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03/05/2010

ETF tax reforms may slow development of these funds, says Samsung AM

From the month of July, ETFs based on Korean assets will be taxed at a more attractive rate than ETFs with foreign underlying assets, which will be required to pay a tax of 15.4%, Asian Investor reports. Bae Jae-Kyu, chief investment officer for ETF activities at Samsung AM, says the tax will damage the development of ETF funds in Korea.
03/05/2010

Funds seek more than USD2bn from Porsche

Elliott Associates has confirmed that 18 more funds have joined the first 17 plaintiffs in a lawsuit against Porsche for share price manipulation, and the demands for damages and interest now exceed USD2bn, the Frankfurter Allgemeine Zeitung reports. The funds accuse Porsche of knowingly misleading investors and lying about its true intentions concerning Volkswagen. At the end of October 2008, the firm cornered the market for shares in Volkswagen, whose share price at one point topped EUR1,000.
03/05/2010

Italian tax amnesty leads to repatriation of assets from Ticino canton

On the basis of figures from the Bank of Italy, Franco Citterio, director of the association of bankers in the Swiss canton of Ticino (ATB), says that Italians at the end of February “legalised” EUR85bn in undeclared assets deposited abroad, of which EUR60bn came from Switzerland, largely from Ticino, the Neue Zürcher Zeitung reports. But of this total, only EUR25bn actually returned to Italy. Many banks, such as the Banca della Svizzera Italiana (BSI) and Banca del Sempione, for example, were able to recuperate a large amount of the funds which were eligible for this tax amnesty, either through Italian affiliates, or through “legal repatriation.” Eventually, the fiscal amnesty offered by the Italian finance minister, Guilio Tremonti, did not achieve its other objective which was to draw assets out of the Swiss financial centre in Lugano.
03/05/2010

Assets in Austrian funds return to August-September 2008 levels

As of the end of March, assets under management in Austrian investment funds represented EUR142.1bn, compared with EUR138.6bn as of the end of February, and EUR136.7bn as of 31 December, according to statistics from the VÖIG association. In one year, total assets increased by EUR20.8bn, or 17.1% to a total which measures in between the levels observed in August and September 2008 (EUR144.3bn and EUR138.6bn, respectively).
03/05/2010

ProShares launches four leveraged ETFs

On Thursday, ProShares launched four leveraged ETFs on the NYSE Arca platform, which aim to double the daily performance of foreign indices which are already available as underlying assets for ETF products, with leverage of 2, but inverse. The products are the ETF Ultra MSCI Europe, Ultra MSCI Pacific ex-Japan, Ultra MSCI Brazil and Ultra Mexico Investable Market. Management fees are 0.95%. The ProShares range now includes 19 long and short leveraged ETFs.
03/05/2010

Deutsche Bank in real estate fund drive

RREEF, the real estate fund management affiliate of Deutsche Bank, has repositioned its open-ended real estate fund grundbesitz invest, which is now known as grundbesitz Europa, with EUR2.6bn in assets, while the grundbesitz Global now has EUR615m, and has had the largest volume of net subscriptions in the category since the beginning of this year, Handelsblatt reports. Georg Allendorf, CEO of RREEF, expects investments this year of EUR500m for the open-ended real estate fund operation, and another EUR500m for the institutional real estate fund division, with the objective of becoming one of the top five management firms in the latter category. The competition is not idle, however: IVG, the top firm in the sector, is making a major effort to recruit new clients, while iii, the number two provider, is refocusing on institutional funds as its open-ended fund operations have gone awry. The number three asset management firm, Hansainvest, is planning to raise EUR300-400m by the launch of up to four new institutional real estate funds by the end of the year.
03/05/2010

Development finance banks attack hedge fund directive

The Association of European Development Finance Institutions, a group of 15 government bodies investing in emerging markets, wrote to the EU to criticise its plans to regulate hedge funds and private equity, says the Financial Times. The move highlights growing opposition to the EU’s planned regulations from private equity groups based in Africa, Asia and Latin America, which are worried about being cut off from European investors, who provide at least a quarter of their funding.
03/05/2010

European Commission to restrict short-selling

The European Commission has decided to follow the recommendations of the Committee of European Securities Regulators (CESR) and introduce a proposed directive in October on short-selling, the Börsen-Zeitung reports. The bill will be specific to the issue of short-selling, as the European Commission concluded that it would be counter-productive to integrate rules on this subject into the new version of the market abuse directive.
03/05/2010

Pimco releases Global Multi-Asset Fund in Spain

For several weeks, Pimco (Allianz Global Investors) has been offering its all-terrain Global Multi-Asset fund (USD2.11bn in assets as of the end of March), managed by Vineer Bhansali, Mohamed El-Erian and Curtis Mewbourne. For sale in Spain. The objective is performance of 8-10%, with volatility of about 10%. Since the fund’s launch on 29 October 2008, the fund has earned 22.3%, with volatility of 8.6%. Performance over one year has totalled 23.52%,, while it comes to 3.02% for first quarter of this year.
03/05/2010

