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13/01/2011

Joachim Faber to leave Allianz

Joachim Faber (60), member of the board of management of Allianz SE, responsible for the Asset Management business, has informed the supervisory board of Allianz SE of his intention to retire on December 31, 2011. Marna Whittington (63) will step down from her position as chief operating officer of Allianz Global Investors on March 31, 2011, in order to focus on her role as chief executive officer of Allianz Global Investors Capital and on the development of the AllianzGI business in the USA. Jay Ralph (51), member of the board of management of Allianz SE, responsible for NAFTA markets will also assume the role of chief operating officer of Allianz Global Investors and become member of the board of management on April 1, 2011. He will succeed Joachim Faber, responsible for the Asset Management business on the board of management of Allianz SE, on January 1, 2012.
13/01/2011

AGI and Union to reduce money market fund offerings

p { margin-bottom: 0.08in; } Handelsblatt reports that some of the largest German asset management firms are cutting back their money market fund ranges following massive redemptions related to loss of investor confidence and falling returns. Since 2008, assets in German money market funds have fallen EUR54bn.Allianz Global Investors (AGI) is planning to cut 30 of its roughly 330 open-ended funds this year, many of them money market funds, a spokesperson says. Union Investment has announced that it is merging a EUR106m money market fund with a similar fund, while another product will be absorbed into a US dollar money market fund.
13/01/2011

Swisscanto extends area of expertise

p { margin-bottom: 0.08in; } The Swisscanto group announced on 12 January that it has created two positions in analysis and research. A chief economist, M. Thomas Liebi will take over responsibility for macroeconomic analysis at Swisscanto. Marion Swoboda becomes head of sustainable development research, strengthening Swisscanto’s leading position in sustainable investment.“The addition of the new positions for eminently qualified specialists will allow Swisscanto to increase its influence in the area of research. The knowledge acquired will be immediately applied to asset management and the development of retirement planning products, particularly in the area of sustainable development,” Swisscanto adds.Piebi, previously at a pension fund, will begin on 1 April, while Swoboda, previously at SAM, will begin on 1 May 2011.
13/01/2011

Gonet & Cie accelerates development

p { margin-bottom: 0.08in; } Assets under management at the Swiss bank Gonet & Cie have risen 40%, with 30% more employees and twice as many managers, Agefi Switzerland reports. After a year of strong growth in 2010, Gonet & Cie is continuing its expansion with a service dedicated to independent managers (currently 5% to 10% of assets under management), and an enlargement of the product range, along with a move to new offices. Another strategic area of development announced for first half is a philanthropic services platform.“This is the concretisation of a growth strategy set out in 2008, which will allow us to reach a comfortable size for our future development,” explains Nicolas Gonet, one of the three partners, the scope of whose responsibilities are not defined. The bank provides no information about volumes of assets under management. It currently employes 60 people, 15 of whom are managers.
13/01/2011

EDRAM creates position of CIO

p { margin-bottom: 0.08in; } According to reports in La Tribune, Edmond de Rothschild Asset Management (EDRAM) has created a position for a head of management, CIO. The position will be occupied by Philippe Uzan, previously head of research and global allocation. The creation of the position is a sign of the asset management firm’s desire to better lead and coordinate teams, the newspaper says.
13/01/2011

Strong inflows to Swedish funds in 2010

p { margin-bottom: 0.08in; } In 2010, funds on sale in Sweden posted net subscriptions of SEK85.8bn, or about EUR9.7bn, according to the most recent statistics from the Swedish investment fund association (Fondbolagens Förening). More than half of net inflows were to equities funds (SEK46.9bn), where the most popular categories were Swedish equities funds (SEK13.3bn) and global equities funds (SEK14.2bn). Balanced funds and bond funds, for their part, showed inflows of SEK37.1bn and SEK23.2bn, respectively. However, money market funds saw outflows of SEK15.8bn, and hedge funds had outflows of SEK5.2bn. As of the end of 2010, assets in Swedish funds totalled SEK1.964trn (EUR222bn), of which SEK1.19trn were in equities funds (EUR134.5bn).
13/01/2011

Janus releases five more funds in Spain

p { margin-bottom: 0.08in; } The product range from Janus Capital International Ltd in Spain now includes 25 funds, Expansión reports. The US management firm has released three equities funds (Janus US Fund, Perkins Global Value Fund, and Janus Emerging Markets Fund) and two bond funds (Janus Global Investment Grade Bond Fund and Janus High-Yield Fund) for sale in Spain. Like the other 20 products registered in Spain, the products are sub-funds of the Irish Sicav Janus Capital Funds.
13/01/2011

