Nouvelle donne en gestion de fortune
Selon l'étude du BCG, l'Europe distance l'Amérique du Nord. L'Asie représente l'avenir
Nouvelle donne en gestion de fortune
Selon l'étude du BCG, l'Europe distance l'Amérique du Nord. L'Asie représente l'avenir
Les offres de rachat soutiennent le marché secondaire de la titrisation
L'échec de l'offre de reprise de 16,5 milliards d'euros de titres par Santander montre que les investisseurs jouent une nouvelle amélioration des prix
15/09/2009
JP Morgan muscle son offre destinée aux hedge funds
J.P. Morgan a annoncé la création du Prime-Custody Solutions Group, une équipe qui fournira, notamment aux gérants de hedge funds, des services intégrés de courtage principal (prime brokerage) et de conservation. Ce service sera dirigé par Devon George-Eghdami, qui dirigeait auparavant le pôle Hybrid Capital Trading. L’intéressé, basé à New York, est subordonné conjointement à Michael Minikes, CEO de J.P. Morgan Clearing Corp au sein de Prime Services, et à Sandie O’Connor, global head of financing & markets dans la ligne de métiers Treasury & Securities Services.J.P. Morgan explique que la mise sur pied du nouveau service intervient à un moment où les hedge funds lancent des fonds long-only et recherchent des structures qui leur permettent de domicilier certains actifs auprès de conservateurs alors que les gestionnaires d’actifs traditionnels mettent en place des stratégies long/short qui exigent d'être financées par un prime broker.
15/09/2009
Fidelity récompense 300 salariés
Fidelity Investments a attribué des actions et des options pour 268 millions de dollars à un peu moins de 300 salariés, soit moins de 1 % de ses effectifs, rapporte le Boston Business Journal. Le journal pense que la société de gestion avait besoin de récompenser un groupe de seniors ayant rejoint la société ces deux dernières années.
15/09/2009
Jim Supple promu à la tête de la distribution chez Fidelity IIS
Selon Mutual Fund Wire, Peter Cieszko, président de Fidelity Investment Institutional Services (FIIS), a nommé Jim Supple à la tête de la distribution. Il était jusqu'à présent national sales manager de l’entreprise, qui a recruté récemment Scott Couton chez Evergreen Investments comme head of product management. FIIS dessert environ 4.500 clients avec des encours supérieurs à 100 milliards de dollars.
Deka Immobilien investit à Dublin
L’allemand Deka Immobilien (caisses d'épargne) a annoncé lundi avoir acheté à Marks & Spencer un immeuble de 800 mètres carrés complètement restructuré en 2008 et loué en totalité à Tommy Hilfiger Stores Ireland. Cet actif est alloué à l’un des Spezialfonds de Deka Immobilien. Le montant de la transaction n’a pas été dévoilé.
Cheyne lance un fonds à compartiments
Cheyne Capital Management (UK) a annoncé le lancement du fonds irlandais à compartiments Cheyne Select Ucits Fund, qui est conforme à la directive OPCVM III et dont le premier compartiment sera le fonds de convertibles Cheyne Select Convertibles Fund. La nouvelle gamme sera gérée par Cheyne alors que l’administration et la conservation seront assurés par JPMorgan en Irlande.
Nasdaq OMX et HQ Bank lancent des ETF
Selon le site Internet du journal suédois Dagens Industri, Nadsaq OMX et HQ Bank vont lancer des ETF à la Bourse de Stockholm en octobre. Les premiers répliqueront les indices OMXS30 et Nasdaq 100. HQ Bank avait recruté Jacob Sternius, l’expert en ETF de Handelsbanken, rappelle Dagens Industri.
Hausse de l"encours des fonds de pension au T2
Selon les statistiques de la Banque des Pays-Bas (DNB), l’encours des fonds de pension néerlandais s’est accru de 4,5 % au deuxième trimestre à 560 milliards d’euros fin juin, notamment grâce à des plus-values de 16 milliards sur les actions et de 5,5 milliards sur les obligations, indique IPE. La Banque centrale précise que les fonds de pension ont vendu près de 75 milliards d’euros d’obligations et investi 72 milliards d’euros en fonds d’investissement, ce qui porte le total des placements dans ces fonds à 217 milliards d’euros au 30 juin.
