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17/05/2011
Fonds

DWS gèle les souscriptions/rachats du db ImmoFlex

Le 16 mai, DWS Investments (Deutsche Bank) a annoncé qu’elle suspend jusqu'à nouvel ordre les souscriptions et rachats de son fonds de fonds immobiliers offerts au public db ImmoFlex (259 millions d’euros) parce qu’une grande partie de son portefeuille est investi dans des fonds immobiliers offerts au public pour lesquels les remboursements ont été gelés, ce gel étant susceptible de durer encore assez longtemps.Les liquidités du db ImmoFlex sont insuffisantes pour servir toutes les demandes de rachat ; s’il fallait les satisfaire, il faudrait céder des actifs avec des décotes injustifiables, ce qui détériorerait nettement la qualité du portefeuille (14 fonds investis dans environ 500 actifs répartis sur plus de 20 pays) ainsi que la structure de risque.Le fonds, exclusivement détenu par des particuliers, aurait subi des sorties nettes de 50 millions d’euros depuis le début de l’année et sa liquidité serait tombée à 7 % (pour 5 % de minimum réglementaire).
Fonds
17/05/2011

Fidelity muscle sa force de vente en Allemagne

Kerstin Behnke, managing director et head of Northern Europe, Germany, Austria, Switzerland and Luxembourg chez Gartmore Investment Services GmbH, rejoindra le 20 juin Fidelity Investment Services GmbH comme directrice de la distribution de Fidelity International pour l’Allemagne. Elle sera responsable de la clientèle banque, caisses d'épargne, CGPI, assurances et gestionnaires de fortune.Christian Wrede, directeur général de Fidelity International pour l’Allemagne et managing director Central Europe, a souligné à cette occasion que, pour le groupe Fidelity, l’Allemagne est un marché cœur avec un grand potentiel.
17/05/2011

Fabien Madar va aussi couvrir l’Europe du Nord chez Pioneer

Fabien Madar, responsable de l’Europe de l’Ouest chez Pioneer Investments, voit ses fonctions étendues aux Pays-Bas et à l’Europe du Nord. Il remplace Jillert Blom, qui s’occupait de l’Europe du Nord, et qui a quitté la société de gestion du groupe italien UniCredit fin avril.Basé à Paris, Fabien Madar continuera à couvrir la France, la Suisse et le Luxembourg. Concernent les Pays-Bas et l’Europe du Nord, il travaillera en étroite collaboration avec Sander van de Giesen, directeur commercial. Un responsable pays sera également recruté. «Nous avons entamé la recherche d’un nouveau ‘Country Manager’ pour les Pays-Bas et les Pays Nordiques, et de forts potentiels nous ont d’ores et déjà exprimé leur intérêt», précise Fabien Madar.
17/05/2011
Fonds

Un nouvel ETF de HSBC sur Euronext Paris

Le 16 mai, NYSE-Euronext a annoncé avoir admis à la négociation sur sa plate-forme parisienne l’ETF irlandais HSBC SP BRIC 40 ETF de HSBC, qui réplique l’indice SP BRIC 40. Le fonds est chargé à 0,60 %.Désormais NYSE Euronext cotre 648 fois 556 ETF répliquant plus de 360 indices. Depuis le début de l’année, l’entreprise de marché a enregistré 107 nouvelles cotations de 81 ETF sur ses plates-formes européennes. (*) Code isin : IE00B5YLK706
Fonds
17/05/2011

Changement en vue pour l'actionnariat de DNCA Finance

Les rumeurs selon lesquelles le groupe Banca Leonardo pourrait bientôt abandonner son activité de gestion d’actifs en France en cédant une partie de sa participation au sein de DNCA Finance à un fonds d’investissement américain pourraient vivre leurs dernières heures cette semaine. En effet, selon nos informations, la société de gestion de la rue de la Paix doit signer ou non, ce vendredi 20 mai, une entrée dans son capital d’un des plus anciens fonds de private equity, TA Associates. Ce dernier compte déjà 16 participations dans des sociétés de gestion d’actifs. En cas d’accord entre les deux parties, TA Associates deviendrait le premier actionnaire de la société, devant Jean-Charles Mériaux, directeur de la gestion (cf. Newsmanagers du 07/04/2011) et Joseph Chatel, son président.
17/05/2011

