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09/08/2013

Project Investment retient Caceis en Allemagne comme dépositaire

Project Investment, spécialiste de l’investissement et de l’immobilier, a franchi une nouvelle étape dans sa mise en conformité avec la directive AIFM en choisissant le groupe Caceis comme dépositaire. Caceis délivrera des services complets de banque dépositaire à la société de gestion, leader en Allemagne dans les fonds immobiliers d’actions.Selon la réglementation allemande KAGB, les gérants de fonds alternatifs (AIFM) doivent nommer un dépositaire pour chaque fonds alternatif (AIF) destiné à être commercialisé dans l’Union européenne. Le dépositaire est responsable de la surveillance des actifs du fonds ainsi que de sa trésorerie. Project Investment a choisi Caceis en Allemagne en sa qualité de prestataire d’Asset Servicing, spécialiste de la gestion alternative et immobilière de fonds ouverts et dédiés.
09/08/2013
Fonds

Les fonds allemands enregistrent une collecte nette de 41 milliards d'euros sur six mois

Au premier semestre 2013, les fonds allemands ont enregistré une collecte nette de 41 milliards d’euros, selon les statistiques communiquées par l’association allemande des gestionnaires d’actifs (BVI). Sur ce total, les fonds dédiés se taillent la part du lion avec une collecte nette de 32, 6 milliards d’euros, les fonds ouverts affichant en net 10,6 milliards d’euros de souscriptions.Les compagnies d’assurances et les institutions de retraite ont représenté les trois quarts de la collecte des fonds dédiés, avec un montant de 25,2 milliards d’euros.Les encours des fonds dédiés s'élèvent à 1.004 milliards d’euros, dont 60% en provenance des assureurs et des institutions de retraite. Les actifs sous gestion des fonds ouverts se montent pour leur part à 675 milliards d’euros.L’association professionnelle relève que la collecte a fortement progressé au premier semestre alors même que l’offre de nouveaux fonds a diminué. Les sociétés de gestion n’ont lancé que 219 nouveaux fonds, contre une moyenne de 330 au cours des premiers semestres des années 2007 à 2012.
Fonds
09/08/2013

Le directeur private banking d'EFG International démissionne

Ludovic Chechin-Laurans quitte son poste de membre du comité exécutif et de directeur Private Banking Suisse d’EFG International, a indiqué la banque dans un communiqué publié le 8 août. Ce retrait intervient pour raisons personnelles. Ludovic Chechin-Laurans rentre aux Bahamas où il développera de nouvelles activités et collaborera à ce titre avec EFG International. Il quitte l’institut en bons termes, selon le communiqué.
09/08/2013

Alceda to develop internationally

The specialist in traditional and alternative structuring solutions Alceda Fund Management has announced that it has applied for an AIFM license for its native jurisdiction, Luxembourg, as well as for its activities in Germany, part of Alceda Asset Management. The move is related to the introduction of the AIFM directive on 22 July this year, as well as to a desire on the part of Alceda to develop its activities internationally. Once it has received approval from the authorities, Alceda may offer distribution, administration, and risk and portfolio management services. “We are convinced that the funds regulated by the AIFM directive will in the near future achieve the same status as a ‘gold standard’ for funds as the UCITS format,” says Michael Sanders, chairman of the board at Alceda Fund Management, cited in a statement.
09/08/2013

Nouveau record du taux de chômage en Grèce

Le taux de chômage a atteint en Grèce un nouveau record en mai, à 27,6%, contre 27,0% (chiffre révisé) en avril, soit plus du double du taux moyen de la zone euro, qui était de 12,1% en juin, selon des données officielles publiées hier. Ce taux est le plus élevé depuis que le service de la statistique Elstat a débuté la publication de cet indicateur en 2006.
09/08/2013

Fannie Mae double son bénéfice trimestriel

L’agence de refinancement hypothécaire a fait savoir hier que son bénéfice du deuxième trimestre avait presque doublé en glissement annuel pour atteindre 10,1 milliards de dollars, ce qui lui permettra de verser un dividende de 10,2 milliards de dollars au Trésor américain en septembre. Après ce paiement, Fannie Mae aura ainsi versé quelque 105 milliards de dollars de dividendes au Trésor, soit quasiment 90% de l’aide publique perçue.
09/08/2013

