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22/10/2012
Fonds

Décimalisation des parts de Carmignac Investissement et Carmignac Patrimoine

Carmignac Gestion a informé les porteurs de parts des fonds Carmignac Investissement et Carmignac Patrimoine en fin de semaine dernière que la valeur liquidative des parts A de capitalisation libellées en euros de ces deux OPCVM sera, à compter du 12 novembre prochain – et non en juillet comme cela avait été annoncé initialement – divisée par 10. L’objectif , précise la société de gestion, étant de rendre ces fonds accessibles au plus grand nombre. A titre d’exemple, la valeur des parts de Carmignac Investissement et Carmignac Patrimoine étaient, vendredi 17 octobre, respectivement de 8 767,60 euros et 5 511,47 euros.
Fonds
22/10/2012

UIRE investit en Finlande

Pour 23,1 millions d’euros, le gestionnaire allemand Union Investment Real Estate (UIRE) a acheté l’immeuble de bureaux Alberga B (5.590 mètres carrés) situé à Espoo, près d’Helsinki. Le vendeur est le promoteur NCC Property Development.Cet actif, achevé en septembre 2012 et déjà loué à 70 %, est versé au portefeuille du fonds immobilier offert au public UniImmo: Europa.C’est la troisième acquisition d’UIRE à Espoo : le gestionnaire hambourgeois a déjà acheté en 2010 l’immeuble Alberga A qui est affecté au fonds immobilier institutionnel UniInstitutional European Real Estate ainsi que le projet de bureaux Eventes Business Garden, qui entrera une fois achevé dans le portefeuillle du fonds immobilier offert au public UniImmo: Deutschland.Les fonds immobiliers offerts au public d’UIRE ont investi environ 270 millions d’euros en Finlande.
22/10/2012

"Nous enregistrons des souscriptions nettes de 1,4 milliard d’euros en France depuis le début de l’année"

Le géant américain de la gestion d’actifs Pimco, avec 1.815 milliards d’euros à l’échelle mondiale, gère 414,8 milliards d’euros en Europe au 30 juin et plus de 7 milliards d’euros en France. Dans une interview à Newsmanagers, Emanuele Ravano, managing director et responsable du développement sur le marché français de Pimco, fait le point sur l’activité de sa société en France et en Europe.
22/10/2012

Golden Tree veut acquérir un tiers de Bawag

Sous réserve d’une autorisation du régulateur autrichien FMA, le gestionnaire alternatif américain Golden Tree envisage d’acheter 33 % de la banque Bawag, qui appartient majoritairement au capital-investisseur Cerberus, rapporte le Handelsblatt, A l’issue de la transaction, qui se traduira par une augmentation de 200 millions d’euros des fonds propres de l’établissement, Cerberus détiendra 55 % de la Bawag et Golden Tree 33 %, le reste se répartissant entre quelques minoritaires.
22/10/2012

Appaloosa et Marathon critiquent le patron d’American Airlines

Les deux gestionnaires alternatifs Appaloosa Management et Marathon Asset Management, qui détiennent pour environ 800 millions de dollars des obligations d’American Airlines, ont critiqué l’attitude du CEO Tom Horton. Dans une lettre qu’ils lui ont adressée, ils lui reprochent un manque de transparence dans les négociations pour sortir la maison-mère AMR du chapitre 11, notamment le fait de négocier uniquement avec un groupe de porteurs d’obligations qu’il a choisis (Pentwater Capital Management, Litespeed Management et J.P. Morgan Securities, notamment).D’autre part, Appaloosa et Marathon critiquent l’option prise par les dirigeants d’AMR de poursuivre l’exploitation d’American sans fusionner avec US Airways.
22/10/2012
Fonds

Wisdom Tree va liquider trois ETF

Le new-yorkais Wisdom Tree, qui gère environ 16,9 milliards de dollars dans 49 ETF a annoncé que son conseil d’administration a décidé le 17 octobre de liquider les ETF WisdomTree LargeCap Growth Fund (14,3 millions de dollars, acronyme ROI); WisdomTree Dreyfus South African Rand Fund (4,5 millions, SZR) et le WisdomTree Dreyfus Japanese Yen Fund (6,6 millions, JYF). Ces fonds ne représentent que 0,15 % de l’encours total des ETF de Wisdom Tree.Ces trois ETF cesseront d’être cotés sur NYSE Arca le 3 décembre et la liquidation interviendra le 10 décembre.
Fonds
22/10/2012

