Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
27/01/2010

New rules for valuation of money market funds

The five SEC commissioners were scheduled to vote on Wednesday on draft regulations which would require money market funds to declare minor fluctuations in their net asset value around USD1, once per month and with a 60-day gap, according to sources familiar with the matter. The Wall Street Journal reports that the move is a reaction provoked by the fact that in 2008, following the collapse of Lehman Brothers, the Reserve Primary Fund became the first to “break the buck,” as its value fell below USD1 per share.
27/01/2010

Moody's: Obama tax would threaten solvency of US banks

According to the ratings agency Moody’s, cited by Agefi, the Financial Crisis Responsibility Fee, which would bring in USD90bn for the US government over the next ten years, would have a severe effect on banks. Moody’s claims that the tax would raise financing costs significantly for banks required to pay it. The maintenance of liquidity pools would also become more costly. “If a bank decides to reduce its pools due to increased costs related to the tax, its solvency would be weakened,” concludes Peter Nerby, an analyst at the ratings agency.
27/01/2010

Fidelity suspends two managers in Hong Kong

Fidelity International in Hong Kong has suspended two of its most experienced managers, who are accused of violating the firm’s internal code of conduct. The market regulatory authorities have been informed, and Fidelity is conducting an internal enquiry. Asian Investor reports that Fidelity has confirmed the suspension of the two managers, but has not named them. According to a source who is understood to be a Fidelity client, the investigation is focusing on two well-known managers, Kevin Chang and Wilson Wong. Chang is responsible for the South East Asia Fund and several institutional portfolios, while Wong manages one of the Greater China retail strategies. Their portfolios will reportedly be managed in the interim by members of the Asia-Pacific equities team at Fidelity.
27/01/2010

American Century recruits a former Macquarie head

The US-based asset management firm American Century has announced the recruitment of Elizabeth Trinh as vice president of its Hong Kong office, Asian Investor reports. Since December she has been head of sales to institutional clients in Australia and South Asia. Trinh was previously associate manager and head of development for the Maquarie Professional Series fund range at Macquarie Bank in Australia. Assets under management by Macquarie worldwide total USD85.8bn. American Century specialises in actively managed equity strategies. The Hong Kong office opened in May to support the delivery of American Century’s equity growth strategies -- global growth, emerging markets and US growth equities -- in the Asia-Pacific region.
27/01/2010

Russell recruits two iShares execs

James Polisson and Andrew Arenberg, both of whom were involved in the setting up of the iShares operation at Barclays Global Investors (BGI), in mid-January joined Russell Investments (USD176bn in assets), Polisson as managing director of global ETF business, and Arenberg as managing director of global ETF distribution. They will be based in San Francisco. The two men will be responsible for the design of new-generation products and services related to ETFs, says Andrew Doman, president and CEO of Russell, who says the group is already one of the largest providers of indices to ETF management firms.
27/01/2010

Reshuffle at a Van Kampen in transition

The management firm Van Kampen, which will be sold by Morgan Stanley to Invesco, is undergoing several changes to its personnel. Mark McClure and Mike Tobin will become the joint heads of sales and major clients, a position which was previously held by David Linton, who has left the firm, Mutual Fund Wire reports. Brian Binder, chief administrative officer, will succeed Elizabeth Hughes Eginton as head of product and marketing. Eginton joined Morgan Stanley Smith Barney on 21 January as director of marketing; she had joined Van Kampen from Legg Mason Capital Management only in February 2009.
27/01/2010

Promotions in asset management arm of Northern Trust

Alan Robertson, who was previously president and CEO of Northern Trust Global Advisors (NTGA) has been promoted to the newly-created position of global head of sales and services at Northern Trust Global Investments (NTGI), the asset management firm for Northern Trust. He will be based in Chicago, and will report to Stephen N. Potter, president of NTGI. Robertson’s successor as head of NTGA is Joseph McInerney, who was previously COO, a position he had held since 2005. He will be based in Stamford, Connecticut, and will report to Robertson.
27/01/2010

BBVA and Lyxor to launch new ETFs

In order to maintain their lead on the Spanish ETF market as new foreign competitors arrive, BBVA and Lyxor Asset Management (Société Générale) will launch new products this year. Now that ETFs in Sicav vehicles will be allowed, iShares from BlackRock and db x-trackers from Deutsche Bank will become available in Spain. Lyxor is planning to launch 10 to 15 new products in first quarter, says Adrián Juliá, director of index products at Société Générale in Spain. Among the new ETFs, Lyxor is planning to release commodities products, “short” funds and, if the BME grants a license, a fund replicating one of the indices of the Ibex range. BBVA, for its part, is planning to extend its range largely with bond, commodity, and short ETFs. It is also planning to list its ETFs in other Latin American countries, following its entry into the Mexican market.
27/01/2010

