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29/10/2010

Amélioration des comptes de Blackstone

Le capital-investisseur américain Blackstone a annoncé le 28 octobre avoir réalisé pour le troisième trimestre 2010 un «bénéfice net économique» de 339,28 millions de dollars contre 275,35 millions pour la période correspondante de 2009, ce qui porte le total des neuf premiers mois de cette année à 904,91 millions contre 373,75 millions.En termes comptables, toutefois, Blackstone affiche un bénéfice net de 147,53 millions pour juillet-septembre et une perte nette de 746,1 millions pour les neuf premiers mois de l’année, contre des pertes de respectivement 479,51 millions et 2 milliards pour les périodes correspondantes de 2007.L’encours total géré à fin septembre se montait à 119,11 milliards de dollars contre 97,55 milliards douze mois auparavant, dont 29,2 milliards contre 24,31 milliards pour le private equity, 27,13 milliards contre 20,43 milliards pour l’immobilier et 62,78 milliards contre 52,81 milliards pour l’activité «credit & marketable alternatives».
29/10/2010
Fonds

USAA lance deux nouveaux fonds

USAA annonce le lancement de deux nouveaux mutuals funds. La société de gestion américaine, basée à San Antonio, renforce ainsi sa gamme dédiée à lutter contre l’inflation montante, dans un environnement économique incertain.USAA Real Return Fund s’adresse aux investisseurs craignant l’inflation. Son portefeuille est investi dans diverses classes d’actifs (bonds de trésor américain, obligations high yield, métaux précieux, trusts immobilier par exemple). Son allocation sera adaptée activement par l'équipe de gestion en fonction de l’environnement économique.Le fonds USAA Ultra Short-Term Bond Fund s’adresse quant à lui aux investisseurs «averses» au risque et soucieux de se protéger d’une éventuelle hausse des taux. Le portefeuille d’obligations du fonds contient des obligations à échéance plus courte.
Fonds
29/10/2010

Le bénéfice net d'Ameriprise fait un bond de 32% au troisième trimestre

Ameriprise a fait état le 27 octobre d’un bénéfice net de 344 millions de dollars pour le compte du troisième trimestre, en hausse de 32% par rapport au troisième trimestre 2009. Les actifs sous gestion et sous administration d’Ameriprise s’inscrivaient au 30 septembre à 649 milliards de dollars, en hausse de 48% sur un an en raison de l’acquisition de Columbia Management et de l’effert marché.L’encours du pôle gestion d’actifs s’est accru pour sa part de 89% au troisième trimestre à 445 milliards de dollars, en raison de l’acquisition de Columbia Management et de l’appréciation de S&P 500. Côté gestion américaine, le trimestre s’est terminé sur une décollecte nette de 3,2 milliards de dollars, notamment du côté actions. Threadneedle a de son côté enregistré une collecte nette de 1,1 milliard de dollars au troisième trimestre, en raison d’une forte demande institutionnelle, la partie retail eruopéenne s soldant par une décollecte nette.Les actifs sous gestion aux Etats-Unis s’inscrivaient au 30 septembre à 347 milliards de dollars, contre 146 milliards un an plus tôt, avec l’acquisition de Columbia Management. Les encours de Threadneedle marquaient de leur côté une progression de 9% au 30 septembre à 102 milliards de dollars.
29/10/2010

Progression de 4% des actifs sous gestion de Legg Mason

Les actifs sous gestion de Legg Mason se sont accrus de 4% durant le trimestre à fin octobre par rapport au 30 juin pour s'établir à 673,5 milliards de dollars. Le trimestre s’est terminé sur une décollecte nette de 12,7 milliards de dollars, dont 8 milliards de dollars sur le fixed income, largement compensé par un effet marché positif de 40,8 milliards de dollars.Le bénéfice net du trimestre s’est élevé à 75,3 millions de dollars (dont une plus-value fiscale de 8,9 millions de dollars au Royaume-uni) contre 47,9 millions un trimestre plus tôt pour un chiffre d’affaires en légère hausse à 674,8 millions de dollars contre 674,2 millions de dollars.
29/10/2010

