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04/05/2009

Fidelity compte sur un regain de popularité pour les fonds

Lors de la conférence européenne de Fidelity à Francfort, Christian Wrede, directeur général de Fidelity International pour l’Allemagne, a rapporté que le gestionnaire enregistre depuis novembre des flux constants de souscriptions, alors que la crise financière a incité les investisseurs à retirer leur épargne des fonds d’actions l’an dernier. Il souligne toutefois que les attentes des souscripteurs ont évolué : Fidelity a constaté en Allemagne et dans d’autres pays européens que les investisseurs veulent à présent des produits simples, transparents et très sécurisés. Cela obligera les producteurs de fonds à revenir aux fondamentaux de la gestion d’actifs et à privilégier une approche bottom-up par rapport aux critères de valorisation ou de volume de transactions. Il faudra également procéder à des réformes fondamentales dans la distribution de produits financiers, afin de fidéliser la clientèle. De premières mesures dans ce sens ont été prises en Allemagne, en France et au Royaume-Uni. L’un des objectifs doit être une comparabilité des produits permettant à l’investisseur de choisir en connaissance de cause le canal de conseil et de distribution. Cela suppose en particulier que les gestionnaires affichent les frais de manière uniforme.
04/05/2009

Chris Flowers rejette l'OPA du Bund sur HRE

Christopher Flowers a indiqué jeudi que le groupe d’investisseurs qu’il conseille et qui détient 14 % d’Hypo Real Estate (HRE) refuse d’apporter ses titres à l’OPA lancée sur la banque immobilière sur la base de 1,39 euro par action, rapporte la Börsen-Zeitung. Selon le capital investisseur, HRE valait fin 2008 envrion 11,40 euros par action. La Frankfurter Allgemeine Zeitung du 2 mai souligne que si l’AG du 2 juin rejette le projet d’augmentation de ? 5,64 milliards du capital de HRE, entièrement souscrite par le Fonds de stabilisation des marchés financiers (SoFFin), la seule issue sera l’expropriation au prix minimum de 1,26 euro par action. Chris Flowers dispose cependant de deux rapports d’expertise d'éminents juristes allemands selon lesquels la constitutionnalité de l’expropriation est sujette à caution.
04/05/2009

RiskMetrics soutient l'entrée du Bund dans le capital de la Commerzbank

Pour l’assemblée générale de la Commerzbank qui se tiendra 15 et 16 mai, RiskMetrics recommande aux investisseurs institutionnels (qui détiennent au total 58 % du capital) de voter en faveur de la prise par l’Etat fédéral (au travers du Fonds de stabilisation des marchés financiers SoFFin) d’une participation de 25 % plus une action dans la banque, rapporte la Frankfurter Allgemeine Zeitung. Le service d’aide à la politique de vote préconise aussi de voter en faveur de l’audit spécial demandé par trois actionnaires individuels sur les circonstances exactes de l’acquisition de la Dresdner Bank. Pour le cas où la motion concernant l’entrée du SoFFin à la faveur d’une augmentation de capital sans droit de vote serait rejetée, RiskMetrics appuierait la résolution prévoyant une augmentation du capital avec droit de vote. Le représentant de RiskMetrics en Allemagne juge positif que la Commerzbank soumette la prise de participation par le SoFFin à un vote des actionnaires, alors qu’elle n’y était pas obligée.
04/05/2009

Bank Vontobel Europe est désormais opérationnelle

Le munichois Bank Vontobel Europe AG, filiale à 100 % du groupe helvétique Vontobel Holding, devient opérationnelle début mai alors qu’elle a obtenu de la BaFin sa licence bancaire #pleine# en février. L’inauguration officielle aura lieu le 10 mai. Capitalisée à ? 50 millions, elle couvre les activités banque privée, de gestion d’actifs et de banque d’investissement en Allemagne. Son directoire se compose de Dirk Drechsler, président, d’Alois Ebner, Andreas Heinrichs et Richard Zweng tandis que le conseil de surveillance de trois membres est présidé par Herbert J. Scheidt, CEO du groupe Vontobel.Le groupe Vontobel dispose depuis 2002 d’agences à Munich, Francfort et Cologne ainsi que, depuis fin 2008, à Hambourg. La banque avait annoncé l’an dernier (voir notre dépêche du 10 octobre 2008) son intention de faire de l’Allemagne le second marché intérieur du groupe.
04/05/2009
Fonds

