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29/01/2010

Schroders ranks top for inflows in 2009

For the British group Schroders, 2009 was probably one of the best years ever in terms of both profits and inflows. And Europe contributed largely to this performance, according to the earliest available data ahead of the publication of results for the group in mid-February. According to data to the end of November released by Lipper Feri, net inflows (excluding money market funds) at Schroders in Europe totalled nearly EUR16bn, putting the British group at the top of the rankings, ahead of Carmignac Gestion (EUR14.66bn) and Deutsche Bank (EUR13.15bn). “Europe drove growth at the group in 2009,” said Nuno Teixera, deputy CEO of Schroders in France, at an investors’ meeting yesterday, adding that bonds attracted EUR5bn in investments, while high yield attracted about EUR2bn. In France, assets increased from about EUR1.8bn at the end of 2008 to about EUR3bn one year later, with net subscriptions of about EUR850m, largely to corporate bonds.
29/01/2010

Disappointing performance for all real estate funds

Reality has caught up with German open-ended real estate funds, Handelsblatt reports: none of them achieved the 4.7% returns observed in 2008, nor the 5.7% of 2007: 18 funds out of 23 generated returns of slightly over 2%. The best of them was SEB Immoinvest, with performance of 4.1% in 2009. But all of them were dragged down by losses of over 12% for the P2 Value fund from Morgan Stanley, which had to revise its valuation of its portfolio downward. The P2 Value is one of five funds which has currently suspended redemptions. The situation is expected to deteriorate further in the sector this year, with rents on a downward trajectory. Meanwhile, though low interest rates may help to resolve financing difficulties, they complicate the job for managers, who have considerably increased their positions in cash.
29/01/2010

12.4% increase in assets in funds in January-September 2009

As of 30 September 2009, global assets in investment funds (in 45 countries) totalled EUR15.281trn, an increase of 6.2% over the end of June, and of 12.4% compared with 31 December 2008, according to statistics compiled by Efama and the Investment Company Institute (ICI) for the International Investment Funds Association. Net subscriptions to long-term funds represented EUR508bn in the first nine months of last year, compared with net outflows of EUR400bn in the corresponding period of 2008. However, money market funds saw net redemptions of EUR305bn, compared with net subscriptions of EUR637bn. For Europe, assets as of the end of September totalled EUR6.8401trn, in 52,715 funds, including EUR5.1573trn in in 36,588 UCITS funds and EUR1.6828trn in 16,127 non-UCITS funds.
29/01/2010

Fideuram soon to return to public trading

Corrado Passera, CEO of Intesa Sanpaolo, has announced that the firm has already made a decision to reintroduce the management firm Banca Fideuram to public trading, and that the offering may take place next month, the Börsen-Zeitung reports. The case will be studied by the directors of Intesa Sanpaolo at one of its next meetings, but the CEO has declined to state whether this will take place in early February. According to analysts, Fideuram may be worth up to EUR3.5bn. The business was withdrawn from public trading in autumn 2006, when it was absorbed by Eurizon, which was then an affiliate of Sanapolo IMI.
29/01/2010

New themed fund from Lombard Odier

Lombard Odier has announced the launch of a themed fund, whose objective is to profit from demographic aging trends, entitled LO Funds - Golden Age. The product invests in businesses which are best positioned to respond to this demographic evolution, on the basis of demographic, political, regulatory, economic, and thematic considerations. To achieve this, the management team has assembled a universe of about 300 businesses. “Following primary research, based on participation in medical conferences on the topic of aging, managers have constructed a portfolio of 35 to 60 positions, from among those which will be the most favourably connected to this theme,” the management firm states. Risks are limited to a maximal loss which is defined for each position. The managers of the fund also rely on scientific advising from six internationally renowned specialists from the industrial and academic worlds, who are active in medical technologies, research, and treatment of illnesses related to aging. The fund, which was launched on 16 November 2009, has attracted over EUR100m in investment. Characteristics Name of fund: LO Funds - Golden Age ISIN Codes: in EurosCat. P: LU0161986921; Cat. P dis: LU0161987739;Cat. I : LU0209992170; Cat. I dis : LU0209992683 in US dollarsCat. P: LU0431649028; Cat. Pd: LU0431649291;Cat. I: LU0431649374; Cat. Id: LU0431649457 Annual management commission, P class: 0.75%. Annual management commission, I class: 0.75% . Performance commission: 15% of performance exceeding the benchmark
29/01/2010

