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26/05/2010
Fonds

Inverseguros retarde la liquidation de de son fonds immobilier

Le Segurfondo Inversión, fonds immobilier d’Inverseguros, ne sera pas en mesure de faire face aux remboursements de ses parts en avril 2011, a indiqué le gestionnaire dans une notification à la CNMV. Pourtant, le programme de cession d’actifs a commencé en avril 2009, date à laquelle Inverseguros avait suspendu les rachats faute de liquidités suffisantes. La pénurie persiste, malgré une certaine reprise de l’activité du marché depuis août 2009.
Fonds
26/05/2010

L'équipe Espagne de Deka prend en charge le marché portugais

Selon Funds People, l'équipe commerciale de l’allemand DekaBank chargée de l’Espagne et d’Andorre se voit confier également à présent le suivi du marché portugais. Cette équipe est dirigée par Alberto González Méndez, assisté d’Ana Guzmán Quintana à Madrid et de Rebecca Porekar-Rinne, chargée de la fonction support et basée à Francfort.Actuellement, la gamme de Deka enregistrée par la CNMV compte neuf fonds et le gestionnaire allemand n’a pas pour l’instant l’intention d’en faire agréer par la CMVM protugaise, l’idée étant de se cantonner à desservir les investisseurs institutionnels locaux.
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.
26/05/2010
Fonds

OFI Reim et F&C Reit lancent un fonds dédié aux bureaux en France

OFI Reim and F&C Reit ont annoncé le 25 mai la création de Fosca II, qui vient d’être souscrit à hauteur d’environ 100 millions d’euros par des investisseurs institutionnels européens, compagnies d’assurances et fonds de pension.Fosca II succède à Fosca qui a réuni des investisseurs institutionnels pour plus de 200 millions d’euros en 2005 et 2006. Sa stratégie est de constituer un portefeuille diversifié d’immeubles de bureaux et commerces en France. De nouvelles souscriptions sont attendues en 2010 et 2011 pour atteindre un montant de 300 millions d’euros de fonds propres. Ceci permettra avec la part de dette prévue pour financer les acquisitions, de constituer un portefeuille d’environ 600 millions d’euros.
Fonds
26/05/2010

L'impact des actifs toxiques sera moindre à l'avenir pour la SocGen

Selon l’Agefi, qui cite les déclarations de Frédéric Oudéa, le patron de la Société Générale, lors de l’assemblée générale des actionnaires, l’impact des actifs toxiques, qui ont plombé la banque sera plus modéré à l’avenir qu’en 2008 et 2009. Le quotidien précise que les actifs toxiques, qui s'élèvent à 35 milliards d’euros, coûteront cette année à la banque entre 700 millions et un milliard d’euros.
26/05/2010

HSBC Trinkaus va augmenter son capital

Le directoire de HSBC Trinkaus & Burkhardt (T+B) a décidé mardi une augmentation du capital par l'émission en numéraire de plus de 2 millions d’actions à 75 euros l’unité sur la base d’une nouvelle pour treize anciennes, ce qui représente environ 150 millions d’euros. Cela permettra d’augmenter de 1,8 point le ratio de fonds propres qui se situait fin mars à 14,5 %, dont 10 % de fonds propres de premier rang hors titres hybrides (11,8 % avec ces titres).HSBC Germany Holdings, qui détient 78,6 % des parts, a l’intention de suivre l’augmentation de capital et d’acquérir les actions qui n’auraient pas été souscrites (la LBBW détient actuellement environ 20 % T+B).
26/05/2010
Fonds

Lazard AM Allemagne lance le LSDynamic

Le 10 mai, Lazard Asset Management (Deutschland) a lancé un fonds obligataire long/short de droit allemand, le LSDynamic qui suit une stratégie de performance absolue en utilisant des stratégies quantitatives et discrétionnaires pour les gestion de taux sur les marchés obligataires de la zone Europe, du Royaume-Uni, du Japon, de la Suisse et des Etats-Unis en investissant au minimum 51 % de son encours en obligations «investment grade» libellées dans une des monnaies de l’OCDE. Ce fonds investit exclusivement en obligations et en dérivés libellés en euros, en dollars américains, en yen, en livres ou en francs suisses.CaractéristiquesDénomination : LSDynamicCode Isin : DE000A0RHKX8Droit d’entrée : 3 %Commission de gestion : 0,8 %Commission de banque dépositaire : 0,1 %
Fonds
26/05/2010

