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05/03/2012
Fonds

L'emploi d'une cagnotte de CIC encore inconnu

Selon Jesse Wang, son vice-président exécutif, le fonds souverain China Investment Corp a obtenu l’an dernier un financement additionnel de 30 milliards de dollars, rapporte L’Agefi. Le responsable a toutefois refusé de dire si ce montant pourrait servir à acheter des actifs en Europe. «Ce n’est pas parce que l’Europe a ses problèmes que nous changerons notre méthode d’examen», a déclaré le dirigeant.
Fonds
05/03/2012

Sarasin invite Safra à injecter des fonds pour soutenir son essor

Le Groupe Safra a acquis en novembre dernier une participation majoritaire dans la Banque Sarasin, soit 46,07% des actions et 68,63% des droits de vote, cédés par Rabobank. Dans un entretien accordé à Bloomberg, le directeur général de la banque privée suisse, Joachim Straehle, a indiqué qu’il compte sur Safra pour se développer.Selon Le Temps, l’appel lancé vendredi par le patron de la banque privée s’inscrit dans la volonté de son établissement d’étoffer ses réseaux d’agences en Allemagne, en Inde, au Moyen-Orient ainsi qu’en Asie. Sarasin table également sur un certain nombre de synergies avec le groupe brésilien concernant les marchés d’Amérique latine.La banque privée vise ainsi d’ici à trois ans 150 milliards de francs suisses d’encours, contre 103,4 milliards en 2010.
05/03/2012

ING marque un point contre la Commission européenne

La Cour de justice des communautés européennes a jugé vendredi que la Commission avait surévalué le montant de l’aide d’Etat reçue par le groupe néerlandais ING, rapporte L’Agefi. Cette décision autorise ce dernier à espérer un allègement du plan de restructuration imposé en 2009 par Bruxelles en échange de l’acceptation du soutien public en 2008 et 2009 de 10 milliards d’euros de capital (remboursable), avec une garantie de 22 milliards d’euros sur son portefeuille de créances hypothécaires américaines titrisées (RMBS).Le calcul par Bruxelles du montant de l’aide de l’Etat néerlandais laissait apparaître un écart substantiel de 2 milliards d’euros, précise le quotidien, et les mesures de restructuration paraissaient disproportionnées dont notamment une sortie de l’assurance et de la gestion, et un recentrage de l’activité bancaire.
05/03/2012

Deux sociétés de gestion italiennes fusionnent

Sara Assicurazioni vend Mc Gestioni à Zenit Sgr, selon un article de Milano Finanza. L’opération, qui attend l’agrément de la Banque d’Italie, devrait créer une société de gestion de 800 millions d’euros sous gestion.
05/03/2012
Fonds

Liberbank commercialise un garanti "télécoms"

L'établissement constitué par la fusion de Cajastur, Caja de Extremadura et Caja Cantabria, Liberbank, a lancé le fonds garanti Liberbank Telecomunicaciones 3X7 qui offre un rendement de 0,93 % annuel (3 % d’ici à l'échéance en juillet 2015) plus une participation à l'évolution du cours des actions Telefónica, France Télécom et Deutsche Telekom, rapporte Expansión. Le rendement lié à ces valeurs sera de 7 % par an si la moyenne des cours de ces trois sociétés reste supérieure au cours initial.La commission de gestion est fixée à 0,75 % jusqu'à la fin de la période de commercialisation, le 24 avril.
Fonds
05/03/2012
Fonds

DWS lance un fonds obligataire garanti

La CNMV a enregistré le 2 mars le fonds obligataire à gestion passive DWS Bonos 2016, qui garantit à échéance (20 septembre 2016) un rendement de 4 % annuel pour les parts A (retail) et de 4,4 % pour les parts B (institutionnelles) souscrites avant le 28 mars 2012. La gestion de ce fonds lancé le 20 février par DWS Investments (Spain), SGIIC, SA est déléguée à l’allemand DWS Investment GmbH.Jusqu’au 28 mars 2012, le portefeuille sera investi en liquidités, en «repo» de dette publique espagnole, en dépôts à vue, en obligations privées et en instruments monétaires liquides cotés ou non de la zone OCDE (notés au minium A-) avec une échéance moyenne inférieure à 3 mois. Ensuite le fonds sera investi à 95% en obligations d’entreprises (dont au maximum 33 % en titres notés en-dessous de BBB-) et le restant en dette publique notée au minimum A-. Il n’y aura pas de risque de change et le fonds n’investira ni dans d’autres fonds ni en titrisations.CaractéristiquesDénomination : DWS Bonos 2016, FICodes Isin :ES0127098004 (parts A)ES0127098012 (parts B)Souscription minimaleParts A : 10 eurosParts B : 600.000 eurosCommissions de gestionParts A : 0,2 % jusqu’au 28/03/12, puis 1,2 %Parts B : 0,2 % jusqu’au 28/03/12, puis 0,8 %Pénalité de remboursement2 % entre le 29/03/12 et le 19/09/16
Fonds
05/03/2012
Fonds

