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21/03/2011
Fonds

L’amorçage d’entreprises ne décolle toujours pas

La reprise des investissements dans le capital-risque se confirme nettement, selon l’indicateur Chausson Finance, rapporte Les Echos. 532 millions d’euros lui ont été consacrés au second semestre 2010, contre 515 millions de janvier à juin, et 31% de plus qu'à la même période en 2009. Les deuxièmes tours, dits «late stage», ont représenté les trois quarts des montants investis au second semestre 2010, à hauteur de 383 millions d’euros. Les financements d’amorçage en revanche restent, pour le quatrième semestre d’affilée, inférieurs à 40 millions d’euros, soit seulement 7% des sommes dédiées au secteur.
Fonds
21/03/2011
Fonds

Yoplait : le FSI a lui aussi des ambitions

Alors que General Mills a officialisé vendredi le rachat de 50% de Yoplait à PAI Partners, les ministres français de l’Economie et de l’Agriculture ont indiqué que le Fonds stratégique d’investissement envisage d’"accompagner ce projet d’investissement», rapporte l’Agefi.
Fonds
21/03/2011

Benjamin de Frouville rejoint M&G Investments en France

La filiale de gestion d’actifs du groupe Prudential a annoncé le 18 mars l’arrivée de Benjamin de Frouville en qualité de co-responsable distribution au sein de son équipe parisienne. Il rejoint ainsi l’équipe dédiée à la distribution intermédiée (plateformes, conseillers en gestion de patrimoine etc) composée de Gilles Dreyfus et d’Agathe Proust.Avant de rejoindre M&G Investments, Benjamin de Frouville, 31 ans, s’occupait des relations partenaires chez Keren Finance depuis février 2008. M&G Investments, dont les encours sous gestion en France s’élèvent à 1,5 milliard d’euros, souhaite renforcer cette année son développement auprès des conseillers en gestion de patrimoine.
21/03/2011
Fonds

Christian Bito et Vladimir Danesi lancent prochainement quatre fonds monde

Au 1er avril, CBT Gestion (34 millions d’euros d’encours au total), la structure montée par Christian Bito, Vladimir Danesi et Jean-Luc Fargin, élargira la gamme ouverte le 5 novembre avec le lancement du FCP de droit français CBT Action Eurovol 20 (lire notre article du 8 novembre 2010) en proposant les fonds CBT vol 5, CBT vol 7,5, CBT vol 15 et CBT vol 25. L’agrément correspondant de l’AMF a été obtenu le 18 mars.Ces fonds de fonds figurent parmi les premiers de la Place pour lesquels la maitrise de la volatilité a été inscrite dans l’objectif de gestion à leur niveau respectif de 5, 7.5, 15, et 25% du prospectus AMF.Pour ces nouveaux produits, l’univers d’investissement est étendu à l’ensemble des marchés internationaux et les limites vont de 0% à 100% (60% maximum pour la gestion la plus modérée sur le fonds CBT vol5) alors que l’Eurovol 20 se focalisait sur l’Europe et affichait une exposition plancher aux actions zone euro de 60 %."Nous avons déjà pu mettre à l’épreuve de cinq crises notre approche de gestion par le pilotage de la volatilité : l’Irlande, la Tunisie, l’Egypte, la Libye, le Japon. C’est clairement devenu un paramètre primordial dans un portefeuille», explique Christian Bito, PDG de CBT Gestion.La spécificité de CBT Gestion consiste à combiner la technique de minimisation de la variance (minvar) pour rechercher une faible volatilité des investissements avec une allocation très mobile afin de réagir aux dérives de la volatilité des marchés.
Fonds
21/03/2011

"Nous souhaitons nous renforcer sur les actions et la gestion alternative"

Chairman et CEO de Legg Mason depuis trois ans, Mark Fetting présente à NewsManagers ses priorités stratégiques et son positionnement en Europe, en France notamment, où le groupe est en train de renforcer ses effectifs et souhaite figurer parmi les principaux acteurs sur les actions américaines.
21/03/2011
Fonds

