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25/02/2011

KAS Bank launches service to help new funds

p { margin-bottom: 0.08in; } KAS Bank has announced the launch of Fund Desk, a platform to assist new funds in the Netherlands. The platform will assist managers to create and construct new products, particularly with advising on administrative, compliance or back-office questions.
25/02/2011

Barclays Wealth launches China Optimiser fund

p { margin-bottom: 0.08in; } Barclays Wealth has opened subscriptions until 8 April for its new China Optimiser fund, which is designed on the same principle as the Emerging Markets Optimiser fund.The fund charges 3% for a six-year period, and at maturity guarantees the subscriber the initial capital invested, plus 65% of the performance of the benchmark index, the FTSE Xinhua 25.The exposure of the fund (limited to 150%) is adjusted daily as a function of volatility: when volatility is low, exposure is high, and vice versa. The counterparty is Barclays Bank.Minimal subscription is set at GBP5,100.
25/02/2011

Henderson registers Credit Alpha Fund in Switzerland

p { margin-bottom: 0.08in; } Six weeks after receiving a sales license for Germany from BaFin (see Newsmanagers of 11 January), Henderson Global Investors has received permission to sell its British-registered, UCITS-compliant Henderson Credit Alpha Fund in Switzerland. The product is managed in London by Stephen Thariyan, and aims to achieve returns 500 basis points higher than the Libor 3-month.
25/02/2011

Net profits up 4% at Banque Cantonale Vaudoise

p { margin-bottom: 0.08in; } The BCV group (Banque Cantonale Vaudoise) has reported net profits for 2010 of CHF313.2m, up 4% compared with the previous year. Assets under management as of the end of 2010 totalled CHF75.8bn, up 1%, largely due to forex rates. Net inflows totalle CHF758m. Inflows from private clients and SMBs totalled CHF1.3bn, but inflows form major businesses and institutionals wree down by CHF500m. The 4% increase in net profits “is all the more remarkable as it takes into account a payment of CHF34m to the Federal Contributions Administration (AFC) to settle litigation against the bank. Excluding the cost of this operation, net profits would have increased by 13%,” BCV comments. The board of directors of the BCV group will propose at the next general shareholders’ meeting to pay an ordinary dividend of CHF22 (up from CHF21), and to distribute CHF10 per share (unchanged) from the legal reserve of incoming capital. This payment will allow the group to pay CHF275m out to shareholders.
25/02/2011

Crédit Agricole submits its bid for Pioneer

p { margin-bottom: 0.08in; } The CEO of Crédit Agricole announced at a press conference on Thursday that the firm has made an offer to the Italian UniCredit bank to acquire its asset management affiliate Pioneer, Reuters reports.
25/02/2011

Chinese government investors look to Japan

p { margin-bottom: 0.08in; } Chinese government investors last year more than doubled their investments in major Japanese companies, to more than CNY1.6trn (USD19.4bn), the Wall Street Journal reports, citing consulting firms and sources familiar with the matter. Stakes in Japanese companies are acquired via investment vehicles with obscure names registered in Australia. Between April and September, a shareholder by the name SSBT OD05 Omnibus Account Treaty Clients appeared as one of the top 10 shareholders in several Japanese companies. Behind this name are the sovereign fund CIC and SAFE, which manages China’s currency reserves.
25/02/2011

State Street Global Services reshuffles Asian activities

p { margin-bottom: 0.08in; } Asian Investor reports that State Street Global Services (SSGS) has reorganized its activities in Asia, with the construction of dedicated teams for Southern and Northern Asia, and plans to increase resources for the latter division. SSGS has also recruited a head of sales for South Asia, Jason Yip, who moved from Hong Kong to Singapore at the end of 2010 to take up the newly-created position.
25/02/2011

