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19/11/2010

BlackRock makes securities lending a source of profit

p { margin-bottom: 0.08in; } Assets in the 37 British retail funds from BlackRock are being used for securities lending to generate commissions which will be fed back into the fund as an added source of returns, Fund Strategy reports.60% of revenues will go to the funds, while the remaining 40% will go to BlackRock Advisor, the securities lending agent. Funds which were already being used for securities lending will receive 70% of revenues, in keeping with agreements which had been concluded previously.
19/11/2010

Petercam extends sales focus to Southern Europe

p { margin-bottom: 0.08in; } Tomás Murillo has been appointed as director of sales for the development of Petercam’s institutional activities in Spain. He was previously head of institutional clients at Bank Degroof, and head of the Brussels office of Merrill Lynch Wealth Management. The Belgian management firm is currently adding to its sales staff in Europe, and will soon confirm the appointment of Bernard Jans as head of sales for Germany. Petercam is also engaged in an effort to reinforce its personnel in France, with a recruitment for a support person in Brussels, to cater for Ives Hup, senior sales manager, and Thierry Minet, sales & account manager. Extending this reinforcement process to the French market, Petercam doesn’t rule out a local recruitment in Italy, in light of the specificities of this market, which is also covered by Ives Hup.
19/11/2010

Sabadell woos potential pension fund subscribers

p { margin-bottom: 0.08in; } An end-of-year campaign by the Catalan bank Sabadell offers a savings account paying 5% interest to clients who sign up for one of the pension funds from the group, or make a payment of at least EUR600 into their existing fund. The 5% savings deposit will be for the same amount as the contribution into the pension fund, Expansión reports. In addition, Sabadell has added a guaranteed product to its pension fund range, the BS Plan Futuro, which offers guaranteed technical returns of 2.20% per year until 26 January 2017.
19/11/2010

Assets in pension funds will rapidly increase by one third

p { margin-bottom: 0.08in; } According to a study by the consulting firm Towers Watson, the German corporate retirement planning market already represents over EUR400bn, but only EUR14.5bn will be placed in pension funds, the Börsen-Zeitung reports. Towers Watson predicts that growth rates will total 20% to 30% in the mid-term, while the EUR20bn threshold may soon be reached. So far, most contributions are concentrated on seven pension funds and four or five providers of such funds, such as Allianz and other insurers.
19/11/2010

Aberdeen acquires a real estate property in Flensburg

In a period in which the troubles of the DEGI-branded open-ended real estate funds is a focus of attention for German professionals, Aberdeen Asset Management has announced that it has acquired a portfolio of commercial properties with a total area of 7,000 square metres, all located in Flensburg, for its institutional Aberdeen European Shopping Property Fund.The acquisition price has not been revealed, but a statement says that the German affiliate Aberdeen Immobilien Kapitalanlagegesellschaft mbH (which also manages the DEGI funds) was actively involved at every phase.The Aberdeen European Shopping Property Fund, managed by Nico tates, has assets of about EUR115m, and will soon be opened to new investors. Its portfolio includes commercial properties in France, Belgium, the Netherlands, and Germany, with a market value of EUR198m.
19/11/2010

Alken preparing an absolute return fund

p { margin-bottom: 0.08in; } In January 2011, the management firm founded by Nicolas Walewski, Alken Asset management, is planning to launch the UCITS-compliant long/short fund Alken Absolute Return Europe, which will invest in European equities, Funds People reports (see Newsmanagers of 18 November). The new product will replicate the long/short strategy of the Alken Capital One fund, launched in July 2008, which has so far generated returns of about 60%, in a UCITS III-compliant environment. The Alken Absolute Return Europe may have a gross total exposure to the market of 50% to 150%, with market risks dynamically hedged with futures. Minimal subscription will be EUR100. Alken is planning to charge a management commission of 1.5% for institutionals and 2.25% for retail investors, while performance commission is set at 20%.
19/11/2010

Amundi to double German-Austrian assets in five years

p { margin-bottom: 0.08in; } Amundi has now officially launched its activities in Germany. Due to the high level of volatility on these markets, the French manager will promote its absolute return products in particular. Hubert Dänner, director for Germany, says the objective is to double assets under management in Germany and Austria to EUR7bn in five years, the Börsen-Zeitung reports. Growth will be organic.
19/11/2010

Access to hedge funds may be facilitated

p { margin-bottom: 0.08in; } The Italian Treasury is considering lowering the minimal amount required to invest in a hedge fund in Italy to EUR250,000, Bluerating reports, citing Alessandro Rivera, general director of the ministry of the Economy, speaking at a press conference held by MondoHedge. The minimal amount is currently EUR500,000.
19/11/2010

