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27/08/2010

Sortie de crise : les grandes maisons ont chacune sa solution

Les grands gestionnaires adoptent des stratégies de sortie de crise différentes, note Expansión. D’après le New York Times, JPMorgan Asset Management a par exemple choisi d’embaucher des commerciaux pour augmenter son encours notamment à l’international, l’objectif étant de doubler le bénéfice net en cinq ans.De son côté, Fidelity International, d’après Ignites Europe, va changer d’image à l’international et prendre le nom de Fidelity Investment Managers, avec un nouveau logo qui sera dévoilé d’ici à la fin de cette année.C’est BlackRock qui a le plus investi dans la perspective de la sortie de crise, notamment avec l’acquisition l’an dernier de Barclays Global Investors et donc d’iShares.Autre poids lourd du secteur, Pimco a changé de stratégie et lancé son premier fonds d’actions, alors qu’il était le grand spécialiste des obligations.A l'échelon européen, ce sont les groupes français les plus actifs, Amundi et Natixis étant les mieux placés pour acheter Pioneer à UniCredit.D’autres maisons misent sur la qualité de leurs produits pour grossir. C’est en premier lieu le cas de Carmignac, mais aussi de M&G.
27/08/2010

F&C va boucler l'acquisition de Thames River

La société de gestion britannique F&C Asset Management, qui publiait jeudi ses résultats (lire par ailleurs), a indiqué au London Stock Exchange qu’elle escomptait boucler l’acquisition de Thames River Capital d’ici au 1er septembre après avoir reçu l’agrément de la Financial Services Authority. La transaction avait été annoncée la première fois le 28 avril et a été approuvée par les actionnaires le 18 juin.
27/08/2010

Baisse de 2,5 milliards de livres des actifs sous gestion de F&C

La société de gestion britannique F&C a fait état pour le premier semestre d’une perte nette de 19,5 millions de livres qu’elle attribue aux coûts d’acquisition de Thames River.Les actifs sous gestion au 30 juin s’inscrivaient à 95,3 milliards de livres contre 97,8 milliards de livres fin 2009. Une baisse de 2,5 milliards de livres liée, selon F&C, au recul de l’euro contre sterling qui a amputé les actifs sous gestion de 4,9 milliards de livres. A change constant, les actifs sous gestion auraient progressé de 2,5% à 100,2 milliards de livres.F&C a en outre enregistré une décollecte nette de 605 millions de livres au premier semestre, contre 4,3 milliards de livres sur les six premiers mois de 2009.
27/08/2010

Andrew November devient patron de la gestion actions de SWIP

Joint CIO depuis six ans, Andrew November a été nommé directeur de la gestion actions (director of equities) de Scottish Widows Investment Partnership (Swip). Il conserve la direction de l'équipe solutions d’investissement jusqu'à ce que son employeur lui ait trouvé un remplaçant. La gestion actions pèse 57 milliards de dollars. La responsabilité de director of equities était jusqu'à présent assurée par Dan Buckley, le CEO, à titre intérimaire.Le gestionnaire écossais indique par ailleurs que John Brett, directeur des affaires juridiques et du risque depuis 2003, a été promis director of sales & marketing. Il succède à Simon Wombwell, qui a démissionné.
27/08/2010

La Liechtensteinische Landesbank collecte à nouveau

La Liechtensteinische Landesbank (LLB) a annoncé le 26 août une collecte nette de 1,5 milliard de francs suisses au titre du premier semestre après d’importantes sorties en 2009. Les actifs sous gestion s’inscrivaient à fin juin à 49,6 milliards de francs contre 49,5 milliards à fin décembre 2009.Le bénéfice net est toutefois en recul de 36,5% à 60,5 millions de francs. Le résultat d’exploitation est également en berne, perdant 16,8% à 211,9 millions, indique dans un communiqué la banque qui, malgré le retour des entrées de capitaux, reconnaît que les résultats du semestre ne sont pas «complètement satisfaisants», en raison de «pressions sur les marges» et de «taux d’intérêt historiquement bas». Malgré une légère amélioration attendue au second semestre, les résultats 2010 seront probablement inférieurs à ceux de l’année précédente, estime la LLB.
27/08/2010

SEI offers new services

SEI announced on Wednesday that it is extending its middle-office outsourcing services, which will now also include collateral management for over-the-counter derivatives. SEI says management firms will gain a safer way to manage their counterparty risks. SEI has also signed a partnership agreement with the collateral management provider Lombard Risk to add its “Colline”system to its hedge fund platform.
27/08/2010