Union Investment lance un fonds de reverse convertibles

Depuis le 29 avril et jusqu’au 12 juin, Union Investment (banques populaires) commercialise en Allemagne le fonds de droit luxembourgeois UniAktienAnleihen qui investit en obligations reverse convertible sur des indices d’actions de la zone euro, notamment le DJ Euro Stoxx 50 ainsi qu’en actions vives, une stratégie qui peut être répliquée en utilisant des dérivés. La taille du fonds doit permettre d’entrer dans le portefeuille des reverse convertibles avec des caractéristiques sur mesure dont l’accès est généralement fermé aux particuliers. Les versements de coupons du UniAktienAnleihen sont converties en un objectif de distribution qui est fixé pour la première année (2009-2010) à un minimum de 8 % du prix initial de la part. Le fonds sera lancé le 15 juin et son échéance est fixée au 31 mars 2013. Les remboursements sont possibles à tout moment. Union facture un droit d’entrée de 3 % et une commission de gestion de 0,90 %.
Fonds
04/05/2009

La Deutsche Borse élargit son offre d'indices DAXplus Risk Trigger

La Deutsche Börse annonce avoir accru de trois produits «risk trigger» sa gamme d’indices de stratégie DAXplus, qui en comporte donc désormais seize. Il s’agit en l’occurrence des DAXplus Risk Trigger Germany, BRIC et Russia. Ces supports sont destinés à permettre aux investisseurs peu enclins au risque d’anticiper les mouvements de baisse des marchés dès qu’ils s’amorcent. Le concept se fonde sur l’hypothèse que les hausses des actions se déroulent généralement dans un environnement de faible volatilité, mais qu’une forte hausse soudaine de la volatilité témoigne souvent du début d’un mouvement de baisse. De la sorte une volatilité élevée est synonyme de risque élevé. Si les indices sous-jacents DAX, DAXglobal BRIC et DAXglobal Russia atteignent un seuil prédéfini de volatilité sur 10 jours, l’investisseur peut basculer en totalité sur l’indice monétaire eb.rexx Money Market Index.
04/05/2009

Telefónica se classe 2ème au palmarès de la RSE

Selon le classement The Good Company Ranking des 90 principales entreprises européennes établi par le consultant allemand Kirchhoff et Manager Magazin, Telefónica arrive au deuxième rang en matière de responsabilité sociale de l’entreprise (RSE) avec 79,3 points sur 100, derrière l’allemand BASF (83 points), rapporte Cinco Días. L’opérateur télécom espagnol gagne trois places par rapport à l'édition précédente, alors que le groupe chimique se maintient en tête. Telefónica arrive premier pour le secteur des télécoms, devant Deutsche Telekom (69,8), British Telecom (68,3), Vodafone (65,5) et France Télécom (55,1). Dans le classement général, les autres sociétés espagnoles sont Iberdrola (29ème), Repsol (35ème), BBVA (38ème) et Santander (51ème).
04/05/2009
Fonds

BlueCrest Capital et Merrill Lynch lancent un fonds Ucits

Selon Hedge Week, Blue Crest Capital Management et Merrill Lynch lancent un nouveau véhicule BlueTrend Ucits Fund, une version Ucits de la stratégie BlueTrend CTA mise en ?uvre par BlueCrest depuis avril 2004. La stratégie BlueCrest CTA est un programme diversifié de suivi des tendances systématique doté d’environ 7 milliards de dollars d’actifs sous gestion.BlueCrest sera le gérant du fonds, Merrill Lynch International intervenant comme sponsor. Le fonds sera le second à être accueilli dans Merrill Lynch Investment Solutions, la sicav luxembourgeoise de Merrill Lynch. Le fonds, qui a un objectif de rendement de 15 à 20% par an, est disponible à la vente tant pour les investisseurs institutionnels que pour les particuliers au Royaume-Uni, en Irlande, en France, en Allemagne, en Italie et en Espagne.
Fonds
04/05/2009

Bramdean Alternatives reported to have received a takeover offer

The Financial Times reports that Vincent Tchanguiz has called an extraordinary general shareholder’s meeting at Bramdean Alternatives. The management firm (USD181.65m in assets as of the end of March) has announced that it has been contacted by a potential buyer. Capitalisation stands at over GBP75m, the Telegraph reports. Bramdean Alternatives is managed by Nicola Horlick, who invested 10% of the firm’s assets in Madoff in late 2008. The major shareholders are Tchanguiz (28.7%), Hampshire Country Council Pension Fund, RMF Investment Management, Merseyside Pension Fund, and Tilney Investment Management. Horlick selected Cenkos Securities as financial advisor to define strategic options which may include a sale of the firm in whole or in parts.
04/05/2009

