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27/05/2010

Hedge funds have USD2.7trn in assets under management

The global hedge fund industry has more than USD2,700bn of assets under management according to a survey of custodians and administrators calculated for a HFM Week Survey. This figure makes the industry far larger than most market participants have previously estimated, says the Financial Times. The estimate is a more accurate figure than those traditionally reported for the size of the hedge fund industry. It ignores any leverage in funds.
27/05/2010

European Commission proposes creation of bank bailout funds

The European Commission on 26 May suggested in a statement that the European Union could create a European network of funds to protect against bankruptcies at banks, to prevent taxpayers from having to bear the cost of these bankruptcies, and to prevent them from disrupting the economy as a whole. After submitting its ideas to the next meeting of the European Council, the Commission will present them at the G20, which will be meeting in Toronto on 26 and 27 June 2010. The funds would be integrated into a wider range of measures intended to prevent future financial crises and to strengthen the financial system. The Commission argues that one way to achieve this would be to require member states to constitute funds according to joint guidelines, which banks would be required to contribute to. “The funds would not be intended to bail out or save the banks, but only to guarantee a methodical managemetn of bankruptcies without destabilising the financial system,” the Commission’s statement says.
27/05/2010

Managers of three KBL funds replaced

KBL has changed the managers of three of its funds, Citywire reports. Bernard Pons has left the firm, leaving the KBL Key-Eastern Europe fund to Gabriel Catherin, and the KBL Key-Natural Resources Equities fund to Eric Hemmer. Catherin will also take over the KBL Key-Major Emerging Markets fund, previously managed by Christophe Bogaert.
27/05/2010

Carlos Costales becomes head of sales for Spain at Swiss & Global

After overseeing the entry of Scottish Widows Investment Partnership (SWIP) into the Spanish market, beginning in 2007, Carlos Costales has joined Swiss & Global (an asset management affiliate of Julius Baer), as head of sales for Spain. He was previously a partner at Atlas Capital, in which Julius Baer owns a 28.6% stake, Funds People reports. Meanwhile, Atlas Capital has announced the resignation of Juan Ramón Caridad, who is also leaving his position as head of Swiss & Global. Caridad was part of the former Morgan Stanley management team which founded Atlas Capital six years ago.
27/05/2010

State Street investor confidence index dips in May

The global investor confidence index calculated by State Street has fallen 11.2 points to 88.2, compared with a corrected level of 99.4 for April. A fall in investor confidence in North America is largely to blame for this decline, as the regional index fell by 5 points to a total of 98.3, compared with a corrected level of 103.3 the previous month. Among European investors, confidence is also down by 3.5 points, from 95.7 to 92.2. Asia, however, has maintained its confidence levels, as the regional confidence index has gained 6.8 points, to 101. “We have observed this month that institutional investors are continuing to considerably reduce their allocations to high-risk assets, in a trend which had already begun last month,” says Ken Froot, one of the two creators of the index. “As they did at the beginning of the subprime credit crisis in 2007, institutions have taken advance steps by reducing their risk from March levels, even though markets continued to rise. The sustained disengagement which we have observed this month is a sign of considerable uncertainty over the deficit levels in the Euro zone, and the repercussions that these might have worldwide.”
27/05/2010

Number of Spanish funds down 12% in 2009

Due to the crisis and rationalisations of product ranges, the number of funds in Spain as of the end of 2009 was down to 2,593 from 2,943 one year earlier (-11.9%). There were 90 launches and 440 closures (of which 426 took place through merger or absorption), according to the annual CNMV report. As a result, average assets in funds increased by 11.6%, from EUR60m to EUR67m. Meanwhile, the number of foreign-registered funds on sale in Spain increased 3.4% to 582, but their assets rose 35% to EUR24.3bn, while total assets in funds fell a further 3%, to EUR170.55bn.
27/05/2010