Crédit Agricole interested in Pioneer

At a presentation of results for first half at Crédit Agricole and its Italian affiliate Cariparma, Jean-Paul Chifflet, CEO of the group, announced that the French bank may be interested in Pioneer, the asset management affiliate of UniCredit, Bluerating reports. But he added that he is waiting for the Italian bank to be more clear about its plans.
27/08/2010

UAW fund selects BlackRock and State Street

The health care trust forpensioners belonging to the auto industry union UAW will place USD6bn in assets with State Street and BlackRock, a first step in moving to more passive management of its assets, the Wall Street Journal reports. The money will be placed in global equities index funds. The fund has USD45bn in assets; it also holds 17.5% of ordinary shares in GM, and warrants on a further 2.5%, and 68% of ordinary shares in Chrysler.
27/08/2010

Santander exec suspected of insider trading

La Tribune reports that an executive at the Santander bank and an accomplice earned more thN USD1m in profits on BHF’s recent takeover bid for Potash. By acquiring buy options between 12 and 16 August, and then selling them on 17 August, the day the takeover bid was announced, they earned USD576,000 and USD497,000, respectively. The Financial Times reports, cited by the newspaper, that the US market regulatory authority, the SEC, with information from the US broker Interactive Brokers, which processed the transactions, has frozen the assets of the two men.
27/08/2010

Skandia takes a GBP3m position on a Templeton fund

Skandia InvestmentGroup (SIG) has announced that it has invested GBP3m in the Templeton Global Bond Fund, in behalf of its Global Fixed Interest Blend Fund. The Templeton fund (USD29.8bn), managed by Michael Hasenstab, replaces the Fidelity Institutional International Bond Fund, on which SIG retains a long position.
27/08/2010

Assets under management at F&C down by GBP2.5bn

The British asset management firm F&C has reported a net loss for first half of GBP19.5m, which it blames on the cost of acquiring Thames River. Assets under management as of 30 June totalled GBP95.3bn, compared with GBP97.8bn as of the end of 2009. This decline of GBP2.5bn is related, says F&C, to the weakness of the Euro against the pound Sterling, which wiped GBP4.9bn off of assets under management. At constant exchange rates, assets under management would have risen 2.5%, to GBP100.2bn. F&C has also posted a net outflows of GBP605m in first half, compared with GBP4.3bn in the first six months of 2009.
27/08/2010

Andrew November becomes head of equities management at SWIP

Andrew November, joint CIO for the past six years, has been appointed director of equities at Scottish Widows Investment Partnership (SWIP). He will remain head of the investment solutions team until his employer has found a replacement. Equities management accounts for USD57bn. The responsibilities of director of equities previously belonged for the interim to Dan Buckley, CEO. The Scottish management firm also states that John Brett, director of legal and risk affairs since 2003, has been promised the position of director of sales and marketing. He will succeed Simon Wombwell, who has resigned.
27/08/2010

F&C to complete its acquisition of Thames River

F&C Asset Management plc, the London Stock Exchange listed multi-specialist asset management group, has announced to the London Stock Exchange that it expects to complete its acquisition of Thames River Capital on or before 1 September following receipt of consent from the Financial Services Authority. The transaction was first announced on 28 April and was approved by F&C’s shareholders at a General Meeting on 18 June.
27/08/2010

HSBC Trinkaus releases a fund of Newcits funds

BaFin has issued a sales license for Germany to the Irish-registered fund of funds HSBC UCITS AdvantEdge, from HSBC Global Asset Management Deutschland, which controls HSBC Trinkaus. The product, managed by HSBC Alternative Invesmtent Ltd (HAIL), invests in UCITS-compliant hedge funds, and aims to generate returns 350 basis points higher than the Libor 3-month in Euros. The liquidity of the fund, launched on 4 November 2009, is monthly. Characteristics Name: HSBC UCITS AdvantEdge Fund ISIN: IE00B4T7Y304 Front-end fee: 1.75% Performance commission: 10% of performance exceeding the Libor 3-month in Euros +350 bp Minimal subscription: EUR25,000
27/08/2010

