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11/01/2011

Société Générale Securities Services appoints a deputy director of emerging markets

p { margin-bottom: 0.08in; } Société Générale Securities Services (SGSS) has announced the appointment of Philippe Huerre as deputy director of emerging markets. He will work in close collaboration with Ramy Bourgi, director of emerging markets. Huerre, who since 2004 had been director of retail client custody services at SGSS, will aim to “consolidate the leading position of SGSS in emerging markets, where SGSS provides securities services to domestic and international investors,” a statement says. In 2010, SGSS extended its geographical presence into the Gulf states, through a commercial agreement with the National Bank of Abu Dhabi.
11/01/2011

Invesco Perpetual launches an Asian income equities fund

p { margin-bottom: 0.08in; } Fundstrategy reports that Invesco Perpetual is planning to launch an income fund focused on Asian equities. The fund, managed by Stuart Parks and Tim Dickson, will invest largely in Asia and Australia (ex Japan). The fund aims for returns from dividends equivalent to 120% of the MSCI Asia Pacific ex Japan index.
11/01/2011

East Capital renames AGI funds

p { margin-bottom: 0.08in; } The Swedish asset management firm East Capital has renamed two funds managed by Asia Growth Investors, an asset manager specialised in Asia, also based in Stockholm, which it acquired last year (see Newsmanagers of 17 June 2010). From 1 January, the AGI China East Asia Fund has become the East Capital China East Asia Fund, while the AGI China Fund becomes known as the East Capital China Fund. The change of names has no impact on the investment strategy of the funds, which remains the same, says Karine Hirn of East Capital on the website of the Scandinavian asset management firm. The two funds are exposed to China, where the China East Asia Fund has a slightly broader universe than the other fund. The products are managed by the same team, which has recently been enlarged.
11/01/2011

Guaranteed funds attracted a net total of EUR2.1bn in 2010

p { margin-bottom: 0.08in; } Despite average losses of 0.9%, according to Ahorro Corporación, Spanish guaranteed funds, with EUR2.1bn, were the only category aside from equities funds (EUR500m), to post net subscriptions in 2010, Cinco Días reports. And of the 124 new funds launched in Spain last year, 61 were guaranteed products.Assets in guaranteed funds increased by EUR1.6bn to total EUR48.5bn as of the end of the year. Meanwhile, assets managed by bond funds fell over the year as a whole by EUR27.5bn (of which EUR20.9bn were net outflows), to a total of EUR52.6bn as of 31 December.
11/01/2011

BNY Mellon AM launches Latin American infrastructure strategy in France

p { margin-bottom: 0.08in; } As reported by Newsmanagers on 29 November 2010, BNY Mellon Asset Management announced on Monday, 10 January that it has launched its BNY Mellon Latin America Infrastructure fund, a sub-fund of the BNY Mellon Global Funds Sicav, managed by the BNY Mellon ARX Investments team based in Rio de Janeiro, in France. BNY Mellon Latin America Infrastructure, which is aimed at retail and institutional investors, will invest in companies active in sectors related to infrastucture, such as equipment, transport, steel, telecommunications and energy, and in the key regions of Brazil, Mexico, Chile and Peru. The fund is composed of a concentrated portfolio of 35-50 equities. Characteristics ISIN code: EUR (A) shares: IE00B45KKV37EUR © shares: IE00B3VB9Y99Management fee: A shares: 2%C shares: 1%Minimal subscription: A shares: EUR5000C shares: EUR5m
11/01/2011

Number of ETFs in Europe tripled during the crisis

p { margin-bottom: 0.08in; } At the beginning of 2007, ETFs in Europe had assets under management of EUR103bn. As of the end of September 2010, assets totalled EUR232bn, according to data from Global ETF Research and BlackRock, Expansión reports. In the same period, the number of funds tripled, from 500 to 1,500 products. The three largest operators in Europe are iShares (BlackRock), with a market share of 32.7%, Lyxor Asset Management (Société Générale), with 16.6%, and db x-trackers (Deutsche Bank), with 15.7%.
11/01/2011

Funds managed by banks underperform

Funds managed by banks and insurance companies generally underperform those operated by independent asset managers across Europe, according to data compiled for Financial Times Fund Management by Lipper.However, in some countries, such as France, pure asset managers are over-represented at both extremes of the performance scale, suggesting they are taking more risk than their banking and insurance counterparts.
11/01/2011

