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20/12/2010
Fonds

L'encours des ETF et ETP a franchi la barre des 1.000 milliards de dollars

D’après BlackRock, l’encours des ETF et ETP cotés aux Etats-Unis a atteint 1.027 milliards de dollars jeudi soir, rapporte the Wall Street Journal. Cela comprend 894 ETF avec 887,2 milliards de dollars lancés par 28 promoteurs et cotés sur deux bourses ainsi que 185 ETP pour 115,5 milliards lancés par 20 promoteurs et cotés sur une seule bourse.Fin 2009, BlackRock avait recensé 772 ETF avec des encours de 705,5 milliards émis par 29 maisons. Depuis le début de l’année 171 ETF ont été lancés, 49 ont été radiés et 828 autres sont en projet. Le nombre d’ETP en fin d’année dernière ressortait à 142 pour des actifs de 88,1 milliards de dollars.
Fonds
20/12/2010
Fonds

KKR et Perpetual ont mis fin à leurs négociations

Le gérant de fonds australien Perpetual a annoncé dimanche soir la fin des discussions avec le fonds de capital investissement KKR, faute d’avoir pu s’entendre sur des termes mutuellement acceptables. KKR proposait 1,7 milliard de dollars (1,3 milliard d’euros), à raison de 38 à 40 dollars australiens par action Perpetual. Au 30 novembre dernier, la société revendiquait 27,3 milliards de dollars d’actifs sous gestion, précise le quotidien.
Fonds
20/12/2010

BlackRock Frontiers collecte 94,7 millions de livres

Selon Fund Strategy, le trust d’investissement de BlackRock dédié aux marchés frontières a collecté 94,7 millions de livres. Le trust, qui sera piloté par Sam Vecht, vise des marchés tels que le Nigéria, le Qatar et l’Arabie Saoudite.BlackRock souligne que ce fonds est réservé à des investisseurs sophistiqués. Les frais de gestion sont de 1,1%, les commissions de performance de 10% de la surperformance de l’indice MSCI des marchés frontières.
20/12/2010

Le CFO de Liontrust accepte de baisser son salaire de 18 %

Alors que Liontrust va organiser le 13 janvier une assemblée de la direction pour débattre des moyens pour que les salariés les mieux payés acceptent de baisser leur rémunération de base, le chief financial officer de la société de gestion, Vinay Abrol, s’est porté volontaire pour réduire de 18 % son salaire. La direction va également réfléchir à d’autres moyens de rémunérations que le numéraire, comme les actions par exemple, indique Fundstrategy.
20/12/2010

Henderson négocie un rachat de Gartmore

Face aux spéculations des médias, Gartmore a confirmé avoir entamé des négociations avec Henderson concernant une offre soumise à conditions de ce dernier pour racheter la totalité du capital de la société de gestion. Ces discussions se font sur la base d’un prix présentant une légère décote par rapport au cours de clôture de l’action de Gartmore le 16 décembre, qui était de 98,75 pence. Selon le Financial Times de samedi, l’offre de Henderson serait de 95 pence. Après l’annonce de Gartmore, Henderson a aussi confirmé qu’il négociait un éventuel rachat de Gartmore. Les deux sociétés de gestion britanniques ont précisé qu’il n’est pas encore sûr que les discussions débouchent sur une offre formelle.Gartmore s’est mis en vente après le départ de son gérant star Roger Guy.
20/12/2010

Le président de F&C critique Sherborne

Le président de F&C Investments, Nick MacAndrew, a critiqué la tentative de l’investisseur activiste Edward Bramson, dont la société Sherborne Investors Management détient 17,5 % de F&C, de le limoger pour prendre sa place, rapporte IPE.com. Il estime que Sherborne n’a pas proposé de stratégie alternative à celle qui est menée actuellement au sein de la société de gestion. A noter que Sherborne est détenu à 19,5 % par Aviva Investors, également propriétaire de 6,35 % de F&C.
20/12/2010
Fonds

China Merchant Fund lance un produit dédié aux QDII

La société de gestion chinoise China Merchant Fund (CMF) envisage de lancer un produit à destination des investisseurs institutionnels qualifiés domestiques (QDII) en janvier prochain, rapporte Asian Investor. Le fonds sera coté à la bourse de Shenzhen après son lancement.Le Bric Index fund permettra d’investir dans les sociétés de l’indice S&P Bric 40, qui comprend les principales sociétés des marchés Bric dans les secteurs de l'énergie, des matériaux, des financières et des technologies, entre autres Baidu, Tencent, Lukoil, Gazprom, Infosys et Reliance.
Fonds
20/12/2010

