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25/05/2010

Quatre assureurs et l'Etat vont investir dans l'immobilier allemand

Les assureurs Mapfre, Santander Seguros, ING-Nationale Nederlanden et Santa Lucia ont créé la société d’investissement dans l’immobilier allemand Inmoalemania Gestión de Activos Inmobiliarios dont ils détiennent chacun 20 %, les 20 % restants étant pris par la Chambre de compensation des Assurances du ministère de l’Economie, rapporte Expansión.Inmoalemania est confiée à la division gestion d’actifs de Banif, filiale du Santander. Elle affiche un actif de 100 millions d’euros (chiffre de 2008) en immeubles locatifs situés en Allemagne.L’objet de la société est la gestion d’actifs pour le compte de compagnies d’assurances disposant d’un agrément pour opérer en Espagne. Les actionnaires estiment que la création de cette filiale conjointe est une formule qui présente moins de risques que l’investissement direct dans l’immobilier à l'étranger. Le marché allemand est censé offrir une bonne stabilité et des perspectives intéressantes. Inmoalemania est un fonds fermé qui possède une filiale en Allemagne. Elle est actuellement présidée par Luis Basagoiti (Mapfre), mais la présidence sera tournante.
25/05/2010
Fonds

Le chômage prélève son tribut sur les fonds de pension

D’après le rapport 2009 sur les assurances et les fonds, 41.985 chômeurs ont fait usage l’an dernier de la «flexibilisation» du régime qui leur permet depuis août 2009 de récupérer l'épargne qu’ils ont confiée à des fonds de pension. C’est un quadruplement par rapport à 2008, constate Expansión, mais le montant concerné, 219 millions d’euros, n’a que triplé sur l’année précédente (76 millions).Le remboursement moyen a porté sur 5.115 euros alors que la moyenne de l’encours se situe à 6.640 euros pour les fonds de pension individuels et à 15.900 euros pour les fonds de pension d’entreprise.
Fonds
25/05/2010
Fonds

Les fonds immobiliers ne sont pas rentables

Pour le premier trimestre 2010, l’Ofix-All-Index des 22 fonds immobiliers allemands offerts au public n’a plus affiché une performance totale que de 0,48 %, rapporte la Börsen-Zeitung. C’est légèrement inférieur au plus bas historique de 0,49 % enregistré pour le deuxième trimestre 2009.
Fonds
25/05/2010

Pioneer Allemagne change de patron

A compter de juillet, l’intérim du poste de directeur général de l’allemand Pioneer Investments KAG (groupe UniCredit) sera assuré John Burns, qui a rejoint Pioneer voici onze ans et qui est depuis 2008 membre de la direction générale de Munich, chargé des opérations, de la gestion du risque, des affaires juridiques et de la conformité.L’intéressé remplace Dominik Kremer, qui a «démissionné de son propre chef pour relever d’autres défis professionnels à l’extérieur de Pioneer» et qui va quitter son poste au 30 juin. Un porte-parole de Pioneer a précisé à cash-online que cette décision n’a rien à voir avec le projet d’UniCredit de vendre sa filiale de gestion, Dominik Kremer ayant pris sa décision avant qu’UniCredit n’annonce qu’il étudie «toutes les options stratégiques» pour Pioneer (lire notre dépêche du 14 mai).
25/05/2010

Trois repreneurs pour Karstadt

En dehors du capital-investisseur germano-scandinave Triton, qui a été le premier à se déclarer, deux autres repreneurs potentiels pour les grands magasins Karstadt se sont faits connaître durant le week-end de la Pentecôte, rapporte la Frankfurter Allgemeine Zeitung. Il s’agit d’un côté du milliardaire berlinois Nicolas Berggruen, le fils du collectionneur d’art et mécène Heinz Berggruen. Et, de l’autre, du consortium HighStreet, qui possède les murs de 86 des 120 magasins Karstadt. Ce consortium regroupe Goldman Sachs, la Deutsche Bank, Pirelli RE, Generali et Maurizio Borletti. Si HighStreet devait l’emporter, on s’attend chez Metro que le dossier d’une fusion entre Karstadt et Kaufhof (filiale que Metro a mise en vente) avance assez rapidement.
25/05/2010

