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19/03/2010
Fonds

Monétaires : les gestionnaires gagnent souvent plus que les souscripteurs

Les investisseurs les plus conservateurs se retrouvent sans leur traditionnel refuge, les monétaires. Depuis le début de l’année, souligne Expansión, 31 de ces 89 fonds perdent de l’argent et le résultat moyen du secteur est une perte de 0,05 %, d’après les données d’Inverco à fin février. Seuls 21 fonds ont gagné plus de 0,1 % durant la période sous revue.Dans trois cas sur quatre, la société de gestion gagne plus d’argent en commissions que le fonds monétaire n’en fait gagner au souscripteur. La commission moyenne de gestion et de dépôts se situe à 0,55 %, d’après VDOS Stochastics. Ce chiffre comprend les produits des gestionnaires internationaux. Cela signifie qu’arithmétiquement les fonds ont perçu en moyenne 0,09 % durant les deux premiers mois de l’année, alors que la performance de 68 des 89 fonds a été inférieure à ce niveau.Il n’est pas étonnant dans ces conditions que les investisseurs tournent le dos à ces fonds : les remboursements nets ont atteint 897,5 millions d’euros en janvier-février, soit 6,67 % de l’encours.
Fonds
19/03/2010
Fonds

Deux stratégies de hedge funds sur treize dans le rouge en février

Selon le récapitulatif d’EDHEC-Risk, les stratégies marchés émergents et ventes à découvert ont été avec des pertes respectives de 0,33 % et de 2,66 % les deux seules sur les treize régulièrement suivies à accuser un résultat négatif pour février. En revanche, le CTA Global et le long/short equity ont affiché des performances de 0,96 % et 0,94 %. Sur les deux premiers mois de l’année, le CTA Global, les marchés émergents perdent 1,8 % et 1,1 %, pendant que les ventes à découvert, le global macro et les fonds de fonds reculent respectivement de 0,9 %, 0,3 % et 0,2 %.Depuis janvier 2001 aucune stratégie n’est dans le rouge en moyenne annuelle, les plus forts gains étant enregistrés par les marchés émergents (12,2 %) et les distressed securities (11,1 %).
Fonds
19/03/2010
Fonds

HSBC GAM lance un Ucits III rendement absolu

HSBC Global Asset Management va lancer un compartiment européen à rendement absolu de format Ucits III en avril 2010, sous réserve des autorisations réglementaires, qui réplique la stratégie de son fonds vedette European Alpha Fund, basé aux iles Caïmans et créé en avril 2008. Le HSBC GIF European Alpha Equity Fund, qui fait partie de la gamme Global Investment Funds domiciliée au Luxembourg et disponible à la vente dans 35 pays environ, cherchera des opportunités – via une stratégie market neutral – dans l’univers des pays européens développés, principalement par le biais d’actions et de swaps actions. Le véhicule d’investissement, qui offre une liquidité quotidienne, va cibler des rendements actions avec un objectif de volatilité de 10 % et une corrélation minimale aux actions européennes. Le fonds sera géré par une équipe de quatre personnes, Vis Nayar étant le gérant principal. Ils chercheront à exploiter, dans un univers d’environ 700 actions, les anomalies de prix fondamentales, grâce à des stratégies quantitatives et qualitatives. Le portefeuille se composera environ de 80 lignes, dont 45 vendues à découvert. L’investissement minimum pour ce nouveau compartiment est de 5.000 dollars pour la part retail et 1 million de dollars pour les institutionnels. Les frais de gestion annuels sont de 1,5 % et 1 % respectivement. Les deux parts affichent une commission de performance de 20 % sur l’Euribor 1 mois.
Fonds
19/03/2010
Fonds

HSBC prépare un nouveau hedge fund pour les particuliers

HSBC Asset Management a annoncé qu’elle lancera le 8 avril un nouveau compartiment de sa Sicav GIF, l’European Alpha Equity Fund, qui pourra être long ou court sur les actions européennes en investissant dans des titres vifs ou dans des dérivés.L’objectif pour ce hedge fund conforme à la directive OPCVM III consiste à générer une performance similaire à celle des actions avec une volatilité plafonnée à 10 % et une liquidité journalière. La gestion sera calquée sur celle du European Alpha Fund conçu pour les investisseurs institutionnels, rapporte Citywire, cité par Das Investment.
Fonds
19/03/2010

AXA WF Framlington granted Deloitte ESG certification

AXA IM announced on 18 March that the responsible investment fund AXA WF Framlington Human Capital has obtained Deloitte certification for respect of socially responsible investment criteria. “We wanted to set up an internal labelling process for our socially responsible investment (SRI) funds, to improve transparency and show that ‘our word is our deed,’ to strengthen the credibility of our SRI labelled products,” says Pascale Sagnier, head of socially responsible investment research at AXA IM. Despite particularly difficult market conditions and large-scale outflows of capital from equities markets, AXA WF Framlington Human Capital has nearly doubled its assets since its launch on 30 October 2007 to nearly EUR99m as of the end of February 2010.
19/03/2010

