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07/02/2012

Select Sector SPDR lowers management fees

The Select Sector SPDR Trust has announced that its nine ETF funds covering the sectors of the S&P 500 in 2001 posted an average increase of 32% in their assets, to about USD44bn, and that average management commissions had been lowered to 0.18% as of 31 January, commpared with 0.20% one year earlier.The largest increases in assets were for the Utilities fund (acronym XLU), which gained 106%, to a total of USD7.7bn as of the end of December, Consumer Stables (XLP), which gained 87%, to USD5.8bn, and Technology (XLK), with 40% growth, to USD8.1bn.
07/02/2012

Strong growth in assets at Universal Investment

The German fund of fund administration and white-label fund specialist Universal Invesmtent has seen a large increase in its assets, which now total EUR130bn under management compared with nearly EUR50bn three years earlier.The Luxembourg affiliate of the firm, for its part, has doubled its assets in the past three years, to EUR9bn.
07/02/2012

Major gorwth in assets under custody at V-Bank

In 2011, the Munich-based V0Bank has posted an increase of EUR1.5bn in its assets under custody, which totalled EUR4.6bn as of the end of December, and at the beginning of February 2012 topped EUR5bn.The firm, which concentrates on serving independent wealth management firms, last year also managed to recruit 48 new clients, for a total of 215. The objective is to reach EUR10bn in assets under custody by the end of 2014.V-Bank now has 42 employees. It is 49.99% owned by the insurer Wüstenrot und Württembergische AG, while wealth management firms which are independent of banks own 34.6%. Management and employees control the remaining 15.4%.
07/02/2012

Major inflows to US ETFs

Last month, ETFs in the United States posted record net subscriptions for any month of January, with USD28bn, according to esitmates by Deutsche Bank, reported by Handlesblatt. This is the fifth-highest net inflow since statistics began in 1993. Most subscriptions went to equity ETFs.
07/02/2012

Assets in Portuguese funds contract by one quarter in 2011

As of 31 December, total assets in Portuguese securities investment funds totalled EUR10.82bn, which represents a 1.8% increase compared with the end of November, and a decline of 23.9% compared with the level observed twelve months previously, the Portuguese association of asset management firms APFIPP reports.December was the first month in a year and a half in which net subscriptions (of EUR67.8m) were observed.
07/02/2012

Source launches a volatility ETF with JP Morgan

The Irish-registered fund J.P. Morgan Macro Hedge US TR Source ETF, designed for professional investors, a fund which may use leverage of up to 200%, is beginning to be offered for sale by Source and JP Morgan. The product, which complies with UCITS regulations, replicates the J.P. Morgan Macro Hedge US TR Index, and was admitted to trading on the London Stock Exchange on 2 February.Another fund in the same series may soon be licensed for sale, entitled J.P. Morgan Macro Hedge Dual Enhanced TR Source ETF, which may invest on futures contracts on volatility of European equities, with the use of moderate leverage.CharacteristicsName: J.P. Morgan Macro Hedge US TR Source ETFISIN code: IE00B3P1F038Management commission: 0.25%
07/02/2012

Seven IM launches CF 7IM Unconstrained Fund

Seven Investment Management (7IM) has announced the launch of a non-UCITS retail scheme (NURS). The CF 7IM Unconstrained Fund will be managed by Alex Scott and Camilla Ritchie, and may invest in many asset classes, and in active or passive funds. Exposure to cash may vary from 0% to 100%, Fund Web notes.
07/02/2012

GAM and Barclays Capital launch a multi-asset class fund

The multi-management specialist GAM has teamed up with Barclays Capital to launch a tracker fund that offers dynamic exposure to several asset classes, FundWeb reports. The GAM Star Barclays Dynamic Multi-Index Allocation fund aims for returns that are uncorrelated to all market investments.The fund, in UCITS IV format, is managed by GAM, which uses active allocations via a series of quantitative indices from Barclays Capital which offer access to multi-strategy and multi-asset class investments.Minimum investment is set at USD10,000, and annual management commission is 1.2%.
07/02/2012

Emerging markets equity funds doing well

Asset classes that promise above-average returns attracted investors in the final days of January, with exceptional subscriptions to emerging markets equity funds, municipal bond funds, and high yield bond funds. Money market funds, however, have seen their largest outflows since August.According to statistics from EPFR Global, emerging markets equity funds finished the week ending on 1 February with net outflows of USD3.5bn, bringing total subscriptions since the beginning of the year to USD11.3bn.Equity funds overall have seen net inflows of USD1.28bn, while subscriptions to emerging markets equity funds were partly offset by redemptions from Japanese, European and US equity funds.Municipal equity funds attracted USD1.67bn in the week to 1 February, their best results in five years, while high yield bond funds have seen net inflows of USD2.7bn.
07/02/2012

