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04/05/2012

123Venture announces the launch of a dedicated platform for institutionals

The private equity asset management firm 123Venture on 3 May announced the launch of the Trocadero Capital platform, which aims to offer institutional investors a complement to their fund range historically aimed at private clients. The firm, which has over EUR700m invested in over 300 European private businesses, now operates under two brand names, 123Venture and Trocadero Capital. Trocadero Capital offers institutional investors a limited range of investment strategies via dedicated funds. To date, Trocadero Capital manages FCPR funds and management mandates in renewable energies and mezzanine debt. Trocadero Capital manages over EUR100m for a wide range of investors. 123Venture, meanwhile, has announced the launch of a mezzanine fund, the FCPR Trocadero Capital et Transmission II. This FCPR fund aims to make mezzanine investments in French private businesses whose total valuation is between EUR15m and EUR150m. The 123Venture group will invest EUR7m of its own capital alongside institutional cients in the fund, which will aim for a final size of about EUR100m.
04/05/2012

Net inflows of over USD900m for Och-Ziff in first quarter

Assets under management at the US asset management firm Och-Ziff as of 31 March totalled USD30.1bn, compared with USD28.8bn at the end of December 2011, and USD29bn one year previously. An increase of USD1.1bn, or 4% year on year is related to net inflows of USD902.4m, and positive market effects of USD184.3m. As of the end of April, assets under management totalled about USD29.8bn, up by USD1bn compared with the end of December, due to positive market effects, and despite net outflows of USD600m, which are called “relatively small, in historical perspective.” Och-Ziff states that the proportion of assets in pension funds as a part of total assets under management has increased from 24% one year ago to 29% this year. At the same time, assets in funds of funds represent only 17% of total assets, compared with 21% one year ago, as institutional investors are now preferring to invest directly in single hedge funds.
04/05/2012

Reyl appoints a CEO for its affiliate Reyl Overseas

The Swiss firm Reyl & Cie has announced the appointment of Roger Groebli as CEO of its new affiliate Reyl Overseas Ltd, founded in October 2011 in Zurich, and registered with the US SEC as an investment adviser. Groebli, previously of ABN Amro, where he was head of the research unit for Asia-Pacific and investment advisory activities.Reyl Overseas Ltd was founded to meet the particular needs of US taxpayers based in Switzerland and abroad. As a Swiss firm, it offers its clients expertise in asset management, investment advising and wealth management.
04/05/2012

Credit Suisse accelerates its conversion to physical ETFs

The Credit Suisse group has announced that it will be converting six of its synthetic ETFs to physical ETFs during this month, at the request of many clients and the Swiss financial markets association, Finma. Once the conversions are completed, the number of ETFs to have transferred to a physical replication style in the past six months will total 10. At the end of November last year, the Swiss bank converted four of its 16 synthetic ETFs. Deborah Fuhr, cited by InvestmentEurope, says investors seem to show a marked preference for physical ETF funds. Last year, synthetic ETFs showed net outflows of USD4bn, while physical ETFs had net inflows of USD29bn.
04/05/2012

Good quarterly results for the Banque Cantonale Vaudoise

Assets under management at the Banque Cantonale Vaudoise (BCV) have increased 3% in first quarter, to a total of CHF79.4bn, the bank has announced in a statement released on 3 May. Net inflows totalled CHF149m. Gross profits at the BCV were up 2% in first quarter, to CHF121m, on earnings up slightly to CHF253m, from CHF251.6m. The BCV has called these results “very good,” and “in line with the trend in recent years,” but has not provided any information about the current development of activities or outlooks for annual results.
04/05/2012

Global Financial Products becomes observing member of structured products association

The Swiss structured products association (SVSP) has accepted a new observing member, Global Financial Products. The new member strengthens the presence of the structured products association on the Swiss financial market, the association says in a statement released on 2 May. Global Financial Products was founded in 2011, and has offices in Pfäffikon, Zurich and Lausanne. The association says that it now represents the interests of 18 issuers and five observing members, who together represent over 95% of the total volume in the structured product market in Switzerland.
04/05/2012

