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15/09/2011

Deutsche Beteiligungs AG s'attend à une perte pour l'exercice 2010-2011

Pour le troisième trimestre de l’exercice au 31 octobre, le capital-investisseur allemand Deutsche Beteiligungs AG (DBAG) affiche une perte nette de 8 millions d’euros contre un bénéfice net de 4 millions pour la période correspondante de 2010.Sur les neuf premiers mois de l’année, le bénéfice net chute à 9,7 millions contre 21,8 millions, en grande partie à cause de la chute de 40 % du cours de la principale société du portefeuille, Homag.Si l’action Homag reste à son niveau actuel, DBAG affichera une perte sur l’ensemble de l’exercice, précise une lettre aux actionnaires.
15/09/2011

State Street ouvre un bureau au Brunei

State Street Corporation annonce l’ouverture d’un bureau au Brunei. Le groupe y fournira des services de relations clients aux institutionnels locaux. Nick Wright, responsable de l’activité Global Services de State Street en Asie du sud, basé à Singapour, a déclaré que le bureau à Brunei s’inscrit dans le cadre des objectifs de State Street visant à augmenter la part de ses revenus générée hors des États-Unis.
15/09/2011

Pioneer says it doesn't need a partner to carry out major transformations

Among the developments on the agenda at Pioneer Investments, Roger Yates, CEO, announced on Wednesday, 14 September, that it is creating an emerging markets unit, which will be based in London. “Currently, we are present in emerging markets, but we are not good enough,” says Yates. The team, which will be led by Mauro Ratto, currently head of asset management for Europe and Asia at Pioneer Investments, will combine the existing capacities of the group in this area, regardless of the asset classes and countries concerned, which are currently spread out over several locations. The size of the team is not yet known, as several recruitments are underway, but the unit is expected to manage assets of EUR6-7bn.The other major project described by Yates is expansion in the United States, where Pioneer is now planning to offer products from the firm which are managed in other countries, which is not currently the case. “In the United States, we manage USD50bn in mutual funds. But we have just begun to exploit our growth potential,” says Yates. The firm is also planning to increase its development serving independent financial advisers in the US. From a geographical standpoint, Asia is naturally another attractive area for growth in terms of product distribution.Although Pioneer Investments is planning to develop in some areas, the firm has, however, announced plans to pull out of some areas of activity or regions which are considered peripheral, including Australia and Russia. All of this is coming at a time which Yates describes as difficult for the asset management firm.
15/09/2011

iShares launches two physical replication bond ETFs

On 13 September, iShares (BlackRock) launched two Irish-registered products listed on the London Stock Exchange, entitled iShares Barclays Capital US Aggregate Bond (IE00B44CGS96, acronym: SUAG) and iShares Markit iBoxx $ High Yield Capped Bond (IE00B4PY7Y77, SHYU). The sampling-based physical replication bond ETFs charge fees of 0.25% and 0.50%, respectively.The first of the two funds focuses on investment grade fixed-rate bonds denominated in US dollars, with a minimal residual time to maturity of one year, while the second fund replicates an index of corporate bonds with a sub-investment grade rating, with a minimal remaining time to maturity of 3 and a half years, and a maximum of 15 years for new issues, and three years for existing issues.
15/09/2011

Paul Boughton joins Mirabaud

Paul Boughton, head of sales for continental Europe, is leaving Neptune Investment Management after three and a half years, to join Mirabaud Investment Management as co-director of sales and marketing. In this role he will report to Patrick Berton, director of sales, FundWeb reports.Meanwhile, Alistair Wilson, head of institutional business, is also leaving Neptune IM, after six years at the firm. He will join a bond management boutique to direct institutional activities.
15/09/2011

Béatrice Denys joins Turenne Capital

Turenne Capital Partenaires on 14 September announced the arrival of Béatrice Denys as an associate partner and member of the board of directors. In the health unit, Denys will contribute her expertise as an investor in this area. Before joining Turenne Capital, Denys spent 11 years at SGAM/Amundi PEF. In December 2005, she took over as manager of the Sefti fund, a venture capital fund investing capital from industrial businesses of the US pharmaceutical sector, institutionals, and private investors. Turenne Capital, which has nearly EUR400m in assets under management, has developed expertise in the area of health, and has already invested about EUR100m, particularly in the areas of medical devices, including orthopedic prosthetics, for example at Serf Dedienne and Aston Medival, in personal services (Bien à la Maison), and in medial software and information management (Capsule). Its combined investments represent about 30% of the portfolio for funds managed by Turenne Capital.
15/09/2011

