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22/07/2009

First Hong Kong-registered ETF approved by Taiwan stock market

The Financial Supervisory Commission (FSC) of Taiwan has approved the first Hong Kong ETF, Global Pensions reports. The Wise 300 CSI China Tracker, managed by BOCI-Prudential Asset Management, may now apply to be listed on the Taiwan stock exchange. For its part, the Hong Kong Securities and Futures Commission (SFC) has granted approval for the first Taiwan ETF, the Polaris Taiwan Top 50 Tracker Fund, which may be listed in Hong Kong via a feeder fund. The license and listing of the ETF may be completed in the near future.
22/07/2009

Irish management firms strengthen their ties with Chinese counterparts

The Irish asset management association has signed an agreement in principle with its Chinese counterpart, the Securities Association of China. The agreement strengthens opportunities for cooperation and development between the two associations, through conferences, exchange of regulatory and professional information, and collaboration in areas of common interest.
22/07/2009

Lyxor Global Hedge Fund index stable in June

The benchmark index for hedge funds, the Lyxor Global Hedge Fund index, has drawn level for the month of June. It shows gains of 2.2% since the beginning of the year, according to Hedge Week. Lipper, for its part, finds that most strategies turned in negative performance in June, with the exception of convertibles arbitrage, emerging markets, event-driven, and fixed income arbitrage. The best-performing strategy according to Lipper, confirming a trend observed in the two previous months, was convertibles arbitrage, with gains of 0.28%, while managed futures came at the bottom of the rankings with losses of 1.59%. Funds specialised in Asia performed better than other regions. Thailand, with gains of 8.56%, and Indonesia (+5.45%) outperformed China (+3.48%). India lost 2.17% in June, though it had gained 37.70% in the month of May.
22/07/2009

More than half of new funds are guaranteed funds

In total, 56 new funds were launched in Spain in first half by local management firms. Of this total, Funds People observes, 32 are guaranteed funds, and 16 are bond funds. However, this count does not include two equities funds, one from Gesmadrid (CMB Cartera Euro) and one from Mutuactivos (Mutuafondo España), a hedge fund from Brightgate (Brigthgate Absolute Return), a global fund from Renta4 (Renta4 Atalaya), two diversified funds from Alpha Plus (Alpha Plus Rentabilitad Absoluta and Dinero), and one more from Gesmadrid (Albus). The most active asset management firm was BBVA Gestión, with seven new guaranteed funds, plus a bond and a corporate fund.
22/07/2009

Optimistic mood returns to hedge funds

Assets under management in hedge funds worldwide increased by more than USD142bn in first quarter 2009, reflecting the strong performance of the sector, according to statistics from Hedge Fund Research, reported in the Financial Times. Redemptions slowed to USD42bn, down from a peak of USD152bn in the quarter that followed the bankruptcy of Lehman Brothers. The sector is expected to recover with a wave of inflows in the coming months.
22/07/2009

Morningstar: 1000 Hedge Fund index at best levels since 2003

The Morningstar 1000 Hedge Fund index in second quarter turned in its best results since its inception in early 2003. The index gained 9.25% in second quarter, compared with gains of 7.40% in second quarter 2003. The Morningstar emerging markets index and the US Small Company Equity Hedge Fund Index posted gains of 24.93% and 19.72%, respectively, in second quarter. These gains were largely earned in the first two months of the quarter. The Morningstar 1000 Hedge Fund index has also far outperformed the fund of funds benchmark index, which, with gains of 6.22%, lags more than 300 basis points behind it.
22/07/2009

DWS merges two certificate funds

Asset management firms have been seeking to orient of investors in a newborn certificate market which, as of the end of May, included 288,000 products. The two pioneers in this area have been Allianz Global Investors (AGI) and DWS (Deutsche Bank). The products have proven popular with distributors, as they generate significant commissions, the Frankfurter Allgemeine Zeitung reports. However, the Allianz RCM Express Strategie (LU0274000271), launched two years ago, has lost more than 25%, though losses have slowed to 3% since the beginning of the year. DWS has also been negatively affected by the economic climate: DWS Europa Express (LU0327386644), whose assets have declined to EUR13m, will on 18 September be absorbed by the DWS Diskont Basket (LU0224319862), which has EUR43m in assets. However, some certificate fund strategies have earned positive returns; for example, the DWS Bonus Aktiv (DE0005152458), has earned returns of over 7% since the beginning of the year.
22/07/2009

