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30/10/2009

Henderson continue d’accuser des rachats

Henderson Group a continué à accuser des rachats nets au troisième trimestre, 1,2 milliard de livres sortant de ses fonds, rapporte le Financial Times. Au premier semestre, la décollecte s’était élevée à 2,9 milliards de livres. Toutefois, les encours ont augmenté de 9 % à 57,7 milliards de livres depuis fin juin, grâce à la hausse des marchés et aux mouvements de change.
30/10/2009
Fonds

SAM lance une nouvelle "stratégie" sur l'eau

Le gestionnaire helvétique SAM Sustainable Asset Management a annoncé qu’il lance une troisième stratégie sur l’eau, investissant dans les petites et micro-capitalisations sur les marchés émergents, des titres de sociétés engagées dans de nouvelles technologies liées à l’eau en Asie, au Moyen-orient et en Amérique latine.La «SAM SustainableWater Evolution Strategy» vient compléter les stratégies sustainable water et Sharia-compliant water et s’adresser à des investisseurs institutionnels ou «sophistiqués». L’univers se compose de 150 valeurs, et le portefeuille ne comprendra que des sociétés dont l’exposition à l’eau est d’au moins 40 %.
Fonds
30/10/2009

INrate AG et Centre Info fusionnent

Les deux agences de notation durable suisses INrate AG et Centre Info SA annoncent qu’elles vont fusionner leurs activités. Le rapprochement devrait être effectif au premier trimestre 2010, indique un communiqué de presse.
30/10/2009

Léger mieux pour les caisses de pension suisses

Selon L’Agefi suisse, la situation s’est encore améliorée pour les caisses de pension suisses au troisième trimestre, dans le sillage du précédent. Mais les caisses publiques affichent toujours un net défaut de couverture. Globalement, le degré de couverture moyen est passé à 97,7%, alors qu’il s’inscrivait encore à 93,4% à fin juin et à 91,7% en début d’année. Cette embellie résulte largement de la reprise des marchés des actions au troisième trimestre, selon Swisscanto, l’institut spécialisé dans les solutions de prévoyance professionnelle.Toutefois, si les caisses de pension privées peuvent à nouveau constituer des réserves de fluctuation nécessaires, tel n’est pas encore le cas pour les institutions publiques. Pour les premières, le degré de couverture s’est établi à fin septembre à 103,5%, soit une augmentation de 6,5 points de pourcentage depuis le début de l’année. Pour les secondes en revanche, la couverture moyenne a augmenté de 5,4 points à 91,3% dans le même intervalle.
30/10/2009
Fonds

Les fonds de pension affichent à nouveau des performances

Au deuxième trimestre, les fonds de pension néerlandais ont affiché une performance supérieure à 7 %, et c’est la première fois qu’ils dégagent des gains depuis 2007, selon les statistiques de la Banque des Pays-Bas (DNB) rapportées par Global Pensions. De fait, la hausse des actions a favorisé la performance tandis que l'évolution des taux d’intérêt a permis de remonter le niveau de financement à 103 % en moyenne contre 92 % au premier trimestre.
Fonds
30/10/2009
Fonds

Blackstone ouvre à Shanghai

Le capital-investisseur américain The Blackstone Group a créé une filiale à Shanghai et conclu un accord de principe avec la société financière d’Etat Lujiazui Financial Development Co pour lancer le The Blackstone Zhonghua Development Investment Fund qui devrait lever 5 milliards de yuans (732,3 millions de dollars), indique The Wall Street Journal. Ce fonds focalisera ses investissements sur Shanghai et la région voisine du delta du Yangtsé, mais pourra investir ailleurs en Chine. Sur le plan sectoriel, la priorité sera donnée aux entreprises dans les domaines des énergies alternatives, de l’environnement et de la médecine.
Fonds
30/10/2009
Fonds