Redemptions at Axa Immosolutions remain frozen

Axa Investment Managers Deutschland announced on Thursday that its freeze on redemptions from the open-ended real estate fund Axa Immosolutions, which is available to retail investors but intended for institutionals, has been extended for a maximal period of nine months, from 25 August 2010. The first freeze was introduced for three months until August 25. The fund, with EUR383.02m in assets as of the end of July, still does not have adequate liquidity to meet the redemption demands which Axa IM expects.
27/08/2010

Union Investment launches a “Chindia” equities fund

The central asset management firm for the German co-operative banks, Union Investment, on Thursday announced that it is opening sales in Germany for its Luxembourg-registered fund UniEM China & Indien, which will focus on equities in Chinese, Hong Kong, and Indian businesses. Equities from other countries may also be added up to a maximum of 10% of the portfolio, so long as the businesses have most of their activities in China or India, though their headquarters may not be located there. The fund, which was launched on 15 July, will have about 60 positions in its portfolio. The benchmark is hybrid, with 50% for the MSCI China and 50% for the MSCI India. Characteristics Name: UniEM China & IndienISIN: LU0519314164Front-end fee: 5%Management commission: 1.55% (maximum 1.75%)Performance commission: 25% of performance exceeeding the benchmarkDepository banking commission (DZ Privatbank Luxembourg): 0.10%From 2 August to 24 September, Union will also offer the guaranteed fund UniGarant: BRIC 2017, which will mature on 22 September 2017, and which will be launched on 30 September 2010. The Luxembourg-registered fund (LU 0507366366) is specialised in equities markets of BRIC countries (Brazil, Russia, India and China). Front-end fee is 4%, and management commission is 1% (maximum 1.5%), while the expected penalty for early withdrawal will be 2%.
27/08/2010

Deka launches a European government bond fund

DekaBank has announced the launch of the German-registered Deka-Staatsanleihen Europa fund, which as its name indicates, will invest in government bonds from Euro zone countries, and countries of western Europe which do not belong to the European single currency area (Sweden, Denmark, Norway, and the United Kingdom). The fund will be managed by Gerald Goedel, who will actively manage durations. All securities in the portfolio will be denominated in Euros or hedged for most currency risk. Characteristics Name: Deka-Staatsanleihen Europa ISIN: DE000DK2CDR2 Fron-end fee: 3% Management commission: 0.6%
27/08/2010

Van Eck lance un ETF sur l’Inde

La société de gestion basée à New York Van Eck Global a annoncé le 25 août le lancement d’un ETF dédié à l’Inde, India Small-Cap ETF (SCIF), qui offre aux investisseurs une exposition aux petites capitalisations du marché indien. L’ETF réplique un indice de référence comportant 122 lignes pour une capitalisation de marché moyenne de 456 millions de dollars au 31 juillet 2010.SCIF est le 27ème ETF proposé par Van Eck sous la marque «Market Vectors». Au 31 juillet dernier, les actifs sous gestion de Van Eck s’élevaient à 14,3 milliards de dollars.
27/08/2010

Non-regulated products are not all risky

Money Marketing reports that the British association of insurance brokers APMM claims unregulated collective investment schemes (UCIS), including offers which do not fall into the category of unit trusts, are not necessarily high risk investments, as the British financial market authority, the FSA, has recently implied. In early August, the FSA issued a warning to independent financial advisers that providers of UCIS often tend to use highly aggressive sales techniques to sell investors high-risk products. The professional association is reacting to this claim, with a rejoinder that the products being called high-risk fall into the UCIS category for the simple reason that investors canwithdraw their money only once a month.
27/08/2010

Strong increase in assets for bond ETFs at iShares

According to iShares, bond products have attracted 23% of net subscriptions to European ETFs, fondsweb.de reports. The BlackRock affiliate has assets of over USD25bn in its 40 bond products (of which USD4.5bn are in the iShares Markit iBOxx Euro Corporate Bond fund), which gives it a market share of about 50%. Assets for bond ETFs at iShares in the past two years have increased by 44% per year. The emerging markets bond fund iShares JPMorgan $ Emerging Market Bond Fund has posted net subscriptions of about USD500m since the beginning of the year.
27/08/2010

