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Accueil Asset Management Actualités
12/10/2011

Gottex appoints a new head of marketing for Asia Pacific

Gottex Fund Management has appointed Steven Lee Hyungwk as Marketing Director for the Asia Pacific region, Agefi Switzerland reports. Hyungwk previously worked at Wellington Management, where since 2001 he had been a member of the Marketing team. Hyungwk will be based in Hong Kong, and will play an active role in the development of activities in the Asia Pacific region, with priority given to institutional clients.
12/10/2011

Julius Baer under investigation by US Justice department

Two former advisors at the Julius Baer bank are under investigation by the US Department of Justice. The New York prosecutor has made accusations, obtained by the news agency AWP, that the two ex-bankers assisted US taxpayers to dodge taxes. The Zurich bank has told AWP that it intends to cooperate with the US authorities. The two advisors are alleged to have helped US taxpayers and others to conceal USD600m in offshore accounts, which allowed them to avoid taxes, according to the US prosecutor.
12/10/2011

Asset management firms are recruiting

According to a survey by Financial News, Old Mutual Asset Managers, Ignis Asset Management, Russell Investments and Investec Asset Management are all recruiting staff. Other firms say they are not enclined to reduce staff but rather to hire at present.
12/10/2011

Reform of derivative markets is behind schedule

The Financial Stability Board (FSB) has expressed concern about the delays in many countries in implementing reforms to over-the-counter derivative markets. In a progress report published on 11 October, the international organisation points out that the G20 had set the end fo 2012 as the deadline to set up a new regulatory framework in this area. According to the FSB, the United States is currently the only country in a position to meet that deadline. The Dodd-Frank law, passed in mid-2010, will soon be brought into force by the two market regulatory agencies in the US, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), the FSB states. In Europe, the two draft derivative market legislative measures (the MiFID II and Emir directives) have not yet taken the form of final proposals by the European Commission.
12/10/2011

BlackRock and Pimco lead on German market

According to statisics published on 11 October by the German BVI association of asset management firms, open-ended securities funds in the first eight months of the year underwent net outflows of EUR5.65bn. But this result conceals a considerable dispersion in results. The largest net inflows went to BlackRock, for iShares ETFs, for over EUR7.25bn, followed by Pimco Europe (AllianzGI), with nearly EUR6.42bn, and ETF funds from db x-trackers (Deutsche Bank), which took on about EUR1.55bn. However, ETFlab (Deka), an ETF specialist, has seen net redemptions of EUR1.03bn. Thanks to Pimco, Allianz GI is the only group to post net subscriptions in January-August, totalling EUR2.45bn. Deka (savings banks) has seen net outflows of over EUR6.82bn, while DWS/SB Advisors (Deutsche Bank) has posted net redemptions of EUR2.31bn. Lastly, Union Investment (co-operative banks) has posted net redemptions of EUR1.3bn.
12/10/2011

ETFs are the big winners in euro crisis

Die Welt reports that although the Dax index lost 20% in August, investors subscribed for a net total of EUR1.4bn in shares in the iShares Dax fund, and EUR500m in shares in the Dax-ETF from db x-trackers.The two products represent total assets of over EUR10bn, and are by far the preferred ETFs for subscribers this year. The newspaper also reveals that overall, German open-ended funds underwent net outflows of EUR5.4bn in August.
12/10/2011

ECGS welcomes a new member

The European corporate governance and correspondence voting specialist ECGS has welcomed a new member, the Italian firm Frontis Governance, the ECGS announced on 11 October in a statement. In addition to Frontis, ECGS counts the Swiss firm Ethos the German firm DWS, the Dutch Shareholder Support and the French Proxinvest among its members. From 1 October, ECGS has changed its name to Expert Corporate Governance Service; it was previously European Corporate Governance Service.
12/10/2011

In Germany, professionals are buying, and retail investors are selling

In the month of August 2011, the investment fund sector has seen a net outflow of EUR4.1bn, according to statistics from the German financial management association (BVI). Open-ended funds finished the month with outflows of EUR5.4bn, but institutional investors placed EUR1.3bn in dedicated funds. Equity and diversified funds posted net redemptions of EUR4.1bn and EUR1.6bn, respectively. However, money market and bond funds profited from the weakness of the equity markets to post inflows of EUR1.4bn and EUR0.9bn, respectively. Assets under management as of the end of August totalled EUR1.7623trn, down 2.5% compared with July.
12/10/2011