Sparinvest va lancer deux fonds émergents

La société de gestion danoise Sparinvest va lancer deux fonds marchés émergents value, sous format Ucits, en mai de cette année, selon les informations de Citywire Global. Les deux fonds répliqueront le Sparinvest Value Emerging Markets, lancé en septembre 2011 et représentant 54 millions d’euros, qui n’est disponible qu’au Danemark.
Fonds
05/03/2012
Fonds

Les investisseurs évitent encore l’Europe

L’appétit pour le risque est resté élevé durant les derniers jours de février, mais les investisseurs ont évité l’Europe, en raison des incertitudes sur la dette grecque et du ralentissement de la croissance dans la zone. Les fonds d’actions européennes ont ainsi subi durant la semaine au 29 février un montant de rachats nets jamais vu depuis quatorze semaines, selon les statistiques d’EPFR Global. Les fonds d’actions dans leur ensemble ont néanmoins enregistré une collecte nette de 4,7 milliards de dollars, si bien que les souscriptions nettes depuis le début de l’année atteignent 24 milliards de dollars contre 40,2 milliards pour la période correspondante de 2011. Durant les derniers jours de février, les fonds d’actions américaines notamment ont enregistré des souscriptions nette pour un montant de plus de 3 milliards de dollars.Les fonds obligataires ont drainé sur la semaine plus de 5 milliards de dollars et depuis le début de l’année 48,8 milliards de dollars contre 15,5 milliards de dollars pour la période correspondante de 2010. Fin février, les fonds obligataires high yield ont notamment enregistré une collecte de plus de 1 milliard de dollars. Depuis le début de l’année, ils affichent une collecte de plus de 22 milliards de dollars.Les fonds monétaires ont de leur côté subi des rachats pour un montant de 21 milliards de dollars durant la dernière semaine de février, les fonds monétaires européens notamment enregistrant leur plus forte décollecte depuis 2007.
Fonds
05/03/2012

Trois candidats seraient en lice pour la reprise de Gan Eurocourtage

L’Agefi, qui cite une information de L’Argus de l’assurance, rapporte que Groupama aurait enfin arrêté sa liste réduite de candidats à la reprise de Gan Eurocourtage. Il s’agirait d’Allianz, Aviva et Covéa. Contactées par L’Agefi, aucune de ces compagnies n’a souhaité faire de commentaires.
05/03/2012
Fonds

Un ancien de JPMorgan va lancer son hedge fund

Mike Stewart, le responsable global du trading pour compte propre de JPMorgan basé à Londres, et ancien responsable des marchés émergents, va lancer son hedge fund, Whart Stewart, au deuxième trimestre, rapporte le Financial Times, citant des sources proches du dossier. L’équipe marchés émergents de la banque devrait le rejoindre.
Fonds
05/03/2012
Fonds

Henderson et Tantallon ferment des hegde funds asiatiques

La société de gestion britannique Henderson Global Investors a fermé le 23 février son fonds Asia-Pacific Multi-Strategy, lancé en 2006, rapporte Asian Investor. Ses actifs sous gestion s'établissaient à environ 30 millions de dollars. Selon une porte-parole de Hendeson, ce fonds affichait un bon historique de performance mais n’a pas réussi à attirer de nouveaux investisseurs.La société basée à Singapour Tantallon a pour sa part fermé son fonds long only, le Bass Rock Fund dont les actifs sous gestion s'élevaient à environ 14 millions de dollars fin 2011.Macquarie Funds Group et Pinpoint Asset Management ont récemment pris des mesures similaires pour faire face à l’environnement difficile pour les hedge funds.
Fonds
05/03/2012

Deka earns capital gains in Seoul

The German asset management firm Deka Immobilien has sold the office property Myeongdong Central Building (19,500 square metres) in Seoul, which had been in the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal, for EUR58m. The property, which has been sold to the South Korean asset management firm JR AMC, was purchased for EUR46.6m in 2005, and its most recent expert valuation estimated its value at EUR55.6m.The sale reduced the exposure of the portfolio of the fund to the Asia-Pacific region from 36% to 34%, and the Deka-ImmobilienGlobal no longer has any assets on the Korean peninsula, as the other property had been sold in late 2010.
05/03/2012

