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20/08/2009

Macquarie acquiert Delaware Investments

L’australien Macquarie Group a annoncé mercredi l’acquisition de Delaware Investments, la société de gestion d’actifs de l’américain Lincoln Financial Group, pour 428 millions de dollars. Cette opération aux Etats-Unis permet au groupe australien d'étoffer ses encours de 125 milliards de dollars US, pour les porter à plus de 300 milliards de dollars. Elle s’inscrit dans le cadre de la stratégie de Macquarie de développer son activité de gestion d’actifs. Delaware, qui emploie 580 personnes, fournit des services d’investissement à des investisseurs particuliers et institutionnels. Son siège restera à Philadelphie et son équipe de professionnels de l’investissement continuera à servir ses clients comme avant, précise le communiqué de presse. Mais désormais, ces derniers se verront aussi offrir les stratégies d’investissement de Macquarie. L’inverse sera aussi possible pour les clients de Macquarie.
20/08/2009
Fonds

Bob Doll abandonne la gestion du fonds US Growth

Selon Citywire, BlackRock a procédé a quelques changements de gérants pour un certain nombre de fonds de sa gamme BGF. Le changement le plus notable est le remplacement de Bob Doll, le CIO actions mondiales, qui cède le contrôle du fonds BGF US Growth Fund (100 millions d’euros) au duo composé de Jeff Lindsay et Ed Dowd. Il continuera néanmoins à gérer ses autres fonds, précise Citywire.
Fonds
20/08/2009

Hausse des encours de Fidelity

Fidelity Investments a annoncé lors d’une présentation à Boston que ses fonds avaient affiché des souscriptions nettes de 44,2 milliards de dollars au premier semestre, rapporte le Wall Street Journal. Ses encours sous gestion ont augmenté de 9 % à 1.360 milliards de dollars.
20/08/2009

Fitch attribue un M1 à Alcentra

Fitch Ratings a attribué la note asset manager de M1 à Alcentra pour ses activités de gestion d’actifs européennes, laquelle remplace la note CAM1 pour les CDO. Cela fait suite au changement de méthodologie de l’agence pour noter les gestionnaires crédit.
20/08/2009

Morgan Stanley vend un immeuble à Shangai

Le groupe immobilier chinois SOHO China a annoncé avoir conclu le rachat d’un immeuble de bureaux à Shanghai à la banque Morgan Stanley pour 2,45 milliards de yuans (358,7 millions de dollars), indique les Echos.Loué à environ 30%, Soho China a précisé qu’il allait le restructurer.En raison de la crise, le taux de vacance dans les bureaux de Shanghai a atteint un record.
20/08/2009

Agreement between UBS and the United States

Les Echos reports that UBS, which has faced a series of legal actions over a tax evasion scandal, signed a definitive out-of-court settlement with the US authorities on Wednesday, 19 August. The agreement states that the names of 4,450 account-holders at UBS will be handed over to the US tax authorities. The agreement between Switzerland and the United States also provides for “further requests for administrative cooperation relating to approximately 4,450 accounts,” less than the 52,000 accounts initially claimed by the United States authorities, a press statement from the Swiss government points out.
20/08/2009

Agreement between UBS and US tax authorities unveiled

An agreement with the US tax authorities has been announced, which will free UBS from having to pay another fine, Le Temps reports. Swiss legal procedure has also been respected, and taxpayers’ right to hearing in a court of law has been maintained. Ultimately, the names of about 4,450 account-holders will be disclosed to the United States, though the IRS, the US tax authority, was seeking 52,000 names. It will certainly get 4,500, and may get as many as 10,000 names, the newspaper reports. According to the IRS, total assets held in Swiss bank accounts by the 4,450 people whose names will be handed over to the tax authorities may at some times have totalled “over USD18bn.” The IRS says it is pleased that “the Swiss government has undertaken to examine and handle other demands for information about account-holders at other banks,” in cases “equivalent” to those at UBS. The Swiss confederation, for its part, has decided to sell its CHF6bn stake in UBS. The convertible bonds held by the Swiss federal government will be converted into equities, probably on 25 August, and then sold to institutional investors, UBS says. A further issue of 332 million new shares (for a total value of CHF5.56bn currently) will also be held.
20/08/2009

Bob Doll replaced as manager of US Growth fund

Citywire reports that BlackRock has made some changes to its line-up of managers for several funds of the BGF range. The most notable change is that Bob Doll, CIO for global equities, will now hand over control of the BGF US Growth Fund (EUR100m) to a two-man team composed of Jeff Lindsay and Ed Dowd. He will nonetheless continue to manage his other funds, Citywire reports.
20/08/2009

Invesco releases a money market fund

Invesco is releasing a new “American-style” fund in France, called Euro Liquidity Portfolio. The fund, launched in June 2006, is aimed at corporate treasurers and investors, and allows them to invest short-term liquidities. The portfolio, totalling EUR719m, is composed of two parts. One of them, which represents up to 30% of the portfolio, aims to provide continual liquidity, regardless of market conditions. To achieve this, it is composed of securities with maturity dates of 1 to 3 days. The second part is invested in top-quality securities, with residual time until maturity of up to 397 days. These are retained until they mature. In practice, the average time to maturity for the entire portfolio taken together is about 35 days. Securities in the portfolio come from 40 issuers. The fund carries the highest possible credit rating, AAA. Its performance between 31 July 2008 and 31 July 2009 was 2.62%, compared 2.13% for the Eonia, its benchmark index.
20/08/2009

