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12/05/2009

Les sociétés de gestion moyennes favorisées par la concentration, selon Alain Leclair.

Dans un entretien accordé à La Tribune, Alain Leclair, président de l’Association française de la gestion financière (AFG) observe que le mouvement de consolidation de la gestion d"actifs peut favoriser les sociétés de taille moyenne. «Le rapprochement de certaines maisons de taille moyenne représente une opportunité de se présenter à de grands appels d’offres en tant que challenger», indique-t-il. Le président de l"AFG, qui ne sollicitera pas un cinquième mandat, estime aussi que l» excès de réglementation freine l’innovation et plaide pour une épargne de long terme utile aux investisseurs et à l'économie.
12/05/2009
Fonds

Cholet Dupont AM lance CD Obligations 2012

Cholet Dupont AM lance CD Obligations 2012, un fonds investi en obligations de grandes entreprises européennes «sur des secteurs défensifs et/ou protégés» à échéance 2012. L’objectif est selon la société de gestion d’offrir un rendement entre 3,5 % et 4 % par an à maturité. La période de commercialisation se termine le 30 juin 2009. Côté frais, la gestion est facturée 1,20%.
Fonds
12/05/2009

Mediobanca réussit dans la banque de détail

Selon Tribune, Che Banca, la nouvelle division de banque de détail de Mediobanca rencontre une grand succès. Lancée il y a un an, elle compte déjà 170.000 clients et finance sa maison mère. L"établissement a ainsi récolté 5,5 milliards d’euros de dépôts.
12/05/2009

Hedge funds charge lower fees

The Financial Times reports that the hedge fund industry is reacting to massive redemptions and is beginning to lower the management fees it charges investors. Three hedge funds contacted by the newspaper said they had lowered fees for new investors. Management fees have been lowered by half a percentage point to between 1% and 1.5%, while outperformance commissions have been lowered from 20% to 10%.
12/05/2009

Pimco cuts back TIPS exposure

Since the beginning of the year, US Treasury inflation-protected securities (TIPS) have seen a rally, but the market is now facing a short-term correction, as inflation outlooks remain modest for the next few months, the Wall Street Journal reports. Mihir Worah, manager of the Real Return Fund (USD12.1bn), from Pimco (Allianz group), has decided to reduce his position on TIPS to a «close-to-neutral» exposure, while he was bullish on this segment two months ago.
12/05/2009

iShares sees strong demand for emerging markets ETFs

In January-April, net subscriptions in Europe for iShares emerging markets ETFs totalled EUR597m, of which EUR536m were in March and April, fondsweb.de reports. The affiliate of Barclays Global Investors (BGI) states that the best score in the range was for the iShares MSCI Emerging Markets; this fund alone attracted EUR221m in subscriptions in the first four months of the year.
12/05/2009

3i interested in EDF activities

The Financial Times reports that 3i on Thursday announced that it would like to invest in EDF’s distribution activities in the UK, which the firm has put up for sale.
12/05/2009

Apax and Hellman & Friedman also reportedly interested in iShares

Global Pensions reports that, according to various sources in the media, more potential buyers have expressed interest in iShares, in addition to CVC Partners and BC Partners. These are said to include private equity investors Apax Partners and Hellman & Friedman.
12/05/2009

HSBC reassures but remains prudent

Although the banking sector is showing signs of recovery, this is not a time to be overly optimistic, says Stephen Green, chairman of HSBC. The bank points out that the financial crisis is far from over. ?It is not reasonable to think that we have passed the low point,? says the chairman. HSBC has nonethtless announced reassuring results. Without providing precise figures, the largest European bank has announced profits for first quarter considerably higher than those of one year ago, the Financial Times reports.
12/05/2009

Barclays Wealth recruits a top director from Credit Suisse

Barclays Wealth has recruited Craig Lewis, who was previously head of the hedge fund advisory at Credit Suisse, as managing director and head of investment advisory for the United Kingdom, continental Europe, the Middle East and Africa. He will report to the CIO, Kevin Lecocq.
12/05/2009

BlackRock reshuffles emerging markets desk

Following the departure of Alain Bourrier, one of the three managers of the BlackRock emerging markets fund, the co-manager of the fund, Plamen Monovski, will take over the BlackRock Emerging Markets Uk fund in London (GBP112.4m in assets as of the end of March), as well as the ?offshore? fund BGF Emerging Markets (USD123.5m as of the end of March), assisted by Sam Vecht, Dhiren Shah, and Daniel Tubbs, all three internal recruitments. Vecht will also replace Bourrier as co-manager, with Plamen Monosvski, of the BGF Emergin Europe fund (EUR946.8m as of the end of February). Will Landers, who was the other co-manager of the Emerging Markets fund with Bourrier and Monovski, will take over the BGF Latin America fund in Princeton (USD2.15bn as of the end of February).
12/05/2009