New York pension funds invest in D.E. Shaw and Brevan Howard

A growing number of public pension funds are increasing their investments in alternative management, either in hedge funds or private equity, Bloomberg reports. The two major alternative management firms D.E. Shaw and Brevan Howard will receive USD350m each from the New York police and fire departments pension fund. The New York pension fund, whose assets under management total about USD70bn (as of 30 November 2011), will also invest USD200m in Brigade Capital Management. Investments by the pension fund in hedge funds will total USD1.35bn, barely half of its objective of USD3bn.
05/03/2012

“We can offer funds for all investment objectives”

Unlike the group overall, whose assets totalled USD670.3bn as of the end of December, the French affiliate of Franklin Templeton continued to post net inflows in fourth quarter last year. Dominique de Préneuf, CEO, attributes this result both to the quality and variety of products on offer, and to the vast diversity of client segments.
05/03/2012

Change in managers for a Scottish Widows small caps fund

Scottish Widows has decided to entrust the management of the Scottish Widows HIFML UK Smaller Companies Alpha fund to an in-house team. As a result, the fund, which had previously been managed by Harry Nimmo, the small caps specialist at Standard Life Investments, will now be managed by two members of the SWIP equities team, Gregor Macdonald and Andrew Paisley. They are also responsible for the management of the SWIP UK Smaller Companies fund and the SW UK Smaller Companies fund. At Standard Life Investments, Nimmo manages the SLI UK Smaller Companies fund, whose assets under management total GBP1bn, the Standard Life UK Smaller Companies trust (GBP140m), and the SLI Global Smaller Companies fund, which has recently been created.
05/03/2012

Sparinvest to launch two emerging markets funds

The Danish asset management firm Sparinvest will launch two value type emerging markets funds in UCITS format in May this year, according to reports in Citywire Global. The two funds will replicate the Sparinvest Value Emerging Markets, launched in September 2011, representing EUR54m, which is available only in Denmark.
05/03/2012

Investors steer clear of Europe

Appetite for risk has remained high in the last few days of February, but investors have been avoiding Europe, due to uncertainty about Greek debt and a downturn in growth in the region. European equity funds have seen levels of redemptions in the week to 29 February not seen in 14 weeks, according to statistics from EPFR Global. Equity funds overall nonetheless posted net inflows of USD4.7bn, and net subscriptions since the beginning of the year have totalled USd24bn, compared with USD40.2bn in the corresponding period of 2011. In the last few days of February, US equity funds have posted net subscriptions totalling over USD3bn. Bond funds in the week attracted more than USD5bn in assets, and USD48.8bn since the beginning of the year, compared with USD15.5bn in the corresponding period of 2010. As of the end of February, high yield bond funds have posted inflows of over USD1bn. Since the beginning of the year, they show inflows of over USD22bn. Money market funds, for their part, have seen redemptions totalling USD21bn in the last week of February, while European money market funds have posted their heaviest outflow since 2007.
05/03/2012

HansaInvest recruits from H&A

On 1 March, Herbert Dietz, who had been a director at Hauck & Aufhäuser Asset Management (H&A AM) in Munich, joined HansaInvest Hanseatische Investment GmbH as director of distribution. He will be in charge of intensifying relationship management for distribution partners, and will report to Dirk Zabel, a member of the board responsible for distribution.
05/03/2012

Former JP Morgan head to launch his own hedge fund

Mike Stewart, global head of proprietary trading at JP Morgan in London, and former head of emerging markets, will launch his own hedge fund, Whart Stewart, in second quarter, the Financial Times reports, citing sources familiar with the matter. The emerging markets team at the bank will join him at the new fund.
05/03/2012

Pension fund deficits still declining

In February, the average coverage rate for the liabilities of US corporate pension funds increased by 2.1 percentage points, to 76.2%, following a major increase of 1.6 points in January, according to estimates by BNY Mellon Asset Management. The improvement is due to the fact that equities in February had their fifth consecutive month of gains.On average, assets in corporate pension funds increased by 2.7 points in February, while their liabilities fell by 0.2% due to a 3 basis point rise in the discount rate for businesses rated AA, to 4.33%.
05/03/2012

CIC handed a fresh purse

Jesse Wang, executive vice president, says that the sovereign fund China Investment Corp last year received additional financing of USD30bn, Agefi reports. The head refused, however, to say whether this amount would be used to purchase assets in Europe. “It’s not because Europe has its problems that we will be changing our examination methods,” the manager says.
05/03/2012

