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01/10/2009

Mary Callahan Edroes takes over asset management at JP Morgan

Mary Callahan Erdoes, previously head of private banking, will take over as director of asset management activities at JP Morgan, the bank has announced in a statement. Erdoes, who succeeds Jes Stanley, who has been appointed CEO of investment banking activities, will also join the Operating Committee at JP Morgan Chase. Erdoes joined the JP Morgan private bank in 1996, to direct the Fixed Income department for high net worth investors (HNWI) and charities. After serving in other positions of responsibility, she was appointed CEO of the private bank in 2005, and joined the Executive Committee of the group.
01/10/2009

SAC invests in new fund from RWC Partners

SAC Capital, the USD16bn hedge fund group, has invested in a new London-based fund managed by one of its former traders, says the Financial Times. RWC Partners’ new US Absolute Alpha fund, run by Mike Corcell (ex-Threadneedle), is expected to launch on Thursday, according to people familiar with the situation. The fund has raised USD350m and should get a further USD200m.
01/10/2009

Assets fell by 12% in 2008, according to IFSL

Assets under management in the United Kingdom contracted by 12% last year, to a total of GBP3.7trn, International Financial Services London (IFSL), a body that promotes British financial services worldwide, reports. This contraction follows five consecutive years of increases, averaging 8%. Poor returns, falling subscriptions and redemptions to investors were to blame for this contraction. Initial indicators for 2009 show that the sector has begun to recover, with a 14% increase in January-July in assets in retail funds domiciled in the United Kingdom. IFSL reports that two thirds of assets in 2008 were held by institutionals, while 16% were represented by retail funds, and 9% were in hedge funds, while the remainder corresponded to private clients. Profit margins for fund managers fell to 23%, from 32% in 2007.
01/10/2009

Mutuactivos bets on financial sector bonds

The fund management firm for Mutua Madrileña, Mutuactivos, last week launched the Mutuafondo Bonos Financieros fund. The product invests in bonds from European banks and insurers, which is a more conservative way of betting on the financial sector than through investment in equities, Expansión reports. The fund, which has already attracted EUR100m, is managed by Joaquín Álvarez-Borrás; securities in the portfolio will be rated at least BBB-, one notch above junk bonds, but the manager will focus on the leaders in each country. Until 15 October, subscriptions will carry no front-end fee. After that date, Mutuactivos will charge a 3% entry fee at subscription or in case of redemption after less than three years.
01/10/2009

Emerging market debt: a source of security

Agefi Switzerland reports that the manager Asoka Woehrmann, head of the Retail Fixed Income division at DWS, estimates that emerging market debt represents a new area of opportunities. Countries included in this universe are on the whole net exporters with trade surpluses. South Korea, for example, which at the beginning of the year underwent a 50% fall in its industrial production, is recovering faster than the United States, Germany, Italy, or France. China’s efforts to support its economy have never been so important. “As proof, the crisis has literally wiped the Icelandic kronur off the map of global currencies, but the Brazilian real, the Chinese yuan and the Korean won are doing well. Emerging debt is no longer hot finance.”
01/10/2009

Jubilee raises its minimal investment levels

Jubilee is making a change to its strategy, and has raised its minimal investment to GBP15,000 for its full range of structured products and for all vehicles to be launched in the future, Investment Week reports. The firm is seeking to orient itself to more upmarket clients, and has also suspended all promotional activities serving independent financial advisors (IFAs). The firm says the size of the average investment is already far above the GBP15,000 pound mark, and is set to rise in the future.
01/10/2009

Assets up at Man Group in Q3

According to initial estimates, total assets at Man Group totalled USD43.8bn as of 30 September, compared with USD43.3bn at the end of June, and USD46.8bn as of 31 March. The alternative asset management firm puts its pre-tax profits for the first six months of its fiscal year, ending on 31 March, at USD280m, compared with USD622m for the corresponding period of last year. Gross subscriptions from retail investors in the first half of the current fiscal year totalled USD5bn, of which USD1.6bn were in July-September, while redemptions totalled USD2.7bn. As of 30 September, assets managed for retail investors totalled USD29.1bn, compared with USD27.3bn as of 30 June. Institutional investors withdrew a net total of USD1.7bn in July-September, compared with USD3.6bn in April-June. Quarterly redemptions booked for 1 October total USD0.7bn. As of the end of September, institutional assets are estimated at USD14.7bn, compared with USD16bn three months previously.
01/10/2009

