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26/03/2010
Fonds

Amundi ETF veut lancer 50 ETF en Italie

Amundi ETF a comme objectif de coter jusqu'à 50 produits en Italie d’ici à la fin 2010, peut on lire dans un article de Soldi publié sur le site Internet italien Bluerating. Début mars, la société a lancé 15 nouveaux produits actions.
Fonds
26/03/2010

Forte hausse du bénéfice et des encours de Mediolanum

Pour 2009, Banca Mediolanum déclare un bénéfice net de 217 millions d’euros en hausse de 66 % sur le proforma de 2008 où le le bénéfice net tenant compte de l’impact de l’affaire Lehman s'était en fait chiffré à 24 millions d’euros. Le bénéfice avant impôt a gonflé de 56 % à 258 millions d’euros.Les souscriptions nettes ont opéré un bond en avant de 177 % sur 2008 pour ressortir à 6,93 milliards d’euros, ce qui constitue un record historique. L’encours a augmenté de 37 % l’an dernier pour ressortir à plus de 40,39 milliards d’euros.En ce qui concerne le marché italien, en tenant compte de 50 % de Banca Esperia, le bénéfice net s’est accru de 55 % à 224 millions d’euros et l’encours a augmenté de 38 % pour atteindre 38,53 milliards d’euros fin décembre. Pour Banca Mediolanum, les souscriptions nettes ont bondi de 122 % à 5.795 millions d’euros, la collecte nette dépargne gérée ressortant à 1,99 milliard d’euros (+ 101 %), dont 57 % pour des produits actions.En Espagne, 2009 s’est soldé par une perte de 0,1 million contre 6,3 millions, mais Fibanc Mediolanum a affiché un bénéfice de 0,5 million. Pour l’Allemagne, la perte est demeurée équivalente à celle de 2008 avec 6,8 millions d’euros, les activités conservées de Bankhaus August Lenz accusant une perte de 7,6 millions d’euros.Au total, les filiales bancaires étrangères du groupe affichaient fin décembre un encours de 1,86 milliard d’euros, ce qui représente une hausse de 13 % en un an.
26/03/2010

La Banque cantonale de Genève veut se développer en Asie

Minuscule par rapport aus géants de la finance suisse, la Banque cantonale de Genève (BCGE), qui comme la plupart des autres banques cantonales suisses, a été largement épargnée par la crise si ce n’est pour profiter de la fuite vers la qualité avec des apports de capitaux sans précédent, veut se développer à l’international, notamment en Asie.La BCGE a ainsi ouvert un bureau à Hong Kong le 1er janvier dernier, selon Asian Investor. La banque envisage également d’ouvrir une antenne à Dubai.
26/03/2010

Morningstar acquiert un spécialiste de la recherche actions

Morningstar Australasia, la filiale australienne du groupe Morningstar, a annoncé le 24 mars l’acquisition de la société Aegis Equities Research, qui produit notamment de la recherche indépendante sur les actions de plus de 200 sociétés cotées sur l’ASX. La transaction, dont le prix n’a pas été divulgué, devrait être bouclée dans les prochaines semaines.
26/03/2010

SEB AM preparing a “soft” version of its Asset Selection funds

Barely two months after registering its UCITS III absolute performance fund in Spain, the SEB Asset Selection fund managed by Hans-Olov Bernemann, SEB Asset Management is preparing to launch a more defensive version of the product in the very near future, says Daniel Rubio of Capital Strategies, the firm which represents SEB AM in Spain. The new product will aim for average volatility of only 5%, down from the 10% of the original fund, Funds People reports.
26/03/2010

Sovereign funds to increase risk exposure

Sovereign funds, which have accumulated more than USD3.5trn in assets worldwide, now have cash allocations that are not doing anything for them. They are thus planning to make a further increase in their allocation to higher risk investments, but their investments will be for far lower amounts each, and far more diversified. In addition, says Bernard Eschweiler, senior economic advisor for the German independent investment bank Silvia Quandt & Cie AG, the centre of gravity for these investments will move from industrialised countries towards emerging markets, and from financial institutions to infrastructure and alternative energies. According to the study by Eschweiler, sovereign funds in 2008-2009 lost nearly 15% of their assets, while incoming amounts fell due to the recession and the falling price of oil. However, even at a more moderate rate of growth, assets will probably exceed USD6trn in five years.
26/03/2010

