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18/11/2010

L'AFT annonce l’adjudication de BTF

L’Agence France Trésor annonce l’adjudication, le lundi 22 novembre, d’un montant global de 7,5 milliards d’euros de bons du Trésor (BTF). Cette opération portera sur 4,0 milliards d’euros de bons à 12 semaines qui arriveront à échéance le 17/02/11, sur 2,0 milliards d’euros de bons à 25 semaines, à échéance du 19/05/11 et sur 1,5 milliard d’euros de bons à 51 semaines, à échéance du 17/11/11.
18/11/2010

Les ventes en détail britanniques repartent à la hausse en octobre

Les ventes au détail en Grande-Bretagne ont augmenté un peu plus que prévu en octobre, qui vient interrompre deux mois consécutifs de baisse, montrent des statistiques officielles publiées jeudi. Les ventes ont progressé de 0,5% en volume après une baisse de 0,5% (chiffre révisé) en septembre, a annoncé l’Office national de la statistique.
18/11/2010

Le déficit des comptes courants s’est creusé en septembre dans la zone euro

Les comptes courants de la zone euro ont enregistré un déficit, en données ajustées des variations saisonnières, de 13,1 milliards d’euros en septembre après un solde négatif de 6,9 milliards d’euros le mois précédent, annonce jeudi la Banque centrale européenne. La BCE a revu en légère baisse le déficit du mois d’août, initialement annoncé de 7,5 milliards d’euros.
18/11/2010

L'OCDE confirme sa prévision de croissance mondiale en 2010 et abaisse celle pour 2011

Alors qu’elle a confirmé sa prévision d’une croissance mondiale à 4,6% en 2010, l’Organisation de coopération et de développement économiques, dans le cadre de ses perspectives semestrielles publiées ce jeudi, a abaissé celle de 2011 à 4,2%, soit 0,3 point de pourcentage de moins que sa prévision de mai. Pour l’ensemble de la zone OCDE, la croissance serait de 2,8% en 2010, 2,3% en 2011 et 2,8% en 2012. L’Organisation a revu sa copie pour les Etats-Unis et s’attend désormais à une croissance américaine de 2,7% cette année, contre 3,2% auparavant. Pour 2011, la prévision passe de 3,2% à 2,2%. En revanche, l’organisation anticipe un rebond en zone euro cette année plus fort que prévu avec une croissance de 1,7%, contre une précédente prévision à 1,2%.
Photo: Bloomberg
18/11/2010

L'Irlande finira par accepter une aide, estime le gouverneur de la banque centrale

L’Irlande finira vraisemblablement par accepter un prêt de l’Union européenne et du Fonds monétaire international (FMI), qui devrait représenter des dizaines de milliards d’euros, a déclaré jeudi Patrick Honohan, gouverneur de la banque centrale du pays. «(...) On espère, en tout cas aussi bien eux (le FMI et l’UE) que moi, que les négociations ou discussions porteront leurs fruits et qu’un prêt sera rendu disponible et utilisé dès que nécessaire», a-t-il dit sur la radio publique RTE.
18/11/2010

Fund assets still EUR42bn below their late 2007 levels

p { margin-bottom: 0.08in; } As of 30 September, assets in German open-ended funds totalled EUR689.4bn, compared with EUR731.1bn as of the end of 2007, although these assets have increased strongly since the crash of 2008, which brought EUR27.8bn in net outflows and EUR127.5bn in losses. In 2009, the Kommalpha agency reports on the basis of statistics from the BVI association of German asset management firms, net subscriptions represented EUR2.1bn and positive market effects came to EUR72.6bn. Since the beginning of this year, net inflows have totalled EUR19bn, on capital gains of EUR19.9b. Of the EUR42bn still needed to return to late 2007 levels, about EUR7bn correspond to net outflows, and EUR35bn to losses. Kommalpha also notes that since 2008, total assets in equities funds fell by half, losing more than EUR100bn, while a significant proportion of assets in real estate funds are currently iliquid. At first glance, there appears to be no noticeable modification to global allocation, as equities and bond funds still represent about 50% of the market, but diversified funds have doubled their share, to 16.7% compared with 8.1% at the end of 2007, while money market funds have fallen to 7%, compared with 13.8% of the total.
18/11/2010

