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14/06/2013

Equity reshuffle continues at BlackRock

P { margin-bottom: 0.08in; }A:link { } BlackRock is reshuffling its underperforming US equities unit, the Wall Street Journal reports. This has resulted in the replacement of management teams on half of funds. Initial results show that more needs to be done. BlackRock equity funds are lagging behind most US rivals, according to a recent study by Credit Suisse group. Investors requested redemption of USD7.5bn from actively-managed BlackRock funds in the 12 months to the end of first quarter 2013.
14/06/2013

Union resells property at La Défense

P { margin-bottom: 0.08in; } After a 13 years tenure, the German firm Union Investment Real Estate (UIRE) has resold the Le Wilson office property (14,767 square metres) for EUR67.2m to a fund of the Perial group.Reinhard Kutscher, chairman of the executive committee at UIRE, has estimated that the deal is another success for the open-ended real estate fund UniImmo: Deutschland, as the property has always been fully occupied and the expert valuation of the property has increased by EUR10.7m.
14/06/2013

Fund range from Sal. Oppenheim to be severely amputated

P { margin-bottom: 0.08in; }A:link { } Sal. Oppenheim, a private banking affiliate of Deutsche Bank, will become a pure wealth management firm, and will retain only less than 10 funds, Fondsprofessionell reports.Funds from the German asset management affiliate Oppenheim Kapitalanlagegesellschaft (OKAG), with EUR3.6bn in assets, will be transferred to Deutsche Asset & Wealth Management (DeAWM), and merged with DWS or liquidated funds.Sal. Oppenheim will, however, retain the white-label products from its Luxembourg affiliate, which have total assets of EUR3.5bn to EUR4bn.
14/06/2013

HFRI hedge fund index gained 0.5% in May

P { margin-bottom: 0.08in; } The good performance of Equity Hedge and Event Driven strategies have allowed hedge funds to post gains for the seventh consecutive month and for the eleventh time in 12 months. The HFRI Fund Weighted Composite index gained 0.5% in the month of May, driving a gain of 1.8% for the HFRI Equity Hedge index. The HFRI Event Driven index, for its part, posted a gain of 1.7%, the 12th in a row, due to the dynamism of the corporate transactions market. The HFRI Macro/CTA Index, however, lost 1.5% in May.
14/06/2013

Assets in SWFs total nearly USD5.5trn

P { margin-bottom: 0.08in; } Assets in sovereign wealth funds worldwite total USD5.473trn, according to the most recent statistics from the SWF Institute. Last year, assets in sovereign funds topped USD5trn, with a total of USD5.019trn.The largest SWFs are the Norwegian government pension fund, with USD737.2bn as of June 2013, the Abu Dhabi Investment Authority (ADIA) with USD627bn, and the Chinese Safe Investment Company with USD567.9bn (estimated).SWFs tied to oil and gas revenues total USd3.1931trn.With USD25.5bn, the French Strategic Investment Fund (FIS) places in the SWF Institute rankings between the Brunei sovereign fund (USd30bn) and the Texas Permanent School Fund (USD25.5bn).The FIS has a transparency rating of 9 on a scale of 1 to 10. The SWF Institute awarded a better rating to 10 sovereign funds, including the Norwegian sovereign fund, the Singapore fund Temasek and the Australian Future Fund.
14/06/2013

GAM integration successful for former Arkos Capital

P { margin-bottom: 0.08in; }A:link { } Assets under management at the hedge fund firm GAM Investment Mnagement, known as Arkos Capital before its acquisition in February 2012 by the asset management group GAM, has topped EUR1bn, with assets of EUR1.3bn, compared with EUR550m when the deal was announced, Gianmarco Mondani, founder of Arkos, and currently CEO and CIO of GAM Investment Management, tells AGEFI Switzerland. This is “a positive sign of the contribution of the new GAM range as well as additional sales resources,” says Mondani.
14/06/2013