Helaba Invest vise 150 milliards d'euros d'ici à 2015

Uwe Trautmann, directeur général d’Helaba Invest indique que les actifs sous gestion et sous administration de cette filiale de la Landesbank et Hesse et de Thuringe sont passés de 31,8 milliards d’euros fin 2006 à 62,4 milliards fin avril 2010. De plus, la part des souscriptions nettes totales en Allemagne a atteint 51 % l’an dernier, rapporte la Börsen-Zeitung.Cela tient au fait que Helaba Invest combine activité d’administration de fonds/Master-KAG avec une gestion quantitative de fonds institutionnels (Spezialfonds). L’objectif consiste a atteindre 80 milliards d’euros d’encours pour les fonds institutionnels, avec le lancement d’un à deux produits par an, et une augmentation de 30 milliards d’euros des actifs sous administration, par rapport aux 40 milliards de fin avril.
26/05/2010
Fonds

Kommalpha dresse un bilan mitigé du premier trimestre pour les fonds allemands

D’un point de vue encours, les fonds allemands ont surmonté les difficultés initiales au premier trimestre et leurs encours se sont accrus continuellement dès janvier, pour gonfler au total de 57,8 milliards d’euros. Cependant, note l’agence Kommalpha, les fonds obligataires ont perdu 1 milliard d’euros d’actifs sur janvier-mars, alors qu’ils étaient en recul de 5 milliards à fin janvier. Les principaux bénéficiaires ont été les fonds d’actions, avec une hausse de 13,5 milliards, les fonds diversifiés, avec un accroissement de 8,8 milliards et surtout les fonds institutionnels, avec un bond en avant de 28,3 milliards d’euros.Concernant les souscriptions nettes, les fonds diversifiés ont été les grands gagnants du premier trimestre, avec des rentrées de 5,4 milliards d’euros, devant les fonds immobiliers (3,2 milliards), les fonds d’actions et les fonds obligataires enregistrant des souscriptions nettes de 2,3 milliards et de 2 milliards d’euros.Cela signifie que le gros de l’augmentation des encours des fonds d’actions a été attribuable à l’effet de marché, ce qui a également compté, mais dans une moindre mesure pour les fonds diversifiés. En revanche, les fonds obligataires ont perdu arithmétiquement 3 milliards d’euros du fait de la dépréciation de leurs portefeuilles.
Fonds
26/05/2010
Fonds

PEH lance un fonds anti-inflation "double stratégie"

Le gestionnaire allemand PEH Wertpapier a annoncé le lancement le 14 avril dernier du fonds de droit luxembourgeois PEH Inflation Linked Bonds Flexibel qui peut investir tant en obligations indexées sur l’inflation qu’en obligations d’Etat conventionnelles. En pilotant activement l’allocation aux premières, le gérant peut tirer profit de l'évolution du marché dans toutes les phases sans être lié par l'évolution des rendements de même que la gestion active de la duration permet de profiter à la fois des hausses et des baisses de taux.CaractéristiquesDénomination : PEH Inflation Linked Bonds FlexibelCode ISIN : parts P LU0498681468 parts I LU0498681898Souscription minimale initiale : 2.500 euros (P) 1 million d’euros (I)Souscription minimale ultérieure : 250 € (P) 1 million d’euros (I)Droit d’entrée : 4 %Commission de gestion : 1 % (P) ; 0,5 % (I)Commission de performance : 20 % sr la surperformance par rapport au REXX-Government-Bonds-Performance-Index
Fonds
26/05/2010

BofA/Merrill Lynch recrute chez Credit Suisse

Bank of America Merrill Lynch vient de recruter un ancient banquier de Credit Suisse, Lim Eng Guan, pour diriger ses activités de gestion de fortune en Asie du Sud-Est, selon différentes sources. Il devrait rejoindre BofA Merrill Lynch en qualité de managing director et responsable de l’activité global wealth and investment management pour la région.Il remplace Kong Eng Huat, qui a récemment quitté ses fonctions. Lim Eng Guan, qui avait rejoint Credit Suisse en 2008 après une quinzaine d’années passées chez Citi, était managing director et market leader des activités de private banking à Singapour.
26/05/2010

CESR backs accelerated reform of CDS markets

The Committee of European Securities Regulators (CESR) on 25 May announced in a statement that in the past few days it has intensified its coordination of market monitoring efforts, particularly in the wake of Germany’s decision to forbid naked short selling. The CESR also claims that “it is urgent to introduce structural reforms to improve the transparency, organization and functioning of bond and CDS markets, which are currently largely an over-the-counter market.” The CESR points out in this regard that it has a project underway to propose reforms, and invited the European Commission to move forward its calendar for reforms in this area.
26/05/2010

