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11/08/2010

Assets down at Chinese management firms

Organic asset growth, new product inflows and returns were all up for mainland China fund managers in July, registering Rmb19.14 billion, Rmb7.79 billion and Rmb171.14 billion, respectively, according to Z-Ben Advisors. However, industry AUM was down 13% for the second quarter of 2010 from the first quarter, at Rmb2.116 trillion, says AsianInvestor. Caution still reigns among Chinese fund managers. They largely missed out on strong stock-market returns last month.
11/08/2010

Strong inflows to Swedish funds

In July, net sales of funds sold in Sweden totalled SEK 5.7 billion. Equity funds had a net inflow of 4.7 billion. Also balanced funds and bond funds recorded net inflows of SEK 1 billion each, according to the Swedish investment fund association. Money market funds and hedge funds, on the other hand, recorded net outflows of SEK 0.4 and 0.6 billion respectively. So far in 2010, total net sales of funds amounts to almost SEK 50 billion. Total net assets of funds at the end of July amounted to almost SEK 1,800 billion.
11/08/2010

Thomas Fraenkel-Thonet leaves Fidelity

Fidelity’s Thomas Fraenkel-Thonet is quitting the group’s European equity desk after 16 years and handing over his GBP464m Luxembourg-based Fidelity Funds European larger companies fund to rising star Matt Siddle, says Money Marketing.He is also giving up an institutional mandate with GBP595m of assets under management, as well as various segregated mandates.
11/08/2010

One third of institutionals plan to increase investment in hedge funds

Nearly a third of institutional investors plan to increase their portfolio allocations to hedge funds over the next 12 months, according to a Survey conducted by Preqin, in spite of one of the industry’s worst quarters ever, says the Financial Times. Only 15 per cent of investors surveyed said they were looking to decrease the amount of money they invest with the industry.
11/08/2010

Rise in number of ETFs on NYSE Euronext

At the end of July, NYSE Euronext had 535 listings of 487 ETFs from 17 issuers. The number of ETFs increased by 8.46% YTD compared to the end of 2009. So far this year, 46 new ETFs have been listed, while 8 ETFs have been the subject of mergers by absorption. At the end of July, the combined assets under management of all ETFs listed on the NYSE Euronext European markets totaled EUR118.6 billion, an increase of 31.5% from the EUR90.2 billion at the end of July 2009.
11/08/2010

British pension funds no longer abandoning equities

The mass exodus of invested capital controlled by the pension funds of FTSE companies from equities to bonds appears to be letting up, according to a study by Pension Capital Strategies. The average asset allocation of pension funds to bonds is now 49%, the same level as last year. In previous years, major movements were observed in portfolios, as exposure to bonds was 41% in 2008, and 35% three years ago. The total shortfalls of pension funds of FTSE businesses as of 30 June is estimated at GBP73bn, an improvement of GBP17bn compared with the level 12 months ago. PCS notes that there has been a significant increase in shortfall coverage in a difficult period. However, there has been an increase in the number of businesses whose activities are now threatened by pension fund deficits. 10 of the 100 businesses in the FTSE 100 have total pension liabilities that add up to more than their market capitalisation.
11/08/2010

Axa IM recruits Mercer CIO

Axa Investment Managers has appointed Tim Gardener as Global Head of Consultant Relations. He will report to Jon Bailie, director of distribution and a member of the board of directors at Axa IM, and will be in charge of relations with consultants. He will be based in London, and will begin in his new position in autumn 2010, when he will join the executive board of Axa IM. Gardener was previously chief investment officer (CIO) at Mercer, from 2008. He had previously served as Global Head of Investment Consulting for that company.
11/08/2010
Fonds

LGT Capital Management propose trois fonds durables

LGT Capital Management propose désormais trois fonds d’investissement durable sur le marché allemand, rapporte FONDS professionell. Il s’agit des fonds LGT Sustainable Impact Global Equity Fund (actions), LGT Sustainable Impact Global Bond Fund (obligations) et LGT Sustainable Impact Global Multi-Asset Class Fund.
Fonds
11/08/2010
Fonds

