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22/04/2009

Morningstar 1000 hedge fund index: -0.1% in Q1

Morningstar has calculated that its Morningstar 1000 Hedge Fund Index has posted an increase of 2.1% in March, while the Morningstar MSCI Asset-Weighted Hedge Fund Composite Index was up 0.1%. For first quarter as a whole, the former index has fallen 0.1%, while the latter has gained 0.5%.In March, the Morningstar MSCI Emerging Markets and Morningstar Emerging Markets Hedge Fund indexes have posted respective gains of 4.2% and 6.2%.
22/04/2009

Hedge funds will bottom out this year, according to BNY Mellon and Casey Quirk

On the basis of a survey of 150 institutional investors, investment consultants, hedge fund and fund of hedge fund managers and experts on the industry worldwide, Bank of New York Mellon and Casey Quirk estimate that assets in hedge funds will reach a low point of about USD1trn this year, down from USD1.9trn at the end of 2007. Then, as the markets begin to rise and approximately USD800bn in net subscriptions roll in, total assets under management may rise to USD2.6trn in 2013.
22/04/2009

Epsilon GA preparing a fund of hedge funds

Epsilon Gestión Alternativa, which was issued its operating license by the CNMV in September of last year, and which trades under the brand name BrightGate Capital, is about to receive permission from the Spanish regulator to launch its first fund of hedge funds, the BrightGate Absolute Return fund, which will be advised by Permal, an affiliate of Legg Mason, Funds People reports. The performance objective for the fund will be 8-12%, with annual volatility of 5-7%. Management commission is 2.25%, and Epsilon will not charge a performance commission.The fund will provide subscribers with access to 60 managers and eight strategies (Systematic, Discretionary, Event Driven, Fixed Income Developed Markets, Fixed Income Emerging Markets, Fixed Income Hedge, Relative Value Arbitrage, Natural Resources).
22/04/2009

Hedge funds: only two strategies out of 13 are in the red for March, according to Edhec

While in February, only four hedge fund strategies out of 13 monitored by Edhec posted positive results, in March 11 strategies out of 13 did so. The only two strategies in the red were CTA global, with losses of 1.64%, and dedicated short bias (-4.62%).The convertible arbitrage strategy posted its fourth consecutive month of positive results, with gains of 2.58%, and returns of 9.4% for first quarter as a whole. Only CTA global shows losses (2.1%) in January-March.
22/04/2009

France - PSA ne versera pas de dividende

PSA Peugeot-Citroën a annoncé son intention de ne pas verser de dividende à ses actionnaires au titre de l’exercice 2008, qui s’est soldé par une perte de 343 millions d’euros, rapporte La Tribune. Le groupe va également vendre à Veolia sa filiale de maintenance Sense, employant 890 salariés.
22/04/2009
Fonds

SGAM AI lance deux fonds d'investissement de proximité ISF

SGAM Alternative Investments (SGAM AI) annonce la commercialisation par les réseaux de Société Générale et du Crédit du Nord, jusqu"au 22 mai 2009, des fonds d’investissement de proximité (FIP) «ISF» SGAM AI FIP Opportunités IDF Centre-Est et SGAM AI FIP Opportunités Grand-Sud. Le premier investira dans des PME des régions Ile-de-France, Bourgogne, Rhône-Alpes et Auvergne tandis que le second fera de même dans les régions Aquitaine, Midi-Pyrénées, Languedoc-Roussillon et Provence-Alpes-Côte d"Azur. Ces fonds de droit français investiront 60% minimum des sommes collectées dans des entreprises à caractère régional, dont au moins 20% dans de jeunes sociétés créées depuis moins de 5 ans, à différents stades de croissance et appartenant à des secteurs diversifiés, notamment les services à la personne et aux entreprises, l"informatique, les biotechnologies, la chimie, l"environnement, l"énergie, l"agroalimentaire et les multimédias. Ces fonds sont gérés par l"équipe «private Equity» de SGAM AI qui est responsable d’environ 2 milliards d’euros d’encours répartis sur une trentaine de fonds de capital-investmssement. La durée de placement est de 8-10 exercices pour les deux produits ; dans les deux cas, le droit d’entrée maximum acquis au distributeur est de 2,5 %. La souscription minimale de ces fonds destinés aux particuliers, qui peuvent bénéficier de «conditions fiscales optimisées», est fixée à 1 part.
Fonds
22/04/2009

