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18/07/2011

Eaton Vance va racheter jusqu'à 8 millions d'actions

Le conseil d’administration du gestionnaire d’actifs Eaton Vance Corp (200 milliards de dollars d’encours) a décidé le 15 juillet de servir un dividende trimestriel de 18 cents par action.Il a surtout autorisé le rachat d’au maximum 8 millions d’actions sans droit de vote. En vertu de l’autorisation du 15 janvier 2010, Eaton Vance a déjà racheté 6,7 millions d’actions.
18/07/2011
Fonds

Precidian propose le premier ETF sur le Nikkei 225

Selon Mutual Fund Wire, Precidian Investments (anciennement Next Investments) a lancé ce qu’il affirme être le premier ETF coté aux Etats-Unis répliquant l’indice japonais Nikkei 225. Ce Maxis Nikkei 225 Index Fund est assorti d’un taux de frais sur encours de 0,50 %. Les fonds est «sous-conseillé» par Northern Trust. Precidian a obtenu de Mitsubishi UFJ Asset Management l’exclusivité de l’utilisation du Nikkei 225 pour les Etats-Unis.
Fonds
18/07/2011
Fonds

ProShares lance un ETF sur un indice de hedge funds

Après le Credit Suisse 130/30 et le RAFI Long/Short, le gestionnaire américain ProShares (26 milliards de dollars) a annoncé le 14 juillet le lancement d’un troisième produit de la gamme Alpha ProShares, le ProShares Hedge Replication ETF dont l’acronyme sur la plate-forme NYSE Arca est HDG.Ce nouveau produit utilise la méthode de réplication des hedge funds adoptée par Merrill Lynch en adoptant comme indice de référence le Merrill Lynch Factor Model - Exchange Series (MLFM-ES).Le taux de frais sur encours est fixé à 0,95 %.
Fonds
18/07/2011
Fonds

Schwab lance son 14ème ETF

Le 8 juillet, Charles Schwab a notifié à la SEC que Schwab ETFs a lancé un nouveau produit obligataire, le Schwab US Aggregate Bond ETF, chargé à 0,10 %.Il s’agit du 14ème ETF de ce promoteur qui gérait fin juin 4,4 milliards de dollars sur ce segment.
Fonds
18/07/2011

CIBC achète à JP Morgan près de la moitié d'American Century

JPMorgan Chase a annoncé le 15 juillet la cession à la Banque canadienne impériale de commerce (CIBC en anglais) des 41 % qui lui restaient dans le gestionnaire de mutual funds American Century Investments (112 milliards de dollars fin juin) pour environ 848 millions de dollars en numéraire.Arithmétiquement, CIBC paie ainsi l'équivalent de 1,84 % des encours correspondant à la participation ainsi acquise. La transaction devrait être bouclée sous 60 à 90 jours.La CIBC aura deux représentants sur dix au board d’American Century Investments. Outre sa participation économique de 41 %, le groupe canadien disposera également d’un droit de vote de 10,1 % dans American Century.
18/07/2011

Credit Suisse visé par une enquête aux Etats-Unis

Credit Suisse a informé sur son site Internet de l’ouverture d’une enquête à son sujet par le Département américain de la Justice (DoJ). Cette enquête concerne d’anciens services de banque privée transfrontaliers fournis à des citoyens américains. La banque précise que conformément à ses obligations légales, elle compte coopérer avec les autorités américaines.
18/07/2011

Partners Group a collecté plus de 2 milliards d'euros en janvier-juin

Le suisse Partners Group fait état pour le premier semestre de souscriptions nettes de 2,1 milliards d’euros contre 3 milliards de francs suisses pour la période correspondante de 2010. L’encours à fin juin ressortait à 22,8 milliards d’euros contre 21,4 milliards d’euros fin décembre et 26,5 milliards de francs suisses un an auparavant.L’encours au 30 juin se répartissait en 16,1 milliards d’euros d’actions non cotées contre 15,2 milliards six mois plus tôt, 2,8 milliards d’euros en immobilier non coté contre 2,5 milliards, 1,9 milliard contre 2 milliards pour les obligations non cotées, 1,2 milliard pour l’infrastructure non cotée et 0,8 milliard contre 0,7 milliard pour les sociétés du groupe.
18/07/2011

