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08/12/2009

Asset-backed securities funds are back

Many asset-backed securities (ABS) funds disappeared when the financial crisis set in, but the survivors are now doing well, such as W&W Asset Backed Securities, which has earned returns of nearly 160% in the past six months, the Frankfurter Allgemeine Zeitung reports. At the end of October, BlackRock released the BSF Fixed Income fund for sale in Germany. The product invests not only in government and corporate bonds, but also in ABS, MBS (mortgage backed securities) and futures market instruments. The formula for ABS funds still on the market has evolved considerably. Managers are now betting primarily on a possibility that heavily undervalued ABS assets will regain value. Gerd Bennewirtz, CEO of the German wealth management firm AJB Fonds Skyline, says that new products have not become less opaque: on the contrary. They include a mixture of old securities with more recent ones in a new package, in the form of Re-Remic (Resecurizations of Real Estate Mortgage Investments Conduits). However, those who may hope to make money on risk premiums related to recycling these toxic securities should have an intimate knowledge of the market.
08/12/2009

UCITS hedge funds attracting foreign investors

About 40% of the money flowing into the new generation of Ucits hedge funds are coming from investors outside the European Union, according to George Cadbury, director of Merchant Capital, says the Financial Times Fund Management. Merchant Capital is launching a Dublin-based structure to help smaller hedge fund managers create Ucits-compliant versions of their funds.
08/12/2009

Insight plants a European flag on UK Corporate Bond fund

Investment Week reports that Insight is planning to modify the investment strategy and policy for its UK Corporate Bond fund, to make use of the possibilities offered by the UCITS III directive to make use of derivative instruments for effective portfolio management and improves expression of investment decisions. The portfolio, managed by Peter Bentley, with about GBP53.4m in assets, will be renamed Sterling corporate Bond Fund, and will give the priority to absolute returns.
08/12/2009

Managers not fearful of failure at Copenhagen talks

Climate change fund managers will be keeping a close watch on the Copenhagen talks, but are confident their investment approach can survive even the complete failure of the event, says the Financial Times Fund Management. For them, the innovation in clean technologies will continue. “A stable, predictable carbon market is not essential, although it’s a very-very-nice-to-have,” said Ben Cotton, partner at Earth Capital Partners.
08/12/2009

Slight rise for Credit Suisse/Tremont index in October

After its best quarterly results in ten years, with gains of 7.3% in third quarter, the Credit Suisse/Tremont Hedge Fund index has earned much more modest gains in October, of 0.13%. Since the beginning of the year, the index is nonetheless showing growth of 15.11%. Many strategies were affected by peak volatility at the end of the month. The VIX (Chicago Board Options Exchange Volatility Index) leapt from 20 to slightly over 30, a level last seen in July, twice as high as the average (16) before 2008. All strategies showed positive results, except equity market neutral, long/short equity and managed futures. The best strategy of the month was dedicated short bias, which earned 4.79%, and which has nonetheless lost 19.27% since the beginning of the year.
08/12/2009

Pramerica REI reopens Weltfonds to redemptions

At noon on Friday, TMW Pramerica Property Investments GmbH, an affiliate of Pramerica Real Estate International AG, will resume accepting redemption requests for its open-ended real estate fund TMW Immobilien Weltfonds (EUR1.01bn), following twelve and a half months of closure. Asset sales, which were all made at prices in excess of their market value, have allowed the fund to reconstitute adequate liquidity. Degi and Axa have recently been obliged to again close the International and Immoselect real estate funds, which they had expected to be able to reopen. The manager has also announced that on 30 December it will open a new class of shares in the fund for institutional investors. The corresponding shares will require a one-year advance notification for redemption, and an early withdrawal penalty of 10%. The measure aims to protect retail investors (up to EUR0.5m), who will continue to receive daily liquidity.
08/12/2009

Net subscriptions for Luxembourg funds in October

In October, specialist collective investment organisms in Luxembourg posted net subscriptions of EUR13.645bn, according to the most recent statistics from the financial sector surveillance commission (CSSF). With the negative impact of financial markets of EUR9.951bn taken into account, assets have increased by only 0.21% in one month, to EUR1.777528trn. In the past two months, assets have increased 7.92%. The number of collective investment organisms (OPC) and specialised investment funds (FIS) included in the figures totalled 3,454, compared with 3,457 the previous month, while 2,081 entities, representing EUR10,874 sub-funds, have adopted a more classic structure. With the addition of 1,373 entities with traditional structures, a total of 12,247 entities are active on the financial markets.
08/12/2009