UK banks will follow G20 bonus rules

La Tribune reports that in a joint statement, the top five UK banks - HSBC, Barclays, Lloyds, Royal Bank of Scotland and Standard Chartered - have announced that they will work with the Financial Services Authority to apply the bonus restrictions agreed at last week’s G20 meeting in Pittsburgh, from 1 January next year. The banks note that all member nations have pledged to apply the rules in order to ensure a level playing field.
01/10/2009

Man Group CEO criticizes aspects of draft AIFM directive

In an interview with the Frankfurter Allgemeine Zeitung, Peter Clarke, CEO of Man Group, says there has been a rebound in demand on the part of investors, particularly for guaranteed products. He also says that Man Group is favourably disposed to several points in the draft alternative management directive proposed in Brussels: some security standards need to apply to all hedge funds, including the smallest ones which are not publicly traded, in order for competition to be equitable. However, Clarke considers the text too hard on non-European hedge funds. He argues that the idea of requiring banks to be responsible for hedge funds’ risks is too onerous. Lastly, the idea of limiting the amount of leverage which hedge funds are allowed to use to increase their performance goes a step too far.
01/10/2009

Pas de sortie monétaire sans maîtrise budgétaire

De très nombreuses questions sont posées aujourd’hui sur le calendrier, l’ordre, la façon dont la BCE sortira de la politique monétaire non conventionnelle. Ira-t-elle au terme de son programme d’achats de covered bonds ? Apposera-t-elle une marge aux prochaines opérations de financement long ? Quand prendront fin les procédures d’appel d’offre à taux fixe ? Regardons les choses en face : ces questions sont prématurées.
30/09/2009
Fonds

Le GIC veut recommencer à investir

Ng Kok Song, directeur de l’investissement de Government of Singapore Investment Corp. (GIC), a indiqué que ce fonds souverain singapourien a l’intention désormais d’investir à nouveau. Son quotient de liquidités se situe pour l’instant à 8 % des 200 milliards de dollars d’encours, et la part des actions a diminué à 38 % contre 44 %, essentiellement à la suite de vente de titres de sociétés des pays industrialisés, rapporte la Frankfurter Allgemeine Zeitung.Durant l’exercice au 31 mars, l’encours a baissé de «plus de 20 %», ce qui a réduit la performance sur 20 ans à une moyenne de 2,6 % en termes réels. Cependant, depuis le début avril, plus de la moitié des moins-values ont été récupérées.
Fonds
30/09/2009
Fonds

"Nous venons de parachever la réorientation de notre gamme obligataire"

Petercam a recruté à la mi-janvier Peter de Coensel chez Capital at Work afin de réorienter une partie de sa gamme obligataire. C'est déjà "mission accomplie" en ce qui concerne le fonds Petercam L Bonds EUR Quality, un produit d'obligations d'entreprises qui affiche à présent 750 millions d'euros d'encours après être passé par un plus bas de 395 millions en mars (il avait commencé l'année à 560 millions), et par Petercam L Bonds Universalis un "tout-terrain" obligataire, qui pèse maintenant 450 millions d'euros.
Fonds
30/09/2009

UBS refranchit le seuil des 3 % chez Fortis

Fortis a indiqué mardi qu’UBS lui a notifié le 21 septembre avoir à nouveau -pour la troisième fois depuis avril- franchi à la hausse le seuil des 3 % des actions en circulation. A cette date, la banque helvétique détenait en effet plus de 92,49 millions de droits de vote effectifs et potentiels, ce qui représentait une participation de 3,68 %.
30/09/2009

Aberdeen ouvre un bureau à Sao Paulo

Aberdeen Asset Management ouvre un bureau au Brésil à Sao Paulo, rapporte Bloomberg. Il sera dirigé par Nick Robinson. L’acquisition d’une partie de Credit Suisse cette année a porté les encours gérés en actions d’Amérique latine de la société écossaise à 4 milliards de dollars.
30/09/2009

92 SRI funds receive SRI label from Novethic

Of 121 funds that were candidates to receive the label, 92 socially investment funds on sale in France have obtained the Label ISR Novethic, intended as a point of reference for retail investors. The funds, in all asset classes, represent a total of EUR10bn in assets, and are managed by 25 asset managers. Among these are affiliates of the major distribution networks, with the notable exception of Crédit Agricole Asset Management, a few foreign asset management firms, and specialised boutiques. The label was launched on Tuesday by Novethic (an affiliate of the Caisse des Dépôts), with the goal of promoting the diffusion of socially responsible investment products among retail investors, by facilitating the comprehension of these products. Though SRI management is developing, its market share among retail investors shrank between 2007 and 2008. To obtain the label, which is free of charge, funds from applicant asset management firms must meet four requirements.
30/09/2009