Le rally de l'or provoque un boum pour les fonds
Le SPDR Gold Shares, un ETF commercialisé par State Street, a enregistré une remontée de son encours à 35 milliards de dollars, ce qui est proche de son record absolu de juin dernier, note The Wall Street Journal. Avec le cours de l’or qui flirte à nouveau avec les 1.000 dollars l’once, les gérants lancent des ETF sur le métal jaune pour capitaliser sur le rally. Ainsi ETF Securities a lancé le ETFS Physical Swiss Gold Shares sur la plate-forme NYSE Arco, les actions représentant un dizième d’once d’or de lingots stockés à Zurich. La structure est similaire à celle du SPDR Gold Shares, la seule différence étant que le métal du second est stocké à Londres. Il existe au moins un autre ETF sur l’or physique, le iShares Comex Gold Trust.Les investisseurs ont un grand choix d’ETF et d’ETN, y compris avec effet de levier et inversés. La liste comprend les fonds E-TRACS UBS Bloomberg CMCI Gold ETN, PowerShares DB Gold Fund, PowerShares DB Gold Double Long ETN, ProShares Ultra Gold, PowerShares DB Gold Double Short ETN, PowerShares DB Gold Short ETN et le ProShares UltraShort Gold.
Les avantages des comptes gérés ont un coût, selon Olympia
Les comptes gérés peuvent constituer des solutions intéressantes pour accéder à de meilleures conditions de liquidité et de transparence qu’un investissement direct dans les hedge funds. Mais ces avantages ont un coût, prévient Olympia Research dans une nouvelle étude. Il s’agit du risque de tracking error.Ainsi, les investisseurs en comptes gérés doivent être prêts à accepter une volatilité supplémentaire lorsqu’ils cherchent à obtenir – via des comptes gérés – la performance d’un hedge funds de référence. «Ce supplément de volatilité représente en moyenne environ 20 % de la volatilité du hedge funds de référence, avec une borne supérieure située à 50 % pour les fonds Relative Value», estiment Guido Bolliger, Florent Pochon et Ivan Guidotti, les auteurs de l'étude. En revanche, «nous constatons que ce coût de volatilité supplémentaire n’a pas augmenté pendant la période récente de crise des marchés».De plus, les investisseurs doivent s’attendre à des rendements inférieurs à ceux du hedge funds de référence : «nous trouvons que la performance moyenne des comptes gérés est inférieure de 15 % à celle de leurs hedge funds de référence».Au total, cela signifie pour Olympia Research que «le risque de tracking error se traduit par une baisse significative des performances ajustées du risque».
15/09/2009
Jim Supple promoted to head of distribution at Fidelity IIS
Mutual Fund Wire reports that Peter Cieszko, president of Fidelity Investment Institutional Services (FIIS), has appointed Jim Supple as head of distribution. He was previously national sales manager at the business, which has recently recruited Scott Couton from Evergreen Investments as its new head of product management. FIIS serves about 4,500 clients with assets of over USD100bn.
15/09/2009
Appointment at Aviva Investors France
Following the arrival of Jean-François Boulier as chairman of the board at Aviva Investors France and a change in the organisation of the business, Pascal Heurtault, currently head of equities at the firm, has been appointed CIO.
15/09/2009
Jean-François Boulier becomes chairman of Aviva Investors France
The CEO and CIO of Aviva Investors France, Jean-François Boulier, will become chairman of the board at Aviva Investors France from 21 September. He replaces Eric Duval de la Guierce, who will continue his activities at Aviva Investors France as advisor to Alain Dromer, chief executive of Aviva Investors, and to Boulier. Duval de la Guierce will remain a member of the executive board at Aviva Investors until the end of 2009, and will continue to be a member of the executive board at Aviva France until June 2010. Boulier, for his part, will become a member of the executive board at Aviva Investors, and will remain a member of the executive board at Aviva France. Boulier has confirmed to Newsmanagers that his objective is to continue the ambitious plan put in place globally by Aviva Investors a few months ago. “We have two major areas of development,” he explains: “management on behalf of third parties outside the firm, and internationalisation of the firm’s activities.”
15/09/2009
Christian Desbois leaves UFG IM
Christian Desbois, currently CEO of UFG Investment Managers, has been appointed CFO of Crédit Mutuel Nord Europe (CMNE). He will retain his duties at UFG IM, an affiliate of CMNE, until the end of the month, a statement announcing his appointment states. Then, a new organisation will be put in place, as part of the merger process between UFG and La Française des Placements. Desbois joined the UFG group in 2002. He was previously CEO of CPR Gestion, and also worked at Fimagest and Fortis Investment Management.
