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21/07/2009

Union Investment attire 3,8 milliards de souscriptions nettes au premier semestre

Pour les six premiers mois de l’année, le gestionnaire des banques populaires allemandes, Union Investment, a enregistré pour 3,8 milliards de souscriptions nettes contre 4,4 milliards pour la période correspondante de 2008, dont 734 millions pour les fonds offerts au public (contre 6 milliards). Quant à l’encours au 30 juin, il ressortait à 151 milliards d’euros contre 144 milliards fin décembre ; au 30 juin 2008, il ressortait à 167,1 milliards. Union fait aussi état de souscriptions nettes de 1,4 milliard d’euros pour ses fonds immobiliers, contre 751 millions pour janvier-juin 2008. Les fonds monétaires ont subi en revanche des sorties nettes de l’ordre de 1,4 milliard d’euros.Rüdiger Ginsberg, président du directoire d’Union Asset Management Holding, a aussi précisé qu’Union Investment reste de très loin le numéro un des plans d'épargne-retraite Riester sous forme de parts de fonds, avec 71 % de part de marché et 1,74 million de comptes. Désormais, 50 % des clients dans ce domaine ont moins de trente ans, ce qui permet au gestionnaire de miser sur un flux de rentrées d’un milliard d’euros par an.Union Investment se targue également d'être le leader sur le créneau des fonds garantis, avec un total de 12 milliards d’euros. Les souscriptions nettes ont porté sur 420 millions d’euros depuis le début de l’année.Dans le domaine institutionel, Union Investment a drainé 2,4 milliards d’euros pour ses «Spezialfonds», dont 900 millions dans des fonds à échéance d’obligations d’entreprises.
21/07/2009

La crise ne modifie pas la politique commerciale d'Union Investment

Union Investment estime que sa politique tarifaire n’est pas remise en question par la crise du fait que les frais qu’elle facture sont inférieurs à la moyenne de la profession. Ainsi, le TFE (ou TER en anglais) se situe à seulement 1,39 % pour les fonds d’actions, alors qu’il se monte à 1,75 % pour l’ensemble des sociétés de gestion. La même remarque vaut pour les fonds obligataires, où le TFE chez Union se limite à 0,86 % en moyenne, contre 1,09 % pour l’ensemble de la profession.Par ailleurs, Rüdiger Ginsberg, président du directoire d’Union Asset Management Holding, a indiqué lundi que le gestionnaire d’actifs des banques populaires allemandes n’a pas besoin d'élaguer sa gamme, qui se limite en Allemagne à 163 fonds offerts au public. De plus, insiste-t-il, 79 % de ces fonds affichent un encours supérieur à 50 millions d’euros.Enfin, Rüdiger Ginsberg souligne qu’Union n’a pas besoin de réduire son effectif. Au contraire, la société de gestion a procédé ces derniers mois à des recrutements ciblés, l’objectif étant d’avoir «un effectif le plus complet possible lorsque se présentera la prochaine reprise».
21/07/2009

Calyon s’est renforcé dans le capital de CLSA

Selon Les Echos, Calyon, la filiale de banque de financement et d’investissement du Crédit Agricole, a augmenté au printemps sa participation dans le capital de CLSA, son courtier spécialisé sur l’Asie, en passant à 90% du capital contre 65% auparavant. Une participation acquise essentiellement auprès de Rob Morrison, l’un des associés fondateurs, président de CLSA et qui a souhaité partir à la retraite le 30 juin. Aucun montant n’a été divulgué.
21/07/2009

Richard Ritschel leaves Nordea

Citywire reports that the fund of fund manager Richard Ritschel has left Nordea, to take up a new job in Munich. The name of his replacement has not yet been announced.
21/07/2009

Positive results at Legg Mason

For the first quarter of its fiscal year (to 30 June), Legg Mason Inc has posted net profits of USD50.1m, or 35 cents per share, compared with losses of USD330.2m, or USD2.33 per share for the fourth quarter of its previous fiscal year, ending on 31 March. Earnings fell to USD613.2m, from USD617.2m, due to falling revenues from commissions. But operating costs fell to USD554.8m, from USD662.5m.Assets as of 30 June totalled USD632.4bn, an increase of 4% compared with their levels as of 31 March (USD632.4bn), and a contraction of 29% compared with the USD922.8bn as of 30 June 2008. Increases in assets under management are due to positive market effects of 9%, which were offset by net redemptions of USD22bn for bond funds, USD6bn for equities funds and USD2bn for money market funds. As of 30 June, money market funds represented 56% of the total, while equities and money market funds represented 22% each. Lastly, Legg Mason states that 70% of its assets belong to the Americas division, and 30% to the international division.
21/07/2009