BlackRock and Pimco lead on German market

According to statisics published on 11 October by the German BVI association of asset management firms, open-ended securities funds in the first eight months of the year underwent net outflows of EUR5.65bn. But this result conceals a considerable dispersion in results.The largest net inflows went to BlackRock, for iShares ETFs, for over EUR7.25bn, followed by Pimco Europe (AllianzGI), with nearly EUR6.42bn, and ETF funds from db x-trackers (Deutsche Bank), which took on about EUR1.55bn. However, ETFlab (Deka), an ETF specialist, has seen net redemptions of EUR1.03bn.Thanks to Pimco, Allianz GI is the only big player to post net subscriptions in January-August, totalling EUR2.45bn. Deka (savings banks) has seen net outflows of over EUR6.82bn, while DWS/DB Advisors (Deutsche Bank) has posted net redemptions of EUR2.31bn. Lastly, Union Investment (co-operative banks) has posted net redemptions of EUR1.3bn.
12/10/2011

First German micro-finance fund launched

Due to a modification to German investment legislation, the fund promoter Invest in Visions may now launch the first German micro-finance fund, the Frankfurter Allgemeine Zeitung reports.The asset target is EUR100m, and minimal subscription is set at EUR100. Management commission will be 1.4%, and a commission of 20% will be charged on performance exceeding 4% per year, with high watermark.
12/10/2011

Mirabaud licensed as investment company

Mirabaud France has been granted a license from the authorities in France as an investment business with permission to undertake portfolio management activities, reception and transmission of orders, and investment advising, activities which had previously been exercised by Mirabaud Gestion, which will be disappearing in favour of Mirabaud France. The move will allow the firm to offer clients a way to entrust management of their accounts and custody for their assets to Mirabaud. Mirabaud opened its affiliate in Paris in 2003. Now, with 30 employees, including nine client managers and a dedicated team of wealth engineers, Mirabaud France manages assets of nearly EUR1bn.
12/10/2011

Over 5% of capital in SocGen held by Capital Research and Management

The Capital Research and Management Company, which acts as an investment adviser for mutual funds, has announced that its stake in the capital of Société Générale on 7 October 2011 passed the 5% threshold. According to the French financial regulator, the Autorité des marchés financiers (AMF), the firm holds 40,613,168 shares in Société Générale, representing as many voting rights, equivalent to 5.23% of capital and 4.66% of voting rights in the firm.
12/10/2011

CDC establishes a socially responsible investment charter

The Caisse des dépôts (CDC) is in the process of putting the finishing touches on a responsible investment charter, Didier Janci, director of the research, strategic planning and sustainable development department at the CDC, announced on 11 October at the annual conference of the sustainable finance and responsible investment chair. The chair, under the supervision of the AFG and with the support of 15 asset management firms, brings together teams from the IDEL-Toulouse School of Economics and the economics department at the Ecole Polytechnique. The charter, which is now completing its internal validation process, establishes a framework for socially responsible investment and strategic allocation for all asset classes, Janci says. With the new initiative, the CDC has formulated a process which has already been going on for the past several years. The CDC, which has been a long-term investor since its creation, is a signatory to the United Nations Principles for Responsible Investment (UN PRI), to whose creation it actively contributed in 2005 and 2006.
12/10/2011

Paulson & Co anticipates redemptions

Paulson & Co, the US hedge fund firm managed by John Paulson, predicts that in the worst-case scenario, it may see redemptions equivalent to one fifth to one quarter of its assets by the end of the year, the Financial Times reports. But it adds that it would have no problem honouring those redemption demands, which would total about USD6bn.
12/10/2011

