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15/12/2009

Regulation won't stop fraud

Only 21% of executives in the European asset management industry say future regulatory reforms will prevent Madoff-type fraud, according to a survey conducted by PwC, cited by Financial Times Fund Management.
15/12/2009

Record number of corporate defaults in 2009

With a corporate bond issuer in the United States defaulting every ten days in 2009, the total number of corporate defaults worldwide now stands at 260, the highest number since statistics began in 1981, according to the most recent figures from Standard & Poor’s (Global Corporate Default Update, 11 December 2009). The previous record of 229 defaults was set in 2001, during the last recession. The agency observes that this year’s total of 260 represents more than twice the number of defaults in all of 2008. A breakdown by region reveals that the United States lead for defaults, with 188, far outstripping Europe (20 defaults) and emerging markets (36). In the next twelve months, Standard & Poor’s predicts a default rate of 6.9% for corporate issuers in the speculative category, compared with a default rate of 10.8% in September 2009. The agency points out that a heavy fall in financing costs, the recovery of bond markets, and lower volatility are all factors that may lead to a decline in refinancing costs, even for less well-rated issuers.
15/12/2009

Lyxor hedge fund index up 1.15 in November

The Lyxor Global Hedge Fund index gained 1.1% in November, bringing its performance since the beginning of the year to 5.5%, according to Hedge Week. Long-short equity managers generally earned honourable returns, as variable bias turned in gains of 0.7%, following losses of 1.70% in October. Statistical arbitrage and market neutral strategies continued to post negative results, of 0.6% and 0.5%, respectively. Special situations strategies finished the month with significant gains of 2.6%.
15/12/2009

Institutional investors plan record investments in commodities in 2010

Although 2009 was already a record year for investments in commodities (USD60bn, 60% more than in 2008), institutional investors are planning to further increase their allocation to this asset class next year, according to the results of a survey of participants at the fifth annual commodities conference in the United States, held by Barclays Capital. Three quarters of respondents expect the average performance of commodities to be 10% or less in the next five years. However, though diversification remains the main reason for allocation to commodities, 60% of executives surveyed, more than twice as many as last year, say absolute returns represent the principal reason for their investment in this asset class. According to Barclays Cap, this suggests that investors are becoming increasingly sophisticated, and they will demand more developed outperformance strategies from their providers. Lastly, 40% of respondents say they will prefer active external managers. The instruments which have gained the most ground since last year are structured products and long/short index-linked strategies, while investors are less interested in long-only strategies.
15/12/2009

TCW dissident goes solo

As Société Générale implied on 4 December, the day it dismissed him and simultaneously announced the acquisition of MetWest by TCW, Jeffrey Gundlach has founded his own asset management firm in Los Angeles. The firm is entitled DoubleLine LLC, and Oaktree Capital Management LP will take a majority stake in the venture. Oaktree will also provide logistical support for the startup of DoubleLine. The new firm is directed by the former CIO of TCW (who is also the largest shareholder), and a longstanding colleague, Philip Barach. A statement says the firm will employ “more than 30 former employees” of TCW; DoubleLine adds that this number will be likely to increase. Gundlach also says that the cooperation with Oaktree promises to be a fruitful one, as DoubleLine will specialise in core fixed income and mortgage-backed strategies, while its partner is more oriented to active bond management and alternative investments.
15/12/2009

SEC investigating Gartmore

Gartmore Group, which is newly floated, is under investigation by the Securities and Exchange Commission, Financial News can reveal. «The SEC is investigating short selling undertaken by Gartmore Investment Limited, on behalf of a fund, in advance of a public offer of a New York Stock Exchange-listed security», according to Gartmore’s prospectus.
15/12/2009

Financial institutions pull out of private equity

Les Echos reports that many private equity firms are now up for sale. The asset management firm SG Capital Europe, which handles the private equity investments of Société Générale, has been taken over by its team, while AGF Private Equity has been put up for sale by Allianz. Barclays is preparing to spin off Barclays Private Equity, and the Natixis group is in the process of reorienting its private equity group towards management for external clients. New prudential requirements for banks and insurers have given new impetus to a trend which has been long underway.
15/12/2009

