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22/09/2009

Six out of ten equities funds outperform the Ibex index this year

Spanish equities funds have profited from the market rally in early March, and in the first eight months of this year, six out of ten funds show returns higher than the 23.53% posted by the Ibex index, Cinco Días reports. Some funds have earned up to 40% after commissions, which are about 2% of assets. Taking into account dividends paid by Ibex companies, only eight funds have done better than the 29% result for the index. The best returns were for leveraged funds such as the Foncaixa Bolsa España 150, which showed returns of 40.02% as of 31 August. The BBVA Bolas Ibex Quant, which may adopt maximal exposure of 195% to the Spanish market, has earned 34.11%. Some funds which follow a stock-picking approach have also outperformed the Ibex, such as the Manresa Borsa, Barclays Bolsa España and Barclays Bolsa España Selección funds.
22/09/2009

Khadafi withdraws USD5bn from Geneva

Political tensions between Switzerland and Libya are becoming costly for Geneva. Moammar Khadafi, is closing the local branch of the Libyan Investment Authority, the national sovereign fund, the Zurich Tages-Anzeiger reports, relaying reports in Private Banking, a professional magazine. LAP Swiss has managed a part of the Libyan African Portfolio (USD40bn) since 2006. The Libyan government is withdrwaing USD5bn. LAP Swiss owns stakes in several African countries, in the hotel, finance, communications, oil and gas production and air transport sectors. In 2008, according to statistics from the BNS, Libyan assets deposited at Swiss banks were reduced by CHF628m, to CHF5.12bn.
22/09/2009

Rumours of merger between Glencore and Chinese sovereign fund

Les Echos, reports that the global leader in commodities trading, the Swiss firm Glencore, has been in discussions since summer with China Investment Corp. (CIC), the Chinese sovereign fund with assets of about USD300bn. Some observers say that the two parties signed a letter of intent in August which laid out a framework for plans to team up. Glencore is in search of added sources of financing, and China has high demand for commodities.
22/09/2009

Another extension for sale of ABN Amro-Fortis assets

L’Echo reports that the finance minister of the Netherlands has been granted a further extension of two weeks to sell assets owned by ABN Amro and Fortis by the European Competition Commissioner, Neelie Kroes. The deadline has been moved back to 2 October. The sale of assets is a condition of the merger between ABN Amro and Fortis. Last week, Germany’s Deutsche Bank announced that it was backing out of plans to acquire some Dutch assets of ABN Amro, including an affiliate of ABN Amro, HBU.
22/09/2009

Banque d'Orsay launches an arbitrage fund

Banque d’Orsay has launched Orsay Arbitrages Actions, a French-registered fund which aims for absolute returns from a combination of two drivers of performance: arbitrage on announced mergers and acquisitions, and long/short equities market neutral arbitrage. The new fund will aim for annualised performance higher than the EONIA +2%, with a volatility objective of less than 5%, with daily liquidity. Orsay Arbitrage Actions is managed by Frédéric Staub, who joined Banque d’Orsay in 2008 from BNP Paribas, to strengthen the equities team, particularly in the area of long/short management.
22/09/2009

Putnam launches target-date funds

As part of its push to expand its retirement business, Putnam Investments on Tuesday will unveil 10 absolute return target-date funds, says the Wall Street Journal. Despite the name, the strategy does not guarantee an absolute return, but aims to hit a certain annual-return figure.
22/09/2009

Salus Alpha launches an arbitrage fund

From 17 September to 30 September, the alternative management firm Salus Alpha is releasing its first arbitrage fund with daily liquidity which complies with the UCITS III directive, entitled Salus Alpha Commodity Arbitrage. No withdrawal penalties will be charged for subscriptions made in this initial period. The fund is licensed for sale in Austria and Germany. The Austrian-registered product, focused on commodities, is intended to allow investors to profit from differences in valuations between various markets or entire families of commodities, and to earn gains both in backwardation and contango situations on the market. In addition, the fund aims to take advantage of seasonal variations in demand for commodities. The Salus Alpha Commodity Arbitrage fund invests indirectly in commodities via derivatives (swaps and futures) on indexes such as the CAX (Commodity Arbitrage Index), which is listed in Vienna, and maintained by Alternative-Index GmbH, an affiliate of Salus Alpha. Front-end fees and management commission are 5.55% and 2.50%, respectively.
22/09/2009

