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02/03/2010
Fonds

Les gestionnaires lancent des fonds de financement

Les sociétés de gestion cherchent à combler le vide laissé par le secteur bancaire et les gouvernements, rapporte Financial Times Fund Management. Ainsi, nombre d’entre elles essaient de lever des capitaux pour des fonds qui accorderaient des prêts à des entreprises ayant un besoin urgent de crédit ou qui fourniraient des financements pour le développement d’infrastructures. Le FT FM cite les exemples de Hastings Funds Management, Trafalgar Capital Advisors et Aviva Investors.
Fonds
01/03/2010

Outgoing president of Assogestioni expresses concerns for future of Italian asset management

“As of the end of December, assets in foreign funds outweighed those in Italian products. That worries me, since there is always more distribution and less production,” said Marcello Messori, the outgoing president of Assogestioni (the Italian association of asset managers) at a conference. Assogestioni may also become the first association to produce a code of conduct, with sanctions that would harm the reputation of those who do not sign up, Il Sole - 24 ore reports.
01/03/2010

LBBW launches a long/short commodities fund

The management firm LBBW Asset Management (LBBW AM), an affiliate of the Landesbank Baden-Württemberg (LBBW), has announced the launch on 19 February of the first long/short commodities fund on the German market. The German-registered product complies with the UCITS III directive, and is entitled LBBW Rohstoffe 2 LS, because it follows the LBBW Rohstoffe 1, launched in 2008, with the difference that it may also sell short. The fund is aimed at institutional investors, and aims to profit from the particularities of the futures curve (backwardation or contango) to modulate exposure to the various commodity sectors (energy, base metals, soft commodities and livestock). Each commodity is limited to 20% of long or short positions, while all commodities belonging to the LBBW-Long-Short-Rohstoff-Index ER are equally weighted at 10%, with a rebalancing every three months. Characteristics Name: LBBW Rohstoffe 2 LS ISIN: DE000A0X97E0 Front-end fee: 0 Management commission: 0.80% Minimal subscription: EUR75,000
01/03/2010

Overall bottom line is positive for fund management in 2009

In 2009, assets at German management firms increased by EUR170.7bn, of which EUR33.1bn was due to net subscriptions, and EUR137.6bn due to positive market effects. For institutional funds, market effects represented EUR54.3bn, while net inflows totalled nearly EUR31bn, according to statistics from the Kommalpha agency. Equities funds posted net subscriptions of EUR14.6bn, and assets were up EUR43.3bn, while money market funds saw net redemptions of about EUR30bn, and bond funds saw net outflwos of EUR898m. Lastly, Kommalpha notes that Luxembourg-registered open-ended funds saw net redemptions of EUR15bn, while German-registered funds saw net inflows of over EUR11bn.
01/03/2010

Hedge funds make money on Greek debt

Hedge funds have made fat profits on Greek debt and insuring overexposed European banks, the Financial Times reports. Traders anticipated that overexposed European banks would kick off a wave of sales of Greek assets. Paulson & Co is reported to have been one hedge fund that bet this way.
01/03/2010

Insynergy and Reliance launch an India fund

The British management firm Insynergy Investment Management announced on 25 February that it has signed an exclusive management agreement with the Indian firm Reliance Capital Asset Management, by which the firm will launch a fund dedicated to India by about mid-April. The UCITS III fund will be managed by Reliance Asset Management (Singapore), an affiliate of Reliance Capital Asset Management (RCAM), which manages over USD30bn in assets. The fund will include 20 to 60 positions, of which 20 to 50 will be long, and up to 15 will be short. The fund will be denominated in pounds Sterling and in US dollars, with minimal investments of GBP2,500 or USD4,000. Front-end fee is set at 5%, and annual fees at 1.25%. A performance commission of 15% will be charged if the manager outperforms the returns on 10-year bonds from the Indian government by 200 basis points.
01/03/2010

Bond ETFs carry hidden risks

In the “Fund Track” column of the Wall Street Journal, Matt Hougan, managing director of ETF analytics at Index Publications, warns investors against bond ETFs. He points out that there is an inherent flaw in ETFs which are not focused on Treasuries: the corporate bond market is notoriously illiquid. And, since ETFs need liquidity, that flaw is magnified. David Levy, a portfolio manager at Keniol Capital Management, says investors should be careful, if they have already bought shares in ETFs at a premium, not to choose a bad time to resell them at a discount.
01/03/2010

