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22/07/2010

Wells Fargo Advantage boucle l'absorption d'Evergeen

Comme annoncé en début d’année (lire notre article du 15 janvier) Wells Fargo a désormais terminé la procédure d’ajustement de sa gamme dans le cadre de la fusion de la société de gestion Wells Fargo Advantage Funds avec Evergreen Funds, la société de gestion de Wachovia. Au 31 mai, l’encours de la nouvelle famille de produits, qui comporte 132 mutual funds ouverts et fermés ainsi que des variable trust funds (hors fonds offshore), se situait à 224,1 milliards de dollars. L’intégration d’Evergreen s’est traduite par le reconditionnement de 27 fonds Evergreen en fonds Wells Fargo Advantage, et par la fusion de 53 mutual funds appartenant aux deux gammes.
22/07/2010
Fonds

Bientôt un "Newcits" estampillé Paulson

John Paulson, le gérant star de hedge fund s’apprête selon Citywire à lancer une version Ucits III de son fonds porte-drapeau. Le fonds en question sera lancé en partenariat avec la Deutsche Bank dans les semaines à venir et devrait s’appeler, selon Citywire, DB Paulson fund.Ce dernier rejoindra la plateforme de Deutsche Bank dédiée aux «Newcits» qui regroupe déjà des hedge funds de sociétés de gestion telles que Ikos, QCM, Winton et Toscafund. De son côté, la Deustche Bank n’a fait aucun commentaire, a précisé Citywire.
Fonds
21/07/2010

Fidelity recruits a top name from DWS

Fidelity International Germany on Tuesday announced that it has recruited Andreas Feiden, head of DWS Direkt (Deutsche Bank group), as a member of the general board at the German-registered management firm (KAG) FIL Investment Management GmbH, in charge of retail clients. He will also simultaneously take over as director of direct distribution. Feiden, who takes over the position vacated by Alexander Judkings in May, will join Fidelity by the end of the year. He will report to Christian Wrede, CEO of Fidelity International for Germany and managing director for Central Europe. The recruitment of Feiden is a sign that Fidelity Germany, which aims to be a multi-channel operator, has decided to directly attack the retail market, without neglecting institutional clients, IFAs, commercial banks, savings banks, insurers, wealth managers, or family offices.
21/07/2010

Profits up at Julius Baer

Pre-tax profits at Julius Baer in first half rose 14% to CHF323m, while net profits were up 8% to CHF261m. The cost-income ratio has remained stable at 63.4%, compared with 63.3%. As of 30 June, assets totalled CHF166bn, which represents an increase of 8%, or CHF12bn, compared with the end of December, partly due to the acquisition of ING Bank (Switzerland), but also due to net subscriptions of CHF3.3bn, and despite negative currency effects.
21/07/2010

Rainer Schröder joins Kommalpha as a partner

The fund advising and ratings agency Kommalpha on Tuesday announced that Rainer Schröder has joined the firm as a partner. The statement says that his specialties are distribution of open-ended funds and Spezialfonds to institutional investors and specialised distributors, as well as development of products for institutional and retail investors. Schröder was most recently a board member and head of institutional sales for Germany at WestLB Mellon Asset Management KAG, after serving as head of distribution Germany & Austria at Threadneedle Investments for two years. He previously spent more than ten years at Invesco Asset Management, most recently as head of sales Middle Europe.
21/07/2010

Fitch loses two clients on the same day

A few minutes apart, Fitch Ratings announced on Tuesday that it will be withdrawing its asset manager ratings of M2 and M3 for Pioneer Investments (UniCredit group) and the Italian independent management firm Arca SGR, respectively. The two managers will no longer be rated by Fitch. Olivier Fines, an analyst at the ratings agency in Paris, explains that there was no analytical or corporate connection with the situation at the two companies, which will no longer provide Fitch with access to information, and no longer wish to publish ratings. In Dublin, Pioneer Investments has announced that it has decided not to renew its contract with Fitch Ratings, which led the agency to withdraw its rating. The manager explains that the client due diligence process has become increasingly complex, as clients prefer to make their own analysis of asset management firms. With the independent ratings of product quality from Morningstar, Pioneer estimates that there is no longer any commercial reason to continue its collaboration with Fitch. For its part, Arca SGR (EUR19.7bn in assets, 650,000 clients) has confirmed that it has not renewed its contract for the current year to deliver ratings of investment activities, while as in previous years, the Milan-based management firm has applied for GIPS-IPPS certification. Arca SGR states that since 1999 it has been in compliance with GIPS standards.
21/07/2010

