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13/12/2011

Les institutionnels allemands ont des exigences particulières

Michael Fraikin, directeur de la gestion de portefeuille d’Invesco Global Strategies et directeur général d’Invesco KAG, constate dans un entretien avec la Börsen-Zeitung que les investisseurs institutionnels allemands ont des exigences spécifiques et attendent des gestionnaires d’actifs un savoir-faire d’ingénieurs.D’après Christian Puschmann, directeur des activités institutionnelles chez Invesco Asset Management Allemagne, cette spécificité commence avec les attentes en matière de services : les institutionnels allemands veulent être suivis par des interlocuteurs et des professionnels de l’investissement allemands, alors que la nationalité importe assez peu aux clients dans d’autres pays. C’est pourquoi Invesco ne s’est pas contenté d’aligner en Allemagne une équipe de distribution mais a installé dans ce pays une partie de la gestion de fonds.
13/12/2011
Fonds

Pioneer propose un fonds multi-classes d'actifs

Avec le nouveau compartiment Multi Asset Real Return de Pioneer Funds, Pioneer a créé le 17 novembre un produit miroir européen de son fonds américain de 227,2 millions de dollars géré par la même équipe, à savoir Michele Garau assisté de Kenneth Taubes, head of investment management US, et Howard Weis comme associate portfolio manager, indique Citywire.Les paris de forte conviction seront couverts par de petites expositions à des classes d’actifs à faible corrélation.
Fonds
13/12/2011
Fonds

Credit Suisse retarde la reprise des rachats du CS Euroreal

Le fonds immobilier offert au public CS Euroreal* (6,2 milliards d’euros d’encours fin octobre) ne reprendra pas ses remboursements avant le 31 décembre 2011, comme l’a longtemps laissé entendre Credit Suisse Asset Management Immobilien : à présent, le gestionnaire vise une réouverture du guichet des rachats avant la date butoir des deux ans de gel des remboursements (18 mai 2012), bien que la liquidité soit remontée à 25 % de l’encours, avec 1,25 milliard d’euros au 9 décembre, précise le «Market Update» de décembre 2011.CSAM souligne qu’en raison de la liquidation de fonds immobiliers par deux concurrents et des incertitudes liées à la crise de la dette en zone euro, il a opté pour une gestion conservatrice et souhaite se constituer un matelas de liquidités supplémentaire. Des pourparlers sont en cours au sujet de la cession d’immeubles pour un total de 850 millions d’euros.* code Isin : DE0009805002
Fonds
13/12/2011

Aquila Capital renforce sa distribution nordique

Oldrik Verloop, qui était responsable de la stratégie marketing auprès des institutionnels du suisse Wegelin pour le Benelux et la Scandinavie, a été recruté par Aquila Capital (3,4 milliards d’euros d’encours) comme director sales Benelux & Scandinavia. Il sera donc chargé des activités de distribution dans Nord de l’Europe, hors Allemagne.
13/12/2011
Fonds

Ralentissement de la décollecte en Europe

Les fonds coordonnés ont continué d’enregistrer des rachats au mois d’octobre, liés à la décollecte des fonds Ucits à long terme et des fonds monétaires. Le mois s’est terminé sur une décollecte nette de 30 milliards d’euros contre 49 milliards d’euros en septembre, selon les statistiques communiquées par l’Association européenne de la gestion financière (Efama).Un ralentissement de la décollecte que l’on retrouve sur à peu près toutes les classes d’actifs. Les fonds Ucits à long terme, c’est-à-dire hors fonds monétaires, ont ainsi enregistré en octobre une décollecte de 19 milliards d’euros contre 37 milliards d’euros en septembre et 55 milliards d’euros en août. Même tendance sur les fonds d’actions avec une décollecte divisée par deux en octobre à 8 milliards d’euros contre 17 milliards d’euros en septembre (et 27 milliards en août). Les fonds obligataires ont terminé le mois sous revue sur une décollecte nette de 5 milliards d’euros contre 12 milliards d’euros en septembre. Les fonds diversifiés ont subi une décollecte de 5 milliards d’euros contre 10 milliards d’euros précédemment. Les fonds monétaires ont pour leur part subi une décollecte nette de 10 milliards d’euros, contre 12 milliards en septembre, les banques continuant de faire concurrence aux fonds monétaires pour attirer les investisseurs sur les comptes de dépôts. Les actifs totaux des fonds coordonnés s'établissait fin octobre à 5.487 milliards d’euros, en progression de 2,2% grâce au rebond des marchés. Du côté des fonds non coordonnés, la hausse atteint 1% à 2.130 milliards d’euros.
Fonds
13/12/2011

