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21/10/2009
Fonds

Cinq nouveaux fonds primés par Morningstar

Carmignac Investissement, AXA WF Euro Crédit Plus d’Axa, ING (L) Invest Latin America et Schroder ISF Taiwanese Equity, cinq fonds commercialisés en France, viennent d’obtenir la notation «Elite» de Morningstar pour le premier d’entre eux et «Supérieur» – un cran en deçà donc – pour les quatre autres. Ces notes qualitatives sont obtenues à partir des convictions des analystes de Morningstar, ces dernières étant basées sur la capacité du fonds à surperformer sa catégorie, sur la qualité des équipes de la société, le respect du processus de gestion, etc. A noter que cinq niveaux existent : Elite, Supérieur, Standard, Inférieur et Déficient
Fonds
21/10/2009
Fonds

Natixis AM lance Natixis Obli Opportunités 12 Mois

Natixis Asset Management annonce le lancement du FCP Natixis Obli Opportunités 12 Mois, un placement obligataire destiné principalement à la clientèle institutionnelle et corporate. Le portefeuille du fonds est constitué de titres de qualité (A1+ et A1 pour les titres de type monétaire et entre AAA et AA- pour les titres de type obligataire).L’objectif de Natixis Obli Opportunités 12 Mois est d’obtenir une performance supérieure (nette de frais) de 75 points de base à celle de l’EONIA capitalisé sur une durée de placement recommandée de 12 mois. Le fonds est géré par Olivier de Larouzière, responsable de l’équipe obligataire taux d’intérêt et change.Caractéristiques : Frais de gestion : 0,30 % pour la part I, 0,47 % pour la part R Commission de surperformance : 30 % de la surperformance nette par rapport à l’EONIA capitalisé + 0,75 % pur la part I, 30 % de la surperformance nette par rapport à l’EONIA capitalisé + 0,55 % pur la part R Droits d’entrée : néant pour la part I, 1 % pour la part R
Fonds
21/10/2009

Morningstar double sa participation dans Morningstar Korea

Mardi, Morningstar Inc a annoncé avoir porté sa participation dans Morningstar Korea Co Ltd à environ 80 % contre 40 % précédemment. Les modalités financières de l’opération n’ont pas été dévoilées.Les 20 % restants de Morningstar Korea demeurent la propriété de Seong Ryong Ji, et Jason Hee-Yuk Yoon reste CEO de la société.
21/10/2009
Fonds

Lancement de deux indices durables coréens

SAM, Dow Jones Indexes et KPC annoncent le lancement de deux indices durables sur la Corée du Sud. Le Dow Jones Sustainability Korea Index (DJSI Korea) mesurera la performance des 200 sociétés sud-coréennes leaders en matière de développement durable, alors que le DJSI Korea 20 suivra la performance des 20 sociétés les plus avancées sur ce créneau.
Fonds
21/10/2009

Crystal Finance nomme un directeur régional Afrique

Crystal Finance, société de conseil en gestion de patrimoine spécialiste des Français expatriés, nomme Laurent Caizergues à la direction de la zone Afrique. Il sera basé à Tunis.Laurent Caizergues avait rejoint la société en 2003 en qualité de consultant afin de gérer et développer la clientèle de Bahreïn, de l’Arabie Saoudite et du Qatar. En 2006, basé à Mexico, il est nommé directeur régional pour l’Amérique Latine.
21/10/2009