Santander accounts for more than one quarter of foreign fund sales

p { margin-bottom: 0.08in; } According to statistics from the CNMV for first quarter, assets in foreign funds in Spain totalled EUR30.86bn as of the end of March. Of this total, more than EUR8.37bn, or 27%, was distributed through the networks of Santander and its affiliates Banif and Banesto, Funds People reports. The second-largest distributor of foreign funds, with EUR2.66bn and 8.6% of the total, is BBVA, followed by La Caixa, with EUR1.67bn. The next two in the list are Deutsche Bank (EUR1.62bn), and UBS (EUR1.58bn). The first French actor in the rankings is BNP Paribas, in ninth place with over EUR1.2bn.
18/11/2010

Walewski to launch a Newcits

p { margin-bottom: 0.08in; } Citywire reports that Nicolas Walewski is preparing to launch a UCITS III-compliant long/short fund of European equities, which will be available in January 2011. The fund will be entitled Alken Absolute Return Europe.
18/11/2010

Julius Baer launches a European absolute return fund

p { margin-bottom: 0.08in; } Andy Kastner has been placed in charge of the new Absolute Return Europe Equity Fund, a sub-fund of the Luxembourg Sicav Julius Baer Multistock, managed by Swiss & Global Asset Management (GAM group), by Julius Baer. It is a market neutral UCITS-compliant absolute return fund, with fees of 1.2% and a performance commission of 10%. The management team relies on a neutral sectoral strategy with 50 to 80 positions, equally divided end weighted between long and short, though the fund may also make temporary tactical investments and use derivatives.
18/11/2010

CMC Markets opens office in France

p { margin-bottom: 0.08in; } The British brokerage CMC Markets UK Ltd, one of the major specialists in contracts for difference (CFD) along with the British IG Markets and the Danish Saxo Bank, has announced that it has recently received a license from the AMF.The firm has opened an office in Paris on the Champs Elysées. It is the group’s 17th affiliate. The Paris location is operated by a team of 15 people, directed by Fabrice Cousté, who “previously occupied key positions, first at Boursorama (Société Générale group), and then at B*Capital (BNP Paribas group),” a statement says.CMC Markets has reported 26 million orders executed for 2009, for an amount of over GBP770bn, traded by 80,000 active clients worldwide.
18/11/2010

CalPERS on the offensive over transparency

p { margin-bottom: 0.08in; } The Californian pension fund CalPERS on 17 November announced new transparency requirements: all service providers will be required to divulge any potential use of an agent to win new contracts, and any family or financial ties which they may have to members of the CalPERS board of trustees. This new measure comes as a complement to those already adopted in the past 18 months, and will ensure that the fund’s decisions are “open and transparent,” says Rob Feckner, chairman of the board at CalPERS. The new rule comes into effect from 1 December, and applies to all contracts valued at USD10,000 or more.
18/11/2010

OFI AM and Gottex launch a managed accounts platform

OFI Asset Management, via its affiliate OFI Lux, and Gottex Solutions Services, a services specialist affiliate of the alternative management firm Gottex Fund Management Holdings Limited (Gottex), on 17 November announced in a statement that they plan to jointly create Luma Solutions Services, a platform based in Luxembourg which will aim to provide managed accounts services to UCITS-compliant mutual funds and other European-registered funds. The platform will have an initial asset portfolio of USD350m (about EUR250m).According to the statement, Luma Solutions Services will be the first independent services platform capable of offering European and international clients managed accounts services aimed at Luxembourg mutual funds, whether or not they comply with UCITS III. The services will be subcontracted by Luma Solutions Services to GSS. GSS will provide both onshore and offshore managed account services, on an aggregate total of USD1bn, covering a wide range of strategies and asset classes.
18/11/2010

Christian Elsmark leaves Scottish Widows

p { margin-bottom: 0.08in; } IPE understands that Christian Elsmark, managing director, Europe, at Scottish Widows Investment Partnership (SWIP), has left the firm after spending two years there. He was head for Scandinavia, Spain, Italy and Germany, and joined the company from FundQuest.
18/11/2010

TPG and Blackstone interested in Egg

p { margin-bottom: 0.08in; } Agefi reports that the two private equity firms TPG and Blacktsone will make a joint offer for the British online bank Egg, which is owned by Citigroup. According to sources familiar with the matter, offers will be at around GBP300m.
18/11/2010

