Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
06/11/2009

Un déménagement de Paris à Bruxelles pour cinq cents salariés de BNP Paribas

Selon L’Echo belge qui cite le quotidien De Standaard, BNP Paribas a l’intention de ramener quatre centres de compétences internationaux à Bruxelles, dans sa filiale Fortis, et de centraliser une série de services opérationnels dans des «shared service centers». Ses services internet seraient concernés au premier chef. Cinq cents emplois sont concernés par cette migration. Les lignes directrices du plan approuvées jeudi 5 novembre par la conseil d’administration de la banque devraient être dévoilées vendredi 6 novembre aux syndicats belges, précise le quotidien.
06/11/2009

Citigroup va introduire Primerica en bourse

Selon les Echos, Citigroup (Citi) va introduire en Bourse sa filiale de services financiers Primerica. Et le reste de ses intérêts dans cette division sera cédé «dès que possible», précise l'établissement.
06/11/2009
Fonds

Des ETF locaux font leur apparition au Texas et en Oklahoma

Geary Advisors, ex OOK Advisors, a lancé la semaine dernière l’Oklahoma Exchange-Traded Fund qui réplique l’indice Spade Oklahoma, lequel se compose des actions de 29 sociétés dont le siège se situe dans l’Etat d’Oklahoma, rapport The Wall Street Journal. Cela fait suite au lancement du Texas Large Companies Exchange-Traded Fund par OOK Advisors, un ETF sur l’indice Spade Texas comprenant 73 sociétés. Les deux ETF sont négociés sur la plate-forme Arca du NYSE et leur commission de gestion se monte à 0,85 %. Ces produits sont distribués par ALPS Distributors, une firme bien établie, ce qui devrait leur permettre de subsister même s’ils devaient connaître un début difficile.
Fonds
06/11/2009
Fonds

Vanguard va prochainement lancer sept ETF obligataires

Vanguard s’apprête, selon Mutual Fund Wire, à lancer sept nouveaux ETF au cours des prochaines semaines. Il s’agit de sept fonds obligataires indiciels – les Scottsdale Sector Bond Index Funds – qui seront disponibles sous la forme de parts de fonds institutionnels et d’ETF.Dans le détail, il s’agit de Vanguard Intermediate-Term Coroprate Bond Index ; Intermediate-Term Governement Bond Index Fund ; Long-Term Corporate Bond Index Fund ; Mortgage-Backed Securities Index Fund ; Short-term Corporate Bond Index Fund, Vanguard Short-Term Governement Bond Index Fund et Vanguard Treasury Money Market Fund. En accord avec le régulateur américain, les «expense ratios» de ces fonds seront compris entre 9 et 15 points de base.
Fonds
06/11/2009

Citi veut relancer sa filiale de hedge funds

Selon le Financial Times, Citigroup est sur le point de relancer sa filiale de hedge funds, Citi Alternative Investments, après presque deux ans de mauvaises performances, de conflits internes et de malaises avec les investisseurs. Des personnes proches du dossier affirment que la société veut changer le nom de l’entité, qui gère 14 milliards de dollars d’encours et inclut aussi le private equity, pour adopter celui de Citi Capital Advisors. Le FT note que le sort de CAI est particulièrement sensible car la filiale est étroitement associée au directeur général de Citi, Vikram Pandit.
06/11/2009

GLG Partners collecte et réduit ses pertes

Au troisième trimestre 2009, la société de hedge funds GLG Partners a enregistré des souscriptions nettes de 216 millions de dollars, ce qui lui a permis, entre autres, d’accroître ses encours sous gestion sur la période de 13 % à 21,6 milliards de dollars. Sur un an, les encours augmentent de 25 %.Sur les neuf premiers mois de l’année, la société enregistre des souscriptions nettes de 2,5 milliards de dollars, dont 2,6 milliards viennent de l’apport des encours de SGAM UK acquis au deuxième trimestre 2009.Malgré tout, le revenu net est ressorti à 48,2 millions de dollars, soit une chute de 53 % sur un an. Ce déclin reflète la plus grande représentation dans les encours sous gestion nets des fonds long only et des managed accounts qui présentent des frais de gestion et administratifs moins importants que les fonds de stratégies alternatives de GLG, explique la société. Le revenu net sur les neuf premiers mois de l’année ressort à 186,1 millions de dollars, en repli de 56 % sur un an.Au total, GLG accuse encore une perte au troisième trimestre, de 99 millions de dollars, ce qui est mieux que la perte de 167,1 millions d’il y a un an.
06/11/2009
Fonds