Résultats contrastés pour BlackRock

Le bénéfice net du troisième trimestre pour BlackRock a gonflé de 46 % à 317 millions de dollars contre 217 millions pour juillet-septembre 2008, mais celui des neuf premiers mois de l’année s’est contracté de 15 % à 619 millions de dollars contre 732 millions. Le bénéfice d’exploitation a chuté de 21 % à 357 millions pour le troisième trimestre en glissement annuel et de 29 % à 889 millions pour janvier-septembre sur la période correspondante de l’an dernier.Les actifs sous gestion et conseil sont ressortis fin septembre à 1.434,77 milliards de dollars, contre 1.271,88 milliards pour ceux sous gestion, contre respectivement 1.373,16 milliards et 1.207,54 milliards fin juin ainsi que 1.258,6 milliards et 1.215, 49 milliards douze mois plus tôt.BlackRock précise que ses actifs sous gestion et conseil ont augmenté depuis le début de l’année de 109,72 milliards de dollars, malgré des remboursements nets de 9,82 milliards. L’effet de change a été positif de 14 milliards, l’effet de marché a fourni 104,18 milliards et l’acquisition de R3 Capital a contribué pour 1,34 milliard au total.Les fonds d’actions et diversifiés ont enregistré des souscriptions nettes de 30,99 milliards de dollars sur les neuf mois, tandis que les fonds monétaires ont subi des sorties nettes de 49,53 milliards au troisième trimestre, ce qui s’est soldé pour cette dernière catégorie par des remboursements nets de 930 millions de dollars pour janvier-septembre.
21/10/2009

BNY Mellon charge la barque

Suite à une restructuration de son portefeuille rendue possible par le regain de vigueur des marchés obligataires, BNY Mellon a opéré des cessions et extériorisé des pertes sur une partie significative de son portefeuille de valeurs mobilières et Robert P. Kelly, chairman and CEO, a souligné que ces mesures devraient augmenter les recettes nettes d’intérêts de 125-175 millions de dollars en 2010 tout en réduisant significativement le risque de pertes ultérieures sur le portefeuille.Le groupe accuse pour le troisième trimestre une perte nette de 2,46 milliards de dollars contre des bénéfices nets de 176 millions de dollars pour avril-juin et 303 millions en juillet-septembre 2008. Pour les neuf premiers mois de l’année, la perte ressort à 1,96 milliard de dollars contre un bénéfice net de 1,36 milliard.A fin septembre, les encours sous conservation et administration représentaient 22 100 milliards de dollars contre 20 700 milliards trois mois plus tôt et 22 400 milliards fin décembre. Les actifs sous gestion se situaient à 966 milliards de dollars contre 926 milliards fin juin et 1.067 milliards au 31 décembre 2008. Les encours gérés ont diminué de 9 % par rapport à fin septembre de l’an dernier. Au troisième trimestre, les remboursements nets ont porté sur 16 milliards de dollars, dont 14 milliards concernant les fonds monétaires.BlackRock précise par ailleurs que les commissions de gestion d’actifs et de fortune, hors commissions de performances, ont représenté 649 millions de dollars au troisième trimestre, soit 18 % de moins que pour juillet-septembre 2008 et 6 % de plus qu’au deuxième trimestre 2009. La baisse en glissement annuel reflète la faiblesse des marchés, partiellement compensée par les souscriptions nettes.
21/10/2009

Aberdeen AM: soft closing of emerging equities fund

Aberdeen Asset Management has announced that its Global Emerging Market Equities fund has undergone a soft closing at GBP952m. The team will rein in the size of the fund in order not to penalise performance, according to a statement. Aberdeen AM will revisit the decision in six months, the management firm adds.
21/10/2009

Warren Buffett thinks low point is behind us

Although the economy is not likely to regain its lustre in the short term, the low point of the crisis is past, and enormous progress has been made in the past twelve months, says the sage of Omaha, Warren Buffett. The Wall Street Journal reports that the head of Berkshire Hathaway nonetheless points out that the United States have not yet returned to 100% health in terms of the return of consumer spending and confidence.
21/10/2009

Evli Bank acquires Swedish Erisk Penser Fonder

The Finnish bank Evli Bank will acquire 100 % of the shares in the Swedish asset manager Erik Penser Fonder AB from Urdar AB. The acquisition is an important step in Evli Bank’s strategy to continue to build its wealth management operations in Sweden. The acquisition adds approximately EUR 200 million in assets to Evli’s current offering through eight Swedish equity-, hedge- and fixed income funds.
21/10/2009

Deutsche Bank appoints a head of institutional clients for Asia ex Japan

Deutsche Bank has recruited Kenneth Kwok has head of institutional private clients in Hong Kong. He was previously head of corporate sales for Asia ex Japan at Goldman Sachs. Kwok will be in charge of developing the range of services from the group for very high net worth clients, Asian Investor states.
21/10/2009

