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22/06/2009
Fonds

Changement de nom dans la gestion

La société de gestion Prim’Alternative devient Prim’Finance et réaffirme son évolution vers des produits plus accessibles et plus proches de la gestion traditionnelle. Le développement de Prim’Finance passe, selon la société, passe par un recentrage progressif de sa gamme sur sa seule gestion flexible (dite Kappa).
Fonds
22/06/2009

Les analystes pays surperforment les analystes sectoriels

Selon L’Agefi suisse, les prévisions sur les sociétés cotées sont de meilleure qualité lorsque les analystes financiers se spécialisent sur un pays en particulier, et non sur un secteur. D’après un article paru dans l’édition du mois de mai de la Review of Financial Studies, entre 70% et 80% des analystes couvrant des sociétés cotées à Paris, Francfort ou Zurich étaient classifiés en 1995 en tant que spécialistes d’entreprises françaises, allemandes ou suisses. Neuf ans plus tard, ils n’étaient plus que 25% à 30% à l’être. La majorité des maisons de courtage avaient alors restructuré leurs divisions en une composition sectorielle. L’article démontre que les erreurs de prévision des analystes sectoriels sont près de 6% plus importantes que ceux spécialisés sur un pays spécifique.
22/06/2009

Jean-Baptiste de Franssu élu president de l'Efama

Jean-Baptiste de Franssu, CEO d’Invesco Europe, vient d'être élu président de l’Efama (European Fund and Asset Management) pour deux ans. Il succède à Mathias Bauer, CEO de Raiffeisen Capital Management à Vienne. Claude Kremer, président de l’Association luxembourgeoise des fonds d’investissement (Alfi), a par ailleurs été nommé vice-président de l’Efama. L'élection a eu lieu le 19 juin à Athènes lors de l’assemblée générale.
22/06/2009
Fonds

De grands hedge funds ont racheté de la dette de Lehman

Le Financial Times indique que parmi les acquéreurs de la dette de Lehman avec une forte ristourne figurent certains des plus grands hedge funds, comme Elliott Associates, Paulson & Co, King Street et Centerbridge Partners. Mais ce n’est pas un investissement de tout repos. Démêler l'écheveau prendra des années, ce qui signifie que ces investisseurs devront payer des frais d’avocat élevés en attendant patiemment que les tribunaux statuent. Selon des documents officiels, Elliott, King Street et Paulson détiennent pour 12,5 milliards de dollars de créances.
Fonds
22/06/2009
Fonds

Les investisseurs institutionnels battent froid les gérants actifs

De plus en plus, les grands investisseurs institutionnels se tournent vers les fonds indiciels, les gérants actifs n’ayant pas apporté le surcroît de performance escompté durant la baisse des marchés, comme le souligne Bill Atwood, executive director de l’Illinois State Board of Investment (9 milliards de dollars). L'édition européenne de The Wall Street Journal souligne que, selon Mark Keleher, CEO de Mellon Transition management, un tel changement d’attitude de la part des fonds de pension publics, qui pèsent 2,3 billions de dollars, risque de réduire rapidement les revenus des «stock pickers», qui facturent des commissions comprises entre 0,3 % et 2 % de l’encours, alors que les fonds indiciels ne font payer que de 0,1 % à 0,5 %. D’après Greenwich Associates, ce changement d’attitude ne sera pas définitif, les capitaux seront parqués dans des fonds indiciels le temps de trouver de nouveaux gérants. Mais le fonds Fire & Police Pension Association of Colorado (2,5 milliards de dollars), par exemple, vient de fermer son programme d’alpha portable et affecte 60 % de son portefeuille à des fonds indiciels contre 40 % en 2008. Et ,d’après le CIO Scott Simon, ce biais indiciel sera maintenu à l’avenir puisqu’un nombre croissant de gérants semble incapable de battre leur indice.
Fonds
22/06/2009

