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30/01/2012

South Carolina pension fund backs off hedge funds

Five years ago, the South Carolina public pension fund was not allowed to invest in hedge funds or other alternative products. Now, the Wall Street Journal reports, this type of investment represents nearly half of the fund’s USD26bn in assets (20% in hedge funds, 6 times more than the average pension fund allocation).The State Treasurer, Curtis Loftis, is planning to considerably reduce this percentage, not only due to the risks, but also due to the costs, as management commissions paid by the fund increased in the fiscal year ending on 30 June 2011 by 11%, to USD344m, while performance before fees was 18.6%, compared with a 21.4% average for major pension funds, according to Wilshire Trust Universe Comparison Service.
30/01/2012

Lone Star finally gets clear of KEB tangle in Seoul

Agefi reports that the South Korean regulator has granted its approval to an agreement between the Texas-based fund Lone Star and the claimant to acquire its majority stake in the capital of the Korea Exchange Bank (KEB), the local Hana Financial group. The bank’s 51% stake in the stock market firm will change hands for KRW3.9trn, equivalent to EUR2.7bn.
30/01/2012

Britain's 3i launches a new Europe fund

The 3i group on 27 January announced that it will be seeking investors in late 2012 to launch a single fund dedicated to LBOs and venture capital. In order to follow a regional allocation approach, the fund will invest only in Europe and the United States. In all other countries where it has seen growth vectors in recent years, such as China and India, 3i si preferring to raise funds locally. It is preparing to raise a second fund for infrastructure in India with USD2bn, and is the only European fund to have received permission from the Chinese government to launch a USD100m convertibles fund in local currency.
30/01/2012

Pantheon remains active in Europe

The British fund Pantheon (USD25bn in assets under management) is not planning to hold itself aloof to the European fund market, despite the euro crisis. “There is clearly a crisis, but we are vigilant and we are watching the fundamentals. We will continue our investment strategy focused on SMEs worldwide, but we see particularly attractive niche opportunities in certain regions of Europe, such as Scandinavia, and in investment segments or sectors, such as recovery funds and agribusiness,” Elly Lingstone, a partner at Pantheon, tells Les Echos.
30/01/2012

Deutsche Bank preparing a fund to invest in distressed hedge fund assets

The Financial Times reports that Deutsche Bank is preparing a fund to snap up investors’ illiquid or damaged holdings in hedge funds that have failed to recover since the financial crisis..The bank claims that assets of this type may represent up to USD100bn for investors. But they also have good long-term potential, particularly for pension fund investors. The fund would be launched by Deutsche Bank with Rosebrook Capial, and would aim to raise at least USD500m, according to sources familiar with the project.
30/01/2012

Only one in four Spanish funds had inflows last year

According to statistics from the Inverco association of asset management firms, 650 funds out of 2,655 funds on sale in Spain posted net subscriptions last year, Funds People reports. That corresponds to a ratio of 25%.Two guaranteed funds from InverCaixa, Foncaixa Estabilidad and Foncaixa Estabilidad Plus, led the rankings with net inflows of EUR2.444bn and EUR514m, respectively. Third place goes to a conservative fund from Santander, the Santander Select Prudente, with EUR437m.Of the top 20 funds by net inflows, 14 are guaranteed funds.Inverco has also announced that average assets in Spanish funds as of the end of December totalled EUR53m. Only eight funds have over EUR1bn in assets, compared with 13 in October 2010. The three largest are the Foncaixa Estabilidad, whose assets have increased 88% to EUR2.533trn, and the Santander Banif Inmobiliario, whose assets under management have fallen 4.6% to EUR2.4tbn (of which 93% are held by Santander), and the BBVA Ahhoro C/P, whose assets have fallen 18% to EUR1.798bn.
30/01/2012

iShares changes benchmark index for an SRI ETF

From 16 March 2012, the Dow Jones Sustainability Eurozone ex alcohol, tobacco, gambling, armaments & firearms and adult entertainment fund from the Swiss asset management firm SAM will replace the Euro Stoxx Sustainability 40 index as the basis for replication of the iShares Euro Stoxx 40 (DE) ETF. The name of the fund will be changed to iShares Dow Jones Eurozone Sustainability Screened (DE). The ISIN code (DE000A0F5UG3) and commission level (0.41%) will remain unchanged, but the number of positions will increase from 40 to 80.
30/01/2012