Brussels to publish white paper on pensions

The European Commission has announced that it is planning to publish a white paper on retirement in mid-February, probably on 14 February. This text is anxiously awaited as its publication has already been postponed several times. The document will deal with the major issues identified in a consultation launched in July 2010 of European retirement systems.
07/02/2012

European pension funds flee hedge funds

The European hedge fund industry appears to be the big loser of the rush by pension funds to absolute return multi-asset class products, Financial Times Fund Management observes. In the United States, however, this trend has played in favour of hedge fund firms, according to statistics from MandateWire. This is due to the strong presence of traditional asset management firms such as Standard Life Investments, Baring AM and Buffer in multi-asset class investment.
07/02/2012

T. Rowe Price recruits a manager from Fidelity

Selina Pattyranie, sales manager at Fidelity International in charge of wealth management clients, is joining T. Rowe Price as client relationship manager for Northern Europe, Investment Europe reports. Pattyranie had previously been in charge of relationships with institutional investors and external managers in Scandinavia, particularly Sweden. She will report to Jan Eggerstein, director and head of client relationship management, northern Europe.
07/02/2012

Renaissance AM recruits Barbara Rupf Bee as CEO

Renaissance Assset Managers, an asset management firm specialised in investments in the countries of emerging Europe, Russia, Turkey and the African frontier markets, is reshuffling its management. The asset management affiliate of the Russian Renaissance group, which has recently acquired three emerging Europe funds from Griffin Capital Management, on Monday announced the recruitment of Barbara Rupf Bee as CEO. She had previously been head of sales to institutional clients at HSBC Global Asset Management, and will be responsible for 30 people and will oversee USD2.8bn in assets. Before her recruitment, Peter McNulty, head of administration and budget, had served as interim CEO at Renaissance AM. As part of the reshuffle, Plamen Monovski becomes chairman of the asset management firm. He will continue to serve as a manager, particularly for the Emerging Europe fund and Renaissance Eastern Europe, and as chief investment officer for Renaissance Asset Managers.
07/02/2012

Progression de 9% des actifs des fonds souverains en 2011

Malgré la nouvelle baisse des marchés en 2011, les actifs des fonds souverains ont progressé de 9%, à 4.800 milliards de dollars, selon une étude sponsorisée par Invesco et émanant de TheCityUK, un des lobbys de la place de Londres, rapporte Les Echos. Si leurs rentrées d’argent ont diminué depuis la crise, elles sont loin d'être taries. Les troubles politiques qu’ont connus certains pays arabes n’ont touché que quelques fonds souverains (Libye...), qui représentent de dollars d’actifs, soit 4% du total des actifs de ce secteur. Les Etats-Unis restent aussi leur destination préférée avec un investissement sur cinq entre 2005 et 2011. Ils sont suivis de près par la Grande-Bretagne. La France, la Suisse et l’Allemagne ont attiré chacune autour de 25 milliards de dollars d’investissement sur la période. Toutefois, depuis 2010 et la crise de la zone euro, les fonds souverains s’intéressent davantage à l’Afrique et aux marchés émergents en général.
07/02/2012

db ETC launches a product investing in metals and energy

db ETC Index plc, an affiliate of Deutsche Bank, has added a new ETC product to trading on the Xetra electronic platform from Deutsche Börse which, like all previous products from this issuer, is backed by bars of physical gold.The new ETC fund replicates the evolution of the db Metals and Energy Booster Euro Unhedged Index, which covers 13 commodities in precious metals sectors and industries as well as energy.The ETC segment in Frankfurt now lists 235 products.CharacteristicsName: db Metals & Energy Booster ETC (EUR)ISIN code: DE000A1NY0U7TER: 0.45%
07/02/2012

State Street lists another SPDR fund in Frankfurt

From 6 February, the XTF segment of the Xetra electronic platform (Deutsche Börse) is listing its 923rd ETF. It is an Irish-registered bond product from State Street Global Advisors (SSgA), the SPDR Barclays Global Euro High Yield Bond ETF, which replicates the high yield bond index Barclays Capital Liquidity Screened Euro High Yield Bond Index.CharacteristicsName: SPDR Barclays Capital Euro High Yield Bond ETFISIN code: IE00B6YX5M31TER: 0.45%
07/02/2012

Raiffeisen CM and M&G Investments register funds in Spain

On 3 February, the CNMV granted a sales license for Spain for the Raiffeisen-GlobalAllocation-Strategies Plus fund from the Austrian asset management firm Raiffeisen Capital Management (RCM) and the M&G Global Macro Bond Fund from the British firm M&G Investments.
07/02/2012

