Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
02/05/2012

Le fonds Lion Capital en négociations exclusives pour racheter Afflelou

Le fonds britannique Lion Capital est en négociations exclusives pour racheter les parts des deux premiers actionnaires extérieurs du groupe français d’optique Afflelou, en vue de l’acquisition du groupe, selon un communiqué commun publié lundi soir.Le capital d’Afflelou est actuellement détenu à 57,05% par le fonds d’investissement Bridgepoint, à 20,14% par le fonds Apax, et à 21,97% par la holding familiale du fondateur Alain Afflelou. En février, Bridgepoint et Apax avaient annoncé qu’ils mettaient en vente leurs parts respectives. Selon le quotidien économique Financial Times, citant des personnes proches du dossier, la transaction devrait s’effectuer sur la base d’une valorisation d’Afflelou de 780 millions d’euros.
02/05/2012

Contraction du bénéfice de Legg Mason

Pour l’exercice au 31 mars, Legg Mason affiche un bénéfice net de 220,8 millions de dollars contre 253,9 millions pour 2010-2011. Mais Mark Fetting, chairman & CEO, a précisé que le gestionnaire a désormais terminé sa cure d’amincissement avec des économies annuelles de 140 millions de dollars sur ses charges et la redistribution aux actionnaires de 440 millions de dollars sous forme de rachats d’actions et de dividendes.A fin mars, l’encours ressortait à 643,3 milliards de dollars contre 627 milliards fin décembre, l’effet de la hausse des marchés (24,4 milliards de dollars) étant partiellement rogné par des remboursements nets de 4,9 milliards de dollars et des ventes pour 3,2 milliards. Par rapport à fin mars 2011 où il se situaient à 677,6 milliards de dollars, les actifs sous gestion ont diminué de 5 %.Legg Mason précise que l’encours total se composait de 55 % d’obligataire, de 26 % d’actions et de 19 % de monétaire au 31 mars. Les actifs gérés provenaient à 63 % des Etats-Unis.
02/05/2012

Les temps sont durs pour Artio Global Investors

Artio Global Investors s’est introduit en Bourse en septembre 2009, levant 650 millions de dollars. Depuis, la société de gestion qui appartenait à Julius Baer connaît une période difficile, relate The Wall Street Journal. Les encours sous gestion ont plongé de 48 % au premier trimestre à 26,6 milliards de dollars par rapport à l’année précédente notamment sous l’effet de rachats nets de clients. Depuis l’introduction en Bourse, la chute est de 52 %. Ses deux fonds phare, deux produits d’actions internationales, ont sous-performé en 2011.
02/05/2012

City National Bank rachète Rochdale Investment Management

City National Bank a annoncé qu’elle avait signé un accord pour le rachat de la société de gestion Rochdale Investment Management (4,8 milliards de dollars d’encours). Rochdale fusionnera avec City National Asset Management pour former un ensemble pesant plus de 18 milliards de dollars d’encours, baptisé City National Rochdale Investment Management.
02/05/2012
Fonds

iShares propose des ETF d'obligations d'entreprise

BlackRock a annoncé l’admission à la négociation le 26 avril sur la plate-forme BATS de deux nouveaux ETF de iShares, des produits investis en obligations d’entreprises américaines correspondant à des catégories de qualité précises et qui viennent compléter le iShares Aaa-A Rated Corporate Fund (acronyme : QLTA) lancé en février.Il s’agit des fonds iShares Baa – Ba Rated Corporate Bond Fund (QLTB) et iShares B – Ca Rated Corporate Bond Fund (QLTC) qui sont chargés respectivement à 0,30 % et 0,55 %.
Fonds
02/05/2012
Fonds