Contraction du bénéfice de State Street

Au titre du premier trimestre 2009, State Street fait état d’un bénéfice par action de 1,02 dollar contre 54 cents en octobre-décembre et 1,35 dollar pour la période correspondante de l’an dernier. Le chiffre d’affaires est ressorti à 2 milliards de dollars contre 2,67 milliards le trimestre précédent et 2,58 milliards pour janvier-mars 2008. A fin mars, les encours sous administration et sous gestion affichaient des contractions respectivement 24 % et 29 % sur un an, à 11.337 milliards et 1.395 milliards.
22/04/2009

Baisse des encours de Bank of NY Mellon

Au premier trimestre, The Bank of New York Mellon a vu ses encours sous gestion revenir à 881 milliards de dollars, soit une baisse de 20 % sur un an et de 5 % par rapport au trimestre précédent. Sur les trois premiers mois de l"année, la banque a accusé des rachats nets de 12 milliards de dollars, principalement liés aux retraits sur les fonds monétaires gouvernementaux.
22/04/2009
Fonds

Les gérants actifs sous-performent

S&P constate que, sur les cinq ans à fin 2008, son indice S&P 500 a perdu 18,8 % mais surperformé 71,9 % des fonds de grandes capitalisations américaines, rapporte The Wall Street Journal. Le pire est que ce résultat est similaire à celui qui avait été constaté pour le cycle quinquennal précédent. La situation est même pire pour les petites capitalisations, puisque le S&P SmallCap 600, qui a perdu 0,6 %, a surperformé 85,5 % des fonds de la catégorie.Quant au S&P IFC Emerging Markets Index, il a battu 89,8 % des fonds de marchés émergents gérés activement. En dehors des fonds à haut rendement, au moins 80 % des fonds obligataires ont sous-performés leurs indices de référence.
Fonds
22/04/2009

Plongeon pour le bénéfice de BlackRock

Aux normes comptables US-GAAP, BlackRock a affiché pour janvier-mars une chute de 65 % de son bénéfice net à 84 millions de dollars ou 62 cents par action pour un chiffre d’affaires qui a baissé de 25 % à 987 millions de dollars. Au 31 mars, l’encours se situait à 1.283 milliards de dollars, ce qui représente une diminution de 2 % sur fin décembre et de 6 % par rapport à la fin du premier trimestre 2008. Le chairman & CEO Laurence Fink a néanmoins souligné que les souscriptions nettes ont porté sur 5,6 milliards de dollars pour janvier-mars et 138 milliards sur les douze mois à fin mars. Cette croissance organique a été surcompensée par des effets de marché et de change négatifs pour respectivement 29,4 milliards et 219,1 milliards de dollars. BlackRock a enregistré pour les trois premiers mois de l’année des rentrées nettes de 21,3 milliards de dollars sur les produits et les mandats de conseil à long terme (dont 18,8 milliards en provenance des institutionnels et 3,3 milliards pour la clientèle privée haut de gamme) alors que les produits de trésorerie (cash management) accusaient des sorties nettes de 15,7 milliards. Laurence Fink a aussi indiqué que l'équipe du gestionnaire de hedge funds R3 Capital Partners (1,5 milliard de dollars d’investissements dans le crédit), dirigée par Rick Rieder, accepte de rejoindre BlackRock.
22/04/2009

AIMA to release a guide to best practices for funds of hedge funds

At the end of April, the Alternative Investment Management Association (AIMA) will publish a guide to ?best practices? for funds of hedge funds.The association has already published a code of conduct for hedge funds, but this is the first time that it is doing so for multi-management.It must be said that the credibility of the sector has been somewhat tarnished by the Madoff scandal, as well as by the liquidity issues that many funds have found themselves confronting since the onset of the crisis. The guide, composed by a steering committee made up of alternative multi-management actors, focuses on risk management, transparency, valuation, management of conflicts of interest, fees, investor protection, and operational issues. The guide does not aim to impose requirements on actors in the fund of hedge fund sector, but rather presents itself as ?a practical tool for managers of funds of hedge funds, investors, regulatory and political authorities, and providers of services to the hedge fund sector,? says Patrick Fenal, CEO of Unigestion and chairman of the steering committee at the AIMA.
22/04/2009