S&P revises Schroders outlook to stable

Standard & Poor’s on 18 March announced that it has revised its outlook for the asset management firm Schroders from negative to stable. Meanwhile, its counterparty rating has been confirmed at A/A-1.
19/03/2010

LGIM CEO to retire

Peter Chambers, the chief executive of UK asset manager Legal & General Investment Management, has revealed that he will retire in September, says the Financial Times. Aged 52, he was recruited in November 2005.
19/03/2010

France: finance professionals ready to move abroad

More than half of finance professionals are prepared to move abroad to work if taxes on bonuses become a recurrent theme, according to a survey by eFinancialCareers.Fr of 387 finance professionals based in France who know how much they were paid in bonuses for 2009. According to the results of the survey, more than half of professionals (46%) received a higher bonus than they did in 2008. This percentage is lower than those seen in other European countries. 54% of German finance professionals, and 57% of British ones, saw an increase in their bonuses in 2009, according to eFinancialCareers. Under government pressure, French banks seem to have followed recommendations about bonuses.
19/03/2010

Union Investment Real Estate director departs

Richard Kutscher, chairman of the executive board at Union Investment Real Estate (UIRE), will be provisionally taking over the responsibilities of Ingo Hartlief as a member of the executive board at UIRE, and CEO of Union Investment Institutional Property, as Hartlief will be leaving the group on 30 June to take a position with another employer.
19/03/2010

Sarasin opens a branch in Hong Kong

On Thursday, Banque Sarasin officially opened its branch office in Hong Kong. The new office is Saraasin’s first arm outside Switzerland, and its third international accounting location. The new structure will be led by Enid Yip, CEO for Asia. Initially, the Hong Kong offices were opened by Rabobank in 1995, and were part of the international network of the private bank from the Dutch group. The Hong Kong office will offer the full range of banking services available to clients of Sarasin worldwide, who will now be able to domicile their assets in Hong Kong, rather than Switzerland, Germany, or Singapore. A dedicated infrastructure has been set up to meet the “increasingly sophisticated” needs of high net worth private clients in Asia and the rest of the world.
19/03/2010

La Kutxa sells Banco Madrid without Monteverde debt

Expansión reports that La Kutxa was only able to sell Banco Madrid to Banca Privada d’Andorra (BPA) by taking on the debt of Monteverde and agreeing to provision EUR170m on its 2009 book to cover loans to the bankrupt realty firm.
19/03/2010

Hedge fund decides to be based in Madrid

Two credit traders from Merrill Lynch and Credit Suisse have decided to launch an arbitrage fund in Madrid, which will play the banking sector in particular, Agefi reports. The fund will aim to raise EUR200m in 2010.
19/03/2010

Money market funds: fund management firms often make more money than subscribers

The most conservative investors have lost to their habitual refuge: money market funds. Since the beginning of the year, Expansión reports, 31 of the 89 funds in this segment lost money, and the average result in the sector is a loss of 0.05%, according to data from Inverco as of the end of February. Only 21 funds made more than 0.1% in the period under review. Three out of four fund management firms makes more money in subscriptions than the fund earns for subscribers. The average management commission on money market deposits stands at 0.55%, according to VDOS Stochastics. This figure includes products from international managers, and means that arithmetically, funds returned an average of 0.09% in the first two months of the year, while performance for 68 out of 89 funds was lower than this. It is not surprising in these conditions that investors are turning their backs on these funds: net redemptions totalled EUR897.5m in January-February, equivalent to 6.67% of assets.
19/03/2010

First Trust launches a platinum ETF

First Trust Advisors on Friday launched an ETF which charges fees of 0.70%, which will replicate hte ISE Global Platinum index. The new product will be managed by a team of six people, which will include the chairman of the investment board, Daniel Landquist, and CIO Robert Carey. The acronym for the First Trust ISE Global Platinum Index Fund is PLTM.
19/03/2010

Money market funds prepare to raise fees

With interest rates at all-time low levels, money market funds waived fees in order to prevent investors from undergoing losses, and they lost hundreds of millions of dollars, the Wall Street Journal reports. But now, with the economy improving and interest rates bound to rise, funds may increase their fees again, without informing investors.
19/03/2010