Hermès/LVMH: minority shareholder defence organisation will appeal AMF decision

p { margin-bottom: 0.08in; } The French Association for the Defence of Minority Shareholders (ADAM) will appeal a decision by the French financial market regulator, the Autorité des marchés financiers (AMF), to grant a special dispensation to the usual takeover regulations for family shareholders in Hermès defending themselves against LVMH. Colette Neuville, president of ADAM, has told Reuters that she will file the appeal by Monday, 17 January. The appeal does not come as a surprise, as the ADAM president had already stated on several occasions that she opposed any exceptions under the law. “The appeal will be filed within six days, as regulations stipulate,” says Neuville, adding that the six-day period counts from last Thursday, when the AMF granted its clearance to Hermès. Neuville, who challenges the “reclassification” arguments used by the AMF, claims that the case “poses the problem of the value of regulated information” published by the Hermès directors, who had always claimed in the documents they supplied to the regulator and to the market that there were no shareholders who singularly or collectively controlled the capital of the company.
11/01/2011

ICI unveils plan for liquidity bank

The Investment Company Institute presented regulators with a proposal that would form a liquidity bank to help stabilize money-market funds during a market panic, according to The Wall Street Journal. The proposed bank wouldn’t backstop a fund that collapsed on its own. Instead, it would seek to prevent the damage from spreading to other funds.
11/01/2011

SEC charges hedge fund

The Securities and Exchange Commission has filed civil charges against the co-founder of hedge fund Trivium Capital Management and three others persons, accusing them of trading on inside information regarding Google and other companies as part of its investigation into Galleon Group, the Financial Times writes.The US regulator alleged that Trivium, its co-founder Robert Feinblatt and analyst Jeffrey Yokuty made USD15m in profits by trading ahead of Google and Polycom’s earnings reports and before private equity takeovers of Hilton and Kronos were announced.
11/01/2011

Net inflows to asset management firms nearly doubled in January-November 2010

p { margin-bottom: 0.08in; } According to the most recent statistics from the German BVI association of asset management firms, net subscriptions in the first eleven months of the year totalled nearly EUR80.86bn, compared with more than EUR43.57bn in the corresponding period of last year.However, the 85.5% increase conceals a major transformation in the distribution between the various classes of contributions. Open-ended funds in January-November 2010 attracted about EUR22.58bn, compared with EUR2.83bn for the corresponding period in 2009, while net inflows to institutional funds (Spezialfonds) increased to EUR61.12vn from EUR21.87bn. But net inflows to mandates of EUR18.87bn in the first eleven months of 2009 were transformed into net outflows last year of EUR2.84bn.In total, assets (open-ended funds, institutional funds and mandates) as of the end of November were down to EUR1.8235trn, from EUR1.8251trn one months earlier, and up compared with the EUR1.6899trn recorded on 30 November 2009. As of the end of November 2010, open-ended funds represented EUR701.11bn, while institutional funds came in with EUR808.83bn, and mandates measured EUR313.56bn.
11/01/2011

Henderson granted a license in Germany for Credit Alpha Fund

p { margin-bottom: 0.08in; } On 4 January, BaFin issued a sales license for Germany to the British-registered Credit Alpha fund, a sub-fund of the Henderson Strategic Investment Funds, launched on 16 April 2010. The fund invests in corporate bonds, ABS, preferential equities, equities, collateralised credits in CDS, and other derivatives. The fund is available in US dollar and euro shares, all of which are hedged for currency risks. Characteristics Names: Henderson Credit Alpha Fund A USD (hedged) Acc. ; Henderson Credit Alpha Fund A EUR (hedged) Acc.ISIN codes: GB00B603K666 (shares in dollars) ; GB00B630QF50 (shares in euros)Front-end fee: 5%Management commission: 1.5%depository banking commission (RBS): 0.30%Performance commission: 20% of quarterly outperformance of the Libor GBP 3-month, with high watermark Account maintenance fee: 0.18%Minimal subscription: USD1,500 or EUR1,500
11/01/2011

