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14/02/2011

January 2011: assets at Invesco up, while Legg Mason assets are stable

p { margin-bottom: 0.08in; } As of 31 January, assets at Invesco Ltd totalled USD624.3bn, compared with USD616.5bn one month earlier. The manager has increased its assets under management since the end of October 2010, when they totalled USD621.2bn. Of total assets under management at Invesco, assets in funds excluding ETF, UIT and passive management products totalled USD537.8bn, compared with USD535.7bn, of which USD79.9bn, compared with USD78.7bn, were in alternative assets. ETFs, UITs and passive products totalled USD86.5bn as of the end of January, compared with USD80.8bn as of the end of December. Legg Mason Inc, for its part, has announced assets of USD671.8bn as of the end of January, a level which remains unchanged from the end of December. This is the result of an increase of USD1.3bn, to USD185.6bn, for equities products, a decline of USD2.9bn, to USD352.9bn, for bonds, and an increase of USD1.5bn, to USD133.3bn, for money markets.
14/02/2011

Janus Capital to set up in Paris in the next three years

p { margin-bottom: 0.08in; } Janus Capital is now planning to open a representative office in Paris in the next three years, Agefi reports. The firm is planning to develop a more institutional client base in the French-speaking countries of Europe, a class of clients who prefer more proximity to the management firm. In French-speaking Europe, Janus Capital manages USD1.15bn in assets (EUR843m), a slight increase in one year. “In 2010, we posted a net inflow of about USD300m, but also a decline in valuations for fixed income,” Sylvain Agar, head of development for France and French-speaking Europe (France, Belgium, Switzerland (Geneva), Luxembourg and Monaco), tells the newspaper.
14/02/2011

Axa IM to retain Rosenberg name

p { margin-bottom: 0.08in; } In an interview with Les Echos, the CEO of Axa Investment Managers, Dominique Carrel-Billiard, discusses the Rosenberg affair, and says that assets at Axa Rosenberg have fallen by USD70bn, to USD32bn today. “Aside from this fall in inflows, which alone has overshadowed the performance of the rest of Axa IM, there has been no noticeable movement of outflows at the other activities of Axa Investment Managers, as a result of this unique industrial accident,” Carel-Billiard says, adding that the firm has no plans to dispense with the Rosenberg name. “It would be a shame to put the quality of the management firm, which retains a certain aura on the market, in doubt, merely due to an accident caused by a few individuals.”
14/02/2011

Institutional investors revolutionize hedge fund management

p { margin-bottom: 0.08in; }a:link { } In 2008, a survey by Preqin found that 45% of assets in hedge funds came from institutional investors. An edition of the study in February 2011 (http://www.preqin.com/docs/newsletters/HF/Preqin_Hedge_Fund_Spotlight_F…), which surveyed 60 hedge fund management firms with assets totalling USD95bn, has found that this percentage has increased to 65%. It also finds that institutional investors tend to prefer larger hedge fund managers (particularly those with assets of over USD10bn).This development has led 46% of managers to set up more rigorous procedures in risk management, and 42% have lowered their commissions.Nearly half of all hedge fund managers surveyed are planning to launch products aimed specifically at institutional investors in the next 12 months. To do this, they are planning to introduce segregated mandates, or to offer UCITS-compliant versions of their funds.
14/02/2011

Total assets in ETFs worldwide up by USD23.3bn in January

p { margin-bottom: 0.08in; } As of the end of January, according to BlackRock, the 2,501 ETF funds listed 5,701 times throughout the world had assets of USD1.3346trn, compared with USD1.3113trn as of the end of December, and USD9.784trn twelve months earlier. The number of products was 2,459 as of the end of December, and 2,055 as of the end of January 2010, from 138 providers, compared with 136 one month earlier, and 114 one year earlier.As of the end of January, there were plans underway to launch 1,033 ETFs.The top three providers remain unchanged: iShares has USD579.7bn in 474 products, giving it a market share of 43.4%, compared with 44.1% in December. State Street Global Advisors (SSgA) is in second place, with 116 ETF funds, and USD199.3bn in assets, for a market share of 14.9% (compared with 14.5%), while Vanguard is in third place, with 66 ETF funds and USD152.9bn in assets, for a market share of 11.5%, compared with 11.3%.
14/02/2011