GE Capital Real Estate lance Gateway et vise l'immobilier de bureaux

GE Capital Real Estate a levé 400 millions d’euros auprès d’investisseurs tiers, rapporte L’Agefi, pour constituer un nouveau véhicule baptisé «Gateway» destiné à investir dans l’immobilier de bureaux à Londres, Paris, Berlin, Hambourg, Francfort, et Munich.La taille totale de la base d’actifs devrait atteindre un milliard d’euros avec une période d’investissement de deux ans, pouvant être prolongée d’une année, précise le quotidien.
13/12/2011

BlackRock, Rogge et Mellon géreront le fonds de réserve chilien

Avec l’aide du consultant Strategic Investment Solutions et du ministère des Finances, la Banque centrale du Chili a sélectionné BlackRock et Rogge Global Partners pour gérer les actifs du Fonds de réserve pour les retraites en obligations d’entreprises tandis que Mellon Capital Management et BlackRock obtiennent le mandat actions, rapporte Funds People.Le Fonds gère 4,49 milliards de dollars dont 20 % seront investis en obligations d’entreprises et 15 % en actions internationales.Le transfert des actifs aura lieu durant la période allant du 1er mars 2012 au 28 février 2013.
13/12/2011
Fonds

Fin d'année positive pour les hedge funds

Les hedge funds devraient terminer l’année 2011 sur une note positive. L’indice Globe Op Capital Movement Index des hedge funds ressort pour décembre 2011 à 141,01 points, soit 1,55 point de plus qu’en novembre. La progression résulte d’une hausse de 3,41 % de l’encours sous administration chez les clients de GlobeOP pour les souscriptions et d’une augmentation de 1,86 % pour les remboursements.Sur les douze derniers mois, l’indice marque une hausse de 14,40 points.
Fonds
13/12/2011

Stricter regulations on the way for Australian hedge funds

The Australian market authority (ASIC) will publish recommendations for hedge fund regulations in early 2012, Investor Daily reports. Following the publication of a consultation document in February this year, Australian hedge funds in the international investment management association (AIMA) entered into dialogue with ASIC, and agreed that there is a need to introduce some rules to better assist investors who would like to invest in alternative strategies. Issues of low liquidity and complex strategy need to be treated with much more precision in the informational documents, to ensure that investors fully understand what they are in for, and what problems they run a danger of encountering if there is trouble on the markets. Hedge funds based in Australia have about AUD50bn in assets under management.
13/12/2011

Pioneer offers a multi-asset class fund

With the new Multi Asset Real Return sub-fund from Pioneer Funds, Pioneer on 17 November created a European mirror of a US product, with USD227.2m in assets, managed by the same team, including Michele Garau assisted by Kenneth Taubes, head of investment management US, and Howard Weis as associate portfolio manager, Citywire reports. Conviction-based bets are hedged with small exposures to asset classes with low correlation.
13/12/2011
Gestion d'actifs

Le GIE AGIRC-ARRCO porte de l'intérêt pour les ETF principalement pour les fonds tactiques

Lors d’un débat organisé par Ossiam, Philippe Goubeault (Directeur financier du GIE Agirc-Arrco) a été interrogé sur l’usage des ETF en tant qu’investisseur institutionnel. Ce sont des véhicules que la réglementation de l’Agirc-Arrco permet d’utiliser tant que les actifs sous jacents sont éligibles. Les ETF représentent, pour l’institution, un intérêt dans les fonds tactiques mais le poids de ces véhicules est tout de même faible dans son portefeuille. L’institution en possède 10% (2/3 sont des OPCVM de droits étrangers et 1/3 de droit Français).
Gestion d'actifs
13/12/2011

