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17/05/2010

Record quarter for European funds

With total sales of EUR60.7bn, European fund managers enjoyed their best first quarter for three years, despite money market fund outflows of EUR19bn, says Lipper FMI. Bonds were the top selling asset class in March and for the quarter as a whole with sales of EUR18bn and of EUR41bn respectively. Equity fund sales in March were 16% up on February at EUR7.8bn, bringing total equity flows to EUR26.4bn for the quarter. The best selling equity sector for March and for the quarter was Global equities. The top selling groups in March were Franklin Templeton, Allianz and Carmignac with flows of EUR3.7bn, EUR2bn and EUR1.9bn respectively. For equity fund sales, the top selling group was Deutsche/DWS, adds Lipper FMI.
17/05/2010

Italian money market funds under pressure

Money market funds, which were once considered safe investments, are no longer what they used to be, Il Sole – 24 ore reports. Between 13 April and 12 May, the Fideuram index for the Italian money market fund category lost 0.35%. The three funds with the heaviest losses in the period were Nextam Partners-Liquidità (-1.37%), Norfondo Liquidità (0.60%) and Sai Am-Liquidità (-0.57%). They suffered due to uncertainty on the government bond markets.
17/05/2010

Assets up at Nuveen Investments

For first quarter, Nuveen Investments has reported pre-tax profits by GAAP accounting standards of USD43.37bn, compared with USD20.21m in the equivalent period of last year. Assets as of 31 March totalled USD150.1bn, compared with USD144.8bn as of the end of December and USD115.3bn twelve months previously. First quarter saw total net subscriptions of USD1.34bn, and positive market effects of USD3.97bn, compared with USD2.91bn and USD910m in October-December. In January-March 2009, Nuveen saw net redemptions of USD1.81bn, and capital losses of USD2.08bn from its portfolio.
17/05/2010

A Kansas management firm may have partly triggered the mini-crash of 6 May

Les Echos reports that the management firm Waddell & Reed (USD74bn in assets under management) on 6 May made a large futures transaction, selling 75,000 “e-minis” in a 20-minute period during which Wall Street lost nearly Usd1trn in market capitalisation. E-minis are the world’s most liquid futures, designed to allow investors to manage their exposure to the Standard & Poor’s 500 index. The transaction may have been a cause of the Wall Street mini-crash, but it does not explain everything. Safeguards designed to shut down the markets to prevent rapid falls for indices were not fully successful and will need to be revised.
17/05/2010

UBS hires a CEO for its new MTF platform

UBS Investment Bank has appointed Robert Barnes as head of its new multilateral trading platform UBS MTF, dedicated to European equities. Barnes has been working at UBS for over 16 years. After Nomura, UBS is the second investment bank to launch its own MTF platform.
17/05/2010

Sovereign wealth funds cut back investments

According to the US-based consultant Monitor Group and the Fondazione Eni Enrio Mattei, based in Venice, investments by sovereign wealth funds (SWFs) in 2009 fell 37% compared with 2008, to a total of USD69bn, the Wall Street Journal reports. The biggest spender among these funds was the Qatar Investment Authority (QIA), which alone invested more than USD32bn, including USD10bn in Porsche, and USD4.7bn at Volkswagen. According to the report, total assets in sovereign wealth funds is estimated at USD2.4trn.
17/05/2010

S&P revises ratings for European RMBS

As of 31 March this year, a revision undertaken by Standard & Poor’s since May 2009 of all its ratings of European RMBS (commercial mortgage-backed securities), with assets of about EUR120bn involved in 188 transactions, resulted in downward revisions for a total of 452 tranches out of 876, in 103 transactions out of 169, which were revised down by an average of 4.15 crans. 64.5% of these downward revisions affected ratings below A grade. Ratings confirmations were granted for 420 tranches in 122 transactions. Transactions in 2006 and 2007 represented 83.4% of all downward revisions.
17/05/2010

Jean-Paul Gauzès defends AIFM directive

Jean-Paul Gauzès, the French MEP, insists that most hedge funds and private equity groups have little to fear from the AIFM directive. He insists that the aim of the law on alternative investment fund managers is to eradicate the excesses of these industries, not to drive them out of Europe. “We want to avoid activities that are purely speculative and have no economic or social benefit, such as naked short selling,” he said to the Financial Times.
17/05/2010

Draft AFM directive approaching final hurdle?

