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13/12/2011

Capital Fund Management réorganise son capital

La société de capital-investissement Dyal Capital a fait son entrée au capital du «hedge fund» français Capital Fund Management (CFM), rapporte Les Echos. Elle a acquis une participation minoritaire passive, dont le montant n’est pas divulgué, en reprenant une partie des actions que détenait Jean-Pierre Aguilar, le fondateur de CFM disparu brutalement dans un accident au début de l'été 2009. Le management de CFM a repris l’autre partie des actions de Jean-Pierre Aguilar, de telle sorte qu’il reste majoritaire et seul maître à bord pour ce qui est des orientations stratégique. Dyal Capital est la filiale spécialisée de Neuberger Berman Group pour les investissements dans le monde des hedge funds.
13/12/2011

L'opacité entoure les rémunérations des patrons de la finance

Selon la dernière étude du cabinet AlphaValue, le salaire moyen d’un dirigeant de banque en France s'élève à 669.665 euros en 2010, en hausse de 12 % par rapport à 2009. Les dirigeants des grands groupes d’assurance français ont touché en moyenne 2.553.701 euros en 2010, soit une augmentation de 66 % par rapport à l’année précédente. Pour les banquiers, les données ne prennent pas en compte les bonus, souligne le quotidien. Ceux-ci ne sont en effet soit pas diffusés, soit rendus publiques un ou deux ans après. « Par rapport à d’autres activités, la diffusion d’informations dans le secteur bancaire français est plus obscure », explique AlphaValue.
13/12/2011

Areva obtient la suspension de la cotation de son titre

En raison des rumeurs publiées dans la presse les dimanche 11 et lundi 12 décembre 2011, des déclarations du ministre de l’industrie le dimanche 11 décembre, et de la tenue du conseil de surveillance d’Areva lundi, le groupe a demandé à Euronext Paris SA - et obtenu - la suspension de la cotation du titre Areva (*) «de façon à permettre une information complète, exacte et précise aux marchés et d’assurer l'égalité de traitement de tous ses actionnaires», précise le communiqué.Selon la presse française du lundi 12 décembre, le président d’Areva, Luc Oursel, devait présenter au conseil de surveillance son plan d’action stratégique prévoyant d’importantes suppressions de postes. Il était également question, selon Le Figaro, de provisions de plus de 2 milliards d’euros entraînant les comptes du groupe dans le rouge résultant de dépréciations d’actifs.(*) code isin : FR0011027143
13/12/2011

Marie-Pierre Peillon prend la présidence de la SFAF

Marie-Pierre Peillon, depuis 2002 directrice de l’Analyse Financière et Extra-Financière au sein de Groupama AM, a été élue présidente du Conseil d’administration de la SFAF (Société française des analystes financiers), à l’issue de la séance du 5 décembre dernier, a indiqué le 12 décembre l’association professionnelle dans un communiqué.Elle succède à Ibra Wane, qui ne souhaitait pas se représenter, et qui demeure administrateur de l’association. Marie-Pierre Peillon amplifiera les chantiers en cours, en particulier le renforcement des relations avec les émetteurs, les échanges avec les acteurs de la Place de Paris et le développement du Centre de formation.
13/12/2011

26.000 salariés d'Axa souscrivent au plan d'actionnariat

Plus de 26.000 personnes chez AXA représentant près de 23 % de l’effectif concerné ont souscrit à «Shareplan 2011", le plan d’actionnariat salarié 2011 de l’assureur annoncé le 23 août dernier.La souscription totale s’élève à plus de 332 millions d’euros correspondant à l’émission de près de 37 millions d’actions nouvelles, souscrites au prix de 8,43 euros pour l’offre classique et de 9,10 euros pour l’offre à effet de levier. Les actions nouvelles sont créées avec jouissance au 1er janvier 2011, précise un communiqué. Au terme de l’opération de cette année, les collaborateurs d’AXA détiennent environ 7,4 % de son capital et 8 % de ses droits de vote.
13/12/2011
Fonds

