Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
04/12/2009
Fonds

Les gérants font relativement confiance aux actions

D’après le Baromètre des fonds établi par Lipper, les grands gestionnaires espagnols interrogés jusqu’au 30 novembre étaient 38,46 % à surpondérer les actions contre 30,77 % le mois précédent, indique Cinco Días. La proportion de gérants neutres sur les actions a baissé à 46,14 % contre 53,85 %. Mais, paradoxalement, l’allocation aux actions s’est tassée à 41,12 % contre 41,74 % en moyenne. Le sondage a toutefois coïncidé avec l'émergence des tensions liées à Dubai World. Les poches obligations et cash sont passées respectivement de 33,02 % à 35,02 % et de 22,01 % à 20,77 %.
Fonds
04/12/2009

L'acquisition de Fortis par BNP Paribas coûterait 150-200 emplois

Selon une communication faite au personnel et rapportée par les milieux financiers madrilènes, l’intégration de Fortis (300 personnes) dans BNP Paribas (700 personnes) se traduirait par la suppression de 15 à 20 % de l’effectif total en Espagne, donc 150 à 200 personnes, indique Cotizalia. Le plan aurait été bien accueilli dans un premier temps, mais tout dépendra des modalités, notamment en ce qui concerne les mises à la retraite anticipée. Il est possible que le groupe conserve les deux marques en banque privée, vu que celle de Fortis (qui avait acheté Beta Capital) est particulièrement bien implantée.
04/12/2009

Midas Capital vend son pôle wealth management

Midas Capital est sur le point de céder son activité wealth management, y compris iimia Wealth Management, à Jardine Lloyd Thompson, selon Money Marketing. Les deux groupes seraient proches d’un accord pour une transaction d’environ 7,25 millions de livres qui devrait être bouclée en janvier 2010.Sur le semestre à fin juin, iimia Wealth Management a contribué pour un montant de 460.000 livres au résultat consolidé de Midas (2,9 millions de livres).
04/12/2009
Fonds

Nordcapital lance un second fonds "forêts"

La société de gestion hambourgeoise Nordcapital a annoncé jeudi qu’elle poursuit ses efforts dans le domaine de l’investissement durable avec le lancement de son second fonds fermé spécialiste des forêts (Waldfonds 2), lequel investira comme son prédécesseur dans des forêts encore inexploitées de Roumanie. Les prix sont encore de 75 % inférieurs à ceux des forêts d’Europe occidentales comparables, explique Florian Maack, directeur général de Nordcapital. Il précise que le fonds dispose d’un portefeuille initial de trois exploitations pour un total de 2.750 hectares sur la base de 3.500 euros l’hectare. Les essences présentes dans la région sont le chêne, le bouleau, le pin, le tilleur, le frêne et le cerisier.Nordcapital vise pour ce fonds dont l'échéance est fixée à fin 2021 un encours de 30-60 millions d’euros. La souscription minimale est de 15.000 euros et le droit d’entrée se monte à 5 %.Le gestionnaire prévoit une rémunération de 4 % par an à compter de 2012 et considère que l’investisseur peut espérer une rémunération totale comprise entre 160 et 250 %.
Fonds
04/12/2009

Un milliard d'euros dans le sable de Dubai

Selon l’agence Feri, quelque 100.000 investisseurs allemands ont investi depuis 2005 près de 1,1 milliard d’euros à Dubäi. Il y a peu de chances qu’ils ne récupèrent même seulement un cent, rapporte Die Welt. On estime à plus d’une cinquantaine le nombre de petits intermédiaires qui ont placé des parts de fonds ou d’actifs immobiliers situé dans l’Emirat auprès d'épargnants allemands, et la plupart de ces intermédiaires ne sont pas assurés et n’ont aucune surface financièrePour l’instant, un mandat d’amener a été délivré concernant Georg Recker, qui promettait des rendements de 12 % par an pour un fonds investi dans un hôtel de 1.000 chambres. Il semble qu’il se soit enfui à Dubaï avec au moins 25 millions d’euros récoltés pour ce fonds. Mais les investisseurs ont peut-être une chance dans leur malheur, parce que la compagne de l’individu, qui faisait office de contrôleur de l’utilisation des capitaux, est une avocate. En tant que telle, elle doit avoir une assurance en responsabilité civile qui pourrait être appelée en garantie.
04/12/2009

