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04/04/2011

Reyl & Cie prend une participation dans MicroWorld

Le groupe bancaire genevois Reyl & Cie (4 milliards de francs d’encours) a annoncé le 1er avril avoir pris une participation de 4 % dans le capital de MicroWorld, une plate-forme de microcrédit solidaire mise en ligne en janvier 2011 et qui exploite la dimension multi-relationnelle du web.MicroWorld est animée par PlaNet Finance, la société de Jacques Attali, le Groupe Allard, ainsi qu’un pool d’actionnaires indépendants. Elle offre aux particuliers et aux entreprises la possibilité de sélectionner individuellement, puis de financer sous forme de prêt sans intérêt, des projets de micro-entrepreneurs dans le monde entier.Les sommes prêtées sont garanties et restituées à la fin de la période de financement. La totalité des fonds ainsi collectés est affectée à la lutte contre la pauvreté en accompagnant le développement de ces projets. A terme, l’objectif de la plate-forme est d’en traiter 2000 par mois dans une vingtaine de pays. Aujourd’hui, elle est notamment active au Pérou, au Cambodge ou encore au Sénégal.
04/04/2011
Fonds

Les Français pourraient délaisser l'assurance vie en cas de réforme fiscale

Les Français sont très critiques à l’égard du projet de réforme fiscale annoncé par le gouvernement et pourraient adapter leur comportement d'épargne. Dans l’hypothèse d’un durcissement du régime fiscal de l’assurance vie, 59% des souscripteurs envisageraient de changer leur stratégie d’épargne, soit en privilégiant d’autres supports d’épargne (35%) soit en fermant leur contrat assurance vie (24%), indique un sondage Ifop commandé par la Fédération française des sociétés d’assurance (FFSA).L’assurance vie demeure néanmoins un placement très apprécié des Français. Dans le détail, 66% d’entre eux estiment que c’est un moyen fiable et sûr d’épargner de l’argent et 61% jugent que c’est un bon placement pour préparer sa retraite. Pour s’assurer que la réforme fiscale à venir soit la plus juste possible, les Français estiment qu’il conviendrait de taxer en priorité les œuvres d’art (72% de citations) ou les actions (71%), plutôt que l’assurance vie (8% de citations).
Fonds
04/04/2011

BP2S veut doubler ses revenus d’ici à cinq ans

Patrick Colle, directeur général depuis moins d’un an de BP2S, vient de fixer de nouveaux objectifs de développement à la filiale titres de BNP Paribas: multiplier par deux les revenus de BP2S d’ici à cinq ans (1,2 milliard d’euros en 2010) et doubler la part revenant aux marchés hors d’Europe (moins de 10% aujourd’hui), rapporte Les Echos. L’Asie et l’Amérique du Sud constituent les cibles prioritaires. Un bureau a été ouvert à Pékin l’année dernière, et Chenay, en Inde, est devenu il y a deux ans, le hub opérationnel de BP2S en Asie Pacifique avec 400 salariés.
04/04/2011

Résultats contrastés pour les filiales de gestion des banques

Selon La Tribune, alors que les banques françaises semblent avoir réussi à surmonter la crise financière d’après les résultats publiés pour l’année 2010, dans le métier de la gestion d’actifs la crise ne semble en revanche pas terminée. Parmi les trois grandes sociétés de gestion que sont BNP Paribas Investment Solutions, Amundi et Natixis Global Asset Management (NGAM), Amundi est la seule sur les trois à être parvenue à générer une collecte nette positive sur l’année de 1,2 milliard d’euros. En revanche, BNP Paribas Investment Solutions affiche des rachats nets de 17,6 milliards d’euros, NGAM de 11,6 milliards d’euros, note le quotidien. Pour La Tribune, les principales difficultés des grandes maisons de gestion viennent de la fuite des fonds monétaires.
04/04/2011

Le secteur des fonds est surpayé

Le secteur mondial des fonds détruit 1.300 milliards de dollars de valeur par an, selon un projet d’étude d’IBM qui n’a jamais été publié et que le FTfm a lu. Cela inclut notamment 300 milliards de dollars de frais excessifs pour des fonds long only gérés activement mais qui ne battent pas leur indice de référence, 250 milliards de commissions pour des services de gestion de fortune et de conseil qui ne produisent pas des rendements supérieurs au benchmark et 51 milliards de frais pour des hedge funds qui ne délivrent pas les performances annoncées.
04/04/2011