Strong rise in profits and assets at Mediolanum

In 2009, Banca Mediolanum has announced net profits of EUR217m, up 66% on the pro forma results for 2008, when net profits including the impact of the Lehman collapse came in at EUR24m. Pre-tax profits are up 56%, to EUR258m. Net subscriptions rose 177% compared with 2008 to total EUR6.94bn, which represents an all-time high. Assets increased 37% last year, to total more than EUR40.39bn. In terms of the Italian market, including the group’s 50% stake in Esperia, net profits increased 55% to EUR224m, and assets increased 38%, to a total of EUR38.53bn as of the end of December. For Banca Mediolanum, net subscriptions rose 122% to EUR5.795bn, while net inflows to managed accounts totalled EUR1.99bn (+1.01%), of which 57% went to equities products. In Spain, 2009 saw losses of EUR0.1m, compared with losses of EUR6.3m the previous year, but Fibanc Mediolanum earned profits of EUR0.5m. In Germany, losses remained similar to those in 2008, at EUR6.8m, while activities retained at Bankhaus August Lenz brought losses of EUR7.6m. In total, foreign banking affiliates of the group as of the end of December had assets of EUR1.86bn, which represents a 13% increase in one year.
26/03/2010

Amundi ETF plans to list 50 funds in Italy

Amundi ETF is planning to list up to 50 products in Italy by the end of 2010, an article from Soldi published on the Italian website Bluerating states. In early March, the firm launched 15 new equities products.
26/03/2010

DWS to use ETFs for target-date funds

In an SEC filing dated 17 March, DWS Investments (Deutsche Bank) has announced that from May, the equities portion of its target-date funds in the Target range (2011, 2012, 2013 and 2014) will be largely invested in large and liquid ETF funds.
26/03/2010

Tressis advising its first UCITS III compliant FoHF

Tressis is in the process of registering its first UCITS III compliant fund of hedge funds, which it advises and which is offered by Merchant Capital, for sale in Spain, Funds People reports. The Merchant European Equity Fund, which offers daily NAV, will include 20 long positions and 20 short positions (via CFD), applying a market neutral approach to a long/short equities strategy trading in shares of the DJ Eurostoxx 600 index. The objective of the fund, which will be offered in Spain by Tressis and in the rest of Europe by Merchant Capital, will be returns of 12%, with volatility of under 6%.
26/03/2010

Biotech funds top performance tables

Six out of the ten funds on sale in Spain with the best returns since the start of this year are products which invest in biotech firms. The product from Dexia has gained 37%, while the DWS product has gained 26%, and the UBS fund 25%, Cinco Días reports. However, the asset management firms point out that the volatility of these funds may be higher than the average for equities funds.
26/03/2010

C-Quadrat to launch ETF funds

In a press statement, the Austrian-German management firm C-Quadrat has announced that it is planning to add a range of ETF funds, entitled iQ Products, to its offerings. The funds will represent a new generation of ETFs which limit the risk of losses. The issuer of the first iQ ETF is Commerzbank. The products of the range will be unveiled in mid-April.
26/03/2010

Morningstar acquires an equities research specialist

Morningstar Australasia, the Australian affiliate of the Morningstar group, on 24 March announced the acquisition of the firm Aegis Equities Research, which produces independent research into equities from more than 200 firms listed on the ASX. The acquisition, for an undisclosed price, will be completed in the next few weeks.
26/03/2010

Cantonal Bank of Geneva seeks to develop in Asia

The Cantonal Bank of Geneva (BCGE), minuscule compared with the giants of Swiss finance, and which, like most other Swiss cantonal banks, has been largely spared from the crisis, and even profited from a wave of capital in search of higher quality, is now planning to develop its international presence, particularly in Asia. The BCGE opened an office in Hong Kong on 1 January of this year, Asian Investor reports. The bank is also planning to open a Dubai office.
26/03/2010

Guy Wyser-Pratte denounces limited partnership tactics of Lagardère at Poussielgue group

The French-American financier Guy Wyser-Pratte has denounced the law of limited partnership of shareholders which allows Arnaud Lagardère to completely control his group Poussielgue with only a 10% stake in its capital, Les Echos reports. He claims that the partnership has a negative impact on the value of shares. He is seeking a place on the supervisory board of the group, and to reform the group’s statutes.
26/03/2010

Madoff: UBS faces Paris courts

Les Echos reports, citing AFP, that UBS has been summoned before the Paris courts on charges of defrauding 80 investors who lost money they had invested in the Luxembourg-registered fund Luxalpha, which was offered for sale by the bank, and which invested in companies operated by Bernard Madoff. The investors accuse UBS of having presented Luxalpha as a low-risk investment, and of having neglected its responsibilities as a manager and depositary for the product, which funnelled investments to the firm of the frauster Madoff without informing clients. The savings investors, who lost all of their investments in Luxalpha, have “strong grounds to seek reparation for the prejudice they suffered as a result of the deception of which they were victims and of the serious errors committed by UBS,” says the summons, of which a copy was obtained by AFP.
26/03/2010