How to exit from crisis: major management firms each have their own ideas

The major asset management firms are adopting various strategies to exit from the crisis, Expansión reports. According to the New York Times, JPMorgan Asset Management, for example, has chosen to recruit sales staff to increase its assets, particularly internationally, with the objective of doubling net profits in five years. For its part, Fidelity International, according to Ignites Europe, will change its international image and will become known as Fidelity Investment Managers, with a new logo which will be unveiled later this year. BlackRock has invested the most in the hopes of pulling out of the crisis, particularly with the acquisition last year of Barclays Global Investors and its iShares brand. Another major player in the sector, Pimco, has changed strategies, and has launched its first equities fund, though it had previously been a specialist in bonds. Throughout Europe, the major French groups are the most active, with Amundi and Natixis the best-positioned to acquire Pioneer from UniCredit. Other firms are betting on the quality of their products to drive growth. Carmignac, and also M&G, are following this route.
27/08/2010

State Street reportedly interested in Bank of Ireland's AM operation

According to sources familiar with the matter, Macquarie has dropped out of the bidding, but State Street is now interested in BIAM, the asset management division of the Bank of Ireland, Cinco Días reports. The European Commission required the sale of BIAM (EUR25bn in assets) as a condition of its approval for the Bank of Ireland’s bailout.
27/08/2010

Hertie foundation pulls out of hedge funds

In an interview with the Frankfurter Allgemeine Zeitung, Holger Benke, CEO of the Hertie foundation (about EUR800m in assets) has said that allocation to alternative asset classes has been reduced to about 5% from 9% at the end of December, with positions on shares in hedge funds completely liquidated due to regulatory uncertainty related to the areas in which these products are allowed to invest.
27/08/2010

Deka bounces back with net subscriptions

In first half 2010, DekaBank, the central asset manager for the German savings banks, has posted economic profits of EUR389.9m, compared with EUR142.2m in the corresponding period of last year. The improvement is due to the performance of Deka funds, a reduction in risk provisions, and the effects of cost reductions. In total, the securities asset management (AMK) and real estate asset management (AMI) divisions posted net subscriptions of EUR803m, compared with net redemptions of EUR134m in January-June 2009. Net inflows to real estate funds (AMI) fell to EUR1.1bn from EUR1.4bn, while securities funds (AMK) saw net outflows of EUR316m, compared with EUR1.4bn, largely due to large-scale redemptions from money market funds. However, the AMK division generated economic profits of EUR220.5m, compared with EUR94.1m, while AMI earned EUR51.7m, compared with EUR0.6m.
27/08/2010

LaSalle to launch its own German-registered real estate funds

The Munich-based affiliate of the LaSalle group has founded LaSalle Vermögensverwaltung GmbH, a German-registered firm which will create and sell institutional real estate funds in Germany. A license has been applied for from BaFin. When it is obtained, the firm will become known as LaSalle Investment Management KAG.
27/08/2010

Citi invests in Aragon

Aragon AG Financial Services announced on Thursday that Citigroup Financial Products, an affiliate of Citigroup, has acquired a 10.1% stake in its capital, as part of a long-term strategic cooperation agreement. The acquisition price was not revealed. The partnership will aid Citi in development and distribution of retail investment products in Germany as well as in central and eastern Europe. Citi will concentrate in particular on investment funds, long-term savings products, and structured products. Aragon is the parent company of Jung, DMS & Cie, a network of over 18,000 IFAs in the German-speaking countries and central and eastern Europe. The largest shareholder in Aragon remains Angermayer, Brumm & Lange Group (ABL), with a 38% stake, which guarantees the independence of the firm. The other two top shareholders are Axa (17%) and Credit Suisse (8%).
27/08/2010

Departure of a manager from Syz & Co

Financial News reports that Jean Keller, the CEO of 3A, the hedge fund of funds activity of the Swiss private bank Syz & Co, has resigned, after five years in the position. Keller, a well-known figure in the hedge fund sector, played an important role in the development of the business outside Switzerland. Under his leadership, assets under management reached their all-time peak of USD4.5bn. Keller says that when his “gardening leave” has concluded in February 2011, he will join the firm Argos Managers, a “small boutique” based in Geneva. Keller, who has bought a stake in Argos, becomes an equal partner with chairman Christopher Gelli and CIO Brent Philip. He will serve as CEO, Financial News reports.
27/08/2010

Strong inflows at Banca Fideuram

In first half, BancaFideuram, the affiliate of the Intesa Sanpaolo group which is still awaiting its IPO, posted net subscriptions of EUR1.4bn, compared with EUR0.6bn in the first six months of 2009. In asset management alone, inflows totalled EUR3.1bn, compared with EUR0.6bn one year earlier. Assets under management were up 2.5% over six months, to a total of EUR69.5bn. The Italian bank earned net profits of EUR93.9m, up 4.3% compared with first half 2009.

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