Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
19/04/2010

Encore des incertitudes sur les intentions de Bruno Crastes

Interrogé par Newsmanagers sur son avenir proche, Bruno Crastes qui quitte Amundi après avoir donné sa démission la semaine dernière (cf Newsmanagers le 13/04/10) a refusé de s’exprimer en raison de la « gardening leave » auquel il est soumis. Dans ce contexte, les informations de la presse britannique selon lesquelles il préparait depuis novembre 2009 la création de sa propre société de gestion - baptisée H2o AM - et serait dans l’attente d’une autorisation de la Financial Services Authority (FSA), semblent à tout le moins encore prématurées.
19/04/2010
Fonds

Nathaniel Rothschild lance un véhicule dans les mines

Nathaniel Rothschild, l’ancien co-président d’Atticus Capital, cherche à lever 750 millions de livres pour un véhicule d’investissement qui cherchera à faire des acquisitions dans le secteur minier, affirme le Wall Street Journal citant des personnes proches du dossier. L’intéressé prévoit d’investir personnellement 150 millions de livres dans le véhicule, appelé Vallar, qui serait investi sur le London Stock Exchange.
Fonds
19/04/2010

Agricultural Bank of China en appelle au marché

La Tribune qui cite l’agence Bloomberg rapporte qu’Agricultural Bank of China compte s’introduire en Bourse à Hong Kong et Shanghai d’ici juillet, en vue de lever au moins 30 milliards de dollars. L'établissement a désigné la semaine dernière 10 banques, dont Goldman Sachs et Deutsche Bank.
19/04/2010

Dundee Wealth compte développer sa clientèle en France

Dundee Wealth emploie 1.200 personnes en Amérique du Nord et en Europe, et gère 68,8 milliards de dollars dont 25,5 milliards en mandats de conseil, rappelle la Tribune. Si la société de gestion propose des produits dans toutes les classes d’actifs, elle s’est, depuis sa création, spécialisée sur le thème des matières premières.L’un des fleurons de l’industrie canadienne de la gestion d’actifs s’intéresse au marché français. Les fonds de Dundee Wealth sont depuis deux ans exclusivement distribués par Investeam, un «third party marketer» via une sicav luxembourgeoise avec 6 compartiments. Les produits sont proposés aux banques privées et aux conseillers en gestion de patrimoine. De leur côté, les institutionnels seront démarchés quand les fonds auront atteint une taille significative de plusieurs dizaines de millions d’euros, ajoute le quotidien.
19/04/2010

Emerging markets attracting private equity investors

The proportion of investors’ total private equity commitments going to emerging markets will double to 11-15 per cent in two years, says a survey of 151 institutions produced by the Emerging Markets Private Equity Association (EMPEA) with Coller Capital and cited by the Financial Times.
19/04/2010

Asset Management: steep fall in mergers and acquisitions in first quarter

In first quarter 2010, the volume of merger and acquisition operations in the asset management sector fell to USD210bn, from USD1.1trn (including the CAAM-SGAM merger) one year earlier, in 25 announced transactions, down from 38 previously, according to statistics from Jefferies. By value, the deals announced in the period under review totalled USD1.9bn, compared with USD354m in first quarter 2009. More than 50% of operations in the quarter involved acquisitions of alternative management firms, compared with only 25% one year earlier. Among others, these included the acquisition of Pantheon ventures by Affiliated Managers, the acquisition of Northgate Capital by Religare Enterprise, and that of the Investment Strategies fund of funds division of RBS Asset Management by Aberdeen Asset Management. Cross-border deals represented 24% of total transactions in the quarter, compared with only 11% the previous year. Selloffs are on the decline, representing 44% of deals in first quarter, compared with 50% one year earlier and 56% for 2009 as a whole.
19/04/2010

