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29/06/2010

FSA sets rules for IFAs

The British regulatory authority, the Financial Services Authority (FSA), on 28 June published a complete list of the qualifications which independent financial advisers serving retail clients will be required to hold by 1 January 2013. The new requirements come as a part of the “Retail Distribution Review” (RDR). The qualifications in question aim to improve the reputation of the investment market serving retail clients, by instilling more professionalism and ethics.
29/06/2010

Pictet adds to Hong Kong retail product range

Pictet, which has recently registered eight funds in Hong Kong, is now in the process of signing several distribution agreements with local and international financial establishments, which will offer new exposure for the Swiss group’s products, Asian Investor reports. The funds which have been approved are the Pictet-Agriculture (assets under mainagement of EUR104.6m, +41.35% since the beginning of the year), Pictet-Emerging Markets (USD1.35bn, +29.81%), Pictet-EUR Inflation Linked Bonds (EUR222.2m, +6.92%), Pictet-Global Megatrend Selection (USD358m, +22.95%), Pictet-Indian Equities (USD440.6m, +31.70%), Pictet-Japanese Equities 130/30 (JPY5.84bn, +3.93%), Pictet-Middle East and North Africa (USD21.4m) and Pictet0-World Government Bonds (Usd187.2m, +17.66%). The retail product range from Pictet in Hong Kong now includes 33 funds: two absolute return funds, six bond funds, two money market funsd, six developed market equities funds, seven emerging markets equities funds, and ten themed funds.
29/06/2010

BlackRock surveys British ETF market landscape

For the first time, a team led by Deborah Fuhr at BlackRock on Monday published “ETF Landscape,” a study of the British ETF market. It finds that at the end of March, there were 239 ETFs listed 363 times, with assets of USD49.8bn. Assets increased 5.8% in first quarter, while the number of ETFs increased by 20, or 14.1%.Nine issuers are present in the market, but iShares (BlackRock) accounts for the lion’s share of it, with more than USD45.57bn. Lyxor Asset Management (Société Générale) takes second place, with only USD958.1m.
29/06/2010

Julius Baer fined

The Hong Kong Securities and Futures Commission has fined Julius Baer Group HKD3m (USD385,760), for failing to correctly identify high net worth clients as professional investors when selling its products between 2006-2008, the Wall Street Journal reports. The Swiss bank has accepted the findings of the regulator and remedied the situation.
29/06/2010

Increase in savings in the form of investment funds

As of the end of 2009, average savings in the form of investment funds in Germany increased 13.7% compared with the end of 2008, to EUR7,946 per person. However, this is still 10.3% below the record of EUR8,862 per person, set in 2007, the BVI association of asset management firms reports in its 2010 yearbook (Jahrbuch 2010). In the past ten years, Germans’ investments in shares in investment funds increased 66.4%, but the average portfolio remains modest compared with that of the U.S. (EUR25,608, +0.3% in ten years) and French (EUR20,314, +82.7%). Swedish investors (EUR13.575, +44.5%), Austrians (EUR9.938, +7%), and British (EUR8,746, +26.5%) savings investors also average higher than the Germans. However, the Germans rank higher than the Spaniards (EUR4,168, -20.6%) and the Italians (EUR3,266, -60.4%).
29/06/2010

Putnam and Nissay AM extend partnership

Putnam Investments has announced a five-year extension to its cooperation agreement with Nissay Asset Management (NAM), the asset management specialist affiliate of Nippon Life, the largest life insurer in Japan. By the terms of the agreement signed in 1998 and now extended until June 2015, Putnam, which retains a 10% stake in the capital of NAM, will continue to serve as a deputy advisor to retail funds distributed by NAM, and as an investment advisor to NAM’s pension fund clients.
29/06/2010

Mark Wolter joins WestInvest

Mark Wolter, a member of the managing board at the German management firm Schroder Property KAG has been appointed a member of the managing board at WestInvest Gesellschaft für Investmentfonds mbH (Deka group), with effect from 1 July. He will be in charge of management of institutional real estate funds. He replaces Stefan Borgelt, who leaves the firm on 31 August.
29/06/2010

Sal. Oppenheim to reduce staff in Luxembourg

A spokesperson for Sal. Oppenheim has announced that 100 of the bank’s 250 employees in Luxembourg will be laid off, though 40 of these jobs will be moved to Germany, the Frankfurter Allgemeine Zeitung reports. Employees affected by the cuts will receive benefits under a redundancy plan until March 2012. Luxembourg will continue to be home to fund administration and depository banking activities.
29/06/2010

Fund Forum: Attendance down 20%

The Fund Forum International opened Monday in Monaco. According to the ICBI, organizer of the event, 800 participants from 38 countries are in attendance this year, although there were 1,000 last year. This decline in attendance is not altogether surprising in light of the financial crisis.The ICBI points to the high quality of the attendants, however, and adds that six professional associations are present: Efama (Europe), Alfi (Luxembourg), AFG (France), SFA (Switzerland), IFIA (Ireland), and HKIFA (Hong Kong). The first FundForum was held in July 1990.
29/06/2010

