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07/04/2010

HSBC regroupe son back office genevois

Selon L’Agefi suisse, près de 1000 collaborateurs de HSBC Private Bank vont quitter dès la mi-juin les différents immeubles qu’occupe la banque en ville de Genève pour s’installer dans le centre d’affaires international de Blandonnet, situé aux abords immédiats de l’aéroport de Cointrin. Le front office demeurera sur les bords du Léman. Suite à l’intégration de HSBC Guyerzeller Bank AG et Guyerzeller Trust Company AG, la banque emploie 1.375 personnes à Genève, pour un total de 1.774 en Suisse (358 à Zurich et 41 à Lugano).
07/04/2010
Fonds

Le SEB ImmoInvest revend un immeuble à Shanghai

SEB Asset Management a annoncé avoir revendu à une société immobilière cotée à Hong-Kong l’immeuble de bureaux Platinum (34.000 mètres carrés) à Shanghai pour environ 200 millions d’euros. Cet actif figurait dans le portefeuille du fonds immobilier offert au public SEB ImmoInvest (6,3 milliards d’euros d’encours). La vente s’est effectuée à un prix supérieur de 30 % au montant déboursé lors de l’acquisition en novembre 2007 et de 7 % à la valeur de marché.Récemment, SEB AM a annoncé que le SEB ImmoInvest a par ailleurs acquis pour un montant non divulgué le projet d’immeubles de bureaux Claude Bernard A2 (11.200 mètres carrés) qui doit être achevé pour mai 2012 dans le XIX° arrondissement de Paris. Le vendeur est BNP Paribas Real Estate Property Development.
Fonds
07/04/2010
Fonds

Les investisseurs voient l'encours des hedge funds augmenter de 20 % cette année

Selon le sondage annuel du Credit Suisse auprès d’investisseurs institutionnels représentant environ 1.000 milliards de dollars placés dans des hedge funds (Hedge Fund Invesotr Survey) l’encours des hedge funds pourrait atteindre 1.970 milliards de dollars d’ici à la fin de l’année contre 1.640 milliards fin 2009. Cette hausse de 20 % proviendrait pour 9 points de souscriptions nouvelles, soit quelque 148 milliards, et pour les 11 autres points de l’effet de marché. Ces estimations concordent avec celles des gestionnaires alternatifs qui ont été publiées le mois dernier à l’issue du Global Hedge Fund Manager Survey de Credit Suisse.Dans les deux sondages, les deux tiers du panel pensent que les investisseurs acceptant des lock-up plus longs bénéficieront d’une réduction des commissions.Les deux stratégies préférées des investisseurs sont le global macro (67 % des personnes interrogées prévoient d’augmenter leur allocation à ces fonds) et l'événémentiel (event-driven) avec 62 % du panel envisageant d’augmenter leur exposition. Sur le plan géographique, 61 % des investisseurs comptent augmenter leur allocation aux fonds Asie-Pacifique. Les deux formats privilégiés par les souscripteurs sont les comptes gérés (managed accounts) et les hedge funds au format OPCVM III, avec respectivement 39 % et 38 % du panel prévoyant d’augmenter leur allocation à ces produits.Enfin, Credit Suisse précise que 94 % des investisseurs ont indiqué avoir bénéficié ces 18 derniers mois d’une plus grande transparence que par le passé quant au positionnement des portefeuilles.
Fonds
07/04/2010

Coverage levels improve for US pension funds

The coverage ratio for US pension funds improved further in March, to 88.1%, a gain of 2.8 percentage points, according to monthly statistics from BNY Mellon Asset Management.
07/04/2010

Deutsche Bank merges part of its private equity activities

On Tuesday, Deutsche Bank announced that, following the completion of its acquisition of Sal. Oppenheim, it will be centralizing its private equity fund of fund activities within its asset management division. The new entity, DB Private Equity, will include the private equity group of the private wealth management (PWM) division, the secondary private equity team from the affiliate RREEF, and lastly, Sal. Oppenheim Private Equity Partners (SOPEP). Assets in the new entity will total about EUR6bn. The global head of DB Private Equity will be Chris Minter, managing director of Deutsche Bank, who will report to Kevin Parker, global head of Deutsche Asset Management and a member of the executive committee group at Deutsche Bank. Rolf Wickenkamp, who was until recently a partner at SOPEP, has been appointed vice chairman of DB Private Equity.
07/04/2010