Un nouvel ETF pour Van Eck

Dans la série de ses ETF Market Vectors, Van Eck a lancé le 25 avril le Market Vectors Morningstar Wide Moat Research ETF (acronyme sur NYSE Arca : MOAT). Ce fonds vise à répliquer l’indice Morningstar Wide Moat Focus Index (MWMFTR) qui utilise la recherche de Morningstar destinée à identifier les entreprises qui sont susceptibles de conserver leur avantage concurrentiel pendant au moins 20 ans.L’indice couvre les 20 actions dont la valorisation est la plus attrayante selon la méthodologie de Morningstar. Depuis son lancement en février 2007 et jusqu'à fin mars 2012, l’indice a généré une performance annualisée de 8,4 % contre 1,7 % pour l’indice S&P 500.Le MOAT, qui est le 48ème ETF de Market Vectors, est assorti d’un TFE plafonné à 0,49 % au moins juqu’au 1er mai 2013.
Fonds
02/05/2012

Hausse des activités courtage et assurance vie de Boursorama

Pour son activité de courtage, Boursorama a publié au titre du premier trimestre 2012 un nombre d’ordres en France en hausse de 11%, par rapport au trimestre précédent, bénéficiant de la remontée des marchés actions au début du trimestre. Les ouvertures de comptes trading augmentent de 4 % par rapport au premier trimestre 2011, avec une multiplication par deux des ordres exécutés via mobile. Le PNB de l’activité courtage s’élève à 15,7 millions d’euros, en hausse de 18 % par rapport au quatrième trimestre 2011. Concernant l’assurance vie, au cours du premier trimestre 2012, la collecte nette de Boursorama est positive et s’établit à 24 millions d’euros. L’encours total augmente de 4 % à 2,5 milliards d’euros et le rapport UC/Euros reste élevé à 23 %, précise un communiqué. Les encours d’OPCVM s’élèvent à 826 millions d’euros et restent surpondérés en fonds non monétaires (89 % du total).
02/05/2012

Groupama revoit le fonctionnement de son conseil d'administration

Groupama qui a publié son document de référence le 30 avril a réformé les règles de fonctionnement du conseil d’administration, rapporte L’Agefi. Les mesures arrêtées pour améliorer l’information financière des membres du conseil sont déployées depuis le 1er janvier 2012. En outre, «des actions de formation des administrateurs ont été engagées, à la demande, de manière à permettre à ces derniers de répondre aux enjeux des décisions prises par le conseil d’administration, notamment en matière financière». Une façon de reconnaître que certains administrateurs éprouvaient quelque peine à apprécier les conséquences financières de leurs décisions.
02/05/2012
Fonds

Emergence réalise son premier investissement

Emergence, le véhicule de place pour l’amorçage des fonds d’investissement vient de sélectionner le fonds Eiffel Investment Group (Eiffel IG) pour réaliser son premier investissement, rapporte L’Agefi. La sicav contractuelle investit via son compartiment «performance absolue» une enveloppe de 30 millions d’euros qui permettra au fonds crédit d’Eiffel de porter ses actifs à près de 70 millions d’euros. Eiffel IG vise des investissements à la fois sur le marché primaire et sur le marché secondaire de la dette obligataire corporate.
Fonds
02/05/2012

Number of hedge funds and assets increased in 2011

According to a survey by PerTrac, the number of single-manager hedge funds and funds of hedge funds as of the end of 2011 came to 13,395, 3.73% more than one year previously, while total assets, at USD2.245trn, were up 3.37% in one year. The number of single-manager hedge funds increased by 6.98% in 2011, to 10.007, with assets up 4.2% to USD1.798trn.More than half of these hedge funds and funds of hedge funds are denominated in US dollars, and 77% are denominated either in US dollars or in euros.PerTrac also finds that single-manager hedge funds with assets of over USD1bn represent only 3.9% of funds which publish results, but control more than 60% of the total AUM. As of the end of last year, there were 322 single-manager hedge funds in this class, with total assets under management of USD1.080trn, which represents an increase of only 1.40% in one year.In the same period, the number of funds of hedge funds with assets under management of over USD1bn rose by nearly 18%, while the total number of funds of hedge funds fell 4.8%, to 3,388.In geographical terms, the PerTrac study funds that single-manager hedge funds and funds of hedge funds based in the United States as of the end of 2011 account for about USD950bn, or 42.3% of global assets, while the United Kingdom ranks second with USD574bn, or 25.6% of the total.
02/05/2012

