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20/05/2010

Commissions continue to fall

In 2009, the average commissions earned by Spanish funds fell to 0.90%, compared with 0.97% in 2008, and 1.68% fifteen years ago, according to the Inverco association of management firms. On the basis of a figure of EUR160bn in assets, this means that revenues from commissions arithmetically diminished last year by 7.2% to EUR144m.
20/05/2010

Assets up at Impax

Impax, the AIM quoted specialist investment manager dedicated to the environmental markets sector, has announced its interim results for the six month period ended 31 March 2010. Assets under management and advisory increased 40 per cent from GBP1,263 million on 30 September 2009 to GBP1,767 million on 31 March 2010 and rose further to GBP1,909 million by 30 April 2010. Revenue in the first half of the year increased to GBP6.31 million. This compares favourably to revenue for the same period last year of GBP4.50 million (plus GBP0.95 million of exceptional, non-recurring fees). Unaudited profit before tax in the first half was GBP1.67 million, compared to profit for the same period last year of GBP1.02 million (plus GBP0.52 million from exceptional, non-recurring fees).
20/05/2010

Alistair Campbell joins Fidelity

The former head of product marketing, development and communications at Invesco Perpetual, Alistair Campbell, who left his job last year to set up a venture of his own, will become head of UK retail marketing at Fidelity International on 1 June, Money Marketing reports. He will report to Gary Shaughnessy, UK managing director, and will aim to develop IFA clients and wholesale distribution for FundsNetwork and the Fidelity fund product range.
20/05/2010

Barry AM recruits Jamie McLeod

On Wednesday, Barry Asset Management (GBP650m in assets) has announced that Jamie McLeod will become CEO on 1 September, replacing Jamie Berry, who will become chairman. McLeod, former CEO of Skandia Investment Group (SIG) until September 2009, will also acquire 20% of Berry AM from the Swiss private bank Bordier & Cie.
20/05/2010

Profits and assets up at Eaton Vance

In the half to 30 April, Eaton Vance Corp has announced net profits of USD97.53m, compared with USD52.27m in the corresponding period of last year. Assets under management totalled USD176.2bn, which represents a 9% increase over the total of USD161.6bn as of the end of January, and 39% up on the end of April 2009 (USD127.24bn). Of this total, separate accounts represented USD66.6bn. As of 30 April 2010, assets in equities funds represented USD61bn, while bond funds came to USD29.4bn. Net subscriptions in the quarter to the end of April totalled USD5.3bn, compared with USD3bn in the quarter to the end of January, while net inflows totalled USD0.8bn in the corresponding period of last year.
20/05/2010

Korea Investment Corp scales up allocation to alternative assets

The South Korean sovereign fund, the Korea Investment Corporation (KIC), is planning to increase its allocation to alternative investments to 20% of its portfolio, from 7% currently. Asian Investor reports that the chief investment officer at KIC, Scott Kalb, estimates that “we are at the beginning of a positive cycle in distressed debt,” particularly in real estate, credit, and private equity. Last year, the fund earned returns of 18.7%, but it lost 13.7% in 2008. Since its launch in 2005, the fund has earned gains of 12%. KIC will initially go overweight in venture capital and LBO.
20/05/2010

SG Private Banking adds to wealth management staff in France

Société Générale Private Banking has announced the opening of two new regional centres in Strasbourg and Rennes. The centres, located at 29 boulevard Tauler in Strasbourg and 14 rue Le Bastard in Rennes, will be directed by Benoît Teutsch and Frédéric Largeron, respectively. Société Générale Private Banking has been present in the French provinces since 2008, with offices in Bordeaux, Lyon and Marseilles, and in Lille since 2009. Société Générale Private Banking will offer assistance to executives, entrepreneurs and those in the liberal professions in the sale or transmission of their businesses, and will also offer them high-end services. It will also offer high net worth clients located in the provinces access to the full range of investments and financial services.
20/05/2010

