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21/04/2009
Fonds

Nombre record de fermetures de fonds en 2008

Selon les statistiques de l’association allemande BVI des sociétés de gestion, 2008 a été marqué par un nombre record de 386 fermetures de fonds, rapporte la Börsen-Zeitung. Pour les lancements de nouveaux fonds, l’an dernier a affiché le second meilleur score historique, avec 851 unités.
Fonds
21/04/2009

Source fait coter 35 ETF et ETC sur le segment XTF

La Deutsche Börse a annoncé lundi que la cote du segment XTF de sa plate-forme de négociation électronique Xetra s’est allongée de 13 ETF d’indices d’actions et de 22 ETC de matières premières cotées, tous lancés par Source, une joint-venture de Bank of America Merrill Lynch, Goldman Sachs et Morgan Stanley (lire également nos dépêches du 20 avril). Cela porte le total des titres cotés sur XTF à 442 ETF et 136 ETC.Les ETF d’actions de Source sont tous de droit irlandais. Six d’entre eux répliquent des indices DJ Stoxx (STOXX 600, STOXX 50, STOXX Mid 200 et STOXX Small 200, DJ EURO STOXX 50 et DJ EURO STOXX Select Dividend 30) tandis que quatre reproduisent les indices MSCI (MSCI Europe, Japan, USA et World). Deux suivent des indices FTSE (FTSE 100 et FTSE 250) et le dernier réplique le Russell 2000.Quant aux ETC, ils reproduisent tous l'évolution d’indices S&P GSCI dans des domaines comme l'énergie, l’agriculture, le pétrole, les métaux de base et les métaux précieux.Source compte faire coter jusqu'à 100 produits sur la Deutsche Börse d’ici à la fin de l’année.
21/04/2009

db x-trackers dépasse déjà les ? 20 milliards d'encours

Opérationnel depuis janvier 2007, db x-trackers indique lundi avoir désormais franchi la barre des 20 milliards d’euros d’actifs sous gestion répartis sur plus de 100 ETF de droit luxembourgeois, dont plus de 10 milliards dans 37 produits obligataires. Le db x-trackers II EONIA Total Return Index ETF est actuellement l’ETF affichant le plus gros encours en Europe, avec 6 milliards d’euros.Avec son encours total, cette entité du groupe Deutsche Bank est le troisième promoteur européen d’ETF, derrière Barclays Global investors avec ses iShares et Lyxor (Société Générale), sa part de marché se situant à 19 %. Ces fonds conformes à la directive OPCVM III répliquent des indices d’actions, d’obligations, de matières premières et de devises, ainsi qu’un indice de hedge funds. L’offre comporte 15 ETF short sur des indices d’actions, d’obligations ou de crédit.Les ETF de db x-trackers sont cotés sur des places européennes (Allemagne, France, Italie, Suisse, Royaume-Uni) ainsi qu'à Singapour.
21/04/2009
Fonds

Le DEGI International distribue près de ? 100 millions

DEGI (groupe Aberdeen Property Investors) a annoncé que son fonds immobilier offert au public DEGI international a distribué le 14 avril quelque 97,3 millions d’euros à ses souscripteurs au titre de 2008, soit 2,10 euros par part contre 2 euros au titre de l’exercice précédent. Le bénéfice net s’est situé à 103,2 millions d’euros et le taux de remplissage des immeubles du portefeuille se situe à 98 %. DEGI précise que le taux de réinvestissement du dividende a augmenté à 68 % contre 63 % en 2008.
Fonds
21/04/2009
Fonds

Un hedge fund refuse l'OPA de l'Etat sur HRE

Christopher Flowers et son groupe de private equity ne seront pas les seuls à refuser d’apporter leurs titres Hypo Real Estate à l’OPA lancée par le Fonds de stabilisation financière SoFFin : d’après la Börsen-Zeitung, le gestionnaire de fonds alternatifs Exchange Investors est également hostile à cette opération.
Fonds
21/04/2009

Sarah Deaves rejoint RBS

La banque privée Coutts & Co, filiale de Royal Bank of Scotland (RBS), a annoncé que son CEO depuis novembre, Sarah Deaves, va devenir managing director de l’activité clientèle aisée (affluent customers) de RBS. Elle était de surcroît CEO de RBS Wealth Management depuis juin. Selon Reuters, elle sera subordonnée à Paul Geddes, CEO of UK retail, et sera chargée de développer des services pour les 600.000 clients les plus riches de la banque ainsi que les besoins en matière d’investissement des 15 millions de clients retail.
21/04/2009
Fonds

iShares lance six ETF

Le London Stock Exchange (LSE) cote depuis lundi six nouveaux ETF de la marque iShares, le Barclays Euro Government Bond 5-7, le Barclays Euro Government Bond 10-15, le Barclays Euro Treasury Bond ainsi que le FTSE Gilts U.K. 0-5, le FTSE Developed World ex-U.K., le MSCI Pacific ex-Japan et enfin le MSCI Europe ex-EMU.
Fonds
21/04/2009
Fonds

