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30/10/2013

BNY Mellon puts Liquidity Aggregator online

BNY Mellon’s Liquidity Direct portal has just received the addition of a new service, Liquidity Aggregator, which has been created to help clients gain a new level of insight into their investments, across all across all US and Non-US Domiciled Funds in their portfolios. The system is designed to help clients actively monitor and help to control liquidity risk exposures and manage funding needs, taking into account security types; country and region of exposure; country and region of risk; weighted average yields and maturities.
30/10/2013

Fidelity creates platform for alternative investment

Fidelity Institutional, the division of Fidelity Investments that provides clearing, custody and investment management products to registered investment advisors (RIAs), broker-dealers, family offices and banks, announced the launch of a new comprehensive and streamlined solution for accessing alternative investments. Fidelity’s platform will provide research, education and third-party due diligence, as well as access to a wide range of alternative investment products for all Fidelity Institutional clients.Through this new platform, financial advisors and family office professionals will have access to a variety of alternative investment products, including hedge funds, private equity funds and ’40 Act mutual funds. The platform will also provide access to research and third-party due diligence reports through strategic alliances with leaders in the space, including CAIS, Goldman Sachs Asset Management (GSAM) and Morningstar, which will distinguish it from other firms that only offer access to alternative products. In addition, through Fidelity’s Alternative Investments Network, financial advisors and family office professionals will have access to a list of alternative investment funds from third-party sponsors with reduced custody fees.
30/10/2013

"Introduction” website for HF investors launches in North America

New York-based Digital Direct Marketing has announced the launch of Hedgez (http://www.hedgez.com ), a website which aims to identify and connect high net worth investors with hedge funds that correspond to their profiles. The initiative has been made possible by a recent ruling by the Securities and Exchange Commission (SEC) that from 23 September allows hedge funds to advertise to attract new investors.The new website matches up information about investors with a constantly-updated database of over 6,000 hedge funds, a statement says. Investors are asked to answer a series of questions to allow the search engine to identify hedge funds which would be likely to interest them. The investor can also search manually for vehicles corresponding to their strategy.According to the founder and CEO of Hedgez, Jeffrey Schwartz, “it is surprising to note that there are a lot of qualified investors who know very little about investment in hedge funds. Many of them have never had the idea that a hedge fund could have a place in their portfolio or even that they were qualified to invest in hedge funds. A good portion of active hedge funds, more than 10,000, are looking to increase their assets under management. They have exceptional track records and don’t know how to find new investors. One of the reasons for this situation is that just two weeks ago, they were still not allowed to advertise.”
30/10/2013

Carmignac does not plan to launch new products in 2014

“We have no plans to launch new products in 2014. We are concentrating our efforts on a restricted and coherent range of 17 funds, which meet the requirements of investors. We are convinced that this is the key to our success,” a spokesperson for Carmignac Gestion says in an interview with Bluerating. Carmignac Gestion also says that it is planning to grow in Switzerland, with the opening of a new office in Zurich.
30/10/2013

International equities become the third pillar at Comgest

The asset management firm Comgest on 29 October announced that the global strategy now constitutes the third pillar of its activities. With assets under management of near EUR1.5bn (as of the end of September 2013), the global strategy, led by Céline Piquemal-Prade, has become the third area of activity for Comgest, alongside emerging market equities (EUR8.6bn under management) and European equities (EUR4.5bn under management).Although the global strategy represented 4.3% of total assets under management in 2008, this figure has risen to nearly 10% of total assets, which totalled EUR15.6bn as of 30 September 2013. In the past two years, assets in the Comgest global strategy have virtually doubled in size.
30/10/2013