Vincent Duhamel joins Lombard Odier as head of development for Asia

p { margin-bottom: 0.08in; } Lombard Odier on 24 February announced the appointment of Vincent Duhamel as head of development for private and institutional management activities for Lombard Odier in Asia. He will be a partner with limited responsibilities, and will be based in Hong Kong. He will be assisted by Bartvan Leemput, who will continue to be head fo private client teams for the region. Duhamel will report to Anne-Marie de Weck, managing partner at Lombard Odier Darier Hentsch & Cie, in charge of private management activities, and Hubert Keller, managing partner at Lombard Odier Darier Hentsch & Cie, in charge of institutional activities. Duhamel joined Lombard Odier after a stint as head of SAIL Advisors, the investment affiliate of one of the largest family offices in Asia. He was previously head of Goldman Sachs Asset Management for the Asia ex Japan region, based in Hong Kong, in charge of asset management activities and institutional mandates.
25/02/2011

London would like to see women hold 25% of seats on boards at top FTSE companies

p { margin-bottom: 0.08in; } Les Echos reports that a report commissioned by the British government recommends that the 100 companies of the FTSE index should have women occupying one quarter of the seats on their boards of directors by 2015. Quotas may be introduced if management fails to respect certain objectives. Currently, only five businesses of the FTSE 100, including Pearson, Burberry and Imperial Tobacco, have women as CEOs. Only one out of eight directors at FTSE 100 companies is a woman.
25/02/2011

Natixis AM sets new management priorities

p { margin-bottom: 0.08in; } The new organization for management at Natixis AM, unveiled in September 2010, has declared its ambitions for 2011 and beyond. The director of fixed income management, Ibrahim Kobar, says that he would like to develop the credit unit in the next few years, one of the five areas of the new fixed income management architecture, alongside money market management, euro bond management, international bond management, and insurance management. With assets under management of EUR6-7bn, the credit unit is still far behind euro bonds (about EUR20bn in assets), money markets (EUR55bn), and the historic insurance management unit (EUR150-170bn). The development of the credit unit, whose staff was increased last year, and now includes 12 analysts, includes development of new products, such as a high yield fund, launched in November 2010, and a credit arbitrage product. In terms of equities, the director of the unit, Emmanuel Bourdeix, says that he is seeking to develop the sattelite portion of the new tripartite architecture (core, thematic and insurance). Out of assets of about EUR80bn, the core portion represents about 45%, while the insurance portion also accounts for about 45%, and the satellite portion only 10%. The idea is to have a much stronger presence internationally, particularly in emerging markets. With this in mind, two Europe equities analysts have decided to develop an expertise in Asia and Latin America, and Bourdeix is planning to recruit specialists to round out the team.
25/02/2011

Strong growth in profits at KKR in 2010

p { margin-bottom: 0.08in; } The US group KKR earned net profits last year of USD2.1bn, up 9.5% compared with the previous year. A key result in this good result was the fact that KKR’s investment portfolio increased 33% in value over the year. Assets under management increased by 16.8% last year to USD31bn as of 31 December 2010, compared with USD52.2bn one year earlier.
25/02/2011

T. Rowe Price appoints a director of distribution

p { margin-bottom: 0.08in; } T. Rowe Price has announced the appointment of Scott B. David as director of distribution. He will be responsible for commercial relations with third-party distributors (including financial advisers) in the United States. He will begin in this position on 2 May this year. David was most recently president of Fidelity Institutional Retirement Services.
25/02/2011

Strong growth in profits at KKR in 2010

p { margin-bottom: 0.08in; } The US group KKR earned net profits last year of USD2.1bn, up 9.5% compared with the previous year. A key result in this good result was the fact that KKR’s investment portfolio increased 33% in value over the year. Assets under management increased by 16.8% last year to USD31bn as of 31 December 2010, compared with USD52.2bn one year earlier.
25/02/2011

Fund managers capture savings for the first time in 15 months

p { margin-bottom: 0.08in; } Expansión reports on the basis of statistics from VDOS that fund managers in February managed to bring in the first net subscriptions in 15 months, totalling EUR186m, bringing them out of the slump that set in with the “deposits war” between financial institutions.Management firms took the occasion to beef up distribution of guaranteed funds with dominant exposure to bonds, which offer total annual returns of 2% to 4% over 3-4 years.The fund management firm which profited most from the situation was Invercaixa (La Caixa), which attracted EUR839m for Foncaixa Estabilidad, after previously capturing EUR1bn in 2010 for the Foncaixa Bienvenida.The other two asset management firms with the largest inflows in February are Bestinver (Acciona) and Mutuactivos (Mutua Madrileña).
25/02/2011