BoNY increases alternative asset sales staff

Bank of New York Mellon has recruited three people as additions to its global alternative investment and brokerage client relations team in London, led by David Aldrich, managing director, Europe, global client management financial institutions division.Julian Poodhun, head of the prime brokerage group in Boston and the international prime brokerage client assistance team at Merrill Lynch in New York, becomes lead client executive for the alternative investment sector.Huw Rees and Kelly Wilson join the firm from Lehman Brothers. Rees will be head of the client executive team for the investment banking sector in Europe, while Wilson becomes client executive for broker dealers, and will work in close collaboration with Rees.
04/05/2009

M&G outsources fund accounting to State Street

State Street Corporation announced on Thursday that it has eben awarded an administration mandate for GBP5.8bn in assets from M&G Investments (GBP141bn in assets under management), an affiliate of Prudential Group. State Street Corp will be in charge of the valuation of assets and accounting for several M&G funds authorised to invest in complex bonds and non-publicly traded derivatives (OTC).
04/05/2009

Lyxor offers simplified access to corporate bonds

The ETF Euro Corporate Bond, listed on NYSE Euronext since only 7 April, has already attracted more than EUR150m (EUR153.47m as of 30 April), which Lyxor considers a sufficient volume to justify an official introduction of the product to investors on Thursday evening.The French-registered FCP fund, with a management commission of 0.20%, is the ninth product in the bond ETF range from Lyxor, which has about EUR5.3bn in assets under management. The fund synthetically replicates the Markit iBoxx EUR Liquid Corporates index, which includes the 40 most liquid Euro-denominated corporate bonds (with a minimal issue size of EUR750m, and a minimal duration to maturity of 1.5 years), with the same diversified sector weighting as the larger index of 1,200 bonds. The underlying portfolio weighs banks at 45.6%, the automotive industry at 12.1%, telecommunications at 9.5%, and utilities at 8.4%. The index is updated every three quarters.
04/05/2009

Erste Sparinvest launches a corporate bond fund

Erste Sparinvest (EUR23bn in assets) is planning to launch a corporate bond horizon fund, which will aim for a distribution of at least 4.25% per year. The Austrian-registered product, ESPA Corporate Basket 2013, matures on 31 May 2012. The portfolio contains 100 positions, on investment grade bonds, with at least 50% of them rated BBB or better. Subscriptions will be open on 4 May, and closed permanently on 29 May. During the life of the fund, it will be passively managed. If the rating of a bond is altered, the bonds in the portfolio will not be changed, but rather retained until the fund matures. The fund is profiled so that a default rate of 0.85% per year in the portfolio will not affect the dividends targeted. If it is lower, then the distribution will be increased to up to 5%. If it is higher than this amount, the liquid value will be adjusted downward. Front-end fee and management commission are set at 2% and 0.40%, respectively. A penalty for early withdrawal of 2% will be applicable.
04/05/2009

Real estate fund commissions swallow up rental revenues

According to a report by the law firm Moreno-Luque, Spanish funds charge total management fees ranging from 1.6% (Segurfondo Inversión) to 3.4% (Santander Banif Inmobiliario), while their German counterparts as a general rule charge only 0.75%. These commissions swallow up the entirety of rental revenues earned by Spanish funds.The law firm states that in 2003-2008, the Santander Banif Inmobiliario earned commissions of EUR640m, which is equal to the total net amount of rental revenues.
04/05/2009

Money market funds receiving inflows but not benefiting from them

One of the few sectors in asset management to have had net inflows last year was money market funds, which now represent USD4trn in assets under management, the Financial Times reports. But firms which manage these funds do not benefit from these assets. Interest rates have fallen to nearly zero, and most funds have cancelled fees temporarily to allow investors to earn returns. Money market funds will also soon be subject to new regulations.
04/05/2009

United Kingdom - Towry Law confirms Paul Wright as CFO

Paul Wright, who was previously CFO of Man Investments, joined the wealth management firm Towry Law as interim CFO. The firm’s principal shareholders are the private equity investment firm Palamon Capital Partners and the employees of the firm. Now, after four months, Wright has been appointed the permanent CFO of the firm.
04/05/2009

