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06/01/2010

Credit Suisse veut se renforcer en Pologne

Selon L’Agefi suisse, Credit Suisse va renforcer cette année son activité de banque d’affaires en Pologne et notamment de négoce d’actions avec l’objectif de devenir l’un des principaux traders de la Bourse de Varsovie.
06/01/2010

Un ancien de Brevan rejoint un hedge fund

Jean-Philippe Blochet, ancien associé fondateur de Brevan Howard Asset Management, va rejoindre Moore Europe Capital Management, la branche européenne d’une société de hedge funds créée par Louis Bacon, en tant que gérant de portefeuilles senior, rapporte Bloomberg.
06/01/2010
Fonds

WisdomTree lance un ETF actions couvert du risque de change

Lundi, WisdomTree Investments a annoncé que sa filiale Wisdom Tree Asset Management sera le conseiller et Mellon Capital management le «subadvisor» de son 52ème ETF, le International Hedged Equity ETF (HEDJ), qui réplique le WisdomTree DEFA International Hedged Equity Index. Ce nouveau produit offre aux investisseurs américains la possibilité de s’exposer aux actions européennes, d’Australasie et d’Extrême-Orient tout en neutralisant l’impact des taux de change des monnaies locales par rapport au dollar. L’ETF affiche une commission de gestion annuelle de 0,58 %.
Fonds
06/01/2010
Fonds

Les hedge funds redécouvrent les actions

Selon la dernière livraison du Hedge Fund Monitor de Bank of America-Merrill Lynch et sur la base des «13F-filings», l’exposition brute des hedge funds américains aux actions a augmenté de 14 % au troisième trimestre 2009 par rapport à avril-juin, pour ressortir à 825 milliards de dollars. En termes nets, cette exposition a même opéré un bond en avant de 130 % à 95 milliards de dollars. Sur cette base, les hedge funds contrôlaient 4 % du flottant de la capitalisation boursière. Parallèlement, BoA-ML a constaté une augmentation à 1,2 de l’effet de levier «long» ce qui est voisin du niveau constaté pour le second semestre 2008 tout en demeurant inférieur à la valeur de 1,7 % enregistrée pour 2007.Enfin, BoA-ML précise que son Hedge Funds Generals Index a gagné 62 % sur un an, battant ainsi le S&P 500 de 40 points. Cet indice est composé de manière équipondérée des 20 actions dans lesquelles les hedge funds sont le plus investis en «long». Cet indice calculé depuis juin 2008 a été développé du fait qu’une étude a montré que les lignes principales (core holdings) des hedge funds représentent environ 80 % de la performance de ces fonds. Sur la période de rétropolation (backtesting) entre juin 2003 et juin 2008, l’indice Merrill Lynch a régulièrement battu le S&P 500 de 0,9 point par mois.
Fonds
06/01/2010
Fonds

L'encours des fonds en Chine a gonflé de plus d'un tiers en 2009

A fin décembre, l’encours des fonds d’investissement en Chine ressortait à 2.680 milliards de yuans ou 392 milliards de dollars, ce qui représente un bond en avant de 37,9 % par rapport au niveau atteint douze mois auparavant, rapporte Z-Ben Advisors. Ce gonflement est attribuable en grande partie à l’effet de marché, l’indice CSI 300 ayant signé un gain de 95,8 % l’an dernier.2009 a été caractérisé par d’importants retraits des fonds obligataires au premier semestre, les souscriptions se concentrant sur les gestionnaires actions qui ont affiché les meilleurs performances. Sans le lancement d’ETF et autres produits indiciels, le secteur aurait subi des remboursements nets. D’une manière générale, les gagnantes de 2009 ont été les plus grosses sociétés de gestion, tandis que les moyennes et les petites ont plus souvent perdu des parts de marché qu’elles n’en ont gagné.
Fonds
05/01/2010

Natixis Asset Management mandated to provide asset management to CGE Assurances

Bruno Goré, CEO of CGE Assurances, and Pascal Voisin, CEO of Natixis Asset Management, have signed a management mandate by which the non-life insurance insurance company of hte BPCE group will outsource the management of its portfolio to Natixis Asset Management, CGE Assurances has announced in a statement. Natixis Asset Management will take charge of the management of EUR360m in Liability Driven Investment (LDI) assets. At the same time, CGE Assurances is diversifying its assets, with investments in the new Impact Funds Climate Change theme, launched by Natixis Asset Management, via its Luxembourg Sicav. CGE Assurances, which since January 2008 has included AIRD insurance para-banking activities of the CGE Assurances group, is now the third-largest insurer in the market, with revenues in 2008 of EUR408m. Natixis Asset Management, meanwhile, has assets under management of EUR301bn.
05/01/2010