Nomura rejoint ICE Clear Europe

La banque d’affaires internationale Nomura a annoncé le 14 décembre son admission au sein de ICE Clear Europe, en tant que membre chargé d’assurer la compensation sur les CDS. Nomura est à ce jour la seule institution financière d’origine asiatique membre de l’institution. Depuis le lancement de ses services de compensation en juillet 2009, ICE Clear Europe a compensé pour plus de 1.140 millairds de dollars de CDS en valeur notionnelle.
15/12/2009

BlackRock wants to increase custom product offerings in Asia

Asian Investor reports that the new chairman and managing director of BlackRock for the Asia-Pacific region, Rohit Bhagat, is not planning to prioritize growth in size for the firm in Asia. Instead, the aim is to make use of the entity’s already large size to offer custom products and investment ideas to clients who are developing in different regulatory environments. This does not mean getting involved in mass production, even though the most apparent consequence of the acquisition of Barclays Global Investors (BGI) is a large scale that could provide some advantages, says Bhagat. The new dimensions of the business could help to make it stand out in terms of product range. In addition to a diversification in expertise and a larger capacity for exchange of information, the internationalisation of clients’ corporate activities demands a coordination of services in multiple jurisdictions. Additionally, economies of scale may be possible for some trading, research and compliance platforms. As of the end of September, assets under management for clients headquartered in the Asia-Pacific region totalled USD244.9bn, making BlackRock the largest international asset management firm in the region.
15/12/2009

Saxo Banque lance un CFD sur les émissions de carbone

Le spécialiste du trading et de l’investissement en ligne Saxo banque a annoncé le 14 décembre le lancement d’un nouveau produit CFD, basé sur le prix d’ECX EUA des émissions de carbone. Les investisseurs pourront désormais acheter acheter ou vendre des tonnes métriques de CO2 via la plate-forme de trading Saxo Trader.Saxo Banque, qui propose déjà de nombreux CFD sur matières premières, va continuer d'étoffer sa gamme dans les prochaines semaines avec le gasoil, le platine, le bétail vivant, les graines de colza et le jus d’orange.
15/12/2009

Hermes acquires Sourcecap International

Hermes Fund Managers, owned by the BT Pension Scheme, has purchased a majority interest in Sourcecap International, a London-based investment business specialising in managing high-alpha European equity portfolios for institutional clients, run by Andrew Parry and James Rutherford. The new business will be called Hermes Sourcecap. This acquisition provides Hermes with the expertise to develop further a specialist investment partnership focused on a core European equities capability, with Hermes owning the majority share and its partners and employees having a stake in the long-term profitability and enterprise value of the business. The CalPERS Manager Development Program II will retain its existing stake in the company through Legato Capital Management Ventures LLC. The BT Pension Scheme will be making an investment of GBP200 million into a segregated account and a UCIT III vehicle which will replicate the European Alpha product. This investment will bring the total assets under management of Hermes Sourcecap to USD1.1 billion. Hermes has GBP25.7bn under management.
15/12/2009

Assets in funds have risen 11.9% since March

In November, Austrian funds saw net redemptions of EUR447.5m, compared with net subscriptions of EUR206.7m in October, bringing net outflows since the beginning of the year to EUR690.7m. Assets nonetheless came out to a total of EUR137.5bn, compared with a total of EUR135.4bn at the end of October, the sector association VÖIG reports. Since their low point in March of this year (EUR121.3bn), assets under management have increased by 11.87%; the increase since the end of December totals 7.7%. However, in April and May 2008, assets stood at a total of EUR152bn.
15/12/2009

ECB publishes first harmonised statistics for European mutual funds

The European Central Bank (ECB) has for the first time published new harmonised European statistics for UCITS mutual funds domiciled in the Euro zone. “Compared with the quarterly statistics published previously, these new statistics provide fully harmonised, exhaustive, detailed and rapidly available information, on a monthly basis,” the ECB says in a statement. In third quarter 2009, the Euro zone UCITS investment fund sector grew by 10.6% compared with second quarter, from EUR4.3trn to EUR4.7trn. This development was largely a result of measurable increases in the value of assets owned by UCITS funds, and to a lesser extent, of large-scale net subscriptions to UCITS funds (net inflows related to transactions). Assets invested in shares in non-money-market UCITS funds in the Euro zone totalled EUR4.73trn as of the end of September 2009, up from EUR4.277trn in June 2009. In the same period, assets invested in shares in money market UCITS funds in the Euro zone totalled EUR1.256trn, up from EUR1.272trn.
15/12/2009