15/09/2009
Fortis confirms M2+ rating for Fortis Haitong IM
On Monday, Fitch Ratings announced that it is confirming its rating of M2+ (China) for Fortis Haitong Investment Management (FHIM) in China (CNY54bn as of the end of June). FHIM is a joint venture from Haitong Securities (51%) and Fortis Investment Management (BNP Paribas group). The agency points to the stability of investment teams compared with other Chinese asset management firms, and the depth of “proprietary” research at FHIM. Fitch also points out that FHIM has more assets under management than the other joint ventures of the new group in China (SYWG BNP Paribas). In addition, the operational merger of Fortis Investment Management and BNP Paribas Investment Parthers (BNPP IP) will have a limited impact on FHIM, which reflects the comparative independence of the firm.
15/09/2009
Optimism returns at multi-management firms
Optimism has returned to multi-management firms, with the confidence index at 0.61, a level not seen since mid-2007, according to the most recent edition of a quarterly survey by Seeds Finance of managers of funds of hedge funds (Consensus Hedge Fund, Q2 2009, no. 30). “The mood is optimistic, but not euphoric,” says Seeds Finance, as this level corresponds to the average observed since the creation of the indicator in 2003, while the highest level observed was in late 2006-early 2007. Managers remain prudent, but the return of their appetite for risk is revealing itself, and is also resulting in an increasingly marked regain of interest in directional bets, with a bias towards long/short equity strategies, which now represent 20% of portfolios. Average gross exposure to this strategy is up strongly to 116% after record lows at the end of last year. At 10%, allocation to emerging markets equities remains low, but more than 40% of managers are planning to increase the weight of this region. The Seeds Finance survey also finds that there has been a net regain of interest in arbitrage strategies, to take advantage of a return of liquidity, as well as in credit arbitrage and event-driven distressed. “Managers are cautiously repositioning themselves on these strategies, fearing a disappearance of liquidity late this year,” Seeds Finance explains. However, long term CTAs, whose performance has been poor since the beginning of the year, are no longer popular with managers.
15/09/2009
Berenberg benefiting from crisis
Hans-Walter Peters, chairman of managing partners, says the number of clients at the Berenberg private bank has increased by 7% since the beginning of the year, and that assets under management for high net worth private clients increased by EUR1bn to EUR8.3bn, (out of a total of EUR21bn), the Frankfurter Allgemeine Zeitung reports. Profits in first quarter increased by about 25% to EUR35.1m. Berenberg is planning to eventually increased staff at its London affiliate to 100 analysts and traders; staff has already been tripled to 45. The German bank is also planning to develop its presence in investment banking, and to set up merger and acquisition operations.
15/09/2009
Sal. Oppenheim: Due diligence has been completed
A spokesperson for Deutsche Bank on Monday told the Börsen-Zeitung that due diligence on Sal. Oppenheim’s books has now been completed, which the latter firm confirms. According to sources familiar with the matter, talks over Deutsche Bank’s potential acquisition of a stake in the private bank will begin next week.
15/09/2009
Pension fund assets up in Q2
According to statistics from the Dutch central bank (DNB), assets in pension funds in the Netherlands increased 4.5% in second quarter to EUR560bn as of the end of June, largely thanks to gains of EUR16bn on equities and of EUR5.5bn on bonds, IPE reports. The central bank states that pension funds sold nearly EUR75m in bonds, and invested EUR72bn in investment funds, bringing total investments in these funds to EUR217bn as of 30 June.
15/09/2009
Growth in portfolio management
Funds People reports that discretionary portfolio management services as of the end of July had assets of EUR56.59bn (compared with EUR14.9bn in funds), which represents a 2.3% increase in July, and a 6.8% increase since the beginning of the year. 91.8% of this total is managed on behalf of Portuguese residents, and it is 85% invested in bonds. The leaders in this market are Caixagest with EUR18.37bn and a market share of 32.5%, F&C Portugal (EUR17.89bn and 31.6% market share), and ESAF GP (EUR9.27bn and 16.4%).
15/09/2009
Thomson Reuters launches indices
Thomson Reuters is bringing to the market its own family of 800 indices, covering some 44 countries, 18 regions and 10 business sectors, according to the Financial Times Fund Management. The group will use a liquidity filter to ensure each index represents the market as a fund manager might actually hold it.
