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20/07/2009

db x-trackers releases S&P U.S. Carbon Efficient ETF

Deutsche Börse has announced that the 461st ETF product was admitted to trading on Friday on the XTF segment of its Xetra electronic platform. It is the S&P U.S. Carbon Efficient ETF, a Luxembourg-registered product which db x-trackers has been offering on the London Stock Exchange for several days (see Newsmanagers of 15 and 17 July).
20/07/2009

Smith Barney deal boosts asset management profits at Citi

The sale of Smith Barney to Morgan Stanley has generated net capital gains of USD6.7bn for Citi. Citi has also announced that earnings for its brokerage and asset management (BAM) division for second quarter totalled USD12.3bn, compared with USD2.5bn in the corresponding period of 2008, while net profits totalled USD6.8bn, compared with USD218m. As of 30 June, total assets came to USD56bn, which represents a decline of 14% from the end of December, which represents a desire on the part of Citi to reduce volumes in this activity. This amount includes about USD19bn managed at Nikko Cordial Securities, which is one of the activities up for sale. The sale of the Japanese affiliate was announced in May. Globally, Citi shows net profits in second quarter of USD4.3bn, or 49 cents per share.
20/07/2009

Sustainable development generates alpha, according to a SAM study

In a study of about 400 companies worldwide, excluding Canada and emerging markets, the Swiss management firm SAM Sustainable Asset Management and the quantitative strategies department at Robeco (SAM’s parent company) have found that in the period from 2001-2008, investing in the firms most advanced in sustainable development generated average outperformance of 1.48 percentage points, with a positive information ratio of 0.47. Stephanie Feigt, CIO of SAM, says outperformance is the result of the analysis of “understudied” sustainable development factors, which have a positive impact on the value of companies in the long term. The creation of value results from a concentration on the part of these pioneers in sustainable development, as much as it does from the fact that they avoid investments in firms that lag behind. The outperformance of a long/short portfolio of this type would have been accentuated during the credit crisis in 2008. The study is available in English or German on request, from the email address com@sam-group.com.
20/07/2009

Apollo in talks to increase stake in Infineon

The US private equity investor Apollo is negotiating with several shareholders in the German semiconductor manufacturer Infineon, including the investment funds Dodge & Cox International Stock Fund (10.03%), Merrill Lynch, Capital Group and Franklin Templeton, to convince them not to participate in a capital increase which will begin this Monday, and which is set to conclude on 3 August (337 million shares at EUR2.15 each, compared with a current share price of EUR3.32). Die Welt reports that, if Apollo succeeds in convincing the firms, its stake in Infineon may increase to as much as 29.9%. With a minimum of 15%, it would have the right to control two seats in the firm’s management, including the chairman of the supervisory board. It is thought that in this case, Max-Dietrich Kley would be required to resign as chairman of the board, in favour of Manfred Puffer, formerly of WestLB. If the capital increase is concluded before the deadline and Apollo does not obtain a stake of 15% or more, Infineon will be required to pay the private equity investor a EUR21m retraction charge.
20/07/2009

Subscribers complain as fees rise

As of 1 August, Allianz Global Investors will be introducing a performance fee for 19 of its funds, while it will be cancelling fees of this type for 16 others. At DWS, only one third of the product range charges fees of this type, while at Deka, there are plans to introduce performance commissions for all equity fund products next year. Union Investments has been charging commissions of this type for 15 of its funds since December, the Frankfurter Allgemeine Zeitung reports.Overall, the asset management sector has already lost 50% or more of its clients’ money, and now that in the mid-term gains are to be expected, these asset management firms are seeking to introduce percentage charges on gains. This is all proceeding as though banks and management firms had gone mad, one investor writes. This attitude is difficult to understand, since actors are finding themselves contronted not only by the consequences of the crisis, but also by the emergence of considerably more inexpensive competitors, in the form of ETFs. But it is true that they will also need to contend with rising costs.
20/07/2009

Standard Life appoints a new head of Corporate Pensions

The British insurance group Standard Life has appointed Hans-Werner Rölf as director of corporate pensions for Germany, effective immediately. Rölf joined the management team at Standard Life in 1998. He will retain his responsibilities as director business development.
20/07/2009

