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24/02/2012

Barclays Wealth opens an office in Monaco

The British firm Barclays Wealth has opened an advising office in Monaco, Investment Europe reports. The office will be directed by Simon Morris, who has been working at Barclays Wealth Advisory for seven years.
24/02/2012

Record inflows for new Asian hedge funds

Asian hedge funds from new or existing managers raised EUR4.43bn in 2011, the highest level observed since their peak in 2007, according to a study by AsiaHedge magazine. The average size for the 58 new hedge funds launched last year was USD76.4m, nearly twice the average observed in 2010 (USD40m). New hedge funds raised a record USD7.8bn. In December, about 42% of Asian hedge funds had assets under management of USD20m or slightly less, an increase of 13 percentage points compared with the end of 2007. New hedge fund creations outpaced liquidations in first half, but subsequently, liquidations increased due to poor performance and redemptions by investors. In third quarter, hedge fund liquidations reached their highest levels since the closing months of 2008, according to the Singapore-based data provider Eurekahedge. According to Aradhna Dayal, head of HedgeFund Intelligence for Asia, the data provider which publishes AsiaHedge, new hedge funds launched last year by professionals coming largely from proprietary trading desks at banks, will this year be founded by major alternative management firms which offer strategies dedicated to Asia, and by asset management firms in continental China seeking to set up shop in Hong Kong. In terms of markets, Hong Kong remains the largest market for new Asian funds, with a percentage of 34% (20 funds). Singapore is in second place, with 17 funds.
24/02/2012

Aquila Capital increases sales staff in Germany and Switzerland

The Hamburg-based independent asset management firm Aquila Capital (which owns the Luxemburg-based Alceda Fund Management) has announced that it has recruited Pascale-Céline Cadix as director of retail sales in Frankfurt. She will be in charge of developing the client base of direct banks, wealth managers and private banks in Germany. Cadix had previously been head of distribution for Threadneedle in Frankfurt.Meanwhile, the Zurich-absed affiliate AQ Advisors has recruited a new director of sales, Mauro Gerli, who had most recently been at Credit Suisse Private Banking, after serving at several alternative management firms.
24/02/2012

Asset management generated 47% of profits at Allianz

Allianz on Thursday announced net profits for 2011 down 46.2% to EUR2.804bn. In the same period, the asset management unit has generated net profits up 38.7% compared with 2010, to EUR1.312bn, which corresponds to 46.8% of total profits for the group.Total assets as of the end of December were up 9.2% to EUR1.657trn, of which EUR1.281trn (+10%) are managed for third parties. Net subscriptions to Allianz Global Investors from third parties fell to EUR39.3bn from EUR112.7bn in 2010, and EUR82.8bn in 2009, while 2008 saw net outflows of EUR0.3bn. Net inflows to bond products and third-party products totalled EUR44.8bn, compared with EUR113.7bn the previous year. However, equity products saw net outflows of EUR5.1bn, compared with EUR0.4bn in 2010.Operating profits for the asset management unit increased 9.5% to EUR2.3bn, and 14% if currency effects are set aside. In addition, the cost/income ratio remained stable, at 59%, compared with 58.7% the previous year, well below the 65% limit set for it (it had been 62% in 2009).Net revenues from commissions increased 11% to EUR5.47bn, despite currency effects of EUR215m; they increased 15.3%, excluding currency effects. Performance commissions, in this environment, fell to EUR455m from EUR514m.
24/02/2012

Hedge funds see increase in assets in January

In January, hedge funds worldwide have seen an increase in their assets of USD15bn, to USD1.72trn, according to the most recent statistics from Eurekahedge. This comes due to subscriptions of USD3.7bn, and performance effects of USD11.4bn.
24/02/2012
Gestion d'actifs

La CCI de Lille lance un appel d'offres sur la gestion de fonds de capital-investissement