Allianz Europeanises its asset management activities

Alongside its two major global platforms, Pimco for bonds and RCM for equities, Allianz Global Investors has built up two regional organizations: one for the United States, entitled Allianz GI Capital (including Nicholas Applegate, NFJ and Oppenheimer Capital), and one for Europe, entitled Allianz Global Investors Investments Europe, including management firms in France (59 investment professionals, EUR72bn in assets) and Italy (36 professionals and EUR36bn in assets). The entity has been functioning in practice for six months, but AGI has preferred to perfect its system before unveiling it. The new structure, with Giovanni Bagiotti as CEO, will later be joined by other, smaller European affiliates, Switzerland, with a specialty in Swiss bonds, has EUR10bn in assets, while Austria is oriented to the emerging markets of Europe, and has EUR5bn under management, a size similar to that of the Netherlands, while Spain has EUR3bn to EUR4bn, according to Michel Haski, a member of the executive board at AllianzGI Europe Holdin, and CEO of AllianzGI France. The alternative management affiliate may be sold off. SRI capacities will be scaled up. This discipline represents EUR5bn in assets, of which EUR1bn is in the former AGF product Valeurs Durables.
20/05/2010

Danish fund ATP excludes Nissan from its investment universe

In its very first report on socially responsible investment (2009), the Danish pension fund ATP has announced that it is excluding Nissan Motor from its investment universe, due to its sale of weapons in Sudan via a joint venture with the Chinese firm DongFeng Motor. The social responsibility committee at ATP decided to exclude the firm in May 2009. The Chinese businesses DongFeng Motor and DongFeng Automotive are also excluded, as is Hyundai Motor, due to corruption allegations.
20/05/2010

CESR proposes harmonised classification system for money market funds

The Committee of European Securities Regulators (CESR) on 19 May published its recommendations for harmonised classifications of European money market funds. The recommendations aim to improve investor protection and to define applicable criteria for all funds applying to be labelled as money market funds at sale, with at least two requirements: invested capital must be protected, and withdrawals must be allowed on a daily basis. As several professional associations have sought, the CESR has divided the classification of money market funds into two major categories: short-term money market funds and money market funds. The former category of funds will invest in assets with a residual duration of less than 397 days, with a weighted average maturity (WAM) of a maximum of 60 days, and a weighted average life (WAL) of no more than 120 days. For “longer-term money market funds” (by the CESR terminology in a previous consultation), the respective maturities would be two years, six months, and twelve months. The CESR adds that for the two categories of funds, specific information materials would clearly explain the consequences of investment in this type of fund. The recommendations would come into force at the same time as the UCITS directive, on 1 July 2011, with a transitional period to allow for the adjustment of existing portfolios.
20/05/2010

Conversions of money market funds boost SRI market

The market of French resident SRI investors has grown from EUR30bn as of the end of 2008 to nearly EUR51bn as of the end of 2009, an increase of 70%. According to Novethic, which publishes the statistics, this is a “spectacular” rate of growth, higher than in previous years (+37% in 2008, and +30% in 2007). However, this growth of EUR21bn comes largely from conversion of traditional funds, many of them money market funds, to SRI (with these conversions accounting for EUR7.8bn). Inflows to SRI Sicav funds, for their part, came to EUR3.4bn, compared with EUR2bn in 2008. More than half of these inflows went to equities funds. The remainder of growth in assets comes from new institutional management mandates, an increase in internally managed assets, and positive market effects. The other remarkable fact in the year 2009 is a large increase in retail investors. Assets from retail savers rose 111% to EUR15.6bn. Novethic says “this sudden development reveals, on the one hand, the efforts of major banking and insurance networks, which are beginning to sell SRI products to this type of investors, largely via life insurance policies, and on the other hand, growth in SRI employee savings, which have nearly doubled between 2008 and 2009, to EUR6.5bn.”
20/05/2010

PowerShares preparing a corporate bond ETF

Invesco PowerShares on Tuesday submitted an application to the SEC for a license for a corporate bond ETF replicating the S&P International Corporate Bond index. The product, which charges 0.50% fees, should be launched in two months’ time, under the name PowerShares International Corporate Bond Portfolio. It will be managed by Peter Hubbard, Philip Fang and Jeffrey Kernagis.
20/05/2010