Neuberger Berman launches a Greater China equities fund

The Irish umbrella fund Neuberger Berman Investment Funds Plc, which complies with the UCITS III directive, now includes a new sub-fund, the Greater China Equity Fund, which Neuberger Berman Group is planning to release for sale in Europe. The equities fund invests in equities in shares in companies that make more than 50% of their revenues from China. The portfolio will include companies of all sectors, but the management team is planning to place the emphasis on consumer sectors (food and beverages, agriculture, retail, pharmaceuticals, health, real estate, leisure) and infrastructure (mechanical, electrical equipment, alternative energies, coal, and electricity distribution companies). The fund is aimed at institutional investors and intermediaries in the United Kingdom, continental Europe and the Middle East. It is managed in Hong Kong by Yulin (Frank) Yao and Lihui Tang, with the assistance of a team of analysts based in Shanghai. The fund will aim for a tracking error of 3-5%, with a turnover rate of 100% to 150%. Management fees will total 1.50% for the institutional share class, and 1.20% for the “super-institutional” class, with minimum subscriptions of USD/GBP/EUR5m and USD/GBP/EUR25m, respectively.
20/07/2009

Growing numbers of 401(k) funds move toward index-based management

Currently, about 90% of the USD1.5trn in 401(k) retirement plans and other defined-contribution mutual funds are invested in actively managed products, although many studies have clearly proven that passively-managed funds tend to outperform their actively-managed rivals, the Wall Street Journal observes. This is largely due to the fact that actively-managed funds “share revenues,” which helps administrators of funds to offset their costs. But the situation is beginning to evolve, as the acquisition of Barclays Global Investors (BGI) by BlackRock shows. BGI is one of many management firms which have launched 401(k) programs which aim to facilitate the task of employers seeking to insert ETF products into these plans. Mid-sized and smaller employers have not had access to low-cost tracker funds for long, but they are also demanding passively-managed products, and the solution may be for them to follow the example set by the Hawaii Prosperity Plan, which counts several businesses as members, and which has moved over to ETF funds.
20/07/2009

New CEO at Fortress

Fortress Investment Group has announced the appointment of Daniel H. Mudd, former president and CEO of Fannie Mae, as its CEO, effective from 11 August 2009. He will retain his seat on the board of directors at the investment firm.Meanwhile, Peter L. Briger and Wesley R. Edens will become co-chairmen of the board of directors at Fortress.
20/07/2009

DWS releases a diversified bond fund

DWS has released the Diversified Fixed Income sub-fund of its Luxembourg Sicav DWS Invest for sale in Spain. Total assets under management in the product come to EUR34.56m; its objective is to outperform the Euribor 3 month by 1-2 percentage points, regardless of the market environment. The fund, launched on 1 July 2008 and managed by Mark Dowding, deploys the best ideas of DWS/DB Advisors specialists in the areas of fixed income, credit, and currencies, with an ex ante volatility level limited to 2%.
20/07/2009

Pension funds show negative performance on one and three years

The Inverco association of asset management firms on Friday announced that results for individual pension funds have improved considerably, as losses on one year as of the end of June came to only 1.58%, compared with 6.44% as of the end of December. However, results remain negative for the past three years (0.31%). Weighted annual performances for five and ten years come to 1.21% and 0.65%; for the past 15 years, they total 3.83%. Inverco estimates that assets as of the end of June totalled EUR48.78bn, in 1,135 individual retirement savings plans, and 8.37 million accounts. For its part, VDOS Stochastics, cited by Funds People, estimates that pension funds saw net outflows of EUR773m in first half, while market effects were positive for EUR437m. The decline in assets thus totalled EUR336m, to a total of EUR48.21bn as of the end of June.
20/07/2009

A new tax haven for high net worth private investors: unit-linked life insurance policies in Luxembourg