RCM prepares to release an intelligent govies fund

p { margin-bottom: 0.08in; } In the relatively near future, the Austrian management firm Raiffeisen Capital Management (RCM) is expected to receive a sales license in France for a new bond fund specialised in government bonds, which aims to be “intelligent.” Though RCM has not emphasized new bond products in France for about two years, this new fund may well correspond to the needs of the moment, in a time of crisis for govies, particularly in the Euro zone.The new Austrian-registered product is based on a in-house index developed by Raiffeisen Research. As Philippe Leroy, country head for France, explained Newsmanagers on 12 January at the OFI conference, the fund is designed to do without two constraints: the benchmark, and the ratings agencies. The index is defined on the basis of 20 country-by-country fundamental statistics. If weights each one on the basis of this information, so as not to pay a premium to the less well-behaved countries, the governments who borrow most and thus gain weight in traditional indices. In addition, the index takes into account all countries of the world, and not only the traditionally best-rated.On the basis of this index, RCM then undertakes active management to optimise results.RCM has assets in France of about EUR300m. Growth is expected to accelerate with the addition of retail product marketing, which began two and a half years ago, and which is beginning to gain “nice” levels of assets.
13/01/2011

Vestima (Clearstream) to be connected to Xetra

p { margin-bottom: 0.08in; } Deutsche Börse is entering a cooperation in the area of trading of shares in investment funds with its Luxembourg affiliate Clearstream. The Börsen-Zeitung has learned that the order routing platform for funds listed on Clearstream, Vestima, will be connected to the Xetra electronic trading platform. The operators will gain a way to make trades with the market makers for funds on Xetra, namely Baader, Equinet and Close Brothers Seydler.
13/01/2011

Number of ETFs increasing faster than asset levels

p { margin-bottom: 0.08in; } In 2010, net subscriptions to ETF and ETP products in Europe totalled USD50.2bn, compared with USD56.8bn in 2009, while ETFs listed in Europe grew by USD45.7bn, of which USD13.3bn went to iShares (BlackRock), USD8bn to db x-trackers (Deutsche Bank), and USD6.8bn to Lyxor Asset Management (Société Générale).BlackRock says assets in European ETFs at the end of the year totalled USD284bn, compared with USD226.9bn, an increase of 25.2%, compared with an increase of 29.5% in the number of ETFs, to 1,071 funds (listed 3,699 times). The number of providers increased to 39 from 34. Also, 543 of these ETFs have assets of under USD50m, and 171 have assets of under USD10m.As of the end of December, the top three providers had a combined market share of 71.1%, compared with 75% one year earlier (see Newsmanagers of 14 January 2010). iShares continues to be the leader, with 181 ETFs and USD101.8bn in assets, corresponding to 35.8% of the market (compared with 38.4% one year earlier). Lyxor remains in second place, with 154 products and EUR52.4bn (18.4% of the market, compared with 20.4%), and db x-trackers ranks third, with 152 ETFs and USD47.9bn, a market share of 16.9%, compared with 16.6%.
13/01/2011

CIAM launches a merger arbitrage fund

p { margin-bottom: 0.08in; } CIAM, a French alternative management firm specialised in merger arbitrage, announced on Wednesday, 12 January, that it has created a Luxembourg-registered fund specialised in the merger and acquition arbitrage segment. The fund will invest in financial markets in Europe and the United States and Canada, targeting listedcompanies which are the subject of takeover offers, between the time when the deal is announced and the finalisation of the deal, a statement says. The investment process is a contrarian type, based on fundamental analysis of transactions and active trading. Companies are required to have capitalisation of over USD500m, in order to ensure adequate liquidity. Liquidity will be monthly, and without gates or lock-ups. The performance objective is set in the 10% to 15% annual range. CIAM has also created a humanitarian charity, independent of the management firm, to which it pays 25% of its performance commissions.
13/01/2011

