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15/07/2011

US banks dominate a growing private management market

Les Echos relays the most recent rankings by Scorpio Partnership, which find that Bank of America retains its position as the largest private bank in the world in terms of assets under management (USD1.944trn), followed by Morgan Stanley (USD1.628trn), and then the Swiss bank UBS (USD1.560trn), and Wells Fargo. With USD340bn in assets under management, the largest French bank, BNP Paribas, ranks ninth, having gained two places due to the consolidation of the Belgian bank Fortis.Overall, assets under management rose 11.12% in 2010. Smaller structures have done slightly better than large ones, with growth in assets under management of 12.4%, compared with 10%. The market remains highly concentrated, with the 20 largest private banks in the world accounting for 81.6% of assets entrusted to wealth management teams in 2010 (compared with 77.1% in 2009).
15/07/2011

MEAG acquires a stake in Amprion

German power supplier RWE has sold a 74.9% stake in Amprion GmbH to a consortium of institutional investors and electricity distributors, including MEAG, the asset manager for Munich Re and Ergo (EUR202bn). The sale price has not been disclosed. MEAG, which is diversifying its portfolio, stated on 14 July that the consortium has entrusted management of the participation to a fund launched and managed by Commerz Real. For its part, RWE will retain the remaining 25.1% stake in Amprion, a firm which operates high tension electricity transport networks.
15/07/2011

Auda recruits Ferdinand von Sydow

The family office for the heirs to Harald Quandt, which also manages the wealth of other families, Auda International (USD4.5bn in private equity), has recruited Ferdinand von Sydow as managing director, from mid-September, the Frankfurter Allgemeine Zeitung reports. Von Sydow will be in charge of developing the institutional client base. He is currently one of the directors of the real estate asset management firm IVG International Funds (EUR12.5bn).
15/07/2011

NYSE Euronext sees a decline in ETF transactions year on year

As announced in late June (see Newsmanagers of 28/06/2011), HSBC ETFs has launched three ETFs on NYSE-Euronext in Paris: HSBC MSCI EM Latin America, HSBC MSCI Canada, and HSBC South Africa.As of the end of last month, NYSE Euronext listed 565 ETFs from 17 issuers 656 times. This year, there have been 115 new listings, of which 26 are cross listings. Activity represents an average of 8,575 daily trades, a 7.4% decline compared with June 2010, but a 7.07% increase compared with the month of May, when there were an average of 8,009 transactions (see Newsmanagers of 09/06/2011). That represents a total of EUR409.8m, up 2.5% compared with June 2010.These ETFs as a whole cover more than 360 indices, composed of a wide range of assets (equities, bonds, commodities, etc), and represent global assets of EUR142.5bn, up 22.1% since June 2010 (EUR116.7bn).
15/07/2011

ETF assets expected to double in United States by 2015

By the end of 2015, assets under management in United States ETFs are expected to double, to USD2trn, largely due to the emergence of products focused on new asset classes and new indices, with new methods for using ETFs as portfolio construction tools.These are the findings of a study by BNY Mellon Asset Servicing and Strategic Insight, entitled “ETFs 2.0: The Next Wave of Growth and Opportunity in the U.S. ETF Market,” which finds that the proportion of ETF funds replicating traditional indices will fall, while non-traditional and alternative funds will account for a larger slice of the pie. Loren Fox, senior research analyst at Strategic Insight, says the varieties of non-traditional ETFs that will be likely to increase their market share will be those based on commodities strategies, inverse funds, leveraged funds, actively-managed ETFs, and ETFs that are similar to hedge funds.
15/07/2011

Profits and assets down at SEB in April-June

For second quarter, SEB on 14 July declared a net profit of SEK3.37bn, compared with SEK2.62bn in January-March, and SEK2bn in April-June 2010. In first half, profits total SEK5.99bn, compared with SEK2.69bn.For wealth management, operating profits totalled SEK309m in April-June, compared with SEK405m in first quarter, and SEK380m in the corresponding period of last year. The cost/income ratio has deteriorated to 71%, compared with 65% and 66%, respectively.Assets as of the end of June totalled SEK1.298trn, of which 42% are in the form of investment funds, compared with SEK1.303trn as of the end of March, and SEK1.258trn one year previously.Net subscriptions in second quarter totalled SEK7bn for institutional clients, and SEK5.5bn for private banking, compared with SEK9.5bn and SEK5.1bn in January-March. In second quarter 2010, subscriptions totalled SEK5.8bn and SEK3bnm, respectively.
15/07/2011