Caceis accompagne Tobam dans son développement à l'international

Le groupe français spécialisé dans les services financiers aux institutionnels Caceis a annoncé le 16 mai avoir mis en place auprès de la société de gestion Tobam son offre middle-office, Prime MO®, pour l’accompagner dans ses phases de développement à l’international. L’offre Prime MO®, construite en architecture ouverte, connecte tous les acteurs qui ont choisi Tobam dans le monde, dont récemment aux Etats-Unis, à une plate-forme de middle-office unique. Dépositaire, conservateur et valorisateur des fonds de droit français de Tobam, Caceis rappelle dans un communiqué qu’il est le partenaire Asset Servicing de Tobam depuis sa création. A fin 2010, les actifs en conservation de Caceis s'élevaient à 2.379 milliards d’euros, les actifs sous administration à 1.150 milliards d’euros.
17/05/2011

State Street nomme une responsable mondiale des ventes pour les investissements alternatifs

Le groupe américain State Street a annoncé le 16 mai la nomination de Maria Cantillon au poste de responsable mondial des ventes pour le pôle Alternative Investment Solutions, dédiés aux investissements alternatifs. Basée à Londres, Maria Cantillon sera rattachée à Scott Fitzgerald, responsable des ventes pour le pôle Global Services Amérique de State Street.Maria Cantillon était précédemment responsable de l’activité de services dédiés aux gérants d’investissements alternatifs et membre du comité exécutif chez BNP Paribas Securities Services à Londres. Maria Cantillon supervisera une équipe de quinze personnes couvrant l’Amérique du Nord, l’Europe, et la région Asie Pacifique. Elle remplace Scott Fitzgerald, qui assume de nouvelles responsabilités depuis la fin de l’année dernière. Au 31 mars 2011, les actifs alternatifs sous administration du groupe Alternative Investment Solutions de State Street s'élevait à près de 770 milliards de dollars.
17/05/2011

Hausse de l'encours de Renta 4

L’espagnol Renta 4, qui a décidé en février d’acheter le Banco Alicantino de Comercio (lire notre dépêche du 9 février), fait état pour le 31 mars d’un encours sous gestion et conservation record de 5,7 milliards d’euros, soit 13,1 % de plus qu’un an auparavant. Le bénéfice avant impôt s’est accru de 5,8 % au premier trimestre par rapport à la même période en 2010 pour ressortir à 2,9 millions.Par ailleurs la société annonce la nomination comme président de sa filiale de gestion d’actifs Renta 4 Gestora d’Antonio Fernández Vera, qui reste président de Renta 4 Pensiones, poste qu’il occupe depuis mars 2007.
17/05/2011

Amundi Iberia choisit RBC Dexia IS pour l'administration automatisée de ses fonds

La filiale espagnole de RBC Dexia Investor Services, RBC Dexia Activos, a obtenu le mandat d’administration automatisée des 46 fonds d’investissement d’Amundi iberia (750 millions d’euros). Ce contrat permet à Amundi de sous-traiter l’administration de ses produits tout en conservant le contrôle complet des processus. Dans le cadre de l’accord, RBC Dexia a intégré trois salariés d’Amundi Iberia.
17/05/2011
Fonds

EQT cherche à lever un fonds de 4,2 milliards d’euros

La société de capital investissement EQT, qui est en partie détenue par la famille suédoise Wallenberg, offre aux investisseurs de son nouveau fonds qui s’engagent avant le premier «closing» un rabais de 10 % sur les commission de gestion de 1,5 %. La société cherche à lever 4,25 milliards d’euros d’ici à juillet lors du premier tour de table, selon les informations du Financial Times.
Fonds
17/05/2011
Fonds