ETF Securities adds to teams

As a result of the growing popularity of ETC and ETF funds, ETF Securities announced on 20 October that it has recruited four new partners. Martin Arnold, who has previously worked for the Australian central bank, joins the firm as senior analyst in the team dedicated to investment strategy and research. Jenny Hisch and Michael Langerup, previously of Goldman Sachs Private Wealth Management, and Michael Langerup, previously of Saxo Bank, join the team specialised in product development, while Amila Kulasinghe, from Goldman Sachs International, joins the legal team.
21/10/2009

Hargreaves Lansdown profits from market rebound

Hargreaves Lansdown has posted 22% gains on its assets under administration in the first quarter of its fiscal year, Money Marketing reports. As of 30 September, these assets totalled GBP14.5bn, compared with GBP11.9bn as of the end of June. Assets under administration on the Vantage platform have also gained 22%, to GBP13.1bn.
21/10/2009

Qatar Holdings sells part of Barclays stake

In a regulated market statement, Barclays Capital has notified the London Stock Exchange that Qatar Holding LLC (QH) will sell nearly 379.22 million ordinary shares in Barclays PLC in an accelerated order book procedure and to exercise an equivalent number of warrants to cover the operation (which corresponds to half the warrants held by QH). The share price for the operation is set at GBP197.775 per share. The transaction will bring in about GBP750m for Barlcays. QH remains the largest shareholder in the British banking group. Credit Suisse Securities (Europe) has been retained as the sole bookkeeper, while Barclays Capital will act as lead manager. Ahmad Al-Sayed, CEO and managing director of Qatar Holding, has stated that the transaction is part of the normal process of allowing the portfolio to breathe, and that the Qatar sovereign fund (Qatar Investment Authority, or QIA, the parent company of QH) is planning to remain a strategic investor in Barclays for the long term.
21/10/2009

Rathbone Brothers acquires management portfolios from Lloyds Banking Group

The British bank Lloyds Banking Group (LBG) announced on 20 October that it has sold asset management portfolios to Rathbone Brothers for a maximum of GBP35.4m, or EUR39m. In total, 6,000 LBG clients, with a total of GBP1.27bn in assets under management, will be transferred to Rathbone, pending their approval. After the transfer, LBG will continue to manage GBP8.5bn in assets for 35,000 high net worth clients. The bank, born of the merger of Lloyds TSB and HBOS, which has already laid off about 8,000 employees since the merger, has also signed an exclusive distribution agreement with Rathbone to send it clients with between GBP250,000 and GBP2m to invest. LBG expects about 40 layoffs to come in Edinburgh as a result of the transaction, though it is working to avoid as many layoffs as possible.
21/10/2009

Bank of England amenable to dismantling banks

Mervyn King, the governor of the Bank of England, on Tuesday night called on banks to separate public services from high-risk businesses, adding that it would be an illusion to suppose that new regulations would prevent future financial crises.
21/10/2009

Morningstar doubles stake in Morningstar Korea

On Tuesday, Morningstar Inc announced that it has increased its stake in Morningstar Korea Co Ltd to about 80%, up from 40% previously. The financial details of the deal were not disclosed. The remaining 20% of Morningstar Korea remain the property of Seong Ryong Ji, while Jason Yee-Huk remains CEO of the firm.
21/10/2009

OFI AM to distribute two funds from Brevan Howard AM

OFI Asset Management has formed a partnership with the London-based alternative management firm Brevan Howard Asset Management, to provide distribution in France of two UCITS III-compliant sub-funds managed by the latter. The products are the Brevan Howard Macro FX Fund, which uses a “pure alpha” management strategy that operates solely on major currencies as a function of discretionary macroeconomic outlooks of managers and economists at BHAM, and the Brevan Howard Absolute Return Bond Plus Fund, which operates exclusively on fixed-income and currency markets in countries of the G10 and other authorised countries. The two funds have a total of over USD520m in assets, nearly evenly distributed between them, while Brevan Howard managed a total of USD25bn as of 30 September 2009.
21/10/2009

