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26/04/2010
Fonds

Fortes pertes pour le RREEF America REIT III

La Deutsche Bank a reconnu avoir pris dès 2009 des mesures de restructuration pour le fonds immobillier America REIT III de sa filiale RREEF (2,6 milliards de dollars). Sa participation dans le fonds est de 10 %, le reliquat a été apporté par des investisseurs institutionnels, notamment des fonds de pension américains, précise Die Welt. Le RREEF America REIT III est investi dans des REIT ainsi que dans 92 immeubles situés dans les grandes villes américaines. Il aurait perdu 65 % de sa valeur.
Fonds
26/04/2010

Triplement du bénéfice de T. Rowe Price

Le gestionnaire américain T. Rowe Price a déclaré pour le premier trimestre un bénéfice net de 153 millions de dollars contre 48,2 millions pour la période correspondante de l’an dernier.Ses encours à fin mars ressortaient à 419 milliards de dollars, contre 391,3 milliards fin décembre et 268,8 milliards un an auparavant. Sur ce total, les mutual funds distribués aux Etats-Unis représentaient 249,5 milliards de dollars.Les souscriptions nettes ont atteint un record de 10,3 milliards de dollars durant le premier trimestre (dont 6,1 milliards pour les mutual funds), pendant que l’effet de marché se traduisait par une augmentation de 17,4 milliards des actifs sous gestion.
26/04/2010

BlackRock pourrait collecter plus de 200 milliards de dollars par an

Dans un entretien à Bloomberg, le président de BlackRock, Robert Kapito, estime que la collecte annuelle pourrait s'établir en moyenne à plus de 200 milliards de dollars au cours des cinq prochaines années suite à l’acquisition de BGI (Barclays Global Investors).La collecte nette de BlackRock, qui gère quelque 3.350 milliards de dollars, pourrait progresser de 5% à 6%, sans tenir compte de l’effet marché. Au 21 janvier, la collecte s'élevait à 38 milliards de dollars.
26/04/2010

Blackstone affiche un bénéfice

Pour le premier trimestre 2010, The Blackstone Group a déclaré un bénéfice net de 360,4 millions de dollars contre une perte de 82,4 millions pour la période correspondante de l’année dernière, tandis que les recettes nettes tirées des commissions augmentaient à 98,7 millions contre 89,5 millions.L’encours total s’est accru à 98,07 milliards de dollars, contre 92,22 milliards au 31 mars 2009, dont 25,17 milliards contre 25,46 milliards pour le private equity, 23,82 milliards contre 22,87 milliards pour l’immobilier et 49,07 milliards contre 43,9 milliards pour les produits alternatifs (credit & marketable alternatives).
26/04/2010
Fonds

Les fonds immobiliers non cotés doivent attirer de nouveaux capitaux cette année

Selon l’Agefi qui cite les chiffres de l’étude annuelle de l’association européenne des fonds immobiliers non cotés, l’Inrev, le montant des capitaux levés en 2009 a chuté de 60%, à 5,9 milliards d’euros. En outre, signe d’une grande prudence, 64% des capitaux levés en 2009 étaient issus d’investisseurs connaissant déjà le gestionnaire du fonds, dix points de plus qu’en 2008. L’association mise cependant sur des levées totalisant 10,9 milliards cette année, en hausse de 86%, ajoute le quotidien.
Fonds
26/04/2010

Recul des actifs sous gestion chez Gottex au premier trimestre

Selon L’Agefi suisse, Gottex Fund Management Holdings Ltd a indiqué le 23 avril que ses actifs sous gestion s’élevaient à fin mars 2010 à 7,92 milliards de dollars contre 8,13 milliards fin 2009. Le gestionnaire lausannois n’a réussi à attirer que 290 millions de dollars (dont 120 millions sont à mettre sur le compte de la plateforme de comptes gérés GSS et 130 millions sur celui de Constellar désormais intégré dans Gottex) pour des retraits atteignant le même montant au premier trimestre. A ce résultat équilibré s’ajoutent 100 millions remboursés aux investisseurs dans les classes destinées à la liquidation (run-off). Dans son communiqué, Gottex confirme «l’activité croissante au sein des clients institutionnels». Mais «le temps nécessaire à la prise de décisions reste relativement long», constate-t-il, en raison du sentiment d’incertitude qui règne toujours sur les marchés financiers.
26/04/2010
Fonds