State Street GA launches a passive SRI strategy

State Street Global Advisors, a specialist in portfolio management, announced on Monday, 7 October, that it has launched an index-based strategy based on the US Community Investing Index, which will aim to replicate the returns and characteristics of the socially responsible investment (SRI) index US Community Investing IndexTM (USCII). The index is composed of 300 large and midcap firms “in all sectors, which have proven their success and their proactive engagement with disadvantaged rural and urban communities in the United States,” says a statement from State Street Advisors. The USCII fund applies a methodology which positively evaluates the investment performance and social engagement of many businesses on the basis of three criteria: strategic alignment, professional development and creation of wealth, and social engagement and business sponsorship.
08/12/2009

Inflows continue for Italian bond funds

In November, for the fifth consecutive month, funds on sale in Italy have posted a positive balance between subscriptions and redemptions, totalling EUR1.27bn in inflows, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Like last month, inflows were driven by bond funds, which saw EUR1.4bn in net inflows. This category now represents 38% of assets in Italian funds, compared with 20.2% for equities funds, which in November saw inflows of EUR38m. Flexible funds and balanced funds are also in positive territory, with EUR425m and EUR124m in inflows, respectively. Despite five months of net inflows, since the beginning of the year, Italian funds have seen net redemptions of EUR4.55bn. At the end of the month, total assets in the asset management sector were down to EUR422bn, from EUR424.4bn in October. Among asset managers which earned the highest returns in November are BNP Paribas, with EUR448m, Mediolanum with EUR252m, JPMorgan Asset Management with EUR124m, and Crédit Agricole AM and Pioneer, both with EUR118.4m. However, asset management firms which saw the heaviest net outflows were Intesa Sanpaolo (-EUR222.3m) and Allianz (-EUR145.1m).
08/12/2009

Asset management specialist at head of CFA Society in Germany

The board of directors at the German CFA Society has announced the appointment of the asset management specialist Jan Altmann to the newly-created position of managing director. He will work in close partnership with the chairman of the CFA Society, Peter Jakobus. Altmann, 41, previously founded the consulting firm Funds@Work AG, focused on the asset management industry, with a partner in 2002. In 2007, he founded the new firm 4asset-management GmbH, dedicated to asset managers and ETF providers.
08/12/2009

Some issuers planning to launch certificate funds again

The Frankfurter Allgemeine Zeitung reports that Citigroup and Bayerische HypoVereinsbank (HVB, UniCredit group) are studying the possibility of launching “packaged” guaranteed certificates once again within a fund wrapper. Matthias Riechert, head of distribution at Citigroup in Germany, estimates that the new products will use emerging markets equities or commodities as underlying assets, or else combine precious metals, equities and bonds. Since the beginning of this year, certificate funds, which were highly successful in 2007 and 2008, lost their fiscal advantage with the introduction of a flat rate tax, and no new products of this type have been launched since, all the more so that there are traditional equities funds which also use certificates.
08/12/2009

Investors bet on small independent management firms

Small, independent and specialised management firms are a growing force in asset management, Handelsblatt reports. Some institutional investors have been quick to notice this trend, and are already moving to a multi-boutique structure for their activities, as is the case at BNY Mellon and BNP Paribas Investment Partners. In Germany, Feri Finance has announced that it is interested in acquisitions. The phenomenon also extends to retail managers, such as DJE Kapital, Lingohr & Partner, Lupus Alpha, Flossbach & von Storch, each of which manage assets of less than EUR10bn. The major success story in this area remains Carmignac Gestion, which has brought in a total of EUR12.8bn in net subscriptions since the beginning of the year. Lastly, there has been a trend for managers to launch their own independent businesses. Two of them left Lups alpha to found f+m Financial, a derivatives specialist, while the former head of VCH, Michael Hallacker, is now head of Agathon Capital, which will be refocused on bond management.
08/12/2009

Edmond de Rothschild Investment Managers opens an office in Madrid

As Funds People announced on 24 September 2009 (see Newsmanagers of that date), Edmond de Rothschild Investment Managers, an asset management affiliate of La Compagnie Financière Edmond de Rothschild Banque, has confirmed the opening of a branch office in Spain, located in Madrid. Though EDRIM already has funds licensed for sale on the Spanish market, the management firm is planning to develop its activities serving institutional clients, private banks, and family offices. The branch office will be directed by Sébastien Senegas, who is already head of the Spanish market at the firm’s headquarters in Paris.
08/12/2009

