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01/09/2011

Le M&G Dividend va doubler de taille

Prudential va fusionner son trust Equity Income (563 millions de livres) dans le fonds M&G Dividend (497 millions) dans le cadre d’une réorganisation de sa gamme de fonds, créant ainsi un portefeuille de 1 milliard de livres, rapporte Investment Week. Le gérant du fonds sera Alex Odd.
01/09/2011

Prudential merges several M&G funds of funds

Prudential is to merge its Equity Income trust into the M&G Dividend fund, as part of a series of consolidations aiming to improve performance and lower costs, Investment Week reports. The merger of the Income trust, whose assets under management total GBP563m, and the M&G Dividend fund (GBP497m) will create a fund with assets of over GBP1bn. Several other mergers are planned, including that of the Prudential International Growth trust (GBP96m) with the Global Growth fund, managed by Greg Aldridge, which has about GBP855m. The operations are subject to the approval of shareholders in September, to go into effect in October.
01/09/2011

Permal offers fund shares denominated in Chinese renminbi

The London-based fund of hedge funds Permal (which was acquired by Legg Mason in 2005) is now offering shares denominated in Chinese renminbi for two of its funds of funds, Permal Fixed Income Holdings (USD5.7bn) and Permal Macro Holdings (USD6bn). Renminbi shares in the Permal Fixed Income Holdings fund will be launched at the end of September, with a launch of shares in the second fund to follow soon after. Permal has recently intensified its focus on the Chinese market, with the recruitment in June of a China expert, Zhiwu Chen, professor of finance at Yale, as chief advisor.
01/09/2011

ETFs in Europe: Lyxor loses second place to db x-trackers

Total assets under management by European ETFs as of the end of July totalled USD324.4bn, 1% more than one month earlier (321.2bn), and up from 31 December 2010 by 14.2%, or USD40.4bn, of which USD27.1bn were net subscriptions, according to the BlackRock Investment Institute.In this environment, iShares has continued to lead the pack by far: the BlackRock affiliate, whose assets under management as of the end of July totalled USD119.2bn, a market share of 36.2%, took in USD5.2bn in net subscriptions in July, out of a total of USD7.9bn, and USD14.6bn out of a total of USD27.1bn in the first seven months of the year.A change has, however, taken place in the top three: as of the end of June, Lyxor Asset Management (Société Générale) remained in second place, with assets of USD53.5bn, and a 16.7% share of the European market, followed by db x-trackers (Deutsche Bank), with USD51bn and 15.9% of the market. As of the end of July, second place goes to db x-trackers, with USD52.1bn and a market share of 16.1%, while Lyxor falls back to third place with USD50.1bn and 15.4% of the market.Lyxor’s decline is partly due to the fact that the asset management firm has seen as heavy outflows in July (USD1.1bn) as in the first seven months of the year (USD3.6bn).However, db x-trackers has seen net subscriptions of USD2bnin July, and of USD2.5bn in January-July.Second place in the rankings for net subscriptions in the first seven months of the year goes to UBS Global Asset Management, with USD4.2bn, and assets as of the end of July of USD11.7bn, which puts the management firm in sixth place in Europe, after the leading three and Credit Suisse Asset Management (USD18.9bn and USD2.1bn in net subscriptions in January-July), and Zurich Cantobank (USD14.6bn and USD0.5bn).
01/09/2011

SEC opens a consultation on use of derivatives by mutual funds

The Wall Street Journal reports that on 31 August, the SEC launched a market consultation to gather the opinions of the public about the use of derivatives by mutual funds, an element which obviously had not been provided for in the law of 1940. The consultation will remain open for 60 days.The question is largely, on the one hand, of how leverage should be calculated for derivatives used by funds, and on the other hand, to determine whether the SEC should issue rules governing the way in which funds are to value derivatives in their portfolios. The SEC currently forbids the use of derivatives by ETFs as a precaution.
01/09/2011