Frédéric Sallerin joins Paris office of Sparinvest

The Danish management firm Sparinvest, specialised in value management, is continuing its development in France with the appointment of Frédéric Sallerin as a Senior Relationship Manager, in charge of institutional clients. Sallerin, 46, was previously at La Française des Placements , which he joined in 2004 in an institutional client sales capacity.
05/01/2010

François de Combret moves to Calyon

Les Echos reports that the business banker François de Combret, 68, is leaving UBS to join the Crédit Agricole affiliate Calyon as a senior advisor. The move is a sign of the universal desire on the part of banks to strengthen their strategic advising. The business banker had held the same position at UBS in Paris since January 2006, following his move to Lazard after 24 years of business life at the top.
05/01/2010

Cantonal Bank of Geneva opens a branch office in Paris

The Banque Cantonale de Genève (France) SA on 4 January announced the opening of a branch office in Paris. The office will represent the French affiliate of the BCGE group for business in the Paris region. It will be in charge of assisting in the development of relations with clients and promoting the various services of the group for retail and business clients. The Banque Cantonale de Genève (France) SA, which has been present in France for over 15 yeas, with headquarters in Lyon, is a wholly-owned subsidiary of BCGE. The Paris office will be led by Nicolas Charavner, 46, who holds a degree in business and economic law from Université Paris 2 - Panthéon Assas. For more than 20 years, he has been active in banking, and has held several management positions, at BRED, Européenne de Banque, the Banque du Louvre, Bryan Garnier AM, and at Compagnie 1818 Gestion, an affiliate of the Natixis group.
05/01/2010

iShares gains US market share

iShares—which was sold to BlackRock Inc. by Barclays PLC last year—increased its market share in the ETF business in 2009, the first time it has done so since 2006, says the Wall Street Journal. At year-end, iShares ETFs held about USD373 billion, or about 50.1% of the assets in the U.S. ETFs, according to fund researcher Morningstar Inc. In 2008, iShares had 47.7% of ETF assets in 2008.
05/01/2010

Emmy Labovitch joins Richard Wohanka at UBP

Union Bancaire Privée (UBP) on Monday announced the recruitment of Emmy Labovitch as director of marketing for asset management. She was previously head of marketing at Fortis Investments. Labovitch is a member of the executive board for asset management, and will report directly to Richard Wohanka, who was CEO of Fortis Investment Management until the middle of last year, when he became CEO for asset management and alternative management at UBP (see Newsmanagers of 4 June and 13 October 2009).
05/01/2010

PICC acquires 48% of Dacheng

With effect from 30 December, insurer PICC has acquired a 48% stake in the seventh-largest Chinese asset management firm, Dacheng FMC, for CNY1.4bn or USD205m. The vendor was a firm controlled by PICC, Zhongtai Trust. The total amount of the transaction corresponds to 3.94% of assets at Dacheng as of the end of first quarter 2009 (CNY74.06bn or USD10.8bn), Z-Ben Advisors reports. The other shareholders in Dacheng are Everbright Securities (25%), China Galaxy Investment Management (also 25%), while the remaining 2% belong to Guangdong Securities. Z-Ben Advisors says the authorisation granted to PICC is a sign that the regulatory authorities, CSRC and CIRC, have changed policies, and now allow insurers to directly hold at least minority stakes in asset management firms.
05/01/2010

SG Private Banking becomes Société Générale Private Banking

SG Private Banking on 4 January announced the adoption of the trade name Société Générale Private Banking from 1 January 2010. With the move, “the private bank reaffirms its membership in the Société Générale group and seeks to capitalise on the banking model organised by professions that the group has developed in order to offer high net worth investors access to the full range of products and expertise available worldwide, as part of a global and personalised approach to managing their wealth,” Société Générale says in a statement. The adoption of the Société Générale Private Banking name will also make it possible to accentuate the visibility and notoriety of private banking activities, particularly serving high net worth international clients. The private bank will operate globally under the name Société Générale Private Banking, except for a part of SG Hambros Bank Limited, an affiliate of Société Générale Private Banking, which will offer its services under the name Société Générale Private Banking Hambros, in the United Kingdom, Gibraltar, Guernsey and Jersey, and in Bahrain and Canada, where its services will be offered under the name Société Générale Wealth Management.
05/01/2010

