Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
16/06/2009

Crise de confiance entre clients et gestionnaires

Selon L’Agefi suisse, une étude du Dow Jones Wealth Bulletin auprès de 150 spécialistes du wealth management, 100 clients «high net worth» et 65 intermédiaires actifs dans l’industrie montre que si près de 80 % des gérants déclarent que leur performance a été bonne ou très bonne durant la crise, seuls 30 % des clients sont d’accord avec cette affirmation. Ces derniers sont également 30 % à juger la performance faible ou très faible. Et un seul client sur quatre se déclare prêt à recommander son gérant à un ami ou à un membre de sa famille. Conséquence de ces divergences de vue, plus de 40 % des «high net worth individuals» interrogés par Dow Jones se disent prêts à changer de gérant ou à réexaminer leur relation avec lui.
16/06/2009
Fonds

Generali va lancer un fonds d'infrastructures à distribution annuelle

Bruno Patain, directeur de Generali Investments pour l’Espagne, a indiqué que le gestionnaire va lancer un fonds de droit luxembourgeois en joint-venture avec Valiance Capital. Le portefeuille sera investi en sociétés non cotées spécialistes des infrastructures et enregistrées dans les pays de la zone euro comme l’Espagne (qui représentera 25 % du portefeuille), l’Italie et l’Allemagne ainsi que dans les pays les plus stables d’Europe centrale, rapporte Funds People.La souscription minimale sera d’un million d’euros. Le fonds, d’une durée de 10 ans, aura une valeur liquidative mensuelle non auditée et une valeur liquidative annuelle auditée. La rémunération sera de 5 % la première année, puis de 5-7 %. Avec la cession des actifs, la rentabilité nette devrait être de 10-12 % annuels.L’encours sera plafonné à 1,5 milliard d’euros, dont 500 millions apportés par Generali.
Fonds
16/06/2009

Renforcement en Ukraine pour BNP Paribas

BNP Paribas contrôle désormais un peu plus de 75 % du capital de la banque ukrainienne UkrSibbank, après la vente par un des actionnaires minoritaires de sa participation, rapporte la Tribune.
16/06/2009

Henry Mc Vey retourne chez MSIM

Deux ans presque jour pour jour après avoir rejoint Fortress Investment group comme managing director et gérant de portefeuille deep value, Henry McVey retourne chez Morgan Stanley Investment Management (MSIM), rapporte Hedge Week. Il y aura des responsabilités de gestion de portefeuille et dirigera l'équipe d’analyse macroéconomique ainsi que l’allocation d’actifs. De 2004 à 2007 il avait été «chief US investment strategist» de Morgan Stanley.
16/06/2009
Fonds

Vanguard fusionne deux fonds monétaires

Vanguard a annoncé son intention de fusionner son fonds Vanguard Treasury Money Market Fund (6,7 milliards de dollars) avec le Vanguard Admiral Treasury Money Market Fund (21,8 milliards) dont les frais sont moins élevés (0,15 % contre 0,28 %). Cette fusion devrait intervenir début août.D’autre part, le gestionnaire américain a gelé les souscriptions du Vanguard Treasury Money Market Fund, mesure qui pourrait freiner la baisse de la performance.
Fonds
16/06/2009
Fonds

Les fonds de pension perdent moins d'argent

Les plans d'épargne-retraite individuels ont affiché en moyenne une perte de seulement 3,94 % sur un an à fin mai contre 4,72 % le mois précédent, 5,49 % en mars et 6,44 % pour l’ensemble de 2008. A trois ans, le résultat reste négatif, de 0,36 %. Selon les statistiques de l’association Inverco des sociétés de gestion, le premier résultat positif commence à 5 ans, avec 0,79 %. Sur les dix ans à fin mai, la performance moyenne ressort à 3,77 %.
Fonds
16/06/2009

UBS sous surveillance négative

Moody’s a placé hier la dette à long terme d’UBS sous perspective négative. L’agence de notation a fait de même pour sa note BSFR (bank financial strength rating). David Fanger, senior vice-president de Moody’s, estime que la banque suisse doit encore faire face à de nombreux défis, tant dans sa division de banque d’investissement que dans la gestion d’actifs, confrontée à une perte de confiance liée à ses récents déboires ainsi qu’aux affaires juridiques en cours aux Etats-Unis. «De plus, UBS a bénéficié d’apports de fonds substantiels au cours des deux dernières années. Mais aujourd’hui, la banque peine à générer du capital en interne.»
16/06/2009
Fonds