Les fonds obligataires tirent la collecte

En octobre, les OPCVM commercialisés en Italie ont enregistré des souscriptions nettes de 1,26 milliard d’euros, après 1,58 milliard en septembre, selon les dernières statistiques d’Assogestioni, l’association italienne des professionnels de la gestion. Comme le mois dernier, la collecte est tirée par les fonds obligataires, qui recueillent 1,1 milliard d’euros. Les OPCVM actions, diversifiés et flexibles affichent aussi des soldes positifs, avec respectivement 488 millions, 156 millions et 229 millions d’euros. En revanche, les fonds de trésorerie voient sortir en net 532 millions d’euros, tandis que les hedge funds perdent 183 millions. Malgré ce bon mois, depuis le début de l’année, les OPCVM commercialisés en Italie accusent des rachats nets de 6,3 milliards d’euros, dont 5,4 milliards pour les hedge funds dont les encours ne représentent plus que 16 milliards d’euros. A fin octobre, les encours totaux du secteur des fonds ressortent à 422 milliards d’euros, en léger retrait par rapport au mois précédent. Le marché est dominé par Gruppo Intesa Sanpaolo, Pioneer Investments et Gruppo Ubi Banca, qui contrôlent 47 % des encours. Les trois groupes ont enregistré des souscriptions nettes en octobre de respectivement 190,1 millions, 131,4 millions et 94,5 millions d’euros. Parmi les autres sociétés à avoir bien collecté sur le mois figurent Gruppo Mediolanum avec 227,4 millions et BNP Paribas avec 177,1 millions. Les plus forts remboursements nets ont en revanche été enregistrés par Allianz (-172 millions d’euros), Gruppo Banco Popolale (-91,3 millions) et UBS (-52 millions).
Fonds
06/11/2009

Institutional redemptions weigh on Man Group

In the first half of its fiscal year, to 30 September, the hedge fund firm Man Group has seen net redemptions of USD1.8bn. These have been primarily to institutional clients, who withdrew a net total of USD4.6bn. However, the asset management firm received net subscriptions from private clients totalling USD2.7bn. In total, between 1 April and 30 September, assets under management dipped 6% to USD44bn. Average assets under management fell by USD54.5bn in the second half of 2009 to USD43.2bn. In this environment, revenues for the first six months of the fiscal year fell 41% to USD692m, compared with the second half of the previous fiscal year. Revenues from management commissions and other fees fell 16% to USD649m. Pre-tax profits totalled USD302m, an increase from the USD121m reported for the previous half, but a heavy decline from the USD622m in the corresponding period of last year.
06/11/2009

UBS fined by FSA

UBS will be required to pay the third-largest fine ever handed down by the Financial Services Authority, after four employees in the bank’s international wealth management division, including a desk head, used clients’ money to speculate on foreign currencies and commodities, the Financial Times reports. Their activities lost the clients nearly GBP26m over two years. UBS must pay a fine of GBP8m and reimburse 39 clients for their losses.
06/11/2009

Legg Mason veteran joins JPMAM

Andy McNulty has joined JP Morgan Asset Management, where he will be in charge of regional sales for North England, Investment Week reports. He was previously at Legg Mason, as head of UK retail sales, before he was laid off in June.
06/11/2009

Kathryn Langridge to manage a new fund at Lloyd George Management

Lloyd George Management is launching a global emerging market high yield equity fund, which will be managed by Kathryn Langridge, a former manager at Invesco Perpetual, who joined LGM in 2007. The product will be a UCITS III-compliant fund domiciled in Dublin, Citywire reports.
06/11/2009

Rory Hammerson to join Kempen

Citywire reports that Rory Hammerson, the former head of European equities at Scottish Widows Investment Partnership, will join Kempen Capital Management in Edinburgh.
06/11/2009

Managed accounts at MAN Group show strong growth

Multi-manager activities at Man Group are doing well, the firm has announced in a statement. As of the end of September, it had USD17.8bn in assets under management. Managed accounts totalled USD6bn as of 30 September, compared with USD4bn six months ago.
06/11/2009

M&G aims for EUR1bn in assets in France by 2012

Nearly precisely two years to the day after opening its Paris office, the British asset management firm M&G has assets of EUR400m under management in France, out of total assets under management of EUR186bn, of which EUR4bn are in Europe outside the United Kingdom. “In light of the fact that our objective is to reach EUR1bn in assets, excluding mandates, by 2012, we are ahead of our projections,” said Brice Anger, director of development for France at M&G, at a press conference.
06/11/2009

BNP Paribas would not say no to further acquisitions

At a press conference to announce quarterly results for BNP Paribas on 5 November, Baudouin Prot, the firm’s CEO, did not rule out the possibility of small acquisitions to come for the bank, “as long as they are very convincing” deals, according to the Belgian newspaper L’Echo. On the subject of reports that the British banks RBS and Lloyds Banking Group are planning to sell off as much as 10% of the retail banking market in the UK, Prot was reluctant about the possibility that his firm would acquire some assets, pointing out that the group’s first objective would be to complete its integration of Fortis in the next few months. However, he was more clear about the insurance assets of ING, which the Dutch group is planning to sell off. The BNP chief estimates that the Benelux insurance activities in question are not directly interesting for his group.
06/11/2009

