Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
15/03/2010

Certains fonds monétaires tracassent l'AFG

La baisse des taux du marché monétaire et leur très faible niveau qui pénalisent les performances des fonds monétaires inquiète désormais des professionnels de la gestion d’actifs. Avec un eonia à 0,32 % en fin de semaine dernière, ces derniers voient le caractère positif de la rémunération de certains OPCVM de cette nature remis en cause.Ainsi, dans une note de l’AFG datée du 23 février dernier que Newsmanagers a pu se procurer, l’association a mis en garde ses adhérents contre la baisse structurelle de la valeur liquidative de leurs fonds monétaire. Une baisse qu’il convient de distinguer d’un recul ponctuel de la valeur liquidative sur un ou deux jours par exemple – évènement qui n’est pas rare - ou d’une baisse liée à la gestion du fonds du fait d’un défaut d’un émetteur ou d’une contrepartie.L’AFG vise plus particulièrement les sociétés de gestion les plus gourmandes en matière de frais de gestion, à même de faire passer la valeur liquidative du fonds sous la ligne de flottaison. Si l’AFG admet que cette situation de marché ne concerne «qu’un périmètre limité d’OPCVM monétaires», elle n’en préconise pas moins que les sociétés de gestion concernées s’en préoccupent et reconsidèrent le niveau des frais de gestion - «en liaison le cas échéant avec le distributeur» - de façon à éviter les dits risques de baisse structurelle. La note ayant été diffusée il y a moins de deux semaines, les préconisations n’ont pas encore été suivies d’effet.
15/03/2010

Danielle Chiesi asks not to be tried with Raj Rajaratnam

The Wall Street Journal reports that Danielle Chiesi, who was a consultant at the hedge fund management firm New Castle Funds, has requested that her criminal trial, in which the first hearings are scheduled for 25 October, be separated from those of the founder of Galleon Group, Raj Rajaratnam, since, of the seven new charges brought in February, only one involves both of the accused. Chiesi and Rajaratnam have been in custody since October 2009.
15/03/2010

Contestations en perspective pour un fonds "madoffé"

Dexia Private Banking propose d’indemniser des clients investis dans le hedge fund Rafale Partners, rapporte la Tribune, qui note que ce produit «madoffé» était enregistré aux Îles Vierges Britanniques, géré par Broadgate Management, et avait pour dépositaire Crédit Agricole Suisse et Dexia Banque Internationale. La filiale de banque privée de Dexia qui en faisait la promotion a, selon les informations du quotidien, fixé des montants maximum de remboursement compris entre 15% et 80% environ des sommes investies initialement. Une démarche des plus maladroites dans la mesure où cela suppose une absence d'équité de traitement entre les porteurs concernés, note la Tribune.
15/03/2010

Institutional investors show a growing interest in UCITS funds

UCITS III-compliant funds are winning over a growing number of hedge funds and investors, according to a Preqin survey undertaken in February. Only 8% of all institutional investors in the sample (50 institutional investors) have allocated capital to UCITS III funds, which are all based in Europe, but 35% of them are planning to add a UCITS III vehicle to their hedge fund portfolio in 2010. There are four major factors working in favour of UCITS III funds: transparency (41%), regulatory supervision (22%), liquidity (22%), and solid risk management (11%). As to fund of fund managers, 28% manage a UCITS platform, while 28% are in the process of adopting a UCITS management style for products in their hedge fund portfolio. Currently, 51% of managers based in Europe offer UCITS products, while only 11% of managers in the rest of the world offer their clients products of this type. According to Preqin, investors’ appetite for UCITS products is expected to increase outside Europe, in Asia, Latin America and the Middle East.
15/03/2010

Planned AIFM directive faces lively debate

This week is a decisive one for the proposed European alternative management directive (AIFM), La Tribune reports. On Wednesday, 17 March, at a presentation of proposed amendments to the directive by the Ecofin commission, discussions are likely to be lively, with Spain, France and Germany on one side, hostile to the idea of funds from countries outside the EU being offered for sale in the Union, and Great Britain favouring the proposal by the reporter on the directive, Jean-Paul Gauzès, that after a transitional period to locate compatibilities and harmonize regulations, countries outside the European Union could be granted European passports to offer their products for sale in Europe. Tension is high between Europe and the United States, which accuses the Union of “discrimination” against US speculative funds. The United Kingdom sides with the Americans, the newspaper adds.
15/03/2010

