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09/05/2012

Nomination et adhésions à l'AFG

Thierry Callaut a été remplacé par Isabelle Habasque pour OFI Asset Management au sein du conseil d’administration de l’AFG à compter du 19 avril 2012. Par ailleurs, les sociétés Altimeo AM, Flornoy & Associés Gestion, Montmartre AM et Swell AM sont désormais adhérents de l’association tandis que les sociétés AM Fine Services & Software, Ernst & Young , Société d’Avocats - Lefevre Pelletier & Associés et PCI-Procédures & Contrôle Interne sont devenus membres correspondants de l’AFG.
09/05/2012
Fonds

Arrow lance un ETF répliquant un nouvel indice Dow Jones

Arrow Investment Advisors a fait admettre à la négocation le 8 mai sur la plate-forme NYSE Arca son premier ETF ArrowShares, le Arrow Dow Jones Global Yield ETF (acronyme : GYLD), qui réplique le nouveau Dow Jones Global Composite Yield Index. Cet indice est destiné à réduire le risque de concentration en suivant cinq paniers correspondant chacun à un sous-indice de 30 valeurs censées fournir une exposition équipondérée à des sources de revenus traditionnelles ou alternatives sur plusieurs classes d’actifs. Ce produit est chargé à 0,75 %.Les cinq sous-indices sont : Dow Jones Global Equity Yield Index, Dow Jones Global Real Estate Yield Index, Dow Jones Global Alternative Yield Index ainsi que Credit Suisse Yield Enhanced Global CorporateIndex et Credit Suisse Yield Enhanced Sovereign Index.
Fonds
09/05/2012
Fonds

Louis Gallois va rejoindre le conseil d'administration du FSI

A peine un an après son arrivée au sein du conseil d’administration du Fonds stratégique d’investissement (FSI), Denis Ranque va abandonner son poste d’administrateur indépendant pour mener à bien un projet personnel, rapporte Les Echos. Selon le quotidien, Louis Gallois, directeur général exécutif d’EADS, devrait lui succéder.
Fonds
09/05/2012
Fonds

Van Eck prépare deux ETF sur les actions saoudiennes

Le 3 mai, Van Eck a notifié à la SEC (form N-1 A) son projet de lancer le Market Vectors Saudia Arabia ETF et le Market Vectors Saudi Arabia Small-Cap ETF, des fonds spécialistes des actions saoudiennes et répliquant des indices calculés par Structured Solutions AG. Aucun acronyme et aucun TFE ne sont indiqués.
Fonds
09/05/2012
Fonds

Les investisseurs contraignent SEB AM à liquider le fonds ImmoInvest

Le fonds immobilier offert au public SEB ImmoInvest*, dont les remboursements étaient gelés depuis presque deux ans, sera liquidé d’ici au 30 avril 2017, en accord avec la BaFin, a annoncé lundi l’allemand SEB Asset Management. En effet, les demandes de remboursements accumulées depuis le 25 avril ont dépassé les liquidités disponibles et les ordres correspondants n’ont donc pas été exécutés (lire Newsmanagers du 2 mai). Les porteurs ont donc décidé en connaissance de cause la disparition de ce produit, le gestionnaire leur ayant clairement donné le choix entre la liquidation et le passage sous le régime de la nouvelle loi sur la protection des investisseurs.SEB AM indique qu’il va procéder à des remboursements semestriels, le premier, correspondant à 20 % de l’encours (6,35 milliards d’euros en dernier lieu) devant être effectué en juin 2012. Le montant des versements ultérieurs dépendra des liquidités tirées des cessions d’actifs.Le gestionnaire précise que le portefeuille comporte 132 immeubles dans 18 pays et 64 villes. La performance depuis le lancement en mai 1989 a été de 219,7 % ou de 5,2 % par an.Barbara Knoflach, directrice générale de SEB AM, a indiqué que les investisseurs ayant opté pour un remboursement se divisent en deux catégories : d’une part, ceux pour lesquels l’horizon d’investissement est arrivé à son terme durant les deux années écoulées et qui doivent à présent disposer de leur mise ; de l’autre, les investisseurs très préoccupés par l’environnement économique et financier ainsi que par les turbulences qu’ont traversées les fonds immobiliers offerts au public.*DE0009802306
Fonds
09/05/2012

Gavin Launder promu chez LGIM

Le britannique LGIM vient de promouvoir Gavin Launder, jusqu’ici gérant d’actions européennes, au poste de responsable des actions européennes pour le groupe.Dans ses nouvelles fonctions, Gavin Launder remplace Ian King, qui a quitté LGIM le mois dernier pour donner un nouveau tour à sa carrière.
09/05/2012