European funds under pressure

European equity and bond funds have undergone significant redemptions in the week to 25 April, due to tensions on European markets related to the victory of François Hollande in the first round of French presidential elections, as investors have been preferring US or emerging market bond funds. Bond funds have posted net inflows of USD4.8bn in the week to 25 April, with subscriptions to US bond funds representing 90% of this total, EPFR Global reports. For their part, emerging market bond funds have attracted a net total of USD540m. Equity funds, meanwhile, have seen redemptions totalling USD7.4bn. European equity funds have posted net outflows of USD4.6bn. Emerging market equity funds finished the week with outflows of USD377.6m, bringing net inflows since the beginning of the year to USD20.7bn. Lastly, inflows of USD2.8bn to European money market funds have more than offset redemptions from US money market funds.
02/05/2012

AllianceBernstein launches an absolute return equity fund

Kurt Feuerman, who left Caxton Associates to join AllianceBernstein in June 2011, is managing the new Luxembourg-registered fund AB Select Absolute Alpha Portfolio (LU0736558973), whose portfolio is composed of 60 to 120 positions, with the help of five analysts.The product is an absolute return fund with no benchmark, which invests in US equities.
02/05/2012

Union Investment preparing a new guaranty fund

With the UniGarant: Erneubare Energien (2018), the central asset management firm for the German co-operative banks, Union Investment, will be launching a guaranty fund on 20 June which focuses on renewable energies. The subscription period, which will remain open until 30 April, will conclude on 15 June. Union guaranteed a redemption at maturity (22 June 2018) of the initial investment, minus the front-end fee, deposit costs, intervening distributions and potential withholding taxes. In addition, the fund will pay a portion of the average evolution of an international index of shares in operators in renewable energies, wind farm operators, solar power farms, hydroelectric power plants and geothermal installations.The portfolio will be managed by Thomas Deser.As of the end of February, Union Investment managed about 90 guaranteed funds, with total assets of EUR16,1bn. CharacteristicsName: UniGarant: Erneuerbare Energien (2018)ISIN code: LU0729215185Front-end fee: 4%Management commission: 0.80% (maximum 1.5%)Penalty for early withdrawal: 2%
02/05/2012

SEB AM provisionally reopens ImmoInvest fund to redemptions

From 25 April to 6 May, the German asset management firm SEB Asset Management is accepting redemption requests for the open-ended real estate fund SEB ImmoInvest (DE0009802306), with EUR6.3354bn in assets as of the end of March. Redemptions have been frozen for nearly two years. On 7 May, either gross liquidity (over 30% of assets) will be sufficient to honour all redemption demands, and all demands will be honoured, or else no redemptions will be given out.If enough shareholders wish to remain invested in the fund, the fund will not be liquidated, but will instead come under the new investor protection law (Anlegerschutz- und Funktionsverbesserungsgesetz or AnsFuG), which means that ImmoInvest will no longer be subject to daily liquidiy requirements, but will be allowed to issue redemptions only once per year. Ultimately, says Barbara Knoflach, Ceo of SEB AM, investors will decide the fate of the ImmoInvest fund.SEB Asset Management states that as a precaution, the net asset value per share has been reduced by 5%.The fund has already sold off 17 properties for over EUR1bn. SEB AM also adds that the fund’s Berlin properties on Potsdamer Platz should not be regarded as a single asset, unlike what reports in the press may have suggested, but are divided in 19 different properties corresponding to various uses (office, retail, residential, etc).
02/05/2012

Van Eck releases a new ETF

In its Market Vectors series of ETFs, Van Eck on 25 April launched its Market Vectors Morningstar Wide Moat Research ETF (acronym on NYSE Arca: MOAT). The fund aims to replicate the Morningstar Wide Moat Focus Index (MWMFTR), which uses Morningstar research to identify businesses which will be likely to retain their competitive advantage for at least 20 years.The index includes 20 shares whose valuations are the most attractive according to the Morningstar methodology. From its launch in February 2007 until the end of March 2012, the index has generated annualised returns of 8.4%, compared with 1.7% for the S&P 500 index.The MOAT fund, which becomes the 48th Market Vectors ETF, has a TER capped to 0.49% until at least 1 May 2013.
02/05/2012

iShares offers corporate bond ETFs

BlackRock has announced that it has launched two new ETFs from iShares on the BATS platform on 26 April. The products invest in US corporate bonds in specific credit quality categories, and come as additions to the iShares AAA-A rated Corporate fund (acronym: QLTA), launched in February.The funds are the iShares BAA-BA rated Corporate Bond Fund (QLTB), and the iShares B-CA Rated Corporate Bond Fund (QLTC), which charge 0.30% and 0.55%, respectively.
02/05/2012