Citadel recruits a team from Merrill Lynch

The alternative management firm Citadel Investment Group (USD11bn in assets) is extending its investment banking activities, with the recruitment of three specialists from Merrill Lynch, according to reports in the Wall Street Journal. The recruitments include Todd Kaplan, a specialist in leveraged financing, who will head of the new entity, and will report to Rohit D"Souza, also formerly of Merrill Lynch, who is the CEO of Citadel Securities. Brian Maier and Carl Mayer join the firm as head of industry groups and head of leverage finance, and will also report to Kaplan.Since Merrill Lynch’s acquisition by Bank of America, Citadel has recruited more than a dozen Merrill specialists.
04/05/2009

Sagent recruits two top brass from UBS

Sagent Advisors has announced that it has recruited Anthony Martino and Gregg Newman as co-heads of its alternative capital markets division. They will be in charge of structuring and placing new products, and providing advice to businesses on a vast range of capital structuring questions. The two new recruits worked together previously to direct the entire capital markets group at UBS; they will be based in New York. The two will be joined at Sagent by Chris Sweet, one of their former colleagues at UBS, who becomes an ?associate.?Since the beginning of last year, Sagent Advisors has recruited 11 senior bankers, increasing its senior executive personnel by 40%. The investment bank has also opened offices in Chicago, Charlotte, and San Francisco.
04/05/2009

UFG to take over La Française des Placements

The concentration of the French asset management industry is continuing. As Newsmanagers predicted on Thursday, UFG, an affiliate of Crédit Mutuel Nord Europe, has announced that it has commenced negotiations with La Française des Placements over an acquisition of ?a majority stake? in its capital, which is currently 70% controlled by its chairman and founder, Alain Wicker, 20% controlled by partners at the firm, and 10% by institutional investors.In fact, the majority stake UFG is planning to acquire would consist of 100% of capital in LFP, which would then be merged with the group’s own securities management activities, which include UFG IM and Alteram, also in the process of being merged at this time. The new entity born of the merger would be known as UFG-LFP. The management product range, whose total assets have not been stated, would include cash and equities.
04/05/2009

Profits up at Morningstar

In first quarter, Morningstar Inc has reported a decrease of 6.9% to tis revenues to USD116.7m, a decrease in operating profits to USD34.6m, and an increase of USD25m (51 cents per share) in net profits, from USD23.1m (47 cents) previously. Excluding acquisitions and negative currency effects of USD5.9m, revenues declined by 7.1%.Revenues generated by the investment information division declined 0.3% to USD96.2m, while revenues for the investment management division fell 29.2% to USD20.5m. Revenues in commissions on advised assets fell, as these assets totalled USD63.3bn as of 31 March, compared with USD66.8bn as of the end of December, and USD95.8bn one year earlier.Morningstar, which reduced its spending and cut bonuses by USD7.3bn in January-March, states that its liquidity as of 31 March totalled USD286m, compared with USD297.6m as of 31 December.
04/05/2009

IFAs less averse to risk

According to a study undertaken in London in mid-April by Schroders, which surveyed distributor clients such as private banks, platforms, independent financial advisors, and others, high-risk assets are once again attracting interest from financial advisors. From a sample of more than 80 professionals, the study finds that about 45% of them are planning to increase the weight of high-risk assets in their allocations in second quarter. By the end of the year, 80% of respondents are planning to modify their asset allocations in favour of high-risk assets. The change is important as most of them are still underweight in high-risk assets at present (equities, commodities, and corporate bonds). Schroders has registered a positive net inflow since the beginning of the year of nearly EUR800m, much of it invested in the firm’s range of tax/credit funds, which include the Schroder ISF EURO Corporate Bond. The fund has seen its assets septuple since the beginning of the year, for a total of EUR1.75bn as of the end of April.
04/05/2009

Warren Buffett's portfolio hit by recession

Les Echos reports that operating profits for Warren Buffett’s company, Berkshire Hathaway, have fallen by 12% from USD1.9bn to USD1.7bn. The value of assets in the portfolio are down 6% in first quarter. The publication of complete results for first quarter has been delayed until 8 May, the newspaper reports.
04/05/2009

Colony Capital negotiates investment in Orco

The real estate promotion firm Orco Property, traded in Paris, has entered exclusive negotiations with the fund Colony Capital, Les Echos reports. The investment fund ?may subscribe to a reserved capital increase of EUR25m before the end of second quarter 2009, and for an added amount of up to EUR140m after safeguarding procedures,? the newspaper reports.
04/05/2009

United States - Who will succeed Buffett?