More net redemptions in April

For the sixth consecutive month, Spanish securities funds have seen net outflows in April, totalling EUR1.26bn (compared with EUR913m in March), and bringing total net redemptions in the first four months of the year to nearly EUR4.47bn. Assets, for their part, have declined by EUR1.46bn, to a total of EUR158.93bn, which represents a decline of 0.9% compared with March, when they were up 0.6%.
03/05/2010

Banca March launches a solar energy fund

Rafael Siruelos, director of wealth management products at Banca March, has announced to Cinco Días that the management firm has launched a fund entitled March Solar, aimed at high net worth private clients, and which will aim to raise EUR130m-EUR140m by investing in solar power installations able to generate a total of 30 megawatts (MW), in five or six locations. Banca March has already convinced 220 clients to invest in the fund, offering them 12% returns per year if they agree to remain invested for six years. Minimal subscription is set at EUR50,000, and the product is aimed at investors who have at least EUR45,000 in financial savings. The March Solar fund will be advised by Vita Renovables, and Banca March is planning to retain a stake of about 15% in the fund.
03/05/2010

Banque Sarasin gets a new CFO

From 1 May, Thomas Mueller has taken over as chief financial officer of Banque Sarasin (Rabobank group), replacing Matthias Hassels, “who has decided to leave the firm after 12 years there, to take on a new professional challenge.” Mueller, who for the past three years had been CFO and Chief Risk Officer at Swiss Life, will be in charge of investor relations, corporate development, and enterprise financing, and will oversee the Legal & Compliance, human resources, group finance, Controlling, Risk Office, credit and tax departments at the group. Mueller will report directly to Joachim H. Straehle, CEO of Banque Sarasin.
03/05/2010

GLG freezes subscriptions for one of its funds

From May 5th, GLG Partners will close its newcits UK Alpha Select to new subscriptions, since this vehicle has already reached the USD300m (GBP195m) mark it had been assigned at the time of the launch, on February 19th. The fund is et UCITS III compliant version of the long/short equity market neutral fund managed by John White.
03/05/2010

Long term money market funds popular with investors again

Les Echos reports that a survey undertaken in mid-April by MultiRatings of 50 professional treasurers who manage assets of over EUR200bn finds that “long term money market” funds are returning in force to the allocations of French institutional investors. Within the new classifications of money market funds, the “long terme” category includes diversified funds with volatility of less than 2%. These funds have less risk and aim to outperform the Eonia rate through various strategies. Most institutional investors surveyed were planning to increase (45%) or maintain (41%) their allocation to these products. Only a minority (14%) were planning to reduce the weight of these funds in their future allocations.
03/05/2010

Macquarie planning acquisitions

In the fiscal year to 31 March, Macquarie Group Limited has posted net profits of AUD1.05bn, which represents a 21% increase over 2008-2009. Assets under management have increased by a total of 34% to AUD326bn, largely due to the acquisition of the American asset management firm Delaware Investments, which brought in USD125bn in assets. The Macquarie Funds Group contributed AUD95m, or 4% of total operating profits, compared with AUD45m and 6% in the previous period. For the division, assets increased to AUD209.9bn as of the end of March, from AUD49.7bn twelve months previously, thanks to the addition of Delaware (AUD151bn), and to net subscriptions to institutional products and AUD9.1bn in positive market effects. The annual report states that Macquarie is continuing to study potential strategic acquisitions in the area of investment funds, particularly on the largest financial markets.
03/05/2010

Record capital increase at China Construction Bank

China Construction Bank, the second-largest Chinese bank in terms of the size of its portfolio of loans, will soon launch the largest capital increase ever undertaken in Asia, according to La Tribune. The total amount raised will be CNY75bn (USD11bn), through share offerings in Shanghai and Hong Kong.
03/05/2010

Spängler et IQAM créent une marque commune

La société de gestion Carl Spängler Kapitalanlagegesellschaft, filiale de la banque privée Spängler, et l’Institut für Quantitatives Asset Management (IQM) ont décidé de créer une marque commune Spängler IQAM Invest pour des fonds et d’autres produits de gestion d’actifs. La Spängler KAG sera chargée de la clientèle «de gros» (wholesale) recouvrant les banques, les fonds de fonds et les gestionnaires de fortune tandis que l’IQAM servira les investisseurs institutionnels (assurances, entreprises, caisses de retraite et chambres professionnelles).La gamme de Spängler IQAM (la Spängler KAG avait acquis depuis un certain temps une participation dans l’IQAM) comprend des fonds offerts au public, des «solutions d’investissement» (mandats gérés par l’IQAM), des fonds institutionnels (de Spängler) et des prestations de conseil.
03/05/2010
Fonds

