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15/03/2011

LaSalle IM lance une activité de dérivés immobiliers

LaSalle Investment Management, qui gère 40 milliards de dollars, va créer une activité de dérivés immobiliers pour ses clients fonds de pension, rapporte IPE.com. Il s’agira d’une joint venture avec la société de courtage BGC Partners.
15/03/2011
Fonds

Les pays nordiques dopent la collecte en Europe

En janvier, les investisseurs des pays nordiques – Suède, Danemark, Norvège et Finlande – ont investi un total de 4,1 milliards d’euros dans les fonds européens, selon les dernières statistiques de Lipper. La Norvège est arrivée en tête avec 1,9 milliard d’euros, devant le Danemark (1 milliard), la Suède (687,6 millions) et la Finlande (472 millions). Un dynamisme qui contraste par rapport aux autres pays européens et qui a permis de doper la collecte. Au total, les souscriptions nettes en Europe ont été de 23,1 milliards d’euros en janvier, hors fonds monétaires. En incluant les rachats nets de 2,5 milliards de ces derniers, les entrées se sont limitées à 13,5 milliards d’euros.Les souscriptions au fonds actions ont baissé à 15,2 milliards d’euros en janvier, contre 20,9 milliards en décembre, tandis que les fonds obligataires ont encore vu sortir 2,1 milliards d’euros, ce qui est moins que les 6,6 milliards de décembre.Lipper souligne le succès des fonds à rendement absolu en ce début d’année 2011. Ainsi, les fonds d’allocation d’actifs ont engrangé 2,9 milliards d’euros en net. Dans ce contexte, Lipper prédit une multiplication de ces produits cette année.En termes de sociétés, Franklin Templeton a enregistré le plus de souscriptions nettes à 2,6 milliards d’euros (hors fonds monétaires), devant BlackRock (2,4 milliards) et UBS (1,9 milliard). Alors que le succès de Franklin a été alimenté par l’appétit pour sa gamme obligataire, la collecte des deux autres s’est surtout faite sur des fonds actions. Hors ETF, c’est UBS qui a été la société de gestion qui a enregistré les plus fortes souscriptions actions en janvier.
Fonds
15/03/2011

Legg Mason recherche des possibilités de croissance externe

Mark Fetting, chairman et CEO de Legg Mason, estime qu'à présent la société de gestion qu’il dirige a opéré son retournement et peut chercher des acquisitions en Europe, l’objectif étant d’arriver à terme à une répartition 50/50 des actifs entre les Etats-Unis et l'étranger, rapporte la Frankfurter Allgemeine Zeitung. Toutefois, Mark Fetting souligne que les acquisitions éventuelles doivent être de taille modérée pour ne pas transformer le groupe et que Legg Mason ne renonce pas à la croissance organique. Les acquisitions éventuelles devraient surtout concerner des gestionnaires focalisés sur les actions internationales. Et Legg Mason compte aussi se renforcer dans l’immobilier à l’international, sur les matières premières et dans le private equity.
15/03/2011
Fonds

CalPERS approuve un nouveau modèle d’allocation pour le fonds des retraités

Le fonds de pension californien CalPERS a annoncé le 14 mars qu’il avait approuvé un nouveau modèle d’allocation d’actifs qui propose trois nouveaux portefeuilles d’investissement pour le fonds dédié aux retraités («retiree benefit trust »), un fonds créé il y a quatre ans pour préfinancer les dépenses de santé des retraités.Les nouveaux portefeuilles comprennent des obligations indexées sur l’inflation et des matières premières, ainsi que des actions internationales et de l’immobilier.
Fonds
15/03/2011
Fonds

Selon BarclayHedge, les hedge funds ont gagné 1,17 % en février

L’indice général BarclayHedge des hedge funds portant sur les résultats de 1.680 fonds publiés au 14 mars fait ressortir une performance moyenne de 1,17 % pour février, ce qui porte le total depuis le début de l’année à 1,63 %.Deux stratégies ont accusé des pertes le mois dernier, les marchés émergents (246 fonds), avec 0,94 % et surtout l’equity short bias (7 fonds), avec 2,91 %. En revanche l’equity long bias a gagné 2,74 % et les technologiques (24 fonds) 2,07 %.Sur le premier bimestre de l’année, les technologiques et le distressed securitites (26 fonds) affichent des gains respectifs de 4,29 % et 4,03 %. A l’autre extrémité du spectre, l’equity short bias et les marchés émergents perdent respectivement 3,61 % et 1,48 % sur janvier-février.
Fonds
15/03/2011