L'ISR gagne progressivement les gestions

Si dès 2005, l’ERAFP (la caisse de retraite additionnelle de la fonction publique) a fait le choix du tout ISR (investissement socialement responsable) pour la gestion de ses cotisations, c’est, selon La Tribune, la crise financière qui a changé la donne et déclenché un véritable engouement pour la gestion socialement responsable tant du côté des investisseurs institutionnels que des sociétés de gestion. Ecofi Investissements a été la première en France à basculer vers le tout ISR il y a deux ans. Fin janvier, Robeco Gestions a annoncé vouloir s’engager dans une démarche similaire, grâce à l’expertise d’une de ses filiales suisses, Robeco SAM.
01/03/2010

Oddo majoritaire chez Patrimoine Consultant

Selon L’Agefi, la société de gestion Oddo devient actionnaire majoritaire du réseau de conseillers en gestion de patrimoine indépendants Patrimoine Consultant avec une part de 65 %. Elle vise à cinq ans un triplement des encours de ce réseau, un doublement des effectifs et une hausse du nombre d’agences de 32 à 50.
01/03/2010
Fonds

L'essor des ETF freiné par le système de rémunération

Selon La Tribune, l ‘un des freins au développement des ETF auprès des particuliers en France tient au fait qu’ils ne sont absolument pas distribués au sein des réseaux des grandes banques françaises. «Ce n’est pourtant pas par manque d’offre puisque BNP Paribas via EasyETF, Crédit Agricole via Amundi ETF et Société Générale via sa filiale Lyxor en proposent», note le quotidien. Ce sont les faibles frais de gestion qui bloquent la distribution de ces produits dans les réseaux. Mais le développement de la distribution des ETF en France pourrait, selon La Tribune, passer par une évolution de la réglementation en s’inspirant du modèle américain, où le système rémunère les conseillers sur la base du contenant et non plus du contenu, à savoir les fonds.
Fonds
01/03/2010
Fonds

22 sicav sont réputées illiquides

Expansión rapporte que 22 sicav ont notifié à la CNMV qu’elles sont dans l’incapacité de racheter les parts présentées au remboursement sans tomber en dessous du plancher réglementaire de 2,4 millions d’euros ou de leur capital initial. Parmi elles figurent Nomit III International, qui est contrôlée par Ignacio de Polanco, président de Prisa, et Kalyani, qui appartient à la famille du milliardaire Ram Bhavnani.
Fonds
01/03/2010
Fonds

Dotation exceptionnelle au Fonds de réserve pour les retraites

Le conseil des ministres espagnol de vendredi a décidé d’attribuer une dotation exceptionnelle de 1,74 milliard d’euros prélevé sur les excédents de 2008 au Fonds de réserve de la Sécurité sociale. «La cagnotte des retraites» passera ainsi à 62,5 milliards d’euros, rapporte El País.
Fonds
01/03/2010

WestInvest renforce son état-major

Mark Wolter, directeur général de Schroder Property KAG a été nommé membre du comité exécutif de la société de gestion WestInvest, filiale de Deka (caisses d'épargne allemandes). Il y sera plus particulièrement responsable de la gestion de fonds immobilier et, sur ce créneau, des produits institutionnels, un segment que le groupe Deka a l’intention de développer tout particulièrement.
01/03/2010

Metzler reste optimiste

Emmerich Müller, l’un des deux associés-gérants, a indiqué dans un entretien que la banque privée Bankhaus B. Metzler seel. Sohn & Co a terminé 2009 avec un résultat stable et qu’il reste optimiste pour 2010, même si la période risque d'être agitée, rapporte la Frankfurter Allgemeine Zeitung.Le banquier estime qu’il existe encore un potentiel dans la gestion de fortune, même si les taux de croissance sont appelés à baisser. Metzler avait terminé 2008 avec un encours de 29 milliards d’euros et un quotient de fonds propres de premier rang (tier one) de 15,1 %.
01/03/2010
Fonds