Universal Investment launches an absolute return behavioural fund

p { margin-bottom: 0.08in; } Universal-Investment has joined forces with sentix Asset Management to launch the German-registered sentix Fonds 1 (DE000A1C2XH4), which will use a behavioural approach to equities, bond, currency and commodity markets. Management is inspired by an annual survey since 2000 of market sentiment according to 3,000 operators in 20 countries. The fund will invest primarily in Europe. TER is currently a maximum of 1.525% for retail and 0.775% for institutional shares (at least EUR100,000), while front-end fees for retail shares are a maximum of 3%. Performance commission is 20% for performance exceeding the Euribor 1 month plus 500 basis points.
29/10/2010

Fondak has generated 10.5% per year over six decades

p { margin-bottom: 0.08in; } On 30 October, the Fondak equities fund from Allianz Global Investors (EUR2.1bn in assets) will celebrate its 60th birthday. In this period, it generated average annual performance of 10.5%, Die Welt reports. Since the beginning of the year , it has earned 12.5%, about 200 basis points higher than the Dax index. When the Fondak fund, managed by Heidrun Heutzenröder, was launched, there were only a few equities funds in Germany; now, investors may choose from 2,443 products.
29/10/2010

USAA launches two new funds

p { margin-bottom: 0.08in; } USAA has announced the launch of two new mutual funds. The US management firm, based in San Antonio, is adding to its range of products dedicated to fighting rising inflation, in an uncertain economic environment, a statement says. USAA Real Return Fund is aimed at investors worried about inflation. Its portfolio is invested in various asset classes (including US Treasury bonds, high yield bonds, precious metals and real estate trusts). Its allocation is actively adapted by the management team as a function of the economic environment. The USAA Ultra Short-Term Bond Fund is aimed at investors aware of the risks who are seeking to protect themselves against potential increases in interest rates. The fund’s portfolio contains bonds with shorter maturities.
29/10/2010

Dexia AM launches a bond fund

Dexia Asset Management (Dexia AM) on 28 October announced the release of the Dexia Bonds Euro Government Top Rated fund for sale. The new bond fund provides investors with assets to the safest government bonds of the Euro zone, including government bonds with a rating of AAA or equivalent from the 3 ratings agencies (Standard & Poor’s, Moody’s and Fitch). Austria, Finland, France, Germany, Luxembourg and the Netherlands are currently the countries fo the Euro zone with a AAA rating.The fund’s objective is to beat the IBOXX Euro Sovereign SSS benchmark index by 50 basis points with an average tracking error of 1%.Characteristics of the fund Benchmark index IBoxx Euro Sovereign AAALegal format Luxembourg SICAVDate of creation 08/06/2010Currency of valuation EURUCITS III yesInvestment period 2 yearsValuation dailyISIN code Management feeC Cap shares: LU0514558518 0.60%C Dis shares: LU0514558609 0.60%I shares: LU0514558864 0.30%V shares: LU0514558948 0.15%N shares: LU0514558781 1%
29/10/2010

Van Eck launches a rare-earth ETF

Van Eck Global on 28 October announced the launch of the Market Vectors Rare Earth/Strategic Metals ETF (NYSE Arca: REMX), the first ETF listed in the United States to offer investors pure play exposure to equities in businesses primarily engaged in the production, refining, and recycling of rare-earth and strategic metals. To belong to the benchmark index (Market Vectors Rare Earth/Strategic Metals Index), firms must show a capacity to generate more than 50% of their revenues from the rare earth and strategic metals sector.As of 13 October 2010, the index included 24 businesses in 8 countries, with the largest positions in Australia (23.9%), Canada (19.81%), the United States (18.77%) and China (14.84%). For Chinese equities, the index will concentrate solely on shares listed in Hong Kong (H-shares).The REMX has a net TER of 0.57%.
29/10/2010

Pierre Debray nommé responsable mondial des financements d’actifs de Natixis

Natixis a annoncé le 28 octobre la nomination de Pierre Debray en qualité de responsable mondial des Financements d’actifs et du commerce international de Natixis. Rattaché à la direction Dettes et financements au sein de la Banque de Financement et d’Investissement, il supervisera les activités de financements de projets, de financements maritimes, de financements aéronautiques et de financements structurés export. Pierre Debray, qui a réalisé une grande partie de sa carrière au Crédit Lyonnais et chez Calyon, a rejoint Natixis en 2010 ; il était directeur adjoint Relations entreprises et institutionnels au sein de la Banque de Financement et d’Investissement.
29/10/2010