Pension funds turn to alternative investment

About two thirds of managers and trustees of British pension funds continue to be concerned by the current volatility of the markets, an annual online survey from Baring Asset Management of professionals in the industry reveals. The responses also reveal that half of pension funds have recently modified their asset allocation in response to these concerns, mostly (61%) reducing their exposure to equities in favour of alternative investments (69%). 61% of managers say that the modifications were intended to reduce the volatility of the funds, while the second most frequently cited reason (54%) is a desire to reduce the correlation between asset classes in the portfolio.The survey has also found that 44% of respondents are seeking to better diversify their assets. The other most frequently used solutions to reduce the impact of volatility are strengthening risk/return analysis and making more regular revisions of portfolios.In terms of the subsequent evolution of asset allocation, 65% of managers estimate that emerging Asian equities will have the highest potential for gains in the next ten years.
18/11/2010

Manuela Fröhlich leaves F&C

p { margin-bottom: 0.08in; } In a letter to distributors and clients, Manuela Fröhlich, director and head of global wholesale, has announced that she will be leaving F&C at the end of the month, Fondsprofessionell reports. In the past two years, she has also been head of sales support/wholesale for the German-speaking countries and wholesale marketing. She joined the UK asset management firm in May 2001. She will be replaced by James Young (formerly of Thames River) and Angela Lo Mascolo, effective immediately.
18/11/2010

PGGM seeks to measure social impact of ESG investment

p { margin-bottom: 0.08in; } The Dutch pension fund PGGM, with about EUR99bn in assets, has launched a research program in partnership with the university of Rotterdam, to measure the social impact of its ESG (environmental, social and governance) investment portfolio, Responsible Investor reports. The evaluation of the sustainable value of ESG investments is of increasing interest to institutional investors, who are seeking to justify the financial and social impact of responsible investment strategies.
18/11/2010

Crossbridge Capital sets up shop in Singapore

p { margin-bottom: 0.08in; } The London-based management firm Crossbridge Capital on 17 November announced the opening of a Singapore office, which will have a team of three staff members recruited from Julius Baer. The goal is initially to consolidate the local presence by offering advising to high net worth clients, and then to develop on the Indian, Chinese, Malaysian, and Indonesian markets. Crossbridge Capital was founded in September 2008, at the time of the collapse of Lehman Brothers, by six bankers from Credit Suisse specialised in high net worth Middle Eastern clients. With more than 25 professionals, Crossbridge had previously focused its efforts on the Middle East, Russia, the Community of Independent States (CIS, former Soviet republics), and Turkey.
18/11/2010

Nikko AM acquires Australia's Tyndall Investments

p { margin-bottom: 0.08in; } Nikko Asset Management on 16 November announced that it has acquired Tyndall Investments, an affiliate of Suncorp Group, with about USD25bn in assets under management in the New Zealand and Australian markets. With the operation, assets under management at Tyndall Investments will total USD145bn. Assets at Nikko AM, which has over 530 employees, will soon be about 30% abroad (compared with 15% previously), with about 30% of staff based abroad.
18/11/2010

Edram appoints a country head for German-speaking countries

After Benelux and Spain (see Newsmanagers of 27 September and 12 November), Edmond de Rothschild Asset Management (EDRAM) has concretised its plans to create a Frankfurt office, in Openturn, as the chairman of the board announced to Newsmanagers less than two months ago. The team will not be operational until January, however.The office will be led by Rupert Hengster, head of activities development for the German-speaking countries. Hengster was president of the executive committee at the asset management firm Oppenheim KAG in Cologne (2004-2010), and a member of the board of directors at the wealth management and asset management group Sal. Oppenheim in Luxembourg. He resigned from his position at the end of September (see Newsmanagers of 20 March).Hengster will focus in particular on the creation of a distribution network serving institutional and third-party clients. The office will have five members.The funds which will be made available in Germany, all of which are French-registered, in keeping with Edram’s doctrine, are the following:Europe RendementEurope Rendement FlexibleSaint-Honoré Europe SynergieTricolore RendementSaint-Honoré ConvertiblesSaint-Honoré US Value & YieldSaint-Honoré Chine
18/11/2010

Hard times for absolute return funds

As of 30 June, the number of absolute return funds on sale in Germany totalled 308. Since June 2007, 96 funds have been closed, while 172 have been launched. Total assets fell from EUR38.4bn as of 30 June 2007 to EUR23.4bn one year later, and then to EUR18.5bn as of the end of June 2009. Since then, they have returned to EUR20.9bn, a study from the Frankfurt-based Lupus alpha (EUR5.6bn in absolute return funds and EUR1.4bn in European small caps, as of the end of October) finds.Average returns of 0.57% per year for the three years to the end of June 2009 were transformed into losses of 0.31% per year for the three years to the end of June 2010. Only 50% of funds posted positive results. In first half 2010, average performance was limited to 0.07%, with about half of funds still in positive territory. But resluts for individual funds vary widely, from losses of 16.7% to positive returns of 24.2%.Lupus alpha reports that over three years, only 21% of absolute return funds show a positive Sharpe ratio.
18/11/2010