Franklin Templeton fusionne deux fonds

Franklin Templeton Investment Funds propose à l’assemblée générale extraordinaire du Franklin Technology Fund (70,6 millions d’euros fin janvier) prévue pour le 18 mai une fusion avec le Franklin U.S. Opportunities Fund (382,5 millions d’euros fin janvier). Le gestionnaire estime que cette fusion est justifiée du point de vue économique et sert les intérêts des souscripteurs. Si l’AGE vote le projet, la fusion interviendra le 17 juillet.
Fonds
21/04/2009

Germany - Record number of fund closures in 2008

According to statistics from the German BVI association of asset management firms, 2008 was marked by a record 386 fund closures, the Börsen-Zeitung reports. As far as new launches are concerned, last year was the second-best on record, with 851 new funds.
21/04/2009

France - Casam aims for EUR10bn in ETF assets under management

Ignites reports on 20 April that Crédit Agricole Structured Asset Management (Casam) will launch 10 fixed income ETFs next quarter, and a number of commodities ETFs by the end of the year. According to Fathi Jerjel, CEO of Casam, the management firm is aiming for EUR10bn in assets under management by 2011.
21/04/2009

Europe - European Commission considers issue of ?side pockets?

According to the 20 April edition of Ignites, the European Commission is planning to establish a collective approach to illiquidity in UCITS funds, after regulators in France and Luxembourg authorised the creation of ?side pockets? to isolate investments in Madoff-affected assets.
21/04/2009

France - Edhec and UFG endow a chair in horizon fund research

The Edhec Risk and Asset Management Research Centre and UFG have created a new research chair entitled ?Dynamic allocation models and forms of horizon funds.? The chair will be appointed by a joint UFG/EDHEC committee.?The research team at EDHEC Risk and Asset Management Research Centre, under the responsibility of the scientific director of the centre, Lionel Martellini, will examine the limits of life-cycle funds with progressively more conservative profiles, and study the advantages of an active-passive management approach sensitive to periodicity and economic situation for life-cycle funds, particularly for retirement purposes,? says a statement.The chair’s first project will be an analysis of life-cycle funds for retirement, the results of which will be presented at the EDHEC Institutional Days in Paris on 26 and 27 May 2009.
21/04/2009

Europe - Criticism of plans to regulate hedge funds

The European Commission’s plans to regulate hedge funds and private equity may become a central topic in the European elections, the Financial Times reports. In a letter to José Manuel Barroso, president of the Commission, the leaders of the Socialist group in the European Parliament have declared that the propositions would be ineffective because they contain too many loopholes.
21/04/2009

Italy- Alitalia bondholders take on Italian Treasury

Holders of bonds issued by Alitalia are preparing to file a suit against the Italian Treasury, the asset management firm Anima Sgr has announced. The Italian Treasury decided to redeem only 30% of the nominal value of Alitalia bonds.
21/04/2009

Spain - Real estate funds seek to convert to REIT format

Expansión reports that managers of real estate funds are studying the possibility of converting their products into Socimi (Sociedad de Inversión en el Mercado Inmobiliario), the Spanish equivalents of REITs. Invergesuros has already asked the opinion of subscribers about a plan of this type for the Segurfondo Inversión. But investors appear to be worried about the risk that the value of the shares would fall, and those who hold large stakes are worried about now being able to find a buyer. Anyway, asset managers will have to wait for the legislation will to be passed which would allow the conversion of real estate funds into Socimi and vice versa. It would appear that Solar Nuñez, director of the Treasury, is in favour of the changes.
21/04/2009

United Kingdom - iShares launches six ETF funds

Since Monday, the London Stock Exchange (LSE) lists six new ETFs of the iShares brand: the Barclays Euro Government Bond 5-7, Barclays Euro Government Bond 10-15, Barclays Euro Treasury Bond, FTSE Gilts U.K. 0-5, FTSE Developed World ex-U.K., MSCI Pacific ex-Japan, and lastly, the MSCI Europe ex-EMU.
21/04/2009