Lancement du Delaware Macquarie Global Infrastructure Fund

Delaware Investments (Macquarie Group) vient de lancer le Delaware Macquarie Global Infrastructure Fund aux Etats-Unis. Seront proposées les parts A, C, R et I. Le produit sera accessible aux investisseurs institutionnels et particuliers et permet d’investir dans la stratégie maison «global infrastructure securities investment» de Macquarie, précise Hedgeweek. Macquarie Capital Investment Management apportera le conseil en investissement et la stratégie d’investissement pour le nouveau produit.
29/01/2010

F&C releases Active Return fund

The British management firm F&C has announced that it has been granted a license by the Austrian financial market authority (FMA) to sell its Active Return Fund, managed by Stephen Crewe and Chris Childs, both members of the alternative management team at F&C, in Austria. The Luxembourg-registered product offers daily liquidity, complies with the UCITS III directive, and currently has assets of about EUR62m. It uses derivative strategies which are already also in use for other funds, including a hedge fund, and its performance from launch on 8 October 2008 until the end of December comes to 7.375, with volatility of only 1.85%.
29/01/2010

IFAs recommend diversification of bond portfolios

According to a survey conducted between 17 November and 1 December, of 411 independent financial advisers (IFA) at the ABC of Bonds roadshow organised by Axa Investment Managers, Baring Asset Management and Cazenove Capital (see Newsmanagers of 1 October 2009), 66% of respondents estimate that market conditions will be promising for bonds in 2010, while 20% are planning to recommend that their clients increase their exposure to this asset class in the next twelve months, while 17% will recommend reducing exposure, and 54% feel that the current allocation is correct. One of the defining characteristics of this year will be increased diversification, with 86% of IFAs stating that they will recommend diversification in bonds. 65% will recommend strategic bond funds, while 57% will recommend absolute return bond funds, and 53% will recommend corporate bond funds. Half of all advisers estimate that their clients will allocate 11% to 25% of their portfolios to bonds, and 35% estimate that a 35% exposure is appropriate. The study also shows that 85% of clients expect their bond portfolios to turn in performance of 3% to 5%, while one in eight expects 6% or more.
29/01/2010

Taxation agreement between France and Uruguay

Christine Lagarde, French minister of economy, industry and labour, and Álvaro Garcia, Uruguayan minister of economy and finance, on 28 January signed an agreement to exchange information related to taxation. The signature of the agreement allows the two parties to concretise their common desire to apply the internatinoally recognized information exchange principles defined by the OECD. “France welcomes the engagement of Uruguay in international cooperation in fiscal matters, in keeping with its commitment last April,” says a statement by the French government.
29/01/2010

CalPERS campaigns for “say on pay” principle

The California Public Employees’ Retirement System (CalPERS) on 28 January announced that it has signed an open letter which calls on financial establishments to hold a consultative vote of shareholders on management pay scales (“say on pay.”) 30 investors have co-signed the letter, addressed to 17 financial institutions who are called on to apply the “say on pay” principle, which is considered indispensable for good corporate governance. From this standpoint, “we congratulate Goldman Sachs, State Street and Bank of New York for showing the way,” says Joseph Dear, CIO of CalPERS, in a statement.
29/01/2010