Genève au centre de la stratégie de Vontobel

Dans un entretien à L’Agefi suisse, Peter Fanconi, CEO du Private Banking de Vontobel depuis le 1er mars 2009, souligne le rôle central de Genève depuis l’acquisition de Commerzbank Suisse, annoncée en août dernier. Genève «est notre porte vers la Suisse romande, mais aussi vers l’international francophone ou francophile, avec par exemple des clients du Moyen-Orient ou d’Amérique latine, soit une activité offshore mais se rapportant à des avoirs déclarés, bien sûr», explique Peter Fanconi. Genève joue «un rôle accru encore depuis l’acquisition de Commerzbank Suisse. Mais la France n’est pas prospectée activement dans la mesure où nous n’y sommes pas présents. Et ce n’est pas d’actualité pour l’instant, du fait de nos priorités», précise Peter Fanconi.
04/12/2009

SummerHaven Investment Management recrute des professeurs de Yale

K. Geert Rouwenhorst et Gary Gorton ont rejoint SummerHaven Investment Management en tant que partner et consultant senior, indique Le FT. Ils sont tous les deux professeurs à la Yale University’s school of management, spécialisés dans les matières premières.
04/12/2009
Fonds

Les ETF font reculer les frontières du monde connu

Récemment, Van Eck a lancé un ETF sur la Pologne tandis qu’Emerging Global Advisors propose des ETF sur des matériaux de base, des biens de consommation, des métaux et des mines dans les pays émergents. Global X pour sa part a fait admettre à la négociation sur le NYSE cette semaine le Global X China Consumer ETF et le Global X China Industrials ETF, rapporte The Wall Street Journal.On constate une multiplication des ETF sur les pays émergents, souvent bien moins grands que la Chine ou l’Inde. Market Vectors a lancé en août un ETF sur le Vietnam qui atteint à présent 79,5 millions de dollars pendant que le Market Vectors sur les petites capitalisations brésiliennes a collecté 606,3 millions de dollars depuis mai. L’ETF du même émetteur sur l’Indonésie, lancé en janvier, affiche 184,9 millions de dollars.Van Eck prépare un ETF sur les actions chinoises A ainsi que des produits sur les petites capitalisations indiennes, l’Egypte et le Koweit.
Fonds
04/12/2009

BNY Mellon obtient de Geary Advisors un mandat de conservation

BNY Mellon Asset Servicing a obtenu de Geary Advisors un mandat de conservation, d’administration de fonds de services d’agent de transfert pour deux ETF régionaux, le Oklahoma Exchange-Traded Fund et le Texas Large Companies Exchange-Traded Fund.
03/12/2009

RBC Dexia selected by Aberdeen

Aberdeen Asset Management has selected RBC Dexia to provide administration services in Australia to funds it has recently acquired from Credit Suisse. The assets involved total about AUD20bn.
03/12/2009

New hedge fund draws lessons from the crisis

Les Echos reports that Northlight, a hedge fund launched this week by three former Goldman Sachs, Lehman Brothers and GLG Partners managers, will seek to bring the interests of incoming and outgoing investors into line, to avoid panic when the markets are nervous. Its commissions are lower than the industry average. The fund will be invested in European high yield credit markets, and will start out with USD50m in assets. It will aim for USD300m-USD500m when it reaches full size. The test will come when the structure confronts market turbulence.
03/12/2009

Are active managers lucky or talented?