SwissLife Banque Privée creates a corporate finance department

SwissLife Banque Privée is adding to its range of products aimed at entrepreneurs, with the creation of a Corporate Finance department, a new entity which will aim to assist clients of the bank throughout the various stages of the corporate life cycle. Alain Kuperty will join SwissLife Banque Privée to direct the new entity.The department will be active in all sectors of activity, including the following areas: Advisory: financial analysis and strategic diagnostics, evaluation, valuation of businesses plans, and recommendations Sales: sales of majority and minority stakes, sales of assets, spin-offs Acquisitions: Targeted acquisitions, external growth, analysis of the sector of activity, and identification of opportunities Financial engineering: recomposition of capital, LBO operationsKuperty, 50, has 20 years of experience in mergers and acquisitions in the small and midcap sector. After spending ten years in the business bank as director at Barclays, Hambros and Banexi, Kuperty served as head of mergers and acquisitions in industry and services: Essilor, Laser Cofinoga, Communication & Systèmes. This experience involved many acquisition operations, sales, LBOs, and spinoffs, in France and internationally.
15/09/2011

CalPERS reforms governance

The California pension fund CalPERS on 14 September announced a complete overhaul of its governance rules. The board of trustees at the pension fund have adopted ten measures which aim to increase governance responsibility, transparency and ethics at the institution.Among the measures adopted are a recognition by members of the board of trustees of their fiduciary duties, an examination of the performance of the board every two years by independent third parties, the definition of new functions and responsibilities for the chairman and vice-chairman fo the board, and for the chairs and vice-chairs of its various committees, and the adoption of a new confidentiality policy, which would apply to all members of the board.
15/09/2011

ESMA launches a consultation on “empty votes”

The European Securities Markets Authority (ESMA) on 14 September announced a consultation on the practice known as “empty voting,” when voting rights in a business are acquired without assuming the economic risk.There are currently no European regulations specific to this practice. Two countries, however, Portugal and France, have already taken, or are planning to take measures to limit empty voting.The consultation will be open until 25 November.
15/09/2011

Schroders releases a Luxembourg-registered fund of Brazilian equities

Starting from the assumption that “a growing number of investors consider Brazilian equities an asset class unto themselves, rather than as a subcategory of emerging markets,” as Philippe Lecomte, CEO for France, puts it, Schroders is now releasing the Brazilian equities sub-fund of its Luxembourg Sicav Schroder International Selection Fund (SISF) for sale in France. The fund includes 20-40 positions, with the MSCI Brazil 10/40 as its benchmark. Carlos Scretas uses a strategy combining top-down analysis of the market with bottom-up stock-picking, to select high quality shares which offer both attractive valuations and strong exposure of revenues to domestic growth. Like other major management firms, Schroders has some legitimacy in this investment theme. The British group has been active in the management and selection of equities on the Brazilian market for more than 17 years. Its local team, composed of 16 investment specialists, manages portfolios of Brazilian equities with a total value of over USD1.8bn as of 31 March 2011. Characteristics Name: Schroder ISF Brazilian Equity A Acc EUR (retail share class) Schroder ISF Brazilian Equity C Acc EUR (institutional share class) ISIN codes: LU0672756755 (A shares)LU0672756912 (C shares) Management fees: 1.50% (A shares) 1% (C shares) Minimal initial subscription: EUR1,000 (A shares) EUR500,000 (C shares) Minimal subsequent subscription: EUR1,000 (A shares) EUR250,000 (C shares)
15/09/2011

LGT Capital sets up a distribution structure in Asia

The traditional asset management affiliate of LGT Group, LGT Capital Management (USD24bn in assets), has announced the opening of its first distribution structure in Asia, led by Marcel de Bruijckere, who had most recently been CEO for Singapore, head of institutional sales for south & southeast Asia and head of multi-asset solutions Asia Pacific at ABN Amro Asset Management.LGT CM will target institutional clients, wholesale distribution and sub-advisory with the local office. Several institutional investors based in Asia have already expressed interest in the services of the asset manager based in Pfäffikon, near Zurich, in the areas of custom multi-asset class solutions, long-term asset allocation, and inflation-linked bonds.Solutions and services available in the wholesale distribution area will be aimed not only at private banks, but also at insurers and independent brokers.Torsten de Santos, CEO of LGT CM, has announced that in addition to offering products under its own brand name, the management firm will also make efforts to create distribution partnerships with financial institutions in Asia, via a sub-advisory activity, or the provision of white label products. A presence in the region is a sine qua non for the creation of such strategic partnerships.
15/09/2011