Credit Suisse AM launches a MENA fund

Credit Suisse Asset Management has launched the Credit Suisse SICAV One (Lux) Equity Middle East & North Africa, a Luxembourg-registered equities fund investing in the Middle East and North Africa. The new product will be managed by Farid Samji, who has 5 years of experience in the management of MENA funds in the Middle East. “The investment strategy is based on active management which relies on top-down as well as bottom-up analysis,” says CSAM, adding that the bechmark index is the MSCI Arabia ex Saudi Arabia (Domestic).
20/08/2009

China attracts hedge funds

The Wall Street Journal and Financial News report that China is replacing London as the preferred place of domicile for managers specialised in Asia, and that it is replacing Japan as home to Asian hedge funds. Hedge Fund Research finds that 24% of hedge funds specialised in Asia are now based in China, an increase of more than 5% compared with last year.
20/08/2009

Assets up at Fidelity

Fidelity Investments has announced at a presentation in Boston that its funds posted net subscriptions of USD44.2bn in first half, the Wall Street Journal reports. Assets under management have increased by 9% to USD1.360trn.
20/08/2009

Macquarie acquires Delaware Investments

The Australian Macquarie group announced on Wednesday that it has acquired Delaware Investments, the asset management firm of the American Lincoln Financial Group, for USD428m. The operation in the United States will allow the Australian group to increase its assets from USD125bn to more than USD300bn. The move is a part of Macquarie’s strategy to develop its asset management activities. Delaware, which has 580 employees, provides investment services to retail and institutional investors. It will continue to be headquartered in Philadelphia, Pennsylvania, and its team of investment professionals will continue to serve clients as before, a press statement explains. But now, these professionals will also offer Macquarie investment strategies. Macquarie clients will also have access to Delaware products.
20/08/2009

Hedge fund bets that gas prices will triple

A hedge fund, whose name is not known, has bet millions of dollars that the price of natural gas will triple by winter, at a time when prices are at 7-year lows, the Financial Times reports. The fund spent millions for the right to buy US natural gas at USD10 per mBtu in January and February, compared with a price of USD3 on Wednesday this week.
20/08/2009

Cautious optimism at Fortis Investments

«The global recession has come to an end», says Joost van Leenders, investment specialist, investment strategy at Fortis Investments in a flash dated 18 August. «However, although economic growth could make a return in the coming quarters, it is likely to be mostly due to temporary factors such as inventory rebuilding and government stimulus spending», he adds. «We remain concerned about the strength and sustainability of the recovery over the longer term».In this context, Joost van Leenders says he is the «most positive» on emerging markets given their strong fundamentals and the increased dynamics within and between these countries. «But again it is important to bear in mind that the strong growth rates we are seeing at the moment are from depressed levels», he warns. «Our concerns about the longer term have not prevented us from taking more risk in our model portfolio. We have increased our overweight in emerging market equities and built a long position in high yield bonds. We are also overweight commodities, investment-grade credit and emerging market debt denominated in local currencies. We are underweight defensive assets such as US equities and nominal and inflation-linked government bonds», says the investment specialist.
20/08/2009

Jobs not cut at Lloyds Banking Group

Despite considerable financial difficulties, La Tribune reports that Lloyds Banking Group (LBG) is calling off plans to close 164 branches of its affiliate Cheltenham and Gloucester.
20/08/2009

M&G and Invesco lead in subscriptions

In the United Kingdom, inflows to retail funds reached record levels in second quarter 2009, thanks both to low interest rates for savings deposits and to a rally on the equities markets, Lipper FMI finds in its most recent UK Fund Flash. The most remarkable characteristic of the period under review is that interest in equities funds has returned: GBP3bn were invested in this asset class, of which GBP2.5bn came from retail investors. In terms of net inflows, the winning asset management firms in the quarter were M&G, with GBP1.4bn, and Invesco Perpetual, with GBP1.09bn. The Australian firm First State is in third place, with GBP603.6m, ahead of BlackRock (GBP515.7m), Jupiter (GBP499.9m), Neptune (GBP479.7m), BNY Mellon (GBP456.4m), Threadneedle (GBP381.9m), Scottish Widows (GBP343.6m) and HSBC (GBP302.6m).
20/08/2009

Fitch rates Alcentra M1

Fitch Ratings has awarded an asset manager rating of M1 to Alcentra for its European asset management activities, replacing the rating of CAM1 for CDOs. The new rating follows changes to the agency’s methodology for rating credit managers.
20/08/2009