Departure of Juan Béjar paralyses Citi Infrastructure Investors

On the pretext that Juan Béjar quit his position as head of the Citi Infrastructure Investors fund on 30 June, investors have been exercising their right to freeze their contributions to the fund, which add up to a total of USD1.6bn, for three months. This may keep the fund out of the bidding to acquire Gatwick airport, Expansion reports, and may also penalise the Spain’s Itinere, if it needs capital to acquire a company or finance a project. Citi Infrastructure Investors, launched in 2007, received commitments from investors of USD3.4bn, half of which has already been spent on the acquisition of Itinere, Kelda, and a 50% stake in several properties at Vancouver airport.
22/07/2009

Strong inflows for private banks

European private banks continued to bring in net subscriptions from new clients last year, though the fund sector itself was undergoing heavy outflows, according to an annual survey undertaken by McKinsey, and reported in Financial Times Fund Management. Net subscriptions totalled 3% of initial assets, compared with 7% in 2007. Despite these inflows, assets declined by 15%, putting them back at 2005 levels.
22/07/2009

Managers still fear layoffs

According to a survey by Ignites Europe, two thirds of asset management professionals are still worried about losing their jobs, although some say that these fears are diminishing now.
22/07/2009

Cantonal bank of Basel takes over AAM private bank

The cantonal bank of Basel (Banque cantonale bâloise, or BCB) is taking over the private bank AAM from another cantonal bank, the Banque cantonale de Bâle-Campagne (BCBC). The BCB group’s acquisition of a 100% stake in the private bank will be completed in early 2010, according to a statement published by the BCB. AAM, whose headquarters are in Basel, but which also has a presence in Bern, Geneva and Zurich, has 96 employees and manages wealth totalling approximately CHF3.1bn. The acquisition price has not been disclosed.
22/07/2009

British investors slightly more optimistic

According to the most recent edition of a survey by the British Investment Management Association (IMA), British investors are slightly more optimistic about the outlooks on the market, and about the likelihood of parallel increases in the value of their investments, which have nonetheless not evolved significantly. Although 49% of those surveyed estimate that the time is right to invest, only 36% are planning to increase their investments in the next six months, while 41% say they are not intending to do so. Aversion to risk has also been on the increase, as 23% of respondents give their preference to defensive products, compared with 39% one year previously. “As investor confidence is continuing to increase, investors may return to the markets in the near future,” says Richard Saunders, chief executive of the association.
22/07/2009

RCM launches target-date corporate bond fund

Raiffeisen Capital Management (RCM) on Monday opened subscriptions on Monday for a period until 28 August 2009 for a corporate bond fund which will mature on 28 November 2014, and which will be launched on 1 September. The portfolio will include 35 to 40 positions, mostly on bonds issues by well-rated European businesses. Currency risks will be hedged.Front-end fee and management commission will be 3% and 0.36%, respectively.
22/07/2009

Severe fall in market value of CalPERS assets in 2008-9

The California Public Employees’ Retirement System (CalPERS) on 21 July announced that the market value of its assets as of 30 June 2009, the end of its 2008-2009 fiscal year, was down 23.4% on one year, at a total of USD180.9bn, compared with USD237.1bn one year previously. CalPERS says in a statement that in March 2009, the market value of assets had fallen to USD160bn.According to CalPERS, this fall of more than 23% represents the heaviest decline ever recorded for a single year, but over 20 years, the performance of the fund remains positive, at 7.75%.CalPERS states that returns rose 0.6% for fixed income and 1.4% for cash, but fell by 35.8% for real estate (as of 31 March 2009), 31.4% for private equity (also as of 31 March), 28.5% for equities on one year, and 20.9% for inflation-linked assets (commodities, infrastructure, and linkers).CalPERS states that these results are no surprise, given the collapse of the markets and the financial crisis, but says it is taking measures to adapt to the new economic environment. The fund has already undertaken a revision of its asset allocation strategy, and is reviewing its relations with hedge fund and private equity partners, modernising its risk management, and pushing for better protection of investors by federal authorities.
22/07/2009

Extremely heavy losses for State Street Corp

In first half, State Street Corp has posted an exceptional net profit before one-time elements of USD978m, compared with USD1.078bn the previous year. Counting a one-time loss of USD3.684bn, the bottom line for January-June comes out at a loss of USD2.869bn, compared with profits of USD1.078bn the previous year. As of 30 June, assets in custody and administration represented USD16.39trn, compared with USD15.04trn as of 31 March, and USD19.73trn twelve months previously, with USD12.34trn, USD11.34trn and USD15.26trn in custody, respectively. Assets under management as of the end of June represented a total of USD1.56trn, compared with USD1.40trn three months earlier, and USD1.89trn as of 30 June 2008. In second quarter, State Street announces a loss of USD7.12 per share, counting a one-time loss of USD7.91 per share due to consolidation of asset-backed commercial paper (ABCP), a one-time loss of 23 cents per share due to reimbursement of money received through the TARP program, and another one-time loss of 2 cents, due to the integration of Investors Financial Services Corp. Revenues in April-May fell 20.6% to USD2.12bn, while costs fell 25.9% to USD1.84bn. One-time losses in second quarter due to the integration of ABCP products represented nearly USD6.1bn before taxes.
22/07/2009