Citigroup set to relaunch hedge fund affiliate

According to the Financial Times, Citigroup is poised to relaunch its hedge funds unit, Citi Alternative Investments, after nearly two years of poor performance, internal strife and investor unrest. People close to the situation said that the company wanted to change the name of the unit – which has USD14bn under management and includes private equity operations – to Citi Capital Advisors. The FT observes that «the fate of CAI is particularly sensitive because the unit is closely associated with Citi’s chief exécutive, Vikram Pandit».
06/11/2009

Inflows and smaller losses at GLG Partners

In third quarter 2009, the hedge fund firm GLG Partners has posted net inflows of USD216m, which has allowed it to increase its assets under management in the period by 13%, to USD21.6bn. Assets have increased in one year by 25%. In the first nine months of the year, the firm has posted net inflows of USD2.5bn, of which USD2.6bn come from assets at SGAM UK, acquired in second quarter 2009. Despite this, net revenues totalled USD48.2bn, a 53% decrease in one year. This decline largely reflects the greater representation in net AUM from long-only funds and managed accounts which have lower management and administrative fees than GLG’s alternative strategy funds, the firm explains. Net revenues in the first nine months of the year total USD186.1m, a decline of 56% year on year. In total, GLG has seen further losses in third quarter, of USD99m, better than the losses of USD167.1m the firm posted one year ago.
06/11/2009

Galleon: FBI arrests 14 more suspects

The FBI has arrested 14 more people as part of its swoop on an insider trading ring linked to the hedge fund Galleon, bringing the number of suspects to 20, including not only professionals in the finance sector, but also lawyers, Handelsblatt reports. The SEC is also participating in the investigation. Raj Rajaratnam, the founder of Galleon, has been released on bail of USD100m.
06/11/2009

Vanguard soon to launch seven bond ETFs

Mutual Fund Wire reports that Vanguard is preparing to launch seven new ETFs in the next few weeks. The management firm’s objective is to “maintain contact” with Barclays iShares, a major actor in the ETF market. The new range of funds will be index-based bond funds, entitled Scottsdale Sector Bond Index Funds, which will be available in the form of institutional fund shares and as ETFs. The funds will be as follows: Vanguard Intermediate-Term Coroprate Bond Index; Intermediate-Term Government Bond Index Fund; Long-Term Corporate Bond Index Fund; Mortgage-Backed Securities Index Fund; Short-Term Corporate Bond Index Fund; Vanguard Short-Term Government Bond Index Fund, and Vanguard Treasury Money Market Fund. In agreement with the US regulatory authorities, the expense ratios for the funds will range from 9 to 15 basis points.
06/11/2009

Local ETF funds debut in Texas and Oklahoma

Geary Advisors, formerly known as OOK Advisors, last week launched the Oklahoma Exchange-Traded Fund, which replicates the Spade Oklahoma index, which is composed of shares in 29 companies whose headquarters are located in the state of Oklahoma, the Wall Street Journal reports. The new product follows on the launch by OOK Advisors of the Texas Large Companies Exchange-Traded Fund, an ETF fund based on the Spade Texas index, which includes 73 companies. The two ETFs are traded on the Arca platform of the NYSE, and their management commissions total 0.85%. The products are distributed by ALPS Distributors, a well-established firm, which will allow them to survive, even if they experience periods of difficulty.
06/11/2009

Xact launches two leveraged ETFs

As of this Friday, two new ETFs from Xact Fonder have been admitted to trading on Nasdaq OMX. They are the Xact Bull 2 and Xact Bear 2, which replicate the evolution of the OMXS30(TM) index of the Stockholm stock exchange, with leverage of 2, and a long and short orientation, respectively. Management commission totals 0.6% in both cases. The market-makers for the products are Handelsbanken, Carnegie, and Nordea. Xact claims to be the first management firm in the world to have launched leveraged ETFs, with the Xact bull and Xact Bear funds, which have leverage of 1.5.
06/11/2009