Risk management is a challenge for insurers

P { margin-bottom: 0.08in; }A:link { } More than one quarter of insurance companies worldwide report difficulties in managing risk. In addition to this observation, a survey by State Street of the insurance sector, in all types of business, finds that 29% of top directors surveyed have seen their businesses withdrawn from some activities since the beginning of the financial crisis “due to new capital requirements or requirements related to risk,” a statement says. This percentage reaches as high as 39% for the Europe, Middle East and Africa (EMEA) region. This survey, sponsored by State Street and conducted by The Economist Intelligence Unit, examines the current state and future outlook for the global insurance industry. Fielded during April 2013, the survey encompassed 307 insurance executives globally across all industry sub-sectors. Half of respondents were C-suite, while the remainder were senior management. 25% of respondents in the EMEA region reported difficulties in recruiting qualified personnel in risk management. In North America, the percentage was 16%. For a complete summary of the results of the survey, go to http://statestreet.com/ourbusiness.
14/06/2013

UBP launches new equity strategy

P { margin-bottom: 0.08in; }A:link { } The Swiss asset management firm UBP is launching the new “Equity Flex” strategy, which provides exposure to equities, while controlling risks. “In a context in which volatility causes fear with significant drawdown risks, this strategy offers exposure to the European equity market, but with a risk management engine to manage volatility,” Bernard Kalfon, head of volatility and risk management strategy at the Union Bancaire Privée (UBP) group, said in Paris at a presentation to investors.The objective and strategy are to offer a positive asymmetrical risk profile for a long-term investment horizon. The means used to achieve this objective are original. The strategy combines two areas of expertise of the group: firstly, a long-only strategy with direct exposure to equities via the UBAM-Europe Equity fund; and then, a dynamic risk management overlay. The beta objective of the portfolio is a total of 50% to 100% of assets under management.This strategy, which “makes it possible to serenely return to equities with a dynamic product,” says Kalfon, is already available on the Irish market. It will be available to French investors in autumn, probably in September.
14/06/2013

HVB sells private equity operations

P { margin-bottom: 0.08in; } Coller Capital, Axa Private Equity ad AlpInvest Partners are vying for the acquisition of the private equity activities of HypoVereinsbank, the German affiliate of the Italian UniCredit group, according to FinancialNews, citing three people familiar with the matter. The operation may bring in as much as EUR600m.
14/06/2013

Australian mandate for Henderson in real estate

P { margin-bottom: 0.08in; }A:link { } The pension fund AustralianSuper (AUD60bn) has awarded a mandate to Henderson Global Investors (HGI, GBP68.9bn) a management mandate for UK retail real estate investments.The real estate portfolio of AustralianSuper represents a total of about AUD4.6bn, and the pension fund has recently announced plans to invest internationally in order to diversify. For its part, HGI has USD12.7bn in real estate assets, of which USD7.4bn are in the retail sector.
14/06/2013

Old Mutual GI adds to European distribution team

P { margin-bottom: 0.08in; } Kirk Hotte, European business director at Investec Asset Management, after working for 12 years at Axa IM, most recently as director, global distributors, has joined Old Mutual Global Investors as European sales director. He will be based in London and will report to David Aldred, head of European distribution.
14/06/2013

Women under-represented in British asset management

P { margin-bottom: 0.08in; } Only 5% of retail funds are managed or co-managed by women in the United Kingdom, according to a survey completed by Bestinvest,Fund Web reports. In the five major IMA (Investment Management Association) IMA sectors, the percentage of funds managed by women varies from 2% for the UK Equity Income sector to 7% for the UK All Companies sector.
14/06/2013

Better performance for UCITS hedge funds in May

P { margin-bottom: 0.08in; }A:link { } The UCITS Alternative Index Global of UCITS-compliant hedge funds calculated by the Swiss firm Alix Capital in May posted returns of 0.53%, compared with 0.21% in April, bringing gains in the first five months of the year to 2.34%. The UCITS Alternative Index Funds of Funds has posted its fifth consecutive monthly increase, up 0.65% in May, compared with 0.22% in April. It shows a gain of 3.14% since the beginning of the year.Only two strategies show losses for single hedge funds in May: CTA has lost 1.34%, and volatility, 0.12%. The only stand-out gain is for long/short equity, with 1.53%, allowing this fund category to lead for the first five months of the year, with returns of 4.77%.Total assets in UCITS-compliant single hedge funds as of the end of May totalled EUR161bn, compared with EUR160bn one month earlier. They totalled EUR147bn at the end of March, EUR143bn at the end of February, and EUR141bn at the end of January.Currently, the UCITS Alternative index includes 860 hedge funds and funds of hedge funds.
14/06/2013