Le présent marché a pour objet la désignation de prestataires ayant qualité d'établissements de crédit ou de sociétés spécialisées dans la gestion de sociétés de capital-investissement, de fonds de financement ou de portefeuilles de participation, pour la gestion administrative et financière du fonds de financement CCI Prévention d’un montant global de 4 000 000,00 EUR (quatre millions d’euros). Lot nº: 1 Intitulé: Marché pour la gestion du fonds de financement CCI Prévention : 2 millions d’euros Lot nº: 2 Intitulé: Marché pour la gestion du fonds de financement CCI Prévention : 2 millions d’euros Pour lire l’avis complet: cliquez ici Mise à jour : La CCI de Lille a indiqué qu’elle sélectionnerait soit avec un prestataire unique, soit avec des prestataires groupés solidaires ayant un mandataire commun.
Gestion d'actifs
24/02/2012
Gestion d'actifs

BNP Paribas Cardif cherche à renforcer les actifs immobiliers à forte visibilité de rendements

Olivier Hereil, directeur des investissements et des gestions d’actifs de BNP Paribas Cardif dans un article paru dans Option Finance numéro 1161: Sur l’immobilier, nous avons un patrimoine assez diversifié (50% de bureaux, 27% de centres commerciaux, 16% de logements et 7% de divers, dont hôtellerie). Nous avons une compétence historique sur les centres commerciaux. Aujourd’hui, compte tenu de la conjoncture économique, nous souhaitons renforcer les actifs à forte visibilité de rendements, comme les logements. Les rendements locatifs ne sont pas très élevés mais très récurrents. Pour le moment, nous avons peu d’immobilier à l’international, mais nous commençons à investir à Taïwan. D’autre part, nous avons engagé depuis 2007 une démarche volontariste dans l’univers de l’ISR. Des critères extra financiers sont intégrés dans notre processus d’investissement. Nous le faisons sur tous nos actifs, que ce soit sur les obligations, les actions ou l’immobilier. Pour rappel, l’allocation d’actifs de BNP Paribas Cardif est la suivante: 79.9% d’obligations, 11.7% d’actions, 6.2% d’immobilier et 2.2% de divers (cash, gestion alternative. Les encours totaux s'élèvent à 150 milliards d’euros.
Gestion d'actifs
24/02/2012

AFG creates a think-tank to study advertising

The AFG has announced that its Commission is creating a think tank to observe and analyse the practices in place for publicity documents from asset management firms. The group will consider advertising for all types of vehicles and videos about products and investment solutions as well as corporate advertising.
24/02/2012

Gibraltar seeks to attract more hedge funds

Gibraltar has launched a campaign to win over hedge fund managers with a loosening of fund administration regulations, Hedge Funds Review reports. In other words, hedge funds will no longer be required to use exclusively local fund administrators, the minister for financial services, Gilbert Licudi, a member of the new Labour government for the territory which has been in place since December last year, says. The new regulations, which will be passed in the next few days, include a reference list which may be added to according to demand.
24/02/2012

Private equity valuation under investigation again

The SEC and the attorney general of Massachusetts have been investigating since at least last autumn a private equity fund owned by Oppenheimer Holdings, and have been issuing several subpoenas, including one to Oppenheimer Asset Management, the Wall Street Journal reports. It appears that the Oppenheimer Global Resource Private Equity Fund LP (USD140m), which has been spun out since 1 January 2012 under the hame of Roc Resources LLC, in autumn 2009 valued an investment by the Cartesian A fund in the Romanian firm Fondul at 33 cents per share, when the shares were actually trading at 7 cents.
24/02/2012

SEC charges two Chinese businessmen

The Securities and Exchange Commission (SEC) has announced that it has charged two Chinese corporate directors of misleading US investors by telling them that they were investing in a Chinese mining company, when in reality they were investing in an empty shell company in New York. The two directors are said to have taken more than USD100m.
24/02/2012

