unions, which are strongly represented on the supervisory baords of both funds [Fenosa has been merged into Gas Natural -ed]. The managers concerned in the reorganisation are the three largest managers of pension funds in Spain. In this area, BBVA manages EUR6.55bn, with a market share of 23.22%, while La Caixa manages EUR4.62bn or 16.13%. Santander, which has a highly selective policy, has EUR1.07bn in assets and a market share of 3.73%.
23/09/2009

Campbell Soup signs up to UN Global Compact

The United States group Campbell Soup announced on 21 September that it has signed up to the United Nations Global Compact, reinforcing its commitment to social and environmental responsibility at businesses.
23/09/2009

Natixis: Sébastien Clerc appointed head of management for outside clients

Sébastien Clerc has been appointed head of management for outside clients at the Natixis financing and investment bank. Since 2005 he had been global head of project financing. Axel Richer has also joined the management for outside clients team, and will be in charge of management of debt funds. He previously served as deputy head of project financing.
23/09/2009

Société Générale announces Ambition plan

According to the Financial Times, Société Générale is planning to launch a program next year entitled SG Ambition 2015. The five-year plan will involve significant cost and risk controls, and will privilege private banking activities to the detriment of trading. The plan also aims to reduce errors and unauthorised risk-taking in market activities before they occur, and to turn thepage on the Kerviel scandal.
23/09/2009

A female head for French family office association

Josée Sulzer has been elected as president of the AFFO (Association Française du Family Office), an independent association founded in 1901 which includes both single and multi-family family offices, as well as professional partners of the family office professions. Sulzer succeeds Bernard Camblain, who becomes honorary president of the association. Sulzer, who joined the Groupe Industriel Marcel Dassault (GIMD), the holding company for the Groupe Dassault, the Dassault family business, in 1994, serves as director of financial affairs and participations, and is also a member of the board at Immobilière Dassault, the group’s publicly-traded real estate firm. She also has several mandates from various asset management and realty management firms. The AFFO, founded in 2001, aims to work on current and future issues in the professionalisation of the family office profession through dedicated commissions, according to a statement.

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