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20/10/2011
Fonds

Les hedge funds décollectent en septembre

Les hedge funds ont accusé des rachats nets de 20,98 milliards de dollars en septembre, selon les dernières statistiques d’Eurekahedge. En tenant compte du fait qu’ils ont abandonné 2,69 % sur le mois, les hedge funds ont vu leurs encours se réduire au total de 37 milliards de dollars. Ils sont ainsi redescendus à 1.760 milliards de dollars, soit le plus faible niveau depuis mars 2011.
Fonds
20/10/2011
Fonds

Francfort accueille 4 nouveaux ETF et 28 nouveaux ETN

Désormais, le segment XTF de la plate-forme de négociation électronique Xetra (Deutsche Börse) cote 878 ETF. Les deux derniers en date sont les fonds d’actions ComStage ETF F.A.Z. Index (LU0650624025, chargé à 0,15 %) et ComStage ETF MSCI Emerging Markets TRN (LU0635178014, TFE de 0,50 %) lancés par ComStage (Commerzbank).Ils ont été précédés le 17 octobre par deux ETF actions à dividende élevé de State Street Global Advisors (SSgA), le SPDR S&P US Dividend Aristocrats ETF (IE0B6YX5D40, chargé à 0,35 %) et le SPDR S&P Emerging Markets Dividend ETF (IE00B6YX5B26, avec un TFE de 0,65 %).Par ailleurs, la Deutsche Börse a annoncé que 28 nouveaux ETN longs et «short» de la Commerzbank (voir liste) ont été admis à la négociation sur Xetra, ce qui porte à 218 produits le nombre d’ETN disponibles à Francfort
Fonds
20/10/2011
Fonds

Axa IM décide de liquider son fonds Immoselect

Les remboursements du fonds immobilier offert au public Immoselect d’Axa IM Deutschland, gelés depuis le 17 novembre 2009, ne reprendront pas. Le gestionnaire a décidé de liquider ce produit au 20 octobre 2014 et de vendre les 66 actifs encore dans le portefeuille.Ce fonds de 2,48 milliards d’euros géré par AXA Real Estate Investment Managers (AXA Real Estate) n’affiche que 238,6 millions d’euros de liquidité, ce qui est insuffisant pour faire face aux demandes de remboursement annoncées par les investisseurs et les distributeurs. Il aurait fallu un taux de liquidité d’au moins 30 %, au lieu de moins de 10 %.Le produit de la cession des actifs sera redistribué semestriellement, probablement à partir d’avril 2012.Code isin Immoselect : DE0009846451
Fonds
20/10/2011

Feu vert pour le pôle fonds immobiliers d'Universal-Investment

Le régulateur allemand BaFin a donné le 19 octobre son agrément au lancement et à l’administration de fonds immobiliers par Universal-Investment, qui l’avait sollicité pour pouvoir entamer une activité sur le segment des fonds institutionnels.Bernd Vorbeck, président du comité exécutif d’Universal, a précisé que les premiers mandats ont déjà été engrangés et que des pourparlers sont en cours avec de nombreux institutionnels ainsi qu’avec des gestionnaires d’actifs. Cette nouvelle plate-forme immobilière constitue l’extension logique de l’offre d’administration et de comptabilité de fonds (Master-KAG) destinée aux institutionnels ; elle permettra aussi aux gestionnaires d’actifs à la recherche d’une plate-forme neutre de réaliser des projets de fonds immobiliers pour le compte de leurs clients.Parallèlement à l’autorisation concernant les fonds immobiliers, Universal-Investment a également obtenu l’agrément pour le lancement et la gestion de hedge funds, de fonds d’instrastructures, de fonds gérant l'épargne salariale et de fonds avec le passeport européen.
20/10/2011

Blackstone acquiert 44 % de Leica

Des fonds du capital-investisseur américain Blackstone vont acquérir auprès de ACM Projektentwicklung GmbH 44 % de l’allemand Leica Camera AG pour un montant non divulgué.Le fabricant d’appareils photographiques et de produits optiques «de sport» emploie 1.150 personnes. L’arrivée de Blackstone dans le tour de table doit permettre à Leica de prendre pied sur de nouveaux marchés en Asie, en Amérique du Sud et au Moyen-Orient.Pour l’exercice 2010-2011 (31 mars), le bénéfice net de Leica est ressorti à 36,3 millions d’euros contre 3,2 millions, avec un bénéfice d’exploitation de 41,6 millions contre 7,4 millions et un chiffre d’affaires de 248,8 millions d’euros contre 158,2 millions.ACM indique ne pas avoir l’intention de vendre d’autres titres Leica.
20/10/2011