Inversis to sell Popular Gestión products

p { margin-bottom: 0.08in; } Rafael Hurtado, CIO of Popular Gestión (EUR6.16bn in assets), has announced that the 65 funds of the range will now also be available on the Inversis Banco platform, Funds People reports. This will allow the firm to reach institutional clients who do not want to subscribe to the Banco Popular network.
29/10/2010

Only 0.5% of funds have over EUR1bn in assets

p { margin-bottom: 0.08in; } According to statistics from the Inverco association of management firms as of the end of September, only 13 of the approximately 2,600 funds in Spain have assets of over EUR1bn, including the two largest real estate funds, for which redemptions are currently frozen: Santander Immobiliario Banif, which is the largest fund of all, with EUR2.54bn, and the BBVA Propriedad, which is in fifth place, with nearly EUR1.4bn. Three management firms claim three each of the largest funds. In addition to Santander (Banif Immobiliario, Rendimento B with EUR1.58bn, and Renta Fija Corporativa with EUR1.8bn, there is BBVA (Ahorro C/P with EUR2.36bn, Propriedad and Ahorro Corto Plazo II with EUR1.01bn), and Invercaixa with Foncaiza Rentimento CP (EUR1.67bn), Foncaixa Bienvenida (EUR1.6bn after five months of existence) and Foncaixa RFFlexible (EUR1.03bn). The other four management firms in the rankings with over EUR1bn are Popular Gestión (Eurov. Partic. EUR1.47bn), Sabadell (Sabadell BS Inmobiliario, EUR1.03bn), Bestinver (Bestinver Internacional, EUR1.03bn) and Ibercaja (Ibercaja DIN, EUR1bn).
29/10/2010

Spanish funds continue to lose assets

p { margin-bottom: 0.08in; } According to estimates from VDOS Stochastics as of 22 October, reported by Expansión, Spanish funds have seen further net outflows since early October of over EUR1.5bn, and their assets have declined by EUR729m, as market effects were positive to the tune of EUR857m.
29/10/2010

Foreign management firms gain ground

p { margin-bottom: 0.08in; } In January-September, foreign management firms in Spain posted net subscriptions of EUR4.5bn, while Spanish firms underwent net redemptions of EUR18bn, Cinco Días reports, citing the Inverco association of management firms. Total assets for foreign management firms in Spain as of the end of September represented EUR4.5bn (+19%), while Spanish firms were down 8% to EUR177bn. The three largest foreign management firms are JP Morgan (EUUR5.11bn), Schroders (EUR3.27bn) and BNP Paribas (EUR2.81bn).
29/10/2010

Generali Investments launches a tactical allocation bond fund

p { margin-bottom: 0.08in; } Generali Investments has extended its range of European funds with the Generali IS-GaranT 5 (LU0499461126) and Generali IS-Tactical Bond Allocation (LU0500334650). The second fund in particular is an innovation, as it offers the best ideas from various bond managers of the group, whose assets in this asset class total over EUR250bn. According to Carlo Cavazzoni, European head of institutional sales, the product brings together all the advantages of management which is flexible, tactical and dynamic in all bond sub-funds. The fund will invest in all types of bonds, largely in euros, and foremost in bonds with residual maturities of one to five years. The manager is Fabio Mandirola. The new guaranteed fund will mature on 30 September 2015, and will be managed by Daniele Marvulli.
29/10/2010

Net profits at Ameriprise up 32% in second quarter

p { margin-bottom: 0.08in; } Ameriprise on 27 October reported net profits of Usd344m for third quarter, up 32% compared with third quarter 2009. Assets under management and administration at Ameriprise as of 30 September totalled Usd649bn, up 48% year on year, due to the acquisition of Columbia Management and market effects. Assets in the asset management unit were up 89% in third quarter to USD445bn, due to the acquisition of Columbia Management and appreciation of the S&P 500. For US management, the quarter finished with net inflows of USD1.1bn in third quarter, due to strong institutional demand, while European retail saw net outflows. Assets under management in the United States as of 30 September totalled USD347bn, compared with USD146bn one year previously, with the acquisition of Columbia Management. Assets under management at Threadneedle for their part were up 9% as of 30 September to USD102bn.
29/10/2010

