Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
03/06/2009
Fonds

Invesco baisse les frais de gestion de quatre ETF

Invesco PowerShares Capital Management LLC, vient d’annoncer la baisse des frais de gestion des quatre ETF PowerShares FTSE Rafi cotés sur Nyse Euronext Paris. Les nouveaux frais de gestion s’élèvent désormais à 0,39 % pour l’ETF PowerShares FTSE Rafi US 1000, et 0,5 % pour les autres fonds (PowerShares FTSE Rafi Europe Fund, PowerShares FTSE Rafi Developed Europe Mid-Small Fund et PowerShares FTSE Rafi Developed 1000 Fund). Rappelons que les pondérations des valeurs composant ces quatre ETF sont obtenues à partir de quatre critères fondamentaux pour les entreprises : le chiffre d’affaires, le cash-flow, la valeur comptable et les dividendes. Les titres obtenant la notation la plus élevée - établie par la moyenne arithmétique des 4 critères - font l’objet d’une pondération proportionnelle à leur score.
Fonds
02/06/2009

Putnam ouvre un bureau à Amsterdam

Putnam Investments a ouvert un bureau de vente à Amsterdam, seulement quelques mois après avoir fermé son bureau en Italie, rapporte Financial News, le 28 mai.
02/06/2009

Threadneedle boucle l'acquisition de la Sicav World Express auprès de StanChart

Lundi, Threadneedle a indiqué avoir porté à bonne fin l’acquisition des World Express Funds annoncée il y a presque quatre mois (lire notre dépêche du 4 février). Le vendeur de cette plate-forme Sicav luxembourgeoise est Standard Chartered Bank (StanChart), qui l’avait elle-même acquise dans le cadre de l’achat des activités d’American Express Bank.L’encours de la Sicav au 30 avril se situait à 2,38 milliards de dollars. Lors de l’annonce de l’opération, il avait été indiqué qu'à fin décembre les actifs sous gestion des fonds World Express représentaient 2,7 milliards de dollars.Threadneedle voit dans cette transaction une possibilité de se renforcer sur les marchés européens et asiatiques, tandis que StanChart reconnaît ne pas avoir d’activité de ce type, mais que les fonds World Express peuvent fournir rapidement des synergies et d’autres avantages à un gestionnaire de fonds.Par ailleurs, Threadneedle devient partenaire stratégique et fournisseur privilégié de fonds de la StanChart.
02/06/2009

Banca Fideuram serait à vendre

Selon Il Messaggero, Intesa Sanpaolo envisagerait de vendre Banca Fideuram, son pôle de banque privée et de conseillers financiers. Santander et BNP Paribas pourraient s’y intéresser, ajoute le journal italien.
02/06/2009

L'Inde, un relais de croissance pour UBS

Dans un entretien à L’Agefi suisse, Manisha Girotra, 39 ans, à la tête des opérations indiennes de UBS depuis sept ans, estime que «l’Inde est un marché émergent prioritaire pour UBS. Avec les marchés en Occident qui se rétrécissent, l’Inde représente un portfolio qui prendra de l’ampleur. UBS est sérieusement engagée en Inde. En témoigne les 150 millions de dollars qu’elle y a amenés. (...) Dans la deuxième semaine de juin, nous devrions ouvrir notre première succursale indienne, à Mumbai. Nous offrirons des services bancaires traditionnels d’instruments à taux fixe et de gestion de fortune».
02/06/2009
Fonds

Caja España lance un garanti gagé sur l'or

Caja España Fondos a lancé un fonds garanti permettant de profiter d’une hausse du prix de l’or, le Fondespaña Oro Garantizado. La valeur liquidative est garantie entre le 25 juin, fin de la période de commercialisation) et de 20 décembre 2013.D’autre part, le produit offre une participation maximale de 70 % à l’appréciation du London Gold Market Fixing Limited PM Fix Price / USD Index, rapporte Funds People. Le rendement est plafonné à 12,543 %.Si, durant la durée de vie du produit, un des fixages journaliers s’effectue à un niveau supérieur de 70 % au prix du 25 juin, Caja España garantit une rémunération de 108 % de la valeur liquidative initiale au lieu du complément envisagé.
Fonds
02/06/2009