OPCVM zone euro : l'encours recule de 10 milliards d'euros en janvier

En janvier 2011, l’encours de parts émises par les OPCVM non monétaires de la zone euro s’est inscrit à 5.734 milliards d’euros, inférieur de 10 milliards d’euros à celui enregistré en décembre 2010, selon les statistiques communiquées le 18 mars par la Banque centrale européenne (BCE). Cette diminution s’explique par un recul de la valeur des parts, qui a été partiellement compensé par les émissions nettes.Les souscriptions nettes de parts d’OPCVM non monétaires de la zone euro se sont inscrites à 17 milliards d’euros en janvier 2011, tandis que les OPCVM monétaires ont enregistré des rachats à hauteur de 9 milliards. En ce qui concerne la ventilation par stratégies de placement, le rythme de progression annuel des parts émises par les fonds « obligations » est ressorti à 7,7% en janvier 2011. Sur ce même mois, les souscriptions nettes de parts émises par ces fonds étaient proches de zéro. S’agissant des fonds «actions», le taux de croissance annuel est ressorti à 2,9% et les souscriptions nettes se sont inscrites à 9 milliards d’euros. Pour les fonds «mixtes», les chiffres correspondant s’élèvent à, respectivement, 5,5% et 6 milliards d’euros.
Fonds
21/03/2011

Promotion de Marc Festa chez Alken

Alken Asset Management a annoncé le 18 mars la nomination de Marc Festa en qualité de fund manager. Dans ses nouvelles fonctions, il poursuivra son suivi sectoriel (aéronautique, défense, automobile) et assistera le fondateur et patron de la société Nicolas Walewski. Ce dernier précise toutefois dans un communiqué que cette promotion ne signifie pas pour autant qu’il entend réduire son engagement au jour le jour dans la gestion des fonds et des activités de la société de gestion.Alken indique par ailleurs que Guillaume Dalibot, qui couvre notamment la distribution et le BTP, prendra en charge la recherche sur le secteur du luxe et Olivia de Cazenove la pharmacie ainsi que les secteurs des métaux et mines, services aux collectivités et loisirs. Le secteur des médias sera suivi par Vincent Rech qui couvre déjà le secteur des technologies et des télécommunications.
21/03/2011

HSBC était prévenu sur les risques de fraude chez Madoff

L’Agefi rapporte que KPMG aurait prévenu à deux reprises HSBC, en février 2006 et en septembre 2008, qu’elle s’exposait à des «risques opérationnels et de fraude» en confiant les fonds de ses clients à Bernard Madoff.
21/03/2011
Fonds

WisdomTree lance un ETF sur l'Asie

Le 17 mars, le gestionnaire new-yorkais WisdomTree a lancé un ETF à gestion active d’obligations asiatiques en monnaies locales, le Wisdom Tree Asia Local Debt Fund (ALD). Ce produit, chargé à 0,55 %, est géré par David Kwan et Lisa Mears O’Connor, qui sont managing directors chez Mellon Capital, le sub-advisor du fonds. Ce nouvel ETF affiche déjà un encours de 145 millions de dollars. Il investit en dette asiatique, mais non en obligations japonaises.WisdomTree Investments gère actuellement environ 10,1 milliards de dollars dans des ETF.
Fonds
21/03/2011
Fonds

Fortress lance un fonds macro sur l'Asie

Le poids lourd de la gestion alternative Fortress Investment Group a lancé la semaine dernière une stratégie macro sur l’Asie, le Fortress Asia Macro Fund, rapporte Hedgeweek.La stratégie macro de Fortress a progressé l’an dernier de 10,7%. Selon une étude récente de la Deutsche Bank, les fonds macro internationaux devraient figurer en tête des stratégies les plus demandées en 2011, avec un intérêt marqué pour l’Asie et ses devises.
Fonds
21/03/2011

Korea IM en quête d'un partenaire en Chine

Selon Asian Investor, Korea Investment Management poursuit ses efforts d’internationalisation en Asie. Après avoir récemment ouvert un bureau à Shanghai, la société recherche activement un partenaire local pour créer une co-entreprise.Les actifs sous gestion de Korea IM s'élèvent à environ 17 milliards de dollars.
21/03/2011

Société Générale Private Banking renforce sa direction en Asie

Société Générale Private Banking a annoncé, lundi 21 mars, le renforcement de sa direction en Asie pour soutenir ses ambitions et sa stratégie de développement dans la région, indique un communiqué. Olivier Gougeon, qui était précédemment directeur de l’Asie du Sud, devient directeur général de la région Asie-Pacifique, pour Singapour, Hong-Kong et la Chine. En outre, Patrick Dreyfuss, qui conserve ses fonctions de directeur des opérations de la zone, est nommé directeur général adjoint de Société Générale Private Banking pour la région Asie-Pacifique. Un comité stratégique composé de 4 membres est constitué : Alex Fung, est nommé président du comité stratégique de Société Générale Private Banking (Asie-Pacifique) en plus de ses fonctions de directeur général de Société Générale Private Banking (Hong-Kong),Olivier Gougeon, directeur général de Société Générale Private Banking (Asie-Pacifique), Hsiao-Yun Lee, directrice générale de Société Générale Private Banking (Chine), Bruno Lèbre, membre du comité exécutif de Société Générale Private Banking, superviseur des activités de la banque privée en Asie.
21/03/2011