It is impossible to tell whether actively managed funds that beat the market do so out of luck or skill, according to a new study by Eugene Fama and Kenneth French («Luck Versus Skill in the Cross Section of Mutual Fund Returns»), cited by the Wall Street Journal. It means that investors can not know for sure how good their active manager is.
03/12/2009

Disappointing performance for guaranteed funds

In the first eleven months of the year, 64 Spanish guaranteed funds with assets of EUR5bn have matured, and Cinco Días reports that 38 of them have had to pay a supplement to subscribers since their net asset value was lower than the amount guaranteed in the prospectus. Only two funds finished with a lower NAV than at launch. The average annual performance of maturing funds this year is 2.54%, but 12 of these funds earned gains of over 4%, of which five were obliged to pay supplements under their guarantees.
03/12/2009

LFG launches a platform for UCITS III hedge funds

In response to the continued growth in market demand for UCITS III hedge funds, Luxembourg Financial Group, a structured products boutique, starts an open-architecture hedge funds UCITS platform. LFG cooperates with Ganymede Partners, a specialist hedge fund advisor, in the roll-out of LAUP. «More than half of European hedge fund companies either plan to launch regulated, onshore versions of their strategies or have already done so», according to LFG, citing HedgeFund Intelligence, a research group.
03/12/2009

E-Fund launches an Asia ex Japan fund

Three days after attracting CNY19bn for an ETF feeder fund, E-Fund has announced the launch of an enhanced QDII fund on 7 December, which will be focused on Asia-Pacific ex Japan (the E-Fund Enhanced Asia-Pacific QDII Fund), consulting firm Z-Ben Advisors reported on Thursday, adding that there is a “reasonable” expectation that the new product will attract USD500m in subscriptions. However, in the space of a few days, the manager may attract as much as USD1bn in subscriptions, since the distributor for the product is the powerful ICBC network, and management commissions are only 150 basis points, below the 185 basis point price of other QDII products. Z-Ben also notes that E-Fund has not named a sub-advisor for the fund.
03/12/2009

Gestefin to reimburse clients who lost money in Madoff scandal

The Catalan asset management firm Gestefin on Tuesday notified the CNMV that it is planning to pay slightly over EUR69,000 to subscribers to the Fonmaster I fund who registered with the firm before 11 December 2008 as victims of the Bernard Madoff fraud. The CNMV had previously found that the fund’s investments in Boiro Kingate (XS0325579539) bonds, issued by Boiro Finance BV, did not comply with the fund’s declared investment policy.
03/12/2009

Espirito Santo to offer same "Madoff refund" as Gestefin

A few hours after Gestefin announced that it would pay back approximately EUR69,000 to its investors, Espirito Santo Gestión notified the Spanish market regulator CNMV that its Cartera Universal fund will reimburse EUR183,500 to subscribers who registered before 11 December 2008 as victims of the Madoff fraud. The CNMV had found that investments by the firm’s funds were in violation of their own prospectus. For the same reason, the Sicav Ernio Ingenieros, also managed by Espirito Santo, will reimburse EUR104,630. In both cases, the management firm assures investors that control procedures have since been reinforced.
03/12/2009

Chinese sovereign fund invests in Apax

China Investment Corp., the Chinese sovereign fund, will invest up to EUR800m in Apax Europe VII, the EUR11.2bn private equity fund from Apax Partners, the Financial Times reports. At the same time, CIC may also acquire a 2.3% stake in Apax Partners LLP.
03/12/2009

Chinese sovereign fund invests in Apax

China Investment Corp, China’s sovereign wealth fund, is offering to invest as much as EUR800m into Apax Partners’ EUR11.2bn private equity fund - Apax Europe VII, says the Financial Times. The Chinese fund may also buy 2.3% of Apax Partners LLP.
03/12/2009

Global X Management launches two China ETFs

New York-based Global X Management on 1 December announced the launch of two new ETFs, the China Consumer ETF and the China Industrials ETF. The Consumer ETF will replicate the S-BOX China Consumer Index, while the industrial sector ETF will replicate the S-BOX China Industrials Index. Global X Management says in a statement that the Chinese economy has been looking healthy, with growth of more than 16% year on year in retail sales in the month of October.
03/12/2009

