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15/09/2010
Fonds

Avec cinq fonds Amundi, Francfort cote plus de 700 ETF

La Deutsche Börse a indiqué le 14 septembre avoir admis à la négociation sur le segment XTF de sa plate-forme électronique Xetra cinq ETF de droit français d’Amundi, ce qui porte à 702 le nombre d’ETF cotés à Francfort.Les produits nouvellement traités sont les Amundi ETF ex AAA Govt Bond EuroMTS, CAC 40, S&P 500, Nasdaq-100 et EURO STOXX Small Cap. De la sorte, 63 ETF d’Amundi sont cotés à Francfort.
Fonds
15/09/2010

UBS Wealth Management nomme un successeur à Michael Benz

Selon Asian Investor, UBS Wealth Management a nommé, avec effet immédiat, Alexander Kobler à la tête de l’entité produits et services d’investissement pour la zone Asie-Pacifique en remplacement de Michael Benz, qui a quitté la société pour rejoindre Bank of America Merrill Lynch.Jusqu’ici responsable du conseil et key account manager pour la gestion de fortune en Suisse, Alexander Kobler s’est installé à Hong Kong. L’entité produits et services d’investissement a été mise en place en janvier dernier dans le cadre d’une réorganisation structurelle. Le successeur d’Alexander Kobler en Suisse devrait être désigné prochainement.
15/09/2010

Axa APH : Axa réfléchit à la nouvelle donne

Le groupe français Axa a indiqué le 14 septembre dans un communiqué avoir pris bonne note de la décision du groupe bancaire australien National Australia Bank (NAB) de mettre fin à l’accord entre NAB et Axa Asia Pacific Holdings (Axa APH) et entre NAB et Axa sur l’acquisition potentielle d’Axa APH par NAB et la cession des activités asiatiques d’Axa APH à Axa.Cette annonce fait suite à la décision de l’autorité de la concurrence australienne (ACCC) de s’opposer aux engagements fermes proposés par NAB et Axa APH. Axa confirme dans son communiqué son soutien à ses activités australiennes et néo-zélandaises et sa volonté de continuer à évaluer ses options dans le contexte de sa stratégie de croissance en Asie. Dans ce contexte, le groupe australien de gestion d’actifs AMP a indiqué, dans le sillage de la décision de NAB, qu’il restait intéressé par le rachat des actifs d’Axa APH en Australie et en Nouvelle-Zélande.
15/09/2010
Fonds

Permira prend le contrôle de l'asiatique ABS

La société de capital invetissement Permira soutient une opération de management buyout sur l’opérateur asiatique de satellites Asia Broadcast Satellite (ABS) auprès d’un consortium de capital investisseurs piloté par CVC. Le montant de l’opération serait supérieur à 200 millions de dollars. Permira devrait racheter Kingsbridge, la holding d’ABS, à ses actionnaires actuels dont CVC et ADM Capital. Permira devrait ainsi devenir l’actionnaire majoritaire d’ABS, le management d’ABS détenant une participation minoritaire significative du capital.
Fonds
15/09/2010

Un nouveau responsable des marchés institutionnels chez Eaton Vance

Eaton Vance a annoncé en début de semaine la nomination de Scott P. Ruddick en qualité de responsable de la clientèle institutionnelle, en charge du développement de l’activité et des relations avec la clientèle aux Etats-Unis et au Canada. Avant de rejoindre Eaton Vance, Scott P. Ruddick a passé treize ans chez Mellon Capital Management, dernièrement en tant que managing director responsable de la distribution en Amérique du Nord.Eaton Vance a par ailleurs annoncé l’extension du périmètre d’intervention de Matthew Witkos qui sera responsable de la distribution de tous les produits et services du groupe à destination des marchés tant institutionnels que retail dans le monde entier. Les actifs sous gestion d’Eaton Vance et de ses sociétés affiliées s'élevaient au 31 juillet dernier à 173,3 milliards de dollars.
15/09/2010
Fonds

