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14/09/2009

L'ISR n'est pas incompatible avec la performance

Selon le supplément «Argent» du Monde, des études récentes montrent que les fonds responsables investis en actions ont mieux résisté à la crise que les autres produits de gestion collective. De l’avis de Benoît Magnier, fondateur du cabinet de conseil Altedia IC, «l’ISR souffre d’une fausse image. Les investisseurs pensent souvent qu’investir autrement signifie renoncer à la performance. Nos études démontrent au contraire que l’approche ISR n’est pas un handicap». La dernière étude d’Altedia IC indique ainsi que les fonds investis sur la zone euro réalisent exactement la même performance (-0,1%) que les indices de marché sur trois ans à fin mai 2009.
14/09/2009
Fonds

Les grands fonds de pension ont mieux tenu le choc de 2008

Selon une enquête de la société de conseil Watson Wyatt et du journal spécialisé Pensions & Investments auprès des 300 principales caisses de retraite d’une trentaine de pays, publiée le 7 septembre, les 20 plus grandes caisses de retraite de la planète ont vu leurs actifs reculer de 4,1%, à 4,2 milliards de dollars en 2008, comparé à une baisse de 13% à 10,4 milliards pour l’ensemble des 300 institutions. Watson Wyatt analyse que «grâce à leur taille, les très grandes caisses de retraite ont un avantage en termes de gouvernance et de processus de décision, ce qui leur permet de tirer parti de nouvelles idées d’investissement», rapporte Le Temps.
Fonds
14/09/2009
Fonds

OIM cherche de nouveaux débouchés pour OP Convertibles

Lancé voici 17 ans pour un investisseur institutionnel par la Financière Atlas, le FCP OP Convertibles d’Oppenheim Investment Managers (OIM) affiche actuellement une trentaine de millions d’euros d’encours. Les souscripteurs de ce produit géré par Philippe Caron étaient jusqu'à présent presque tous institutionnels, mais OIM a jugé que la surperformance du fonds (22,64 % sur 5 ans au 1er septembre contre 20,42 % pour l’Exane Euro Convertible) et la thématique méritent d'élargir le spectre de la clientèle.Sur le plan commercial, OIM (filiale à 100 % de Sal. Oppenheim France) va donc s’attacher à présent à placer ce produit auprès des plates-formes et des CGP. Un road-show est également prévu à partir de cette semaine en Italie et en Suisse.Actuellement, le portefeuille comporte 32 lignes, mais la logique serait plutôt d'évoluer entre 35 et 40 positions, indique Philippe Caron, qui est le directeur général d’OIM. A son avis, il est temps à présent de basculer des monétaires, qui ne sont plus rémunérateurs, vers les fonds d’obligations convertibles (OC), en attendant le cas échéant de pouvoir revenir sur les actions.
Fonds
14/09/2009

Prim’ Finance accueille le groupe Ofi dans son capital

Le groupe Ofi renforce ses liens avec la société de gestion entrepreneuriale Prim’ Finance. Après avoir signé en 2008 un partenariat pour la commercialisation commune du FCP diversifié Prim’KappaStocks, Ofi vient d’entrer au capital de Prim’Finance à hauteur de 33,37 %. Les autres actionnaires demeurent BNPP AM Group (10 %) et les associés fondateurs, à 56,63 %. Pour Ofi, cette prise de participation s’inscrit «dans la logique d’un processus d’accompagnement de sociétés de gestion innovantes», souligne Thierry Callault, directeur général délégué d’OFI Asset Management. Prim’Finance pourra grâce à ce partenariat passer à la vitesse supérieure dans son développement. «L’arrivée d’Ofi au capital nous donne des moyens supplémentaires pour embaucher une ou deux personnes sur des postes importants. Nous pourrons ainsi lancer le recrutement d’un spécialiste de la recherche scientifique spécialisé dans la modélisation et d’un technicien de gestion, qui pourra accélérer le développement de nouveaux produits actuellement en préparation», commente Médéric de Vasselot, président directeur général de Prim’ Finance. Sur le plan commercial, Prim’Finance devrait profiter d’une synergie forte avec les équipes commerciales d’Ofi. «La force de frappe des équipes commerciales d’Ofi nous permettra d’atteindre plus rapidement nos objectifs de collecte auprès des institutionnels, de la gestion privée, des plateformes d’assurance vie et des CGP», ajoute-t-il.
14/09/2009
Fonds