Assets under management at Legg Mason up 4%

p { margin-bottom: 0.08in; } Assets under management at Legg Mason increased 4% in the quarter to the end of October compared with 30 June, to a total of USD673.5bn. The quarter ended with net outflows of USD12.7bn, of which USD8bn were in fixed income, largely offset by market effects of USD40.8bn. Results for the quarter totalled USD75.3m (including a fiscal gain of USD8.9m in the United Kingdom), compared with USD47.9m one quarter earlier, with revenues up slightly to USD674.8m compared with USD674.2m.
29/10/2010

Hedge funds increasingly interested in businesses

According to the most recent annual survey by BNY Mellon of trends in investor relations, 93% of publicly-traded businesses hold meetings with hedge funds, compared with 89% last year. One quarter of meetings with investors at a business involve hedge funds, compared with only 16% in 2009.Sovereign funds represent another favourite target for businesses. 47% of departments of investor relations hold meetings with sovereign funds, and 23% of businesses are planning to do so in the future. The study funds, however, that teams dedicated to investor relations in North America are less interested in meetings with sovereign funds (30%), while 52% of them have no plans to meet with these funds in the coming months.In addition, nearly one quarter of businesses in the sample (22%, 83 out of 371) are planning a second listing on an emerging market. Most candidates for listing cite Hong Kong or China due to their strategic interest.
29/10/2010

Appointment at Nuveen Investments

p { margin-bottom: 0.08in; } The US-based investment services provider Nuveen Investments on 25 October announced that it has appointed Oscar Isoba as senior vice president in charge of development of Latin American activities. Isoba previously worked at Alliance Bernstein, where he was in charge of Latin American activities. Nuveen Investments says that strong demand for UCITS-format products has led them to launch two new UCITS funds recently, Nuveen Tradewinds Global All Cap Fund ESG Fund and Nuveen Tradewinds value Opportunities Fund. The two new strategies are managed by Tradewinds Capital Advisors.
29/10/2010

UCITS III strategies do not prevent counterparty risks

p { margin-bottom: 0.08in; } The managing director of Meteor Asset Management, Graham Devile, says plans in the structured products sector to do away with counterparty risk by using the UCITS III format will certainly not resolve all problems, Money Marketing reports. The UCITS III former is too costly to be viable, and Devile does not think that it is a panacea to resolve the problem of counterparty risks. UCITS III funds need to have at least GBP10m in assets under management to be profitable. Structured products are offered for set periods, and rarely attain these levels. “Management of such a vehicle can cost GBP100,000 per year,” says Devile.
29/10/2010

SAM founder to launch a responsible bank

p { margin-bottom: 0.08in; } Responsible Investor reports that Reto Ringer, the founder and former CEO of the Zurich-based firm Sustainable Asset Management or SAM has assembled a team for a project to create a private bank specialised in responsible investment. Ringger, who launched SAM fifteen years ago, announced the plans at a conference in Zurich where he said that he had applied for a license from the Swiss authorities. The new firm, which has “a provisional label from Globalance Capital, will have 20 employees, several of whom are former SAM executives. The responsible bank will base its activities on seven major principles, including a long-term development model, transparency of commissions and evaluation of the impact of the bank’s investments in the environment.
29/10/2010

J.P. Morgan Private Bank adds to team

p { margin-bottom: 0.08in; } Håkan Strängh, head of private bank for Germany and Austria at J.P. Morgan Private Bank, has recruited Wolf-Christian Maßner, previously head of the board at Fürstlich Castell’sche Bank, as head of private bank, retail bank and operations. Georg Albrecht, who has also joined JPM Private Bank, was key client relationships officer at UBS for northern Germany.
29/10/2010