Oddo AM invests in Greek debt

Oddo Asset Management 15 days ago launched the Oddo Rendement Grèce fund, which invests solely in Greek debt. The product is reserved for institutional investors, and is based on the idea that Greece will not leave the Euro zone and will not default on its debt. The fund, which currently has EUR40m in assets, is 100% invested in Greek government bonds, but it may eventually invest up to 30% in Greek corporate debt. The fund is in the “opportunities” category of the convertible fixed income product range from Oddo Asset Management. As of the end of April, the management firm is also planning to launch another product, in the same range but part of the bond category, based on European convergence, based on the idea that “after spreads have widened, we will return to a phase of reconvergence between spreads in the Euro zone, and in the European Union with countries which are hoping to join the Euro zone,” says Xavier Hoche, head of convertible and fixed income management. The product range is managed by a team of 9 people. In total, the team manages EUR4.1bn, between open-ended funds, dedicated funds, and mandates.
15/03/2010

Equities funds for institutional investors do not perform better than others

In North America, funds aimed at institutional investors, focused on equities, earn disappointing returns in the long term, compared with products for retail clients, according to studies cited by Les Echos. The sensitivity of the two types of investors to returns delivered by products is not the same, as professionals have a less “short-termist” approach.
15/03/2010

Refunds may be on the way for investors in a Madoff victim fund

Dexia Private Banking is offering to pay back clients who had invested in the hedge fund Rafale Partners, La Tribune reports, noting that the product, which was involved in the Madoff collapse, was registered in the British Virgin Islands, managed by Broadgate Management, and had as its depositories Crédit Agricole Switzerland and Dexia International Bank. The affiliate of the Dexia private bank which promoted the product, according to the newspaper, set maximal redemption levels at 15% to 80% of the amounts initially invested. This move was all the more awkward as it appeared to imply a lack of equality in the treatment of investors in the fund, La Tribune reports.
15/03/2010

European funds bounce back with positive subscriptions in January

European sales bounced back into the positive in January at €34bn, following December’s outflows, says Lipper FMI. Business was at its highest level since last August, but was virtually identical to flows in January last year. The major difference between this year and last is the make-up of fund sales.Last January business was heavily weighted towards money market funds. In the first month of this year, investors looked elsewhere for higher returns. The best-selling asset class in January was fixed income which accounted for over a third of total flows at EUR12.4bn. Over 20 % of sales were into Emerging Market Bond funds. The attractions of Investment Grade Bonds are diminishing. The second best selling asset class across Europe in January was equities. However, sales were 40% down on December’s level at EUR9bn. Mixed asset funds, by contrast, saw increased sales in January of EUR6.3bn, their highest since early 2006. They have proved particularly popular recently in Italy and Germany. Having been the worst performing market in December, France became the best selling domestic market in January. It was its first month of positive sales since last August. Finally, groups with the strongest net flows were Franklin Templeton, BlackRock and Carmignac with EUR1.7bn, EUR1.67bn and EUR1.5bn respectively. In the equity stakes, BlackRock was the clear leader with sales of EUR1.4bn.
15/03/2010

Strong expansion for commodities ETP products in Europe

Between the end of 2008 and 5 March 2010, assets in exchange-traded products based on commodities (C-ETP) in Europe increased from EUR8.6bn to EUR23.1bn. Assets under management in commodities ETC funds increased to EUR11.5bn, compared with EUR4.9bn, while commodities ETF funds had EUR11.6bn, compared with EUR3.7bn, according to a study by Deutsche Bank. In 2009, assets in C-ETP rose 145%, and specialists at the bank predict that in 2010, growth will total 60%-80%. The big winners in terms of subscriptions this year are expected to be products focused on industrial commodities and those which replicate larger indices, while Swiss gold funds may also continue to grow. In the period under review (end of December 2008 to 5 March 2010), the number of commodity ETC products increased by 56 to a total of 179, while the number of commodities ETFs increased by 33 to 75 products.
15/03/2010