Légère hausse des inscriptions au chômage outre-Atlantique

Les inscriptions hebdomadaires au chômage ont enregistré une hausse moins importante que prévu aux Etats-Unis lors de la semaine du 29 juillet au 3 août mais restent proches de leur plus bas niveau antérieur à la crise financière, un signe encourageant pour l'économie américaine. Les inscriptions se sont élevées à 333.000, contre 328.000 (révisé) la semaine précédente.
09/08/2013

Hausse marquée des exportations chinoises en juillet

Selon des données publiées hier par les douanes, les exportations chinoises ont augmenté de 5,1% en juillet par rapport à il y a un an, contre -3,1% en juin et un consensus des économistes de +3%. Comme les importations ont bondi de 10,9%, soit plus de cinq fois plus que prévu, l’excédent commercial, à 17,8 milliards de dollars, est ressorti à un niveau inférieur aux attentes.
09/08/2013

Bon début d'été pour les hedge funds actions

Après avoir trébuché en juin, les fonds arbitragistes se sont repris en juillet: l’indice composite Hedge Fund Research affiche une performance positive de 1,36%, qui porte son gain depuis le début de l’année à 4,73%. Portées par des résultats trimestriels prometteurs, les stratégies consacrées aux actions sont les plus performantes.
09/08/2013

Pékin agit sur son marché monétaire

La Banque Populaire de Chine a injecté 27 milliards de yuans (3,3 milliards d’euros) hier sur le marché monétaire par le biais d’opérations de reverse repos, en fixant le taux moyen à des niveaux en baisse de 40 points de base par rapport à sa précédente intervention la semaine dernière.
08/08/2013

Hedge funds profit from a rebound in mergers and acquisitions

A rise in mergers and acquisitions is favouring hedge funds specialised in this area, the Financial Times reports. Merger and acquisition arbitrage strategies have outperformed all other styles of hedge fund since the beginning of the year. According to HFR, merger and acquisition arbitrage earned 5.7%, compared with 3.6% for the sector as a whole.
08/08/2013

Big Issue newspaper to launch funds

The street newspaper Big Issue, which supports homeless people in the United Kingdom, will launch social funds by the end of the year, Financial Times Fund Management reports. An asset management firm will be created, which will aim to raise GBP250m in the first five years. Two initial funds will be launched: one will specialise in housing, and the other will be a regional fund.
08/08/2013

Old Mutual Wealth boosts profits

Old Mutual Wealth has announced a pre-tax profit up 14% in first half to GBP108bn, Investment Week reports. Assets under management are up 9%, to GBP75.2bn since the beginning of the year.
08/08/2013

Generali sells a private management team in London

The Italian insurer Generali has sold Generali Portfolio Management, which manages about GBP200m for private clients in the United Kingdom, to Ashcourt Rowan Asset Management. The sale comes as part of a decision to reorient the bank on international clients from Guernesey. The team of seven people from Generali Portfolio Management, led by Alain Arscot and David Barber, will also join Ashcourt when the operation is completed, which is expected by the end of the year. The sale price is GBP2.1bn, of which GBP1bn will be paid later.
08/08/2013

Finma offers areas of improvement for systemic banks

The Swiss Federal financial market surveillance authority, Finma, claims that the recovery and liquidation capacity of banks which are “too big to fail.” With this in mind, on 7 August it released a position paper on recovery and liquidation of banks operating internationally. A credible threat of bankruptcy is essential to ensure a certain rigour in a market-based economic system, Finma claims. An “effective and co-ordinated” international recovery and liquidation strategy is thus “of central importance in the context of the ‘too big to fail’ issue, which affects banks of systemic importance,” the financial market watchdog adds. Finma recommends an approach in which the national watchdog authority co-ordinates recovery and liquidation for the entire group. The surveillance authority must, for example, be able to impose participation by landers to the bank who have suffered losses. In particular, creditors of bank loans may also participate in recapitalising the firm. That would also win time to reorganize the viable banking sector, and to transfer to a viable business model, says Finma, which prefers this approach.
08/08/2013

Pioneer posts inflows of EUR2.8bn in second quarter

Pioneer, the asset management firm for the Italian bank UniCredit, has posted net inflows of EUR2.8bn in second quarter 2013, according to half-yearly results released by the group this week. The inflows, which offset a negative market effect of EUR2.3bn, was almost entirely supplied by captive activities in Italy, UniCredit states. At the end of June, assets under management at Pioneer were up slightly (+EUR0.5bn) to EUR165.5bn.
08/08/2013

