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05/03/2012

"Nous pouvons proposer des fonds correspondant à tous les objectifs de placement"

Contrairement au groupe dans son ensemble dont les actifs s'élèvent à 670,3 milliards de dollars fin décembre, la filiale française de Franklin Templeton a continué de collecter en net au dernier trimestre. Un résultat que Dominique de Préneuf, le directeur général, attribue à la fois à la qualité et à la variété des produits proposés ainsi qu'à la vaste diversité des segments de clientèle.
05/03/2012
Fonds

Les institutionnels séduits par les fonds de pension canadiens

Les fonds de pension publics canadiens font figure de précurseurs aux yeux des investisseurs institutionnels qui aspirent à les imiter, rapporte l’hebdomadaire The Economist. Ce n’est pas tant la taille –ils gèrent plus de 640 milliards de dollars américains- qui intéresse les investisseurs que leur stratégie d’investissement.En effet, à la différence de nombreux fonds de pension, les institutions canadiennes gèrent leurs portefeuilles en interne et investissent en direct. Ils investissent plus que d’autres dans des opérations de buy-out, les infrastructures et l’immobilier. Le Ontario Municipal Employees Retirement System (Omers) souhaite avoir 90% de ses actifs gérés en interne d’ici à la fin de 2012. Les fonds de pension canadiens réalisent souvent de petites transactions en solo mais mettent en œuvre les opérations plus importantes en tant que co-sponsors avec les grandes firmes de capital-investissement. Une stratégie qui leur permet notamment de faire des économies substantielles, notamment dans le private equity, où la norme en matière de commission est souvent le fameux 2/20 (2% sur les actifs et 20% sur les bénéfices). Cette approche est manifestement payante. Sur les dix dernières années, le fonds de pension des enseignants de l’Ontario, pionnier en la matière, affiche la meilleure performance des 330 plus importants fonds de pension publics et privés dans le monde.
Fonds
05/03/2012

ING marque un point contre la Commission européenne

La Cour de justice des communautés européennes a jugé vendredi que la Commission avait surévalué le montant de l’aide d’Etat reçue par le groupe néerlandais ING, rapporte L’Agefi. Cette décision autorise ce dernier à espérer un allègement du plan de restructuration imposé en 2009 par Bruxelles en échange de l’acceptation du soutien public en 2008 et 2009 de 10 milliards d’euros de capital (remboursable), avec une garantie de 22 milliards d’euros sur son portefeuille de créances hypothécaires américaines titrisées (RMBS).Le calcul par Bruxelles du montant de l’aide de l’Etat néerlandais laissait apparaître un écart substantiel de 2 milliards d’euros, précise le quotidien, et les mesures de restructuration paraissaient disproportionnées dont notamment une sortie de l’assurance et de la gestion, et un recentrage de l’activité bancaire.
05/03/2012
Fonds

L'emploi d'une cagnotte de CIC encore inconnu

Selon Jesse Wang, son vice-président exécutif, le fonds souverain China Investment Corp a obtenu l’an dernier un financement additionnel de 30 milliards de dollars, rapporte L’Agefi. Le responsable a toutefois refusé de dire si ce montant pourrait servir à acheter des actifs en Europe. «Ce n’est pas parce que l’Europe a ses problèmes que nous changerons notre méthode d’examen», a déclaré le dirigeant.
Fonds
05/03/2012

Sarasin invite Safra à injecter des fonds pour soutenir son essor

Le Groupe Safra a acquis en novembre dernier une participation majoritaire dans la Banque Sarasin, soit 46,07% des actions et 68,63% des droits de vote, cédés par Rabobank. Dans un entretien accordé à Bloomberg, le directeur général de la banque privée suisse, Joachim Straehle, a indiqué qu’il compte sur Safra pour se développer.Selon Le Temps, l’appel lancé vendredi par le patron de la banque privée s’inscrit dans la volonté de son établissement d’étoffer ses réseaux d’agences en Allemagne, en Inde, au Moyen-Orient ainsi qu’en Asie. Sarasin table également sur un certain nombre de synergies avec le groupe brésilien concernant les marchés d’Amérique latine.La banque privée vise ainsi d’ici à trois ans 150 milliards de francs suisses d’encours, contre 103,4 milliards en 2010.
05/03/2012
Fonds