Les Suédois se tournent vers les fonds diversifiés

En novembre, les fonds diversifiés ont été la seule catégorie de fonds à enregistrer des souscriptions nettes en Suède. Ils affichent une collecte nette de 7,6 milliards de couronnes suédoises, soit 0,84 milliard d’euros, selon les dernières statistiques de Fondbolagens Förening, l’association suédoise des fonds d’investissement. Et ce, alors que le secteur des fonds commercialisés en Suède accuse des rachats nets de 3,4 milliards de couronnes (0,37 milliard d’euros), alimentés par une décollecte de 9 milliards de couronnes sur les fonds actions (près de 1 milliard d’euros). Depuis le début de l’année, la catégorie des fonds diversifiés voit entrer 20,1 milliards de couronnes, ou 2,22 milliards d’euros, tandis que le secteur des fonds commercialisés en Suède voit sortir 7,7 milliards de couronnes (0,85 milliard d’euros). Cette décollecte est entièrement le fait des fonds actions, qui subissent des demandes de remboursements nets de 69,2 milliards de couronnes, soit 7,65 milliards d’euros. Outre les fonds diversifiés, l’autre catégorie populaire depuis début 2011 est celle des fonds monétaires, qui enregistrent une collecte de 34,8 milliards de couronnes (3,84 milliards d’euros).A fin novembre, les encours du secteur ressortaient à 1.782 milliards de couronnes, soit environ 197 milliards d’euros, dont 52 % sont encore dans des fonds actions. Les fonds diversifiés représentent quant à eux 380 milliards de couronnes ou 42 milliards d’euros. Depuis le début de l’année, les encours ont baissé de 182 milliards de couronnes (20 milliards d’euros).
Fonds
13/12/2011
Fonds

Fin d'année positive pour les hedge funds

Les hedge funds devraient terminer l’année 2011 sur une note positive. L’indice Globe Op Capital Movement Index des hedge funds ressort pour décembre 2011 à 141,01 points, soit 1,55 point de plus qu’en novembre. La progression résulte d’une hausse de 3,41 % de l’encours sous administration chez les clients de GlobeOP pour les souscriptions et d’une augmentation de 1,86 % pour les remboursements.Sur les douze derniers mois, l’indice marque une hausse de 14,40 points.
Fonds
13/12/2011

Lombard Odier IM recruits ING CIO

On Monday, Lombard Odier Investment Managers (LOIM, CHF33.7bn in assets as of the end of September) announced that it has recruited Jan Straatman as chief investment officer (CIO). It is a newly-created position.Straatman will be based in London, will begin in his new role on 1 March 2012, and will report to Hubert Keller, managing partner at Lombard Odier and co-head of LOIM with Thierry Lombard.For two years, Straatman had been CEO and CIO of Pearl Group in London; from 2001 to 2006 he was CIO for capital markets at the Dutch pension fund ABP Investments.Mark Weber, currently a member of the managing committee at ING IM United States, will replace Straatman as CIO of ING, and will take on responsibility for Europe and Asia.
13/12/2011

LDE acquires FTSE International from Pearson

The London Stock Exchange (LSE) on Monday announced that it has signed an agreement with the Pearson group to acquire its 50% stake in FTSE International. The transaction, which is valued at GBP450m (EUR527m), will be completed in first quarter 2012, and will make LSE the sole proprietor of the index provider, in which it had already controlled the other half.
13/12/2011

Friends Life recruits from LV=AM

The insurance firm Friends Life has recruited the bond specialist team from LV=Asset Management, to direct strategies for this asset class, at a new entity dedicated to asset management, Friends Life Investments, which will be launched next year, Investment Week reports. Michael Wright, previously head of bonds at LV=AM, becomes director for fixed income. In this role, he will be in charge of asset allocation and direct management of government bond strategies. John Hampton will continue to handle the corporate bond portfolios as head of credit. He will oversee all institutional corporate portfolios, under the direction of Wright. Purna Bhudia and Nigel Bradshaw, who had previously worked with Hampton, will continue in their roles at Friends Life Investments as corporate bond fund managers.
13/12/2011