PEH launches a “double strategy” anti-inflation fund

The German asset management firm PEH Wertpapier on 14 April launched the Luxembourg-registered fund PEH Inflation Linked Bonds Flexibel (LU0498681468, for P-class shares, and LU0498681898, for I-class shares), which may invest both in inflation-linked bonds and in conventional government bonds. The manager may actively manage allocation to the former class of assets in order to take advantage of the evolution of the market in all phases, without depending on the direction in which returns are evolving, while active management of duration allows the fund to profit from increases and decreases in interest rates. Characteristics Name: PEH Inflation Linked Bonds Flexibel ISIN: P shares, LU0498681468; I shares, LU0498681898 Minimal initial subscription: EUR2,500 (P); EUR1m (I) Minimal subsequent subscription: EUR250 (P); EUR1m (I) Front-end fee: 4% Management commission: 1% (P); 0.5% (I) Performance commission: 20% on performance exceeding the REXX-Government-Bonds-Performance-Index
26/05/2010

Kommalpha finds mixed results in first quarter for German funds

From the point of view of assetsunder management, German funds have overcome initial difficulties in first quarter, and their assets have increased continually from January onwards, rising to a total of EUR57.8bn. However, the Kommalpha agency notes, bond funds lost EUR1bn in assets in January-March, though they were down EUR5bn as of the end of January. The major beneficiaries were equities funds, with an increase in assets of EUR13.5bn; mixeded funds, with an increase of EUR8.8bn,and particularly institutional funds, with a leap of EUR28.3bn. For net subscriptions, mixed funds were the big winners in first quarter, with inflows of EUR5.4bn, followed by real estate funds (EUR3.2bn), while equities and bond funds posted net subscriptions of EUR2.3bn and EUR2bn. This means that most of the increase in assets in equities funds is due to positive market effects, which was also true to a lesser extent for diversified funds. However, bond funds arithmetically lost EUR3bn due to depreciation of their portfolios.
26/05/2010

Lazard AM Germany launches the LSDynamic fund

On 10 May, Lazard Asset Management (Germany) launched a German-registered long/short bond fund, the LSDynamic, which deploys an absolute returns strategy, using quantitative and discretionary strategies for the management of rates on the bond markets of Europe, the United Kingdom, Japan, Switzerland and the United States, investing at least 51% of its assets in investment grade bonds denominated in OECD currencies. The fund invests exclusively in bonds and derivatives denominated in Euros, US dollars, Japanese yen, pounds Sterling, or Swiss francs. Characteristics Name: LSDynamic ISIN: DE000A0RHKX8 Front-end fee: 3% Management commission: 0.8% Depository banking commission: 0.1%
26/05/2010

Rising tension on money markets

Although the ECB has been all but constantly injecting liquidity since the Lehman Brothers bankruptcy, the inter-bank lending market continues to be under pressure, Agefi reports, as banks continue to mistrust one another, concerned about their exposure to other peripheral debts. The nationalisation of a Spanish savings bank this weekend, concerns about the solvency of the more fragile European states, and doubts about the credibility of debt reduction programs are expected to result in a continued rise in spreads on the Libor-ODS. These spreads stood at 28 basis points on Monday, and 23 basis points only one week ago. In general, they are currently gaining 3 to 4 points a day, a strategist cited by the newspaper notes.
26/05/2010

LSE still losing market share

Two major trends continued in the month of April, according to market indicators established jointly by Crédit Agricole Cheuvreux and TAG. On the one hand, the market share of the London Stock Exchange has continued to fall, by about 3.5%, counting both Chi-X and BATS, while the market share of SIX as a proportion of the SLI 30 has also continued to slide (by 2.2%, counting Chi-X, BATS and Turquoise). Meanwhile, an increase in market share for Xetra on the DAX exchange has continued, following the rollout of a new fee structure in March, giving the market segment a 2% gain against Chi-X.
26/05/2010

BofA/Merrill Lynch recruits a banker from Credit Suisse

Bank of America Merrill Lynch has recruited a former Credit Suisse banker, Lim Eng Guan, to direct its wealth management activities in South-East Asia, various sources report. He will join BofA Merrill Lynch as managing director and head of global wealth and investment management activities for the region. He replaces Kong Eng Huat, who has recently left the firm. Lim, who joined Credit Suisse in 2008 after 15 years at Citi, was managing director and market leader for private banking activities in Singapore.
26/05/2010

Spanish team at Deka takes over responsibility for Portuguese market

Funds People reports that the sales team at the German DekaBank responsible for Spain and Andorra will also now take on responsibility for the Portuguese market. The team is led by Alberto González Méndez, assisted by Ana Guzmán Quintana in Madrid and Rebecca Porekar-Rinne, in charge of support functions and based in Frankfurt. The range of Deka products currently registered with the CNMV includes nine funds, and the German management firm is currently not planning to license funds with the Portuguese CMVM, but is instead planning to focus on local institutional investors in this market.
26/05/2010

