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17/04/2013

Emergence invests EUR30m in a Keyquant fund

P { margin-bottom: 0.08in; }A:link { } Emergence, a contractual Sicav with sub-funds created by the Paris financial centre, and dedicated to incubating young start-ups in asset management, will invet EUR30m in the Key Trends UCITS fund, managed by the French asset management firm Keyquant. It is the third investment by the vehicle, from its Emergence – Performance Absolue sub-fund, whose management is outsourced to NewAlpha Asset Management, an affiliate of OFI which is expected to merge with NExT AM, an affiliate of La Française. Keyquant, a firm founded in 2009 by Robert Baguenault de Vieville and Raphaël Gelrubin, was selected from 120 applicants. The capital received will allow it to launch a UCITS fund, and to reach total assets of EUR100m.
17/04/2013

ETF assets at Schwab up 65% in one year

P { margin-bottom: 0.08in; }A:link { } Assets under management in 15 house ETF products form Schwab totalled USD10.9bn as of the end of March, up 65% year on year, the group announced at the publication of its quarterly results. This development makes Schwab the tenth-largest provider of ETFs in the United States. Assets in ETF portfolios managed by Schwab totalled USD2.6bn as of the end of first quarter, while assets from clients at Windhaven, the consulting arm of Schwab specialised in ETF investments, totalled USD15.6bn, up 15% since the end of December 2012. Net profits for the firm rose 6% in first quarter, to USD206m, on revenues up 8% to USD1.29bn.
17/04/2013

Goldman Sachs: slight increase in assets in Q1

P { margin-bottom: 0.08in; }A:link { } As of 31 March, assets under management or supervision by Goldman Sachs totalled USD968bn, compared with USD965bn as of 31 December, and USD900bn one year earlier. Growth of USD3bn in first quarter is due to a positive performance effect of USD12bn, which was bitten into by USD9bn of net outflows due to redemptions from money market funds (USD15bn) and alternative funds (USD3bn), and fed by net inflows of USD10bn to bond products, and USD4bn to equity products.Net revenues in first quarter for investment management totalled USD1.32bn, 13% less than in October-December, and 12% more than in the corresponding period of 2012.Net profits at Goldman Sachs in January-March totalled USD2.188bn, compared with USD.2833bn in the previous quarter, and USD2.074bn in the first three months of 2012.
17/04/2013

Assets under management at BlackRock set records

Assets under management at BlackRock as of 31 March totalled USD3.936trn, up 4% compared with the end of December 2012, and 7% compared with the end of March 2012, according to figures released by the group on 16 April. Diluted per-share profits in first quarter totalled USD3.62, up 15% from last year, on revenues up 9% to USD2.45bn, thanks to rising markets, long-term net inflows, and growth in performance commissions. Net profits for the part of the group totalled USD632m in first quarter, up 10% compared with first quarter 2012.Net inflows in first quarter have totalled USD39.4bn. Equity, multi-asset and core alternative funds have posted inflows of USD33.7bn, USD9bn and USD1.5bn, respectively, which were partly offset by fixed income and commodity strategies totalling a net USD2.6bn and USD2.2bn, respectively.Positive market and currency effects contributed to the growth of assets under management of a net USD104.3bn.Examination by region reveals that long-term inflows of USD22.4bn come from clients in the Europe, Middle East and Africa (EMEA) region, while USD19.7bn come from the Americas, partly offset by redemptions to clients in the Asia-Pacific region totalling USD2.7bn.As of 31 March 2013, BlackRock had 61% long-term assets under management for clients in the Americas, and 39% for international clients.iShares has maintained its positions on the international ETF market, with assets under management of USD802.8bn, including long-term net inflows of USD25.6bn, due to net subscriptions of USD26.3bn to equity funds. Fixed income has seen outflows of USD1bn, with a transfer within the asset class from long-term to more short-term durations.
17/04/2013

Equistone acquires Meilleurtaux.com from BPCE

P { margin-bottom: 0.08in; }A:link { } The banking group BPCE on 16 April announced that it has sold its online real estate mortgage broker Meilleurtaux.com to the investment fund Equistone Partners Europe (ex-Barclays Private Equity), in line with its plan to sell off non-strategic assets. BPCE, which entered exclusive talks with Equistone Partners on 18 February, has sold 100% of its stake in the capital of Meilleurtaux.com to the investment fund. The management team at Meilleurtaux.com is totally associated with the operation, and may continue to direct the growth of the business, as the strategy employed since 2011 has maintained a balanced net profit, with a slight increase in 2012, a statement says.
17/04/2013

Financière de l’Echiquier to launch two funds

P { margin-bottom: 0.08in; }A:link { } La Financière de l’Echiquier is planning to launch two new funds on 26 April, Citywire Global reports. They will include an emerging market equity fund, Echiquier Global Emergents, and a convertible bond fund, Echiquier Global Convertibles.
17/04/2013

