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12/03/2010

Long-term funds get a good start in January

For the first month of this year, net subscriptions to long-term funds (excluding money market funds) were higher than in any month of 2009, the EFAMA association reports. UCITS funds saw net inflows of EUR32bn, compared with net redemptions of EUR12bn in December, because net subscriptions to long-term funds were up sharply to EUR35bn, compared with EUR18bn the previous month, and net redemptions from money market funds were down to EUR3bn from EUR29bn. The strongest net subscriptions among long term UCITS funds were for bond products, at EUR15bn, compared with EUR2bn, while equity funds held steady with subscriptions of EUR8bn. Diversified funds saw net inflows of EUR11bn, compared with EUR6bn in December. Among non-UCITS funds, which saw inflows of EUR19.6bn, institutional funds attracted EUR17bn, compared with EUR11bn in December. As of the end of January, assets in UCITS funds represented EUR5.244trn, 1.2% more than one month earlier, while non-UCITS funds had EUR1.685trn (+1.1%).
12/03/2010

Government borrowing approaches record levels in Europe this year

Mid- to long-term sovereign debt in Europe may total a record EUR1.446trn in Europe in 2010, an increase of EUR52bn over the previous record set in 2009 (EUR1.394trn), according to estimates from Standard & Poor’s. Analysts at the agency point out that modifications in the characteristics of sovereign debt risks, and their perception by investors, may lead to significant modifications to the cost of borrowing, as the example of Greece has recently shown. A 300 basis point increase in the yield curve could result in additional interest of 3.9% of GNP by 2015 for Greece, 2.6% for Portugal, and 2.5% for Italy and the United Kingdom.
12/03/2010

TOBAM signs up to United Nations Principles for Responsible Investment

The asset management firm TOBAM, developer of the Anti-Benchmark strategy, has announced that it has signed the United Nations Principles for Responsible Investment (UN PRI), to “reflect the firm’s engagement to respect the values of social responsibility and transparency in its investment process.” “Given the size of the investment universe for funds managed by TOBAM, the selection of businesses which have engaged to adhere to socially responsible conduct will have little effect on the pertinence or diversification of the Anti-Benchmark strategy,” a statement from the asset management firm says.
12/03/2010

CPR AM aims for EUR25bn in assets by 2012

One year after arriving as CEO of CPR Asset Management, Jean-Eric Mercier on Thursday unveiled the ambitions of the asset management firm, a wholly-owned subsidiary of Amundi. Mercier announced that he is hoping to achieve EUR25bn in assets under management at the firm by 2012. This will mean returning to the levels of assets last seen in 2007, when the management firm had EUR24.2bn under management. As of the end of 2009, assets totalled EUR19.8bn, and since the beginning of this year, it has seen subscriptions of over EUR1bn. To increase assets, CPR AM is planning to develop its presence among “a limited number of clients,” defined in partnership with Yves Perrier, CEO of Amundi. This will include wealth management clients - meaning IFAs and also funds of funds and private banks - who now represent 23% of assets. The other major area of development will be “major French clients,” including institutional investors and businesses (which represent 64% and 12% of assets, respectively), with the theme of employee savings in the forefront. However, CPR AM is not planning to distribute its funds via networks. In terms of product range, the number of funds has been reduced from 75 to 50, with the elimination of products which “work less well.” Meanwhile, five funds were launched in 2009, and 5 to 7 other products are planned for this year. The asset manager is planning to develop SRI, in partnership with Ideam, the SRI research firm from Amundi. The objective is to have EUR1bn under management in this area by 2011. A fund was already launched in 2009 with this theme (CPR Progrès Durable Europe).
12/03/2010

Columbia recruits a Putnam exec

Chris Thompson, who was head of investment product management at Putnam Investments, will join Columbia Management next week as head of product management, Mutual Fund Wire reports. Thompson will report to Mike Jones, president of Columbia.
12/03/2010

Korean Investment Trust Company to return to alternative management

The Korean sovereign fund Korean Investment Trust Company (KITC), with about USD20bn in assets under management, is planning to renew its engagement to alternative management, which it abandoned due to the financial crisis, Asian Investor reports. Currently, Korean investors have about USD400m invested in hedge funds. According to Suh Jong-Doo, managing director of international activities at KITC, investment in hedge funds is expected to approach USD2bn in the next two to three years, bringing it back to its pre-crisis levels.
12/03/2010

Structured financing: 0.39% default rate in Europe since the beginning of the crisis