Harcourt launches two UCITS funds

The alternative management affiliate of the private bank Vontobel, Hracourt Investment Consulting, on 29 October announced the launch of two UCITS-compliant funds, the Vontobel Fund-Pure Momentum Strategy and Vontobel Fund-Pure Dividend Strategy.The two funds are part of a new family of products, Research-Driven Strategies, which includes a third strategy that will be offered at a later date.The two new funds are actively-managed, on the basis of very strict methodologies which allow for alternative risk premiums to be captured.Management commissions have been set for the two funds at 1.50% for private investors, and 0.75% for institutionals. For the Pure Momentum strategy, the outperformance commission is set at 10% of relative performance commpared with the index (Libor three-month).ISIN codes for the Vontobel Fund-Pure Momentum StrategyB: LU0971937973I: LU0971938195H-CHF: LU0971938278HI-CHF: LU0971938351H-EUR: LU0971938435HI-EUR: LU0971938518ISIN codes for the Vontobel Fund – Pure Dividend StrategyB: LU0971937114I: LU0971937205H-CHF: LU0971937387HI-CHF: LU0971937460H-EUR: LU0971937544HI-EUR: LU0971937627
30/10/2013

UBS Global AM releases target-date fund in Spain

The CNMV has granted a sales licence in Spain for the UBS Emerging Markets Bonds 2017 fund from UBS Global Asset Management, an emerging market debt fund maturing in August 2017, for which subscriptions will be closed on 12 November, Funds People reports.The portfolio is invested in a diversified basket of 35 positions in government, quasi-government and corporate bonds. UBS Global AM has limited the capacity of the fund to EUR160m.
30/10/2013

SAC Capital Advisors to plead guilty

SAC Capital Advisors will plead guilty to securities fraud as part of an agreement with US Federal prosecutors which will be announced next week, the Wall Street Journal reports, citing sources familiar with the matter. The exact timing for the agreement has not yet been set, but it may be revealed by the end of the week. SAC will also agree to stop managing money coming from outside, and to pay penal fines of about USD1.2bn. This will be the largest fine ever paid. SAC had previously denied all accusations and claimed that Steve Cohen had done nothing.
30/10/2013

European investors preferred equity funds in September

According to Morningstar, European long-term funds in September posted a net inflow of EUR3.71bn, due to net subscriptions of EUR3.22bn to allocation funds and EUR1.15bn to hedge funds, but most of all to EUR8.31bn which were attracted to equity funds, at a time when bond funds saw net outflows of EUR8.65bn. In the first nine months of the year, net subscriptions totalled EUR218.47bn.Money market funds, for their part, underwent net redemptions of EUR24.98bn, bringing total net redemptions in January-September t0 EUR50.48bn.Among the various groups, the heaviest net inflows were at BlackRock, with EUR2.55bn in September and EUR19.48bn in the first nine months of the year. Second place for September, with EUR1.35bn, is Nordea, with EUR5.99bn in net inflows for January-September, while JPMorgan, in third place last month with EUR878m, had EUR18.14bn in net inflows in the first three quarters of 2013.The largest net redemptions in September were from Pimco, with EUR3.27bn, Polaris, with EUR2.58bn, and Scottish Widows, with EUR1.17bn. However, Pimco still shows net subscriptions of EUR4.24bn in the first three quarters. For its part, BNP Paribas has seen the heaviest net outflows in January-September, with more than EUR5.67bn, followed by Scottish Widows (EUR5.08bn) and Amundi (EUR3.5bn).
30/10/2013

Azimut launches five funds

The Italian asset management firm Azimut has launched three Luxembourg-registered funds: Asset Timing, Top Rating and BtPortfolio, and has unveiled two new UCCITS IV produts: Lira Plus and Global Sukuk, Bluerating reports. Asset Timing is a systematic fund which may invest in funds, equities, bonds and derivatives, depending on market phases. Top Rating is a fund which invests in bonds with an investment grade rating. PTPortfolio has been designed for institutional investors and invests only in securities issued by the Italian treasury denominated in euros. Lir Plus is exposed to Turkish short-term rates, and Global Sukuk is invested in sukuks.
30/10/2013

EstCapital launches a renewable energies real estate fund

The Italian asset management firm EstCapital has launched the closed real estate fund Alps Energy Re, which will invest in renewable energy production units, Bluerating reports. Fundraising, which began in July, has brought in EUR10m. The objective is to raise EUR30-50m.
30/10/2013