Axa announces results of “Shareplan 2011”

More than 26,000 people at AXA, representing more than 23% of staff concerned, have signed up for “Shareplan 2011,” the 2011 employee shareholding plan, announced by the insurer on 23 August.Total subscriptions come to over EUR332m, corresponding to the issue of nearly 37 million new shares, subscribed to at a price of EUR8.43 per share for the traditional offering, and EUR9.10 for leveraged shares. The new shares are eligible for dividends from 1 January 2011, a statement says.At the conclusion of this year’s campaign, employees at AXA control about 7.4% of its capital and 8% of voting rights.
13/12/2011

CalPERS renews real estate consulting contract

The Californian pension fund CalPERS on 12 December announced that it has renewed its real estate consulting contract with the Pension Consulting Alliance (PCA), whose mandate was expiring. As of 30 September 2011, the value of the real estate portfolio of CalPERS totalled USd19.1bn, up 26% compared with the first nine months of the previous year.
13/12/2011

Unigestion plans to grow by 10-15% per year

In the next five years, Fiona Frick, CEO of Unigesdtion, would like to grow the firm’s business by 10-15% per year, half of which will come from existing clients, and the other half from new clients, Financial Times Fund Management reports. A large part of these inflows will come from Europe, where the Swiss firm has a strong presence. But Unigestion has recently opened an office in Asia, and is looking at the United States. “One day we may take the jump,” says Frick.
13/12/2011

Promotions at Partners Group

The Swiss asset management firm Partners Group has announced several promotions. Andreas Baumann has been appointed as a partner. He is co-head of the Singapore office, which is in charge of all investments in the Asia Pacific region. Dr. Michael Studer, who also becomes a partner, is in charge of the portfolio & risk management team. The following people, members of management teams, have been promoted to managing director: Christian Ebert, Scott Essex, Sergio Jovele, Raphael Meier, Dr. Raymond Schnidrig, Alex Cho, Robert Collins.
13/12/2011

Bill Gates consolidates stake in Swiss firm Givaudan

The founder of Microsoft, Bill Gates, has consolidated his stake in the Geneva-based group Givaudan. According to a publication from the Swiss stock exchange (SIX Exchange Regulation), Gates now controls 10.29% of the world’s largest perfume and scent manufacturer. Gates made his first entry into the capital of the Swiss group in mid-February 2011, with an acquisition of a 3.3% stake indirectly via Cascade Investment LLC, Bill and Melinda Gates Foundation and Harris Associates. He then increased his stake to 5.24% in July this year.
13/12/2011

Asian mutual fund assets still on the rise

Assets in Asian mutual funds have fallen 3% for Asia ex Japan in first half 2011, to USD1trn, due to mediocre market performance and net outflows in the two largest markets, China and Korea, according to an annual report from Cerulli on distribution trends in Asia (“Asian Distribution Dynamics 2011.”) Assets under management fell by 7.9% in China and 6.6% in Korea, while the other markets in Asia ex Japan had growth of greater or lesser amounts. Cerulli estimates that assets may increase to USD1.1trn by the end of the year.The research agency finds that the fundamental trend is headed upwards. In the past four years, to 2010, assets in funds in the region, including China, Korea, India, Taiwan, Hong Kong and Singapore, have posted average annual growth of 13.9%. Assets in Chinese funds have showsn the highest growth, at 29.4%, followed by India (17.6%). According to Cerulli, the trend is likely to continue until 2015 at a more modest annual pace of 11.2%, meaning that assets under management will total about USD1.8trn by 2015.
13/12/2011

BlackRock, Rogge and Mellon to manage Chilean pension fund assets

With the assistance of the consultant Strategic Investment Solutions and the finance ministry, the central bank of Chile has selected BlackRock and Rogge Global Partners to manage the assets of the corporate bond allocation from the nation’s pension reserve fund, while Mellon Capital Management and BlackRock have been granted the equities mandate, Funds People reports.The Fund managers USD4.49bn in assets, of which 20% will be invested in corporate bonds, and 15% in international equities.The transfer of assets will take place in the period from 1 March 2012 to 28 February 2013.
13/12/2011

