Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
17/07/2009

Belgium removed from tax havens list

L’Echo reports that the OECD on Thursday removed Belgium from its “grey list” of tax havens. The Belgian finance minister, Didier Reynders, has signed the twelfth convention for exchange of tax information between Belgium and other countries. Belgium has signed information-sharing protocols with Luxembourg and Singapore, and a double-taxation agreement with the Isle of Man.
17/07/2009

KAS Bank acquiert l'administration de la Postbank

Kas Bank NV achète pour un montant non divulgué la Deutsche Postbank Privat Investment KAG (PPI), filiale de la Deutsche Postbank spécialiste de l’administration de fonds offerts au public. Le transfert interviendra fin juillet. Les quelque 20 salariés de PPI à Bonn seront repris par la Postbank.Albert Röell, chairman du managing board de Kas Bank souligne que cette opération permet à son établissement de poursuivre son expansion en Europe et sur le marché institutionnel en Allemagne. Depuis juillet 2008, la filiale KAS Investment Servicing GmbH à Wiesbaden propose aux caisses de retraite et aux compagnies d’assurances des services d’administration de fonds. De son côté, la Postbank estime que cette transaction lui permet de se concentrer sur la gestion de fonds et la distribution.
17/07/2009

RHJ propose davantage de fonds propres que Magna pour Opel

Selon le projet obtenu par la Frankfurter Allgemeine Zeitung, le capital-investisseur RHJ propose 175 millions d’euros de fonds propres à la signature et 100 millions supplémentaires d’ici à 2012 pour 50,1 % d’Opel, GM conservant 39,9 % et les salariés obtenant les 10 % restants en contrepartie d'économies de 250-300 millions annuels sur les salaires. Il serait aussi question de supprimer 3.900 des 25.000 emplois en Allemagne. Pour sa part l’austro-canadien Magna ne propose que 100 millions d’euros de fonds propres, agrémentés d’un prêt non rémunéré de 400 millions d’euros.
17/07/2009
Fonds

Les conseillers clientèle optimistes sur les fonds actions, selon Robeco

L’indice de la confiance des conseillers clientèle en Allemagne calculé par TNS Infratest (350 conseillers clientèle de banques, de caisses d'épargne et de banques populaires) a gagné 8,1 points au deuxième trimestre pour ressortir à 96 points, indique Robeco Deutschland. Concernant les perspectives de vente de parts de fonds d’actions durant les six prochains mois, les conseillers sont bien plus optimistes qu’au trimestre précédent. 49 %, soit 19 % de plus qu’au premier trimestre, s’attendent à une hausse des rendements sur ces produits.
Fonds
17/07/2009
Fonds

AmpegaGerling (re)lance deux fonds d'ETF

AmpegaGerling a annoncé jeudi le lancement de deux fonds d’ETF de droit allemand, Gerling Portfolio Multi ETF Strategie et Geling Portfolio Global ETF Aktien qui développent une approche de gestion de fortune. Le premier investit dans des ETF répartis sur les classes d’actifs actions, obligations et alternatif tandis que le second, spécialiste des actions, repose sur le principe de la variance minimale.Ces fonds ont en fait été lancés respectivement le 21 janvier 2000 et le 24 janvier 2001, mais ont été réorientés pour n’investir qu’en ETF le 1er mai 2009. Ils affichaient fin mai des encours respectifs de 5,45 millions et 6,66 millions d’euros.En rétropolation (backtesting), le Mutli ETF Strategy a affiché une performance de 6 % annuels entre janvier 1994 et décembre 2008 ; il n’a accusé aucune perte sur une période de 5 ans. Quant au Global ETF Aktien, il signe pour la période janvier 2000 à décembre 2008 une surperformance relative de 43 % sur MSCI monde.Caractéristiques Dénomination Gerling Portfolio Multi ETF Strategie Gerling Portfolio Global ETF Aktien Code ISIN DE000A0NGJ69 DE0009847350 Droit d’entrée 3,0 % 3,0 % Commission de gestion 1,0 % 1,0 %
Fonds
17/07/2009
Fonds