Berkshire Hathaway enters S&P 500

Warren Buffett’s portfolio management firm, Berkshire Hathaway, will be included in the Standard & Poor’s 500 index, which it was previously not allowed to join as the high price of its shares made it unable to satisfy liquidity criteria. This has changed since shares were split, with 50 new shares for every 1 B-class share, at the time of its acquisition of Burlington Northern Santa Fe. Berkshire will replace Burlington Northern in the index. The market capitalisation of Berkshire is USD160bn.
27/01/2010

Strong growth at Fidelity International

As of the end of December, assets under management at Fidelity International in Germany totalled EUR10.46bn, up from EUR6.97bn one year previously, while assets under administration on the Frankfurter Fondsbank (FFB) fund platform, which the group acquired in August from BHF-Bank, represented EUR16.6bn (of which EUR2.7bn were from FundsNetwork), compared with EUR11.83bn one year previously. In total, Fidelity thus administrates or manages slightly over EUR27bn in Germany. Net subscriptions totalled EUR902m in 2009, compared with EUR60m the previous year, largely thanks to EUR525m from institutional clients (compared with EUR402m), while assets under management for institutionals as of the end of last year totalled EUR2bn, compared with EUR1.1bn the previous year. Net subscriptions from retail clients represented EUR377m, of which EUR290m were for the FAST (Fidelity Active Strategy) Europe Fund. Including FFB, personnel at Fidelity International as of the end of last year totalled 316 people, compared with 206 one year previously. The number of accounts administrated by FFB numbered 912,290 (including 153,000 from FundsNetwork), compared with 729,263 at the end of 2008.
27/01/2010

Slight rise for investor confidence index in January

Institutional investors are starting 2010 on a hesitant note. The global institutional investor confidence index has gained only 0.2 points, to 104.5 in January, from a corrected level of 104.3 for December. The mood has been optimistic in North America, however, where the regional confidence index has gained 4.4 points, from 103.5 in December to 107.9 in January. However, European institutional investors are more uncertain, and the index has fallen 5.6 point to 98.9, from a corrected level of 104.5 in December. In Asia, the level of institutional investor confidence has increased slightly, from 97.5 in December to 98.1 this month. “Although activity has recovered strongly on developed markets, some factors tend to show that it will likely be difficult to maintain the pace of growth observed recently, and all the more so when these factors are viewed in the context of uncertainty related to monetary policy and to regulatory changes more generally,” says Harvard professor Ken Froot, one of the two designers of the index. “The divergence this month between the North American and European confidence indices to a certain extent reflects the underlying fundamental data,” the other creator of the index, Paul O’Connell, adds. “Although the economic data for Europe showed some relatively positive surprises, concerns remain about the way forward to resolve fiscal difficulties in some peripheral economies, which has chilled investor enthusiasm. The improvement in confidence in Asia brought the regional index back up to the level observed last September.”
27/01/2010

Bill Gross sees danger in Britain

What are the high-risk countries that investors would do better to avoid in 2010? In the most recent issue of the publication Investment Outlook, entitled “The Ring of Fire,” Pimco strategist Bill Gross does not mince words. “Great Britain is a must to avoid. Its Gilts are lying on a bed of nitroglycerine. High debt, combined with potential for a devaluation of the currency present high risks for investors in bonds. In addition, its interest rates are already artificially influenced by accounting standards which at one point last year produced long-term interest rates of 0.5% or less,” Gross writes. Also in the Ring of Fire are Ireland and Spain. The safest countries, Gross claims, are Canada and Germany. To capture the highest and surest returns, Gross recommends that investors look to Asia and to developing countries, for both equities and bonds.
27/01/2010

Deutsche Bank launches a fund for uncertain phases on equity markets

Deutsche Bank has launched the DB Platinum Option Overwriting Plus Fund, a Luxembourg-registered, UCITS III-compliant product on several European markets, whose objective is to reduce volatility and drawdowns compared with equities markets through a dynamic options strategy. The product offers daily liquidity, and is aimed at institutional investors. It replicates the db Option Overwriting Plus index, and will be 100% invested in a benchmark index (DJ Euro Stoxx LU0462953588, Dax LU0462953745 or SMI LU0462954040), and will hedge its positions through the use of exchange-traded option contracts on the corresponding price return benchmark index. Each month, the strategy will involve an evaluation of two variables to predict the subsequent direction of the index. The two variables are price momentum and implied market volatility. Fees for the fund will total 1.16% per year.
27/01/2010