Invesco PowerShares also plans to launch a Chinese yuan bond ETF

The Frankfurter Allgemeine Zeitung reports that a third contender is in the running to become the first to launch an ETF dedicated to bonds denominated in Chinese yuans: Invesco PowerShares, which has submitted an application to the SEC for a license for the PowerShares Asia Pacific Bond Portfolio, a few days after Wisdom Tree made a similar application. Exchange Traded Spreads submitted a similar application in May for the ETS Offshore RMB Bond Fund.
15/07/2011

Overlord France Finance launches two funds

The portfolio management firm Overlord France Finance, which received a license from the French financial regulator, the Autorité des marchés financiers (AMF) on 3 December 2010, announced on 13 July 2010 that it is launching two funds: Overlord Premium and Overlord Flex PEA.Overlord Premium is a fund which aims to diversify its investments through the use of all possible investment vectors (equities, bonds, futures, options, forex, commodities, etc.), regardless of its geographical origin. The Overlord Flex PEA is a diversified FCP which is mostly exposed to equities markets of the European Community, either via direct investment in shares, “tracker” ETFs or mutual funds, or derivative instruments. Assets in the fund always include at least 75% shares eligible for PEA investment. The strategy is based on a stock-picking process. Overlord also plans to hedge positions in order to limit the impact of falling markets, via tracker ETFs eligible for PEA and horizon products.Both funds comply with the new UCITS IV European directive, and have Key Investor Information Documents (KIID).Characteristics:Overlord Premium ISIN code: FR0011035120Front-end fee: 4% Management fee: 3.4% Performance commission: 20% on performance exceeding a composite index, composed 50% of the Eurostoxx (excluding dividends) and 50% of the capitalised eoniaOverlord Flex PEA ISIN code: FR0011052851Front-end fee: 3.5% Management fee: 2.4% Performance commission: 20% on performance exceeding a composite index composed 70% of the SPF 120 (excluding dividends), 15% of the DJ Eurostoxx (excluding dividends), and 15% of the capitalised eonia The Key Investor Information Documents (KIID) for Overlord Premium and Overlord Flex PEA are available on request.
15/07/2011

Van Eck innovates with an ETF of municipal income bonds

The New York-based asset management firm Van Eck Global has launched Market Vectors CEF Municipal Income ETF (NYSE Arca: XMPT), which it claims is the first ETF to focus on municipal income bonds. It replicates the S-Network Municipal Bond Closed-End Fund Index (CEFMX), which had 88 components as of 30 June. The product charges net fees of 1.43%, and will pay a monthly dividend which is exempt from federal tax.
15/07/2011

IndexIQ launches an ETF of emerging markets midcaps

The US asset management firm IndexIQ on 13 July announced the launch on the NYSE-Arca platform of what it says is the first ETF dedicated to emerging markets midcaps, the IQ Emerging Markets Mid Cap ETF (EMER), which replicates the IQ Emerging Markets Mid Cap Index (IQMDEMG). The total expense ratio is set at 0.75%.
15/07/2011

Grandson of Commandant Cousteau dedicated an ETF

The active ETF management firm AdvisorShares (USD360m) has announced the launch of AdvisorShares Global Echo ETF, a multi-management ETF launched in cooperation with the Global Echo foundation, a charity with 501(c) status, one of whose founders is Jacques Cousteau, one of the grandsons of Commandant Cousteau. A part of the commission will be paid to Global Echo. So far, the amount of that commission is not given on the AdvisorShares website.
15/07/2011

Pictet index-based fund range grows from 8 to 14 products

On 13 July, Pictet Asset Management launched six Luxembourg-registered geographical index-based funds (part 1), each of which has six share classes with two anti-dilution solutions (spread or swing). Previously, the Swiss management firm had eight funds in the family: the team manages USD32bn in funds and in the form of mandates (as of the end of May). There are institutional shares (minimal subscription: USD1m), and retail shares. The new products, Pictet LatAm Index, BRIC Index, Brazil index, Russia Index, India Index and China Index, physically replicate the MSCI indices for the corresponding countries or regions as closely as possible. The TERs for the various share classes vary from 0.45% to 1.05%.
15/07/2011

ETF asset growth slowing

According to a study by Deutsche Bank, in the next three years, average growth of 25% is to be expected for ETF assets in Europe in the next three years. But the debt crisis has clearly slowed growth in first half 2011, when the increase slowed to 5%, the Börsen-Zeitung notes, in a phenomenon similar to the one observed in 2008 in the wake of the sub-prime debt crisis. Net subscriptions represented about EUR14bn. As of the end of June, Europe had 1,483 ETFs, with assets of EUR241bn.
15/07/2011