Nouvelle licence pour un fonds chinois

Selon la Tribune, le fonds chinois E Fund Management a indiqué cette semaine qu’il avait reçu une licence du régulateur en vue d’un investissement à l'étranger, dans le cadre du programme QDII (Qualified Domestic Investor Program). De quoi donner de l’espoir aux gérants présents à Hong Kong, sachant que si la gestion d’actifs chinoise a souffert au troisième trimestre, les fonds profitant de cette licence s’en sont bien sortis, note le quotidien.
Fonds
30/10/2009

"La Chine a changé de modèle de croissance"

La correction d'août en Chine, nettement moins sévère que la punition subie par les marchés occidentaux jusqu'au 8 mars, n'a pas tari le flux des souscriptions enregistrées par le compartiment chinois en euros de Robeco Capital Growth Funds. Victoria Mio, lead portfolio manager pour les actions chinoises dans le groupe néerlandais, basée à Hong-Kong, demeure donc confiante à la fois dans la croissance économique du pays et dans sa propre capacité à sélectionner les valeurs gagnantes dans le nouvel environnement qui prévaut depuis que Pékin a décidé de mobiliser de puissants moyens pour juguler
30/10/2009

Pension funds return to positive territory

In second quarter, Dutch pension funds have posted performance of over 7%, the first time they have posted gains since 2007, according to statistics from the Dutch national bank (DNB), cited by Global Pensions. Rising equities markets have favoured performance, at a time when the evolution of interest rates has made it possible to increase funding rates to an average of 103%, up from 92% in first quarter.
30/10/2009

Further redemptions from Henderson

Henderson Group continued to undergo net redemptions in third quarter, as GBP1.2bn flowed out of its funds, the Financial Times reports. In first half, outflows totalled GBP2.9bn. However, assets have increased 9% to GBP57.7bn since the end of June, thanks to rising markets and movements in currency rates.
30/10/2009

Délits d'initiés suspectés sur le titre KBC

Selon le quotidien belge l’Echo, une enquête judiciaire a été ouverte hier concernant d'éventuels délits d’initiés à la suite de transactions suspectes sur le titre KBC réalisées en mai dernier. Ces mouvements seraient liés à la connaissance de problèmes de l’assureur-crédit MBIA sur KBC.
30/10/2009

Morgan Stanley P2 Value fund remains closed, while UBS (D) 3 Kontinente reopens

On Thursday, the German management firm Morgan Stanley Real Estate Investment GmbH announced that it will be extending the closure of its P2 Value real estate fund to redemptions for a maximum of 12 months, despite gross liquidity of 16% and credit lines made available to the fund. The manager states that as of 30 September the occupancy rate for properties in the portfolio totalled 93.3%, and that defaults on rent remained under 1%. As of 28 October, assets in the fund totalled slightly over EUR1.44bn. As of 13 July, the fund was also provisionally closed to subscriptions, due to an expected depreciation of the value of assets in the portfolio. On the other hand, UBS Real Estate KAG has announced that due to the positive evolution of liquidity and subscriptions, it has reopened the open-ended real estate fund UBS (D) 3 Kontinente (EUR472m as of 30 September) to redemptions from 27 October, at noon. However, the fund management company is introducing a 3% penalty for withdrawal, which will be paid back into the fund. Due to the change of strategy of the fund, it will now be known as UBS 3 Sector Real Estate Europe.
30/10/2009

Deutsche Bank offers to reimburse victims of its error

To appease subscribers to its db Kompass Life I and II funds, Deutsche Bank is offering to pay them out a redemption of 80% of their initial investments until 27 November if they accept not to sue the bank afterwards, fondsprofessionell reports. The funds were invested in the secondary market ina portfolio of life insurance policies in the United States, but mortality rates did not correspond to the projection calculated by the initators of the project. The funds, launched in 2005, attracted more than EUR500m in investments.
30/10/2009

Barclays and BNP victims of a German Madoff

According to the German authorities, Barclays may have lost the majority of the EUR148m it had invested in the K1 Global Sub Trust fund, managed by the German Helmut Kiener, who was arrested on Thursday on charges of fraud and abuse of confidence. Another suspected victim of the fraud is BNP Paribas, which had invested EUR40m in K1 between 2007 and 2008, L’Echo reports.
30/10/2009