Changes at Touradji CM

Paul Touradji, a renowned commodities hedge fund manager, can expect 2011 to be the first year of losses for his flagship fund. The Wall Street Journal reports that the former protégé of Julian Robertson at Tiger Management is now planning to take some time off from the day-to-day management of the business, in order to direct the trading activities of Touradji Capital Management full-time, sources familiar with the matter say.As a part of the reorganisation, two other executives will be leaving the firm, while new recruitments are planned in order to develop the institutional client segment.
15/09/2011

Edram recruits for emerging markets unit

The arrival of Thomas Gerhardt (ex-DWS) on 1 September as head of emerging markets equities and commodities management (see Newsmanagers of 8 April) at Edmond de Rothschild Asset Management (EDRAM) marks a new stage in the development of the activities of the French firm. The team, which currently manages USD2bn (compared with EUR2bn as of the end of first half), of which EUR500m are for its QFII mandate (Chinese A-class equities) and EUR285.3m for commodities, will be reinforced very soon with the addition of two people in Frankfurt and two more in Hong Kong. It will have 14 members (including two existing commodities managers, Emmanuel Painchault and Raphaël Dubois) by the end of the year, says Thomas Gerhardt, who adds that the recruitments are nearly completed.The extension comes in addition to the launch of an equity fund specialised in large Asian businesses which are leaders in their sectors, and one Latin American equity fund. Edmond de Rothschild Asset Management has not ruled out the eventual possibility of creating funds which would invest in specific regions, such as Africa or Eastern Europe.However, Gerhardt, who directly manages the EdR Global Emerging fund, currently has no plans to launch thematic funds focused, for example, on consumer goods or infrastructure in emerging markets, which in his opinion are the major growth themes for the next few years.As of 31 August 2011, Edmond de Rothschild Asset Management had EUR13.9bn in assets under management in mandates, and 27 open-ended funds registered for sale in 15 countries.
15/09/2011

Mirae Asset Global Investments appoints head for US market

Mirae Asset Global Investments has announced the appointment of Joon Kwun as president and CEO in charge of the US market. In this position he replaces Jay Jang, who will take on other responsibilities at the asset management firm specialised in emerging markets. Kwun previously worked at Goldman Sachs in Hong Kong, where he was head of the office in Seoul, South Korea.
15/09/2011

IPD appoints a deputy CEO

IPD, a firm specialised in performance measurement for real estate investment and operations, has announced the recruitment of Olivier Mège, who becomes deputy CEO of IPD France and Southern Europe. Mège will be in charge of the studies and research departments, development of services for real estate experts, and development of the Immostat-IPD partnership. He will also assist in fostering the growth of the business, alongside Stéphanie Galiègue, CEO.
15/09/2011

Pension funds take increasing interest in hedge funds

At the end of 2010, according to the National Association of State Retirement Adminstrators, allocation by US state pension funds to hedge funds was 10%, compared with 3% in 2001. This is considerably lower than the exposure of university endowments, the Wall Street Journal adds.However, pension funds, which had an average of 50.9% of their assets invested in equities as of the end of December, may want to move their allocations to less volatile products, and that may work to the advantage of funds of hedge funds, ahead of direct investments in single hedge funds.Funds of hedge funds are the quickest way to change asset allocations, explains T.J. Carlson, CIO of the Kentucky Retirement System.
15/09/2011

Net inflows of EUR11bn for long-term UCITS-compliant funds

UCITS-compliant funds posted a net outflow of EUR14bn in July, following outflows of EUR29bn in the previous month, according to the most recent statistics from the European financial and asset management association (EFAMA). This outflow was halved largely due to lower outflows from money market funds (EUR25bn, compared with EUR36bn in June), and an increase in net inflows to bond funds.Long-term UCITS funds, which means all funds excluding money market funds, saw a net inflow of EUR11bn in July, compared with EUR7bn in June, with net subscriptions of EUR6bn to bond funds (compared with an even balance in June), EUR3bn for diversified funds (compared with EUR6bn in June), and outflows of EUR1bn from equities funds (compared with EUR3bn previously).Dedicated funds, for their part, posted a net inflow of EUR6bn in July, after a similar level of subscriptions in June.
15/09/2011

AIFM directive: IMS calls for diversity of fund products to be taken into account

