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11/10/2012

Hedge Invest lance une plate-forme de hedge funds

Hedge Invest Sgr, société de gestion italienne spécialisée dans la gestion alternative, vient de lancer la Sicav Hedge Invest International Funds, rapporte Bluerating. Cette plate-forme de droit irlandais a été créée afin d’offrir aux investisseurs la possibilité d’investir dans des gérants alternatifs single manager avec tous les avantages du cadre Ucits. Le seuil d’entrée est en outre de 10.000 euros. Les deux premiers compartiments de la Sicav sont : HI Numen Credit Fund, un fonds long/short credit géré par Filippo Lanza et Kushal Jumar. HI Principia Fund, un fonds long/short actions européennes confié à Marc Chapman.
11/10/2012

Outflows from Swedish funds in September

Funds on sale in Sweden in September posted net redemptions of SEK1.1bn (EUR0.12bn), according to the most recent statistics from the local fund association, Fondbolagens Förening. Outflows were driven by money market funds, which have seen outflows of SEK3.2bn, and hedge funds, which have lost SEK1.7bn. Since the beginning of the year, these two categories of funds show losses, of SEK8.2bn and SEK6.1bn, respectively. However, equity funds in September are showing positive inflows of SEK2.1bn. Inflows have largely gone to global equity funds (+SEK2bn), Europe (+SEK1bn), and Eastern Europe (+SEK901m), while Swedish funds have seen outflows of SEK1.3bn. Balanced funds have also posted inflows of SEK1.3bn, bond funds have seen outflows of SEK0.3bn, but they remain the strongest category since the beginning of the year (+SEK13.1bn). Equity funds show +SEK6.6bn, and balanced funds show inflows of SEK6bn. As of the end of August, Swedish funds represented assets of SEK1.963trn (EUR228bn), of which SEK1.045trn were managed in equity funds.
11/10/2012

Pimco Total Return ETF already has over USD3bn

Mutual Fund Wire relays reports by Bloomberg that the ETF replicating the Total Return Fund, a bond fund managed by Bill Gross at Pimco, has already passed USD3bn in assets (exactly USD3.01bn as of 9 October), since its launch on 1 March.The fund has earned 10.4% since its launch, while the original product (USD278bn) has gained only 6.5% in the same period.
11/10/2012

AllianceBernstein liquidates a PPIP

The US firm AllianceBernstein has announced that it has reimbursed investors in its AllianceBerinstein Legacy Securities fund, a public-private investment partnership (PPIP), including profits. The Treasury Department, which contributed 50% to the fund, for an investment of USD1.06bn, received a redemption of USD1.54bn, which represents an internal rate of return, after fees, of 18.7% since the creation of the PPIP in October 2009.The fund has also paid the Treasury USD12bn in proceeds from warrants, and repaid USD2.13bn in debt transferred to its by the Treasury, with interest.The fund was managed by AllianceBernstein, Greenfield Partners, Rialto Capital Management and Altura Capital Group.
11/10/2012

Allianz GI appoints senior management for European sales

As part of its drive to build up and streamline its pan-European business, Allianz Global Investors (AllianzGI) announces new senior management roles. James Dilworth, CEO Europe at AllianzGI has created six corresponding units for European business development.Tobias Pross heads up institutional business development for Europe, Nick Smith is responsible for retail sales in Europe (ex-Germany), while retail sales in Germany is headed by Mathias Müller.The senior team will further consist of Thomas Linker, who will continue to manage the key relationships with the multinational distributors, Frank Wolfert who will be responsible for relations within the Allianz Group and Martin Keil whose ‘developing regions’ division will form an integral part of the new Europeanstructure. All six managers report to James Dilworth.
11/10/2012

Norwegian PF first foot in Germany with Axa REIM

Norges Bank Investment Management (NBIM), via the Government Pension Fund – Global (GPFG), formerly the Norwegian Oil Fund, and its joint venture partner, the insurer Axa France, via Axa Real Estate Investments (Axa REIM), on 10 October announced the acquisition of two properties in Germany from RBS for EUR784m.The transaction grants a 50% stake in each of the properties (Die Welle, 81,600 square metres in Frankfurt, and Neues Kranzler Eck, 72,400 square metres in Berlin) to each partner, who will also share the investment cost evenly.This is the first investment for GPFG in Germany, though NBIM (the asset management affiliate of the Bank of Norway) founded the joint venture with Axa France in 2011. The Norwegian fund has already invested in Parisian real estate with Generali (see Newsmanagers of 6 July) and in the United Kingdom with The Crown Estate (see Newsmanagers of 9 October).
11/10/2012