Vontobel launches a commodity fund

The Swiss Vontobel group on 3 May announced the launch of a commodity fund, the Vontobel Fund Belvista Dynamic Commodity fund, which will be managed by an affiliate of Vontobel Asset Management, Harcourt, specialised in providing alternative solutions. Vontobel already has a widely renowned expertise in commodities, since the launch of the Vontobel Fund Belvista Commodity in 2007. The fund outperformed the DJ Commodity Total Return Index by 15.8% between April 2007 and March 2012. Major characteristics Vontobel Fund (SICAV) – Belvista Dynamic Commodity Domicile: Luxembourg Currency of reference: USD Share classes: USD, CHF, EUR Management fees: 0.75% per year for institutional shares; 1.5% for retail shares Performance commission: 10% per year on outperformance of the benchmark Benchmark index: Dow Jones-UBS Commodity Total Return Index Reference codes: B USD LU0759371569 I USD LU0759372880 H CHF LU0759371999 HI CHF LU0759372450 H EUR LU0759372021 HI EUR LU0759372534
04/05/2012

Carnegie Fund Services opens an office in Zurich

The Swiss firm Cernegie Fund Services, a specialist in representation and distribution for foreign investment funds, will be opening an office in Zurich, Finews reports. The office will be led by Heinz Gloor. Carnegie Fund Services has over 200 clients for fund launches in Switzerland, influding CR Asset Management, DNCA, Gottex, Janus Capital, Lazard Frères Gestion and MFS, Finews reports.
04/05/2012

GAM and Barclays launch a fund of funds

GAM and Barclays Capital have launched the GAM Star Barclays Dynamic Multi-Index Allocation Fund in Switzerland. The product is compliant with UCITS IV. It will invest in quantitative indices from Barclays Capital, Finews reports.
04/05/2012

Despite net inflows, global ETF assets down in April

As of the end of April, total assets in ETFs worldwide totalled USD1.5284trn, USD9.7bn less than at the end of March, despite net subscriptions of USD2bn. ETFGI, the consulting firm founded by Deborah Fuhr, estimates that total assets YTD increased 13.1%, or USD177bn, of which USD60.6bn were from net subscriptions.In the first four months of the year, the three largest net inflows were to Vanguard (USD21.8bn), iShares (USD15.7bn) and SPDR ETF (State Street Global Advisors, or SSgA), with USD6.7bn. The heaviest net outflows were from db x-trackers (Deutsche Bank), with USD1.3bn, Polaris (USD0.8bn), and ComStage (Commerzbank), with USD0.6bn.The top three issuers remain unchanged. iShares has USd649.3bn in assets as of the end of April, followed by SPDR ETF with USD233.9bn, and Vanguard, with USD208.4bn. These three actors together control a market share of 71.4%.
04/05/2012

db x-trackers lists three more bond ETFs in Frankfurt

Since Thursday, the XTF segment of the Xetra electronic platform from Deutsche Börse has listed 968 ETF funds, as db x-trackers (Deutsche Bank) has listed three new Luxembourg-registered bond ETFs for trading. The first two funds, with leverage of 2, one of them inverse, replicate the evolution of euro zone government bonds, while the third fund focuses on Bunds, with total maturities of 7 to 10 years.db x-trackers II Eurozone Sovereigns Double Long Daily ETFISIN code: LU0621755080Benchmark index: Deutsche Bank Eurozone Sovereigns Double Long Daily IndexTER: 0.30 %db x-trackers II Eurozone Sovereigns Double Short Daily ETFISIN code: LU0621755676Benchmark index: Deutsche Bank Eurozone Sovereigns Double Short Daily IndexTER: 0.30 % db x-trackers II iBoxx € Germany 7-10 TRI ETFISIN code: LU0730820569Benchmark index: iBoxx € Germany 7-10 IndexTER: 0.15 %
04/05/2012

