Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
27/01/2010

Berkshire Hathaway entre dans le S&P 500

La société de portefeuille de Warren Buffett, Berkshire Hathaway, va entrer dans la composition de l’indice Standard & Poor’s 500 dont l’entrée lui était interdite parce que le cours élevé de ses actions l’empêchaient de satisfaire aux critères de liquidité. Cela a changé depuis la subdivision d’actions à 50 pour 1 des titres de classe B, dans le cadre de l’acquisition de Burlington Northern Santa Fe. Berkshire remplacera Burlington Northern dans l’indice. La capitalisation boursière de Berkshire se situe autour de 160 milliards de dollars.
27/01/2010
Fonds

Les ETF sur les banques régionales surclassent ceux sur les grandes banques

Durant les trois mois au 25 janvier, note The Wall Street Journal, le SPDR KBW Regional Banking ETF a gagné 15 % pendant que le Financial Select Sector SPDR Fund perdait 5,6 % et, depuis le début de l’année, le SPDR KBW Regional Banking ETF affiche une performance de 8,6 % contre une perte de 1,6 % pour le S&P 500. Cela tient au fait que les banques régionales ont pris de l’avance sur le secteur financier dans son ensemble depuis quelques mois parce qu’elles n’ont pas d’activités en compte propre ni de divisions de banque d’investissement qui risqueraient d'être touchées par un durcissement de la réglementation.Le portefeuille du SPDR KBW Regional Banking ETF est équipondéré, ce qui augmente le poids des petites banques, et sa performance a été ces trois derniers mois presque le double de celle du iShares Dow Jones U.S. Regional Banks Index Fund, où les titres sont pondérés en fonction de leur capitalisation.
Fonds
27/01/2010

Russell débauche deux dirigeants de iShares

James Polisson et Andrew Arenberg, qui ont été tous deux des artisans de la mise sur pied des activités internationales d’'iShares pour Barclays Global Investors (BGI), ont rejoint à la mi-janvier Russell Investments (176 milliards de dollars d’encours), le premier comme managing director of global ETF businesse et le second comme managing director of global ETF distribution. Ils sont basés à San Francisco.Les deux hommes seront chargés de piloter la conception de produits et services de nouvelle génération liés aux ETF, souligne Andrew Doman, CEO et president de Russell, soulignant que le groupe est déjà l’un des principaux fournisseurs d’indices aux gestionnaires d’ETF.
27/01/2010

Promotions dans le pôle gestion de Northern Trust

Alan Robertson, qui était CEO et president de Northern Trust Global Advisors (NTGA) a été promu au poste nouvellement créé de global head of sales and services de Northern Trust Global Investments (NTGI), la société de gestion de Northern Trust. Il est basé à Chicago et sera subordonné à Stephen N. Potter, president de NTGI.Le successeur d’Alan Robertson à la tête de NTGA est Joseph McInerney, qui en était le COO depuis 2005. Il sera basé à Stamford dans le Connecticut et subordonné à Alan Robertson.Au 31 décembre, Northern Trust affichait 3.700 milliards de dollars d’actifs sous administration et 672,2 milliards de dollars d’encours sous gestion.
27/01/2010

Van Kampen se débat dans les affres de la transition

Le gestionnaire Van Kampen, qui va être cédé par Morgan Stanley à Invesco, est confronté à plusieurs changements dans son état-major. Mark Mc Clure et Mike Tobin reprennent la direction des ventes et des grands comptes qui était assurée par David Linton, ce dernier ayant quitté la société, rapporte Mutual Fund Wire.D’autre part, Brian Binder, le chief administrative officer, a pris la succession d’Elizabeth Hughes Eginton comme head of product and marketing. L’intéressée a en effet rejoint Morgan Stanley Smith Barney le 21 janvier comme director of marketing. Elle n’avait rejoint Van Kampen en provenance de Legg Mason Capital Management qu’en février 2009.
27/01/2010
Fonds

