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16/10/2013

HSH Nordbank vend son pôle immobilier pour un euro

Selon la radio NDR info, la Landesbank du Schleswig-Holstein et de Hambourg, HSH Nordbank, aurait vendu en août sa division HSH Real Estate pour un euro symbolique. Cela recouvre des fonds immobiliers d’un encours de 2 milliards d’euros et un parc immobilier de 320 millions d’euros. Le porte-parole de HSH Nordbank a refusé de commenter l’information, précise Fondsprofessionell.
16/10/2013

Pimco muscle sa force de vente institutionnelle germanique

Philipp Orth, Nadejda de Lousanoff et Umberto Prandi ont été recrutés pour l'équipe de ventes institutionnelles de Pimco sur les marchés allemand et autrichien, sous la responsabilité de Frank Witt, executive vice president et head of institutional customer relationships pour l’Allemagne et l’Autriche.Le premier devient vice president et CRO. Il était auparavant directeur du suivi de la clientèle chez Vescore. Nadejda de Lousanoff vient du Banesto, où elle était responsable de la distribution des produits structurés en Allemagne et dans les pays nordiques pour l’espagnol Santander. Elle est nommée chargée de clientèle chez Pimco.Enfin, Umberto Prandi quitte Infineon Technologies, où il était manager pour les fusions et acquisitions, pour devenir chargé de clientèle chez Pimco.
16/10/2013

Vontobel ouvre une succursale dédiée à la clientèle américaine

Enregistrée depuis quelques jours à la même adresse que les locaux de la banque Vontobel à Genève, une filiale de la banque devrait être opérationnelle prochainement, rapporte L’Agefi suisse. Vontobel Swiss Wealth Advisors, dont le siège est à Zurich, est une entité exclusivement dédiée au conseil en investissement pour les «US persons».Contacté par L’Agefi suisse, l’entreprise ne souhaite pas pour l’heure commenter l’ouverture de cette succursale. D’après les quelques documents disponibles, Vontobel Swiss Wealth Advisors fait partie des rares sociétés de gestion européennes enregistrées auprès de la SEC (Securities and Exchange Commission, l’autorité des marchés financiers américaine). Elle semble également réservée aux HNWI (high net worth individuals) puisque l’investissement minimal requis est de un million de francs pour les programmes de conseil.
16/10/2013

La banque genevoise Syz & Co mise en examen en France

La banque Syz & Co a été mise en examen au début de mois d’octobre en France, a confirmé lundi à l’agence suisse ats le porte-parole de la banque privée genevoise Ricardo Payro, confirmant une information des sites Internet de la «Tribune de Genève» et de «24 heures». L’affaire est liée à un conflit du droit du travail à la suite du licenciement d’un employé français en juillet 2009. «Il s’agit simplement d’une nouvelle étape procédurale, sans aucune décision ni préjugé sur le fond. C’est une affaire ancienne, qui se limite à des questions assez techniques de droit du travail et ne concerne qu’un seul ancien collaborateur chargé de commercialiser des fonds de placement auprès d’une clientèle institutionnelle», précise Ricardo Payro.L’agence ats précise que selon le porte parole, la procédure n’a aucun impact sur la commercialisation des fonds de la banque en France. «Le litige porte sur la proportion du temps de travail passée en France par un ancien collaborateur qui, contrevenant à ce que prévoyait son contrat de travail, a, de sa propre initiative et pour des raisons d’ordre purement personnel, passé en France plus de temps que demandé. Licencié en juillet 2009, cet ancien collaborateur prétend qu’il aurait dû être soumis au droit du travail français», ajoute-t-il.
16/10/2013

DJE Finanz embauche un cadre de Clariden Leu

Bruno Gatella, directeur de la distribution wholesale chez Clariden Leu et Credit Suisse Asset Management, a rejoint au 1er octobre DJE Finanz, filiale suisse du groupe munichois Dr Jens Erhardt (DJE Kapital) comme directeur de la distribution de fonds en Suisse, rapporte finews. DJE Kapital gère environ 10 milliards d’euros (au 30 septembre).
16/10/2013