Raphael Kassin quitte Credit Suisse AM

Citywire révèle que Raphael Kassin, le gérant star de Credit Suisse Asset Management (CSAM) spécialisé dans la dette émergente, a quitté la société qu’il avait rejointe en 2007. Les raisons de son départ et l’identité de son successeur restent inconnues.
Fonds
16/06/2009

Emprunt de la Banque cantonale de Zurich

Selon L’Agefi suisse, la Banque Cantonale de Zurich émet un emprunt d’un montant de 250 millions de francs suisses assorti d’un taux de 2,125% pour un prix d’émission de 100,265%. L’offre court jusqu’au 13 juillet. Le rendement attendu est supérieur à celui de l’emprunt de la Confédération équivalent.
16/06/2009

Nouvelles acquisitions chez Saxo Bank

La banque danoise Saxo Bank a acquis la totalité du capital de son compatriote Capital Four Management Fondsmæglerselskab A/S et 51 % de Global Evolution Fondsmæglerselskab A/S. Cela s’inscrit dans le cadre de sa stratégie commerciale visant à développer les activités de la banque dans la gestion d’actifs, l’objectif étant de devenir un acteur de poids dans le secteur nordique de l’asset management, souligne un communiqué de presse. Saxo Bank élargit renforce ainsi son savoir-faire dans les obligations d’entreprises avec Capital Four et sur les taux marchés émergents et les changes avec Global Evolution. L’opération porte les encours sous gestion de Saxo Asset Management à 14 milliards de couronnes danoises.
16/06/2009

Real estate funds continue to reduce exposure to Germany

As of 31 March, the portfolios of German open-ended real estate funds were 70.3% composed of assets located outside Germany, compared with 68.6% one year earlier, and 61.7% two years previously. Meanwhile, the proportion of German properties fell of 29.8% from 31.4% and 38.3%, according to statistics from the BVI association of asset management firms. France remains the largest country for investment by far, with 19 % of the total, compared with 19.2% one year ago.In the twelve months to the end of March, transactions involved 214 properties, compared with 511 in the corresponding period to the end of March 2008. The volume of these transactions fell from EUR22.9bn to EUR10.3bn. Purchases totalled EUR9.5bn, of which EUR7.8bn were spent on properties abroad and EUR1.7bn on properties in Germany, while sales totalled EUR0.8bn, of which half was abroad.The portfolio as of the end of March was composed 64.6% of office properties, compared with 66.3% one year previously and 68.1% at the end of March 2007, while commercial and restaurant properties represented 19.5% of the total, compared with 18.3% and 17.7%.
16/06/2009

AGI modifies fee structure for funds

As of 1 August, Allianz Global Investors (AGI) will modify the way in which fees are calculated for 29 German-registered funds. The change will be applied to nearly all open-ended funds from AGI by early 2010. In particular, the management firm will introduce a flat rate, the precise percentage of which will depend on the new fee standards for various fund segments.The retail investor will thus pay an annual fee of 0.1% for a money market funds, 0.19% for a standard bond fund, and 0.3% for a standard equities fund. The highest fee (0.5%) will be for emerging markets equities funds.The management fees for some AGI equities funds will also be modified, and will be lowered by an average of 8 basis points. 12 funds will see increases to their fees, while 11 others will be lowered. Fees for the Concentra (EUR1.2bn in assets) will be lowered to 1.50% from 1.75%, while fees for the Allianz RCM Industrie will rise from 1.35% to 1.50%. No modifications are planned for the management commissions of 23 other equities products.AGI has also announced a performance commission for 19 classes of fund shares, while the performance commission currently charged on 16 other fund classes will be discontinued.No modifications are planned for funds taken over from cominvest.
16/06/2009

Wall Street is hiring again

Mid- to large sized financial services institutions are hiring again, although only at modest levels, the Wall Street Journal reports. Recruitment professionals estimate that the trend is being supported by rising financial markets and a return of investor confidence. They estimate that some companies laid off too many people at the beginning of the recession, and are now seeking to profit from a glut of talent on the job market. The most sought-after professionals are in credit, refinancing, wealth management and restructuring.
16/06/2009

