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27/01/2012

Strong increase in profits at Invesco in 2011

For the year to 31 December, Invesco Ltd has reported adjusted net profits of USD781.6m, up 22% compared with 2010. By US-GAAP accounting standards, these net profits total USD729.7m, representing an increase of 56.7% compared with the previous year. These 2011 results take into account a complete year of activity for the retail funds acquired from Morgan Stanley, compared with only 7 months in 2010.Assets as of 31 December were up 1.4% year on year, to USD625.3bn, while average assets in 2011 came out to USD634.3bn, 19.2% more than in 2010.
27/01/2012

Vanguard appoints two managing directors

Vanguard has appointed two new managing directors. The Financial Advisor Services group welcomes Martha King as managing director of the affiliate. Chris McIsaac is appointed managing director of the Institutional Investor Group.
27/01/2012

DWS Investments hopes to win over French clients

DWS Investments is releasing a range of more than 70 funds for French clients. The objective for DWS Investments is to become one of the top 10 foreign asset management firms in France. “We are going to concentrate on strategies which work well, while offering innovative strategies. Several new products are in preparation,” says Philippe Goettmann, director of DWS Investments for France and Monaco. In spring, the asset management firm will be adding to its range in this asset class in France, and will release a sub-fund of the Luxembourg Sicav DWS Invest, German Equities, on the French market. In 2012, the asset management firm of the German Deutsche Bank group is planning to put the commercial emphasis on five groups of products on the French market: high dividend equities, convertible funds, emerging market funds (Africa, Russia, eastern Europe, and others), theme funds (agribusiness, infrastructure, new resources, and others), and of course, German equity funds. “We have found that French investors hve a strong interest in German equities,” says Goettmann. The DWS Deutschland fund, which has total assets of EUR2.9bn, attracted EUR900m in net subscriptions in 2011. DWS Investments manages EUR256bn in assets worldwide, of which about EUR1bn were for French clients as of the end of 2011, a stable level compared with the end of 2010.
27/01/2012

Heavy inflows for real estate funds at Deka

The three open-ended real estate funds from Deka in 2011 posted net subscriptions of EUR500m in total, Handelsblatt reports. Institutional real estate funds had net inflows of EUR460m. Matthias Danne, CFO at Deka, says he is doubtful that the open-ended real estate funds CS Euroreal (Credit Suisse) and SEB ImmoInvest, which have EUR6bn in assets each, will bring in enough liquidity to be able to reopen to redemptions by May, the deadline for reopening the funds. The same question may be asked of the KanAm grundinvest fund, which is considerably smaller.
27/01/2012

Net subscriptions to Spanish funds in January

From 1 to 20 January, assets in Spanish funds increased by 1.42%, or EUR1.893bn, due to positive market effects of EUR1.271bn, and EUR622m in net subscriptions, according to statistics from VDOS reported by Cotizalia. The two largest firms by assets are Santander, with EUR24.284bn, and a market share of 18%, and BBVA with EUR21.251bn.
27/01/2012

Aviva Investors to launch two multi-asset class funds

The Aviva Investors group is planning to add to tis range of multi-asset class funds, with two new products, the Aviva Investors Multi-Asset I and III funds, Investment Week reports. At the same time, Aviva has decided to rename its three existing funds, Adventurous Multi-Asset (now known as Aviva Investors Multi-Asset V), Balanced Multi-Asset (which will take the number IV), and Cautious Multi-Asset (renamed as II). The two new products, managed, like their predecessors, by Justin Onuekwusi, are designed for defensive or moderately prudent investors, and will be launched on 6 February.
27/01/2012

Four commodities ETFs from iShares listed in London

Since 23 January, the London Stock Exchange is listing four new synthetic replication ETFs from iShares. The iShares S&P GSCI Dynamic Roll Agriculture Swap, the iShares S&P GSCI Dynamic Roll Energy Swap, the iShares S&P GSCI Dynamic Roll Metals Swap and the iShares S&P GSCI Dynamic Roll Commodity Swap are UCITS-compliant funds which replicate newest-generation S&P GSCI indices, and offer exposure to agriculture, energy, industrial metals and commodities as a whole.The products use the multiple counterparties platform from iShares for synthetic replication ETFs, with 120% overcollateralisation on a daily basis, and total transparency of the portfolio (collateral, indices, swap counterparties, aggregate exposure to swaps and swap spreads), also on a daily basis.
27/01/2012