Les fondations d'Harvard et de Yale subissent de fortes pertes

Durant l’exercice au 30 juin, le patrimoine des fondations des universités de Harvard et de Yale ont chuté respectivement de 36,9 milliards à 26 milliards de dollars et de 22,9 milliards à 16 milliards, rapporte la Frankfurter Allgemeine Zeitung. Harvard chiffre la perte de ses opérations sur les marchés financiers à 27 % et la fondation a décidé de conserver désormais une réserve de liquidité de 2 % du patrimoine, au lieu de s’endetter pour augmenter son portefeuille d’investissements. D’autres fondations d’universités renommées ont subi de fortes pertes, comme celles de Stanford, de Princeton et du MIT.
Fonds
14/09/2009

Morgan Stanley épinglé par le Nyse

La banque américaine a été condamnée à une amende de 200 000 dollars par le New York Stock Exchange pour avoir réalisé, depuis près de quatre ans, des opérations de courtage pour le compte de ses clients, sans les en informer.
14/09/2009

Pas optimiste Moody's à propos de la santé des banques américaines

La Tribune rapporte que, selon l’agence de notation Moody’s, la santé des banques américaines pour le proche avenir n’est pas radieuse, il s’en faut. D’où sa perspective « négative » sur les établissements notés. Les conséquences macroéconomiques entraînant une très forte hausse des créances douteuses et des dépréciations pèsent davantage, trimestre après trimestre, et se traduit par une détérioration significative de la qualité des bilans. Sur la seconde moitié de l’année et en 2010, il faut encore s’attendre à 345 milliards de dollars de pertes selon l’agence, précise le quotidien.
14/09/2009

De nouveaux acteurs dans le prime brokerage

Nombre de nouveaux acteurs se lancent dans les services aux hedge funds, constate le Wall Street Journal. Parmi eux figurent notamment Cantor Fitzgerald & Co, FBR Capital Markets, Jefferies & Co, Merlin Securities. Ils cherchent à attirer les hedge funds de taille moyenne.
14/09/2009

BlackRock va lancer une plate-forme de trading

BlackRock, qui va devenir la plus grosse société de gestion de la planète avec 3 000 milliards de dollars d’encours grâce à l’acquisition de BGI, s’apprête à créer sa propre plate-forme mondiale de trading, révèle le Financial Times, citant une note interne. Minder Cheng a été nommé pour s’en occuper. Ainsi, si certains clients vendent un titre et que d’autres l’achètent, BlackRock pourra croiser ces ordres en interne sans passer par Wall Street. Ce service est censé être gratuit.
14/09/2009

The Hartford réorganise sa distribution

The Hartford Financial Services Group a annoncé la création d’une nouvelle structure, Hartford Life Distributors (HLD) qui regroupera les activités de vente et de distribution de ses produits d’investissement et de retraite. Cela se traduit par la centralisation des unités commerciales internes et externes, des équipes de marketing et de soutien, ainsi que des groupe de suivi stratégique de la clientèle et du développement pour les mutual funds, les produits 401 (K) et les programmes d'épargne universitaire (529). Ces activités représentent 25 milliards de dollars de dépôts pour les 12 mois au 30 juin et emploient sur le terrain une force de vente de 240 personnes.HLD sera dirigée par Kevin Connor, executive vice president, qui était jusqu'à présent responsable du marketing, du suivi de la clientèle et du développement pour les produits d’investissement et de retraite.
14/09/2009

BlackRock to create a trading platform

BlackRock, which will soon become the world’s largest asset manager, with USD3,000bn under management after its acquisition of BGI, is preparing to create its own global trading platform, the Financial Times reveals, citing an internal memo. Minder Cheng has been appointed to oversee the platform. If some clients are selling a security and others are buying, BlackRock can cross these trades internally, without going through Wall Street. The service would be free of charge.
14/09/2009

Agnelli family may acquire Intesa asset management business

The Agnelli family may buy the asset management unit of Intesa Sanapolo, the Financial Times reports. Exor, the investment company which manages the family’s assets, including its 30.5% stake in Fiat, announced on Friday that an acquisition of Banca Fideuram was an option currently under study, though any deal was still a long way off. Intesa is seeking to sell Fideuram, which manages assets of EUR42bn.
14/09/2009

Principal GI seeks acquisitions in Europe

Principal Global Investors is seeking to acquire a European boutique specialised in global bonds, Ignites Europe reports. Jim McCaughan, CEO of Principal, would like to expand the business through acquisitions. And the market which interests him most is London.
14/09/2009