BlackRock chief criticizes banks

Larry Fink, founder and CEO of BlackRock, on Tuesday expressed criticism of the “sumptuous” profits earned by American banks from trading. Fink claims the banks have taken advantage of a lack of competition to increase their prices, the Financial Times reports.
22/07/2009

Profits down at BlackRock

In April-June and first half, profits at BlackRock totalled USD239m and USD349m, respectively, compared with USD285m and USD537m the previous year.As of 30 June, assets totalled USD1.37316trn, compared with USD1.28335trn as of the end of March (an increase of 7%), and of USD1.42754trn one year previously, which represents a decline of 4%. In the second quarter, net subscriptions totalled USD15.16bn, and positive market effects represented USD55.48bn, while currency effects resulted in gains of USD17.82bn, and the acquisition of R3 Capital Management in April brought in a further USD1.34bn.Year to date, net subscriptions and market effects have totalled USD20.81bn and USD30.6bn, respectively, while positive currency effects represented USD11.26bn. However, over the last 12 months, market and currency effects were negative, at USD120.26bn and USD25.43bn, respectively, which more than offset USD89.96bn in net subscriptions.
22/07/2009

Sovereign funds have lost USD600bn

Assets in sovereign funds have lost nearly 17% of their value since the end of 2007, according to a report by Deutsche Bank cited by L’Echo. “The value of equities, bonds, liquidity and real estate properties totalled USD3trn as of the beginning of this year, compared with USD3.6trn at the end of 2007,” the newspaper reports.
22/07/2009

FSA subjects British life insurers to stress tests

The Financial Services Authority (FSA) has announced that it has undertaken stress tests on the balance sheets of life insurance groups in the UK to determine if the establishments would survive a recession similar to those seen in the 1980s, L’Agefi reports. The test is based on a scenario in which the real estate market loses 15% in 2009.
22/07/2009

Norwegian fund chooses a British firm to provide ethical research

The Norwegian finance minister has announced that the British firm Livingstone & Company has been selected to provide research on companies present in the portfolio of the Norwegian Fund (EUR264.2bn) that may be in conflict with the fund’s ethical principles, IPE reports.
22/07/2009
Fonds

Plus de la moitié des nouveaux fonds sont des garantis

Au total, 56 nouveaux fonds ont été lancés en Espagne au premier semestre par des sociétés de gestion locales. Sur ce total, observe Funds People, 32 sont des fonds garantis et 16 des obligataires. On ne compte en revanche que deux fonds d’actions, un de Gesmadrid (CMB Cartera Euro) et un de Mutuactivos (Mutuafondo España), un hedge fund de Brightgate (Brigthgate Absolute Return), ce à quoi s’ajoute le fonds «global» de Renta4 (Renta4 Atalaya), ainsi que deux diversifiés d’Alpha Plus (Alpha Plus Rentabilitad Absoluta et Dinero) et celui de Gesmadrid (Albus).Le gestionnaire le plus actif a été BBVA Gestión, avec sept nouveaux fonds garantis plus un obligataire et un corporate.
Fonds
22/07/2009
Fonds

Les fonds souverains ont perdu 600 milliards de dollars

Les actifs des fonds souverains ont perdu près de 17 % de leur valeur depuis fin 2007, selon un rapport de la Deutsche Bank cité par L’Echo. «La valeur des actions, obligations, liquidités et actifs immobiliers s'élevait à 3.000 milliards de dollars au début de cette année, contre 3.600 milliards de dollars à la fin 2007", précise le quotidien.
Fonds
22/07/2009
Fonds

Retour de l’optimisme chez les hedge funds

Les encours sous gestion des hedge funds dans le monde ont augmenté de plus de 142 milliards de dollars au deuxième trimestre 2009, reflétant la forte performance du secteur selon les statistiques de Hedge Fund Research relayées par le Financial Times. Les rachats ont ralenti à 42 milliards de dollars, contre un pic de 152 milliards sur le trimestre qui a suivi la faillite de Lehman Brothers, et le secteur devrait renouer avec des souscriptions dans les mois qui viennent.
Fonds
22/07/2009
Fonds