Legg Mason dans le vert

Pour le premier trimestre de son exercice en cours (au 30 juin), Legg Mason Inc a réalisé un bénéfice net de 50,1 millions de dollars ou de 35 cents par action, contre une perte de 330,2 millions ou 2,33 dollars par action pour le quatrième trimestre de l’exercice clos le 31 mars. Les recettes se sont tassées à 613,1 millions de dollars contre 617,2 millions du fait de la baisse des rentrées de commissions. Mais les dépenses d’exploitation ont baissé à 554,8 millions de dollars contre 662,5 millions.L’encours au 30 juin s’est situé à 632,4 milliards de dollars, marquant une progression de 4 % sur le niveau du 31 mars (632,4 milliards) et une contraction de 29 % par rapport aux 922,8 milliards de dollars du 30 juin 2008. La hausse des actifs sous gestion s’explique par un effet de marché positif de 9 % qui a été amputé par des remboursements nets de 22 milliards de dollars pour les fonds obligataires, de 6 milliards pour les fonds d’actions et de 2 milliards pour les fonds monétaires. Au 30 juin, les fonds monétaires représentaient 56 % du total, tandis que les fonds actions et monétaires représentaient chacun 22 %. Enfin, Legg Mason précise que 70 % de ses encours correspondant à la division Amériques et 30 % à la division internationale.
21/07/2009

Three out of four hedge fund strategies in the red in June

According to Edhec, hedge fund indexes in June varied from a loss of 1.53% for futures funds (CTA global) to positive returns of 2.62% for convertibles arbitrage. Two other strategies showed losses: dedicated short bias (-0.84%), and global macro (-0.68%). Since the beginning of the year, two of the 13 categories monitored by Edhec show negative results: dedicated short bias (-7.7%) and CTA Global (-3.1%). The best returns have been for convertibles arbitrage (24.4%), and emerging markets (17.7%). Edhec states that, since January 2001, all strategies are showing returns that vary from an annualised average of 4% for funds of hedge funds to 11.2% for emerging markets. The latter category also has the second highest standard deviation, at 10.9%, after dedicated short bias (14%).
21/07/2009

Commissions for equities funds are rising

For years, the fees charged by German funds have been on a downward slope. But, according to a study by the BVI association of asset management firms, obtained by the Frankfurter Allgemeine Zeitung, that trend has now reversed. For international equities funds, fees fell from an average of 1.68% at the end of 2004 to 1.55% two years later. Since then, the rate has risen to 1.64%. For funds specialised in German equities, fees fell in the same initial period from 1.28% to 1.26%, and now average 1.38%.However, for bonds, the falling trend continues: fees have fallen to less than 1% from 1.14% at the end of 2004 for international bonds; for German bonds, the TER is down to 0.85% from 0.90% in 2004.
21/07/2009

Only seven management firms attracted more than EUR100m in investments in first half

Invercaixa Gestión, Credit Suisse, Mutuactivos, Caixa Catalunya Gestión, CaixaManresa Inversiones and Ibercaja Gestión are the only management firms in Spain to have posted net subscriptions in first half of over EUR100m, with inflows ranging from EUR339.3m for the first, to EUR109.5m for the seventh, according to statistics from the sector association Inverco, as reported by Funds People. In total, 38 management firms out of a total of 101 which disclose results to the association have reported net subscriptions. In January-June, gross subscriptions totalled EUR41bn, while net redemptions have totalled EUR50bn, and net redemptions have totalled EUR9bn. These results conceal significant disparities, as 25 funds attracted EUR7bn in net subscriptions between them, while the others have seen net outflows of EUR16bn. 25 funds attract EUR7bn Funds which offer a guarantee of performance higher than the returns on bank savings accounts and specialised corporate bond funds have been the favourites of investors. Six funds, including three from La Caixa, had net subscriptions of over EUR400m in January-June. They are Funcaixa Garantia RF 15 (EUR894.3m), Banesto Fondepositios (EUR619.7m), UBS Corporate Plus (EUR583.8m) and Funcaixa Garantia RF 14. These are followed by Foncaixa Garantia RF Plus 7 (EUR491.2m) and BBVA Bonos Cash Empresas (EUR459.5m).
21/07/2009