Le gérant star Neil Woodford quitte Invesco Perpetual

Neil Woodford, l’un des colosses de la gestion britannique, quitte Invesco Perpetual après un quart de siècle, rapporte le Financial Times. L’action d’Invesco, la maison mère américaine, a chuté de 5 % à cette annonce. Neil Woodford contrôle la moitié des fonds sous gestion d’Invesco Perpetual et certains conseillers financiers prédisent de nombreux rachats. Il a 33 milliards de livres sous gestion (soit plus que tout autre gérant de fonds britannique) et affiche l’un des meilleurs historiques de performance. Le gérant espère créer une nouvelle société de gestion en avril lorsqu’il quitte son employeur.
16/10/2013
Fonds

Record d'encours pour les fonds éthiques britanniques

A l’occasion de la 6ème semaine annuelle de l’investissement éthique au Royaume-Uni (13-19 octobre), l’agence de recherche extra-financière EIRIS a établi que l’encours des fonds retail «verts» et éthiques se situe actuellement à un record de 12,2 milliards de livres. Il n'était que de 4 milliards en 2001. EIRIS a recensé 80 fonds, dont 10 ont vu leurs encours augmenter de plus de 50 % sur les douze mois à fin juin 2013, tandis que 23 ont connu un gonflement de leurs actifs compris entre 20 et 50 %.D’autre part, sur la base d’un sondage auprès de 2015 adultes, EIRIS a déterminé que 18 % des personnes interrogées souhaiteraient que leur fonds de pension soit investi en totalité dans des titres de sociétés qui ne contreviennent en rien aux bonnes pratiques en matière environnementale, sociale et de gouvernance.Pour sa part, Triodos Bank a déterminé que 17 millions de Britanniques détiennent potentiellement des actifs qui ne correspondent pas à leurs convictions éthiques. Et 20 % seulement des investisseurs indiquent être conscients de la proportion exacte dans laquelle les activités de leurs fonds, de leur fonds de pension ou des actions/obligations qu’ils détiennent sont véritablement éthiques ou non.
Fonds
16/10/2013
Fonds

Cerberus s'intéresserait au dossier BlackBerry

BlackBerry attire de nouveaux prétendants, rapporte L’Agefi. Cerberus, la société de private equity américaine aurait signé avec le fabricant canadien de smartphones un accord de confidentialité lui permettant d’accéder à ses comptes, afin de disposer de toutes les informations nécessaires pour un rachat potentiel. Le fonds américain serait au stade préliminaire de sa réflexion sur une offre qui porterait sur la totalité du capital de BlackBerry.
Fonds
16/10/2013
Fonds

Les actifs des fonds souverains tutoient les 6.000 milliards de dollars

Les actifs sous gestion des fonds souverains approchent la barre des 6.000 milliards de dollars, selon les derniers chiffres communiqués par SWF Institute.En octobre dernier, les actifs sous gestion des fonds souverains totalisaient 5.999,8 milliards de dollars. Sur ce total, un peu plus de 3.500 milliards de dollars concernent des fonds souverains dépendant de ressources pétrolières et gazières.
Fonds
16/10/2013

DJE Finanz recruits exec from Clariden Leu

Bruno Gatella, director of wholesale distribution at Clariden Leu and Credit Suisse Asset Management, on 1 Octber joined DJE Finanz, the Swiss affiliate of the Munich-based Dr. Jens Erhardt group (DJE Kapital) as director of fund distribution in Switzerland, finews reports. DJE Kapital manages about EUR10bn (as of 30 September).
16/10/2013

Hedge funds return to positive performance in September

After an average loss of 0.54% in August, hedge funds covered by the BarclayHedge index in September posted average returns of 2.09%, bringing gains to 7.28% for the first nine months of the year. In September, only equity short bias (3 funds) has seen losses, of 3.55%, while the decline since the beginning of the year is 19.84%. However, equity long bias (202 funds) stand out with gains of 3.63% in September, and 15.23% for the first three quarters, while remaining behind the healthcare and biotech strategy (20 funds), whose performances total 4.27% and 20.93%, respectively. The 27 Pacific Rim funds have gained 17.20% in the first nine months of the year, but “only” 2.62% in September.
16/10/2013

Value at Risk is a “time bomb”

