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25/08/2010

La fusion des banques Sumitomo Trust et Chuo Mitsui effective le 1er avril 2011

L’Agefi rapporte que les banques japonaises Sumitomo Trust et Chuo Mitsui ont dévoilé hier leur accord de fusion. Celle-ci, effective le 1er avril 2011, donnera naissance au plus grand trust bancaire japonais, avec 182 trillions de yens (1.705 milliards d’euros) d’actifs conservés et 64 trillions de yens (600 milliards d’euros) sous gestion. Le nouveau groupe qui compte, entre autres, étendre ses activités à l'étranger, notamment en Asie, se fixe pour objectif d’atteindre un bénéfice net de 220 milliards de yens (2,1 milliards d’euros) sur l’exercice 2015-2016, contre 125 milliards attendus (1,2 milliard d’euros) pour 2010-2011.
25/08/2010
Fonds

TPG va lancer un fonds en Chine

Selon l’Agefi, le fonds de private equity TPG Capital va ouvrir un véhicule en Chine et envisage pour cela de lever dans quelques mois 5 milliards de yuans (580 millions d’euros) avec l’aide du gouvernement du district de Pudong, à Shanghai. Ce fonds libellé en yuans, TPG China Partners, aura pour mission d’investir dans les secteurs de la consommation, la vente de détail, la santé et l’industrie financière en Chine. Il devrait se concentrer surtout sur les entreprises nationales de moyenne et de grande tailles. Depuis l’année dernière, la Chine a autorisé les fonds de private equity à investir avec moins de contraintes dans des entreprises locales, à condition d’avoir un partenaire du cru (entreprise ou gouvernement de province), précise le quotidien.
Fonds
25/08/2010

UBS MTF validé à Londres

Selon L’Agefi suisse, UBS a annoncé le 24 août avoir reçu le feu vert de l’Autorité britannique des marchés financiers, la FSA, au lancement de sa propre plate-forme de transactions sur les actions européennes, UBS MTF, dont elle avait annoncé la création en mars. La banque a ajouté qu’elle comptait lancer cette bourse alternative à la fin de l’année. Elle sera établie à Londres.
25/08/2010

La plate-forme Chi-X Europe pourrait vendre tout ou partie de ses activités

La plate-forme alternative de transactions boursières Chi-X Europe a annoncé le 24 août dans un communiqué qu’elle pourrait vendre tout ou partie de ses activités, après avoir été approchée par une tierce partie dont elle n’a pas dévoilé l’identité.Chi-X «confirme avoir reçu une demande d’une tierce partie, qui pourrait ou non conduire à une offre d’achat pour tout ou partie de l’entreprise», indique le groupe dans un communiqué. Chi-X ajoute que la demande est actuellement en cours d’examen par le board de Chi-X Europe qui doit tenir compte non seulement de la valorisation de la société mais aussi des intérêts stratégiques des actionnaires et des parties prenantes."L’intérêt pour Chi-X Europe est le résultat de notre historique de performance qui a fait de nous une plate-forme d'échanges européenne de premier plan au cours des trois dernières années et notre situation bénéficiaire en 2010. Nous n'étions pas à la recherche d’une transaction et l’option du maintien de notre indépendance nous permettrait d’accroître la valeur pour nos actionnaires», ajoute Chi-X qui ne donne pas davantage de précisions .Chi-X Europe, actuellement détenue, entre autres, par BNP Paribas «BNPP.PA», Société Générale, Citadel, Citigroup, Credit Suisse, Fortis, GETCO Europe, Goldman Sachs, Instinet Holdings, Merrill Lynch, Morgan Stanley, Optiver et UBS, avait le mois dernier une part de marché de 15,6%, sur la base des données compilées par Thomson Reuters.
25/08/2010
Fonds

Skandia change de gestionnaire pour son fonds santé

Skandia Investment Group (SIG) a choisi OrbiMed Capital pour gérer le Skandia Healthcare Fund (95,82 millions de dollars), en remplacement de Carnegie Asset Management, qui pilotait le fonds depuis son lancement en avril 2006. Le contrat, qui est exclusif, porte au moins sur trois ans. OrbiMed est une boutique de gestion spécialisée dans la santé et les sciences de la vie qui gère plus de 4 milliards de dollars d’encours sous gestion. L'équipe de gestion d’une quarantaine de personnes se compose notamment d’une dizaine d’anciens médecins et scientifiques.
Fonds
25/08/2010
Fonds