Les investisseurs américains préfèrent le fixed income

La collecte nette des mutual funds américains (hors monétaire) a progressé de plus de 11% au mois d’août par rapport à juillet à 16,8 milliards de dollars, selon les statistiques de Morningstar. Les fonds obligataires ont drainé 24,6 milliards de dollars alors que parallèlement la décollecte sur les actions américaines s’est élevée à 14,32 milliards de dollars. Sur les huit premiers mois de l’année, la collecte nette des mutual funds atteint 203,1 milliards de dollars, dont 168 milliards sur l’obligataire classique, les fonds d’obligations municipales ayant drainé sur la même période 28,65 milliards de dollars. Côté actions, on observe une décollecte nette de 42,23 milliards sur les actions américaines mais une collecte de plus de 20 milliards sur les actions internationales. Les fonds monétaires accusent pour leur part une décollecte nette de 466,67 milliards de dollars sur huit mois. Dans le secteur des ETF aux Etats-Unis, le mois d’août s’est soldé par une décollecte nette de 1,3 milliard de dollars consécutive à six mois de flux positifs. Là aussi, les investisseurs ont boudé les actions américaines, avec une décollecte nette de quelque 10,7 milliards de dollars. Les actions internationales en revanche, grâce à la forte demande d’ETF sur les marchés émergents, affichent un solde net de 4,4 milliards de dollars. Sur les huit premiers mois de l’année, les ETF ont enregistré une collecte nette de 39,48 millairds de dollars, grâce au fixed income (21,53 milliards) et aux actions internationales (16,49 milliards).
Fonds
15/09/2010

Russell Chaplin devient CIO Property d'Aberdeen AM

Le patron de l'équipe mondiale des études chez UBS Global Asset Management, Russell Chaplin, rejoint Aberdeen Asset Management comme CIO Property sous l’autorité d’Andrew Smith, global head of property du groupe Aberdeen. Il fera partie du management board pour le secteur de l’immobilier. Il dirigera l'équipe mondiale de stratégie d’investissement comprenant des représentants de neuf pays.
15/09/2010
Fonds

RWC va lancer deux fonds d'actions

Les 29 septembre et 13 octobre, RWC Partners lancera le RWC Income Oppotunities, un fonds d’actions britanniques principalement britanniques qui pourra également investir en obligations d’entreprises et en numéraire, et le RWC Enhanced Income, qui utilisera la sélection de valeurs du Income Opportunities agrémenté d’un programme de covered calls pour atteindre une performance constante de 7 %. La commission de gestion sera de 1,5 % pour les parts A et de 0,8 % pour les parts B (institutionnelles) et les fonds verseront un dividende trimestriel, précise RWC le 14 septembre.Le premier des deux fonds sera confié à Nick Purves et Ian Lance, qui ont été recrutés en août et qui géraient le Schroder UK Equity Income Fund. John Teahan, qui avait quitté Schroders en avril 2009, et qui a rejoint RWC début septembre 2010, sera chargé du second.
Fonds
15/09/2010

DZ Bank and WGZ Bank merge private banking activities

p { margin-bottom: 0.08in; } By the end of first half 2011, the merger of private banking activities of the German DZ Bank (Frankfurt) and WGZ Bank (Düsseldorf) and the Swiss DZ Privatbank (Schweiz) in Luxembourg will be completed. The new DZ Privatbank SA will also include the private banking activities of WGZ Bank, the two central German co-operative banks announced on 14 September. The chairman of the board at DZ Privatbank SA will be Stefan Schwab, who is already head of DZ PB SA, the Luxembourg holding company for DZ Privatbank in Luxembourg. The new entity will have about 1,000 employees, over EUR12bn in assets, and locations in Luxembourg, Switzerland, Singapore, and Germany.
15/09/2010

Oddo Services Luxembourg offers back-office outsourcing services

p { margin-bottom: 0.08in; } According to Paperjam.lu, the Luxembourg-based consulting firm from NGR Consulting and Oddo Services control one third and two thirds, respectively, of the new Oddo Services Luxembourg (OSL), a joint venture which offers private banks an outsourcing solution for the back-office. The first client of OSL is Nord Europe Private Bank (NEPB), the Luxembourg affiliate of the French bank Crédit Mutuel Nord Europe and its asset management affiliate UFG-LFP. The structure is starting up with staff of 15, but the managing partner of NGR, Nordine Garrouche, envisions staff of 70 in the mid-term, if sales expectations are met.
15/09/2010

