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06/10/2009

Direxion moves leveraged ETF funds to monthly performance calculations

Direxion Funds (Rafferty Asset Management) announced on Friday that, in response to market demand, it has changed the investment objectives for all of its leveraged index-based mutual funds, from 30 September. Concretely, the basis of the calculations for these ETF funds will become monthly rather than daily. Meanwhile, Direxion also states that funds which aim for performance of 250% on the basis of daily calculations, of both “long” and “short” types, will now aim for returns of 200% on a monthly basis.
06/10/2009

Changes on the way in banking surveillance

The directors of the Bundesbank this weekend voted to set up an integrated structure to which all banking supervisory functions which it currently shares with BaFin, the German market regulator, will be transferred. The head of the Bundesbank, Axel Weber, says that a complete absorption of BaFin could put an end to the two-headed structure created a decade ago, which is currently viewed as ineffective.
06/10/2009

HSBC launches an ETF based on the Euro Stoxx 50

Zurich-based Stoxx Ltd on Tuesday announced that it has licensed HSBC to use the Dow Jones Euro Stoxx 50 index as the underlying index for an ETF fund which will be listed from this Tuesday on the London Stock Exchange (LSE). Farley Thomas, global head of wholesale at HSBC Global Asset Management, states that HSBC gives priority to the launch of ETF funds replicating indexes which serve as an underlying for large volumes of assets, of which the Dow Jones Euro Stoxx 50 is by far the largest in Europe.
06/10/2009

Seven new mandates for Société Générale Securities Services (SGSS) in 2009

Société Générale Securities Services (SGSS) announced on Monday that it has won seven mandates in Italy since the beginning of the year 2009, including mandates from several pension funds. With EUR760bn in assets in custody and EUR26bn in assets under administration as of 30 June 2009, SGSS is the second-largest provider of securities services on the Italian market in terms of custodial, fund administration and settlement and clearance. Italian mandates include CAAM SGR Pension, Fund FON.TE Pension Fund, Priamo Pension, Fund Previmoda, Pension Fund Byblos Raetia and RE Sator SGR.
06/10/2009

European banks will need USD78bn

In a prediction based on the hypothesis that Basel II will set a “hard” limit on owners’ equity ratios (tier one, excluding hybrid debt and all forms of quasi-capital) at 8%, JPMorgan estimates that European financial sector establishments will need a total of USD78bn (EUR53bn) by 2011, excluding public aid money, Agefi reports. USD38.3bn of this will need to be dedicated to repaying government aid. German banks alone will need USD26.6bn in capital, largely due to the USD16.8bn needed at Commerzbank. HSBC is doing best of the businesses in Great Britain, with a surplus of USD39.7bn. Among French banks, Société Générale has the most severe need for capital, which JPMorgan estimates at USD6.3bn.
06/10/2009

Santander freezes an infrastructure fund

Cotizalia relays reports in Europa Press that Santander has decided to temporarily freeze the Santander Infrastructure Fund II, until the economic situation improves. The Santander Infrastructure Fund I is continuing its normal operations. The bank was planning to raise EUR1.5bn from institutional investors for the Infrastructure II fund, which would have allowed investments of EUR5bn. Santander has already invested about EUR900m in three projects in Chile (two highways and one water company), which it will continue to manage, even though plans to launch the fund are on hold.
06/10/2009

Toxic asset funds kick off

Five investment funds that raised USD1.94 billion in private capital to purchase troubled assets through the Public Private Investment Partnership can start buying next week, says the Wall Street Journal. Many public pension funds have invested in the PPIP funds. Because prices have been rallying for months, investors are unlikely to get the 20% to 30% returns that were expected when the program was first announced. Instead, returns of 15% are more likely.
06/10/2009

Three new asset managers join public-private investment program

Three new asset management firms have opened their doors to US government financing as part of the public-private investment program (PIPP), Agefi reports. The firms are Wellington Capital Management, AllianceBernstein, and BlackRock. Nine institutions in total were selected this summer by the US authorities as eligible to participate in the toxic bank asset repurchasing program. Since the announcement of the public-private partnership in March this year, banks have shown their ability to raise capital without having to clear out their balance sheets, the newspaper reports. Though it had an initial objective of up to USD1trn, the Treasury is now looking at a volume of USD40trn in repurchases through the PIPP program.
06/10/2009