Décollecte limitée en juin sur les fonds Ucits

Les fonds Ucits de long terme (hors fonds monétaires) ont encore terminé en Europe sur une décollecte en juin, mais beaucoup moins marquée qu’au mois de mai, selon les statistiques communiquées par l’Association européenne de la gestion d’actifs (Efama). La décollecte s’est élevée 200 millions d’euros contre 8,4 milliards en mai, en raison pour l’essentiel d’une forte baisse de la décollecte nette dans les fonds actions, de 11 milliards d’euros en mai à 2 milliards en juin.Les fonds Ucits dans leur ensemble ont enregistré une décollecte nette de 31 milliards d’euros en juin contre 23 milliards en mai. Une évolution liée à l’accélération de la décollecte nette sur les fonds monétaires, de 14 milliards d’euros en mai à 31 milliards d’euros en juin.Les fonds obligataires ont également subi une décollecte nette, de 3 milliards d’euros en juin contre 2 milliards en mai. En revanche, les fonds diversifiés ont drainé en net 3 milliards d’euros en juin et les fonds dédiés un montant record de 12 milliards d’euros.Les produits non-Ucits ont pour leur part enregistré une collecte nette de 13,2 milliards d’euros en juin contre 3,5 milliards d’euros un mois plus tôt.
Fonds
25/08/2010

Oaktree opens Spanish office

Though with 24%, it is already the largest individual shareholder in Campofrío since its merger with Smithfield, and also the largest lender to Panrico, of whose debt it controls 20%, the U.S. hedge fund firm Oaktree Capital did not yet have a stable presence in Spain. Now, Expansión reports, the firm is setting up shop there, and has recently recruited Carlos Gila, head of the consulting firm Gila & Co and former vice president of La Seda de Barcelona.
25/08/2010

BlackRock controls over 3% of Repsol

Expansión reports that the US management firm BlackRock has topped 3% of capital in Repsol, with a total stake of 3.023%, according to statistics from the CNMV. BlackRock thus owns more than 36.9 million shares in the Spanish oil company, which represents an investment at current share prices of EUR658m. In early June, BlackRock’s stake in Repsol was 2.979%.
25/08/2010

High net worth clients seek refuge in savings accounts

According to statistics from the CNMV, the Sicav funds of the fifteen most wealthy Spanish families (Amancio Ortega, Alicia Koplowitz, Rosalía Mera, the Polanco family, the Del Pino family, Ram Bhavnani, and others) were 16.11% invested as of the end of June in bank savings accounts, compared with 6.3% as of the end of 2009, and only 0.98% in 2001, Expansión reports. The high net worth investors see these passive products as a means to obtain good returns without being exposed to the turbulence of the markets. Morinvest (Alicia Koplowitz) had EUR124.93m in investments in bank savings accounts as of the end of June, equivalent to 28.36% of its assets. Keblar (Amancio Ortega) had EUR39.59m in bank savings accounts, equivalent to 26.84% of its total assets. In terms of products, the favourites of the high net worth segment are Banesto and La Caixa.
25/08/2010

Ireland facilitates foreign investment in its funds

The Irish Finance Act 2010 includes a clause which exempts non-resident investors from making a tax declaration for investments in Irish-registered funds, as they are not liable to pay taxes on these investments anyway. The Irish tax authorities considers it more worthwhile to concentrate its attention on the small number of Irish residents investing in these funds, who are subject to tax on their investments.
25/08/2010

Jim Davey becomes head of mutual funds at The Hartford

Jim Davey, Vice President and director of corporate retirement plans-Investment products division at The Hartford, has been appointed head of the mutual funds business for the United States and Canada. He will also be responsible for 529 savings plan activities. He will report to David Levenson, who was appointed head of wealth management in July, Mutual Fund Wire reports.
25/08/2010

Moody Aldrich and Wilshire launch a hedge fund platform

Hedgeweek reports that the Boston investment firm Moody Aldrich Partners has signed an agreement with Wilshire Funds Management, by which Wilshire will help Moody Aldrich to develop its new hedge fudn financing platform, MAP Harvest Fund. Wilshire will be resopnsible for operational due diligence, risk management, and annex services. MAP Harvest Fund will financially assist promising independent hedge funds, and assist them in the development of their key administrative functions and investment tools.
25/08/2010