Inflows to bond funds

In October, mutual funds on sale in Italy posted net subscriptions of EUR1.26bn, after EUR1.58bn in subscriptions in September, according to the most recent statistics from Assogestioni, the Italian association of management professionals. Like last month, inflows were driven by bond funds, with EUR1.1bn. Equities, diversified and flexible mutual funds also show positive balances, with EUR488m, EUR156m, and EUR229m in inflows, respectively. However, treasury funds saw net outflows of EUR532m, while hedge funds lost EUR183m. Despite this good month, mutual funds on sale in Italy have seen net redemptions since the beginning of the year of EUR6.3bn, of which EUR5.4bn were from hedge funds, whose assets now represent only EUR16bn. As of the end of October, total assets in the fund sector totalled EUR422bn, a slight decrease from the previous month. The market is dominated by Gruppo Intesa Sanpaolo, Pioneer Investments and Gruppo Ubi Banca, which control 47% of assets. The three groups have posted net subscriptions in October of EUR190.1m, EUR131.4m, and EUR94.5m, respectively. Among the other firms to have posted strong inflows for the month are Gruppo Mediolanum, with EUR227.4m, and BNP Paribas, with EUR177.1m. The heaviest net redemptions were from Allianz (-EUR172m), Gruppo Banco Popolare (-EUR91.3m), and UBS (-EUR52m).
06/11/2009

ETF Securities launches a platform for ETC currency funds

ETF Securities is planning to launch a platform for Exchange Traded Currency (ETC) funds. Initially, 18 ETC products will be listed on the London Stock Exchange. They will track the recently-launched Morgan Stanley Foreign Exchange indices.
06/11/2009

Germany and Luxembourg in tax information sharing agreement

The German finance minister, Wolfgang Schäuble, and his counterpart in Luxembourg, Lux Frieden, have decided to modify the double taxation agreement in place between the two countries, to enable them to exchange taxation information, L’Echo reports.
06/11/2009

Church of England lost pastors' money on the stock markets

Although the Church of England has recently been expressing criticism of “savage capitalism,” it appears that it has lost a lot of money on the stock market in the past few years. Shaun Farrell, head of the pension fund for the church, says that it is facing a deficit of about GBP400m. Allocations have privileged equities, Fondsprofessionell reports.
06/11/2009

Inflows to funds of funds quadruple in third quarter

In third quarter 2009, funds of funds in the United Kingdom posted net subscriptions of GBP1.4bn, according to statistics from IMA, the British association of management professionals. This represents a 17% increase over second quarter (GBP1.2bn), and amounts to more than four times the amount recorded one year ago (GBP297m). Funds of funds finished the quarter with GBP39.3bn in assets under management, 21% more than in the previous quarter, and 27% higher than third quarter 2008. Diversified funds represent the majority of assets under management, at 63%, followed by equities funds. There are 49 more funds of funds on the market than there were last year, bringing the total to 369. The IMA also reports that index funds have posted net subscriptions of GBP79m in third quarter, compared with GBP259m in the previous quarter, and net redemptions of GBP34m in third quarter 2008. Net sales of Ethical funds were GBP59m in Q3 2009, reversing the previous quarter’s exceptional GBP18m outflow, and more than double the GBP21m net sales in Q3 last year.
06/11/2009

Natixis Global Associates International opens Taiwan affiliate

Natixis Global Associates International (NGAI), the international distribution arm of Natixis Global Asset Management (NGAM), on Thursday, 5 November officially opened its affiliate in Taiwan, Natixis Securities Investment Consulting Co., Ltd. The announcement follows the issue of a SICE license to the firm by Taiwan’s Securities and Futures Commission (SFC).
05/11/2009
Fonds

Abante Asesores lance Kalahari Alpha

Le gestionnaire espagnol Abante Asesores a confié à José Ramón Iturriaga un second fonds de performance absolue après l’Okavango Delta (42 % depuis le début de l’année), en l’occurrence le Kalahari Alpha qui utilisera la même approche, mais avec une volatilité maximale plus contrôlée et plafonnée à 9 %. L’objectif de performance est de 200 points de base au-dessus de l’euribor 1 an. Les commissions de gestion et de performance se situent à 1,25 % et 9 % respectivement.Le gérant peut investir jusqu’à 30 % en actions, le reliquat étant placé en pensions livrées (repos) et en crédit pour contrôler le risque.
Fonds
05/11/2009

Ahorro Corporación va se renforcer dans la gestion d’actifs

Avec le départ à la retraite à la fin du mois de Javier Zoido, l’administrateur délégué (CEO) historique, Ahorro Corporación, le bras financier de 42 caisses d’épargne espagnoles et petite et moyenne taille, va restructurer ses activités, souligne Expansión. Selon les milieux financiers, cela devrait notamment se vérifier pour l’activité de gestion d’actifs: AC Fondos prévois d’absorber les sociétés de gestion des caisses d’épargne pour lesquelles les fonds d’investissement ne sont pas un métier stratégique ou qui ont besoin de procéder à des cessions d’actifs pour survire à la crise. Actuellement, AC Fondos est déjà chargée de gérer les fonds de 21 caisses d’épargne. C’est le cinquième gestionnaire espagnol, avec 7,48 milliards d’euros. Avant la crise, c’était la quatrième société de gestion du pays, avec 13,83 milliards d’euros d’encours, mais elle a subi des remboursements nets de 5,1 milliards sur les deux derniers exercices.

Sujets d'actualité

Tous les sujets