SAM and KPMG release annual report on sustainability at global businesses

The investment boutique from Robeco specialised in sustainable investment, SAM, on 26 January released its 9th annual report, The Sustainability Yearbook, at the Davos global economic forum. The report, undertaken in collaboration with KPMG, presents businesses recognised as leaders in sustainability in 58 different sectors. The businesses were evaluated through a detailed study undertaken annually by SAM. The leaders in each sector are businesses which set the standards in the industry for environmental, social and governmental practices. Three French businesses were recognised as standard-bearers in their respective industries for sustainability. These leaders in their respective sectors are Air France-KLM (airlines), Alcatel-Lucent (communications), and Sodexo (hotels, restaurants, bars and leisure).
27/01/2012

Oppenheim Fonds Trust offers Investec funds

The Cologne-based Oppenheim Fonds Trust GmbH (OPFT) has announced that on 1 March it will be extending its range to include open-ended funds from Investec Asset Management. OPFT has been retained as exclusive distrbutor for these products in Germany. The German firm, an affiliate of Sal. Oppenheim (Deutsche Bank group), as of the end of November managed EUR15.5bn, while assets at Investec currently total about USD83bn.
27/01/2012

Catella RE launches a real estate fund focused on Scandinavia

As a complement to the Focus Nordic Cities fund, laucnhed in 2007, the German firm Catella Real Estate (EUR1bn in assets) has launched the Catella Scandia Chances, an institutional real estate fund which will focus on Norway, Sweden, Finland, and potentially Denmark, and which will be aimed particularly at insurers and pension funds, Fonds Professionell reports.The objective is a maximum of EUR250m in inflows by 30 June 2013, which will be invested in core/core plus assets. The performance objective is 5.5%-6.5%, and distribution will total 3.5% to 4% per year.
27/01/2012

BlackRock offers a multi-asset class income fund

The strategy of the former BlackRock Income Portfolio has been loosened in order to allow the management team a wider choice of potential sources of revenue and performance, including alternative sources of revenue such as master limited partnerships (MLP), REITs, and other instruments. The name of the fund has also been changed to BlackRock Multi-Asset Income Fund (acronym: BAICX); the product will be offered to retail and high net worth private clients.The product has no constraints, and will be managed by the team at BlackRock Multi-Asset Client Solutions (BMACS), which includes 150 people, and as of the end of December managed USD80bn for retail clients. BMACS develops institutional-type tactical allocation strategies for foundations, pension funds, sovereign funds, 401(k) corporate savings plans, and retail clients. The objective of the tactical allocation is to exploit a vast range of possibilities while limiting volatility. For the new fund, volatility will be maintained at a lower level than a traditional balanced portfolio (60/40).
27/01/2012

Af2i publishes a pedagogical guide to alternative investment

At the request of members seeking more intimate understanding of asset management techniques that are sometimes poorly understood and relatively underdeveloped in France, the French association of institutional investors (Af2i) on 26 January published its “Guide to alternative management investments and operational due diligence” (on sale form the website http://www.af2i.org/ for EUR100). The 50-page document was created by a working group led by Vincent Ribuot (UMR) and Francis Weber (Réunica), vice-presidents of the association, and composed in partnership with HDF Finance and Reinhold & Partners. The pedagogical guide aims to bring institutional investors better understanding of the particularity of alternative management funds, their strategies, and the various types of actors and vehicles encountered in the industry, and of regulatory constraints which apply to French investors.
27/01/2012

Amundi lists a govies ETF in Paris

The NYSE Euronext trading platform in Paris on 26 January admitted a new Amundi ETF based on government bonds, replicating the EuroMTS Highest-Rated Gvt 1-3 Y, to trading. The addition brings the listings on the European markets of NYSE Euronext to 586 ETFs, listed 684 times. Name: Amundi ETF HR 1-3 ISIN code: FR0011161215 TER: 0.14%
27/01/2012

L'AMF craint une taxe «Tobin» française

Jean-Pierre Jouyet, le président de l’Autorité, juge qu’une taxe sur les transactions financières est bonne dans son principe si elle est mise en place au niveau de la zone euro. A la seule échelle de la France, elle affaiblirait en revanche toutes les composantes de la Place de Paris.
27/01/2012

Le patron de Nyse Euronext veut encore y croire

Duncan Niederauer se désole dans un entretien au quotidien qu’il ne reste qu’une «lueur d’espoir» pour que les autorités européennes approuvent l’union entre Nyse Euronext et Deutsche Börse. Seuls 6 des 27 commissaires devant faire part de leur décision d’ici mercredi prochain, le 1er février, y seraient favorables. Il faut pourtant y croire jusqu’au bout, avance le dirigeant.
27/01/2012

Londres en pointe sur un fonds vert

En investissant 110 millions de livres en capital0, le gouvernement britannique s’associe à l’IFC (International finance corp, entité de la Banque Mondiale) et à la Banque asiatique de développement pour le lancement d’un fonds de private equity dédié aux énergies renouvelables dans les pays émergents. Le fonds vise des financements de projets pour au moins 3 milliards de livres.
27/01/2012