State Street rembourse le Trésor

State Street Corporation indique avoir remboursé en totalité les 2 milliards de dollars que le Département du Trésor lui avait versés au titre du Capital Purchase Programme du TARP. Toutes les actions préférentielles acquises par le gouvernement américain ont été ainsi rachetées, avec en plus la partie du dividende échéant au souscripteur et non encore versé. Cela se traduira par une ponction de 105 millions de dollars sur le bénéfice net distribuable aux actionnaires au titre du deuxième trimestre 2009.Comme BNY Mellon (voir notre dépêche du 19 juin), State Street se propose par ailleurs d’entamer des négociations avec le Trésor en vue de racheter à ce dernier son option sur près de 2,79 millions d’actions ordinaires. Compte tenu du succès du placement pour 2,3 milliards de dollars d’actions ordinaires par State Street en mai, le nombre d’actions sous-jacentes pour l’option a été réduit de moitié.
22/06/2009

Fidelity ferme sa division de capital-investissement

Fidelity Investments a annoncé vendredi qu’elle va fermer d’ici à fin juillet sa division de private equity mise sur pied voici deux ans compte tenu de la difficulté à lever des capitaux à cause de la crise, rapporte the Wall Street Journal. Jusqu'à présent, cette division dispose de 500 millions de dollars apportés par Fidelity plus que par des souscripteurs. Elle a investi dans quatre sociétés.
22/06/2009
Fonds

Les gestionnaires indépendants ont été les plus impactés par la crise

Selon les statistiques de l’association Inverco des sociétés de gestion, l’encours total des fonds de valeurs mobilières commercialisés en Espagne a baissé de 37,66 % en juin 2007 et mai 2009, à 161,88 milliards d’euros.Les catégories de gestionnaires les plus éprouvées ont été celles des filiales de banques, qui ont perdu près de 1,9 point de part de marché (voir tableau) et des indépendants, dont la part de marché a diminué de presque 2,5 points, indique Cotizalia. Cela posé, les filiales de banques continuaient de gérer fin mai presque 52,8 % des actifs totaux. Les filiales de caisses d'épargne et de gestionnaires étrangers ont en revanche gagné respectivement 2,5 et 1,1 points de part de marché. Segment Encours fin mai 2009 milliards d’euros Part de marché % Variation s/06/2007 % Δ en points Banques 85,45 52,79 - 39,81 - 1,89 Caisses d'épargne 53,11 32,81 - 32,59 + 2,47 Etrangers 11,92 7,36 - 27,00 + 1,07 Indépendants 6,22 3,84 - 59,66 - 2,10 Assureurs 5,18 3,20 - 27,61 + 0,44 TOTAL 161,88 100 - 37,66
Fonds
22/06/2009

Skandia GF couvre l'Europe méridionale depuis Madrid

L'équipe commerciale de Skandia Global Funds pour l’Espagne, dirigée par Mercedes Azpiroz et comprenant Pilar Bravo ainsi que Marta Garmendia, est désormais responsable également des marchés italien et portugais, indique Funds People. En Espagne, Skandia GF a déjà fait enregistrer 23 fonds. Jusqu'à présent, le gestionnaire du groupe Old Mutual n'était pas présent en Italie.
22/06/2009

Fund Forum : fréquentation en baisse de 20 %

Le Fund Forum International ouvre ses portes mardi à Monaco. Selon ICBI, l’organisateur de l'événement, 800 participants de 38 pays différents sont attendus cette année, alors qu’ils étaient 1.000 l’année passée. Une baisse de fréquentation peu étonnante compte tenu de la crise… Mais ICBI tient à souligner la qualité des participants, et relève notamment la présence de six associations professionnelles, dont l’Efama (Europe), l’Alfi (Luxembourg), l’AFG (France), la SFA (Suisse), l’IFIA (Irlande) et la HKIFA (Hong Kong).Le premier Fund Forum avait été lancé en juillet 1990.
22/06/2009