Pimco launches a "go anywhere" bond fund

Pimco is seeking to win over investors with a new bond fund which is intended to earn positive returns in all market environments, by relying on a wide range of bond strategies, the Wall Street Journal reports. The Pimco Credit Absolute Return Fund, launched on Wednesday, may use hedge fund strategies such as short positions. It will be managed by Mark Kiesel, head of corporate bond portfolios at Pimco.
01/09/2011

Oriol Delman promoted as president and CEO of CatalunyaCaixa Inversió

Oriol Delman, the former deputy CEO of Caixa Manresa and most recently CEO of CatalunyaCaixa Inversió, who oversaw the merger of the management firms of the Caixa Catalunya group, Caixa Tarragona et Caixa Manresa, has been appointed as president and CEO of the new entity, Funds People reports. The product range from the three management firms has been rationalised, and reduced from a total of 40 products to 17 traditional funds.
01/09/2011

Robeco aims for 60% institutional assets by 2014

Global Pensions reports that as of the end of June, total assets at Robeco were down slightly, to EUR149.3bn from EUR149.6bn twelve months previously, due to a heavy depreciation of the US dollar and falling markets. CEO Robert Munsters says that in first half, net subscriptions from institutionals represented 47% of total net inflows (see Newsmanagers of 31 August), which totalled EUR4.9bn, following institutional net outflows of EUR4.9bn in January-June 2010. Robeco’s objective is to increase the proportion of assets managed for institutional investors from 50% to 60% by 2014.
01/09/2011

S&P launches a new Latin American index

The index provider S&P Indices has launched the first in a series of indices designed to measure the performance of the MILA (Mercado Integrado Latino Americano) Integrated Market platform, a trading vehicle which combines the stock markets of Chile, Colombia and Peru. The S&P MILA 40 measures the performance of the largest and most liquid caps on the MILA platform.
01/09/2011

Eaton Vance recruits for its institutional sales team

Eaton Vance Management has announced the recruitment of Michael B. Kotarski and Joseph L. Furey as co-directors of sales to institutionals. Kotarski and Furey join from Mellon Capital Management and Eaton Vance United States, respectively, a statement from the firm says.
01/09/2011

Convictions AM prefers stock-picking

The situation on the markets remains extremely tense on both sides of the Atlantic, largely due to a stalemate on sovereign debt, but it is no longer certain that the worst is yet to come. “The market has already taken into account many elements, and the dark scenario of another crisis is not the most likely one,” Philippe Delienne, president of Convictions Asset Management, said on 31 August. In the current market environment, which remains highly vexed, Convictions AM estimates that it is a time to privilege stock-picking, particularly since equities now offer higher returns than bonds, and valuations have never been so attractive. However, due to the chronic volatility of the markets, re-exposure to equities may only be progressive. Convictions AM is focused on emerging equities markets, and more recently, on US equities. In sectoral terms, tech stocks, media, energies, brands, and health are the best bets, along with companies which need a limited amount of capital, as access to bank financing is likely to become more difficult for some time. Convictions AM is also positive on corporate bonds rated investment grade or better, bonds with a AAA rating, and emerging market currencies.
01/09/2011

Alain Konrad joins Société Privée de Gestion de Patrimoine

Alain Konrad, deputy CEO of Swiss Life Asset Management, who is also head of sales and marketing activities at the management firm, resigned in mid-July in order to join the Société Privée de Gestion de Patrimoine (SPGP), where he will have identical responsibilities.The arrival of Konrad coincides with an ambition on the part of SPGP to develop its activities. At the firm with EUR1bn in assets under management, largely from private investors, Konrad, who occupies a newly-created position, has been assigned the objective of increasing the market share for the management firm, largely in the IFA, independent wealth manager, and institutional investor segments. Meanwhile, SPGP has also declared its intention to release its funds outside France.In order to achieve that, Konrad will rely on the services of third party marketers and, where possible, on his own experience, gained during ten years at Swiss Life AM, where he helped to increase assets to EUR4bn (excluding capital associated with management mandates from Swiss Life), with inflows fo EUR850m in the year 2010 alone. According to information obtained by Newsmanagers, SPGP is also planning to add to its range of mutual funds, with the launch of an innovative bond fund in the near future.
01/09/2011