Deutsche AM appoints a head of sales for UK and Ireland

Deutsche Asset and Wealth Management has appointed Jonathan Kent as head of distribution for the United Kingdom and Ireland, Fund Web reports. He had previously served in a sales role at the investment banking and institutional clients unit of Deutsche Bank.
08/08/2013

Jupiter scraps performance fees for Absolute Return fund

Jupiter is planning to scrap performance fees for its Absolute Return fund from 1 November, at a time when the fund managed by Philip Gibbs will in September be entrusted to James Clunie, Investment Week reports. Wealth managers are seeking the dismissal, in a context of underperformance for the fund.
08/08/2013

Renaissance plans to launch new funds dedicated to Africa

Renaissance Asset Managers, which soft-closed its fund dedicated to sub-Saharan Africa in February this year, is planning to launch new funds dedicated to frontier markets, including Nigeria and East Africa, by the end of the year, Investment Europe reports. The fund dedicated to Nigeria has an inflow objective of about USD50m, while the East Africa fund, which will concentrate on investment opportunities in Kenya, is aiming for USD25m. These objectives are indispensable in light of the requirements of the OPCVM directive for daily liquidity.
08/08/2013

Aurel BCG planning to launch asset management in France

The US group BGC Partners wants to develop its management, via its Parisian affiliate Aurel BGC, Les Echos reports. The broker “would like to start up this activity with an acquisition: Paris seems to us to be a good starting point for that,” explains Jean-Pierre Aubin, executive CEO of BGC. Aurel BGC, which has about 180 employees in France, is looking at cases “which represent several hundred million to several billion euros in assets under management [up to about EUR5bn, according to the newspaper],” he continues. The French firm will focus particularly on management of money market Sicavs and fixed-income management.
08/08/2013

Perella Weinberg launches a global macro strategy

Perella Weinberg Partners is planning to launch a highly liquid global macro strategy to invest in equity indices, currencies, government debt, credit and commodities. The new fund, PWP Global Macro Strategy, will be managed by Maria Vassalou, who has recently joined Perella Weinberg as a partner and portfolio manager. Vassalou previously worked at MIO Partners, an asset management affiliate of McKinsey & Company.
08/08/2013

Northern Trust recruits in Asia

Northern Trust has announced the appointment of Andrew Tan as head of investment risk analysis services (IRAS) for the Asia-Pacific region. Tan, who will be based in Singapore, previously worked for Royal Bank of Canada, where he served in a similar role.
08/08/2013

Large caps still very popular with investors

Retail and institutional investors, as well as advisers, in first half 2013 continued to take a particular interest in strategies dedciated to large caps, according to rankings by Morningstar of the most popular investments on distribution platforms. The survey also finds that in the category of “separate accounts,” seven of the most popular strategies with institutionals ranked in the top ten (Federated Strategic Value Dividend MA et CS McKee Value Equity) “In the institutional segment, we observed a spectacular rise in interest in international preferential equities and domestic junk bonds, probably due to rapid interest rate movements in the United States,” says Paul Justice, head of research for funds at Mornignstar. Two debt strategies are among the most popular mutual funds and ETFs for retail investors. No strategy of this type made it into the 2012 rankings, Morningstar reports. Retail investors are more particularly interested in emerging market ETFs, while advisers have a marked interest in bond ETFs and large cap strategies.
08/08/2013

Ray Investment sells a further 10% of Rexel

The US fund Ray Investment has sold another bloc of shares in Rexel, representing about 10% of capital in the electrical equipment distributor, as part of an accelerated placement of EUR525.6m to institutional investors. According to a trader cited by Reuters, the fund made its investment in 28.8 million shares in Rexel at a final price of EUR18.25 per share, which is at the low end of the range of 18.20-18.95 set for the share by several market actors previously. The largest shareholder in Rexel, which had previously sold 10% of Rexel to the French group last June, and 14.7% in February, is expected to see its stake reduced to 24% at the conclusion of the operation. However, “Ray Investment plns to remain a highly engaged and active investor in Rexel, and reiterates its support for Rudy Provoost, chairman of the board at Rexel, and his management team, to effectively carry out the growth strategy at Rexel and to achieve its objectives for 2015,” the fund says in a statement.

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