L'encours des fonds autrichiens renoue avec ses niveaux d'août-septembre 2008

A fin mars, les actifs gérés par les fonds d’investissement autrichiens représentaient 142,1 milliards d’euros, contre 138,6 milliards fin février et 136,7 milliards au 31 décembre, d’après les statistiques de l’association VÖIG. En un an, le total a augmenté de 20,8 milliards d’euros ou de 17,1 % pour revenir à un niveau compris entre ceux d’août et septembre 2008 (respectivement 144,3 milliards et 138,6 milliards).
Fonds
03/05/2010
Fonds

Goldman Sachs plus grand fonds d'investissement sur cinq ans

Le classement 2010 publié par le magazine «Private Equity International» (PEI) a propulsé Goldman Sachs en tête des plus grands fonds d’investissement du monde, note la Tribune. Pour établir son palmarès, PEI a pris en compte la somme des capitaux levés ces cinq dernières années. Avec 54,6 milliards de dollars (41,13 milliards d’euros), Goldman Sachs a ravi la première au fonds texan TPG. Le britannique CVC Capital Partners (34,2 milliards), premier européen du classement, arrive en septième position.
Fonds
03/05/2010
Fonds

Les fonds italiens les plus exposés à la dette grecque

Il Sole – 24 Ore a établi la liste des fonds italiens obligataires et monétaires qui sont les plus exposés à la dette grecque. Les trois premiers, en termes d’exposition totale par rapport au portefeuille, sont Amundi Funds Euro Select Bond (19,25 %), Novara Aquilone Sicav – BT Euro R (13,58 %) et Fondersel Reddito (10,08 %).
Fonds
03/05/2010

Jeffries renforce son équipe de taux

Jefferies annonce le recrutement de plusieurs personnes ces dernières semaines, qui sont venues rejoindre son équipe dédiée aux produits de taux en Asie-Pacifique. Shiran Dias et Sailesh K. Jha ont été nommés managing directors, et auront comme mission d'établir des relations commerciales avec les banques privées,, les banques centrales et les hedge funds de la region. Jun-ichi Kasakura et Philip Wen occupent le poste de senior vice président.
30/04/2010

"Nous sommes de purs fabricants qui doivent comprendre les besoins des distributeurs"

Entré en 1993 chez Mercury, James Charrington a connu diverses opérations de fusions-acquisitions dont la dernière en date, l’acquisition de Barclays Global Investors (BGI), a permis à BlackRock de devenir le leader mondial de la gestion d’actifs avec 3300 milliards de dollars d’encours. Bien que fortement implanté dans l'espace institutionnel, BlackRock cherche à élargir son emprise sur le marché du retail dans son acception la plus vaste, qui représente des actifs sous gestion de taille respectable.
30/04/2010

Baisse du bénéfice d'Invesco

Par rapport à janvier-mars 2009, où il s'était monté à 42,4 millions de dollars, le bénéfice net d’Invesco Ltd atteint certes 120 millions de dollars pour le premier trimestre 2010, mais il diminue par rapport aux 130,7 millions de dollars d’octobre-décembre 2009. En données comptables GAAP, le bénéfice net de janvier-mars 2010 ressort à 95 millions de dollars contre 110,9 millions pour le dernier trimestre 2009 et 30,7 millions pour la période correspondante de l’an dernier. La différence s’explique par le fait que les chiffres GAAP comportent une charge de transaction et d’intégration de 17,2 millions de dollars contre 9,8 millions le trimestre précédent) au titre de l’acquisition prévue de l’activité de gestion d’actifs retail de Morgan Stanley (dont Van Kampen).Au 31 mars, l’encours total avait baissé à 419,6 milliards de dollars contre 423,1 milliards fin décembre, ce qui s’explique par un effet de change moins favorable qu’au quatrième trimestre 2009 et à des sorties nettes des fonds monétaires institutionnels qui ont été comensés partiellement par des souscriptions nettes pour les fonds de long terme ainsi que par l’effet de marché.L’effet de change a provoqué 4,4 milliards de dollars de réduction de l’encours contre une hausse de 1,1 milliard pour octobre-décembre tandis que les sorties nettes des fonds monétaires institutionnels ressortaient à 10,6 milliards de dollars contre 7,7 milliards pour le trimestre précédent. Les souscriptions nettes pour les fonds de long terme ont porté sur 3,7 milliards de dollars contre 2,6 milliards au quatrième trimestre de 2009 et la plus-value liée à l’effet de marché a représenté 7,8 milliards contre 10,2 milliards.

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