The widespread use of “value at risk” to measure the risk exposure of funds is a “time bomb” which could provoke a serious crash on the markets, according to Jeremy Monk, chief investment officer at Akro Investicni Spolecnost in Prague, cited by Financial Times fund management. He estimates that in the case of a fall on the equity markets and a rise in volatility, fund managers would have to sell equities, which would exacerbate the fall.
16/10/2013

City opens to Chinese finance

At a time when the position of London as the major foreign offshore centre for the Chinese yuan outside Hong Kong has recently been strengthened, the Chinese and British authorities have announced three major agreements during a visit to China by the Chancellor of the Exchequer, George Osborne, Les Echos reports. Firstly, Chinese banks will be allowed to operate in the City as branches. The second agreement signed by the British delegation is an additional quota for direct investment in Chinese publicly-traded equities for British companies. Its maximum has been set at GBP8.2bn. Lastly, the two countries have agreed that the pound becomes the fourth currency, after the US dollar, the Australian dollar and the Japanese yen, to be allowed to be traded directly with the yuan, on markets in Shanghai and in licensed offshore centres. A timeline has not yet been set.
16/10/2013

Hedge funds target Puerto Rican debt

Hedge funds and “distressed” asset managers are buying Puerto Rican debt, taking advantage of sales by traditional investors, the Financial Times reports. “Many traditional funds are selling these securities at a discount, and since several entities in Puerto Rico sell bonds, the liquidity is good. That is unusual in the municipal bond market,” says one manager. The monthly trading volumes on Puerto Rican bonds have increased to USD30bn at the end of September, compared with an average of UDS3-5bn, according to Citigroup.
16/10/2013

Norwegian fund teams up with Axa Real Estate in commercial RE debt

Norges Bank Investment Management manager of the Norwegian Government Pension Fund Global, and Axa Real Estate Investment Managers have entered a European commercial real estate loan co-investment programme.The programme will target investments in large size senior loans, of up to EUR600 million, with a primary focus on the United Kingdom, France and Germany.
16/10/2013

CPSS and IOSCO launch consultation on central counterparties

The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) on October 15 published for public comment a consultative document on the Public quantitative disclosure standards for central counterparties. In order that the risks related to the use of central counterparties (CCPs) can be properly understood, CCPs need to make relevant information publicly available, as stated in the CPSS-IOSCO Principles for financial market infrastructures, published in April 2012. To provide guidance on what should be disclosed by a CCP and other financial market infrastructures, CPSS and IOSCO published a Disclosure framework in December 2012, primarily covering qualitative data that need relatively infrequent updating (for example, when there is a change to a CCP’s risk management framework). To complement that disclosure framework, the document now being published sets out guidance on the quantitative data that a CCP should disclose more frequently. Comments on the report are invited from all interested parties and should be sent by 13 December 2013.
16/10/2013

Moody's planning to modify methodology for asset managers

The financial ratings agency Moody’s on 15 October launched a call for comments on proposed modifications to the ratings methodology for asset management firms. This would more systematically evaluate risk factors concerning alternative management firms, while also increasing the number of risk factors on the balance sheets of traditional asset management firms.
16/10/2013

Very good first quarter for Hargreaves Lansdown

The British firm Hargreaves Lansdown has reported growth of 8% in its assets under administration of its first quarter 2013-2014 to the end of September, which have reached a total of GBP39.3bn, comapred with GBP36.4bn at the end of June, according to interim results released on 15 October. The firm calls the activity in first quarter “exceptional,” as this time of year is generaally very quiet. The number of active clients on the platform increased by 20,000 to 528,000. In the first quarter of the previous year, the number of clients increased by only 7,000.
16/10/2013

Record assets for UK ethical funds

At the 6th annual national ethical investment week in the United Kingdom (13-19 October), the extra-financial research agency EIRIS has determined at assets in “green” and ethical retail funds now total a record GBP12.2bn. They totalled only GBP4bn in 2001. EIRIS counts 80 funds, of which 10 have seen increases of more than 50% in their assets in the twelve months to the end of June 2013, while 23 have seen an increase in their total assets of 20% to 50%.Meanwhile, on the basis of a survey of 2015 adults, EIRIS has found that 18% of respondents would like their pension fund to be totally invested in shares in companies which do not contravene best practices in environmental, social and governance areas.For its part, Triodos Bank has determined that 17 million British citizens potentially hold assets which do not correspond to their ethical convictions. And only 20% of investors say they are aware of the exact percentage of their fund activities, pension fund or stocks and bonds that they hold are genuinely ethical or not.
16/10/2013