Azimut rachète 60 % d’une société de gestion turque

La société de gestion italienne Azimut vient de signer un accord avec le groupe turc Global Yatirim Holding en vue d’un partenariat dans la gestion et la distribution de produits d’investissement en Turquie. Concrètement, la boutique transalpine achètera 5 % de Global Securities (GS), la société de distribution de produits financiers contrôlée par le groupe turc, à l’occasion de son introduction en Bourse. Global Yatirim Holding conservera au moins 75 % du capital. Parallèlement, Azimut se portera acquéreur, via une augmentation de capital, de 60 % de Global Asset Management (GAM), la société de gestion détenue par le groupe turc. Le coût des deux opérations, qui doivent encore être approuvées par les autorités locales, se monte à environ 6 millions d’euros avec des options d’achat. Les deux partenaires investiront des capitaux supplémentaires pour développer les deux sociétés.En s’implantant en Turquie par le biais de cet accord, Azimut poursuit ainsi son expansion internationale, après le lancement d’une joint venture en Chine.
15/03/2011
Fonds

La Deutsche Bank vend ses tours jumelles à DWS

La Deutsche Bank a annoncé le 14 mars la vente de ses deux tours jumelles à un fonds immobilier fermé de DWS. La banque allemande envisageait depuis plusieurs mois la cession de son siège (NewsManagers du 6 décembre 2011). Le prix de vente devrait se situer aux alentours de 600 millions d’euros, précise la Deutsche Bank dans un communiqué. A compter de la mi-mai, le fonds de DWS sera distribué exclusivement à des investisseurs privés de la Deutsche Bank. Les locaux continueront de servir de siège social à la banque qui souhaite en demeurer son locataire de long terme. Déjà propriété d’un fonds fermé entre 1984 et 2007, les tours avaient été rachetées par la suite par la Deutsche Bank aux fins de modernisation, avec notamment une mise aux normes écologiques les plus récentes, comme la certification environnementale allemande DGNB.
Fonds
15/03/2011

Le bénéfice de la gestion d'actifs de la Deutsche Bank devrait plus que doubler cette année

Après 268 millions d’euros pour 2010, la gestion d’actifs devrait contribuer cette année pour 600-700 millions d’euros au bénéfice de 10 milliards d’euros que vise la Deutsche Bank, estime Kevin Parker, le responsable de cette activité au sein du groupe, dans une interview à la Börsen-Zeitung.Il indique par ailleurs que l’effort commercial en Allemagne va être porté sur des produits similaires à des hedge funds et destinés aux particuliers. Ce changement de stratégie explique aussi le remplacement récent de Klaus Kaldemorgen par Wolfgang Matis à la tête de DWS.
15/03/2011

Appointment at BNP Paribas (Switzerland)

p { margin-bottom: 0.08in; } BNP Paribas on 14 March announced the appointment of Hans-Jürgen Koch has CEO, in charge of Wealth Management activities, from 1 July. He becomes a member of the general board of directors and the executive board for the International Europe region at BNP Paribas Wealth Management, both of which are led by Pascal Boris, to whom he will report directly.
15/03/2011

Strong increase in profits at Partners Group

p { margin-bottom: 0.08in; } The Swiss asset management firm Partners Group has published operating profits up 16% for 2010, at CHF376m, on an EBITDA up 10% to CHF250m. Net profits by IFRS accounting standards were up strongly, by 45%, to EUR297m. Dividends will be increased by CHF5 per share for 2009.As of the end of December, assets at Partners Group totalled EUR21.4bn (see Newsmanagers of 14 January 2011).
15/03/2011

Co-CEO of Brevan Howard moves to Switzerland

p { margin-bottom: 0.08in; } Financial News reports that the co-CEO of Brevan Howard Asset Management, Nagi Kawkabani, is moving to Geneva this week. He will join the Swiss office of the asset management firm, created last year.
15/03/2011

Strong growth in sustainable investment in Switzerland

p { margin-bottom: 0.08in; } With an overall volume of CHF42bn, or about EUR32.6bn, the sustainable investment market in Switzerland gained 23% last year compared with 2009, according to the annual study “Sustainable Investments in Switzerland,” published by the research and consulting firm onValues, for the Sustainable Investment Forum (SIF).Net inflows to socially responsible investment funds rose by about 4%, while Swiss funds on average saw net outflows of about the same amount, says Sabine Döbeli, vice-chairman of SIF and chair of SIF Switzerland.Investment funds represents 58% of socially responsible investment in 2010, up 30.1% compared with the previous year. Mandates accounted for 38% of the market, up 18.6% year on year, while structured products were down 18.4%, to 4%. Equities were the dominant asset class, at 63%.Private investors consolidated their share of the market, at 57%, while institutionals lost ground, to come in at 43%.The study also finds that there has been a substantial increase in the use of voting rights, largely at general shareholders’ meetings. “This development is coherent with the fact that 44% of bankers and managers surveyed are planning to more actively exercise their voting rights in the future.”
15/03/2011