AMF intensifies surveillance of asset managers

Les Echos reports that the French market regulator, the Autorité des marchés financiers (AMF), has consulted professionals over a proposed increase in requirements for their financial solidity. Currently, tier 1 owners’ equity at an asset management firm are required to be 25% higher than its overall annual costs. However, the regulator would like to ensure that new entrants into the asset management industry have enough capital to survive in the months following their launch, even if they do not immediately receive adequate subscriptions, or if markets perform poorly. At issue is their financial resources, or in other words tier 1 equity, as well as their bank balance, loans, and other sources of potential funding, which should be enough to cover two years of expenses.
26/05/2010

Madoff: AMF called on to testify in UBS suit

French savers who lost money in the Madoff scandal on Tuesday asked the French courts to hear testimony from the French financial market regulatory authority, the Autorité des marchés financiers (AMF), as part of a case filed against UBS in France, Reuters reports. “The points at issue are about market regulations and financial products sold to the general public in France. It is normal for the financial market authority to come and explain its regulations, and the ways in which they should apply,” explained Jean-Pierre Martel, the lawyer representing nearly 80 French savings investors who are claiming damages of about EUR28m.
26/05/2010

Madoff: skepticism over settlements with banks

Madrid lawyer Javier Cremades said on Tuesday that an «alliance» of about 60 law firms representing victims of the Madoff fraud in Europe, Latin America and Israel had reached settlements worth about USD15.5 billion over the past year with about 20 banks. He said the banks were located in France, Spain, Portugal and Germany. But the announcement was met with skepticism by some banks and other attorneys working on the Madoff case.
26/05/2010

Helaba Invest aims for EUR150bn by 2015

Uwe Trautmann, CEO of Helaba Invest, says that assets under management and administration at the affiliate of the Landesbank of Hesse and Thuringia have increased from EUR31.8bn as of the end of 2006 to EUR62.4bn as of the end of April 2010. In addition, the proportion of total net inflows in Germany totalled 51% last year, the Börsen-Zeitung reports. These results are due to the fact that Helaba Inest combines find administation and Master-KAG activities with quantitative management of institutional funds (Spezialfonds). The objective is to achieve EUR80bn in assets for institutional funds, with the launch of one or two products per year, and to increase assets under administration by EUR30bn, from a total of EUR40bn as of the end of April.
26/05/2010

EUR130m increase in quarterly inflows to Euro zone mutual funds

In first quarter 2010, net inflows to Euro zone OPCVM funds (excluding money market funds) totalled EUR130bn, while transactions on money market funds resulted in a net outflow of EUR44bn, according to statistics published by the European Central Bank (ECB). Assets in OPCVM funds other than money market funds as of the end of March totalled EUR5.291trn, compared with EUR4.965trn as of December 2009.
26/05/2010

OFI Reim and F&C Reit launch a fund dedicated to French office properties

OFI Reim and F&C Reit on 25 May announced the creation of Fosca II, which has already received subscriptions totalling about EUR100m from European institutional investors, insurers and pension funds. Fosca II succeeds Fosca, which received EUR200m in investments from institutional investors in 2005 and 2006. The fund’s strategy is to construct a diversified portfolio of commercial and office properties in France. Further subscriptions are expected in 2010 and 2011 to bring the fund to a total of EUR300m in capital. This will make it possible to construct a portfolio of about EUR600m, including leverage to finance acquisitions.
26/05/2010

Investors balk at concentration of responsibilities at SocGen

At Société Générale’s general meeting on Tuesday, Hermes, the UK fund manager, and French shareholder groups, including Phitrust Active Investors, demanded that Frédéric Oudéa separate the roles of chairman and chief executive, says the Financial Times. “We are very concerned by the current trend in the French market to recombine the roles of chair and CEO,” said Natacha Dimitrijevic, in charge of engagement with French companies at Hermes.
26/05/2010

Artemis launches an equities income fund

Artemis is planning to launch an income fund dedicated to global equities in July, Investment Week reports. The Global Equity Income unit trust, which is pending approval from the British financial market regulatory authority (FSA), will be managed by Jacob de Tusch-Lee, who is also manager of the Capital fund (GBP423m). The fund would invest in ordinary and preferential equities, convertibles, and fixed income. Minimal investment will be set at GBP1,000 or GBP50 per month, with front-end fees of 5.25%, and a management commission of 1.5% per year.
26/05/2010

LIM launches a real-time data service

LIM, an affiliate of Morningstar, on 25 May launched LIM Evolution, a database which allows real-time access to information from stock markets and other data providers.

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