French investors still reluctant to make high-risk investments

Les Echos reports that French investors, still worried by the economic crisis, are dragging their feet on the way back to the stock markets. They prefer safer and less risky investments. They have begun to store up savings again in an environment of concern about employment and an economic environment that remains fragile, according to a survey undertaken by TNS Sofres for La Banque Postale and Les Echos in October.
03/12/2009

Real estate investment to rebound in 2010

The first edition of the IPD/ARD quarterly barometer of institutional investors’ outlooks on the market, unveiled at the SIMI expo, reveals that institutional investors see the economic recovery as a fragile one, accompanied by a considerable number of questions. Most respondents to the survey present at the premiere (including publicly traded realty firms, private management firms, insurers, SCPI and OPCI fund managers, and open-ended German funds) are concerned that the French economy is headed for a W-shaped scenario in which a second downturn will come for several quarters in 2010, followed by a return to positive territory and a redirection towards an exit from the crisis in 2011. Against this background, investment may rise nonetheless, with an average of EUR10bn in investments pledged for next year, compared with about EUR6bn this year, EUR12bn in 2008, and EUR27bn in 2007. The most active investors on the French market in 2010 were German funds, insurers, and publicly-traded realty firms. Overall returns will continue to be negative in 2009 and 2010, at -7.7% for this year, and -0.4% in 2010. However, though investors largely agreed in their evaluations of the year 2009, opinions are more varied for 2010, with estimates ranging from -10% to +10%. Overall returns on the French market, as measured by IPD, fell from 21.9% in 2006 to 17.8% in 2007, and then -0.9% last year.
03/12/2009

EUR500m per person at BlackRock

With the close of the deal on 1 December to complete BlackRock’s acquisition of Barclays Global Investors (BGI), the BGI team in Paris has moved into the BlackRock offices, located in the Washington Plaza building. The new entity has less than 20 people, with assets that may be estimated at slightly over EUR10bn, on the basis of figures which had been published in the last few weeks. An e-mail was sent out on Tuesday to clients of the two asset management firms. Responsibility for the merged entity (see Newsmanagers of 19 October) will be placed in the hands of Eric Wohleber, who was previously head of BGI (which promotes the iShares ETF brand) for France.
03/12/2009

Oliver Clasen joins BVI board

Oliver Clasen, CEO of Allianz Capital Investors Kapitalanlaggesellschaft mbH and cominvest Asset Management GmbH, has been elected as a member of the board of the German BVI association of management firms until Autumn 2011. The BVI stated on Thursday morning that Clasen will finish out the term of Horst Eich, ex co-head of AGI Deutschland, who resigned on 12 October (see Newsmanagers of 28 September).
03/12/2009

Tim McCarron to leave Fidelity

Fidelity is losing its European manager Tim McCarron, who after 16 years at the firm has decided to retire in first quarter 2010. The European fund, which has roughly GBP3.5bn in assets, will be taken over by Sam Morse from 1 January 2010. McCarron will remain to ensure a smooth transition until the middle of first quarter 2010. He has managed the European fund since January 2003.
03/12/2009

BNY Mellon to scale up presence in China

BNY Mellon Asset Management is planning to recruit at least 50 people in Asia next year, with the majority of the increase to be concentrated in China, Asian Investor reports. The asset management firm will reportedly soon receive qualified foreign institutional investor (QFII) status. BNY Mellon would then launch a QFII product, very likely an offshore equities fund. Other growth areas cited by BNY Mellon are Japan and South Korea, where the firm hopes to obtain a license.
03/12/2009

Investors increasingly unsatisfied with private equity

The most recent edition of the “Global Private Equity Barometer” from Coller Capital reveals that more than two thirds of limited partner (LP) investors are not likely to invest more money with private equity general partners (GP) with whom they are already in business, the Börsen-Zeitung reports. The Frankfurter Allgemeine Zeitung reports that LPs and GPs agree that in 2010 there will be a greater number of attractive opportunities in mergers and acquisitions, and that existing funds may then need to call in more capital.

Sujets d'actualité

Tous les sujets