Two hedge fund strategies out of 13 are in the red for February

According to figures from EDHEC-Risk, emerging market and dedicated short bias strategies had respective losses of 0.33% and 2.66%. They are the only two regularly monitored strategies out of 13 to show negative results for February. However, CTA Global and long/short equity showed positive returns of 0.96% and 0.94%. In the first two months of the year, CTA Global strategies and emerging markets lost 1.8% and 1.1%, while dedicated short bias, global macro and funds of funds were down 0.9%, 0.3%, and 0.25, respectively. Since January 2001, no strategy has been in the red in annualised terms, while the strongest gains have been for emerging markets (12.2%) and distressed securities (11.1%).
19/03/2010

Collins Stewart acquires an offshore discretionary management firm

The independent consulting firm Collins Stewart has taken over the discretionary fund management firm Corazon capital Group, which has about GBP382m in discretionary assets under management at its Guernsey and Geneva offices. The wealth management division of Collins Stewart manages about GBP5.9bn, of which GBP1.7bn are discretionary assets.
19/03/2010

Quarterly revision of ASPI index

Only one change has been made as part of the quarterly revision of the ASPI Eurozone index, which includes the 120 best-rated companies in the Euro zone on the basis of Vigeo ratings. Ordinary shares in Volkswagen (DE0007664005) will be replaced in the Euro Stoxx benchmark index on 22 March 2010 by preferential shares in Volkswagen (DE0007664039), at a quarterly revision of the index. As a result, the shares will also be replaced in the ASPI Eurozone® index the same day, Vigeo announced yesterday in a statement.
19/03/2010

CA Cheuvreux adds to UK research offerings

Les Echos reports that CA Cheuvreux, the broker of the Crédit Agricole group, would like to set up a new range of program trading offerings from London, New York and Hong Kong, offering access to 120 markets, by founding a joint venture with CLSA, its Asian counterpart. It will continue to develop its activities in London, especially in research, with the objective of covering virtually all shares of the FTSE 100. The group saw a fall in its revenues of about 25% last year.
19/03/2010

Another departure from TCW

This time, the latest executive to leave TCW is not defecting to Jeff Gundlach and DoubleLine Capital, Mutual Fund Wire reports: Garrett Walls, group managing director in charge of strategic partnerships, is leaving TCW (Société Générale group) to become head of marketing for the hedge fund management firm Angelo, Gordon & Co.
19/03/2010

BPA acquires Banco Madrid

Xavier Mayol, deputy CEO of Manco Privada d’Andorra (BPA), and president of the management firm BPA Global Funds, will on 22 March be appointed CEO of the new bank born of the merger with Banco Madrid, Expansión reports. The changes will follow the acquisition of Banco Madrid by BPA from La Jutza, the savings bank of Guipúzco, for about EUR100m. Cotizalia reports that the acquisition price translates to EUR20m for the real estate portfolio, EUR30m for the share capital, and the remainder equivalent to about 2% of assets under management at the private bank, which are estimated at EUR2.4bn. BPA is not planning to alter the strategy of Banco Madrid. The Andorran private bank entered the Spanish market in late 2008, with its acquisition of Interdin. The acquisition of Banco Madrid was made possible by the signature of a tax information sharing agreement between Spain and Andorra, which means the Principality is no longer on the Spanish list of offshore havens.
19/03/2010

UCITS IV va permettre aux gestionnaires étrangers de quitter l'Espagne

La directive OPCVM IV aura pour effet de réduire les coûts des sociétés de gestion étrangères en Espagne : elles pourront fermer leurs structures opérationnelles en ne conservant que les activités commerciales et elles pourront enregistrer en Espagne pratiquement tous leurs produits sans obstacles bureaucratiques, note Expansión. Il y a actuellement 15 gestionnaires étrangers enregistrés auprès de la CNMV.Toutefois, d’après Expansión, si certaines maisons préparent déjà la fermeture de leur société de gestion de droit espagnol, mais elles ne le reconnaissent pas officiellement. De toutes façons, cela ne ferait de sens que pour les maisons ayant une usine de production. Celles qui sont spécialisées en banque privée devront rester, parce que la proximité avec le client est vitale.Les trois plus gros acteurs sont Barclays, avec 4,36 milliards d’euros d’encours locaux fin 2009, suivi de DWS (Deutsche Bank) avec 2,32 milliards et BNP Paribas, avec 2,23 milliards.
19/03/2010

UCITS IV will allow foreign management firms to leave Spain

The OPCVM IV directive will have the effect of reducing costs for foreign management firms in Spain: they will be able to close down their operational structures and retain only sales activities, and will be able to register virtually all of their products in Spain from abroad without bureaucratic obstacles, Expansión notes. There are currently 15 foreign asset management firms registered with the CNMV. However, Expansión notes, although some management firms are planning to closed down their Spanish affiliates, none officially admits plans to do this. Anyway, the move would only make sense for asset management firms with a fund factory. Those which are specialised in private banking will be likely to stay, since their proximity to the client is vital. The three largest foreign actors are Barclays, with EUR4.36bn in local assets as of the end of 2009, DWS (Deutsche Bank) with EYUR2.32bn, and BNP Paribas, with EUR2.23bn.
19/03/2010

