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09/07/2010
Fonds

Hausse de l'encours et souscriptions nettes pour les fonds au premier semestre

A fin juin, l’encours total des fonds italiens et étrangers commercialisés en Italie se montant à 441,32 milliards d’euros (dont 53,7 % pour les produits de droit italien) contre 444,26 milliards fin mai et 435,33 milliards fin décembre, indique Assogestioni.En juin, les remboursements nets ont diminué à près de 1,18 milliard d’euros contre 3,48 milliards en mai, de sorte que, pour les six premiers mois de l’année, les souscriptions nettes sont ressorties à 2,49 milliards d’euros. De fait, les sorties nettes se sont concentrées pour le premier semestre sur les groupes italiens (avec 1,66 milliard) alors que les groupes étrangers collectaient plus de 4,15 milliards d’euros.Pour juin, les fonds flexibles et les fonds diversifiés ont néanmoins affiché des souscriptions nettes, de 683 millions d’euros dans le premier cas et de 280 millions dans le second. Les fonds d’actions ont eux aussi collecté 240 millions d’euros en net. Les fonds monétaires subissent encore des sorties nettes de 2,29 milliards d’euros, ce qui porte l’hémorragie dans cette catégorie à plus de 13,71 milliards depuis le début de l’année.
Fonds
09/07/2010

GIC Re pense à une IPO

Selon l’Agefi qui cite des informations données au Wall Street Journal, la filiale immobilière du fonds d’investissement du gouvernement de Singapour étudie la mise en Bourse de ses actifs étrangers. Le processus de cotation pourrait dégager jusqu'à 2 milliards de dollars.
09/07/2010

UFG-LFP launches its first retail OPCI fund

On 8 July, UFG-LFP announced the launch of UFG Opsis Patrimoine, the first retail real estate collective investment organism (OPCI, for Organisme de Placement Collectif Immobilier) to be make available to financial networks and wealth management advisors. UFG Opsis Patrimoine is a diversified product which allows the investor to profit from the advantages of real estate (regular income) and the potential for rising valuation of properties, with a performance objective of Eonia + 200 basis points. The product aims for average total annual volatility of 7% to 10%. Main charactersitics of Opsis Patrimoine Management firm: UFG REM Legal format: SPPICAV (Société de placement à prépondérance immobilière à capital variable) variable capital management firm investing predominantly in real estate ISIN code: FR0010672451 Date of creation: 11 December 2009 Currency of reference: Euros Minimal subscription: EUR1,000 (10 shares at EUR100 each) Recommended investment duration: minimum 10 years Publication of net asset value: 7 days after its publication on the website www.ufg-lfp.com Frequency of valuation: bi-monthly Frequency of distribution: quarterly Investment period: from the date of creation of the OPCI Manager of the financial allocation: LFP Depository bank: BPSS Account commissioners: Deloitte & Associés Real estate valuation agent: Atis Real Expertises, CBRE Fund sold by: UFG-LFP France Investor profile: all subscribers Tax category: securities Eligible for life insurance policies: Yes
09/07/2010

Spanish fund assets down by more than 9% in first half

According to statistics from VDOS Stochastics, assets in Spanish funds as of 30 June totalled EUR154.8bn, which represents a contraction of nearly EUR16bn in first half. The decline is due on the one hand to net redemptions of nearly EUR13.66bn, and on the other to negative market effects of about EUR2.34bn.
09/07/2010