Sweden - Women lose less in crisis times

The majority of the 6 million savings investors on the Swedish PPM retirement platform lost between 30% and 40% of their assets in 2008, according to the most recent annual report from PPM, cited by Citywire. Considering Swedish savings investors who actively selected their investments in funds, PPM finds that women (-27.9%) have lost less than men (-29.4%).
21/04/2009

Germany - DEGI International distributes nearly EUR100m to subscribers

DEGI (Aberdeen Property Investors group) has announced that its open-ended real estate fund DEGI International on 14 April distributed approximately EUR97.3m to its subscribers for the 2008 fiscal year, corresponding to EUR2.10 per share, up from EUR2 for the previous year. Net profit totalled EUR103.2m, and the occupancy rate for properties in the portfolio is 98%. DEGI states that the dividend reinvestment ratio has risen to 68% from 63% in 2008.
21/04/2009

France - MMGI takes over management of a water fund

Last December, Brigitte Pascaud and Michel Dumoulin, at Martin Maurel Gestion Institutionnelle, took over the financial management of Praetor Wallis Infrastructures, a sub-fund of a Luxembourg Sicav created in April 2005. The product, previously known as the Praetor Water, had been managed by the Banque Degroof, which continues to be the asset management firm for the product; it was advised by Aquaterra. MMGI provided promotion of the product.There were some slight changes to personnel at the firm at the time of the transfer. The fund, specialised in equities of companies active in the water sector, saw an extension to its investment universe, to also include infrastructure. At the same time, the fund was recentered on the Euro zone.This double filter leaves the fund focused on following sectors: energy networks and distribution (electricity, gas, renewable energies), water (treatment, distribution, pipes, and sewers), waste treatment, transportation (roads, highways, ferries, airports, ports), ownership and management of communication networks («historic» telecommunications operators, satellite operators, postal services), the construction and management of public service infrastructure (hospitals, schools, prisons). Within the Euro zone, this includes 155 companies; managers are planning to invest 50% in large caps, and 50% in small caps.From this total, Pascaud and Dumoulin have selected 30 companies, which include IBR Renovables, Veolia Environnement and France Télécom, among the large caps, and Aguas de Barcelona, Ansaldo STS and SMA Solar Tech among the small caps.As of 31 March 2009, the fund had total assets of EUR4.43m.
21/04/2009

Germany - db x-trackers already has over EUR20bn in assets

db x-trackers, which has been in operation since January 2007, announced on Monday that it now has over EUR20bn in assets under management in more than 100 Luxembourg-registered ETFs, of which more than EUR10bn are in 37 bond products. The db x-trackers II EONIA Total Return Index ETF is currently the ETF product with the largest asset volume in Europe, at EUR6bn.Total assets under management for the entity of the Deutsche Bank group makes it the third-largest European ETF promoter, after Barclays Global Investors, with its iShares line of products, and Lyxor (Société Générale), with a market share of 19%. These UCITS III-compliant funds replicate indexes of equities, bonds, commodities and currencies, as well as one hedge fund index. The range includes 15 short ETFs based on equities, bond, and credit indexes.db x-trackers ETF products are traded on European markets (Germany, France, Italy, Switzerland, the United Kingdom), and in Singapore.
21/04/2009

Luxembourg - Franklin Templeton in plans to merge two funds

Franklin Templeton Investment Funds will propose at an extraordinary general shareholders’ meeting for the Franklin Technology Fund (EUR70.6m as of the end of January), to be held on 18 May, to merge the fund with the Franklin U.S. Opportunities Fund (EUR382.5m as of the end of January). The management firm is of the opinion that the merger is justified from an economic point of view, and serves the interests of subscribers. If the EGM passes the motion, the funds would be merged on 17 July.
21/04/2009

World - Share values for real estate companies are six months ahead of the physical property markets

In general, shares in real estate companies or REITs tend to lead their underlying markets by approximately six months, according to a survey by the European Public Real Estate Association (EPRA) commissioned to the US investment company Cohen & Steers. Liquidity appears to bring a higher level of pricing transparency and a more rapid transfer of information on REIT markets than on the less liquid physical property markets.The study, published on Monday, also reveals that publicly traded real estate markets show more pronounced peaks and troughs than the direct markets, which may be related to the fact that data on the performance of publicly traded real estate shares includes leverage, which is not the case for the physical market, though investors in these markets also rely on leverage.Cohn & Steers estimate that although the publicly traded real estate markets incorporate a higher level of risk than the physical real estate markets, it is likely that the underlying real risk of the direct market is strongly underestimated due to the effects of appraisal smoothing. For example, the standard deviation for the physical property market in the United States is only slightly higher than government bonds, and for the British and Australian physical property markets, it is even lower than for government bonds.
21/04/2009