Carmignac Gestion plans to build presence in Germany

Although the German market is very open, the penetration of Carmignac Gestion is more than twice as strong in Italy. The French asset management firm is now hoping to catch up with the help its Frankfurt office, the Frankfurter Allgemeine Zeitung reports. Eric Helderlé, COO, says that although Carmignac funds are already selling well via German IFAs, there is still some progress to be made with family offices and private banks.Last year, total assets at Carmignac Gestion fell by more than EUR9bn, 22% of which, says Helderlé, was due to market effects, while 78% was due to net redemptions of over EUR7.1bn. These outflows were largely to countries in southern Europe, while the German market was more resistant, which is also a reason that the French asset management firm is now looking to grow in Germany.
04/05/2012

European ETF assets down in April

According to the ETFGI consultancy, founded by Deborah Fuhr, assets under management in 1,295 European ETFs (listed 4,579 times) as of the end of April totalled USD291bn, compared with USD301.3bn as of the end of March. They increased 8.8% since the beginning of the year, compared with USD267.6bn as of the end of December 2011.In April, European ETFs saw net outflows of USD4.7bn, due to net redemptions of USD5.2bn from equity ETFs, while ETFs replicating European equity indices underwent net redemptions of USD5bn. In the first four months of the year, ETFs saw net subscriptions of USD1.5bn.ETFGI states that in this period, the strongest inflows were to source Markets, with USD1.5bn, followed by UBS Global Asset Management with USD1.2bn, and ETFlab Investment (Deka) at USD0.8bn. On the other hand, db x-trackers (Deutsche Bank) has seen the heaviest net outflows, with USD1.4bn, followed by ComStage (Commerzbank) and EasyETF, with USD0.6bn each. In April, iShares (BlackRock) saw net outflows of USD4.3bn.In terms of assets as of the end of April, iShares has USD113.9bn. The second-largest is db x-trackers with USD43bn. Lyxor Asset Management (Société Générale) takes third place with USD36.59bn.
04/05/2012

Record assets for Bill Gross' fund

Assets in the bond fund Pimco Total Return, managed by Bill Gross, have set a new record at USD258.7bn, largely due to USD2.7bn in net subscriptions in April, Mutual Fund Wire reports. Since the beginning of this year, the fund has gained 4.4%, allowing it to outperform 98% of products in its category.
04/05/2012

Van Eck slashes TER for Indonesia ETF

The US firm Van Eck Associates Corporation has announced that it is lowering the total expense ratio (TER) cap to 0.57% from 0.60% for its Market Vectors Indonesia Index ETF (acronym IDX), whose assets as of the end of March totalled USD537m. This is the second time in three years that Van Eck has lowered the TER for the product, which should not be confused with the Market Vectors Indonesia Small-Cap ETF (IDXI), which was launched recently (see Newsmanagers of 22 March).
04/05/2012

Assets under management at St James's set a record in first quarter

Assets under management at the British firm St James’s Place as of the end of March totalled a record GBP31bn, the firm announced in an interim report on 3 May. Net inflows in first quarter totalled GBP700m, compared with GBP770m in first quarter 2011. Taking into account positive market effects in the quarter under review, assets under management increased by a total of GBP2.5bn.
04/05/2012

Inflows for Schroders in first quarter

For the first quarter of this year, Schroders has posted net inflows of GBP1.6bn. These inflows totalled GBP1.7bn for the asset management portion of the business, while private banking showed slight outflows (GBP0.1bn). Assets increased from GBP187.3bn as of the end of December to GBP199.6bn as of the end of March, GBP183.2bn for the asset management portion, and GBP16.4bn for private banking. Pre-tax profits totalled GBP95.5m, down compared with the GBP103.8m in first quarter 2011. Net earnings totalled GBP282.7m, compared with GBP292m in first quarter 2011.
04/05/2012

FFB platform opens to ETFs

The fund platform of the Frankfurter Fondsbank (FFB), also known as FIL Fondsbank, from Fidelity Germany, has announced that it is adding to its activities. It will now be offering to process orders for about 70 ETFs from iShares (BlackRock) and ComStage (Commerzbank), as it already does for about 8,000 traditional funds. The ETFs selected replicate all the major global indices, and represent over 30% of trading volumes on the XTF segment of the Xetra electronic trading platform from Deutsche Börse.For ETF buy and sell orders, FFB offers a flat price of 0.2% of trading volumes.FFB has assets under administration of EUR13.1bn, in 780,000 client accounts.
04/05/2012

