Les taux de défaut sont promis à un reflux rapide en 2010
Les défauts de sociétés à haut rendement devraient atteindre un pic d’ici à la fin de l’année dans le monde, d’après l’agence de notation Moody’s
05/11/2009
Simon Morrison becomes sole head of Europe at LaSalle IM
As Charles Maudsley is joining British Land as director of business expansion, Simon Morrison has been appointed the unique head of Europe at LaSalle Investment Manangement. For five years, Morrison has been head of continental Europe, and shared direction of European activities (240 people) at the management firm with Maudsley.
05/11/2009
Abante Asesores launches Kalahari Alpha
The Spanish management firm Abante Asesores has placed José Ramón Iturriaga in charge of the management of a second absolute return fund, in addition to Okavango Delta (which has returned 42% since the beginning of the year). The new product is entitled Kalahari Alpha, and will use the same approach, but with a more closely controlled maximal volatility limited to 9%. The performance objective is 200 basis points above the Euribor 1 year. Management and performance commissions are 1.25% and 9%, respectively. The manager may invest up to 30% in equities, while the remainder will be placed in repos and credit in order to limit risk.
05/11/2009
Aviva keeping an eye out for a piece of ING
Aviva, the UK’s second-biggest insurer, will keep an eye on the break up of ING to see if it will yield any acquisition opportunities, says the Financial Times. The Dutch financial services group is selling its insurance and investment management business.
05/11/2009
Vontobel scales up private banking activities in Switzerland
The Vontobel group has announced that it plans to scale up its private banking activities in Switzerland, with the opening of two new branches in first quarter 2010, one in Basel and the other in Bern. Vontobel currently has its headquarters in Zurich, and branches in Geneva and Lucerne. A statement adds that client advisors from the Basel-based bank AAM Banque Privée may be transferred to the Basel, Bern and Zurich offices. The group has also announced that it is planning to develop its brokerage activities in the United Kingdom, with the recruitment of three people: Matthew Thomas and Stuart McCandish, from Cheuvreux, and Leland Timblick, from Bank am Bellevue.
05/11/2009
cominvest sells MK Luxinvest to Top Ten and Olaf-Johannes Eick
cominvest Vertriebs AG will sell its affiliate MK Luxinvest to Top Ten and Olaf-Johannes Eick, Fondsprofessionell reports. The firms are already collaborating on their fund product ranges and in other areas, the website says. MK Luxinvest manages EUR400m in funds available in Germany, Luxembourg, Austria, Switzerland, and Greece.
05/11/2009
Morgan Stanley picks up new mandates in Asia-Pacific
In the Asia-Pacific region, Morgan Stanley, the second-largest prime broker, has won more than 30 new mandates this year, for a range of products and services which includes its compensation, securities trading, and treasury lending activities for hedge funds located in the region. About one third of mandates were from startups, while the remainder came from fund managers, says Richard Webb, CEO of the prime brokerage division of Morgan Stanley, who notes that activities have picked up significantly since first quarter.
05/11/2009
Clariden Leu strengthens presence in Asia
The Swiss private bank Clariden Leu on 3 November announced the appointment of Raymond Chung and David Louie as co-heads for North Asia. The two recruits previously worked at Deutsche Bank, both of them with the title Managing Director Private Wealth Management.
05/11/2009
Ahorro Corporación to size up asset management activities
Following the retirement of Javier Zoido, the longstanding CEO of Ahorro Corporación, at the end of the month, the financial strong arm of 42 small and mid-sized Spanish savings banks is planning restructure its activities, Expansión reports. According to sources in financial circles, the changes will affect asset management activities in particular: AC Fondos will absorb the management firms of the savings banks, for whom investment funds are not a strategic profession, or who need to sell off assets in order to survive the crisis. AC Fondos is already responsible for the management of 21 savings banks. It is the fifth-largest Spanish management firm, with assets of EUR7.48bn. Before the crisis, it was the fourth-largest management firm in the country, with assets of EUR13.83bn, but it has seen net redemptions of EUR5.1bn in the past two periods.