Erika Kessler takes over as director of Swiss Fund Data

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Erika Kessler on 1 March 2011 took over as director of Swiss Fund Data. She succeeds Herbert M. Stich as head of the joint information platform from the Swiss Funds Association (SFA) and SIX Swiss Exchange.
15/03/2011

Repsol sells 2.9% of YPF to Lazard

p { margin-bottom: 0.08in; } In a filing to the CNMV, Repsol announced that it has sold 3.83% of its Argentinian affiliate YPF to investment funds, including 2.9% to Lazard Asset Management, at a price of USD42.40 per share. The transaction represents a total of USD639m, which values YPF at nearly USD16.68bn. The stake acquired by Lazard AM corresponds to USD484m, while the stake bought by other funds represents USD155m.
15/03/2011

LVAM to reorient its multi-management portfolio

p { margin-bottom: 0.08in; } Paul Kim, who arrived on Monday from FundQuest as head of LV= Asset Management (LVAM) multi-management, is planning to integrate the Schroders UK Alpha Plus and Axa Framlington UK Select Opportunities funds into the portfolio, Fund Strategy reports. Kim, who arrived with Richard Timberlake (also from FundQuest), is planning to reallocate about 30% of the portfolio of LVAM in the next three months.
15/03/2011

Kleinwort Benson aquires Close Brothers Offshore Group

p { margin-bottom: 0.08in; } Kleinwort Benson Channel Islands Holdings Limited, an affiliate of RHJ International, has acquired the private banking, fund administration and management activities in Guernsey, Jersey and the Isle of Man of Close Brothers Offshore Group (COG) and the COG service centre in Cape Town, for GBP29.1m, with a potential adjustment depending on assets at the time that the transaction is completed.The deal, announced on 14 March, will bring assets at the Kleinwort Benson private bank to about GBP7bn.COG employs 350 people at these locations, and Kleinwort Benson has 358 employees in the Channel Islands and 271 in the UK.
15/03/2011

Thames River chief sells F&C shares

p { margin-bottom: 0.08in; } Charlie Porter, the head of Thames River Capital, has sold shares in F&C for about GBP1.7m, after investing in several funds from the group, Investment Week reports.
15/03/2011

Credit Suisse outsources fund of fund administration in Guernsey

p { margin-bottom: 0.08in; } Hedgeweek reports that Credit Suisse is planning to outsource administration of its funds of funds domiciled in Guernsey. The transfer will be completed in the next six months, but Credit Suisse did not disclose the name of the provider, or the amount of assets concerned.
15/03/2011

BNP Paribas reopens two funds frozen in November

p { margin-bottom: 0.08in; } The two funds of hedge funds Opportunity and Security, frozen in November 2010, returned to trading on 10 March, Les Echos reports. Harewood AM, an affiliate of BNP Paribas, will now manage the funds. The return to trading, as well as the transfer of the management of the funds to Harewood AM, will officially be announced by BNP Paribas this morning. The announcement will be made at the occasion of the merger of Harewood AM with the Sigma management unit of BNP Paribas Asset Management. According to internal documents obtained by Les Echos, the funds concerned, Serenity and Opportunity, have returned to trading with shorter redemption notices.
15/03/2011

Skandia awards a mandate to an F&C manager

Skandia Investment Group (SIG) has handed a GBP21m mandate in its Skandia UK Best Ideas Fund to Peter Lees at F&C Investments. The addition of F&C Investments to the UK Best Ideas line-up sees Peter Lees taking over the mandate from Colin Mclean of SVM Asset Management. The latter will continue to manage a mandate for the UK Strategic Best Ideas fund. The other managers of the fund are: Richard Buxton of Schroders, Richard Packett of BlackRock, Audrey Ryan of Aegon, Jacob de Tusch-Lec of Artemis, and Dan Nickols of OMAM. They all have 18% of the fund, except for Dan Nickols who manages 10%.
15/03/2011

Insynergy launches a fund dedicated to emerging markets equities

p { margin-bottom: 0.08in; } Investment Week reports that the British asset management firm Insynergy is planning to launch an income fund dedicated to emerging markets equities.The new fund, the Insynergy New World Equity Income fund, managed by a team at Kleinwort Benson Investors (KBI) led by Gareth Maher, will include 100 positions, and will aim for returns of 4.5%.The fund will be able to invest in emerging Asia, Latin America, emerging Europe and the North Africa/Middle East region.Last year, about 61% of Asian companies paid dividends, compared with 33% of emerging markets companies. Spike Hughes, CEO of Insynergy, says this means that dividends from emerging markets firms have a much greater chance of increasing than others.
15/03/2011