UBS prepared to give evidence against clients, after turning them in

Le Temps reports that UBS will give evidence for the US Justice Department in criminal trials in the United States of its former clients. The pledge to US prosecutors was confirmed to the Swiss newspaper Le Temps on Thursday by the US Federal prosecutor in charge of UBS cases in the Florida district court, Jeffrey Neiman. The “promise” by UBS is part of a secret agreement to settle a case between the US and UBS, signed on 18 February 2009, by which the bank agreed to pay a fine of USD790m, to put an end to 18 months of legal wrangling.
29/01/2010

Profits down again at Union Bancaire Privée

For 2009, Union Bancaire Privée (UBP) has announced consolidated net profits of CHF216m, compared with CHF431m in 2008, when profits were already down 15.6% compared with 2007. Assets contracted to CHF75bn as of the end of December, compared with CHF100.7bn one year previously. This decline was wholly due to alternative management, where assets fell by CHF26bn to a total of CHF19.45bn, from a previous total of CHF45.45bn. However, net subscriptions totalled CHF6.7bn (largely from emerging countries), compared with CHF700m in 2008. UBP states that “adequate provisions related to the fraud perpetrated by Bernard Madoff have been taken into account.”
29/01/2010

SAM introduces new fee system for institutionals

The Swiss firm SAM Sustainable Asset Management (USD14.8bn in assets, Robeco group), has announced the establishment of a “sustainable” system of charges for institutional clients. It will include on the one hand, a set payment to cover the costs of the establishment and operation of mandates, and on the other hand, a commission based on performance, at a percentage established in agreement with the client and in accordance with the client’s long-term investment objectives, with the more ambitious objectives translating to proportionally higher fees. This implies that the investor awarding the mandate and the management firm will agree about the investment horizon before setting up the investment strategy, and that the investment firm may receive a performance commission throughout the market cycle. This new fee structure will be made available through segregated accounts. Fee levels will be set on the basis of the number and complexity of services which the client selects, with each strategy carrying its own fee rate. All custom services, such as desiderata on the basis of region and cap size, will give rise to supplemental charges.
29/01/2010

Robeco in Asian push

The Netherlands-based Robeco group is launching a new offensive in Asia, where it has signed several distribution agreements, institutional mandates, and advising partnerships in recent months. Asian Investor reports that the Robeco Teda Sustainable Private Equity Fund was granted a sales license in December, and the firm has also been granted a license by the National Development and Reform Commission (NSRC), which makes the fund eligible to be selected by insurers, pension funds and Chinese government funds. The Robeco fund is the only product dedicated to clean technologies and sustainable development to have been approved by the commission. Robeco has also made inroads in Taiwan, where it is expecting final agreement from the authorities to distribute its funds.
29/01/2010

Santander catching up with BBVA

The turbulence which led to a EUR31.15bn decline in assets as of the end of 2009, down from EUR60bn at the end of 2007, has led to changes at the top in asset management at Santander. Javier Marín Romano, who was previously head of private banking, has additionally taken over responsibility for asset management, while Juan Alcaraz has left his position as head of Allfunds to become director of Santander Asset Management, Expansión reports. Santander AM has gained ground on BBVA in market share in three of the past six months, due to the fact that Santander AM is offering higher-risk products. Javier Mazarredo, chief operating officer, explains that the management firm is now planning to add to its range of 90/10 diversified funds (90% equities and bonds, 10% other asset classes) and guaranteed equities funds.
29/01/2010

One-time charges drag down Janus Capital Group

For the year 2009, Janus Capital Group has reported net losses of USD757.1m, or USD4.55 per share, compared with net profits of USD138.4m, or USD0.86 per share, in 2008. Results for last year include a one-time charge of USD5.03 per share due to asset write-downs, overvaluations, legal costs and severance payments. In fourth quarter, operating margins totalled 30.2%, compared with 13% in third quarter and 15.5% in the corresponding period of 2008. Assets as of 31 December totalled USD159.7bn, compared with Usd151.8bn as of the end of September, and USD123.5bn one year previously. Rises in assets under management in 2009 as a whole (Usd36.2bn) are due to positive performance effects of USD41.5bn.
29/01/2010