Rick Rieder becomes CIO for fixed income, fundamental portfolios at BlackRock

As chairman and CEO Laurence Fink announced at a presentation of first quarter results for BlackRock (see Newsmanagers of 22 April), Rick Rieder has been appointed as chief investment officer of fixed income, fundamental portfolios. He will report to Peter Fisher, who remains as head of fixed income at BlackRock, and replaces Curtis Arledge, who becomes CEO of BNY Mellon Asset Management. Previously, Rieder was opresident and CEO of the hedge fund R3 Capital partners, which BlackRock took over in April 2009.
25/08/2010

Strategic Investments Group selects State Street

State Street Corporation has announced that it has been selected by the Strategic Investments Group (SIG) to provide investment and fund administration services to its new UCITS product, Strategic Active Trading Funds, launched last May, which has a total of USD250m in assets.
25/08/2010

Lyxor reported to have poached a top head from iShares

On Tuesday, due to the relevant authorized persons being on holiday, Lyxor Asset Management was not able to confirm to Newsmanagers reports in several British media sources that the asset manager has recruited Nizam Hamid, head of sales strategy at iShares Europe since November 2008. Hamid would take over responsibility for global ETF sales, which Dan Draper left behind to join Credit Suisse (see Newsmanagers of 9 February), and which were taken over for the interim by Isabelle Bourcier. Apparently, Bourcier will retain her role as global head of ETFs at Lyxor AM, as part of her responsibilities as head of marketing & sales for listed products at Société Générale.
25/08/2010

Russell makes big inroads with specialised OpenWorld platform in Asia

Asian Investor reports that Russell Investments has a growing presence on the Asian high net worth client services market. Since first quarter 2010, Russell has been offering its dedicated fund platform OpenWorld to private banks in the region, as well as to family offices and high net worth private clients. The platform, launched on the European market in autumn 2008, offers 18 major investment strategies, each of them managed by a single manager. It currently manages USD450m worldwide.
25/08/2010

Threadneedle builds presence in Asia

The British management firm Threadneedle is scaling up its teams in South-East Asia and Taiwan, Asian Investor reports. The group is currently seeking a head of institutional clients for North Asia, and is planning to set up a research team in Singapore in early 2011. In the short term, Sandra Cheng, previously of Deutsche Bank, joins Threadneedle in September as head of institutions for South-East Asia. Sheila Tan, previously based in Hong Kong, will take over as head of activities in Taiwan, where Threadneedle is planning to develop its presence in the institutional client segment. Threadneedle is also in talks with various financial partners in South Korea. Threadneedle is also working to develop new products, including funds denominated in Chinese renminbi.
25/08/2010

Hyposwiss launches its first advertising campaign

Agefi Switzerland reports that the private bank Hyposwiss yesterday kicked off its first advertising campaign, which appears to mock UBS’ slogan “You & Us.” Its message, “It will never be about you and us. It will always be about your money,” the newspaper suggests, may be interpreted as a frontal attack on UBS and on its former advertising slogan. “It could be read that way, but it is not an attack on UBS,” says Declan McAdams, CEO of Hyposwiss, in Geneva. “This campaign is the result of a deep analysis of our clients and our partners internally,” he says. “We want to stand out from the major banks, and our objective is to foreground what is important for clients directly and simply. It is time to insist a little more on management of the client’s money, and less on the relationship aspect.”
25/08/2010

Profits at GAM up 36% in first half

GAM Holding SA on 24 August announced an increase of 36% in its profits for first half, to CHF106.3m, from CHF78.1m one year earlier on a pro forma basis. Last year’s results are given on a pro forma basis and corrected for the IPO of the firm’s US affiliate Artio, its takeover of Augustus Asset Managers, and other one-time elements. The group has posted a net inflow of CHF5.6bn, compared with outflows of CHF1.6bn one year earlier. Inflows of new money totalled CHF3.6bn for the GAM division, compared with -CHF5bn previously, and CHF7.4bn for Swiss & Global, compared with CHF3.7bn previously. Assets under management totalled CHF116.6bn as of the end of June, up 11% year on year, and up 3% compared with the end of December 2009. GAM has also announced the launch of a new share buyback program, which will extend to up to 10% of capital in two years. The program fulfils GAM’s intentions in terms of dividends, as the group is planning to give back 50% of profits to shareholders in the form of dividends, says Johannes de Gier, chairman of the board of directors and CEO, cited in a statement.
25/08/2010