Retirement funds scale up exposure to alternative asset classes

European pension funds and retirement institutions, severely affected by the stock market collapse of last year, are seeking new ways to optimise their risk management. These institutions are increasingly frequently opting for alternative investments, according to the annual ?European Asset Allocation Survey? by Mercer. The survey, covering 1,000 pension funds and retirement institutions in Europe, which manage more than EUR400bn, finds that ?35% of British retirement plans and 60% of European retirement plans (outside the UK) are planning to introduce new types of investments into their portfolios to improve their risk/return profiles.? In 2008, allocations to non-traditional asset classes increased in one year from 10% to 11% in Germany, from 9% to 11% in the Netherlands, and from 4% to 6% in the United Kingdom. In France, they represented 5% to 10%, depending on the institution. Another finding of the study is that exposure to equities was affected by the crisis and the dent it made in reserves for defined-benefit pension plans. ? In the United Kingdom, allocations fell from 58% to 54%, while in Ireland, they fel from 67% to 60%. Exposure to the equities markets has remained low in other European markets, including France,? says the Mercer study, adding that bonds have remained the dominant asset class in most European countries.
22/04/2009

Draft European directive for hedge funds comes in for criticism

In a letter sent on Monday to the chairman of the European Commission, the Socialist bloc in the European parliament claims that a draft European directive on hedge funds, which is up for a vote on 29 April, is ?ineffective? and ?full of loopholes,? Les Echos reports. The major fault with the bill pointed out by Socialists is that it singles out hedge fund managers, who would be required to register, rather than the funds themselves.
22/04/2009

State Street perfects confidence index

State Street Global Markets announced on Tuesday that from 26 May, its index of institutional investor confidence will be improved, to provide more specific information about investors’ level of appetite for risk. The basis of the index will be consequently recalibrated so that a level of over 100 indicates that institutional investors are increasing their exposure to high-risk assets, while a level of under 100 means that they are reducing their exposure. This adjustment will be undertaken separately for the global index and for the regional indices. The publication of the indexes will now take place on the last Tuesday of each month, in order to better align the results with quarterly and monthly developments.
22/04/2009

State Street index: institutional investors seem to be regaining confidence

The global index of institutional investor confidence maintained by State Street Global Markets comes in at 79.6 for April, compared with 70.2 in March (up from an initial announcement of 70; see Newsmanagers of 25 March). This is the third increase in four months, from a level at the start of the year of 60.2 (and 48.2 in December). The index of US institutional investor confidence is up to 70.2 from 60.2 in March, while the index for Europe has risen to 68.9 from 63.9, and the Asian index is up to 87.3 from 86.6.?Despite the increases on the global index, we think that a dose of prudence is necessary,? says Paul O’Connell of State Street Associates. ? This is the first time since September 2008 that institutional investors worldwide have increased their allocation to high-risk assets, but many questions remain as to the pace of the economic recovery. ? Due to the global nature of the current financial crisis, estimates of the time necessary for an economic recovery on the basis of historic examples drawn from specific countries are perhaps over-optimistic, and this issue may drag down the morale of investors in second quarter.?
22/04/2009

The lessons of the crisis for the fund of hedge fund sector have not been learned, says Unigestion

Since summer 2007, Patrick Fenal, CEO of Unigestion, has been sounding the alarm about a liquidity ?mismatch? in some funds of hedge funds, as these funds claimed to offer liquidity which they couldn’t back up in practice. ?Logically, a fund of hedge funds should be less liquid than its underlying funds. But this was often far from the case,? he explained again today. The problem, which he called a ?time bomb? did eventually detonate during the crisis, and many funds of hedge funds found themselves unable to reimburse shareholders who wanted out.This was not the case at Unigestion, which maintained a practice of quarterly liquidity for its funds. ?We missed out on business in 2006-2007 because we didn’t want to introduce monthly liquidity. We knew that if the situation continued as it was, we would not have been capable of honouring redemptions,? admits Jean-François Hirschel, managing director and head of marketing at Unigestion. ?But now, clients are aware? of the issues, he adds. Now, Fenal estimates that the lessons of this liquidity crisis for alternative multi-management have not genuinely been learnt. Particularly in France, where the authorities have been obliged to introduce emergency measures to restrict liquidity (see Newsmanagers of 24/10/2008). ?In France, for example, it is not always possible to make an Aria 3 fund with quarterly liquidity reporting. We can only choose between monthly or weekly liquidity reporting, which is unrealistic for the market as it is,? says Fenal. This remains true even though France as a country has a political tendency to demonize hedge funds, he says.
22/04/2009