Sovereign wealth funds increasingly interested in private equity

Sovereign wealth funds (SWFs) are increasingly interested in private equity. According to a study by Preqin, 55% of SWFs are invested in private equity, compared with 49% last year. The larger a sovereign fund is, the more likely it is to have invested in private equity. More than two thirds of SWFs with USD10bn or more in assets under management are invested in private equity, while only 22% of sovereign funds with assets of under USD10bn are invested in this category. Some SWFs with no investments in this asset class are planning to change their allocations. The SWFs of the United Arab Emirates, created in late 2007, is planning to allocate some assets to private equity in the future. The Korea Investment Corporation (KIC), for its part, is planning to double its exposure to private equity in 2010, with a particular interest in the distressed sector and secondary funds. More generally, SWFs which invest in private equity have a marked preference for buy-out funds: 92% invest in this sector, compared with 64% in venture capital, 32% in secondary funds and special situations, 20% in mezzanine, and 12% in funds of funds.
15/03/2010

Swiss citizens remain attached to banking confidentiality

Agefi Switzerland reports that a survey undertaken on behalf of the Swiss banking association ASB has found that Swiss respondents remain highly attached to protections in the area of private banking: 70% of them reject the notion of an automatic exchange of information. Professional banking secrecy remains an institution: 73% (78% in 2009) would prefer to see it preserved. 70% of respondents feel that it is not necessary to give in to European pressure in this area, and oppose automatic exchange of information with foreign tax authorities.
15/03/2010

Swiss banks seek to salvage banking confidentiality

Agefi Switzerland reports that UBS has asked Swiss members of parliament to approve the transmission of 4,450 names of US clients suspected of tax fraud to the US tax aurthorities. Swiss banks are, however, refusing to agree to an automatic transfer of information.
15/03/2010

Germany considers tax on banking sector

The German government will in April vote on a tax on the banking sector intended to redistribute the cost of bank bailouts, Finance minister Wolfgang Schäuble has told the newspaper Bild, Agefi reports. The minister has said that it is difficult to legally limit speculation on financial markets. “Naturally, we need stricter rules, but we must not overreact and stifle the free markets and competition, since that would paralyse the economy,” he said. “It is unfortunately very difficult to distinguish between good financial transactions and bad ones,” Schäuble added.
15/03/2010

Agnelli family to subscribe to Almacantar fund

The Agnelli family will contribute to the Almacantar real estate fund (whose name means ‘sundial’ in Arabic), which is planning to raise GBP500m by the end of April to invest in real estate properties in London and Paris, the Sunday Times reports. The fund will be managed by Mike Hussey, former head of the London-based division of Land Securities, assisted by Neil Jones, former head of Europe from Grosvenor, the real estate management firm owned by the Duke of Westminster. Matrix will also launch a real estate fund with GBP600m to invest in Qatar, Saudi Arabia and the United Arab Emirates. The fund will be supported by the Al-Attivah family of Qatar.
15/03/2010

First State launches two new offshore funds

First State Investments has announced that it will be releasing two new funds aimed at institutional investors, the First State Asia Pacific Select and the First State Global Emerging Markets Select. The two funds will be domiciled in Ireland, and will be managed by the Asia Pacific/Emerging Markets team based in Edinburgh and in Asia. The products will come as additions to the First State Asia Pacific Leaders and First State Global Emerging Market Leaders funds. The Asia Pacific Select fund will be managed by Alistair Thompson, and will have a concentrated portfolio of large caps, with the MSCI AC Asia Pacific ex Japan index as its benchmark. The Global Emerging Markets Select Fund will be managed by Jonathan Asante, with the MSCI Emerging Markets index as its benchmark. The two funds, with a portfolio of about 50 positions each, will be denominated in US dollars, and will have UK distributor share classes. A retail share class will be created for each product at a later date.
15/03/2010

Neuberger Berman to list a distressed fund

Neuberger Berman, the US fund manager spun out from Lehman Brothers, is to list one of the first distressed debt funds on the London Stock Exchange, according to the Financial Times. The asset manager wants to raise upwards of USD150m from the listing. While most of the fund will be invested in US assets, it is listing in London because the greatest demand has come from European investors.
15/03/2010