Universal-Investment recruits for institutional distribution

p { margin-bottom: 0.08in; } With the recruitment of Giovanni Gentilcore (ex Allianz Global Investors) and Matthias Eizenhöfer (ex Vontobel Europe) as senior sales managers, Universal-Investment has added to its distribution team dedicated to institutionals, led by Ralf Bräuer. The recruitments follow a strong increase in demand, with assets of EUR124bn as of the end of September, an increase of EUR20bn in twelve months, mostly from institutional investors. The two new recruits will be in charge of distributing master funds, institutional funds and complementary services such as securities lending and risk reporting. Bernd Vorbeck, chairman of the executive board, says Universal-Investment is planning to further develop its services to institutional clients, to offer custom solutions in the three divisions of administration, risk management and insourcing.
29/10/2010

Markus Fuchs becomes senior counsel for Swiss Funds Association

p { margin-bottom: 0.08in; } At the beginning of November Markus Fuchs will join the secretariat of the Swiss Funds Association (SFA), as senior counsel, in the areas of alternative investment and asset management. He was most recently managing director and head of product management at UBS. Andreas Ventouras, business counsel, left SFA at the end of September, to “take on a new challenge” in the area of investment funds in French Switzerland.
29/10/2010

Natixis closes its Geneva private bank

p { margin-bottom: 0.08in; } Two years ago, Natixis opened a private banking affiliate in Switzerland, Natixis Gestion de Fortune, which originally employed two people. Now, Le Temps reports, the group has decided to pull out of the Geneva market. “We wanted to recenter our networks, especially in France, where our shareholders are most present,” the firm says. The bank says the structure of the group has changed since its two shareholders, Banque Populaire and Caisse d’Epargne, merged to create the Groupe BPCE.
29/10/2010

Paul Wiebel becomes head of private clients at Swiss Life

p { margin-bottom: 0.08in; } Swiss Life announced on 29 October that it has appointed Thomas Bach, previously head of private client activities in Switzerland, as head of the operational sector for multiple channels, from 1 December. Paul Weibel, currently head of life insurance business for private clients at Zurich Switzerland, will succeed Bach as head of private clients.
29/10/2010

EFG opens a branch in Lugano

p { margin-bottom: 0.08in; } EFG Bank, which includes the private banking activities of EFG International in Switzerland, has stepped up its presence with the opening of a new branch in Lugano, Agefi Switzerland reports. Currently, six client advisors are working at the new branch. The team is led by Pierguiseppe Vescovi, who was previously director of the wealth management division of the Lugano branch of the Banque de Dépôts et de Gestion.
29/10/2010

Profits down sharply at Santander

p { margin-bottom: 0.08in; } For the first nine months of the year, net profits for the Santander group fell 9.8% to EUR6.08bn, while the operating coefficient rose to 42.9% from 41.3%. Net profits for the asset management and insurance division increased by 10.5% to EUR348m in January-September. As of 30 September, assets under management totalled EUR119bn, 2% higher than at the end of December and 7% higher than at the end of September 2009. Net profits for asset management rose 38.1% compared with the corresponding period of last year, to EUR64m. Assets in traditional management (investment funds, investment companies and pension funds) as of the end of September totalled EUR115bn, 2% higher than at the end of December, of which 80% were in the Spanish, Brazilian and Mexican markets.
29/10/2010

Stoxx launches a balanced version of Stoxx Europe 600

p { margin-bottom: 0.08in; } Stoxx Limited (Deutsche Börse and SIX Bour Suisse) on 28 October announced the launch of the Stoxx Europe 600 Equal Weighted Index, an equally-weighted version of the Stoxx Europe 600. The new index is designed to serve as an underlying for ETFs and other structured products. The new product uses the same methodology as the Stoxx Europe 600, with the difference of weighting, as all the components have the same weight, which results in exposure to small caps of 33% rather than 5%, while reducing the weight of large caps from 83% to 33%. As for the Euro Stoxx 600, the composition of the Stoxx Europe 600 Equal Weighted Index will be updated and rebalanced every quarter. The index is backdated to 31 December 1991 for the share price and net return version, and to 31 December 2000 for gross returns.
29/10/2010

Legg Mason merges a British fund into an international fund

p { margin-bottom: 0.08in; } Money Marketing reports that the US management firm Legg Mason has announced the merger of its British value fund (GBP7.6m in assets) into the international Legg Mason global equity income fund (GBP7.2m). Legg Mason’s decision is related to concerns over the ability of the FTSE to produce returns for investors.

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