Allianz GI creates a position for Managing Director, Head of Retirement for Europe

Allianz Global Investors announced on Tuesday, 13 July that it has appointed Andreas Hilka as Managing Director, Head of Retirement for Europe from 1 July. Hilka occupies a newly-created position, which will make him responsible for the development and deployment of a strategy centred on retirement plans and solutions in Europe. He will report to Elizabeth Corley, CEO of Allianz Global Investors for the European region.Hilka, 43, previously worked at the Credit Suisse group in Frankfurt as Head of Multi-Asset Solutions for Austria, Germany, Luxembourg and Poland, and as Head of retirement solutions for Europe, the Middle East and Africa.
15/07/2011

Aviva Investors opens a branch in Zurich

Fabio Ferra and Karsten-Dirk Steffens, business development directors, will be heads of the new Aviva Investors representative office in Switzerland. Steffen had been senior sales director, while the latter was head of client service at Axa Investment Managers for Switzerland. They will report to Gabriele Miodini, head of financial institutions for Europe. Their mission will be to develop a distribution network in Switzerland.
15/07/2011

Julius Baer launches a green portfolio analysis service

Swiss-based asset management firm Julius Baer on 13 July announced that it has launched a service which allows investors to reduce to completely neutralise CO2 emissions from their equities portfolios, entitled “green portfolio services,” which has been developed in cooperation with the Zurich-based firm South Pole Carbon.On the basis of an individualised portfolio analysis, investors will be able to reduce carbon emissions related to their investments by taking one or several measures to this end.Pollutant emissions reduction projects by South Pole Carbon have been developed in compliance with the United Nations Framework Convention on Climate Change (UNFCCC), and are also recognised by specialist NGOs such as the Swiss-based Gold Standard. These projects focus on sources of renewable energies, reforestation, and prevention of methane emissions.
15/07/2011
Fonds

Barclays Cap lance un fonds sur la volatilité européenne

Selon Citywire, Barclays Capital lance un fonds luxembourgeois coordonné qui réplique l’indice VStoxx 50 Mid Term Futures, le Barclays Euro Mid Term Volatility fund, qui est assorti de 0,89 % de frais de réplication, d’une commission de gestion de 0,2 % et de frais fixes de 0,2 %. La réplication s’effectue en «roulant» en permanence une exposition sur cinq mois à terme aux futures sur le VStoxx.
Fonds
15/07/2011

Important mandat de vote et d'engagement pour Robeco

La caisse de retraite britannique London Pension Fund Authority (LPFA, 4,6 milliards d’euros) a sélectionné le néerlandais Robeco (150 milliards d’euros d’encours) pour exercer durant deux ans, pour commencer, un mandat de vote et d’engagement sur ses portefeuilles d’actions internationales d’environ 1,1 milliard d’euros. C’est le premier mandat de ce type pour Robeco au Royaume-Uni.
15/07/2011
Fonds

Le fonds chinois d'Anthony Bolton pénalisé par deux de ses investissements

Anthony Bolton a indiqué que son Fidelity China Special Situations Fund a subi des pertes du fait de ses placements réalisés dans deux sociétés chinoises (dont China Integrated Companies) cotées aux Etats-Unis et accusées de fraude, rapporte Money Marketing.Le gérant a précisé qu’avec son équipe il consacre désormais davantage de temps à la due diligence après avoir sous-estimé les risques liés aux investissements en Chine. Plusieurs lignes ont été liquidées à perte, dont celles correspondant aux deux sociétés incriminées.
Fonds
15/07/2011

MEAG acquiert une participation dans Amprion

Le groupe d'électricité RWE a revendu 74,9 % d’Amprion GmbH, une société qui exploite des réseaux de transport d'électricité à haute tension, à un consortium d’investisseurs institutionnels et de distributeurs d'électricité, dont MEAG, le gestionnaire d’actifs (202 milliards d’euros) de Munich Re et d’Ergo. Le montant de la transaction n’a pas été divulgué. MEAG, qui diversifie ainsi son portefeuille, a précisé le 14 juillet que le consortium a confié la gestion de cette participation à un fonds lancé et géré par Commerz Real. Pour sa part, RWE conserve les 25,1 % restant d’Amprion.
15/07/2011