Strategic Insight sets up shop in London

On Friday, US-based Strategic Insight announced that it has opened an office in London, and appointed Andreas Pfunder as managing director for Europe. He will be in charge of developing Strategic Insight’s client base among fund management firms, wealth managers, and distribution networks in the United Kingdom and continental Europe. Pfunder was previously an independent consultant, after serving as head of development at Fidelity International and AllianceBernstein. Strategic Insight has also announced that its global business development manager, Jamie Maak, will be transferred to London from New York. The firm is also planning to open an office in Hong Kong by the end of this year.
15/03/2010

Lyxor hedge fund index up 0.33% in February

The Lyxor hedge fund index gained 0.33% in February. The best-performing strategies were fixed income arbitrage (2.09%), CTA long term (1.35%), and credit strategies (0.67%). However, equity short bias lost 4.68%, emerging markets lost 2.90%, and convertibles arbitrage lost 1.12%.
15/03/2010

Fideuram ready for IPO

Banca Fideuram, the bank controlled by the Intesa Sanpaolo group, in 2009 saw a 1.3% increase in its consolidated net profits, to EUR178.4m, Il Sole - 24 Ore reports. Assets under management increased by 12.1%, to EUR67.8bn. These figures provide a starting point on the basis of which the business will be valued for its IPO. The process will be accelerated in the next few weeks, Il Sole - 24 Ore says. Between 60% and 65% of Fideuram’s capital is expected to be floated.
12/03/2010
Fonds

Hémorragie pour les ETF du BBVA

En février, les investisseurs institutionnels ont retiré en net 230 millions d’euros des ETF du BBVA. Cela représente selon Expansión 22,5 % de l’encours. Presque la totalité de ces remboursements ont concerné le Acción FTSE Leitex Top ETF, à cause de la «fuite» de quelques clients institutionnels mexicains : un changement réglementaire au Mexique est à l’origine de ce phénomène, les clients se reportant sur des produits avec une plus forte exposition au Brésil.Le BBVA, dont l’encours des huit ETF se situait fin février à 800 millions d’euros, envisage de lancer d’autres produits de ce type pour inverser la tendance et attirer à nouveau les investisseurs mexicains. Il est aussi prévu de renforcer la gamme avec des ETF obligataires, de matières premières et de produits inversés, afin de faire face à la concurrence des promoteurs étrangers qui ne vont pas tarder à arriver en Espagne.
Fonds
12/03/2010

Morgan Stanley se cherche des partenaires pour Gas Madrid

Le fonds d’infrastructures Morgan Stanley Infrastructure, qui a annoncé en décembre l’acquisition des actifs de Gas Natural à Madrid pour 800 millions d’euros, doit normalement revendre pour 100 millions d’euros les activités de commercialisation au portugais Galp. Il lui restera le réseau de gazoducs desservant un demi-million de ménages madrilènes. Expansión rapporte que, pour gérer cette activité, Morgan Stanley a choisi comme président Pedro Mielgo, qui a été patron de REE et comme administrateur délégué Alejandro Lafarga, ex directeur de Software AG pour la Péninsule ibérique. Cette structure de gouvernance va faciliter l’entrée de partenaires dans le capital de Gas Madrid : des fonds de pension (comme TexasPERS), des assureurs et des investisseurs en infrastructures (comme Pantheon Ventures) sont déjà sur les rangs pour prendre des participations.
12/03/2010

Tobam adopte les Principes pour l’investissement responsable

La société de gestion Tobam, à l’origine de la stratégie Anti-Benchmark, a anoncé avoir signé les Principes pour l’investissement responsable des Nations Unies («UN PRI») afin de «reflèter l’engagement de la société dans le respect de valeurs socialement responsables et de transparence de son processus d’investissement». «Etant donnée l’ampleur de l’univers d’investissement des fonds gérés par Tobam, la sélection d’entreprises qui s’engagent à respecter un comportement responsable n’a que peu d’effet sur la pertinence ou la diversification de la stratégie Anti-Benchmark», précise un communiqué du gestionnaire d’actifs.

Sujets d'actualité

Tous les sujets