RHJ acquires 20% of quirin bank

The private equity investor RHJ International, which is listed in Brussels, has acquired the 20% stake in quirin bank previously held by the Landesbank Baden-Württemberg (LBBW), quirin bank has announced. The acquisition price has not been disclosed, but according to sources familiar with the matter, it is said to be approximately EUR10.4m, LBBW had acquired the stake in the Berlin private bank when it took control of Sachsen LB.
30/10/2009

DWS may absorb Frankfurt Trust

According to reports in Handelsblatt, following the acquisition of Sal. Oppenheim by Deutsche Bank, Frankfurt Trust, the asset management division of BHF Bank, an affiliate of the bank being acquired, may be absorbed into DWS. BHF Bank, for its part, may be sold to LGT Bank. Frankfurt Trust had no comment on the reports.
30/10/2009

Andreas Muschter joins board at Commerz Real

Dr. Andreas Muschter will join the board of directors at Commerz Real on 1 December, replacing Eberhard Graf, who will be leaving the firm at the end of the year. Muschter, who is currently head of mergers and acquisitions at Commerzbank, will also serve as chief financial officer.
30/10/2009

EUR84bn in net inflows worldwide in second quarter

Assets in investment funds worldwide increased in second quarter by 5.4% to total EUR14.4trn as of the end of June 2009, according to statistics published by Efama. Net inflows for all funds totalled EUR84bn in the period under review, following inflows ofEUR46bn in first quarter. Net inflows to long-term funds (all funds excluding money market funds) totalled EUR240bn, with overall outflows of EUR425bn in the three previous quarters. Equities, bond, and diversified funds posted net inflows in second quarter of EUR156bn in second quarter, following cumulative net inflows of EUR405bn in the previous three quarters. As of the end of June 2009, assets in equities funds represented 36% of all assets in funds worldwide. The proportion of assets in bond funds came to 19%, while money market funds accounted for 28%, and diversified funds 10%. Counting non-UCITS-compliant funds, the market share for Europe as a proportion of the global fund market came to 38% as of the end of June 2009, while the United States held 44.5%. Excluding non-UCITS funds, the market shares for Europe and the United States stood at 31.5% and 49.1%, respectively.
30/10/2009

JPMorgan had concerns about Galleon as early as 2001

Concerns about the business practices of Galleon founder Raj Rajaratnam and his associates were raised Inside JPMorgan Chase as far back as 2001, according to an internal company document seen by the Financial Times. The 2001 note written by an analyst at JPMorgan’s alternative asset management arm said the unit “should reduce our allocation” in Galleon’s technology fund. It alleges that the principals of Galleon “liked to operate in the ‘grey areas’” of the markets.
30/10/2009

Jefferies launches two new ETFs

The US-based Jefferies group on 28 October announced the launch of two new ETFs based on the new series of Thomson Reuters/Jefferies CRB-EQ indexes. The two ETFs, the TR/J CRB Global Agriculture Equity Index Fund and the TR/J CRB Global Industrial Metals Equity Index Fund, have been listed on NYSE Arca since 27 October. The first of the two funds invests in shares in companies which produce or distribute agricultural products. The second is focused on shares in businessses which produce or distribute base metals, industrial metals, or related products.
30/10/2009

Cooperation between La Compagnie Financière Edmond de Rothschild and Bank of China stepped up

Michel Cicurel, chairman of the board at La Compagnie Financière Edmond de Rothschild Banque, and Li Lihui, chief executive officer at Bank of China, whose respective banking groups have been partners since 2008, have announced a “strengthened strategic agreement for long-term cooperation, covering private banking and asset management activities, and financial services to businesses.” From 2010, the two groups will aim to intensify their cooperation in the management and selection of investment funds, as well as in the conception and sales of private banking services.
30/10/2009

Richard Zack joins Prudential Bache Global Commodities Group

Richard Zack is joining Prudential Bache Global Commodities Group as vice president and chief investment officer. He will be in charge of developing structured product activities. Zack was previously at the National Bank of Canada, where he was co-head of development for structured products based on linear options.
30/10/2009