Schroders renforce son équipe de distribution en Allemagne

Markus Gerhardt, qui était responsable des clients haut de gamme à la BHF-Bank, a rejoint la filiale allemande de Schroders comme institutional client executive au 1er octobre.Il intègre l'équipe de distribution institutionnelle de Schroder Investment Management GmbH dirigée par Carlos Böhles et sera focalisé sur la clientèle d’entreprises ainsi que sur les caisses de retraite.Schroders Allemagne, qui a procédé à plusieurs recrutements ces derniers mois (lire Newsmanagers des 5 et 8 juillet ainsi que du 1er août), aligne désormais outre-Rhin une équipe commerciale d’une soixantaine de personnes, dirigée par Achim Küssner.
20/10/2011

max.xs recrute une directrice des ventes institutionnelles

Ilona Wachter, qui a été managing director et head of Germany chez Muzinich & Co et Aviva Investors, a rejoint max.xs en tant que director institutional sales. Elle est subordonnée à Oliver Roll, managing director du spécialiste indépendant francfortois de la distribution. max.xs précise d’ailleurs qu’il recherche encore un «senior institutional sales».Cette année, max.xs a gagné trois grands clients : Kleinwort Bension Investors Dublin, Rothschild & Cie Gestion et Wölbern Invest.
20/10/2011

Azimut va lancer un fonds de capital risque

La société de gestion italienne Azimut va lancer un fonds de capital risque en partenariat avec le spécialiste allemand Earlybird Venture Capital. Ce produit sera investi dans le secteur des technologies en Italie. Concrètement, Azimut va créer un fonds fermé au sein de sa plate-forme luxembourgeoise qui se destinera aux investisseurs qualifiés. Le produit sera conseillé par une société détenue à 60 % par les associés d’Earlybird Italia et à 40 % par Azimut Holding.
20/10/2011
Fonds

Axxion prépare deux fonds d'ETF

Le 15 novembre, Axxion SA va lancer deux fonds luxembourgeois d’ETF, Ad-Vanemics ETF Dachfonds -V (LU0665449400) et Ad-Vanemics ETF Dachfonds-S (LU0665450838).Ces fonds pourront investir en valeurs mobilières, en titres monétaires et en fonds d’actions, d’obligations et diversifieés ainsi qu’en certificats et en options, mais principalement en ETFLe Ad-Vanemics ETF Dachfonds-V comportera un droit d’entrée de 5 % et une commission de gestion de 0,50 % ainsi qu’une commission de distribution de 0,4 %. Il est prévu également 0,50 % de commission de conseil.La version S n’aura pas de droit d’entrée tandis que les commissions de gestion et de conseil seront également de 0,50 %. La commission de distribution sera de 0,60 %.Dans les deux cas, Axxion a prévu une commission de 15 % de la surperformance dépassant l’euribor 3 mois de plus de 300 points de base.
Fonds
20/10/2011

State Street sélectionné par un fonds de pension néerlandais

State Street Corporation annonce avoir été sélectionné par le fonds de pension néerlandais Stichting Pensioenfonds SABIC Innovative Plastics pour lui fournir des services d’investissement portant sur 700 millions d’euros d’actifs. State Street devra offrir des services de conservation de titres, de comptabilité, de mesures mensuelles de la performance et de services de stratégie « overlay » pour la couverture des risques de change.
20/10/2011

Axxion preparing two ETF funds

On 15 November, Axxion SA will launch two Luxembourg-registered ETF funds, Ad-Vanemics ETF Dachfonds -V (LU0665449400) and Ad-Vanemics ETF Dachfonds-S (LU0665450838).The funds may invest in securities, money markets and equity, bond and diversified funds, and in certificates and options, but will invest primarily in ETFs.The Ad-Vanemics ETF Dachfonds-V will carry a front-end fee of 5% and a management commission of 0.50%, as well as a distribution commission of 0.4%. There will also be an advising commission of 0.50%.The S version of the fund will charge no front-end fee, and management and advising commissions will also be 0.50%. The distribution commission will be 0.60%.In both cases, Axxion will charge a 15% commission on performance exceeding the Euribor 3-month by more than 300 basis points.
20/10/2011

State Street appoints a head of sales for the Middle East

State Street Corporation has appointed Asser Makarem as vice president and head of sales for its Global Services activity in the Middle East and North Africa. Makarem will be based in Doha, Qatar, and will report to Rod Ringrow, senior vice president in charge of the Middle East and North Africa (MENA) region. Before joining State Street, Makarem was head of sales at HSBC Bank Middle East, and worked to develop the bank’s client base by strengthening its relationships with institutional investors in the region.
20/10/2011