Managers return to equities

The optimism of investors worldwide about the global economy reached its highest level in six years in August, according to the most recent survey of portfolio managers undertaken by Merrill Lynch. 75% of those surveyed think the global economy will get stronger in the next 12 months, which represents the highest level since November 2003, and an increase from the 63% seen in July. 70% of respondents predict that profits will increase at businesses in the next year, compared with 51% last month. This regain of optimism may also be observed in asset allocations. Exposure to equities increased strongly in one month, as 34% of managers surveyed are overweight in this asset class, compared with 7% in July, while the proportion of cash has fallen from 4.7% to 3.5%. The Risk and Liquidity indicator from Merrill Lynch has also increased to 41, its highest level in two years. The survey covered 204 managers representing assets of USD554bn.
20/08/2009

Austria threatened with sanctions

Les Echos reports that the European investment bank is threatening sanctions against Austrian banks if the Parliament does not pass a law by March 2010 repealing banking seecrecy.
20/08/2009

Morgan Stanley sells a building in Shanghai

The Chinese real estate group SOHO China has announced that it has concluded its acquisition of an office building in Shanghai from the bank Morgan Stanley for CNY2.45bn (USD358.7m), Les Echos reports. Soho China states that, with approximately 30% of the property leased, it is planning to restructure. Due to the crisis, vacancy rates in Shanghai office properties has reached record levels.
19/08/2009

BBVA affiche des ambitions aux Etats-Unis

Interrogé par le Wall Street Journal, Francisco Gonzalez, le patron de la banque espagnole BBVA espère bien tirer parti de la crise pour racheter des actifs aux Etats-Unis, rapporte les Echos. Notamment en réalisant des acquisitions dans la moitié sud du pays. Pour mettre en avant ses intentions, le patron de BBVA aurait, selon le Wall Street Journal, déjà rencontré Sheila Bair, la présidente du FDIC (Federal Deposit Insurance Corp), en charge de la restructuration des banques de détail en difficulté.
19/08/2009

Fortis Investments double ses encours en Inde

Dans sa dernière lettre aux journalistes, Fortis Investments (groupe BNP Paribas) annonce avoir dépassé la barre des 2 milliards de dollars d’encours sous gestion en Inde le 11 août. Cela représente une hausse de plus de 100 % depuis décembre 2008, précise la société de gestion. «La croissance des encours peut être attribuée à la performance régulière de ses fonds de produits de taux qui figurent parmi les fonds les plus performants de leurs catégories», explique Fortis.
19/08/2009
Fonds

L'arbitrage de convertibles se distingue en juillet

En juillet, pratiquement toutes les stratégies de hedge funds recensées par l’Edhec (Edhec Alternative Indexes) affichent des gains.Parmi les stratégies gagnantes, c’est l’arbitrage de convertibles qui se distingue sur le mois d'été, avec une hausse de 6,56 %. L’Edhec note que cette stratégie a été portée par l'écartement des spreads de crédit et la performance remarquable des obligations convertibles, et qu’il s’agit du meilleur rendement mensuel affiché par la catégorie dans l’histoire des indices Edhec. Depuis le début de l’année, la stratégie progresse de 36,6 %. Le «distressed securities» a lui aussi bénéficié de la hausse des spreads avec +3,39 %. La stratégie marchés émergents fait aussi son retour avec une hausse de 4,39 % sur juillet et un gain de 22,5 % depuis le début de l’année. Le long short equity affiche quant à lui une performance de 2,85 %, inférieure à la hausse du S&P 500. Les deux seules stratégies dans le rouge en juillet sont celles de CTA Global et de vente à découvert, avec des pertes de respectivement 0,19 % et 5,95 %. Ce sont d’ailleurs aussi les seules à être en négatif depuis le début de l’année (-3,2 % et -13,3 %).
Fonds
19/08/2009

Les actionnaires appelés à sanctionner Aberdeen

Selon Citywire, un groupe de défense des actionnaires Pirc a appelé les investisseurs à s’opposer à la réélection de plusieurs membres du conseil d’administration d’Aberdeen et de s’abstenir sur leur rémunération. Pirc s’est dit préoccupé par l’absence de membres indépendants au sein de ce conseil. Président et administrateur non exécutif, Alan Henderson par exemple n’est pas considéré comme indépendant, dans la mesure où il siège au conseil depuis 14 ans et a déjà siégé au conseil d’Aberdeen New Thai. Or, Pirc fixe le plafond de la présence au conseil d’administration à neuf ans. Au delà l’indépendance de l’intéressé est remise en cause.Autre cas : un membre comme Hugh Young n’est pas considéré comme indépendant car il est directeur général de l’asset management d’Aberdeen et gère également les «trust’s assets»’. Enfin, le groupe Pirc a également recommandé aux actionnaires de ne pas approuver le rapport et les comptes en signe de protestation compte tenu de l’absence d’une structure de frais liée à performance.
19/08/2009

L’Etat sortirait d’UBS

Le gouvernement suisse pourrait profiter de l’accord conclu entre UBS et le fisc américain, dont les détails devraient être dévoilés dès aujourd’hui, pour céder la participation qu’il détient dans la banque helvétique, selon L’Agefi, qui cite plusieurs sources. Le désengagement de Berne interviendrait d’ici à la fin du mois. La Confédération helvétique détient des obligations convertibles en actions représentant 9,3 % d’UBS, précise le quotidien.

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