German retail investors invest when times are tough on markets

A study published on Wednesday by the Deutsche WertpapierService Bank AG (dwp-bank) of 3.5 million transactions carried out between August 2008 and April 2010 has reached the surprising conclusion that there is a negative correlation between the propensity of German investors to invest in equities (the 160 shares of the Dax, MDax, TecDax and Sdax indexes) when these markets are performing strongly was particularly marked, says Karl-Martin im Brahm, head of distribution at dwp-bank. In fact, at the height of the crisis in fall 2008, German retail investors were net buyers of equities (with purchases 130% to 160% higher than sales between October and December 2008). Since Spring 2009, they have largely taken the rising markets as an occasion to sell, particularly as the Dax reached the 6000 point level. These data also show that German retail investors were able to react rapidly to intercurring fluctuations in the market, which proves that many of them very closely follow developments on the German stock markets.
27/05/2010

Assets up by nearly one quarter at Metzler AM

The German private bank B. Metzler seel. Sohn & Co. KgaA, presenting its 2009 results, has announced that assets at Metzler Asset Management as of the end of December totalled EUR37bn, which represents a 23% increase compared with their levels twelve months previously. Friedrich von Metzler, one of the two managing partners at the business, says that the increase in assets under management is largely due to a mandate from the Japanese Pension Fund Association, for European growth equities, and a mandate from Russell Investment for European small caps. Quantitative strategies represent assets of about EUR6bn, and volumes on the Metzler Fund Xchange platform as of the end of December for the first time topped EUR10bn.
27/05/2010

French Parliament gives increased powers to AMF

Les Echos reports that the Finance committee of the French National Assembly on Tuesday evening approved a series of amendments to the banking and financial regulation bill. In the chapter on short-selling, an amendment which was unanimously approved now extends powers to the regulatory body AMF not only over completed transactions, but also over positions held by market actors. The identification of these positions will allow regulators to identify short positions and to suspend potential violators of bans. In order to further limit short-selling, legislators shortened the deadline for settlement of completed transactions by two days, to a maximum of one day after the transaction. They also extended the coercive powers of the market watchdog. The amendment multiplies the maximum fines the AMF has the power to hand out by a factor of ten, to EUR100m.
27/05/2010

SEC proposes creation of single database for market transactions

The Securities and Exchange Commission (SEC) on 26 May proposed the creation of a single database for all market transactions in the United States. The standardised and automated system would amass data from various participants, allowing regulators to very rapidly reconstruct the flow of orders on the market. The absence of such a system was highlighted by regulators as a reason that it was difficult to determine the exact cause of the brutal drop on the New York Stock Exchange on 6 May.
27/05/2010

Russell releases three funds in Italy

Bluerating reports that Russell Investments has launched three multi-management funds in Italy, which will allow clients to invest in the US market: the RIC US Small Cap Equity fund (small cap equities), RIC US Equity fund (large caps), and RIC US Bond fund (bonds).
27/05/2010

SEB AM launches an Asian institutional fund

Siegfried Cofalka, a board member at the German asset management firm SEB Asset Management, has told the Börsen-Zeitung that the firm will be launching the SEB Asia REI fund, an institutional real estate fund which will invest exclusively in Asia. Other funds to target the Asian continent will follow.
27/05/2010

Avana Invest launches emerging markets and commodities strategies

The asset management firm Avana Invest, a specialist in ETF-based management founded by Götz J. Kirchhoff and Thomas W. Uhlmann (see Newsmanagers of 9 February 2009), on Wednesday announced the launch of two new products which follow passive strategies on commodities and emerging markets. The AVANA IndexTrend Commodities and Cash R (ISIN DE000A0RGWR7) invests on the basis of a trend-following model in commodities ETC and ETF products in the energy, precious metals, industrial metals, soft commodities and livestock sectors. The AVANA IndexTrend Emerging Markets and Cash R (ISIN DE000A0RGWN6) invests in equities ETFs covering the strongest economies among emerging markets, on the basis of the GDP of each region, but no region may exceed 25% of the portfolio. In both cases, front-end fees may be up to 5%, and management commission is 1.2%. Avana will also charge a performance fee of 15%.
27/05/2010