Credit Suisse goes into alternative management business in Japan

Agefi Switzerland reports that Credit Suisse Securities (Japan) on 2 October received a license from the Japanese market surveillance authorities to operate as an investment firm. This authorization follows the recruitment in August of Shinichiro Sato, from BlackRock, who will lead a team of six people. This represents a “strange strategic reorientation,” the newspaper comments, pointing out that at the end of 2008, Credit Suisse sold its “Global Investors” asset management division to Aberdeen Asset Management in exchange for a 24.5% stake in the enlarged capital of the British wealth management firm. But Credit Suisse is seeking to develop its alternative management activities in order to attract the savings of Japanese pensioners, which total nearly CHF800bn. This represents a considerable challenge, as Japanese pension funds are increasingly inclined to invest in alternative assets, including hedge funds and private equity.
06/10/2009

AUM at the largest asset managers fell by USD16trn in 2008

Last year, the 500 largest asset management firms in the world saw a contraction of more than 23% in their assets, which represents the first decline since 2002, and the largest contraction since statistics began in 1996. These are the findings of the Pensions & Investments/Watson Wyatt World 500 ranking, which put total assets as of the end of December at USD53.4trn, compared with USD69.4trn twelve months previously. The study finds that the 20 largest global actors alone accounted for one third of declines in assets under management, at USD5.6trn, but that the share of total assets at these firms remains high, at 38%. This has had a negative impact on their profitability, as performance commissions have suffered, and there is no room to raise fees. However, overheads have fallen, as many asset management firms have made cuts in their headcount. Carl Hess, global head of investment consulting at Watson Wyatt, notes that the asset management industry is facing three problems: a wave of consolidation, toughening regulations, and the loss of client confidence.
06/10/2009

Private bankers on the defensive

Major actors in wealth management are meeting in Singapore to consider the future of their industry, the Frankfurter Allgemeine Zeitung reports. Chris Meares, CEO of HSBC Private Banking, says 60% of client assets are in cash or in liquid accounts, compared with 35% in 2006; clients are gradually beginning to become interested in assets other than bonds, such as equities and simple structured products. The sector is also expecting strong growth in Asia, particularly in Hong Kong and Singapore, where the number of high net worth clients (more than USD5m in assets) and ultra high net worth clients (over USD100m) are rising at 13% per year, compared with 8% in the rest of the world. However, Daniel Truchi, head of SG Private Banking, notes that clients are increasingly inclined to sue their banks, which necessitates reserves to be set aside and cuts into margins. Meanwhile, some clients in Hong Kong, for instance, are willing to take enormous risks, and banks sometimes need to reason with them, in order to avoid having trouble later.
06/10/2009

Gartmore recruits a team from GAM

Gartmore has announced the appointment of Asim Rahman and Christian Billinger as investment analysts and Eleanor Cameron as manager (dealing & operations) from GAM. They will report to John Bennett, Gartmore’s new senior portfolio manager, European equities, who joins in January 2010. At Gartmore, John Bennett and his team will assume lead management responsibility for the Gartmore European Selected Opportunities and Gartmore SICAV Continental European Funds. The Funds’ current managers, Roger Guy and Guillaume Rambourg, will concentrate on their growing list of alternative and institutional mandates. John Bennett will also develop a range of Pan European products for Gartmore.
06/10/2009

10 European actors among the world's top 20

According to rankings from Pensions & Investments/Watson Wyatt World 500, total assets at the 500 top asset management firms in the world fell last year by 23% to USD53.4trn as of the end of December. Among the top 20 by asset volumes, there are 10 European and 10 US firms, with the top two firms being Barclays Global Investors (BGI) and Allianz, with USD1.5163trn and USD1.462trn, followed by State Street and Fidelity with USD1.4438trn and USD1.3891trn. Axa, BNP Paribas, Crédit Agricole and Natixis come in fifth, 13th, 16th and 19th place, with USD1.38345trn, USD809.77bn, USD776.37bn, and USD630.06bn. In total, assets at North American management firms in the top 500 global firms fell 24% to USD23.9trn, while European firms lost 25%, to finish at USD22.7trn. Over the past ten years, the market share belonging to managers in developing countries has doubled, to about 4%.
06/10/2009