Skandia replaces manager of its health fund

Skandia Investment Group (SIG) has selected OrbiMed Capital to manage the Skandia Healthcare Fund. It replaces Carnegie Asset Management, which has been managing the fund since inception in April 2006.As part of the mandate, OrbiMed will manage the Skandia Healthcare Fund on an exclusive basis subject to certain conditions for at least the next three years. OrbiMed is a specialist healthcare and life sciences investment boutique with over USD4bn of assets under management. The firm’s 40-person investment team, one of the largest in the sector, includes over a dozen former medical doctors and scientists.
25/08/2010

Leading real estate fund managers widen gap with rivals

In the twelve months to the end of June, German open-ended real estate funds have posted net subscriptions of EUR2.1bn, which makes it the third largest category for net inflows, after diversified and bond funds.The four largest real estate fund managers are Union Investment Real Estate (co-operative banks) with 18.4% of the market, Deka Immobilien (savings banks) with 15.6%, Commerz Real Investmentgessellschaft (CRI, Commerzbank group) with 12.8%, and SEB Investment (8%). On a closer inspection of the figures, however, the Kommalpha consultancy notes, it appears that net subscriptions to the top four actors in the sector totalled EUR4.4bn. The combined assets of the four leaders increased in the period by EUR4bn (to EUR48bn), to total 54.7% of total assets in the sector, compared with about 50% one year earlier. This means, in other words, that the other 14 actors must share 45.3% of the management market.In first half 2010, the gap widened between the top four and the rest of the pack: the top four posted combined net subscriptions of about EUR1.7bn, or about 80% of all net inflows. This result is all the more significant as CRI has posted net outflows.
25/08/2010

Tax guidelines for Islamic finance published

Les Echos reports that fiscal instructions which aim to make Paris a hub for Islamic finance in continental Europe were published on 24 August by the French government. The instructions cover “sukuk” operations (issuing securities representing cooperative ownership of a tangible asset or the proceeds of the asset), “murabaha” (when the issuer acts as an intermediary: a vendor sells an assets to an Islamic financial actor, who resells them to an investor for a price payable at some time in the future), “ijara” (a type of rental, in which the investor buys equipment and rents it to a business), and “istisna’a” (a contract by which one party asks another party to build a project in exchange for payment, which is guaranteed when construction is complete).
25/08/2010

Crisis is over for fund of fund market

As of the end of 2009, assets in funds of funds licensed for sale in Germany were up 15% year on year, to EUR52.6bn (compared with EUR44.9bn as of 31/12/2008), bringing asset levels back to virtually their levels at the end of 2007 (EUR53bn), according to a survey by Fidelity International in cooperation with Morningstar. The trend towards open architecture is continuing, as funds which also invest in external funds of funds represent 63% of total assets, compared with 62% as of the end of 2008, and 56% at the end of 2007. The increase in assets in these “open” funds totalled 17%, compared with 12% for house funds. The top three actors on the German fund of fund market remain Deka (EUR15.8bn, compared with EUR13.93bn as of the end of 2008, for a market share of 28.9%, compared with 30.5%), followed by DWS, with more than EUR5.14bn, compared with EUR4.26bn, and Union Investment, with EUR3.26bn, compared with EUR2.92bn. DWS has seen an increase in its market share to 9.8% from 9.2%, as has Union, whose market share is up to 8.2%, from 7.9%. Axa (EUR1.24bn) is up to 2.4% market share from 2.3%. The study also finds that Deka remains the top provider of target funds, with EUR8.5bn, which is largely explained by the fact that the management firm for the German savings banks largely invests in its own funds. The second largest is BlackRock, with EUR4bn, due to its acquisition of Barclays Global Investors (and of the ETF funds of the iShares brand). Fidelity notes that db x-trackers, the ETF specialist from Deutsche Bank, posted a 31% increase last year in assets used by its funds of funds, to EUR1.5bn, putting it in sixth place.
25/08/2010

FSA hits ZFS with record fine

The British Financial Services Authority (FSA) announced on 24 August that it has levelled a record fine of GBP2.27m against Zurich Insurance plc, an affiliate of Zurich Financial Services Group (ZFS), for losing data on 46,000 clients. It is the largest fine ever from the FSA for lost data.
25/08/2010