Profits down at T. Rowe Price

For the 2009 fiscal year, T. Rowe Price on Thursday declared net profits of USD433.6m, compared with USD490.8m in 2008. As of the end of December, assets totalled USD391.3bn, compared with USD276.3bn one year previously. An increase of USD115bn to assets in 2009 compares with a contraction of USD123.6bn the previous year, when net subscriptions of USD17.1bn were more than offset by negative market effects of USD140.8bn. Net subscriptions last year totalled USD22.7bn, while market effects generated about USD92.3bn.
29/01/2010

Increase in net subscriptions for Franklin Resources

For the first quarter of the current fiscal year (to 31 December), Franklin Resources (Franklin Templeton Investments) has earned net profits of USD355.6m (USD1.54 per share), on earnings of USD1.38bn, compared with USD387.4m (USD1.59) and USD1.24bn in July-September 2009, and USD120.9m (USD0.52) and USD969.3m for October-December 2008. As of 31 December, assets totalled USD553.5bn (of which 46% were in equities and 34% in bonds), compared with USD523.4bn three months earlier, and USD416.2bn as of the end of 2008. In the three-month period under review, net subscriptions totalled USD14.3bn, compared with USD12.2bn in July-September. In October-December 2008, Franklin saw net outflows of USD18.2bn.
29/01/2010

BNY Mellon to acquire PNC Global Investment Servicing

According to sources familiar with the matter, Bank of New York Mellon is in the final phase of negotiations to acquire PNC Global Investment Servicing from PNC Financial Services Group for USD2.5bn, the Wall Street Journal reports. PNC GIS employs 4,450 people and provides back-office services to IFAs, fund managers and brokers. Profits fell to USD63m in 2009, from USD122m in 2008, and assets under administration total about USD1.8trn, in 75 million accounts.
29/01/2010

Profits down at Invesco

Despite the fact that fourth quarter ended in net profits of USD110.9m, up from USD105.2m in third quarter and USD31.9m in the corresponding period of 2008, Invesco finished 2009 with a 33% contraction in profits to USD322.5m, compared with USD481.7m the previous year. As of 31 December, assets totalled USD423.1bn, compared with USD357.2bn, an increase of 18.4%, with net subscriptions of USD9bn to long-term funds, positive market effects of USDUSD46.1bn, and currency effects of USD10.9bn.
29/01/2010

GARS fund from SLI tops GBP2bn

Standard Life Investments (SLI) announced on Wednesday that its Global Absolute Return Strategies Fund (GARS), launched in June 2006, now has over GBP2bn in assets, after subscriptions from more than 150 institutional investors (businesses, charities and local government pension funds). In May 2008, GARS was opened to retail investors, and ranked top for sales of mutual fund shares from SLI in 2009. For the three years to end December, gross annual performance comes to 7.9%, with volatility of 7.3%, while the MSCI World index gained 1.2% per year, with volatility of 19.2%.
29/01/2010

Fitch confirms M2+ rating for ECM

On Thursday, Fitch Ratings announced that it has confirmed its M2+ rating for the London-based asset management activities of European Credit Management Ltd (ECM), with about EUR12bn in assets as of the end of December. ECM is indirectly controlled by Wells Fargo. Among the elements highlighted as reasons for the maintenance of the rating, the agency cites the stability of management and personnel at the management firm. It also factors in the challenges associated with returning to sustainable net inflows, as well as implementing modest refinements to the investment process designed to further enhance top down and relative value portfolio construction. The rating also takes into account challenges in maintaining a sustainable recovery in net subscriptions, and in bringing about a slight improvement in the investment process to further strengthen top-down portfolio construction and relative value.
29/01/2010