BNPP SS obtient quatre mandats d'externalisation

Álvaro Camuñas, directeur général de BNP Paribas Securities (BNPP SS) en Espagne, indique que l’entreprise a obtenu récemment quatre mandats d’externalisation de sociétés de gestion et d’entreprises financières ; trois autres contrats sont en instance de signature, rapporte Funds People. Les noms de ces clients ne peuvent être dévoilés parce que les sociétés concernées doivent auparavant informer leur personnel, dont au moins une bonne partie sera transférée chez BNPP SS.
02/06/2009
Fonds

Les gestionnaires de hedge funds jettent l'éponge

Expansión rapporte que dix gestionnaires, soit 19 % du total ayant obtenu l’autorisation de lancer des hedge funds en Espagne, ont préféré renoncer à leur projet. Parmi ces acteurs figurent Ibercaja, Fortis, Caixa Catalunya, Credit Suisse et M&B Capital Advisers Gestión. D’autre part, au moins sept autres gestionnaires ont entamé la liquidation de leurs hedge funds espagnols, dont le BBVA, le Santander, UBS, Bankinter et Nmás1. A fin avril, l’encours des hedge funds espagnols avait baissé de 30 % sur un an, à un peu plus de 1 milliard d’euros.D’autre part, la CNMV a signalé que plus de la moitié des hedge funds ne satisfont pas à la réglementation qui leur impose d’avoir au moins 25 souscripteurs. Ils ont un an pour se mettre en règle.
Fonds
02/06/2009

Former Henderson head accepts responsibilities at F&C

F&C Asset Management has appointed Roger Yates, former CEO of Henderson, and Kieran Poynter of PricewaterhouseCooper, as non-executive directors, Citywire reports. Yates will join the remuneration board at F&C.
02/06/2009

Vanguard in bid for iShares

The Telegraph reports that Vanguard has submitted a bid of EUR5bn to acquire iShares, the ETF affiliate of Barclays. The British newspaper says Vanguard had no comment on the reports.
02/06/2009

GLG appoints Andrew Thatcher and Richard Philips to head British activities

Money Marketing reports that GLG Partners has announced the appointment of Andrew Thatcher and Richard Philips as heads of its UK activities. Thatcher becomes head of hedge fund distribution in the UK while Philips has been director of SGAM UK’s retail activities, recently acquired by the Société Générale group, since 1998.
02/06/2009

Hermes creates a lobbying group for hedge fund transparency

Hermes (GBP30bn), which manages the BT pension fund, has formed an action group to put pressure on hedge funds to share more information about the composition of their portfolios, and to push for higher liquidity in these funds and for commissions which only reward managers when they produce good performance, the Sunday Times reports. Hermes has also placed GBP900m with Hermes BPK Partners, led by Matteo Dante Perruccio, to invest in hedge funds.
02/06/2009

Castle Alternative Invest plans offering on LSE

Following a decision by a general shareholders’ meeting on 19 May, the Swiss fund of hedge fund management firm Castle Alternative Invest (located in Pfäffikon, Schwyz canton) has published a prospectus for a secondary public offering on the London Stock Exchange (LSE) on 5 June 2009, of ordinary shares in the firm, which are already traded in Swiss francs and US dollars on the Swiss stock exchange (SIX). The shares will be traded in dollars; the objective of the share offering is to attract new investors and to bring the share price out of its current slump (they were trading at a markdown of 30.57% as of 15 May). Assets, which are invested in 35 hedge funds, totalled USD546m as of 15 May. The sponsor for the offering will be BRS Hoare Govett.The portfolio, composed as of 31 March of long/short equity funds (11.6%), event-driven (16%), relative value (19.3%), and CTA/macro (36.5%), is managed by LGT Swiss Life Non Traditional Advisors AG, a Liechtenstein firm controlled 56.3% by the Fondation LGT Group, and 43.7% by Swiss Life. The manager is advised by LGT Capital Partners Ltd, the alternative management affiliate of the Fondation LGT Group.As of 31 March, the fund shows annual performance over 5 years of 2.56%, compared with losses of 4.91% for the MSCI World in US dollars, with volatility of 6.28%, compared with 14.27% for the index. In the period from 1 January 1997 to 31 March 2009, annual net performance totals 6.6%, compared with 0.3% for the MSCI World.
02/06/2009