Union Investment RE acquiert deux immeubles

L’allemand Union Investment Real Estate (UIRE, groupe Union investment, banques populaires) a annoncé l’acquisition de deux nouveaux actifs. Il s’agit d’une part du projet de centre commercial «K» (33.290 mètres carrés et 20 appartements) situé à Courtrai (Belgique) et destiné au fonds immobilier offert au public UniImmo: Europa, de l’autre du complexe de bureaux Rund Vier (21.000 mètres carrés) de Vienne (Autriche) qui sera affecté au portefeuille du UniImmo: Deutschland. Dans les deux cas, les parties sont convenues de ne pas divulguer le montant de la transaction.
15/12/2009

Assets in ETFs total over USD215bn

After a total of USD205.54bn at the end of October, assets in ETFs in Europe set a new record at the end of November at USD216.78bn, an increase of 52% over the end of 2008. BlackRock states in the most recent edition of its monthly bulletin that as of 30 November, there were 812 ETF funds on sale from 32 providers, listed 2,315 times on 18 stock exchanges. According to Lipper FMI, net inflows to ETFs based in Europe in the first nine months of the year totalled USD28.6bn, while inflows to all other types of mutual funds totalled USD177.7bn. With 168 ETF funds and USD83.02bn in assets, iShares remains the top European ETF provider, ahead of Lyxor Asset Management (Société Générale), with 123 funds and USD44.68bn, and db x-trackers (Deutsche Bank), with 116 products and USD36.42bn. These three issuers together account for a 75.7% share of the total market.
15/12/2009

Hauck & Aufhäuser recrute chez Zulauf

L'état-major de Hauck & Aufhäuser Asset Management GmbH HAAM), filiale de Hauck & Aufhäuser Privatbankiers, comptera bientôt un nouveau membre, responsable des produits de performance absolue : Eckhard Cornehl, qui exerce actuellement les mêmes fonctions chez le suisse Zulauf Asset Management à Zoug rejoindra au 1er janvier 2010 les deux autres directeurs généraux, Jörg Scholl et Claus Weber. Le nouvel arrivant sera chargé de développer l’activité performance absolue tant pour les fonds offerts au public que pour les produits destinés à la clientèle institutionnelle.
15/12/2009

Altamar launches a local hedge fund

The alternative management firm Altamar Gestión Alternativa, an affiliate of the private equity investor Altamar Private Equity, has announced the launch of Senior Loans FIL, a Spanish-registered single hedge fund, Funds People reports. The president, vice president and deputy director of Altamar Gestión Alternativa are Claudio Aguirre, Mariano Olaso, and José Luis Molina, respectively.
15/12/2009

Half of all fund managers post net subscriptions this year

As of the end of November, Expansión reports, one out of every two Spanish asset management firms shows net subscriptions since the beginning of the year, compared with one in ten only a year ago. After two and a half years of net outflows, the sector has posted net subscriptions between August and October, which has resulted in an overall increase of 2.15% in assets compared with their levels at the end of June. The blue ribbon for net inflows goes to Invercaixa, with EUR1.39bn, followed by Ibercaja (EUR711m) and Caixa Manresa (EUR417m), while last place goes to Santander AM with net outflows of EUR5.38bn. BBVA Gestión de Activos and Ahorro Corporación have seen net redemptions of EUR2.68bn and EUR2.8bn, respectively.
15/12/2009

ETFs set new record for asset volumes

As of the end of November, assets in ETF funds worldwide set a new all-time record, at USD982.2bn, compared with a previous record of USD941.85bn one month earlier, BlackRock states in its monthly report (the previous edition was published by Barclays Global Investors). The increase of 4.3% this month brought the total number of products to 1,907, from 103 providers, listed 3,678 times on 39 stock exchanges. As of the end of December 2008, assets under management in ETF funds represented USD710.9bn, though the increase in the first eleven months of the year totalled 30.6%. BlackRock adds that net subscriptions to mutual funds (excluding ETFs) in January-September totalled USD13.3bn, while subscriptions to ETFs represented USD93.8bn, according to statistics from Strategic Insight. The top three providers of ETFs remain unchanged. iShares remains in first place, with 411 ETFs and USD471.60bn in assets as of the end of November, ahead of State Street Global Advisors (SsgA), which has 106 products and USD142.44bn, and vanguard, with 47 ETFs and USD87.96bn. These three asset management firms together account for 71.5% of the global market.
15/12/2009