La Tribune reports that, barring any last-minute surprises, the planned European alternative management directive known as AIFM is expected to be passed by the Econ commission in Strasbourg this Monday, and the subject is also expected to be discussed by the Ecofin commission on 18 May. A statement from the office of the new UK prime minister David Cameron is expected to better prepare participants for that meeting, the newspaper reports.
17/05/2010

Open-ended real estate funds: professionals in collective proposal

Open-ended real estate fund professionals belonging to the German asset management association BVI have laid out a series of joint proposals to improve and strengthen the regulatory framework governing their products. A statement released by the professional association suggests that a minimal 12-month retention period be imposed for new investors in open-ended real estate funds. This measure would increase the long-term character of this type of investment, BVI states; the association also proposes that a 12-month advance notice period be required for withdrawal of institutional investors. The BVI also emphasizes the need to maintain daily liquidity for fund shares, which the German government’s proposed legislation would put in jeopardy. To increase investor confidence, professionals recommend a valuation of real estate properties not merely once per year, as is presently the general practice, but twice per year. The professional association also claims that the planned reforms now being developed should bring greater flexibility for management firms to meet a need for greater differentiation of products to target various groups of investors.
17/05/2010

Deutsche Bank seeks buyers for BHF

According to sources in Frankfurt financial circles, Deutsche Bank will be announcing in the next few days that it is putting the Sal. Oppenheim affiliate BHF-Bank up for sale, the Frankfurter Allgemeine Zeitung reports. This may interest foreign banks from Switzerland, Liechtenstein, France and Russia. But Deutsche Bank has already stated that it is not prepared to sell the business at a cut price.
17/05/2010

BNY Mellon to provide stress tests for ING Funds

BNY Mellon and the custom risk measurement specialist Investors Analytics have been selected by ING Funds to model the impact of shocks related to interest rates, credit risk and liquidity risks on its six money market funds.
17/05/2010

Claren Road returns to London with recruitment of a Deutsche Bank head

Bloomberg reports that the New York management firm Claren Road Asset Management LLC has recruited John Aylward, head of high yield trading at Deutsche Bank, to reopen the firm’s City office, closed last year. A spokesperson for Deutsche Bank in London confirms the departure of Aylward. Aylward will be based in London, and will oversee the debt investments of Claren Road, which manages about USD3.7bn. Claren Road’s return to London comes as a surprising move at a time when the European Union is putting the finishing touches to its AIFM directive, which is leading some City hedge fund management firms to consider moving to Switzerland, Singapore and Hong Kong.
17/05/2010

Gartmore hit by net redemptions due to suspension of Guillaume Rambourg

Between 1 January and 30 April 2010, Gartmore has suffered net redemptions of GBP708m, of which GBP634m were in the month of April alone. Net outflows in the period from 31 March to 4 May were largely a result of the temporary suspension of the fund manager Guillaume Rambourg, due to an internal investigation by the UK asset management firm. As of the end of March, assets at Gartmore totalled GBP23.5bn, a 6% increase compared with the end of 2009. But as of the end of April, assets had fallen back to GBP22.4bn, in the wake of redemption demands in the month of April. The asset manager had seen outflows of GBP380m from its hedge funds as of 4 May.
17/05/2010

F&C marketing chief departs

F&C head of marketing and global wholesale Scott Stevens has resigned from the firm, says Money Marketing. He joined F&C in November 2005 from Deutsche Asset Management. It is understood he will be taking on a sales role at a hedge fund firm.
17/05/2010

Inflows continue for Swedish funds

In April, net sales of Swedish funds totalled SEK 12.8 billion (EUR1.33bn), according to the Swedish investment funds association. Balanced funds had a net inflow of 9.4 billion. Also bond funds and equity funds recorded net inflows 3.4 and 2.4 billion respectively. Money market funds and hedge funds, on the other hand, recorded net outflows of SEK 1.8 and 0.5 billion. Total net assets of funds at the end of April amounted to SEK 1 834 billion, which is the highest fund asset figure ever recorded. More than 1,100 billion were invested in equity funds.
17/05/2010