Profits down at Richard Ellis in third quarter

The Global Investment Management unit at the CB Richard Ellis group in third quarter has earned operating profits of USD6.1m, compared with USD20.7m one year earlier. Assets under management total USD34.9bn as of the end of third quarter, a 4% decline compared with second quarter 2009, and 9% down on the end of 2008. In third quarter, the group earned net results of USD12.4m (USD21.6m excluding one-time charges), compared with USD40.4m one year earlier (or USD56.1m excluding one-time charges), for revenues of USD1bn, following USD1.3bn one year earlier. On nine months, the group has seen losses of USD30.9m, compared with net results of USD77.4m for the corresponding period of 2008.
30/10/2009

Allianz Global Investors takes initiative in responsible investment

The asset management firm Allianz Global Investors France, which two years ago, along with nearly 500 institutional investors and asset managers, signed the six United Nations Principles for Responsible Investment (PRI), has announced that it has pledged to integrate environmental, social and governance (ESG) factors into all of its investment processes. “Every year, the signatories of the PRI are evaluated on the basis of the deployment of these principles as a part of their investment policies and practices,” says a statement from the asset manager. “The 2009 evaluation, covering the year 2008, has revealed, in the ‘mainstream asset managers’ category, composed of 94 management firms worldwide, that there has been noticeable progress at Allianz Global Investors France,” the statement continues. The firm now rankes in the first and second quartiles for all of the six principles, while it stood in the 3rd and 4th quartiles among the 43 firms evaluated in 2008, for activities covering 2007. The five funds managed by Allianz Global Investors France, whose SRI assets represent nearly EUR5bn as of the end of September 2009, out of total assets under management of over EUR72bn, have recently obtained the Novethic label, on the basis of their adherence to four criteria: integration of environmental, social, and governance (ESG) considerations, transparency and SRI management process, extra-financial reporting on the basis of ESG criteria, and the publication of complete details of portfolio composition.
30/10/2009

Inrate AG and Centre Info to merge

The two Swiss sustainable development ratings agrencies Inrate AG and Centre Info SA have announced that they will be merging their activities. The merger will take place in the first half of 2010, according to a press statement.
30/10/2009

New license issued for Chinese fund

La Tribune reports that the Chinese fund E Fund Management announced this week that it had received a license from the Chinese market regulator as a qualified foreign investor under the Qualified Domestic Investor Program (QDII). The news raises hopes among asset management firms present in Hong Kong that, although Chinese asset management has suffered in third quarter, funds who have a license of this type may be more fortunate, the newspaper reports.
30/10/2009

SAM launches a new water "strategy"

The Swiss asset management firm SAM Sustainable Asset Management has announced that it will be launching a third strategy based on water, which will invest in small and micro-caps and emerging markets, and shares in businesses active in new technologies related to water in Asia, the Middle East and Latin America. The “SAM Sustainable Water Evolution Strategy” comes as an addition to the sustainable water and Sharia-compliant water strategies, and is aimed at “sophisticated” institutional investors. The universe includes 150 positions, and the portfolio will include only firms whose exposure to water-related business is at least 40%.
30/10/2009

Blackstone opens Shanghai office

US private equity firm The Blackstone Group has founded an affiliate in Shanghai and concluded a preliminary agreement with the state-controlled financial company Lujiazui Financial Development Co to launch The Blackstone Zhonghua Development Investment Fund, which will aim to raise CNY5bn (USD732.3m), the Wall Street Journal reports. The fund will focus its investments on Shanghai and the neighbouring region in the Yangtse river delta, but may also invest elsewhere in China. In sectoral terms, priority will be given to businesses in the area of alternative energies, environmental technologies, and medicine.
30/10/2009

Profits down at Morningstar in January-September

In third quarter, net profits at Morningstar rose to USD22.5m, from USD22.2m in the corresponding period of last year, on revenues down 4.3%, to USD120.1m, and operating profits down 1.4% to USD33.7m. In the first nine months of the year, net profits contracted to USD68m, from USD73.3m, while revenues fell 7% to USD356.4m, and operating profits fell 8.5% to USD101m.

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