Mixed results at BlackRock

Net profits for third quarter at BlackRock increased 46% to USD317m, compared with USD217m in July-September 2008, but results for the first nine months of the year contracted 15% to USD619m, down from USD732m. Assets under management and supervision as of the end of September totalled Usd1.43477trn, compared with USD1.27188trn under management, compared with USD1.37316trn and USD1.20754trn as of the end of June, and USD1.2586trn and USD1.21549trn twelve months earlier. BlackRock states that assets under management and supervision have increased since the beginning of the year by USD109.72bn, despite net redemptions of USD9.82bn, but that currency effects were positive to the tune of USD14bn, and market appreciation brought in USD104.18bn, and the acquisition of R3 Capital contributed USD1.34bn to the total. Balanced and equities funds posted net subscriptions of USD30.99bn in the nine-month period, while money market funds saw net outflows of USD49.53bn in third quarter, which resulted in net redemptions in this category of USD930m in January-September.
21/10/2009

BNY Mellon unloads ballast from balance sheets

Following a restructuring of its portfolio which has been rendered possible by a rebound on the bond markets, BNY Mellon has undertaken some sales of assets and exteriorizations of losses, involving a significant part of its securities portfolio. Robert P. Kelly, chairman and CEO, emphasizes that the measures will increase njet interest income by USD1250175m in 2010, while significantly reducing the risk of further losses on the portfolio. The group has suffered net losses in third quarter of USD2.46bn, compared with net profits of USD176m in April-June, and Usd303m in July-September 2008. In the first nine months of the year, losses have totalled USD1.96bn, compared with a net profit of USD1.36bn. As of the end of September, assets under custody and administration represented USD22.1trn, compared with USD20.7trn three months earlier, and USD22.4trn as of the end of December. Assets under management have fallen 9% since the end of September last year. In third quarter, net redemptions totalled USD16bn, of which USD14bn were from money market funds. BlackRock also states that management commissions from wealth management, excluding performance commissions, totalled USD649m in third quarter, 18% less than in July-September 2008, and 6% more than in second quarter 2009. The decline in annual terms reflects the weakness of the markets, partially offset by net subscriptions.
20/10/2009
Fonds

Alberta Heritage dans le rouge

Le fonds souverain de la province de l’Alberta, l’Alberta Heritage Savings Trust Fund, a accusé pour l’exercice au 31 mars une moins-value de 18,1 %, ce qui s’est traduit par une perte de 2,6 milliards de dollars canadiens alors que le budget provincial prévoyait un gain de 769 millions, rapporte la Börsen-Zeitung.C’est un échec douloureux vu la situation des finances de l’Alberta. Pour aider à équilibrer le budget, le Heritage Fund a en fait pour mission d’augmenter son encours d’au moins 4,5 % par an, après déduction de l’inflation.
Fonds
20/10/2009

Assets under management at ETF Exchange total USD275m

The ETF Exchange platform, launched in late 2008 by ETF Securities, now has assets under management of USD275m, an 84% increase over the past twelve months, ETF Securities has announced in a statement. Since the beginning of the year, ETFs related to commodities have all posted spectacular growth, with an average progression of 42% in the week ending 9 October. These gains result from a 109% leap for the ETFX Russell Global Coal Mining Fund index, an 85% increase for the ETFX Dow Jones 600 Basic Resources Fund, and a 60% increase for the ETFX Russell Global Steel Large Cap Fund.
20/10/2009

Hedge fund asset tides are turning

In third quarter, hedge funds posted their first net subscriptions in more than a year, with total inflows of USD1.1bn, according to Hedge Fund Research. The Wall Street Journal states that more than two thirds of funds posted inflows of USD38bn, which were largely offset by USD37bn in net redemptions and fund liquidations. Outflows continued, however, for funds of hedge funds, though these totalled only USD3.2bn net, compared with USD180bn over the previous four quarters.
20/10/2009

