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20/01/2010

SRI is compatible with performance

According to statistics from Thomson/Reuters Lipper, ethical and sustainable development funds in 2009 posted average returns of 29.52%, while the MSCI World index gained “only” 26.35%, Handelsblatt reports. In the sustainable development category, a product from First State, three SAM funds and a climate change fund from Swisscanto posted total gains ranging from 36% to 52%. Among ethical funds, the best products from UBS, Swisscanto, Danske Invest and Hunter Hall generated returns ranging from 73% to nearly 90%.
20/01/2010

Credit Suisse adds to real estate activities

The new closed real estate fund management team at Credit Suisse in Germany, which will launch its first funds in second quarter, will be led by Karl-Heinz Heuß, CEO of Credit Suisse Asset Management Immobilian Kapitalanlagegesellschaft mbH, assisted by Jan Friske, who was previously one of the directors of alternative investment at WestLB, specialised in real estate. The new activities will be an addition to the open real estate fund activities at CS Euroreal (EUR6.13bn as of the end of November) and CS Property Dynamic (EUR313.5m as of the end of October), as well as the real estate fund of funds CS Portfolio Real (EUR100.3m as of the end of November).
20/01/2010

HGI adds to sales team

Henderson Global Investors (HGI) has recruited Lars Albert as head of sales for Germany. Albert will be based in Frankfurt and will report to Steven de Vries, head of sales, Northern Europe, and will be responsible for sales of funds to banks, funds of funds, family offices and wealth managers. He was previously one of the heads of wholesale distribution at SEB Asset Management AG, serving Germany and Luxembourg.
20/01/2010

Schroders appoints a head of property fund management in Italy

Schroders has appointed Marina Bottero as head of property fund management, Italy. She will be responsible for Schroders’ Italian property business and its expansion. Between 2005 and early 2009 she led the investment team of Hines, Italy. At the same time Cristina Ferrari Bravo has been appointed head of property asset management, Italy. She has been with Schroders since 2003 and has been responsible for the asset management of Schroders’ shopping centre portfolio. Schroders has GBP7.5 billion (EUR 8.2 billion) of gross property assets under management (at 30 September 2009, excluding crossholdings).
20/01/2010

BoA/Merrill Lynch survey: appetite for risk at four-year high

A monthly survey of 209 managers with USD539bn in assets, undertaken between 8 and 14 January by Bank of America Merrill Lynch, has found that investors’ appetite for risk is back, and they are investing their cash reserves in equities markets. This is the first time since January 2006 that respondents are opting for a higher level of risk than their benchmarks, while cash allocations have fallen to an averge of 3.4%, their lowest levels since mid-2007, compared with 4% in December. Meanwhile, appetite for equities is strong, with a net total of 52% of asset allocators overweight in this asset class, compared with 37% in December. 55% of managers surveyed, meanwhile, have no protection in place against a fall in share prices in the next three months, compared with 48% in December. Investors are taking positions on cyclical equities and are optimistic about profit outlooks. Respondents estimate that Japanese equities are the most undervalued in the world, and 20% of specialists are planning to be overweight in this area this year, compared with 10% who are planning to be overweight in the Euro zone.
20/01/2010

Norwegian fund axes 17 tobacco producers

In keeping with the recommendations of its Ethical Council, the Government Pension Fund - Global (formerly known as the Oil Fund) in Norway, has divested from 17 tobacco manufacturers. As of the end of 2009, the portfolio represented about NOK14bn (EUR1.7bn). The firms in which the fund has sold its stakes are: Alliance One International Inc., Altria Group Inc., British American Tobacco BHD, British American Tobacco Plc., Gudang Garam tbk pt., Imperial Tobacco Group Plc., ITC Ltd., Japan Tobacco Inc., KT&G Corp, Lorillard Inc., Philip Morris International Inc., Philip Morris Cr AS., Reynolds American Inc., Souza Cruz SA, Swedish Match AB, Universal Corp VA and Vector Group Ltd.
20/01/2010

Norwegian pension fund drops tobacco

StartFragment--> Norway has dropped 17 tobacco companies from its USD455bn sovereign wealth fund, says the Financial Times. The Norwegian finance ministry ruled that the companies were in breach of the fund’s ethical guidelines.
20/01/2010