S&P downgrades 10 Spanish banks; Fitch downgrades six

The ratings agency Standard & Poor’s (S&P) on 11 October announced that it is downgrading the ratings for six Spanish banks, including the Standander and BBVA groups. The ratings agency says it is pessimistic in the light of the “slowdown of the Spanish economy” and a “bear real estate market.” Fitch, for its part, has lowered its ratings for six banks. At S&P, the long-term ratings for Santander and BBVA are lowered from AA to AA-, with a negative outlook. The annoucement comes a few days after two Spanish sovereign debt issues were downgraded by Fitch Ratings. “The correction of imbalances in Spain will continue to negatively affect the financial profiles of Spanish banks in the next 15 to 18 months,” Standard & Poor’s estimates.
12/10/2011

BBVA may sell financial products in South Korea

The Spanish firm BBVA (which controls the country’s second-largest asset management firm, BBVA AM), on Tuesday signed a preliminary agreement with the Korean firm Woori Finance Holdings, for a strategic partnership, Expansión reports, citing internal sources at BBVA.The alliance will allow the Spanish group to sell its financial products covering “non-Asian” markets in South Korea. Woori expects that the agreement will give it access to international and Latin American markets, where BBVA has a vast network.
12/10/2011

Spanish investors still in a bad mood

According to the confidence index calculated by JPMorgan Asset Management, which stood at -2.17 for third quarter, Spanish investors remained pessimistic in July-September for the ninth consecutive quarter. The fall of -2.17 for the index (compared with -1.18 in April-June) is the worst result since March 2009, Funds People reports.This negative attitude is largely motivated by the economic situation, with 92% of investors estimating that the crisis will not end for two years at least. The deterioration of the index is largely due to an increase in the number of people predicting that the markets will fall in the next six months, while investors predicting that the markets will rise are at an all-time low.
12/10/2011

European mutual funds hit by worst redemptions since 2008

In August 2011, redemptions from European mutual funds (-EUR25.6bn) were the worst since October 2008 (-EUR 158.7bn) — the nadir of sales activity for the industry, according to Lipper’s latest Fund Flash. When one strips out money market activity (+EUR28.3bn), outflows even reach EUR 53.8bn. «The latest month is not only the worst month since October 2008 (-EUR 117.9bn), but also worse than most months that year, which averaged - EUR 32.4bn», Lipper comments.Investors’ fears were focused on equity funds (-EUR 31.2bn), but even bond funds endured panicked clients (-EUR13.9bn). Investors pulled money from High Yield funds (-EUR 9.2bn), € Corporate Bonds (-EUR3.6bn), as well as absolute return bond funds (-EUR 1.5bn).Apart from money market funds, apparently the most popular sector this month was German equities, but here ETFs — likely being used to short the DAX — accounted for EUR 2.4bn net sales. The only other equity sector to find some traction was Gold.Franklin Templeton’s fixed income products again attracted sufficient sales to put the group at the top of the group rankings with net sales of EUR 1.1bn, ahead of Standard Life (EUR 400m).
12/10/2011

Inflows continue for SAM funds despite crisis

Robeco has taken the occasion of SRI week in Paris to unveil a series of funds from its Swiss affiliate Sustainable Asset Management, which is also known for its Dow Jones Sustainability Indices (DJSI).Although assets in its products have suffered from the fall of the equities markets, and due to their fidelity to securities that promise good returns over the long-term, many of them are nonetheless still showing net inflows for the first nine months of the eyar. The SAM Smart Energy fund has EUR472m in assets (compared with EUR549m as of the end of August), but the fund with 60 positions has posted CHF180m in net inflows. However, the SAM Sustainable Water Fund EUR has seen net outflows, because a fund of fund has decided to reallocate its assets to the European banking sector and US companies. Assets total EUR672m in 75 positions, down from a peak of EUR742m as of the end of August.The SAM Smart Materials fund, which has EUR56m in assets, down from EUR63.6m one month earlier, has posted total net inflows of EUR10m to EUR15m. It has 51 positions.The SAM Smart Healthy Living EUR fund, which is focused on equities in firms which offer technologies, products or services in the food, health, physical activities and physical and psychological well-being industries, now has about EUR150m in assets, compared with EUR172.2m one month earlier. The portfolio, with 50-60 positions (currently 55) has attracted net subscriptions of about EUR20m since the beginning of the year.
12/10/2011