BNP Paribas to sell ABN Amro Teda Fund Management

BNP Paribas is close to selling its 49% stake in ABN AMRO TEDA Fund Management in China, in a step toward complying with Chinese mutual fund regulations, says Reuters. BNP Paribas currently owns three Chinese fund ventures, after taking over Fortis. China bars foreign investors from owning more than one fund venture.
22/09/2009

DekaBank launches a corporate bond fund

With the Deka-RentSpezial Plus 1 fund, DekaBank is launching a German-registered bond fund, which will mature at the end of August 2016, and which will invest in 25 bonds with the corresponding maturities. At the end of the first year, the fund will pay a coupon of 3.25% for each EUR100 share. From the second to the seventh year, Deka promises to pay at least 3% per year; however, if, on 31 August of the year which is underway, the Euribor 12 month is higher than 3%, the fund will pay a coupon corresponding to this rate at the end of the year. Redemptions will be for 100% of assets at maturity.
22/09/2009

Ezra Sun to manage a China long/short fund for Veritas

Veritas Asset Management has announced that it will launch a long/short fund focused on China in early October, which will comply with the UCITS III directive. The Veritas China fund will be managed by star manager Ezra Sun, who is responsible for Asia strategies at Veritas. The fund will aim to generate annual returns of 15-20% in the long term. The capacity of the new product will be limited to USD500m. The objective will be to limit volatility to half of that of the Chinese equities market, as measured by the SMCI Zhong Hua index.
22/09/2009

Société Générale announces ambitions

L’Agefi reports, citing the chairman of the bank, Frédéric Oudéa, speaking at a press conference in London on Monday 21 September, that Société Générale is still hoping to become “one of the five largest European banks in the next three to five years.” Although the countries of central and eastern Europe are the main cause for concern for the group in terms of risk costs, emerging countries are a priority for the retail bank. To this end, Poland and Egypt are cited as particularly important targets. The private bank is the other major area of development. Lastly, in investment banking, Michel Péretié, head of SG CIB, also states that the firm hopes to reach fifth place in Europe.
22/09/2009

Mandarine increases assets

Marc Renaud’s boutique Mandarine Gestion has managed to accumulate EUR700 million in assets since its launch 18 months ago, says Citywire. In February 2008 the group had just assets of EUR250 million. A sixth fund is soon to be added, adds Citywire.
22/09/2009

York CM releases an event-driven fund with BoA Merrill Lynch

York Capital Management is now offering for sale the York Event-Driven UCITS Fund, a product which provides access to York CM event-driven strategies, as part of the UCITS III-compliant fund product range from Bank of America Merill Lynch. York will manage the fund’s investments, while Merrill Lynch International will act as sponsor for the fund. The fund, managed by Jamie Dinan (founder and CEO of York), and Dan Schwartz (CIO), will employ a multi-strategy approach based on risk arbitrage, event equities, high-yield equities strategies, and credit. The York Event-Driven UCITS fund is open to subscriptions to institutional and retail investors in the United Kingdom, Ireland, France, Italy and Spain. Minimal subscription is set at USD1,000.
22/09/2009

JP Morgan AM liquidates six target-date funds

Fondsweb reports that the board of directors at JPMorgan Investment Strategies Funds II has decided to withdraw its JPM LifeCycle range of Luxembourg-registered target-date funds (2015, 2020, 2025, 2030 and 2035) on 18 September. The decision was motivated by the fact that assets as of 30 April were below the EUR20m threshold stated in the prospectus. In addition, outlooks for sufficient subscriptions to ensure effective management of portfolios were not adequate.
22/09/2009