SEC probes use of derivatives by funds

The Wall Street Journal reports that the SEC has announced that it has launched a review into the use of derivatives by mutual funds, exchange-traded funds and other investment companies. The review effectively means that any new or pending exemptive requests under the Investment Company Act submitted by ETF management firms that are seeking to heavily invest in derivatives will be suspended until the results of the study are clear, the SEC says. The regulator is seeking to verify that current market practices using derivatives respect the regulations of the Investment Company Act in relation to leverage and risk distribution. The regulator will also seek to determine what risk control instruments are used by funds which invest in derivatives.
26/03/2010

Financière de Champlain warns against bastardisation of SRI process

At a time of growing demand for socially responsible investment (SRI) products by institutional as well as retail investors, asset management firms are stepping up their efforts to integrate environmental, social and governance (ESG) issues into their traditional management. Though the development may be welcome news, Financière de Champlain, an asset manager specialised in sustainable management, warns of the dangers of SRI funds becoming too commonplace. “One of the approaches used by asset management compnaies for SRI integration is to use analysis undertaken for their SRI funds to set up ratings of traditional equities portfolios partly composed of the same shares,” the firm explains in a note. This type of analysis is known as “ex post.” Financière de Champlain claims that it “is not, fundamentally, based on a stock-picking process on the basis of extra-financial criteria.” Even though ESG integration practices make extra-financial information available to managers which could allow them to identify new risks, “they do not constrain the manager,” the asset management firm states. “The danger is thus high that this might create some confusion in the minds of retail investors between management firms which are genuinely in the process of converting their product ranges to SRI, and others who see the trend as an opportunity to paint themselves green,” Financière de Champlain concludes.
26/03/2010

Invesco to cut back on sales staff

A spokesperson for Invesco AIM has announced that, following the completion of the firm’s acquisition of retail asset management activities at Morgan Stanley, the combined sales team to be led by John cooper will include 375 people, 60 less than at present, Mutual Fund Wire reports.
26/03/2010

Jenny Bell promoted to COO of Franklin Resources

From 16 March, Jennifer Bell has been appointed executive vice president and COO of Franklin Resources, Franklin Templeton Investments has announced. She will continue to report to Gregory F. Johnson, president and CEO of Franklin Resources. Bell was previously executive vice president of operations and technology. In addition to her current responsibilities, she will now be in charge of HR and compensation.
26/03/2010

Man hoping to build presence in United States

Man Group, the London-based hedge fund, has approached several US hedge fund managers with an eye to expanding its operations in the country. The aim is to sound out hedge funds for possible distribution agreements or takeovers. Among those Peter Clarke, chief executive of Man Group, has met are SAC Capital Advisors and Millennium Partners.
26/03/2010

Net redemptions from Liontrust

On Thursday, Liontrust Asset Management announced that it had assets as of 24 March of GBP1.16bn, of which GBP312m were for institutional clients, GBP781m in retail funds, and GBP67m in offshore funds. As of 1 January, assets under management totalled GBP1.18bn, of which GBP316m were for institutional clients, GBP795m in retail funds, and GBP69m in offshore funds. In the period from 1 January to 24 March, the UK asset management firm had net outflows of GBP53m, but market effects were positive to the tune of GBP33m.
25/03/2010

Société Générale Private Banking se renforce pour séduire la clientèle russe

Société Générale Private Banking vient d’annoncer le renforcement de ses équipes dédiées à la clientèle russe fortunée avec le recrutement de 8 nouveaux conseillers privés et la création d’un département « Clientèle russe » à Zurich. Ce qui porte les équipes de conseillers de Société Générale Private Banking à 28 collaborateurs exclusivement dédiés à cette ligne client, répartis entre les bureaux de Genève et de Zurich, précise le communiqué de la banque. Société Générale Private Banking a pour objectif de proposer des solutions de gestion de fortune répondant aux besoins internationaux d’une clientèle russe via l’organisation transversale de son offre de produits et services. La Ligne Client Russe dispose d’équipes de conseillers privés à Genève, Zurich, Londres, Monaco et Singapour. A ce titre, à Zurich, la nouvelle équipe est composée de Avy Burstin et de Yuri Smelyanskiy, nommés respectivement directeur et directeur adjoint du département « Clientèle russe » et des conseillers privés Natalya Clemen, Iryna Semenets, Giancarlo Antonucci et Christopher Delsman. A Genève, 2 nouveaux conseillers privés renforcent également le département « Clientèle russe » avec l’arrivée de Victoria Arsene-Calugaru et Dmitriy Luzanov. Ces équipes sont placées sous la responsabilité de Jean-Gabriel Arqueros, directeur de la Ligne Client Russe, basé à Genève, en charge de la coordination internationale de l’offre de services dédiée à cette clientèle.
25/03/2010