FundQuest preparing a UCITS III fund of hedge funds

Christophe Belhomme, CIO of FundQuest (BNP Paribas group), has announced that the platform is planning to launch a fund of hedge funds, and has opted for a UCITS III-compliant format, Investment Week reports. The management is concerned about whether all hedge fund managers will be able to replicate the same performance in a UCITS environment, but Fund Quest has found a few funds which will be likely to provide satisfying performance.
29/01/2010

Gamma Finance range granted FSA license

In 2009, Florian de Sigy and Javier Rodriguez founded Gamma Finance, which has recently been granted a license by the FSA. The new entity will offer “innovative” services in the world of alternative investment. Thanks to a relatively wide client base, Gamma Finance is planning to create and supply markets and secondary transactions on shares in less liquid hedge funds, the firm’s website explains. The idea is to take advantage of sales of fund shares by investors seeking to reprofile their portfolios, or who have set up gates and side pockets. Previously, de Sigy was European Head of Structured Equity Sales at the Institutional Client Group of Deutsche Bank Global Markets in London, while Rodriguez was senior strategist and head of strategic accounts at the Client Solutions Group (CSG) of Barclays Global Investors (BGI).
28/01/2010

Plaintes en nom collectif contre AWD

Ce jeudi, l’association autrichienne de défense des consommateurs Verein für Konsumenteninformation (VKI) déposera trois plaintes en nom collectif supplémentaires contre la filiale locale du prestataire allemand de services financiers AWD (groupe Swiss Life).Après celle déposée pour le compte de 270 épargnants fin octobre, les trois plaintes s’effectuent au nom de 2.500 personnes reprochant à AWD d’avoir sciemment trompé ses clients en leur conseillant de placer leurs économies dans des titres ImmoEast et ImmoFinanz comme si ces papiers n’avaient présenté aucun risque. Cette fois, le litige porte sur 40 millions d’euros.
28/01/2010

Suppressions de postes confirmées pour BNP Paribas en Espagne

BNP Paribas a confirmé que la fusion de ses équipes et de celles de Fortis Banque en Espagne provoquera les suppressions de 150 à 200 postes entre 2010 et 2012, rapporte l’Agefi. Elles auront lieu au sein d’un périmètre de 1 000 postes dont 400 pour Fortis et le solde pour la banque parisienne comprenant, notamment, le pôle de gestion privée et BP2S, les services titres de l'établissement français .
28/01/2010

Baisse de l'encours géré par le BBVA au quatrième trimestre

Le BBVA a annoncé mercredi que le bénéfice net de sa division banque de gros et gestion d’actifs pour l’ensemble de 2009 a gonflé de 30,5 % à un peu plus d’un milliard d’euros. Au 31 décembre, l’encours se situait à 49,97 milliards d’euros, soit 1,9 % de moins que fin septembre, mais les actifs des fonds d’investissement, à 32,8 milliards d’euros font du groupe le premier gestionnaire espagnol, avec une part de marché de 19,3 %. Selon les statistiques d’Inverco, les fonds du BBVA totalisaient 33,2 milliards d’euros d’encours fin 2008.En ce qui concerne les fonds de pension en Espagne, leur encours s’est accru sur un an de 6,8 % à un peu plus de 17,17 milliards d’euros.
28/01/2010
Fonds

7,7 % de performance en 2009 pour les fonds de pension

Au 31 décembre, les fonds de pension espagnols affichaient un encours total de 84,79 milliards d’euros, ce qui représente une hausse de 8,1 % ou de 6,38 milliards d’euros en un an, la plus forte hausse étant celle des fonds d’entreprise, dont les actifs sous gestion se sont accrus de 9,28 %, rapporte l’association Inverco des sociétés de gestion d’actifs. Les apports bruts ont baissé de 6,7 % à 5,6 milliards d’euros.La performance moyenne sur un an est ressortie à 7,7 % après une perte moyenne de 6,44 % en 2008.
Fonds

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