Assets under management hold stable at RBS

p { margin-bottom: 0.08in; } Assets under management at the Royal Bank of Scotland (RBS) increased last year by 5%, to GBP30.7bn, largely due to an improvement in market conditions. The British group has reported a net loss for the part of the group down by two thirds in 2010, to GBP1.125bn, compared with GBP3.6bn in 2009.
25/02/2011

BlackRock forms a partnership in British real estate

Workspace Group is to launch a GBP100m joint venture with BlackRock to buy high-yielding property in areas of the market ignored by many real estate investors, the Financial Times writes. Workspace buys then turns former industrial and office buildings into modern premises dedicated to small-to-medium-sized businesses.
25/02/2011

Strong growth in inflows in 2010 for St James's Place

p { margin-bottom: 0.08in; } Net inflows for the British St James’s Place last year totalle GBP3bn, up 30% compared with the previous year, the management firm has announced in a statement. Assets under management increased 26% to GBP27bn. The firm, which reported pre-tax profits of GBP84.2m, up 69% compared with 2009, is proposing a dividend of 6 pence, up 33% from the previous year.
25/02/2011

La Consob attentive aux rémunérations

Le régulateur boursier italien entend selon le quotidien britannique mettre en œuvre des règles plus strictes concernant la communication des sociétés cotées en termes de rémunération des dirigeants et de politique de succession. Les entreprises seraient contraintes de détailler de façon distincte les différents types de versements accordés aux plus hauts dirigeants.
25/02/2011

Le prix du pétrole est à un seuil critique

Les violences en Libye hier ont porté le cours du Brent et du brut à un record respectif de 119,8 et 103,4 dollars. Aux yeux du marché, un baril durablement élevé pèserait sur la consommation dans les pays développés et exacerberait les pressions salariales chez les émergents.
25/02/2011

Bain et GIC à l’affût en Inde

La société de private equity Bain Capital et la fonds souverain singapourien Government of Singapore Investment Corp (GIC) seraient proches d’acquérir 30% du capital de l’indien Hero Investment, qui détient 17% de Hero Honda Motors, pour 39 milliards de roupies, l’équivalent de 620 millions d’euros.
25/02/2011

ICG reprend la participation d’AXA PE dans Gerflor

La société d’investissement Intermediate Capital Group (ICG) a signé un accord avec AXA Private Equity en vue d’acquérir l’intégralité de sa participation dans le spécialiste mondial des revêtements de sol, avec l’appui de l'équipe dirigeante. Les autres actionnaires minoritaires (notamment Barclays Private Equity et NiXEN Partners) cèderont aussi leur participation dans l’entreprise.
25/02/2011

ICE veut prévenir une extrême volatilité sur le sucre

Dans le but de prévenir une volatilité excessive des contrats à terme sur le sucre, l’opérateur américain ICE Futures a indiqué qu’il annulerait à compter du 1er mars les ordres s’établissant «en dehors d’une fourchette de prix acceptable». L’erreur humaine est fréquemment à l’origine des pics de volatilité, et le blâme ne devrait pas être uniquement porté sur le trading assisté par ordinateur, estime le consultant Jonathan Kingsman.
24/02/2011

André van den Heuvel quitte BlackRock pour rejoindre ING IM

André van den Heuvel, managing director de BlackRock, responsable des activités institutionnelles dans les pays du Benelux, va rejoindre ING Investment Management le 1er mai prochain en qualité de membre du management board responsable des activités de vente et de marketing pour l’ensemble de l’Europe.Il remplace à ce poste Michel van Elk qui, depuis novembre 2009, assumait ces fonctions parallèlement à ses responsabilités en tant que CEO d’ING IM Europe.
24/02/2011
Fonds