BNY Mellon hopes to double number of clients in Germany

In an interview with the Börsen-Zeitung, Timothy Keaney, Chairman Europa, Chief Global Client Management Officer and Co-Chief Executive Officer de BNY Mellon Asset Servicing, says that the BNY Mellon group is planning to bring the number of clients for all its sectors of activity in Germany up to 350-400, from 200 presently. He sees major potential for collateral management services and alternative assets. This growth will be sustained by the acqusition of BHF Servicing for EUR250m, which will be completed by 1 August. No clients of BHF Asset Servicing have left as a result of the acquisition. At the close of the transaction, BNY Mellon will have EUR473bn under custody or administration in Germany.
21/07/2010

Hedge funds lost 0.96% in June

Hedge funds have posted a loss of 0.96% in June, bringing performance in the first six months of the year to 0.13%, according to the Barclay Hedge Fund index calculated by BarclayHedge. Five strategies finished April in the red: Equity Long Bias is down 2.95%, health and biotech is down 2.62%, the technologies index has lost 2.22%, long/short equity is down 1.78%, and the Pacific Rim is down 1.52%.
21/07/2010

Tiger Management may reopen to outside investors

The Wall Street Journal reports that Julian Robertson has added to the management firm Tiger Management with the recruitment of his son Alex as a managing partner, and John L. Townsend III (ex Goldman Sachs) as COO. The recruitments are related to a plan to create a fund of seed funds, which would be open to outside investors. Currently, Tiger Managemenmt, which has been closed to external subscriptions since 2000, holds stakes in 40 hedge funds which it helped to start up, and which manage a total of USD22bn for Tiger and other clients. Assets total between USD35m and USD4bn.
21/07/2010

Profits at Goldman Sachs collapse

Largely due to the UK bonus tax, (USD600m), and a USD550m payment of a fine to the SEC to settle a legal procedure, profits at Goldman Sachs in second quarter fell to USD613m, from USD3.456bnin first quarter, and USD3.435bn in the corresponding period of last year. Revenues from asset management increased to USD976m from USD946m in January-March and USD922m in second quarter 2009. Goldman Sachs states that as of 30 June, AUM totalled USD802bn, which represents a contraction of USD38bn compared with the end of March, of which USD24bn were net outflows, and USD14bn in losses due to falling markets, particularly equities markets. As of 30 June 2009, assets under management totalled USD819bn.
21/07/2010

Assets under management at BNY Mellon totalled USD1.047trn as of the end of June

For second quarter, BNY Mellon has announced net profits for ongoing activities of USD668m, compared with USD601m for January-March, and USD267m for the corresponding period of last year, with the increase in profits attributed to “solid growth” in revenues from securities servicing and continued net long term subscriptions for the asset management and wealth management units. The volume of assets under custody and administration represented USD21.8trn as of 30 June, a decline of 2% since 31 March, due to falling markets and a 6% increase in April-June 2009 due to rising markets and net subscriptions. Assets under management as of the end of June totalled USD1.047trn, which is equivalent to a 5% decline from first quarter, due to market effects. However, a 13% increase year over year is primarily due to the acquisition of Insight Investment Management in fourth quarter 2009.
21/07/2010

BNY Mellon adds to derivatives team

BNY Mellon has appointed Patrick Tadie to the newly-created position of head of the Derivatives360SM range, a product which aims to help investors to execute and manage their derivative trades. He was previously vice president of Global Structured Credit Group at BNY Mellon Corporate Trust.
21/07/2010

Assets under management down from first to second quarter 2010 at State Street

At a presentation of results for second quarter 2010, State Street has announced assets under management of USD1.782trn, up 14.5% compared with the same period of the previous year (USD1.557trn). However, between first and second quarter 2010, assets under management have fallen 7.6%, from USD1.929trn at the beginning of the year.
21/07/2010

Morgan Stanley Smith Barney announces two appointments

Morgan Stanley Smith Barney has announced two appointments to its wealth management teams. Douglas J. Ketterer has been appointed as head of Private Wealth Management in the United States. James J. Tracy, for his part, becomes Chief Operating Officer and head of sales and development for Wealth Management activities, also in the United States.
21/07/2010