Spanish high net worth private investors have discovered the appeal of unit-linked life insurance policies in Luxembourg, whose primary inconvenience is their high cost (3%). But these assets are more discreet in relation to the Spanish tax authorities than the Sicav funds ordinarily chosen by ultra-high net worth clients, many of whom are directors of businesses, and they are sheltered from seizure by the tax authorities, Expansión reports. In addition, it is possible to invest in virtually any asset class, and there is no need to have at least 100 investors, as there is for a Sicav. Lastly, these assets are highly convenient for inheritance purposes. It is already estimated that EUR2-3bn are invested in Irish and Luxembourg-registered unit-linked policies of this type by high net worth Spanish investors. This remains modest compared with an estimated EUR26bn invested in Sicav funds.
20/07/2009

KKR unveils conditions for stock market IPO

The Financial Times reports that Kohlberg Kravis Roberts will Monday unveil the details of its plans for a public offering on the Amsterdam stock market, after the independent administrators of its publicly-traded fund in the Netherlands approved a merger with the American private equity group. Employees and shareholders at KKR will receive 70% of the merged entity, and will have the right to transfer the trading of shares to New York six months after the merger is concluded.
20/07/2009

Henderson adds to structured products team

To keep up with rising demand for structured products, Henderson Global Investors (HGI) has recruited three directors of loans, who will report to David Milward, head of loans. The new recruits are Elissa Johnson (ex Apollo Management International), Nicholas Ware-Frederiksson (ex Highland Capital Management Europe), and Stef Abelli (ex BayernLB). Dan Maynard (ex Morgan Stanley) joins the team as fixed income product specialist, while Jason Walker (ex Bank of Scotland Treasury) joined the firm on 6 July as an ABS portfolio manager.The structured product team (loans, CDO, ABS and Advisory) includes 19 people who report to Jim Irvine.
20/07/2009

Henderson profits down by half

Andrew Formica, CEO, has announced that as predicted, fragile confidence and weak investor demand have had a negative impact on revenues at Henderson Group. These negative elements were compensated for by cost reduction measures and the positive effect of the acquisition of New Star, but profits in first half will total GBP25-28m, including the contribution of New Star for one quarter, compared with GBP50.8m in January-June 2008.The CEO says that the integration of New Star is proceeding in a very positive manner and the contribution of this acquisition to the group’s profits will increase in second quarter. Henderson is pleased to have been able to retain the loyalty of the principal investment specialists and to have been able to retain 77% of assets under management. Meanwhile, Henderson has reduced its expenses on activities taken over from New Star to about 38% since 1 July 2009, while this level of reductions was planned by 1 January 2010.Lastly, the British asset management firm has announced that Toby Hiscock will be resigning from his position as CFO, effective from 1 September. He will be replaced by Shirley Garrood, COO.
20/07/2009

More than USD75m in losses for Bramdean

Bramdean Alternatives, the company led by Nicola Horlick, has lost more than USD75m on investments and currency movements, from its portfolio of GBP258m, in the twelve months to the end of March, the Financial Times reports, citing the financial statement. These losses include large write-downs related to the Madoff fraud.
20/07/2009

Schroders studying potential acquisitions in Europe

Le Figaro Economie reports that Massimo Tosato, vice president of Schroders, is on the lookout for potential acquisitions. “There are many opportunities for consolidation currently, due to global overcapacity in asset management. We are looking at some candidates in Europe, as this is a unique opportunity.” The director also says: “We are listed on the stock market in London, and we will not disclose our figures for first half until the end of the month, but I can already tell you that second quarter has been excellent for our company in terms of inflows.”
20/07/2009

Schroders regarde des dossiers en Europe

Selon le Figaro Economie, Massimo Tosato, vice-président de Schroders, est à l’affût d’acquisitions. «Il y a beaucoup d’opportunités de consolidation en ce moment en raison des surcapacités mondiales dans la gestion d’actifs. Nous regardons des dossiers en Europe car c’est une opportunité unique». Le dirigeant indique par ailleurs : «nous sommes cotés à Londres et nous ne communiquerons nos chiffres du premier semestre qu'à la fin du mois, mais je peux d’ores et déjà vous dire que le deuxième trimestre a été excellent pour notre société en termes de collecte».
20/07/2009