PerTrac teams up with MondoAlternative platform

PerTrac, a software and services provider for the asset management and hedge fund sector, has signed a partnership with MondoAlternative, an Italian producer of databases that monitor more than 2,000 hedge funds (including Italian, European and Swiss hedge funds as well as UCITS hedge funds and investable indices). PerTrac subscribers will now have access to monthly rankings by MondoAlternative, and will receive a magazine every month dedicated to the Italian and European hedge fund industry.
12/10/2011

Outflows of nearly EUR54bn in Europe in August

Long-term funds in Europe, which include all funds except money market funds, have seen an outflow of EUR53.8bn in the month of August, according to statistics from Lipper. The only notable increase in the month under review, meanwhile, was for money market funds, which posted a net inflow of EUR28.3bn, reducing outflows for the sector as a whole to EUR35.6bn. For the third consecutive month, outflows have topped EUR20bn. Equities funds have seen an outflow of EUR31.2bn, while bond and diversified funds have seen net redemptions totalling EUR13.9bn and EUR3.7bn, respectively. Franklin Templeton leads for inflows, with net subscriptions of EUR1.1bn for the month, followed by Standard Life (EUR400m). Absolute return funds have seen a second consecutive month of outflows, totalling EUR2.4bn, bringing inflows since the beginning of the year to EUR7.1bn.
12/10/2011

Deutsche Bank revises growth outlooks for ETFs downward

Global ETF assets this year will grow by only 5% to 10%, down from the 30% growth predicted at the beginning of the year, Deutsche Bank has announced. In 2010 and 2009, assets incresaed by 27% and 40%, respectively. So far, assets under management as of the end of September totalled USD1.2trn, down 4% since 30 September 2010.Concerns due to the European and United States sovereign debt crises have provoked downward revisions to growth projections and increased uncertainty, an analysis by Christos Constandinides finds, Handelsblatt reports. These problems are slowing growth in the ETF sector in two ways. Firstly, the value of equities and other securities is falling, which reduces the assets managed by ETFs based on them. Secondly, investors have reduced their exposure. In first quarter, net subscriptions may have increased year on year, but they fell by 20% in third quarter.
12/10/2011

Stone Tower Capital opens an office in Europe

Stone Tower Capital LLC, a USD20 billion alternative credit asset manager, has announced the creation of Stone Tower Europe Limited, headquartered in Dublin, Ireland, to enable the firm to expand its European operations and serve its growing investor base. The firm also announced the appointment of Tim Richards as managing director to oversee the firm’s European expansion, along with Alan Kelly, as a director.Tim Richards joined from LBBW Asset Management Ireland where he held the role of chief executive officer from 2007 to 2011. Alan Kelly joined Stone Tower in 2011 with responsibility for seeking investment opportunities and marketing Stone Tower’s services in Europe.
12/10/2011

Outflows continue from Swedish funds

In September, investment funds sold in Sweden recorded a total net outflow of SEK 7.3 billion, according to the latest statistics of the Swedish fund association. Equity funds had a net outflow of 14.6 billion whereas money market funds had a net inflow of 5.7 billion. Also bond funds and balanced funds recorded net inflows of SEK 0.8 and 0.6 billion respectively in September. The total fund assets at the end of September amounted to SEK 1,719 billion.So far in 2011, a net outflow of SEK 3.2 billion has been recorded for investment funds. Equity funds have had a net outflow of SEK 66 billion whereas all other fund categories have had net inflows. At the end of year 2010, the total fund assets amounted to SEK 1,964 billion, of which 1,190 billion was invested in equity funds. This means that the total fund assets have decreased by SEK 245 billion (12.5%) during the first three quarters of 2011.
12/10/2011

Strong growth in assets under custody in Asia

Despite turbulence on the markets, assets under custody in Asia increased by 20% year on year to USD6.6trn, according to statistics from Asian Investor. Although these estimates, based on figures from seven banks (Brown Brothers Harriman, BNY Mellon, Citi, HSBC, JP Morgan, Northern Trust and State Street) are not absolutely precise, they are signs of exceptional growth in the region in the context of a market that remains highly difficult.
12/10/2011
Gestion d'actifs

