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29/06/2010

Credit Suisse registers CS ETF Sicav

On 24 June, the Spanish arm of Credit Suisse registered its Irish Sicav, CS ETF, which currently has 29 sub-funds, with the CNMV. The Swiss group is availing itself of new rules in Spain which now allow for the registration of ETF funds in Sicav format. The funds will be distributed by the Spanish arm of the firm.
29/06/2010

Union Investment launches maturity fund

The UniEuroKapital 2013, launched on 17 May, is now on sale from Union Investment (German co-operative banks) with a management commission of 0.8% (maximum 1%). It is a maturity bond fund (29 November 2013), which allows investors to participate in the evolution of the bond market in Euros over the mid-term, including government bonds, corporate bonds, and Pfandbriefe denominated in Euros. The managers may also invest in investment grade bonds from emerging countries. Characteristics Name: UniEuroKapital 2013ISIN: LU0509225537Management commission: 0.8%Depository banking commission: maximum 0.05% Initial price per share: EUR100
29/06/2010

State Street renames ETFs

State Street Global Advisors (SSgA) on 28 June announced that the names of its tracker funds domiciled in France have been changed to include the brand name used for all its global product range, SPDR®. Tracker products from SSgA, which were previously known by the name TRACKS®, are now registered and listed under the SPDR brand name. The funds are currently registered in France, Germany, Luxembourg, the United Kingdom and the Netherlands, and SSgA is planning to register the funds in several other countries. The new name is extended to the full range of 13 ETF products from SSgA domiciled in France, including European regional and sectoral funds. The funds are currently traded on NYSE Euronext. In addition to the name change, SSgA has updated other aspects of the funds, lowering the total TER ratio, and improving the liquidity provisions. SSgA has also set up a dedicated team in London, and launched a new website dedicated to ETFs in Europe, at http://www.spdrseurope.com/.
29/06/2010

Pioneer lowers management commissions for one of its funds

From 1 July, the management commission for the Luxembourg sub-fund Pioneer PF Euro Protect ( LU0271713207, EUR21.5m in assets as of 30 April) will be reduced to 0.30% per year, from 1.10%. Currently, the guaranteed fund, maturing on 29 March 2013, is wholly invested in bonds.
29/06/2010

Sal. Oppenheim to reduce staff in Luxembourg

A spokesperson for Sal. Oppenheim has announced that 100 of the bank’s 250 employees in Luxembourg will be laid off, though 40 of these jobs will be moved to Germany, the Frankfurter Allgemeine Zeitung reports. Employees affected by the cuts will receive benefits under a redundancy plan until March 2012. Luxembourg will continue to be home to fund administration and depository banking activities.
29/06/2010

Fund Forum: Attendance down 20%

The Fund Forum International opened Monday in Monaco. According to the ICBI, organizer of the event, 800 participants from 38 countries are in attendance this year, although there were 1,000 last year. This decline in attendance is not altogether surprising in light of the financial crisis.The ICBI points to the high quality of the attendants, however, and adds that six professional associations are present: Efama (Europe), Alfi (Luxembourg), AFG (France), SFA (Switzerland), IFIA (Ireland), and HKIFA (Hong Kong). The first FundForum was held in July 1990.
29/06/2010

Asset managers expect heavy fall in profits

In the past three months, profits at British investment management firms have risen at their fastest pace since June 2006, although a slight decline was expected. However, according to a survey by CBI and PricewaterhouseCoopers, published on Monday, professionals expect a severe contraction in profits in the coming quarter, due both to falling revenues from commissions and an increase in operating costs and regulatory expenses, as businesses in the sector will need to do significant work to comply with the UCITS IV and AIFM directives. However, demand for qualified personnel is set to increase.
29/06/2010

Increase in savings in the form of investment funds

As of the end of 2009, average savings in the form of investment funds in Germany increased 13.7% compared with the end of 2008, to EUR7,946 per person. However, this is still 10.3% below the record of EUR8,862 per person, set in 2007, the BVI association of asset management firms reports in its 2010 yearbook (Jahrbuch 2010). In the past ten years, Germans’ investments in shares in investment funds increased 66.4%, but the average portfolio remains modest compared with that of the U.S. (EUR25,608, +0.3% in ten years) and French (EUR20,314, +82.7%). Swedish investors (EUR13.575, +44.5%), Austrians (EUR9.938, +7%), and British (EUR8,746, +26.5%) savings investors also average higher than the Germans. However, the Germans rank higher than the Spaniards (EUR4,168, -20.6%) and the Italians (EUR3,266, -60.4%).
29/06/2010

Growing number of ETFs could drive commissions down

Last week, three firms announced new products which could lead to lower commissions in ETF markets. Firstly, Vanguard announced the launch of 19 ETF share classes, but did not explicitly state that it is in the process of reorienting its product range to compete with ETF prices, which is a first, the Wall Street Journal reports. Then, Grail Advisors unveiled an ETF which will be actively managed by DoubleLine Capital (the management firm led by Jeffrey Gundlach), which means competition is intensifying in the actively-managed ETF segment as well, where Pimco is also already present. Thirdly, Huntington Asset Management, which manages 24 traditional mutual funds, is planning to transform two of them into ETFs. It may use assets managed in the Rotating Index Fund to provide a seed to start up the Huntington Global Rotating Strategy ETF, which would allow the new fund to benefit from track records and ratings from major agencies such as Morningstar, as Vanguard’s ETF shares will do also.
29/06/2010