The Hartford reorganizes distribution

The Hartford Financial Services Group has announced the creation of a new structure, Hartford Life Distributors (HLD), which will handle sales and distribution for its investment and retirement products. This will result in a centralisation of internal and external sales units, marketing and support teams, and groups for strategic client assistance and the development of mutual funds, 401 (K) products and university savings programs (529). These activities represented USD25bn in deposits in the 12 months to 30 June, and currently employ a sales force of 240 focused on these areas. HLD will be headed by Kevin Connor, executive vice president, who was previously head of marketing, client assistance and development for investment and retirement products.
14/09/2009

SEC poised to impose money market fund restrictions

The Securities and Exchange Commission (SEC) is hoping to impose a requirement that money market funds be allowed to invest only in top-rated securities, in order to reduce risk. But the US Chamber of Commerce and 20 corporations have expressed reservations about the plans, arguing that the limitations may make it difficult for them to raise capital, L’Echo reports.
14/09/2009

3i sells minority stakes

The private equity investor 3i Group has sold minority stakes in small businesses in the IT telecommunications and health sectors in Europe for a total of EUR150m, Cinco Días reports. The consortium which has bought the investments includes Coller Capital, Harbour Vest and DFJ Esprit.
14/09/2009

Mediobanca studying books at Sal. Oppenheim investment bank

Mediobanca is carrying out due diligence on Sal. Oppenheim’s German investment banking and equity capital markets business. Deutsche Bank is not interested in these operations, as it focuses on the wealth management and private banking activities of the German-Luxembourg business (EUR130bn in assets), the Financial Times reports. According to sources close to the firm, Mediobanca will probably opt for hiring of teams rather than an acquisition of the entirety of the Sal. Oppenheim investment bank, which has 400 employees. The Italian bank would apparently take on board only a small number of these.
14/09/2009

Robert Helm becomes head of retail distribution at MEAG

Fondsprofessionell reports that Gerhard Rosenbauer will be quitting his position on the managing board at the asset management firm MEAG Munich Ergo Kapitalanlagegesellschaft mbH (MEAG), where he was head of retail distribution, for personal reasons on 30 September. He will be replaced on 1 October by Robert Helm, who is currently director of distribution to institutional investors.
14/09/2009

Deutsche Bank hoping to take over all of Sal. Oppenheim by 2011

Deutsche Bank and Sal. Oppenheim on Sunday declined to comment on an article in Focus magazine which claims that the former firm is planning to acquire an initial stake of 45% in Sal. Oppenheim, and then to buy up the remainder of the private bank by 2011, Die Welt am Sonntag reports. Sal. Oppenheim is now valued at EUR1.5bn-EUR1.8bn, down from the EUR2bn it was recently valued at. Sal. Oppenheim is reportedly also in exclusive negotiations to sell its investment banking operations to the Italian firm Mediobanca. Focus reports that the division also interests Barclays and Macquarie.
14/09/2009

Fund closures on the rise

As many as 250 funds disappeared in 2007 and 2008 in Spain. This year, as calm returns to the markets, the number of products on offer has increased a little bit, but the trend only turned around in June, Expansión reports. According to the most recent statistics from the Inverco association of management firms, 207 funds closed down between the end of May and the end of June, and the total number of funds fell to 2,746. In one month, as many funds were closed as in all of 2008. And this trend appears set to continue: according to Ahorro Corporación, the number of funds on sale fell to 2,702 in July, and rose back to 2,709 in August. The only category of products which has not been affected by this phenomenon is short-term bonds, a traditional refuge for Spanish investors in times of turbulence: the number of funds of this type has increased by 9.6% since the beginning of the year.
14/09/2009

Second record in a row for ETF assets

Assets under management in ETFs in Europe increased by USD9.1bn in August, to USD192.1bn. This is their second consecutive all-time record according to Barclays Global Investors (BGI). Since the beginning of the year, assets have increased by 34.7%, and the number of funds on offer has increased by 18.8%, with 141 new ETFs, to a total of 751 products, listed 1,889 times on 19 stock markets. iShares (BGI) remains the largest actor by far in this market, with 158 ETFs and assets of USD76.32bn as of the end of August, which represents a market share of 39.7%. Lyxor Asset Management (Société Générale) is in second place, with 100 funds, assets of USD39.71bn, and a 20.7% market share, and then db x-trackers (Deutsche Bank), with 105 ETFs and assets of USD31.19bn, and a market share of 16.2%. BGI adds that, according to Lipper FMI, net inflows in first half to ETFs domiciled in Europe have totalled USD15.2bn.
14/09/2009

Analysts' portfolios outperform funds

Stock picks from brokers can help investors to outperform most funds, a GLG study relayed by the Financial Times finds. On the basis of a list of daily recommendations by European brokers over the past four years, the hedge fund firm shows that a portfolio which followed analysts’ tips and bought the shares in question over a three-months period would have outperformed funds by 75%.
14/09/2009