Tobam launches Anti-Benchmark Canadian Equity fund

P { margin-bottom: 0.08in; }A:link { } The asset management firm TOBAM on 16 April announced the launch of the Anti-Benchmark Canadian Equity (UCITS IV) fund. The fund has received seed capital from a major institutional investor. The Anti-Benchmark Canadian Equity fund aims to maximise diversification of an investment universe represented by the S&P/TSX Composite Equity index, by applying the patented Anti-Benchmark process to eliminate geographical, sectoral and style biases which may appear in more traditional allocation methods such as weighting by cap size. The fund aims to outperform the cap-weighted S&P/TSX index by about 4-6% per year over a full market cycle, while significantly reducing volatility (about 30%). The fund reflects the Anti-Benchmark Canadian Equity strategy managed by TOBAM since April 2011 for a US institutional client. Since its creation at the end of March 2013, the Anti-Benchmark Canadian Equity strategy has posted returns of +13%, outperforming the index (-5.6%) by nearly 10% on annual terms. In the same period, the strategy has reduced volatility by 33%. Characteristics Name: TOBAM Anti-Benchmark Canadian Equity Fund Legal format: UCITS IV Benchmark index: S&P/TSX Composite Total Return Index ISIN code: FR0011452945 Management fee: 1.00%
17/04/2013

Assogestioni adds to executive board

P { margin-bottom: 0.08in; }A:link { } The board of directors at Assogestioni, the Italian association of asset management professionals, has appointed four members to its executive board: Sergio Albarelli, Marco Carreri, Pietro Guiliani, and Walter Ottolenghi. They join the chairman and vice-chairmen (Domenico Siniscalco, Giordano Lombardo, Mauro Micillo, Nikhil Srinivasan).
17/04/2013
Fonds

Blackstone va lever un fonds immobilier en Asie

Le géant américain du capital-investissement Blackstone est en passe de lever le fonds le plus important dédié au marché immobilier en Asie, selon le Wall Street Journal. Blackstone prévoit de réunir 4 milliards de dollars pour ce nouveau fonds qui sera consacré exclusivement à des investissements immobiliers en Chine et dans les autres pays asiatiques, indiquent des sources proches du dossier. Ce montant est deux fois plus élevé que le montant initial visé.
Fonds
17/04/2013

Bestinver a atteint les 6,5 milliards d’euros d’encours

Funds People rapporte qu’à la 12ème conférence annuelle des investisseurs de Bestinver, le gestionnaire espagnol a indiqué avoir atteint 6,5 milliards d’euros d’encours, principalement dans neuf fonds dont cinq d’actions et deux diversifiés.Pour l’instant, la maison «value» est encore loin d’avoir atteint son plafond de capacité, a indiqué le gérant vedette Francisco García Paramés. En tous cas, Bestinver n’a pas enregistré de souscriptions nettes en 2012, signe que l’investisseur particulier n’est pas motivé pour revenir vers les actions.
17/04/2013

Légère progression des actifs sous gestion de GAM au premier trimestre

Les actifs sous gestion de GAM ont enregistré au premier trimestre 2013 une progression de 2%, par rapport à fin 2012, à 119,0 milliards de francs suisses, selon un communiqué publié le 17 avril. Malgré une collecte brute «solide», le gestionnaire de fortune a souffert d’une décollecte nette. La clôture d’un mandat par un important client et des rachats chez Private Labelling Partners (PLF) de Swiss & Global Asset Management ont conduit à une décollecte nette sur les trois premiers mois, ajoute GAM, sans préciser de montant. Par rapport à fin mars 2012, les actifs sous gestion affiche une augmentation de 8%
17/04/2013

Delphi releases an emerging market equity fund

P { margin-bottom: 0.08in; } The Norwegian asset management firm Delphi, owned by Storebrand, has launched an emerging market equity fund, Delphi Emerging, managed by Espen K. Furner. The portfolio will include 35 to 45 securities. The management process will be the same as for the other six house funds, and will combine fundamental and trend analysis. Delphi is this week expected to receive permission to sell the fund in Sweden, and will later receive licenses for Finland and the Netherlands Fondbranschen reports.
17/04/2013

Assets up at hedge funds in March

P { margin-bottom: 0.08in; }A:link { } According to Eurekahedge, assets at hedge funds as of the end of March totalled USD1.830trn, after gains of USD9.19bn in the month, of which USD6.99bn are due to performance, and USD2.20bn to net subscriptions.Eurekahedge also estimates that hedge funds in March posted their fifth positive monthly results in a row, with gains of 0.69%.
17/04/2013

