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13/07/2009

FER develops a new SRI ranking system

The Finance & Ethic Research institute, an affiliate of the Austrian firm software-systems.at, has established a new classification of SRI funds which takes into account not only the performance of these funds, but also the composition of their portfolios. The new EDA standard (which stands for ethisch dynamischer Anteil) takes into consideration positive criteria such as renewable energies, environmental orientation, transparency and whether the fund managers have signed the Global Compact. Negative exclusionary criteria include investments in companies involved in genetically modified (GM) products, weapons, animal testing, or violations of human rights. Scores are out of a possible total of 100 points. ÖkoWorld Lux S.A. 88 Schelhammer & Schattera 83 Pioneer Inv. Austria 67 Volksbank Invest KAG 64 UBS Fd.M.Switzerland 64 Baring 63 Pictet Funds S.A. 63 Erste Sparinvest 62 Aberdeen 61 Raiffeisen KAG 61 Julius Bär 61 Allianz Invest 61 Swisscanto 61 Credit Suisse 61 ING (L) Invest 61 DWS Investment Lux 60 Fortis Investments 60 Henderson 60 Security KAG 59 Invesco AM 57
13/07/2009

Assets up at Partners Group

The Swiss alternative management firm Partners group has posted CHF1.4bn in subscriptions in first half, allowing it to achieve its objective of CHF3-4bn in net inflows for the year as a whole. Net subscriptions totalled only CHF0.6bn, due to CHF0.4bn in outflows from open-ended funds (6% of assets in this category), and CHF0.4bn in negative market effects. As of 30 June, assets totalled CHF24.9bn, of which CHF19.6bn were in private equity, CHF2.6bn in private debt, CHF0.8bn in real estate, CHF0.3bn in private infrastructure, and CHF1.6bn in open-ended products (absolute return strategies, listed alternatives, and wealth management).
13/07/2009

Kepler merges two sustainable development funds

The Austrian management firm Kepler-Fonds announced on Friday that its sustainable development fund Kepler Sustainability (EUR6m) will be absorbed on 15 October by the Kepler Ethik Aktienfonds (EUR21m), another fund in the same segment which is managed by the same person, Clemens Peinbauer. The Ethik Aktienfonds operates by the same ESG criteria as the Sustainability funds, but has additional exclusionary criteria for companies involved in arms, nuclear energy, animal testing and child labour. Despite these stricter standards, the Ethik fund has posted an average loss over the past three years of only 12.95%, while the Sustainability fund lost 15.48%.
13/07/2009

Assets in Euro zone OPCVM funds down less in Q1 than in previous quarters

Total assets in UCITS funds of the Euro zone continued to decline in first quarter, though to a lesser extent than in the previous three quarters, from a total of EUR4.232trn as of December 2008 to EUR4.096trn as of the end of March 2009. This evolution is largely a result of falling assets in equities and other participation securities, which declined from EUR1.133trn to EUR1.044trn, the European Central Bank (ECB) says in a statement.The overall balance sheet for Euro zone UCITS funds as of the end of March 2009 reveals that assets in securities other than equities totalled 41% of assets, compared with 40% as of the end of December 2008. Equities and other participation securities were in second place, representing 25%, compared with 27% previously. Shares in OPCVM funds, deposits and real estate held stable at 13%, 8% and 5% of total assets, respectively.In terms of ventilation by investment strategy, the proportion of total assets in bond funds totalled 32% as of the end of March, compared with 31% as of the end of December 2008. Other components remained stable, with mixed funds at 29%, equity funds at 21%, and real estate funds at 6%.
13/07/2009

Cerberus opens largest hedge fund to redemptions

To satisfy massive redemption demands from clients of its largest hedge fund, Cerberus Capital Management will restructure its hedge fund Cerberus Partners, and create a parallel ad hoc fund in the form of a special purpose vehicle (SPV) to be liquidated in the next two to four years, L’Agefi reports.
13/07/2009

TXF prepares a "regional" ETF of Texan companies

The management firm TXF Funds, based in Oklahoma City, has applied to the SEC for a license to launch the TXF Large Companies ETF, which will replicate the SPADE Texas Large Companies index, and which would be traded on the Arca platform in New York. Fees for the product, focused on Texan large caps, would be 0.85%. The index is weighted in such a way that none of the companies accounts for more than 10%, and the index is rebalanced once per month.TXF Funds is preparing other ETF funds to be based on regional indexes, particularly of Texan small and midcaps.
13/07/2009