Forte croissance de la collecte des fonds coordonnés à long terme en 2010

Les actifs des fonds d’investissement se sont accrus de 13,7% l’an dernier en Europe pour totaliser 8.025 milliards d’euros contre 7.061 milliards d’euros en 2009, selon les statistiques communiquées par l’Association européenne de la gestion d’actifs (Efama). Après un pic de 8.200 milliards d’euros en juin 2007, les actifs avaient chuté à environ 6.000 milliards d’euros début 2009 avant de se redresser par la suite.La collecte nette des fonds coordonnés s’est élevée à 166 milliards d’euros, contre 150 milliards d’euros l’année précédente. Cette évolution s’est produite malgré une décollecte nette de 126 milliards d’euros du côté des fonds monétaires. Les fonds dédiés ont drainé un montant record de 149 milliards d’euros tandis que les fonds immobiliers ont recueilli 5 milliards d’euros. Au total, la collecte nette des fonds Ucits et non-Ucits a représenté 335 milliards d’eruos en 2010, contre 190 milliards d’euros en 2009.La collecte nette des fonds coordonnés à long terme (c’est-à-dire sans tenir compte des fonds monétaires) a atteint l’an dernier 292 milliards d’euros contre 192 milliards d’euros en 2009.La collecte nette des fonds domiciliés au Luxembourg et en Irlande s’est élevée l’an dernier à 215 milliards d’euros, soit 50 milliards d’euros de plus que la collecte nette des fonds Ucits dans leur ensemble. La part de marché du Luxembourg et de l’Irlande dans le secteur des fonds coordonnés s’est ainsi accrue à 44,1% A noter que le Luxembourg et l’Irlande ont aussi capté 46% de la collecte nette dans les fonds dédiés.
Fonds
24/02/2011
Fonds

HSBC lance deux fonds d'obligations émergentes

Depuis le 23 février, HSBC Global Asset Management (Deutschland) commercialise en Allemagne deux fonds obligataires spécialistes des marchés émergents, des compartiments de la sicav luxembourgeoise HSBC Global Investment Funds (GIF).Il s’agit du HSBC GIF Global Emerging Markets Investment Grade Bond, disponible en version distribution (LU0563701886) et capitalisation (LU0563701886). Ce produit investit en obligations d’Etat et en obligations d’entreprises. L’indice de référence est composé à 50 % du JP Morgan GBI-Emerging Markets Global Diversified Investment Grade Index et à 50 % du JP Morgan EMBI Global Investment Grade Index.L’autre produit est le HSBC GIF Global Emerging Markets Corporate Debt, qui existe en parts de distribution (LU0404503517) ou de capitalisation (LU0404503350). Le portefeuille sera investi en obligations d’entreprises notées en catégorie d’investissement (investment grade) ou non et l’indice de référence est le JP Morgan Corporate Emerging Markets Bond Index - Diversified.Les deux fonds sont gérés par l'équipe de Guillermo Osses, head of emerging markets debt portfolio management.
Fonds
24/02/2011
Fonds

RAB lance un Ucits via la plate-forme SEB

RAB Capital va lancer un nouveau Ucits en utilisant la plate-forme SEB Prime Solutions de SEB Enskilda créée en septembre 2010. Le nouveau fonds réplique le long/short actions européennes Polaris Prime Europe de RAB. La société de gestion espère lever 100 millions d’euros pour ce produit.
Fonds
24/02/2011

Hausse de l'encours d'Eaton Vance

A fin janvier, l’encours d’Eaton Vance se situait à 191,74 milliards de dollars contre 185,24 milliards fin octobre et 161,58 milliards un an auparavant, dont 114,72 milliards contre respectivement 107,5 milliards et 98,46 milliards pour les produits actions.La hausse de 30,18 milliards de dollars sur un an des actifs sous gestion est attribuable à hauteur de 15,84 milliards de dollars à la hausse des marchés.Le bénéfice net du trimestre au 31 janvier est ressorti pour sa part à 59,28 millions de dollars contre 60,22 millions pour août-octobre et 51,54 millions pour la période correspondante de 2009/2010.

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