Union lance un fonds obligataire à horizon

Depuis jeudi, Union Investment (banques populaires) commercialise en Allemagne le fonds luxembourgeois UniEuroRenta Corporates 40 (2014), un fonds à horizon qui investira principalement en obligations d’entreprises et dont l'échéance est fixée au 31 octobre 2014. Au moins 51 % du portefeuille seront investis en obligations d’entreprises européennes, sachant que le nombre de lignes est plafonné à 40 émissions investment grade et qu’aucun titre ne peut représenter plus de 5 % de l’encours. L'équipe de gestion est autorisée à placer au maximum 10 % du fonds dans des emprunts d’Etat ou des emprunts émis avec la garantie de l’Etat.Les obligations seront en principe conservées jusqu'à échéance, sauf en cas de détérioration, où le gérant est habilité à sous-pondérer les titres concernés.Il est prévu une pénalité de 1 % acquise au fonds en cas de sortie prématurée. Caractéristiques Dénomination UniEuroRenta Corporates 40 (2014) Code ISIN LU0420444829 Commissions de souscription Frais de sortie (avant l'échéance) 3 % 1 % Frais de gestion 0,60 % Commission de banque dépositaire 0,05 % Souscription minimale 1 part
Fonds
17/07/2009

SLI recrute un ancien d'ABN Amro

Stanard Life Investments (SLI) a nommé Michael Geier investment director pour l’Allemagne et l’Autriche dans son European Business Development Team. Il sera chargé de développer les relations avec la clientèle de particuliers et les grands investisseurs dans ces deux pays. De 2006 à 2008, l’impétrant a dirigé l’activité fonds offerts au public d’ABN Amro Deutschland pour l’Allemagne, le Luxembourg, l’Autriche et la Suisse, après avoir dirigé pendant six ans la distribution de Mellon Global Investments en Allemagne et au Luxembourg.Michael Geier sera basé à Francfort et subordonné à Phil Barker, head of European business development.
17/07/2009

KKR réaliserait un troisième "deal" en Chine

Selon The Wall Street Journal, l’américain KKR, allié au fonds souverain de Singapour (GSI) et à la banque d’investissement chinoise China International Corp, serait sur le point d’acquérir une participation minoritaire d’environ 30 % dans la société de leasing financier International Far Eastern Leasing Co, qui est contrôlée par le groupe nationalisé Sinochem Group. L’investissement pour KKR serait de 150-200 millions de dollars.
16/07/2009

Fisch AM launches a sustainable development convertible bonds fund

Swiss fund management firm Fisch Asset Management is releasing the Fisch CB Sustainable Fund, its sustainable development convertible bond fund. Sustainable development research is provided by Banque Sarasin. Management includes ecological and social criteria, says Kurt Fisch, founder of the asset management firm. The fund, registered in Luxembourg and compliant with the UCITS III directive, was launched on 18 May and is aimed at retail and institutional investors. The portfolio includes 50 to 70 positions, and shares are available in Euros or Swiss francs. A class of shares in US dollars is also planned. Characteristics Name FISCH CB Sustainable Fund HAE FISCH CB Sustainable Fund HA ISIN LU0428953425 LU0428953342 Currency EUR CHF Initial subscription EUR2,500 CHF2,500 Management fees 1.50% 1.50% Front-end fee 0.00–3.00% 0.00–3.00% Sales license D, LU CH, A in progess D, LU CH, A in progress Manager 1 Roland Hotz Roland Hotz Manager 2 Klaus Göggelmann Klaus Göggelmann
16/07/2009

Groupama registers two SRI funds

Groupama Asset management has registered two socially responsible investment funds with the CNMV, the Euro Capital Durable (Euro zone equities) and the Credit Euro ISR (investment grade bonds), Funds People reports.
16/07/2009

Deka Immobilien invests in Waalwijk

For EUR42m, Deka Immobilien Investment has acquired a logistical centre constructed on 84.400 square metres in Waalwijk, the Netherlands (Northern Brabant region), for its open-ended real estate fund Deka-ImmobilienFonds. The halls, with a total area of 55,000 square metres, are leased in their entirety to Syncreon Netherlands.
16/07/2009

Custody: Cougar chooses RBC Dexia

RBC Dexia Investor Services has announced that it has been selected by Cougar Global Investments to provide international custody services. Cougar offers investment advising services to high net worth private investors, trusts, and businesses in Canada, the Untied States, and Europe.
16/07/2009

End of provisional warning for Sal. Oppenheim

The German financial stabilisation fund SoFFin and the German federal government estimate that the problems at the Sal. Oppenheim private bank are no longer as serious as in the recent past, according to Handelsblatt. The regulatory authorities consequently estimate that there is no need to take immediate action. They will continue to closely monitor the bank’s financial situation. The market is expecting a capital increase. The other two options, an entry into the bank’s capital of a strategic partner or the sale of BHF-Bank, were dismissed a few days ago by the bank’s directors.
16/07/2009