Outflows slow in Europe

UCITS-compliant funds continued to post redemptions in the month of October, related to outflows from long-term UCITS funds and money market funds. The month ended with net outflows of EUR30bn, compared with EUR49bn in September, according to statistics from the European financial and asset management association (EFAMA).This slowdown in outflows has been observed in virtually all asset classes. Long-term UCITS funds, meaning all funds excluding money markets, have posted outflows in October of EUR19bn, compared with EUR37bn in September, and EUR55bn in August.The same trend may be observed for equity funds, where outflows halved in October to EUR8bn, from EUR17bn in September (and EUR27bn in August).Bond funds finished the month under review with net outflows of EUR5bn, compared with EUR12bn in September. Diversified funds have seen outflows of EUR5bn, compared with EUR10bn previously.Money market funds, for their part, have seen net outflows of EUR10bn, compared with EUR12bn in September, as banks continue to compete with money market funds to attract investors to savings accounts.Total assets in UCITS-compliant funds as of the end of October totalled EUR5.487trn, up 2.2% due to rebounding markets. For non-UCITS funds, the increase totals 1%, to EUR2.13trn.
13/12/2011

GE Capital Real Estate launches Gateway, targets office properties

GE Capital Real Estate has raised EUR400m from third-party investors, Agefi reports, to create a new vehicle entitled “Gateway,” which will invest in office properties in London, Paris, Berlin, Hamburg, Frankfurt, and Munich. The total size of the asset base will be EUR1bn, with an investment period of two years, which may be extended by one year, the newspaper reports.
13/12/2011

Swedish investors turn to balanced funds

In November, balanced funds were the only category of funds to have recorded net inflows in Sweden. They have posted net inflows of SEK7.6bn, or EUR0.84bn, according to the most recent statistics from Fondbolagens Förening, the Swedish investment fund association. This comes despite the fact that the industry for funds on sale in Sweden has seen net outflows of SEK3.4bn (EUR0.37bn), driven by outflows of SEK9bn from equity funds (nearly EUR1bn). Since the beginning of the year, the balanced fund category has recorded inflows of SEK20.1bn, or EUR2.22bn, while the industry for funds on sale in Sweden has seen outflows of SEK7.7bn (EUR0.85bn). These outflows are entirely due to equity funds, which have seen redemption demands of SEK69.2bn, or EUR7.65bn. In addition to balanced funds, the other popular category since the beginning of 2011 has been money market funds, which have seen inflows of SEK34.8bn (EUR3.84bn). As of the end of November, assets in the sector totalled SEK1.782trn, or about EUR197bn, of which 52% remain in equity funds, Balanced funds, for their part, represent SEK380bn, or EUR42bn. Since the beginning of the year, assets have fallen by SEK182bn (EUR20bn).
13/12/2011

Nearly one third of assets at Bestinver come from abroad

Currently, assets at the Spanish asset management firm Bestinver (Acciona group) total EUR6.1bn, in seven investment funds, four pension funds, and eight Sicav funds, as well as management mandates such as the one reiceved earlier this year from the Norwegian sovereign fund (Government Pension Fund-Global), Funds People reports. The total amount managed for foreign investors represents 30% of total assets.For investment funds, assets at Bestinver remain virtually unchanged compared with the EUR2.96bn recorded at the end of 2010, while Spanish funds on the whole have seen a fall of 9.3% in their assets under management.
13/12/2011