Les investisseurs évitent encore l’Europe

L’appétit pour le risque est resté élevé durant les derniers jours de février, mais les investisseurs ont évité l’Europe, en raison des incertitudes sur la dette grecque et du ralentissement de la croissance dans la zone. Les fonds d’actions européennes ont ainsi subi durant la semaine au 29 février un montant de rachats nets jamais vu depuis quatorze semaines, selon les statistiques d’EPFR Global. Les fonds d’actions dans leur ensemble ont néanmoins enregistré une collecte nette de 4,7 milliards de dollars, si bien que les souscriptions nettes depuis le début de l’année atteignent 24 milliards de dollars contre 40,2 milliards pour la période correspondante de 2011. Durant les derniers jours de février, les fonds d’actions américaines notamment ont enregistré des souscriptions nette pour un montant de plus de 3 milliards de dollars.Les fonds obligataires ont drainé sur la semaine plus de 5 milliards de dollars et depuis le début de l’année 48,8 milliards de dollars contre 15,5 milliards de dollars pour la période correspondante de 2010. Fin février, les fonds obligataires high yield ont notamment enregistré une collecte de plus de 1 milliard de dollars. Depuis le début de l’année, ils affichent une collecte de plus de 22 milliards de dollars.Les fonds monétaires ont de leur côté subi des rachats pour un montant de 21 milliards de dollars durant la dernière semaine de février, les fonds monétaires européens notamment enregistrant leur plus forte décollecte depuis 2007.
Fonds
05/03/2012
Fonds

Henderson et Tantallon ferment des hegde funds asiatiques

La société de gestion britannique Henderson Global Investors a fermé le 23 février son fonds Asia-Pacific Multi-Strategy, lancé en 2006, rapporte Asian Investor. Ses actifs sous gestion s'établissaient à environ 30 millions de dollars. Selon une porte-parole de Hendeson, ce fonds affichait un bon historique de performance mais n’a pas réussi à attirer de nouveaux investisseurs.La société basée à Singapour Tantallon a pour sa part fermé son fonds long only, le Bass Rock Fund dont les actifs sous gestion s'élevaient à environ 14 millions de dollars fin 2011.Macquarie Funds Group et Pinpoint Asset Management ont récemment pris des mesures similaires pour faire face à l’environnement difficile pour les hedge funds.
Fonds
05/03/2012

Trois candidats seraient en lice pour la reprise de Gan Eurocourtage

L’Agefi, qui cite une information de L’Argus de l’assurance, rapporte que Groupama aurait enfin arrêté sa liste réduite de candidats à la reprise de Gan Eurocourtage. Il s’agirait d’Allianz, Aviva et Covéa. Contactées par L’Agefi, aucune de ces compagnies n’a souhaité faire de commentaires.
05/03/2012
Fonds

Un ancien de JPMorgan va lancer son hedge fund

Mike Stewart, le responsable global du trading pour compte propre de JPMorgan basé à Londres, et ancien responsable des marchés émergents, va lancer son hedge fund, Whart Stewart, au deuxième trimestre, rapporte le Financial Times, citant des sources proches du dossier. L’équipe marchés émergents de la banque devrait le rejoindre.
Fonds
05/03/2012

No shadow banking by credit hedge funds, AIMA says

In a 25-page report entitled “The Role of Credit Hedge Funds in the Financial System: Asset Managers, Not Shadow Banks,” the Alternative Investment Management Association (AIMA) challenges the association by the G20 of credit hedge funds with entities related to “shadow banking,” on three main grounds.Firstly, they don’t operate in the shadows, but will soon be subject to strict regulations everywhere in the world. Secondly, these funds are not banks, and do not make any maturity transformation. Lastly, they are aimed at “sophisticated” institutional investors.In addition to these points, the hedge funds represent only a relatively modest volume compared with banks, use only limited amounts of leverage, and do not have implicit or explicit guarantees from taxpayers.According to the Association, credit or credit-related hedge funds represent one third of the global hedge fund sector, and they use a vast range of investment strategies, ranging from fundamental credit analysis and arbitrage to trading of complex derivatives.
05/03/2012