Toscafund launches a UCITS version of its Cayman Islands fund

Citywire reports that Toscafund has launched a UCITS III-compliant version of its offshore fund registered in the Cayman Islands. The Tosca Midcap long/short fund will be managed by the founder of Toscafund, Martin Hughes, and Paul Compton, a former Collins Stewart manager. The objective will be to take advantage of investment opportunities in the part of the British equities market least monitored by analysts. “We will invest in a part of the market which is spectacularly under-analysed. Our investment universe runs to 1,000 companies, and when you get down to small caps, coverage becomes severely unequal. More than one third of these firms, with market capitalisation of under GBP400m, are not at all monitored by analysts. Due to the considerable number of companies which are unknown to analysts, we treat the United Kingdom as an emerging market,” says Matthew Siebert, a partner at Toscafund. Gross exposure to the market will not exceed 150%, and the number of positions will be 30 long and 30 short. Due to the size of these businesses, the fund’s objective is GBP300m-GBP400m. The Cayman Islands fund on which the product is based, launched in February 2008, posted returns of over 100% in 2009.
17/05/2010

Lyxor, db x-trackers and Credit Suisse AM ETF products top rankings

In January-April 2010, assets in European ETFs were up 3.3% to a total of USD234.3bn as of the end of March, compared with USD226.9bn as of the end of December. BlackRock counted a total of 932 funds, listed 2,748 times on 18 stock markets, from 36 asset management firms, while 103 funds were launched in the first four months of the year. The top 100 ETF funds in terms of assets under management as of the end of April accounted for 67.75 of total assets, while 166 ETFs had assets of less than USD10m, according to BlackRock. Net subscriptions to ETFs and ETPs domiciled in Europe totalled USD14.3bn since the beginning of the year, of which EUR3.3bn were for emerging markets equities products, USD3.1bn for bonds, and USD2.5bn for commodities. iShares (BlackRock), Lyxor Asset Management (Société Générale) and db x-trackers (Deutsche Bank) remain the three largest providers of ETF funds; the largest of these has 173 ETF funds, with assets of USD83.6bn, for a market share of 35.7%, while the second has 130 products and USD46.2bn, for a market share of 19.7%, and the third comes in with 127 ETFs and USD39.1bn, for a market share of 16.7%. Net subscriptions to ETF funds domiciled in Europe totalled USD13.4bn. Lyxor received the largest volume of inflows, at USD2.9bn, followed by db x-trackers with USD2.1bn, and Credit Suisse Asset Management with USD1.6bn.
17/05/2010

L'encours mondial des ETF continue d'augmenter

A fin avril, les actifs gérés dans 2.189 ETF de 122 émetteurs cotés 4.354 fois sur 42 Bourses dans le monde entier se montaient à 1.113,1 milliards de dollars contre 1.036,1 milliards fin décembre, selon les statistiques de BlackRock. L’encours a augmenté de 7,4 % durant les quatre premiers mois de l’année tandis que le nombre d’ETF s’est accru de 12,4 % avec le lancement de 253 nouveaux ETF. Actuellement, il existe des projets de lancement pour 872 ETF. Les 100 plus gros ETF représentent 64,2 % de l’encours global, alors que 423 de ces fonds affichent des actifs inférieurs à 10 millions de dollars l’unité. Les trois premiers promoteurs, iShares, State Street Global Advisors (SSgA), et Vanguard, ont une part de 70,6 % du marché. iShares (BlackRock) se classe toujours premier avec 438 ETF et des actifs de 516 milliards de dollars. SSgA, avec 108 produits et 159,9 milliards de dollars, est deuxième devant Vanguard, avec 47 ETF et 110,2 milliards de dollars.
17/05/2010

Hedge fund carnage in May

Losses in the first week of May alone erased all gains made so far this year for some hedge funds managers, according to investors who spoke to the Financial Times. BlueTrend, the USD10bn fund run by BlueCrest Capital, dropped 7.57 per cent during the first week of May. Rival AHL, the USD20bn fund run by Man Group, fell 3.3 per cent.
17/05/2010