Fall in the number of positions held by directors outside their own firms

A study of the identity of and changes to the management at businesses of the SBF 120 index between 1998 and the end of 2010 has found several consistent trends, including a trend in the number of women represented, as well as several changes. There has been a decline in the number of directorship positions held by directors outside their own firms, according to the study, published by the AMF in its Lettre Economique et Financière for winder 2011. In 2010, 43.71% of directors had positions as a director at other publicly-traded firms, in France or abroad, compared with 50.91% in 2000. The average number of positions held by these directors was 1.77 in 2010, compared with 2.27 in 2000. Another development identified by the study is that there has been a rise in the frequency of changes in management since 2005. In addition, the number of disciplinary dismissals was higher than the number of non-disciplinary dismissals in 2004 and 2005, and in 2008, 2009 and 2010. Over the full period under study, there have been 210 changes of directors at 131 firms. Between 1998 and 2010, 60.65% of businesses had at least one change in management. Eight businesses (3.70%) have had four changes in management, and five CEOs, while 39.35% of businesses have retained the same director over the period under study.
24/02/2012

Profits up at Eaton Vance

For the first quarter of its fiscal year ending on 31 October, Eaton Vance has announced net profits by GAAP accounting standards of USD47.27m, compared with USD46.62m in the previous three months, and USD37.53m in November 2010-January 2011.As of 31 January, assets totalled USD191.71bn, compared with USD188.2bn as of the end of October, and USD191.74bn one year previously. Eaton Vance has posted net outflows in the period under review from long-term funds and seggregated accounts of USD1.1bn, compared with USD2.73bn in the previous quarter, and net subscriptions of USD1.85bn in the corresponding period of the 2010-2011 fiscal year.
24/02/2012

Eight new asset management firms join AFG

In the second issue of “Gestion Info” from the AFG, the association says that Verazano Capital SAS, Edouard 7 Gestion Privée, Ginjer AM, Massena Capital Partners, Openmind Asset Management, Riskelia, Trecento Asset Management and Volvar Asset Management have become members. Aurexia Conseil and CID Consulting, meanwhile, have become new correspondent members.
24/02/2012

US money market funds return to euro zone banks

US prime money market funds have increased their exposure to euro zone banks by 15% in US dollars since the end of December, according to the most recent Fitch report on the subject, dated 23 February. This is a reversal of the trend after several months of reductions. This increase in interest has worked to the benefit of French banks, to which exposure has increased by 150%. US money market funds now have 11% of their assets invested in euro zone banks, which is far below the 31% they had invested there as of the end of May. This reduction has been primarily driven by aversion to risk, as these vehicles traditionally allocate more than 30% to euro zone banks, according to Fitch data from 2006 to mid-2011.
24/02/2012

Swiss COSI segment opens to British guarantors

Collateral Secured Instruments (COSI) whose guarantors are based in the UK may now be traded on the SIX Swiss Excchange, the Swiss stock market announced on 24 February. The move aims to internationalise the innovative COSI services, which provide a way to reduce default risks related to an issuer of structured products. The products are listed exclusively on Scoach Zurich and Frankfurt. The service, developed in the wake of the financial crisis, is based on a process which ensures that the debt owed to the investor by the issuer of the structured product has all the necessary guarantees at all times. “Several European and Asian markets have shown a growing interest in this Swiss guarantee mechanism. The SIX Swiss Exchange is now in a position to meet a large part of this demand: for the first time, it is possible to offer the service to issuers whose guarantors are based abroad also,” the Swiss stock market says in a statement.
24/02/2012

Professional investors in funds create an association

The APFI (association of professional fund investors), a Swiss non-profit association, will hold its first general assembly on 10 May 2012 in Montreux. It will aim to promote the interests of fund investment professionals and to make the voices of its members heard on major issues in the asset management sector, as consideration of the opinions of investors are a determining factor for sustainable growth in the sector.According to the association’s website, the APFI says that its members share several common principles. Among these are the principle that “funds are bought, not sold.” Also, the association claims that hot concepts may lead to investment bubbles, and that professionals need to identify funds and managers with “sustainable” characteristics. They also claim that a competitive environment is essential for funds, which implies the existence of open architecture.The AFPI was founded by Mussie Kidane, head of fund selection at Pictet, Carlos Fernandez (Inversis), Luca de Biasi (BSI) and Roland Meerdter (Propinquity Advisors).
24/02/2012