Un départ chez Assogestioni

Vincenzo Galimi quitte ses fonctions de directeur de la communication et des affaires institutionnelles de l’association italienne de la gestion d’actifs, Assogestioni, pour prendre de nouvelles responsabilités dans le secteur financier.D’après le site italien Bluerating, il va rejoindre Deutsche Bank en Italie en tant que directeur de la communication. Jean-Luc Gatti, responsable de la presse, va reprendre l’organisation du Salon de l’épargne.
22/10/2012

Vontobel eyes a German asset management firm

Axel Schwarzer, head of the asset management division at Vontobel (290 personnel), has announced to the Frankfurter Allgemeine Zeitung that the Swiss group may use its CHF600m reserved for acquisitions to acquire a German asset management firm, with assets of CHF25bn. However, he did not state which one.As of the end of June, Vontobel had CHF54bn in institutional assets, and Schwarzer, a former DWS manager, is aiming for EUR80bn, without external growth, within 5 years. He also predicts that in five years, 20% of assets will be invested by clients in multi-asset class funds and mandates.
22/10/2012

Satisfactory quarter for Gottex

Assets that generate commissions at the Swiss wealth management firm Gottex at the end of September totalled USD7.56bn, up 2% compared with the end of second quarter 2012, according to a statement released on 19 October. Net inflows totalled USD635m, including those of the Chinese firm Penjing Asset Management, the acquisition of which was finalised on 9 August this year. The contribution of Penjing AM to the portfolio of Gottex in third quarter totalled USD390m. Assets under management at Gottex Fund Management in third quarter totalled USD6.16bn, up 8.5% compared with 30 June. Assets at Luma Gottex Solutions Services, for their part, were down 20% in third quarter, to USD1.40bn. According to Joachim Gottschalk, chairman and CEO of Gottex, cited in a statement, it was mostly intervention by central banks which favoured the markets in third quarter. This situation resulted in an increase in revenues to hedge funds, but uncertainties in Europe persist and continue to orient liquidity flows.
22/10/2012

Falcon Private Bank forms a partnership with Tocqueville Finance

The Swiss firm Falcon Private Bank has outsourced the management of its gold-mining equity funds to the New York specialist Tocqueville Finance, Agefi Switzerland reports. During a recent examination of the possibilities to set up a UCITS structure, Falcon Private Bank opted for an external solutions with the asset management firm John Hathaway of Tocqueville and his team.
22/10/2012

EFG International completes reshuffle

EFG International has announced in a statement that its stake in EFG Financial Products has decreased from 58% to about 25% as part of the latter’s IPO. As a result, the solvency ratio or pro forma total capital BRI ratio for EFG International will incease to about 17% the firm says. If the greenshoe option is fully exercised, EFG International’s stake will fall further, to about 20%. The reorganisation process at EFG International is now complete, and the performance realised in third quarter 2012 has been “overall in line with those in the first half of the year,” a statement says.
22/10/2012

Credit Suisse reshuffles external manager department

Markus Angst, previously managing director of “external managers” at Credit Suisse, has left the firm, finews.ch reports. His departure comes at a time of reorganization for the operation. From January, the global external asset managers (EAM) department of Credit Suisse, led by Daniel Renner, will be divided into two units. “EAM Switzerland German Speaking” will be led by Peter Vogt, currently head of the North-East region of Switzerland. The EAM Switzerland Basel, French-speaking and Ticino team will be led by Mark Hollenstein.
22/10/2012

Banque Syz plans to grow in Asia

The Swiss Banque Syz has scaled up its teams in Asia to develop its base among institutional investors in Hong Kong, Singapore, South Korea, Australia and Japan, Asian Investor reports. The Swiss bank is also in the process of recruiting senior investment professionals for both equities and bonds, for its Hong Kong office. Assets under management at Banque Syz total about USD26bn, of which only USD800m to USD1bn originate from Asia.
22/10/2012

Union creates another real estate fund for institutionals

The central asset management firm for the German co-operative banks, Union Investment, on 17 October announced the launch of a second open-ended real estate fund, reserved for institutional investors, the UniInstitutional German Real Estate. The German-registered product will be 100% invested in properties located in Germany, in properties valued at EUR20m to EUR50m.Union is aiming for assets of about EUR500m, with assets in office, commercial and hotel properties. The management team will also focus on logical assets, and in general, on properties located in major urban areas.The new fund comes as an addition to the UniInstitutional European Real Estate, launched in 2004, which has assets of over EUR2bn.Union Investment has declined to release management commission levels to journalists. According to the German press, the minimal waiting period for redemptions has been set at 1 year, as specified in the new legislation.CharacteristicsName: UniInstitutional German Real EstateISIN code: DE000A1J16Q1Minimal subscription: EUR0.5m
22/10/2012