Alain Clot arrive chez Dexia Crédit Local

Le conseil d’administration du groupe Dexia a approuvé vendredi 17 décembre la nouvelle composition du comité de direction du groupe. Alain Clot, l’ancien patron de SGAM, y est nommé membre du comité de direction et responsable du métier Public & Wholesale Banking en remplacement de Pascal Poupelle qui quitte le groupe. La nomination d’Alain Clot comme directeur général de Dexia Crédit Local sera soumise aux organes compétents. Par ailleurs, après avoir regroupé les portefeuilles en extinction et certains engagements non stratégiques au sein de la « Legacy Division », précise un communiqué, le groupe Dexia a également doté cette division d’un management dédié placé sous l’autorité d’Alexandre Joly, directeur de la stratégie, des portefeuilles et des activités du marché et membre du comité de direction.
20/12/2010

Apax veut lever 11 milliards d’euros

Selon le Financial Times, Apax Partners veut lever un fonds de plus de 11 milliards d’euros en Europe, ce qui serait la plus grosse levée de capitaux depuis le début de la crise du crédit.
20/12/2010

Madoff: Barbara Picower decides to pay back USD7.2bn

p { margin-bottom: 0.08in; } The widow of Jerry Picower announced on 17 December that she will pay back USD5bn to the court-appointed trustee for Bernard L. Madoff Securities, Irving Picard, and USD2.2bn to a Manhattan prosecutor’s office, the Wall Street Journal reports. The two payments, intended to redeem the memory of the deceased Jerry Picower, which were not required by the courts, will be redirected to victims of the fraud. The article in the Wall Street Journal includes a graph of the sums sought by Picard: USD9bn from HSBC, USD6.4bn from JP Morgan, USD3.6bn from Fairfield Greenwich Group, and USD2.5bn from UBS. Meanwhile, the liquidator has already received USD500m from Union Bancaire Privée, and USD235m from Santander. Expansión reports that USD425m is sought in lawsuits against Citibank, USD400m from Natixis, USD270m from ABN Amro, USD230m from Fortis Nederland, USD35m from Nomura, USD34m from BBVA, and USD16m from Merrill Lynch.
20/12/2010

Bank of France issues warning

p { margin-bottom: 0.08in; }a:link { } The Bank of France is issued a public warning, after being alerted on Friday, 17 December 2010, that there has been a phishing attack using the email address webmestre@banquefrance.fr. A fake letter claiming to be from the Bank of France at this address asks recipients to connect to a web page bearing “Verified by Visa” and “Mastercard SecureCode” logos. On this page, surfers are asked to enter personal information, including bank card number, expiration date, and security code. The Bank of France says that it did not send the message, and warns recipients not to divulge any personal information on the internet.
20/12/2010

European Systemic Risk Board begins operations

p { margin-bottom: 0.08in; } The European Central Bank (ECB) at the end of last week announced that legislation creating the European Systemic Risk Board (ESRB) has come into effect. The headquarters of the ESRB are located in Frankfurt-am-Main, and its secretariat is provided by the European Central Bank (ECB). The ESRB is in charge of macro-prudential surveillance of the financial system within the European Union. It will contribute to the prevention and reduction of systemic risks to the financial stability of the Union, which will result in developments for the financial system. The ESRB will also contribute to the harmonious functioning of the internal market, and will provide a sustainable contribution to the financial sector and to economic growth. As legislation prescribes, the ESRB is led by the chairman of the European Central Bank, Jean-Claude Trichet, while Mervin King, governor of the Bank of England, has been appointed the first vice-president of the ESRB by the members of the general council of the ECB. The general board of directors of the CERS will hold its first meeting on 20 January 2011.
20/12/2010

Assets in ETF and ETP funds top USD1trn

p { margin-bottom: 0.08in; } According to BlackRock, assets in ETF and ETP funds listed in the United States totalled USD1.027trn as of Thursday night, the Wall Street Journal reports. This includes 894 ETFs with USD887.2bn in assets, from 28 providers, listed on two stock markets, and 185 TP funds with USD155.5bn in assets, from 20 providers, listed on one stock market. As of the end of 2009, BlackRock counted 772 ETFs with assets of USD705.5bn, from 29 issuers. Since the beginning of this year, 171 ETFs have been launched, 49 have been removed from trading, and 828 others are planned. The number of ETP products as of the end of last year was 142, with assets of USD88.1bn.
20/12/2010

IT Asset Management registers a fund with the CNMV

p { margin-bottom: 0.08in; } The Luxembourg fund IT Funds Info Tech from the French independent management firm IT Asset Management has been licensed by the CNMV for sale in Spain. IT AM states that the fund had already been available to some Spanish institutional investors since 2006. In order to extend its sale to the retail market, the fund has been registered in Spain, where it will be distibuted by the Inversis platform from January 2011.
20/12/2010