Aviva envisage de lancer un fonds dédié aux actions américaines

Selon MoneyMarketing, Aviva Investors envisage de lancer un fonds de revenu sur les actions américaines dans les prochains mois.Le fonds sera géré par Henry Sanders, l’un des fondateurs de River Road Asset management, racheté par Aviva au début de l’année 2010. Le fonds sera une réplication du Dividend all-Cap Value Strategy de River Road. Le portefeuille du fonds pourrait être constitué à hauteur de 50% de grandes capitalisations, pour un tiers de valeurs moyennes, le reliquat étant réservé aux petites capitalisations.
Fonds
17/05/2011
Fonds

Morgan Stanley et Ascend Capital lancent un fonds Ucits III

Morgan Stanley vient d’annoncer le lancement d’un fonds au format Ucits III qui sera domicilié en Irlande et disponible sur sa plate-forme locale, FundLogic Alternatives.La société de gestion basée à San Francisco, Ascend Capital, qui gère quelque 3,2 milliards de dollars, a été désignée «investment manager» de ce fonds, le MS Ascend Ucits Fund, dont la promotion incombe à Morgan Stanley. Ce fonds est une stratégie actions long/short qui vise «une maximisation des gains conjuguée à une réduction de la volatilité», selon un communiqué de Morgan Stanley.
Fonds
17/05/2011
Fonds

CalPERS va vendre ses participations dans des sociétés iraniennes et soudanaises

Le fonds de pension californien CalPERS a indiqué le 16 mai qu’il avait adopté un programme de vente de toutes ses participations encore existantes dans certaines sociétés iraniennes et soudanaises. Les investissements du fonds de pension ont atteint jusqu’à 2 milliards de dollars dans 47 sociétés de ces pays. Aujourd’hui, CalPERS ne détient plus que 8 participations représentant un encours d’environ 160 millions de dollars.
Fonds
17/05/2011
Fonds

First Trust lance un ETF sur l'industrie automobile

Selon Mutual Fund Wire, First Trust Advisors vient de lancer son premier ETF qui permet aux investisseurs d’investir sur l’industrie automobile. Le First Trust NASDAQ Global Auto Index Fund, qui est disponible depuis le 10 mai sur le Nasdaq, suit la performance de 30 sociétés actives dans le secteur automobile.
Fonds
17/05/2011

Change in shareholder structure on the table for DNCA Finance

Rumours that the Banca Leonardo group may soon be abandoning its asset management business in France, selling off a part of its stake in DNCA Finance to a US investment fund, may die out this week. According to information obtained by Newsmanagers, the asset management firm based in the rue de la Paix in Paris must decide by 20 May whether or not to sign an agreement for an entry into its capital by one of the oldest private equity funds, TA Associates. The private equity fund already holds 16 stakes in asset management firms. If the two parties reach an agreement, TA Associates would become the largest shareholder in the firm, with a larger stake than Jean-Charles Mériau, chief investment officer (see Newsmanagers of 7 April 2011) and Jacques Chatel, chairman.
17/05/2011

Daniel Roy joins La Banque Postale

La Banque Postale announced on Monday, 16 May that from 1 June 2011, Daniel Roy has joined the executive board at the bank. He will serve as advisor to the board, in charge of development of wealth management. Roy, 54, had been chairman of the board at HSBC Banque Privée France since 2007 (see Newsmanagers of 16 May 2011), after joining HSBC in 2006. For the previous five years, he had been director of the Asset Management unit at CDC Ixis.
17/05/2011

Soros sells off stakes in gold, BofA and JPMorgan

In first quarter, the hedge fund managed by George Soros sold off 4.7 million shares in the SPDR Gold Trust, in which as of the end of March he held only 49,400 shares, worth USD6.9m, the Wall Street Journal reports. The fund has also unloaded 9.4 million shares in NovaGold Resources, and has considerably reduced its allocation to shares in Bank of America (BofA) and JP Morgan.However, it has tripled its exposure to Citigroup to 29.4 million shares, and scaled up its exposure to Wells Fargo by a factor of six, to 3.5 million shares.
17/05/2011

Caceis supports Tobam in international development

The French Caceis group, specialised in financial services for institutional investors, on 16 May announced that it has set up a range of middle-office services with the management firm Tobam, entitled Prime MO®, in order to assist clients in their international development. The Prime MO® range operates in open architecture, and connects all clients who have selected Tobam worldwide, including recent additions in the United States, on a single middle-office platform.Caceis, which is depository, custodian and fund valuation provider for Tobam’s French-registered funds, says in a statement that it has been the asset servicing partner for Tobam since its creation.As of the end of 2010, assets under custody at Caceis totalled EUR2.379trn, while assets under administration totalled EUR1.150trn.
17/05/2011