Macquarie lance un nouveau fonds infrastructures

A peine l’encre séchée de l’accord conclu entre la société Delaware Investments et son nouveau propriétaire, le groupe australien Macquarie, la société de gestion vient de lancer un nouveau fonds sous sa nouvelle identité, rapporte Mutual Fund Wire. Géré activement, le fonds Delaware Macaquarie Global Infrastructure est destiné aux investisseurs institutionnels et particuliers et reste investi à 80 % (dans des conditions normales), comprenant des titres d’emprunt et des actions américaines ou non intervenant dans le secteur des infrastructures. Le fonds Delaware Macaquarie Global Infrastructure est géré par Andrew Maple-Brown, senior vice president de Macquarie Funds Group.
Fonds
27/01/2010

SAM publie son annuaire du développement durable

Le gestionnaire suisse SAM Sustainable Asset Management (groupe Robeco) a annoncé mardi la publication de son annuaire 2010 de l’investissement durable élaboré en collaboration avec PricewaterhouseCoopers. Il s’agit de la onzième livraison de ce document et le nombre de sociétés analysées a été augmenté à 1.237 unités (il se limitait initialement à 468 noms en 1999).Seules les sociétés figurant dans les 15 % des meilleures de leur secteur sont intégrées dans l’annuaire, l’univers de base comportant quelque 2.500 sociétés.Pour plus d’informations consulter le site http://www.sam-group.com/htmle/yearbook
27/01/2010
Fonds

Rapide percée du Greater China Environmental Fund de Fortis au Japon

Fortis Investments a annoncé mardi que le fonds Greater China Environmental Fund développé avec le chinois Fortis Haitong Investment Management a été lancé au Japon le 18 décembre 2009 et qu’il a déjà drainé 106 milliards de yen ou 830 millions d’euros ou encore 1,18 milliard de dollars. Ce produit offre aux souscripteurs un accès à la «révolution verte» qui se déroule actuellement en Chine.
Fonds
27/01/2010

Nouveaux tests de résistance en 2010

Selon la Tribune qui cite le président du CEBS, Giovanni Carosio, lors d’une audition devant le Parlement européen à Bruxelles, les banques européennes réaliseront de nouveaux tests de résistance en 2010. Les principaux groupes bancaires européens seront concernés, ajoute le quotidien.
27/01/2010

Nomura renforce sa recherche "fixed income"

Le groupe Nomura poursuit le développement de son expertise Fixed Income en Europe-Afrique-Moyen Orient avec la constitution de l'équipe de recherche en macro-stratégie et les recrutements de Nick Firoozye en tant que responsable de la stratégie European Interest Rates et de Ann Wyman en tant que responsable de la recherche European Emerging Markets. Nick Firoozye était précédemment responsable chez Citadel Investment de la recherche quantitative alors que Ann Wyman occupait chez Citigroup le poste de senior economist pour les stratégies économiques et politiques du groupe.L'équipe de macro-stratégie sera dirigée par Jim McCormick, responsable de la recherche fixed income pour l’Europe, le Moyen-Orient et l’Afrique.
27/01/2010

Sofinnova Partners boucle son sixième fonds

Le capital risqueur Sofinnova Partners a annoncé le 26 janvier la clôture de son sixième fonds, Sofinnova Capital VI, pour un montant de 260 millions d’euros. Une année «historique» pour Sofinnova qui, parallèlement à la levée de ce fonds, a réalisé trois sorties (CoreValve, Fovea et Novexel), une entrée en Bourse (Movetis) et huit nouveaux investissements.Les investisseurs de Sofinnova Capital VI comptent CDC Entreprises, au titre du programme FSI France Investissement, Industrial & Financial Investments Co., JP Morgan Asset Management, des fonds conseillés par Partners Group et Skandia Life Insurance Company.
26/01/2010

Bill Miller optimistic about equities

The Legg Mason star manager Bill Miller is looking forward to good performance on the equity markets this year, as economic recovery sets in. “I think 2010 will be a good year for equities, and a difficult year for bonds,” Miller writes in his monthly comments (January 2010). Miller, the only manager who has managed to beat the Standard & Poor’s 500 index for fifteen consecutive years, says a preference for bonds over equities in the past ten years is understandable, but deceptive in light of the evolution to be expected on these markets in the next ten years. Ten years ago, equities were overvalued, which is no longer the case, Miller estimates. From his point of view, high quality US large caps are cheap compared to bonds, and low quality shares continue to be attractive, he says, including regional banks. Miller also estimates that 2010 will be a favourable year for mergers and acquisitions, where the health and tech sectors are “fertile hunting ground.”
26/01/2010