Amundi launches a green ETF on Euronext Paris

p { margin-bottom: 0.08in; } On 12 January, Amundi ETF announced the launch of the Amundi ETF Green Tech Living Planet fund on NYSE Euronext Paris, in collaboration with WWF International and its affiliate, Living Planet Fund Management Company S.A., and CA Cheuvreux.The new French-registered fund (FR0010949479) aims to replicate the performance of the Living Planet Green Tech Europe fund, net return, denominated in euros. TER is 0.45%.The methodology of the index, created through a partnership between Amundi ETF, Living Planet Fund Management Co. S.A. and the SRI research teams at CA Cheuvreux, is based on the principles of identifying domains of activity that meet the definition of “green tech,” with the use of a filter to exclude sectors such as arms, fossil fuels and gambling, among others, to take into account liquidity criteria (minimal capitalisation of EUR100m, and average daily trading volume of EUR2m for the past six months), and weighting of shares on the basis of the percentage of their earnings related to green tech (at least 20%).
13/01/2011

Le prix des bureaux va se stabiliser

L’année 2010 a été marquée par une forte hausse des prix des bureaux parisiens les mieux situés. Après cette envolée rapide des valorisations, de 16% au cœur de Paris, les taux de rendement devraient se stabiliser en 2011, les investisseurs se montrant toujours prudents.
13/01/2011

Shanghai ouvre la porte au private equity

La ville de Shanghai devrait selon le quotidien américain mettre en place un programme d’essai visant à faciliter aux investisseurs étrangers l’engagement dans le secteur du capital-investissement. Ce projet contournerait les règles nationales au bénéfice d’acteurs choisissant Shanghai comme porte d’entrée en Chine.
13/01/2011

Les stocks américains de céréales revus en baisse

Dans un rapport plutôt «bullish» publié hier, le département américain de l’Agriculture a dit s’attendre à ce que les stocks de soja à la fin de la campagne s’établissent à 140 millions de boisseaux, 10% en dessous des prévisions des analystes. Ceux de maïs devraient atteindre 745 millions de boisseaux, en repli de 4% par rapport aux estimations.
13/01/2011

Timothy Geithner souhaite une réforme de la fiscalité

L’administration Obama étudie les pistes envisageables pour relever les incitations fiscales à l’investissement aux Etats-Unis, a annoncé mercredi le secrétaire au Trésor américain Timothy Geithner. Il a fait cette déclaration alors qu’il doit rencontrer demain les directeurs financiers de Microsoft ou encore Cisco Systems pour débattre de l’imposition des entreprises, quasiment la plus élevée parmi les pays industrialisés. «Nous cherchons à savoir si nous pouvons trouver un soutien politique à une réforme fiscale globale qui augmenterait les aides à l’investissement aux Etats-Unis», a-t-il déclaré. La réforme de l’impôt sur les sociétés serait le point de départ d’une discussion sur une réforme plus large de la fiscalité, ont déclaré des responsables de l’administration américaine. Toutefois, la division politique au Congrès devrait compliquer toute réforme importante sur les deux prochaines années.
13/01/2011

LBO France mettrait Olly Gan en vente

Le fonds de capital investissement LBO France souhaite vendre l’enseigne de prêt à porter pour hommes Olly Gan, ont indiqué à Reuters deux sources actives dans le milieu du capital investissement. Une porte-parole de LBO France n’a pas souhaité faire de commentaire. Selon le site internet de LBO France, Olly Gan affiche un chiffre d’affaires de 70 millions d’euros.
13/01/2011

Gartmore tombe dans l’escarcelle d’Henderson

Le gérant britannique Henderson va racheter son compatriote Gartmore pour 335 millions de livres en actions. Les actionnaires de la cible recevront deux actions Henderson pour trois actions Gartmore. Des gérants représentent 84% des actifs sous gestion de Gartmore ont déjà fait part de leur intention de rejoindre Henderson. La finalisation de la transaction est prévue dans les trois prochains mois.
13/01/2011

La réforme fiscale des Sicav en marche

Le Trésor a publié hier un projet qui alignera la fiscalité des Sicav sur celle des FCP. Cette réforme permettra ainsi de lever un dernier obstacle à l’attractivité de la Place de Paris en matière d’installation des fonds maîtres, dans le cadre de la directive OPCVM 4.
13/01/2011

Foule de prétendants pour Takefuji

Reuters croit savoir que TPG, Cerberus Capital Management, Tokyo Star Bank, J Trust Co ainsi que le sud-coréen A&P Financial ont atteint le dernier tour d’enchères pour le rachat du prêteur japonais. Fin février, ils pourraient proposer entre 60 et 80 milliards de yens (jusqu’à 735 millions d’euros).

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