05/11/2009
Spanish managers consider current valuations appropriate
According to the most recent edition of the “fund barometer” undertaken by Lipper and published by Cinco Días, the portfolios of Spanish management firms at the end of October contained an average of 41.74% equities, compared with 41.07% one month earlier. Professionals thus consider that valuations are now at a good level, following the strong rally on the markets since March. Only 7.69% of managers consider equities overvalued. Cash allocations remain high, at 22%, and 55.85% of managers surveyed say that they are overweight in cash.
05/11/2009
Banque Cantonale de Genève opens a Hong Kong office
The Banque Cantonale de Genève (BCGE) on Tuesday, 3 November received permission from the Jong Kong Monetary Authority to open a representative office in Hong Kong. “The objective for this office is to facilitate liaisons with retail clients interested in wealth management. Institutional clients will also be able to turn to the office to be referred to the centre of expertise for the parent firm on asset management subjects,” says a statement. However, the Hong Kong office will not conduct banking activities, as all open accounts will be managed by the parent firm in strict respect of applicable regulations.
05/11/2009
Custody: Assets pass back above USD100trn threshold
The custody industry is regaining its health. According to GlobalCustody.net, the value of assets under custody at dedicated service providers have risen back above the USD100trn mark. This psychologically symbolic barrier was first passed in September 2007. The cumulative value of assets under custody then peaked at USD115trn, before subsequently crumbling with the erosion of the stock markets.
05/11/2009
Manager replaced at Allianz Global Investors
Following the departure of Dirk Enderlein, who will be leaving Allianz Global Investors at the end of the year, several funds previously managed by Enderlein will now be taken over by other managers, Fondsweb reports. Allianz RCM Wachstum Europa and Allianz RCM Europe Equity Growth will be managed by Thorsten Winkelmann. Allianz RCM Wachstum Euroland and Allianz RCM Aktien Europa will be managed by Matthias Born, Allianz RCM France will be managed by Gerrit Mader, Allianz RCM Aktien Europa by Neil Dwane, and Allianz Flexi Rentenfonds, Allianz flexi Euro Balance and Allianz Flexi Euro Dynamik will be managed by Armin Kayser.
05/11/2009
C-Quadrat moves in on Spanish and Italian markets
C-Quadrat & ARTS are rolling out on the Italian and Spanish markets, with the release of their Total Return fund, which will be available via Aspecta life insurance policies aimed at the retail market, Fondsprofessionell reports.
05/11/2009
Sweden wants to remove EU limit on hedge fund leverage
The Swedish government, holder of the European Union’s rotating presidency, has proposed removing a general limit on hedge funds’ leverage, one of the three most contentious issues of the proposed EU directive on alternative investments, says Financial News.
05/11/2009
Neuberger Berman launches a commodities fund
The US firm Neuberger Berman has announced the launch of an investment vehicle in Europe, to be entitled Neuberger Berman Enhanced Commodities Qualifying Investor Fund, Citywire reports. It is a commodities fund invested in futures.
05/11/2009
Bonuses set to rise in fixed income and equities
Johnson Associates, a compensation consulting firm, projects that the biggest increases in year-end cash bonuses and equity awards will go to employees in rebounding businesses such as fixed income and equities, says the Wall Street Journal. Those payouts likely will surge by as much as 60% from last year. In contrast, declines of 15% to 30% are planned at hedge funds, private-equity firms and prime-brokerage operations.