Net subscriptions for German asset management up

P { margin-bottom: 0.08in; }A:link { } In January-April, funds and mandates at asset management firms which disclose their subscriptions and assets to the German BVI trade association posted net subscriptions of EUR43.73bn, compared with EUR18.33bn in the first four months of 2012. Institutional funds posted inflows of EUR30.4bn, compared with EUR18.64bn, while mandates attracted EUR2.82bn, compared with EUR3.31bn, and open-ended funds (including real estate funds) had net inflows of EUR10.5bn, compared with net redemptions of EUR3.66bn.However, it is important to note that results for April 2013 were thrown off for open-ended securities funds by the fact that within the Union Investment group a diversified management mandate for EUR4.4bn which had previously been held by the Luxembourg affiliate IPC Concept has been transferred to another entity of the group, which is not a BVI member. Union Investment has posted net outflows in January-April of EUR2.42bn from open-ended securities funds, at a time when the asset management firm for the German co-operative banks has been regularly posting net subscriptions.Deka (savings banks) is continuing to post outflows, but they are limited to EUR711m for the first four months of the year, while Allianz Global Investors has seen inflows of EUR2.83bn, and Deutsche Bank EUR2.67bn.As to ETFs, db x-trackers products from Deutsche Bank have posted inflows of EUR358m in January-April, while ETFlab (Deka) has attracted EUR214.6m. However, BlackRock has suffered outflows of EUR408.2m from iShares, while ComStage (Commerzbank) has seen net redemptions of EUR129.5m.
14/06/2013

Retraites: le rapport Moreau prône d'allonger la durée de cotisation

La commission présidée par Yannick Moreau, qui a rendu vendredi son rapport sur les retraites au Premier ministre, considère un allongement de la durée de cotisation jusqu'à 44 ans comme «la réponse la plus pertinente pour adapter le système de retraites au progrès social que constitue l’allongement de l’espérance de vie». La commission propose aussi d’aligner le taux maximal de Contribution sociale généralisée (CSG) des retraités, qui est de 6,6%, sur celui des actifs (7,5%), et de réviser certains avantages fiscaux propres aux retraités. La hausse de CSG permettrait un gain estimé à 2 milliards d’euros à l’horizon 2020 selon le rapport. Celui-ci propose également une sous-indexation «exceptionnelle» des pensions et une hausse des cotisations d’assurance-vieillesse de 0,1 point par an pendant quatre ans au-delà d’un certain plafond de salaire. Cette hausse, répartie à parts égales entre salariés et employeurs, rapporterait 2,6 milliards d’euros. A plus long terme, le rapport Moreau propose de «rapprocher davantage les règles applicables aux fonctionnaires de celles en usage dans le secteur privé».
14/06/2013

La Caisse des dépôts veut revoir ses relations avec l'Etat

Henri Emmanuelli, président de la commission de surveillance de la Caisse des dépôts, souhaiterait ouvrir le dossier du prélèvement que l’Etat opère chaque année sur les fonds d'épargne gérés par la CDC en rémunération de sa garantie. «L’Etat prélève de l’argent sans jamais mettre un sou dans le groupe. C’est donc un chantier à ouvrir à la rentrée par les députés lors des discussions sur le projet de loi de Finances», indique vendredi le député dans un entretien aux Echos.
14/06/2013