Pax World launches three ETFs that comply with ESG standards

Pax World Management on Wednesday announced the launch of its ETF range entitled ESG Shares, including products which rely solely on a sustainable development approach, and replicate indexes which integrate ESG (environmental, social and governance) factors. The first of these products, ESG Shares® North America Sustainability Index ETF (acronym NASI), was launched on 19 May. It replicates the FTSE KLD North America Sustainability index, which includes American and Canadian firms with higher-than-average ESG performance according to ratings by KLD Research & Analytics. It charges fees of 0.50%. The fund will be followed on Friday, 21 May by the ESG Shares® FTSE Environmental Technologies (ET50) Index ETF (ETFY), and will replicate the FTSE ET50 index of the 50 largest purely environmental firms worldwide. Lastly, on 25 May, Pax World will launch the ESG Shares® Europe Asia Pacific Sustainability Index ETF (EAPS), replicating the FTSE KLD Europe Asia Pacific Sustainability index. The two funds will charge management commissions of 0.55%. The portfolio manager for all three products is Chris Brown, CIO of Pax World.
19/05/2010

BlackRock joue à fond la carte des emprunts privés

Selon L’Echo, l’engouement pour les emprunts d’entreprise à haut rendement est tel que BlackRock, le plus grand gestionnaire d’actifs à revenu fixe, vient de créer une filiale qui devrait permettre à ses gérants d’accéder directement, et donc à moindre coût, aux nouvelles émissions d’obligations d’entreprises. L’année passée, il a acheté et vendu, pour le compte de ses clients, plus de 3.400 milliards de dollars d’obligations.
19/05/2010

BNP Paribas acquiert une société de conseil en fusions-acquisitions

BNP Paribas a annoncé mardi 18 mai l’acquisition de Hill Street Capital LLC, une société de conseil en fusions-acquisitions créée à New York en 2001 par John Brim et Lorenzo Weisman. L’effectif de Hill Street Capital LLC d’une dizaine de professionnels rejoint celui des équipes de Corporate Finance de BNP Paribas aux Etats-Unis. Lorenzo Weisman est nommé Head of Corporate Finance de BNP Paribas pour l’Amérique et John Brim, Head of Corporate Finance Energy and Commodities pour l’Amérique du Nord. Lorenzo Weisman est rattaché à Philippe Meunier, responsable adjoint de Corporate Finance à Paris et à Everett Schenk, responsable de BNP Paribas aux Etats-Unis, rapporte un communiqué de la banque.
19/05/2010
Fonds

Modifications sur des fonds communs de DWS

Dans un avis financier paru dans Les Echos, DWS informe les porteurs de parts de fonds communs de placement DWS Energiefonds, DWS Inrenta et DWS US Aktien Typ O de certaines modifications qui entreront en vigueur le 1er juillet prochain.DWS Energiefonds : – nouvelle dénomination : DWS Energy Typ O– suppression des droits d’entrée– hausse des frais forfaitaires à 1,70 % p.a.– introduction d’une commission de performance– nouvel indice de référence : FT Global Energy Index– nouvelles modalités de souscriptions/rachats : heure limite de passation des ordres en France : 15 H , souscriptions/rachats à cours inconnu Les porteurs de DWS Energiefonds peuvent procéder au rachat sans frais de leurs parts jusqu’au 24 juin 2010. DWS Inrenta– nouvelle dénomination : DWS Euroland Strategie (Renten)Les porteurs de DWS Inrenta peuvent procéder, jusqu’au 24 juin 2010, au rachat sans frais de leurs parts ou à un échange de leurs parts contre les parts d’un autre fonds de la société DWS Investment GmbH, dont la stratégie d’investissement est similaire, sans droit d’entrée et sans frais d’échange. DWS US Aktien Typ O– nouvelle dénomination : DWS US Equities Typ O
Fonds
19/05/2010

Nomination chez State Street Global Advisors

State Street Global Advisors (SSgA) a annoncé, mardi 18 mai, le recrutement de Lynn Blake au poste de directrice du pôle de Gestion indicielle actions. Elle succèdera à Paul Brakke qui doit prendre sa retraite à compter du 31 décembre 2010 et rapportera à Rick Lacaille, directeur mondial de la gestion d’actifs, précise un communiqué. Agée de 45 ans, Lynn Blake a rejoint SSgA en 1987, où elle a exercé différentes fonctions de direction. Dernièrement, elle occupait le poste de responsable du Groupe des produits structurés pour les marchés non-US. Elle a également été gérante de plusieurs portefeuilles non-US de gestion indicielle actions.
19/05/2010