Schroders takes over marketing for its European Alpha Plus fund

The British firm Schroders has begun to offer its European strategy European Alpha Plus, which it had decided to close to new investors in November 2011, Investment Week reports. The fund had then reached its capacity of EUR5bn. Assets in the fund were then reduced by significant proportions due to a disaffection with European equities related to the ongoing crisis in the euro zone. In the three years to 17 October, the fund has posted returns of 14.2%, compared with average returns of 3.6% for the European equity sector.
22/10/2012

Lyxor lists two more ETFs in Paris

Since 19 October, the Paris-based platform from NYSE Euronext has admitted two Luxembourg-registered ETFs from Lyxor Asset Management (Société Générale group) to trading, each with fees of 0.45%. The funds are: Lyxor ETF SGQI EUR LU0832436512 SGQI replicating the SG Global Quality Income NTR andLyxor ETF SGQI USD LU0832436603 SGQU replicating the SG Global Quality Income NTR.
22/10/2012

Shares in Carmignac Investissement and Carmignac Patrimoine split in ten

Carmignac Gestion informed holders of shares in funds from Carmignac Investissement and Carmignac Patrimoine at the end of last week that the net asset value of A-class capitalisation shares denominated in euros in these two funds will be divided by 10 from 12 November this year, and not next July as initially announced, the asset management firm states, in order to make these funds accessible to a wider audience. For example, the value of shares in Carmignac Investissement and Carmignac Patrimoine on Friday, 17 October, were worth EUR8,767.60 and EUR5,511.47, respectively.
22/10/2012

First Trust preparing a 130/30 high yield ETF

According to an application for an SEC license dated 11 October, First Trust Exchange-Traded Fund IV is planning to alunch the First Trust High Yield Long/Short ETF fund within 75 days of publication of the announcement. The acronym, market of listing and fees for the fund have not yet been set.The fund will be an actively-managed ETF which will invest at least 80% of its assets in high yield bonds, securities from US or non-US firms, bank loans and convertible bonds, while under normal circumstances, exposure to foreign securities and currencies will be limited to 10%.Thanks to a 130/30 type long/short approach, First Trust will aim for outperformance of the fund of its benchmark index, the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index.The asset management firm states that it is planning to use the short bias investments to acquire other high yield securities, which will create a sort of leverage.
22/10/2012

First State loses its head of fixed income

Murray Collins has left First State Investments in Hong Kong, where he was head of the Asian bond unit, Asian Investor reports. The identity of his potential successor has not been announced. After 15 years at First State, Collins is reported to have decided to join a rival firm.
22/10/2012

Departure from Assogestioni

Vincenzo Galimi is leaving his position as director of sales and institutional affairs at the Italian asset management association, Assogestioni, to take on new responsibilities in the financial sector. Jean-Luc Gatti, head of the press, will take over the organisation of the Savings Fair.
22/10/2012

Northill acquires a majority stake in Riverbridge

For an undisclosed amount, the London-based Northill Capital will be acquiring 58% of capital in the US asset management firm Riverbridge Partners, via its US affiliate Northill US Holdings Inc., representing all shares held by the former partners in the firm, and slightly under 50% of the shares held by the management team led by the founder and president Mark Thompson.Riverbridge, founded in 1987 in Minneapolis, has assets of about USD4bn in US equity portfolios of all cap sizes (growth style), for institutional and high net worth retail investors. The management team will remain in place following the acquisition, and the members of the management team at Northill will join the board of Riverbridge without any current directors leaving the board.
22/10/2012

Uniqa recruits a German as head of asset management

Arnd Münker, head of strategic asset allocation/asset liability management international operations at the primary insurer Ergo (Munich Re group) in Düsseldorf since 2003, was appointed at the beginning of October as member of the executive board at Uniqa Finanz-Service GmbH. The position makes him the new head of asset management for the Austrian insurance group.The other two members of the executive board remain Andreas Bertl and Franz Hagmann. The new arrival will report to Hannes Bogner, chief financial officer (CFO) on the board of the Uniqa group.
22/10/2012

