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28/03/2011

L’Asie séduit toujours davantage les hedge funds

Le mouvement de transfert se poursuit. Hong Kong et Singapour ont tout simplement presque doublé de taille au cours des douze derniers mois en termes d’hébergement des plus importants fonds alternatifs de la planète. Aux dépens de Londres et de New York. Le quotidien cite une étude de Hedge Fund Intelligence, publiée aujourd’hui, qui indique que les deux places asiatiques sont le siège de 18 fonds alternatifs dont l’actif dépasse un milliard de dollars (une référence dans le secteur), contre 10 il y a un an.New York reste toutefois au sommet mondial avec 128 fonds alors que Londres en totalise 63. Mais la dynamique est bien en Asie, et la tendance va s’accélérer.
25/03/2011

Le Portugal doit tenir ses engagements budgétaires

Des élections devraient vraisemblablement être organisées au Portugal, dans un délai de deux mois, a déclaré Nicolas Sarkozy lors d’une conférence de presse à Bruxelles. «José Socrates a rappelé devant le Conseil l’engagement de l’ensemble des forces politiques portugaises à tenir les engagements budgétaires pris début mars,» a précisé le chef de l'État français.
25/03/2011

L'indice allemand Ifo quasi stable en mars

L’indice principal de l’Ifo du climat des affaires en Allemagne a atteint 111,1 en mars contre 111,2 en février , dépassant les attentes des analystes qui prévoyaient un léger repli, montrent les résultats de l’enquête mensuelle de l’institut Ifo.
25/03/2011

Le rendement des obligations portugaises à 10 ans au-dessus de 8%

Le rendement des obligations souveraines à 10 ans émises par le Portugal a atteint un niveau record de 8,01%, ce qui représente une hausse de 15 points de base par rapport à la veille. Celui du papier à deux et cinq ans sont également à des niveaux record depuis la création de la zone euro après que Standard & Poor’s a abaissé sa note sur le pays de «A-" à «BBB», et n’a pas exclu un nouveau déclassement la semaine prochaine, quelques heures après une décision d’ampleur similaire de sa concurrente Fitch.
25/03/2011

Accélération confirmée de la croissance fin 2010 en France

L'économie française a rebondi de 1,5% en 2010 après avoir subi en 2009 la pire récession depuis la Seconde guerre mondiale, a confirmé vendredi l’Insee, accréditant le scénario d’une accélération progressive d la croissance au fil des trimestres. La croissance des trois derniers mois de l’an dernier a été révisée en hausse, à 0,4% contre 0,3% estimé initialement mi-février. Quelques heures avant la publication de ces chiffres, la ministre de l’Economie, Christine Lagarde, avait confirmé viser une croissance de 2,0% cette année.
25/03/2011

Van Eck reopens its Egypt ETF to subscriptions

The US asset management firm Van Eck Global on 23 March reopened subscriptions to its Market Vectors Egypt Index ETF. Subscriptions had been suspended due to events in Egypt, which provoked the closure of the Cairo stock exchange (see Newsmanagers of 2 February 2011).
25/03/2011

Dexia AM appoints CIO for its traditional management department

Dexia Asset Management on Thursday, 24 March announced that from 1 April 2011, it has appointed Vincent Hamelink as chief investment officer (CIO) for the traditional management department at the management firm. Hamelink, who succeeds Wim Vermeir, will direct the department so as to strengthen the position of Dexia AM, a statement says. Hamelink joined Dexia Asset Management in 1997 as head of the bond management department, and has since been global head of fixed income, and a member of the board of directors at Dexia AM Luxembourg SA, from 2001 to 2009. In April 2009, he was appointed a member of the executive committee at Dexia AM.
25/03/2011

Henderson plans to invest “at least” EUR170m in real estate in 2011

Christopher Linney, head of property investment, France, at Henderson Global Investors (HGI, about EUR65bn, of which EUR14bn are in real estate), on 24 March announced that the group is planning to invest “at least” EUR170m in real estate in France this year, either via its Hamburg affiliate Warburg-Henderson (institutional funds), or the UK-based Herald (specialised more in commercial real estate).In France, real estate assets represent about EUR700m, of which 40% are in offices, 40% in commercial property and 20% in logistical property. HGI has not made any acquisitions in France since late 2009, and its managers will likely be highly selective, as they are expecting returns to increase in the next three years, due to short supply, but that returns will be more limited on a five-year horizon. The possibility has not been ruled out that alongside acquisitions the British manager may also thin out its portfolio, as it did in late 2010.
25/03/2011

Baring AM tries to relaunch fund dedicated to Asian frontier markets

Asian Investor reports that Baring Asset Management (Asia) is now looking to promote the growth potential of South-East Asia, in a bid to bring liquidity in for its Asean Frontiers Fund, which has seen a 29% decline in its assets to USD270m, from USD380m last year. The fund is at least 70% invested in the major Asian equities markets: Singapore, Malaysia, Indonesia, Thailand and the Philippines, while a 25% portion of the fund is reserved for frontier markets and greater China, with a preference for small and midcaps.
25/03/2011

Profits at LLB down 40%

Profits at the Liechtensteinische Landesbank (LLB) fell 40.1% last year, to CHF108.5m, Agefi Switzerland reports. After minority positions are taken into account, profits total CHF102.8m. The 2011 results are expected to be better than 2010, so long as the market stabilises, the bank predicts. Assets under management in 2010 were up slightly, to CHF49.8bn, from CHF49.5bn one year earlier. LLB has also posted net inflows of CHF2.7bn for the period under review, following an outflow from funds of CHF1bn in 2009. In this context, the board of directors is proposing an unchanged dividend of CHF3.40 per share.
25/03/2011