Outperformance for Dutch hedge funds

The Finles/IEX index of Dutch hedge funds as of 1 June stood at 110.94, a decline of 1.29% in May, compared with losses of 3.04% for the Deutsche Bank hedge fund index, and 2.84% for the HFRX Global Hedge Fund Index. Since the beginning of the year, the index has gained 0.25%, while the other two indices have lost 0.46% and 0.51%, respectively. As of 1 July, with the integration of the Tethys-Alpheus Fund, the Finles/IEX Hollandse Hedgefund 25 index included 24 funds, five of which are weighted at 7.04% each (IdB Real Estate Equity Fund, Pelargos Japan Fund, Saemor Europe Alpha Fund,Pelargos Asia Fund and Kempen Absolute Return Credit Fund).
09/07/2010

iShares, db x-trackers and Credit Suisse to list ETF funds in Spain

On the fourth anniversary of the introduction of ETF funds to Spain, the Spanish ETF market currently has 32 products listed, of which 24 are from Lyxor Asset Management (Société Générale), and 8 are from BBVA, Funds People reports. BlackRock, Deutsche Bank and Credit Suisse have all announced that they are planning to list ETF funds in Spain, now that the fund regulations allow them to be in Sicav format. BlackRock had already registered iShares ETFs before the new regulations were passed, and its CEO for the Iberian peninsula, Armando Senra, has announced that other ETFs will be registered with the CNMV. Engracia Borque, head of db x-trackers (Deutsche Bank) for Spain, says that 100 ETFs from the brand are already registered with the CNMV, and that many of them will be offered for trading by the end of summer on the Madrid stock exchange. Credit Suisse Asset Management has also officially announced that it is planning to list other ETF funds in Spain, after registering its first Sicav with 29 sub-funds (see Newsmanagers of 29 June).
09/07/2010

Hedge funds suffered in June, but less than the markets

According to Hennessee Group, hedge funds lost an average of 1.35% in June, while according to Hedge Fund Research, they lost 0.81%. For first half, the Hennessee index is slightly positive, and the HFR index is slightly negative, while the S&P 500 lost 5% in June, and 6.7% in the first six months of the year, the Wall Street Journal notes. The Paulson Advantage and Paulson Advantage Plus funds lost 4.4% and nearly 7% in June, respectively, with losses of 5.8% and 8.7% in first half. The Clarium fund from Peter Thiel lost 7.7% last month, and 13.8% in January-June.
09/07/2010

Korean military fund goes green

Jin Yeong-Ho, the chief investment officer of the Korean fund Military Mutual Aid Association (MMAA), with assets under management of USD6.8bn, has declared the fund’s intention to make new strategic investments in green growth industries, Asian Investor reports. Currently, MMAA’s investments fall into three categories: construction and development, which represents 39.4% of total assets under management; financial investments, for 38.2%, and direct investments in equities (22.4%). The objective is to increase financial investments to 42% of the total, and to create a “green” allocation, which could represent up to 5% of total assets, while the proportion dedicated to construction and development would be decreased to 33%.
09/07/2010

Société Générale Private Banking builds presence in Latin America

Société Générale Private Banking on 8 July announced that it has added to its teams dedicated to high net worth clients in Latin America, with the appointment of William Birkbeck, as deputy director of client services in Latin America. Birkbeck, based in Geneva, will report to Alberto Valenzuela, deputy CEO of Société Générale Private Banking (Switzerland) SA< and director of Latin American client services, and will assist Valenzuela in the international co-ordination of services dedicated to these clients. Due to his profound knowledge of the Latin American market, and his career in investment banking and finance, Birkbeck will aim to promote solutions will meet all the needs of high net worth entrepreneurial clients in Latin America. Birkbeck was previously director and head of the Americas and Asia group at Société Générale Corporate and Investment Banking.
09/07/2010

Nicolas Hubert joins Blackstone

The Blackstone group on 8 July announced the appointment of Nicolas Hubert as Managing Director in charge of advising activities serving financial institutions. With 12 years of experience, Hubert comes as an addition to the team led by Jean-Michel Steg in Paris. Before joining Blackstone, Hubert was head of merger and acquisition advising activities for financial institutions in France at the Lazard bank in Paris, from 2003. The appointment is a part of a major development effort at Blackstone’s Paris office. The Paris office, opened in March 2009, and specialised in restructuring and merger and acquisition advising, now has 10 personnel.
09/07/2010