Barings recruits a manager for Chinese equities team

Baring Asset Management has announced the recruitment of Jim Chen as investment manager in its Hong Kong Chinese equities team. He will report to Agnes Deng. Chen was previously the manager of two Greater China funds at Sumitomo Mitsui Asset Management (Hong Kong).
21/07/2010

Aviva Investors to launch its first mutual fund in the United States

Mark Cernicky, product development manager at Aviva Investors, says Aviva USA will release the MAP 2015 Fund on 30 August 2010. This first mutual fund from Aviva in the United States was launched in the second week of May, Mutual Fund Wire reports. Distribution will be provided by SEI Investments. The institutional portion of the asset allocation fund carries a management commission of 76 basis points. The fund will deliver returns to investors in November 2015.
21/07/2010

Partners Group wins a mandate from Korea Investment Corporation

The sovereign wealth fund Korea Investment Corporation (KIC) has awarded a mandate to Switzerland-based Partners Group, for an undisclosed amount, to set up a series of investment strategies for private real estate markets which offer significant profit outlooks after the recent market turbulence.
21/07/2010

ETFlab lists two new equities products in Frankfurt

The ETF management firm from the Deka group, ETFlab, on Tuesday added two new German-registered equities ETFs to trading on the XTF segment of the Xetra electronic platform from Deutsche Börse, each of which carries a management commission of 0.65%. The funds are the ETFlab MSCI China (DE000ETFL326) and the ETFlab MSCI Emerging Markets (DE000ETFL342), which bring the total number of ETFs listed in Frankfurt to 682.
21/07/2010

Feri extends fund ratings to British market

Since 30 June, the German firm Feri EuroRating Services has extended its coverage to 2,858 British funds, of which 958 receive top ratings of A or B. The ratings come as additions to the firm’s ratings of German, Austrian, Swiss, Italian, Swedish and French funds. Investors may access all British fund ratings on the platform http://www.feri-fund-rating.com/. It is also possible to download ratings reports, watch lists and fact sheets. In addition to these free services, Feri also offers a complete range of research and selection services for institutional investors in the UK.
21/07/2010

Sustainable management reshuffle at RCM

Due to the growing important of sustainable development research, Bozena Jankowka has been appointed as global head of sustainability research at RCM (Allianz Global Investors group). The day-to-day management of the Allianz RCM Global EcoTrends fund (EUR300m in assets) has now been transferred, effective from 1 July, to Vipin Ahuja, who had been part of the management team since November 2009, and who has 14 years of experience in clean technologies, most recently at Credit Suisse Asset Management, where he managed the Future Energy and Global Energy funds, while also co-managing the Global Resources fund.
21/07/2010

N+1 creates a real estate investment platform in London

The Spanish investment bank and asset management firm N+1 has launched Trinova Real Estate in London, a platform which aims to manage investments in the London real estate market, Cotizalia reports. Trinova has not yet launched any funds, but it has already obtained two mandates to identify investments in the British capital. N+1 controls 60% of Trinova, while the remaining 40% are in the hands of four managers recruited to carry out the project: Linus Forsberg, Edmund Costello, Frans Heijbel and Alastair Mellon. The CEO is Luis Iglesias, head of the real estate unit at N+1.
21/07/2010

Rainer Schröder entre comme associé chez Kommalpha

L’agence de conseil et de notation de fonds Kommalpha a annoncé mardi que Rainer Schröder a rejoint l’entreprise en tant qu’associé. Selon le communiqué, ses spécialités sont la distribution de fonds offferts au public et de Spezialfonds auprès d’investisseurs institutionnels et de distributeurs spécialisés ainsi que le développement de produits pour les investisseurs institutionnels et les particuliers.L’impétrant a été en dernier lieu membre de la direction générale et head of institutional sales pour l’Allemagne chez WestLB Mellon Asset Management KAG après avoir été head of distribution Germany & Austria chez Threadneedle Investments pendant deux ans. Il avait auparavant passé plus de dix ans chez Invesco Asset Management, en dernier lieu comme head of sales Middle Europe.
21/07/2010