Axa IM closes a second real estate fund

On Wednesday, AXA Investment Managers Deutschland GmbH announced that, following a nine-month extension of the freeze on redemptions from its open-ended real estate fund Axa Immoselect (see Newsmanagers of 18 February), it is suspending redemptions for an initial period of three months from its open-ended real estate fund reserved for institutional investors, Axa Immosolutions (ISIN: DE000A0J3GM1). The fund has about EUR400m in assets. The suspension comes as a result of liquidity problems, as the fund now has only a very limited cash reserve. Axa IM claims the redemption demands have been triggered by the publication by the German government of draft reforms to legislation governing real estate funds. As of 21 May, the liquidity rate for Axa Immosolutions was 9.1%, which represents EUR36.5m, while the external financing rate was 15.3%. If the announced redemptions were fulfilled, the liquidity rate would be negative by 2.5%.
27/05/2010

Quel montant de pertes la BCE peut-elle absorber ?

Certains s’inquiètent du risque de faillite de la BCE, depuis qu’elle s’est auto-déclarée «acheteur en dernier ressort» des titres de dettes publiques et privées de la zone euro que le marché refuse. Ils peuvent se rassurer. Quelle que soit la qualité de l’actif sous-jacent et même avec un «junk bond» grec, l’Eurosystème ne réalisera aucune perte sur ses opérations de repo tant que les contreparties (les banques) ne sont pas elles-mêmes en cessation de paiement.
26/05/2010

Une dette immobilière de 4,9 milliards à renégocier pour Blackstone

Selon l’Agefi qui reprend une annonce de Fitch mardi, le fonds d’investissement américain Blackstone s’en est remis à Bank of America pour gérer 4,9 milliards de dette en quasi-défaut de paiement. La dette en question qui sert de sous-jacent à des obligations hypothécaires (commercial mortgage-backed securites, CMBS) émises en juin 2007, a été contractée pour l’achat de la société Equity Office Properties Trust. Elle arrive à échéance en 2012.
26/05/2010

Nomination chez CalPERS

Le California Public Employees’ Retirement System (CalPERS) a annoncé le 25 mai la nomination de Dale Jablonsky en qualité de assistant executive officer du pôle services des technologies de l’information. Il sera responsable du projet de modernisation du pôle avec une attention particulière à la réduction des risques opérationnels.
26/05/2010

RBS doit céder son activité de capital investissement européen

Royal Bank of Scotland (RBS) poursuit son programme de cession d’actifs, note l’Agefi qui précise que, de sources concordantes, l'établissement financier britannique aurait engagé des discussions exclusives avec le fonds de pension néerlandais Alpinvest Partners pour lui vendre un portefeuille européen de parts de fonds de capital investissement. Le montant de cette cession serait de l’ordre de 400 millions d’euros, ajoute le quotidien.
26/05/2010

Pression continue sur les banques

Selon L’Agefi suisse, la solvabilité des banques sera à nouveau sous pression et un besoin en capital considérable surgira d’ici la fin 2010, corollaire d’une accentuation des prescriptions en matière de liquidités et capital aux plans national et international. Le marché des capitaux n’a pas encore escompté ces incertitudes, selon Independant Credit View (I-CV), une boutique d’analyse indépendante des crédits et de la solvabilité des entreprises, qui se pose en alternative aux grande agences de ratings et qui n’est pas payée par les émetteurs mais par ses clients. I-CV prévoit une deuxième vague de dégradations des ratings par Moody’s, S&P et Fitch.
26/05/2010
Fonds

Artemis lance un fonds de rendement actions

Artemis envisage de lancer courant juillet un fonds de rendement dédié aux actions internationales, selon Investment Week. Le global Equity Income unit trust, qui attend le feu vert de l’autorité des marchés britannique (FSA), sera géré par Jacob de Tusch-Lec, également à la tête du Capital fund (423 millions de livres).Le fonds devrait détenir des actions ordinaires, des actions de préférence, des convertibles et du fixed income. L’investissement minimal sera de 1.000 livres ou 50 livres par mois, avec des frais d’entrée de 5,25% et une commission de gestion de 1,5% par an.
Fonds
26/05/2010
Fonds