DEGI International distributes 20% of its assets

Aberdeen Asset Management Deutschland on 29 October announced that shareholders in the open-ended retail real estate fund DEGI International (ISIN code: DE0008007998) will receive EUR6 per share on 30 October, which represents a total of EUR215.8m, or about 20% of net residual asset of EUR1.079bn (as of 30 September).The liquidation of the fund as of 15 October 2014 was decided on 25 October 2011. At the time, DEGI International had assets of about EUR1.5bn.The manager states that since the beginning of 2013, the fund has sold eight properties or realty firms.The next payment is scheduled for April 2014. The previous one, at EUR3.50 per hsare, or EUR125.9m in total, took place on 25 April.
30/10/2013

Norwegian sovereign fund predicts correction on equity markets

Yngve Slyngstad, CEO of Norges Bank Investment Management (NBIM), has announced that he predicts a correction in equity prices, Handelsblatt reports. That explains the fact that allocation to equities by the Government Pension Fund – Global (GPFG, EUR586bn), formerly known as the Oil Fund, managed by NBIM under an outsourcing contract from the Bank of Norway, has not been increased since the beginning of the year, despite the rising stock prices.Inflows were not allocated to the purcase of equities, but instead to investments in bonds, or have been retained in cash. “We would prefer to invest more in real estate, but that takes time,” the CEO of NBIM says.He adds that in general, he feels that market corrections are more of an opportunity than a danger. “When they happen, we feel that it is a positive sign.”
30/10/2013

Rabobank fined EUR774m over Libor scandal

The Netherlands-based bank Rabobank will have to pay EUR774m in fines in total in three countries for its implication in the Libor and Euribor interest rate manipulation scandal, according to a statement released on 29 October.Rabobank has reached an agreement over fines with the various authorities, and has agreed to pay “approximately EUR774m,” the bank says in a statement, adding that 30 employees were involved in inappropriate conduct.The director of Rabobank, Piet Moerland, has presented his resignation with immediate effect in the light of the findings of the Libor and Euribor investigations, the bank adds. In the interim, the role will be served by Rinus Minderhoud, a member of the supervisory board at the bank since 2002.Fines will be paid to four authorities in three countries: the national prosecutor in the Netherlands, the Financial Conduct Authority (FCA) in the United Kingdom, and the Commodity Futures Trading Commission (CFTC) and the Department of Justice in the United States.“The professional failure at Rabobank is one of the most severe we have identified for Libor,” said the director of the FCA, Tracey McDermott, in a statement. “Employees at Rabobank treated setting the Libor rate as a potential way to make money, without any consideration for the integrity of the market,” he added; “that is unacceptable.” Rabobank will have to pay about EUR124m to the FCA, the third-largest fine in the history of the FCA.
30/10/2013
Fonds

Kempen Capital Management restructure son offre de fonds

Kempen Capital Management N.V. (KCM) a annoncé le 29 octobre avoir fusionné deux de ses fonds phares investis dans des actions de petites capitalisations européennes et domiciliés aux Pays-Bas avec des fonds de droit luxembourgeois. Cette procédure vise à simplifier l’offre de compartiments de Kempen Capital Management et à développer sa plateforme au Luxembourg. La fusion, qui a eu lieu le 23 octobre dernier, concerne des fonds actuellement disponibles aux clients institutionnels de KCM en France: le Kempen (Lux) European Smallcap Fund et le Kempen (Lux) Sustainable Smallcap Fund. Ces fonds sont des compartiments de la SICAV Kempen International Funds. “Cette fusion permet à Kempen Capital Management de renforcer la gamme de ses fonds domiciliés au Luxembourg, et partant, de répondre aux besoins de ses clients. Ces derniers affichent une nette préférence pour les fonds de droit luxembourgeois” déclare Vuk Srdanovic, Manager international business development pour la France chez Kempen Capital Management, cité dans un communiqué. Les deux fonds concernés sont : Le Kempen European Smallcap Fund N.V. fusionné avec le Kempen (Lux) European Smallcap Fund Le Kempen SeNSe Fund N.V. fusionné avec le Kempen (Lux) Sustainable Smallcap Fund
Fonds
30/10/2013
Fonds