Projet Nyse Euronext-Deutsche Börse :La Commission européenne prend la main

Alors que les actionnaires des deux opérateurs boursiers Nyse Euronext et Deutsche Börse ont approuvé le projet de rapprochement, les regards se tournent désormais vers la Commission européenne, note Les Echos. Les services du commissaire à la Concurrence, Joaquin Almunia, ont entamé la première phase d’examen et ont jusqu’au 4 août pour décider d’ouvrir une seconde phase plus détaillée. Une issue jugée très probable. L’enquête approfondie de Bruxelles devrait se focaliser sur deux champs : les marchés de produits dérivés cotés et les activités de compensation. Une fois dans cette phase, tout dépendra de la nature des discussions et des «remèdes» proposés par le nouveau groupe. Bruxelles peut demander des engagements sur la politique de prix de la future entité comme des cessions d’actifs en contrepartie de son feu vert.
18/07/2011

Assets in Luxembourg funds up as of the end of May

As of 31 May 2011, according to statistics from the CSSF, assets under management in collective investment organisms and specialised investment funds totalled EUR2.2192trn, compared with EUR2.1954trn one month earlier, an increase of 1.08% in one month. Over twelve months, the increase has been 11.38%. EUR7.9bn of the EUR23.8bn increase in May (0.36%) is due to inflow effects, and EUR15.99bn (0.72%) due to market effects. The number of collective investment organisms (OPC) and specialised investment funds (FIS) taken into consideration is 3,749, compared with 3,736 the previous month. “2,374 entities have adopted a structure with multiple sub-funds, which represents 11,811 sub-funds. In addition to that, there are 1,375 traditionally structured entities, which makes a total of 13,186 entities which are active in the financial markets,” the CSSF states.
18/07/2011

Investors flock to ETFs to the neglect of traditional funds

According to the most recent statistics from Morningstar, long-term funds (excluding money markets) in June saw net redemptions of USD4.5bn, after net inflows of USD22.6bn in May. In other words, these funds have seen their first net outflows since October 2010. In the first six months of the year, long-term funds attracted USD134.33bn, while money market funds saw net outflows of USD113.44bn. Aversion to risk led investors to withdraw about USD18bn from US equities funds in June, which represents the largest outflow from this asset class since the peak of the credit crisis in October 2008. Subscribers have also lost their appetite for credit risk, as they withdrew a net USD6.3bn from high yield funds. However, ETFs attracted USD9.8bn in June, following net outflows of USD3.1bn in May. For first half as a whole, ETFs have seen inflows of USD57.3bn. US equities ETFs in first half saw net subscriptions of USD23.6bn, while taxable bonds took on USD15.1bn, international equities funds took in USD11.4bn, and ETFs specialised in alternative assets attracted USD10.4bn. Only commodities ETFs saw net outflows, totalling USD3.91bn in first half, of which USD892m were in June.
18/07/2011

CIBC acquires 41% of American Century from JPMorgan for a price equivalent to 1.84% of assets

JPMorgan Chase on 15 July announced that it has sold its remaining 41% stake in the mutual fund management firm American Century Investments (USD112bn in assets as of the end of June) to the Canadian Imperial Bank of Commerce (CIBC), for about USD848m in cash. Arithmetically, CIBC is thus paying the equivalent of 1.84% of assets for the corresponding stake that it acquires in the firm. The transaction will be completed in 60 to 90 days. The CIBC will have two representatives on the six-member board of American Century Investments. In addition to its economic participation of 41%, the Canadian group will also have 10.1% voting rights in American Century.
18/07/2011

Eaton Vance to buy back up to 8 million shares

The board of directors at the asset management firm Eaton Vance Corp (USD200bn in assets) on 15 July decided to pay out a quarterly dividend of 18 cents per share. It has authorised the repurchase of up to 8 million shares without voting rights. Under an authorisation on 15 January 2010, Eaton Vance has already bought back 6.7 million shares.
18/07/2011

APFC chooses Russell's fundamental index

Russell Investments on July 14th announced that the Alaska Permanent Fund Corporation (APFC) has selected the Russell Fundamental Developed Large Company Index for its new quasi-passive global mandate. APFC converted an existing market capitalization-weighted portfolio managed by State Street Global Advisors (SSgA) to this new strategy. The initial mandate, which started July 1, is approximately USD640m.The new index suite, developed by Research Affiliates and Russell Investments, has been released approximately 5 months ago (see NewsManagers of February, 28th).
18/07/2011