Second SEC investigation of SAC Capital

The Securities and Exchange Commission (SEC) has launched a civil investigation to determine whether the hedge fund management firm SAC Capital Advisors LP (USD14bn in assets) made inappropriate use of information from an expert network to make a large-scale investment in shares in Cougar Biotechnology ahead of the announcement of the firm’s acquisition by Johnson & Johnson on 21 May.So far, the SEC has not accused SAC Capital of wrongdoing.The Wall Street Journal reports that since June, SAC Capital has been under investigation for similar moves ahead of the acquisition of MedImmune for USD15bn in 2007.
20/10/2011

Argonaut recruits a manager

Greg Bennett has joined Argonaut Capital, Investmemt Week reports. He will work in the investment team that manages the Argonaut European Alpha, European Absolute Return, European Income and Enhanced Income funds, and joins the firm from Marlborough.
20/10/2011

Azimut to launch a venture capital fund

The Italian asset management firm Azimut will launch a venture capital fund in partnership with the German specialist Earlybird Venture Capital. The product will invest in the Italian IT sector. Azimut will create a closed fund on its Luxembourg platform, which will be aimed at qualified investors. The product will be advised by a firm that will be 60% owned by the partners at Earlybird Italia, and 40% by Azimut Holding.
20/10/2011

Outflows from hedge funds in September

Hedge funds have seen net redemptions of USD20.98bn in September, according to the most recent statistics from Eurekahedge. Due to the fact that they have lost 2.89% in the month, hedge funds saw a USD37bn fall in their total assets, to USD1.76trn, their lowest level since March 2011.
20/10/2011

Schroders adds to sales team in Germany

Markus Gerhardt, who has been head of high net worth clients at BHF-Bank, has joined the German affiliate of Schroders as institutional client executive, as of 1 October. Garhardt joins the institutional distribution team at Schroder Investment Management GmbH, led by Carlos Böhles, and will focus on business clients and pension funds. Schroders Germany, which has made several recruitsments in the past few months (see Newsmanagers of 5 and 8 July and 1 August), now has a sales team of 60 people in Germany, led by Achim Küssner.
20/10/2011

Raffaele Costa leaves Man

Raffaele Costa, a former director of GLG Partners, who subsequently became vice head of global sales and marketing at Man Group, will be leaving the firm at the end of the year, according to reports in Financial News. He will remain a senior adviser to the firm.
20/10/2011

European Union promotes integration of ESG criteria into investment decisions

European Commission Vice-President Antonio Tajani has appointed International Corporate Governance Network (ICGN), Principles for Responsible Investment (PRI) and the European Federation of Financial Analyst Societies (EFFAS) to lead a new programme to build the capacity of investors to integrate social, environmental and governance (ESG) information in their investment decisions.Over a period of 18 months it will result in a comprehensive professional development programme as well as guidance on best practice in the integration of ESG information into investment decisions. The European Union will finance 50% of the total cost of programme, which is estimated at approximately €450.000. The other 50% will be financed by the main project partners. The EU funding is part of a broader programme to support the uptake of corporate social responsibility (CSR), financed under the Competitiveness and Innovation Programme.
20/10/2011

Chinese government issues license to Sinolink & General FMC

After four years, the Chinese regulator, the CSRC, has issued a license to the 68th fund of fund management firm in the country, Sinolink & General FMC. The new entrant to the market is 49% owned by Sinolink Securities, 21% by China General Technology Group, and 15% each by China-Singapore Suzhou Industrial Part and Baoxin Energy, Z-Ben Advisors reports.
20/10/2011

Cornel Bruhin leaves Clariden Leu

Cornel Bruhin has left the Swiss boutique Clariden Leu, Citywire Global reports. He had been principal manager of the Clariden Leu Emerging Markets Bond fund. He will be replaced by Thomas Rutz and Dorothea Fröhlich.
20/10/2011

Dexia agrees sale of asset management unit

The board of directors at Dexia voted at a meeting on 20 October to begin the process of selling some operational entities of the group, including Dexia Asset Management and Dexia Investor Services.Dexia and the Belgian government finalised the sales agreement for Dexia Banque Belgique to the Belgian federal participation and investment company (SFPI), acting on behalf of the Belgian government, under the terms and conditions of the offer made to Dexia SA on 9 October.Dexia Banque Belgique’s 49% stake in Dexia Asset Management will be transferred to the Dexia group before the transaction is completed, pending the approval of the regulatory authorities. The sale thus includes all assets and liabilities, affiliates and participates of Dexia Banque Belgique as of the date of closing, except its participation in Dexia Asset Management.
20/10/2011