SEC may amend regulations for money market funds

If at least three of the five SEC commissioners support the proposal, which does not yet appear to be the case, the US regulator may propose measures to stabilise money market funds, the Wall Street Journal reports. The objective would be to reduce losses to subscriptors to a minimum if another wave of panic strikes the markets.The proposals would affect fund managers on the one hand, who would be required to increase their reserve levels, and investors on the other, as those who want to withdraw all of their investment would receive only 95% of their investment immediately, and the remaining 5% would be repaid only 30 days later.
07/02/2012
Gestion d'actifs

La MIP a lancé deux appels d'offres sur la gestion diversifiée en début d'année 2012

La Mutuelle de l’Industrie Pétrolière (MIP) a procédé au renouvellement de deux mandats sur la gestion diversifiée, avec l’aide de son consultant, Insti 7. Selon nos informations, il s’agirait d’un appel d’offres restreint sur deux lots de 60 millions d’euros chacun, l’un portant sur de la gestion diversifiée 90% taux et 10% actions et l’autre sur de la gestion diversifiée 70% taux et 30% actions. Interrogé à ce sujet, Michel Lagrange, directeur général de la MIP a souligné le besoin de réétalonner son approche de gestion tous les 5 ans. L’environnement de marché contribue selon lui à remettre en cause la perception des résultats à l’aune du seul rendement comptable. Il faut s’appuyer sur d’autres indicateurs, par exemple la probabilité de défaut, qui conduisent à une analyse différente dans le suivi des performances. D’où aussi une évolution naturelle des benchmarks.
Gestion d'actifs
07/02/2012
Gestion d'actifs

La MACSF est en train de regarder des opérations d'achats d'immeubles en province

Marcel Kahn, directeur général de la MACSF, dans un entretien paru dans Option Finance numéro 1159: Les actifs immobiliers font l’objet d’un suivi par une équipe spécialisée composée de 11 personnes. A mon arrivée, la MACSF ne possédait pas plus de 300 millions d’euros d’actifs immobiliers. Cette poche a été progressivement renforcée pour atteindre aujourd’hui 1 milliard d’euros. Nous nous intéressons, par exemple, aux résidences étudiantes destinées aux étudiants des métiers de la santé. Nous avons investi dans six résidences étudiantes en France dont deux sont en cours de construction, pour un ticket unitaire de l’ordre de 20 millions d’euros. Il s’agit pour nous d’un véritable axe de développement dans l’immobilier. En novembre dernier, nous avons également investi dans l’immobilier de bureaux Via Verde à Nanterre pour un montant de 100 millions d’euros. Actuellement, nous sommes en trains de regarder des opérations d’achats d’immeubles en province. La part investie en immobilier tend encore à s’accroître avec l’acquisition d’immeubles de bureaux de qualité offrant des rendements importants.
Gestion d'actifs
07/02/2012

Calstrs croit aux infrastructures

Le fonds de pension des retraités de l’enseignement public en Californie va consacrer quelque 500 millions de dollars dans des actifs dédiés aux infrastructures. Le quotidien cite des responsables du deuxième plus important fonds public des Etats-Unis. Un investissement réalisé par le biais d’un fonds géré par l’australien Industry Funds Management.
07/02/2012

Robeco réduit la voilure en France

La filiale française du gérant néerlandais va fermer ses expertises de gestion, notamment l’activité de fonds monétaires, et se concentrer exclusivement sur la distribution. Deux tiers des effectifs de Robeco Gestions à Paris, soit une vingtaine de personnes, seront touchés.
07/02/2012

Les fonds monétaires sous l’œil de la SEC

Le régulateur des marchés financiers aux Etats-Unis s’apprête à dévoiler selon le quotidien une série de mesures visant les fonds monétaires et destinées à atténuer les effets d’une prochaine panique financière. Il s’agit notamment de minimiser les pertes des porteurs de parts. Ils pourraient ne recevoir que 95% de leurs fonds en cas de retrait, le solde de 5% étant disponible après trente jours seulement.
07/02/2012

Etape cruciale pour la gestion d’actifs de Deutsche Bank

Le quotidien américain souligne qu’une douzaine de prétendants se pressent pour le rachat de la gestion d’actifs de Deutsche Bank, une opération dont le montant pourrait atteindre 2 milliards de dollars. Les offres engageantes sont attendues demain. Sont attendus notamment State Street, Ameriprise Financial, Macquarie, Aqualine Holdings ou Guggenheim Partners.

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