Net redemptions continue for Spanish funds in April

In the past month, Spanish security funds have seen continuing net redemptions totalling EUR673m, compared with EUR427m in March, EUR4m in February and EUR401m in January. This is, therefore, according to statistics from the Inverco association of asset management firms, the 13th consecutive month of net redemptions.Total assets have declined by EUR2.343bn in one month, to a total fo EUR127.221bn as of the end of the month. In the first four months of the year, assets have declined by EUR510m, or 0.4%. Market effects are to blame for 79% of the decline in assets under management in April, compared with 21% due to net redemptions.Of the 14 largest asset management firms by asset volumes, only three show net subscriptions: Popular Gestión, which attracted EUR70.8m, Bankinter Gestión de Activos (with EUR60.95m), and Bestinver (EUR0.36m).On the opposite side, Santander Asset Management ande BBVA Asset Management have seen net redemptions of EUR135.9m and EUR175.5m, respectively. But the largest net outflow was from Invercaixa Gestión, with EUR218.6m.
02/05/2012

Threadneedle posts good results

In January-March 2012, net profits for ongoing operations at Ameriprise Financial, the parent company of the asset management firms Columbia and Threadneedle, totalled USD245m, compared with USD312m in the corresponding period of last year, while operating profits totalled USD335m, compared with USD344m.Pre-tax profits for the asset management unit totalled USD108m, compared with USD107m in the first and last quarters of 2011.As of 31 March, assets in the asset management unit totalled USD463bn, compared with USD465bn one year previously, of which USD344bn compared with USD363bn were for Columbia Management, and USD123bn, compared with USD107bn, for Threadneedle.Threadneedle has posted net subscriptions of USD260m in first quarter, compared with net outflows of USD2.97bn in the corresponding period of 2011, while Columbia had net outflows of USD5.12bn, compared with USD2.3bn.
02/05/2012

Mixed results for Man group in first quarter

Assets under management at Man group as of 31 March totalled USD59bn, compared with USD58.4bn as of the end of December 2011, according to statistics released by the British group.First quarter ended with outflows of USD1bn, as subscriptions of USD3.1bn were not enough to compensate for redemptions totalling USD4.1bn. Market effects totalled USD2bn, with gains of 5% or more for many strategies. There was also a negative currency effect of USD400m.
02/05/2012

Man Group shareholders challenge pay scales

15% of shareholders in Man Group rejected the firm’s 2011 annual report on remuneration at a general shareholders’ meeting on Tuesday, the Financial Times reports. The firm has missed its objectives on six key performance indicators set by the board of directors last year. Despite that, Peter Clark, CEO, was proposed a USD7m pay. The hedge fund firm, listed in London, nonetheless managed to see off a larger rebellion by promising to improve in the coming months, the FT adds.
02/05/2012

Aberdeen posts increase in profits for the half year

Aberdeen has posted a 14% increase in its underlying pre-tax profits for the first half of its fiscal year (ending on 31 March 2012) compared with March 2011, at GBP162.2m. Its earnings totalled GBP413.1m, up 7%. The Scottish asset management firm has posted assets under management as of the end of March of GBP184.7bn, up from GBP181.2bn at the end of March 2011. Compared with GBP169.9bn at the end of September 2011, Aberdeen has also seen an increase in its assets, largely due to positive market and interest rate effects. The firm has seen net redemptions, however, of EUR0.4bn in first half, despite net subscriptions of GBP4.9bn to equities.
02/05/2012