Crédit Agricole SA doit se renforcer dans l'immobilier

Crédit Agricole SA (Casa), entité cotée du groupe Crédit Agricole, doit se renforcer dans l’immobilier afin d’accroître sa puissance et ainsi consolider le groupe dans son ensemble, a déclaré mardi 12 octobre 2011, le secrétaire général de la Fédération nationale de la banque verte. «Vis-à-vis de Casa, nous pensons qu’il faut conforter encore notre tête de réseau, accroître sa puissance et son effet d’entraînement», a souligné Philippe Brassac, dans un entretien au quotidien économique Les Echos. «La Fédération et les caisses régionales ne peuvent pas être fortes si l’ensemble du groupe ne l’est pas», a-t-il relevé. «Cette consolidation devrait ainsi passer par un renforcement de Casa dans l’activité immobilière», a estimé le secrétaire général de la FNCA, l’instance politique représentant les sociétaires du groupe mutualiste. «A l’image de ce que nous avons fait avec les métiers de l’assurance, nous voulons intégrer les métiers de l’immobilier dans Casa dans toute leur palette», a-t-il précisé. Crédit Agricole SA, coté depuis fin 2001, détient 25% du capital des caisses régionales ainsi que les filiales du groupe en banque de détail (LCL en France, Emporiki en Grèce, Cariparma FriuAdria en Italie, ...), en métiers financiers spécialisés (gestion d’actifs, assurances, banque privée, crédit à la consommation, crédit-bail, affacturage) ainsi que la banque de financement et d’investissement, selon le site internet du groupe.
Gestion d'actifs
12/10/2011

Stone Tower Capital s’implante en Europe

Stone Tower Capital, une société de gestion alternative américaine spécialisée dans le crédit et gérant 20 milliards de dollars d’encours environ, vient de s’établir à Dublin, via Stone Tower Europe Limited. Cette nouvelle base va lui permettre de se développer en Europe. Tim Richards, qui vient d’être nommé managing director, pilotera ces efforts, aux côtés d’Alan Kelly, directeur. Les deux hommes viennent tous les deux de LBBW Asset Management en Irlande.
12/10/2011
Fonds

Poursuite de la décollecte des fonds suédois

En septembre, les fonds commercialisés en Suède ont accusé des rachats nets de 7,3 milliards de couronnes suédoises (800 millions d’euros), selon les toutes dernières statistiques de l’association suédoise des fonds Fondbolagens Förening. La décollecte a été tirée par les fonds actions, qui ont vu sortir 14,6 milliards de couronnes (1,6 milliard d’euros). Depuis le début de l’année, cette catégorie voit sortir 65,7 milliards de couronnes (7,2 milliards d’euros), alors que le secteur est dans le rouge à hauteur de 3,2 milliards de couronnes (0,35 milliard d’euros). A contrario, en septembre, les fonds monétaires ont enregistré des souscriptions nettes de 5,7 milliards de couronnes (0,6 milliard d’euros), de même que les fonds obligataires et les fonds diversifiés qui ont vu entrer, en net, 800 millions et 600 millions de couronnes (87,6 millions et 65,7 millions). A fin septembre, les encours des fonds ressortaient à 1.719 milliards de couronnes (188 milliards d’euros), dont 887 milliards (97,1 milliards d’euros) dans des fonds actions, contre respectivement 1.964 milliards (215 milliards d’euros) et 1.190 milliards (130 milliards d’euros) fin 2010.
Fonds
12/10/2011
Fonds

Plus de 11 % de rendement pour le fonds souverain chinois en 2010

Selon l’agence Chine Nouvelle, la société d’investissement de Chine (SIC), le fonds souverain d’Etat chinois, a annoncé mardi qu’elle avait réalisé un taux de rendement de 11,7% de son portefeuille de placements internationaux en 2010. Le taux est resté inchangé par rapport à celui de 2009. Depuis sa création en 2007, le taux moyen de rendement du fonds est de 6,4% .
Fonds
12/10/2011

Paulson & Co anticipe des rachats

Paulson & Co, la société américaine de hedge funds gérée par John Paulson, a prévenu que dans le pire des scénarios, elle pourrait subir des rachats représentant entre un cinquième et un quart de ses actifs d’ici à la fin de l’année, rapporte le Financial Times. Mais elle a ajouté qu’elle n’aurait aucun problème à honorer ces éventuelles demandes de remboursement, qui représenteraient environ 6 milliards de dollars.

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