Merck Finck passe sous le contrôle d'Hinduja

La Frankfurter Allgemeine Zeitung souligne que l’acquisition du luxembourgeois KBL European Private Bankers par Hinduja Group fait passer la banque privée allemande Merck Finck & Co dans le giron du conglomérat indien. Cela ne se traduira par aucun changement dans le management, la stratégie et les orientations de l'établissement qui compte 140 ans d’existence et qui a connu une forte expansion puisqu’entre 2002 et 2006 son réseau s’est accru des deux tiers pour comprendre à présent 20 succursales. Lorsque la famille von Finck avait vendu la banque à Barclays en 1999, Merck Finck n'était présent qu'à Munich, Düsseldorf et Francfort.
25/05/2010
Fonds

Le coréen NPS achète le Sony-Center de Berlin

Vendredi, il a été officiellement confirmé que le fonds de pension sud-coréen NPS a acheté le complexe immobilier Sony-Center de Berlin (115.000 mètres carrés) qui abrite entre autres le siège de la Deutsche Bahn, rapporte la Frankfurter Allgemeine. Le vendeur est un consortium animé par le fonds immobilier Msref VI International de Morgan Stanley et comprenant aussi John Buck Company ainsi que Corpus Sireo. Le montant de la transaction n’a pas été dévoilé.
Fonds
25/05/2010
Fonds

Un ancien cadre "ISR" chez Dexia AM réapparait au Cap

L’ancien responsable de l’investissement responsable et durable de Dexia Asset Management, Gaëtan Herinckx, a rejoint depuis quelques mois d’anciennes connaissances qu’il s'était faites dans le cadre des Principes de l’investissement responsable des Nations-Unies. Il est désormais senior investment analyst au Cap, chargé de la recherche chez Sustainable Capital, une société de l'île Maurice spécialiste de l’ISR en Afrique.Lors d’une première tournée en Europe avec Kevin Macdonald, l’un des fondateurs de la société (head of operations & business development), il a présenté le fonds Africa Sustainability qui affiche pour l’instant 5,5 millions de dollars d’encours, dont 5 millions apportés en amorçage par trois familles sud-africaines (10 % du capital) et par Sanlam Investments (25 %), les quatre dirigeants de Sustainable Capital détenant 65 % des parts de la société.Le fonds investit uniquement dans 50 entreprises non sud-africaines véritablement liquides justifiant d’une exposition réelle à l’Afrique supérieure à 50 % (l’univers se limite à 250 sociétés). La sélection s’opère en fonction de données fondamentales. L’avantage de ne pas investir en Afrique du Sud est de limiter la corrélation avec les autres marchés.Il faut que les entreprises soient solides et qu’elles soient localisées dans des pays eux-mêmes «durables». Il importe aussi qu’elles soient elles mêmes gérées de manière durable, et Sustainable Capital n’hésitera pas, au besoin à pratiquer «l’engagement». La commission de gestion se situe à 1,5 %.
Fonds
25/05/2010

KBL Epb affiche son plan de route

Comme annoncé par Newsmanagers vendredi 21 mai, les responsables du Groupe KBC et ceux du Groupe Hinduja ont fait part, le même jour, de la signature de leur accord pour la reprise de KBL European Private Bankers.Au terme du processus en cours, précise le communiqué, Jacques Peters a été confirmé par le Groupe Hinduja pour succéder en tant que CEO de KBL European Private Bankers à Etienne Verwilghen.En matière de perspectives, KBL European Private Bankers compte poursuivre avec son nouvel actionnaire sa politique d’expansion commerciale en s’adressant à la communauté indienne dans les pays où il est déjà présent ; en identifiant le potentiel de développement dans les pays où le Groupe Hinduja est actif et où KBL Epb n’a pas encore d’accès ; enfin, en renforçant «son activité à Luxembourg de plate-forme pour la constitution et la gestion de fonds d’investissement et autres produits financiers destinés à une clientèle ciblée dans la classe moyenne indienne, en forte croissance».
25/05/2010