Changsheng FM raises CNY10bn in one day

Asian Investor reports that Changsheng Fund Management, in which the Singapore company DBS owns 33%, has announced that it raised CNY10bn, or USD1.8bn, for its latest fund, in a single day. The fund, invested 60% in Chinese A-shares and managed by Wang Ruiqing, is now closed to new subscriptions, and investment will remain locked up for three years. The fund has a class of shares representing 40% of its total assets which will pay a fixed rate (5.6%) for the first three years, so long as the liquid value of the shares does not fall below 60% of its initial value. The other class carries more risk, and includes leverage, which is currently a unique feature on the market.After a three-year lock-up period, the fund will be converted into a Listed Open Fund, a Chinese format providing a hybrid of an open fund and a closed ETF.
12/05/2009

Julius Baer posts increase in assets

In its intermim management statement as of 8 May, Julius Baer Group on Tuesday announced that its assets under management have increased from their level at the end of December of CHF275bn, due to the falling Swiss franc, the recent increase on the equities markets, and net inflows of new investments. While the net new money inflow into Bank Julius Baer was again positive, it continued to be negative in the asset management operation, but at a significantly slower pace than experienced in the fourth quarter of 2008.
12/05/2009

Fund managers not altogether convinced of stock market increases to come

In the most recent Lipper survey, Spanish fund managers may be less risk-averse than previously, but they are not entirely convinced by the 38% increase on the stock market since its low point in March, Cinco Días reports. In fact, allocation to equities has risen from 32% in March to 34% in May. Allocation to cash decreased only slightly over the same period, to 32% from 34.65%. And only 30.77% of managers surveyed are planning to increase their exposure to equities in the next few months, while 15% are planning to reduce it.
12/05/2009

First rise in asset levels since June 2008

Österreichische Kontrollbank (ÖKB) reports that assets in Austrian funds as of the end of April were up to EUR123.8bn, which marks the first increase since June 2008, when assets under management fell to EUR146.9bn, from EUR152bn in April and May, according to the VÖIG association of asset management firms.Erste Sparinvest says that it finished April with EUR23.2bn, which represents an increase of EUR650m, or 2.8% since the end of March, thanks both to rising markets and to net subscriptions.
12/05/2009

Sub-prime: Goldman Sachs agrees to pay USD60m in damages

Goldman Sachs has reached a settlement in a case brought against it by the US state of Massachusetts for USD60m in damages and interest. The settlement will close an investigation of sub-prime mortgages issued by the bank, the Financial Times reports.
12/05/2009

Losses reduced at GLG

Due to a significant decline in operating costs, the hedge fund manager GLG Partners Inc has reduced its losses in first quarter, despite a heavy decrease (61%) in revenues, the Wall Street Journal reports. Its assets as of 31 March were down 43% yoy to USD14bn, and quarterly losses declined to USD120.3m, compared with USD226.3m.
12/05/2009

JPMorgan faces SEC charges

The Financial Times reports that charges may be filed by the SEC against JPMorgan for violating market regulations with a sale of bonds and swaps to Jefferson County, Alabama.
12/05/2009

Another suspect in ?pay-to-play? scandal

According to sources close to the investigations, the attorney general of New York will soon announce that Julio Ramirez, a partner of Hank Morris, has pleaded guilty to securities fraud, the Wall Street Journal reports. Morris is the political advisor at the centre of the ?pay-to-play? scandal in New York. The SEC, which is conducting a parallel investigation, will also soon announce that it is filing a civil lawsuit against Ramirez.
12/05/2009

UBP sued over Madoff funds

New York investor Andrea Barron has filed a lawsuit in the US District Court of Manhattan against the Swiss firm Union Bancaire Privée (UBP), an affiliate of CBI Holding SA, its asset management affiliate, and several of its directors over investments through feeder funds with Bernard Madoff, the Wall Street Journal reports.
12/05/2009

Marc Dreier pleads guilty to fraud

The lawyer Marc Dreier has pleaded guilty of selling USD700m in ficticious promissory notes between 2004 and 2008, the Wall Street Journal reports. He is charged with five offenses and faces 20 years in prison for three of them. Sentencing is set for July 13th.
12/05/2009