Pension fund assets down by more than 3% in November

p { margin-bottom: 0.08in; } According to estimates by VDOS Stochastics, assets in individual pension funds in Spain in November fell by nearly EUR1.58bn, or 3.03%, compared with October, of which EUR1.31bn is due to market effects, and EUR266m to net redemptions, for a total of EUR50.56bn. Since the beginning of the year, pension funds have seen average losses of 2.49%.
20/12/2010

Moor Park CP sells five Sabadell branches to Amancio Ortega

p { margin-bottom: 0.08in; } Pontegadea, the portfolio management firm for Amancio Ortega, the largest shareholder in Inditex, has acquired five branches of Banco Sabadell for EUR55m from ISC Freshwater Investment, an affiliate of the British investment firm Moor Park Capital Partners, Expansión reports. Moor Park acquired 378 Sabadell branches in March for EUR403m, and has leased them out for 25 years (see Newsmanagers of 29 March).
20/12/2010

BlackRock Frontiers collects GBP94.7m

p { margin-bottom: 0.08in; } Fund Strategy reports that the BlackRock investment trust dedicated to frontier markets has collected GBP94.7m in assets. The trust, which will be managed by Sam Vecht, will invest in markets such as Nigeria, Qatar and Saudi Arabia. BlackRock says that the fund is reserved for qualified investors. Management fees are 1.1%, with a performance commission of 10% on performance exceeding the MSCI frontier markets index.
20/12/2010

Amundi and Natixis make second round in Pioneer bidding

The sale of Pioneer, the asset management unit of UniCredit with EUR185bn in assets, is moving ahead, Agefi reports. The Italian bank has chosen Amundi (an affiliate of Crédit Agricole and Société Générale), Natixis, and the financial services firm Ameriprise for a second round of negotiations.According to a source cited in Le Figaro, UniCredit preferred candidates who were willing buy the entire share capital of Pioneer. BNP Paribas was not selected for the second round, though it was a candidate, and its asset management unit has grown considerably since the acquisitions of BNL (in Italy) and Fortis (in Belgium). But the complexity of its current consolidations did not play in its favour. BNP Paribas also made an offer to acquire only a part of Pioneer.
20/12/2010

Amundi et Natixis qualifiés au second tour dans le dossier Pioneer

Le processus de vente de Pioneer, la filiale de gestion d’actifs d’UniCredit riche de 185 milliards d’euros d’actifs, progresse, rapporte l’Agefi. La banque italienne a retenu Amundi (filiale du Crédit Agricole et de la Société Générale), Natixis et la société de services financiers Ameriprise pour un deuxième round de négociations. Selon une source reprise par le Figaro, UniCredit a privilégié les candidats acceptant d’acquérir l’ensemble de Pioneer. BNP Paribas n’a pas été retenue, pourtant candidate et dont le pôle de gestion s’est considérablement renforcé depuis les acquisitions de BNL (en Italie) et Fortis (en Belgique). Mais la complexité qui en découle en terme de consolidation n’aurait pas joué en sa faveur. En outre, BNP Paribas avait déposé une offre partielle.
20/12/2010

JPMAM and GIC acquire OpenTurm building in Frankfurt

p { margin-bottom: 0.08in; } An institutional fund advised by J.P. Morgan Asset Management (JPMAM) and an affiliate of GIC Real Estate, the real estate division of the Government of Singapore Investment Corporation (GIC) on 17 December announced that they have acquired the 42-story skyscraper OpenTurm in Frankfurt (67,200 square metres) from a fund advised by Tishman Speyer and UBS, for an undisclosed sum. The property was completed in 2009. It is home to the offices of UBS, which occupies 28,000 square metres, and the law firm Allen & Overy, which rents 9,000 square metres.
20/12/2010

Hedge fund RAB reduces the size of its operations in Asia

p { margin-bottom: 0.08in; } Asian Investor reports that RAB Capital has decided to restructure its activities. The decision, which is related to a highly significant reduction in assets under management at the firm in the past two years, will involve staff reductions in Hong Kong. At least one fund has been closed, and according to the CEO of RAB for Asia, “some projects have been frozen, including the launch of new funds and the recruitment of new teams.” Assets under management at RAB Capital now total USD1bn, compared with USD7bn before the crisis.
20/12/2010

FSA published revised remuneration code

p { margin-bottom: 0.08in; } The British Financial Services Authority (FSA) on 17 December published the revised text of its Remuneration Code, which takes on board changes required by the CRD 3 remunerations directive, passed by the European Parliament on 7 July. The new rules require payment of at least 50% of variable remuneration, whether distinct or not, in the form of equities, and the publication of details of individual pay for directors with seats on the board.
20/12/2010