Actively-managed ETFs use stock-picking

Grail Advisors, of San Francisco, is launching on Thursday four actively managed ETFs relying solely on stock pickers: RP Growth, RP Focused Large Cap Growth, RP Technology and RP Financials, says the WSJ. RiverPark Advisors, assisted by Wedgewood Partners, will do the day-to-day stock selection.
30/09/2009

2010 could be the year of the green boom

Agefi Switzerland reports that the sustainability analysis service from Banque Sarasin is convinced that the Copenhagen climate accords will mean strong potential for sustainable investments. As pledged made under the Kyoto protocol expire in 2012, the Copenhagen conference to be held this December will represent an important turning point, not only for the climate, but also for investors. At a press conference in Hong Kong, Andreas Knörzer, head of sustainable investments at Banque Sarasin, emphasized that sustainable investors would profit from infrastructure spending planned by governments in order to stimulate growth. This spending will be primarily invested in the energy, water and transportation sectors. Before the Copenhagen environmental summit in December, 16% (USD512bn) of public spending totalling USD3.1trn was invested in technologies to adapt to climate change.
30/09/2009

Crisis provokes concentration for real estate funds

The Wall Street Journal notes a growing trend for limited partners in private equity funds to require general partners to transfer real estate funds or assets to other fund managers whom they trust. For example, Palmer Capital Partners took over two European real estate funds in July from Belgravia Asset Management, a firm which has since closed down. ING Groep has taken over about USD2.1bn in assets since the beginning of the year from clients seeking to change managers, and in June, ING Clarion took over the New City Asia Opportunity Fund, which was previously managed by New City Asia Fund Management Pte. Ltd of Singapore. AEW (an affiliate of Natixis Global Asset Management) has received transfers of about USD1.5bn in assets from institutional investors, including CalPERS, as these investors have withdrawn their assets from other managers (Shattuck Hammond, in the case of CalPERS).
30/09/2009

Assets at ETF Securities hit all-time highs

Assets under management at ETF Securities have set a new record at EUR10bn, as a growing number of investors show an interest in hard assets, at a time when the financial situation of governments is deteriorating and quantitative easing raises particular concerns about the evolution of the US dollar and the pound sterling, and about inflationary outlooks in the mid-term.
30/09/2009

Aberdeen opens an office in Sao Paulo

Aberdeen Asset Management is opening an office in Sao Paulo in Brazil. It will be headed by Nick Robinson. The Credit Suisse acquisition brought Aberdeen’s total equities under management in Latin America to USD4 billion.
30/09/2009

Euroclear to sell stake in LCH.Clearnet

As part of an initiative to rebalance the shareholder structure of LCH.Clearnet, Euroclear is planning to redeem its 15.8% stake in the London-based clearing organisation. Pierre Francotte, CEO of Euroclear, has also announced that LCH.Clearnet and Euroclear will launch an initiative to allow their clients to save on costs and to benefit from improved synergies between cash settlement of securities trading activities at LCH.Clearnet, and custody and settlement activities at Euroclear.
30/09/2009

Lyxor becomes number one provider of sectoral ETFs

Thomas Meyer zu Drewer, head of ETF activities at Lyxor Asset Management (Société Générale) for Germany and Austria, says that the 18 sectoral ETFs (covering 18 of 19 sub-indexes of the DJ Euro Stoxx 600) from the French management firm as of 18 September had assets of EUR1.85bn. This makes Lyxor the new number one promoter of sectoral ETFs in Europe. Assets have leapt 135% since the beginning of the year, while the Euro Stoxx 600 has gained 23%.
30/09/2009
Fonds

Le grundinvest de KanAm distribue 2,50 euros par part

Au titre de l’exercice au 30 juin, le fonds grundinvest de KanAm va servir le 1er octobre un dividende inchangé de 2,50 euros par part ; cela représente 212 millions d’euros, soit 22,8 millions d’euros de plus que pour 2007-2008. La performance a baissé pour 2008-2009 à 5 % contre 5,7 % pour 2007-2008 et 6 % pour 2006-2007 (lire notre dépêche du 1er octobre 2008).Le taux d’occupation des immeubles ressortait fin juin à 98,6 % et l’encours à fin août se situait à 4,4 milliards d’euros, contre environ 5 milliards fin juin. Cela posé, le fonds a été rouvert aux remboursements le 8 juillet après avoir été fermé depuis fin octobre 2008 (lire notre dépêche du 7 juillet 2009).L’audit indépendant des actifs en portefeuille s’est traduit par un ajustement à la baisse de 8 cents par part.
Fonds
30/09/2009
Fonds