Money-market funds remain subject to strict regulations

Despite the fact that the Treasury Department’s guarantee program expired Friday, money-market funds must continue to report holdings and valuation information to the SEC in certain circumstances, under an interim rule adopted Friday. If a fund’s net asset value per share falls below USD0.9975, it must notify the regulator and provide a portfolio schedule.
22/09/2009

Hedge fund directive will be costly for the industry

According to a survey by Open Europe* published on Monday, the AIFM directive will cost the private equity and hedge fund industries in the EU between EUR1.3bn and EUR1.9bn in the first year. The annual recurring cost is estimated at between EUR689m and EUR985m. On average, private equity and hedge fund firms estimate that their compliance cost could increase by 31.5% if the directive comes in to force. *The EU’s AIFM Directive, Likely impact and best way forward
22/09/2009

Timetable for hedge fund directive is too ambitious

The timetable for amending the Alternative Investment Fund Managers Directive (AIFM) is too ambitious, according to experts quoted by Ignites Europe. The proposed date for the first reading in the European Parliament, expected to take place in February 2010, is too soon.Speaking at last week’s Asset Management Conference in London, Peter De Proft, director general at Efama, said: «We are now moving towards having a general framework for non-Ucits funds; it is so important not to rush».
22/09/2009

OECD calls for rigorous and transparent stress testing

L’Agefi Switzerland reports that the OECD claims in its annual report on the European Union, published on 21 September, that “in many EU countries, uncertainties remain about the scale of problems with compromised assets remaining on banks’ balance sheets. There are continuing fears that banks lack sufficient capital to confront a possible further degradation in economic conditions.” “Systematic, rigorous and transparent stress testing is necessary to quantify the needs for owners’ equity at the various European banks,” the OECD states.
22/09/2009

Ignis Am recruits a former New Star manager

StartFragment--> Ignis Asset Management (EUR74bn in AUM) has announced the appointment of Rob Page to the role of Marketing Director. He will join the UK asset manager in early 2010 «to oversee a major drive to develop the Ignis retail brand». Rob Page joins from Liontrust where he was responsible for the promotion of funds to professional investors and advisers in the UK and Europe. Prior to this and until early 2008, he helped launch the New Star brand and was responsible for the group’s marketing and fund positioning. He is the eleventh person from New Star, bought by Henderson, to join Ignis AM. The asset manager has been hiring many people for the last months. Recently, it recruited nine people to develop Ignis’ European distribution business.
22/09/2009

Impax AM recruits a New Star veteran as head of sales

John McDonald, who was head of alternative sales & marketing at New Star Asset Management, has joined Impax Asset Management as head of sales & marketing. This is a newly-created position, which will make it possible to better coordinate the distribution of long-only products, hedge funds and private equity products of Impax (USD1.8bn in assets).
21/09/2009

Nomination à la Société Générale Corporate & Investment Banking

Christophe Hioco vient d'être nommé Chief Operating Officer à la Société Générale Corporate & Investment Banking.Membre du comité exécutif restreint de la Banque de Financement et d’Investissement (BFI) ainsi que du comité de direction du groupe, il est directement rattaché àMichel Péretié, directeur de la BFI.Sa mission, précise la banque, consistera à «optimiser l’allocation des ressources rares tout en menant à bien la transformation du modèle opérationnel de labanque de financement et d’investissement. Christophe Hioca aura notamment en charge la supervision directe des fonctions Ressources (Opérations, Systèmes d’information, Comptabilité & Finance) et la gestion du risque opérationnel via le département Sécurité des opérations et prévention de la fraude.
21/09/2009