Rabobank studying three bids for Robeco

According to reports in Reuters cited by Agefi, The Netherlands-based Rabobank is studying three bids for its asset management arm Robeco. Two bids have come from a consortium of private equity funds (Advent, CVC) and the Japanese financial services group Ortix. The third, from the US giant AMG and the fund Permira, would separate activities in Europe and the United States. The valuation is said to exceed EUR2bn.
11/10/2012

Global wealth has fallen 5.3% YoY

Global wealth is falling, according to the annual Global Wealth Report published by Credit Suisse Research Institute. Between mid-2011 and mid-2012, these assets have fallen 5.2% in US dollars, or USD49,000 per adult worldwide, to USD223trn. The decline has been steepest in Europe, with a decline in wealth of 13.6%. Credit Suisse predicts, however, that global wealth will rise by nearly 50% in the next fice years, to a total of USD330trn.As of mid-2012, the rankings of the richest countries by wealth per adult are topped by Switzerland, with average wealth of USD468,186 per person. The country is followed by Australia, Norway and Luxembourg. France is in sixth place in terms of average wealth, with USD265,463. Inherited wealth appears to represent 30% to 50% of total household wealth in OECD countries.The global population of ultra-high net worth individuals (UNHWI), with a net wealth of over USD50m, numbers 84,500 people. Of this total, 29,300 people have personal wealth of at least USD100m in assets, while 2,700 have wealth exceeding USD500m. North America dominates the regional rankings, with 40,000 UHNW residents (47%), while Europe has 22,000 (26%), and Asia-Pacific (excluding China and India) has 12,800 (15%).According to estimates by Credit Suisse, the number of millionaires worldwide is expected to increase by about 18 million people in the next five years, to a total of 46 million in 2017. The United States currently has the most millionaires, with 11.02 million, compared with 9.2 million in Europe. In France, there are 2.28 million millionaires, more than in the United Kingdom (1.5 million) and Germany (1.4 million).
11/10/2012

Blackstone closes largest real estate fund

Blackstone has raised USD13.3bn (EUR10.3bn) for a fund dedicated to real estate, Blackstone Real Estate Partners VII, Agefi reports. The fund represents the largest vehicle raised in this asset class, according to statistics from Preqin. The 250 investors in the fund are mostly US pension funds. “About 35% of capital in the fund has already been engaged or invested in a wide range of assets and geographical regions,” Blackstone said yesterday in a statement, adding that the group had USD50bn in real estate assets under management as of the end of September.
11/10/2012

iShares offers corporate bond ETF

BlackRock has announced that its iShares division is releasing its first global corporate bond ETF in Europe. The product will be first listed in London, and replicates the Barclays Global Aggregate Corporate Bond Index. The index is composed of about 50% bonds from US corporates, but also includes European, Canadian, Australian and Japanese issues.CharacteristicsName: iShares Global Corporate BondISIN code: IE00B7J7TB45TER: 0.20%
11/10/2012

Automation rate up to 73.1% in Luxembourg and 84.6% in Ireland

In Q2 2012, the total automation rate (ISO and proprietary files) of orders received by Luxembourg and Irish TAs reached 77%, compared to 75.6% in Q4 2011, according to a new report from the European Fund and Asset Management Association (EFAMA) published in cooperation with SWIFT,In Luxemburg, the total automation rate (ISO + proprietary ftp) increased by 2.9 percentage points to 73.1% in Q2 2012 compared to Q4 2011. The ISO standardisation rate reached 55.2% (+ 2.5 percentage points).In Ireland, the total automation rate increased by 0.4 percentage points to 84.6% in Q2 2012; while ftps still represent the bulk of it, the ISO adoption rate made a progression of 4.2 percentage points to 17.3% in Q2 2012. The ISO standardization rate has doubled in Ireland over the last two years, reaching 17.3% in Q2 2012 against 8.5% in Q2 2010.The total number of orders has stabilised at 11.9 million orders in the first half of 2012. The number of manually processed orders decreased by 7% to 2.8 million received faxes (against 3 million in H2 2011). This still represents a daily average of some 25,000 incoming faxes.
11/10/2012

BNPP SS provides custody for AMP funds

Funds People reports that BNP Paribas Securities Services has been granted a custody and administration mandate on behalf of the Australian asset management firm AMP (AUD160bn in assets). The successful migration of 1,000 funds has taken nine months.
10/10/2012

Rétablir les finances britanniques prendra plus de temps que prévu

Le Premier ministre britannique David Cameron a estimé que la réduction du déficit budgétaire et le retour à la croissance prendraient plus de temps que prévu. «Notre plan de réduction du déficit budgétaire n’est pas une alternative à un plan de croissance: c’est vraiment le fondement de notre plan de croissance», a déclaré David Cameron devant des militants conservateurs réunis à Birmingham.
10/10/2012