Credit Suisse hires four specialists from Sal. Oppenheim

Four client advisors from Sal. Oppenheim, specialised in wealth management, will be joining Credit Suisse in Berlin, the Frankfurter Allgemeine Zeitung reports. Three of them joined the Swiss firm on 1 April, while the fourth will follow on 1 July. The Berlin office will then include 17 people, to serve as many as possible of the approximately 7,500 high net worth and ultra-high net worth private clients in the German capital. In total, Credit Suisse has about 500 people in 13 locations in Germany, including 150 client advisors.
07/04/2010

Maintrust adopts Nomura Asset Management Deutschland brand name

The German-registered asset management firm Maintrust KAG mbH (EUR1.8bn in assets as of the end of March), an affiliate of Nomura since 1991, has adopted the name Nomura Asset Management Deutschland KAG, or NAM Deutschland. The change will favour cross-selling and the opening of new distribution channels. Open-ended funds from the firm which use the prefix “MAT” will soon be changing names. Nomura (EUR173bn in assets as of the end of December), which relies on Maintrust’s expertise in the specialist bond fund segment and for custom solutions in Germany, is planning to extend the range of products available from its German affiliate into Asian products and other international funds.
07/04/2010

CNMV not optimistic about real estate funds

In its report on the situation of the market, the CNMV estimates that real estate funds have the most unfavourable outlooks of all categories of investment funds, and that “it is unlikely” that their situation will improve substantially until the Spanish real estate sector begins to recover, Expansión reports. In 2009, assets in real estate funds fell 12.7%, while the number of subscribers contracted by 14.2%, to 83,583. The number of funds decreased by one, to eight. Assets under management as of the end of December totalled EUR6.46bn, of which 72.6% was in funds which were undergoing liquidation or which had frozen or delayed redemptions. Real estate funds lost an average of 9.3% last year.
07/04/2010

26 funds launched in first quarter

Funds People reports that between 15 January and 26 March, the CNMV registered 26 new funds, compared with 23 in first quarter 2009, and 44 in the first three months of 2008. More than half of these new products (14) are guaranteed funds. The most active management firm was BBVA Asset Management, which launched five guaranteed funds, one bond fund, and one diversified fund. The CNMV says that it has registered three new Spanish-registered hedge funds: Altex Activist, Capitrade Systematic Global Futures, and Arcano Credit Fund.
07/04/2010

Tim Geithner calls for revision of AIFM directive

Tim Geithner, US Treasury secretary, this week made a fresh plea to European governments not to “discriminate” against US fund managers as they negotiate new rules for the hedge fund and private equity industries in an April 5 letter to Alistair Darling, Chancellor, that was obtained by the Financial Times. The letter was also sent to the finance ministers of Germany, France and Spain.
07/04/2010

Investors expect 20% increase in hedge fund assets this year

According to the annual survey by Credit Suisse of institutional investors with about USD1trn invested in hedge funds (Hedge Fund Investor Survey), assets in hedge funds may total USD1.97trn by the end of the year, up from USD1.64trn at the end of 2009. About 9 percentage points, or EUR148bn, of this 20% increase would come from new subscriptions, while the remaining 11% would result from positive market effects. These estimates are in line with those of hedge fund managers, whose estimates were surveyed last month in the Global Hedge Fund Manager Survey from Credit Suisse. In both surveys, two thirds of respondents predict that investors who agree to longer lock-ups of their investments would benefit from reduced commissions. The two favourite strategies of these investors are global macro (67% of respondents are planning to increase their allocation to these funds), and event-driven, with 62% of respondents planning to increase their exposure. Geographically, 61% of investors are planning to increase their allocations to Asia-Pacific funds. The two favourite formats of subscribers are managed accounts and UCITS III hedge funds, with 39% and 38% of respondents, respectively, planning to increase their allocations to these products. Lastly, Credit Suisse states that 94% of investors say they have benefited from a higher level of transparency in the past 18 months than in the past about positions in portfolios.
07/04/2010