European creditors to Lehman will be fully reimbursed

P { margin-bottom: 0.08in; }A:link { } European creditors to Lehman Brothers are expected to recuperate the entirety of their investments, PricewaterhouseCoopers, the consulting firm responsible for liquidating the assets of the defunct bank in Europe, has announced, Les Echos reports. This victory was far from assured, and has only been won through long legal battles by investors. Overall, the bank is expected to reimburse about USD23bn to European investors. The reimbursement procedures will be complex to enact, which explains their length. So far, less than half of the total has been reimbursed: a first payment of USD11bn was made in November, to 1,500 lenders. A further payment of about USD4.5bn will take place this month. The 110,000 retail investors who held funds at the bank have also been fully reimbursed, for a total of USD92bn.
17/04/2013

2ip founds a real estate consulting affiliate for institutionals

P { margin-bottom: 0.08in; } Institutional Investment Partners (2ip) has recently founded Institutional Investment Consulting Partners GmbH, an affiliate which it claims is the first consulting firm in Germany aimed at institutional investors and specialised exclusively in direct and indirect real estate investment, in Frankfurt.As an addition to the 10-member team at the new affiliate, 2ip has recruited Christian A. Völxen, who had been head of investment consulting & real estate valuation at Feri EuroRating Services.
17/04/2013

UBS appoints Dirk Klee as COO for Wealth Management

P { margin-bottom: 0.08in; }A:link { } UBS has appointed Dirk Klee as chief operating officer (COO) for wealth management activities. Klee joins form the wealth management arm of BlackRock, and will begin in his new role on 1 September this year, a spokesperson for the major bank states, confirming reports in the press (see Newsmanagers of 16 April). Klee, 48, had been country head for Germany, Austria and Eastern Europe at BlackRock. He replaces COO Stephan Zimmermann, who will transition by the end of the year to other responsibilities at the group.
17/04/2013

Former GLG Partners portfolio manager launches a hedge fund firm

P { margin-bottom: 0.08in; } A former GLG Partners manager, Berger, is resurfacing with a new hedge fund firm, Financial News has learned. Berger has founded B1 Capital, based in Pfäffikon, Switzerland, which is preparing to launch a European long/short equity fund this summer, according to a source familiar with the matter.
17/04/2013

Union sells a property to Aberdeen

P { margin-bottom: 0.08in; }A:link { } Union Investment Real Estate has sold an office and commercial property with 4,981 square metres of area, located on Theoder Heuß Platz in Berlin Charlottenburg, to Aberdeen Immobilien KAG. The property had been in the portfolio of the open-ended real estate fund UniImmo: Deutschland.The transaction comes as part of a strategy to sell of smaller properties, and the proceeds of the sale will be reinvested in Germany. Union Investment Real Estate is planing to concentrate on properties worth at least EUR30m.Aberdeen will place the property in the portfolio of the WertFonds S, managed by Acteum Investment, one of its nine institutional real estate funds.
17/04/2013

Institutional real estate fund launched by Union Investment

P { margin-bottom: 0.08in; }A:link { } On 1 April, Union Investment Real Estate launched an institutional real estate fund dedicated to the hospitality sector, the UII Hotel Nr 1, whose inflow objective is set at EUR250m, for a duration of 10 years, with maximal leverage of 40%.The portfolio will focus on budget and mid-scale hotel properties, with at least 60% of properties in Germany, and the remainder primarily invested in France, Belgium, the Netherlands, Luxembourg, Austria, the United Kingdom and Poland.Currently, the hotel portfolio of Union Investment represents a volume of EUR1.7bn, managed by 22 different companies. In the past three years, the central asset management firm for the German co-operative banks has invested about EUR400m in hotel properties, including EUR150m in the budget and mid-scale segments.Union Investment states that its real estate assets for institutional clients currently total about EUR3.5bn.
17/04/2013

SWIP manager leaves for Jupiter

P { margin-bottom: 0.08in; }A:link { } Jamues Clunie, a British equity manager at Scottish Widows Investment Partnership, will be joining Jupiter Asset Management, Investment Week reports. He will help the firm to develop its total return and long/short equity product ranges.
17/04/2013

La France annonce un nouveau tour de vis budgétaire

La France prévoit un effort budgétaire de près de 20 milliards d’euros en 2014, après celui de près de 40 milliards en 2013, concentré cette fois principalement sur les dépenses et espère par ce tour de vis convaincre la Commission européenne de son sérieux. Selon le «programme de stabilité» 2013-2017 présenté mercredi en conseil des ministres et qui sera soumis à la Commission d’ici la fin du mois, l’effort portera à environ 14 milliards d’euros sur les dépenses l’an prochain, tandis que les prélèvements obligatoires augmenteraient d’environ 6 milliards. Le déficit public, qui a atteint 4,8% du PIB l’an dernier (au lieu de 4,5% prévu), serait ramené à 3,7% fin 2013, 2,9% fin 2014, 2,0% fin 2015, 1,2% fin 2016 et 0,7% fin 2017. L'équilibre structurel, qui gomme les effets de la conjoncture économique, serait quant à lui atteint dès 2016, avec un solde positif de 0,2%, qui passerait à 0,5% fin 2017. La dette publique augmenterait à 93,6% du PIB fin 2013 (après 90,2% fin 2012) pour culminer à 94,3% en 2014 et décroître à 93,0% en 2015, 90,8% en 2016 et 88,2% en 2017.
Photo: PHB
17/04/2013