Insight recruits a manager from F&C

Insight Investment has announced the appointment of Adam Mossakowski as a credit fund manager within its fixed income team. He joins Insight from F&C where he was responsible for a range of institutional and retail funds. At Insight, Adam’s focus will be on UK portfolios and he will report to Peter Bentley, head of UK credit.
05/01/2010

Pimco plans to launch a diversified global fund

Last Wednesday, Pimco submitted an application to the SEC for a sales license for its diversified fund Pimco Global opportunities, which will be allowed to invest in equities as well as bonds. Mutual Fund Wire reports that Bloomberg has suggested there may be a connection between this project and the recent recruitment of Anne Grudefin and Charles Lahr (see Newsmamagers of 8 December), who previously managed the Franklin Mutual Global Discovery Fund (USD15.6bn), a product which is similar to the one recently announced by Pimco.
05/01/2010

High deficits at US public pension funds

The US public pension system faces a higher-than-expected shortfall of more than USD2,000bn, according to the chairman of New Jersey’s pension fund, Orin Kramer, cited by the Financial Times.
05/01/2010

SFERS appoints a head of alternative investments

The San Francisco Employees’ Retirement System (SFERS) has appointed Donald Holcher to the newly-created position of managing director for alternative investment and real estate. Holcher is a real estate specialist who managed the real estate portfolio of SFERS for a decade. The fund has also appointed Robert Shaw to the also newly-created position of managing director for equities and fixed income. Shaw, who has over 16 years of experience, joined SFERS in 2008.
05/01/2010

Marketing clean-up following Amundi creation

Following the official launch of Amundi, the asset management joint venture of Crédit Agricole and Société Générale founded on 31 December 2009, the time for marketing has come. Firms involved in the creation of the new structure as well as the funds they manage have entered a highly concrete phase, which will involve many name changes. As CAAM became Amundi on 1 January 2010, CAAM Real Estate has been renamed Amundi Immobilier; CAAM CI has become Amundi Private Equity Funds; CAAM Group has become Amundi Group; CAAM AI SAS has become Amundi Alternative Investments. The activities of SGAM which are joining Amundi are being grouped together within an entity entitled Société Générale Gestion (S2G), confirming the desire of teh creators of the new structure to make it a joint platform for competing banks. For mutual funds, products previously offered by Société Générale with the prefix SGAM will change from 15 January 2010, while no concrete date has been set by CAAM. The changes will be undertaken gradually. It is already known that funds aimed at retail clients, such as the Atout line of funds, will not change names. However, funds aimed at clients of regional banks whose names begin with CAAM will now become CA. Funds with names beginning in CAAM or SGAM aimed at external clients will, meanwhile, adopt the Amundi prefix. Lastly, the names of funds aimed at clients of LCL and Crédit du Nord will not undergo any changes. Subscribers to funds whose names will change will receive a notification message.
05/01/2010

Risk management is primordial

The main challenge for asset managers in the coming decade is understanding, managing and communicating risk, according to a survey of senior industry figures carried out by FTfm
05/01/2010

New QDII licenses bring total for 2009 to USD6bn

Penghua and Changsheng last week became the seventh and eighth Chinese management firms to be issued QDII quotas in 2009 (for USD800m and USD700m respectively) by the Chinese currency office (SAFE), shortly after China Universal and Guangfa were issued licenses, for USD1bn each. In total, the new QDII quotas issued in 2009 came to USD6bn, putting the program’s total scale at USD35.07bn. Z-Ben Advisors reports that most funds issued under the QDII program will be released with foreign sub-advisors: China Universal may continue to rely on the services of Capital Group, while Changsheng may continue to work with Goldman Sachs, and Penghua will collaborate with its shareholder, Eurizon.
05/01/2010