Between mid-2007 and the end of 2009, defaults totalled EUR7bn on total borrowing of EUR1.9trn in structured financing in Europe, putting the default rate at 0.39%, according to a study published by Standard & Poor’s (“A Closer Look at European Structured Finance Reveals Low Default Rate Over the Financial Crisis.”) In the same period, the cumulative rate of ratings downgrades was 12.4%, which means that nearly 90% of ratings remained stable or were raised at the height of the crisis. By comparison, the United States in the same period had a default rate of 4.29% and a percentage of ratings downgrades of 40.6%. Standard & Poor’s emphasises that the study uses a different approach than usual to assess defaults. “Ratings performance” and default rates are calculated on the basis of amounts affected by ratings changes, and not on the basis of the number of ratings changes that have taken place. This approach better represents asset classes and large allocations in terms of the amounts invested, in more traditional products and more senior and better-rated debt.
12/03/2010

EFG International sets up shop in Florida

EFG Capital, the main affiliate of EFG International in charge of wealth management in the United States, announced on 11 March that it is setting up in Key Biscayne, in Florida. The new team will work in close collaboration with the main office of EFG Capital in Miami. EFG Capital is already present in New York and Los Angeles. The number of employees in the United States now totals 145, a 65% increase since 2007. The Key Biscayne office will be managed by Mario E. Fernández, who has over 20 years of experience in financial services, and extensive knowledge in advising international families.
12/03/2010

Slight increase in assets at Axa IM in 2009

In 2009, assets under management at AXA IM were up slightly to EUR499bn, compared with EUR485bn at the end of December 2008. The management firm saw redemptions of EUR18.5bn, due to “a fall in average volumes under management in certain asset classes which investors have move away from, and non-recurrence of one-time earnings in 2008,” Axa IM says in a statement. Results for various asset classes are contrasted. Fixed income (EUR325bn) has seen a 10% increase in assets. Net inflows are EUR2bn higher than in 2009. Equities management, for its part, has total assets of EUR81bn. Axa IM did not disclose details of subscriptions for this asset class. For alternative activities at AXA IM (EUR76bn), assets in the Funds of Hedge Funds strategies and expertise area, are up to EUR3.7bn.
12/03/2010

Philipp Hensler resurfaces at Oppenheimer Funds

The former US head of distribution at DWS Investments (see Newsmanagers of 28 August 2009), Philipp Hensler, will join Oppenheimer Funds on 1 April as head of distribution, replacing Bill Carey, who arrived at Bank of America as recently as the beginning of September (see Newsmanagers of 7 September), and who left the firm at the end of January.
12/03/2010

UBS releases 69 ETC funds on LSE

The London Stock Exchange has announced the launch by UBS of 69 ETC funds. This is the first major launch of these products in Europe outside Switzerland. The series of ETC funds replicates the performance of the UBS Bloomberg Constant Maturity Commodity (CMCI) indices. In the past few weeks, two ETF providers, Osmosis Capital and Marshall Wace Indices, have also released products on the London Stock Exchange.
12/03/2010

Lowes Wealth Management creates a distribution structure

Fund Strategy reports that Lowes Wealth Management (LWM) has created a structure dedicated to distribution, in cooperation with the financial services specialist John Walls, and is planning to make its funds available in the United Kingdom. LWM Distribution will initially offer only the East-West Value Fund and the Future LVM value funds.
12/03/2010

RiskMetrics teams up with RepRisk

The Zurich-based management firm RepRisk on Thursday announced that it has signed a partnership with the New York firm RiskMetrics, by which data on environmental and social risks undertaken by financial institutions and investment professionals, provided by the Swiss firm, may be integrated into risk management and corporate governance services from the US provider. Ran Fuchs, head of the ESG analytics department at RiskMetrics, says that the partnership will bring more depth and quality to the sustainability ratings from RiskMetrics. The RepRisk tool provides objective monitoring of environmental and social issues related to businesses, projects and sectors throughout the world, based partly on declarations from businesses and partly on data provided by external sources. Currently, the database includes 12,500 businesses and 2,600 controversial projects, with daily updates and additions. Controversial subjects include the environmental footprint, climate change, and human rights, as well as risks related specifically to products or portfolios, particularly from the viewpoint of the UN Global Compact.
12/03/2010

Old Mutual planning a partial IPO for its asset management unit in the United States

The South African insurance and asset management business Old Mutual has announced at the publication of its preliminary annual results that it is planning a partial IPO for its asset management activities in the United States. Assets under management in the US were up 9% as of 31 December last year to USD261bn. The group is also studying the possibility of selling its life insurance activities in North America to reduce its exposure to the United States. In general, Old Mutual has undertaken a cost reduction program, with an objective of saving GBP100m per year by the end of 2012. For the 2009 fiscal year, the group has announced pre-tax operating profits of GBP1.7bn by IFRS accounting standards, compared with GBP1.13bn the previous year. A dividend of GBP1.50 per share will be proposed to a general shareholders’ meeting on 13 May 2010.
12/03/2010