The top three managers of the past 12 months, according to Citywire

Citywire reveals the three fund managers out of 3643 managers who have returned the most in the 12 month period up to the end of August. The top performer in absolute terms is Dr Joachim Berlenbach, who runs Earth Gold Fund UI at Earth Resource Investment Group. He has returned 45.21% in euro terms. The second best performer was Thomas Bobek, manager of Erste Sparinvest’s ESPA Alternative Emerging Markets fund, who has returned 41.6%. Making up the trio of managers out in front for their year’s returns is Abhijig Sarkar from Hamon Investment Group, who co-manages the BNY Mellon Vietnam, India & China, with returns of 33.28% in dollar terms.
06/10/2009

FRR names members of investment strategy committee

In connection with the Fund’s new investment strategy, which was unveiled last June, the FRR’s Supervisory Board has formed a Committee whose role is to assist the Board in the performance of its duties relating to defining, monitoring the implementation of, and adapting the strategic asset allocation. The Committee is composed of the following individuals: representing employee trade unions: Jean-Christophe Le Duigou; representing employer trade unions: Alain Leclair; representing the Ministry of the Economy: Hervé de Villeroché; representing the collège of qualified individuals: Jean-Louis Beffa and Raoul Briet. Raoul Briet, Chairman of the Supervisory Board, and Augustin de Romanet, Chairman of the Executive Board, have designated the two individuals chosen to serve as experts, assisting the Committee in its work. They are: Bertrand Jacquillat, university professor at the Institut d’Etudes politiques de Paris, and Marc de Scitivaux, economist.
06/10/2009

EUR4.8bn capital increase at SocGen

Société Générale this morning announced the launch of a capital increase of about EUR4.8bn, maintaining preferential subscription rights. “This transaction will allow Société Générale to pay off preferential shares (B class) and super-subordinated securities of indeterminate duration (TSSDI) subscribed by the French government, and to increase the level and improve the quality of its regulatory ratios. It will also allow Société Générale to seize opportunities for external growth if they should emerge,” says a statement, adding that the increase will be likely to have no impact on net profit per share in 2010. As to external growth opportunities, the firm states that they may involve international retail banking and private banking.
06/10/2009

SEB AM releases a defensive version of Asset Selection

Frankfurt-based SEB Asset Management (SEB AM) on Monday announced that it has obtained a license to sell its new Luxembourg fund SEB Asset Selection Defensive, which is the defensive version of its SEB Asset Allocation fund, in Germany. The product is characterized by a volatility objective of only 5%, rather than 10% for the original fund launched in 2006. The manager of the total return fund, which complies with UCITS III, is Hans-Olov Bornemann, head of the quantitative management team, based in Stockholm. His base portfolio is invested in money market assets, with an overlay portfolio which uses futures and other derivatives. The manager invests in equities, bonds, currencies and commodities, with both long and short positions. Characteristics Name: SEB Asset Selection Defensive ISIN: LU0425992988 Minimal subscription: EUR50 per month Front-end fee: 5% Management commission: 1.1%
06/10/2009

Aberdeen brings together securities and real estate activities

Aberdeen Asset Management has announced the creation of Aberdeen Asset Management Deutschland AG, which will be headquartered in Frankfurt, and will serve as the holding company for securities and real estate activities in Germany and Austria. These activities represent about 120 employees and more than EUR8bn in assets. The managing board includes Patrick Walker (chairman), who is also head of European business development at Aberdeen, Michael Determann, Hetmut Leser (client management & business development), and Bärbel Schomberg, head of real estate.
06/10/2009

Santander negotiating sale of its offshore private bank to Credit Suisse

Its efforts to sell Santander Asset Management having ended in failure, Santander is now negotiating a sale of its offshore private banking affiliate which manages about EUR100bn in Geneva, Miami and the Bahamas, mostly for Latin American clients, Cotizalia reports. Potential buyers are said to include Credit Suisse, represented at the negotiations by Walter Berchtold, the head of wealth management. Negotiations on the Santander side are Rodrigo Echenique, who is director of the bank and who has the confidence of Emilio Botín, and Javier Marín, CEO of the private banking division. Taking the multiple ratios in use before the crisis as a guide, for example, those used at the acquisitions of Urquijo or the Morgan Stanley private bank, the deal could be worth EUR6-8bn.
06/10/2009