Auriga launches three absolute return funds

The Spanish asset management firm Auriga Securities has founded Auriga Investors UCITS III, a Luxembourg Sicav with three sub-funds, all of which are absolute return funds, Expansión reports. The funds are the M2T Multiestrategia, a fund which invests in highly liquid publicly-traded futures, Global Bond, which invests in European government bonds, and Breogán Global Financials, which focuses on financial sector issuers on the credit markets. The Global Bond Fund aims for returns equivalent to the Eonia + 400 basis points, while the other two funds aim for returns of 15% per year. For this new step, Auriga hab been recruiting a management team composed of Pedro Marazuela, Alfonso Torres, Diego Torres, José Mosquera and Rupesh Tailor, who join the firm from Société Générale, Dresdner Bank, Barclays, UBS and Goldman Sachs.
17/05/2010

Lombard Odier builds presence on Spanish market

The Spanish national securities commission (CNMV) has announced the registration of a new management firm in the country: Lombard Odier Darier Hentsch (Espana), SGIIC, S.A., which officially commenced its activities on Friday, 14 May. The group is already present in Madrid as an investment firm.
17/05/2010

Global ETF assets up 7.4% as of the end of April

As of the end of April, the global ETF sector included 2,189 products listed 4,354 times, with assets up 7.4% since the beginning of the year, to USD1.1131trn, compared with gains of 2.6% for the MSCI World index in US dollars, according to statistics from BlackRock. The number of ETF funds has increased by 12.4% since the beginning of the year, with the launch of 253 new ETF products. The number of ETF funds listed in Europe totalled 932, compared with 839 in the United States. There are 872 more ETF launches planned for the next few months. Of 2,189 ETF funds available on the market, the top 100 funds represent 64.2% of assets under management, while 423 ETF funds have total assets of under USD10m. The top ETF provider worldwide is iShares, both in terms of the number of products (438) and in terms of assets (USD516bn), for a market share of 46.4%, ahead of State Street Global Advisors, with 108 products and USD159.9bn, for a market share of 14.4%, and Vanguard, with 47 products and assets of USD110.2bn, and a market share of 9.9%. In Europe, the ETF sector included 932 products as of the end of April, listed 2,748 times, with assets of USD234.3bn, available from 36 providers, on 18 stock markets. Assets were up 3.3%, while the MSCI Europe index was down 5.4%. In the United States, where the number of ETF products is now second to Europe, assets were up 8.3% as of the end of April, at USD764bn, compared with an increase of 6.5% fort the MSCI US index.
17/05/2010

Net assets up by nearly 30% in one year in Luxembourg

As of 31 March 2010, global net assets in collective investment organisms and specialised investment funds totalled EUR1.980538trn, compared with EUR1.897934trn as of 28 February 2010, an increase of 4.35% in one month, according to statistics from the financial sector surveillance commission (CSSF). Considered over the past 12 months, net asset volumes are up 29.74%. The Luxembourg OPC industry showed a positive fluctuation in the month of March of EUR82.604bn. This positive variation is composed of EUR62.756bn (+3.31%) due to the positive impact of financial markets, and EUR19.848bn (+1.04%) from positive net issues. The number of collective investment organisms (OPC) and specialised investment funds (FIS) that fall within the scope of the statistics is 3,516, compared with 3,498 the previous month, while 2,149 entities have adopted a multiple compartment structure, with a total of 11,146 sub-funds. In addition to this, 1,347 entities with a traditional structure give a total number of 12,513 entities which are active on the financial market.
17/05/2010

La Deutsche Bank cherche des acquéreurs pour la BHF

Selon les milieux financiers francfortois, la Deutsche Bank fera parvenir dans les prochains jours le dossier de la BHF-Bank, filiale de Sal. Oppenheim, à des repreneurs potentiels, rapporte la Frankfurter Allgemeine Zeitung. Cela peut intéresser des banques étrangères, suisses, du Liechtenstein, françaises et russes. Mais la Deutsche Bank a déjà précisé qu’elle n’est pas prête à vendre à n’importe quel prix.
17/05/2010

"Nous avons besoin de nouveaux débouchés, pas de nouveaux fonds"

En France, le gestionnaire d'origine écossaise Aberdeen Asset Management qui affiche 259,3 milliards de dollars d'encours multiplie les présentations. L'ancienne équipe de Credit Suisse passée sous bannière Aberdeen met les bouchées doubles pour faire connaître la société de gestion aux institutionnels et aux distributeurs. Le récent passage à Paris de Hugh Young, un Britannique qui se trouve aussi être le patron de la filiale asiatique basée à Singapour, s'inscrit clairement dans cette logique.
17/05/2010