Bank share prices hit by hedge fund shorts

Since the CNMV lifted its ban on short-selling financial sector shares on 16 February, all share prices in the sector have fallen, a sign that hedge funds have returned to the market, Cinco Días reports. There may be other causes, such as the Greek crisis and the overvaluation of Spanish banks in the current economic environment, but the fact is that, for example, Sabadell has lost 11%, Banco Popular 10%, and CaixaBank 8%.
24/02/2012
Fonds

Collecte record pour les nouveaux hedge funds asiatiques

Les hedge funds asiatiques lancés par de nouveaux gérants ou des gérants existants ont levé 4,43 milliards de dollars en 2011, le montant le plus élevé observé depuis le pic de 2007, selon une enquête réalisée par le magazine AsiaHedge.La taille moyenne des 58 nouveaux hedge funds lancés l’an dernier s’est élevée à 76,4 millions de dollars, soit près de deux fois le montant moyen constaté en 2010 (40 millions de dollars). Les nouveaux hedge funds ont levé un montant record de 7,8 milliards de dollars. En décembre, environ 42% des hedge funds asiatiques géraient un encours de 20 millions de dollars ou un peu moins, soit une augmentation de 13 points de pourcentage par rapport à fin 2007.Le nombre de créations de hedge funds a été supérieur à celui des liquidations au premier semestre mais, par la suite, les liquidations se sont multipliées en raison des mauvaises performances et des rachats des investisseurs. Au troisième trimestre, les liquidations de hedge funds ont ainsi atteint leur plus haut niveau depuis les derniers mois de 2008, selon le fournisseur de données basé à Singapour Eurekahedge.Selon Aradhna Dayal, responsable de l’Asie pour HedgeFund Intelligence, le fournisseur de données qui publie AsiaHedge, les nouveaux hedge funds, lancés l’an dernier par des professionnels issus notamment des desks pour compte propre des banques, seront cette année créés par de grandes sociétés de gestion alternative proposant des stratégies dédiées sur l’Asie et par des sociétés de gestion de Chine continentale souhaitant s’installer à Hong Kong.En termes de marchés, Hong Kong reste la place la plus importante pour les nouveaux fonds asiatiques, avec un pourcentage de 34% (20 fonds). Singapour arrive en deuxième position avec 17 fonds.
Fonds
24/02/2012

Deborah Fuhr crée une recherche indépendante sur les ETF

L’ancienne responsable de la recherche sur les ETF chez BlackRock vient de créer une société indépendante, ETF Global Insight, qui publiera de la recherche sur ce marché et proposera des prestations de conseil aux investisseurs. Jusqu’alors, BlackRock,qui détient leleader du marché iShares, était le seul fournisseur de données sur ce secteur en fort développement.Deborah Fuhr est accompagnée de deux anciens membres de son équipe chez BlackRock, Shane Kelly et Matthew Murray.
24/02/2012

GIC entre au capital de Bunge

Le fonds souverain de Singapour a indiqué au sein d’un document enregistré auprès de la SEC avoir acquis une participation de 5% au capital du négociant en matières premières, pour un montant de 496 millions de dollars.
24/02/2012

Oppenheimer PE dans le viseur des régulateurs

La SEC et le procureur général du Massachusetts enquêtent selon le quotidien sur une irrégularité de valorisation du fonds Oppenheimer Global Resource Private Equity. Fin 2009, le gestionnaire aurait consciemment surestimé une ligne du portefeuille, faisant passer le taux de rendement interne de ce dernier d’une perte de 6,3% à un gain de 38%. Une enquête interne aurait été ouverte chez Oppenheimer l’an passé.
24/02/2012

Naufrage d’un gestionnaire d’actifs japonais

Le quotidien met en lumière une enquête du régulateur portant sur la disparition de la majeure partie des 200 milliards de yens (1,9 milliard d’euros) d’actifs gérés par AIJ Investment Advisors. La FSA (Financial Services Agency) s’apprête à émettre un avis de suspension d’activité. Le gestionnaire a surtout comme clients des petites et moyennes sociétés.

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