Friends Provident does not want to merge with Resolution

Les Echos reports that the investment firm Resolution, which is known for its products that combine equities and cash, last night received a negative reply to its proposal to merge with Friends Provident. But the insurer is not completely closing the door to potential buyers, and “continues to see advantages in the consolidation now underway in the life insurance industry in the United Kingdom.”
21/07/2009

Funds of hedge funds need to reinvent themselves, according to Fitch

Fitch claims multi-strategy funds of hedge funds need to reinvent themselves to make investors forget their poor performance in 2008, Le Temps reports. The ratings agency warns that these products need to first make their liquidity terms more generous, and adjust the terms of sale. Fitch also recommends that portfolio managers “be prepared to adjust tactical allocations, using tools such as hedge fund clones or derivatives,” Le Temps reports.
21/07/2009

Bill Gross (Pimco) reduces exposure to mortgages

The mortgage allocation of the Pimco Total Return fund (USD161bn in assets) was reduced in June to 54%, from 61%, while the allocation to government bonds was reduced to 24% from 25%, the Frankfurter Allgemeine Zeitung reports. Bill Gross, the star manager at Pimco (Allianz group), has increased his corresponding allocation to cash.
21/07/2009

KKR absorbs KPE

KKR Private Equity Investors (KPE) and KKR & Co on Monday reached an agreement by which KKR will take over all assets and liabilities of KPE, while in exchange, the latter firm will receive 30% of the new merged entity, the remainder being retained by the current owners and employees of KKR. The transaction will not involve any cash payments. KPE will continue to be listed on the Amsterdam stock exchange, but six months after the transaction is concluded, KPE or KKR will be free to apply for a listing in the United States.KPE estimates that its net asset value as of 30 June was about USD3bn, or USD14.55 to USD14.75 per share. KKR values its assets as of the same date at USD50.8bn, with economic net income and commission revenues for the quarter to the end of June of USD345-370m and USD45-55m, respectively.
21/07/2009

CCR Asset Management will be active in five segments

On 1 July, CCR Actions, CCR Gestion and UBS Global Asset Management, merged under the name CCR Asset Management, Option Finance reports. The new entity starts out with EUR9bn in assets as of the end of June 2009, compared with EUR17bn at the end of March 2008, and will have staff of 120, down from 170.CCR AM will become the centre of expertise for the UBS group in value management of European equities, and will continue to offer bond and money market products. It will offer products invested in volatility and convertible bonds, while also providing asset allocation funds. The new entity will also be positioned in the real estate niche.
21/07/2009

Hedge funds bail out CIT

At the eleventh hour, CIT group received a capital injection of USD3bn from Pimco (Allianz) and at least five other lenders, including the hedge funds Centerbridge Partners, Oaktree Capital, Silverpoint Capital and Baupost, which it will pay off at a rate 10 percentage points above the Libor. In addition, CIT will be required to pledge its highest-quality bonds, Handelsblatt reports. But the problems for the SMB financing company have only been put off to a later date, as its debts maturing in first quarter 2010 total USD7.4bn.
21/07/2009

Results at Morgan Stanley weighed down by commercial real estate

Morgan Stanley’s exposure to commercial real estate is one of the reasons that analysts are predicting a net quarterly loss of USD555m, the Wall Street Journal reports. The group has made some bad bets in commercial properties, such as the Revel Casino in Atlantic City. A large proportion of the USD1.5bn in losses for the asset management unit of Morgan Stanley last year came from commercial real estate investments.
21/07/2009

Union Investment attracts EUR3.8bn in net subscriptions in first half

In the first six months of the year, the management firm for the German co-operative banks, Union Investment, posted EUR3.8bn in net subscriptions, compared with EUR4.4bn for the corresponding period of 2008, of which EUR734m went to open-ended funds (compared with EUR6bn). Assets as of 30 June totalled EUR151bn, compared with EUR144bn as of the end of December; as of 30 June 2008, they totalled EUR167.1bn. Union has also reported net subscriptions of EUR1.4bn for its real estate funds, compared with EUR751m in January-June 2008. Money market funds, on the other hand, suffered net outflows of approximately EUR1.4bn.Rüdiger Ginsberg, chairman of the managing board at Union Asset Management Holding, has also stated that Union Investment remains by far the top provider of unit-linked Riester retirement savings plans, with a 71% market share and 1.74 million accounts. 50% of clients in this area are now under 30 years old, which allows the management firm to predict an inflow of EUR1bn per year.Union Investment also claims a place as the leader in the guaranteed fund niche, with a total of EUR12bn. Net subscriptions totalled EUR420m since the beginning of the year. In the institutional franchise, Union Investment attracted EUR2.4bn for its “Spezialfonds,” of which EUR900m went to corporate bond target date funds.
21/07/2009