Eaton Vance acquiert Pelican Investment Management

Le cabinet de conseil patrimonial Pelican Investment Management (500 millions de dollars d’actifs conseillés) a été acheté pour un montant non divulgué par Eaton Vance Investment Counsel ou EVIC (4 milliards de dollars d’encours).Les dirigeants de Pelican, Anthony Pell, David Callard (les deux fondateurs) et John Paolella, rejoignent EVIC avec leur équipe.Pelican, fondé en 2001, et EVIC, fondé en 1924, évoluent tous deux sur le créneau de la clientèle des particuliers haut de gamme.
04/04/2011

KIA et GIC prennent 4,5 % de TPG

Les fonds souverains du Koweit (Kuweit Investment Authority, 200 milliards de dollars) et Government of Singapore Investment Corp (GIC, 100 milliards de dollars) ont acquis environ 4,5 % de TPG Holdings (48 milliards de dollars d’encours) à la faveur d’une opération qui valorise le capital-investisseur américain à quelque 11 milliards de dollars, rapporte The Wall Street Journal. Cela permet à TPG d’engranger plusieurs centaines de millions de dollars et de s'éviter une introduction en Bourse.
04/04/2011

BlackRock recrute un directeur institutionnel

BlackRock annonce l’arrivée d’Edwin Conway Managing au poste de directeur de son activité dédiée aux institutionnels pour les Etats-Unis et le Canada. Basé à New York, l’intéressé était auparavant managing director et responsable des relations investisseurs de Blackstone Alternate Asset Management (BAAM).
04/04/2011
Fonds

Blackstone va se séparer de son fonds d'infrastructures

En deux ans, Blackstone n’est parvenu à lever que 350 millions de dollars, au lieu des 2 milliards visés, pour son premier fonds mondial d’infrastructures, et encore en réduisant le «carried interest fee» à 10 % contre 15 %, de même qu’en diminuant la commission de gestion, rapporte Financial News, relayé par The Wall Street Journal.Dans ces conditions, le capital-investisseur va essaimer le fonds en le dotant de 50 millions de dollars d’amorçage et en le confiant aux directeurs généraux de Blackstone Michael Dorrell et Trent Vichie, qui le relanceront en mai. Blackstone lui transmettra aussi les transactions sur les infrastructures, assurera les fonctions de back-office et déléguera des dirigeants au comité d’investissement.Selon les proches du dossier, Blackstone redoutait que le fonds ne soit trop petit pour générer suffisamment de recettes pour le groupe.
Fonds
04/04/2011
Fonds

iShares lance deux nouveaux ETF sur NYSE Arca

iShares lance deux nouveaux ETF sur NYSE Arca. Il s’agit du iShares MSCI China et du iShares High Dividend Equity. Le premier permet de s’exposer au 85 % des actions chinoises ayant la plus forte capitalisation. Le deuxième permet d’investir sur les actions de qualité de sociétés versant un dividende important. L’ETF a pour indice le Morningstar Dividend Yield Focus Index.
Fonds
04/04/2011

Aviva Investors takes back funds mandated out to FundQuest

Aviva Investors has confirmed plans to bring the management of the group’s multi-management mandates, representing GBP1.3bn in assets, back into the company, Investment Week reports. Ian Aylward and Peter Fitzgerlad, senior portfolio managers, will manage the funds of funds which were previously mandated out to FundQuest. The team will also take over the range of managers of managers, which was mandated out to Close Investments.
04/04/2011

Sanlam withdraws an international equities mandate from Pictet

Investment Week reports that Sanlam Universal Funds has transferred the management of its Global Equity fund from Pictet, and awarded it to Centre Asset Management. The US-based consulting firm Centre Asset Management will now take over management of the GBP8bn fund domiciled in Dublin, which Pictet has managed for the past 5 years.
04/04/2011