RCM lance un fonds de corporates à échéance

Raiffeisen Capital Management (RCM) a ouvert lundi et jusqu’au 28 août 2009 la souscription pour un fonds d’obligations d’entreprises avec échéance au 28 novembre 2014 qui sera lancé le 1er septembre. Le portefeuille comportera entre 35 et 40 lignes, principalement des émissions de sociétés européennes de bonne qualité, et le risque de change sera couvert.Le droit d’entrée et la commission de gestion ressortent à respectivement 3 % et 0,36 %.
Fonds
22/07/2009

Forte baisse de la valeur de marché des actifs de CalPERS en 2008-09

Le California Public Employees’ Retirement System (CalPERS) a indiqué le 21 juillet que la valeur de marché de ses actifs au 30 juin 2009, terme de son exercice 2008-2009, a baissé de 23,4 % sur un an à 180,9 milliards de dollars contre 237,1 milliards de dollars. CalPERS relève dans un communiqué qu’en mars 2009, la valeur de marché des actifs était tombée à 160 milliards de dollars.Ce recul de plus de 23 % constitue, selon CalPERS, la plus forte baisse jamais enregistrée sur un an, mais sur 20 ans, le rendement des actifs reste positif à 7,75 %.CalPERS précise que les rendements qui ont progressé de 0,6 % pour le fixed income et de 1,4 % pour le cash, ont chuté de 35,8 % dans l’immobilier (au 31 mars 2009), de 31,4 % dans le private equity (au 31 également), de 28,5 % pour les actions sur un an et de 20,9 % pour les actifs liés à l’inflation (commodities, infrastructures et obligations indexées sur l’inflation).CalPERS indique que ces résultats ne constituent pas une surprise compte tenu de l’effondrement des marchés et de la crise financière mais souligne qu’il prend les mesures qui s’imposent pour s’adapter au nouvel environnement. Le fonds a déjà mis en œuvre une révision de sa stratégie d’allocation, il revoie ses relations avec ses partenaires hedge funds et private equity, il modernise sa gestion des risques et milite pour une meilleure protection des investisseurs auprès des autorités fédérales.
22/07/2009

P&G vendrait son activité médicaments sur ordonnance

Selon les proches du dossier, Procter & Gamble Co (P&G) est sur le point de vendre pour environ 3 milliards de dollars sa division médicaments sur ordonnance (800 millions de dollars de bénéfice d’exploitation) à Warner Chilcott et au capital-investisseur Cerberus Capital Management, rapporte The Wall Street Journal.
22/07/2009

Le patron de BlackRock critique les banques

Larry Fink, le fondateur et directeur général de BlackRock, s’en est pris mardi aux “somptueux” bénéfices réalisés par les banques américaines dans le trading, en disant qu’elles avaient profité de la réduction de la concurrence pour augmenter leurs prix, rapporte le Financial Times.
22/07/2009

Baisse du bénéfice de BlackRock

Pour avril-juin et pour le premier semestre, le bénéfice net de BlackRock est ressorti à respectivement 239 millions et 349 millions de dollars contre 285 millions et 537 millions.Au 30 juin, l’encours se situait à 1.373,16 milliards de dollars contre 1.283,35 milliards fin mars (soit une progression de 7 %) et 1.427,54 milliards un an plus tôt, ce qui représente une baisse de 4 %.Durant le deuxième trimestre, les souscriptions nettes ont porté sur 15,16 milliards de dollars et l’effet positif de marché a représenté 55,48 milliards tandis que l’effet de change se traduisait par une augmentation de 17,82 milliards de dollars et que l’acquisition de R3 Capital management en avril apportait 1,34 milliard.Depuis le début de l’année, les souscriptions nettes et l’effet de marché se sont chiffrés à respectivement 20,81 milliards et 32,6 milliards, pendant l’effet de change positif représentait 11,26 milliards.On remarquera toutefois que, sur un an, l’effet de marché et l’effet de change ont été négatifs de respectivement 120,26 milliards 25,43 milliards de dollars, ce qui a largement surcompensé les 89,96 milliards de souscriptions nettes.BlackRock rappelle qu’il a annoncé le 11 juin l’acquisition de Barclays Global Investors. Le projet d’intégration vise à limiter les départs de professionnels de l’investissement et à rendre la transition le plus facile possible pour les investisseurs. Laurence D. Fink, CEO, a indiqué que le groupe a terminé le deuxième trimestre avec 45,7 milliards de dollars de souscriptions et mandats dans le «pipeline», dont une «robuste» contribution de BlackRock Solutions.

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