Appaloosa and Marathon critical of American Airlines chief

The two hedge fund managers Appaloosa Management and Marathon Asset Management, which own about USD800m in bonds from American Airlines, have criticised the attitude of CEO Tom Horton. In a letter to him, they accuse him of lacking transparency in negotiations to pull the parent company, AMR, out of chapter 11 bankruptcy protection, and of negotiating exclusively with a group of bond holders chosen by himself (including Pentwater Capital Management, Litespeed Management and J.P. Morgan Securities).Appaloosa and Marathon are also critical of the choice by AMR directors to continue to operate American without merging with US Airways.
22/10/2012

Wisdom Tree to liquidate three ETFs

The New York firm Wisdom Tree, which has about USD16.9bn in assets under management in 49 ETFs, has announced that its board of directors on 17 October decided to liquidate the ETF WisdomTree LargeCap Growth Fund (USD14.3bn, acronym ROI), the WisdomTree Dreyfus South African Rand Fund (USD4.5bn, SZR), and the WisdomTree Dreyfus Japanese Yen Fund (USD6.6m, JYF). The funds represent only 0.15% of total assets in Wisdom Tree ETFs.The three ETFs will cease to be listed on NYSE Arca on 3 December, and liquidation will occur on 10 December.
22/10/2012

Golden Tree to acquire one third of Bawag

Pending approval from the Austrian regulator FMA, the US hedge fund manager Golden Tree is planning to acquire 33% of the Bawag bank, a majority of which is controlled by the private equity investor Cerberus, Handelsblatt reports. After the transaction, which will result in an increase of EUR200m in owners’ equity for the firm, Cerberus will control 55% of Bawag, and Golden Gree will hold 33%, while the remainder will be distributed between a few minority shareholders.
22/10/2012

Finance professors prefer equities

The behaviour of 1,368 professors of finance at universities in the United States has been studied by three US university professors, and compared with that of the general population (Survey of Consumer Finance from the Fed), in a study published in the Financial Analysts Journal entitled “Do Finance Professors Invest Like Everyone Else?” The study finds that the individuals in the sample on average have a greater tendency to invest in equities, and that they are less subject to behavioural bias, since their decision not to buy equities is based neither on the outcome of their past investments nor on short-term market expectations.
22/10/2012

Europe may ban bailouts of money market funds

The European Systemic Risk Board is reported to be in the process of studying a controversial plan to forbid money market fund managers from bailing out investors if their funds suffer losses, Financial Times Fund Management reveals. Only two money market funds have lost investors’ money. But, according to Moody’s, 62 money market funds were bailed out by their sponsors or parent companies during the financial crisis, at a cost of at least USD12.1bn.
22/10/2012

Swiss fund market tops CHF700bn

Assets in investment funds monitored in September 2012 totalled about CHF710bn, up by CHF7.4bn compared with the previous month. Net inflows totalled CHF284.5bn. As in the previous month, subscriptions primarily benefited bond funds, with a total of CHF2.5bn. However, money market funds have undergone redemptions totalling CHF2.4bn. Other fund categories did not show significant changes.
22/10/2012

Situation improves at pension funds in third quarter

The financial situation at retirement planning institutions in Switzerland improved in third quarter, according to Swisscanto. The weighted overage rate as a function of assets under management came to 107.3% for private pension funds (+2.5 points). The rate has also increased for public pension funds, the Swisscanto monitor published on 19 October states. It gained 2.2 points to 98.9%. The proportion of private retirement planning institutions with a shortfall has fallen by half since the end of 2011, to 12.2%. As for public pension funds, 18.2% had a coverage rate of less than 90%, and 3% had less than 80%. 87.8% of private pension funds and 42.5% of public pension funds have their ‘heads above water,’ meaning that they have a coverage rate of 100% or more. The Swisscanto monitor is based on information provided by 340 retirement institutions with total assets under management of CHF437bn. The estimates were made at the end of September on the basis of investment strategies announced earlier in the year, and take into account the evolution of the markets since then.
22/10/2012

ECPI launches a second Chinese ESG index

ECPI, a provider of sustainable research, ratings and indices, has launched a second ESG China Series index, developed in partnership with China Securities Index, a provider of Chinese indices, and Caitong Fund Management, an asset management firm based in China, Investment Europe reports. The new index, the CSI Caitong ECPI ESG China 100 index, is composed of the top-rated businesses for environmental, social and governance criteria from the CSI 300 index.

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