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24/02/2012

Eight new asset management firms join AFG

In the second issue of “Gestion Info” from the AFG, the association says that Verazano Capital SAS, Edouard 7 Gestion Privée, Ginjer AM, Massena Capital Partners, Openmind Asset Management, Riskelia, Trecento Asset Management and Volvar Asset Management have become members. Aurexia Conseil and CID Consulting, meanwhile, have become new correspondent members.
24/02/2012

US money market funds return to euro zone banks

US prime money market funds have increased their exposure to euro zone banks by 15% in US dollars since the end of December, according to the most recent Fitch report on the subject, dated 23 February. This is a reversal of the trend after several months of reductions. This increase in interest has worked to the benefit of French banks, to which exposure has increased by 150%. US money market funds now have 11% of their assets invested in euro zone banks, which is far below the 31% they had invested there as of the end of May. This reduction has been primarily driven by aversion to risk, as these vehicles traditionally allocate more than 30% to euro zone banks, according to Fitch data from 2006 to mid-2011.
24/02/2012

Swiss COSI segment opens to British guarantors

Collateral Secured Instruments (COSI) whose guarantors are based in the UK may now be traded on the SIX Swiss Excchange, the Swiss stock market announced on 24 February. The move aims to internationalise the innovative COSI services, which provide a way to reduce default risks related to an issuer of structured products. The products are listed exclusively on Scoach Zurich and Frankfurt. The service, developed in the wake of the financial crisis, is based on a process which ensures that the debt owed to the investor by the issuer of the structured product has all the necessary guarantees at all times. “Several European and Asian markets have shown a growing interest in this Swiss guarantee mechanism. The SIX Swiss Exchange is now in a position to meet a large part of this demand: for the first time, it is possible to offer the service to issuers whose guarantors are based abroad also,” the Swiss stock market says in a statement.
24/02/2012

Hedge funds see increase in assets in January

In January, hedge funds worldwide have seen an increase in their assets of USD15bn, to USD1.72trn, according to the most recent statistics from Eurekahedge. This comes due to subscriptions of USD3.7bn, and performance effects of USD11.4bn.
24/02/2012

EdRAM registers Euro Conviction fund in Spain

Funds People has announced that Edmond de Rothschild Asset Management (EdRAM) has received a license from the CNMV for its new Euro Conviction fund (C share class: FR0011158641; I share class: FR0011171438), managed by Olivier Huet, launched on 27 December. The fund is already on sale in France and Germany (see Newsmanagers of 12 January and 17 February).
24/02/2012

Unnim launches a fund which competes with its own savings accounts

The savings bank Unnim, born out of a merger of three other Catalan savings banks, has launched the Garantit 8 fund, which at maturity (16 April 2015) offers a minimum return of 112.48% of initial capital, an annual return of 4%. The CMNV registered the product on 4 February. At this level, the product competes directly with bank savings accounts, including accounts at Unnim which are currently available via its network.The portfolio is 51.3% invested in bonds from the Kingdom of Spain, 18.5% in bonds from autonomous communities, 20% in corporate bonds, and 10.15% in mortgage-backed bonds (cedulas hipotecarias).CharacteristicsName: Unnim Garantit 8, FIISIN code: ES0125133001Front-end fee: 5% from 16 AprilWithdrawal penalty: 5%Management commission: 0.4%Depository banking commission: 0.05%Minimal subscription: EUR1,000
24/02/2012

Warburg-Henderson invests in the Hague

For its institutional fund Warburg-Henderson European Core Property Fund No. 1, the German asset management firm Warburg-Henderson has invested EUR27m in the acquisition of the Haagsche Hof office building (10,500 square metres) in the Hague. The portfolio now includes 11 properties in seven European countries.
24/02/2012

ESAF registers ETF Sicav in Spain

The Portuguese firm Espírito Santo Activos Financieros (ESAF) has obtained a license from the Spanish CNMV for its Luxembourg-registered Sicav of ETF funds (which complies with UCITS IV regulations), which currently has only one sub-fund, the ESAF NYSE Euronext Iberian ETF, Funds People reports. The entirely physical replication ETF, which uses no swaps and practices no securities lending, has a TER of 0.45%.
24/02/2012