Spain has 19 “billionaire” funds

According to statistics from Inverco, the Spanish association of management firms, the local market as of the end of March had 2,556 funds, with average assets of EUR6.5m, with 369 funds (14.4%) whose assets were under EUR5m, and 64 funds (2.5%) with even less than EUR1m in them. However, Funds People notes, there are 19 funds with more than EUR1bn each in them, of which the largest, the BBVA Ahorro C/P, has EUR3.83bn. Of these top funds, ten are money market or short-term bond funds, while three are real estate funds, of which the largest, the Santander Banif Inmobiliario (EUR2.63bn) has been closed to redemptions for several months. By management firm, BBVA and Santander are tied in the lead, with seven products in the 19 with EUR1bn or more in assets. The other five are Popular Gestión, Bankinter, Ibercaja Fondos, Invercaixa and BancSabadell.
19/04/2010

Fundsdepotbank takes over settlement for Veritas share accounts

Fondsdepotbank, a joint venture of Xchanging and Allianz Global Investors (AGI), announced on Friday that Veritas Investment Trust, a former affiliate of Société Générale, has contracted it from 15 August 2010 to provide transaction settlement for approximately 100,000 client accounts. Veritas products, including the fund of funds A2A and the ETF Dachfonds, are distributed by about 280 partners on the German and Austrian markets. In January, Fondsdepotbank already took over management of transactions for shares in investment funds for SEB Bank and SEB Asset Management. With these partners, Fundsdepotbank was already handling 1.5 million accounts and EUR30bn in assets under administration. The migration of the new accounts will take place gradually until 31 December this year, as MEAG, the management firm for Munich Re, has also decided to transfer 151,000 accounts to Fondsdepotbank.
19/04/2010

Stanford scandal: SEC failed to investigate for a decade

The Securities and Exchange Commission suspected Texas financier R. Allen Stanford of running a Ponzi scheme as early as 1997 but took more than a decade to pursue him seriously, according to a report by the SEC’s inspector general cited by the Wall Street Journal. The report says SEC examiners concluded four times between 1997 and 2004 that Mr. Stanford’s businesses were fraudulent, but each time decided not to go further.
19/04/2010

Mandarine to launch a solidaristic fund

Mandarine Gestion is planning to launch a solidaristic FCPR fund (private equity), in order to take advantage of the expected rise in popularity of solidaristic FCPE products (savings plans for employees). Since the beginning of this year, companies which offer employee savings plans to their staff have been required to include a solidaristic FCPE fund in their offerings. These products are required to invest 5% to 10% of their assets in shares in “solidaristic” non-publicly traded businesses, which may be done either directly, or through investment in solidaristic FCPR funds - and there lies the opportunity which Mandarine Gestion is hoping to exploit, by offering employee savings management firms a way to manage that allocation through their solidaristic FCPR product. The fund will be managed by Patrick Savadoux, a specialist in SRI who “has a rare and intimate knowledge of the solidaristic fabric of the market,” says Marc Renaud, founder of Mandarine Gestion. Renaud adds that the planned launch of the FCPR is not a sign of rupture in Mandarine’s strategy, but rather a continuity, as “the management firm is now acting on a desire to apply its expertise in financial analysis and the selection of businesses to solidaristic investment.”
19/04/2010

Pimco steps into equities

Pimco, a world-renowned specialist in bond strategies, has finally decided to invest in the equities markets. Pimco has announced the launch of the Pimco Eqs Pathfinder Fund, a fund which will invest in businesses worldwide. The fund will be actively managed by Anne Gudefin and Charles Lahr, both of whom are executive vice presidents and portfolio managers; they joined Pimco in January 2010 and December 2009, respectively. The fund’s strategy is to identify undervalued equities and investment opportunities in terms of distressed debt. Neel Kashkari, who joined Pimco in May 2009 as managing director in charge of new investment initiatives in equities and other areas, says in an interview published on the Pimco website that it was time to develop the group’s equities platform, which is seen as a provider of global investment solutions rather than a simple distributor of investment products.
19/04/2010

Nathaniel Rothschild launches a fund to invest in mining sector

Nathaniel Rothschild, former co-president of Atticus Capital, is seeking to raise GBP750 million for an investment vehicle aimed at making an acquisition in the mining sector, according to people familiar with the matter. Mr. Rothschild plans personally to invest GBP150 million in the vehicle, called Vallar, which would be listed on the London Stock Exchange, these people said.
19/04/2010