Fibanc-Mediolanum outsources management of come funds to Trea Capital

As its Italian parent company Mediolanum is already doing, the Spanish firm Fibanc-Mediolanum will outsource the management of a good part of its locally-registered funds (EUR550m in assets) to Tre Capital Partners, which belongs to its founder and president Carlos Tusquets, ABC reports, relayed by Funds People. Currently, the funds are managed by GesFibanc, which will transfer six of its partners to Trea (whose management team has nine members). GesFibanc will retain its brand name and the funds under their current names.
16/07/2009

Syz buys 50% of N+1 asset management firm

The Swiss financial group Syz & Co has bought a 50% stake in the asset management firm of the Spanish N+1 group to create a joint venture with assets of EUR245m, which manages 20 Sicavs or mandates and two investment funds. In addition, Cinco Días reports, the new entity, N+1 SYZ Gestión, advises two hedge fund management firms.
16/07/2009

Land Securities becomes a potential buyer

Land Securities Plc ont Wednesday announced it is looking for investment opportunities and that it plans to launch two major developments in the West End of London next year, The Wall Street Journal reports. The biggest UK REIT said it experiences an increased investor demande for first and midquality properties.
16/07/2009

Recruitments at Liontrust continue

After the announcement on 24 March of the recruitment of the European bond team from Ilex Asset Management, Liontrust Asset Management has recruited Ross Hollyman from GAM from 1 January 2010 (see NewsManagers of 23 June). Now, it has been learned that Hollyman will join the equities team at GAM, composed of Nikki Martin, Rob Cornish and Tom Ayres, who arrive in October.
16/07/2009

Sarasin paints a real estate fund green

Banque Sarasin has been offering the Sarasin Sustainable Equity – Real Estate Global since 10 July. The product is “the first fund in the world to invest in shares in sustainable real estate firms,” claims the Swiss firm. The Luxembourg-registered product (LU 0288928376) is in fact a new version of the Sarasin Real Estate Equity - IIID (EUR), which has been reoriented. The widely diversified fund invests worldwide according to social and environmental criteria, in publicly-traded firms of the real estate sector and closed real estate funds.The Sarasin Sustainable Equity - Real Estate Global, managed by Jake Ferguson of Sarasin & Partners, combines the expertise of analysis and sustainability specialists at Sarasin Sustainable Investment in Basel with the experience of real estate experts at Sarasin & Partners in London. The latter firm has been managing real estate investments since 1994 and as of 10 July 2009 administered CHF364m in this sector.
16/07/2009

Henderson enters Portuguese market

Alastair Seymour, head of Henderson for the Iberian peninsula, says that Henderson New Star has begun the process to register its product range with the Portuguese securities commission, the CMVM, Funds People reports. The British management firm is planning to set up an office in Portugal by the end of summer, in order to attack the Latin American markets in fourth quarter.
16/07/2009

Hedge funds gained ground in June

The Credit Suisse/Tremont index of more than 5,000 hedge funds worldwide shows performance in June of 0.43%, following gains of 4.06% the previous month. This brings performance in first half to 7.18%.Only two strategies remain in the red for January-June: dedicated short bias, with losses of 10.81%, and managed futures, which have lost 7.43%. Meanwhile, four strategies show gains of over 10% in the first ten months of the year: fixed income arbitrage, with returns of 11.82%, multi-strategies (12.29%), emerging markets (13.21%), and convertible arbitrage (23.95%).Oliver Schupp, chairman of Credit Suisse Index, says 87% of gains realised since the beginning of the year were made in second quarter.
16/07/2009

Gartmore closes a fund

Das Investment reports that the British management firm Gartmore Asset Management will close the US Smaller Companies fund on 13 August. The director of the strategy, Steve Jenner, says that demand has collapsed and that the fund is no longer profitable. It will be merged into the US Growth Funds, which manages assets of GBP137m.
16/07/2009

British pension funds heavily in the red

Nearly 90% (to be precise, 88%) of 7,400 defined-benefit pension programs in the UK are in the red, at a time when the markets continue to be under pressure. According to the most recent statistics from the Pension Protection Fund (PPF), the coverage deficit for British pension funds at the end of June totalled GBP200.1bn (compared with GBP179.3bn at the end of May), while in June 2007, the balance of assets against liabilities was positive by more than GBP100bn. In June 2008, pension funds still had a positive balance of GBP13bn.In this environment, many firms are shutting down plans which offer defined benefits and are instead offering far less generous programs to new employees. According to the PPF, the total positive balance for programs with a surplus has fallen to GBP15.7bn, from GBP17.5bn in May 2009, while the cumulative deficit for programs with a negative balance totals GBP215.8bn, compared with GBP196.8bn at the end of May.
16/07/2009