Axa IM releases a fund of emerging markets debt in local currencies

p { margin-bottom: 0.08in; } With the Axa WF Emerging Markets Local Currency Bonds fund (LU054088915), Axa Investment Managers (Axa IM) is releasing an emerging markets debt in local currencies fund managed by Damien Bluchet and Magda Branet. The portfolio will for the moment be focused on Brazilian, Polish, Mexican, Malaysian, South African, Chinese, Indian, South Korean, Israeli and Chilean government or corporate debt.
21/03/2011

ETF activities on Euronext dip in February

p { margin-bottom: 0.08in; } The number of ETFs listed on the European platforms of NYSE Euronext have increased to 623 from 621 in January, for a total of 546 products, compared with 544. Since the beginning of the year, the operator has registered 55 new ETFs, listed 61 times.The average daily number of transactions totalled 9,287, compared with 10,188 in January, but up 8.6% compared with February 2010. Meanwhile, average daily trading volume totalled EUR430.8m, compared with EUR473.4m in January and EUR413m in the corresponding month of last year.Total assets for all ETFs listed on European markets of NYSE Euronext as of the end of February totalled EUR144.4bn, compared with EUR140.8bn one month earlier, and EUR110.8bn as of the end of February 2010.The average spread in February totalled 28.15 basis points, compared with 28.5 basis points in January.
21/03/2011

Odey AM wins a mandate

p { margin-bottom: 0.08in; } The British investment firm Caerus Portfolio Management has granted Odey Asset Management a mandate to manage its first active strategy, Fundweb reports. Caerus will launch a European and British equities fund, with minimal investment of GBP3,000 and annual commission of 1.75%, in the next few weeks.
21/03/2011

John van Verre promoted to head of international custody at HSBC

p { margin-bottom: 0.08in; } John van Verre, head of HSS in Singapore from June 2010, and then managing director of HSS Ireland, has been appointed head of global custody at HSBC Securities Services (HSS). Before joining HSBC, he was chief commercial officer and member of the managing board at ABN Amro Mellon Global Securities Services.Van Verre will now be based in London, and will report to Drew Douglas, co-head of HSS.
21/03/2011

BC Partners buys Phones4U

p { margin-bottom: 0.08in; } Investment funds from BC Partners have bought the Phones 4U company from the private equity firm Providence Equity Partners, for an undisclosed amount. Phones 4U is one of the largest independent mobile telephone retailers in the United Kingdom. In 2010, the business posted more than 20% growth to its sales, to GBP900m.
21/03/2011

Norwegian sovereign fund returned 9.6% in 2010

p { margin-bottom: 0.08in; } The Norwegian Government Pension Fund Global returned 9.6 percent, or 264 billion kroner, in 2010, Norges Bank Investment Management announced on 18 March in its annual report. The overall return was 1.1 percentage points higher than the return on the fund’s benchmark indices. The market value of the fund rose NOK437bn to NOK3.077trn, or about EUR388.4bn. The fund’s equity holdings returned 13.3 percent in 2010, measured in international currency, while fixed-income investments returned 4.1 percent. Equity investments accounted for 61.5 percent of the fund’s investments, while fixed-income investments made up 38.5 percent. The fund has stated in its annual report that sustainable assets under management now total NOK25bn, or about EUR3.2bn, compared with NOK7bn one year earlier. The number of environmental mandates has increased to nine as of the end of 2010, from four one year earlier.
21/03/2011

Neuflize OBC Investissements releases two funds in Germany

The Paris-based firm Neuflize OBC Investissement (ABN Amro group), which has EUR22bn in assets under management, has released the NOBC Europe Convertible (FR0010281477) and NOBC Monde Convertible (FR001027315) funds, launched in 1997, which had assets as of the end of February of EUR305m and EUR228m, respectively, in Germany.The convertible bond funds have long been managed by Luc Varenne, and Basile Schlumberger, head of sales, tells Newsmanagers that the firm is planning to promote these French specialties to institutional investors and distributors in Germany.However, Neuflize OBC Investissements is not planning to offer its full range in Germany, nor is it planning to open an office in Germany, where the ABN Amro group already has an affiliate, the private bank Delbrück.
21/03/2011