15/09/2009
Financial crisis has cost millionaires
According to an annual survey by Boston Consulting Group (BCG), the financial crisis in 2008 caused the number of millionaires in the world to fall to about 9 million, compared with 11 million the previous year, while households with financial savings of under USD100,000 posted slight increases in their wealth, the Frankfurter Allgemeine Zeitung reports. In total, assets managed for clients contracted in one year by 11.7%, to USD92.4trn, with a 21.8% fall in the United States to USD29.3trn. The “established” wealthy, those with assets of at least USD5m, saw the heaviest losses, with -22%, bringing their assets to USD17.7trn.
15/09/2009
Financial crisis isn't over, according to two thirds of institutional managers
A survey by FTI Consulting of 153 institutional investors in 15 countries, who manage a total of more than USD2.8trn, finds that 64% of specialists at these entities estimate that the financial crisis is not over, while 31% think that the worst has passed, and 5% have no opinion, fondsprofessionell reports. Australian and US asset managers are the most pessimistic, with 80% and 76%, respectively, of the opinion that the crisis is not finished. In Europe and Asia, the percentages of pessimists are 59% and 62%.
15/09/2009
Espa launches a fund of government bonds from central and eastern Europe
Erste Sparinvest (Espa) has opened subscriptions until 9 October to a target-date bond fund which will be launched on 12 October, entitled Espa New Europe Basket. The Austrian-registered fund will invest entirely in government bonds or in state-guaranteed securities from new EU member states or approved candidates for EU membership (such as Croatia and Turkey), and will retain the bonds, which must be rated at least BBB, until maturity. Espa is offering investors fixed returns of at least 5.25% per year. Espa estimates that the product is a fund “which will not cause any headaches.” The asset management firm for Erste Bank and the Austrian savings banks estimates that the economic situation and outlooks in the countries of central and eastern Europe have been subject to a much too severe treatment by the markets. The region is expected to return to positive growth in third quarter 2009, due to the benefits of EU and IMF assistance. In addition, the prospect of EU accession will cause optimism for investors in some countries. Characteristics Name ESPA NEW EUROPE BASKET 2014 ISIN Code AT0000A0EXL1 Subscription period 14/09/2009-09/10/2009 Fund launch 12/10/2009 Minimal returns on securities in the portfolio 5.75% Minimal distribution 5.25% Maturity 10/10/2014 Front-end fee 2.00% Management fee 0.50% Exit penalty 0.50%
15/09/2009
T. Rowe Price launches a US large caps fund
On Monday, the US management firm T. Rowe Price announced the launch of the US Large Cap Core Fund, a sub-fund of its Luxembourg Sicav. The US large caps product has already been granted sales licenses for several European countries, including the United Kingdom. The portfolio of 50-75 positions will be supplemented by “best ideas” from more than 30 analysts, following a strictly “bottom-up” approach (stock-picking), and managed by Jeff Rottinghaus. As of 30 June, assets at T. Rowe Price in US large caps represented over USD133bn.
15/09/2009
Performance commissions on the rise
Nearly two-thirds of global fund managers, with USD7,000bn assets under management, expect to see greater use of performance fees, while three-quarters expect traditional management charges to fall in the next few months, according to research from Skandia Investment Group cited by Financial Times Fund Management. The trend comes at a time when the asset management industry understands it needs to align itself better with investors’ interests than it has in the past.
15/09/2009
Strong net subscriptions in July
According to statistics from Lipper Feri, net subscriptions to funds in Europe in July totalled EUR46.6bn, compared with net outflows of nearly EUR9bn in June. In the first seven months of the year, total net subscriptions come to EUR102bn, Handelsblatt reports. Good results in July are due to equities and bond funds, whose net inflows totalled EUR12.3bn and EUR15.7bn respectively, meaning that assets nearly doubled in June for the former and quadrupled for the latter class of funds. Money market funds saw inflows of EUR16.4bn.
15/09/2009
AHL to manage a UCITS III fund for Man and Dexion
Man Investments has announced that with Dexion Capital Group, it is launching the Man AHL Aiversity fund, a trend-following fund which complies with the UCITS III directive, and which will be managed by AHL (USD20.4bn in assets as of the end of March), an affiliate of Man. The product, which is intended as a diversification brick, is aimed at qualified British institutional investors. It is denominated in pounds Sterling and minimal subscription is set at GBP100. The Man AHL Diversity fund will be exposed to more than 90 markets worldwide, on 29 markets which are open 24 hours a day, and the management team will be active in all asset classes, from currencies and fixed income to soft commodities and metals.