Dundee Wealth plans to develop client base in France

Dundee Wealth employs 1,200 people in North America and Europe, and has USD68.8bn in assets under management, of which USD25.5bn are in advising mandates, La Tribune reports. Though the management firm offers products in all asset classes, it has been specialised since its inception in commodities. One of the jewels in the crown of the Canadian asset management industry, the firm is now taking an interest in the French market. Funds from Dundee Wealth have for the past two years been distributed exclusively by Investeam, a third party marketer, via a Luxembourg Sicav with 6 sub-funds. The products are made available to private banks and independent financial advisers. Institutionals, for their part, will also be approached once the funds have attained a larger size, in the tens of billions of Euros, the newspaper adds.
19/04/2010

Assets at Hargreaves up 13% in first quarter

Assets under administration or management at Hargreaves Lansdown totalled GBP17.6bn as of 31 March 2010, a 12.8% increase compared with 31 December 2009. The value of assets on the Vantage platform increased 13.2% to GBP16.3bn, due to the double effects of net inflows of GBP1bn, and positive market effects of GBP900m. The number of active Vantage clients increased by 18.000 to 318,000 as of 31 March.
19/04/2010

Axa Rosenberg pays a high price for flawed management process

In the wake of an error identified in the risk management process in connection with stock-picking for a fund from Axa Rosenberg, Thomas Mead, head of research at the management firm, will resign at some time this year, providing the firm time to find a successor for him. Barr Rosenberg, chairman and director of research, has decided to retire within 30 days. Axa Rosenberg has also engaged the services of independent experts to evaluate whether the anomaly detected in the quantitative model had an impact on stock-picking or on the performance of the fund. The management firm has informed affected investors by letter and telephone.
19/04/2010

Amundi: 135 to 180 layoffs in France

Amundi, the asset management firm born of the merger of Crédit Agricole Asset Management and Société Générale Asset Management, is preparing a voluntary redundancy plan for its employees. The plan, which was presented to the two shareholding banks last week, projects a reduction of a net 260 positions in the size of the workforce at Amundi. Of this total, 180 jobs would be lost in France. But due to possible reassignments, Amundi estimates that the total number of voluntary departures in France will total no more than 135. The voluntary redundancy plan, which has yet to be negotiated with representatives of employees, and which will therefore not be put in place for several months, would affect support positions, as well as asset management in areas. It comes as part of synergies announced at the time of the merger in January 2009, which were confirmed to be worth EUR120m. Most of the savings will not come from layoffs, but through synergies in IT.
19/04/2010

Amundi lance un plan de départ

According to Ignites Europe, Amundi is to begin a voluntary redundancy program that will affect 350 staff worldwide. Employees were told about the plan via an internal email.
19/04/2010

Wealth management: quarterly results up at BofA Merill Lynch

The Global Wealth and Investment Management division of BofA Merrill Lynch has reported net profits for first quarter of USD497m, compared with USD479m in the first three months of 2009. As of 31 March 2010, assets under management totalled USD750.7bn, compared with USD697.3bn one year earlier. Client assets, which in addition to assets under management also include assets under custody and brokerage assets, totalled USD2.1832trn, compared with USD1.9874trn one year earlier.
19/04/2010

Julius Baer Luxury Brands Fund invests in Swatch

Scilla Huang Sun, manager of the Julius Baer Luxury Brands Fund, the Swiss watch maker Swatch still has potential for growth, thanks to its presence in Asia. Expectations are realistic, and the group may have pleasant surprises in store for it, particularly if the sector sees a more marked recovery than expected in US consumer spending, Le Temps reports. The manager also likes brands such as Omega, Longines and Tissot.
19/04/2010

Agricultural Bank of China planning IPO

La Tribune reports, citing the news agency Bloomberg, that the Agricultural Bank of China is planning an IPO in Hong Kong and Shanghai by July, to raise at least USD30bn. The firm last week appointed 10 banks, including Goldman Sachs and Deutsche Bank.
16/04/2010
Fonds