Henderson to play super-nanny

Das Investment reports that Henderson New Star has confirmed suggestions in Citywire and Money Marketing that it is planning to place Richard Pease, the star manager of the New Star European Growth fund, to manage the new Henderson European Special Situations Fund, which will be launched at the end of Summer. The product will invest in solid companies, largely midcaps, which are undervalued because they are experiencing temporary liquidity problems, or because they may be takeover targets.
02/06/2009

Putnam opens an Amsterdam office

Putnam Investments has opened a sales office in Amsterdam, a few months after closing its office in Italy, Financial News reports on 28 May.
02/06/2009

0.30% fees for new ComStage ETF

With the ComStage ETF Commerzbank Commodity EW Index TR, the XTF segment of the Xetra electronic platform from Deutsche Börse has admitted its 451st product to trading (see Newsmanagers of 29 May).The Luxembourg-registered product replicates the Commerzbank Commodity EW Index TR index, which includes 16 equally weighted liquid commodities (at 6.25% each); these include industrial metals, precious metals, soft commodities, and energy. Management commission is set at 0.30%.
02/06/2009

Reshuffle in asset management at Barclays

Barclays will concentrate its pan-European analysis for bond and money market funds in Madrid, while Paris will focus on European equities, Expansión reports. The British bank has EUR20bn in assets under management in Spain, France, and Portugal. Each country will continue to manage its own funds, but the pan-European centres will provide investment ideas for managers. The reshuffle will give the Spanish affiliate (EUR4.5bn in assets) more weight within the European structure. It will have a team of 6 people, equivalent to 12% of total personnel, and a local asset management affiliate. This will include the recruitment of a commercial director and an analyst specialised on rate curves. A position for a head of credit and corporate bonds will be filled through an internal transfer.
02/06/2009

Threadneedle closes acquisition of World Express from StanChart

On Monday, Threadneedle announced that it had successfully completed the acqusition of World Express Funds, announced nearly four months ago (see Newsmanagers of 4 February). The vendor of the Luxembourg Sicav platform is Standard Chartered Bank (StanChart), which itself acquired the platform as part of its acquisition of the activities of American Express Bank.Assets in the Sicav as of 30 April totalled USD2.38bn. At the time the deal was announced, it was stated that as of the end of December, assets under management in World Express funds totalled USD2.7bn as of the end of December.Threadneedle views the operation as an opportunity to strengthen its presence in European and Asian markets, while StanChart says that it does not have any activities of this type, but that the World Express funds could quickly provide synergies and other benefits for a fund management firm. Threadneedle also becomes a strategic partner and preferred provider of services to StanChart funds.
02/06/2009

Banca Fideuram reportedly up for sale

Il Messaggero reports that Intesa Sanpaolo is planning to sell Banca Fideuram, its private banking and financial advising unit. Santander and BNP Paribas are rumoured to be interested in the acquisition, the Italian newspaper adds.
02/06/2009

Henderson GI launches a London office property fund

Henderson Global Investors is launching the Henderson Central London Office Fund II, a closed absolute return fund with a 7-year horizon, “constructed to take advantage of the cycle in the central London office real estate market and emerging opportunities in this market,” the fund management firm says in a statement.The fund, which is not licensed by the French market regulator, Autorité des marchés financiers (AMF), is aimed at British and international institutional investors. It aims for an annual ROI of 12%.Henderson is seeking to raise up to GBP200m for a first closing at the end of 2009, and is planning to eventually raise up to GBP500m.The Henderson Central London Office Fund II will be managed by Clive Castle and Nick Deacon.
02/06/2009

