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04/06/2009

Richard Wohanka leaves Fortis Investments

Richard Wohanka, CEO of Fortis Investments, is leaving the asset management company, which is in the process of being merged with the asset management business of BNP Paribas. The news was announced Tuesday and has been confirmed by a spokesperson for Fortis Investments. BNP Paribas states that a successor will be named for Wohanka. But it is not yet sure whether the new CEO will be responsible only for Fortis Investments, or the combination of BNP Paribas Investment Partners and Fortis Inevstments. For the moment, Jacques d’Estais is serving as director and CEO of BNP Paribas Investment Partners, since Gilles Glicenstein died in April. The departure of Wohanka, whose plans for the future are not yet known, follows that of Saker Nusseibeh, who was global head of equities and CIO of Fortis Investments, and who has since joined Hermes Fund Managers. Wohanka was appointed CEO of Fortis Investments in 2001, after serving as CEO of WestLB Asset Management. In his career, he has already encountered BNP Paribas, as head of Baribas Asset Management. BNP Paribas took control of Fortis Investments with its acquisition of Fortis Banque. At a presentation of the firm’s most recent results, on 31 March, the French bank announced that the merger would create the fourth largest asset management entity in the Euro zone, with EUR475bn in assets under management.
04/06/2009

Lyxor ETF based on Ibex Inverso to be released soon

This week, the Spanish Stock Exchange admitted the Lyxor ETF Euro Corporate Bond fund to trading, as the Société Générale was preparing to launch the first ETF to track an Ibex index, Cinco Días reports. The fund will replicate the Ibex 35 Inverso. An application for a license for the fund was submitted to the AMF last week. The CNMV will then have two months to grant its approval. On its first day of trading in Madrid, the Lyxor ETF Euro Corporate Bond fund had a total trading volume of EUR400,000, more than in Paris, said Adrián Juliá director of publicly-traded products at Société Générale in Spain.
04/06/2009

Bestinver recruits a director from Allfunds

Ignacio Pedrosa, CEO for Spain, Portugal and Latin America since 2006 at Allfunds Bank (Sandander and Sanpaolo Intesa), has been recruited by Bestinver, the management firm from Acciona, as commercial director, Funds People reports.
04/06/2009

Hedge fund managers expect a heavy decline in redemption demands, according to Barclays Capital

Hedge fund managers are finding a reason for some slight optimism about the fidelity of their clients. After reaching 25% of assets in funds in fourth quarter 2008, redemption demands are expected to total only 10% of total assets in 2009, Barclays Capital says in its study “Picking up the Pieces,” which surveyed 300 institutional investors (pension funds, private banks, charities, etc), and 100 hedge fund managers.
04/06/2009

80% of institutional investors will undertake "aggressive" reallocations in 2009

Institutional investors are on the starting blocks. Though investors were resolutely prudent in 2008, keeping an average of 14% of their investable assets in liquidities, 80% of them are planning to make “aggressive” reallocations in 2009, once the markets have restabilised, according to a recent study by Barclays Capital entitled “Picking Up the Pieces.” Hedge funds will profit not least from this wave of new subscriptions, according to the study of 300 institutional investors (pension funds, private banks, charities, etc.) and 100 hedge fund managers. At least USD50bn will be invested in hedge funds this year, largely by pension funds and family offices, most of whom say they are planning to increase their exposure to hedge funds, unlike insurers, private banks, and charities, which are planning to reduce their allocation to alternative investments. Although many institutionals are impatient to return to hedge funds, they will be more prudent about the investment strategies they choose to invest in. According to the Barclays Capital study, a majority of institutionals surveyed said they would prefer simpler and more liquid strategies than previously.
04/06/2009

Udo Rosenfeld takes over as director of funds of funds at DWS

Following the departure of Barbara Rega, Udo Rosendahl has been appointed as director of funds of funds at DWS, fondsprofessionell reports, citing Citywire. Rosendahl will also retain his responsibilities as chief investment officer for European equities.
04/06/2009