JP Morgan AM offers hedging in CHF to local investors

JP Morgan Asset Management on 12 December announced that it is adding to its range of products aimed at Swiss investors, with an offer of new investment funds hedged in Swiss francs. “Following the high fluctuations in the currency market and the sharp rise of the Swiss franc (CHF) in the past few months, Swiss investors are increasingly exposed to undesirable currency risks on their foreign investments. Portfolios are exposed to unusually high fluctuations, and currency losses are reducing most profits made on international investments to near zero. Many Swiss investors have said that they would like a solution adapted to local needs, aimed at investors who think in terms of Swiss francs, without wanting to sacrifice the recognized advantages of investment abroad,” JP Morgan AM explains in a statement. JP Morgan Asset Management has recently added to its “CHF hedged” product range on the Swiss market, with the following offerings: -JPMorgan Investment Funds – Income Opportunity Fund A (cap) – hedged in CHF -JPMorgan Funds – Global Strategic Bond Fund A (cap) – hedged in CHF -JPMorgan Funds – Highbridge Diversified Commodities Fund A (cap) – hedged in CHF -JPMorgan Funds – Global Consumer Trends Fund A (cap) – hedged in CHF
13/12/2011

Positive end to the year for hedge funds

Hedge funds are expected to finish the year 2011 on a positive note. The Globe Op Capital Movement Index of hedge funds for December 2011 shows 141.01 points, 1.55 points more than in November. Growth is due to gains of 3.41% in assets under administration for clients of GlobeOP for subscriptions, and an increase in 1.86% in redemptions. In the past twelve months, the index has gained 14.40 points.
13/12/2011

Two new ETNs from PowerShares

PowerShares has recently launched two new ETNs, Mutual Fund Wire reports. The funds, entitled PowerShares DB U.S. Inflation ETN and DB U.S. Deflation ETN, track the difference between inflation-linked Treasury bonds (TIPS) and Treasury bonds with the same durations.
13/12/2011

Axa IM releases Framlington Global High Income fund in Germany

On 12 December, Axa Investment Managers Germany announced that the UCITS-compliant fund AXA WF Framlington Global High Income (see Newsmanagers of 25 October) has received a sales license for Germany from BaFin. It has also been licensed for sale in Austria.The product aims for 1.5 to 2.5 times the return in dividends from the MSCI AC World index. Minimal subscription is set at EUR5m for institutional investors. There is no minimal investment for retail clients.
13/12/2011

DWS to liquidate a real estate FoF

The db Immoflex fund (DE000DWS0N90) will be liquidated on 16 November 2012, DWS (Deutsche Bank group) has announced, according to Das Investment. The fund, which suspended redemptions on 16 May, is invested in nine open-ended real estate funds, whose redemptions have been frozen, five of which are in the liquidation process.As of 30 November, liquidity in the fund was limited to 10.3%, which is insufficient for redemptions to be reopened.Fees of 0.9% per year have been lowered to 0.1%.
13/12/2011

Credit Suisse delays reopening of redemptions from CS Euroreal

The open-ended real estate fund CS Euroreal (EUR6.2bn in assets as of the end of October) will not reopen redemptions before 31 Decmber 2011, as had long been pledged by Credit Suisse Asset Management Immobilien: the asset management firm is now aiming to reopen redemptions from the fund before the two-year deadline for the redemption freeze (18 May 2012), although liquidity has now been increased back to 25% of assets, with EUR1.25bn as of 9 December, the Market Update newsletter for December 2011 announces.CSAM states that due to liquidation of real estate funds by two rivals, and uncertainty due to the euro zone debt crisis, it has opted for more conservative management, and would like to create an additional liquidity cushion. Talks are underway over sales of properties for a total of EUR850m.ISIN code: DE0009805002
13/12/2011

Lyxor launches first double short ETF of Ibex 35

Bolsas y Mercados Españoles (BME) on 12 December announced that it has admitted the first inverse ETF with leverage of 2 based on the Ibex 35 index to trading. The fund is the Lyxor ETF Ibex 35 Doble Inverso Diario, issued by Lyxor Asset Management (Société Générale group). The product replicates the inverse of the daily evolution of the Ibex 35 index (2x), with dividends reinvested.The product is registered in France (FR0011042753) and charges fees of 0.40%. It becomes the 67th ETF listed in Madrid.
13/12/2011

Legg Mason launches Brandywine fund in United Kingdom

Legg Mason Asset Management has launched its Brandywine Global Opportunistic Fixed Income fund, with USD34bn in assets, in the UK, Investment Week reports. The fund had originally been launched in June 2010 to a limited number of investors for a trial period. It has now been added to the Irish range LMGF.

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