Hedge fund managers are optimistic

Hedge Week reports that, according to a survey by Rothstein Kass, 82% of senior managers at hedge fund firms estimate that there will be more funds created this year than in 2009. However, less than 20% of the 381 managers surveyed estimate that more hedge funds will be opened than closed. Nearly three quarters of managers surveyed admit that 2010 will be another hard year, even though the environment is continuing to improve.
09/07/2010

Pierre Séquier joins board at Exane AM

Soon after leaving as MD at Sinopia, and the HSBC Group (see Newsmanagers of June 16th), Pierre Séquier has been appointed member of the managing board of Exane Asset Management.
09/07/2010

Western management firms should scale back their ambitions in Asia

Management firms hoping to increase their presence in Asia will need to be aware of the challenges they face, the consulting firm Greenwich Associates says in a recently-published survey (“Global Asset Managers in Asia: Setting Realistic Expectations.”) Firstly, Greenwich Association says, a very low percentage of assets are outsourced to management firms in Asia, compared with the norm in Europe or the United States. As of the end of 2009, assets under management at Asian management firms totalled about USD5trn, compared with USD6trn in the United States. But the similarities end there, since the assets outsourced represent 80% of the total in the United States, and 47% in Europe, but 12% in Asia. Though there is a concentration of assets in key markets such as Hong Kong and Singapore, Asian firms are spread out through a large geographical region with large cultural, financial and regulatory disparities. Finally, many Asian firms are still young, and the largest are still under 10 years old, and are not used to calling in outside providers. Abhi Schroff, a consultant at Greenwich Associates, says there is often an enormous difference between the perception of directors at the helm of management firms, and the reality on the ground. “In Europe or the United States, the Asian market represents a growth opportunity which is often foregrounded in long-term strategy for the organisation. In the Asian office, however, the reality of activities are circumscribed by limited outlooks and daily operational challenges.”
09/07/2010

Fund assets and net subscriptions up in first half

As of the end of June, total assets in Italian and foreign funds on sale in Italy totalled EUR441.32bn (of which 53.7% were in Italian-registered products), compared with EUR444.26bn as of the end of May, and EUR435.33bn as of the end of December, Assogestioni reports. In June, net redemptions were down to nearly EUR1.18bn, compared with EUR3.48bn in May, meaning that for the first six months of the year, net subscriptions totalled EUR2.49bn. Net outflows in first half were concentrated on Italian groups (with EUR1.66bn), while foreign groups had earned over EUR4.15bn. In June, flexible funds and diversified funds showed net subscriptions, of EUR683m for the former, and EUR280m for the latter. Equities funds also collected EUR240m in net. Money market funds still showed net outflows of EUR2.29bn, bringing outflows in this category to over EUR13.71bn since the beginning of the year.
09/07/2010

NFC becomes Schroders NewFinance Capital

The British asset management firm Schroders announced on Thursday that its wholly-owned affiliate NewFinance Capital (NFC) will adopt the name of Schroders NewFinance Capital. The firm, acquired by Schroders in 2006, is a specialist in fund of hedge fund management, and manages about USD3bn as of 30 June 2010, of which EUR700m are in Germany (EUR600m in funds of hedge funds, and EUR100m for retail clients). Schroders and Schroders NewFinance Capital together operate a UCITS-compliant hedge fund platform, the Schroder GAIA (Global Alternative Investor Access) Sicav.
09/07/2010

Natixis to launch a UCITS III platform

HFMWeek reports that Natixis will soon launch a new UCITS III platform. The bank has reformatted an existing platform, Sixtina, which hosted 30 managed accounts, to make it a suitable platform for newcits. The new version of Sixtina may attract as much as EUR350m to EUR500m in its first year of operation. Natixis may then launch a fund of hedge funds in UCITS III format, the weekly news magazine reports. Natixis will launch newcits via its Luxembourg Sicav. The platform is aimed at institutional clients, and among the products it is developing are long/short, CTA and event-driven strategies.
09/07/2010