Vanguard lists funds on Standard Life platform

Standard Life has added 12 of Vanguard’s core index funds to its pensions platform. The new funds will be available to both retail and corporate clients.The funds, which include both bond and equity index funds, will be available on the platform from 16 December 2011, with the exception of the SL Vanguard US Equity Pension Fund which will become available from the end of January 2012.Tom Rampulla, managing director at Vanguard UK comments: «Standard Life will be the first defined contribution (DC) platform in the UK to offer Vanguard funds».
13/12/2011

Asian mutual fund assets still on the rise

Assets in Asian mutual funds have fallen 3% for Asia ex Japan in first half 2011, to USD1trn, due to mediocre market performance and net outflows in the two largest markets, China and Korea, according to an annual report from Cerulli on distribution trends in Asia (“Asian Distribution Dynamics 2011.”) Assets under management fell by 7.9% in China and 6.6% in Korea, while the other markets in Asia ex Japan had growth of greater or lesser amounts. Cerulli estimates that assets may increase to USD1.1trn by the end of the year.The research agency finds that the fundamental trend is headed upwards. In the past four years, to 2010, assets in funds in the region, including China, Korea, India, Taiwan, Hong Kong and Singapore, have posted average annual growth of 13.9%. Assets in Chinese funds have showsn the highest growth, at 29.4%, followed by India (17.6%). According to Cerulli, the trend is likely to continue until 2015 at a more modest annual pace of 11.2%, meaning that assets under management will total about USD1.8trn by 2015.
13/12/2011

BlackRock, Rogge and Mellon to manage Chilean pension fund assets

With the assistance of the consultant Strategic Investment Solutions and the finance ministry, the central bank of Chile has selected BlackRock and Rogge Global Partners to manage the assets of the corporate bond allocation from the nation’s pension reserve fund, while Mellon Capital Management and BlackRock have been granted the equities mandate, Funds People reports.The Fund managers USD4.49bn in assets, of which 20% will be invested in corporate bonds, and 15% in international equities.The transfer of assets will take place in the period from 1 March 2012 to 28 February 2013.
13/12/2011

CalPERS renews real estate consulting contract

The Californian pension fund CalPERS on 12 December announced that it has renewed its real estate consulting contract with the Pension Consulting Alliance (PCA), whose mandate was expiring. As of 30 September 2011, the value of the real estate portfolio of CalPERS totalled USd19.1bn, up 26% compared with the first nine months of the previous year.
13/12/2011

Axa announces results of “Shareplan 2011”

More than 26,000 people at AXA, representing more than 23% of staff concerned, have signed up for “Shareplan 2011,” the 2011 employee shareholding plan, announced by the insurer on 23 August.Total subscriptions come to over EUR332m, corresponding to the issue of nearly 37 million new shares, subscribed to at a price of EUR8.43 per share for the traditional offering, and EUR9.10 for leveraged shares. The new shares are eligible for dividends from 1 January 2011, a statement says.At the conclusion of this year’s campaign, employees at AXA control about 7.4% of its capital and 8% of voting rights.
13/12/2011

Unigestion plans to grow by 10-15% per year

In the next five years, Fiona Frick, CEO of Unigesdtion, would like to grow the firm’s business by 10-15% per year, half of which will come from existing clients, and the other half from new clients, Financial Times Fund Management reports. A large part of these inflows will come from Europe, where the Swiss firm has a strong presence. But Unigestion has recently opened an office in Asia, and is looking at the United States. “One day we may take the jump,” says Frick.
13/12/2011

Promotions at Partners Group

The Swiss asset management firm Partners Group has announced several promotions. Andreas Baumann has been appointed as a partner. He is co-head of the Singapore office, which is in charge of all investments in the Asia Pacific region. Dr. Michael Studer, who also becomes a partner, is in charge of the portfolio & risk management team. The following people, members of management teams, have been promoted to managing director: Christian Ebert, Scott Essex, Sergio Jovele, Raphael Meier, Dr. Raymond Schnidrig, Alex Cho, Robert Collins.
13/12/2011

