Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
29/04/2010

Gartmore plays musical chairs

Gerry Harvey, head of compliance at Gartmore, has left the firm, Money Marketing reports. In the interim, the position will be occupied by David Young. Gartmore states that the departure of Harvey is not due to the United States SEC’s investigation of Gartmore and the related suspension of Guillaume Rambourg, who was recently suspended for infractions of the firm’s internal procedures. Rambourg has also returned to work at Gartmore once again, but as an analyst, Citywire reports. He will very soon rejoin the management team, once the British FSA has granted permission.
29/04/2010

JP Morgan Worldwide Securities Services wins a new contract

JP Morgan Worldwide Securities Services has won a contract to provide depository and related services for pan-European defined contribution retirement schemes advised by Hewitt Delegated Consulting Services. JP Morgan will provide depository services, transition management, accounting, performance measurement, FX, compliance, securities lending and fiduciary services to pension fund clients of Hewitt throughout Europe, of which three, representing more than EUR450m in assets under management, already use the services of JP Morgan.
29/04/2010

Singapore to toughen fund management regulations

The Monetary Authority of Singapore (MAS) has launched a consultation paper which will be open until 31 May, to consider plans to toughen rules for fund management, the Wall Street Journal reports. The MAS is considering tightening capital requirements for fund management firms, compulsory licensing, and requiring management firms to place client assets with a third-party custodian.
29/04/2010

Prudential Investments launches Prudential Jennison Market Neutral Fund

Prudential Investments this Wednesday announced the launch of the Prudential Jennison Market Neutral fund, which will be managed by Jennison Associates. The fund will aim for regular returns both in rising and falling markets. The market neutral strategy of the fund will include both long and short positions. The long portion of the portfolio, managed by Spiros “Sig” Segalas, David Kiefer and John Mullman, includes positions on growth and value equities, small and midcaps selected on the basis of fundamental research by Jennison. The short portion of the portfolio is composed with the assistance of a quantitative tool and supervised by Mehdia Mahmud and Jason McManus.
29/04/2010

JP Hambro CM launches an emerging markets fund

JP Hambro Capital Management (JOHCM) has announced the launch of the JPHCM Emerging Markets fund, an Irish-registered OEIC fund. It is managed by two newly-recruited managers at the firm, Emery Brewer and Ivo Kovachev, who joined JOHCM from Driehaus Capital Management last month. Assets in the fund will be capped to USD1.5bn, the firm states. The two managers will construct a portfolio composed of 60 to 90 positions, with a maximal weight of 5% each. The businesses in the portfolio will be selected from the Global Industry Classification Standard (GICS) list. A maximum of 30% of the portfolio will be allocated to firms active in sectors outside this classification. Front-end fees will total 5%, and management fees 1.5%. A performance commission of 15% will also be applied.
29/04/2010

Deka launches a bond fund with predictable returns

DekaBank (German savings banks) has announced the launch on 22 April of the Deka-RentSpezial Plus 2, a bond fund maturing on 31 March 2017 which will aim for returns which will be based on the Euribor 12-month inter-bank lending rate from the second year onwards, with a floor of 2.25%. The fund is therefore aimed primarily at investors who are seeking to profit from a rise in Euro zone interest rates, and those for whom a regular income flow is important. For the first year, the fund will pay returns of 3%. The fund is available in capitalisation and distribution versions. The German-registered fund will be invested primarily in corporate bonds from 25 issuers in various sectors who already have a well-established reputation on the market. If one of the issuers no longer meets the solvency standards of the manager, it will be replaced with another issuer of adequate standing.Characteristics Name: Deka-RentSpezial Plus 2 ISIN: DE000DK2CCW4 (distribution shares) DE000DK2CCX2 (capitalisation shares) Front-end fee: 1.75 % Management commission: 0.35 % Other fees: 0.12 % Initial value per share: EUR100
29/04/2010

Morgan Stanley launches an ETF share lending platform

The US-based investment bank Morgan Stanley has created a securities lending service for ETF funds which will make it possible to open short positions on 51 funds from the major European asset management firms, Funds People reports. This is a first on the European market, although this type of possibility has existed in the United States for some time. The initiative originates with the cooperation of Morgan Stanley with the British platform Source.
29/04/2010

MPC Capital adopts product sheet format

The closed fund management firm MPC Capital, which has recently completed a capital increase to pay off creditors, has announced that it will be introducing the product sheet format which has been recommended by the federal ministry of food, agriculture and consumer protection since July 2009. The informational document provides a brief and comprehensible presentation of the main characteristics of the product, which will allow investors to compare it with other products. The first product sheet will accompany the new closed real estate fund MPC Holland 71, which is in a subscription phase. MPC Capital is apparently the first German promoter of closed funds to adopt a product sheet formula. Meanwhile, MPC has announced that it will publish short reports on the activity of various funds of the range.
29/04/2010