CPR AM launches thematic household consumer spending fund

CPR Asset Management has announced the launch of the CPR Consommateur Actionnaire fund, a European equity fund eligible for investment from PEA accounts. The product has the primary objective of benefiting from household consumer spending worldwide. The managers of the fund, Nicolas Johnson and Caroline Canard, select the best-performing European businesses in sectors which are affectd by household spending. “The investment universe of CPR Consommateur Actionnaire is not limited to the ‘household’ basket but takes an interst in all sectors directly affected by household consumer spending worldwide. It is a fund whose vocation is to track the evolution of ‘trends’ while respecting the profile of household consumption. The particularly of the investment strategy is to construct the portfolio with a balance between the weight of the varius household spending areas,” a statement says. Currently, 10 areas are listed (housing, transportation, health, clothing, leisure, clothing, eduction, consumer, etc.). CharacteristicsISIN code: P share class FR0010258756 / I share class FR0011554237Subscription commission not paid to the FCP maximum 3%Recemption commission not paid to the FCP P and I share classes: noneMaximum annual management fees P share class: 1.50% in cluding all tax / I share class: 1% including all taxPerformance commission P and I share clases: 20% including all tax on performance exceeding the MSCI Europe, up to 2% of net assets
16/10/2013

Pimco launches Bravo II fund

After the success of the Bravo I Fund, with USD2.35bn, which has proven that it is possible to make a lot of money (34% per year) with NPLs, Pimco is preparing to launch the Bravo II (Bank Recapitalization and Value Opportunities), which is expected to raise USD4bn by a closing scheduled for February, Handelsblatt reports.The lead portfolio managers are Dan Ivascyn and Josh Anderson, who also manage the Bravo I.
16/10/2013

Liontrust enters multi-asset class management

The British firm Liontrust has acquired North Investment Partners as part of its planned development in multi-asset class management, FundWeb reports. The head of North Investment Partners, John Husselbee, is expected to lead the new multi-asset class team at Liontrust. Paul Kim, formerly of LV=, will join the team as senior manager.
16/10/2013

Henderson appoints UBS veteran as new CIO

Henderson has hired Rob Gambi as chief investment officer. He will focus on the leadership and development of Henderson’s investment capabilities globally, including its growing resources in the US and Asia. Rob Gambi joins from UBS Global Asset Management where he was a group managing director and global head of fixed income with responsibility for over USD230 billion. In addition he was a member of the executive committee of UBS Global Asset Management.Previous to this he was head of equities and head of fixed income at AMP Asset Management (AMPAM) and Henderson. He will report directly to Henderson CEO Andrew Formica and sit on Henderson’s executive committee. He will start at Henderson in 2014.
16/10/2013

Star manager Neil Woodford leaves Invesco Perpetual

Neil Woodford, a colossus in British asset management, is leaving Invesco Perpetual after a quarter century, the Financial Times reports. Shares in Invesco, its US parent company, fell 5% on the news. Woodford controls half of funds under management at Invesco Perpetual, and some financial advisers predict large-scale redemptions. He has GBP33bn in assets under management (more than any other British fund manager), and has one of the best track records around. The manager hopes to found a new asset management firm in April, once he has left his employer.
16/10/2013

Geneva's Syz & Co investigated by France

The bank Syz & Co was placed under investigation at the beginning of October in France, a spokesperson or the Genevan private bank, Ricardo Payro, confirmed the Swiss agency ATS on Monday, confirming reports on the website of the Geneva Tribune and 24 heures. The affair is related to a labour conflict following the dismissal of a French employee in July 2009. “this is simply a further procedural step, without any ultimate decision or prejudice. It is an old case, which is limited to rather technical questions of labour law and which concerns only one old employee responsible for selling investment funds to instituitonal clients,” says Payro.
16/10/2013