Analysts doubtful of market efficiency theory

The Chartered Financial Analyst Institute in the United Kingdom has recently asked its members for the first time if they believe in the theory of market efficiency, the Financial Times reports. The result is that two thirds of respondents no longer feel that prices integrate all the available information. More surprisingly, 77% of respondents disagree with the assertion that investors taken as a whole behave rationally.
16/06/2009

Nicola Horlick's bid for Bramdean turned down

Nicola Horlick’s bid to acquire Bramdean Alternatives, via her firm Petersfield Asset Management, was rejected on Monday by the board of directors, the Financial Times reports. Petersfield nonetheless leaves its offer open.
16/06/2009

Crisis is good news for infrastructure

Frank Hirschi, manager of the Lombard Odier Macquarie Infrastructure fund from Lombard Odier, says that the first companies to benefit from major investment in infrastructure are companies active in building and public works, such as Vinci and Bouygues in France, or Hochtief in Germany. “Infrastructure operators, such as Abertis or Eiffage, and private and institutional investors in infrastructure funds managed by specialists like Macquarie or Goldman Sachs will profit considerably from synergies and opportunities which will be created by economic stimulus packages,” the manager says in Le Temps.
16/06/2009

High net worth investors adopt wait-and-see attitude

Despite opportunities emerging in various places on the markets, high net worth families are remaining highly reticent to seize them. According to a study by the Economist Intelligence Unit and Barclays covering high net worth Barclays clients, nearly 90% of respondents estimate that there are opportunities on the markets currently, but 68% of them add that the risk of further falls is too high to take on. The result is that a majority of respondents say thay will not be making any alterations to their asset allocations in the next twelve months.
16/06/2009

Commerzbank sells Dresdner VPV to management

The Frankfurter Allgemeine Zeitung reports that Commerzbank has sold its Netherlands affiliate Dresdner VPV (EUR1.2bn in assets) “for an amount in the low tens of millions of Euros” to the management of the firm. The wealth management firm is one of the assets which the European Commission required Commerzbank to sell in order to become eligible for EUR18.2bn in government aid.The other affiliates which must be sold are the Munich-based private bank Reuschel, UK-based Kleinwort Benson Private Bank, the Austrian Privatinvest Bank, and the Belgian Dresdner Van Moers Courtens brokerage.
16/06/2009

Aversion to risk at highest levels in twelve years

Since the end of 2006, assets in investment funds on sale in Spain have contracted by 36%. As of the end of May, the number of subscribers had fallen by nearly 3 million since the end of 2006, a decline of 33%, Cinco Días reports. Currently, there are 5.8 million investors in these funds, of whom 42% are invested in products with no or very low risk (money markets, short-term bonds, guaranteed bond funds), the highest number since 1997. In terms of assets, as of the end of May, 59% of total assets were in portfolios with no risk, the highest level since December 1997.Investors in equities funds or diversified funds predominantly invested in equities currently represent 5.2% of subscribers overall, the lowest level since December 1996. In terms of assets, Spanish equities funds and diversified funds invested predominantly in equities represent only 2.92% of total assets, the lowest level since 1993.
16/06/2009

Vanguard merges two money market funds

Vanguard has announced plans to merge its Vanguard Treasury Money Market Fund (USD6.7bn) with the Vanguard Admiral Treasury Money Market Fund (USD21.8bn), whose fees are lower (0.15%, compared with 0.28%). The merger will take place in early August. The management firm has also frozen subscriptions to the Vanguard Treasury Money Market Fund, which may slow the fund’s declining performance.
16/06/2009