Le Skandia Property Fund investit pour 43 millions de livres

Le fonds immobilier de Skandia, a annoncé l’acquisition de deux objets immobiliers, (The Interchange à Swanley dans le Kent pour un montant de 24,77 millions de livres et le 180 West George Street à Glasgow pour un montant de 17,43 millions de livres) pour un montant cumulé de quelque 43 millions de livres.Sur les douze derniers mois, le fonds, qui investit en direct dans l’immobilier britannique, a acquis pour plus de 85 millions de livres. Le fonds a dégagé un rendement de 9,2% sur les six derniers mois à fin avril et de 14,9% sur les douze mois à fin avril.
Fonds
26/05/2010

GAM recrute un ancien de Climate Change Capital

Paul Udall a rejoint le bureau londonien de GAM le 24 mai pour gérer un mandat actions qui sera investi sur des thèmes environnementaux et durables. L’intéressé travaillait précédemment chez Climate Change Capital où il était managing director et gérant de du fonds long/short spécialisé sur les opportunités environnementales. Le produit dont va s’occuper Paul Udall chez GAM adoptera un format Ucits III et devrait être lancé dans le courant de l’année. Il se concentrera sur des opportunités d’investissement résultant des transformations de la façon dont l'énergie, les ressources et les matériaux sont conçus, livrés et consommés.
26/05/2010

Aberdeen AM nomme un nouveau responsable de l'immobilier

Aberdeen Asset Management vient d’annoncer la nomination d’Andrew Smith en tant que responsable de l’immobilier (group head of property), une activité qui représente en Europe 22,6 milliards de livres. Il succède à Rickard Backlund, qui a décidé de quitter ses fonctions à plein temps en septembre à l’occasion de ses 60 ans, après avoir été responsable de ce pôle pendant dix ans. Andrew Smith avait rejoint Aberdeen AM en 2002 en tant que responsable de la stratégie d’investissement. Depuis, il a occupé diverses fonctions, dont dernièrement CIO et responsable de la gestion dans l'équipe immobilière. Dans le même temps, la société de gestion annonce qu’elle prévoit de lancer un troisième fonds de fonds asiatique.
26/05/2010

SWIP recrute chez Axa IM

Scottish Widows Investment Partnership (Swip) vient de recruter une ancienne d’Axa IM, Tracy Fennell, en qualité de responsable du marketing, rapporte Fund Strategy. Tracy Fennell, qui sera basée à Edimbourg, sera responsable de la stratégie marketing en matière de développement des produits, communication clients, publicité et gestion des marques. Chez Axa IM, Tracy Fennell dirigeait le marketing pour le Royaume-Uni, les pays nordiques, le Moyen Orient et l’Australie.
26/05/2010
Fonds

Silk Invest lance un fonds sur les marchés frontières

La boutique de gestion Silk Invest envisage de lancer, d’ici à la fin de l’année, un fonds au format OPCVM III dédié aux marchés africain, arabes et d’Asie du sud-ouest, selon Fund Strategy.Le Silk Road Equity fund domicilié au Luxembourg, sera le quatrième fonds de Silk Invest dans la gamme des fonds consacrés aux marchés frontières. L’Arabie saoudite constitue la plus grosse allocation pays dans le portefeuille modèle du fonds, avec une part de 14%, devant le Nigeria (13%) et le Qatar (11%).Au niveau sectoriel, les financières constituent le plus gros contingent (28%), devant les matériaux de base (20%), les biens de consommation (19%) et le secteur manufacturier (16%).
Fonds
26/05/2010

Convictions AM recrute un ancien de la Barep

Nicolas Gautier vient de rejoindre Convictions Asset Management pour développer sa clientèle de grands investisseurs (Institutionnels, Banques Privées, Family Offices).Agé de 35 ans, il travaillait précédemment chez Barep Asset Management en tant que commercial en charge de la clientèle française. Avant, il était chez Société Générale Corporate & Investment Banking.Convictions Asset Management, dont le groupe UFG détient 30 % du capital, est une société de gestion de portefeuille créée en 2008 par Philippe Delienne. Basée à Paris, la société compte 20 collaborateurs et gère plus de 700 millions d’euros.

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