NAB achète les activités d'Aviva

National Australia Bank va acquérir pour un maximum de 925 millions de dollars australiens (450 millions de livres) les activités d’assurance vie et de gestion de fortune d’Aviva en Australie, rapporte le Financial Times. Avant le bouclage de la transaction, Aviva percevra un dividende de 40 millions de dollars australiens.
22/06/2009
Fonds

Deka Immobilien investit à Melbourne

Pour 150 millions d’euros environ, l’allemand Deka Immobilien a acheté deux actifs à Melbourne. 95 millions d’euros ont été affectés à un immeuble de bureaux et de boutiques (40.000 mètres carrés) acheté à AMP Capital Investors et qui entre dans le portefeuille du fonds immobilier offert au public Deka-ImmobilienGlobal.D’autre part, le gestionnaire a consacré 54 millions d’euros à l’acquisition de l’immeuble de l’Australian Taxation Office (22.000 mètres carrés) pour le compte de son fonds dédié Deka-S-Property Fund N° 2. Cet immeuble bénéficié de cinq étoiles dans le classement NABERS Energy Rating
Fonds
22/06/2009

Deka Immobilien invests in Melbourne

Germany’s Deka Immobilien has purchased two properties in Melbourne for approximately EUR150m. An office and retail building (40,000 square metres) was purchased from AMP Capital Investors for EUR95m, and will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal.The management firm has also purchased the Australian Taxation Office building (22,000 square metres) for EUR54m, for its segregated fund Deka-S-Property Fund N° 2. The property received a five-star NABERS Energy Rating.
22/06/2009

Candover sells Wood Mackenzie

Candover Investments PLC on Friday announced that its wholly-owned subsidiary, Candover Partners Ltd., will sell the research and consulting firm Wood Mackenzie to Charterhouse Capital Partners, in a deal that values the business at GBP553m. The firm’s investment in Wood Mackenzie generated an IRR of 56%.
22/06/2009

Allen Stanford faces criminal charges

The US Department of Justice announced on Friday that it is pressing criminal charges against the financier R. Allen Stanford, who was arrested on Thursday. The authorities are also filing charges against four people accused of acting as his accomplices, and against Leroy King, chairman of the Financial Services Regulatory Commission (FSRC) of Antigua and Barbuda. The Wall Street Journal reports that the defendants are accused of operating a Ponzi scheme totalling USD7bn. The criminal charges come in addition to a civil suit filed by the SEC. King is accused of accepting USD100,000 in bribes to provide false information to the SEC, in his official capacity as a regulator.
22/06/2009

Hedge Funds Boost Profile in Lobbying

Many hedge funds were relieved last week when the Obama administration’s financial overhaul plan included no big surprises or threats to their industry. It isn’t clear exactly why hedge funds escaped their worst fears. But maybe one explanation is that they have been spending a lot more time and money in Washington during the past few years. According to The Wall Street Journal, in 2008, major hedge funds and their trade groups spent USD6.1m lobbying Washington, up from USD4.2 million in 2007, which is about seven times the USD897,000 average from 2003 to 2006. The growth rate in hedge-fund lobbying far exceeds the 38% increase for the overall financial-services industry between 2006 and 2008, according to the Center for Responsive Politics.
22/06/2009

Germany beats Luxembourg for subscriptions

For a long time, German asset management firms based in Luxembourg have attracted far higher subscriptions than their counterparts based in Germany. But, according to a study by Kommalpha, German products earned EUR3.91bn in subscriptions in January-April, while their Luxembourg rivals saw redemptions of EUR3.22bn.The situation is all the more remarkable since the two management firms with the best results in the first four months of the year are the Luxembourg firms db x-trackers (Deutsche Bank) and Pimco (Allianz Global Investors), with respective net subscriptions of EUR2.72bn and EUR1.6bn. They are followed by Deka and ETFlab (an affiliate of Deka), with EUR.37bn and EUR1.07bn, and then by DWS Luxembourg (Deutsche Bank) with nearly EUR1bn.However, four of the five companies showing the largest redemptions are based in Luxembourg also: IFM (EUR2.19bn), Deka Luxembourg (EUR1.76bn), AGI Luxembourg (EUR1.44bn), and Union Investment Luxembourg (EUR1.22bn). Only the fifth place in this list is a German firm: AGI (EUR0.73bn).
22/06/2009