Real estate funds: performance will remain modest in 2011

p { margin-bottom: 0.08in; } According to a Handelsblatt survey of Commerz Real, Deka Immobilien, RREEF (Deutsche Bank) and Union Investment Real Estate (UIRE), with a total of EUR52bn in assets for their real estate open-ended funds, a major increase in performance compared with 2010 is not to be expected in 2011. Gains as of the end of November varied from 1.3% for Westinvest (Deka) to 3.3% for the hausInvest fund from Commerz Real, well below the usual 4% to 5%. This is due to high levels of liquidity, at 20% to 34% for UIRE, and 20% for funds from RREEF and Deka, which reduces performance. The hausInvest fund has only 15% cash, which boosted returns.Some real estate funds are seeking to reduce their liquidity by investing, but the competition drives up the prices of good quality commercial properties. UIRE was therefore not able to spend all of its investment budget of EUR1.2bn for 2010, and RREEF is expecting only EUR500m in investments this year, compared with EUR800m last year.Net subscriptions in 2010 are estimated to have totalled over EUR1bn at RREEF and Deka, and EUR1.5bn at UIRE, but hausInvest saw net outflows of EUR1.4bn in January-November.
11/01/2011

Pimco Europe and db x-trackers together attract all of subscriptions

p { margin-bottom: 0.08in; } In January-November 2010, German open-ended funds, excluding real estate, attracted net subscriptions of EUR21.21bn, less than the total for Pimco Europe, of the Allianz Global Investors (AGI) group (with EUR17.73bn), combined with that of db x-trackers, the ETP provider from Deutsche Bank (with EUR5.8bn), according to statistics from the German BVI association of asset management firms.Two groups had net outflows: Deka (savings banks), which had net redemptions of EUR5.45bn, and Union Investment (co-operative banks), with net outflows of EUR2.68bn.Among the other major firms, the AGI ensemble has net subscriptions of EUR14.36bn, and the DWS/DB Advisors/Deutsche Bank family has EUR2.89bn.For ETFs, excluding db x-trackers (and Lyxor, which does not make its figures public), BlackRock, with its iShares products, attracted over EUR1.16bn, while Commerz Derivative Funds solutions, with ComStage, attracted EUR684.3m. However, ETFlab (Deka) saw net outflows of nearly EUR200m.
11/01/2011

Acacia Inversión granted fund management firm license

p { margin-bottom: 0.08in; } Acacia Inversión, founded in 1997 as a portfolio management firm, has become the first operator to be issued a fund management license in 2011, Funds People reports. It already offers its high net worth private clients four profiled funds: Acacia Bonomix (75% bonds, 25% equities), Globalmix Mixto Renta Variable (50/50), Reinverplus Renta Variable (100% equities) and Acacia Premium Renta Variable Global (100% global equities).
11/01/2011

SG Private Banking cible les Etats-Unis

La Société Générale lancera prochainement à New York une plate-forme de gestion privée pour la clientèle domestique, en s’appuyant sur sa BFI.
11/01/2011

Bats songerait à s'introduire en bourse

Selon des sources proches du dossier relayées par le « Wall Street Journal », la société aurait déjà trouvé plusieurs souscripteurs pour une IPO
11/01/2011

Lawrence Clark se lance en solitaire

Lawrence Clark a selon le quotidien américain quitté Harbinger Capital pour créer son propre fonds alternatif. Une nouvelle aventure parmi tant d’autres de nouveaux entrepreneurs tentés par la création de hedge funds. Lawrence Clark espère bien voir naître effectivement son fonds, dont le nom n’a pas été choisi, dans un délai de six mois.
11/01/2011

Deuxième cession de titres China Pacific Insurance pour Carlyle

La société d’investissement aurait vendu, selon le quotidien qui cite des personnes proches du dossier, une deuxième salve de 415,5 millions d’actions dans la société d’assurance chinoise à 33,45 dollars de Hong Kong par titre, soit un montant total de 1,79 milliard de dollars. Fairholme Capital Management ferait en outre parti des acheteurs de ces parts.
11/01/2011

Le sentiment change autour de la BoE

Au vu de l’accroissement des pressions inflationnistes outre-Manche, après, notamment, la hausse mardi de la TVA à 20%, BNP Paribas et SG CIB, qui ne voyaient pas la Banque d’Angleterre durcir sa politique de taux en 2011, croient désormais à ce scénario dès le troisième trimestre.
11/01/2011

Le Japon au chevet de l’Europe

Le Premier ministre japonais, Yoshihiko Noda, a annoncé ce matin que le gouvernement prévoyait d’acheter de la dette émise par le Fonds de stabilité européen. Il a également indiqué que le Japon comptait se servir d’une partie de ses réserves de change en euros pour réaliser ces opérations.

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