CS Euroreal makes its fifth sale above book value

p { margin-bottom: 0.08in; } The German open-ended real estate fund CS Euroreal (DE0009805002, EUR6.06bn in assets as of the end of February) has resold the property located at Pergolesi 25 in Milan (7,045 square metres), for a price higher than its most recent expert valuation (30 September 2010), at EUR21.87m. Karl-Heinz Heuß, CEO of Credit Suisse Asset Management Immobilien KAG and co-manager of the fund, says that this is the fifth sale above venal value since the freeze on redemptions nine months ago (see Newsmanagers of 21 May 2010). Between the acquisition of the property in December 1999 and its sale in March 2011, the property has risen in value by about 34.5%. CSAM is negotiating sales of other properties, with the aim of bringing in enough liquidity to be able to sustainably reopen the fund to redemptions as soon as possible. After this most recent transaction, the portfolio still includes 109 properties, most of them recent, in eleven European countries. Office and commercial properties represent 58% and 32% of the portfolio, respectively.
21/03/2011

db x-trackers launches two ETF funds aimed at charities

p { margin-bottom: 0.08in; } On 18 March, two new Irish-registered ETFs from db x-trackers (Deutsche Bank group) were admitted to trading on the XTF segment of the Xetra electronic trading platform (Deutsche Börse), bringing the total number of products listed on the platform to 803. Both of them are multi-asset class ETF funds (equities, bonds, commodities and alternative investments) which invest in ETFs from db x-trackers. They aim to satisfy the investment needs of small and mid-sized charities, says Michael Fuß, head of institutional distribution at DB Advisors, another Deutsche Bank affiliate. The basic ETF selection is undertaken by specialists from the investment solutions & analytics division of DB Advisors.The first of the two products, db x-trackers Stiftungs-ETF Stabilität (IE00B4WRDS59), is a prudent product, with 75% to 100% exposure to bonds, but which may also invest up to 20% in equities ETFs and up to 15% in commodities or currencies ETFs. It is aimed at charities which prefer capital protection and regular revenues.The second fund, db x-trackers Stiftungs-ETF Wachstum (IE00B3Y8D011), is aimed at charities seeking attractive returns with limited risk. It will invest 60% to 95% of its assets in bond ETFs, and up to 30% in equities ETFs. Allocation to commodities ETFs and alternative strategies may not exceed 10% in each case.Each of both products will have a total expense ratio of 0.75%, and distribute dividends half-yearly.
21/03/2011

UIRE plays Japanese alibi

p { margin-bottom: 0.08in; } Union Investment Real Estate (UIRE) has frozen subscriptions and redemptions for its open-ended real estate fund UniImmo: Global, on the grounds that 14% of the properties in the portfolio of the fund are in Japan, and cannot now be valued. The move surprised and irritated the industry, the Frankfurter Allgemeine Zeitung reports, pointing out that the closure should be viewed in context: the net asset value of the fund was lowered in February by 4.5%, which triggered net outflows, bringing assets in the fund down to EUR2bn from EUR2.3bn at the end of January.Some managers estimate that UIRE must have been anticipating a closure due to these high levels of redemptions, in order to avoid a further deterioration in the fund’s liquidity levels.
21/03/2011

Madoff: trustee takes aim at Mets assets

p { margin-bottom: 0.08in; } Negotiations towards an out-of-court settlement have collapsed, and Irving Picard, the legally-appointed trustee for the business interests of Bernard Madoff, on Friday released further details of accusations against Fred Wilpon and Saul Katz, the largest shareholders in the New York Mets baseball team. The Wall Street Journal reports that Picard claims the men must have known for years that Madoff’s activities were fraudulent. In addition, he accuses them of subsequently carrying out a plan to put their assets out of reach of confiscation once the fraud was discovered.
21/03/2011

Galleon trial: former McKinsey head sues SEC

p { margin-bottom: 0.08in; } Two weeks after the opening of the Galleon trial, the former director of McKinsey and former director of Goldman Sachs, Rajat Gupta, who is accused of feeding insider information to the founder of Galleon, on 18 March filed a lawsuit against the Securities & Exchange Commission (SEC), Les Echos reports. Gupta denies the charges filed against him by the SEC on 1 March, and accuses the regulator of seeking to deprive him of his right to defence by filing the case as a civil suit.
21/03/2011