Profits down at Morningstar

Morningstar Inc. on Wednesday declared net profits for first quarter of USD20.2m (USD0.40 per share), compared with USD25m, or USD0.51 per share in the corresponding period of 2009, on earnings of USD1128.3m (+9.9%). Operating profits fell 10.6% to USD30.9m. Morningstar states that, excluding acquisitions (for USD9.7m) and currency effects (+USD3.7m), earnings fell by 1.6%. Personnel at the business as of 31 March totalled 2,760 worldwide, compared with 2,600 three months earlier, and 2,370 one year previously. Operating margins fell to 24.1% in January-March, from 29.7% in the corresponding period of 2009, due to increased spending on sales and marketing and increased overall costs including bonuses and commissions paid.
29/04/2010

Profits up strongly at Franklin Templeton year on year

For Q1-10, which is the second quarter of its fiscl year, Franklin Resources (Franklin Temleton Investments) posted net profits of USD356.7m, on earnings of USD1.41bn, compared with USD355.6m on earnings of USD1.38bn in October-December. In the corresponding quarter of 2009, net profits totalled USD110.8m, on earnings of USD912.3m. Operating profits fell to USD461.1m, from USD467m in the previous quarter. Operating profits fell to USD461.1m from USD467m the previous quarter, but compare with USD223.3m in January-March 2009. Total assets as of the end of March came to USD586.8bn, compared with USD553.5bn as of the end of December, and USD391.1bn twelve months previously. Assets in equities represented 45% of the total as of 31 March, compared with 36% for bonds, while the remaining 19% were in hybrid and other assets. Net inflows totalled USD17.4bn in first quarter 2010, compared with USD14.3bn in October-December, and net redemptions of Usd5.5bn in January-March 2009.
29/04/2010

Management fees for equities funds have halved in 20 years

Though they averaged 1.98% in 1990, average management fees for equities funds in the United States have fallen to 0.99% as of 2009. A study by the Investment Company Institute has also found that in the same period, management fees fell 60% for bond funds (to 0.75% on average from 1.89%), and nearly 40%, to 0.34%. For money market funds, average management fees fell 4 basis points last year compared with the 38 points observed in 2008. Average fees for funds of funds fell for the fourth consecutive year in 2009. They totalled 0.91, compared with 0.92% in 2008, and 1.01% in 1999.
29/04/2010

A new Madoff-style fraud uncovered in Denver

High net worth investors in the Denver region appear to have been victims of a Ponzi pyramid scheme similar to the Madoff scandal, which is reported to have been orchestrated by a little-known hedge fund manager, the Wall Street Journal reports. The Securities Commissioner of Colorado has been granted a court order to freeze the assets of Mueller Capital Management, whose head, Sean Mueller, is said to have defrauded more than 30 investors, including three who gave him more than USD20m each.
29/04/2010

Société Générale closes down Euro-VL in Spain

Expansión reports that Société Générale has informed clients that it is shutting down its custodial activities in Spain, which were operated by Euro-VL. The closure will take place in fourth quarter 2010. The firm’s withdrawal from the Spanish market is due to a decline in assets under custody and Euro-VL’s limited penetration into the local market.
29/04/2010

BBVA: Profits up for wholesale banking and asset management division

In first quarter, net profits at BBVA have risen 0.2`% to EUR1.24bn, of which EUR284m, compared with EUR236m, come from the Wholesale Banking & Asset Management division. The cost/income ratio has held stable at 40%. In asset management, the Spanish group states that earnings increased 23.9% in January-March 2009, to EUR41m. As of 31 March, assets were down slightly, by 1.8%, compared with their levels twelve months earlier, at EUR49.3bn, of which EUR31.9bn were in investment funds, and EUR17.4bn in Spanish pension funds (+9.8%).
29/04/2010

Barclays launches first ETN based on VStoxx

The iPath Vstoxx Short-Term Futures Total Return ETN, recently launched by Barclays Bank on the Xetra electronic platform from Deutsche Börse, is the first product to allow investors to participate in the evolution of volatility on the European equities markets, the Börsen-Zeitung reports. The iPath product range now includes 9 ETN funds based on commodities and 3 products based on volatility indices. The ETN segment of Deutsche Börse lists 14 ETN funds based on volatility, currency and equities indices.
29/04/2010

Independent wealth managers favour equities

A survey by the VuV association of independent wealth managers in Germany (52 members out of 191 responded) has found that professionals are currently recommending that their clients invest in equities funds (87%) and directly in equities (85% for large caps, 79% for small caps). 79% also recommend that they invest in commodities, while 69% recommend corporate bonds. But 58% advise against hedge funds, which lost much of their credibility during the crisis, says Günter T. Schlösser, chairman of the board at VuV, while 58% recommend avoiding investment in money market funds, and 48% are disinclined to recommend investment in private equity. In geographical terms, respondents to the survey prefer Asia ex Japan (92%) and the BRIC countries (85%).
29/04/2010

Sustainable investment forum signs up new members

The most recent edition of the newsletter of the German sustainable investment forum (Forum Nachhaltige Geldanlagen, or FNG) states that new members have signed up to the association. They include the asset management firms Aquila Capital, HSBC Global Asset Management (Deutschland), LGT Capital Management, and Union Investment Institutional.
29/04/2010

F&C acquires Thames River Capital

The British management firm F&C has acquired its competitor Thames River Capital. The sale, for an estimated GBP53.6m, or EUR62m, is expected to be completed in third quarter this year, and is a sign that the management firm has ambitions to become a multi-specialist business. An initial payment of GBP33.6m has already been made, and a further GBP20m will be paid if Thames River Capital achieves certain profit objectives in 2011 and 2012. F&C will finance the acquisition through a capital increase, as well as from cash reserves and credit.
29/04/2010

Amerimar buys a London hotel from NHH

The US investment fund Amerimar Enterprises has acquired the largest London hotel owned by NH Hoteles (NHH), the St Ermin’s hotel in Westminster (275 rooms), for GBP675m. The US asset management firm may now contract out the management of the hotel to Sheraton, Expansión reports.
29/04/2010

La BCE peut-elle sauver l'Europe ?