Le patron d'Aviva poussé à la démission

Andrew Moss, le directeur général de l’assureur britannique Aviva, est devenu hier la troisième victime outre-Manche de la colère d’actionnaires, mécontents que la rémunération des dirigeants ne soit pas alignée avec la performance de leur groupe, rapporte Les Echos. Son départ intervient alors que près de 6 actionnaires sur 10 du numéro deux britannique du secteur avaient rejeté le plan de rémunération du management présenté jeudi dernier lors de son assemblée générale. Andrew Moss rejoint Sly Bailey et David Brennan, respectivement de Trinity Mirror et du géant pharmaceutique AstraZeneca, poussés vers la porte par leurs actionnaires
09/05/2012
Fonds

Source propose un Exchange Traded Certificate sur le Brent

Avec le Source Brent Crude Enhanced T-ETC (acronyme : BOIL), Source lance un exchange traded certificate qui permet selon l'émetteur «de s’exposer de manière optimisée au pétrole brut Brent» au travers de l’indice S&P GSCITM Brent Crude Enhanced Total Return.Le Source Brent Crude Enhanced T-ETC est sécurisé par du monétaire et notamment par des bons du Trésor américain. Il est coté à la bourse suisse (SIX Swiss Exchange) et négocié en dollars américains. Il est autorisé à la commercialisation en Suisse, en Autriche, en Belgique, au Danemark, en Finlande, en France, en Allemagne, en Irlande, en Italie (pour les investisseurs institutionnels uniquement), au Luxembourg, aux Pays-Bas, en Norvège, au Portugal, en Espagne, en Suède et au Royaume-Uni.CaractéristiquesDénomination : Source Brent Crude Enhanced T-ETCCode Isin : XS0766094972 Domiciliation : Irlande Devise de base et de négociation USD / USD Commission de gestion : 0.49%
Fonds
09/05/2012
Fonds

Jupiter lance une réplique européenne de son Strategic Fund

Le 8 mai, Jupiter a annoncé le lancement du Jupiter Dynamic Bond, compartiment de la sicav luxembourgeoise Jupiter Global Fund, disponible en parts retail et institutionnelles en euros, dollars, livres et francs suisses. C’est la réplique annoncée (lire Newsmanagers du 28 février) du fonds britannique Jupiter Strategic Fund (921 millions de livres) que gère également Ariel Bezalel depuis juin 2008 et qui a affiché pour les trois ans au 30 avril 2012 une performance de 65,5 % contre 41,3 % pour la moyenne sectorielle IMA des fonds Sterling Strategic Bonds. Le fonds britannique a également surperformé de 28,4 points de pourcentage le iBoxx Stg Non-Gilts All Maturities Index.Le portefeuille comportera en règle générale entre 60 et 80 lignes, mettant en œuvre une stratégie souple couvrant l’ensemble du spectre obligataires, des régions et des catégories de notations.La monnaie de base est l’euro. Pour les parts euros, les valeurs en autres devises seront couvertes du risque de change à 80 %.Il est prévu des distributions trimestrielles, la première étant programmée pour le 30 septembre 2012.Le fonds dispose d’un agrément de commercialisation au Royaume-Uni, à Hong-Kong, Singapour, à Jersey, en Suède, en Autriche, en Finlande, en France, en Allemagne, au Portugal, à Guernesey et aux Pays-Bas. L’agrément a demandé pour la Belgique et la Suisse.Caractéristiques: Dénomination: Jupiter Dynamic BondIndice de référence: Barclays Capital Euro – Aggregate Corporate IndexDroit d’entrée: 5 %Commission de gestion:parts L: 1,25 %parts I: 0,50 %Souscription minimale initialeparts L: 1.000 euros/dollars/livres/francs suissesparts I: 10 millions euros/dollars/livres/francs suisses
Fonds
09/05/2012
Fonds