One hedge fund strategy out of 13 shows losses in September, according to Edhec

Emerging markets and distressed securities, with respective gains of 5.24% and 4.38%, were the two strategies to post the best returns in September of the 13 strategies regularly monitored by Edhec. Only one strategy remained in negative territory: dedicated short bias, with losses of 3.63%. In the first nine months of the year, the dedicated short bias and CTA global categories are the only ones running losses, of 17.8% and 1%, respectively, while the best results have been for convertible arbitrage, with returns of 41.3%, ahead of emerging markets, with gains of 31.4%. Since January 2001, two strategies show double-digit average annual results: emerging markets (12.3%) and distressed securities (10.6%). No category shows losses over this period.
20/10/2009

ETF assets increased by half in January-September

According to statistics from Barclays Global Investors (BGI), assets in ETF funds in the Asia-Pacific region (excluding Japan) as of the end of September totalled USD35.58bn, compared with USD31.08bn as of the end of June, USD23.13bn as of the end of March, and USD23.76bn as of the end of December 2008. Over nine months, that corresponds to a 49.7% increase. However, in January-July, ETFs have seen total net redemptions of USD0.1bn, according to Strategic Insight. As of the end of third quarter, there were 114 ETFs in the region, which were listed 187 times on 13 stock markets, from 37 issuers. Since the beginning of the year, the number of ETFs has increased by 18.8%, with 20 new products released and four withdrawn from trading. The major players in the region are State Street, with USD9.55bn in assets in 6 ETF funds, corresponding to a market share of 26.9%, followed by iShares (BGI), with USD6.98bn in eight funds (19.6%), and Hang Seng Investment Management, with USD4.91bn, three ETF funds, and a market share of 13.8%.
20/10/2009

Asian fund industry will expand to USD1.9tn

The Asian fund industry will grow from USD1.2 trillion to USD1.9 trillion in 2014 — a 46% increase, predicts Lipper FMI, a Thomson Reuters company, in a new 300-page report*. Such growth is forecast to come despite an expected decline in fund assets in 2010. The twelve Asian fund markets analysed by Lipper FMI** posted net sales of USD34 billion over the first half of 2009. At one end of the scale India enjoyed inflows of USD28 billion, while the Chinese industry suffered net redemptions of USD39 billion. The latter’s investors withdrew almost as much as they had invested for the whole of 2008 (USD48 billion). Bella Caridade-Ferreira, head of market research at Lipper FMI, commented: “(...) Any fund manager with serious ambitions in Asia needs to take a very long-term view; at least 20 years. But by then Asia could well have overtaken both Europe and the US in terms of industry size.” Already in 2009, while Asian funds have assets less than a third the size of those in domestic European funds, Asian net sales were just 20% lower than in Europe over the first half of 2009. * Lipper FMI’s 2009 ‘Asian Fund Market Almanac’ ** China, Hong Kong, India, Indonesia, Japan, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan and Thailand
20/10/2009

Schroders lance une Sicav pour les hedge funds Ucits III

Schroders is launching Gaia, short for Global Alternative Investor Access, says the Financial Times FM. This Luxembourg-based Sicav will act as an umbrella for hedge fund strategies packaged as Ucits III funds. The first fund available is the Schroder Gaia Egerton European Equity Fund, managed by Egerton Capital, a European equity long/short hedge fund manager.
20/10/2009

Sal. Oppenheim nears deal with Macquarie

According to two different sources whose stories confirm one another, the Börsen-Zeitung reports, the sale of Sal. Oppenheim’s investment banking operation to Macquarie is imminent. Last week, talks already began between the Australian group and the enterprise committee at the originally German bank which has moved its headquarters to Luxembourg.
20/10/2009

LBBW to sell stake in Deka

According to reports in the Frankfurter Allgemeine Zeitung, the Landesbank Baden-Württemberg (LBBW) has applied to the European Commission for permission to sell its 15% stake in DekaBank, as part of a 40% reduction of its overall balance sheet the Commission has required the bank to complete by 2013. The other Landesbanken have a first claim to the stake, but it appears that they are not likely to exercise it. The savings banks will therefore wind up with a majority stake in the asset management firm, in which they currently control 50% (the other half is owned by 8 Landesbanken).

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