Van Kampen and Morgan Stanley funds to merge soon

As part of the acquisition of Van Kampen, which includes the retail asset management activities of Morgan Stanley, by Invesco, the board of trustees and directors of about 90 Van Kampen and Morgan Stanley funds have approved a series of proposed mergers which will be submitted to shareholders for approval at several shareholders’ meetings to be held on 11 May.
12/03/2010

BNP Paribas pulls out of tax havens

La Tribune reports that BNP Paribas is closing its offices in offshore tax havens. As of the end of December 2009, the finance banking structure in Panama will be sold to the Canadian bank Scotiabank. The group is now closing its private bank, its other activity in Panama. BNP Paribas is currently also in talks to withdraw from the Bahamas. It will close its private banking activities there, according to the newspaper, even though the Bahamas on Wednesday signed 18 agreements to share tax information with the OECD, removing the country from the “grey list.” Société Générale, which is also present in the country, will be remaining for this reason.
12/03/2010

Azimut looks to develop abroad

To increase its presence in other countries, Azimut has opted for a joint venture approach. The Italian asset management firm says it is prepared to finance start-ups founded by managers in a given country, and that it would buy up all capital in the firm three to five years after its creation, Il Sole - 24 Ore reports. Azimut has already contacts in China with this in mind, but is also interested in India, South America and Eastern Europe. One of the firm’s objectives is to double its assets in the next 5 years (EUR13.9bn as of the end of 2009).
12/03/2010

EFA wins a new mandate

The Luxembourg-based firm EFA, a specialist in administrative professions, announced on 11 March that it has won a new administration mandate for a microfinance fund entitled Luxembourg Microfinance and Development Fund. EFA now administers eight microfinance sub-funds valued at over EUR40m. EFA manages more than 2,500 funds, with a total of about EUR80bn in assets, on behalf of over 200 clients.
11/03/2010
Fonds

Citi recrute un gérant de hedge funds

Selon Finance Asia, Citi vient de recruter John Liptak qui avait rejoint il y a seulement neuf mois Tribridge Investment partners pour lancer un fonds asiatique dédié aux situations spéciales.John Liptak aura la responsabilité des situations spéciales et distressed sur la zone Asie-Pacifique (trading, market making, structuration, origination et distribution). Il sera basé à Hong Kong.
Fonds
11/03/2010

Vega rouvre ses trois fonds aux souscriptions

Après avoir enregistré la meilleure année de son histoire, le gestionnaire alternatif Vega, qui affichait fin décembre quelque 400 millions de dollars d’encours, a décidé de rouvrir aux souscriptions ses trois fonds Vega Global (123 millions), Vega Select Opportunities (94,5 millions) et Vega Credit Opportunities (14 millions), rapporte Expansión. Selon les proches du dossier, Ravi Mehra, le gérant, n’acceptera pas de souscriptions d’investisseurs états-uniens.Vega, qui gère par ailleurs 150 millions de dollars dans des mandats, avait atteint 12 milliards de dollars d’encours en 2004. Depuis des difficultés dues à ce volume trop important ainsi qu’au départ de certains gérants, Vega s’est transformé en 2007 et 2008 en le family office de ses deux dirigeants, Ravi Mehra et Jesús Saá Requejo.
11/03/2010

EdRAM transforme un fonds en UCITS III

Afin de répondre à la forte croissance de la demande des investisseurs pour ce fonds, Edmond de Rothschild Asset Management a annoncé mercredi 10 mars la transformation du fonds Europe Rendement Flexible en fonds UCITS III. Créé le 30 janvier 2009, l’OPCVM a pour objectif de permettre aux investisseurs de revenir progressivement sur les actions européennes avec une volatilité réduite en ajustant le taux d’exposition au marché actions (variation allant de 20% à 80%), à travers une allocation tactique flexible.
11/03/2010

Le gérant Lionel Le Maux passe la main

Lionel Le Maux s’apprête à quitter Auris Gestion Privée pour se consacrer exclusivement à son entreprise Aqua qu’il a co-fondé après son départ de Flinvest en 2007 - une société de gestion qu’il avait également crée avec Thierry Flecchia après leur départ d’Oddo Asset Management. Spécialisée dans les énergies renouvelables, en produisant de l'énergie à partir de déchets agricoles, l’entreprise Aqua a besoin d’une direction générale, a expliqué Lionel Lemaux pour justifier son départ du monde de l’asset management. De fait, l’ex co-gérant star d’Entrepreneurs chez Flinvest va cesser son activité de conseiller en gestion chez Auris Gestion aux cotés de Pierre Fournier –un autre ancien de Flinvest – qu’il a également formé.
11/03/2010

Les entreprises veulent préserver leurs actionnaires

Selon Les Echos, les entreprises du CAC 40 devraient verser environ 35,5 milliards d’euros à leurs actionnaires, un montant comparable à celui de l’an dernier, témoignant de la volonté des entreprises de choyer leurs actionnaires même si les bénéfices sont en recul. Le taux de distribution sur les bénéfices récurrents devrait atteindre 56 %, selon les prévisions du consensus FactSet, retraitées par PrimeView, contre une moyenne historique de 42 %.
11/03/2010