Deka seeks to merge real estate funds

Rolf Kiefer, director of communications at DekaBank, has told Die Welt that the asset management firm for the German savings banks is planning to merge the Deka-Immobilienfonds (EUR2.5bn) with the Deka-ImmobilienEuropa (EUR7.4bn). Meanwhile, the Westinvest fund (EUR1.6bn) will be merged with the Westinvest Interselect (EUR3.2bn). The plans are currently being discussed with the savings banks, and a decision will be taken at the end of June. If an agreement is reached, the two real estate fund mergers would be completed by 30 September. Applications for the necessary regulatory permission have already been submitted to the financial markets surveillance authority (BaFin). After the mergers, the new Deka fund would have available liquidity of EUR2.28bn, while the new Westinvest fund would have EUR800m.
04/06/2009

DWS cuts back executive pay

In its annual report, DWS Investments (Deutsche Bank group) has announced that the seven members of its board of directors in 2008 earned a total of about EUR6.9m, compared with EUR15.8m in 2007, Financial Times Deutschland reports. Assets as of the end of December had contracted by 20% in one year, to EUR122bn, due both to market effects and net redemptions.
04/06/2009

Robeco moves sustainable management team to SAM

By the end of July, the five investment professionals who make up the clean tech and sustainable private equity teams at Robeco in Rotterdam (EUR410m in assets under management) will move to the Swiss affiliate SAM Sustainable Asset Management in Zurich, IPE reports. The team is led by Andrew Musters, managing partner for private equity. Robeco has also announced plans to launch a third clean tech fund be the end of the year. Unlike its two predecessors, the fund will be allowed to invest in infrastructure and forestry.
04/06/2009

Hedge funds may leave UK

Large hedge funds based in the United Kingdom have warned the British Treasury that they would have to leave the country if a draft European directive goes through, the Financial Times reports. Some of them are already prepared to move to Switzerland if the draft regulations (which one manager called a French plot against London) are not amended. New York is another possible destination, the FT adds.
04/06/2009

Oslo choisit Mercer comme conseil sur le changement climatique

Kristin Halvorsen, ministre des Finances, a annoncé mercredi lors du «sommet sur la stratégie d’investissement» du fonds de pension Government Pension Fund - Global que le gouvernement norvégien a sélectionné le cabinet Mercer comme consultant pour coordonner un important projet de recherche destiné à déterminer l’impact du changement climatique sur les marchés financiers ainsi que les implications de ce phénomène sur l’allocation d’actifs stratégique.Oslo encourage d’autres investisseurs institutionnels ainsi que des groupes industriels du monde entier à se joindre à ce projet.
04/06/2009

KKR cède une part d'Oriental Brewery

Selon L’Echo, le fonds KKR va céder une partie de sa participation dans le sud-coréen Oriental Brewery (OB) à Affinity Equity Partners, basé à Hong-Kong, qui pourrait selon Bloomberg débourser jusqu'à 400 millions de dollars.
04/06/2009

Repli des actifs sous gestion

Selon L’Agefi suisse, un rapport publié mercredi par les autorités de la principauté montre que les actifs sous gestion au Liechtenstein ont reculé de 19% à 225,44 milliards de francs suisses en 2008, sous l’effet conjugué des attaques contre son secret bancaire et de la crise financière. Les 15 banques enregistrées en 2008 dans la principauté ont vu leurs résultats reculer de 60% à 336,8 millions de francs suisses.
04/06/2009

Soupçons de délits d’initiés chez Fortis

Fortis se retrouve une nouvelle fois au tribunal, cette fois pour un dossier de suspicion de délits d’initiés, selon les informations du Tijd, rapportées par L’Echo. «Des membres de l’encadrement supérieur de Fortis auraient utilisé l’information relative à une vente imminente de Fortis Banque à BNP Paribas pour encore mettre la main en vitesse sur des actions Fortis», précise le quotidien belge.
04/06/2009

Bestinver recrute chez Allfunds

Ignacio Pedrosa, directeur général pour l’Espagne, le Portugal et l’Amérique latine depuis 2006 chez Allfunds Bank (Santander et Sanpaolo Intesa), a été recruté par Bestinver, la société de gestion d’Acciona, comme directeur commercial, rapporte Funds People.
04/06/2009