Progression de 1,63% de l'indice Morningstar des hedge funds au premier trimestre

Au premier trimestre, l’indice Morningstar 1000 Hedge Fund a enregistré une progression de 1,63% contre 2,5% pour le Morningstar MSCI Composite Index. Au cours du seul mois de mars, l’indice des hedge funds a enregistré un gain de 2,77% (contre 2,3% pour l’indice MSCI). L’indice Morningstar Hedge Fund of Funds a stagné avec une hausse de seulement 0,05% sur le trimestre (1,6% en mars).Parmi les meilleures performances, l’indice Morningstar Corporate Actions a dégagé une avance de 6,82% sur le trimestre (et 3,49% en mars) tandis que le Morningstar Distressed Sec affichait un gain de 7,42% (et 5,81% en mars).On relève par ailleurs les performances négatives sur le Morningstar dvlp Asia Equity (60,61%), sur l’Equity Arbitrage (-0,87%), sur Europe Equity (-1,26%) et sur le Short Equity (-2,36%).
Fonds
26/04/2010

Les sociétés de gestion doivent se méfier des fusions

Dans une étude citée par Mutual Fund Wire, Cerulli prévient les sociétés de gestion que les fusions et acquisitions ne sont pas toujours la meilleure façon de croître. D’autres méthodes comme les financements spéciaux et le private equity sont à privilégier. Pour étendre sa distribution, Cerulli recommande aussi les third party marketers.
26/04/2010

Les ETF d'iShares ont franchi la barre de 500 milliards de dollars

BlackRock a indiqué qu’au 31 mars l’encours de ses ETF de la marque iShares a atteint 509 milliards de dollars répartis sur 434 fonds dans le monde, dont 201 ETF avec 409 milliards de dollars aux Etats-Unis et 172 produits avec 100 milliards de dollars en Europe.
23/04/2010

City bonuses on the rise

The British research centre CEBR predicts that City bonuses will rise to GBP6.8bn in 2010-2011 (based on figures as of the end of March), from a total of GBP6bn in 2009-2010, the Telegraph reports. The increase looks set to continue in the next two years, but bonuses are not expected to return to their 2007-2008 levels (GBP10.2bn).
23/04/2010

Antoine Bernheim tire sa révérence

Selon Les Echos, Antoine Bernheim tirera demain sa révérence, après huit années passées à la présidence de l’assureur italien Generali. Mediobanca, dont il est l’actionnaire de référence, ne lui a pas laissé le choix. Cesare Geronzi, le patron de Mediobanca, lui succédera à la présidence de l’assureur italien et Vincent Bolloré entrera au conseil d’administration.
23/04/2010
Fonds

Axa Private Equity achète un portefeuille 1,9 milliard de dollars auprès de BofA

Axa Private equity a annoncé le 22 avril l’acquisition d’un portefeuille d’une valeur de 1,9 milliard de dollars d’intérêts dans des fonds de private equity auprès de Bank of America. Cette transaction, l’une des plus importantes de l’histoire sur le marché secondaire du capital-investissement, «conforte la position de leader mondial d’Axa Private Equity sur les fonds de fonds secondaires», souligne le communiqué. Cette transaction vient s’ajouter à une série d’acquisitions au mois d’avril pour un total de plus de 2,6 milliards de dollars.Cette transaction est en ligne avec la stratégie des fonds du marché secondaire d’Axa Private Equity, qui consiste à offrir de la liquidité aux institutions qui cherchent à réduire leur exposition ou leur engagement financier en matière de capital-investissement. Il y a quelques jours, «Axa Private Equity a finalisé une transaction avec la banque française Natixis afin d’acquérir des parts de capital-investissement estimées à environ 534 millions d’euros», indique le communiqué.
Fonds
23/04/2010
Fonds