Le DEGI International distribue 20 % de son encours

Aberdeen Asset Management Deutschland a annoncé le 29 octobre que les porteurs du fonds immobilier offert au public DEGI International* percevront le 30 octobre 6 euros par part, ce qui représente au total 215,8 millions d’euros ou environ 20 % de l’encours net résiduel de 1.079 millions d’euros (au 30 septembre).La liquidation du fonds au 15 octobre 2014 a été décidée le 25 octobre 2011. A l’époque, le DEGI International affichait un encours de l’ordre de 1,5 milliard d’euros.Le gestionnaire précise que, depuis le début de 2013, le fonds a vendu huit immeubles ou sociétés immobilières.Le prochain versement est prévu pour avril 2014. Le précédent, de 3,50 euros par action, soit 125,9 millions d’euros, avait eu lieu le 25 avril.* DEGI International : Code Isin : DE0008007998
Fonds
30/10/2013

KGAL redéploie sa distribution

Afin de mieux servir les investisseurs institutionnels, les family offices et les fondations, KGAL (25,1 milliards d’euros investis à fin 2012) crée une filiale dédiée, KGAL Capital GmbH & Co KG. La création à Grünwald, près de Munich, de cette entité contrôlée à 100 %, correspond en outre aux exigences de la nouvelle loi sur les investissements (KAGB).KGAL Capital sera dirigée par Markus Müller, assisté de Thomas Krützmann et de Florian Martin. Ces trois directeurs généraux justifient d’une longue expérience en tant que dirigeants de KGAL.Pour sa part, KGAL, dont les fonds propres se montent à 6,4 milliards d’euros, est une filiale commune de la Commerzbank, de la BayernLB, de la caisse d'épargne de Hambourg (Haspa) et de Sal. Oppenheim.
30/10/2013

Apex Fund Services ouvre un bureau à Tokyo

L’administrateur de fonds indépendant Apex Fund Services vient d’annoncer l’ouverture d’un bureau au Japon. L’entité japonaise sera pilotée par Hideki Hashiguchi, qui a précédemment travaillé pour HSBC, Credit Suisse et BNY Mellon au Japon.Les actifs sous administration d’Apex, qui dispose désormais de 34 bureaux dans le monde, s'élèvent à quelque 25 milliards de dollars.
30/10/2013

Altrad émet 100 millions d'euros par placement privé

Altrad, le numéro un européen des échafaudages a émis 100 millions d’euros d’obligations par placement privé auprès d’une poignée d’investisseurs, dont Natixis Assurances et Novo, le fonds lancé cet été pour soutenir les entreprises de taille intermédiaire. Les obligations offrent un coupon de 4,4% avec une maturité à 2020.
30/10/2013

Londres relance son sukuk par obligation

Le Trésor britannique travaille aux modalités d’émission l’an prochain d’une obligation souveraine conforme à la loi islamique, après y avoir renoncé en 2011 en raison du coût de cet instrument. Son montant pourrait être voisin de 200 millions de livres. Un choix politique destiné à séduire le monde musulman.
30/10/2013

Twenty First Capital réduit son fonds PME

Alors qu’il visait un closing à 150 millions d’euros, le fonds Avenir PME Obligations de Twenty First Capital a seulement drainé 67 millions à sa clôture en juillet. La boutique parisienne, qui gère 470 millions d’euros, a assuré hier qu’elle a stoppé d’elle-même les souscriptions sur ce produit. Elle invoque la difficulté à investir en dette dans des sociétés de moins de 50 millions de chiffre d’affaires, dont la demande est plus faible qu’escompté. Avenir PME Obligations a déjà réalisé trois opérations pour un total de 3,15 millions, alors qu’il visait des tickets moyens de 3 millions par société. Pour investir dans 40 PME au total, ce FCPR dispose encore d’un an, mais pourrait se donner six mois de plus. Il s’appuie sur deux apporteurs d’affaires, Entrepreneur Venture et A Plus Finance, qui remplace le britannique Boost & Co. Twenty First Capital compte aussi lancer un fonds contractuel ou de titrisation et un fonds centré sur les régions Bretagne et Pays de la Loire.
30/10/2013