US banks targeted by Fed

p { margin-bottom: 0.08in; } The US Federal Reserve announced on 17 November that it is continuing its close surveillance of the largest banks in the country. The Fed says that large US banks which would like to increase their dividend in 2011 will first need to prove their financial solidity and their ability to adapt to likely changes in regulation. It has published a directive laying out the way in which it plans to respond to demands from banks from among the 19 largest in the country seeking to increase their dividends or buy back shares this year. Among the criteria to be considered, the Fed says it will take into account the capacity of these banks “to absorb losses in the next two years in unfavourable scenarios.” The central bank would also like to highlight the ways in which the banks will respond to the standards set out by the Basel Committee for banking controls, when “they come into force in the United States,” as well as the ways in which the banks plan to adapt to Wall Street reforms passed in July.
18/11/2010

UniImmo: Deutschland invests in Glasgow

p { margin-bottom: 0.08in; } The purchase price has not been disclosed, but the German fund management firm Union Investment Real Estate (UIRE) has announced that it has acquired the Equinox office building (6,800 square metres) in the centre of Glasgow. The property, completed in 2002 and wholly leased, will be added to the portfolio of the open-ended real estate fund UniImmo: Deutschland. The transaction it the first investment in UK office real estate outside the London area for UIRE.
18/11/2010

FSA publishes proposals for platforms

The Financial Services Authority on 17 November published proposals to bring platform services for purchase and management of investments into line with the requirements set forth by the new RDR regulations from January 2013. The proposals reflect the increasingly large role which platforms play on the retail market, the FSA says in a statement.From January 2013, the cost of advising will be decided by the client and the adviser, and not by the adviser and the provider of the product, as was previously the case, and these costs may not be hidden from the consumer in the cost of the product.The British market watchdog also proposes that independent firms should be allowed to use a single platform for most of their clients, if the choice is in the best interest of the client.
18/11/2010

Edram nomme son country head pour les pays germanophones

Après le Benelux et l’Espagne (lire nos articles du 27 septembre et du 12 novembre), Edmond de Rothschild Asset Management (Edram) a concrétisé son projet d’implantation d’un bureau à Francfort, dans l’Opernturm, comme l’avait annoncé le président du directoire à Newsmanagers il y a moins de deux mois. Toutefois, l'équipe ne sera opérationnelle qu’en janvier.Ce bureau sera dirigé par Rupert Hengster, responsable du développement de l’activité pour l’espace germanophone. L’intéressé a été «porte-parole» (président) du comité de direction de la société de gestion Oppenheim KAG à Cologne (2004-2010) et membre de la direction du groupe gestion de fortune/gestion d’actifs de Sal. Oppenheim à Luxembourg. Il a démissioné de ces fonctions à fin septembre (lire notre dépêche du 20 mars). Rupert Hengster se focalisera plus particulièrement sur la création d’un réseau de distribution au profit de la clientèle institutionnelle et des tierces parties. Le bureau devrait se composer de cinq personnes.Tous de droit français, conformément à la doctrine d’Edram, les fonds qui seront plus particulièrement mis en avant en Allemagne sont les suivants :Europe RendementEurope Rendement FlexibleSaint-Honoré Europe SynergieTricolore RendementSaint-Honoré ConvertiblesSaint-Honoré US Value & YieldSaint-Honoré Chine
18/11/2010

Dirk Roßmann devient actionnaire de référence de DBAG

Dans un communiqué boursier publié le 16 novembre au soir, le capital investisseur Deutschen Beteiligungs AG (DBAG) annonce avoir eu notification le 15 novembre que la société de portefeuille Rossmann Beteiligungs GmbH a augmenté sa participation à son capital à 20,12 % contre 3 % antérieurement, une transaction financée exclusivement sur fonds propres. Rossmann Beteiligungs GmbH appartient à Dirk Roßmann, qui possède la chaîne de drogueries portant son nom.D’après le communiqué boursier, Rossmann Beteiligungs GmbH a l’intention d’acheter des parts supplémentaires de DBAG durant les douze mois qui viennent, et souhaite un siège au conseil de surveillance mais n’a pas l’intention de s’immiscer dans la conduite des affaires et dans la composition du directoire. Il s’agit d’un investissement de long terme.
18/11/2010
Fonds