BTG Pactual launches an investment fund for Africa

The largest investment bank in Brazil, BTG Pactual, which has recently held its IPO, on Thursday launched the largest investment fund for Africa in the world, with USD1bn in investments from Brazil, the firm’s chairman, André Esteves, has announced. The product will be the largest fund collected in Brazil to be specifically focused on the African continent. The creation of the investment fund is a demonstration of the enormous confidence and affinity which Brazil has with this region of the world, Esteves explained in an African investment seminar held by the Brazilian development bank (BNDES). The fund will invest primarily in infrastructure, energy and agriculture.
04/05/2012

François Hollande prépare un plan B avec l’Allemagne

Le candidat socialiste à l’élection présidentielle française et qui a la faveur des sondages serait prêt à proposer des «solutions pragmatiques» en cas de désaccord avec la chancelière allemande Angela Merkel sur la renégociation du pacte fiscal européen. Des solutions qui pourraient déjà avoir l’aval de Berlin dans le cas de son élection dimanche.
04/05/2012

Pékin vise le nucléaire britannique

Le gouvernement chinois pourrait bien prendre part au programme nucléaire de la Grande-Bretagne. Des groupes énergétiques contrôlés par Pékin (notamment China Guangdong Nuclear Power (CGNP) ou State Nuclear Power Technology Corp (SNPTC)) sont en effet impliqués selon le quotidien dans les discussions concernant le rachat du consortium Horizon auprès de ses propriétaires allemands E.On et RWE. Ces derniers ont mandaté Nomura la semaine passée. Des groupes industriels occidentaux et des fonds souverains sont également sur les rangs. Les responsables britanniques sont bien conscients selon le quotidien qu’un engagement de Pékin «n’échappera pas à la critique».
04/05/2012

La relance monétaire célébrée par un membre de la BoE

Charles Bean, vice-gouverneur de la Banque d’Angleterre, indique au journal dans une tribune que la politique monétaire expansionniste pratiqué par la banque centrale est «le meilleur remède» pour stimuler la reprise économique au Royaume-Uni. A ses yeux, «l’actuelle forte politique de stimulation monétaire menée est synonyme d’activité, d’emploi et de prix des actifs plus élevés».
04/05/2012

Veolia a bien reçu une offre pour Transdev

Le quotidien indique que Veolia Environnement a bel et bien reçu fin avril une offre de la part du fonds Cube pour sa part de 50% (aux côtés de la CDC) au capital de Veolia Transdev. Une participation valorisée 1,15 milliard d’euros, dont 900 millions de dettes. Le fonds exclut pourtant de reprendre la compagnie maritime SNCM, détenue à 66% par Veolia Transdev et à 25% par l’Etat.
04/05/2012

La BCE reste sur sa ligne de conduite

Comme prévu, la BCE a maintenu hier ses taux inchangés. Son président, Mario Draghi, reste très prudent sur les perspectives économiques de la zone malgré les effets bénéfiques des opérations de refinancement à trois ans. Il a aussi précisé son idée d’un pacte de croissance.
04/05/2012

La multigestion alternative se consolide

L’adossement d’HDF Finance à Rothschild & Cie Gestion est un nouvel épisode de la mutation du secteur des fonds de fonds alternatifs, imposée par la crise.
04/05/2012

Starwood ouvre le capital de Baccarat

Le fonds américain Catterton va prendre 22% du capital de Baccarat via une émission d’actions que lui réserve la Société du Louvre, actionnaire majoritaire de la cristallerie. La filiale de Starwood verra sa participation diluée à 66,5%. Les fonds, 27,5 millions d’euros, doivent servir à financer les investissements de Baccarat. La Société du Louvre est conseillée par Rothschild.

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