Funds cost less in Spain than in the rest of Europe

Based on statistics from EFAMA as of the end of 2010, the Spanish Inverco association of asset management firms, total expense ratios (TER) for Spanish funds (1.07%) are on average 30% lower than the European average (1.53%). Viewed from the other perspective, this means that European funds are on average 43% more expensive than Spanish funds. This does not apply to all asset classes, as the TER for Spanish equity funds (199 basis points) compares with a European average of 175bps; for diversified funds, the Spanish average is 145bps, compared with a European average of 142bps. On average, the management commission for Spanish funds is 96bps, compared with 127bps for Europe, while other fees come to 11bps, compared with 26bps. Inverco says that the proportion of TER retained by Spanish asset management firms averaged 31% (33bps), compared with 42% (64bps) on average for Europe, but that the amount paid out as soft commissions is higher, at 59% (63bps) compared with 41% (62bps).
24/02/2012

Fraud at Threadneedle tied to Russian group

Suspected fraud by a former manager at Threadneedle Asset Management totalling USD150m was related to an order for more than a billion Argentine warrants, issued by Otkritie, a Russian financial services group, some of whose employees are facing charges, the Financial Times reports. The name of the Threadneedle trader is Vladimir Gersamia, the newspaper reports. He had worked as an emerging markets bond fund manager.
24/02/2012

AFG creates a think-tank to study advertising

The AFG has announced that its Commission is creating a think tank to observe and analyse the practices in place for publicity documents from asset management firms. The group will consider advertising for all types of vehicles and videos about products and investment solutions as well as corporate advertising.
24/02/2012

Deborah Fuhr launches her own ETF consulting and advising firm

The ETF specialist Deborah Fuhr will soon announce the formation, together with her team, of ETF Global Insight, an independent research and consulting firm aimed at providing services to the global Exchange-Traded Fund (ETF) industry.The founding partners, Fuhr, Shane Kelly and Matthew Murray, are all ETF specialists who helped to develop the sector with their research and instruction manuals. In addition to Fuhr, who was head of ETF research at BlackRock, the team includes Kelly, who was vice president at Merrill Lynch and also former vice president and investment strategist at BlackRock/BGI, and Murray, who worked alongside Fuhr at BlackRock as an analyst.Fuhr, who has been covering the ETF sector since 1997, when the sector had 21 products with USD21bn in assets under management, says “I believe that ETFs have been one of the most successful financial products of the past 25 years, bringing investors liquidity, diversification and low-cost access to a wide range of asset classes around the world.”In this context of strong growth, “regulators, investors, ETF managers, brokers, index providers and all of the members of the ETF eco-system have been citing the need for more and better independent education, research and customised assistance to investors seeking to navigate the vast array of products. ETF Global Insight has been set up to provide this service across the globe,” Fuhr continues.
24/02/2012

Barclays Stockbrokers launches an improved platform with Fidelity

The British broker Barclays Stockbrokers has teamed up with the US firm Fidelity FundsNetwork to launch an improved version of its platform, Investment Week reports. By the terms of the exclusive agreement between the two partners, FundsNetwork will provide transaction, settlement and custody services to institutional investors.
24/02/2012

Assets down at Ashmore

In the six months to the end of December, Ashmore, an asset management firm specialised in emerging markets, has seen a decline in its assets of USD5.4bn to USD60.4bn, according to half-yearly results published on Thursday. This comes despite net inflows of USD0.7bn. Pre-tax profits totalled GBP129.8m, up 2% compared with the corresponding period of last year. Net revenues increased 4% to GBP181m.
24/02/2012

Assets under management at RBS down in 2011

Assets under management by the asset management unit of Royal Bank of Scotland (RBS), primarily at Coutts, as of the end of December totalled GBP30.9bn, compared with GBP29.9bn as of 30 September 2011. Assets under management have fallen 9% compared with the end of December 2010, however. Redemptions contributed 3% to asset increases, while the remainder was due to market conditions. Operating profits nonetheless rose 6% compared with 2010, to GBP321bn.
24/02/2012