In response to a consultation held by the European Securities Markets Authority (ESMA) on measures proposed for the second level of the AIFM directive, the British Investment Management Association (IMA) has pointed out the diversity of the funds affected by the Commission’s proposed regulations, and has declared that there is a need to treat the various alternative investment vehicles equally. The trade body claims that the directive would apply to nearly 2,000 investment vehicles in the UK, which use a wide variety of strategies, invest in all asset classes and regions worldwide, and use various levels of leverage. “Many believe that the AIFM directive consists of regulations for hedge funds and private equity. This is not the case. This directive covers a wide variety of investment vehicles – 2,000 in the United Kingdom alone. The level 2 measures need to recognise this diversity and take it into account,” says Julie Patterson, director of the IMA, in a statement released on 14 September. The IMA claims that some proposals in the AIFM directive would not treat issues in a balanced an appropriate manner, particularly in terms of systemic risk.
15/09/2011

HM Treasury to sue ECB

The Financial Times reports that the British Treasury is planning to file a suit in the European Court of Justice against the European Central Bank. This summer, the ECB published a rule which requires chambers of compensation exposed to euros to be based in the euro zone. The City feels left out by the rule, and the Treasury claims that it obstructs the free circulation of capital in the Union.
15/09/2011

State Street opens an office in Brunei

State Street Corporation has announced the opening of an office in Brunei. The group will provide client relationship services to local institutional investors. Nick Wright, head of the global services activity at State Street for southern Asia, based in Singapore, has announced that the Brunei office will further State Street’s goal of increasing the percentage of its earnings generated outside the United States.
15/09/2011

Household financial savings hit record levels

As of the end of 2010, gross financial savings of household worldwide increased 6.2%, to EUR95.624trn, which is higher than the all-time record set in 2007, according to the most recent edition of the Global Wealth Report from Allianz. In the past ten years, the average increase has been 4.1%, and only 3.2% per capita.The increase in gross financial savings in industrialised countries was lower than that registered worldwide, as the existing level of savings as of the end of 2010 was slightly lower than its pre-crisis levels. However, the gross financial savings in emerging countries of Asia, Latin America and eastern Europe has seen double-digit growth in the past decade, and the financial crisis didn’t even drive down financial savings in the first two of these regions. In poorer countries, financial savings per head now stands at a level more than 50% higher than before the crisis.In net terms, Allianz statistics reveal that the countries where financial savings per head is highest are Switzerland (EUR135,558), Japan (EUR84,267), and the United States (EUR79,165). The United Kingdom is in eighth place (EUR52,719). France is in eleventh place (EUR41,550), and Germany is in thirteenth place (EUR41,402). The full report may be found at https://www.allianz.com/static-resources/en/press/media/documents/v_131…
15/09/2011

Strong increase in net outflows from mutual funds in August

Long-term mutual funds nearly doubled their net ourtflows in the United States, to about USD32.5bn, in the month of August, compared with USD17.1bn in July, according to statistics from Morningstar. Mutual funds saw their heaviest outflows since November 2008.Despite market turbulence, US equity funds saw a net outflow of USD15.5bn, compared with USD22.9bn in July. Bond funds saw redemptions of USD12bn. Year to date, US equity funds have seen outflows of USD28.8bn, while bond funds have seen net inflows of USD88.1bn.However, money market funds have posted a net inflow of USD7.48bn, a level not seen since November 2009. However, the previous two months brought a cumulative net outflow of USD150bn.In index-based management, US equity ETFs posted a net inflow of USD394m. International equities ETFs, however, showed outflows of about USD5.5bn, the largest outflows in the past three years. Over the first eight months of the year, US equity ETFs, posted inflows of USD28.05bn, while international equities ETFs show a positive inflow of USD7.84bn.Bond ETFs posted an inflow of USD4.3bn in August, and USD12.88bn in the first eight months of the year, while commodities ETFs have seen an outflow of nearly USD2bn in the month of August, but an inflow of USD560m for the first eight months of the year.
15/09/2011

State Street lists new ETFs on Euronext Paris

State Street is offering seven new ETFs of the SPDR brand on the Paris platform of NYSE Euronext.The products are as follows:SPDR MSCI ACWI ETF (IE00B44Z5B48), fees of 0.50%SPDR MSCI ACWI IMI ETF (IE00B3YLTY66), fees of 0.55%SPDR MSCI Emerging Markets ETF (IE00B469F816), fees of 0.5%SPDR MSCI Emerging Markets Small Cap ETF (IE00B48X4842), fees of 0.65%SPDR MSCI EM Asia ETF (IE00B466KX20), fees of 0.65%SPDR MSCI EM Latin America ETF (IE00B454X613), fees of 0.65%and SPDR MSCI EM Europe ETF (IE00B431K857), fees of 0.65%
15/09/2011