HSBC Global AM commercialise le HSBC GIF European Equity Alpha

HSBC Global Asset Management Allemagne commercialise désormais en Allemagne le HSBC GIF European Equity Alpha Fonds. Le produit a une liquidité quotidienne. Selon fondsprofessionell, les frais de gestion s'élèvent à 1,5 % pour les particuliers et à 1 % pour les investisseurs institutionnels.
Fonds
23/04/2010

Fitch voices concerns over Japanese debt

La Tribune reports that the ratings agency Fitch on Thursday, 22 April stated that the solvency of Japan is “in danger” due to an explosion in public borrowing by the country, which has topped 200% of GNP. “In the absence of a sustainable economic recovery and budgetary austerity, public debt will continue to increase, which will lead to a credit rating downgrade in the mid-term,” the agency warned, cited by the newspaper.
23/04/2010

Singapore announces initiatives to improve transparency

Since introducing a range of fiscal and administrative incitements for the financial sector in 2002, Singapore has become a market of reference in the asset management industry (with SGD630bn in assets under management in 2008). Due to this high level of activity, and the poor international image of the Singapore market, which is accused by NGOs of lacking financial transparency, the Monetary Authority of Singapore will unveil proposals in the next two weeks to improve transparency. So far, La Tribune reports, the planned changes are not causing undue levels of concern to local managers.
23/04/2010

Axa Private Equity buys a USD1.9bn portfolio from BofA

Axa Private Equity announced on 22 April that it has acquired a portfolio valued at USD1.9bn, invested in private equity funds, from Bank of America. The deal, one of the largest in the history of the secondary private equity market, “solidifies the position of Axa Private Equity as the global leader in secondary funds of funds,” according to a statement. The deal comes after a series of acquisitions in April totalling more than USD2.6bn. He deal is in line with the strategy of Axa Private Equity on the secondary markets, which is to offer liquidity to institutions which are seeking to reduce their exposure or their financial liabilities in private equity. A few days ago, “Axa Private Equity finalised a transaction with the French bank Natixis to acquire private equity investments of an estimated value of EUR534m,” according to the statement.
23/04/2010

Paulson defends his strategy

Hedge-fund manager John Paulson held a second conference call for his investors, seeking to reassure them that his firm didn’t mislead anyone when it bet against a Goldman Sachs-issued mortgage product in 2007. He added that the SEC complaint «is not going to affect our investment strategy.»
23/04/2010

Fidelity recruits a VP from US Treasury department

Fidelity Investments has announced that Karthik Ramanathan has joined the firm in the newly created position of senior vice president and director of Bonds, effective June 1, 2010. He will report directly to Bond Group President Christopher Sullivan. “We’re excited to welcome Karthik to Fidelity to assume this important role,” said Sullivan. “Karthik’s background, as well as his skills and talents, fit perfectly with our desire to strengthen the connection between our bond management strategies and our clients’ needs. Since 2008, Ramanathan has served as Acting Assistant Secretary for Financial Markets for the U.S. Treasury Department. Previously, Ramanthan spent nearly 10 years at Goldman Sachs & Co.
23/04/2010