Schroders gets a new CEO for Spain and Portugal

Leonardo Mathias has chosen to return to Portugal for personal reasons, and has been replaced as CEO for Spain and Portugal at Schroders by Carla Bergareche, who has been at the company since September 1999. The new director of the British management firm for the Ibernain peninsula will report to Richard Mountford, global head of intermediation.
19/03/2010

CalPERS appoints a head of diversity

CalPERS on 18 March announced the appointment of Tim Legesse as chief investment officer for diversity. Legesse, 44, will report directly to chief investment officer Joseph A. Dear. Legesse previously founded a research and consulting firm, Starline Capital Advisors. He will serve as a “point of contact,” according to a statement, for investment professionals seeking to forge ties with the largest public pension fund in the United States.
19/03/2010

Annual results up 23% at LPBAM

Net profits at Banque Postale Asset Management last year were up 23% to EUR24.9m. Net inflows totalled EUR2.6bn, and assets under management as of 31 December 2009 totalled over EUR121bn. La Banque Postale Gestion Privée, which is 51% controlled by La Banque Postale, and 49% owned by Oddo & Cie, is dedicated to mandated management of securities portfolios, which as of 31 December 2009 had nearly EUR506m in assets under management, up 172% since 2008. For Banque Postale, net profits in 2009 totalled EUR587.7m, an increase of 94.2% year on year. According to the chairman of the board of directors at Banque Postale, Patrick Werner, the firm last year had an exceptional year - “the best year since its creation.”
19/03/2010

HSBC GAM to launch an absolute return UCITS III fund

HSBC Global Asset Management will launch a UCITS III European absolute return fund in April 2010, subject to final approval. The asset manager has been running the same strategy within its flagship European Alpha Fund, domiciled in the Cayman Islands, since April 2008. The HSBC GIF European Alpha Equity Fund, which forms part of HSBC Global Asset Management’s Luxembourg-domiciled Global Investment Funds (GIF) range, available for sale in around 35 countries, will seek opportunities – via a market neutral strategy – across developed Europe, implemented primarily through equities and equity swaps.The investment vehicle, which offers daily liquidity, will target equity-like returns with a maximum annualised volatility target of 10 per cent, with minimal correlation to European equities. The fund will be managed by a team of four, with Vis Nayar as lead manager. In a universe of approximately 700 stocks, the team will look to exploit fundamental equity pricing anomalies using both complementary quantitative and qualitative strategies. HSBC GIF European Alpha Equity Fund will use more short positions to diversify risk, holding about 80 stocks, typically split between 35 long and 45 short. The minimum investment in the HSBC GIF European Alpha Equity Fund is USD5,000 for the retail share class and USD1 million for institutional while the annual management charges are 1.5 per cent and one per cent respectively. There is a performance fee of 20 per cent over 1 Month EURIBOR, for both share classes.
19/03/2010

HSBC preparing a new retail hedge fund

HSBC Asset Management has announced that on 8 April it will be launching a new sub-fund of its Sicav GIF, entitled European Alpha Equity Fund, which may take long or short positions on European equities, by investing in live shares or derivatives. The objective for the UCITS III-compliant hedge fund will be to generate performance similar to that of equities, with volatility limited to 10%, and daily liquidity. Management will be based on that of the European Alpha Fund, which is designed for institutional investors, according to Citywire reports relayed by Das Investment.
19/03/2010

Résultat annuel en progression de 23% pour LPBAM

Le résultat net de la Banque Postale Asset Management a progressé l’an dernier de 23% à 24,9 millions d’euros. La collecte nette s’est élevée à 2,6 milliards d’euros et les actifs sous gestion au 31 décembre 2009 s’inscrivaient à plus de 121 milliards d’euros.La Banque Postale Gestion Privée, détenue à 51% par La Banque Postale et à 49% par Oddo & Cie, et dédiée à la gestion sous mandat de portefeuilles de valeurs mobilières, comptait au 31 décembre 2009 près de 506 millions d’euros d’encours sous gestion, soit une progression de 172% par rapport à 2008.Pour La Banque Postale, le résultat net part du groupe s’est inscrit en 2009 à 587,7 millions d’euros, en hausse de 94,2% d’une année sur l’autre. Selon le président du directoire de La Banque Postale, Patrick Werner, La Banque Postale a signé l’an dernier une année exceptionnelle, «la plus belle depuis sa création».

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