Le fonds souverain chinois s’intéresse à GDF Suez

Selon les Echos, des cadres du China Investment Corp. ont rencontré, à leur demande, le PDG de GDF Suez, Gérard Mestrallet, en juillet dernier à Paris pour évoquer le futur des différentes activités du groupe français et de sa filiale Suez Environnement. Si le CIC n’a pour l’instant formulé aucune offre concrète et se contente d’amasser les informations, il s’intéresserait de près, depuis quelques semaines, à plusieurs groupes français et européens du secteur de l'énergie.
21/09/2009
Fonds

Les fonds luxembourgeois en tête pour les souscriptions

Selon les statistiques de Lipper FMI, les fonds européens ont enregistré au premier semestre des souscriptions nettes de 34,82 milliards d’euros après des remboursements nets de 272 milliards pour juillet-décembre 2008. Sur ce total, les fonds luxembourgeois ont drainé à eux seuls 21,5 milliards d’euros, rapporte Funds People.Les deux points saillants des six premiers mois de cette année sont la vogue des fonds d’obligations d’entreprises, notamment le BlueBay Investment Grade Bond et le Schroder ISF-Euro Corporate Bond, et la marche triomphale du Carmignac Patrimoine, qui a capté environ 5 milliards d’euros durant la période sous revue.
Fonds
21/09/2009
Fonds

Les fonds d'actions enregistrent de fortes souscriptions

Selon Wolfgang Mansfeld, président de l’association allemande BVI des sociétés de gestion, a indiqué vendredi que pour les sept premiers mois de l’année les fonds d’actions ont enregistré des souscriptions nettes de 7,4 milliards d’euros, dont environ 50 % pour des ETF.
Fonds
21/09/2009

Banque privée: BNP Paribas se développe outre-Rhin

Selon les Echos, BNP Paribas va officialiser ce lundi son entrée sur le marché de la banque privée en Allemagne. L'établissement français est actuellement en train de constituer une équipe de 15 à 20 personnes basées à Francfort et à Munich pour se développer dans la gestion de fortune, en collaboration avec sa banque directe Cortal Consors. L’activité est placée sous la responsabilité de Pascal Grundrich, un ancien du Crédit Lyonnais recruté en 2008. BNP Paribas a par ailleurs regardé le dossier Sal. Oppenheim, mais est visiblement sorti du processus de vente.
21/09/2009
Fonds

TMW "verdira" progressivement son Immobilien Weltfonds

Pour tenir compte de l’importance croissante du développement durable dans le secteur immobilier, TMW Pramerica a décidé de transformer son fonds immobilier offert au public TMW Immobilien Weltfonds en premier produit de sa catégorie orienté développement durable selon un approche «best-in-class». Pour ce faire, TMW Pramerica s’est associé avec Ökorenta, l’un des pionniers de l’ISR, qui apportera son savoir-faire dans la conception du fonds et qui mobilisera sa force de vente. Les premiers contacts avec des investisseurs importants ont montré que ce projet est bien accueilli au point que certains ordres de rachat ont été annulés et transformés en promesses de souscriptions (le fonds est fermé aux remboursements depuis fin octobre 2008).En d’autres termes, le fonds pourra continuer d’acquérir des immeubles selon des critères économiques mais pas uniquement conformes au concept de développement durable, du moment qu’une évolution «écologique» ultérieure de ces actifs est prévue. Cela signifie que le TMW Immobilien Weltfonds ne deviendra «évidemment» pas du jour au lendemain un fonds vert.
Fonds
21/09/2009
Fonds

Les fonds d'actions allemands sont relativement chers

Selon Lipper, le taux de frais sur encours (TFE ou TER en anglais) des fonds d’actions allemands se situe en moyenne à 1,6 % contre 1,2 % pour les américains, rapporte la Frankfurter Allgemeine Zeitung. Si l’on pondère en fonction de la taille des fonds, les produits allemands sont chargés à 1,4 % contre 0,9 % pour les américains. Pour les fonds obligataires, le TFE est de 0,9 % en Allemagne et de 0,8 % aux Etats-Unis.
Fonds

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