Les fonds suédois font le plein de souscriptions

En juillet, les fonds commercialisés en Suède ont enregistré des souscriptions nettes de 5,7 milliards de couronnes suédoises (0,6 milliard d’euros), selon les dernières statistiques de l’association suédoise des fonds d’investissement (Fondbolagens Förening). La collecte a été tirée par les fonds actions, qui recueillent à eux seuls 4,7 milliards de couronnes. Dans le détail, les investisseurs se sont notamment portés vers des fonds actions mondiales (1,7 milliard), des fonds Europe de l’Est (826 millions) et des fonds Asie (762 millions). Les fonds obligataires et diversifiés affichent eux aussi un solde positif en juillet, avec des entrées nettes de 1 milliard de couronnes pour chaque catégorie. En revanche, les fonds monétaires et les hedge funds voient sortir respectivement 0,4 milliard et 0,6 milliard de couronnes.Depuis le début de l’année, les fonds suédois enregistrent des souscriptions nettes de 49,4 milliards de couronnes. A la fin juillet, les encours du secteur ressortaient à 1.795 milliards de couronnes (190,8 milliards d’euros), dont 1.041 milliards en actions, contre 1.691 milliards fin février.
Fonds
11/08/2010

Thomas Fraenkel-Thonet quitte Fidelity

Thomas Fraenkel-Thonet quitte le desk actions européennes de Fidelity après y avoir passé 16 ans et confie son fonds Fidelity Funds European larger companies (464 millions de livres) à la star montante Matt Siddle, rapporte Money Marketing. Il abandonne aussi un mandat institutionnel de 595 millions de livres et divers autres mandats.
11/08/2010
Fonds

Hausse du nombre d'ETF sur NYSE Euronext

Fin juillet, NYSE Euronext recensait 487 ETF, cotés 535 fois, de 17 émetteurs, soit une hausse de 8,46 % depuis le début de l’année. Depuis janvier, 46 nouveaux ETF ont été introduits sur le marché, tandis que 8 ont été fusionnés ou absorbés. Fin juillet, les encours sous gestion de tous les ETF cotés sur les marchés européens de NYSE Euronext ressortaient à 118,6 milliards d’euros, ce qui représente une augmentation de 31,5 % par rapport aux 90,2 milliards d’euros de la fin juillet 2009.
Fonds
11/08/2010

F&C rejette les accusations de ses anciens gérants de hedge funds

F&C Asset Management rejette les accusations de brimades portées contre la société par son ancien gérant de hedge funds François Barthelemy, rapporte Investment Week. La société de gestion s’est tournée vers la justice après que ce dernier et Anthony Culligan aient tenté de l’obliger à racheter leurs part d’un «limited liability partnership», F&C Partners, créé avant la crise. François Barthelemy et Anthony Culligan estiment que F&C était bien content de laisser le partenariat couler après ses fortes pertes en 2008 afin d’avoir éviter à racheter leurs parts.
11/08/2010

Axa IM recrute le CIO de Mercer

Axa Investment Managers vient de nommer Tim Gardener au poste de directeur des relations consultants (Global Head of Consultant Relations). Placé sous la responsabilité de Jon Bailie, directeur de la distribution et membre du comité de direction d’Axa IM, l’intéressé sera en charge du développement des relations avec les consultants. Basé à Londres, il prendra ses fonctions à l’automne 2010 et intégrera le comité exécutif d’Axa IM. Tim Gardener était directeur de l’investissement (CIO) de Mercer depuis 2008. Il a auparavant exercé les fonctions de Global Head of Investment Consulting de la société.
11/08/2010
Fonds