Funds merged at Griffin

Griffin Capital Management has decided to merge its European Hedge fund, which was not open to retail investors, with the Griffin European Opportunities. The two funds suffered heavily from the financial crisis, and now represent a total of no more than EUR50m, Das Investment reports. The fund merger follows the resignation of Harald Wengust, who was director of western European fund management activities. The new European Opportunities fund will be managed by Markus Resny, who was previously the manager of the hedge fund.
02/06/2009

European Commission to revise UCITS directive

Les Echos reports that the European commissioner for the single market, Charlie McCreevy, announced at the end of last week that he would be opening a consultation at the end of June to clarify and enlarge the obligations depository banks are subject to. Should assets disappear due to a case of fraud, the depository in charge of custody of the assets may not claim to be exempt from the responsibility to reimburse the assets, except if it can be demonstrated that the causes of the loss are external. In other words, the depository must demonstrate that it has made all necessary verifications upstream, particularly when the assets are outsourced to another depository. The objective of the legislative changes is to codify the lessons of the Madoff affair.
02/06/2009

Hedge fund managers throwing in the towel

Expansión reports that ten asset management firms, 19% of all firms with authorization to launch hedge funds in Spain, have called off their plans. Among the firms which have done so are Ibercaja, Fortis, Caixa Catalunya, Credit Suisse and M&B Capital Advisers Gestión. Meanwhile, at least seven other asset management firms have begun procedures to liquidate their Spanish hedge funds, including BBVA, Santander, UBS, Bankinter, and Nmás1. As of the end of April, assets in Spanish hedge funds were down 30% on one year, to slightly over EUR1bn.Meanwhile, the CNMV has announced that more than half of hedge funds were not in compliance with regulations which require them to have at least 25 subscribers. They have one year to comply.
02/06/2009

Fund assets up slightly in May

As of 31 May, assets under management in securities funds on sale in Spain totalled nearly EUR162.11bn, EUR32m or 0.02% more than at the end of April, the Inverco association of asset management firms reports. This is the second consecutive increase in assets, after 23 consecutive months of decline.However, the sector has nonetheless undergone net redemptions of nearly EUR1.19bn, three times more than the initial estimates for April. Inverco points out that in the first five months of the year, net redemptions fell by nearly EUR7.18bn, compared with EUR22.89bn in the corresponding period of 2008.None of the 12 largest asset management firms as measured by AUM volumes has posted net subscriptions in May. The heaviest outflows were at Santander Gestión de Activos, with EUR310m, and Gesmadrid, with EUR227.92m.
02/06/2009

Preference share issues draw assets away from funds

According to Ahorro Corporación, an avalanche of preferential share issued in May led to the heaviest net redemptions of the year for Spanish funds, totalling EUR2.3bn, Expansión reports. With these new outflows, subscribers withdrew more than EUR8bn in the first five months of 2009, 5% of total assets in the sector, neutralizing the effects of the rising stock market, which has attracted new investors and increased assets under management.
02/06/2009

Ofi AM is now fully owned by Macif and Matmut

According to Agefi, mutual insurer Macif and Matmut, which are in the process of merging with Maif, have taken over the 40% interest of Ofi Asset Management which was held up to now by Ofi employees. The two insurers now hold 100% of the asset manager’s capital.Ofi has about EUR17bn under management.
02/06/2009

Guillaume Detrait joins Welton

The vice president of strategy and analytics at HSBC in California, Guillaume Detrait, is joining Welton Investment Corporation as managing director and chief risk officer. He will be based at Welton’s headquarters in Carmel, California, and will report directly to the CEO, Patrick Welton. Detrait has degrees from ESC Reims and other institutions.

Sujets d'actualité

Tous les sujets