Rothschild & Cie creates new vehicle for direct investments

Rothschild & Cie is creating a new vehicle, Five Arrows Principal Investment, with EUR584m in assets, for direct investment of owners’ equity (EUR20m to EUR60m) in mid-sized companies in Western Europe, Agefi reports. In sectoral terms, the firm claims to be generalist, although real estate and highly specialised sectors are excluded. The team, which will include 11 people, and which will eventually also feature a 12th, will be based half in Paris and half in London, the newspaper adds.
07/04/2010

Gabriele Miodini and Véronique Cherret promoted at Aviva Investors

Aviva Investors is continuing the redeployment of its development unit (see Newsmanagers of 6 April) with the appointment of two directors who will supervise the activities of all development teams in Europe in the strategic client segments (financial institutions, institutional investors, and Aviva). Gabriele Miodini, based in Italy, is appointed as a director and head of financial institutions for Europe. He will be largely responsible for forming relationships with the major financial and banking institutions and private banks, as well as with retail distribution platforms throughout Europe. Véronique Cherret, based in France, is appointed as a director and head of institutional investors for the United Kingdom and Europe. Her mission will be primarily to establish relations with pension funds, insurance companies, and retirement establishments.
07/04/2010

Profits at fund management firms down by more than half in 2009

According to the quarterly report from the CNMV, Spanish fund management firms last year posted net profits of EUR243m, compared with EUR503m in 2008, and revenues from commissiosn fell 26% to EUR1.7bn, even though assets remained virtually unchanged, compared with a decline of 27% in 2008. Management commissions fell to an average of 0.82%, compared with 1.1%. Meanwhile, the report states that 31 management firms (compared with 34 in 2008), out of a total of 108, lost money last year.
07/04/2010

Union launches a convertible bond fund

On Tuesday, Union Investment (German co-operative banks) launched the Luxembourg fund UniConvertibles, which will invest in convertible bonds worldwide. The product will be managed by Stefan Steinberger, a member of a seven-person specialised team which manages about EUR3bn for institutional clients. Characteristics Name: UniConvertibles AISIN: LU0489914670Front-end fee: 3% Management commission: 1.2 % (1.5% maximum)
07/04/2010

Net inflows in February total EUR9.7bn in Germany

According to statistics published on Tuesday by the German BVI association of asset management firms, investors in February placed a total of EUR9.7bn in the sector, of which EUR3.8bn were invested in open-ended funds, EUR3.3bn in institutional funds (Spezialfonds), and EUR2.6bn in mandates. Assets as of 28 February totalled EUR1.715trn, of which ERU650.2bn were in open-ended funds, EUR740.2bn in Spezialfonds, and EUR315.5bn in mandates. For open-ended securities funds, the top provider by far is the Deutsche Bank group (DWS, DB Advisers), with EUR141.2bn, followed by DekaBank (savings banks), with EUR103.8bn, Allianz Global Investors (AGI) with EUR84.6bn, Union Investment (co-operative banks, EUR84bn), and iShares ETFs from BlackRock issued in Germany (EUR19.1bn). For securities Spezialfonds, the champion is AGI, with EUR130bn, followed by Universal-Investment (EUR84bn), HSBC Trinkhaus & Burkhardt (EUR60.9bn), Helaba Invest (EUR56bn), and Union Investment (EUR48.1bn). For open-ended retail real estate funds, the top providers are Deka (EUR19.1bn), Union (EUR17.5bn), and Commerz Real (EUR12.5bn), while for institutional real estate funds, IVG Institutional Funds is far out ahead, with EUR7.5bn. For mandates, AGI is the top firm with EUR125.4bn, followed far behind by Generali Investments (EUR67.6bn), and DWS/DB Advisors/DB Group, with EUR53.2bn, Axa IM ranks fourth, with EUR28.2bn.
07/04/2010