Petercam adjusts fee levels without raising prices

From 1 July, the Belgian management firm Petercam has modified the fee structures for institutional share classes in its Luxembourg Sicav Petercam L, in order to bring them into line with the situation that already obtains for institutional share classes of the Belgian Sicav Petercam (B). Petercam has also registered K and L shares in the Euroclear France, in order to more adequately meet the expectations of IFAs in terms of commission kickbacks. Management fees for A and B share classes (and consequently also K & L and E & F share classes) for some funds have been adjusted “in order to bring them more accurately into line with the market in strategies where Petercam’s added value is significant,” Ives Hup, sales director, tells Newsmanagers. “But, at any rate, that comes with a reduction of other fees inherent in the administration of the Sicav so that the total expense ratio (TER) for sub-funds will not be affected by the changes.” For funds on sale in France, Petercam has raised management fees for eight sub-funds of the Petercam (B) Sicav, while it has reduced them for one sub-fund, and they remain unchanged for four. For three sub-funds of the Petercam (L) sub-fund, fees have been raised, while they have been reduced for one sub-fund, and they remain unchanged for four.
18/07/2011

Turgot Asset Management manages a new global equities fund

Turgot Asset Management on Friday, 15 July announced that it has taken over management of Orelis Capital, a global equities fund which invests in large caps with the objective of outperforming a benchmark index composed 25% of the MSCI World index, 40% of the Eurostoxx 50 and 35% of the CAC40 index. According to a statement, the firm now has assets of EUR50m, and manages three other funds: Turgot Multicaps Europe, founded in January 2009, a “flexible” OPCVM fund which invests in equities of greater Europe; Turgot Asie Flexible, founded in September 2010, another “flexible” fund which invests in the entire Asia-Pacific region, and Turgot Multigest International, founded in February 2011, an international equities fund of funds which invests in 20 underlyings.
18/07/2011

Schwab launches its 14th ETF

On 8 July, Charles Schwab notified the SEC that Schwab ETFs has launched a new bond product, the Schwab US Aggregate Bond ETF, which charges fees of 0.10%. It is the 14th ETF from the promoter, which as of the end of June managed USD4.4bn in this segment.
18/07/2011

ProShares launches an ETF based on a hedge fund index

Following the Credit Suisse 130/30 and the RAFI Long/Short, the US management firm ProShares (USD26bn) on 14 July announced that it is launching a third product in the Alpha ProShares range, the ProShares Hedge Replication ETF, with the acronym HDG on the NYSE Arca platform. The new product uses the hedge fund replication method adopted by Merrill Lynch, with the Merrill Lynch Factor Model – Exchange Series (MLFM-ES) as its benchmark index. The total expense ratio for the fund is 0.95%.
18/07/2011

Precidian offers first ETF based on Nikkei 225

According to Mutual Fund Wire, Precidian Investments (formerly known as Next Investments) has launched what it says is the first ETF listed in the United States to replicate the Japanese Nikkei 225 index. The Maxis Nikkei 225 Index Fund charges a TER of 0.50%. The fund is sub-advised by Northern Trust. Precidian has received exclusive rights to use the Nikkei 225 index in the United States from Mitsubishi UFJ Asset Management.
18/07/2011

ESPA considers South Korea a developed country

The Austrian-registered fund ESPA Stock BRICK from ERSTE Sparinvest (EUR116.42m in assets as of the end of June) on 14 July changed its name to ESPA Stock BRIC. The strategy of the fund remains unchanged, but the management firm, Erste Sparinvest (Erste Bank, Austrian savings banks) now considers South Korea (represented by the K in the acronym) to be a developed country, although MSCI Barra has not yet approved the move, due to the fact that the Korean won lacks adequate liquidity. Management commissions are 1.80%, while front-end fees are 4% for the four share classes in euros, and 5% for share classes in Hungarian forint and Czech crowns.
18/07/2011