Crisis does not affect commercial policies at Union Investment

Union Investment estimates that its fee policies are not put in question by the crisis as the fees it charges are lower than those of the industry as a whole. Its TER totals only 1.39% for equities funds, while for management firms overall the average is 1.75%. The same goes for bond funds, for which the TER at Union averages only 0.89%, compared with 1.09% for the industry as a whole.Rüdiger Ginsberg, chairman of the managing board at Union Asset Management Holding, on Monday announced that the asset management firm for the German co-operative banks did not need to extend its product range, which in Germany consists of only 163 open-ended funds. In addition, he says, 79% of these funds have assets of over EUR50m.Lastly, Ginsberg states that Union does not need to reduce its personnel. On the contrary, the management firm has made targeted recruitments in the past few months, with the objective of having “the most complete staff possible when business jumpstarts again.”
21/07/2009

BNP Paribas IP : Philippe Marchessaux succeeds Gilles Glicenstein

BNP Paribas has appointed Philippe Marchessaux to head BNP Paribas’ asset management businesses. He succeeds Gilles Glicenstein, deceased in April, as Head of BNP Paribas Investment Partners and CEO of BNP Paribas Asset Management. «Philippe has over 20 years experience working across BNP Paribas’ asset management businesses. He was most recently appointed Deputy CEO of BNP Paribas Investment Partners in February 2009 and has been a member of BNP Paribas Investment Partners’ executive committee since 2004. Philippe has played a key role in developing the business strategy that Gilles put into place, and has been effectively in charge of the business since April 2009. He now assumes responsibility for a business he knows well and will continue his work on the integration of BNP Paribas Investment Partners with Fortis», says a press release. During his career at BNP Paribas Investment Partners, Philippe has been involved in a number of mergers, including that of BNP Gestions and Paribas Asset Management. Philippe, 46, is a graduate of HEC and the Sorbonne. He joined BNP Paribas in 1987.
21/07/2009

Strategic alliance between Credit Suisse and Reservoir Capital

Credit Suisse’s Asset Management Division on Monday announced a strategic alliance with Reservoir Capital Group, a privately held investment firm with in excess of USD4bn in AUM, to seek attractive risk-adjusted returns primarily by identifying and capitalizing on opportunities to provide liquidity to hedge funds, hedge fund investors and other sellers, including financial institutions. This alliance will enable Credit Suisse to offer clients a broader product range.
21/07/2009

Funds of hedge funds facing multiple challenges

According to Hedge Week, a survey by TKS Solutions has found that CFOs at hedge funds are now facing at least five major challenges: regulation, transparency, complexity, investor timidity, and efficiency. In terms of transparency, investors want to know not only about their participation in a given fund, but also about their engagements in any possible underlying funds (in the case of funds of funds), or else in managed accounts. Accounting software does not necessarily have the appropriate functionality to provide this information. Another operational challenge is the choice by many funds to park assets that perform poorly in side pockets, which facilitates reporting of performance for the rest of the portfolio, but which requires the back office to maintain shareholding percentages not only for the main fund, but also for the side pockets. Due to the prevailing mood of anxiety, it is no longer a practical choice to lock in investors’ assets for five years. Hedge fund managers are now offering several options: early redemptions for a fee, periodical windows during which it is possible for clients to recuperate a part of their capital, or division of contributions into several packets, each subject to a specific calendar. Despite this increasing complexity, firms have also needed to tighten their belts. They have often revised their cost structure and reduced staff. This is an added challenge which makes operational efficiency more necessary than ever.
21/07/2009

Former head of fixed income management from Fortis joins Lombard Odier

Stéphane Monier, the former head of fixed income management at Fortis Investments, has joined Lombard Odier as head of the Bond and Currencies division. He will be based in Geneva and will report to Hubert Keller, managing partner in charge of Asset Management. Monier has 20 years’ experience on international bond markets, Lombard Odier states. At Fortis Investments, which has now been taken over by BNP Paribas, he directed a team of 100 people, based in London, Paris, Chicago and Singapore, which managed more than EUR100m in assets. Previously, he spent eight years in the Middle East, as head of bond management and currencies for the Abu Dhabi Investment Authority (ADIA).
21/07/2009