SEB launches a Newcits platform

SEB Enskilda has announced the launch of SEB Prime Solutions, a one stop shop offering for alternative investment managers’ UCITS funds. SEB Prime Solutions is an umbrella Sicav and Newcits platform, offering the necessary legal structure, risk management and administration services for a UCITS fund, says a press release. Two funds will be launched via SEB Prime Solutions and a further five are expected to be added by the end of 2010 with an anticipated size in excess of EUR100 million.
15/09/2010

Benefits of UCITS IV directive threatened by tax burden

An industry research report which will be published jointly on Wednesday by the European Fund and Asset Management Association (EFAMA) and KPMG’s European Investment Management practice shows that there are significant tax complications in the new Undertakings for Collective Investment in Transferable Securities (UCITS IV) Directive that prevent the achievement of a harmonised European funds industry. The report identifies critical tax issues and numerous examples of discrimination and inefficiencies across the 27 European Union (EU) Member States. The report, entitled Analysis of the tax implications of UCITS IV, recognises that the UCITS IV Directive to be implemented by Member States by July 2011 offers considerable scope for re-structuring fund management operations in the EU. The directive introduces six efficiency measures, which could make the European fund industry more competitive and attractive to investors. However, the directive does not deal with critical tax reforms required to enable effective use of the efficiency measures of the directive. EFAMA and KPMG’s European Investment Management practice recommend the adoption of a tax Directive at EU level that would remove the tax barriers of UCITS IV being fully effective. In particular, it should provide for: tax neutrality of fund mergers; uniform rules governing the tax residency of funds and the place of incorporation and registration; tax neutrality on the flow of cash between master and feeder funds. In the meantime, in the absence of a directive, EFAMA and KPMG’s European Investment Management practice encourage each Member State to take the appropriate measures at national level in order to resolve the remaining tax obstacles.
15/09/2010

Number of ETFs in Europe continues to increase

p { margin-bottom: 0.08in; } Between the end of July and the end of August, the number of ETFs in Europe increased from 969 to 985, with 3,140 product listings, up from 3,117, and total assets of USD230.9bn, up from USD236.8bn. The number of providers increased from 35 to 37, and the number of stock markets where ETFs are listed increased to 19 from 18, iShares reports. Assets as of the end of December 2009 totalled USD226.9bn, while the total eight months later is another 1.7% higher. iShares also states that net subscriptions to ETFs and ETPs domiciled in Europe totalled USD2.2bn in August (of which USD1.6bn went to ETFs, compared with USD2.4bn in July), while in the first eight months of the year, net inflows represented USD29.3bn (of which USD26bn went to ETFs, compared with USD24.2bn as of 31 July). iShares captured the majority of subscriptions in January-August, with USD6.6bn, followed by db x-trackers (Deutsche Bank) with USD3.1bn, and Lyxor Asset Management (Société Générale) with USD3bn. In terms of assets, iShares remains the top provider, with USD83.8bn, or 36.3% of the market (compared with 36.1% as of the end of July), followed by Lyxor (USD43.1bn and 18.7%) and db x-trackers (USD37.4bn and 16.2%).
15/09/2010

Euronext Brussels “cross-lists” 22 Lyxor ETFs

p { margin-bottom: 0.08in; } From 14 September, Euronext Brussels has added 22 ETF funds from Lyxor Asset Mangement to its listings, 20 of them French and 2 Luxembourg-registered. The funds were launched between 22 January 2001 and 16 November 2009; the primary listing for 20 of them is on Euronext Paris, while 2 are on Euronext Amsterdam. With the 22 cross-listings, NYSE Euronext now has a total of 559 listings of 489 ETFs based on over 300 indices. As of the end of August, the total was 553 listings of 485 ETFs from 17 issuers. The 22 ETFs newly listed in Brussels are the EuroMTS AAA Government Bond, Leverage AEX, Leverage CAC 40, Leveraged Euro Stoxx 50, MSCI Emerging Markets, XBear Euro Stoxx 50, Dax, LevDax Brazil (Bovespa), XBear CAC 40, India, russia, MSCI World, Commodities CRB, MSCI Europe, EruoMTS 1-3 Y, China enterprise, EuroMTS 3-5Y, EuroMTS Global, Euro Stoxx 50 and CAC 40.
15/09/2010