ETFlab releases Euro Stoxx 50 short ETF

As announced in Newsmanagers a month ago, ETFlab, an affiliate of Deka (German savings banks) has launched its first short ETF. The ETFlab DJ EURO STOXX 50® Short provides an inverse replication of the Euro Stoxx 50 index (see Newsmanagers of 16 November). It is a German-registered product (DE000 ETFL334), with fees of 0.4%. the product is aimed at experienced investors. For the first time, ETFlab is using a synthetic form of replication via complementary swaps, rather than a total physical replication.
15/12/2009

F&C Private Equity closes Aurora fund with EUR30m

F&C Private Equity, the private equity fund of funds division of F&C Asset Management, has announced the first close at EUR30m of the Aurora Fund, a new fund specialising in acquiring secondary interests in predominantly European private equity funds (buyout and mezzanine) and co-investments. On 22 October 2009 F&C Private Equity completed its first acquisition for the Aurora Fund. On behalf of its clients, F&C has acquired Icelandic bank Landsbanki’s private equity fund interests, representing the whole of Landsbanki Private Equity Fund I and a substantial part of Landsbanki Private Equity Fund II. Together this represents over EUR65m of original commitments, making it one of the larger secondary transactions carried out during 2009. Landsbanki Private Equity Fund II, which has a number of Icelandic investors, will continue to be managed by Landsvaki, the asset management arm of NBI hf. in partnership with F&C. The Landsbanki private equity fund interests will comprise the Aurora Fund’s initial portfolio.
15/12/2009

MENA funds from Baring to be launched in first quarter 2010

Since June 2008, Baring Asset Management has been planning to launch a Middle East and North Africa (MENA) fund (see Newsmanagers of 17 July 2008). The fund may now at last be launched in first quarter 2010. The vehicle will be a sub-fund of the Baring Global Investment Umbrella Fund (N°. 1) Plc, an OEIC domiciled in Ireland. The launch has been delayed due to the adverse evolution of the markets. The product will be managed by Ghadir Abu Leil-Cooper, director of Europe, Middle East and Africa (EMEA) equities, and will invest at least 70% of its assets in countries of the EMEA region. The fund will have 40 to 60 positions, and its tracking error will be in a range from 4% to 10%. A management commission of 1.5% is planned for the fund. The benchmark index will be the MSCI Arabian Markets (ex Saudi Arabia).
15/12/2009

T. Bailey to launch a fund of passive funds

Money Marketing reports that T. Bailey is planning to launch a fund of funds early next year which will invest exclusively in passive products (ETFs and trackers), but which will be actively managed. The fund will have a total expense ratio (TER) among the lowest in the market in the fund of funds industry. According to Philippa Gee, head of marketing and communication at T. Bailey, the new range represents an attractive solution for independent financial advisers (IFA) who want to privilege passive investment but recognise the necessity of active asset allocation.
15/12/2009

British Airways pension fund has EUR4bn hole

After months of rumours, British Airways on Monday revealed the extent of shortfalls for its pension funds, APS (the older fund) and NAPS (the new fund): the combined total is GBP3.7bn, or EUR4bn, Cinco Días reports. The shortfall is reported to measure GBP1bn for APS, and GBP2.7bn for NAPS. The Spanish airline Iberia, which is in the process of merging with the British firm, has said that this amount was taken into account in its estimates.
15/12/2009

Record de défauts corporate en 2009

Avec la défaillance d’un émetteur corporate basé aux Etats-Unis intervenue il y a une dizaine de jours, le total des défauts corporate au niveau mondial s'établit désormais à 260, un niveau jamais vu depuis le lancement de cette statistique en 1981, selon la dernière mise à jour réalisée par Standard & Poor’s (Global Coporate Default Update daté du 11 décembre).Le dernier record de 229 défauts remonte à 2001, date de la dernière récession. L’agence souligne que ce total de 260 a représenté plus de deux fois le nombre de défauts pour l’ensemble de l’année 2008.La répartition par région montre que les Etats-Unis mènent la danse avec 188 défauts, très loin devant l’Europe (20 défauts) et les pays émergents (36).A horizon de douze mois, Standard & Poor’s table désormais sur un taux de défaut de 6,9% pour les émetteurs corporate en catégorie spéculative, à comparer à un taux de défaut fixé à 10,8% en septembre 2009. L’agence souligne que la forte baisse des coûts de financement, la réouverture des marchés obligataires, la moindre volatilité sont autant de facteurs qui vont entraîner un recul des coûts de refinancement, même pour les émetteurs moins bien notés.
15/12/2009
Fonds