American Century builds up sales force in London

American Century Investments (USD70bn in assets) has announced the recruitment of Tom Douie as vice president at its London office. Douie was previously head of marketing and sales at the asset management boutique Ferox Capital Management. He joins the European client relationship team, which was recently founded with the recruitment of Peter Brackett, Sigrid Johann, and Ben Williams (see Newsmanagers of 17 March). This team will serve financial intermediaries and institutional investors in the United Kingdom, Europe, and the Middle East, under the leadership of Michael Green, senior vice president of international.
11/05/2009

La filiale suisse de Fortis se prépare au rapprochement avec BNP Paribas

Dans un entretien à l"Agefi suisse, Yves Stein, directeur de Fortis Banque Suisse, indique que « Fortis Banque Suisse accueille son nouveau groupe actionnaire les bras ouverts. Nous nous réjouissons de pouvoir appartenir à la première banque privée de la zone euro. Nous allons commencer à étudier les domaines dans lesquels la coopération et le rapprochement présentent les opportunités de synergies les plus fortes. Nos deux établissements ont des positionnements partiellement différents: BNP Paribas est un intervenant majeur en Suisse et exerce des activités dans des domaines où nous ne sommes pas présents. Et vice-versa, comme pour ce qui est du financement immobilier, que nous pratiquons à large échelle. Il faudra donc chercher à optimiser les complémentarités et les synergies ».
11/05/2009
Fonds

Le Euro Corporate Bond de Schroder ISF a drainé ? 1,4 milliard depuis le 1er janvier

Lancé en 2000, le compartiment Euro Corporate Bond de la Sicav luxembourgeoise Schroder ISF a franchi fin mars pour la première fois la barre du milliard d’euros d’encours et a drainé 634 millions en avril pour dépasser les 1,7 milliard d’euros le 30 avril contre 1,1 milliard un mois plus tôt ; depuis le 1er janvier, les souscriptions nettes ont porté sur 1,4 milliard d’euros (dont 216 millions provenant d’Allemagne), précise le gestionnaire britannique. Ce fonds d’obligations d’entreprises est géré par Adam Cordery. Il affiche sur cinq ans une performance de 7,62 % contre 5,34 % pour l’indice Merrill Lynch EMU Corporate, qu’il surperforme de 4,9 points de pourcentage sur 1 an (avec 1,35 % de persormance) et de 3,69 points sur 3 ans.
Fonds
11/05/2009

Icap fait une offre sur LCH.Clearnet

Selon Les Echos, le leader mondial de l’intermédiation financière, soutenu par des banques et des courtiers, a déposé vendredi soir une offre d’achat à la Chambre de compensation franco-britannique. Les détails financiers n’ont pas encore été dévoilés.
11/05/2009

Saxo Bank s'installe à Dubai

La banque de trading en ligne et d"investissement annonce l"ouverture de son bureau à Dubaï au sein du DIFC (Dubai International Financial Centre). Ce nouveau bureau a pour vocation de renforcer la présence de Saxo Bank dans le golf persique et représente la première ouverture d"une banque danoise dans les Emirats Arabes Unis.
11/05/2009
Fonds

Hausse provisoire de 1,29 % pour l?indice Credit Suisse/Tremont en avril

Selon des estimations portant sur 55 % de l"échantillon habituel, l"indice Credit Suisse/Tremont des hedge funds devrait avoir enregistré pour avril une hausse de 1,29 %. Bien qu"un certain nombre de gérants long/short equity aient renforcé leurs positions longues pour tenter de capturer le potentiel de hausse des rallies, beaucoup d"autres gérants ont conservé des expositions beta à un niveau relativement faible et sont restés positionnés défensivement, ce qui a produit des performances inférieures à celles des indices actions.
Fonds
11/05/2009
Fonds

LGT CM lance son troisième fonds de finance comportementale

LGT Capital management, filiale gestion d’actifs de banque de la famille princière du Liechtenstein (LGT Bank) lance le fonds de droit local LGT Equity Fund Europe Sector Trend (EUR), son troisième produit de finance comportementale, géré de manière active [après le LGT Equity Fund Global Sector Trends (USD) et LGT Equity Fund North America (USD)]. Ce fonds d’actions investit principalement en titres d’entreprises dont le siège se trouve en Europe ou dont l’essentiel de l’activité s’effectue sur le Vieux continent. L’objectif est de surperformer le MSCI Europe avec un portefeuille long-only d’une quarantaine de lignes. La gestion est assurée en direct par deux spécialistes de la finance comportementale, Volker Hergert et Oliver Günter, qui se contentaient auparavant de façonner la sélection de valeurs.
Fonds

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