Union Investment launches maturity fund

The UniEuroKapital 2013, launched on 17 May, is now on sale from Union Investment (German co-operative banks) with a management commission of 0.8% (maximum 1%). It is a maturity bond fund (29 November 2013), which allows investors to participate in the evolution of the bond market in Euros over the mid-term, including government bonds, corporate bonds, and Pfandbriefe denominated in Euros. The managers may also invest in investment grade bonds from emerging countries. Characteristics Name: UniEuroKapital 2013ISIN: LU0509225537Management commission: 0.8%Depository banking commission: maximum 0.05% Initial price per share: EUR100
29/06/2010

State Street renames ETFs

State Street Global Advisors (SSgA) on 28 June announced that the names of its tracker funds domiciled in France have been changed to include the brand name used for all its global product range, SPDR®. Tracker products from SSgA, which were previously known by the name TRACKS®, are now registered and listed under the SPDR brand name. The funds are currently registered in France, Germany, Luxembourg, the United Kingdom and the Netherlands, and SSgA is planning to register the funds in several other countries. The new name is extended to the full range of 13 ETF products from SSgA domiciled in France, including European regional and sectoral funds. The funds are currently traded on NYSE Euronext. In addition to the name change, SSgA has updated other aspects of the funds, lowering the total TER ratio, and improving the liquidity provisions. SSgA has also set up a dedicated team in London, and launched a new website dedicated to ETFs in Europe, at http://www.spdrseurope.com/.
29/06/2010

BNP Paribas Securities Services to help managers publish KID documentation

BNP Paribas Securities Services has announced the launch of complete reporting solutions for asset managers which comply with the UCITS IV-KID directive. As management firms are required by this directive to publish a two-page Key Investor Information Document (KID), in a non-technical style, BNP Paribas Securities Services will offer its clients the necessary tools to comply with this requirement. “Complete reporting solutions from BNP Paribas Securities Services include market risk and performance indicators, for simple as well as complex funds,” says a statement. They also present quantitative aspects (performance, fees, and risk), while qualitative aspects are left to the discretion of the management firm (description of the investment policy and objectives of the fund), using the interactive online tools of BNP Paribas Securities Services.
29/06/2010

Appointment at Edmond de Rothschild Investment Partners

Edmond de Rothschild Investment Partners announced on Monday, 28 June, that it has appointed François-Xavier Mauron as director of participations in the private equity team. Mauron, a graduate of HEC, had served as director fo participations at Activa Capital since 2004.
29/06/2010

Hedge funds short 38 Spanish equities

According to data from the Spanish securities commission (CNMV), hedge funds have short positions on 38 shares traded in Spain. Two of the firms most exposed as a percentage of capital are Banco Popular (5.268%) and Grifols (5.266%), Cinco Días reports. Via its London affiliate, Deutsche Bank is one of the most active short traders of Spanish equities, with EUR717.3m in short positions, prmarily against BBVA, Popular, Grifols and Gamesa. Amber Capital has also sold itself short on Albengoa, ACS, Sos Corporación and Prisa. Currently, the most frequently shorted shares are in the financial sector, led by BBVA, Santander, Sabadell, Banco Valencia and Banco Pastor.
29/06/2010

Fitch confirms asset manager rating for DB Advisors

Fitch Ratings on 28 June confirmed its asset manager rating of M2 for DB Advisors. The rating reflects the experience and track record of DB Advisors in institutional asset management, its central role in institutional asset management activities for Deutsche Bank, and its strong position in the German market. The profitability of DB Advisors remains low, due to the priority given to institutional management. Hence the challenge of improving the firm’s results through a renewed concentration on fixed income management and low-margin administrative services.
29/06/2010

Kneip plans to continue international development

The head of Kneip has no plans to change horses in midstream, at a time when things are going so well. Bob Kneip, whose company has recently bought back 3i’s 43% stake in its capital (see Newsmanagers of 25 June), is planning to continue its international development, announced just before 3i invested in the firm three years ago. During this period, Kneip set up offices in Paris and London. Bob Kneip now has two other projects already at an advanced stage, to open two more offices, one in Europe, in Germany, either in Frankfurt or Munich, and one in Asia, in Hong Kong. In Germany, the firm will serve clients who already include many big names in German management. In Asia, “we will be in position to distribute UCITS funds,” Kneip said recently during a visit to Paris. The German location will reinforce Kneip’s presence in Europe, but Kneip is planning to pursue this direction even further, with (perhaps two) new acqusitions. Then the firm may set up a location in Latin America, though this is not an urgent priority, and Madrid and Lisbon could also serve as head offices for this region, says Kneip. But the original business plan remains the same. “We only serve management firms,” says Kneip.
29/06/2010