Direxion to launch new strategies

AR reports that Direxion Funds (Rafferty Asset Management) is planning to launch at least three new strategies resembling hedge funds, but in a mutual fund format, in 2012. The new funds will invest in managed futures, real estate equities and long/short strategies.
20/10/2011

Mixed quarterly results for asset management activities at Morgan Stanley

Global wealth management earned pre-tax profits in third quarter of USD362m, compared with USD281m in second quarter 2010. The asset management unit, for its part, finished the quarter with pre-tax losses of USD117m, compared with profits of USD279m one year earlier. Total assets under management for clients in the Global Wealth Management unit as of the end of the quarter totalled USD1.6trn, of which USD465bn were in fee-based accounts, which posted net inflows of USD10.1bn. Assets under management or supervision in the Asset Management unit as of 30 September totalled USD268bn, up from USD266bn one year earlier. The quarter brought a net outflow of USD5.8bn, compared with a net inflow of USD2.9bn one year earlier.
20/10/2011

Lyxor AM publishes a quality charter for ETFs

Lyxor AM has laid out a quality charter for its ETF products. The charter includes guidelines concerning the quality of asset management, index tracking, transparency, counterparty risk, and trading rules for primary and secondary markets.The charter goes beyond some of the requirements of the European UCITS directive, Lyxor AM states. Firstly, as Alain Dubois, chairman of the asset management firm, recently explained to Newsmanagers (see Newsmaangers of 17 October 2011), in terms of transparency, Lyxor releases key information such as assets in the fund, counterparty risk levels and the characteristics of counterparties for derivative operations, on a daily basis.The firm has also set an objective of zero daily counterparty risk for all of its ETFs, which is well below the maximum of 10% allowed under the UCITS directive. Secondly, tracking error, with an objective of less than 100 basis points (1%) at all times, is published for each ETF. All of these financial securities are held in separate accounts for the funds concerned.
20/10/2011

Alain Zeitouni joins Russell

Alain Zeitouni has joined Russell Investments in Paris in October as director of multi-strategy management, according to information obtained by Newsmanagers. He had previously been director of multi-management at Barclays Wealth Management in France, since June 2006.
20/10/2011

Axa IM decides to liquidate Immoselect fund

Redemptions from the open-ended real estate fund Immoselect (DE0009846451) from Axa IM Deutschland, which have been frozen since 17 November 2009, will not be reopened. The asset management firm has decided to liquidate the product by 20 October 2014, and to sell the 66 properties remaining in the portfolio.The fund, with EUR2.48bn in assets, managed by AXA Real Estate Investment Managers (AXA Real Estate) has only EUR238.6m in liquidity, which is insufficient to meet up to redemption demands announced by investors and distributors. The fund would have needed a liquidity level of at least 30%, rather than its present level of under 10%.The proceeds from sales of the properties will be distributed to investors semiannually, probably beginning in April 2012.
20/10/2011

Frankfurt exchange adds 4 new ETFs and 28 new ETNs

The XTF segment of the Xetra electronic trading platform (Deutsche Börse) now lists 878 ETF funds. The two newest additions are the equities funds ComStage ETF F.A.Z. Index (LU0650624025, which charges 0.15%), and ComStage ETF MSCI Emerging Markets TRN (LU0635178014, TER of 0.50%) from ComStage (Commerzbank).These products were preceded on 17 October by two high dividend equities ETFs from State Street Global Advisors (SSgA), SPDR S&P US Dividend Aristocrats ETF (IE0B6YX5D40, with fees of 0.35%) and SPDR S&P Emerging Markets Dividend ETF (IE00B6YX5B26, with a TER of 0.65%). Deutsche Börse has also announced that 28 new long and short ETNs from Commerzbank (list here) have been added to trading on Xetra, bringing the number of ETN products available in Frankfurt to 218.
20/10/2011

Dow Jones releases a European version of DJIA

Dow Jones has released a European version of the emblematic Dow Jones Industrial Average (DJIA) for the United States. Since the beginning of the year, the index provider has offered six European indices dedicated to dividends, and two European real estate indices. Dow Jones has also releases an Asian version of the DJIA. The indices are each composed of 30 top shares from the region. The European index includes five French, five German, nine British, four Swiss, two Spanish and two Swedish companies. The French firms are BNP Paribas, Vivendi, Vinci, Schneider Electric and Total.
20/10/2011

Big investors call for action on climate change

A group of 285 investors representing more than USD20trn in assets under managemetn has called for urgent action on climate change issues. In a joint statement, the large investors say there is a need for immediate action to stimulate private sector investment in solutions to combat climate change, which is essential to ensure “the long-term sustainability and stability of the global economic system.”

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