Baisse des encours des sociétés de gestion chinoises

En juillet, les sociétés de gestion basées en Chine ont enregistré une croissance organique de leurs encours de 19,14 milliards de renminbi, des souscriptions aux nouveaux produits de 7,79 milliards, tandis que l’effet performance leur a permis de gagner 171,14 milliards, selon Z-Ben Advisors, cité par AsianInvestor. Malgré tout, les encours du secteur ont baissé de 13 % au deuxième trimestre 2010 par rapport au premier trimestre à 2.166 milliards de renminbi, dont 1.142 milliards pour les sociétés de gestion domestiques (-17,1 %) et 973,4 milliards pour les joint venture (-7,6 %). Pour Z-Ben, les sociétés de gestion chinoises, trop prudentes, ont raté le rally actions de juillet.
Fonds
11/08/2010

KKR et TPG intéressés par l’immobilier de Morgan Stanley

Selon le Financial Times, qui cite des personnes proches du dossier, KKR et TPG ont approché Morgan Stanley concernant l’acquisition d’une participation dans son activité de gestion de fonds immobiliers, Morgan Stanley Real Estate Fund, actuellement en difficultés. Les deux sociétés de private equity n’ont pas d’activité immobilière importante.
11/08/2010
Fonds

KKR va lancer un fonds

Kohlberg Kravis Roberts & Co a annoncé mardi sa décision de débuter le financement d’un nouveau fonds de leveraged buy-out (LBO) au cours des prochains trimestres, rapporte L’Agefi. Ce véhicule serait dédié à l’Amérique du Nord.
Fonds
10/08/2010

Deutsche Bank launches two new ETF funds

Deutsche Bank has launched two new currencies ETFs, which track the evolution of the DB Currency Returns index. Management fees for the db x-trackers Currency Returns funds are 0.35%.
10/08/2010

Les investisseurs ayant gagné de l’argent avec Madoff font appel

Lundi, les investisseurs ayant gagné de l’argent avec Bernard Madoff ont demandé à un tribunal de renverser une décision prise en mars qui les exclue des personnes éligibles aux capitaux qui seront récupérés, rapporte le Wall Street Journal. Ils estiment avoir le droit à 500.000 dollars. Une avocate explique que ces investisseurs vivent dans la peur constante qu’on leur demande de rembourser la différence entre ce qu’ils ont récupéré et ce qu’ils avaient investi initialement.
10/08/2010

Funds have attracted EUR40.5bn in inflows since the beginning of 2010

Net inflows to the asset management industry in Germany in first half totalled EUR40.5bn, the best half on record since 2007, according to statistics from the German asset management association BVI. Of this total, EUR23.7bn went to institutional management, while open-ended funds attracted EUR10.2bn. Assets under management for the industry as a whole have risen 12% since the beginning of the year, to EUR1.75trn.
10/08/2010

Hedge funds bounce back in July

Following two consecutive months of losses, hedge funds gained 1.9% in July, Agefi reports, citing the Hennessee Hedge Fund index. The industry thus shows total gains of 1.8% since the beginning of the year. Nearly all strategies contributed to the positive performance of the sector in July.
10/08/2010

Money market funds kept afloat by their management firms

At least 36 of the 100-largest U.S. prime money-market funds had to be propped up in order to survive the financial crisis, according to a report from Moody’s Investors Service cited by the Wall Street Journal. From August 2007 to December 2009, at least 20 firms that manage such funds in the U.S. and Europe pumped more than USD12 billion combined into their funds, according to the Moody’s Corp. unit.
10/08/2010

FRR posts losses for first half

As of 30 June, the FRR’s performance since the beginning of 2010 is -1,7%. After achieving +2.6% in the first quarter, the second quarter result was -4.2% This second quarter was characterised by highly volatile interest rate and equity markets across the board attributed to anxiety over sovereign debt and doubts about the strength of economic growth, says the French pension fund. As of 30 June 2010, based on estimated and unaudited data, the FRR’s annualised performance, net of expenses, since it commenced investment operations (June 2004) was +2.3%. As of 30 June last, the value of the FRR’s assets was 33.1 Bn euros (compared to 28.8 Bn euros as at 30 June 2009 and 33.9 Bn euros at 31 December 2009). On this same date, the overall structure of the FRR’s assets was as follows: - performance assets represented 52.6% (of which 44.3% equities, 4.7% commodities and 3.6% real estate assets); - Fixed income and money market investments accounted for 47.4%.
10/08/2010