Fabien Madar will also cover Northern Europe for Pioneer

Fabien Madar, head for western Europe at Pioneer Investments, has had his responsibilities extended to include the Netherlands and Northern Europe. He replaces Jillert Bloom, the former head for Nothern Europe, who left the asset management firm of the Italian UniCredit group at the end of April. Madar is based in Paris, and will continue to cover France, Switzerland and Luxembourg. For the Netherlands and Northern Europe, he will work closely with Sander van de Giesen, head of sales. A country head will also be recruited. “We have begun the search for a new ‘Country Manager’ for the Netherlands and Scandinavia, and strong candidates have already expressed interest,” says Madar.
17/05/2011

Swiss government wants to toughen hedge fund regulations

The Swiss government is planning to announced proposed legislation this summer, which would bring Switzerland into line with the European directive on hedge fund management (AIFM) from 2013, thus toughening the regulations applicable to hedge funds and private equity funds in Switzerland, but allowing Swiss management firms continued access to EU markets, Handelsblatt reports.The move could be fatal for smaller hedge funds, due to the financial costs related to the license application process, auditing and personnel costs for recruitments to handle compliance and risk monitoring. Some experts claim that no hedge fund will be able to be profitable with less than CHF100m in assets, and that the regulatory changes will work to the advantage of London.In Switzerland there are now about 140 hedge fund management firms, with total assets of about CHF20bn.
17/05/2011

GAM repatriates management of an emerging markets debt fund

Following the acquisition of the bond and currency markets specialist Augustus Asset Managers by GAM, the management of the GAM Star Pharo Emerging Market Debt & FX fund will be brought back in-house, and will be given to Paul McNamara, investment director at GAM. The fund will become known as the GAM Star Emerging Markets Total Return. The fund had previously been managed by Pharo Global Advisors Limited. The outsourcing contract for the management of the fund will conclude on 1 June. McNamara and his team joined GAM following its acquisition of Augustus Asset Managers in 2009. The asset management firm invests in emerging markets debt, and as of 30 April 2011, McNamara managed about USD7.6bn in assets. The fund will continue to aim for total returns 3% to 5% higher than the JP Morgan EMBI Global Diversified Composite index, and will continue to be managed with a top-down macroeconomic style which prioritises active risk management.
17/05/2011

Société Générale Private Banking (Switzerland) pays price for strong franc

Société Générale Private Banking (Switzerland) suffered due to the strong Swiss franc in 2010. The entity has announced an 8.7% decline in its net banking income, to CHF233.6m, and net profits of CHF40.7m, down from CHF55.4m in 2009. Assets under management were also negatively affected by the strength of the Swiss currency. As of the end of December 2010, assets totalled CHF25bn, compared with CHF27bn one year earlier. The decline of the US dollar and the euro against the franc led to a mechanical decline of CHF2.9bn, while the performance of the markets brought in gains of CHF1.3bn, the bank has told Le Temps. Subscriptions were positive to the tune of CHF360m.
17/05/2011

Schroders recruits a head from BlackRock

Schroders has announced the appointment of Kate Jones as head of investment services, taking investment responsibility for developing the next generation global investment operating platform. She joins from BlackRock where she was head of structured solutions portfolio management for Europe. In this capacity, she was responsible for portfolio management of liability driven investment, asset allocation mandates and synthetic overlays. With the rapid growth in its multi-asset, fixed income and LDI businesses, Schroders is further enhancing its global investment management and research platform embracing all asset classes. Kate Jones will report to Alan Brown, group chief investment officer,
17/05/2011

Jupiter AM adds to fund of funds team

Jupiter Asset Managemetn has announced the arrival of Amanda Sillars and David Lewis at Merlin, its team dedicated to funds of funds. Sillars, who will become a fund selection specialist from 18 May, was previously investment director and executive director at JP Morgan Asset Management. Lewis, for his part, joins the team as assistant manager from 18 May. He previously held the same position in the Private Clients & Charities division of Jupiter. The Merlin team manages more than GBP6bn in six portfolios, a statement says.
17/05/2011