State Street to launch 20 to 30 new ETFs in 2011

p { margin-bottom: 0.08in; } The US market remains the largest one for State Street Global Advisors (SSgA), which has a much more limited presence in Europe. “We are a little bit behind in Europe, where we offer only 13 products, representing USD1.1bn in assets under management,” admits Scott Ebner, global head of ETF development at State Street Global Advisors. To change this situation, “we need to enlarge our product range, and offer equities and bond products which replicate broader indices,” he tells La Tribune. 20 to 30 Irish-registered products will be launched in 2011.
14/02/2011

High net worth families control over half of capital in Ibex businesses

p { margin-bottom: 0.08in; } Expansión reports that several high net worth family groups, such as the Entrecanales, Villar Mir, and Del Pino families, and individuals such as Amancio Ortega and the Koplowitz sisters, own more than EUR217bn in shares in companies of the Ibex index, which has a total market capitalisation of EUR500bn.However, several custodians, and asset management firms such as BlackRock, Fidelity and Capital Research also rank among the largest shareholders in Spanish businesses.
14/02/2011

Thai pension fund GPF revises its investment programme

p { margin-bottom: 0.08in; } Asian Investor reports that the Thai government pension fund GPF (about USD13bn in assets under management) is seeking to invest more of its capital in foreign assets, and has selected Towers Watson as advisor for selection of managers and portfolio allocation. Russell Investments previously served in this role, with its multi-management structure.
14/02/2011

Haitong International AMC soon to launch two hedge funds

p { margin-bottom: 0.08in; } Asian Investor reports that Haitong Investment AMC, the international affiliate of the Chinese management firm Haitong International Securities Group, is planning to launch two hedge funds this year, and is also seeking to raise funds with private equity actors. 10 Chinese management firms currently have international development plans in the alternative management sector.
14/02/2011

New CEO for AIMA in Hong Kong

p { margin-bottom: 0.08in; } The Alternative Investment Management Association (AIMA) has appointed a new CEO in Hong Kong, in the person of Glyn Treasure, who was co-founder and chief operating officer at Nine Masts Capital until July 2010. Treasure replaces Jo Orgill, who last year left the position to join Samsung Securities.
14/02/2011

Investors concerned by complexity of pay structure

Several institutional investors, including Schroders and Threadneedle, have told the Financial Times that they are concerned about the increasing complexity of how companies calculate management pay. They say that there is a growing trend of companies introducing ways of calculating performance-linked pay packages that are not tied to share price performance, or involve the use of opaque discretionary criteria.
14/02/2011

Level Global Investors liquidates its activities

p { margin-bottom: 0.08in; } In a letter to investors on Friday, David Ganek, founder in 2003 and chairman of Level Global Investors LLP, has announced that the alternative management firm (USD4bn) has begun to liquidate its positions, and is planning to reimburse shareholders by 31 March, the Wall Street Journal reports. David Ginek, who worked closely with Steven Cohen (SAC Capital) says that the fund has generated returns of 88.9% since its launch, which comes out to 9% per year, compared with 3.3% for the S&P 500.The closure is explained as the result of a “cloud of uncertainty” due to an investigation by the US authorities into insider trading. Level Global was subpoenaed in November, but was not found to have committed any irregularities. The firm did engage the services of expert networks.The newspaper reports that four people with ties to hedge funds were charged last week as a result of the investigation, including Noah Freeman and Donal Longueuil, former fund managers at SAC Capital. The former has pleaded guilty to securities fraud and conspiracy, and is cooperating with investigators; the latter is charged with conspiracy to commit securities fraud, conspiracy to commit wire fraud, and obstruction of justice.
14/02/2011