Fidelity lance un fonds d'actifs "réels"

Mardi, Fidelity International a annoncé qu’elle entame la commercialisation du fonds luxembourgeois Fidelity Global Real Asset Securities lancé le 2 septembre. Ce produit de 40-60 lignes (il en a actuellement 62) géré par Amit Lodha doit permettre de tirer parti des programmes de relance dans le monde ainsi que de l’industrialisation des pays émergents. Le portefeuille sera investi dans des entreprises du secteur des actifs «réels» comme l’infrastructure, l'énergie, les matières premières, les matériaux de base, l’industrie, l’immobilier et les services publics de manière à ce que la performance soit au rendez-vous, que les prix de l'énergie et des matières premières augmentent ou baissent. Caractéristiques Dénomination Fidelity Global Real Asset Securities Fund Date de lancement 02.09.2009 Gérant Amit Lodha Monnaie de référence US-Dollar Indice de référence Indices MSCI AC World: 30 % Energy + 20 % Industrials + 20 % Materials + 10 % Utilities + 20 % Real Estate Droit d’entrée 5,25 % Managementgebühr p.a. 1,5 % Part de capitalisation euro-hedgée ISIN: LU0417495552 Part de capitalisationUS-Dollar ISIN: LU0417495479
Fonds
30/09/2009

Allianz fait le point sur son engagement "développement durable"

Dans la huitième édition de son rapport annuel de développement durable (www.allianz.com/sustainability), l’assureur allemand Allianz indique que sa gamme comporte déjà plus de trente références de produits qui visent à modérer l’incidence du changement climatique ou à permettre une adaptation à l’impact inéluctable de ce changement.D’autre part, l’assureur allemand continue d’investir dans les énergies renouvelables et possède par exemple des parcs d'éoliennes dans lesquels le groupe a investi plus de 500 millions d’euros et dont la production de 240 mégawatts est suffisante pour alimenter 200.000 ménages. Des investissements de 1,2 milliard d’euros dans l'éolien et le photoviolataïque sont programmés d’ici à 2012.Enfin, le rapport précise que plus de 1,8 million de personnes dans les pays en développement sont protégés par des polices de micro-assurances d’Allianz.
30/09/2009

Lyxor est devenu le numéro un des ETF sectoriels

Selon Thomas Meyer zu Drewer, qui dirige l’activité ETF de Lyxor Asset Management (Société Générale) en Allemagne et en Autriche, les 18 ETF sectoriels (sur 18 des 19 des sous-indices du DJ Euro Stoxx 600) du gestionnaire français affichaient au 18 septembre un encours de 1,85 milliard d’euros. Cela fait désormais de Lyxor le numéro un des promoteurs d’ETF sectoriels en Europe. L’encours a opéré un bond en avant de 135 % depuis le début de l’année pendant que l’Euro Stoxx 600 affichait une hausse de 23 %.
30/09/2009

Skagen recrute une gérante

La société de gestion norvégienne Skagen Funds vient de recruter Cathrine Gether en tant que gérante de portefeuilles. A partir du 5 octobre, elle s’occupera de l’analyse actions des participations existantes et potentielles dans l'équipe qui gère le fonds marchés émergents Skagen Kon-Tiki. Cathrine Gethner était précédemment gérante au sein du hedge fund Millennium Capital Partners à Londres.
30/09/2009
Fonds

Omega Gestión lance Alphaville

Omega Gestión de Inversiones, la société de gestion d’Alicia Koplowitz, fait enregistrer par la CNMV le hedge fund Alphaville qui est doté initialement de 10 millions d’euros, rapporte Funds People. L’objectif est une performance de 12-15 % avec une volatilité moyenne d’environ 8 %, a indiqué Alberto Ruiz, le directeur général.La particularité de l’Alphaville, un fonds multistratégies, est de combiner l’investissement dans des fonds de performance absolue avec des placements en titres vifs sur les marchés obligataires et des actions.
Fonds

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