Bel exercice 2009 pour Syz & Co

Le groupe bancaire suisse Syz & Co a enregistré une hausse des revenus et des résultats en 2009. Les produits atteignent 284,8 millions de francs suisses contre 245,6 millions en 2008. Le bénéfice net a également progressé en passant de 32,6 millions en 2008 à 81,6 millions en 2009.Dans le détail, la gestion traditionnelle représente 80% des actifs gérés dans le groupe, soit une hausse de 38% en 2009, avec une collecte nette qui pèse 62 % de cette progression. En revanche, les actifs en gestion alternative ont souffert de l’environnement globalement défavorable à cette classe d’actifs, précise le communiqué, avec des actifs totaux en gestion qui sont passés de 18,3 milliards de francs suisse à 19 milliards. Parallèlement au private banking suisse, en 2010, SYZ & CO compte s’orienter vers les marchés domestiques étrangers «aux perspectives de croissance attrayantes». Par l’intermédiaire de ses fonds Oyster, déjà enregistrés dans neuf pays européens, ou de ses implantations en Autriche, à Londres, en Espagne et surtout en Italie, à travers Banca Albertini Syz & Co qui profite d’un afflux de capitaux important suite à l’amnistie fiscale, note l'établissement.
25/03/2010
Fonds

Le fonds chinois de Martin Currie ouvert aux investisseurs

Le nouveau fonds chinois de Martin Currie, le Martin Currie China Fund, est désormais accessible aux investisseurs britanniques. Ce véhicule, géré par James Chong, director, est portefeuille multi-capitalisation de 40 à 60 lignes des meilleures idées d’investissement de Martin Currie sur la Chine et Hong Kong. L’indice de référence est le MSCI Zhong Hua. Les frais d’entrée sont de 5%, les frais de gestion annuels étant de 1,5% pour les parts retail et 1% pour les parts institutionnelles.
Fonds
25/03/2010

Standard Life Investments prend une participation dans Aida Capital

Standard Life Investments a annoncé le 24 mars son intention de prendre une participation de 75,1% dans le gérant de fonds de hedge funds Aida Capital, basé à Londres. La clientèle de la société comprend des particuliers fortunés, des gérants de fortune ainsi que des investisseurs institutionnels basés au Royaume-Uni et ailleurs.Aida gère actuellement le Aida Open-Ended Fund, un véhicule d’investissement coté à Guernesey et le Aida Closed-Ended Fund, un fonds coté à la Bourse de Londres (LSE).
25/03/2010

Baisse des actifs sous gestion de MAN Group

Les actifs sous gestion de MAN Group devraient s’inscrire autour de 39,1 milliards de dollars au 31 mars 2010, c’est-à-dire au terme de l’exercice financier 2009-2010. Ce chiffre est à comparer à un encours de 42,4 milliards de dollars au 31 décembre et 46,8 milliards au 31 mars 2009.Man relève dans un communiqué le gain au quatrième trimestre de l’exercice de mandats dans les activités de multigestion pour un montant de 1,5 milliard de dollars qui sera comptabilisé dans les actifs sous gestion au cours des prochains trimestres. Le résultat avant impôts du groupe s’est établi à 510 millions de dollars contre 743 millions de dollars pour l’exercice précédent. Le board envisage de recommander le versement d’un dividende final de 24,8 cents par action, ce qui donnerait un dividende total inchangé de 44 cents pour l’exercice.
25/03/2010
Fonds

Un hedge fund accusé de fraude

Robert L. Duncan, un gérant de hedge funds ayant affiché de solides résultats pendant des années, a admis à deux de ses investisseurs qu’il avait falsifié ses performances depuis au moins 2006, selon une plainte déposée vendredi et des personnes proches du dossier citées par le Wall Street Journal. Parmi les clients du hedge fund figurent deux gérants bien connus à Atlanta. Le fonds incriminé porte le nom de Seaside Partners Fund.
Fonds
25/03/2010
Fonds

Un fonds de pension du Nevada remercie deux gérants

Le Nevada Public Employees’ Retirement System a remercié les gérants de Goldman Sachs Group et d’une filiale de Prudential Financial, Quantitative Management, estimant qu’ils avaient sous-performé dans la gestion d’actions internationales pour le compte du fonds, rapporte le Wall Street Journal.
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