Russell prepares to launch its first British OEICS

Investment Week reports that Russell Investments is planning to release its first OEICS products domiciled in the United Kingdom in the next two months. The group is planning to launch four vehicles, with assets under management of EUR75m. The range will include two growth-style equities funds, one of which will be focused on the United Kingdom, while the other will be global; one defensive fund based on corporate and government bonds with good ratings; and lastly, a fund of shares in realty firms entitled Real Assets. All of these products, however, must first obtain licenses from the Financial Services Authority.
21/07/2009

BlackRock plans to launch a UCITS III-compliant open-ended fund

Investment Week reports that BlackRock is planning to launch a multi-asset class open-ended fund in third quarter. “The fund will offer investors the protection of a structured product and the asset allocation advantages of a collective investment product,” says the managing director of the retail unit, Tony Stenning. Capital appreciation will be undertaken via retail funds from BlackRock and other firms, while the protection element will be provided through a partnership with the investment bank. The underlying funds for the UCITS III fund will offer exposure to equities, bonds, currencies, real estate, commodities, hedge funds, and ETFs. Minimal investment will be GBP1,000, while annual front-end and management fees will be in line with BlackRock fees in general, at 5% and 1.5%, respectively.
21/07/2009

Cautious return of investors to equities

In Q2, investors made a timid return to equities markets, to the detriment of more conservative asset classes, according to the quarterly Skandia Investment Attitude Chart, which analysts the choices made on the Skandia UK transaction platform.For the first time since second quarter 2008, Skandia data reveals a growing popularity of UK equities, to the detriment of fixed income and bond funds. Sales of equities funds were up 30% compared with the previous quarter, while bond fund activity gained 7%, and money markets lost 9% in the same period.
21/07/2009

CCP working group created

The committee on payment and settlement systems (CPSS), formed by central banks of the G10 countries, and the technical committee of the international organisation of securities commissions (IOSCO) on 20 July announced the creation of a working group to examine the deployment of recommendations by the two authorities about central compensation agencies (CCP) for clearing agreements for OTC derivatives. The working group will aim to promote a coherent interpretation and deployment of the recommendations. “If necessary,” it will offer explicit commentary on the recommendations, which may be reinforced or complemented to better address the risks associated with the compensation of OTC derivatives.
21/07/2009

Corporate bonds: defaults have virtually quadrupled

Three corporate issuers defaulted last week, which brings the total number of defaults since the beginning of the year to 181, nearly quadrupling the total number of 46 observed last year in the same period, according to an article published on 17 July by Standard & Poor’s, entitled “Global Corporate Default Update (July 10-16, 2009).” Two defaults out of three were at US businesses (Euramax International and RathGibson), while the third was at a European business (NXP B.V.). Total defaults add up to 130 for the United States, three for Europe, thirty for emerging markets, and twelve for other developed countries (Australia, Canada, Japan, and New Zealand). This rise in the number of defaults reflects a marked deterioration in economic fundamentals and profit outlooks, as well as a credit market which continues to be at a virtual standstill, which in practice results in a freeze on loans to companies rated in the speculative category. In this context, Standard & Poor’s suggests, a large proportion of defaults will be concentrated in the first two to three quarters of the year. Four other factors favour an increase in the number of defaults, according to the ratings agency: a recessionary environment in the United States, a record percentage of issuers rated in the speculative category, the highest volume since 2003 of poorly-rated issues, and the maturity of a large portion of debts rated “B-” or lower from the past several years. Default rates at American businesses in the speculative category may reach a total of 14.3% by the end of first quarter 2010.
21/07/2009

Hausse de l'encours de Nordea

Pour le deuxième trimestre, Nordea fait état mardi de rentrées nettes de 2,8 milliards d’euros, l’encours au 30 juin ressortant à 136,5 milliards d’euros contre 125,3 milliards fin mars et 145,6 milliards douze mois plus tôt. Sur ce total, l’encours géré par la division produits d'épargne et gestion d’actifs représentait 87 milliards d’euros contre 80 milliards trois mois plus tôt et 94 milliards fin juin 2008. Le bénéfice d’exploitation de la division est ressorti à 35 millions pour le deuxième trimestre contre 23 millions au premier trimestre et 56 millions pour la période correspondante de l’an dernier.

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