Hauck releases two new funds of funds

On 20 June, the Luxembourg-based firm Hauck & Aufhäuser Investment Gesellschaft SA (H&A) launched two new sub-funds of its Luxembourg Sicav Structured Solutions, which have received sales licenses for Germany. The funds of funds may rely on physical replication as well as synthetic replication. The Structured Solutions Rare Earth / Strategic Metals Index Strategie Fonds (B and C share classes) will reproduce the Market Vectors Rare Earth / Strategic Metals (EUR) index, while the Structured Solutions UCITS HFS Investable Index Strategy Fund will reproduce the UCITS HFS Investable Performance-Index. Characteristics Name: Structured Solutions Rare Earth / Strategic Metals Index Strategie FondsISIN codes: B shares: LU0575319081C shares: LU0575320337 Front-end fee (B shares): 3% Management commission (B shares): 0.8% Depository banking commission (Hauck & Aufhäuser Banquiers Luxembourg S.A.), B shares: 0.1% Advising commission (Baader Bank AG): 0.1% Name: Structured Solutions UCITS HFS Investable Index Strategy FundISIN code: LU0575317382 Front-end fee: 3% Management commission: 0.8% Depository banking commission (Hauck & Aufhäuser Banquiers Luxembourg S.A.): 0.1% Advising commission (Structured Solutions AG): 0.1%
18/07/2011

Sarasin and Catella create an institutional fund focused on sustainable real estate

From 13 July to 7 October 2011, the Swiss bank Banque Sarasin and the German firm Catella Real Estate KAG are opening subscriptions to the Sarasin Sustainable Properties – European Cities, an institutional real estate fund which according to its makers will be the first in Germany to invest solely in sustainable properties located in growing European cities, initially in Germany, France and Scandinavia. The objective for the German-registered product is to generate annual performance of 5-5.5% per year, from investments primarily in commercial and office properties, with residential properties limited to 25% of the portfolio. The promoters are aiming for assets of EUR500m. IT is the first cooperation between a Swiss bank and a German management firm to create a German-registered fund. Minimal subscription is set at EUR0.5m, and front-end fees are 2.5%.
18/07/2011

“Relatively stable development” at Union Investment

Hans Joachim Reinke, chairman of the board at Union Investment, has announced that the central management firm for the German co-operative banks posted net subscriptions in first half of EUR498m, and that assets have increased 5.7% to EUR177bn, “a relatively stable evolution,” the Frankfurter Allgemeine Zeitung reports. However, the tax optimisation fund Uni Opti 4 has seen outflows of EUR800m, and may yet see outflows of EUR1bn in second half. The open-ended real estate fund UniImmo: Global, meanwhile, whose redemptions were frozen following the Fukushima disaster, has been unable to value the Japanese assets in its portfolio. Union Investment has reopened the fund, but it has been obliged to support it with a repurchase of shares redeemed by subscribers with its own money.
18/07/2011

US pension fund coverage rates on the rise again

After a decline of 2.3 points to 86.9% in May, the coverage rate for pension funds at US businesses in June rose back to an average of 88.5%, according to statistics from BNY Mellon Asset Management, which suggest that the adjusted increase was 0.8 points last month. The average liabilities of funds fell 2.1% due to the fact that the discount rage rose to 5.53% from 5.34%. At the same time, assets fell 1.1% with the fall of US and international share prices.
18/07/2011

Assets in Austrian funds still below end December levels

As of 30 June, assets managed by Austrian funds totalled EUR142.4bn, according to the VÖIG association for the sector. That figure remains above the EUR141.5bn recorded twelve months previously, but assets have fallen from their levels at the end of May (EUR144.1bn) and at the end of December 2010 (EUR145bn).
18/07/2011

Norwegian pension fund sees heavy losses on BTPs and bonos

According to the finance newspaper Finansavisen, relayed by Handelsblatt, the Government Pension Fund-Global, the Norwegian sovereign fund (formerly known as the Oil Fund, NOK3trn in assets) last year invested NOK84nb (EUR10.8bn) in Italian and Spanish government bonds, and then invested a further NOK2.9bn in first quarter 2011. According to calculations by the newspaper, the fund has already lost NOK3.3bn on these investments so far.
18/07/2011

Partners Group took on more than EUR2bn in January-June

The Swiss firm Partners Group in first half had net subcsriptions of EUR2.1bn, compared with CHF3bn in the corresponding period of 2010. Assets as of the end of June totalled EUR22.8bn, compared with EUR21.4bn as of the end of December, and CHF26.5bn one year previously. Assets as of 30 June were divided between EUR16.1bn in shares that are not publicly traded, compared with EUR15.2bn six months earlier, EUR2.8bn in non-publicly traded real estate, compared with EUR2.5bn, EUR1.9bn compared with EUR2bn in non-publicly traded bonds, EUR1.2bn in non-publicly traded infrastructure, and EUR0.8bn, compared with EUR0.7bn, in companies of the group.
18/07/2011