Auriel Capital recruits an SRI expert

Adam Seitchik, formerly CIO of Trillium Asset Management, who in his previous role was responsible for a portfolio totalling USD1bn, including traditional and ESG management, is joining Auriel Capital, where he will be in charge of developing socially responsible strategies for institutional clients in Europe and North America, NewNet reports. Auriel Capital has assets of about USD500m.
22/06/2009

Al Salam Bank preparing for acquisitions in private equity

Mohammed Paracha, CEO of Al Salam Europe, an affiliate of Al Salam Bank-Bahrain, has announced that his firm is planning to make acquisitions of private equity firms and real estate properties in continental Europe, in Spain, Portugal, and France. The firm is also planning an operation in Italy and has recently narrowly lost a deal in the United Kingdom, Gulf Daily News reports.Western countries with large Islamic populations are considered growth areas for Islamic finance. The private equity team at Al Salam Europe has six members, recruited from 3i and Bridgepoint.
22/06/2009

John Bennett joins Gartmore

Roger Guy and Guillaume Rambourg will hand over most of their responsibilities in retail fund management at Gartmore to John Bennett, who has been recruited from GAM, where he was manager of the Star Continental European Equity Fund. Bennett, who will begin in his new role in early 2010, will be in charge of the European Select Opportunties Fund (GBP1.5bn); he will also be in charge of developing a range of pan-European products. He will report to Dominic Rossi, CIO of Gartmore, MoneyMarketing reports. Guy and Rambourg, for their part, will apparently remain at Gartmore, and will continue to manage the long/short European Absolute Return fund, launched in January, and three institutional hedge funds.
22/06/2009

JPMorgan out to unseat M&G as number one provider of fixed income products

JPMorgan Asset Management has ambitions to overtake M&G as the leading provider of fixed income products in the United Kingdom in the next 5 to 6 years, says Jasper Berens, head of UK sales at the management firm. JPMorgan AM has recently recruited Bob Michele from Schroders as head of its fixed income management.
22/06/2009

Jean-Baptiste de Franssu elected president of Efama

Jean-Baptiste de Franssu, CEO of Invesco Europe, has been elected president of EFAMA (European Fund and Asset Management) for a two-year term. He succeeds Mathias Bauer, CEO of Raiffeisen Capital in Vienna. Claude Kremer, chairman of the Luxembourg investment fund association, has been appointed vice-president of EFAMA. The election took place on 19 June in Athens at the association’s general assembly.
22/06/2009

Strategic cooperation agreement between SEB Fund Services and EFA

SEB Fund Services S.A., the Luxembourg-based affiliate of the Swedish firm Skandinaviska Enskilda Banken AB, announced on Friday, 19 June that it has decided to outsource its fund administration services in Luxembourg to European Fund Administration (EFA). The agreement includes the outsourcing to EFA of valuation, accounting, transfer agency, risk monitoring and compliance, support, and distribution of funds. Migration of funds from SEB Fund Services to the administration and accounting platform of EFA has now been completed after a four-month process. It included assets totalling EUR1.6bn, and a diversified range of 59 products, from the simple (SICAV & FCP - Part I) to the more complex, including hedge funds, funds of hedge funds, Private Equity and Emerging Markets products.
22/06/2009