Stoxx Ltd overhauls management structure

Deutsche Börse and the Swiss stock exchange (SIX) have completed their acquisition of the stake previously held by Dow Jones Indexes in the index provider Stoxx Ltd, in Zurich. The firm is now adopting a new structure, with a board of directors with four members, chaired by Holger Wohlenberg, managing director of the market data & analytics division of Deutsche Börse and a directory composed of two members. The new CEO is Hartmut Graf, who was previously head of the index operation at Deutsche Börse. He will be assisted by Patrick Valovic as COO, who has been promoted to this position from his previous role as director of business operations.
20/01/2010

Russell Investments adds to EMEA advisory team

Russell Investments on 19 December announced the appointment of Stephen Metcalfe as a consultant on the Consulting and Advisory Services team at Russell. Metcalfe was previously at Friends Provident, where he was part of the active-passive management team, as a consultant. He was previously a securitisations analyst at Royal Bank of Scotland, and has also worked at GE Insurance Solutions and QED Actuaries & Consultants. The appointment of Metcalfe is effective immediately. He will be based at Russell in London, and will report to Sorca Kelly-Scholte.
20/01/2010

ComStage launches two new bond ETFs

Deutsche Börse and ComStage on Tuesday announced that two Luxembourg-registered ETFs from ComStage (Commerzbank), the ComStage ETF iBoxx € Liquid Sovereigns Diversified 3m-1 TR (LU0444605728) and the ComStage ETF iBoxx € Sovereigns Germany Capped 3m-2 TR (LU0444606700), both of which charge management fees of 0.12%, have been admitted to trading on the XTF segment of the Xetra platform. The products, which replicate Markit indices, bring the number of ETFs listed in Frankfurt to 552.
20/01/2010

db x-trackers launches two iBoxx ETFs

On the same day that ComStage (Commerzbank) announced the launch of two bond ETFs which charge 0.12% commissions on the XTF segment of Xetra (Deutsche Börse), db x-trackers (Deutsche Bank) has followed suit with two more Luxembourg-registered products which charge fees of 0.15%. The funds replicate the iBoxx Germany TR index (LU0468896575) and the iBoxx Germany 1-3 TR index (LU0468897110). The market-maker for the products is Deutsche Bank. With these two funds, the number of ETFs listed in Frankfurt comes to 554. The db x-trackers range now includes 32 bond ETFs.
20/01/2010

Lyxor hedge fund index down 0.33% in December

The Lyxor hedge fund index was down 0.33% in December, bringing its total performance for the year to +5.15%.The best-performing strategies of the month were L/S credit arbitrage (2.92%), L/S equity long bias (2.33%), and merger arbitrage (1.46%). The least well-performing strategies were CTA short term (-4.66%), and CTA long term (-3.35%).
20/01/2010

ING IM launches a frontier markets fund

Asian Investor reports that the team at ING Investment Management based in Dubai is planning to launch a fund based on equities and debt from frontier markets in the next few months. ING IM is also working on a long/short bond fund for the markets of the Middle East and North Africa, which will use CDS and other tools to hedge against the risk of market declines. ING IM is weighing demand from investors in these markets for such a product, as bond markets in this region are still comparatively less developed.
20/01/2010

Losses for CTA Global and short funds in 2009

Of the 13 strategies monitored by the Edhec-Risk Institute since January 2001, only two were in the red for last year overall: CTA global, with losses of 2.1%, and short selling, with losses of 20.5%. As expected, given the results published by other providers of performance indices, the two best strategies of 2009 were convertibles arbitrage (with gains of 46.95), and emerging markets (+37.9%). The best two categories for average annual returns since January 2001 are emerging markets (12.5%) and distressed securities, with 11.1%.
20/01/2010

HSBC launches Sterling sub-funds of its fund of hedge funds

Investment Week reports that HSBC has launched institutional and retail sub-funds of its UCITS fund of hedge funds AdvantEdge denominated in pounds Sterling. The Sterling sub-funds will comply with the offshore fund tax regime. The new offerings follow the launch of four sub-funds which were initially offered in October 2009, in Euros, US dollars, Euros for institutionals, and US dollars for institutionals. Since this date, assets in the fund have risen to EUR53m.
20/01/2010