05/11/2009
Assets under management in Germany up 10%
The German asset management industry managed total wealth of EUR1.3404trn as of 30 September, an increase of 10%, or EUR123bn, since the beginning of the year, according to statistics from the German management association BVI. Open-ended funds totalled EUR636.2bn as of the end of September, compared with EUR575.8bn at the end of 2008, while dedicated funds had EUR704.2bn, compared with EUR641.7bn. Due to redemptions from money market funds (nearly EUR23bn) between January and September, open-ended funds showed net outflows of EUR1.6bn. In open-ended funds, inflows to equities funds totalled EUR9.89bn in the first nine months of the year. This return to equities markets, in conjunction with a rally on the markets, led to an increase in assets in equities funds to EUR184.3bn as of 30 September, compared with EUR133.6bn as of 31 December 2008.
05/11/2009
Asian hedge funds in top form
According to a report by Hedge Funds Research Inc cited by bloomberg.com, assets in hedge funds based in Asia reached USD73.7bn in third quarter, driven upwards by net capital inflows that have been ongoing for one year. The increase in assets breaks down as USD800m in inflows, and positive market effects which, considering only the emerging Asian markets via the HFRI Asia ex-Japan Index, represent more than 9% of growth in third quarter. Asian hedge funds are coming back this year, and are performing better than their counterparts in the rest of the world. In the year to October, they have gained 23% in 2009, while the global index has gained 16%, according to Eurekahedge Pte.
05/11/2009
New Star brand may be abandoned
According to headlines in the November 4 edition of Ignites Europe, Henderson has confirmed that it is more than likely that it will drop the New Star name by April of next year, due to its tarnished reputation.
05/11/2009
cominvest vend MK Luxinvest à Top Ten et Olaf-Johannes Eick
cominvest Vertriebs AG va vendre sa filiale MK Luxinvest à Top Ten et Olaf-Johannes Eick, indique Fondsprofessionell. Les sociétés travaillaient déjà en partenariat sur la labellisation de fonds par exemple, précise le site. MK Luxinvest gère 400 millions d’euros dans des fonds commercialisés en Allemagne, au Luxembourg, en Autriche, en Suisse et en Grèce.
05/11/2009
La marque New Star pourrait être abandonnée
D’après les titres de l'édition du 4 novembre d’Ignites Europe, Henderson a confirmé qu’il est plus que probable qu’il va laisser tomber le nom New Star d’ici à avril prochain, en raison de sa reputation entachée.
05/11/2009
Simon Morrison devient patron unique de l’Europe chez LaSalle IM
Charles Maudsley rejoignant British Land comme director of business expansion, Simon Morrison a été nommé unique head of Europe chez LaSalle Investment Management. Depuis cinq ans, l’impétrant était responsable de l’Europe continentale et partageait la direction des activités européennes (240 personnes) du gestionnaire avec Charles Maudsley.
Progression de 10% des actifs sous gestion outre-Rhin
L’industrie allemande de la gestion d’actifs était à la tête d’un patrimoine de 1.340,4 milliards d’euros au 30 septembre dernier, en progression de 10% ou 123 milliards d’euros depuis le début de l’année, selon les statistiques de l’association allemande de la gestion BVI. Les fonds ouverts totalisaient 636,2 milliards d’euros à fin septembre contre 575,8 milliards fin 2008, les fonds dédiés 704,2 milliards contre 641,7 milliards. Compte tenu des remboursements sur les fonds monétaires (près de 23 milliards d’euros) intervenus entre janvier et septembre, les fonds ouverts affichent une décollecte de 1,6 milliard d’euros. Au sein des fonds ouverts, la collecte des fonds actions s’est élevée à 9,8 milliards d’euros sur les neuf premiers mois de l’année. Ce retour sur les actions conjugué au rally des marchés a entraîné une progression de l’encours des fonds actions à 184,3 milliards d’euros au 30 septembre contre 133,6 milliards au 31 décembre 2008.
05/11/2009
C-Quadrat attaque les marchés espagnol et italien
C-Quadrat & ARTS se lance sur les marchés italien et espagnol en commercialisant son fonds Total Return dans des contrats d’assurance vie d’Aspecta, destinés au marché retail, indique Fondsprofessionell.