RBC Dexia Investor Services appoints a head of funds

RBC Dexia Investor Services has appointed David Dibben as head of global fund products. Based in London and reporting to Rob Wright, global head, product & client segments, he will be responsible for the strategic direction, planning and continued overall success of RBC Dexia’s Fund Products business. Prior to this role, David Dibben was most recently with HSBC Global Asset Management in London as chief operating officer of their global fund ranges where he oversaw the significant growth of their Luxembourg- and Dublin-domiciled funds. He has also held senior management roles with M&G (Prudential), Henderson Global Investors and Norwich Union, and provided consultancy services to a number of major players in the investment industry.
25/08/2010

Jupiter posts net subscriptions in first half

In first half 2010, Jupiter, which made its initial public offering on 21 June, posted net subscriptions of GBP814m, due to inflows to its mutual funds (GBP873m). At the same time last year, the management firm had inflows of GBP917m. For the half, assets are up 2% to GBP19.8bn, compared with GBP19.5bn as of the end of 2009, and GBP15.5bn as of the end of June 2009. Earnings totalled GBP11.7bn, up 40% year on year, due to an increase of GBP29m in net management fees. Pre-tax profits totalled GBP14.6m, compared with a loss of GBP6.5m in the corresponding period of 2009. EBITDA is up 64%, to GBP59.1m.
25/08/2010

IMA makes no changes to absolute return sector

The British investment management association (IMA) announced at the beginning of this week that it has concluded its examination of the absolute return sector, and concluded that no modifications will be introduced at this time. The professional association says in a statement that debates over the sub-categorisation of absolute return funds was no longer ongoing, as the sector is not yet large or mature enough to make changes. The sector, introduced in 2008, was the first IMA category to accept offshore funds. The sector now includes 48 funds, with cumulative assets under management of GBP13.6bn. Of these 48 funds, 10 are offshore funds, with total assets under management of GBP1.2bn.
25/08/2010

Limited outflows from UCITS funds in June

Long-term UCITS-compliant funds (excluding money market funds) finished the month of June with outflows again in Europe, though they were much less pronounced than in May, according to statistics from the European financial and asset management association (EFAMA). Outflows totalled EUR200m, compared with EUR8.4bn in May, largely due to a major increase in net outflows from equities funds, from EUR11bn in May to EUR2bn in June. UCITS funds overall posted a net outflow of EUR31bn in June, compared with EUR23bn in May. This development was due to an acceleration in outflows from money market funds, from EUR14bn in May to EUR31bn in June. Bond funds also saw net outflows, of EUR3bn in June, compared with EUR2bn in May. However, diversified funds attracted a net inflow of EUR3bn in June, and dedicated funds attracted a record EUR12bn. Non-UCITS funds, for their part, posted a net inflow of EUR13.2bn in June, compared with EUR3.5bn one month earlier.
25/08/2010

Chi-X Europe platform may sell all or part of its activities

The hedge fund market transaction platform Chi-X Europe announced on 24 August in a statement that it may sell off all or part of its activities, after being approached by a third party whose identity has not been revealed. Chi-X “confirms that it has received a request from a third party, which may or may not lead to an offer to acquire all or part of the business,” the group says in a statement. The potential acquirer’s “interest in Chi-X Europe is the result of our track record, which has made us a top European trading platform in the past three years, and our profit situation in 2010. We were not seeking a deal, and the option to maintain our independence would allow us to increase value for our shareholders,” Chi-X adds, without providing details. Chi-X Europe, which is currently owned, among others, by BNP Paribas “BNP.PA,” Société Générale, Citadel, Citigroup, Credit Suisse, Fortis, GETCO Europe, Goldman Sachs, Instinet Holdings, Merrill Lynch, Morgan Stanley, Optiver and UBS, last year represented a market share of 15.6% on the basis of data compiled by Thomson Reuters.
25/08/2010

UBS MTF granted go-ahead in London

Agefi Switzerland reports that UBS on 24 August announced that it has received approval from the British financial market regulator, the FSA to launch its own European equities trading platform, UBS MTF, whose creation was announced in March. The bank adds that it is planning to launch the alternative equities market by the end of the year. It will be based in London.

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