Gartmore to launch a pan-European long/short fund

Gartmore is preparing to launch a pan-European long/short fund, according to Money Marketing, which will be managed by the former GAM team that joined Garrtmore at the beginning of the month, which includes, addition to John Bennett, the analysts Asim Rahman and Christian Billiger and the manager Eleanor Cameron. The new product, which will be launched in May, will be managed with a strategy that includes all cap sizes and seeks investment opportunities in businesses and industries that are in a process of transformation. Bennett predicts that the fund would currently be short on utilities and cyclicals, and possibly on mines, while it would be long on pharmaceuticals and technologies. He predicts a mini-boom in the tech sector, particularly for software, where a trend which has emerged in the United States will reach Europe in a second stage.
20/01/2010

Double record for Pimco Total Return Fund

2009 was a record-setting year in two ways for Pacific Investment Management Co. (Pimco, Allianz group), for its Total Return fund, which topped USD200bn in assets as of the end of December, and which posted USD69.4bn in net subscriptions in 12 months, more than the total for all of the three-year period 2006-2008. The product, managed by Bill Gross, is now not only the largest bond fund in the world, but also the largest mutual fund in the world, the Wall Street Journal reports. The fund returned 13.8% in 2009, compared with 5.93% for the benchmark, the Lehman Brothers U.S. Aggregate Index, and in the past five years, the fund has outperformed its benchmark, which has gained 4.97%, by 187 basis points. In December, Gross cut back exposure to government-related bonds to 32% from 51% in November, while the fund’s position on mortgage-backed securities was increased from 12% to 17%.
20/01/2010

CA Cheuvreux adds to Saudi Arabia product range

Crédit Agricole Cheuvreux is extending its product range on the Saudi Arabian market, with the release of an ad-hoc participatory notes (P-notes) product based on Saudi equities. In early 2009, CA Cheuvreux was one of the first brokers to offer access to the Saudi market, offering swaps on Saudi shares. Direct access to non-residents of Saudi Arabia (outside the Gulf Cooperation Council) to this market, the largest in the Middle East and the eleventh-largest in the world, is not allowed, says CE Cheuvreux in a statement. Therefore, it is offering its P-Notes program through its local executing broker, Fransi Tadawul, one of the largest local brokers, an affiliate of the Saudi Fransi Bank, which is 31.1% owned by Calyon.
19/01/2010
Fonds

Les hedge funds à 1.860 milliards de dollars en fin d'année

Le secteur des hedge funds affichera un encours sous gestion de 1.860 milliards de dollars à la fin décembre 2010, sous l’effet de performances annuelles moyennes de 10 % sur l’année et de 100 milliards de dollars de souscriptions nettes, selon une étude de Lipper citée par Hedge Week. Fin septembre 2009, les encours étaient à 1.550 milliards de dollars.
Fonds
19/01/2010
Fonds

Forte hausse pour l'indice CS/Tremont des hedge funds

Finalement, la hausse de l’indice Credit Suisse/Tremont des hedge funds pour décembre est ressortie à 0,88 % (l’indice s’est situé à 416,28), alors que l’estimation provisoire la situait à 0,39 % (lire notre dépêche du 14 janvier). Elle était ressortie à 2,11 % en novembre. Sur l’ensemble de l’année, la performance moyenne atteint 18,57 %, ce qui est le meilleur résultat depuis dix ans.Sur un an, deux stratégies seulement sur treize sont dans le rouge pour 2009 : dedicated short bias, avec une perte de 25,03 % et managed futures avec un recul de 6,57 %. Comme dans les autres indices de hedge funds, les deux stratégies ayant affiché les meilleurs résultats sont l’arbitrage de convertibles (+ 47,35 %) et les marchés émergents (+ 30,03 %).
Fonds
19/01/2010
Fonds

Henderson Global Technology sous la bannière de Windows 7

Selon L’Echo, Stuart O’Gorman, gérant du fonds fonds Henderson Global Technology, a repositionné son produit selon deux axes. Il va chercher à bénéficier des nouvelles dépenses informatiques provenant des entreprises, qui vont tenter de combler le retard induit par un massif sous-investissement ces dernières années (stockage des données, remplacement des serveurs). Un deuxième axe d’investissement est celui du renouvellement des PC et du logiciel star Windows 7. Selon la Deutsche Bank, la plupart des entreprises disposent aujourd’hui d’un parc informatique vieux de 6 ans. La majorité d’entre elles utilise donc encore Windows XP, dont le suivi par Microsoft sera supprimé d’ici 2014, et qui devrait être remplacé par Windows 7.
Fonds
19/01/2010