GLG to launch UCITS version of its UK Alternative fund

GLG Partners will launch a UCITS III version of its UK Alternative long/short fund, managed by John White and Jason Mackay. The product will replicate existing market neutral strategies and will be limited to GBP200m in assets. GLG states that the fund will concentrate on fundamental stock-picking, top-down economic analysis and very strict risk management.
27/01/2010

Franklin Templeton opens emerging markets bond fund to retail investors

On Friday, Franklin Templeton will open its Emerging Market Bond Fund to retail investors. The product is a sub-fund of its Luxembourg Sicav, managed by Michael Hansenstab, with assets of about USD2.3bn. Two share classes will be available with a minimal subscription of GBP5,000: a sterling-denominated distributor-status share class and a US dollar denominated accumulation share class.
27/01/2010

China fund from Fidelity will be a closed fund

Investment Week reports that Fidelity on 22 January registered the China special situations fund to be managed by Anthony Bolton at Companies House, meaning that the product will be an investment trust. The fund, which will be launched in March, will thus be a closed fund, meaning that the manager will not be obliged to invest subscriptions immediately; he will also be able to use leverage when he sees fit.
27/01/2010

Nomura adds to staff in fixed income research

The Nomura group is continuing to develop its Fixed Income team in Europe, Africa and the Middle East with the construction of a research team to focus on macro strategy, and the recruitments of Nick Firoozye as head of the European Interest Rates strategy, and of Ann Wyman as head of European Emerging Markets research. Firoozye was previously head of quantitative research at Citadel Investments, while Wyman was a senior economist at Citigroup, for the group’s economic strategies and policies. The macro-strategy team will be led by Jim McCormick, head of fixed income research for Europe, the Middle East and Africa.
27/01/2010

Metrinomics study: quality of products returns to foreground

In 2010, fund selectors will once again put the quality of products at the top of their list of product selection criteria, according to a European survey conducted by the Berlin-based firm Metrinomics. This characteristic was eclipsed in the 2007 and 2008 surveys, according to which the most important qualities of a fund were price and the quality of customer service. Selection criteria this year, in decreasing order of importance, are the quality of products, quality of customer service, price, brand loyalty, quality of marketing/communications, and management of sales and accounts. The high importance of customer service is a regional phenomenon: Metrinomics has assembled a highly-defined regional map of Europe to illustrate this. Schematically, in all the countries of Western Europe, product quality is the most important. This applies to the United Kingdom, Belgium, France, and Spain, and additionally Austria. Quality of service, meanwhile, is largely important in the East, in Sweden, Germany, Switzerland, and Italy.
26/01/2010
Fonds

Caja Madrid liquide son hedge fund

Caja Madrid annonce dans un avis publié par la CNMV avoir entamé le 21 janvier la liquidation de son hedge fund Caja Madrid Selección Inversión Libre qui a perdu 18 % depuis son lancement en janvier 2007 et dont les souscripteurs, sauf deux, sont pratiquement tous sortis, rapporte Expansión. L’encours n'était plus que de 16,3 millions d’euros fin décembre, selon les statistiques publiées par Inverco. Il semblerait qu’il y ait aussi une autre explication : Gesmadrid, la société de gestion du groupe Caja Madrid, ne serait pas satisfaite des services du conseiller du fonds, le belge KBC Asset Management, qui avait fait investir le fonds dans Madoff au travers de Fairfield.
Fonds
26/01/2010
Fonds

GAM va commercialiser cinq hedge funds OPCVM III

GAM, filiale de Julius Baer, a l’intention de commercialiser en Espagne cinq de ses hedge funds habillés dans une enveloppe OPCVM III, trois «longs» et deux de performance absolue, trois avec liquidité hebdomadaire et deux avec liquidité journalière, indique Funds People.Les trois fonds «longs» sont le GAM Star Global Selector à liquidité journalière géré par Gifford Combs, le GAM Star Global Equity, géré par Manning & Napier Advisors, qui offre également une liquidité journalière, et le GAM Star Pharo Emerging Market Debt & FX géré par Pharo Global Advisors, qui offre une liquidité hebdomadaire.Les deux produits de performance absolue sont donc à liquidité hebdomadaire. Il s’agit d’une part du GAM Star Global Rates, un fonds macro directionnel obligations et devises, et de l’autre du GAM Star Discrationalry FX, spécialiste des devises.Tous ces fonds ont été lancés en novembre 2009 et se trouvent en instance d’agrément auprès de la CNMV.
Fonds
26/01/2010