RBS Coutts recrute un patron pour l'Asie du Sud

La banque privée de Royal Bank of Scotland, RBS Coutts, a annoncé le recrutement de Ranjit Khanna comme market head for non-resident Indians (NRI) and South Asia. Basé à Singapour, il sera subordonné à partir de juin à Paul Davies, head of private banking for South Asia. Ranjit Khanna était précédemment managing director pour la banque privée chez Bank Sarasin Alpen à Dubai où il avait été responsable de l’entrée sur le marché indien et du développement d’une activité au profit de la diaspora indienne dans le Golfe.D’autre part, RBS Coutts a recruté Nancy Lee comme Asia head of human resources. L’intéressée était auparavant chez Goldman Sachs. Elle sera basée à Hong-Kong et subordonnée à Nick Pollard, CEO de RBS Coutts Asia.
25/05/2010

Two appointments at Singapore sovereign fund

Temasek Holdings has announced two new senior appointments for the firm. Mr Hsieh Fu Hua, previously the CEO and a non-independent director of Singapore Exchange Limited, will take on a full-time role as Executive Director and President with effect from 1 August 2010 and Mr Dilhan Pillay Sandrasegara will join Temasek as Head, Portfolio Management with effect from 18 October 2010.
25/05/2010

KBL Epb unveils roadmap

As announced by Newsmanagers on Friday, 21 May, the heads of the KBC Group and the Hinduja Group announced later the same day that they have signed an agreement for the acquisition of KBL European Private Bankers by the Hinduja Group. At the conclusion of the process, the statement says, Jacques Peters has been confirmed by the Hinduja Group as the successor to Etienne Verwilghen as CEO of KBL European Private Bankers. In terms of outlook, KBL European Private Bankers is planning to continue its commercial expansion policy under its new shareholder, and will target the Indian community in the countries in which it is already present. It will also identify potential for growth in countries in which the Hinduja Group is active, and where KBL Epb does not yet have access; and lastly, it will strengthen “its activity in Luxembourg as a platform for the construction of investment funds and other financial products aimed at targeted clients in the fast-growing Indian middle class.”
25/05/2010

Invesco, Schroders, Henderson, SWIP and F&C win Bestinvest booby prizes

The most recent edition of the quarterly “Spot the Dog” report from the agency Bestinvest finds that assets in funds with the worst performance in the United Kingdom represented GBP14.25bn, in 90 funds, 3.8% more than the GBP13.72bn n the October edition of the report, and a 96% increase over the GBP7.2bn in the worst funds in January 2009. Invesco perpetual qualifies as the biggest bad manager, with GBP1.77bn in three funds with poor returns, including the only “dog fund” focused on US equities. Schroders takes second place, with GBP1.64bn in two funds, followed by Henderson, which, following the integration of New Star, has the largest number of “dog funds,” with eight, containing assets of GBP1.21bn. The next two managers on the list are Scottish Widows Investment Partnership (SWIP) with seven “dog funds” and GBP980m, followed by F&C Asset Management, in fifth place with three “dog funds” and GBP852m.
25/05/2010

Schroders launches an Asian high yield fund

Investment Week reports that Schroders will launch a high yield fund, the Schroder Asian Income Maximiser, which will be managed by Richard Sennitt and Thomas See, on 1 June. It is the second product of this type to be launched by Schroders.
25/05/2010

RBS Coutts recruits a head for South Asia

The private bank from the Royal Bank of Scotland, RBS Coutts, has announced the recruitment of Ranjit Khanna as market head for non-resident Indians (NRI) and South Asia. He will be based in Singapore, and from June will report to Paul Davies, head of private banking for South Asia. Khanna was previously managing director for private banking at Banque Sarasin Alpen in Bubai, where he was responsible for the firm’s entry into the Indian market and the development of an activity serving the Indian diaspora in the Gulf region. Meanwhile, RBS Coutts has also recruited Nancy Lee as Asia head of human resources. She was previously at Goldman Sachs. She will be based in Hong Kong and will report to Nick Pollard, CEO of RBS Coutts Asia.
25/05/2010