CalPERS supported in its drive for absolute majority voting

p { margin-bottom: 0.08in; } Three proxy voting specialists, Egan-Jones Proxy Services, Glass, Lewis & Co. LLC, and ISS Proxy Advisory Services, have declared their support for an initiative on the part of the California pension fund CalPERS to abandon relative majority voting and adopt absolute majority voting for the election of board members at Apple. CalPERS says in a statement that the proposal will be submitted to an Apple general shareholders’ meeting on 23 February.
14/02/2011

PowerShares EQQQ has over USD1bn in assets

p { margin-bottom: 0.08in; } Assets in the PowerShares EQQQ ETF have topped USD1bn (as of 9 February 2011), Invesco PowerShares has announced. The ETF passively replicates the evolution of the Nasdaq 100. It is the European version of a US product, the PowerShares QQQ which has assets under management of USD25bn (as of the end of January 2011). The PowerShares EQQQ ETF is listed on five European stock markets (Borsa Italiana, NYSE Euronext Paris, Deutsche Börse, Swiss Stock Exchange and London Stock Exchange), and may be traded in euros or US dollars.
14/02/2011

Swiss & Global AM launches Julius Baer Chindonesia Fund

p { margin-bottom: 0.08in; } Swiss & Global Asset Management has added to its range of emerging markets equities funds with the launch of the Julius Baer Chindonesia fund, a product which will allow investors to profit from potential growth on the Chinese, Indian and Indonesian markets. These three countries account for 40% of the world’s population, with about 2.8 billion people, and offer excellent growth outlooks. The new UCITS III format fund will identify businesses at the beginning of a growth cycle, with competitive advantages. The fund will be co-managed by two specialists in Asian equities, Vincent Lagger and Jian Shi Cortesi.
14/02/2011

Guggenheim preparing first ETF of bonds in Chinese yuans

p { margin-bottom: 0.08in; } US-based Guggenheim Funds has filed paperwork with the SEC for a license for the future Guggenheim China Yuan Bond ETF, which would be the first-ever ETF to replicate an index of Chinese bonds, the China Yuan Bond Index. The future index, for which a provider has not yet been selected, would be composed of bonds launched by Chinese or non-Chinese issuers, listed outside mainland China, with ratings of at least BBB- from S&P, or Baa3 from Moody’s.The benchmark currency for the fund will be the US dollar. The ETF will aim to invest at least 80% of its assets in bonds drawn from the future index. The objective announced by Guggenheim Funds is to replicate at least 95% of the performance of the index.
14/02/2011

J.P. Morgan to launch a new media fund

p { margin-bottom: 0.08in; } The Wall Street Journal reports, citing sources familiar with the matter, that J.P. Morgan Chase 7 Co is planning to launch a fund which would invest in internet and digital media companies. The fund, which will be managed by the asset management unit at the bank, will aim to raise USD500m to USD750m. The fund will target non-publicly traded businesses.
14/02/2011

AQR and BoA Merrill Lynch launch a UCITS fund

p { margin-bottom: 0.08in; } Ucits Hedge reports that AQR Capital Management and Bank of America Merrill Lynch have announced the launch of the AQR Global Relative Value UCITS fund. The product provides access to the global relative value strategy from AQR Capital Management, via the UCITS III platform from Bank of America Merrill Lynch.
14/02/2011

SocGen unveils Solactive index of new producers of precious metals

p { margin-bottom: 0.08in; } At a presentation to launch a German-registered certificate (DE000SG10XA5), Société Générale announced that it has been involved with the creation of a new index by the German firm Solactive (formerly Structured Solutions AG). The index is the Solactive Gold and Silver Developer Index, which currently includes 15 “emerging” producers of precious metals, who have either recently begun their operations, or who are about to begin production. It is a total return index.
14/02/2011

Fortress to raise a fund for senior housing in China

p { margin-bottom: 0.08in; } Fortress Investment is planning to raise about USD1bn for a Chinese fund that will invest in housing for elderly people, a fast-growing population in China, the Financial Times reports. The firm, which has already developed activities of this kind in the United States, is in negotiations with potential local partners.
14/02/2011