Two Allianz entities join BVI

The German financial management association BVI on 1 April announced that Allianz Global Investors Europe GmbH and Allianz Global Investors Europe Holding GmbH have joined the professional organisation. The two firms have their headquarters in Munich. Allianz Global Investors Europe GmbH is a wholly-owned subsidiary of Allianz Global Investors Europe Holding GmbH, which is 100% owned by Allianz Global Investors AG. The association says in a statement that, counting these two new additions, it now has 85 members, including 65 investment firms, 13 management firms, and 7 holding companies, with overall assets under management of EUR1.8trn, largely in open or closed funds.
04/04/2011

Nestor-Fonds-Vertrieb adds to sales team

Katrin Altmann, who previously worked at ebase and DJE Kapital, has been recruited as senior sales manager at Nestor-Fonds-Vertrieb, the German affiliate of the Luxembourg-based Nestor Investment Management SA. From 1 April, she is head of wholesale distribution, IFAs, and distribution partners. Nestor has created the new position following a strong increase in its assets. Altmann will report to Tobias Pfab, head of distribution.
04/04/2011

Franklin Templeton planning to promote multi-asset class funds

Reinhard Berben, CEO of Franklin Templeton for Germany, has announced that the firm is planning to increase its presence in the diversified fund niche in Germany, the Frankfurter Allgemeine Zeitung reports. In addition to the classic products in this category, such as the Global Fundamental Strategies Fund, the manager is also planning to boost sales of multi-asset class funds, such as profiled products of the Strategic Allocation range, overseen by Matthias Hoppe in Frankfurt.
04/04/2011

Commerzbank planning to pull out of KGAL

According to financial industry sources, Commerzbank and Sal. Oppenheim are planning to sell their stakes of 45% and 10%, respectively, in the Bavarian asset management firm KGAL (EUR25.2bn in assets), Handelsblatt reports.The shares may be bought by BayernLB, which owns 30% of capital, and the Hambourg savings bank (Haspa). However, as BayernLB is required by the European Union to reduce its balance sheet, it will not acquire a majority stake in KGAL, which it would then be required to completely consolidate.
04/04/2011

AXA finalises AXA APH transaction

AXA announced on 1 April that it has finalised its AXA APH transaction, including the sale of its life insurance, savings, and retirement activities in Australia and New Zealand, and the acquisition of the life insurance, savings, and retirement activities of AXA APH in Asia. The Australian insurer AMP has acquired 100% of the existing shares in AXA APH, for AUD13.3bn (about EUR9.5bn). AXA then acquired 100% of the Asian activities of AXA APH from AMP, for AUD9.8bn.
04/04/2011

Assets up at LVAM

LV= (Liverpool Victoria Friendly Society) on 31 March announced that its profits totalled Gbp21.3m in 2010, compared with losses of GBP172.2m in 2009. In the past year, assets increased by 13%, to GBP8bn as of the end of December, up from GBP7.1bn.
04/04/2011

Andrew McCaffery rejoins Aberdeen

Andrew McCaffery, a founding member of Alignment Investors, a division of BlueCrest, is returning to Aberdeen Asset Management, a firm he left in 2008, as head of absolute return strategies. He will return as head of institutional hedge funds, and will belong to the fund of hedge fund management team (over GBP4bn in assets), alongside Graham Duce and Aidan Kearney, the British management firm announced on 31 March. McCaffery will report to Anne Richards, CIO and head of alternative investment strategies.
04/04/2011

Head of marketing at Ignis joins Ardevora

The head of marketing at Ignis Asset Management, Rob Page, is leaving the firm to join his former colleagues at Liontrust, Jeremy Lang and William Pattison, at Ardevora Asset Management. He will be a partner at the firm, which was launched in January 2010. James Senior, assistant head of marketing at Ignis, will replace Page.
04/04/2011