Private equity is optimistic

John Amey, CEO of the private equity firm Candover, sees the early signs of recovery on the European private equity markets, as equities rise and access to external capital improves, the Frankfurter Allgemeine Zeitung reports. In addition, two deals totalling over EUR1bn were signed in fourth quarter 2009, though the total number of deals fell 10% compared with July-September, and volume was down 8% to EUR10bn.
26/01/2010

ComStage launches an inflation-linked bond ETF

On Monday, ComStage (Commerzbank) announced the launch of its 65th ETF, which was admitted to trading on the XTF segment of the Xetra platform. It is the ComStage ETF iBoxx € Sovereigns Inflation-Linked Euro-Inflation TR fund, which is also listed in Stuttgart. Management commission for the inflation-linked government bond fund is 0.17%, and its benchmark is the Markit iBoxx € Sovereigns Inflation-Linked Euro-Inflation Total Return Index. The XTF segment now lists 555 ETF funds.
26/01/2010

Caja Madrid liquidates its hedge fund

Caja Madrid has announced in a public statement released by the CNMV that on 21 January, it began the process of liquidating its hedge fund Caja Madrid Selección Inversión Libre, which lost 18% since its launch in January 2007, and whose subscribers have virtually all withdrawn, with only two exceptions, Expansión reports. Assets totalled only EUR16.3bn as of the end of December, according to statistics published by Inverco. It appears that there is also another explanation: Gesmadrid, the management firm of the caja Madrid group, is said to be unsatisfied with the services of the fund’s advisor, the Belgian firm KBC Asset Management, which was responsible for channelling investments to Madoff funds via Fairfield.
26/01/2010

GAM to release five UCITS III-compliant hedge funds

GAM, an affiliate of Julius Baer, is planning to release five of its hedge funds housed in UCITS III vehicles in Spain, including three long funds and two absolute return products, three of them with weekly liquidity and two with daily liquidity, Funds People reports. The three long funds are the GAM Star Global Selector fund, with daily liquidity, managed by Gifford Combs, the GAM Star Global Equity, managed by Manning & Napier Advisors, which also offers daily liquidity, and the GAM Star Pharo Emerging Market Debt & FX, managed by Pharo Global Advisors, which offers weekly liquidity. The two absolute return products offer weekly liquidity. They are the GAM Star Global Rates, a directional bond and currency macro fund, and the CAM Star Discretional FX, specialised in currencies. All of these funds were launched in November 2009, and have been granted licenses by the CNMV.
26/01/2010

Hedge funds adapt to customer requirements

Hedge funds are modifying their behaviour to meet the increased requirements of institutional investors in the areas of transparency and costs. According to an international study undertaken by SEI in partnership with Greenwich Associates, a large majority of institutionals (80%) are not planning to alter their hedge fund allocations in the next twelve months, while 15% are planning to increase their allocations to these funds. However, over 70% of institutionals have added new requirements for transparency, with very strong demand for fund valuation methdologies. Managers will now need to explain their sources of alpha. Investors have also continued their efforts to influence fee structures. Nearly one respondent in five said they had negotiated terms which differ from the traditional “2/20,” i.e., 2% annual management fees and 20% performance commission for single funds, or “1/10” for funds of hedge funds.
26/01/2010

Martin Currie plans to launch China fund

The Scottish management firm Martin Currie is planning to launch an open-ended fund dedicated to China. The fund, which will be domiciled in the United Kingdom, will be managed by James Chong, and will likely be launched on 10 March, Investment Week reports. As of 31 December 2009, the management firm, based in Edinburgh, managed nearly GBP12bn in assets, or about EUR13.7bn.
26/01/2010

