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20/08/2009

Normura en délicatesse avec un cabinet de recrutement

Selon la Tribune qui cite le «Times», Hogarth Davies Lloyds (HDL), cabinet de chasseurs de têtes, a porté plainte contre l’antenne britannique de la banque japonaise Nomura. En cause, le recrutement de deux cent cinquante anciens employés de Lehman Brothers par le groupe japonais via HDL qui aurait dû être payé entre 47 et 105 millions d’euros, estime le cabinet.
20/08/2009

Emplois maintenus chez Lloyds Banking Group

En dépit d'énormes difficultés, précise la Tribune, Lloyds Banking Group (LBG) annule cependant son projet de fermeture des 164 agences de la filiale Cheltenham et Gloucester.
20/08/2009

Morgan Stanley vend un immeuble à Shangai

Le groupe immobilier chinois SOHO China a annoncé avoir conclu le rachat d’un immeuble de bureaux à Shanghai à la banque Morgan Stanley pour 2,45 milliards de yuans (358,7 millions de dollars), indique les Echos.Loué à environ 30%, Soho China a précisé qu’il allait le restructurer.En raison de la crise, le taux de vacance dans les bureaux de Shanghai a atteint un record.
20/08/2009

Fitch attribue un M1 à Alcentra

Fitch Ratings a attribué la note asset manager de M1 à Alcentra pour ses activités de gestion d’actifs européennes, laquelle remplace la note CAM1 pour les CDO. Cela fait suite au changement de méthodologie de l’agence pour noter les gestionnaires crédit.
20/08/2009
Fonds

Des fonds sectoriels en grande forme

Selon les données d’Europerformance-SIX Telekurs portant sur les performances des fonds au cours des quinze premiers jours du mois d’août, la catégorie investie sur des valeurs foncières et titres immobiliers a été sensiblement plus performante que les catégories dites généralistes (fonds «actions françaises - Général» ; fonds «actions européennes - Général, etc). Leur progression moyenne est de 11,11 % avec pour les meilleurs comme HSBC Immobilier (HSBC) ou Stratégie Indice Pierre (Legal & General France), des hausses respectives de 14,98 % et 14,94 %. A titre de comparaison, les fonds composés de grandes valeurs françaises ont enregistré une hausse moyenne de 1,90 %, les meilleurs parvenant néanmoins à flirter avec les 10 %. A l’image de UFF Actions France A (UFF) ou Echiquier Quatuor (Financière de l’Echiquier) dont les gains sont de 9,70 % et 9,03 % respectivement. Les fonds investis sur les petites et moyennes capitalisations font mieux, notamment la catégorie spécialisée sur le vieux Continent. Son gain moyen atteint 3,94 % et les meilleurs fonds comme Echiquier Agenor (Financière de l’Echiquier) ou Metropole Smallcap (Metropole Gestion) affichent des hausses respectives de 8,34 % et 5,81 %.
Fonds
20/08/2009
Fonds

Nouveau fonds monétaire chez Invesco

Invesco commercialise en France un nouveau fonds de type «américain», Euro Liquidity Portfolio. Lancé en juin 2006 à destination des trésoriers et des investisseurs pour y placer des liquidités à court terme, le portefeuille avec 719 millions d’euros d’actifs sous gestion est composé de deux poches. La première, qui représente jusqu’à 30 % du portefeuille, a vocation à assurer une liquidité permanente quelles que soient les conditions de marché. Pour cela, elle est constituée de titres à maturité de 1 à 3 jours. La seconde poche est investie dans des titres de première qualité avec une maturité résiduelle de 397 jours maximum. Ces titres sont conservés jusqu'à leur échéance. En pratique, la maturité pondérée du portefeuille est d’environ 35 jours. Une quarantaine d'émetteurs composent le portefeuille. Ce fonds bénéficie de la notation de crédit la plus élevée, AAA. Sa performance entre le 31 juillet 2008 et le 31 juillet 2009 a été de 2,62 % contre 2,13 % pour l’eonia, sa référence. Caractéristiques du fonds Code Isin : IE00B15FG88 (capitalisation)/ IE0004904748 (part institutionnelle)/ IE0008005567 (capitalisation, part libellée en dollars) Montant de la part constante (hors capitalisation) : 1 euro Total Expense Ratio : 0,15 % Montant minimum d’investissement 150 000 euros
Fonds
20/08/2009