SEB ImmoInvest resells a building in Shanghai

SEB Asset Management has announced that it has resold the Platinum office building (34,000 square metres) in Shanghai for about EUR200m to a realty firm listed in Hong Kong. The property belonged to the portfolio of the open-ended real estate fund SEB ImmoInvest (EUR6.3bn in assets). The sale was made at a price 30% higher than the price paid to buy the property in November 2007, and 7% above its market value. Recently, SEB AM announced that SEB ImmoInvest has acquired the Claude Bernard A2 office property under construction (11,200 square metres), which will be completed in May 2012, in the 19th district of Paris. The vendor is BNP Paribas Real Estate Property Development.
07/04/2010

ComStage launches three ETF funds in Frankfurt

Deutsche Börse on Tuesday announced that it has admitted three new Luxembourg-registered bond ETF funds from the German provider ComStage (Commerzbank) to trading on the XTF segment of its Xetra electronic platform, bringing the total number of products listed on XTF to 620. The total return funds charge fees of 0.17%, and replicate indices of the iBoxx € Germany Covered Capped range, with maturities in 3-5 years (ComStage ETF iBoxx € Germany Covered Capped 3-5 TR, LU0488317370), 5-7 years (ComStage ETF iBoxx € Germany Covered Capped 5-7 TR, LU0488317453), and 7-10 years (ComStage ETF iBoxx € Germany Covered Capped 7-10 TR, LU0488317537). The indices include covered bonds issued in Germany and denominated in Euros, with assets of at least EUR1bn.
07/04/2010

Critical reaction to planned sale of Lehman asset management unit

Some of the world’s biggest banks, including Goldman Sachs and Deutsche Bank, are fighting Lehman Brothers’ plan to spin off an asset management unit known as Legacy Asset Management, says Financial News Online.The banks say the proposal, which Lehman will use to repay creditors, is being rushed and appears to be unfair to certain Lehman creditors.
07/04/2010

BNP Paribas IP and Fortis IM become one

In a statement, BNP Paribas Investment Partners (BNP Paribas IP) and Fortis Investment Management (Fortis IM) on Tuesday announced that they have finalised the merger of their respective holding companies as of 1 April 2010. The combined entity will now operate under a single brand name: BNP Paribas Investment Partners. On paper, the integration of Fortis Investments makes BNP Paribas IP the fifth-largest asset management firm in Europe, and 11th worldwide, with EUR530bn in assets under management and advised as of the end of 2009. In detail, BNP Paribas IP now has 60 investment centres, each of which is responsible for managing an asset class or a specific type of product, and about 1,200 investment professionals, a statement says. With this multi-boutique model, which allies a large-scale asset management provider with specialist partners, BNPP IP extending its geographical coverage into other markets, such as Belgium, Luxembourg, and the Netherlands. Meanwhile, BNPP IP is strengthening its presence on emerging markets, particularly in Asia, which the firm places at the core of its growth strategy, through a strong local presence and a range of investment solutions.
07/04/2010

BNP Paribas appoints an SRI strategy chief

BNP Paribas on 6 April announced the appointment of Laurence Pessez as deputy head for social and environmental responsibility (RSE). She will be largely responsible for overseeing deployment of a global RSE strategy and for elaborating an environmental policy for the group. Pessez, who joined the BNP Paribas group in 2002 as director of communications for BNP Paribas Assurance, has since 2006 served as director of communication and social and environmental responsibility at BNP Paribas Assurance. She will report directly to Jean Clamon, deputy CEO and member of the executive board at BNP Paribas, a statement says.
07/04/2010

HSBC to launch an emerging markets absolute return fund

HSBC Global Asset Management is planning to launch an emerging markets absolute return fund toward the end of the month, Investment Week reports. The Luxembourg-domiciled fund, HSBC GIF GEM Equity Alpha Fund, will offer daily liquidity, and will have an annual performance objective of 10-15%, with volatility of 10% and limited market correlation. The new vehicle, which will comply with the UCITS III directive, joins the range of international investment funds from HSBC, which last month announced the launch of a European absolute return fund (see Newsmanagers of 19 March 2010).
07/04/2010