Citi having trouble with two private equity funds

According to the Wall Street Journal, Citigroup is experiencing difficulties with two private equity funds which were under the responsibility of Michael Froman, former operations chief of Citigroup Alternative Investments before joining the Obama administration in January. The newspaper reports that clients in the first fund, which had amassed USD3.4bn in assets to invest in infrastructure projects, have not been allowing the fund to make new investments after its co-head quit, and several deals collapsed, according to people familiar with the matter. A second, smaller fund, dedicated to sustainable investment projects, did not have a sufficient number of clients and had to be closed.
20/07/2009

Deka Immobilien invests in Goteborg and Hanover

On Thursday and Friday, the German management firm Deka Immobilien spent a total of EUR87m. On Thursday, it invested EUR46m on behalf of its dedicated fund Deka-S-PropertyFund No.1 in the acquisition of the Rosenquartier real estate complex in the centre of Hanover (2,500 square metres of commercial space, 5,210 square metres of offices, an Intercity hotel with 148 rooms, and 340 parking spaces). On Friday, EUR41m were spent to acquire the First Hotel G in Göteborg (13,600 square metres, 300 rooms). The property, leased for 25 years to First Hotels, will be added to the real estate portfolio of the open-ended real estate fund reserved for institutional investors WestInvest ImmoValue.
20/07/2009

Responsible and sustainable investment does not damage performance

A study of 165 responsible and sustainable investment (IRD) funds in the three-year period to the end of May 2009 by Altedia Investment Consulting has found that investing in this type of product does not necessarily imply a lower level of performance. “Best in Class” funds earn relative returns in line with comparable non-IRD market indexes. The concept appears to be convincing to investors. Despite a difficult market environment, more than half of all “best in Class” funds have posted net subscriptions for the period from May 2008 to May 2009, the study finds. For themed funds (water, renewable energies, etc.), relative returns are less stable than for Best in Class funds, Altedia IC finds. They may be noticeably different from the performance of market indexes, both in an upward and a downward direction, the study finds. Their performance nonetheless totals 6.3% over three years. From May 2008 to May 2009, the average performance of themed funds totalled -24.5%. Despite these losses, thematic funds committed to responsible and sustainable investment have continued to attract subscriptions, which have risen 51.3% in the past year, Altedia notes.
20/07/2009

US authorities express concerns over leveraged ETFs

Two investigations have recently been launched into leveraged ETFs, which FINRA, the body that regulates brokers in the United States, considers overly complex and therefore ill-suited to retail investors. Meanwhile, the State of Massachusetts has launched an investigation into the sales practices of three providers, Rydex Investments, Direxion Funds and ProShares, all of which rank among the top ten providers on the US market. In Europe, retail investors represent less than 10% of the market, compared with 60% of the US market.
20/07/2009

Madoff's accountant seeks plea bargain

The only individual besides Bernard Madoff to be charged with criminal offenses over the Madoff scandal, the accountant David Friehling, who signed off on year after year of fraudulent accounts, on Friday pleaded not guilty to charges of fraud under securities laws and disclosure to false information to the SEC. However, he declined to have his case heard by a grand jury, which suggests that he may be disposed to seek an out-of-court settlement with the prosecutor, the Sunday Times reports. On Friday, the judge set the date for the next hearings on 1 October, which gives the parties time to reach any potential agreements.
17/07/2009

Van der Moolen dans le rouge, le PDG démissionne

Van der Moolen Holding a annoncé vendredi qu’il s’attend à une perte d’exploitation comprise entre 7 millions et 8 millions d’euros pour le deuxième trimestre. Du fait de ces résultats décevants, le président du directoire, Richard den Drijver, a décidé de démissionner, tout en restant conseiller de l’entreprise.La direction opérationnelle sera provisoirement assumée par le conseil de surveillance, dont l’objectif sera d’assurer le financement sur le court terme, de recentrer Van der Moolen sur ses cœurs de métier et de poursuivre la réduction des coûts.
17/07/2009

Invesco : Bernhard Langer devient CIO responsable de la gestion quantitative actions