Germany - Women make better investments than men

Women make better stock market investments than men, in both rising and falling markets, according to a study by the German brokerage firm DAB Bank, which examined the investments of 465,000 of its clients. In 2007, when the markets were rising overall, female clients of DAB Bank earned an average return of 18%, compared with 14% for men (7% for the MSCI World index). Women also perform better when the markets are falling, as in 2008. Last year, women outperformed the MSCI World index by 12 percentage pionts, limiting their losses to 30%, compared with losses of 36% in the portfolios of male investors.Another finding of the study is that women have a more prudent investment approach. As of 31 December 2008, they had invested an average of 41% of their assets in equities, compared with 48% for men. Bonds represented 16% of their investments, compared with 13% for male investors.
21/04/2009

World - EIRIS finds shortcomings in management of ESG risks by financial companies

According to the most recent survey by the EIRIS agency of the way in which non-financial risks in social, environmental, and governance (ESG) areas are managed by the 2,200 companies of the FTSE All-World Developed Index, only one quarter of companies achieved a satisfactory score. But nearly one quarter of financial companies did not publish data about ESG management in 2008 - twice as many as in all other sectors.EIRIS has also found that progress has been limited: between 2005 and 2008, the number of companies which earned an average overall score for ESG risk management increased by only 7.4%. Lastly,t he study finds that the best results were in the natural resources sector, which is a result of the fact that companies in this sector are more exposes to critical public opinion, due to high-profile issues such as pollution in the Gulf of Niger or the explosion of a refinery in Texas.
21/04/2009

Germany - Source lists 35 ETF and ETC funds on XTF segment

Deutsche Börse announced on Monday that the XTF segment of its Xetra electronic trading platform will list 13 new ETFs based on equities indexes, and 22 ETCs backed by publicly traded commodities, from Source, a joint venture of Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley (see Newsmanagers of 20 April). This brings the total number of products listed on the XTF segment to 442 ETFs and 136 ETCs.The equities ETF products from Source are all registered in Ireland. Six of them replicate DJ Stoxx indexes (STOXX 600, STOXX 50, STOXX Mid 200 et STOXX Small 200, DJ EURO STOXX 50 et DJ EURO STOXX Select Dividend 30), while four of them replicate MSCI indexes (MSCI Europe, Japan, USA, and World). Two of them track FTSE indexes (FTSE 100 and FTSE 250), while the remaining product replicates the Russell 2000. The ETC products all reproduce the evolution of the S&P GSCI indexes in areas such as energy, agriculture, oil, base metals, and precious metals.Source is planning to list up to 100 products on the Deutsche Börse by the end of the year.
21/04/2009

Spain - Time is ripe for all-terrain funds

Spanish investors, like other Europeans, have rediscovered dynamic diversified funds, which are able to flexibly alter the configuration of their portfolios to profit from all opportunities that appear on the markets. In 2008, one of the foremost of these was the Carmignac Patrimoine fund, which stood out for its active management without a focus on indexes. Other favourite funds of Spanish investors were the JPM Global Capital Preservation, Santander Eurobalance, Axa WF Optimal Income and BGF Global Allocation from Blackrock, Expansión reports, citing statistics from Lipper and JPMorgan Asset Management.In first quarter, the diversified funds which attracted the highest subscriptions were the Banesto Selección RV, Kutxadinero Plus and Ibercaja Patrimonio Dinámico.
21/04/2009

United Kingdom - Sarah Deaves joins RBS

The private bank Coutts & Co, an affiliate of the Royal Bank of Scotland (RBS), has announced that its CEO since November, Sarah Deaves, will become managing director of activities serving affluent customers of RBS. She has also been CEO of RBS Wealth Management since June.According to Reuters, Deaves will report to Paul Geddes, CEO of UK retail, and will be in charge of developing services for 60,000 of the bank’s most high net worth clients, as well as the investment needs of 15 million retail clients.
21/04/2009

Germany - Hedge fund blacks government's takeover bid for HRE

Christopher Flowers and his private equity group will not be alone in refusing to sell their shares as part of a takeover bid for Hypo Real Estate (HRE) launched by the German government’s financial stabilisation fund, SoFFin: according to the Börsen-Zeitung, the hedge fund manager Exchange Investors is also opposed to the deal.

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