Schroders acquires 25% of an Indian asset manager

Schroders announced on Friday that its wholly owned subsidiary, Schroder Singapore Holdings Private Limited, has reached agreement to acquire 25 % of the share capital of Axis Asset Management Company, the Indian asset management business of Axis Bank Limited.Longer term, in addition to distributing Axis AMC’s funds internationally, there will be an opportunity to distribute Schroders funds in India through Axis’ distribution network, according to a press release.Axis AMC was founded in 2009 and has assets under management of circa USD2.3 billion.The transaction is subject to regulatory approval and is expected to complete during 2012.
02/05/2012

Deutsche Bank to act as market maker for UBS ETFs

As a part of its multi-market maker approach, UBS Global Asset Management has selected Deutsche Bank as its “strategic” market maker for its ETFs, alongside Commerzbank, and the investment banking business unit of UBS. The agreement was announced on 26 April.
02/05/2012

Asset management firms recruit for institutional sales

Asset management firms are adding to their sales and marketing teams dedicated to institutional investors, Financial News reports. According to Paul Battye, director of Moorlands Human Capital, cited by the newspaper, in institutional sales, there has been a 25% rebound in the number of mandates awarded in first quarter, compared with the corresponding period of last year.
02/05/2012

Deutsche Börse completes acquisition of Eurex

On 30 April, Deutsche Börse announced that it has acquired the remaining 15% of Eurex Zürich AG from the SIX Swiss Exchange/SIX Group, for EUR295m and 5.3 million shares in Deutsche Börse (equivalent to 2.7% of capital in the German firm). Deutsche Börse had previously controlled 85% of Eurex, compared with 50% at the time of the launch.The transaction is retroactive to 1 January 2012, since the initial contract, signed on 7 June 2011, was supposed to apply only after the merger between Deutsche Börse and NYSE Euronext would be signed.The Eurex futures market will continue to be operated by Eurex Zürich AG.
02/05/2012

Franklin Templeton holds over 10% of Hungarian debt

The star bond manager at Franklin Templeton, Michael Hasenstab, has increased the exposure of the Templeton Global Bond Fund (USD60bn in assets) to Hungarian government debt, Funds People reports. The US asset management firm now holds over 10% of Hungarian debt in the Global Bond Fund and the Templeton Emerging Markets Bond fund, with 5.99% and 6% of assets, respectively. Since the beginning of the year, Hungarian government bonds have generated returns of 12% in US dollars.Hasenstab remains favourable to Hungarian debt, which enjoys good long-term fundamentals and a negative attitude on the part of many investors.
02/05/2012

UBS wealth management rebounds strongly in first quarter

UBS has announced first quarter adjusted pre-tax profit of CHF2.2bn, with “improved profits in all business divisions,” according to a statement released on 2 May. Net profits totalled CHF827m, compared with CHF1.8bn one year previously. Performance nonetheless showed a net improvement compared with fourth quarter 2011, when they totalled CHF319m.Net inflows to wealth management activities totalled CHF11.3bn. Assets under management as of 31 March totalled CHF2.115bn, compared with CHF2.088bn as of the end of December 2011.In the Wealth Management unit, which earned profits up 70% at CHF803m, net new money more than doubled to CHF 6.7 billion on strong inflows in Asia Pacific, emerging markets and Switzerland, as well as globally from ultra high net worth clients, the bank states. Assets invested totalled CHF772bn as of 31 March 2012, up by CHF22bn compared with 31 December 2011, due to net inflows and rising stock markets.Wealth Management Americas record pre-tax profit up 34% to USD 209 million; cost/income ratio improved further to 87%; net new money more than doubled to USD 4.6 billionPre-tax profits in Global Asset Management in first quarter 2012 totalled CHF156m, compard with CHF118m in fourth quarter 2011. Excluding flows related to money market investments, net outflows from third-party funds totalled CHF2.9bn, compared with inflows of CHF0.3bn in the previous quarter, as a large number of institutional clients reduced or cancelled their mandates as part of portfolio realignments. Excluding flows related to money market investments, inflows of new money from wealth management clients totalled CHF0.3bn, compared with outflows of CHF0.8bn in fourth quarter.

Sujets d'actualité

Tous les sujets