Former Bank of England head joins GLG

GLG has appointed Sir John Gieve, former vice-governor of the Bank of England, as senior adviser. In his new position, he will advise on strategy related to major macro-economic issues, with particular attention to UK activities led by John White and Jason Mackay (USD2.37bn).
08/12/2009

Skandia continues real estate acquisitions

The Skandia Property Fund has completed its third acquisition in six months, with the acquisition of a 90,000 square metre retail location for GBP21.7m, which the fund is planning to lease to the British home electronics outlet B&Q. The GBP315.8m fund is managed by the subadvisor Nigel Pickup (ING Estate Investment Management) for Skandia Investment Group. Pickup is planning to make further acquisitions in 2010. The three acquisitions made in the past six months represent a total investment of GBP42.75m.
08/12/2009

Insight plants a European flag on UK Corporate Bond fund

Investment Week reports that Insight is planning to modify the investment strategy and policy for its UK Corporate Bond fund, to make use of the possibilities offered by the UCITS III directive to make use of derivative instruments for effective portfolio management and improves expression of investment decisions. The portfolio, managed by Peter Bentley, with about GBP53.4m in assets, will be renamed Sterling corporate Bond Fund, and will give the priority to absolute returns.
08/12/2009

Shanks Group receives GBP538m takeover bid

The British anti-pollution firm Shanks Group announced on Monday that it had received a “very preliminary and unsolicited” bid from a private equity investor who has not been named to acquire the firm at a price of GBP1.35 per share, which would value the business at about GBP536m. According to financial industry sources, the potential buyer is said to be Carlyle. Shanks Group has said in a market statement “published without the consent of the potential buyer” that, after consultation with its two largest shareholders (Legal & General and Schroders), it estimates that the bid should be raised to at least GBP1.50 per share in order to merit consideration.
08/12/2009

RBC Dexia to refund commissions on three funds

The PBP Dinero Fontesoro Corto Plazo and PBP Tesorería funds from the asset management firm of the private bank Banco Popular, and Fonprofit, from Gesprofit, will receive refunds totalling about EUR0.4m from RBS Dexia, which has notified the CNMV of its intentions to repay the funds. The refunds correspond to an overcharge for international depository commissions which were initially levied at the time before Spain transitioned from the Peseta to the Euro. The CNMV has asked depository banks to discontinue the service charge. The regulator has now required that undue charges be reimbursed. A wave of refunds of this type may now be expected. RBC Dexia’s redemption will be paid into the fund, except for subscribers who have redeemed their investment in the fund in the intervening years, who must apply to the asset management firm for a refund of the amount owed to them.
08/12/2009

Berenberg concentrates equities research in London

The German private bank Berenberg, whose assets under management total over EUR20bn, will bring together its team of analysts in London. It is planning to relocate its approximately 20 analysts currently located in Hamburg, Paris and Zurich to London in second quarter 2010. As part of the move, Berenberg is planning to reorganize its equities research by sector, with the priority given initially to the health, telecom, IT, consumer, real estate, MedTech, intermediate goods, base materials, construction, and discretionary consumer sectors. By the end of 2010, staff at the investment bank’s London offices will more than double to about 100.
08/12/2009

S&P lauches carbon emissions index for emerging markets

S&P Indices is going to launch the Carbon Efficient Index for Emerging Markets next week (10 December) at Copenhagen UN Climate Change conference. The index is expected to encourage carbon-based competition among emerging market companies, give carbon efficient companies access to long-term investors, and help reduce carbon emissions in developing countries, with a low tracking error over the parent index.
08/12/2009

More than half of retail investors interested in green investment

According to the most recent edition of the DZ Bank investment barometer, established by TNS Infratest on the basis of a survey of a representative sample of 1,026 people between 13 and 25 November, 55% of German retail investors are interested in green investments, compared with 48% one year earlier, and 26% have already invested in products of this type, compared with 22% at the beginning of 2009. Among respondents with an income of over EUR3,000 per month per household, 35% have already made green investments. Only 17% of respondents say that they would not invest in supports of this type. However, there is a considerable difference between the interest shown in ecological investments and actual investment, as about half of interested parties have not yet acted on their desires, which may appear surprising given the high percentage of Green voters in Germany. In addition, 80% of interested respondents who have not invested say that their bank has not yet offered them products of this type, and 74% say they do not have enough information about investment possibilities, while nearly 64% say the products are too opaque, and 48% say the products are too complicated. Lastly, 48% say the range of green products on the market is insufficient, and 45% say these investments are too risky.
07/12/2009
Fonds