Transaction historique dans l’immobilier britannique

Le quotidien indique que le magnat de l’immobilier Vincent Tchenguiz met en vente le plus important portefeuille de loyers outre-Manche pour 3 milliards de livres. De quoi offrir à l’acheteur la propriété de quelque 250.000 logements. Après avoir limité la recherche aux fonds souverains, Lazard aurait assoupli ses exigences pour solliciter des candidats britanniques.
27/01/2012

Socram Banque s’invite sur le marché de la titrisation

La filiale de neuf mutuelles d’assurance prévoit d’émettre 407 millions d’euros d’obligations adossées à des prêts automobiles à l’issue d’une tournée de présentation devant débuter le 1er février, selon des sources proches du dossier citées par Bloomberg. BNP Paribas et Natixis dirigeront l’opération via le compartiment TitriSocram 2012-1 de son fonds commun de titrisation.
27/01/2012

Le Japon en quête de recettes fiscales

C’est un manque de quelque 45.400 milliards de yens auquel le gouvernement japonais devrait faire face dans le budget 2015/2016, même si la TVA est augmentée de 5 à 8% en avril 2014 et à 10% en octobre 2015, selon des sources Reuters. Or, cette mesure est toujours rejetée par l’opposition. Un échec pourrait faire exploser les besoins de financement que le gouvernement souhaite pourtant limiter à 44.000 milliards de yens d’ici 2014.
27/01/2012

Nexity et La Française AM finalisent leur rapprochement

Les deux sociétés viennent de procéder au rapprochement de leurs activités de gestion, de property management et de transactions immobilières au sein d’une nouvelle structure commune (LFP Nexity Services Immobiliers). L’actionnariat de ce nouvel ensemble est réparti entre Nexity, 75%, et La Française REM, 25%.
27/01/2012

LCH.Clearnet abaisse les appels de marge pour la dette irlandaise

La chambre de compensation européenne a ramené de 55 à 45% les appels de marge sur les obligations gouvernementales irlandaises en réponse au différentiel de rendement entre la dette à 10 ans et un benchmark AAA. Cet abaissement s’applique aux positions longues sur la dette souveraine irlandaise.
26/01/2012

Les fonds monétaires américains replient encore la voilure

Selon le dernier pointage de Fitch mené auprès des 10 principaux fonds monétaires américains, ceux-ci ont ramené à 10% de leurs avoirs leur exposition aux titres des banques européennes. Soit une diminution de 16% par rapport à fin novembre. L’exposition aux banques canadiennes, japonaises et australiennes est en revanche en hausse, passant de 20% à plus de 30% depuis fin mai 2011.
26/01/2012

Le rendement du 2 ans italien au plus bas depuis août 2011

L’Italie a adjugé jeudi 5 milliards d’euros d’obligations à deux ans, dans le haut de sa fourchette d’objectif, avec un rendement au plus bas depuis août dernier. Le pays espérait initialement lever de 3,75 à 5 milliards d’euros. Le Trésor italien a émis 4,5 milliards d’euros de titres à coupon zéro à échéance janvier 2014. Le rendement moyen a reculé à 3,763% contre 4,853% lors de la précédente adjudication de ce type fin décembre.
26/01/2012

Banco Sabadell publie un bénéfice en baisse de 39% en 2011

La banque espagnole Sabadell a publié un bénéfice net annuel en baisse de 39% à 232 millions d’euros, conséquence d’une provision de dépréciation d’actifs immobiliers d’un milliard d’euros. Les analystes attendaient un bénéfice net de 248 millions d’euros. Les créances douteuses et irrécouvrables ont représenté 5,95% du total des prêts fin décembre contre 5,72% fin septembre.
26/01/2012
Gestion d'actifs

L'Institut Pasteur s'est renforcé en 2011 sur les actions ISR de la zone euro

L’Institut Pasteur puise l’essentiel de ses 250 millions d’euros de budget des revenus des activités propres (redevances industrielles, ventes et prestations, contrats de recherche), mais aussi du mécénat (27,3%) et produit du patrimoine et des apports de l’Etat (27,6 %). Les fonds patrimoniaux de l’Institut Pasteur sont gérés par plusieurs établissements financiers spécialisés, dans le cadre de conventions de gestion avec l’assistance d’un consultant, Amadeis. L’allocation d’actifs retenue, dans une perspective à long terme, correspond à un équilibre entre les actions et les obligations. En 2011, il a été décidé d’investir 23 millions d’euros au travers d’un FCP dédié sur des actions de la zone euro ISR.
Gestion d'actifs

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