S&P maintient l'Espagne en catégorie investisseur

Standard & Poor’s a confirmé vendredi la note BBB- attachée à la dette souveraine de l’Espagne, maintenant ainsi le pays en catégorie investissement. La perspective attachée à cette note reste négative. S&P salue l’engagement fort témoigné par le gouvernement de Madrid à mettre en place un programme de réformes financières et structurelles dans le pays. L’agence table sur une contraction de 1,5% de l'économie espagnole cette année avant un retour à une croissance de 0,6% en 2014. Certains investisseurs craignaient une dégradation de l’Espagne en catégorie «junk», qui entraînerait des flux vendeurs. Les notes de S&P et de Moody’s pour l’Espagne ne sont qu'à un cran au-dessus de la catégorie spéculative, celle de Fitch à deux crans. Le taux à 10 ans espagnol se détendait de 8 points de base vendredi à 4,52%, comme l’ensemble des rendements souveraines en zone euro.
14/06/2013

L’immobilier d’investissement pèse 241 milliards d’euros

C’est l’estimation à fin 2012 qui ressort d’une étude de l’IEIF sur le patrimoine immobilier des grands investisseurs en France. Les foncière sont les premiers acteurs avec 11% des engagements l’an dernier et gèrent un patrimoine de l’ordre de 100 milliards d’euros. Les compagnies d’assurance suivent avec un patrimoine d’environ 69 milliards, devant les OPCI RFA (28 milliards) et les SCPI (27 milliards).
14/06/2013

Les négociations sur MIF 2 avancent au Conseil

Réunis hier à Bruxelles, les représentants des Etats-membres de l’Union ont bien avancé sur la réforme de l’organisation des marchés financiers. Une prochaine réunion doit encore se tenir sur MIF 2 lundi prochain pour qu’un accord soit officiellement confirmé au moment de l’Ecofin de la fin juin.
14/06/2013

Un ex-banquier suisse prêt à faire des révélations

Un ancien cadre de la banque suisse Reyl & Cie, qui abritait le compte de Jérôme Cahuzac, a déclaré devant une commission parlementaire détenir une liste d’hommes politiques français détenant un compte en Suisse, a révélé le député PS Yann Galut. Pierre Condamin-Gerbier a été auditionné à l’Assemblée dans le cadre du projet de loi de lutte contre la fraude fiscale. L’ancien banquier dit réserver ses déclarations aux autorités judiciaires.
14/06/2013

Del Monte met en vente ses conserves

Le quotidien assure que le groupe de San Francisco, racheté en 2011 par un consortium emmené par KKR, songe à céder son emblématique activité de conserve pour concentrer ses efforts sur la nourriture animale. L’opération pourrait atteindre 2 milliards de dollars. Centerview Partners et Morgan Stanley seraient en charge de la vente.
14/06/2013

Algebris mise sur les valeurs financières

«C’est le bon moment pour investir dans les financières», croit savoir Davide Serra, le patron du hedge fund londonien Algebris. «La crise est finie», assure le dirigeant, selon lequel «les financières vont être les grandes bénéficiaires de la montée des taux dans les 3 à 5 prochaines années». Algebris s’apprête à lancer un fonds mondial actions et obligations dédié au secteur.
13/06/2013

L’immobilier d’investissement pèse 241 milliards d’euros en France

C’est l’estimation à fin 2012 qui ressort d’une étude de l’IEIF sur le patrimoine immobilier des grands investisseurs en France. Les foncière sont les premiers acteurs avec 11% des engagements l’an dernier et gèrent un patrimoine de l’ordre de 100 milliards d’euros. Les compagnies d’assurance suivent avec un patrimoine d’environ 69 milliards, devant les OPCI RFA (28 milliards) et les SCPI (27 milliards).
13/06/2013

Baisse inattendue des prix à l'import-export aux Etats-Unis

Les prix à l’importation et à l’exportation ont baissé contre toute attente aux Etats-Unis en mai, signe que le ralentissement économique mondial pourrait pénaliser les entreprises américaines. Il s’agit toutefois d’un élément positif pour les finances des ménages. Les prix à l’importation ont reculé de 0,6% le mois dernier, a indiqué le département du Travail. Il s’agit de la troisième baisse mensuelle consécutive.

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