Le fonds de pension de British Airways accuse un trou de 4 milliards d'euros

Après des mois de rumeurs, British Airways a révélé lundi le montant du déficit de ses fonds de pension APS (l’ancien) et NAPS (le nouveau) : cela représente 3,7 milliards de livres ou 4 milliards d’euros, rapporte Cinco Días. Le trou serait de 1 milliard de livres pour l’APS et de 2,7 milliards pour le NAPS.L’espagnol Iberia, qui est en plein processus de fusion avec la compagnie britannique, a indiqué que ce montant entre dans le cadre de ses estimations.
Fonds
15/12/2009
Fonds

Le fonds "MENA" de Barings sera finalement lancé au 1er trimestre 2010

Depuis juin 2008, Barings Asset Management avait l’intention de lancer un fonds Moyen-Orient et Afrique du Nord («MENA», lire notre article du 17 juillet 2008). Ce fonds devrait à présent pouvoir être lancé dans le courant du premier trimestre 2010.Ce sera juridiquement un compartiment de The Baring Global investment Umbrella Fund (N°. 1) Plc, un OEIC domicilié en Irlande. Le lancement en a été retardé compte tenu de l'évolution adverse des marchés.Le produit sera géré par Ghadir Abu Leil-Cooper, directrice de la gestion des actions Europe, Moyen-Orient et Afrique (EMEA), et il sera investi au minimum à 70 % dans les pays de la région MENA. Le fonds aura entre 40 et 60 lignes, et son écart de suivi devrait se situer dans une fourchette de 4 à 10 %.Il est prévu une commission de gestion de 1,5 %. L’indice de référence sera le MSCI Arabian Markets (ex Saudi Arabia).
Fonds
15/12/2009
Fonds

T. Bailey veut lancer un fonds de fonds passif

Selon Money Marketing, T. Bailey envisage de lancer au début de l’année prochaine un fonds de fonds qui ne proposera que des produits passifs (ETF, trackers) mais qui seront gérés activement. Le fonds devrait afficher un taux de frais sur encours (TFE ou TER en anglais) parmi les plus bas du marché dans le secteur des fonds de fonds. Selon Philippa Gee, responsable du marketing et de la communication de T. Bailey, la nouvelle offre constitue une solution intéressante pour les conseillers en gestion de patrimoine (IFA) qui veulent privilégier l’investissement passif mais qui reconnaissent la nécessité d’une allocation d’actifs active.
Fonds
15/12/2009
Fonds

F&C Private Equity recueille 30 millions d'euros pour Aurora

F&C Private Equity, la division de fonds de fonds de capital investissement de F&C Asset Management, a annoncé le premier closing du fonds Aurora à 30 millions d’euros. Ce fonds est spécialisé principalement dans l’acquisition sur le marché secondaire de fonds de private equity européens et dans les co-investissements. La première acquisition d’Aurora a été bouclée le 22 octobre. F&C Private Equity a ainsi acquis pour le compte de ses clients les activités de private equity de la banque islandaise Landsbanki. Dans le détail, cela couvre la totalité du Landsbanki Private Equity Fund I et une partie importante du Landsbanki Private Equity Fund II, soit plus de 65 millions d’euros d’engagements initiaux. Landsbanki Private Equity Fund II continuera à être géré par Landsvaki, la branche de gestion d’actifs de NBI en partenariat avec F&C. Les participations du fonds de private equity de Landsbanki représenteront le portefeuille initial d’Aurora Fund.
Fonds
15/12/2009

Des anciens de New Star veulent monter une boutique

Deux anciens gérants de New Star, Stephen Whiattaker et Phil Roantree, quelque 50 années d’expérience à eux deux, ont décidé de faire cause commune pour lancer une boutique spécialisée en gestion d’actifs d’ici au premier trimestre 2010, selon Investment Week. Ils envisagent en tout cas de déposer leur dossier auprès de l’autorité des marchés britannique, la FSA, avant Noël.Le nouveau fonds pourrait être consacré à 50/50 aux placements actions et obligations mais ces proportions pourraient évoluer en fonction des conditions de marchés.

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