Two new ETF funds from BNP Paribas and Axa

The EasyETF range of tracker funds from Axa IM has gained two new products: EasyETF BNP Paribas Global Renewable Energy and EasyETF DJ BRIC 50. The first of these funds is focused on sustainable development. It replicates the S-Box BNP Paribas Global Renewable Energy fund, which allows investors to profit from an index of the entire industry, based on companies which aim to obtain 20% of their energy from renewable sources by 2020. The other ETF is exposed to activity in four key emerging markets via the DJ BRIC 50 index, composed of the 50 largest and most liquid shares of Brazil (15 shares), Russia (5 shares) India (15 shares), and China (15 shares). EasyETF BNP Paribas Global Renewable Energy EUR ISIN Code : FR0010748343 Annual management fees : 0.60% EasyETF DJ BRIC 50 EUR ISIN Code: LU0339362732 Annual management fees: 0.65%
13/07/2009

Performance of open-ended real estate funds expected to decline

Since the year 2000, open-ended real estate funds have generated total average performance of between 2.5% and 6% per year, according to Feri. Due to falling interest rates and the fact that the value of assets is not expected to be revised upward, average gains may be expected to range from 3.5% to 4% for 2009. Lipper is also predicting a decline in performance.
13/07/2009

Hedge funds lost 0.02% in June, according to Eurekahedge

According to preliminary estimates, the Eurekahedge index of hedge funds lost only 0.02% in Juen, which puts performance since the beginning of the year at 9.4%, following strong gains in May. However, Hedge Week reports, these funds had net subscriptions in June of USD4bn, resulting in an increase of Usd1.33trn in assets. In first quarter, Eurekahedge counted 250 launches and 370 closures of hedge funds.
13/07/2009

Four hedge fund strategies in the green for June, according to Dow Jones

In June, event-driven, equity market neutral, merger arbitrage and long/short equity strategies all turned in positive results, according to hedge fund indexes from Dow Jones. The largest gains, according to Hedge Week, were for event-driven and merger arbitrage, with respective gains of 1.81% and 1.22%, while long/short equity gained 0.98%, and equity market neutral was up 0.06%. Event-driven funds were up 6.25% in first half, while long/short equity funds were down 3.38%.
13/07/2009

Oswald Grubel out to restore reputation of UBS

Le Temps reports that the CEO of the UBS group, Oswald Grübel, sent a message to his top executives at the end of the week, just before proceedings began this Monday morning between UBS and the US tax authorities. The head of the bank makes a solemn appeal to his personnel: the task of each employee, he says, is to maintain an exemplary attitude, and to help to re-establish the reputation of the firm for seriousness and integrity. Employees of UBS are asked to strictly respect laws which regulate banking activities. “No deviation will be tolerated,” says Grübel in his email message.
13/07/2009

Fund managers in new terrain

Brent Beardsley, a partner at Boston Consulting Group, estimates that most management firms are poorly prepared for an increasingly competitive environment in which it will be more difficult to turn a profit, the Wall Street Journal reports. Shrinking margins and slowing growth will reduce the distance between the winners and losers in the sector.Those with a competitive edge and whose business model is clearly defined will have the best chance of surviving. These appear to include Vanguard and Pimco (Allianz), the first of which is known for its inexpensive ETFs, and the second for its bond funds. Both have received subscriptions from investors fleeing active management in favour of safer or less expensive products. Strategic Insight reports that Vanguard led the pack for net subscriptions in January-May, with USD39.9bn, followed by Pimco, with USD23.4bn. JPMorgan ranks third with USD6.4bn.
13/07/2009

Major court victory for mutual funds over taxes

The European Court of Justice (ECJ) on 18 June issued a decision with major consequences for the taxation of OPCVM funds, L’Agefi reports. The Aberdeen decision will allow funds to withhold capital gains tax on dividends.
13/07/2009

Patrick Degorce to launch Thélème fund from Lansdowne

According to the Sunday Times, Patrick Degorce, who in 2004 left the hedge fund TCI, which he co-founded with Chris Hohn, will launch the Thélème equities fund on the Lansdowne Partners platform (USD12.5bn in assets). He is planning to raise Usd1.5bn. Degorce is a former colleague and old friend of Peter Davies and Stuart Roden, co-managers of the flagship fund from Lansdowne, with whom he worked at Merrill Lynch. The new fund will be available under flexible conditions, as Degorce is planning to charge attractive fees based on performance over the life of the investment rather than an annual commission.
13/07/2009