Pension funds were in positive territory in June

According to statistics from Inverco, the Spanish association of management firms, assets in 1,277 individual retirement plans (pension funds) as of the end of June totalled EUR51.53bn, in 8.4 million accounts. Year on year, due to equities products (+13.09%) and products invested primarily in equities (+7.47%), average performance came out to 2.53%. Over 15 years, the rate stands at 2.93% annually, and over 20 years, 4.61% per year. The consultant Mercer finds, for its part, that over first half as a whole, the average performance of Spanish pension funds totalled 1%, largely due to gains of 1.6% for bond products, and 0.5% for equities funds in euros, which more than offset losses of 2.6% from non-euro equities funds.
18/07/2011
Fonds

Hauck commercialise deux nouveaux fonds de fonds

Le 20 juin, le luxembourgeois Hauck & Aufhäuser Investment Gesellschaft SA (H&A) a lancé deux nouveaux compartiments de sa sicav luxembourgeoise Structured Solutions qui viennent d’obtenir l’agrément de commercialisation en Allemagne.Il s’agit de fonds de fonds pouvant utiliser aussi bien la réplication physique que la réplication synthétique. Ils reproduisent, pour le Structured Solutions Rare Earth / Strategic Metals Index Strategie Fonds (parts B et C), l’indice Market Vectors Rare Earth / Strategic Metals (EUR), et, pour le Structured Solutions UCITS HFS Investable Index Strategy Fund, le UCITS HFS Investable Performance-Index.CaractéristiquesDénomination : Structured Solutions Rare Earth / Strategic Metals Index Strategie FondsCodes Isin : Part B : LU0575319081Part C : LU0575320337Droit d’entrée (part B) : 3 %Commission de gestion (part B): 0,8 %Commission de banque dépositaire (Hauck & Aufhäuser Banquiers Luxembourg S.A.), part B : 0,1 %Commission de conseil (Baader Bank AG) : 0,1 %Dénomination : Structured Solutions UCITS HFS Investable Index Strategy FundCode Isin : LU0575317382Droit d’entrée : 3 %Commission de gestion : 0,8 %Commission de banque dépositaire (Hauck & Aufhäuser Banquiers Luxembourg S.A.) : 0,1 %Commission de conseil (Structured Solutions AG) : 0,1 %
Fonds
18/07/2011

Le patron d'Union Investment juge l'évolution de sa maison "relativement stable'

Hans Joachim Reinke, président du directoire d’Union Investment, a indiqué selon la Frankfurter Allgemeine Zeitung que la société de gestion centrale des banques populaires a enregistré au premier semestre des souscriptions nettes de 498 millions d’euros et que l’encours s’est accru de 5,7 % à 177 milliards d’euros, «une évolution relativement stable».Néanmoins, le fonds monétaire d’optimisation fiscale Uni Opti 4 a subi une hémorragie de 800 millions d’euros et pourrait encore accuser des sorties d’un milliard au second semestre.Quant au fonds immobilier offert au public UniImmo: Global, dont les remboursements ont été gelés juste après Fukushima à cause de l’impossibilité de valoriser les actifs japonais du portefeuille, Union Investment l’a rouvert, mais est obligé de le soutenir en rachetant en compte propre les parts revendues par les souscripteurs.
18/07/2011
Fonds

Sarasin et Catella créent un fonds institutionnel focalisé sur l'immobilier durable

Du 13 juillet au 7 octobre 2011, le suisse Banque Sarasin et l’allemand Catella Real Estate KAG ouvrent la souscription pour le Sarasin Sustainable Properties – European Cities, un fonds immobilier institutionnel qui sera le premier en Allemagne, selon ses promoteurs à n’investir que dans des immeubles «durables» situés dans les métropoles européennes en croissance, initialement en Allemagne, en France et dans les pays nordiques. L’objectif de ce produit de droit allemand est de générer une performance annuelle de 5 à 5,5 % par an en investissant principalement dans des immeubles de bureaux et commerciaux, le résidentiel étant plafonné à 25 % du portefeuille. Les promoteurs visent un encours de 500 millions d’euros. C’est la première coopération entre une banque suisse et à une société de gestion allemande pour créer un fonds de droit allemand.La souscription minimale est fixée à 0,5 million d’euros et le droit d’entrée se situe à 2,5 %.
Fonds

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