Former JP Morgan head to launch his own hedge fund

Mike Stewart, global head of proprietary trading at JP Morgan in London, and former head of emerging markets, will launch his own hedge fund, Whart Stewart, in second quarter, the Financial Times reports, citing sources familiar with the matter. The emerging markets team at the bank will join him at the new fund.
05/03/2012

State Street offers two new equity ETFs

The SPDR ETF range from State Street Global Advisors (SSgA) on 28 February grew with the admission to trading on NYSE Arca of two new equity products.One of these, the SPDR MSCI ACWI IMI ETF, whose acronym is ACIM, replicates the MSCI All Country Investable Market index; it charges 0.25%.The other, the SPDR AM 50 ETF (EMFT), tracks the MSCI EM 50 emerging markets index, which covers the 50 largest shares of the MSCI Emerging Markets index. Its total expense ratio is 0.50%.
05/03/2012

Invesco RE and Hannover Leasing liquidate a US fund

The property located at 33 Maiden Lane in New York has been sold for USD207.5m to the Federal Reserve Bank of New York by an institutional real estate fund from Invesco Real Estate and Hannover Leasing, which earned capital gains on the sale of 56%.As the fund had already sold the property at 10 Exchange Plance in New Jersey for USD285m, the fund will be liquidated. The two properties were acquired in 2002 for USD330m. Over the life of the fund, the performance in US dollars was 12.5% per year.
05/03/2012

Investors steer clear of Europe

Appetite for risk has remained high in the last few days of February, but investors have been avoiding Europe, due to uncertainty about Greek debt and a downturn in growth in the region. European equity funds have seen levels of redemptions in the week to 29 February not seen in 14 weeks, according to statistics from EPFR Global. Equity funds overall nonetheless posted net inflows of USD4.7bn, and net subscriptions since the beginning of the year have totalled USd24bn, compared with USD40.2bn in the corresponding period of 2011. In the last few days of February, US equity funds have posted net subscriptions totalling over USD3bn. Bond funds in the week attracted more than USD5bn in assets, and USD48.8bn since the beginning of the year, compared with USD15.5bn in the corresponding period of 2010. As of the end of February, high yield bond funds have posted inflows of over USD1bn. Since the beginning of the year, they show inflows of over USD22bn. Money market funds, for their part, have seen redemptions totalling USD21bn in the last week of February, while European money market funds have posted their heaviest outflow since 2007.
05/03/2012

Institutionals admire example of Canadian pension funds

Canadian public pension funds appear as precursors in the eyes of institutional investors, who are seeking to imitate them, The Economist reports. It’s not the size of the funds which interests investors – they manage over USD640bn in assets – so much as their investment strategy. Unlike many pension funds, Canadian institutions manage their portfolios internally and invest directly. They invest more than other funds in buyout operations, infrastructure and real estate. The Ontario Municipal Employees Retirement System (OMERS) would like to have 90% of its assets managed internally by the end of 2012. Canadian pension funds often make small solo transactions, but they undertake larger operations as co-sponsors with major private equity firms. This strategy allows thm to make substantial savings, particularly in private equity, where the famous standard commission level is 2/20 (2% of assets and 20% of profits). This approach has manifestly paid off. In the past ten years, the Ontario teachers’ pension fund, a pioneer in this area, has earned the best returns of the 330 largest public and private pension funds in the world.
05/03/2012

Franklin launches a fund of global convertibles

Franklin Templeton on 24 February launched a fund of global convertible bonds, which will be managed by Alan Muschott, Money Marketing reports. The fund will be registered in Luxembourg, and will use the same strategy as a fund domiciled in the United States launched in 1987.
05/03/2012

Market effects account for most of increase in assets for Luxembourg funds

Global assets in Luxembourg based funds totalled EUR2.15708trn as of the end of January, an increase of 2.89% in one month, the CSSF reports. The Luxmebourg regulator says the positive variation in the month of January of EUR60.659bn was the result of market effects totalling EUR55.407bn (+2.64%), and inflows of EUR5.162bn (+0.25%). There were 3,837 collective investment organisms (OPC) and specialised investment funds (FIS), compared with 3,845 the previous month. 2,421 entities have adopted a multiple sub-fund structure, which represents 11,857 sub-funds. With the addition of the 1,416 entities with traditional structures, a total of 13,273 entities are active on the financial market, a statement says. As of 31 January 2012, over a sliding 12-month period, net asset volumes fell by 1.23%.
05/03/2012