Promotion at HSBC Global AM

HSBC Global Asset Management has appointed Alex Letchfield as chief investment officer for UK private clients, Fund Strategy reports. Lethfield will succeed Jim Dunsford, who will concentrate on the management of the HSBC GIF Global Macro fund. Letchfield joined the group in 1993, and since late 2000 has been head of UK equities for British private clients.
07/04/2010

Schroders looks to organic growth

Plans for Schroders’ development still revolve around organic growth, says the Financial Times Fund Management. The asset manager has more than GBP1bn of surplus capital in its war chest, triggering speculation that it would buy other fund management businesses. But so far the group has stayed away from acquisition. Separately, about 12 per cent of Schroders’ total assets under management are generated by the Americas, a figure Alan Brown, CIO, is keen to boost.
07/04/2010

Lombard Odier on the move in Russian market

Agefi Switzerland reports that Lombard Odier has received a license from the Russian central bank, which will allow it to open a branch office there. Michael Kuenzi, who set up the private management unit of UBS in Russia before joining Lombard Odier last year, has been appointed to represent the Geneva-based bank locally. The process is continuing, the bank says, but it declines to name a date for the opening of the future Moscow office. Lombard Odier is aiming for USD20bn in assets held by Russians in Russia, Alexander Kotcoubey, executive vice president, has told Bloomberg.
07/04/2010

CBRE launches PAIF real estate fund

CB Richard Ellis Investors (CBRE) has announced the launch of the second Property Authorised Investment Fund (PAIF) on the British market, Fund Strategy reports. The first fund of this type was offered a few weeks ago by Clavis Walden (Piccadilly UK Commercial Property Income Fund) PAIF funds are the open-ended equivalent of REITs. The target investors for the vehicle are pension funds, but retail investors will also have access, via a feeder fund of the same name, available on the major platforms.
07/04/2010

HSBC moves Geneva back office into single location

Agefi Switzerland reports that nearly 1,000 employees of HSBC Private Bank will be moving in mid-June from the several various buildings that the bank occupied in Geneva into a single international business centre in Blandonnet, located immediately next to Cointrin airport. The front office will continue to be based on the banks of Lake Leman. Following the integration of HSBC Guyerzeller Bank AG and Guyerzeller Trust Company AG, the bank has 1,375 employees in Geneva, and a total of 1,774 in Switzerland (including 358 in Zurich and 41 in Lugano).
07/04/2010

Pictet launches its first UCITS III-compliant long/short equities fund

Pictet will on 12 April launch its first UCITS III-compliant long/short equities fund, the Luxembourg-registered Corto Europe, which will be managed with a process and philosophy similar to that of the Pictet Corto European Ltd (EUR230m), registered in the Cayman Islands. A license for the fund was issued by the CSSF on 17 March. The capacity of the fund, which will offer weekly liquidity (with 5 working days’ advance notice) will be limited to a nominal EUR250m, due to the fact that market exposure will be about 1.9 times, including leverage and the short positions, explains Philippe Sarreau, one of the managers of the fund. The objective will be to earn returns of about 15-20%, with volatility of 7-8%, half the level of the benchmark index (MSCI Europe TR). For retail investors (P-class shares), management fees will total 1.60%, while administration and custody fees will total 0.40%. Performance commission is 20%, with high watermark. The Pictet Corto Europe will use the Euro as its currency of reference, with share classes hedged in US dollars and Siwss francs. Under normal market conditions, the fund will have 60 to 80 long positions, and 50 to 70 short positions. The long positions will range form 1% to 5%, while the short ones will be between 1% and 3%. While the original fund, with monthly liquidity, was launched on 1 August 2006, and is now 80% a province of US investors, the new UCITS III-compliant version targets more specifically European clients.

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