Fitch published new ratings criteria for money market funds

The Fitch agency on 5 October published its new ratings criteria for money market funds, particularly for funds which invest in short-term debt instruments issued by financial institutions, non-financial sector businesses, and ABCP programs. The publication of the new criteria coincides with recent proposals by the Securities & Exchange Commission (SEC) to strengthen the regulatory framework governing money market funds. A new ratings scale and new definitions have been defined by Fitch, with an “AAAmmf” rating which will replace the “AAA/V1+” rating. This will aim to improve transparency, and to better differentiate ratings applicable to money market funds from those covering other debt instruments. Fitch has also set up a measure of global portfolio risk, which takes into account the quality of credit and its maturity, an analysis of the diversification of the fund, which takes into account direct and indirect exposure to credit risk, a daily and weekly measure of portfolio liquidity, a revision of recommendations which aim to reduce risks related to securities lending, and an evaluation of the role of the sponsor (investment management, risk monitoring, governance, administration, etc).
06/10/2009

Net subscriptions down in August

While they remain high, at nearly EUR16.13bn, net subscriptions to Luxembourg funds fell in August from their levels of EUR22.45bn in July. In total, in the first eight months of the year, despite net outflows in February (over EUR4.37bn) and in March (EUR226m), net inflows totalled EUR56.79bn, compared with EUR37.39bn in the corresponding period of 2008. In January-August 2009, assets increased by EUR179.76bn, to EUR1.73942trn as of 31 August, compared with EUR1.55965trn as of the end of December, according to statistics from the Financial sector surveillance commission (CSSF).
05/10/2009

Nouvelle acquisition pour Manulife au Canada

Après Markland Street AM (lire notre dépêche du 21 septembre), Elliot & Page, filiale de Manulife Financial Corporation (MFC), a opéré une nouvelle acquisition au Canada. Il reprend les fonds canadiens retail d’AIC Ltd tandis que Portland Investment Counsel (ex AIC Investment Services) demeure sub-advisor de certains fonds AIC, tout comme Third Avenue Management et Brookfield Redding. Cette transaction permet d’augmenter de 38 % les encours gérés pour le compte d’investisseurs canadiens, à 13,9 milliards de dollars.MFC Global Investment Management sera le gérant de portefeuille de toute la gamme. En revanche, à compter du 11 janvier 2010, Ariel Investments et Loomis Sayles cessent d'être sub-advisors des fonds AIC American Small to Mid Cap, AIC American Focused, AIM American Focused Corporate Class et AIC Global Fixed Income.
05/10/2009

BNY Mellon boucle l'absorption de sa filiale néerlandaise par sa banque belge

Ayant désormais obtenu toutes les autorisations des régulateurs, BNY Mellon a procédé à l’absorption au 1er octobre de sa filiale néerlandaise BNY Mellon Asset Servicing BV par la banque belge qu’il a créée en mai. Cette dernière reprend toutes les activités de la filiale néerlandaise à Londres, Amsterdam, Breda, Luxembourg et Francfort. L’effectif est d’environ 1.400 personnes, dont 500 provenant de la filiale néerlandaise.La banque belge a été créée pour devenir la plate-forme leader du groupe en Europe pour l’asset servicing. Elle affiche environ 36 milliards d’euros d’actifs.
05/10/2009

Le Santander développe sa distribution de fonds dans le Grand-Duché

Dolores Ybarra, administrateur délégué de Santander Asset Management, a indiqué à Expansión que son objectif est de commercialiser des fonds d’actions et d’obligations latino américaine au Luxembourg, ce qui est compliqué parce que les investisseurs institutionnels exigent que ces produits aient des encours importants avant d’y investir.La filiale de la banque espagnole dispose depuis 1993 d’une Sicav luxembourgeoise qui compte à présent 23 compartiments et affiche un encours de seulement 750 millions d’euros. Dès lors, le Santander a décidé de doper les ventes de parts au travers du réseau en Espagne afin que les fonds atteignent un volume suffisant pour les investisseurs institutionnels s’y intéressent. Les souscriptions nettes depuis le début de l’année ont porté sur 180 millions d’euros.Parallèlement, Santander Asset Management a fait enregistrer ses fonds au Royaume-Uni et a entamé la procédure pour faire de même dans deux pays asiaitques.
05/10/2009