Investors steer clear of Europe

Appetite for risk has remained high in the last few days of February, but investors have been avoiding Europe, due to uncertainty about Greek debt and a downturn in growth in the region. European equity funds have seen levels of redemptions in the week to 29 February not seen in 14 weeks, according to statistics from EPFR Global.Equity funds overall nonetheless posted net inflows of USD4.7bn, and net subscriptions since the beginning of the year have totalled USD24bn, compared with USD40.2bn in the corresponding period of 2011. In the last few days of February, US equity funds have posted net subscriptions totalling over USD3bn.Bond funds in the week attracted more than USD5bn in assets, and USD48.8bn since the beginning of the year, compared with USD15.5bn in the corresponding period of 2010. As of the end of February, high yield bond funds have posted inflows of over USD1bn. Since the beginning of the year, they show inflows of over USD22bn.Money market funds, for their part, have seen redemptions totalling USD21bn in the last week of February, while European money market funds have posted their heaviest outflow since 2007.
05/03/2012

Risk of hedge fund fire sales still looms, says FSA

The British Financial Services Authority (FSA) claims that there is still a systemic risk of fire sales of assets by distressed hedge funds during periods of market turbulence, according to its most recent study of the sector (“Assessing the possible sources of systemic risk from hedge funds.»)The most recent surveys by the FSA suggest that the footprint of hedge funds remains modest in most markets, with the possible exceptions of convertible bond, interest rate derivative and commodity derivative markets.For most hedge funds, leverage remains relatively low, and most funds estimate that they would be able to liquidate their assets more rapidly then the deadlines on their liabilities, which suggests that the transformation of maturities into liquidity is not highly developed. The FSA adds, however, that these estimates are not necessarily appropriate in times of market stress.Statistics also suggest that counterparties have increased their requirements in terms of margin calls, and toughened up the terms for hedge fund exposures since the financial crisis, which has increased resistance to hedge fund defaults.
05/03/2012

BlackRock bullish on Asia-Pacific

In an interview with The Wall Street Journal, Mark McCombe, chairman of BlackRock for Asia-Pacific, says the firm is “bullish” on the Chinese economy, as the Chinese government has done a good job of managing it centrally through times of numerous economic uncertainties, with the situation in Europe and structural issues in the United States. He is also bullish on India, due to the entrepreneurial spirit there, but its major challenge is infrastructure, and it will take time for the country to catch up with China in this area.McCombe says that he has always regarded Indonesia as a sleeping giant, which is now trying to overcome its structural problems. In Australia, the overactive economy actually reflects growth in inter-regional trade, and the fact that growth in China is advancing at a fast pitch, which means that China will need to find resources or partners capable of supplying it with commodities it needs, and Australia is in a position to be that partner.
05/03/2012

“We can offer funds for all investment objectives”

Unlike the group overall, whose assets totalled USD670.3bn as of the end of December, the French affiliate of Franklin Templeton continued to post net inflows in fourth quarter last year. Dominique de Préneuf, CEO, attributes this result both to the quality and variety of products on offer, and to the vast diversity of client segments.
05/03/2012

Pension fund deficits still declining

In February, the average coverage rate for the liabilities of US corporate pension funds increased by 2.1 percentage points, to 76.2%, following a major increase of 1.6 points in January, according to estimates by BNY Mellon Asset Management. The improvement is due to the fact that equities in February had their fifth consecutive month of gains.On average, assets in corporate pension funds increased by 2.7 points in February, while their liabilities fell by 0.2% due to a 3 basis point rise in the discount rate for businesses rated AA, to 4.33%.
05/03/2012

Good start to the year for Dutch hedge funds

In January, the Finles/IEX Hollandse Hedge Fund Index (HHFI) of Netherlands-based hedge funds outperformed the Deutsche Bank (+1.76%) and Lyxor (+1.30%) indices, with gains of 3.42%. The index includes 29 products; at the end of January, it stood at 105.46.The three best-performing funds in the HHFI were the gold long/short fund Gold & Discovery Fonds, with gains of 17.71%, the Bloemendaal (long/short equity) fund with +11.47%, and the statistical arbitrage fund HiQ Market Neutral (+10.15%).
05/03/2012