William Harding promoted to head of manager research at Morningstar

The investment management division of Morningstar (250 employees in Chicago, London, Melbourne, Paris, Shenzhen, Syney, Tokyo, and Toronto) has a new head of manager research as of 31 August: William Harding.Harding, who will report to Thomas Idzoreck, CIO and head of research for the division, had been head of research at Morningstar Investment Services (MIS) since 2006. In his new role, he will be in charge of promoting best practices in the area of manager research and manager selection.Peng Chen, president of the investment management division, says that one of the main growth strategies for Morningstar is to make the group a global leader in the area of funds of funds.
01/09/2011

Pimco late to the game in equities

In 2009, Pimco (Allianz Global Investors group) recruited Neel Kashkari, formerly of the US Treasury Department and Goldman Sachs, to transform the major global bond manager into a front-runner in equities, the Wall Street Journal recalls. Since then, Pimco has launched only two equities funds, which account for only slightly over 0.1% of the USD1.3trn in assets at the management firm, and the team led by Kashkari has only 20 investment professionals.The performance of the funds also lacks lustre: the Pathfinder fund (USD1.5bn), managed by two former Franklin Templeton managers, Anne Gudefin and Charles Lahr, had earned only 0.4% since the beginning of the year as of 30 August, compared with 0.89% for its benchmark index, the MSCI World. The emerging markets equities fund (USD376.1bn), launched in March, had lost 10% as of 30 August, compared with 8.04% for the MSCI emerging markets index.
01/09/2011

A good start for Citic Securities hedge fund, launched in June

The CSI RMB Fund, launched in mid-June by Citic Securities International Investment Management (CSIM), has already attracted assets of USD50m, Asian Investor reports. Craig Lindsay, managing director and COO of CSIIM, hopes that the fund will take in at least USD100m in the first year, and up to USD1bn eventually. The fund, domiciled in the Cayman islands, has posted positive returns, though this is only in the two months since its launch. On the basis of a projected 5% to 7% per year appreciation for the Chinese renminbi, the fund is expected to earn returns of 15% to 20% per year.
01/09/2011

Robeco vise 60 % d'encours institutionnels pour 2014

Global Pensions indique qu'à fin juin les encours totaux de Robeco ont reculé à 149,3 milliards d’euros contre 149,6 milliards douze mois auparavant, à cause de la forte dépréciation du dollar américain et de la baisse des marchés.Le CEO Roderick Munsters a précisé qu’au premier semestre, les souscriptions nettes des institutionnels ont représenté 47 % des rentrées totales (lire notre dépêche du 31 août) qui se sont montées à 4,9 milliards d’euros, après des sorties nettes institutionnelles de 4,9 milliards d’euros pour janvier-juin 2010.L’objectif de Robeco est d’augmenter d’ici à 2014 à 60 % contre 50 % actuellement la part des actifs gérés pour le compte d’investisseurs institutionnels.
01/09/2011
Fonds

Bons débuts pour le hedge fund de Citic Securities lancé en juin

Le CSI RMB Fund, lancé à la mi-juin par Citic Securities International Investment Management (CSIIM), a déjà collecté un encours de 50 millions de dollars, rapporte Asian Investor.Craig Lindsay, managing director et COO de CSIIM, espère drainer au moins 100 millions de dollars durant la première année et jusqu'à 1 milliard de dollars par la suite.Le fonds domicilié aux îles Caïman a, depuis son lancement, il est vrai seulement un peu plus de deux mois, enregistré des performances positives. Sur la base d’une appréciation du renminbi de 5 à 7% par an, le fonds devrait dégager un rendement de 15 à 20% par an.
Fonds
01/09/2011