Schroders releases a Luxembourg-registered fund of Brazilian equities

Starting from the assumption that “a growing number of investors consider Brazilian equities an asset class unto themselves, rather than as a subcategory of emerging markets,” as Philippe Lecomte, CEO for France, puts it, Schroders is now releasing the Brazilian equities sub-fund of its Luxembourg Sicav Schroder International Selection Fund (SISF) for sale in France.The fund includes 20-40 positions, with the MSCI Brazil 10/40 as its benchmark. Carlos Scretas uses a strategy combining top-down analysis of the market with bottom-up stock-picking, to select high quality shares which offer both attractive valuations and strong exposure of revenues to domestic growth.Like other major asset management firms, Schroders has some legitimacy in this investment theme. The British group has been active in the management and selection of equities on the Brazilian market for more than 17 years. Its local team, composed of 16 investment specialists, manages portfolios of Brazilian equities with a total value of over USD1.8bn as of 31 March 2011.CharacteristicsName: Schroder ISF Brazilian Equity A Acc EUR (retail share class)Schroder ISF Brazilian Equity C Acc EUR (institutional share class)ISIN codes: LU0672756755 (A shares)LU0672756912 (C shares)Management fees: 1.50% (A shares)1% (C shares)Minimal initial subscription: EUR1,000 (A shares)EUR500,000 (C shares)Minimal subsequent subscription: EUR1,000 (A shares)EUR250,000 (C shares)
15/09/2011

Guangfa Securities creates an alternative investment affiliate

Guangfa (GF) Securities has announced plans to invest CNY2bn in an investment affiliate, which may be known as Guangfa Alternative Investments, which would adopt positions on alternative assets which are ordinarily not allowed for traditional investors, and would focus on equities, inter-bank bonds, and over-the-counter financial products. Z-Ben Advisors reports that GF Securities will also invest CNY500m in Guangfa Futures, which will increase the amount dedicated to the affiliate to CNY1.1bn. The creation of the investment affiliate, which would be centred on trading, is probably part of plans to create a complete asset management firm, once the regulator allows this type of transformation.
15/09/2011

Strategic partnership forged by Martin Currie and APS

The Scottish asset management firm Martin Currie and the Singapore-based APS Asset Management on 14 September announced that they have signed a strategic partnership to create an independent asset management firm which will be a leader in the Chinese A-class equities market. The firm will rely on active management, and the deal will be completed by the end of September, pending the necessary permission from regulatory authorities.The partnership with APS will allow clients of Martin Currie to avail themselves of the renowned expertise of the China asset management team at APS, the only foreign asset management firm with research teams in three Chinese cities.For its part, APS will have access to the distribution platform and the client relationship abilities of Martin Currie; it will take charge of portfolio management for Martin Currie clients from 1 November 2011. Martin Currie will become the largest distributor of products for APS worldwide, via its network of offices in Europe, the United States and Asia.
15/09/2011

Lyxor Hedge Fund Index confirms that August was a hard month for hedge funds

Lyxor AM announced on Wednesday, 14 September that the Lyxor Hedge Fund Index posted a loss of 2.19% in the month of August 2011. As of 31 August, since the beginning of the year, the index shows a loss of 3.80%.In August, the alternative strategies which performed best were Lyxor L/S Equity Short Bias Index (+5.55%), Lyxor CTAs Short Term Index (+2.21%) and Lyxor Fixed Income Index (+0.26%).
15/09/2011

La croissance chinoise sous les 9%

La croissance du PIB chinois pour le troisième trimestre pourrait être inférieure à 9% du fait du ralentissement de l’économie mondiale, selon le China Securities Journal. Le journal fait état d’un ralentissement modéré de l’économie et d’un reflux attendu de l’inflation, surtout si les perspectives de croissance en Europe et aux Etats-Unis continuent de s’assombrir.
15/09/2011

Le Royaume-Uni prêt à poursuivre la BCE sur la compensation

Les Britanniques prévoient de poursuivre la Banque centrale européenne (BCE) au sujet d’une nouvelle règle qui contraindra les chambres de compensation à être implantées en zone euro si elles traitent de grandes quantités d’instruments financiers libellés en euros. Le gouvernement britannique dit espérer néanmoins une résolution rapide de ce dossier sans intervention de la justice.

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