UBS launches a physical platinum ETF

p { margin-bottom: 0.08in; } From 10 September, the Swiss stock exchange (SIX) is listing shares in Swiss francs and US dollars in the UBS Index Solutions Platinum ETF, a Swiss-registered product which invests exclusively in physical platinum in the form of ingots of at least 1 kilo and at most 6 kilos, which will be stored in the UBS vaults in Switzerland. Management commission is 0.50% for A-class shares, and 0.35% for I-class shares. UBS Index Solutions has also listed A and I-class shares in the CMCI Oil ETF (CHF) SF, whose underlying is the CMCI WTI Crude Oil hedged CHF Total Return. Management commission is 0.45% for A-class and 0.26% for I-class shares.
15/09/2010

RWC to launch two equities funds

p { margin-bottom: 0.08in; } On 29 September and 13 October, RWC Partners will launch the RWC Income Opportunities fund, a primarily UK equities fund which will also invest in corporate bonds and cash, as well as the RWC Enhanced Income, which will use the selections of the Income Opportunities fund, with the addition of a covered calls programme, to achieve consistent returns of 7%. Management commission will be 1.5% for A-class shares, and 0.8% for B-class (institutional) shares. The funds will pay quarterly dividends, RWC announced on 14 September. The first of the two funds will be managed by Nick Purves and Ian Lance, who were recruited in August, and who previously managed the Schroder UK Equity Income Fund. John Teahan, who left Schroders in April 2009 and joined RWC in early September 2010, will be in charge of the second fund.
15/09/2010

CS Asset Management buys a minority stake in York Capital

The Asset Management division of Credit Suisse has bought a minority stake in York Capital Management, an alternative management firm based in New York. York will continue to operate independently in the future, led by CEO and founder Jamie Dinan, and Dan Schwartz, chief investment officer, the Swiss group announced in a statement on 14 September. By the terms of the contract, Credit Suisse will pay an initial USD425m for a minority stake. Subsequent payments depending on the performance of the firm and the long-term engagement of the management will follow over the next five years. The acquisition involves a minority stake in the management firm, and not an investment in York’s funds, Credit Suisse says. The stake represents an important step in the Asset Management division’s growth strategy, and will allow the bank to assume a dominant position in the global alternative instrument sector, according to the division’s CEO Rob Shafir, cited in the statement. York Capital, founded in 1991, manages about USD14bn in assets.p { margin-bottom: 0.08in; }
15/09/2010

Permira takes control of Asia Broadcast Satellite

p { margin-bottom: 0.08in; } The private equity firm Permira is supporting a management buyout of the Asia Broadcast Satellite (ABS) company from a consortium of private equity firms led by CVC. The acquisition price is said to be above USD200m. Permira will acquire Kingsbridge, the holding company of ABS, from its current shareholders, including CVC and ADM Capital. Permira will then become the majority shareholder in ABS, while the ABS management will control a significant minority stake in the capital.
15/09/2010

New head of institutional markets at Eaton Vance

p { margin-bottom: 0.08in; } Eaton Vance announced at the beginning of this week that it has appointed Scott P. Ruddick as head of institutional clients, in charge of development of business and relations with clients in the US and Canada. Before joining Eaton Vance, Ruddick spent 13 years at Mellon Capital Management, most recently as managing director in charge of North American distribution. Eaton Vance has also announced that it has extended the responsibilities of Matthew Witkos, who will now be in charge of distribution of all of the group’s products and services aimed at retail and institutional markets worldwide. Assets under management at Eaton Vance and its affiliates as of 31 July this year totalled USD173.3bn.
15/09/2010

Madoff's trustee gets approval for legal fees

p { margin-bottom: 0.08in; } Federal judge Burton Lifland, at a bankruptcy court in Manhattan, on Tuesday approved legal fees of USD34.6m for Irving Picard, the liquidator for the business operations of Bernard Madoff, and his law firm, Baker & Hostetler, the Wall Street Journal reports. The judge also approved a USD3m invoice for 10 other law firms in the United States and elsewhere.
15/09/2010

Frankfurt tops 700 ETFs with addition of five Amundi funds

p { margin-bottom: 0.08in; } Deutsche Börse announced on 14 September that it has added five French-registered ETF funds from Amundi to trading on the XTF segment of its Xetra electronic trading platform, bringing the number of ETF products listed in Frankfurt to 702. The newly-added products are the Amundi ETF ex AAA Govt Bond EuroMTS, CAC 40, S&P 500, Nasdaq-100 and EURO STOXX Small Cap. 63 Amundi ETF products are now listed in Frankfurt.
15/09/2010