Oriol Delmau est promu PDG de CatalunyaCaixa Inversió

Ancien directeur général adjoint de Caixa Manresa et en dernier lieu directeur général de CatalunyaCaixa Inversió, où il a dirigé la fusion entre les sociétés de gestion de Caixa Catalunya, Caixa Tarragona et Caixa Manresa, Oriol Delmau a été nommé président directeur général de la nouvelle entité, rapporte Funds People. La gamme des trois gestionnaires a été rationalisée, passant d’un total de 40 produits à 17 fonds traditionnels
01/09/2011

Oppenheim AM Services recrute une grosse pointure chez Credit Suisse AM

Après douze ans chez Credit Suisse Asset Management, en dernier lieu comme directeur de la distribution retail en Europe (hors Suisse et Italie) et en Amérique latine, Thomas Albert rejoint ce 1er septembre Oppenheim Asset Management Services SARL (OPAM) à Luxembourg. Il entre dans l'équipe de direction comme directeur de la distribution internationale et sera chargé à ce titre du développement ainsi que de la mise en œuvre de la stratégie d’expansion à l’international.Sal. Oppenheim (qui a été achetée par la Deutsche Bank) a l’intention de faire du Luxembourg la base de départ de son expansion internationale dans le domaine de l’administration de fonds.
01/09/2011

Un temps mort opportun pour Ben Bernanke ?

A ceux qui au regard de la situation réclament un nouveau stimulus monétaire, Ben Bernanke les invite à patienter, sans pour autant les décevoir bien sûr. Rendez-vous a ainsi été donné par le président de la Fed, dans son discours de Jackson Hole (Wyoming), au prochain conseil de politique monétaire qui se tiendra les 20 et 21 septembre prochains. Pourtant les marges de manœuvre ne seront pas plus importantes qu’aujourd’hui. Il est évident que Bernanke cherche à gagner du temps. Pour quelles raisons ? Nous en évoquons trois.
01/09/2011

Vers un ralentissement des émergents

En Asie, la croissance donne quelques signes de faiblesse, conséquence de la rechute aux Etats-Unis et en Europe. Mais l’atterrissage se fera en douceur.
01/09/2011

Divergences croissantes entre le FMI et la zone euro

Selon le quotidien, une étude du FMI estime qu’en raisonnant en termes de valeur de marché, les obligations souveraines détenues par les banques européennes ont un impact supplémentaire négatif sur leurs fonds propres d’environ 200 milliards d’euros. Soit un niveau de fonds propre réel de 10% à 12% inférieur au niveau actuel. Cette estimation aurait nourri les propos de Christine Lagarde qui a estimé«urgent» de recapitaliser les banques européennes. Une estimation contestée par la ministre espagnole de l’économie, Elena Salgado, qui indique au journal que «le FMI a une vision biaisée» qui «tient seulement compte de la partie négative du débat».
01/09/2011

L’appétit des japonais pour les fonds brésiliens en question

Les investisseurs japonais ont accumulé quelque 8.000 milliards de yens d’investissements dans des fonds brésiliens, selon le quotidien qui cite une étude réalisée par Lipper. Mais nombre d’investisseurs se sont tournés vers le marché des changes pour doper leur rentabilité. Un pari qui serait susceptible d’occasionner de lourdes pertes pour les investisseurs nippons selon Lippers et remettre en cause leur appétit pour les fonds brésiliens.
01/09/2011

Les assureurs chinois autorisés à acheter des dérivés

La commission chinoise de régulation du secteur des assurances seraient sur le point d’aménager ses directives dans le but d’autoriser les assureurs domestiques à investir des produits dérivés à Hong Kong, selon le Shanghai Securities News. Pour l’heure, les assureurs chinois, qui pèsent 5.750 milliards de yuans (627 milliards d’euros) d’actifs, ne sont autorisés qu’à acheter des actions, des obligations et des fonds.
01/09/2011

Le fonds chinois CIC pourrait créer un véhicule à l’international

Le fonds souverain chinois pourrait créer une nouvelle entité spécialisée dans les investissements à l’étranger, indique le journal sans préciser ses sources, en ajoutant que CIC se transformerait alors en société holding. La banque centrale injecterait alors environ 100 milliards de dollars (69 milliards d’euros)dans la nouvelle entité.

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