05/11/2009
Changement de gérants chez Allianz Global Investors
Suite au départ du gérant Dirk Enderlein, qui quittera Allianz Global Investors à la fin de l’année, plusieurs fonds auparavant gérés par l’intéressé sont désormais pilotés par d’autres gérants, indique Fondsweb. Allianz RCM Wachstum Europa et Allianz RCM Europe Equity Growth ont été repris par Thorsten Winkelmann, Allianz RCM Wachstum Euroland et Allianz RCM Euroland Equity Growth par Matthias Born, Allianz RCM France par Gerrit Mader, Allianz RCM Aktien Europa par Neil Dwane et enfin Allianz Flexi Rentenfonds, Allianz Flexi Euro Balance et Allianz Flexi Euro Dynamik par Armin Kayser.
05/11/2009
La Banque Cantonale de Genève ouvre un bureau à Honk-Kong
La Banque Cantonale de Genève a reçu, mardi 3 novembre, l’autorisation de la Hong Kong Monetary Authority pour ouvrir un bureau de représentation à Hong Kong."L’objectif de ce bureau est de faciliter les liaisons avec une clientèle de particuliers intéressés à la gestion de patrimoines. La clientèle institutionnelle pourra également y trouver un relais vers le centre de compétence de la maison mère en matière d’asset management,» précise le communiqué. En revanche, le bureau de représentation de Hong Kong ne mènera pas d’activités bancaires, tous les comptes ouverts étant gérés à la maison mère dans le plus strict respect des réglementations en vigueur.
05/11/2009
Conservation: la barre des 100.000 milliards de dollars est à nouveau franchie
L’industrie de la conservation retrouve des couleurs. Selon GlobalCustody.net, la valeur des actifs sous conversation des fournisseurs de services dédiés a de nouveau passé la barre des 100.000 milliards de dollars. Cette barre symbolique avait été pour la première fois franchie en septembre 2007. La valeur cumulée des actifs sous conservation avait alors culminé à 115.000 milliards de dollars, avant de s’effriter avec l’érosion des marchés boursiers.
05/11/2009
Ahorro Corporación va se renforcer dans la gestion d’actifs
Avec le départ à la retraite à la fin du mois de Javier Zoido, l’administrateur délégué (CEO) historique, Ahorro Corporación, le bras financier de 42 caisses d’épargne espagnoles et petite et moyenne taille, va restructurer ses activités, souligne Expansión. Selon les milieux financiers, cela devrait notamment se vérifier pour l’activité de gestion d’actifs: AC Fondos prévois d’absorber les sociétés de gestion des caisses d’épargne pour lesquelles les fonds d’investissement ne sont pas un métier stratégique ou qui ont besoin de procéder à des cessions d’actifs pour survire à la crise. Actuellement, AC Fondos est déjà chargée de gérer les fonds de 21 caisses d’épargne. C’est le cinquième gestionnaire espagnol, avec 7,48 milliards d’euros. Avant la crise, c’était la quatrième société de gestion du pays, avec 13,83 milliards d’euros d’encours, mais elle a subi des remboursements nets de 5,1 milliards sur les deux derniers exercices.
Abante Asesores lance Kalahari Alpha
Le gestionnaire espagnol Abante Asesores a confié à José Ramón Iturriaga un second fonds de performance absolue après l’Okavango Delta (42 % depuis le début de l’année), en l’occurrence le Kalahari Alpha qui utilisera la même approche, mais avec une volatilité maximale plus contrôlée et plafonnée à 9 %. L’objectif de performance est de 200 points de base au-dessus de l’euribor 1 an. Les commissions de gestion et de performance se situent à 1,25 % et 9 % respectivement.Le gérant peut investir jusqu’à 30 % en actions, le reliquat étant placé en pensions livrées (repos) et en crédit pour contrôler le risque.