Barclays Wealth opens an office in Monaco

The British firm Barclays Wealth has opened an advising office in Monaco, Investment Europe reports. The office will be directed by Simon Morris, who has been working at Barclays Wealth Advisory for seven years.
24/02/2012

Record inflows for new Asian hedge funds

Asian hedge funds from new or existing managers raised EUR4.43bn in 2011, the highest level observed since their peak in 2007, according to a study by AsiaHedge magazine. The average size for the 58 new hedge funds launched last year was USD76.4m, nearly twice the average observed in 2010 (USD40m). New hedge funds raised a record USD7.8bn. In December, about 42% of Asian hedge funds had assets under management of USD20m or slightly less, an increase of 13 percentage points compared with the end of 2007. New hedge fund creations outpaced liquidations in first half, but subsequently, liquidations increased due to poor performance and redemptions by investors. In third quarter, hedge fund liquidations reached their highest levels since the closing months of 2008, according to the Singapore-based data provider Eurekahedge. According to Aradhna Dayal, head of HedgeFund Intelligence for Asia, the data provider which publishes AsiaHedge, new hedge funds launched last year by professionals coming largely from proprietary trading desks at banks, will this year be founded by major alternative management firms which offer strategies dedicated to Asia, and by asset management firms in continental China seeking to set up shop in Hong Kong. In terms of markets, Hong Kong remains the largest market for new Asian funds, with a percentage of 34% (20 funds). Singapore is in second place, with 17 funds.
24/02/2012

Professional investors in funds create an association

The APFI (association of professional fund investors), a Swiss non-profit association, will hold its first general assembly on 10 May 2012 in Montreux. It will aim to promote the interests of fund investment professionals and to make the voices of its members heard on major issues in the asset management sector, as consideration of the opinions of investors are a determining factor for sustainable growth in the sector.According to the association’s website, the APFI says that its members share several common principles. Among these are the principle that “funds are bought, not sold.” Also, the association claims that hot concepts may lead to investment bubbles, and that professionals need to identify funds and managers with “sustainable” characteristics. They also claim that a competitive environment is essential for funds, which implies the existence of open architecture.The AFPI was founded by Mussie Kidane, head of fund selection at Pictet, Carlos Fernandez (Inversis), Luca de Biasi (BSI) and Roland Meerdter (Propinquity Advisors).
24/02/2012

Bank share prices hit by hedge fund shorts

Since the CNMV lifted its ban on short-selling financial sector shares on 16 February, all share prices in the sector have fallen, a sign that hedge funds have returned to the market, Cinco Días reports. There may be other causes, such as the Greek crisis and the overvaluation of Spanish banks in the current economic environment, but the fact is that, for example, Sabadell has lost 11%, Banco Popular 10%, and CaixaBank 8%.
24/02/2012
Gestion d'actifs

La CCI de Lille lance un appel d'offres sur la gestion de fonds de capital-investissement

Le présent marché a pour objet la désignation de prestataires ayant qualité d'établissements de crédit ou de sociétés spécialisées dans la gestion de sociétés de capital-investissement, de fonds de financement ou de portefeuilles de participation, pour la gestion administrative et financière du fonds de financement CCI Prévention d’un montant global de 4 000 000,00 EUR (quatre millions d’euros). Lot nº: 1 Intitulé: Marché pour la gestion du fonds de financement CCI Prévention : 2 millions d’euros Lot nº: 2 Intitulé: Marché pour la gestion du fonds de financement CCI Prévention : 2 millions d’euros Pour lire l’avis complet: cliquez ici Mise à jour : La CCI de Lille a indiqué qu’elle sélectionnerait soit avec un prestataire unique, soit avec des prestataires groupés solidaires ayant un mandataire commun.
Gestion d'actifs
24/02/2012
Gestion d'actifs