UBS se dote d'un CEO pour sa nouvelle plateforme MTF

UBS Investment Bank vient de nommer Robert Barnes à la tête de sa nouvelle plateforme multilatérale de trading UBS MTF dédiée aux actions européennes.Robert Barnes travaille chez UBS depuis plus de seize ans. Après Nomura, UBS est la deuxième banque d’investissement à lancer sa propre plateforme MTF.
17/05/2010
Fonds

Trimestre record pour les fonds européens

Avec des souscriptions de 60,7 milliards d’euros entre janvier et mars 2010, les sociétés de gestion européennes ont enregistré leur meilleur premier trimestre en trois ans, selon Lipper FMI. Et ce, malgré des rachats de 19 milliards d’euros sur les fonds monétaires.La collecte a été tirée par les fonds obligataires, qui ont affiché des entrées nettes de 41 milliards d’euros sur les trois mois. En mars seulement, ils ont engrangé 18 milliards d’euros, soit le plus haut niveau en presque cinq ans, selon Lipper FMI. Les investisseurs s’intéressent particulièrement aux fonds obligataires marchés émergents. Les fonds actions ont quant à eux attiré 26,4 milliards d’euros sur le trimestre, principalement dans des fonds actions mondiales. En mars, les fonds actions ont collecté 7,8 milliards d’euros, soit 16 % de plus qu’en février. En mars, les sociétés de gestion ayant affiché les plus fortes collectes sont Franklin Templeton, Allianz et Carmignac avec respectivement 3,7 milliards d’euros, 2 milliards d’euros et 1,9 milliard. Sur les fonds actions, le meilleur gestionnaire est Deutsche/DWS.
Fonds
17/05/2010
Fonds

Lyxor, db x-trackers et Credit Suisse AM, premiers au hit-parade des ETF

Pour janvier-avril 2010, l’encours des ETF européens a atteint 234,3 milliards de dollars fin mars contre 226,9 milliards fin décembre. BlackRock a recensé 932 de ces fonds (cotés 2.748 fois sur 18 Bourses) émis par 36 gestionnaires. 103 ETF ont été lancés durant les quatre premiers mois de l’année. Les souscriptions nettes enregistrées par les ETF et ETP domiciliés en Europe ont porté depuis le début de l’année sur 14,3 milliards de dollars, dont 3,3 milliards pour les produits actions émergentes, 3,1 milliards pour l’obligataire et 2,5 milliards pour les matières premières.iShares (BlackRock), Lyxor Asset Management (Société Générale) et db x-trackers (Deutsche Bank) restent les trois principaux promoteurs d’ETF. Le premier compte 173 ETF pour un encours de 83,6 milliards de dollars (soit 35,7 % de part de marché), tandis que le deuxième aligne 130 produits avec 46,2 milliards de dollars (19,7 % de part de marché). Le troisième arrive avec 127 ETF et 39,1 milliards de dollars à une part de marché de 16,7 %.En ce qui concerne les souscriptions nettes pour les ETF domiciliés en Europe, elles ont atteint 13,4 milliards de dollars. Lyxor en a été le principal bénéficiaire, avec une collecte de 2,9 milliards de dollars, suivi par db x-trackers avec 2,1 milliards et Credit Suisse Asset Management avec 1,6 milliard.
Fonds
17/05/2010
Fonds

Schroders propose un nouveau fonds sur sa plate-forme GAIA

Schroders a annoncé le 13 mai le lancement d’un second fonds sur sa plate-forme dédié aux fonds Ucits Schroder GAIA (Global Alternative Investor Access).Le nouveau fonds, Schroder GAIA Sloan Robinson Emerging Markets, qui sera lancé le 30 juin prochain, sera piloté par Sloane Robinson, une société spécialisée dans la gestion actions long/short notamment sur les pays émergents.Fondée en 1993 par Hugh Sloane et George Robinson, Sloane Robinson est une société de gestion à la tête de quelque 8,2 milliards de dollars placés en actions internationales hors Amérique du nord. Le nouveau fonds sera géré par son équipe spécialisée sur les marchés émergents, dirigée par Richard Chenevix-Trench, le chief investment officer et gérant des portefeuilles marchés émerrgents et asiatiques. Environ les deux tiers des actifs de Sloane Robinson sont exposés aux marchés émergents.
Fonds

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