CNMV questions relevance of actively-managed ETFs

Funds People reports that at a meeting on the fourth anniversary of the introduction of ETFs to the Spanish market, José María Bermejo, director for “entities” at the CNMV, says that innovations in the area of exchange-traded funds raise questions about the gradually increasing sophistication of the indices the funds replicate, as well as the appearance of actively-managed ETFs. He says that the transparency of the products needs to be increased, and the opportunities these products provide need to be better evaluated, both in terms of the indices the funds replicate and the procedures used to replicate them.
09/07/2010

Default rates still falling in Europe

According to the most recent statistics from the Moody’s ratings agency, default rates for European speculative category issuers totalled 5.8% in second quarter, compared with 7.3% in first quarter. In second quarter 2009, the rate was 7.4%. Moody’s estimates that the trend will continue in the next few months, with default rates likely to fall to 1.4% by the end of the year. Worldwide, the default rate has fallen to 6.1%, from 10% in first quarter, and 11.1% one year earlier. It is expected to fall to 2.4% by the end of the year, and 1.8% in second quarter 2011, Moody’s estimates. In total, 26 corporate issuers rated by Moody’s have defaulted since the beginning of the year, 9 of them in second quarter. Last year, the number of defaults was 90 in first quarter and 85 in second quarter.
09/07/2010

Temasek portfolio recovering

The market value of the portfolio of the Singapore sovereign fund Temasek rose by SGD186bn as of 31 March 2010, Temasek says in its annual report, published on 8 July, which represents an increase of SGD56bn year on year. Total returns for the shareholder in annual terms weighted since the creation of Temasek total 17%. For the year to the endof March, returns total 42%. Temasek remains preponderantly invested in Asia. This year, nearly 80% of the underlying exposure of the portfolio was in Asia, including Singapore. As of 31 March 2010, exposure to Singapore was 32%, compared with 46% for the rest of Asia ex Japan, while the OECD and other countries represent 22%. Temasek says that it will continue to prioritise the Asian region, where growth is expected to continue at a high level in the next few years.
09/07/2010

Spanish funds reduce exposure to Spain by EUR6bn

The confidence of Spanish management professionals in the country’s economy is falling. According to statistics from the CNMV, funds reduced their exposure to Spanish debt (public and private) by EUR3.4bn in January-March, to EUR71.9bn, Expansión reports. In addition, they sold off equities, deposits and derivatives for EUR2.35bn. They thus reduced their exposure to Spain by nearly EUR6bn, part of which can be explained as a result of net redemptions from funds of EUR3.5bn in January-March, which may have continued or accelerated in second quarter.
09/07/2010

Deutsche Bank puts BHF up for sale

According to financial industry sources, the Frankfurter Allgemeine Zeitung reports, Deutsche Bank is planning to begin the process of selling BHF-Bank by the end of this month. Information will be revealed in the next few days as to who the potential buyers are; they are expected to include LGT Bank, UBS, Julius Bär and HSBC Trinkaus & Burkhardt.
09/07/2010

Hugues Colmant to become CEO of Cortal Consors Germany

As of 1 September, Hugues Colmant will take up his new role as CEO of Cortal Consors for Germany. At the same time, he will become deputy head and a member of the executive board at BNP Paribas Personal Investors. Since 2007, he has been COO of the investment solutions arm of BNP Paribas. Alongside deputy CEO Kai Friedrich, Colmant is half of the managing board of Cortal Consors Germany. He replaces Vincent Lecomte, who has been appointed COO of BNP Paribas Wealth Management.
09/07/2010

Partners Group invests in German residential real estate

The Swiss asset management firm Partners Group, with its partner Corestate, has invested EUR230m in two portfolios of residential properties in Germany, representing 4,150 housing units. Partners Group says that it was able to acquire the properties due to the fallout from the financial crisis. The details of the acquisition were negotiated individually with vendors, with attractive long-term financing conditions.

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