Threadneedle commercialise un hedge fund obligataire coordonné

Le britannique Threadneedle a entamé la commercialisation de son nouveau hedge fund coordonné Threadneedle (Lux) Global Opportunities Bond Fund lancé le 24 août 2011.Le portefeuille de ce produit obligataire géré par James Cielinski est scindé en deux parties : le «liquidity & carry portfolio», qui pourra représenter entre 10 et 70 % de l’encours, sera investi en obligations bien notées et en dérivés de crédit à échéance courte tandis que la partie active utilisera plusieurs stratégies avec des positions longues et courtes sur l’ensemble de l’univers obligataire.L’objectif consiste à surperformer le taux de dépôt à 1 mois en dollars de 450 points de base par an.Caractéristiques :Dénomination : Threadneedle (Lux) Global Opportunities Bond FundCode Isin : LU0640495429Commission de gestion : 0,65 %Commission de performance : 15 % avec high watermark
Fonds
09/05/2012

iShares compte profiter de la RDR

iShares (BlackRock) compte gagner une part plus importante du marché des fonds britanniques suite à la RDR (retail distribution review) qui va interdire le paiement des commissions aux conseillers financiers à partir de 2013, prédit Joe Linhares, responsable de la zone EMEA, interviewé dans le Financial Times Fund Management. Il pense que ce type de réforme va finir par toucher d’autres pays d’Europe.
09/05/2012

Aviva head forced to resign

Andrew Moss, CEO of the British insurer Aviva, yesterday became the third UK victim of shareholder discontent at management pay scales not in line with the performance of their groups, Les Echos reports. His departure came as nearly 6 out of 10 shareholders in the second-largest British insurer rejected management pay scales proposed last Thursday at the firm’s general shareholders’ meeting. Moss joins Sly Bailey and David Brennan, of Trinity Mirror and the pharmaceutical giant AstraZeneca, on the sidelines; all of them were seen to the exit by shareholders.
09/05/2012

Gavin Launder promoted at LGIM

The British asset management firm LGIM has promoted Gavin Launder, who had previously been a European equity manager, to the position of head of European equities for the group. In his new role, Launder is replacing Ian King, who left LGIM last month to take a new step in his career.
09/05/2012

Election of François Hollande will not have an immediate impact on France's credit rating, says S&P

The financial ratings agency Standard & Poor’s, which in January withdrew France’s maximal credit rating of AAA, on 7 May announced that the election of François Hollande as president of the country will not have an “immediate impact” on the country’s credit rating or its outlook. “Standard & Poor’s does not take a political position on individual candidates or the outcomes of any elections as such,” the ratings agency says in a statement. France’s credit rating, currently AA+ for its long-term debt, has a negative outlook, which means that there is a “one in three chance” that the rating will be lowered this year or in 2013. The agency states that “the policy of a government has a direct impact on its credibility in terms of debt.” “Our sovereign (credit) ratings thus take into account our opinion of the likely consequences of policies chosen by elected political leaders on the structure of sovereign debt.” “We will analyse the political decisions of the president-elect of France and the new government, and take into account the results of the legislative elections in June,” Standard & Poor’s states.
09/05/2012

Louis Gallois to join board at FSI

Barely one year after joining the board of directors at the strategic investment fund (FSI), Denis Ranque will be leaving his job as an independent administrator to undertake a personal project, Les Echos reports. The newspaper states that Louis Gallois, executive CEO of EADS, will succeed him.
09/05/2012

Arrow launches an ETF replicating a new Dow Jones index

Arrow Investment Advisors on 8 May admitted its first ArrowShares ETF to trading on the NYSE Arca platform. The Arrow Dow Jones Global Yield ETF (acronym: GYLD) replicates the new Dow Jones Global Composite Yield index. The index aims to reduce concentration risks by following five baskets of investments, each of which corresponds to an index of 30 shares which aim to provide an evenly-balanced exposure to traditional or alternative sources of revenues from several asset classes. The five sub-indices are: Dow Jones Global Equity Yield Index, Dow Jones Global Real Estate Yield Index, Dow Jones Global Alternative Yield Index, Credit Suisse Yield Enhanced Global CorporateIndex and Credit Suisse Yield Enhanced Sovereign Index.
09/05/2012

Van Eck preparing two ETFs of Saudi shares

On 3 May, van Eck filed with the SEC in a form N-1A its plans to launch the Market Vectors Saudi Arabia ETF and Market Vectors Saudia Arabia Small-Cap ETFs, funds specialised in Saudi equities which will replicate indices calculated by Structured Solutions AG. No acronym nor TER have yet been announced for the products.
09/05/2012

Source releases an Exchange Traded Certificate on Brent

Source is launching the Source Brent Crude Exhanced T-ETC (acronym: BOIL), which the issuer says allows investors to adopt “optimised exposure to Brent crude oil,” via the S&P GSCITM Brent Crude Enhanced Total Return index.The Source Brent Crude Enhanced T-ETC is secured with money market instruments including US Treasury bonds. It is listed on the SIX Swiss Exchange, in US dollars. It is authorised for sale in Switzerland, Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy (only for institutional investors), Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden and the United Kingdom.CharacteristicsName: Source Brent Crude Enhanced T-ETCISIN code: XS0766094972Domicile: IrelandBase and trading currency: USD/USDManagement commission: 0.49%
09/05/2012