Rabobank étudie trois offres pour Robeco

Selon Reuters, la banque néerlandaise examine trois offres pour sa branche de gestion d’actifs Robeco. Deux offres émanent d’un consortium de fonds de private equity (Advent, CVC) et du groupe de services financiers japonais Orix. La troisième, qui est formulée par le gérant américain AMG et le fonds Permira, prévoit une scission de l’activité qui se déploie à travers l’Europe et les Etats-Unis. La valorisation dépasserait les 2 milliards d’euros.
10/10/2012

Man Group éveillerait l’intérêt de BlackRock

D’après le Daily Mail, BlackRock, qui est le premier actionnaire du gérant d’actifs alternatifs coté, pourrait conduire un consortium en vue de son rachat. Le prix évoqué est de 140 pence par action. Cette information a fait bondir le cours de l’action. Il progressait de plus de 4,6%, à 94,15 pence, en fin de séance. Les analystes restent toutefois dubitatifs devant un tel scénario, soulignant que les fonds de Man Group sous-performent les benchmarks et enregistrent des décollectes nettes.
10/10/2012

Axa IM s’allie au fonds norvégien en Allemagne

Axa Real Estate, gérant d’actifs immobiliers au sein d’Axa IM, s’est entendu avec le fonds souverain norvégien (Norges Bank Investment Management) pour racheter deux immeubles à Francfort et Berlin. Montant de la transaction : 784 millions d’euros. Il s’agit de la plus importante opération d’immobilier commercial réalisée cette année en Allemagne. Les actifs ont été cédés par Royal Bank of Scotland. La finalisation de l’opération est attendue d’ici la fin de l’année.
10/10/2012

Le PLFSS 2013 en conseil des ministres

Le gouvernement a présenté en conseil des ministres le projet de loi de financement de la Sécurité sociale pour 2013, qui prévoit 5 milliards d’euros de ressources nouvelles et plus de 2 milliards d'économies pour contribuer à l’objectif général de réduction des déficits publics. Ce projet table sur un déficit du régime général et du Fonds de solidarité vieillesse qui serait ramené l’an prochain à 13,9 milliards d’euros, soit 3,5 milliards de mieux que celui prévu en 2012.
10/10/2012

Les députés votent la «règle d'or» européenne

Par 490 voix contre 34, les députés français ont adopté le projet de loi organique qui met en œuvre le traité budgétaire européen et notamment la «règle d’or» interdisant les déficits publics. Le Sénat examinera à son tour ce projet de loi organique le 29 octobre. Il sera dans la foulée adopté définitivement par le Parlement.
10/10/2012

L'Allemagne adjuge 3,1 milliards de dette à cinq ans

L’Allemagne a adjugé mercredi 3,112 milliards d’euros de dette à cinq ans et a trouvé davantage d’acquéreurs que lors de la précédente émission, l’incertitude entourant l’Espagne encourageant la demande de valeurs-refuge. Le ratio de couverture s’est élevé à 2,2, contre 1,4 lors de l’adjudication de septembre, à contre-courant de la faible demande dernièrement observée pour les émissions allemandes, aux coupons historiquement bas. Le rendement moyen est de 0,53% contre 0,61% en septembre.
10/10/2012

Rendements en légère hausse pour l’adjudication italienne

L’Italie a adjugé un montant total de huit milliards d’euros de bons du Trésor à trois mois et à un an (BOT), à des taux de rendement en légère hausse en raison de l’incertitude qui plane sur une demande d’aide de l’Espagne. Le rendement brut des bons à un an, échéance octobre 2013, est ressorti à 1,941%, son plus haut niveau depuis mi-août, contre 1,69% lors d’une adjudication similaire mi-septembre.
10/10/2012

Les déséquilibres intra zone euro diminuent

Un mois ne fait pas la tendance, mais septembre a marqué une nette baisse du passif de la Banque d’Espagne vis-à-vis du système Target 2, tandis que la créance de la Bundesbank a diminué. Le signe que les annonces de la BCE ont interrompu le creusement des déséquilibres.
10/10/2012

L’Etat indien s'allège dans NTPC

Le gouvernement indien serait en train d’obtenir l’aval du cabinet pour entamer la cession d’une participation de 9,5% dans NTPC qui lui permettrait de récolter environ 2,5 milliards de dollars, selon le journal qui cite le secrétaire à l’énergie, P Uma Shankar. Un projet qui s’inscrirait dans le cadre du vaste programme de cession du gouvernement dont il compte retirer plus de 5,7 milliards de dollars.

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