Les investisseurs veulent davantage de pouvoir dans les fonds immobiliers

La crise de l’immobilier a changé la relation entre les investisseurs institutionnels et les gestionnaires des fonds immobiliers. Les assureurs veulent davantage de pouvoir non seulement parce qu’ils sont mécontents de la manière dont la récente crise a été gérée mais aussi parce que la BaFin est devenue plus exigeante à leur égard en matière de gestion du risque, rapporte le Handelsblatt.Cela aura deux conséquences principales : d’une part, la taille des fonds va diminuer, parce que les banques et les assureurs sont devenus plus prudents. De l’autre, le nombre d’investisseurs par fonds va se réduire parce que les souscripteurs feront plus attention qu’avant à qui investit avec eux. On devrait assister à une multiplication des «club deals» et à aussi des fonds «individuels» montés pour un seul investisseur.D’après Henning Klöppelt, directeur général de Warburg Henderson, il faut que cet investisseur apporte au moins 150 millions d’euros pour atteindre les 300 millions avec l’effet de levier : c’est le minimum pour acheter 12 à 20 immeubles. Avec moins de 12 actifs, on ne peut pas sérieusement diversifier ses risques.
Fonds
07/12/2009

Deka Investment et Deka FundMaster fusionnent

Les deux sociétés Deka Investment GmbH et Master-KAG Deka FundMaster Investmentgesellschaft mbH vont fusionner mi-2010. La nouvelle entité sera baptisée Deka Investment GmbH et réunira dans la même maison la gestion des fonds et des mandats de Master-KAG. Le siège demeure à Francfort.
07/12/2009

CVC prépare l'introduction en Bourse de Mivisa

Selon les milieux financiers, rapporte Expansión, CVC Capital Partners pourrait retenir notamment Goldman Sachs et Merrill Lynch comme banques de placement pour l’introduction en Bourse l’an prochain de Mivisa, le troisième fabricant européen d’emballages métalliques pour le secteur alimentaire. CVC a racheté la société pour 500 millions d’euros en 2005 auprès de PAI Partners et d’Impala Capital. Le chiffre d’affaires de Mivisa s’est établi à 500 millions d’euros pour 2008. L’entreprise emploie 2.200 personnes dans six usines.
07/12/2009
Fonds

Les fonds espagnols commencent à remonter la pente

En juillet-septembre, les remboursements nets des fonds espagnols se sont limités selon une étude JPMorgan AM-Lipper FMI à 262 millions d’euros. Cela ne représente plus que 0,3 % de l’encours de fin 2008, signe que la situation s’améliore. Les fonds français et allemands ont aussi subi des sorties nettes de 1,99 milliard et 408 millions respectivement.Toutefois, si l’on exclut les fonds monétaires, ils ont collecté en net 3,96 milliards et 4,79 milliards, alors que l’Espagne demeure la seule dans le rouge, avec des rachats nets de 557 millions d’euros.
Fonds
07/12/2009
Fonds

Les fonds européens ont drainé 70 milliards d'euros en juillet-septembre

Selon l’Efama, les fonds européens coordonnés ont enregistré au troisième trimestre des souscriptions nettes de 70 milliards d’euros, ce qui porte le total de janvier-septembre à 122 milliards d’euros. Ces chiffres corrigent à la baisse ceux publiés récemment (lire notre article du 18 novembre), avec un montant de 124,2 milliards d’euros pour les trois premiers trimestres.Quoi qu’il en soit, juillet-septembre aura été le troisième trimestre consécutif de souscriptions nettes et le rythme des rentrées s’est accru, puisque les souscriptions nettes d’avril juin avaient été de 30 milliards d’euros.Les fonds coordonnés de long terme, donc hors fonds monétaires, ont drainé 79 milliards d’euros contre 55 milliards au deuxième trimestre et des sorties nettes de 30 milliards pour janvier-mars. L’Efama précise aussi que durant le troisième trimestre les encours des fonds coordonnés ont augmenté de 7,7 % pour atteindre 5.157 milliards d’euros fin septembre, avec notamment un gonflement de 15 % ou de 197 milliards pour les fonds d’actions. Depuis le début de l’année, l’encours des fonds coordonnés s’est accru de 13,5 % ou de 615 milliards d’euros.Enfin, les encours des fonds coordonnés et non coordonnés ont augmenté de 7,2 % au T3 pour se situer fin septembre à 6.840 milliards d’euros. En neuf mois, ils ont gonflé de 12,4 % ou de 752 milliards d’euros.
Fonds

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