Fitch puts Man Group on watch with negative implications

The ratings agency Fitch has announced that it has put its rating of “BBB+” for Man Group under negative watch, following the announcement of the firm’s planned acquisition of GLG Partners. The decision is largely related to execution risks in the integration of GLG Partners into Man Group. Fitch adds, however, that Man Group’s rating will not be likely to fall below investment grade.
25/05/2010

New head at Pioneer Germany

From July, John Burns will become the interim CEO of the German firm Pioneer Investments KAG (UniCredit group). Burns joined Pioneer 11 years ago, and since 2008 has been a member of the management team in Munich, in charge of operations, risk management, legal affairs and compliance. Burns replaces Dominik Kremer, who “resigned at his own initiative to take on new professional challenges outside Pioneer,” and who will be leaving the firm on 30 June. A spokesperson for Pioneer told cash-online that the decision is unrelated to UniCredit’s plans to sell its management affiliate. Kremer took his decision before UniCredit announced that it was studying “all strategic options” for Pioneer (see Newsmanagers of 14 May).
25/05/2010

Merck Finck now controlled by Hinduja

The Frankfurter Allgemeine Zeitung reports that the acquisition of the Luxembourg firm KBL European Private Bankers by Hunduja Group has put the German private bank Merck Finck & Co under the control of the Indian conglomerate. This will not result in any change in management, strategy or orientation at the firm, which has been in operation for 140 years, and which grew rapidly between 2002 and 2006, when its network expanded by two thirds, to a current total of 20 locations. When the von Finck family sold the bank to Barclays in 1999, Merck Finck was present only in Munich, Düsseldorf and Frankfurt.
25/05/2010

Santander Real Estate postpones sale of Banif Inmobiliario assets

In a notification to the CNMV on Friday, Santander Real Estate has announced that the liquidation of most of the assets of the real estate fund Banif Inmobiliario (EUR2.69bn), from which redemptions have been frozen since 4 March 2009, will come not in second quarter 2010 as initially planned, but in 2011 and the years following. The delay is due to the poor liquidity situation and depressed prices on the real estate market, which has led potential buyers of properties owned by the fund to offer prices which are viewed as unreasonably low by the management firm and its external advisers (CB Richard Ellis and Clifford Chance).
25/05/2010

S&P launches an international corporate bond index

Standard & Poor’s has launched the S&P International Corporate Bond Index, an investable index of public investment grade corporate bonds issued by non-U.S. issuers. Denominated in U.S. Dollars, the index is designed to provide exposure to international corporate securities and will measure the performance of corporate bonds issued in G10 currencies, excluding U.S. Dollars: Australian Dollar, Canadian Dollar, Danish Krone, Japanese Yen, New Zealand Dollar, Norwegian Krone, Swedish Krona, and Swiss Franc currencies.
25/05/2010

State Street wins a mandate from Norges Bank

The Norwegian government pension fund, Norges Bank, has awarded an administrative management mandate to State Street for the real estate allocation of its fund, totalling USD20bn. State Street won the contract following the recent acquisition of the specialised real estate administrator Mourant International Fund Administration.
25/05/2010

Janus plans to tie commissions to performance for eight more funds

Janus Capital Group is planning to introduce performance commissions for 10 of its mutual funds, according to MutualFundWire. Janus already applies performance commissions for 14 of its funds, out of a total of over 100. The new commission structure, which will be put up for a shareholder vote on 10 June, would apply to the Janus Forty Fund, Janus Fund, Janus Global Opportunities Fund, Janus Overseas Fund, Janus Twenty Fund, Aspen Forty Fund, Aspen Fund, Aspen Global Opportunities Fund, Aspen Overseas Fund and Aspen Twenty Fund. If the proposal is passed, Janus would charge set fees of 64 basis points per fund, plus a commission of up to 15 basis points depending on performance over a 36-month period.
25/05/2010