Finisterre offers EM long/short credit fund

London-based asset manager Finisterre Capital has injected USD55m of seed capital into its new long/short bond fund dedicated to emerging market debt, the Finisterre Emerging Market Debt Fund, Citywire reports. It is an Irish-registered product which has a sales license in most European countries. The managers are Paul Crean, co-founder and CIO of Finisterre, and Christopher Watson.The portfolio will invest in all bond segments (government, corporate, high yield, hard or local currncies) with a more diversified long/short strategy and a lower turnover than for other hedge funds from Finisterre. It will also have a longer investment horizon.
16/10/2013

Dexia AM launches Equities Global Optimum

Dexia Asset Management has announced the launch of the UCITS IV Equities Global Optimum fund. The fund, which is aimed primarily at institutinoal investor clients such as pension funds, mutuals and insurers, may be exposed via a flexible allocation ranging from 0% to 200%. The portfolio is invested in global equities via derivatives, primarily options. The objective for the product is to “allow institutional investors subject to the constraints imposed by regulations to benefit from equity markets while limiting capital charge,” a statement says. “Let’s take the example of insurers: while traditional investment in equities implies an SCR of 39%, the management strategy used for the Equities Global Optimmum limits the SCR to less than 25% while seeking returns higher than those of the MSCI World hedged in euros with dividends reinvested,” says Nagi Nasr, head of alternative investment solutions at Dexia AM. Characteristics ISIN code: FR0011535897 (capi). Front-end fee: 1.00% Withdrawal penalty 1.00% Ongoing fees: 1.45%
16/10/2013

Dexia AM launches Equities Global Optimum

Dexia Asset Management has announced the launch of the UCITS IV Equities Global Optimum fund. The fund, which is aimed primarily at institutinoal investor clients such as pension funds, mutuals and insurers, bay be exposed via a flexible allocation ranigns from 1% to 200%. The portfolio is invested in global equities via derivatives, primarily optins. The objective for the produc is to “allow institutional investors subject to the constraints imposed by regulations to benefit from equity markets while limiting capital charge,” a statement says. “Let’s take the example of insurers: while traditional investment in equities implies an SCR of 39%, the management strategy used for the Equities Global Optimmum limits the SCR to less than 25% while seeking returns higher than those of the MSCI World hedged in euros with dividends reinvested,” says Nagi Nasr, head of alternative investment solutions at Dexia AM. Characteristics ISIN code: FR0011535897 (capi). Front-end fee: 1.00% Withdrawal penalty 1.00% Congoing fees: 1.45%
16/10/2013

Considerable increase in assets at La Financière Responsable

Currently, La Financière Responsable has about EUR90m in assets under management, compared with EUR62m at the end of last year, and has posted net inflows of about EUR20m since the beginning of 2013. The “historic FCP” from the firm, LFR Euro Développement Durable, as of the end of September had EUR51.43m, and was 99.5% exposed to equities, of which 61.3% were French stocks. Since 31 December 2009, the fund has posted returns of 22.30%, compared with losses of 2.42% for the EuroStoxx 50 Price, and a gain of 11.06% for the EuroStoxx 50 Total Return, with volatility over 52 weeks of 12.59%, compared with 14.99% and 14.94%, respectively. The portfolio includes 35 positions and the turnover rate stands at about 33%. These results are consistent with the SRI strategy of La Financière Responsable, while on Tuesday, its chairman, Olivier Johanet, declared that “at the end of the day, SRI is a question of financial performance.” With that said, it needs to be demonstrated that extra-financial considerations are not counter-financial, and the difficulty for SRI or ESG managers is obtaining extra-financial information, and then enriching the data (LFR is now working with 63 indicators), and then take into account and justify extra-financial factors. Basic criteria (personnel, shareholders, companies, environment, partners, providers, clients, governance) allow for a eco-social footprint to be calculated, which is then used as a basis for financial judgements. In the construction of portfolios, capitalisation and weight biases are eliminated, stresses Stéphane Prévost, CEO.
16/10/2013

State Street may double ETF range

State Street Global Advisors has suggested that it may double the number of ETFs which is manages in Europe, Ignites, a service from the Financial Times, reports. Scott Ebner, global head of product development at SSgA, thinks that there is room for about “100 ETFs” in the range from the company. SPDR, the ETF arm of the firm, currently has 52 products, compared with 13 when it restarted its European activities in 2010.

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