Franklin Templeton buys Rensburg Fund Management

Franklin Resources has announced that its subsidiary Franklin Templeton Global Investors Limited (UK) has entered into a conditional agreement to acquire Rensburg Fund Management, a subsidiary of Investec, in an all cash transaction for GBP 45 million (approximately USD 72 million). The agreement is subject to regulatory approval and is expected to be completed in early 2011. Based in Leeds, UK, Rensburg Fund Management is a specialist UK Equity manager with a track record of managing unit trusts dating back to 1985. The team of six investment professionals has a combined tenure of 43 years managing six distinctive strategies: UK Equity Income; UK Blue Chip Growth; UK Midcap Growth; UK Select Growth; UK Smaller Companies and UK Managers’ focus. The group manages approximately GBP 880 million (as of 01 November 2010) in UK equities. Jamie Hammond, Managing Director Europe, Franklin Templeton Investments said: “We are best known in the UK for our global and specialist funds, and we are looking to develop core UK equity products, which are an important asset class for UK investors”. Franklin Resources has also entered into a strategic relationship with Pelagos Capital Management, LLC, acquiring a 20 percent equity stake in the firm. Pelagos, an independent investment advisor, was founded in 2005 and is based in Boston, Massachusetts. The firm’s mission is to create alternative investment solutions that enhance overall returns and lower portfolio volatility. Pelagos manages three distinct alternative investment capabilities including a commodity strategy, a managed futures strategy, and a hedge fund replication strategy.
19/11/2010

Société Générale offers a one-stop UCITS fund solution

Societe Generale has launched a UCITS Fund Solution for fund managers setting up or redomiciling funds under UCITS regulations. The new service provides an easily accessible, one-stop solution combining the custody, trustee, administration, execution and finance tools required to set up UCITS compliant funds, along with the core services required to operate them. This new solution has been developed by teams from Societe Generale Securities Services and Societe Generale Corporate & Investment Banking and offers asset managers the following benefits: − A competitively-priced alternative to using a UCITS platform; − Access to independent assistance on corporate and operational infrastructure; − Societe Generale Securities Services’ comprehensive global custody, trustee and administration services, including liquidity management, collateral management and OTC derivative pricing; − Synthetic shorting via Societe Generale Corporate & Investment Banking’s Dynamic Portfolio Swap Platform; − Extensive execution solutions from the Corporate & Investment Bank, with one of the largest liquidity pools in Global Equities, providing access to 70 equity cash and derivatives markets; − Access to the Corporate & Investment Bank’s ranked research services. P {MARGIN-BOTTOM: 0.08in}
19/11/2010

AxaRosenberg CIO resigns

p { margin-bottom: 0.08in; } William Ricks resigned on Monday from his position as chief investment officer at AxaRosenberg Investment Management, Pensions & Investment reports, relayed by Mutual Fund Wire. It is not yet known whether the management firm has already appointed a successor.Mutual Fund Wire reports that the departure of Ricks is the most recent in a series of changes to the management at AxaRosenberg, in the wake of the coding glitch introduced into their systems in June 2009, and discovered in April 2010.
19/11/2010

South Korea imposes tax on foreign investors

p { margin-bottom: 0.08in; } Agefi Switzerland reports that South Korea will be reintroducing a tax on acquisitions of government bonds by foreign investors, in order to protect its economy from sudden and massive movements of capital, the Korean finance minister announced on Thursday. The quantitative easing measures adopted by the US Federal Exchange have led to further falls for the US dollar, and further accentuated the flows of capital towards emerging markets, which offer investors higher yields. Hence the appreciation of currencies in these emerging markets, which works against their exports.
19/11/2010

Two Madoff employees arrested

p { margin-bottom: 0.08in; } Two former employees of Bernard Madoff’s company were arrested on Thursday, Reuters reports, citing the FBI. They are Jo Ann Crumpi and Annette Bongiorno, who worked for 25 and 40 years, respectively, for the fraudster currently serving a prison sentence. The two «back office» employees are accused of playing key roles in deceiving investors and regulators and propping up the investment fraud, according to the WSJ.
19/11/2010

Cheyne Capital recruits a manager from Morgan Stanley

p { margin-bottom: 0.08in; } The British hedge fund manager Cheyne Capital Management (USD6bn) announced on 17 November that it has recruited John Hyman, who becomes a partner at the firm. He will help Cheyne Capital to develop its equities activities, launch new products, and to come up with investment ideas. Hyman was previously at Morgan Stanley, where he served in positions of responsibility in the area of equities.
19/11/2010