Plus d'une douzaine de hedge funds veulent s’installer en Asie

Bank of America Merrill Lynch apporte son assistance à plus d’une douzaine de hedge funds qui, confrontés à un durcissement de la législation en Europe et aux Etats-Unis, ont décidé d’ouvrir une antenne à Hong Kong ou Singapour ou de revenir dans la région. Selon Bloomberg, des fonds de hedge funds envisagent également de s’installer dans la région. Merrill Lynch s’est toutefois refusé à décliner l’identité de ces hedge funds. Soros Fund Management et GLG Partners ont déjà indiqué qu’ils envisageaient d’ouvrir un bureau à Hong Kong.
19/01/2010

Azimut veut doubler ses encours

La société de gestion italienne indépendante Azimut souhaite doubler ses encours sous gestion d’ici à 2015 à environ 27 milliards d’euros, a annoncé son PDG, Pietro Giuliani, à l’occasion de la publication des premiers résultats 2009. A fin décembre, ils s’établissaient à 13,9 milliards d’euros, en hausse de 14,3 % sur un an.Parmi ses autres projets, le gestionnaire veut, au premier semestre 2010, lancer de nouveaux compartiments du fonds luxembourgeois AZFUND1 : F1 Commodity Trading, qui investira directement dans des matières premières via des futures, Active Strategy, un fonds de fonds qui investira dans des Ucits III avec des techniques de gestion similaires à celles des hedge funds, et Dividend Premium, un fonds actions qui distribuera la contre-valeur des revenus du fonds deux fois par an. En 2009, Azimut devrait avoir dégagé un bénéfice net consolidé de 113-118 millions d’euros, soit une hausse de 169 % sur 2008 et le meilleur de son histoire. Ses revenus consolidés devraient s’établir entre 328 et 344 millions d’euros.
19/01/2010
Fonds

Deka achète encore un actif à Tesco

Dans le cadre d’un contrat de «sale and lease back» avec la filiale tchèque du britannique Tesco (Tesco Stores CR), l’allemand Deka Immobilien a acheté pour 36 millions d’euros le Tesco Distribution Center situé à 14 km de Prague. Cet actif logistique de 60.100 mètres carrés est affecté au portefeuille du Deka ImmobilienEuropa. L’an dernier, ce même fonds avait investi environ 34 millions d’euros dans l’acquisition d’un actif de Tesco situé dans la grande banlieue de Varsovie.
Fonds
19/01/2010
Fonds

Fortes performances pour Vega

Le gestionnaire de hedge funds Vega, qui est tombé à 400 millions de dollars d’encours après avoir atteint un pic de 12 milliards en 2004, affiche pour 2009 des performances de 93,85 % pour le Vega Select Opportunities (mais 70,6 % pour les souscripteurs qui paient des commissions) et de 62,34 % pour le Vega Global, rapporte Cotizalia. Le bon résultat du Vega Global est surtout attribuable aux positions prises par le gérant Ravi Mehra sur les devises.
Fonds
19/01/2010
Fonds

Jyske lance un fonds obligataire

La société de gestion danoise Jyske Invest vient de lancer un nouveau fonds obligataire, Jyske Invest High Grade Corporate Bonds. Ce produit est investi principalement dans des obligations d’entreprises émises en euros et bien notées par les agences de notation internationales. Le fonds n’a pas été approuvé à la commercisation en France et en Suisse, souligne Jyske Invest.
Fonds
19/01/2010
Fonds

Le Sabadell a injecté 280 millions d'euros dans son fonds immobilier

Comme il l’avait annoncé en février 2009, le Banco Sabadell a absorbé des demandes de remboursement des souscripteurs de son fonds immobilier Sabadell BS Inmobiliario, rapporte Expansión. Cela s’est traduit par un investissement de 279 millions d’euros, soit 29 % de l’encours du fonds. Si 1.400 souscripteurs sont sortis, quelque 13.000 sont restés.Le Sabadell a opéré comme le BBVA, qui a consacré 1,6 milliard d’euros pour maintenir à flot son fonds immobilier BBVA Propriedad.
Fonds

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