Redemptions from Spanish funds top EUR15bn in 2009

As of the end of December, assets in Spanish investment funds totalled approximately EUR169.9bn, EUR6.9bn less than twelve months previously, which represents a decrease of only 3.7%, while net redemptions last year totalled EUR15.2bn, 8.6% less than in 2008, according to Ahorro Corporación. Most of the decrease in assets under management is due to maturing guaranteed funds totalling EUR9.4bn, equivalent to 17.3% of assets in such funds as of the end of 2008. All categories of funds saw positive returns last year (equities products gained as much as 38%), except for real estate funds, which saw average losses of 8.6%. Ahorro Corporación says two asset management firms stood out in particular: Caixa de Pensions and BBVA, which gained 2.72 and 2.23 percentage points of market share, respectively, between the end of July 2007 and the end of December 2009, at 8.1% and 19.4%. Meanwhile, Santander, whose assets fell EUR32.9bn in the period under review, to EUR31.2bn, saw a decline in its market share of 5.86 points, to 18.4%.
05/01/2010

Spanish funds back at 1997 asset levels

According to provisional statistics from the Inverco association of asset management firms, assets in securities funds on sale in Spain as of the end of December had fallen to EUR163.05bn, their lowest levels since a total equivalent to EUR162.32bn at the end of 1997, Cinco Días reports. Last year saw net redemptions of EUR11.68bn, compared with EUR58bn in 2008 and EUR20.43bn in 2007. The peak came at the end of December 2006, at EUR254.32bn. In the past ten years, assets in Spanish funds have undergone total net redemptions of EUR53.35bn, while assets under management fell EUR42.47bn.
05/01/2010

DekaBank launches a Russian equities fund

DekaBank still believes in the potential of eastern Europe. The German asset management firm has announced the launch of Deka-Russland, a fund which invests in equities from Russian companies of the MSCI Russia 10/40 Net Return index in Euros, which stand a change of profiting from economic growth in the country. DekaBank estimates that Russia will in the future be able to reduce its economic dependence on commodities. The manager of the fund, Dorota Kummer, sees a lot of potential in the areas of consumer products and services. The product is available in a traditional share class (LU0457263126) with a subscription commission of 3.75%, while the share class without this commission (LU0457263126) will be subject to an annual fee of 0.72%, says DekaBank.
05/01/2010

Managers reinvesting bonuses in their funds

Uncertainty about the UK’s bonus supertax is driving an increasing number of asset management houses to encourage portfolio managers to invest their bonuses in the funds they run, Financial Times Fund Management reports. The 50 per cent supertax on bonuses of more than GBP25,000 largely targets bankers and is unlikely to affect independent asset managers. But the situation is less clear for asset managers that are part of a bank.
05/01/2010

Frédéric Sallerin rejoint le bureau parisien de Sparinvest

La société de gestion danoise spécialiste de la gestion value poursuit son développement en France avec la nomination de Frédéric Sallerin en tant que Senior Relationship Manager, en charge de la clientèle institutionnelle.Agé de 46 ans, Frédéric Sallerin était précédemment à La Française des Placements qu’il avait rejoint en 2004 en qualité de commercial clientèle institutionnelle.
05/01/2010

Viveris Reim fait une acquisition auprès du groupe Casino

La société de gestion Viveris Reim, spécialisée sur le marché des OPCI et qui gère neuf SPPICAV pour un encours de 1,5 milliard d’euros, vient de réaliser l’acquisition d’un portefeuille d’actifs immobiliers du Groupe Casino. Cette opération réalisée pour le compte de la SPPICAV RFA VIVERIS ODYSSEE porte sur un montant d’environ 80 millions d’euros.
05/01/2010