Bilan globalement positif pour la gestion de fonds en 2009

En 2009, l’encours des sociétés de gestion allemandes s’est accru de 170,7 milliards d’euros, dont 33,1 milliards provenant des souscriptions nettes et 137,6 milliards attribuables à l'évolution positive des marchés. Pour les fonds institutionnels, l’effet de marché a représenté 54,3 milliards d’euros tandis que les rentrées nettes ont atteint près de 31 milliards d’euros, selon les calculs de l’agence Kommalpha. Les fonds d’actions ont enregistré des souscriptions nettes de 14,6 milliards d’euros et leur encours a gonflé de 43,3 milliards d’euros tandis que les fonds monétaires ont subi des remboursements nets d’environ 30 milliards d’euros et que les fonds obligataires affichaient des sorties nettes de 898 millions d’euros.Enfin, Kommalpha souligne que les fonds offerts au public de droit luxembourgeois ont accusé des rachats nets de 15 milliards d’euros pendant que ceux de droit allemand bénéficiaient de rentrées nettes supérieures à 11 milliards d’euros.
Fonds
01/03/2010

MPC: Alexander Betz devient membre du directoire

Alexander Betz, fondateur de abs et eFonds24, devient au premier avril membre du directoire de MPC Capital AG en remplacement de Ulrich Oldehaver. Par conséquent, il quitte le directoire de eFonds et y intègre le conseil de surveillance.
01/03/2010
Fonds

LBBW lance un fonds long/short matières premières

La société de gestion LBBW Asset Management (LBBW AM), filiale de la Landesbank Baden-Württemberg (LBBW), a annoncé avoir lancé le 19 février le premier fonds de matières premières long/short sur le marché allemand. Il s’agit d’un produit de droit allemand conforme à la directive OPCVM III qui porte le nom de LBBW Rohstoffe 2 LS parce qu’il s’inscrit dans la continuité du LBBW Rohstoffe 1 lancé en 2008, avec cette nuance qu’il peut vendre à découvert. Le fonds est destiné aux investisseurs institutionnels. Il vise à tirer profit des particularités de la courbe des futures (déport ou backwardation ou report ou contango) pour moduler l’exposition aux différentes matières premières des secteurs énergie, métaux de base, métaux précieux, matières premières agricoles et élevage. Chaque matière première est plafonnée à 20 % des positions longues ou courtes, sachant que toutes les matières premières retenues dans l’indice LBBW-Long-Short-Rohstoff-Index ER sont équipondérées à 10 %, avec rebalancement tous les trois mois.Caractéristiques Dénomination : LBBW Rohstoffe 2 LS Isin : DE000A0X97E0 Droit d’entrée : néant Commission de gestion : 0,80 % Souscription minimale : 75.000 euros
Fonds
01/03/2010

Nearly USD1trn in Asian inflows to funds since 2005

What do mutual funds represent in Asia? Do Western management firms dominate the asset management industry in Asia? In the past five years, Asian inflows to long-term funds (in other words, all funds excluding money market funds, or MMF) totalled USD850bn, while flows of Asian assets towards offshore funds have totalled a further USD120bn, according to statistics from Strategic Insight, published by Asian Investor. In total, Asian inflows to funds come to USD970bn, close to an overall total of USD1trn, compared with Usd430bn in Europe and USD1.3trn in the United States. Worldwide, mutual funds have attracted a net total of USD4.2trn in the past five years, most of which has been invested in bonds or equities. Total assets in the management industry come to about USD27trn, and this total is expected to continue to rise, as the roughly USD60trn still parked in savings accounts and money market funds, which are bringing in near-zero returns, begin to migrate over. Asian Investor reports that last year, Asian inflows totalled only USD100bn, due to regulatory changes which have affected distribution of products. Most of these inflows (90%) went to local products or brands. In the past five years, the top vendors of long-term products have been Daiwa, with USD52.2bn, Nomura (USD46.4bn), Mirae Asset (USD44.6bn), Nikko (USD33.5bn), and Kokusai (USD22.7bn). Of the next twenty managers in the rankings, only four are Western management firms (Pictet, Schroders, Fidelity and Credit Agricole), two firms which are under Western control but which have Asian roots (Prudential and JP Morgan), and three joint ventures with Western groups (Birla Sun Life, Harvest, and Shinhan BNP Paribas).
01/03/2010

Carlyle opens an Italian real estate management firm

Carlyle is launching a real estate management business in Italy, Il Sole - 24 Ore reports. The US group has been granted a license by the Bank of Italy to open the firm, which will manage and develop investments in Italian real estate through new funds dedicated to institutional investors. Initially, capital will come to approximately EUR150m. But inflows from investors may make it possible to increase this amount.
01/03/2010