Nomination chez BNY Mellon Wealth

BNY Mellon a annoncé la nomination de Lawrence Hughes au poste de chief executive officer de BNY Mellon Wealth Management. Lawrence Hughes est rattaché à Robert Kelly, chaiman et chief executive officer de BNY Mellon.Lawrence Hughes, qui travaille chez BNY Mellon depuis près de vingt ans, remplace David Lamere qui a présenté sa démission.
19/05/2010

Hausse de l'encours de Franklin Resources

A fin avril, l’encours total de Franklin Templeton Investments ressortait à 602,5 milliards de dollars contre 586,8 milliards un mois plus tôt et 553,5 milliards fin 2009 et 421 milliards douze mois plus tôt.Sur le total de fin avril, les fonds d’actions représentaient 264,6 milliards de dollars contre 255,8 milliards en fin d’année dernière et 192 milliards au 30 avril 2009 tandis que les diversifiés atteignaient 109,4 milliards contre 104 milliards au 31 décembre et 80,1 milliards douze mois auparavant. Les actifs obligataires se situaient à 222,6 milliards de dollars contre 187,6 milliards quatre mois auparavant et 140,5 milliards au 30 avril de l’an dernier.
19/05/2010

Départ d'un des cadres de Moody's

L’Agefi annonce le départ de Pierre Cailleteau, qui dirigeait le groupe risque souverain de l’agence de notation Moody’s. Selon la société, le responsable part de son propre chef, sans en préciser les motifs.
19/05/2010
Fonds

Warren Buffett met de l'ordre dans son fonds

L’Agefi rapporte que Warren Buffett procède à la remise en ordre du portefeuille de sa holding d’investissement Berkshire Hathaway. Ses participations dans les asureurs santé et compagnie d’assurances sont allégées ainsi que dans des grandes entreprises comme l’alimentaire Kraft Foods dont il considère la cession du segment «pizzas» à Nestlé d'«opération idiote».Il a par ailleurs allégé ses positions dans le groupe pétrolier ConocoPhillips et dans le groupe de pharmacie et de produits d’hygiène personnelle Johnson&Johnson. Ces multiples cessions d’actifs doivent contribuer au financement d’opérations de grande ampleur. Il lorgne notamment l'étranger et effectuera des voyages en Inde et au Japon l’an prochain en quête d’opportunités, précise le quotidien.
Fonds
19/05/2010
Fonds

Une opération de LBO de 15 milliards capote

La Tribune rapporte que les discussions engagées en vue d’un rachat par les fonds Blackstone , TPG Capital et Thomas H. Lee Partners, du spécialiste du traitement des opérations de paiement Fidelity national information services ont été interrompues. L’opération portait sur 15 milliards de dollars.
Fonds
19/05/2010

Quatre gérants de LODH rejoignent IMC AM

Selon Citywire, une équipe de gérants crédit de Lombard Odier Darier Hentsch (LODH) a quitté la société pour rejoindre IMC asset management, une boutique néerlandaise spécialisée dans l’obligataire. Il s’agit de Rodrigo Araya, d’Oscar Jansen, de Robert Manning et de Henk Wiersman.
19/05/2010
Fonds

Sabre lance une version Ucits de son fonds d'arbitrage

Sabre Fund Management devrait lancer courant juillet un fonds au format OPCVM III qui donnera pour la première fois accès à sa stratégie equity market neutral, le Sabre Style Arbitrage Fund. Depuis son lancement en 2002, ce fonds a dégagé un rendement annuel de 8,2%.Le fonds, qui fera ses choix d’investissement dans un univers de 1.500 sociétés, a un objectif de rendement compris entre 8% et 12% par an.
Fonds
19/05/2010
Fonds

Matrix lance son premier fonds Ucits III

Matrix Group va lancer le Matrix Asia Ucits Fund, l’un des très rares fonds long/short equity panasiatiques, qui sera géré par Rupert Foster qui pilote des fonds long/short asiatiques depuis seize ans.Le fonds sera exposé aux marchés actions asiatiques, entre autres la Chine, le Japon, la Corée, Hong Kong, Taiwan, l’Australie et Singapour.
Fonds

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