L'encours des fonds est encore à 42 milliards d'euros sous son niveau de fin 2007

Au 30 septembre, l’encours des fonds allemands offerts au public ressortait à 689,4 milliards d’euros contre 731,1 milliards fin 2007, mais il a déjà fortement augmenté depuis la chute de 2008 qui a porté sur 27,8 milliards de sorties nettes et 127,5 milliards de pertes.En 2009, constate l’agence Kommalpha sur la base des statistiques de l’association allemande BVI des sociétés de gestion d’actifs, les souscriptions nettes ont représenté 2,1 milliards d’euros et l’effet de marché positif s’est situé à 72,6 milliards. Depuis le début de cette année, les rentrées nettes ont porté sur 19 milliards les plus-values sur 19,9 milliards d’euros.Sur les 42 milliards d’euros qui manquent encore pour renouer avec le niveau de fin 2007, environ 7 milliards correspondent aux sorties nettes et 35 milliards aux pertes.Kommalpha note aussi que depuis 2008, l’encours des fonds d’actions a chuté de moitié en perdant plus de 100 milliards d’euros, tandis qu’une partie importante des actifs des fonds immobiliers est actuellement illiquide. A première vue, il n’y a pas eu de modification sensible dans l’allocation globale : les fonds actions et obligataires représentent toujours environ 50 % du marché, mais les fonds diversifiés ont doublé leur poids à 16,7 % contre 8,1 % fin 2007. De leur côté, les fonds monétaires sont tombés à 7 % contre 13,8 % du total.
Fonds
18/11/2010

Nikko AM rachète l'australien Tyndall Investments

Nikko Asset Management a annoncé le 16 novembre l’acquisition de Tyndall Investments, filiale de Suncorp Group, à la tête de quelque 25 milliards de dollars américains d’actifs sous gestion sur les marchés australien et néo-zélandais.Avec cette opération, les actifs sous gestion de Tyndall Investments vont s'élever à 145 milliards de dollars. Les actifs de Nikko AM, qui emploie plus de 530 personnes dont 30% environ hors japon, devraient à bref délai provenir à hauteur de près de 30% (contre 15% précédemment) de l’international.
18/11/2010
Fonds

De gros investisseurs obligent le Santander à liquider REIS España

Selon Expansión, ce seraient notamment trois gros investisseurs particuliers qui auraient obligé Santander Gestión Inmobiliaria à prendre la décision en septembre de demander la liquidation de la société immobilière Real Estate Investment Society España (REIS España) qui avait été lancée juste avant la crise, en septembre 2007.Ces investisseurs sont Carmen Martínez Bordiú (petite-fille du général Franco), Josep María Benet, l’un des anciens propriétaires de Chupa Chups, et Enrique Masó, ancien maire de Barcelone. Ils reprochent au Santander, lui-même investisseur, une mauvaise gestion.De fait, le problème vient de ce que le REIS España ainsi que les sociétés REIS1, REIS2 et REIS Cataluña liquidées entre-temps, ont été lancés au plus fort de la bulle immobilière et que les investisseurs (10 à 20 chaque fois) ont utilisé du crédit à hauteur de moitié pour financer leur apport unitaire de 6 millions d’euros.Des non-lieu ont été rendus dans les autres affaires, mais l’un des porteurs envisage une nouvelle action en justice pour que les souscripteurs récupèrent les commissions versées.
Fonds
18/11/2010
Fonds

Le Santander distribue plus d'un quart des fonds étrangers

Selon les statistiques de la CNMV pour le premier trimestre, l’encours des fonds étrangers en Espagne représentait fin mars 30,86 milliards d’euros. Sur ce total, plus de 8,37 milliards, soit 27 %, ont été distribués par les réseaux du Santander et de ses filiales Banif et Banesto, rapporte Funds People.Le deuxième distributeur de fonds étrangers, avec 2,66 milliards d’euros et 8,6 % du total, est le BBVA, devant La Caixa, avec 1,67 milliard d’euros. Les deux suivants sur la liste sont Deutsche Bank (1,62 milliard) et UBS (1,58 milliard. Le premier acteur français est BNP Paribas, au neuvième rang avec plus de 1,2 milliard d’euros.
Fonds

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