Bernie Madoff's wine cellar up for auction

On 18 May, the New York auction house Morrel & Company will auction off the contents of Bernard Madoff’s wine cellar, Das Investment reports, citing AFP. The collection includes only 58 bottles, with an estimated value of EUR11,000, including a Château Petrus 1976 and a case of Mouton Rothschild.
17/05/2011

Morgan Stanley and Ascend Capital launch a UCITS III fund

Morgan Stanley has announced the launch of a UCITS III fund, which will be domiciled in Ireland, and will be available on the firm’s local platform, FundLogic Alternatives. The San Francisco-based management firm Ascend Capital, which manages about USD3.2bn in assets, has been appointed as “investment manager” for the product, MS Ascend Ucits Fund, which will be promoted by Morgan Stanley. The fund is a long/short strategy focusing on US equities, which aims to “maximise gains and simultaneously to reduce volatility,” a statement from Morgan Stanley says.
17/05/2011

Aviva plans to launch a fund dedicated to US equities

MoneyMarketing reports that Aviva Investors is planning to launch an income fund of US equities in the next few months. The fund will be managed by Henry Sanders, one of the founders of River Road Asset Management, which was acquired by Aviva early in 2010. The fund will replicate the Dividend All-Cap Value Strategy fund from River Road. The portfolio of the fund may include up to 50% large caps, and one third midcaps, while the remainder of the fund will be reserved for small caps.
17/05/2011

Julius Baer makes moves in Italy

Andrea Benenati, head of the Hong Kong office and CEO for northern Asia at the Julius Baer group, will be leaving the firm next month in order to found his own management firm in Hong Kong, Asian Investor reports. Alexandre Floersheim, head of investment advising services in Hong Kong, will also be leaving Julius Baer in order to assist Benenati with his new projects.
17/05/2011

Newcits are not a new class of products, says EFAMA

The European Fund and Asset Management Association (Efama) has published a report on the evolving investment strategies of UCITS. A working group was convened to examine the increasing sophistication of these products. Traditionally, UCITS funds have been regarded worldwide as plain vanilla investment funds which only employ traditional investment strategies. However, as allowed by the UCITS III Directive of 2001, there are nowadays more and more UCITS funds that use a wider range of techniques and instruments with the aim of managing the trade-off between risk and return. One of the main examples is using derivative techniques to generate “absolute” returns to the investors. The investor demand for these types of products has significantly increased since the financial markets crisis. In particular, there is clear investor desire to achieve yield uplift relative to the low returns on deposit accounts. At the same time there is a demand from investors for capital security. Commenting on the publication of the report Peter De Proft, director general of Efama, said: “The “Newcits” label was coined by the media and should not be adopted by the industry or regulators. We do not believe that it is necessary or beneficial to have a specific label for these funds. The universe of UCITS is evolving but this is encompassed by the UCITS regulatory framework. Moreover, the regulatory requirements and supervisory tools are being developed, especially under the UCITS IV framework, which enters into force on 1 July 2011”.
17/05/2011

DWS freezes subscriptions and redemptions for db ImmoFlex

On 16 May, DWS Investments (Deutsche Bank) has announced that it will be suspending subscriptions and redemptions for its open-ended real estate fund of funds db ImmoFlex (EUR259m) until further notice, since a large portion of its portfolio is invested in open-ended real estate funds from which redemptions have been frozen, and that freeze is likely to continue for some time to come.Liquidity in the db ImmoFlex fund is insufficient to meet all redemption demands; in order to satisfy those, the fund would need to sell assets at unjustifiable markdowns, which would result in a considerable deterioration in the quality of the portfolio (14 funds, invested in about 500 properties in more than 20 countries), as well as the risk structure of the fund.The fund, which has exclusively retail clients, is said to have undergone net outflows of EUR50m since the beginning of the year, and its liquidity levels are said to have fallen to 7% (while the legal minimum is 5%).

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