Fidelity recrute une grosse pointure chez DWS

Fidelity International Allemagne a annoncé mardi avoir recruté Andreas Feiden, le patron de DWS Direkt (groupe Deutsche Bank), comme membre de sa direction générale de la société de gestion de droit allemand (KAG) FIL Investment Management GmbH chargé de la clientèle «retail». Il prend simultanément la direction de la distribution directe. L’intéressé, qui reprend ainsi les fonctions abandonnées par Alexander Judkings en mai, rejoindra Fidelity avant la fin de l’année. Il sera subordonné à Christian Wrede, directeur général de Fidelity International pour l’Allemagne et managing director pour l’Europe centrale. Le recrutement d’Andreas Feiden est le signe que Fidelity Allemagne, qui se veut un opérateur multi-canaux, a décidé de s’attaquer directement à la clientèle de particuliers, sans négliger pour autant les investisseurs institutionnels, les CGPI, les banques commerciales, les caisses d'épargne, les assureurs, les gestionnaires de fortune et les family offices.
21/07/2010
Fonds

ETFlab fait coter deux nouveaux produits actions à Francfort

Le gestionnaire d’ETF du groupe Deka, ETFlab, a fait admettre mardi à la négociation sur le segment XTF de la plate-forme électronique Xetra de la Deutsche Börse deux nouveaux ETF actions de droit allemand assortis chacun d’une commission de gestion de 0,65 %.Il s’agit du ETFlab MSCI China (DE000ETFL326) et du ETFlab MSCI Emerging Markets (DE000ETFL342), qui portent à 682 le nombre d’ETF cotés à Francfort.
Fonds
21/07/2010

Les hedge funds perdent 0,96 % en juin

Les hedge funds ont enregistré une perte de 0,96 % en juin, ce qui porte la performance des six premiers mois de l’année à 0,13 %, selon l’indice Barclay Hedge Fund calculé par BarclayHedge. Les cinq stratégies ont terminé dans le rouge en avril. L’Equity Long Bias chute de 2,95 %, la santé et les biotechnologies de 2,62 %, l’indice technologies perd 2,22 %, l’equity long/short affiche -1,78 % et le Pacific Rim chute de 1,52 %.
21/07/2010

PAI Partners pourrait céder sa part dans Yoplait

Selon l’Agefi qui cite Bloomberg, la société de capital-investissement PAI Partners interroge cette semaine une dizaine de banques en vue de débuter en septembre le processus de cession de sa part de 50% au capital de Yoplait. La valorisation avancée de l’entreprise pourrait atteindre 1,2 milliard d’euros.
21/07/2010

Wendel ne veut pas se désendetter sous pression

L’Agefi rapporte qu’en dépit de la décision prise lundi 19 juillet par Standard & Poor’s (S&P) de dégrader la note long terme de la société d’investissement Wendel de «BB» à «BB-» en raison d’un ratio d’endettement («ratio loan to value», LTV) resté trop longtemps supérieur aux 45% requis, la société entend poursuivre la réduction de sa dette, de 7,2 milliards d’euros à fin 2009, à son rythme, privilégiant la création de valeur.
21/07/2010

La Banque Palatine cède sa filiale GERER S2E à AG2R La Mondiale

Le groupe d’assurance de protection sociale et patrimoniale AG2R La Mondiale a annoncé, mardi 20 juillet, l’acquisition, au travers de son entreprise d’investissement Prado Epargne, de la société GERER S2E, filiale de la Banque Palatine, spécialiste de l’épargne salariale et de l’épargne retraite entreprise pour les PME/PMI et professions indépendantes. Interrogé par Newsmanagers, la Banque Palatine (groupe BPCE) a confirmé un recentrage de ses activités sur les métiers de la banque destinés aux petites et moyennes entreprises, justifiant ainsi la cession d’une activité articulée autour de la gestion d’actifs. Consciente que sa filiale qui représente environ 460 millions d’euros d’encours de FCPE et la tenue de plus de 32 000 comptes ne pouvait figurer parmi les «poids lourds» de l'épargne salariale, les dirigeants de Banque Palatine ont opté pour un changement de stratégie basé sur le partenariat. En cédant leur filiale à l’AG2R La Mondiale, les responsables de la banque compte tirer profit de leurs relations avec un acteur de poids, tant dans le domaine de la diversité de l’offre que de sa compétitivité. En effet, avec cette acquisition, précise un communiqué, AG2R La Mondiale devient le dizième acteur français avec un milliard d’euros d’encours en épargne salariale. A noter enfin que le management de GERER S2E, avec à sa tête Eric Caudron, est confirmé dans ses fonctions et que le personnel de la filiale - une vingtaine de personnes - est conservé dans sa totalité. Ces personnes resteront également basées à Paris.

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