Pictet adds to Hong Kong retail product range

Pictet, which has recently registered eight funds in Hong Kong, is now in the process of signing several distribution agreements with local and international financial establishments, which will offer new exposure for the Swiss group’s products, Asian Investor reports. The funds which have been approved are the Pictet-Agriculture (assets under mainagement of EUR104.6m, +41.35% since the beginning of the year), Pictet-Emerging Markets (USD1.35bn, +29.81%), Pictet-EUR Inflation Linked Bonds (EUR222.2m, +6.92%), Pictet-Global Megatrend Selection (USD358m, +22.95%), Pictet-Indian Equities (USD440.6m, +31.70%), Pictet-Japanese Equities 130/30 (JPY5.84bn, +3.93%), Pictet-Middle East and North Africa (USD21.4m) and Pictet0-World Government Bonds (Usd187.2m, +17.66%). The retail product range from Pictet in Hong Kong now includes 33 funds: two absolute return funds, six bond funds, two money market funsd, six developed market equities funds, seven emerging markets equities funds, and ten themed funds.
29/06/2010

BlackRock surveys British ETF market landscape

For the first time, a team led by Deborah Fuhr at BlackRock on Monday published “ETF Landscape,” a study of the British ETF market. It finds that at the end of March, there were 239 ETFs listed 363 times, with assets of USD49.8bn. Assets increased 5.8% in first quarter, while the number of ETFs increased by 20, or 14.1%.Nine issuers are present in the market, but iShares (BlackRock) accounts for the lion’s share of it, with more than USD45.57bn. Lyxor Asset Management (Société Générale) takes second place, with only USD958.1m.
29/06/2010

FSA sets rules for IFAs

The British regulatory authority, the Financial Services Authority (FSA), on 28 June published a complete list of the qualifications which independent financial advisers serving retail clients will be required to hold by 1 January 2013. The new requirements come as a part of the “Retail Distribution Review” (RDR). The qualifications in question aim to improve the reputation of the investment market serving retail clients, by instilling more professionalism and ethics.
29/06/2010

BIS issues warning over commercial real estate

Banks are in danger of facing a new threat from commercial real estate, which could provoke another wave of losses for the financial sector, the international regulatory bank (BIS) warned yesterday. “Exposure to commercial real estate may be expected to lead to further losses,” the BIS says in its annual report. Although the 2007 financial crisis began with a crisis in the residential real estate market, this time it is commercial properties (storage and office facilities, etc) in the United States which could become problematic. The US sector “has lost more than one third of its value since its peak, and the default rate on commercial real estate mortgages is over 8%, double what it was at the end of 2008,” the BIS observes.
29/06/2010

Julius Baer fined

The Hong Kong Securities and Futures Commission has fined Julius Baer Group HKD3m (USD385,760), for failing to correctly identify high net worth clients as professional investors when selling its products between 2006-2008, the Wall Street Journal reports. The Swiss bank has accepted the findings of the regulator and remedied the situation.
29/06/2010

Pictet renforce son offre retail à Hong Kong

Pictet, qui vient d’enregistrer huit fonds supplémentaires à Hong Kong, est en passe de signer plusieurs accords de distribution avec des établissements financiers locaux et internationaux qui devraient offrir de nouveaux débouchés aux produits du groupe suisse, selon Asian Investor.Les fonds qui ont obtenu le feu vert sont Pictet-Agriculture (actifs sous gestion de 104,6 millions d’euros, +41,35% depuis le début de l’année), Pictet-Emerging Markets (1,35 milliard de dollars, +29,81%), Pictet-EUR Inflation Linked Bonds (222,2 millions d’euros, +6,92%), Pictet-Global Megatrend Slection (358 millions de dollars, +22,95%), Pictet-Indian Equities (440,6 millions de dollars, +31,70%), Pictet-Japanese Equities 130/30 (5,84 milliards de yen, +3,93%), Pictet-Middle East and North Africa (21,4 millions de dollars) et Pictet-World Governement Bonds (187,2 millions de dollars, +17,66%).L’offre «retail» de Pictet à Hong Kong compte désormais 33 fonds : deux fonds de performance absolue, six fonds obligataires, deux fonds monétaires, six fonds actions marchés développés, sept fonds actions marchés émergents et dix fonds thématiques.
29/06/2010
Fonds

Credit Suisse fait enregistrer la sicav CS ETF

Au 24 juin, la succursale espagnole de Credit Suisse a fait enregistrer par la CNMV sa sicav irlandaise CS ETF qui comporte pour l’instant 29 compartiments. Le groupe helvétique profite en l’occurrence des nouvelles dispositions permettant désormais d’enregistrer en Espagne des ETF au format de sicav. Ces fonds seront commercialisés par la succursale espagnole.
Fonds
29/06/2010