Tobam recruits a director of sales for France

The French asset management firm Tobam, formerly known as Lehman Brothers Asset Management France, has hired Christophe Roehri as head of sales for France. Roehri joins from Fortis Investments France, where from 2006 onwards he was head of the retirement planning and pension segment within the institutional sales team. Before that, he spent three years at Crédit Agricole Asset Management in Paris, also in charge of institutional investors. “This is a newly-created position,” says Yves Choueifaty, chairman of Tobam. Funds from his firm were previously distributed by Lehman Brothers, he says. The new arrival is also a sign of a desire on the part of Tobam to “get closer to French institutionals.” The firm’s client base is currently largely made up of European pension funds, particularly in the Netherlands and Scandinavia. As of the end of May, Tobam managed EUR700m in its “anti-benchmark” product range, based on a quantitative management style designed to maximise the efficiency of an equities portfolio, to use the advantages of diversification. It aims to offer investors access to a more diversified exposure than market indexes weighted solely on the basis of capitalisation, and to improve the risk/return ratio. Choueifaty hopes to be able to double the assets under management by the end of the year or early next year, particularly after the release of a forthcoming new fund.
16/06/2009

Aberdeen Asset Management France founded

On 1 July, part of the traditional asset management activities of Credit Suisse will be sold to Aberdeen Asset Management (AAM). In France, Credit Suisse will sell the asset management firms Credit Suisse Asset Management (France) S.A. and its affiliate Credit Suisse Asset Management Gestion to Aberdeen Asset Management, pending the approval of the French financial market regulator, the Autorité des marchés financiers (AMF). Credit Suisse Asset Management (France) S.A. will be renamed as Aberdeen Asset Management France S.A. At that time, all French-registered Credit Suisse funds will be transferred to AAM. Some of the asset management firm’s Luxembourg-registered funds will move to AAM, while others will remain at Credit Suisse. Those which are to change management firms will adopt the Aberdeen brand name instead of their current denomination.
16/06/2009

Eric Bourguignon leaves CCR for Swiss Life AM

As previously reported by Newsmanagers, Eric Bourguignon has left the CCR group, where he served in a variety of positions from 1996 to 2009. He was CIO in 1996, and became deputy CEO of the firm in 2001. Bourguignon joins Swiss Life Asset Management, where he has been appointed head of fixed income and credit, in charge of the French and Swiss markets, with effect from 2 June.
16/06/2009

Sunny AM created

Olivier Ménard, a former wealth management advisor, and Chantal Lienard, a portfolio manager at the Banque Leonardo, have joined forces to found the asset management firm Sunny Asset Management, L’Agefi Actifs reports on 12 June 2009. The creation of the new firm is undertaken with the partnership of OTC AM, an asset manager specialised in private equity. “The director of development at Sunny AM is none other than Christophe Tapia, who was director of development at Tocqueville Finance until recently,” L’Agefi Actifs reports.
16/06/2009

Henry McVey returns to MSIM

Two years nearly to the day after he joined Fortress Investment Group as managing director and deep value portfolio manager, Henry McVey is returning to Morgan Stanley Investment Management (MSIM), Hedge Week reports. He will be responsible for portfolio management and will be director of the macroeconomic analysis team and asset allocation. From 2004 to 2007 he was chief US investment strategist at Morgan Stanley.
16/06/2009

Raphael Kassin leaves Credit Suisse AM

Citywire reveals that Credit Suisse Asset Management’s (CSAM) star emerging market debt manager Raphael Kassin has left the firm he joined in 2007. The reasons for Kassin’s departure and the identity of his replacement remain as yet unknown.
16/06/2009

CalPERS modifies asset allocation

The California Public Employees’ Retirement System (CalPERS) yesterday modified its asset allocation, raising its exposure to private equity from 10% to 14% and its cash allocation from 0% to 2%. This is not a long-term strategy but the adjustment “reflects our preference for higher liquidity and moderate risk, and flexibility to respond to challenges and opportunities on the markets,” CalPERS says in a statement. The equity allocation is lowered from 56% to 49%, while the bond allocation is raised from 19% to 20%, and exposure to real estate and inflation-linked assets remain at 10% and 5%, respectively.
16/06/2009

Henkel awards a major mandate to BlackRock

BlackRock has announced that Henkel International has outsourced to it the management of all of its five defined-benefit pension funds, representing assets of EUR2bn. The funds are registered in the UK, Ireland, the US, Germany, and the Netherlands. BlackRock will manage the funds directly or will select third-party managers. For each fund, the mandate will be divided into a liability-driven portfolio (money markets, government bonds and swaps) and a performance portfolio (credit, equities, private equity, hedge funds, infrastructure, and commodities), Professional Pensions reports.

Sujets d'actualité

Tous les sujets