Wheat price rally will only last for this season, DWS predicts

«We expect the rally in wheat prices will only last for this season,» says DWS Investments. «While the market for agricultural commodities does react very strongly to dramatic situations, but it does tend to return to normal just as quickly». According to the fund manager, “Prices of agricultural commodities are always very volatile. When external shocks such as this natural catastrophe in Russia compound it, we see massive deviations, so-called spikes. That is the case at the moment». Anyway, with regards to future development, DWS expects that prices on the global markets will rise. Agricultural themes that the asset manager thinks are interesting at the moment: Fish farms are benefiting from the trend for more healthy lifestyles in Western countries as well as increasing demand in Asia. Besides this, trading companies are providing good returns with manageable risks. Other key areas are irrigation plants and agricultural plant and machinery.
10/08/2010

J.P. Morgan AM appoints a head of sovereign clients

J.P. Morgan Asset Management has announced the appointment of Patrick Thomson as the global head of sovereign clients. He will be based in London and will be responsible for and oversee teams of client advisors based around the globe that look after sovereign relationships for the asset management group. Patrick Thomson rejoins the company from Ivy Asset Management, where he served as global head of client development. Prior to that, he spent nearly a decade at J.P. Morgan Asset Management as a managing director responsible for a global team focused on both sales and servicing of J.P. Morgan’s sovereign clients.
10/08/2010

Mauvais trimestre pour Buffett

Selon L’Echo, le fonds d’investissements Berkshire Hathaway, du milliardaire américain Warren Buffett, a publié une chute de 40% sur un an de son bénéfice net au deuxième trimestre. Le bénéfice net s’est élevé à 1,97 milliard de dollars entre mars et juin, contre un profit de 3,29 milliards de dollars sur la même période de 2009. Le fonds a souffert de pertes dans les produits dérivés.
10/08/2010

KKR calls off share issue

Kohlberg Kravis Roberts & Co has announced that it is calling off its planned issue of shares totalling Usd500m, less than a month after transferring its listing to the United States, Agefi reports.
10/08/2010

Pioneer Investments recruits two sales staff for US

Pioneer Investments has announced two new additions to its U.S. Retail Sales Team: Jamie C. Axford and Michael Burke. Jamie C. Axford, senior vice president, director of business development for investment only & retirement group, joins the Pioneer Investments sales team with over 20 years of experience in the financial services industry. Before Pioneer, Jamie was head of Intermediary Services at MassMutual Retirement Services, where he led the Advisor Development Team, Key Account Management Team, and Investment Only Provider relationships, as well as Sales & Distribution Training. Michael Burke, vice president -wealth management channel, was previously employed at DWS Investments as vice president-national accounts, where his focus was on the wealth management channel and RIA channel.
10/08/2010

SEI recruits a director from Barclays Wealth AM

SEI today announced the appointment of Cedric Bucher as director of client investment strategy (Private Client) in London. He most recently worked for Barclays Wealth Asset Management, where he was responsible for developing and rolling out product strategy and enhancements to their manager-of-manager investment funds.
10/08/2010

Inflows to GLG in first half

In first half, GLG Partners, the London-based asset management firm which was acquired by Man Group in May, posted net subscriptions of about USD2.5bn (USD1.3bn from alternative strategies and USD1.2bn from long-only strategies). This total was offset by negative currency effects, which reduced assets under management by USD1.5bn, and by the poor performance of funds, which wiped out USD0.2bn. Against this background, assets at GLG as of 30 Juen totalled about USD23bn (excluding assets invested by other GLG funds), down 3% from March 2010, but still up 3.5% compared with December and up 20.2% compared with June 2009. For first half, GLG Partners posted a loss of USD135.4m, less than the USD144.6m loss reported one year earlier.

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