Bel exercice 2009 pour la gestion d'actifs du Crédit Mutuel Arkéa

En 2009, rapporte l’Agefi, le produit net bancaire (PNB) du Crédit Mutuel Arkéa s’est élevé à 1,35 milliard d’euros, en progression de 25% par rapport à 2008. Le résultat brut d’exploitation a doublé (à 376 millions), tandis que le résultat d’exploitation et le résultat net part du groupe ont été multipliés par cinq en passant de 200 et 154 millions respectivement. L’assurance et la gestion d’actifs, à travers Suravenir et Federal Finance, ont apporté une forte contribution aux résultats du groupe. Le bénéfice du pôle a progressé de 18%. A 111 millions d’euros, il dépasse de trois millions le précédent record, établi en 2007, précise le quotidien.
11/03/2010

Allianz France et l'IDI signent la cession d'AGF Private Equity

L’Agefi rapporte qu’Allianz France et l’IDI ont annoncé, mercredi 10 mars, la signature de l’accord de cession de 100% d’AGF Private Equity à l’IDI. Cet accord intervient après approbation des comités consultatifs des investisseurs des fonds gérés par AGF Private Equity et consultation des organes sociaux des entités concernées, précise le quotidien.
11/03/2010

Rothschild & Cie Gestion va recruter 10 personnes

«Nous allons procéder à un recrutement important, d’environ 10 personnes, surtout dédiées au développement commercial en Suisse, en Allemagne, au Benelux, en Italie ou encore en Espagne (...) et au développement d’une expertise sur la gestion actions émergentes», a déclaré Jean-Louis Laurens, associé gérant de Rothschild & Cie Gestion, à l’occasion du forum sur la gestion d’actifs organisé par Reuters à Paris du 8 au 10 mars. Par ailleurs, la société de gestion souhaite trouver un partenaire pour sa plate-forme Sélection R et n’exclut pas d’en céder le contrôle.
11/03/2010

Neptune arrive en France

Après Jupiter, c’est au tour de Neptune Investment Management de faire son entrée sur le marché français de la gestion d’actifs. La société de gestion britannique indépendante, qui gère environ 5 milliards de livres (à fin 2009), vient en effet d’obtenir l’agrément de l’Autorité des marchés financiers (AMF) pour neuf de ses fonds. Il s’agit des Neptune Asia Pacific Opportunities, Neptune China, Neptune European Opportunities, Neptune Global Equity, Neptune India, Neptune Japan Opportunities, Neptune Russia & Greater Russia, Neptune UK Equity et Neptune US Opportunities. Tous sont des produits actions, la spécialité de Neptune, et trois d’entre eux sont gérés par Robin Geffen, le fondateur et managing director de la société de gestion : ceux couvrant la Chine et la Russie ainsi que le fonds monde, qui, selon Neptune, constitue «la plus pure expression du processus de Neptune». Sa gestion, active, s’appuie sur une recherche interne basée sur l’idée que l’univers des actions doit être considéré globalement ou par secteurs, plutôt que par régions. La société compte pour l’instant aborder le marché français via Londres, mais n’exclut aucune possibilité dans le futur. Bien évidemment, la clientèle ciblée sera avant tout celle des distributeurs. Cette incursion s’inscrit dans le cadre d’une stratégie de développement en Europe continentale pilotée par Paul Boughton.Fondée en 2002, Neptune IM est une société de gestion spécialiste de l’investissement traditionnel en actions. Sa clientèle se compose d’investisseurs privés, de conseillers et de clients institutionnels. Comme son compatriote Jupiter, la société est restée indépendante, 75 % de son capital étant aux mains des dirigeants et des employés.
11/03/2010
Fonds

Nouveau fonds chez Unigestion

La société de gestion Unigestion vient d’annoncer le lancement de son fonds Uni-Global Minimum Variance Emerging Markets dont l’objectif est de capitaliser sur les opportunités liées à la croissance économique des marchés émergents. Si la performance des marchés émergents dépasse largement celle des pays développés, des mouvements sur ces marchés sont fréquents et parfois significatifs. Dans ce contexte, la stratégie Minimum Variance est de produire des rendements long-terme supérieurs à ceux de l’indice grâce à la maîtrise de la volatilité, en moyenne inférieure de 30% par rapport à celle des marchés. Caractéristiques : Code ISIN Classe B1 : LU0487500448 (en dollars)Classe B2 : LU0487501099 (en euros)Commissions de souscription : 4 % maximum Droit de sortie : 0 % Frais de gestion : 1,5 %
Fonds

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