Hedge funds lost 1% in April

The hedge fund sector lost 1% in the month of April, due to ongoing concerns about the euro zone debt crisis and the likelihood of a slowdown in global growth, according to estimates by the Bloomberg agency. In the first four months of the year, hedge funds gained 3.4%, compared with growth of 11% for equities with dividends reinvested. Multi-strategy hedge funds lost 0.9% in April, which limited gains in the first four months of the year to 0.9%. Long/short equity strategies lost 0.6% in April, but have gained 3.1% since the beginning of the year. Macro funds lost 1.2% in April, but have still gained 1.7% in the first four months of the year.
09/05/2012

Investors require SEB Am to liquidate ImmoInvest

The open-ended real estate fund SEB ImmoInvest (DE0009802306), whose redemptions had been frozen for nearly two years, will be liquidated by 30 April 2017, in accordance with BaFin requirements, the German asset management firm SEB Asset Management announced on Monday. Redemption demands which had accumulated since 25 April exceeded available liquidity, and the corresponding orders were therefore not processed (see Newsmanagers of 2 May). Shareholders have thus voted with their feet in favour of a closure of the product, as the management firm had clearly given them a choice between a liquidation and a transition to protection under the new investor protection regime.SEB AM has announced that it will make half-yearly redemption payments, with the first, corresponding to 20% of assets (EUR6.35bn as of the most recent report) to be made in June 2012. Total subsequent payments will depend on liquid proceeds from sales of assets.The asset management firm states that the portfolio includes 132 properties in 18 countries and 64 cities. The performance of the fund since its launch in May 1989 was 219.7%, or 5.2% per year.
09/05/2012
Gestion d'actifs

EDF entend renforcer la part des investissements en infrastructures au sein des marchés émergents

EDF cherche à obtenir de sa gestion d’actifs une performance de 5 %, a rompu l’an dernier avec une allocation d’actifs indexée à 50 % aux actions (MSCI world) et à 50 % aux obligations (indices zone euro) en introduisant un actif infrastructure correspondant à la quote-part du groupe dans le réseau de transport d'électricité. « La valorisation de cet actif ne subit pas la même fréquence dans les cycles que la bourse. Il offre également une série de cash flow qui coïncide avec le passif », indique Bernard Descreux à bfinance. « Le coût de déconstruction des centrales nucléaires est soumis à l’inflation et les infrastructures ont aussi l’avantage de répliquer l’inflation », ajoute-t-il. Grâce à cet investissement, qui représente 15 % de l’actif, la valeur du portefeuille d’investissement est restée stable en 2011. Le groupe entend désormais renforcer la part des infrastructures (et de l’immobilier) dans son allocation et envisage d’aborder la thématique au sein des marchés émergents afin de tirer parti de leur croissance.
Gestion d'actifs
09/05/2012

ETP subscriptions in Europe are somewhat dispersed

European ETP finished the month of March with assets of EUR247bn, compared with EUR248bn in February, and have posted net inflows in each of the first three months of the year, for a total of EUR5.38bn. This put total assets up 9.4% in first quarter, Lyxor Asset Management (Société Générale group) stated in its publication “European ETP Asset Flow Trends.”While 2011 brought a strong concentration of subscriptions on a small number of exposures, largely to German and US equities and precious metals (particularly gold), the first inflows in 2012 were largely to different asset classes. Although regional equities dominated with nearly EUR1.7bn, these flows went largely to emerging markets overall, with more limited inflows to developed markets. Lyxor also reports that there have been net outflows from funds focused on European countries, pan-European equities, and from European sectoral ETFs.In the area of bonds, flows have gone largely to higher yields (corporate bond and high yield indices). Another major trend is that investors have been preferring commodity products (particularly energy and gold).Lyxor also states that as of the end of March, physical replication ETFs represented 47.74% of total assets in European ETPs, compared with 47.5% as of the end of December.
09/05/2012

Chinese government opens brokerage sector to foreign firms

Effective immediately, the Chinese regulator has increased the limit from 33% to 49% for the stake which foreign firms are allowed to hold in joint ventures in the brokerage industry. These joint ventures will soon be authorised to sell futures on commodities and financial products in China.Z-Ben Advisors reports that Morgan Stanley and JPMorgan are expected to be among the first firms to take advantage of this liberalisation, by increasing their stakes in joint ventures in China.
09/05/2012