BNP Paribas Cardif cherche à renforcer les actifs immobiliers à forte visibilité de rendements

Olivier Hereil, directeur des investissements et des gestions d’actifs de BNP Paribas Cardif dans un article paru dans Option Finance numéro 1161: Sur l’immobilier, nous avons un patrimoine assez diversifié (50% de bureaux, 27% de centres commerciaux, 16% de logements et 7% de divers, dont hôtellerie). Nous avons une compétence historique sur les centres commerciaux. Aujourd’hui, compte tenu de la conjoncture économique, nous souhaitons renforcer les actifs à forte visibilité de rendements, comme les logements. Les rendements locatifs ne sont pas très élevés mais très récurrents. Pour le moment, nous avons peu d’immobilier à l’international, mais nous commençons à investir à Taïwan. D’autre part, nous avons engagé depuis 2007 une démarche volontariste dans l’univers de l’ISR. Des critères extra financiers sont intégrés dans notre processus d’investissement. Nous le faisons sur tous nos actifs, que ce soit sur les obligations, les actions ou l’immobilier. Pour rappel, l’allocation d’actifs de BNP Paribas Cardif est la suivante: 79.9% d’obligations, 11.7% d’actions, 6.2% d’immobilier et 2.2% de divers (cash, gestion alternative. Les encours totaux s'élèvent à 150 milliards d’euros.
Gestion d'actifs
24/02/2012

La gestion d'actifs a généré 47 % du bénéfice net d'Allianz

Pour 2011, Allianz a déclaré jeudi un bénéfice net en chute de 46,2 % à 2.804 millions d’euros. Pendant le même temps, son pôle gestion d’actifs a produit un bénéfice en hausse de 38,7 % sur 2010 à 1.312 millions d’euros, ce qui correspond donc à 46,8 % du bénéfice total du groupe.L’encours total à fin décembre affichait une une hausse de 9,2 % à 1657 milliards d’euros, dont 1.281 milliards (+ 10 % pour le compte de tiers). Les souscriptions nettes enregistrées par Allianz Global Investors en provenance de tiers sont tombées à 39,3 milliards d’euros contre 112,7 milliards en 2010 et 82,8 milliards en 2009, sachant que 2008 s'était soldé par des sorties nettes de 0,3 milliard. Les rentrées nettes pour les produits obligataires dans les produits pour les tiers ont totalisé 44,8 milliards contre 113,7 milliards l’année précédente. En revanche, les produits actions ont subi des sorties nettes de 5,1 milliards contre 0,4 milliard en 2010.Le bénéfice d’exploitation du pôle gestion d’actifs s’est accru de 9,5 % à 2,3 milliards d’euros, et même de 14 % si l’on neutralise l’effet de change. De plus, le coefficient d’exploitation (cost-income ratio) est demeuré stable, à 59 % contre 58,7 % l’année précédente et donc bien inférieur au plafond de 65 % qui lui a été fixé (il avait été de 62 % pour 2009).Les recettes nettes de commissions se sont accrues de 11 % à 5.470 millions d’euros malgré un effet de marché change de 215 millions d’euros ; elles ont ainsi augmenté de 15,3 % hors effet de change. Les commissions de performance, dans ce contexte, ont diminué à 455 millions d’euros contre 514 millions.
24/02/2012

Aquila Capital renforce sa distribution en Allemagne et en Suisse

La société de gestion indépendante hambourgeoise Aquila Capital (qui détient le luxembourgeois Alceda Fund Management) a annoncé avoir recruté Pascale-Céline Cadix comme director sales pour la distribution retail à Francfort. Elle est chargée de développer la clientèle dans le domaine des banques directes, des gestionnaires de fortune et des banques privées en Allemagne. Pascale-Céline Cadix était jusqu'à présent directrice de la distribution pour Threadneedle à Francfort.D’autre part, la filiale zurichoise AQ Advisors a recruté un nouveau director sales, Mauro Gerli, qui était en dernier lieu chez Credit Suisse Private Banking après avoir exercé son activité dans plusieurs sociétés de gestion alternative.
24/02/2012