Mario Frontini returns to Sator

Former Fidelity star Mario Frontini is making his return to fund management, at Italian alternatives house Sator, run by Matteo Arpe, the former CEO of Capitalia, says Citywire. He will be CIO and run the firm’s hedge fund. Frontini has also brought with him Sam Myhrman, with whom he worked at Fidelity, who will become senior research analyst at Sator.
01/03/2010

Promotion at Merrill Lynch WM

Bank of America Merrill Lynch has promoted Bill O’Neill to the position of regional CIO for wealth management in Europe, the Middle East and Africa (EMEA). He joined the group in October 2007, and was part of the CIO team. In his new position, O’Neill will report to David Jervis, head of EMEA at Merrill Lynch Wealth Management, and to Michael O’Keefe, CIO of Merrill Lynch Global Wealth Management.
01/03/2010

FrontPoint Partners adds to multi-strategy personnel

The alternative management firm FrontPoint Partners (USD7bn in assets as of 31 December) is planning to add five new strategies to its multi-strategy fund (USD2.6bn) and to remove three others. Among the strategies to be added are long/short Australia funds, global statistical arbitrage, and macro approaches to emerging markets. The Morgan Stanley affiliate states that it is also recruiting four heads from Rockbay Capital, including the founder, Atul Khanna, to take over the US event-driven strategy. FrontPoint has also announced that it has placed the direct lending strategy in the hands of a team of four people, led by Stephen Czech, founder and portfolio manager at Contrarian Capital Finance.
01/03/2010

Fortress reduces losses

The alternative management firm fortress has reported net losses for the fiscal year ending 31 December 2009 of USD909m, compared with USD1.2bn the previous year. In fourth quarter alone, net losses totalled USD261m, compared with USD426m one year previously. Assets under management as of the end of the year totalled USD31.8bn, compared with USD29.45bn as of 31 December 2008.
01/03/2010

Oddo controls a majority stake in Patrimoine Consultant

Agefi reports that the management firm Oddo has become the majority shareholder in the independent financial advisers network Patrimoine Consultant, with a 65% stake. The new owner is aiming to triple assets under management by the IFA network in the nest five years, by doubling staff and increasing the number of branches from 32 to 50.
01/03/2010

Management firms remain overweight in equities

Agefi reports that half of all respondents to the “Panel Allocation” survey conducted by the newspaper say they have kept their portfolio unchanged. The other half have modified their margins, we BNP Paribas, Dexia AM and Groupama AM have slightly increased their weighting of equities and reduced their bond allocations. Meanwhile, ING AM and Schroders have made the opposite move. The average cash level in portfolios of participants in the survey has increased one percentage point to 5%, a return to their levels in May last year. Since December, the “Panel Allocation” group has slightly reduced its exposure to equities, from 51% to 47%.
01/03/2010

Profits up at Berkshire Hathaway

Berkshire Hathaway on Saturday published its annual letter to shareholders. Warren Buffett’s company reported a book value up 20% to USD84.487 per share. Net profits in 2009 rose to USD8.1bn, from USD5bn in 2008, but this result remains well below the USD13.2bn the firm made in 2007. Revenue rose to USD112bn from USD108bn.
01/03/2010

Romanian sovereign fund selects Franklin Templeton

Franklin Templeton Investments has announced that it has been granted a management mandate by the sovereign fund Fondul Proprietatea to manage its Romanian equities allocation. The fund, with EUR2.4bn in assets, was launched in December 2005 to compensate Romanians whose assets were seized by the Communist regime. To achieve this, Franklin Templeton Management Limited (FTIML) will soon found a dedicated office in Bucharest, as the fund must be managed by members of the Templeton emerging markets team based in Romania.
01/03/2010

Invesco restructures fixed income team

Invesco Perpetual has announced a series of changes to its fixed income team. Michael Matthews and Stuart Edwards will replace Paul Read and Paul Causer as managers of the international bond fund. Matthews will also manage the pension fixed interest fund, which was formerly managed by the two men. Edwards will take over management of hte money market fund Invesco Perpetual, the global bond fund and the Sterling reserve fund. The changes will not involve any change to the fund’s strategy, Fund Strategy points out.

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