Henderson makes bid for Gartmore

In response to press speculation, Gartmore has confirmed that it has entered into negotiations with Henderson Group about a conditional offer by Henderson to acquire the entire share capital of the fund management company. These negotiations are on the basis of a proposal at a slight discount to the Gartmore share price at the close of trading on December 16, 2010 (98.75p). According to the Financial Times, Henderson has made a 95p per share offer. Following Gartmore’s announcement, Henderson Group has also confirmed that it is in discussions regarding a potential acquisition of Gartmore.At this stage there can be no certainty that these discussions will result in a formal offer being made for Gartmore either on these or on any other terms.
20/12/2010

Liontrust CFO agrees to 18% pay cut

p { margin-bottom: 0.08in; } As Liontrust is going to hold a meeting of the management on 13 January to discuss ways to convince higher-paid employees to accept a cut in their base salaries, the chief financial officer of the management firm, Vinay Abrol, voluntarily agreed to an 18% cut in his salary. The management will also consider potential forms of payment other than cash, such as shares in the firm, Fundstrategy reports.
20/12/2010

PAVE incorporates

The PAVE (Plataforma Alernativa de Valores Españoles) founding partner Javier Tordable on December 17th announced the official formalization and kick off of the first alternative trading venue (MTF) platform by means of the legal incorporation of the Company with legal PAVE PLATFORM, Sociedad .Anonima.The incorporation of PAVE marks the first step and necessary prerequisite in order to start the preparation of the operative processes on fields such as regulatory, corporate, finance and technology which before summer of 2011 will lead to the launch of this new pool of liquidity of Spanish stocks alternative to the current traditional stock exchanges.
20/12/2010

Fitch confirms BBB+ rating for Oddo

p { margin-bottom: 0.08in; } Fitch Ratings on 17 December confirmed its long-term Issuer Default Rating (IDR) of BBB+, with stable outlook, for Oddo et Compagnie (Oddo). Fitch also confirmed the other following ratings for Oddo: a short-term IDR rating of F2; intrinsic grade of C; external support rating of 5, and an external support floor rating of ‘No Floor.’ Oddo, which is incorporated as a bank, is the only independent investment firm in France. Its IDR and intrinsic ratings reflect its very solid solvency and liquidity ratios, satisfactory performance for the complete economic cycle, and aversion to risk. They also take into account the small size of the firm and its smaller footprint in brokerage and asset management in Europe (EUR21bn in assets under management). Profits at Oddo were affected by the crisis in 2007 and 2008, but since then they have returned to satiafactory levels, with recurrent annual net profits and a return to owners’ equity levels of about EUR40m and 11%, respectively. Earnings come about equally from finance and investment banking and asset management. Oddo acquired the Banque d’Orsay (IDR: BBB+) in November 2010, and is in exclusive negotiations to acquire Banque Robeco. The acquisitions will allow Oddo to increase its assets under management by EUR4bn, without significantly altering its risk profile.
20/12/2010

Name change for asset management firm from Manulife

p { margin-bottom: 0.08in; } With effect from 15 December, MFC Global Investment Management, or MFCMD (CAD121bn in assets as of 30 September) has changed its name, and is now known as Manulife Asset Management, or Gestion d’actifs Manuvie. Following the change, member companies of the global network of the business, which is present in 17 countries and territories, will now operate under the name Manulife Asset Management. Six of the companies affiliates with the business were already operating under this name in Asia. However, in order to profit from the notoriety of the brand name John Hancock in the United States, Manulife Asset Management will use the name John Hancock Asset Management to provide investment management services for John Hancock products in the United States. Optique CM “adopted” Optique Capital Management has also announced that it has sold its investment management activities to Manulife, and the Optique Fund will now become known as the John Hancock International Value Equity Fund, a mutual fund from John Hancock Investment Management Services (JHIMS), an indirect affiliate of Manulife. Following the “adoption,” JIHMS will be advisor to the fund, and the current team at Optique CM will be transferred to Manulife, where it will be in charge of the day-to-day management of the fund.
20/12/2010

Bertrand Fournier elected president of FIR

p { margin-bottom: 0.08in; } The board of directors of the Forum for Responsible Investment (FIR) on 17 December announced that at its meeting on 15 December, the Forum accepted the resignation of its president, Robin Edme, and on the nomination of its office, elected Bertrand Fournier, previously vice-president, as president, and Paul de Marcellus as vice president, replacing Fournier. The FIR office now includes Bertrand Fournier (chairman of the board at LFP-Sarasin AM) as president, Michel Lemonnier (head of SRI development at Groupama AM) as vice president, Martine Léonard (head of SRI managemetn at CM-CIC AM) as vice president, Paul de Marcellus (Global Product Specialist for SRI at HSBC) as vice president, Michel Laviale (qualified individual) as secretary general and treasurer, Martial Cozette (qualified individual and co-founder of the FIR) as deputy treasurer, and Gilles Maddalena (SRI promotion at Ideam – Amundi Group) as deputy secretary general.

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