DWS launches guaranteed bond fund

The CNMV on 2 March issued a registration for the passively-managed fund DWS Bonos 2016, which at maturity (on 20 September 2016) offers returns of 4% per year for A-class shares (retail) and 4.45 for B-class shares (institutional) subscribed to before 28 March 2012. The management of the fund, launched on 20 February by DWS Investments (Spain), SGIIC, SA is outsourced to the German firm DWS Investment GmbH.Until 28 March 2012, the portfolio will be invested in cash, repos of Spanish public debt, savings accounts, private bonds, and liquid public and private money market instruments of the OECD region (rated at least A-), with an average maturity of less than 3 months. The fund will then be 95% invested in corporate bonds (of which up to 33% is to be invested in securities rated below BBB-), and the remainder in public debt rated at least A-. There will be no currency risk, and the fund will not invest either in other funds, or in securitisations.CharacteristicsName: DWS Bonos 2016, FIISIN codes:ES0127098004 (A class shares)ES0127098012 (B class shares)Minimal subscriptionA class shares: EUR10B class shares: EUR600,000Management commissionsA class shares: 0.2% until 28 March 2012, then 1.2%B class shares: 0.2% until 28 March 2012, then 0.8%Early withdrawal penalty2% from 29 March 2012 to 19 September 2016
05/03/2012

Liberbank releases a telecoms guaranteed fund

The firm born of the merger of Cajastur, Caja de Extremadura and Caja Cantabria, Liberbank, has launched the guaranteed fund Liberbank Telecommunicaciones 3X7, which offers returns of 0.93% per year (3% until maturity in July 2015), plus a participation in the evolution of the share prices of Telefónica, France Télécom and Deutsche Telekom, Expansión reports. Returns on these shares will be 7% per year if the average share price for the three firms remains higher than the initial value.Management commission is set at 0.75% until the end of the sale period on 24 April.
05/03/2012

Lyxor lists three more ETFs in Madrid

On 2 March, the CNMV registered three more ETFs from Lyxor Asset Management (Société Générale group). They are the Lyxor ETF Russell 1000 Growth, Russell 1000 Value, and Russell 2000.
05/03/2012

Deputy head of external distribution leaves Carmignac Gestion

Nicolas Demoro, who had for more than five years worked at Carmignac Gestion, serving independent financial advisers, firstly as regional director for south-eastern France, and then as deputy director of external distritbution, has left the firm to open a new entrepreneurial venture dedicated to wealth management.
05/03/2012

Avenir Finance IM: Two managers take over from Guillaume Nicoulaud

Following the departure of Guillaume Nicoulaud, manager of the quantitative fund Opéra US, the asset management firm Avenir Finance Investment Managers (AIFM) has placed the management of the fund in the hands of Guillaume Garchery and Emmanuel Faik, managers at AFIM since September 2009 and July 2011, respectively.Gerchery, a former quantitative trader in the statistical arbitrage team at Société Générale Corporate & Investment Banking from 2006 to 2009, where he was in charge of development and application of low-frequency strategies on European equities, joined Avenir Finance Investment Managers in order to implement quantitative equity and global macro strategies in particular. He worked on the development of equity strategies based on risk premiums, which were implemented with US Opéra.Faik, previously in the Investment division at the European Central Bank, which manages the currency reserves for the European system and the implementation of the Securities Markets Programme for bond markets, contributed to publications from that institution on the subject of unconventional monetary policy.
05/03/2012

Carmignac practices exclusion for its funds

Edouard Carmignac, founder of the eponymous asset management firm, has been excluding weapons manufacturers and tobacco producers from his funds for 20 years, Financial Times Fund Management reveals. Eric le Coz, deputy CEO, says in the FT weekly supplement that the exclusion is not an explicit policy of the fund, but that a study is underway to “formalise the process.” The move comes at a time when regulations will require French asset management firms to disclose how they take environmental, social and governance (ESG) issues into account.

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