CNMV may allow side pockets

To remedy liquidity problems in investment funds, the Spanish securities commission, CNMV, is considering integrating ?side pockets? into its regulations in the coming month, Expansión reports. The conditions would require, for example, that the proportion of low-liquidity assets not exceed 20%. The measures would not be limited to hedge funds, but would be extended to all categories of funds.
22/04/2009

Germany - Deterioration in results at Bankhaus Lampe

In 2008, after a withdrawal of EUR22m from reserves, the private bank Bankhaus Lampe, which is owned by the Oetker family, has posted profits of EUR10m on its balance sheet. It thus has lost a total of EUR12m fur to increased expenses related to recruitments, the opening of three new branch offices, and a depreciation in the value of its 6% stake in Aareal Bank compared with its share price at the end of December. In 2007, Lampe posted net profits of EUR21.5m (see Newsmanagers of 17 April 2008).For 2009, Bankhaus Lampe is planning to bring on board the family offices of its affiliate Lampe Corporate Finance as part of the parent company.
22/04/2009

State Street profits down

For first quarter 2009, State Street has posted profits of USD1.02 per share, compared with USD0.54 in October-December 2008, and USD1.35 per share in the corresponding period of last year. Earnings totalled USD2bn, compared with USD2.67bn last quarter, and USD2.58bn in January-March 2008.As of the end of March, assets under administration and management were down by 24% and 29% on one year, respectively, to USD11.337bn and USD1.395bn.
22/04/2009

Assets at Bank of NY Mellon down

In first quarter, the Bank of New York Mellon has seen a decline in its assets under management to USD881bn, a fall of 20% in one year and of 5% compared with the previous quarter. In the first three months of the year, the bank has seen net redemptions of USD12bn, largely due to redemptions from government money market funds.
22/04/2009

Active fund managers underperform

S&P states that over the five-year period to end-2008, its S&P 500 index has lost 18.8% but outperformed 71.9% of actively managed US large cap funds. The same pattern applies to small caps, emerging markets and bonds.
22/04/2009

Pimco sees normalization on credit markets

According to Steve Rodosky, head of Treasury and derivatives trading at Pimco Treasuries purchases thorough the Fed have helped improve credit markets and there are signs that the markets have started to «operate more normally.»
22/04/2009

Profits down at BlackRock

By US-GAAP accounting standards, BlackRock has posted a fall of 65% in its net profits to USD84m, or USD0.62 per hsare in January-March, on earnings down 25% to USD987m. As of 31 March, assets totalled USD1.283bn, which represents a 2% decline from the end of December, and a 6% decline compared with the end of first quarter 2008.The firm’s chairman and CEO, Laurence Fink, points out that net subscriptions nonetheless totalled USD5.6bn in January-March, and USD138bn in the twelve months to the end of March. This organic growth more than compensated for negative market and currency effects of USD29.4bn and USD219.1bn, respectively. BlackRock has posted net inflows in the first three months of the year of USD21.3bn on products and long-term advising mandates (of which USD18.8bn come from institutional investors, and USD3.3bn from high net worth private clients), while cash management products suffered net outflows of USD15.7bn. Fink also states that personnel at the hedge fund management firm R3 Capital Partners (USD1.5bn in investments in credit), led by Rick Rieder, have agreed to join BlackRock.
21/04/2009
Fonds

Les fonds de hedge funds reviennent en vogue, selon S&P

Les fonds de hedge funds pourraient à nouveau attirer des flux d’investisseurs, lassés par le faible retour sur investissement des actions, selon Randal Goldsmith, analyste spécialiste du secteur chez Standard & Poor’s. Les performances de ces fonds se sont stabilisées au premier trimestre, avec 1% de gain en moyenne à la fin du mois de mars, contre une perte moyenne de 12% indiquée par l’indice S&P Global 1200. Randal Goldsmith estime que le critère de la liquidité des fonds de hedge funds sera également déterminant dans les choix des investisseurs.
Fonds
21/04/2009
Fonds