City of London back to its bad old ways

In the City, the bad habits to blame for the crisis have returned. To reduce the costs of capital financing, many banks are using securitisations, Le Temps reports. Wage inflation is also on the rise, particularly in high-performance markets such as mergers and acquisitions, bonds, trading of owners’ equity and emerging markets, particularly Russia.
13/07/2009

French authorities issue warning over Segap Lloyd's RCP

The banking and insurance regulatory authorities on 10 July issued a warning about the activities of the British firm Segap Lloyd’s, which has been offering insurance policies and banking services in France without a license to do so.The firm in question has not obtained permission from the British authorities to practice insurance operations, and is not licensed in France, as a result of which “insurance policies purchased from this entity are null and void,” according to a public statement from ACAM (Autorité de contrôle des assurances et des mutuelles), CECEI (Comité des établissements de crédit et des entreprises d’investissement), the Banking Commission and the deposit guarantee fund.Segap Lloyd’s appears to be seeking to take advantage of possible confusion with another firm, the French online broker Segap, which has all the necessary licenses to operate in France.
13/07/2009

SEC granted increased powers to protect investors

Les Echos reports that Michael Barr, assistant to the secretary of the Treasury for financial institutions, on 10 July laid out a plan to strengthen the powers of the Securities and Exchange Commission (SEC) to better protect investors. According to government directives, brokers, such as financial advisors of all types, will be held to the highest standard of fiduciary duty in their relations with their clients.Concretely, this means that the Securities and Exchange Commission will monitor remuneration of intermediaries to ensure that it is not tied to their sales of products. “It will have the authority to define what is and is not appropriate,” says Barr.
13/07/2009

Marc Dreier faces 145-year prison sentence

The New York lawyer Marc Dreier, who defrauded professional investors including hedge funds of more than USD400m over five years, is facing a prison sentence of 145 years, the sentence being sought by the prosecutor, while Bernard Madoff received ‘only’ 150 years in prison for a USD65bn fraud, the Frankfurter Allgemeine Zeitung reports. Dreier, who tried to defraud Fortress Investment Group, was arrested in December after posing as the chief legal officer of the Canadian teachers’ pension fund.
13/07/2009

UBS seeks out-of-court settlement with US government

On Sunday, UBS welcomed an announcement that the US and Swiss governments had agreed to negotiate an amicable settlement of the John Doe Summons case. Following the announcement, the US government and the Swiss bank have filed for a 15-day suspension of proceedings to allow them to reach an amicable settlement. The request was submitted to the federal court in Miami on Monday morning. Washington is seeking to require UBS to provide the names of 52,000 US clients with bank accounts in Switzerland, suspected of tax evasion.
13/07/2009
Fonds

Fusion de fonds chez Franklin Templeton

L’Assemblée générale extraordinaire du 25 juin a voté l’absorption du compartiment Franklin US Growth Fund (31,41 millions d’euros d’encours fin mai) par le compartiment Franklin US Equity Fund (314,03 millions). Cette fusion, dont les frais seront supportés par la société de gestion (Franklin Templeton investment Funds); prendra effet au 31 juillet.
Fonds
13/07/2009

Sal. Oppenheim ne fera pas appel à l'Etat allemand

Dans une interview à la Frankfurter Allgemeine Sonntagszeitung, Matthias, comte von Krockow, précise que la banque privée Sal. Oppenheim, qu’il dirige, sortira de la crise financière par ses propres moyens et n’a pas l’intention de recourir à des aides ou des garanties de l’Etat. Il précise qu’une augmentation du capital «n’est pas encore nécessaire» mais que la famille actionnaire adaptera la banque aux circonstances de marché tant en ce qui concerne le capital que les risques. Il reconnaît par ailleurs que la crise économique et financière a plus gravement touché que prévu les participations de la famille (notamment Arcandor).
10/07/2009
Fonds

Les fonds souverains ont bien résisté à la crise, selon McKinsey

Selon la dernière étude de McKinsey Global Institute (MGI), le bureau de recherche économique de la société de conseil rapporte que les placements à l’étranger des fonds souverains ont bien résisté à la crise. «Les portefeuilles des producteurs de pétrole, pays du Golfe, Norvège et Russie notamment, se montent à 5.000 milliards de dollars à fin 2008 (–2% sur un an), ceux des pays d’Asie, y compris les réserves de leurs banques centrales, à 4.800 milliards (+8%)», indique Le Temps.
Fonds
10/07/2009
Fonds