Auda recrute Ferdinand von Sydow

Le family office des héritiers d’Harald Quandt, qui gère les fortunes d’autres familles également, Auda International (4,5 milliards de dollars en private equity), a recruté Ferdinand von Sydow comme managing director à compter de la mi-septembre, rapporte la Frankfurter Allgemeine Zeitung. L’impétrant sera chargé de développer la clientèle institutionnelle. Il est actuellement l’un des dirigeants de la société de gestion de fonds immobiliers IVG International Funds (12,5 milliards d’euros).
15/07/2011
Fonds

Aberdeen lance son troisième fonds de fonds immobiliers asiatique

Le singapourien Aberdeen Asset Management Asia Ltd (Aberdeen Asia) a, comme prévu, annoncé le 12 juillet le lancement de son troisième fonds de fonds fermé spécialiste de l’immobilier asiatique et destiné aux investisseurs institutionnels (lire notre article du 30 mars 2011).L’objectif est de constituer un portefeuille de fonds «best-in-class» de la région axés à la fois sur des marchés matures comme le Japon, l’Australie et Singapour, et des marchés émergents comme la chine et l’Inde. Les fonds sélectionnés couvriront le spectre entier du risque depuis les investissements cœur de portefeuille jusqu’aux stratégies opportunistes. Il est prévu que le fonds fasse appel au crédit dans une proportion comprise entre 50 et 60 %. L’objectif de performance est de l’ordre de 13-17 % par an.Le nouveau produit sera géré par cinq personnes à Singapour sous la direction de Puay Ju Kang, head of property-Asia Pacific.
Fonds
15/07/2011
Fonds

Victoire Brasil Investimientos débarque en Europe

Citywire rapporte que la boutique brésilienne Victoire Brasil Investimientos, créée en 2004 par des anciens de Citigroup, a lancé en février son premier fonds coordonné Victoire Brasil Select avec un portefeuille concentré de 15-20 valeurs, dont 38 % de grandes capitalisations. Le fonds est géré par André Caminada et Werner Roger.
Fonds
15/07/2011

Tassement du bénéfice et des encours de SEB en avril-juin

Pour le deuxième trimestre, SEB a déclaré le 14 juillet un bénéfice net de 3,37 milliards de couronnes contre 2,62 milliards pour janvier-mars et 2 milliards en avril-juin 2010. Sur le premier semestre, il ressort à 5,99 milliards contre 2,69 milliards.Pour la gestion de fortune, le bénéfice d’exploitation s’est établi à 309 millions de couronnes en avril-juin contre 405 millions pour le premier trimestre et 380 millions pour la période correspondante de l’an dernier. Le coefficient d’exploitation s’est ainsi détérioré à 71 % contre respectivement 65 % et 66 %.Les encours à fin juin se situaient à 1.298 milliards de couronnes, dont 42 % sous forme de fonds d’investissements, contre 1.303 milliards fin mars et 1.258 milliards un an auparavant.Les souscriptions nettes ont porté au deuxième trimestre sur 7 milliards pour la clientèle institutionnelle et 5,5 milliards pour la banque privée, contre 9,5 milliards et 5,1 milliards en janvier-mars. Pour le deuxième trimestre 2010, elles étaient ressorties à respectivement 5,8 milliards et 3 milliards.
15/07/2011
Gestion d'actifs

La Maralp liquide son portefeuille d'actifs

« Nous n’avons rien modifié dans notre portefeuille par rapport à Solvency 2 dans la mesure où il n’y a pratiquement plus rien à l’intérieur et nos actifs risquent encore de diminuer », explique Nicole Foriano, directrice de gestion à la Mutuelle d’Assurance Rhône-Alpes (Maralp). La Mutuelle fait face à de nombreux problèmes de frais généraux et doit continuer à vendre une partie de son portefeuille d’actifs. « Nous n’avons plus les ressources suffisantes et c’est au niveau de notre groupe que tout se passe, poursuit Nicole Foriano. Nous n’avons pratiquement plus de gestion d’actifs et nous continuons à gérer très peu de monétaire ». En fait, la Mutuelle traverse une mauvaise passe et se place en mauvaise position par rapport au groupe auquel elle appartient : l’Union Bresse Dombes. Elle ne fait, ainsi, plus de bénéfices et un nantissement sur ses titres a été effectué au niveau du réassureur de la Mutuelle - l’Union Bresse Dombes - qui gère aujourd’hui cet aspect financier.
Gestion d'actifs

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