Investors steer clear of Europe

Appetite for risk has remained high in the last few days of February, but investors have been avoiding Europe, due to uncertainty about Greek debt and a downturn in growth in the region. European equity funds have seen levels of redemptions in the week to 29 February not seen in 14 weeks, according to statistics from EPFR Global.Equity funds overall nonetheless posted net inflows of USD4.7bn, and net subscriptions since the beginning of the year have totalled USD24bn, compared with USD40.2bn in the corresponding period of 2011. In the last few days of February, US equity funds have posted net subscriptions totalling over USD3bn.Bond funds in the week attracted more than USD5bn in assets, and USD48.8bn since the beginning of the year, compared with USD15.5bn in the corresponding period of 2010. As of the end of February, high yield bond funds have posted inflows of over USD1bn. Since the beginning of the year, they show inflows of over USD22bn.Money market funds, for their part, have seen redemptions totalling USD21bn in the last week of February, while European money market funds have posted their heaviest outflow since 2007.
05/03/2012

BlackRock bullish on Asia-Pacific

In an interview with The Wall Street Journal, Mark McCombe, chairman of BlackRock for Asia-Pacific, says the firm is “bullish” on the Chinese economy, as the Chinese government has done a good job of managing it centrally through times of numerous economic uncertainties, with the situation in Europe and structural issues in the United States. He is also bullish on India, due to the entrepreneurial spirit there, but its major challenge is infrastructure, and it will take time for the country to catch up with China in this area.McCombe says that he has always regarded Indonesia as a sleeping giant, which is now trying to overcome its structural problems. In Australia, the overactive economy actually reflects growth in inter-regional trade, and the fact that growth in China is advancing at a fast pitch, which means that China will need to find resources or partners capable of supplying it with commodities it needs, and Australia is in a position to be that partner.
05/03/2012

Two Italian asset management firms merge

Sara Assicurazioni is selling Mc Gestioni to Zenit Sgr, according to an article in Milano Finanza. The operation, which is pending approval from the Bank of Italy, would create an asset management firm with EUR800m in assets under management.
05/03/2012

Henderson and Tantallon close Asian hedge funds

The British asset management firm Henderson Global Investors on 23 February closed its Asia-Pacific Multi-Strategy fund, launched in 2006, Asian Investor reports. Its assets under management total about USD30m. According to a spokesperson from Henderson, the fund has a good track record, but has not managed to attract new investors. The Singapore-based firm Tantallon, for its part, has closed its long-only fund, the Bass Rock Fund, whose assets under management totalled about USD145m as of the end of 2011. Macquarie Funds Group and Pinpoint Asset Management have recently taken similar measures to confront a difficult environment for hedge funds.
05/03/2012

Risk of hedge fund fire sales still looms, says FSA

The British Financial Services Authority (FSA) claims that there is still a systemic risk of fire sales of assets by distressed hedge funds during periods of market turbulence, according to its most recent study of the sector (“Assessing the possible sources of systemic risk from hedge funds.»)The most recent surveys by the FSA suggest that the footprint of hedge funds remains modest in most markets, with the possible exceptions of convertible bond, interest rate derivative and commodity derivative markets.For most hedge funds, leverage remains relatively low, and most funds estimate that they would be able to liquidate their assets more rapidly then the deadlines on their liabilities, which suggests that the transformation of maturities into liquidity is not highly developed. The FSA adds, however, that these estimates are not necessarily appropriate in times of market stress.Statistics also suggest that counterparties have increased their requirements in terms of margin calls, and toughened up the terms for hedge fund exposures since the financial crisis, which has increased resistance to hedge fund defaults.
05/03/2012

Thomas Miller Investment creates an onshore activity

The asset management firm Thomas Miller Investment is launching an onshore activity based in the United Kingdom, as a complment to its existing activities on the Isle of Man, Investment Europe reports. The new activity will be based in Edinburgh, and will be led by Harry Morgan, former head of investment management at Adam & Company. He will lead a team of 15 people. Assets under management at Thomas Miller Investment total GBP2.7bn.
05/03/2012

Guernsey, a preferred place for fund administration

Hedge fund managers in the United Kingdom have a marked preference for Guernsey. According to a survey by Fund Domiciles, 24% of them have their funds domiciled in Guernsry, compared with 21% in the United Kingdom, 18% in Jersey, 12% in the Cayman Islands and 9% in Luxembourg. For 24% of managers, administration services for their funds are done in Guernsey, compared with 20% in the United Kingdom, 18% in Ireland, and 16% in Jersey. According to Fund Domiciles, these results reflect the rise of Guernsey to third place in the evaluation of the market in terms of stability. Guernsey is especially highly regarded by the private equity sector. The number of establishments with a license as of 2011 totalled 35, as Bank Sarasin has not renewed its license, down from a peak of 79 at the end of the 1990s.

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