Fidelity launches a global dividend fund

With the Fidelity Global Dividend Fund, Fidelity Worldwide Investment is launching a Luxembourg-registered fund which will invest in shares in global companies which pay high dividends. The portfolio will include about 50 positions, which the manager, Dan Roberts, will select from a universe of 2,500 shares, of which 180 to 200 will be potentially eligible. Each position will account for 1% to 4% of the total.The subscriber will have the choice between capitalisation and distribution either on a quarterly, monthly, or annual basis at a rate of 3.6% annually.The new sub-fund of the Fidelity Funds Sicav uses the MSCI World All Country index as its benchmark, and is not subject to any weighting constraints. Roberts will invest in companies which are expected to pay high dividends, but not in those which may give rise to increased risk levels for the portfolio as a whole.The manager points out that 550 businesses of the MSCI World index pay dividends of over 4%, while in Europe, there are fewer than half as many such firms.CharacteristicsName: Fidelity Funds – Global Dividend FundISIN codes:Monthly distribution EUR: LU0731782826USD: LU0731783048Quarterly distributionEUR: LU0731782404USD: LU0731782586EUR capitalisation: LU0605515377Front-end fee: 5.25%Management commission: 1.50%
30/01/2012
Gestion d'actifs

Le RSI a sélectionné son partenaire en charge de la gestion d'un FCP dédié sur les obligations d'entreprises

A l’issue d’une mise en concurrence restreinte initiée en 2011, le RSI a sélectionné Natixis AM pour gérer un FCP dédié de 250 millions d’euros dont le dépositaire, valorisateur et conservateur unique est Caceis. Il s’agit d’une gestion obligataire d’entreprises émettant dans des pays de l’OCDE, avec une notation minimum de Baa3/BBB-, ayant pour indice I box 1-5 ans et une sensibilité comprise entre 0 et 5. Contacté à ce sujet, Natixis AM n’a pas souhaité confirmer, ni commenter cette information.
Gestion d'actifs
30/01/2012

IASB et FASB veulent converger sur les instruments financiers

Les normalisateurs comptables IASB (International accounting standards board) et FASB (Financial accounting standards board) ont fait vœu dans un communiqué commun de travailler ensemble pour «réduire les différences» dans leur classification et leurs modèles d’évaluation des instruments financiers.
30/01/2012

Apollo lorgne une filiale d’El Paso

La société d’investissement, qui s’est associée pour l’occasion à Riverstone Holdings, mène des discussions avancées en vue du rachat de l’activité d’exploration pétrolière d’El Paso, a relayé le Wall Street Journal. Le montant d’une éventuelle transaction pourrait atteindre 7 milliards de dollars.
30/01/2012

La SEC enquête sur un CDO de Deutsche Bank

Le gendarme américain des marchés s’intéresse à une transaction autour d’un CDO pour lequel Deutsche Bank a autorisé le fonds d’arbitrage Paulson & Co à sélectionner des titres adossés à des créances hypothécaires, a rapporté Der Spiegel. Toujours selon le magazine, la banque allemande a par ailleurs reçu des régulateurs l’injonction de produire un rapport sur les possibles conséquences financières des procédures en cours aux Etats-Unis.
30/01/2012

La croissance américaine reste fragile

La progression de 2,8% du PIB américain au quatrième trimestre est surtout due à un effet stocks, ce qui rend les économistes prudents sur la reprise.
30/01/2012

Les fonds chinois réduisent leurs pertes

Le China Securities Journal indique, en citant des données de TX Investment Consulting, que les pertes cumulées par les 872 fonds d’investissement collectifs en Chine (investis à 78,5% en actions) s’élèvent au quatrième trimestre à 124 milliards de yuans, soit près de 15 milliards d’euros, en repli tout de même de 50% par rapport au trimestre précédent.
30/01/2012

HgCapital cherche à céder SHL

HgCapital a mandaté Morgan Stanley pour étudier la mise en vente de SHL. Le montant de la transaction pourrait s’élever à 700 millions de dollars, selon le quotidien.SHL fournit des services de recrutement à 80% des sociétés membres de l’indice FTSE 100 et 50% de celles du Fortune Global 500, rappelle le quotidien.
30/01/2012

Deutsche Bank cherche une gestion alternative pour les actifs toxiques

La banque allemande songe à lancer un fonds en collaboration avec le new-yorkais Rosebrook Capital au sein duquel seraient logés des actifs illiquides ou toxiques de ses clients dans des hedge funds. Le nouveau fonds cherche à lever 500 millions de dollars, souligne le quotidien qui cite des personnes proches du projet.

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