Macquarie acquiert Delaware Investments

L’australien Macquarie Group a annoncé mercredi l’acquisition de Delaware Investments, la société de gestion d’actifs de l’américain Lincoln Financial Group, pour 428 millions de dollars. Cette opération aux Etats-Unis permet au groupe australien d'étoffer ses encours de 125 milliards de dollars US, pour les porter à plus de 300 milliards de dollars. Elle s’inscrit dans le cadre de la stratégie de Macquarie de développer son activité de gestion d’actifs. Delaware, qui emploie 580 personnes, fournit des services d’investissement à des investisseurs particuliers et institutionnels. Son siège restera à Philadelphie et son équipe de professionnels de l’investissement continuera à servir ses clients comme avant, précise le communiqué de presse. Mais désormais, ces derniers se verront aussi offrir les stratégies d’investissement de Macquarie. L’inverse sera aussi possible pour les clients de Macquarie.
20/08/2009
Fonds

Bob Doll abandonne la gestion du fonds US Growth

Selon Citywire, BlackRock a procédé a quelques changements de gérants pour un certain nombre de fonds de sa gamme BGF. Le changement le plus notable est le remplacement de Bob Doll, le CIO actions mondiales, qui cède le contrôle du fonds BGF US Growth Fund (100 millions d’euros) au duo composé de Jeff Lindsay et Ed Dowd. Il continuera néanmoins à gérer ses autres fonds, précise Citywire.
Fonds
20/08/2009

Hausse des encours de Fidelity

Fidelity Investments a annoncé lors d’une présentation à Boston que ses fonds avaient affiché des souscriptions nettes de 44,2 milliards de dollars au premier semestre, rapporte le Wall Street Journal. Ses encours sous gestion ont augmenté de 9 % à 1.360 milliards de dollars.
20/08/2009

Morgan Stanley sells a building in Shanghai

The Chinese real estate group SOHO China has announced that it has concluded its acquisition of an office building in Shanghai from the bank Morgan Stanley for CNY2.45bn (USD358.7m), Les Echos reports. Soho China states that, with approximately 30% of the property leased, it is planning to restructure. Due to the crisis, vacancy rates in Shanghai office properties has reached record levels.
20/08/2009

Credit Suisse AM launches a MENA fund

Credit Suisse Asset Management has launched the Credit Suisse SICAV One (Lux) Equity Middle East & North Africa, a Luxembourg-registered equities fund investing in the Middle East and North Africa. The new product will be managed by Farid Samji, who has 5 years of experience in the management of MENA funds in the Middle East. “The investment strategy is based on active management which relies on top-down as well as bottom-up analysis,” says CSAM, adding that the bechmark index is the MSCI Arabia ex Saudi Arabia (Domestic).
20/08/2009

Austria threatened with sanctions

Les Echos reports that the European investment bank is threatening sanctions against Austrian banks if the Parliament does not pass a law by March 2010 repealing banking seecrecy.
20/08/2009

M&G and Invesco lead in subscriptions

In the United Kingdom, inflows to retail funds reached record levels in second quarter 2009, thanks both to low interest rates for savings deposits and to a rally on the equities markets, Lipper FMI finds in its most recent UK Fund Flash. The most remarkable characteristic of the period under review is that interest in equities funds has returned: GBP3bn were invested in this asset class, of which GBP2.5bn came from retail investors. In terms of net inflows, the winning asset management firms in the quarter were M&G, with GBP1.4bn, and Invesco Perpetual, with GBP1.09bn. The Australian firm First State is in third place, with GBP603.6m, ahead of BlackRock (GBP515.7m), Jupiter (GBP499.9m), Neptune (GBP479.7m), BNY Mellon (GBP456.4m), Threadneedle (GBP381.9m), Scottish Widows (GBP343.6m) and HSBC (GBP302.6m).
20/08/2009

Assets up at Fidelity

Fidelity Investments has announced at a presentation in Boston that its funds posted net subscriptions of USD44.2bn in first half, the Wall Street Journal reports. Assets under management have increased by 9% to USD1.360trn.
20/08/2009

Macquarie acquires Delaware Investments

The Australian Macquarie group announced on Wednesday that it has acquired Delaware Investments, the asset management firm of the American Lincoln Financial Group, for USD428m. The operation in the United States will allow the Australian group to increase its assets from USD125bn to more than USD300bn. The move is a part of Macquarie’s strategy to develop its asset management activities. Delaware, which has 580 employees, provides investment services to retail and institutional investors. It will continue to be headquartered in Philadelphia, Pennsylvania, and its team of investment professionals will continue to serve clients as before, a press statement explains. But now, these professionals will also offer Macquarie investment strategies. Macquarie clients will also have access to Delaware products.
20/08/2009

Hedge fund bets that gas prices will triple

A hedge fund, whose name is not known, has bet millions of dollars that the price of natural gas will triple by winter, at a time when prices are at 7-year lows, the Financial Times reports. The fund spent millions for the right to buy US natural gas at USD10 per mBtu in January and February, compared with a price of USD3 on Wednesday this week.
20/08/2009