Le fonds souverain norvégien s'interroge sur sa gestion

Le fonds de pension du gouvernement norvégien, qui pèse plus de 300 milliards d’euros est dans la tourmente. Selon FTfm, le débat porte sur la question de savoir si le fonds doit continuer à s’accrocher à la gestion active. Car les partisans de la gestion passive donnent de plus en plus de voix. En 2008, l’indice de référence du fonds a perdu 19,9% mais dans le même temps, le fonds a perdu plus de 23% «grâce» aux piètres performances de ses gérants actifs.Selon Yngve Slyngstad, CEO de Norges Bank Investment Management (NBIM), le bras armé de la banque centale chargé de gérer le fonds, ce n’est pas de moins de gestion active que le fonds a besoin mais de davantage. «Par rapport à nos pairs, les très grands fonds institutionnels, nous sommes probablement moins gérés activement que bon nombre d’entre eux. La question n’est pas de savoir si nous devrions avoir moins de gestion active, mais plutôt de savoir si nous devrions avoir plus de gestion active», estime Yngve Slyngstad.Selon une étude réalisée par une équipe d’universitaires, la contribution des gérants actifs du fonds a été «légèrement positive» depuis 1998. Mais le fonds se refuse à préciser la proportion du fonds gérée activement.Le fonds est actuellement investi à 60/40 en actions et en obligations, mais Yngve Slyngstad souhaiterait élargir la palette de classes d’actifs. Le parlement norvégien a déjà donné son feu vert pour une allocation de 5% dans l’immobilier. Yngve Slynstad envisage également des poches dédiées au private equity et aux infrastructures. Les hedge funds et les commodities ne font pas partie du programme de diversification du fonds.
26/01/2010

Un fonds américain entre chez Heideldruck

Heidelberger Druckmaschinen (Heideldruck) a publié lundi un avis boursier selon lequel le Smallcap World Fund américain lui a déclaré avoir franchi le 19 janvier le seuil des 3 % de son capital et en détenir désormais 3,13 %.
26/01/2010

Gerd Häusler prendrait la tête de la BayernLB

Selon les informations de la Frankfurter Allgemeine Zeitung, Gerd Häusler, l’un des responsables du capital-investisseur RHJ International pour l’Allemagne, sera nommé ce mardi par le conseil d’administration président du directoire de la Bayerische Landesbank. Il doit cette nomination à son parcours professionnel (Bundesbank, Dresdner Bank, FMI et Lazard) ainsi qu'à son appartenance au parti libéral FDP.
26/01/2010

AXA prend une participation de 15 % dans biw

Le groupe AXA a racheté une participation de 15 % dans la banque en ligne biw Bank für Investments und Wertpapiere AG (biw) à Aragon AG. Le montant de la transaction n’a pas été dévoilé. biw est spécialisée dans l’online brokerage, la conservation, l’equity capital markets (ECM) et les new business solutions.
26/01/2010
Fonds

ComStage lance un ETF d'obligations indexées sur l'inflation

Lundi, ComStage (Commerzbank) a annoncé le lancement d’un 65ème ETF admis à la négociation sur le segment XTF de la plate-forme Xetra. Il s’agit du fonds luxembourgeois ComStage ETF iBoxx € Sovereigns Inflation-Linked Euro-Inflation TR, qui est également coté à Stuttgart. La commission de gestion de ce fonds d’obligations d’Etat indexées sur l’inflation se situe à 0,17 %. Son «benchmark» est le Markit iBoxx € Sovereigns Inflation-Linked Euro-Inflation Total Return Index.Désormais, la cote du XTF comporte 555 ETF.
Fonds
26/01/2010
Fonds

iShares lance un ETF à parts capitalisées

BlackRock annonce le renforcement de sa gamme d’ETF iShares accessible aux investisseurs français. Il s’agit du iShares DJ Euro STOXX 50 (Acc), le sixième ETF actions à parts capitalisées géré en réplication physique de la gamme. Le produit est exposé à l'évolution de l’indice DJ Euro STOXX 50, et les dividendes générées sont automatiquement réinvestis.
Fonds

Sujets d'actualité

Tous les sujets