La Banque cantonale de Genève ouvre une succursale à Paris

La Banque Cantonale de Genève (France) SA a annoncé le 4 janvier l’ouverture d’une succursale à Paris. Cette entité aura pour mission de représenter la filiale française du Groupe BCGE dans la conduite de ses affaires dans la région parisienne. Elle sera chargée d’accompagner et développer les relations avec la clientèle et d’y promouvoir ses divers services pour les particuliers et les entreprises.Présente en France depuis plus de 15 ans, avec son siège à Lyon et une succursale à Annecy, la Banque Cantonale de Genève (France) SA est une filiale à 100% de la BCGE. «L’ouverture d’une succursale à Paris constitue un prolongement logique et efficient d’une présence en France principalement orientée vers des activités de financement à moyen et long terme d’entreprises, de financement des professionnels de l’immobilier ainsi que de gestion privée», souligne la banque dans un communiqué. BCGE (France), Paris démarre ses activités le 4 janvier 2010 et comptera un effectif de cinq collaborateurs en mars 2010.La succursale de Paris sera placée sous la conduite de Nicolas Charavner, 46 ans, titulaire d’une licence de Droit des Affaires et d’Economie de l’Université Paris 2 - Panthéon Assas. Il exerce depuis plus de 20 ans dans le domaine bancaire et a occupé différents postes de direction, successivement à la BRED, à l’Européenne de Banque, à la Banque du Louvre, chez Bryan Garnier AM et à la Compagnie 1818 Gestion, filiale du groupe Natixis.
05/01/2010

François de Combret passe chez Calyon

Selon les Echos, le banquier d’affaires François de Combret, 68 ans, quitte UBS pour la filiale du Crédit Agricole Calyon, en tant que senior adviser. Un mouvement qui illustre la volonté des banques universelles de se renforcer sur le conseil stratégique. Le banquier d’affaires occupait la même fonction chez UBS à Paris depuis janvier2006, suite à son départ de Lazard après vingt-quatre ans de deals au sommet.
05/01/2010

Natixis AM prend la gestion des actifs de CGE Assurances

Bruno Goré, directeur général de GCE Assurances, et Pascal Voisin, directeur général de Natixis Asset Management, ont signé un mandat de gestion par lequel la compagnie d’assurance non-vie du groupe BPCE confie la gestion de son portefeuille à Natixis Asset Management, a annoncé lundi, dans un communiqué, CGE Assurances. Natixis Asset Management prend ainsi en charge la gestion d’un mandat de 360 millions d’euros en gestion actif passif (LDI ou Liability Driven Investment).Simultanément, la filiale d’assurance dommages de BPCE diversifie ses actifs en investissant dans le nouveau fonds thématique «Impact Funds Climate Change» lancé par Natixis Asset Management - via sa sicav luxembourgeoise. GCE Assurances qui regroupe, depuis janvier 2008, les activités d’assurances IARD et parabancaires au sein de GCE Assurances se présente comme le 3e bancassureur du marché avec un chiffre d’affaires en 2008 de 408 millions d’euros.De son côté, Natixis Asset Management affiche un montant sous gestion de 301 milliards d’euros.
05/01/2010

Le marketing creuse son sillon chez Amundi

Après le lancement officiel d’Amundi, la société de gestion commune du Crédit Agricole et de la Société Générale, le 31 décembre 2009, le temps du marketing est venu. Tant en ce qui concerne les sociétés concernées par la mise en place de la nouvelle structure que les fonds dont cette dernière assure la gestion, l’ensemble est entré dans une phase très concrète avec plusieurs changements de noms. Ainsi, outre CAAM qui est devenu Amundi depuis le 1er janvier 2010, CAAM Real Estate a été rebaptisé Amundi Immobilier ; CAAM CI, est devenu Amundi Private Equity Funds ; CAAM Group a été renommé Amundi Group ; CAAM AI SAS est devenu Amundi Alternative Investments. Quant aux activités de SGAM qui rejoignent Amundi, elle sont regroupées au sein d’une entité nommée Société Générale Gestion (S2G), confirmant ainsi la volonté des créateurs de la nouvelle structure de faire de cette dernière une société de gestion commune - une plateforme - pour des banques concurrentes... Du côté des OPCVM, alors que les fonds distribués par la Société Générale avec le préfixe SGAM changeront à compter du 15 janvier 2010, aucune date n’a été donnée chez CAAM. Les changements devraient donc se faire au fil de l’eau. D’ores et déjà, on sait que les OPCVM destinés à la clientèle «retail» – les fonds Atout par exemple – ne changeront pas de noms. En revanche les fonds réservés aux clients des caisses régionales dont le préfixe commence par CAAM verront celui-ci devenir CA. Les fonds commençant par CAAM ou SGAM à destination de clients externes adopteront pour leur part le préfixe Amundi.Enfin, les noms des fonds destinés aux clients de LCL et du Crédit du Nord ne devraient pas subir de modifications.Les souscripteurs des fonds qui verront leur noms changer seront avertis par courrier.

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