China attracts hedge funds

The Wall Street Journal and Financial News report that China is replacing London as the preferred place of domicile for managers specialised in Asia, and that it is replacing Japan as home to Asian hedge funds. Hedge Fund Research finds that 24% of hedge funds specialised in Asia are now based in China, an increase of more than 5% compared with last year.
20/08/2009

Managers return to equities

The optimism of investors worldwide about the global economy reached its highest level in six years in August, according to the most recent survey of portfolio managers undertaken by Merrill Lynch. 75% of those surveyed think the global economy will get stronger in the next 12 months, which represents the highest level since November 2003, and an increase from the 63% seen in July. 70% of respondents predict that profits will increase at businesses in the next year, compared with 51% last month. This regain of optimism may also be observed in asset allocations. Exposure to equities increased strongly in one month, as 34% of managers surveyed are overweight in this asset class, compared with 7% in July, while the proportion of cash has fallen from 4.7% to 3.5%. The Risk and Liquidity indicator from Merrill Lynch has also increased to 41, its highest level in two years. The survey covered 204 managers representing assets of USD554bn.
19/08/2009

ETFs: simple and understandable products are the key

In the area of ETFs, Jean-Frédéric Nussbaumer, head of equities trading execution at HSBC Private Bank, recommends sticking with simple and understandable products, Le Temps reports. “[T]he concept of an ETF, which works well for major indexes such as the NASDAQ or the S&P 500 in the United States or the SMI in Switzerland, does not perform as well for more exotic indexes. The costs can vary from one to four times their ordinary levels, depending on the categories,” the Swiss newspaper notes. Christophe Aletti, head of structured products at UBP in Geneva, estimates that many users are not aware of the complexity of the structures behind some products. “Information is not as clear and transparent as it should be,” he claims in Le Temps.
19/08/2009

Sovereign funds may become active investors

According to a State Street report cited by L’Agefi, “sovereign funds may become more active investors in the future.” They may also “eventually catch up with the most activist institutional investors or alternative funds.” State Street, which counts 37 sovereign funds with assets of over USD1bn, also states that “falling sources of revenues are leading these funds to revise their allocation policies and to avoid higher-risk investments.”
19/08/2009

AGI does away with 109 funds

Allianz Global Investors will merge 53 funds of its range, representing EUR830m in assets, while 20 other funds, with assets of EUR205m, will be closed, Das Investment reports. In addition, AGI will abandon 36 white-label funds.
19/08/2009

Fortis Investments doubles assets in India

In its latest update for journalists, Fortis Investments (BNP Paribas groupe) says that it crossed the USD2 billion mark for assets under management in India on August 11, 2009, thus registering a growth of over 100% in its AUM since December 2008. «The growth in the AUM can be attributed to the consistent performance of its fixed income funds that are among the best performing funds in their respective categories».
19/08/2009

Blackstone bets on rebound for London property market

Blackstone has entered exclusive talks with British Land to buy a 50% stake in Broadgate, the office complex at the centre of the City in London, the Financial Times reports. The private equity firm views Broadgate as a bet that the London property market will rebound, according to sources familiar with the matter.
19/08/2009

Lazard recrute chez Goldman Sachs

Dans un communiqué, la banque Lazard a annoncé mardi avoir recruté Tom Tuft, 62 ans, un spécialiste des introductions en Bourse de Goldman Sachs. Il occupera désormais la fonction de directeur dans les activités de «Global Capital Markets Advisory» de la banque. A partir de novembre prochain, il sera également vice-président de la banque d’investissement aux Etats-Unis.
19/08/2009

Other European banks named in US tax evasion investigation

The Wall Street Journal reports, citing people familiar with the matter, that wealthy US citizens using a tax-evasion amnesty program have identified about 10 Swiss and European banks where their accounts are held. This opens new fronts in the Internal Revenue Service’s investigation. Among the banks named in the voluntary declarations are Credit Suisse, Julius Baer, Zürcher Kantonalbank and Union Bancaire Privée, the WSJ reveals. The disclosures don’t signal wrongdoing at the banks.
19/08/2009

Regulators issue warning over leveraged ETFs

The Securities and Exchange Commission and the Financial Industry Regulatory Authority published an investor alert, warning that leveraged and inverse ETFs are thighly complex financial products» that «can turn into a minefield for buy and hold investors,» the WSJ reports.
19/08/2009

Un groupe indien intéressé par la banque privée d'ING

La société indienne de services financiers Religare Enterprises a soumis une offre non indicative pour acquérir les actifs de banque privée en Asie d’NG, selon The Economic Times, qui cite une personne proche du dossier. Credit Suisse et quelques banques de Singapour seraient aussi intéressés.

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