Popular and Allianz form strategic alliance

Banco Popular (whose cost/income ratio is only 35%) on 24 March notified the CNMV that its strategic agreement with Allianz will generate at least EUR490m in capital gains. The agreement will involve the creation of Allianz Popular, a joint venture in which Allianz will control 60%, and Popular the remaining 40%. The new entity will include the activities of the two signatories in the areas of life insurance, retirement and asset management, with an exclusive 15-year agreement in life insurance, retirement savings, investment funds, and non-life insurance.In the case of investment funds, the new platform, which will manage EUR11bn, and which is valued at EUR1.058bn, will for 15 years exclusively distribute Popular Gestión products, via the Popular retail network.The agreement includes existing joint ventures between the two partners: Eurovida (life insurance), Europensionens (retirement savings plans), and Popular Gestión; but it does not include Popular Banca Privada, which will continue to operate with open architecture, and thus will distribute funds from Allianz Global Investors (AGI) and Pimco, affiliates of Allianz, among others.
25/03/2011

Head of private wealth management at Deutsche Bank takes over as head of Credit Suisse Germany

Deutsche Bank on Thursday confirmed that Johannes Baratta, head of private wealth management at the group, has resigned. According to reports in Handelsblatt, Baratta is joining Credit Suisse, where he will be the new country head for Germany, replacing Andreas Brandt. Brandt spent several years as head of Credit Suisse Germany, and presided over growth in assets, but profits have remained below the group’s expectations.
25/03/2011

Marion Redel joins banks and management firms unit at Edram

Edmond de Rothschild Asset Management (Edram) on 24 March announced the arrival of Marion Redel in the distribution management, which consists of eight people led by Philippe Cormon. The recruitment is a sign of Edram’s aim of strengthening its team and particularly the banks and management firms unit, which is overseen by Joséphine Loréal. Redel previously worked at Franklin Templeton France, as head of commercial development serving institutional clients.
25/03/2011

FCPE range entitled “Groupama Epargne Responsable” scaled up

Groupama Epargne Salariale and Groupama Asset Management announced on Thursday, 24 March that the Groupama Epargne Responsable range, which is approved by the inter-union employee savings committee Comité Intersyndical de l’Épargne Salariale, is developing to become the major product line from Groupama Epargne Salariale for businesses and savings investors. The range in question, which represents EUR280m in assets, is composed of 6 FCPE funds managed according to financial and extra-financial analysis criteria, in compliance with best-in-class SRI management processes for equities and fixed income established by Groupama Asset Management, a statement says.
25/03/2011

Barclays Wealth Managers France relaunches “young start-up” fund

On the observation that funds tend to outperform in the first years of their lives, Barclays Wealth Managers France on 21 December 2007 created the Barclays Alphastars Discovery fund, which invests in new funds from entrepreneurial funds.The product, which was launched at a difficult time when investors were pulling back from equities investments, did not prove popular, and was neglected by sales teams. Now, as conjuncture improves, Barclays Wealth Managers is seeking to bring the product back into the limelight, as the product now has a three-year track record.The target is to double the fund’s assets of EUR21m, says Alain Zeitouni, director of multi-management at Barclays Wealth Managers France. Jean-Marie Feron, in charge of commercial development, estimates that it may be possible to go further than that.
25/03/2011

db x-trackers lists Global Fund Supporters ETF in London

Following Frankfurt (see Newsmanagers of 14 December), db x-trackers is now listing its Global Fund Supporters ETF, which replicates the Dow Jones Global Fund 50 Index to Fight AIDS, Tuberculosis and Malaria, on the London Stock Exchange (LSE). The fund is a physical replication product, though db x-trackers ordinarily offers synthetic replication funds. Its TER is 0.25%.The Dow Jones Global Fund 50 index, which is the underlying for the fund, replicates the evolution of the 50 largest caps in the Global Fund, a multilateral institution which finances the prevention and treatment of tuberculosis, malaria, and HIV. The Global Fund has already made investment pledges of over USD21bn in 144 countries. Management commission revenues earned by db x-trackers on the ETF over and above costs will be contributed directly to the Global Fund.
25/03/2011

Ignis changes name and strategy of an emerging markets fund

Though it will still have the same manager, James Smith, the Ignis International Emerging Markets Fund (GBP71.1bn) has since 21 March been known as the Ignis International Emerging Markets Select Value Fund, and its investment policy has been modified, Fund Web reports. Smith will now be required to use futures on at least eight different indices for hedging. In addition, the manager is now permitted to invest up to 10% of assets in ETFs and “unapproved” securities.
25/03/2011

Efama publishes a new guide to best practices

The European fund and asset management association (EFAMA) on 24 March published a new set of recommendations to increase the effectiveness of order processing. The report, prepared by the Fund Processing Standardization Group (FPSG), consolidates recommendations published in 2005 and revised in 2008, and offers new recommendations in two key areas: transfers of units between two accounts, and events which impact assets in a fund, such as reorganisations, meetings, and other notifications sent out to investors. In both cases, best practice is to secure transactions, improve communications between actors, and to shorten processing times.
25/03/2011

Arqaam launches a fund dedicated to the MENA region

Arqaam Capital Asset Management is planning to launch a new long-only fund dedicated to the Middle East and North Africa (MENA), Asian Investor reports. The fund will offer quarterly liquidity and may invest in less liquid shares.

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