La clientèle privée jugée à tort trop volatile

Selon L’Agefi suisse, la clientèle retail de l’alternatif, qui l’an dernier a déclenché des remboursements rapides et non prévisibles sans lien avec les performances des géranst, apparaît comme trop volatile. Alors que les institutionnels sont considérés comme stables. A tort selon des experts. «Le problème ne vient pas du client, mais de la banque où le turnover des effectifs peut parfois être extrêmement rapide. Des équipes de gestion mettent en place une stratégie et choisissent des gérants. Quelques mois plus tard, l’équipe change et ses remplaçants modifient la stratégie. Cela donne lieu à des remboursements massifs qui n’ont rien à voir avec les performances», explique Dariush Aryeh, partenaire de la société de conseil Fundana. Dans ce processus, les clients n’interviennent pas. C’est la banque qui modifie son allocation d’actifs sans que le principal bénéficiaire soit même au courant, dans certains cas, poursuit-il. Les clients privés qu’il conseille n’ont d’ailleurs pas demandé des retraits massifs.
05/10/2009
Fonds

88 % des fonds d'actions ont perdu de l'argent depuis 2006

D’après les calculs de VDOS Stochastics, 88 % des fonds d’actions espagnols ont perdu de l’argent sur les trois dernières années, seuls 53 sur 439 affichant une performance. Parmi ceux qui se sont spécialisés sur les actions espagnoles, 24 % ont enregistré des gains sur cette période, rapporte Cotizalia.Actuellement (à septembre 2009), les fonds d’actions représentent 7 % de l’encours total des fonds, contre 39 % pour les fonds obligataires et 29 % pour les garantis. En septembre 2006, les fonds d’actions avaient une part de 12 %, les obligataires et les garantis pesant respectivement 32 % et 22 %du total.
Fonds
05/10/2009
Fonds

RREEF a réalisé une bonne opération

Cotizalia a calculé du la rentabilité réelle de l’opération de sale-end-lease back des agences du BBVA réalisée par le fonds RREEF de la Deutsche Bank serait en fait de 10-12 % au lieu des 6-7 % annoncés et qui ne correspondent qu’aux loyers. En effet, il faut tenir compte aussi de l’incidence du fort effet de levier, RREEF ayant financé par du crédit 80 % de l’acquisition qui totalise 1,2 milliard d’euros.Par ailleurs, le BBVA et RREEF sont convenus que le fonds dispose de six mois pour trouver le financement correspondant aux 25 % du projet initial qui n’ont pu être achetés lors de l’opération annoncée récemment (lire notre dépêche du 18 septembre).
Fonds
05/10/2009
Fonds

Le scandale Madoff a fait rétrécir l'offre de fonds étrangers

Pour éviter que de nouvelles affaires Madoff ne viennent polluer leur réputation, les banques privées espagnoles passent de l’architecture ouverte à l’architecture dirigée, et le directeur général de Pictet Funds pour la Péninsule ibérique et l’Amérique latine, Gonzalo Rengifo, s’attend que l’offre de produits étrangers par les banques privées se limite bientôt à 15 promoteurs contre 80 avant la crise, rapporte Expansión.La sécurité prime sur la rentabilité, les spécialistes se focalisent sur de grands gestionnaires avec du volume et une bonne réputation. Ce processus a deux autres raisons : d’une part, réaliser un nombre plus restreint de due diligence coûte moins cher et, d’autre part, répartir les capitaux sur moins de gestionnaires permet d’obtenir des rétro-commissions plus élevées. Entre fin décembre 2007 et fin août 2009, l’encours des gestionnaires étrangers en Espagne est tombé de 50,04 milliards d’euros à 27 milliards, en passant par 25 milliards fin juin 2007. Les principaux acteurs sont actuellement JPMorgan (5,23 milliards d’euros), BNP Paribas (2,17 milliards), Crédit Agricole (2,08 milliards), Pioneer (1,49 milliard) et Schroders (1,16 milliard), devant Fidelity et Société Générale avec 1,07 milliard et 1,04 milliard. Deutsche Bank, BlackRock et Pictet viennent ensuite avec respectivement 934 millions, 803 millions et 718 millions.
Fonds

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