Les clients privés de JPMorgan privilégient les actions

La banque privée de JPMorgan vient de publier les résultats d’une étude menée au premier trimestre auprès de 1.000 clients privés de la catégorie «ultra high net worth» dans 8 pays d’Europe (Grande-Bretagne, France, Italie, Suisse, Allemagne, Espagne, Irlande, Grèce). Interrogés sur le fait de savoir quelle classe d’actifs va selon eux afficher les meilleures performances dans les douze prochains mois, ils sont 60% à citer les actions, et seulement 3% les produits de taux.
17/04/2013

Les mises en chantier américaines au plus haut depuis 2008

Selon le département du Commerce, les mises en chantier ont augmenté de 7% au rythme annuel de 1.036.000 unités, alors que le consensus était de 930.000, et après un chiffre révisé à la hausse à 968.000 en février. Il s’agit de leur plus haut niveau depuis 2008, mais le nombre de permis de construire a diminué le mois dernier contrairement aux attentes.
17/04/2013

Le fonds d'incubation Emergence investit dans Keyquant

Emergence et NewAlpha Asset Management, gérant délégataire du Compartiment «Emergence - Performance Absolue», viennent de signer un troisième partenariat d’incubation avec la société Keyquant, qui permet à cette jeune société de gestion basée à Paris de lancer un fonds Ucits et d’atteindre un encours global de 100 millions d’euros. Emergence investit 30 millions dans le fonds Keytrends Ucits.
17/04/2013

Forte baisse de l'indice ZEW allemand en avril

L’indice ZEW, qui mesure le sentiment des investisseurs en Allemagne, a chuté en avril à 36,3 contre contre 48,5 en mars, nettement en-deçà des attentes des économistes qui tablaient en moyenne sur 42. La composante des conditions actuelles a également baissé, s’inscrivant à 9,2 après 13,6 en mars et contre 12 attendu par les économistes.
17/04/2013

L'inflation recule légèrement en zone euro

Le taux d’inflation annuel a légèrement diminué en mars selon les chiffres définitifs d’Eurostat, à 1,7%, contre 1,8% en février, en raison de l’orientation à la baisse du prix de l'énergie. Sur un mois, l’inflation a progressé de 1,2%. De son côté, l’inflation britannique a atteint en mars son plus haut niveau depuis mai 2012, à 2,8%, a annoncé hier l’Office national de la statistique.
17/04/2013

L’AMF ouvre son guichet de pré-agrément AIFM

L’Autorité des marchés financiers a indiqué ouvrir son guichet de pré-agrément AIFM. L’AMF publie à cette occasion un guide d’accompagnement à l’attention des sociétés de gestion existantes afin de les aider à anticiper la transposition de la directive sur les gestionnaires de fonds alternatif.
17/04/2013

Bercy écarte une loi de validation des emprunts toxiques

A l’issue d’une réunion rassemblant hier les représentants des élus concernés par les emprunts toxiques, Bercy a écarté l’hypothèse d’une loi de validation des emprunts toxiques susceptible d’exclure toute possibilité pour les collectivités locales de remettre en cause les termes de leur contrat, a déclaré à l’AFP un élu responsable de ces questions. L’Etat ne reviendrait ainsi pas sur la brèche ouverte par la décision du TGI de Nanterre en février.
17/04/2013

BlackRock affiche des résultats solides

Le premier gestionnaire d’actifs au monde a dégagé un bénéfice net trimestriel en hausse de 10% sur un an, à 632 millions de dollars. Ce résultat se traduit par un bénéfice ajusté par action de 3,65 dollars, contre 3,58 dollars anticipé par le consensus. De quoi distribuer à ses actionnaires 250 millions de dollars sous forme de rachat d’actions et relever son dividende de 12% à 1,68 dollars par action.
17/04/2013

Bloomberg attaque la CFTC

Le fournisseur de données a porté plainte contre le régulateur américain des dérivés afin de faire annuler une nouvelle règle visant le trading sur le marché des «swaps» qui pénaliserait son activité. Le CFTC souhaite en effet que les intervenants fassent des appels de marge suffisants pour compenser une perte totale sur la transaction, le délai de débouclage de positions étant de cinq jours.

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