Increase in assets at Janus Group despite net outflows

Janus Capital Group has reported first quarter net income of USD31.3 million, compared with net income of USD37.0 million in the fourth quarter 2009 and a net loss of USD818.1 million in the first quarter 2009. At March 31, 2010, the company’s total assets under management were USD165.5 billion compared with USD159.7 billion at December 31, 2009 and USD110.9 billion at March 31, 2009. The increase in complex-wide assets during the first quarter 2010 reflects USD7.8 billion of net market appreciation and long-term net outflows of USD1.9 billion. Janus and Perkins long-term net inflows totaled USD1.4 billion and $1.0 billion, respectively, while INTECH long-term net outflows totaled USD4.3 billion. First quarter 2010 revenues of USD246.9 million decreased 1.5% from the previous quarter. Operating expenses increased USD4.7 million, or 2.7%.
23/04/2010

Giles Morland becomes a partner at Mirabaud & Cie

Giles Morland has been appointed as a partner at Mirabaud & Cie, private bankers, by the other partners at the bank. His appointment will be effective from 1 January 2011. Morland, 45, is president and CEO of Mirabaud in London, and president of Mirabaud Hong Kong. He is also chairman of the board of directors for several Mirabaud companies, and acts as an external administrator. He has been working for the Swiss establishment since 1991. Mirabaud & Cie has CHF24bn in assets under management for a client base composed of 80% private and 20% institutional clients.
23/04/2010

Switzerland considers changes to bankruptcy law

The Swiss government on 22 April published an interim report by the group of experts assigned the task of examining ways to limit risks at major businesses which could endanger the economy, i.e. the “too big to fail” problem. The commission found that the problem exists in Switzerland only in the financial sector, and within the financial sector, mostly in the case of the two major Swiss banking groups, UBS and Credit Suisse. In addition to measures which would largely focus on owners’ equity requirements, liquidity, and the distribution of risk, the expert commission proposes changes to bankruptcy law. The federal council will now submit the proposals, which largely deal with improvements to the liquidation and unwinding of bankrupt financial establishments, to the Swiss parliament ahead of the summer holidays. The changes would simplify the continued payment of benefits to clients of bankrupt banks, from accounts which would be isolated by a transfer to a third-party bank or to a “bridge bank.” Foreign bankruptcy procedures would also be made more easily acceptable under Swiss law. The report also raises questions about the need to introduce added legislation which would require the continued operation of important systemic functions. The experts claim that the creation of a bankruptcy law, or at least the harmonization of this law internationally, would allow for a smoother liquidation of the major multinational groups with complex financial imbrications. The commission will this fall publish a final report which will include recommendations on a range of measures which would address the problem of corporations which are “too big to fail.”
23/04/2010

Swift joins XBRL

At the 20th annual XBRL International conference on 22 April, XBRL Europe announced that the interbank network Swift has adopted the XBRL standard for the communication of financial information. XBRL Europe also announced that a new working group is currently developing a method to identify more than 300 common elements to simplify record-keeping for annual accounts. XBRL adds that China, which will participate in the conference next year, has deployed XBRL for many asset classes, particularly mutual funds which are required to submit documents in XBRL format to the Chinese market authority CSRC. XBRL also states that there has been a large expansion in the use of the XBRL format worldwide, and that it is now used for more than 75% of the world’s total market capitalisation.
23/04/2010

Goldman Sachs recruits a head from Pimco

Financial News reports that the deputy head of development for European activities at Pimco, Marc van Heel, will soon join Goldman Sachs Asset Management, where he will become head of the Benelux region, one of the firm’s largest hubs of activity in Europe. Van Heel, who will begin in his new position in May, spent nine years at Pimco, where he won several contracts from Danish pension funds.
23/04/2010

S&P introduces a new category of fund ratings

The qualitative fund ratings provider Standard & Poor’s Fund Services announce on 21 April that it will be introducing a new class of ratings to distinguish funds which have held a rating for at least five years consecutively. The new category will be open to funds which have held down an A, AA or AAA rating for five years or more, and which is still rated by the firm. Initially, more than 260 funds from 64 management firms will qualify for this definition, of which 30 have had an AAA rating for five years running. Standard & Poor’s says in a statement that the qualitative information, which is highly sought after by managers and independent financial advisers, is particularly relevant for long-term management.

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