Bill Gates consolidates stake in Swiss firm Givaudan

The founder of Microsoft, Bill Gates, has consolidated his stake in the Geneva-based group Givaudan. According to a publication from the Swiss stock exchange (SIX Exchange Regulation), Gates now controls 10.29% of the world’s largest perfume and scent manufacturer. Gates made his first entry into the capital of the Swiss group in mid-February 2011, with an acquisition of a 3.3% stake indirectly via Cascade Investment LLC, Bill and Melinda Gates Foundation and Harris Associates. He then increased his stake to 5.24% in July this year.
13/12/2011

JP Morgan AM offers hedging in CHF to local investors

JP Morgan Asset Management on 12 December announced that it is adding to its range of products aimed at Swiss investors, with an offer of new investment funds hedged in Swiss francs. “Following the high fluctuations in the currency market and the sharp rise of the Swiss franc (CHF) in the past few months, Swiss investors are increasingly exposed to undesirable currency risks on their foreign investments. Portfolios are exposed to unusually high fluctuations, and currency losses are reducing most profits made on international investments to near zero. Many Swiss investors have said that they would like a solution adapted to local needs, aimed at investors who think in terms of Swiss francs, without wanting to sacrifice the recognized advantages of investment abroad,” JP Morgan AM explains in a statement. JP Morgan Asset Management has recently added to its “CHF hedged” product range on the Swiss market, with the following offerings: -JPMorgan Investment Funds – Income Opportunity Fund A (cap) – hedged in CHF -JPMorgan Funds – Global Strategic Bond Fund A (cap) – hedged in CHF -JPMorgan Funds – Highbridge Diversified Commodities Fund A (cap) – hedged in CHF -JPMorgan Funds – Global Consumer Trends Fund A (cap) – hedged in CHF
13/12/2011

Nearly one third of assets at Bestinver come from abroad

Currently, assets at the Spanish asset management firm Bestinver (Acciona group) total EUR6.1bn, in seven investment funds, four pension funds, and eight Sicav funds, as well as management mandates such as the one reiceved earlier this year from the Norwegian sovereign fund (Government Pension Fund-Global), Funds People reports. The total amount managed for foreign investors represents 30% of total assets.For investment funds, assets at Bestinver remain virtually unchanged compared with the EUR2.96bn recorded at the end of 2010, while Spanish funds on the whole have seen a fall of 9.3% in their assets under management.
13/12/2011

FSA publishes report on RBS bankruptcy

The British Financial Services Authority (FSA) on 12 December published its report on the bankruptcy of the Royal Bank of Scotland (RBS). The report claims that the bankruptct may be explained as the result of six factors: the “significant” weakness of owners’ equity at the bank, as a result of management decisions and an inappropriate regulatory framework, excessive dependence on short-term financing, concerns about the quality of underlying assets of RBS, substantial losses in credit trading activities, the acquisition of ABN Amro, undertaken without the necessary precautions, and lastly, a general systemic crisis. The FSA also admits its own lack of rigour and errors of judgement in the case.
13/12/2011

Axa IM releases Framlington Global High Income fund in Germany

On 12 December, Axa Investment Managers Germany announced that the UCITS-compliant fund AXA WF Framlington Global High Income (see Newsmanagers of 25 October) has received a sales license for Germany from BaFin. It has also been licensed for sale in Austria.The product aims for 1.5 to 2.5 times the return in dividends from the MSCI AC World index. Minimal subscription is set at EUR5m for institutional investors. There is no minimal investment for retail clients.
13/12/2011

DWS to liquidate a real estate FoF

The db Immoflex fund (DE000DWS0N90) will be liquidated on 16 November 2012, DWS (Deutsche Bank group) has announced, according to Das Investment. The fund, which suspended redemptions on 16 May, is invested in nine open-ended real estate funds, whose redemptions have been frozen, five of which are in the liquidation process.As of 30 November, liquidity in the fund was limited to 10.3%, which is insufficient for redemptions to be reopened.Fees of 0.9% per year have been lowered to 0.1%.
13/12/2011