Legg Mason appoints successor to Bill Miller

Sam Peters, 40, head of research at Legg Mason, and manager of several small and midcaps funds, has been appointed as co-manager of the Legg Mason Value Trust (USD4.2bn), alongside star manager Bill Miller, 60. The Wall Street Journal reports that the management firm began notifying clients of the move two weeks ago. No date has yet been set for the retirement of Miller, whose fund had assets of USD21bn in 2006, after outperforming the US market for 15 years running. In 2007 and 2008, however, Miller bought shares in AIG, Wachovia, Bear Stearns and Freddie Mac, which resulted in losses of 55% in 2008.
25/05/2010

Bill Miller and Sam Peters (Legg Mason) have different top picks

The appointment of Sam Peters as co-manager of the Legg Mason Value Trust (USD4.2bn) alongside Bill Miller may have some repercussions on the composition of the portfolio, Expansión reports. Only one out of Peters’ 10 favourite shares, eBay, features on Miller’s list of top picks as of 31 March. The top three positions of the Legg Mason Special Investment Trust, managed by Peters, Assured Guaranty, Continental Airlines and KKR Financial Holdings, do not appear at all in Miller’s top 30 picks.
25/05/2010

Hedge fund managers prepare for toughening regulations

Directors of small US hedge fund management firms are rushing to find compliance directors and to prepare for the introduction of new regulations heralded by the SEC, which are expected to prove extremely costly, the Wall Street Journal reports. They have abandoned their position of accross-the-board rejection of new legislation, but their lawyers will now concentrate their efforts on ways to minimize the impact of the registration that will soon be required of them.
25/05/2010

ICI calls for changes to financial services reform bill

On Friday, the Investment Company Institute (ICI) published a position paper welcoming the passage by the US Senate of the financial services reform bill. However, the management firm association claims that the text still needs to be improved in order to avoid disadvantaging mutual funds (which manage USD12trn on behalf of 90 million subscribers). The association claims passages which subject mutual funds to impractical banking regulations should be removed, and that changes should be introduced to dissipate fears that mutual funds which hold debts issued by non-banking financial sector firms that undergo a liquidation ordered by the Federal Deposit Insurance Company (FDIC) would be treated differently than other shareholders with the same status, and that financial contracts such as repos would not be immediately executable.
25/05/2010

Galleon scandal: Mark Kurland sentenced to 27 months in jail

On Friday, Mark Kurland, one of the former partners at the hedge fund management firm New Castle Funds, became the first figure in the insider trading scandal centred on Galleon and its founder, Raj Rajaratnam, to be sentenced, the Wall Street Journal reports. Kurland received a firm 27-month prison sentence, two years of probation, and a fine of USD900,000, after pleading guilty in January to conspiracy and fraud under securities law, and for refusing to cooperate with investigators.
25/05/2010

Rose Ouahba (Carmignac Sécurité): “Our priorities are liquidity and capital protection”

In an interview with Juan Manuel Vicente of Lipper, published in Cinco Días, Rose Ouahba, manager of the Carmignac Sécurité fund (EUR5.1bn in assets) says that management of modified durations (between - 3 and + years) and allocation between public and private debt are the two most important tools used in the management of her fund, which has gone from a 15% exposure to corporate bonds as of the end of 2006 to 60-70% in the past few months. Currently, public debt in the portfolio is centred on German bonds and one French bond, which will mature this autumn. Currently, of corporate bonds in the portfolio, a large proportion are cyclical and financial sector businesses, but only senior debt. Carmignac Gestion is beginning to estimate that credit spreads are approaching their fair value, meaning that exposure has been reduced more recently. The search for performance in the future may lead to reductions in long positions on duration, in order to profit from falling returns via strategies using CDS with options on the US dollar.

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