Paris détaille son plan de rigueur

Ce programme doit dégager 10 milliards d’euros d’économies sur 2011-2013 et s’ajoutera aux autres mesures de réduction du déficit public
28/06/2010

Mike O'Brien quitte BlackRock

Selon IPE.com, Mike O’Brien, le responsable de l’activité institutionnelle EMEA de BlackRock, va quitter la société.
28/06/2010

Fidelity International recrute en Italie

Fidelity International renforce ses équipes en Italie avec l’arrivée de Cosmo Schinaia en tant que directeur des ventes professionnelles et institutionnelles pour l’Italie, rapporte Bluerating. Il était précédemment au Crédit Agricole Asset Management Sgr. Cosmo Schinaia fera partie de l'équipe dirigée par Paolo Federici, responsable de la distribution des produits Fidelity en Italie.
28/06/2010

Banca Popolare di Milano va distribuer des fonds de sociétés étrangères

Selon le journal italien Soldi, cité par Bluerating, Banca Popolare di Milano aurait récemment conclu des accords de distribution avec plusieurs sociétés de gestion étrangères. Quatre seulement ont été sélectionnées au terme d’une compétition. Parmi elles figureraient Franklin Templeton et BlackRock.
28/06/2010

Amundi et Natixis AM pourraient être candidats dans le dossier Pioneer Investment

Concernant le sort de Pioneer Investment la filiale de gestion d’actifs d’Unicredit, la maison mère exclut une introduction en Bourse par manque d’intérêt des investisseurs, rapporte la Tribune. Une vente pure et simple semble aussi difficile en raison du prix élevé de Pioneer, valorisé à environ 3 milliards d’euros, selon plusieurs sources. Une vente par compartiment est aussi envisagée. Cette dernière option intéresserait Amundi qui, présentée comme une plate-forme, a toujours dit qu’elle intégrera d’autres réseaux de distribution. D’autres acteurs français regarderaient également le dossier. Natixis Global Asset Management ne cache pas son envie de se développer en Europe par croissance externe. Quoi qu’il en soit, Roger Yates, directeur général de Pioneer, a lancé un audit interne afin d’avoir une vision très précise de ce que fait la société. Résultats d’ici la fin 2010, note le quotidien.
28/06/2010

AmpegaGerling confie l'administration des comptes clients à ebase

Depuis le 21 juin, l’European Bank for Fund Services GmbH (ebase) a pris en charge l’administration des nouveaux versements sur les comptes de tous les clients d’AmpegaGerling Investment (groupe Talanx). Cela permet à AmpegaGerling de se concentrer sur la gestion de fonds. ebase est une filiale à 100 % de comdirect (groupe Commerzbank.
28/06/2010
Fonds

James Dilworth (AGI) : "Il y a encore surpopulation de fonds en Allemagne"

Depuis octobre 2009, James Dilworth (ex Goldman sachs AM et ex Morgan Stanley) a rejoint Allianz Global Investors (AGI) pour en diriger les activités allemandes. Interviewé par Das Investment, il considère avec une nuance de provocation que le marché allemand n’a pas besoin au total de plus de 500 fonds. Cela veut dire, qu’en ce qui la concerne, AGI va à l’avenir fermer davantage de fonds qu’elle n’en lancera. James Dilworth précise qu’AGI est actuellement en train d’identifier ceux de ses fonds qui ont un potentiel de «flagship» et ne veut pas anticiper sur le résultat de cette analyse. Il acquiesce toutefois quand ses interlocuteurs citent les noms de Concentra et de Fondak (d’anciens fonds ADIG, ndlr) «qui sont là de toute éternité, et dont la performance est bien au rendez-vous». Selon lui, AGI est également très fort sur les actions européennes, asiatiques et américaines. Et chez Pimco, certains fonds ont le potentiel nécessaire pour accéder au statut de produits vedettes sur le marché allemand.
Fonds
28/06/2010
Fonds

Hausse de 2,2 % de l'encours des sicav au premier trimestre

En janvier-mars, l’encours des 3.206 sicav espagnoles, des véhicules d’investissement sur mesure pour les particuliers haut de gamme, a progressé de 2,2 % à près de 26,21 milliards d’euros pour le compte de 405.442 actionnaires, indique VDOS Stochastics, relayé par Funds People. La performance moyenne pondérée en fonction de l’encours est ressortie durant la période sous revue à 0,88 %.Les deux sicav les plus performantes sont gérées par UBS Gestión avec 19,14 % et 17,45 %, devant la Gold & Silver Spain (+ 16,06 %) de Bankinter Gestión qui a deja été le gestionnaire avec le plus fort gain (144,7 %) pour l’ensemble de 2009.BBVA Patrimonios conserve la tête du classement pour l’encours, avec une part de marché de 10,96 %. Elle a été aussi leader pour les souscriptions nettes, avec 77 millions d’euros. La sicav avec le volume d’actifs le plus important est Morinvest, gérée par BBVA Patrimonios, avec 452 millions d’euros.
Fonds

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