Euro zone mutual funds: assets down by EUR10bn in January

p { margin-bottom: 0.08in; } In January 2011, shares in non-money market mutual funds in the euro zone totalled EUR5.734trn, EUR10bn lower than their levels in December 2010, according to statistics released on 18 March by the European Central Bank (ECB). The decline is due to a fall in the value of shares, which was partly offset by net issues. Net subscriptions to non-money market mutual fund shares in the euro zone totalled EUR17bn as of January 2011, while money market mutual funds saw redemptions of EUR9bn. In terms of ventilation by investment strategy, the annual pace of growth in shares issued by bond funds totalled 7.7% in January 2011. Net subscriptions to shares issued by funds were close to zero in January 2011. For equities funds, the annual growth rate came to 2.9%, and net subscriptions totalled EUR9bn. For mixed funds, the figures are 5.5% and EUR6bn, respectively.
21/03/2011

CTA and convertibles arbitrage did well in February, according to Edhec

p { margin-bottom: 0.08in; } Of the 13 hedge fund strategies monitored by Edhec-Risk, only two showed losses for February: dedicated short bias (-3.22%) and emerging markets (-0.45%). However, rises for commodities and a falling US dollar boosted CTA, where monthly returns total 1.72%, while the good performance of convertible bonds compensated for negative exposure to equities markets for funds specialised in convertibles arbitrage, which led to average gains of 1.66% in February. Since the beginning of the year, convertibles arbitrage has earned the highest returns (3.5%), followed by distressed securities, which earned 3.3%, while losses were limited to emerging markets (-1.1%) and dedicated short bias (-4%). The highest annual returns since January 2001 are for emerging markets (12.1%) and distressed securities (11.5%). The highest annual tracking errors since January 2011, by far, are for dedicated short bias (13.9%) and emerging markets (10.5%). The only strategy with a Sharpe ratio of over 1 is distressed securities, at 1.23. At the other end of the spectrum, dedicated short bias is the only strategy to produce a negative Sharpe ratio, of -0.29%.
21/03/2011

Fortress launches an Asia macro fund

p { margin-bottom: 0.08in; } The alternative management heavyweight Fortress Investment Group last week launched an Asian macro strategy, the Fortress Asia Macro Fund, Hedgeweek reports. The Fortress macro strategy last year gained 10.7%. According to a recent study by Deutsche Bank, international macro funds will be among the most popular products in 2011, with a marked interest in Asia and its currencies.
21/03/2011

WisdomTree launches an Asia ETF

p { margin-bottom: 0.08in; } On 17 March, the New York-based management firm WisdomTree launched an actively-managed local currencies Asian bond fund, the Wisdom Tree Asia Local Debt Fund (ALD). The product, which charges fees of 0.55%, is managed by David Kwan and Mears O’Connor, managing directors at Mellon Capital, sub-advisor for the fund. The new ETF already has assets of USD145m. It invests in Asian debt, but not in Japanese bonds. WisdomTree Investments currently manages about USD10.1bn in ETFs.
21/03/2011

Christian Bito and Vladimir Danesi soon to launch four global funds

p { margin-bottom: 0.08in; } On 1 April, CBT Gestion (EUR34m in total assets), the company launched by Christian Bito and Vladimir Danesi, will extend its product range, founded on 5 November with the launch of the French-registered FCP fund CBT Action Eurovol 20 (see Newsmanagers of 8 November 2010), with the addition of CBT vol 5, CBT vol 7.5, CBT vol 15 and CBT vol 25 funds. The corresponding licenses frm the AMF were issued on 18 March.The funds of funds will be among the first licensed in Paris for which volatility control is built into their management objectives, at respective levels of 5%, 7.5%, 15% and 25% of the AMF prospectus.For the new products, the investment universe is extended to all global markets, and limited range from 0% to 100%, maximum 60% for the most moderate management, of the CBT vol 5 fund), while the Eurovol 20 focused on Europe and had exposure to euro equities limited to 60%.
21/03/2011
Fonds

Russell lance une nouvelle série d'indices

Russell Investments a annoncé le 17 mars le lancement d’une nouvelle série d’indices, la Russell Global 3000 Index series qui comprend dix-huit indices proposant aux investisseurs une exposition à l’univers investissable des indices Russell Global par le biais d’indices actions plus liquides.
Fonds

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