Banque Sarasin opens in Vienna

Swiss-based Banque Sarasin is opening a rep office in the 1st district of Vienna. The firm says it considers Vienna an attractive market in private banking. “Representatives in Vienna will not only serve high net worth private clients in Austria, but will also bring the Sarasin group closer to growth markets in central and eastern Europe,” says Fidelis M. Götz, head of Private Banking.
22/06/2009

Fidelity closes private equity division

Fidelity Investments on Friday announced that it will be closing its private equity division by the end of July. The division was set up two years ago, but is now encountering difficulties in raising capital due to the crisis, the Wall Street Journal reports. The division had USD500m, contributed by Fidelity more than by subscribers, and has investments in four companies.
22/06/2009

Major hedge funds among buyers of Lehman debt

The Financial Times reports that among those who bought Lehman debt at a heavy discount were several of the largest hedge funds, including Elliott Associates, Paulson & Co, King Street and Centerbridge Partners. But the investment does not mean easy money. It will take years to regain any value, which means that investors will have to pay high legal costs and patiently wait for the courts to reach their verdicts. According to official documents, Elliott, King Street and Paulson hold USD12.5bn in Lehman debt.
22/06/2009

Carmignac Gestion in excellent health

La Tribune reports that since January, Carmignac Gestion has received EUR5bn in investments, and now has EUR20bn in assets under management. In 2008, the firm received EUR3.1bn, largely for actively-managed funds. Specifically, Garmignac Patrimoine, the firm’s flagship fund, contributed significantly to this increase in assets, and has grown from EUR5.2bn at the end of 2008 to EUR10bn as of the end of May, the newspaper stated. The fund “has received a lot of investments from baby-boomers who are seeking to keep their savings safe,” says Eric Le Coz, director of product development at Carmignac Gestion, cited by La Tribune. This fund is not the only one, the newspaper adds, pointing out that the Carmignac Emerging Discovery fund, which invests in emerging markets small and midcaps, has gained 56.61% since the beginning of the year. The diversified range was also spared from the exodus of clients last year, even though performance was less good for these products. Funds have been selling well in the eight countries where Carmignac is present (Germany, Belgium, Spain, France, the Netherlands, Italy, Luxembourg, and Switzerland). The management firm is planning to continue its development: an analyst and a bond manager have recently been added to the team of 15 at the firm. In terms of international development, distribution of products from Carmignac Gestion on the British market has also now commenced. In Asia, Hong Kong and Singapore are two markets the firm hopes to enter soon.
22/06/2009

Portfolio of Morgan Stanley P2 Value to be audited

The investment committee for the open-ended real estate fund Morgan Stanley Real Estate Investment P2 Value announced on Friday that it has resolved to audit the entirety of the properties in the portfolio of the fund on 1 July. The move comes at a time of turbulence on the real estate market and as redemptions, which were suspended in October, are expected to reopen, says Walter Klug , CEO of Morgan Stanley Real Estate Investment GmbH. The results of the audit will be published in short order once it is completed.
22/06/2009

Hedge funds ally against planned directive

BlackRock, Brevan Howard, CQS, DE Shaw, Fauchier Partners, Lansdowne Partners, Man Group and Marshall Wace have formed a steering committee to spearhead a lobbying campaign against a planned European directive to regulate hedge funds. The committee is being led by the Alternative Investment Management Association (AIMA), the Sunday Times reports. Hedge funds in the alliance have GBP120bn in assets.
22/06/2009

Fund Forum: Attendance down 20%

Fund Forum International is opening its doors on Monday in Monaco. ICBI, the organizer of the event, reports that 800 participants from 38 countries are attending this year, while there were 1,000 participants last year. This fall in attendance is hardly surprising given the crisis. However, ICBI points out that the quality of participants has remained high, ant that six professional organisations are present, including EFAMA (Europe), ALFI (Luxembourg), AFG (France), SFA (Switzerland), IFIA (Ireland) and KFIA (Hong Kong). The first Fund Forum was held in July 1990.

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