Foreign investors increase stake in DAX index

Companies listed on the DAX index are now mostly owned by foreign investors, Les Echos reports. The proportion of shares held by non-resident investors in 30 blue chip Frankfurt stocks totals 55%, according to the consultant Ernst & Young. The percentage has increased by 14 points in seven years. The study finds that a majority of shares in a total of 17 groups are held by foreigners. Adidas, Munich Re, Allianz et Bayer are at the top of the rankings, with more than two thirds in foreign hands. However, the proportion of non-resident shareholders has declined at BASF, Deutsche Börse, Fresenius Medical Care and MAN.
09/05/2012

Jupiter launches a European copy of its Strategic Fund

On 8 May, Jupiter announced the launch of the Jupiter Dynamic Bond fund, a sub-fund of its Luxembourg Sicav Jupiter Global Fund, which is available in retail and institutional share classes denominated in euros, US dollars, pounds sterling and Swiss francs. As announced (see Newsmanagers of 28 February), the fund is a copy of the British Jupiter Strategic Fund (GBP921m), which is also managed by Ariel Bezalel since June 2008, and which in the three years to 30 April 2012 has earned returns of 65.5%, compared with 41.3% for the sectoral IMA average of Sterling Strategic Bond funds. The British fund has also outperformed the iBoxx Stg Non-Gilts All Maturities Index by 28.4 points. The portfolio will generally include 60 to 80 holdings, foregrounding flexible strategies covering the full range of bonds, regions and ratings categories. The base currency is the euro. For shares in euros, holdings in other currencies will be hedged for currency risks at 80%. The fund will offer quarterly distributions, with the first scheduled for 20 September 2012. The fund has a sales license in the United Kingdom, Hong Kong, Singapore, Jersey, Sweden, Austria, Finland, France, Germany, Portugal, Guernsey, and the Netherlands. A license has been applied for in Belgium and Switzerland. Characteristics Name: Jupoter Dynamic Bond Benchmark index: Barclays Capital Euro – Aggregate Corporate Index Front-end fee: 5% Management commission: L share class: 1.25% I share class: 0.50% Minimal initial subscription: L share class: EUR/USD/GBP/CHF1,000 I share class: EUR/USD/GBP/CHF10m
09/05/2012

Threadneedle releases a UCITS-compliant hedge fund

The British asset management firm Threadneedle has released its new UCITS-compliant hedge fund Threadneedle (Lux) Global Opportunities Bond Fund, launched on 24 August 2011.The portfolio of the bond product, managed by James Cielinski, is divided into two parts: a “liquidity & carry portfolio,” which will account for 10% to 70% of assets, which will invest in high-rated bonds and credit derivatives with a short duration to maturity, while the active portion will use several strategies with long and short positions on the entire bond universe.The objective is to outperform the 1-month savings rate in US dollars by 450 basis points per year. CharacteristicsName: Threadneedle (Lux) Global Opportunities Bond FundISIN code: LU0640495429Management commission: 0.65%Performance commission: 15% with high watermark
09/05/2012

Most asset management firms are inefficient

38% of asset management firms have spare capacity, according to a survey by Investit of 37 players representing GBP4trn in assets under management, cited by Financial Times Fund Management. This spare capacity estimate is based on announcements by managers of asset management firms, who say that they could manage 38% more assets on their current platforms and with current staff. Only 28% of asset management firms are efficient, which is to say that they have a cost/income ratio of less than 55%, the study finds.
09/05/2012

MSCI and Barclays offer ESG bond indices

The index provider MSCI has teamed up with Barclays to offer a series of co-branded ESG (environmental, social and governanc) bond indices. The indices are co-branded and distributed independently by the two firms. Institutional clients may use them to create tracker products such as ETFs, managed accounts, or structured products. MSCI and Barclays will launch a consultation to determine the most relevant ESG strategies for investors, and to define the methodologies for the new indices.
09/05/2012

iShares expects to benefit from RDR

iShares (BlackRock) is planning to gain added market share in the British fund market following the retail distribution review (RDR), which will forbid payments of fees to independent financial advisers from 2013, says Joe Linhares, head of the EMEA region, in an interview with Financial Times Fund Management. He estimates that this type of reform will eventually be adopted in other countries in Europe.
09/05/2012

Banif introduces custody duties on funds it sells

From 1 April, Banif (an affiliate of Santander) has begun charging custody duties on shares in funds held by its clients, Funds People reports. The fees will be 0.18% per half for funds, ETFs and Sicav funds sold by Banif, and 0.24% for other funds, ETFs and Sicavs not distributed by Banif but held in custody at the request of clients.Currently, Banif advises assets totalling EUR33.5bn for private banking clients (with at least EUR300,000 in financial savings).

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