Le Santander va émettre des titres préférentiels

Le Santander a l’intention de lancer une émission de titres préférentiels pour 2-2,5 milliards d’euros, rapporte Cinco Días. Sur les six derniers mois, 13 banques et caisses d'épargne ont demandé à la CNMV l’autorisation de commercialiser ce genre de papiers. En décembre, le BBVA a ouvert le bal avec 1 milliard d’euros. Depuis, il s’est placé presque 6,5 milliards d’euros et 5,4 autres milliards sont dans la file d’attente. Caja de Ahorros del Mediterráneo (CAM), pour sa part, est en train de sonder ses clients en vue d'émettre des titres participatifs qui comporteraient une rémunération de 7,25-7,50 % pour la première année.
04/06/2009

Realia injecte des capitaux dans SIIC de Paris

La société immobilière espagnole Realia va lancer une augmentation du capital de SIIC de Paris, qu’elle considère comme le joyau de sa couronne, annonce Cinco Días. Son apport sera de 143 millions d’euros, mais l’opération est ouverte à un éventuel nouvel associé.
04/06/2009
Fonds

Bientôt un ETF de Lyxor sur l'Ibex Inverso

Cette semaine, la Bourse espagnole a admis à la négociation le Lyxor ETF Euro Corporate Bond, alors que cette filiale de la Société Générale s’apprête à lancer le premier ETF qui permet de miser sur la baisse de l’indice Ibex, rapporte Cinco Días. Ce fonds répliquera l’Ibex 35 Inverso. L’agrément a été demandé à l’AMF cette semaine. Ensuite, la CNMV aura deux mois pour donner son feu vert.Pour son premier jour de cotation à Madrid, le Lyxor ETF Euro Corporate Bond a affiché un volume de transactions de 400.000 euros, soit plus qu'à Paris, a souligné Adrián Juliá, directeur des produits cotés chez Société Générale en Espagne.
Fonds
04/06/2009

Le Santander réorganise son back-office

Le Santander a affecté pour l’instant 265 salariés à son nouveau pôle d’excellence Santander Back Office Globales de Mercados, en attendant d’y affecter 53 autres qui seront des recrutements externes, indique Expansión. Cette nouvelle filiale regroupe des activités qui étaient dispersées dans le groupe. Elles étaient logées dans la banque de gros à l'échelon mondial, dans les anciens départements de trésorerie du Santander ainsi que du Banesto et dans les services de soutien pour la banque privée et l’assurance et, enfin, dans le comité de gestion actif/passif (Alco).D’autre part, le Santander a intégré dans cet ensemble de back-office sa société de courtage Integrated Securities Services (ISS), qui fournit des services d’administration à de clients externes.
04/06/2009
Fonds

Les gérants de hedge funds anticipent une forte baisse des demandes de rachat, selon Barclays Capital

Les gérants de hedge funds retrouvent un peu d’optimisme en la fidélité de leurs clients. Après avoir atteint 25 % des actifs des fonds au dernier trimestre 2008, les demandes de rachat ne devraient en effet plus représenter que 10 % des encours en 2009, indique Barclays Capital dans son étude " Picking up the Pieces», menée auprès de 300 investisseurs institutionnels (fonds de pension, banques privées, fondations etc) et 100 gérants de hedge funds.
Fonds
04/06/2009
Fonds

Les investisseurs reviennent dans les fonds

Les investisseurs particuliers sont revenus dans les fonds aux Etats-Unis, au Royaume-Uni et en Europe en avril, rapporte Financial News (cité dans le Wall Street Journal). Par exemple, en Europe, les sociétés de gestion ont enregistré des souscriptions nettes de 11 milliards d’euros au T1, soit le triple des flux enregistrés sur l’ensemble de 2008.
Fonds
03/06/2009

Pimco launches its first ETF

Pacific Investment Management Co. (Pimco, Allianz group) has inaugurated its Pimco ETF platform, with the launch of the PIMCO 1-3 Year US Treasury Index Fund, which replicates the Merrill Lynch 1-3 Year Treasury index, Global Pensions reports. The manager on Tuesday applied for authorisation to launch six other ETF funds.
03/06/2009