The question of who will succeed Warren Buffett, 78, as head of Berkshire Hathaway is the subject of speculation, the Financial Times reports. At a general shareholders’ meeting on Saturday, the investor declared that there were three internal candidates to replace him as CEO, and four candidates who may come from inside or outside the firm to take over as CIO.
04/05/2009

First increase in assets in Spanish funds after 23 consecutive months of declines

At the end of April, assets in securities funds on sale in Spain totalled EUR162.35bn, which represents an increase of EUR1.08bn, or 0.7%, compared with the end of March. This is the first increase in assets under management in two years, following 23 consecutive months of falling assets, and the increase comes despite net outflows of EUR624m, the lowest level since August 2007. The largest net outflows were from Santander Gestión de Activos, at EUR444m, and Ahorro Corporación Gestión, at EUR209.2m, The largest net subscriptions were for Invercaixa Gestión, at EUR174.6m.The two largest management firms in terms of assets are BBVA Asset Management with EUR32.81bn as of the end of April, followed by Santander Gestión de Activos, with EUR30.29bn. The third-largest is Invercaixa Gestión with EUR11.88bn.
04/05/2009

Union Investment launches a reverse convertibles fund

Since 29 April, and until 12 June, Union Investment (co-operative banks) is offering the UniAktienAnleihen fund for sale in Germany. The product invests in reverse convertible bonds based on Euro zone equities indexes, including the DJ Euro Stoxx 50, and directly in equities, a strategy which may be replicated through the use of derivatives. The size of the fund makes it possible to enter a reverse convertibles portfolio with custom characteristics to which access is generally not available to retail investors. Payments of coupons for the UniAktienAnleihen will be converted with a distribution objective for the first year (2009-2010) of at least 8% of the initial price of the share.The fund will be launched on 15 June, and will mature on 31 March 2013. Redemptions are permitted at any time. Union will charge a front-end fee of 3% and a management commission of 0.90%.
04/05/2009

Spectrum range attracts GBP185m in one year

Skandia UK has announced that its Spectrum range of six multi-managed funds has attracted subscriptions of GBP185m in its first twelve months of existence, up to 28 April. The issuer claims that this is a sign of strong demand for funds with risk objectives on the part of financial advisors. The Spectrum funds are managed by Skandia Investment Group (SIG), who says that the products are the only family of risk-budget products investing both in existing retail funds (funds of funds) and in mandates (managers of managers). Four funds were removed from the portfolio in fourth quarter: M&G Property, due to a reduction in the group’s exposure to real estate and a re-examination of its asset allocation; BlueBay Emerging Market Bond, due to uncertainties over the future of BlueBay; Henderson Liquid Asset, following a reduction in allocation to cash; and GSAM Sterling Liquid Reserve, for the same reason. However, the Fidelity MoneyBuilder Income was added to the portfolio, as asset allocation called for an increase in exposure to UK bonds.
04/05/2009

Vontobel Europe is open for business

The Munich-based Bank Vontobel Europe AG, a wholly-owned subsidiary of the Swiss group Vontobel Holding, opened its doors at the beginning of May, though it was granted a ?full? banking license in February. The official opening will be held on 10 May. The firm has capital of EUR50m, and is active in private banking, asset management, and investment banking in Germany. The board of the company includes Dirk Drechsler, chairman, Alois Ebner, Andreas Heinrichs, and Richard Zweng, while the supervisory board has three members, chaired by Herbert J. Scheidt, CEO of the Vontobel group. Since 2002, the Vontobel group has had branches in Munich, Frankfurt, and Cologne, and since 2008 it has had once in Hamburg. The bank announced last year (see Newsmanagers of 10 October 2008) that it is planning to make Germany the group’s second-largest domestic market.
04/05/2009

Fund managers affected by national cultures

Les Echos reports that a study comparing the attitudes and behaviours of fund managers in four countries - the United States, Germany, Japan, and Thailand - finds that managers do not escape the effects of the culture, values, and norms in their home countries. These influence their investment decisions, and have effects on organisation and work styles.
04/05/2009

Credit Suisse pulls out of joint venture with Woori

On Thursday, Credit Suisse announced that it will be transferring the 30% stake that it owns in the South Korean management firm Woori Credit Suisse Asset Management Co Ltd. to Woori Financial Group. The joint venture is ?solidly profitable,? says the Swiss bank, which will be retaining its other interests in South Korean asset management, and which will also continue its cooperation with Woori Financial Group.

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