Franklin Templeton collecte 4,8 milliards d’euros en Italie

Sur les huit premiers mois de l’année, Franklin Templeton a enregistré des souscriptions nettes de 4,8 milliards d’euros en Italie. La société américaine affiche un encours dans la Péninsule de 28 milliards d’euros et figure au premier rang des sociétés de gestion étrangères dans le pays, selon le responsable de la zone, Sergio Albarelli.
Markit 3
30/10/2013

SAC s'apprête à plaider coupable

D’ici la semaine prochaine, SAC Capital Advisors devrait dévoiler un accord avec les procureurs fédéraux américains dans le cadre d’une affaire de délit d’initié. Le gérant de fonds alternatifs s’apprête à reconnaître sa culpabilité et à verser sur le plan pénal 1,2 milliard de dollars d’amendes, un record pour ce type de grief. Il devrait par ailleurs s’engager à ne plus gérer de fonds extérieurs. Ces pénalités viendraient s’ajouter à un accord au civil de 616 millions de dollars conclu en mars avec la Securities and Exchange Commission. Cette dernière continue par ailleurs de discuter d’une possible interdiction d’exercer pour Steve Cohen, le fondateur de SAC.
Markit 1
30/10/2013

Le renflouement de GM entraîne une perte pour Washington

Les Etats-Unis ont comptabilisé une perte de 9,7 milliards de dollars (7,05 milliards d’euros) sur le renflouement de près de 50 milliards de General Motors, selon un rapport remis mardi au Congrès. Le Trésor avait mobilisé en 2009 pour 49,5 milliards de dollars de prêts en faveur de GM en échange d’une participation de 60,8% et de 2,1 milliards de dollars d’actions préférentielles. Le Trésor a depuis lors réduit sa participation par une série de cessions qui se sont faites à des prix en deçà du seuil nécessaire pour parvenir au point mort, ce qui a donné cette perte, lit-on dans ce rapport trimestriel du Special Inspector General chargé de superviser les 700 milliards de dollars du programme Tarp (Troubled Asset Relief Program). Le Trésor a vendu ses titres préférentiels et ramené sa participation à 7,3% et détenait 101,3 millions d’actions GM au 26 septembre, la date la plus récente disponible.
30/10/2013

Les Etats-Unis enquêtent sur le marché des changes

Le département de la Justice des Etats-Unis enquête sur une éventuelle manipulation des taux de change, a confirmé mardi le directeur par intérim de la division criminelle du département. C’est la première fois que le ministère admet l’existence d’une telle enquête.
29/10/2013

L'immobilier américain accroît ses gains

L’indice S&P Case-Shiller du mois d’août fait apparaître une augmentation des prix de 0,9% par rapport à juillet dans les 20 plus grandes villes des Etats-Unis. Sur un an, le rythme de croissance s’est accéléré à 12,8%, contre 12,3% à fin juillet, et au-delà du consensus des économistes à 12,5%. Dans une ville comme San Francisco, la hausse annuelle dépasse même 25%. Les économistes s’attendent cependant à ce que le marché immobilier américain retrouve un rythme de croissance plus modeste dans les prochains mois, compte tenu de la hausse des taux d’emprunt depuis mai. Celle-ci a fait sentir ses effets à travers des indicateurs moins retardés comme le sentiment des promoteurs ou les ventes de logements.
Chantier immobilier à Washington en août 2013. Photo: Andrew Harrer/Bloomberg

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