Funds of hedge funds bite into performance

p { margin-bottom: 0.08in; } Investing in hedge funds via funds of hedge funds reduces annual returns by 3 percentage points, according to a study by the Universities Superannuation Scheme, the second-largest pension fund in the UK, cited by Financial Times Fund Management. GBP100m invested for 10 years in hedge funds would now be worth GBP270m, while the same amount invested in funds of hedge funds would now be worth only GBP197m.
15/03/2011

Hedge funds made 1.17% in February, according to BarclayHedge

p { margin-bottom: 0.08in; } The composite BarclayHedge index of hedge funds, including results for 1,680 funds which had published results as of 14 March, shows average returns of 1.17% for February, which brings the total since the beginning of the year to 1.63%.Two strategies saw losses last month: emerging markets (246 funds), at 0.94%, and equity short bias (7 funds), with 2.91%. However, equity long bias gained 2.74%, and technologies (24 funds) made 2.07%.In the first two months of the year, technologies and distressed securities (26 funds) posted respective gains of 4.29% and 4.03%. At the other end of the spectrum, equity short bias and emerging markets lost 3.61% and 1.48%, respectively, in January-February.
15/03/2011

HSBC offers administration services for Islamic funds

p { margin-bottom: 0.08in; } The British HSBC group has launched a range of administration services for Islamic fund managers, in order to strengthen its market share in Sharia-compliant funds, a market worth USD50bn to USD60bn, which has grown only minimally since 2009.HSBC Amanah Services offers administration and accounting, custody, transfer agency and treasury services on 17 markets in the Middle East, the Asia-Pacific region, Europe and the Americas.According to the Asian Development Bank, the Islamic finance sector now total about USD1trn, but the Islamic fund market represents only about 5% of this total, according to a 2010 Ernst & Young report entitled “Islamic Funds and Investments.”
15/03/2011

Hedge fund assets in Hong Kong up by 15%

p { margin-bottom: 0.08in; } The Securities and Futures Commission of Hong Kong reports that assets in hedge funds increased by nearly 15% last year, to USD63.2bn. This development is largely due to the arrival in Hong Kong of alternative management funds in the largest weight class.The number of funds fell to 538 in September 2010, compared with 542 one year previously, while the proportion of managers in charge of strategies with total assets between USD101m and USD500m rose from 25.7% in 2009 to 29.5% in 2010, compared with 60.7% the previous year. The proportions of hedge funds managing USD501m to USD1bn on the one hand, and over USD1bn on the other, remained stable, at 7.2% and 5.9%, respectively.Inflows were dominated by foreign investors, particularly from the US (36.1%) and Europe (24.3%).
15/03/2011

Good start to the year for Invesco in Asia

p { margin-bottom: 0.08in; } Asian Investor reports that Invesco posted net inflows of about USD1.5trn in the first two months of the year 2011 from institutional and retail investors in the Asia-Pacific region, compared with USD2.3bn in the year 2010 as a whole. The head of Asia-Pacific at Invesco, Andrew Lo, claims that there will be highs and lows in 2011, but adds that clients have optimistic outlooks due to the improvement of the markets since 2009, and the gradual clarification of regulatory changes in the area of distribution. As of the end of September 2010, assets under management at Invesco in the Asia-Pacific region totalled about USD54.2bn, up 48% compared with 2009.
15/03/2011

Scandinavian investors boost inflows in Europe

The movement of Nordic investors’ money into mutual funds outpaced most other European markets in January, totalling EUR4.1bn, and really caught the eye while those in most other markets were far more cautious, Lipper FMI wrote in its latest Fund Flash.European inflows hit EUR23.1bn in January (excluding money market funds), rising for the second month in a row. With money market activity included, total industry sales rose from -EUR2.5bn (a net outflow) to EUR13.5bn.Net sales for equity funds dropped to EUR15.2bn in January (EUR20.9bn last month), while redemptions from bond funds improved to -EUR2.1bn (up from -EUR6.6bn).Absolute return funds enjoyed a healthy start to 2011 with asset allocation funds seeing net sales of EUR2.9bn, Lipper underlines. There are likely to be a lot more of these products being launched this year.Franklin Templeton attracted the greatest inflows this month (EUR2.6bn excluding money market funds), ahead of BlackRock (EUR2.4bn) and UBS (EUR1.9bn) in second and third.While Templeton’s success is still dominated by appetite for its bond range, flows into the latter two came primarily into their equity products. Interestingly, when ETF activity is stripped out, UBS was the best-selling equity fund manager this month, Lipper adds.

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