Aviva Investors overweight in equities

At a press conference on Friday, Pascal Heurtault, chief investment officer at Aviva Investors France, announced that compared with a balanced portfolio consisting of 50% equities and 50% bonds and money markets, the asset management firm is currently overweight in equities (58%), after taking some profits (the proportion was previously 63%).This predilection for equities, despite the recent oil crisis and the Japanese disaster, are due to good corporate results and positive surprises in terms of profits and earnings. Margins are at their highest, and crisis management at businesses has proven effective. “The markets are not all that expensive, and they are earning more than Bunds,” says Heurtault. In addition, the context for a recovery in merger and acquitions activity is shaping up.Prime rates are expected to increase slightly, and the manager, which is cautious about German and French long-term rates, still holds some positions in Spain and Italy. The credit market has now reduced many of its spreads, but there is still potential there. Aviva Investors therefore remains positive about the banking sector. In light of continuing low interest rates, the manager is “reserved” about money markets.
04/04/2011

The fund industry is destroying value

The fund management industry is destroying USD1,300bn of value each year, according to an unpublished draft report conducted by IBM and seen by FTfm. This includes USD300bn in excess fees for actively managed long-only funds that fail to beat their benchmark, USD250bn in fees for wealth management and advisory services that fail to deliver above-benchmark performances, and USD51bn in fees for hedge funds that also fail to deliver their targeted returns.
04/04/2011

BlackRock recruits a head of institutional management

BlackRock has announced the arrival of Edwin Conway Managing as director of its activities serving institutionals in the United States and Canada. He will be based in New York, and was previuosly managing director and head of investor relations at Blackstone Alternate Asset Management (BAAM).
04/04/2011

KIA and GIC take control of 4.5% of TPG

The Kuwait sovereign wealth fund Kuwait Investment Authority (USD200bn in assets) and the Government of Singapore Investment Corp (GIC, USD100bn) have acquired about 4.5% of TPG Holdings (USD48bn in assets), in an operation which values the US private equity investor at about USD11bn, the Wall Street Journal reports. This will allow TPG to bring in several hundred million dollars, avoiding a potential IPO.
04/04/2011

Inverseguros liquidates its real estate fund

The real estate fund Segurfondo Inversión will be liquidated by Inverseguros, which on 1 April notified the CNMV that, two years after permission was issued to suspend redemptions from the fund (3 April 2009), it is not in a position to amass sufficient liquidity to pay back investors who want to withdraw from the fund. In agreement with the depositary bank, Segurfondos has therefore decided to liquidate the fund. One month after the publication of the decision in the official bulletin (Boletín Oficial del Estado), in order to allow time for any potential legal filings, Inverseguros will undertake to divide the assets in the fund between subscribers. Participations which remain unclaimed after three months will be transferred to the Caja General de Depósitos, where they will be held in the name of the shareholder. During the liquidation period, Inverseguros will maintain the reduced commission regime which was in force during the redemption suspension period. Assets under management represent EUR492m, of which 62% are in residential and 27% in office properties. The fund has about 500 subscribers, of whom 86.7% are institutional investors.
04/04/2011

Money market funds return to net subscriptions

According to Ahorro Corporación, Spanish equities funds have seen slight net outflows of EUR100m in March, while money market funds have posted their first net subscriptions since October 2009, at EUR200m, Cinco Días reports.The newspaper also reports that assets in the real estate fund Caixa Catalunya Proprietat, whose liquidity window opened on Friday, have fallen 17.7% in one year, and 32.2% since 2008. Its cumulate returns since launch in 2006 come to 4.29%, despite a loss of 4.78% in 2010. Caixa Catalunya points out that it is the only fund in its category not to have required assistance from its depositary bank.
04/04/2011

Spanish funds collected a net total of EUR320m in January-March

Last month, net subscriptions to Spanish securities funds totalled EUR712m, the highest amount since March 2006, the Spanish association of management funds Inverco has announced. Since the beginning of the year, net subscriptions have totalled EUR320m, while net inflows in February were the first following 16 consecutive months of net outflows (November 2009-January 2011). Assets as of the end of March totalled slightly over EUR139.95bn, which represents an increase of EUR870m, or 0.6%, in one month. Inverco says that assets under management have increased by more than EUR1.94bn since 1 January. In March, Santander Asset Management and InverCaixa Gestión posted the largest net subscriptions, at EUR511m and EUR506.55m, respectively. However, Ahorro Corporación Gestión and Caixa Catalunya Gestión have seen net outflows of EUR106.94m and EUR181.49m, respectively.

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