Les hedge funds ont gagné 0,60 % en juin

Selon les estimations provisoires de Barclay Hedge, les 877 hedge funds ayant déclaré au 9 juillet leurs résultats ont affiché en moyenne une performance de 0,59 % pour juin contre 5,53 % en mai pour les 2.620 fonds déclarants. Sur le premier semestre, la performance cumulée atteint 11,14 %. Le gain le plus important pour juin a été obtenu avec 3,40 % par les 10 fonds d’arbitrage de convertibles, tandis que la perte la plus nette est affichée par les 5 fonds equity short bias (- 1,73 %).Depuis le début de l’année, l’equity short bias accuse un forte perte de 6,26 %, alors que les marchés émergents et l’arbitrage de convertibles signent des performances respectives de 22,13 % et de 24,93 %.
Fonds
10/07/2009
Fonds

Valartis lance un fonds de performance absolue avec TrendConcept

L’autrichien Valartis Asset Management, filiale indirecte du groupe bancaire suisse Valartis, annonce le lancement d’un fonds de performance absolue, le Trend Concept, utilisant le modèle de suivi de tendance assisté par ordinateur de l’allemand TrendConcept Vermögensverwaltung qui en assure d’ailleurs la gestion. Ce produit de droit autrichien s’adresse tant aux particuliers qu’aux investisseurs institutionnels.L'équipe de gestion peut investir jusqu'à 50 % du portefeuille en actions européennes et américaines (25 % maximum respectivement pour celles de l’EuroStoxx 50 et du DJ Industrials 30), 10 % en ETF de matières premières et 10 % en futures long/short, le reliquat étant placé en emprunts d’Etat en euros et en instruments du marché monétaire. Le basculement actif (switching) d’une classe d’actifs à l’autre doit permettre d’exploiter au mieux et avec peu de risque le potentiel de hausse tout en générant une nette surperformance en période de baisse.Le TrendConcept utilise aussi un mécanisme de stop-loss systématique pour limiter le risque de marché. Lorsque les objectifs de performance son atteint, le portefeuille est basculé sur des actifs sûrs.
Fonds
10/07/2009

Banca Privada de Andorra achète Investment

Fancisco Platón, sous-directeur de l’international chez Banca Privada de Andorra (BPA) a annoncé que l'établissement andorran a acheté le plus important des neufs distributeurs mexicains de fonds d’investissement, Investment, dont la part de marché est de 37,5 %, rapporte Funds People. Le volume intermédié par Investment, spécialiste de la clientèle institutionnelle, se situe à 360 millions de dollars.
10/07/2009

Christopher Preston (Piguet) : Les banques doivent clarifier la situation des clients américains

Dans un entretien au journal Le Temps, Christopher Preston, directeur général de la banque Piguet, filiale de la BCV, déplore l’"incertitude» dans laquelle l’industrie bancaire est plongée suite au conflit entre les Etats-Unis et UBS. Cette situation démontre «les risques que court un établissement de gestion de fortune à entretenir un réseau de succursales à l’étranger», selon le banquier.Piguet n’a pas de succursales à l’étranger mais deux bureaux de représentation. Si celui de Dubaï est appelé à se développer, celui de Hong-Kong pourrait fermer, faute d’activité suffisante, précise Le Temps.
10/07/2009

La banque Piguet veut reprendre le chemin de la croissance

Dans un entretien à L’Agefi suisse, Christopher Preston, qui a pris la tête de la banque Piguet, filiale de la BCV, il y a un peu plus de trois mois, estime que la banque n’a pas profité autant que d’autres établissements de taille moyenne de l’afflux de clients fortunés, désireux de quitter les grandes banques. Un résultat jugé «peu satisfaisant» par Christopher Preston qui précise que la baisse de la masse sous gestion, passée de plus de 5 milliards de francs fin 2007 à 4,3 milliards un an plus tard, s’explique «uniquement par le recul des marchés». Christopher veut corriger le tir en recrutant des gestionnaires, «qui apportent non seulement de la clientèle, mais qui peuvent continuer à s’en occuper». Piguet veut également «viser la clientèle internationale récemment établie en Suisse romande», dans le sillage des pressions sur le secret bancaire.

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