Access teams up with Finnish Pohjola group

p { margin-bottom: 0.08in; } Access Capital Partners Group, a provider of private equity funds of funds which manages EUR2.9bn in assets, has acquired Pohjola Private Equity Funds, a private equity firm with EUR1.6bn in assets under management, part of the Finnish financial services group Pohjola Group. In addition, it has signed a distribution partnership with the asset management firm of the group, Pohjola Asset Management, with assets of EUR3.5bn, covering the Scandinavian countries.
19/11/2010

Le Japon souhaite créer une taxe verte

Le pays pourrait introduire une taxe environnementale l’année prochaine qui permettrait de lever 250 milliards de yens (2,2 milliards d’euros) et servirait à financer des mesures écologiques, selon le journal qui cite une proposition faite au gouvernement. Le financement se ferait par le relèvement de 50% du taux d’imposition sur les produits pétroliers et sur le charbon.
19/11/2010

L’or indien attise les convoitises du private equity

Le quotidien indien assure sans identifier ses sources que Bain Capital, Advent Interantional et Apax Partners songent à acquérir une participation au capital du joaillier local Gitanjali. Ce dernier cherche à lever 100 millions de dollars environ par la cession de titres afin d’atténuer le poids de sa dette. Les sociétés de private equity n’ont pas souhaité commenter.
19/11/2010

Des performances toujours plus homogènes

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances sur le marché des fonds actions américaines et le marché des fonds actions françaises du 17 septembre au 15 octobre 2010. Ces performances sont mises en perspective par le calcul de la volatilité et du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.
19/11/2010

Surchauffe et normalisation de l’appétit pour le risque

Le graphique ci-contre montre l’évolution de l’appétit pour le risque, mesuré par la corrélation de rang entre les rendements des facteurs de risque et la volatilité qui leur est associée. Si la corrélation est positive, l’aversion pour le risque augmente et inversement.
19/11/2010

Accord sur la fiscalité des actions gratuites

Réunis en commission mixte paritaire sur le projet de loi de financement de la Sécurité sociale, les parlementaires ont rétabli hier la surtaxe sur les actions gratuites, votée en première lecture par les députés mais supprimée par le Sénat. Le prélèvement passera de 10% à 14% pour l’employeur et de 2,5% à 8% pour le salarié, mais uniquement pour les montants supérieurs à la moitié du plafond annuel de la Sécurité sociale, soit 17.670 euros. Une manière d’aligner le régime sur celui des stock-options et de ne pas pénaliser les groupes où la distribution est généralisée à l’ensemble du personnel pour de faibles montants, comme à la Société Générale. Du côté des retraites chapeaux, les rentes seront taxées à 14% si elles dépassent 600 euros par mois, à 7% si elles se situent dans une fourchette de 400 à 600 euros, et seront exonérées en-deçà. Le texte commun sera soumis le 24 novembre aux députés et le lendemain aux sénateurs pour son adoption définitive.
19/11/2010

La Corée du Sud rétablit une taxe sur les capitaux étrangers

Séoul a annoncé le rétablissement d’une taxe de 14% sur les bénéfices des investisseurs étrangers dans les obligations d’Etat. La mesure était attendue, la Corée du Sud ayant annoncé son intention de freiner l’afflux de capitaux étrangers à court terme, qui ont entraîné une hausse du won. Près de 15% des bons du Trésor coréens sont aux mains de capitaux étrangers, contre 8,4% fin 2008.
19/11/2010

Les indicateurs avancés américains conformes aux attentes

Le Conference Board, organisation patronale qui calcule l’indice des indicateurs avancés, une préfiguration de la tendance générale de l’économie américaine, a annoncé que son indice avait augmenté de 0,5% le mois dernier, contre une hausse identique en septembre après révision et une progression de 0,1% en août.
19/11/2010

Hausse des inscriptions au chômage aux Etats-Unis

Les inscriptions hebdomadaires au chômage ont augmenté aux Etats-Unis lors de la semaine au 13 novembre, à 439.000 contre 437.000 (révisé) la semaine précédente, a annoncé jeudi le département du Travail.
19/11/2010

Del Monte Foods aiguise l’appétit de KKR

Reuters croit savoir que la société de private equity est en négociations avancées pour le rachat de Del Monte Foods. A raison de 18,50 dollars par titre, niveau pressenti de l’offre, la valorisation de la cible avoisine 3,6 milliards de dollars. Del Monte aimerait conclure l’affaire d’ici la publication de ses résultats trimestriels, le 2 décembre.

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