M&G recrute chez ökoworld

Le bureau viennois de M&G Investments a recruté au 1er février Christian Lörincz comme senior sales manager chargé de la distribution auprès des banques en Autriche. Il est subordonné à Karola Gröger, directrice de la distribution. Il vient de passer trois ans dans la distribution chez ökoworld, après huit ans dans le groupe Deutsche Bank.
14/02/2011
Fonds

Le fonds de pension thaïlandais GPF revoit son programme d'investissement

Selon Asian Investor, le fonds de pension du gouvernement thaïlandais GPF (quelque 13 milliards de dollars d’actifs sous gestion) veut davantage investir dans des actifs étrangers et a choisi dans cette perspective Towers Watson en qualité de conseiller pour la seléction de gérants et l’allocation de portefeuille.Russell Investments assurait ces fonctions précédemment avec sa structure de multigestion.
Fonds
14/02/2011

Les grandes familles détiennent près de la moitié du capital des firmes de l'Ibex

Selon Expansión, plusieurs groupes familiaux comme les Entrecanales, Villar Mir, Del Pino ou bien des individualités comme Amancio Ortega ou les sœurs Koplowitz détiennent pour plus de 217 milliards d’euros des actions de sociétés de l’indice Ibex qui représentent au total une capitalisation boursière de 500 milliards d’euros.Cela dit, plusieurs conservateurs ainsi que des sociétés de gestion comme BlackRock, Fidelity ou Capital Research se sont hissés parmi les principaux actionnaires des entreprises espagnoles.
14/02/2011
Fonds

LCL lance deux fonds à formule

LCL lance deux nouveaux FCP à destination des particuliers : LCL Triple Horizon (Fév. 2011) éligible au compte-titre et au PEA, et LCL Triple Horizon AV (Fév. 2010), éligible à l’assurance-vie.Ces fonds à formule (à capital non garanti), gérés par Amundi, permettent de connaître dès la souscription les gains potentiels. LCL Triple Horizon (Fév. 2011) et LCL Triple Horizon AV (Fév. 2011) ont une échéance à 3 ans avec une sortie par anticipation potentielle chaque année : si la performance de l’Euro Stoxx 50 (hors dividendes) est positive ou nulle, les fonds offrent un gain fixe de 7,25% à 1 an ou 14,5% à 2 ans ou 21,75% à 3 ans. Les fonds préservent le capital jusqu’à une baisse de l’indice de 50% à l’échéance. Au-delà d’une baisse de l’indice de plus de 50% à l’échéance, le capital n’est plus garanti et le porteur subit l’intégralité de la baisse de l’Euro Stoxx 50.Caractéristiques:Code Isin : LCL Triple Horizon (Fév. 2011) : FR0010979948/LCL Triple Horizon AV (Fév. 2011) : FR0010979955Valeur liquidative de la part à l’origine : 100 eurosFrais de gestion maximum :- frais directs : 3% TTC/anCommission de souscription directe maximum :- sur compte-titres : 2,5% maximum jusqu’au 23 mars 2011 à 12 heures- sur un contrat d’assurance vie : variable selon le contratCommission de rachat :- 0% à l’échéance- 1% au cours des fenêtres de sortie trimestrielles- 2% aux autres dates pour LCL Triple Horizon AV (Fév. 2011)- 3% aux autres dates pour LCL Triple Horizon (Fév. 2011)
Fonds
14/02/2011

Natixis: départ des fondateurs de NexGen

Luc Giraud et Ravi Viswanathan, les fondateurs de la boutique de produits structurés NexGen, l’une des entités les plus rentables de Natixis, ont démissionné récemment, rapporte Les Echos.Créé en 2001 par ces deux anciens de la coentreprise Lazard-Crédit Agricole dans les produits structurés, NexGen, rebaptisé Natixis Financial Solutions, est spécialisé dans les dérivés, et les financements ayant une composante d’actions.
14/02/2011