Hedge funds offset crisis losses in strong 2009

At the end of last year, hedge funds had offset 77% of their losses in 2008, according to an analysis of the year 2009 by Credit Suisse/Tremont, which finds that 28% of funds have completely recovered. In other words, most actors in the industry are in the process of recovery, and 28% of them have already completed that process, or moved past it to their best levels ever. According to finance professionals, these statistics are set to improve even further. Many funds say that they will continue to honour redemption demands, and that they will satisfy these redemptions more rapidly than anticipated. The return of investors to hedge funds manifested itself in fourth quarter, with net inflows of USD12bn. For the year as a whole, however, the industry shows a net outflow of USD74bn, due to redemptions. In 2008, outflows totalled USD99bn. About 58% of all devalued assets, worth about USD102bn, returned to normal liquidity. But USD72bn of these assets remain illiquid as of 31 December 2009. The percentage of funds which are closed to redemptions has fallen from 17% to 13% since November 2007. Some recently reopened funds are offering more attractive conditions than in the past, Credit Suisse/Tremont observes. In light of performance gains, assets under management in the sector are estimated at USD1.5trn as of 31 December 2009, compared with about USD1.3trn one year previously. According to some analysts, assets may measure as much as USD2.6trn.
26/01/2010

Class-action lawsuit against Porsche

Several hedge funds, including Elliot Associates, Glenhill Capital and Perry Partners, have filed a lawsuit in a US court against Porsche Automobile Holding SE, as well as its former chairman and its CFO, the Börsen-Zeitung reports. They accuse the auto maker of intentionally misleading the markets by dissimulating about the real size of its stake in Volkswagen, which led to erratic fluctuations in share prices in October 2008 that cost the funds over USD1bn.
26/01/2010

Galleon scandal: SEC wants wiretap evidence

The Wall Street Journal reports that the Securities and Exchange Commission and Manhattan US District Judge Jed S. Rakoff have sent a letter to Raj Rajaratnam and his co-defendants in a civil suit asking them to provide wiretap recordings of their conversations which were used as evidence by the Manhattan prosecutor’s office in a penal case against them.
26/01/2010

AIMA concerned by Obama reforms

The Alternative Investment Management Association (AIMA) has expressed concerns over the proposals of US president Barack Obama to limit commercial banks’ investments in hedge funds and private equity. Andrew Baker, CEO of the association, says in a statement that AIMA is waiting for more details before expressing an official position. Although the proposals may create opportunities for the hedge fund industry, “we are concerned by the possibility that liquidity on the markets will be reduced, and that relations with prime brokers will be seriously affected.” The statement also points out that the industry has developed highly effective risk controls and that it has agreed to submit to increased transparency requirements, from both investors and regulatory authorities, which explains a regain in the popularity of hedge funds and a wave of subscription inflows.
26/01/2010

Newly-merged Covéa Finance will be operational in late May

The merger of management firms in the portfolio management affiliates of GMF, MAAF and MMA is entering its final phase, and will conclude in late May with the creation of a management unit under the umbrella of the current Covéa Finance, which will have assets of about EUR60bn in securities, while the real estate arm, Covéa Immobilier (investment and operation of properties), will have assets of about EUR10bn. There is a lot of legal work to be done, not least to rationalise a range of mutual funds of which most are registered in France. The asset management firm will have about 130 employees, says Sophie Beuvaden, deputy CEO for Finance, while the real estate arm (responsible for about 867,000 square metres of real estate concentrated in Paris and its inner subsurbs) will have over 60 personnel. In addition to these staff members, the firm will have the CFO for the three mutuals that make up Covéa, each of which will have a team of about 10 people.
26/01/2010

KKR teams up with Jonathan Grayer

The private equity investor Kohlberg Kravis Roberts & Co. will soon announce the launch of Weld North LLC, a new management firm which will invest in businesses in the consumer services sector, in partnership with Jonathan Grayer, former CEO of Kaplan Inc., the Wall Street Journal reports. KKR will invest several hundred million dollars in the new entity, which will be active in several industries, ranging from education-publishing companies to tax-preparation operators to health and wellness services.
26/01/2010

BaFin to clarify role of depository banks

A few days ago, the financial services supervisory authority (BaFin) submitted a circular for consultation which more clearly lays out the missions and obligations of depository banks, the Börsen-Zeitung reports. Participants have until early February to submit their opinions to BaFin. In a few months, the new circular will be passed into law.

Sujets d'actualité

Tous les sujets