RWC preparing a long/short fund that complies with UCITS III

Independent asset management firm RWC Partners (USD2.3bn in assets) announced on Wednesday that it is planning to launch the Luxembourg-registered fund RWC US Absolute Alpha in October. It is a long/short product that complies with the UCITS III directive, and will be managed in London by Mike Corcell, who has joined RWC recently after managing the American Crescendo funds at Threadneedle. The new fund, which is awaiting a license from the CSSF, will be focused on US equities, with the objective of generating high returns with low correlation to the direction of the markets, and of managing the risk of a decline in all market configurations.RWC Partners is planning to release the fund, with daily liquidity, throughout Europe. The fund will have tax-optimised share classes for German and British investors, and will offer share classes which are completely hedged for currency risks in Euros, US dollars, pounds Sterling and Swiss francs.
16/07/2009

Oversupply of ETF funds

Currently, there are 657 ETF funds on sale in Europe, and this number is expected to reach 1,000 by next year. There is an anarchic proliferation of products underway, and the heads of iShares Germany (Dirk Klee) and ETFlab (Andreas Fehrenbach) are concerned that the market will suffer the same fate as the certificate market, which imploded after the spectacular collapse of Lehman, Die Welt reports. Thorsten Michalik, head of x-trackers (Deutsche Bank) does not share this pessimism, due to the fact that certificates were sold by advisors at banks, who earned high commissions on them. This is not the case for ETFs, which advisors are thus not promoting. Retail investors who buy into the products themselves will not go in search of incomprehensible products such as the DJ EuroStoxx 50 BuyWrite ETF, which combines an investment in the DJ Euro Stoxx 50 with the sale of a call on the same index.Die Welt also reports that db x-trackers is planning to extend its range of ETFs to 200 products next year, up from 113 currently.
16/07/2009

Heavy inflows in May

According to Lipper FMI, net subscriptions for European funds reached EUR32.1bn in May, which is the highest inflow since October 2007, Handelsblatt reports. The main contributors to these inflows have been equity funds, with EUR16.2bn, and corporate bond funds with EUR8.9bn, their best mark over the last four years.Diana Mackay, who is head of Lipper FMI, expects net inflows to reach EUR80-100bn this year, but warns that any bad news could jeopardize this projection.
16/07/2009

Mark Mobius predicts financial crisis is on its way

Due to a lack of regulation of derivative markets and an inflow of liquidity generated by governmental stimulus plans, another financial crisis is to be expected, says Mark Mobius, the star manager at Franklin Templeton, cited by the Frankfurter Allgemeine Zeitung. The guru estimates that political pressure on the part of investment banks and all those who make money on derivatives will prevent appropriate regulation of the market.
16/07/2009

SEC issues warning to Regions Financial

Regions Financial Corp has announced that it has received a ‘Wells notice’ that it faces fines for possible violations of federal securities regulations, the Wall Street Journal reports. The notice related to three bond funds managed by James Kelsoe at Morgan Asset Management, an affiliate of Morgan Keegan which is itself an affiliate of Regions Financial. The funds have lost an average of 59.5% in the 12 months to 30 April 2008. They were dragged down by their exposure to CDO and mortgages. Regions Financial states that the management of the funds has since been transferred to Hyperion Brookfield Asset Management.
16/07/2009

Obama administration unveils hedge fund legislation

The President of the United States on Wednesday unveiled a draft of legislation which would require hedge funds with more than USD30m under management to register with the SEC, the Financial Times reports.
16/07/2009

MFA welcomes findings of a report on CDS compensation

In a statement, the international Managed Funds Association (MFA) has welcomed the conclusions of a working group on compensation systems in Europe and the United States ((«Report to the Supervisors of the Major OTC Derivatives Dealers on the Proposals of Centralized CDS Clearing Solutions for the Segregation and Portability of Customer CDS Positions and Related Margin»). According to Richard H. Baker, President and CEO of the association, “the efforts of the working group and the report are both complete and welcome in terms of the calendar. The MFA is highly favourable to segregation of collateral, the portability of positions and direct and indirect buy-side access to centralised compensation. We are still prepared to collaborate with market regulators, industry working groups and other professional associations to determine the next steps to be taken to provide these solutions.”
16/07/2009

Quatrième appel au marché pour Mizuho

Selon la Tribune, le deuxième groupe bancaire japonais, Mizuho, a établi mardi 14 juillet à 526,38 milliards de yens (4 milliards d’euros) le montant de son augmentation de capital publique. Avec un placement privé de 139,5 milliards (1,1 milliard d’euros) rapporte le quotidien, Mizuho lèvera donc 5,1 milliards d’euros pour son quatrième appel au marché en un an.

Sujets d'actualité

Tous les sujets