Frankfurt Trust launches a government bond fund

For prudent investors, Frankfurt Trust (FT, Sal. Oppenheim group) is launching the German-registered fund FT EuroGovernments M, whose portfolio will be invested in top-quality government bonds, denominated in Euros, with a maximal maturity of 5.5 years. The manager, Ralf Ahrens, will concentrate on European government issues with significant spreads compared with German bunds. Initially, the portfolio will be largely invested in Greek, Portuguese, Italian and Irish govies. FT will apply an active strategy, and will adapt durations and positions on the rate curve.The performance objective will be around 3.5% per year. The fund carries no currency risks, and will not contain corporate bonds.Front-end fee and management commission will total 3% and 0.65%, respectively.
03/06/2009

HSBC Trinkaus opens a sectoral rotation fund to retail investors

The institutional fund HSBC Trinkaus Special INKA has become the HSBC Trinkaus Sector Rotation. The German-registered product, launched on 1 February 1996, adopted a sectoral rotation system on 1 January 2009, and changed its name on 1 May 2009, says its manager, Babak Kiani. The objective for the fund is to outperform the DJ Stoxx 600 fund with lower volatility than the index. The portfolio, which is highly actively managed, does not invest directly in equities, but rather in DJ Stoxx sectoral indexes. Capital which is not used due to lack of favorable sectoral outlooks are invested in the money market. Front-end fee and management commission total 5% and 1.25%, respectively. In addition, HSBC Global Asset Management (Deutschland) will charge a maximum of 20% on outperformance over the DJ Stoxx 600 in Euros; if the product underperforms the index, there will be a negative carryover, and no additional payouts will be made until this carryover has been absorbed.
03/06/2009

UIRE touts flattering results

After eight months of tension on the market in the wake of the bankruptcy of Lehman Brothers, Union Investment Real Estate (UIRE) on Tuesday evening published results for two of its open-ended real estate funds for the fiscal year ending 31 March. The UniImmo: Deutschland and UniImmo: Global funds posted respective performances of 4.3%, compared with 8.5%, and 5.6%, compared with 4.2%. They will pay out dividends of EUR3.80 and EUR1.80 per share. The Deutschland fund has posted net subscriptions of EUR355.8m, while the Global fund has seen net redemptions of EUR209.1m. Assets as of 31 March totalled over EUR5.37bn (+3.8%), and EUR2.08bn (+13.4%). UIRE states that the funds have EUR766.2m and EUR555.8m in investments, respectively. They have EUR1.04bn and EUR183.4m cash positions, respectively.
03/06/2009

ETF assets up in April

According to Barclays Global Investors (BGI), as of 30 April, assets in ETF funds worldwide totalled USD706.87bn, compared with USD633.55bn as of 31 March, and USD710.67bn at the end of December. The number of funds was up to 1.677, from 1.635 at the end of March, with products from 90 providers (up from 87) listed 3,009 times (compared with 2,857) on 43 stock markets. Since the beginning of the year, 109 ETF funds were launched, while 27 were withdrawn from trading. Meanwhile, according to Strategic Insight, funds in general have posted net redemptions in first quarter 2009 of USD6bn, while ETFs showed net subscriptions of USD7.7bn. BGI states that there are currently plans to launch 756 new ETF funds. The largest provider as of the end of April was iShares (BGI), with 381 ETF funds and assets of USD336.17bn, and a market share of 47.6%, followed by State Street Global Advisors (SSgA), with 104 funsd and USD110.14bn in assets (15.6% market share), and Vanguard, with 39 products and USD51.04bn (7.2%).
03/06/2009

Fortis Investments creates an ESG blog

TheFrankfurt-basedsocially responsible investment team at Fortis Investments (12members) has announced that it has created a blog at the addresswww.sriblog.fortisinvestments.com,which offers a detailed analysis of the social and environmentalportions of initiatives to restart the economies of G-20 memberstates. Environmental and social initiatives announced by the Obamaadministration (USD2trn) account for about half of US economicrecovery spending, with USD333bn for health, USD209bn for sustainabletransportation, USD151bn for education, USD95bn for social housingprojects, USD84bn for clean and efficient energy, and lastly, USD68bnto provide healthier air and water.InFrance, the environmental portion of economic recovery initiativestotals 11%, or USD3.8bn, while social projects account for 3%, withUSD1.1bn for social housing and USD40m for the provision ofsustainable food sources. In Germany, environmental initiativesaccount for 15% of the economic recovery budget, at USD16.62bn, whilesocial projects get USD13.54bn, or 13% of the total.

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