Les fonds de hedge funds reviennent en vogue, selon S&P

Les fonds de hedge funds pourraient à nouveau attirer des flux d’investisseurs, lassés par le faible retour sur investissement des actions, selon Randal Goldsmith, analyste spécialiste du secteur chez Standard & Poor’s. Les performances de ces fonds se sont stabilisées au premier trimestre, avec 1% de gain en moyenne à la fin du mois de mars, contre une perte moyenne de 12% indiquée par l’indice S&P Global 1200. Randal Goldsmith estime que le critère de la liquidité des fonds de hedge funds sera également déterminant dans les choix des investisseurs.
Fonds
21/04/2009

Werner Peyer quitte UBS

Le Handelsblatt rapporte que Werner Peyer, numéro deux de la gestion de fortune mondiale et de la banque des entreprises va quitter UBS. Les raisons de ce départ ne sont pas encore connues.
21/04/2009

Le Crédit Suisse va indemniser ses clients en Suisse Romande pour Lehman

Le Credit Suisse est parvenu à un accord avec la Fédération Romande des Consommateurs pour indemniser 1700 de ses clients ayant détenu des produits à capital protégé Lehman Brothers. L’indemnisation concerne un montant total de 50 millions de francs suisses. Sur la base d"une analyse individuelle de chaque situation, la banque soumettra une offre de rachat aux clients représentés par la FRC qui, au 31 août 2008, disposaient d’une fortune globale de 500 000 francs maximum au Credit Suisse et avaient investi plus de 20% de cette fortune globale dans des produits de ce type.
21/04/2009

AGI noue un partenariat avec Bajaj Finserv

Allianz Global Investors (AGI) a annoncé la création d’une société de gestion commune avec Bajaj Finserv en Inde. L’allemand détiendra 51 % des parts de cette nouvelle entité, rapporte le Handelsblatt. Le groupe d’assurance Allianz a déjà deux autres joint-ventures avec Bajaj Finserv ; il a d’ailleurs annoncé lundi, selon The Wall Street Journal, qu’il va reprendre d’ici à la fin de l’année la participation de son partenaire indien dans la société Bajaj Allianz Financial Distribution, une société de distribution de produits financiers.
21/04/2009
Fonds

L'heure est aux fonds "tous-terrains"

Les investisseurs espagnols, comme les autres Européens, ont redécouvert les fonds diversifiés dynamiques, qui ont la possibilité de changer souplement la configuration de leur portefeuille pour profiter de toutes les opportunités apparaissant sur le marché. En 2008, cela a été le cas principalement du Carmignac Patrimoine, qui se distingue par une gestion active sans se focaliser sur les indices. Les autres fonds préférés des Espagnols ont été le JPM Global Capital Preservation, le Santander Eurobalance, le Axa WF Optimal Income et le BGF Global Allocation de Blackrock, rapporte Expansión, citant les statistiques de Lipper et de JPMorgan Asset Management. Au premier trimestre, les fonds diversifiés qui ont drainé le plus de souscriptions ont été le Banesto Selección RV, le Kutxadinero Plus et le Ibercaja Patrimonio Dinámico.
Fonds
21/04/2009
Fonds

Les fonds immobiliers songent à se convertir en REIT

Selon Expansión, les gestionnaires de fonds immobiliers étudient la possibilité de transformer ces produits en Socimi (Sociedad de Inversión en el Mercado Inmobiliario), les REIT espagnols. Inverseguros a déjà sondé les souscripteurs au sujet d’un projet de ce genre pour le Segurfondo Inversión. Mais les investisseurs semblent craindre une décote et ceux qui détiennent de grosses participations redoutent de ne pas trouver d’'acquéreur. De toutes façons, il faudra attendre que la législation permette de transformer les fonds immobiliers en Socimi et vice-versa. Il semble néanmoins que Solar Nuñez, directrice général du Trésor, soit favorable à une telle formule.
Fonds

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