L’hystérie collective a de nouveau frappé les marchés financiers. Le coût de refinancement à deux ans de la dette grecque a bondi de 1.500 points de base sur les sept derniers jours. Un quart de cette dette devant arriver à maturité d’ici deux ans, la charge d’intérêt explose et conduit les agences à abaisser la notation, en «junk» désormais chez S&P. Si les autres agences suivent, elles risquent de déclencher un sell-off général puisque les banques européennes ne pourront plus se refinancer avec les papiers grecs auprès de la BCE et la plupart des fonds et assureurs ne peuvent pas conserver de titres non «investment grade» dans leur portefeuille. Encore faudra-t-il trouver un acheteur…
28/04/2010

Mirabaud recrute deux professionnels chez Gaeco

Pierre G. Sciarrino, l’ancien responsable du bureau de Mirabaud à Monaco qui est devenu directeur général de la banque privée chez Mirabaud Finanzas, a recruté deux collaborateurs issu de GVC Gaesco, dont l’ancien directeur général, Tomás Termens, et Javier Torres, un des membres de son équipe, rapporte Expansión. Ces recrutements font suite à la prise d’une participation de Mirabaud dans Venture Finanzas (lire nos articles des 25 novembre 2008 et 9 avril 2010).
28/04/2010
Fonds

Petercam fait enregistrer son fonds de govies "vert"

Petercam Institutional Asset Management a obtenu mardi le feu vert de la CNMV pour enregistrer le fonds d’obligations gouvernementales «durable» Petercam L Bonds Government Sustainable, ce qui porte à 18 le nombre de produits bénéficiant d’un agrément de commercialisation en Espagne.Désormais, toute la gamme luxembourgeoise du gestionnaire belge est enregistrée en Espagne et elle couvre aussi bien les obligations d’entreprises, le haut rendement et les titres d’Etat que l’immobilier et les portefeuilles actions «cœur» et «satellite».
Fonds
28/04/2010
Fonds

Ahorro Corporación lance un fonds garanti lié à 4 grandes valeurs espagnoles

Ahorro Corporación Gestión a annoncé lundi le lancement du fonds garanti AC Selección Acciones Garantizado. La période de commercialisation sera close le 26 mai.Avec échéance au 5 janvier 2013 qui garantit 100 % du capital et un rendement qui sera fonction de l'évolution d’un panier d’actions comprenant les tigres de Telefónica, du Santander, de Repsol et d’Iberdrola, ce rendement étant plafonné à 9,89 %. La souscription minimale initiale sera de 60 euros. Les commissions de gestion et de dépôt s'élèvent à respectivement 1 % et 0,05 %. Les souscriptions effectuées durant la période de garantie seront penalices de 5 % et les sorties anticipées, hors remboursements anticipés, de 2 %.Si, à chaque date d’observation annuelle, toutes et chacune des actions du panier atteignent ou dépassent 100 %, 110 % ou 120 % de la valeur initiale, les souscripteurs percevront un montant en numéraire de 3 %, 5 % ou 10 %, respectivement, par le biais du remboursement obligatoire de titres.
Fonds
28/04/2010

La Caixa Banca Privada s'associe aux designers de mode

La Caixa Banca Privada a signé un accord exclusif de coopération avec l’Association espagnole des créateurs de mode (ACME) qui permettra à ses clients de la banque privée de bénéficier d’avantages (dont une carte de fidélité ouvrant droit à des rabais) et de promotions exclusives dans le domaine de la mode. Cet accord prévoit aussi, en collaboration avec la Fondation La Caixa, la formation et l’intégration de personnes en danger d’exclusion sociale dans certains ateliers de designers affiliés à l’ACME ainsi que la mise à disposition de ces designers d’un conseil financier personnalisé.L’encours de La Caixa Banca Privada s’est accru l’an dernier de 21,5 % pour atteindre 40,98 milliards d’euros.
28/04/2010

Lombard Odier fait agréer une filiale de gestion en Espagne

Le suisse Lombard Odier est sur le point d’obtenir le feu vert de la CNMV pour le démarrage des activités d’une filiale de gestion de fonds et de sicav en Espagne, rapporte Expansión. Cette filiale a pour directeur des investissements Claudio Ortea assisté de Paula Caruana, qui gérera des portefeuilles et des sicav et qui vient de passer 10 ans chez BBVA Asset Management.

Sujets d'actualité

Tous les sujets