Worldwide total ETF assets down in August

p { margin-bottom: 0.08in; } As of the end of August, assets under management in ETFs worldwide totalled USD1.0644trn, compared with USD1.0952trn as of the end of July, and USD1.0259trn at the end of June. The total remains 2.7% higher than the USD1.036trn recorded at the end of 2009, iShares points out. The number of ETFs has increased 18.7% since the beginning of the year, with 401 new products and 38 products removed from trading. Of the 2.038 ETFs now available, the top 100 represent 63.3% of total assets. Currently, 944 new ETFs are planned. The top three providers of ETFs remain unchanged: iShares (453 ETFs, unchanged from the end of July) has assets of USD492.7bn, compared with USD506.8bn one month earlier, for an unchanged market share of 46.3%; State Street Global Advisors (SSgA) is in second plave, with 110 products (unchanged) and USD139.6bn, or 13.1% of the market, while Vanguard (47 products, unchanged) is in third place, with USD113.3bn, compared with USD113.1bn, which represents 10.6% of the market, compared with 10.3% one month earlier.
15/09/2010

CPR AM becomes the IFA portal for the Amundi group

CPR Asset Management and its parent company Amundi on Tuesday announced the launch of a new brand aimed at independent financial advisers,entitled “Le Comptoir par CPR”.CPR AM has assembled aneight-member sales and marketing team, some of whom come from Amundi,which will be wholly dedicated to this client segment, and will offerthem funds both from the provider’s own range, and from the Amundigroup, with a focus on emerging markets, diversified management, andreal estate.The wholly-owned subsidiary of Amundi CPR AM thusbecomes the single point of access for all asset classes and expertiseat the group for independent financial advisers, a class of client thatCrédit Agricole Asset Management and Société Générale Asset Managementdid not cover intensively.CPR AM, for its part, currentlymanages an amount “in the hundreds of millions of Euros” for theseclients, according to Jean-Eric Mercier, CEO of CPR AM, out of currenttotal assets of EUR19.6bn.The goal of Comptoir is to “become one of the top 3 management firm partners for IFAs by 2012, in terms of net inflows.” To be more precise, this means a market share of 10-15% interms of net sales, says Mercier.p { margin-bottom: 0.08in; }
15/09/2010

Nearly half of British women have no pension

p { margin-bottom: 0.08in; } According to an ICM survey undertaken for Barings Asset Management, 47% of active women in Great Britain (8.7 million) have no pension, compared with 40% in 2009 and 39% in 2008. In addition, the survey finds that 22% of those aged 55 to 64 have no pension. Meanwhile, the number of people aged 65 or over who are still working is over 1 million. Barings points out that about 40% of those aged 25-34 have no retirement savings plan, while the percentage is 32% for those aged 35-44.
15/09/2010

Russell Chaplin becomes CIO Property at Aberdeen AM

p { margin-bottom: 0.08in; } The head of the global research team at UBS Global Asset Management, Russell Chaplin, is joining Aberdeen Asset Management as CIO Property, and will report to Andrew Smith, global head of property for the Aberdeen group. He will join the management board for the real estate sector, and will direct the global investment strategy team, with representatives in nine countries.
15/09/2010

Bache Commodities obtains “primary participant” carbon trading license

p { margin-bottom: 0.08in; } An affiliate of the US firm Prudential Financial, Bache Commodities Limited, based in London, announced on 14 September that it has obtained the status of “primary partipant” on the European carbon emissions quota trading market, centred in the United Kingdom. Bache becomes the first non-banking establishment to obtain such a license.
15/09/2010

Aversion to risk on the rise

p { margin-bottom: 0.08in; } According to the Global Wealth Report from Allianz, the financial crisis has caused an increase in aversion to risk. Since 2000, securities have lost 6 percentage points as a part of the composition of global investments, while bank savings accounts have gained 5 percent, and insurance policies have gained 1. Allianz also points out that the wealth of households plays an important role in softening the inevitable impact of demographic changes related to an ageing population. Nonetheless, currently, financial planning for old age is not one of the major motivations behind capital formation. An increase in the percentage of savings accounts as a proportion of financial assets reveals that aversion to risk is gaining ground over desire for long-term returns.

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