Barclays Stockbrokers lance une plateforme améliorée avec Fidelity

Le courtier britannique Barclays Stockbrokers s’est associé avec l’américain Fidelity FundsNetwork pour lancer une version améliorée de sa plateforme, rapporte Investment Week.Aux termes de l’accord exclusif conclu entre les deux partenaires, FundsNetwork va fournir des services de transaction, règlement et conservation à destination des investisseurs institutionnels.
24/02/2012

Baisse des encours d’Ahsmore

Sur les six mois à fin décembre, Ahsmore, société de gestion spécialisée sur les marchés émergents, a vu ses encours chuter de 5,4 milliards de dollars à 60,4 milliards de dollars, selon les résultats semestriels publiés jeudi. Et ce, malgré des souscriptions nettes de 0,7 milliard de dollars. Le bénéfice avant impôt est ressorti à 129,8 millions de livres, en hausse de 2 % par rapport à la période correspondante de l’année passée. Les revenus nets ont augmenté de 4 % à 181 millions de livres.
24/02/2012
Fonds

Les hedge funds voient leurs encours augmenter en janvier

En janvier, les hedge funds dans le monde ont vu leurs encours augmenter de 15 milliards de dollars à 1.720 milliards de dollars, selon les dernières statistiques d’Eurekahedge. Et ce, grâce à des souscriptions de 3,7 milliards de dollars et un effet performance de 11,4 milliards de dollars.
Fonds
24/02/2012

Baisse des actifs sous gestion de RBS en 2011

Les actifs sous gestion du pôle gestion d’actifs de Royal Bank of Scotland (RBS), pour l’essentiel Coutts, s’inscrivaient fin décembre à 30,9 milliards de livres contre 29,9 milliards de livres au 30 septembre 2011. Les actifs sous gestion accusent toutefois un recul de 9% par rapport à fin décembre 2010.Les rachats ont contribué pour 3% à la baisse de l’encours, le reliquat étant à mettre sur le compte des conditions de marché. Le résultat d’exploitation a malgré tout progressé de 6% par rapport à 2010 à 321 millions de livres.
24/02/2012

Barclays Wealth ouvre un bureau à Monaco

Le britannique Barclays Wealth vient d’ouvrir un bureau de conseil à Monaco, rapporte Investment Europe. Le bureau sera dirigé par Simon Morris qui travaille chez Barclays Wealth Advisory depuis sept ans.
24/02/2012
Fonds

Warburg-Henderson investit à La Haye

Pour son fonds institutionnel Warburg - Henderson European Core Property Fund No. 1, le gestionnaire allemand Warburg-Henderson a investi 27 millions d’euros dans l’acquisition de l’immeuble de bureaux Haagsche Hof (10.500 mètres carrés) à La Haye. Le portefeuille compte désormais onze actifs dans sept pays européens.
Fonds
24/02/2012
Fonds

Unnim lance un fonds qui concurrence ses propres dépôts bancaires

La caisse d'épargne Unnim, issue de la fusion de trois autres établissements catalans, vient de lancer le Garantit 8* qui garantit à échéance (16 avril 2015) un remboursement minimum de 112,48 % de la mise de départ, soit un rendement annualisé de 4%. La CNMV l’a enregistré le 17 février. A ce niveau, le produit entre directement en concurrence avec les dépôts bancaires, y compris ceux qu’Unnim commercialise actuellement dans son réseau.Le portefeuille est investi à 51,3 % en obligations du Royaume d’Espagne, à 18,5 % en titres des communautés autonomes, à 20 % en obligations d’entreprises et à 10,15 % en obligations hypothécaires (cedulas hipotecarias).CaractéristiquesDénomination : Unnim Garantit 8, FI Code Isin : ES0125133001Droit d’entrée : 5 % à partir du 16 avrilPénalité de sortie : 5 %Commission de gestion : 0,4 %Commission de banque dépositaire : 0,05 %Souscription minimale : 1.000 euros
Fonds

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