Après un bel exercice 2010, Siparex compte poursuivre sur sa lancée en 2011

L’Agefi rapporte que le groupe de capital-investissement Siparex a connu une très bonne année 2010 en termes de cessions, avec 111 millions d’euros correspondant à 53 millions de plus-values brutes. Siparex a ainsi pu retourner 104 millions d’euros à ses souscripteurs dont 94 millions de cessions proviennent de l’activité de capital développement / transmission, qui représente désormais 520 millions d’euros sous gestion. L’année 2011, selon Bertrand Rambaud, président du groupe, s’engage sur un rythme d’activité soutenu. Les fonds Siparex Midcap 1 et Siparex MidMarket II sont déjà investis aux deux tiers. Et l'équipe travaille au lancement de deux nouveaux véhicules, note le quotidien.
14/02/2011

Axa IM veut garder le nom Rosenberg

Dans un entretien aux Echos, le directeur général d’Axa Investment Managers, Dominique Carrel-Billiard, revient sur l’affaire Rosenberg et indique que les encours d’Axa Rosenberg ont baissé de 70 milliards de dollars à 32 milliards de dollars aujourd’hui. «Hormis cette chute de la collecte qui a, du coup, occulté la performance du reste d’Axa IM, il n’y a eu, sur les autres activités d’Axa Investment Managers, aucun mouvement perceptible de décollecte relatif à cet accident industriel unique», indique Dominique Carrel-Billiard qui n’envisage pas par ailleurs de faire disparaître le nom Rosenberg. «Il serait dommage de remettre en cause la qualité de cette maison, qui garde une certaine aura sur le marché, uniquement à cause d’un accident imputable à quelques individus».
14/02/2011

Janus Capital vise Paris dans les trois ans à venir

Janus Capital entend désormais ouvrir un bureau de représentation à Paris dans les trois prochaines années, annonce L’Agefi. La société souhaite développer en Europe francophone une clientèle plus institutionnelle qui privilégie une relation de proximité avec sa société de gestion.Sur l’Europe francophone, Janus Capital gère 1,15 milliard de dollars d’encours (843 millions d’euros), en légère hausse sur un an. «Nous avons en 2010 enregistré une collecte nette de quelque 300 millions de dollars, mais également une baisse des valorisations dans le fixed income», a indiqué au quotidien, Sylvain Agar @font-face { font-family: «Times New Roman"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }table.MsoNormalTable { font-size: 10pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } responsable du développement pour la France et l’Europe francophone (France, Belgique, Suisse (Genève), Luxembourg et Monaco).
14/02/2011

UBS: Helmut Panke nommé directeur intérimaire des ressources humaines

Le groupe UBS a indiqué le 14 février dans un communiqué que son conseil d’administration avait décidé de confier les fonctions exercées jusqu’ici par Sally Bott au sein de cet organe à un autre membre du conseil. C’est donc Helmut Panke qui assurera à titre intérimaire la direction des ressources humaines et celle du comité des rémunérations dont s’occupait Sally Bott.Ayant accepté une fonction dans une autre entreprise, Sally Bott a abandonné ses fonctions au sein d’UBS avec effet immédiat, rappelle UBS.
14/02/2011

Le Credit Suisse contraint de solliciter les investisseurs

Credit Suisse Group AG (CS) a annoncé le 14 février dans un communiqué avoir conclu un accord définitif avec Qatar Holding LLC et Olayan Group pour l'émission de «Tier 1 Buffer Capital Notes». Une initiative liée au renforcement de la réglementation Bâle III en matière de fonds propres. Le montant total de l'émission est de 6 milliards de francs suisses, précise le groupe. Le placement sera réalisé au plus tôt en octobre 2013 contre paiement en numéraire ou échange contre l'émission de Tier 1 Capital Notes émises en 2008. Les BCNs seront converties dans des actions de Credit Suisse Group si le quota au Common Equity Tier 1 prévu par Bâle III descend sous 7%.Dans le détail, l’accord entre CS et ses deux partenaires stratégiques concerne le placement de deux tranches de Tier 1 Buffer Capital Notes (BCNs) de respectivement 3,5 milliards de dollars et 2,5 milliards de francs suisses, dotées de coupons de respectivement 9,5% (en dollars) et 9% (en francs suisses). En plus des Tier 1 Capital Notes, les autorités du Qatar et Olayan Group recevront des participations importantes aux actions de Credit Suisse Group.

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