Credit Suisse delays reopening of redemptions from CS Euroreal

The open-ended real estate fund CS Euroreal (EUR6.2bn in assets as of the end of October) will not reopen redemptions before 31 Decmber 2011, as had long been pledged by Credit Suisse Asset Management Immobilien: the asset management firm is now aiming to reopen redemptions from the fund before the two-year deadline for the redemption freeze (18 May 2012), although liquidity has now been increased back to 25% of assets, with EUR1.25bn as of 9 December, the Market Update newsletter for December 2011 announces.CSAM states that due to liquidation of real estate funds by two rivals, and uncertainty due to the euro zone debt crisis, it has opted for more conservative management, and would like to create an additional liquidity cushion. Talks are underway over sales of properties for a total of EUR850m.ISIN code: DE0009805002
13/12/2011

Positive end to the year for hedge funds

Hedge funds are expected to finish the year 2011 on a positive note. The Globe Op Capital Movement Index of hedge funds for December 2011 shows 141.01 points, 1.55 points more than in November. Growth is due to gains of 3.41% in assets under administration for clients of GlobeOP for subscriptions, and an increase in 1.86% in redemptions. In the past twelve months, the index has gained 14.40 points.
13/12/2011

Two new ETNs from PowerShares

PowerShares has recently launched two new ETNs, Mutual Fund Wire reports. The funds, entitled PowerShares DB U.S. Inflation ETN and DB U.S. Deflation ETN, track the difference between inflation-linked Treasury bonds (TIPS) and Treasury bonds with the same durations.
13/12/2011

Hans-Jürgen Gutenberger to leave Deka at the end of June

Hans-Jürgen Gutenberger has announced that he will be exercising a clause in his contract which allows him to set his own retirement date, and will be leaving his job on 30 June 2012 as a managing board member at Deka in charge of distribution via savings banks, marketing, and treasury. He will be celebrating his 60th birthday next year, and has been a member of the board at Deka since 1 January 2000.A successor to Gutenberger has not yet been appointed.
13/12/2011

Aquila Capital recruits for Nordics distribution

Oldrik Verloop, who had been head of marketing strategy for institutional clients in Benelux and Scandinavia at the Swiss firm Wegelin, has been recruited by Aquila Capital (EUR3.4bn in assets) as director of sales for Benelux and Scandinavia. He will be in charge of distribution activities in northern Europe, excluding Germany.
13/12/2011

Legg Mason launches Brandywine fund in United Kingdom

Legg Mason Asset Management has launched its Brandywine Global Opportunistic Fixed Income fund, with USD34bn in assets, in the UK, Investment Week reports. The fund had originally been launched in June 2010 to a limited number of investors for a trial period. It has now been added to the Irish range LMGF.
13/12/2011

Swedish investors turn to balanced funds

In November, balanced funds were the only category of funds to have recorded net inflows in Sweden. They have posted net inflows of SEK7.6bn, or EUR0.84bn, according to the most recent statistics from Fondbolagens Förening, the Swedish investment fund association. This comes despite the fact that the industry for funds on sale in Sweden has seen net outflows of SEK3.4bn (EUR0.37bn), driven by outflows of SEK9bn from equity funds (nearly EUR1bn). Since the beginning of the year, the balanced fund category has recorded inflows of SEK20.1bn, or EUR2.22bn, while the industry for funds on sale in Sweden has seen outflows of SEK7.7bn (EUR0.85bn). These outflows are entirely due to equity funds, which have seen redemption demands of SEK69.2bn, or EUR7.65bn. In addition to balanced funds, the other popular category since the beginning of 2011 has been money market funds, which have seen inflows of SEK34.8bn (EUR3.84bn). As of the end of November, assets in the sector totalled SEK1.782trn, or about EUR197bn, of which 52% remain in equity funds, Balanced funds, for their part, represent SEK380bn, or EUR42bn. Since the beginning of the year, assets have fallen by SEK182bn (EUR20bn).

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