Invesco vient d’annoncer la nomination de Bernhard Langer au poste de Chief Investment officer d’Invesco Global Quantitative Equity. Il aura à ce titre la responsabilité au niveau mondial de la gestion quantitative pour toute la palette des produits actions. C’est une première pour Invesco qui n’avait jamais jusqu’ici installé une telle fonction au sein du groupe.Bernhard Langer travaille chez Invesco depuis 1994, d’abord en tant que gérant de portefeuille, ensuite en tant que chief investment officer pour les produits de gestion quantitative européens et non américains. La cinquantaine d’experts d’Invesco Global Quantitative Equity gèrent un patrimoine de plus de 32 milliards de dollars pour le compte d’investisseurs institutionnels et de clients privés.
17/07/2009
Fonds

Le Popular, Bankinter et Ibercaja gagnent des places dans le top ten

Au 31 mars, Bankinter avait pris le septième rang des gestionnaires espagnols au Sabadell. Il l’a conservé au 30 juin, avec un encours de 5,33 milliards d’euros contre 5,19 milliards pour le Sabadell, constate Funds People. Le Popular a commencé l’année en sixième position, à seulement 1 million d’euros derrière Gesmadrid, dont il a pris la place à la fin du premier semestre avec 35 millions d’avance, à 7,59 milliards contre 7,56 milliards ; l'écart se rétrécit par rapport à Ahorro Corporación, qui pointe à 7,78 milliards. Enfin Ibercaja, dixième en début d’année, est neuvième fin juin, avec un encours de 3 millions d’euros supérieur à celui de Barclays, à 4,31 milliards tous les deux.En tête de peloton, le BBVA a creusé l'écart, passant à 32,62 milliards contre 28,46 milliards pour le Santander. La part de marché du premier s’est accrue à 20,37 % contre 19,80 % tandis que celle du second a diminué à 17,77 % contre 19,65 %.
Fonds
17/07/2009
Fonds

Nauta lance un fonds de private equity centré sur les technologiques

Nauta Capital VC Partners, un capital investisseur créé en 2004 par des anciens dirigeants du cabinet de consultants Cluster, vient de lancer un fonds, Nauta III, de cent millions d’euros ayant pour vocation de prendre des participations dans des entreprises du secteur technologique (transmissions radio, télécommunications, logiciels et Internet), rapporte Expansión.Nauta apportera 10 millions d’euros et 55 % du budget prévu viendront d’institutionnels comme SegurCaixa, l’Institut Català de Finances (ICF) et le Fonds européen d’investissement. Les 35 % restants seront souscrits par des family offices espagnols.
Fonds
17/07/2009
Fonds

Fort gonflement de l'encours du North American Growth de Nordea

Nordea Investment Funds indique que le compartiment North American Growth Fund de sa Sicav luxembourgeoise a atteint au 1er juillet les 160 millions de dollars d’encours pour le premier anniversaire de la délégation de gestion à l’américain Aletheia Research & Management Inc. Il était de 93,6 millions au 22 mai (lire notre article du 27 mai).Depuis le début de l’année, la performance est ressortie à 27,66 % contre 11,53 % pour le Russell 1000 Growth. Sur un an, le fonds perd 20,02 % contre 24,50 % pour l’indice.
Fonds
17/07/2009

Stefan Keitel prend du galon chez CS Group

Déjà global CIO pour le segment «multi asset class solutions», Stefan Keitel a été nommé CIO et président du comité d’investissement de la division banque privée du Crédit Suisse. Cette nomination, annoncée jeudi, prend effet immédiatement. «Stefan Keitel fournira des opinions de placement ainsi que des lignes directrices relatives à l’allocation d’actifs à court, à moyen et à long terme pour tous les segments de clients», précise le communiqué.Stefan Keitel sera subordonné à Vayloyan, responsable private banking investment services and products, tout en continuant à être subordonné à Daniel Brupbacher, responsable asset management multi asset class solutions.Stefan Keitel travaille au Credit Suisse depuis 2001. En 2004, il a été nommé CIO pour les affaires du Credit Suisse en Allemagne et en 2008, CIO pour toutes les divisions en Europe centrale. De 2006 à 2009, Stefan Keitel a été gérant de Credit Suisse Asset Management Kapitalanlagegesellschaft GmbH et responsable MACS en Allemagne.

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