Harvard and Yale endowments show heavy losses

In the fiscal year ending 30 June, assets in the Harvard and Yale endowments fell respectively by USD36.9bn to USD26bn, and by USD22.9bn to USD16bn, the Frankfurter Allgemeine Zeitung reports. Harvard estimates losses on its financial market operations at 27%, and the endowment has decided to maintain a liquidity reserve of 2% of its assets in future, rather than borrowing to augment its securities portfolio. Other well-known university endowments are also showing heavy losses, including the endowments of Stanford, Princeton, and MIT.
14/09/2009

Larger pension funds have withstood the shocks of 2008 better

According to a survey by the consulting firm Watson Wyatt and the specialised journal Pensions & Investments of 300 major pension funds in 30 countries, published on 7 September, the 20 largest pension funds on the planet saw a decline in their assets of 4.1% to USD4.2bn in 2008, compared with a 13% decline, to USD10.4bn, for 300 pension institutions overall. Watson Wyatt suggests that “due to their size, the very large pension funds have an advantage in terms of governance and the decision-making process, which allows them to participate in new investment ideas,” Le Temps reports.
14/09/2009

Alternext sets out to rescue credit-strapped businesses

In a report submitted Monday to the French minister of the economy, Christine Lagarde, and obtained by L’Agefi, there are proposals for 30 administrative, fiscal, and market measures, intended to remove obstacles standing in the way of issuers and make Alternext attractive once again for SMBs and businesses, the newspaper reports. The objective of the measures is to ease the difficulties for businesses having difficulty obtaining lending from banks.
14/09/2009

Pension funds have generated 6.8% per year since 1985

The association of Belgian pension institutions (ABIP or BVPI) reports that pension funds in the country have posted annual performance of 6.79% from 1985 until the end of second quarter 2009, which corresponds to 4.59% in real terms. On the basis of results published by 50 funds with total assets of EUR7.7bn, which represents 63% of the market, the weighted average performance of Belgian pension funds in first half was 4.21%. The average portfolio was 48% invested in bonds, 30% in equities, and 8% in real estate.
14/09/2009

Catella launches a "healthcare" real estate fund

Catella Real Estate is launching the first open-ended real estate fund in Germany to be specialised in properties in the health sector (clinics, medical centres, retirement homes, offices and logistics for the health sector). The Focus HealthCare (FHC) fund will invest in Germany as its first priority, and its objective is to achieve EUR1bn by the end of 2014, with investments in properties valued at EUR5m-EUR30m. The performance objective for the fund is 5-6% per year. Minimal subscription is set at EUR20,000, and redemptions are limited to EUR50,000 per day, until the 5th month. Management commissions are 1.25%, and the withdrawal penalty is 1%. The first three investments have been made in Northern Germany, Bavaria, and Austria, for an amount totalling EUR53m.
14/09/2009

10 ETFs which have yet to be invented

The ETF Database website suggests a list of ten ETF funds which do not yet exist, and which would be interesting to launch. These include products focused on Poland, Egypt and Ireland, funds specialised in corporate bonds but focused on sectors or duration, and an alternative ETF based on inflation-indexed bonds. The others are an active ETF which replicates the management of Bill Gross (Pimco), an “ultra risk, ultra-aggressive” fund, a fund focused on currencies other than the US dollar, funds focused on the automotive sector and a long-term leveraged product.
14/09/2009

Lyxor hedge fund index up less than others

The Lyxor Hedge Fund Index has posted a monthly advance of 0.94% and growth of 4.21% since the beginning of the year. These results are considerably lower than those of the HFR, Hennessee or Barclay indexes, with the difference that these results include those of the Lyxor (Société Générale group) platform and the performance of “investable” funds. In the first eight months of the year, emerging markets and long-term CTAs have posted losses of 6.93% and 7.72%, respectively, with the largest net loss for dedicated short bias strategies, at -21.71%. The best results, however, have been for long/short equity (22.25%) and credit arbitrage (34.7%).
14/09/2009

SEC proposals for money market fund rules draw lively criticism

The US Chamber of Commerce and 20 businesses have denounced plans by the Securities and Exchange Commission (SEC) to limit the categories of debt instruments which may be bought by money market funds, the Wall Street Journal reports. In a letter to the market regulator, companies including Avon Products and Disney express their opposition to a proposal that money market funds should purchase only the best-rated shares. “In many cases, the reduced financial flexibility and the increased cost of capital may have a negative impact on investors in these firms, which may have an impact on the consumer,” the letter claims.

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