Aberdeen chercherait à se défaire de ses fonds immobiliers

Selon Die Welt, Aberdeen Asset Management Deutschland serait en pourparlers avec Fidelity mais probablement aussi avec la Deutsche Bank, Deka et Union Investment, pour leur revendre les fonds immobiliers offerts au public Degi Europa et Degi International. Le directeur général d’Aberdeen Allemagne, Hartmut Leser se trouvait jeudi à Londres, ce qui peut être une coïncidence, et son adjoint Robert Bauer a refusé de commenter cette «rumeur».Force est néanmoins de constater que l’acquisition des fonds immobiliers Degi auprès de la Dresdner Bank n’a pas nécessairement été un succès fulgurant pour Aberdeen. Les deux fonds offerts au public Degi Europa (1,67 milliard d’euros) et Degi International (1,96 milliard) souffrent d’avoir perdu le réseau Dresdner Bank comme débouché naturel lorsque la Commerzbank a acheté la Dresdner Bank et revendu cominvest à Allianz Global Investors. Rickard Backlund, CEO d’Aberdeen Property Investors, a récemment indiqué à Property Investor Europe qu’il envisage pour cet été une réouverture aux remboursements du Degi Europa.
Fonds
16/04/2010

Hausse du résultat de HSBC Trinkaus & Burkhardt

Pour 2009, la filiale allemande du groupe HSBC affiche un bénéfice net de 109,2 millions d’euros contre 89,6 millions. Ses encours ont augmenté à 99,1 milliards d’euros contre 87,2 milliards fin 2008.Le bénéfice net de la gestion de fortune a diminué de 29,3 % à 20 millions d’euros pendant que l’encours passait à 19,7 milliards contre 17,2 milliards. Quant au bénéfice net de la gestion institutionnelle, il s’est accru de 9,1 % à 45,6 millions d’euros.
16/04/2010

HSBC Trinkaus va embaucher

Lors de la présentation des comptes, jeudi, le président du directoire Andreas Schmitz a annoncé que sur les deux à quatre prochaines années HSBC Trinkaus & Burkhardt a l’intention de doubler l’effectif de ses conseillers pour la banque des entreprises pour pouvoir desservir une clientèle de patrons de PME fortunés et très tournés vers l’international, rapporte la Frankfurter Allgemeine Zeitung. En ce qui concerne la banques privée, Trinkaus va investir massivement dans l’accroissement de son effectif pour recruter activement de nouveaux clients. Il se pourrait que cela se traduise entre autres par l’embauche d’anciens salariés de Sal. Oppenheim.
16/04/2010
Fonds

Schroders commercialise un fonds équilibré multi-classes d'actifs

Avec le compartiment STS Schroder Global Dynamic Balanced Fund de sa sicav luxembourgeoise Schroder Strategic Solutions, Schroders commercialise désormais en Allemagne un second fonds de fonds équilibré multi-classes d’actifs composé d’un portefeuille défensif pour 40 % et de croissance pour 60 %, mais qui peut monter à 100 % en placements défensifs durant les phases de marché difficiles.Le produit, lancé le 28 septembre 2009, est géré sur le modèle du STS Schroder Global Diversified Growth Fund lancé en 2006, mais avec une dimension défensive. Il est confié à Gregor Hirt, CIO pour les multi-classes d’actifs Europe continentale, et l’un des objectifs consiste en cas de besoin à plafonner la perte à 10 % sur une période de 12 mois glissants. L’indice de référence est composé à 70 % par le Merrill Lynch Global Gov Bond Index II Euro Hedged, et pour 30 % par le MSCI World NDR Euro Hedged Caractéristiques Dénomination : STS Schroder Global Dynamic Balanced Fund ISIN : LU0451417645 (parts A) Droit d’entrée : 5 % Commission de gestion : 1,25 % Souscription minimale initiale : 1.000 euros
Fonds

Sujets d'actualité

Tous les sujets