Paris détaille son plan de rigueur

Ce programme doit dégager 10 milliards d’euros d’économies sur 2011-2013 et s’ajoutera aux autres mesures de réduction du déficit public
28/06/2010

AmpegaGerling confie l'administration des comptes clients à ebase

Depuis le 21 juin, l’European Bank for Fund Services GmbH (ebase) a pris en charge l’administration des nouveaux versements sur les comptes de tous les clients d’AmpegaGerling Investment (groupe Talanx). Cela permet à AmpegaGerling de se concentrer sur la gestion de fonds. ebase est une filiale à 100 % de comdirect (groupe Commerzbank.
28/06/2010
Fonds

James Dilworth (AGI) : "Il y a encore surpopulation de fonds en Allemagne"

Depuis octobre 2009, James Dilworth (ex Goldman sachs AM et ex Morgan Stanley) a rejoint Allianz Global Investors (AGI) pour en diriger les activités allemandes. Interviewé par Das Investment, il considère avec une nuance de provocation que le marché allemand n’a pas besoin au total de plus de 500 fonds. Cela veut dire, qu’en ce qui la concerne, AGI va à l’avenir fermer davantage de fonds qu’elle n’en lancera. James Dilworth précise qu’AGI est actuellement en train d’identifier ceux de ses fonds qui ont un potentiel de «flagship» et ne veut pas anticiper sur le résultat de cette analyse. Il acquiesce toutefois quand ses interlocuteurs citent les noms de Concentra et de Fondak (d’anciens fonds ADIG, ndlr) «qui sont là de toute éternité, et dont la performance est bien au rendez-vous». Selon lui, AGI est également très fort sur les actions européennes, asiatiques et américaines. Et chez Pimco, certains fonds ont le potentiel nécessaire pour accéder au statut de produits vedettes sur le marché allemand.
Fonds
28/06/2010

Banca Popolare di Milano va distribuer des fonds de sociétés étrangères

Selon le journal italien Soldi, cité par Bluerating, Banca Popolare di Milano aurait récemment conclu des accords de distribution avec plusieurs sociétés de gestion étrangères. Quatre seulement ont été sélectionnées au terme d’une compétition. Parmi elles figureraient Franklin Templeton et BlackRock.
28/06/2010

Amundi et Natixis AM pourraient être candidats dans le dossier Pioneer Investment

Concernant le sort de Pioneer Investment la filiale de gestion d’actifs d’Unicredit, la maison mère exclut une introduction en Bourse par manque d’intérêt des investisseurs, rapporte la Tribune. Une vente pure et simple semble aussi difficile en raison du prix élevé de Pioneer, valorisé à environ 3 milliards d’euros, selon plusieurs sources. Une vente par compartiment est aussi envisagée. Cette dernière option intéresserait Amundi qui, présentée comme une plate-forme, a toujours dit qu’elle intégrera d’autres réseaux de distribution. D’autres acteurs français regarderaient également le dossier. Natixis Global Asset Management ne cache pas son envie de se développer en Europe par croissance externe. Quoi qu’il en soit, Roger Yates, directeur général de Pioneer, a lancé un audit interne afin d’avoir une vision très précise de ce que fait la société. Résultats d’ici la fin 2010, note le quotidien.
28/06/2010

FRM lance une plate-forme alternative avec le coréen IBK Securities

Selon Asian Investor, le coréen IBK Securities a signé un partenariat avec la firme londonienne Financial Risk Management (FRM) pour la mise en place d’un fonds de hedge funds et la distribution de fonds en Corée du Sud.Le fonds de hedge funds, qui sera connu sous l’appelation IBKS-FRM Fund of Funds, devrait voir le jour avant la fin de l’année. Le fonds investira dans des single hedge funds et visera des rendements constants avec une faible corrélation au marché. Il sera distribué exclusivement aux investisseurs institutionnels qualifiés.Les actifs sous gestion de FRM s'élèvent à environ 9 milliards de dollars. C’est l’un des premiers groupes de fonds de fondsu à ouvrir n bureau (en 2008) en Corée.
28/06/2010

F&C lance un fonds immobilier ouvert

Le britannique F&C lance son premier fonds immobilier ouvert. Co-géré par Julian Smith et Guy Glover de F&C Reit, le UK Property fund se propose d’investir dans l’immobilier commercial britannique à un moment du cycle considéré comme favorable par les gérants.Le fonds sera diversifié dans tous les domaines (géographique, sectoriel…) et maintiendra une poche de liquidité comprise entre 10% et 20%.F&C Reit, issu de la fusion en 2008 de Reit Asset Management et de F&C Property Asset Management, gère quelque 7,5 milliards de livres.
28/06/2010
Fonds

Le fonds de Nathaniel Rothschild bientôt coté

Selon l’Agefi, Vallar, le fonds de Nathaniel Rothschild, va lever 600 millions de livres sur le London Stock Exchange. Le véhicule cherchera à acquérir un actif ou une société dans l’industrie des mines et des métaux, pour une valeur d’entreprise qui pourrait atteindre 5 milliards.
Fonds

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