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21/09/2009

AllianceBernstein (AXA) owns 4.70% of Delhaize retail group

AllianceBewrnstein L.P., an investment firm owned by the AXA group, has reduced its stake in the capital of the Belgian retail group Delhaize below the 5% threshold, and now controls 4.70%. AXA Investment Managers Paris has announced that AllianceBernstein L.P. and its affiliates act independently of all other entities of the AXA group.
21/09/2009

Growing number of management firms founded

Wealth managers are distancing themselves from financial groups, and are creating their own independent firms, Handelsblatt observes. Roman von Ah, former head of asset management at Julius Bär, has founded Zurich Swissrock, with the former CFO of AWD, Ralf Brammer, and an insurance specialist, Klaus Mutschler. They manage EUR230m, and are now seeking new clients. Alpine Capital has been operational for two months, with a diversified active management fund, The firm is led by Dirk Schaper, former chairman of the board at Concord Investmentbank, and Peter Böhnke, co-founder of Main-First Bank. Bernd Borgmeier, who was head of asset management at Sal. Oppehneim and who was most recently a partner at the Warburg bank, has founded Bay Investment, which already has EUR1bn in assets under management for institutional investors.
21/09/2009

BNP Paribas private banking developing in Germany

According to Les Echos, BNP Paribas on Monday will make its entry to the German private banking industry official. The French firm is currently forming a team of 15 to 20 people based in Frankfurt anf Munich, to develop wealth management activities in collaboration with its direct bank, Cortal Consors. The business will be led by Pascal Grundrich, a veteran of Crédit Lyonnais who was hired by BNP Paribas in 2008. BNP Paribas has also studied a potential acquisition of Sal. Oppenheim, but it has visibly withdrawn from the sales process.
21/09/2009

Fund distribution more expensive in Europe

Fees paid to mutual fund distributors in Europe for equity funds are double those in the US, according to a study by Lipper quoted by the Financial Times. Commission paid to distributors of cross-border equity funds in Europe averages 70 basis points, compared with 25-35 bps for the equivalent share class in the US.
21/09/2009

TMW to gradually turn its Weltfonds 'green'

In order to keep up with the growing importance of sustainable development in the real estate sector, TMW Pramerica has decided t oconvert its open-ended real estate fund TMW Immobilien Weltfonds into the first product in its category with a sustainable development orientation, using a best-in-class approach. To achieve this, TMW Pramerica has teamed up with Ökorenta, one of the pioneers of SRI, which will contribute its expertise in fund design and will also mobilise its sales force. The first contacts with major investors have shown that the project has received a good reception from investors, to the extent that some redemption demands have been cancelled and replaced by subscription pledges (the fund has been closed to new subscriptions since the end of October 2008). The fund will be able to continue to acquire properties following economic criteria, but not only according to a sustainable development concept, as a subsequent ‘ecological’ transformation of the properties is planned. This means that the TMW Immobilien Weltfonds will not become a ‘green’ fund overnight.
21/09/2009

German equities funds are relatively expensive

According to Lipper, the total expense ratio (TER) for German equities funds averages 1.6%, compared with 1.2% for US funds, the Frankfurter Allgemeine Zeitung reports. When the statistics are weighted according to the size of the fund, German products show a cost of 1.4%, compared with 0.9% for US funds. For bond funds, the TER is 0.9% in Germany, and 0.8% in the United States.
21/09/2009

Equities funds post strong subscriptions

Wolfgang Mansfeld, chairman of the German BVI association of asset management firms, on Friday announced that in the first seven months of the year, equities funds had net inflows of EUR7.4bn, of which about 50% were for ETF funds.
21/09/2009

BNP Paribas to pull out of a Chinese fund

L’Agefi reports that BNP Paribas will soon sell its stake in ABN Amro Teda Fund Management in China. The decision has been taken in order to comply with regulations in the country, which allow foregn banks to own only one fund.
21/09/2009

SSgA launches a new ETF

State Street Global Advisors (SSgA) has announced the launch of the SPODR Wells Fargo Preferred Stock ETF, which has been listed since 17 September on the Arca platform from NYSE. The fund replicates the Wells Fargo Hybrid & Preferred Securities Aggregate index, which as of the end of July included more than 160 securities, all of them preferential, non-convertible securities listed on NYSE or Arco, whose face value is USD25, which are rated as investment grade by Moody’s or S&P, and whose monthly trading volume has been at least 250,000 shares for the past six months.
18/09/2009

BBVA sells branch locations to RREEF

According to reports in Expansión, the BBVA will sell 80% of its 1,350 branches in Spain, which it decided to sell off a year ago, to RREEF Alternative Investment (a fund from Deutsche Bank), for EUR1.2bn. The operation, which is known internally under the name “Proyecto Árbol,” will be a sale & lease-back deal. The US-based fund Area will be the junior partner of RREEF in the transaction. Expansión states that RREEF may also acquire the remaining 200 branches in the next two to three weeks, for EUR400m, but the financing for these acquisitions has yet to be secured. One of the unique characteristics of the operation is that BBVA will be able, within the overall agreement, to change the branches it occupies depending on the market situation, which would make it possible to restructure the network.
18/09/2009

FTSE removes Iceland from its indexes

FTSE has removed Iceland from the investable universe that make up its indices following the fall in its financial markets after the collapse of its three main banks, says the Financial Times. It is the first time the global equity index provider has taken a country off its lists since it established its global equity index series in September 2003.
18/09/2009

Profits down at Temasek

In the fiscal year ending on 31 March, net profits for the severeign fund Temasek Holdings fell to SGD6bn, from SGD18bn the previous year. Ho Ching, CEO of the fund and wife of the prime minister, says that the fund “did not expect the rapidity and ferocity of the worst global financial crisis since the Great Depression.” Assets as of the end of March totalled SGD130bn, compared with a peak of SGD185bn twelve months earlier, but had risen back to SGD172bn as of the end of July. In the 2008-2009 fiscal year, Temasek sold assets worth SGD16bn and made investments worth SGD9bn, of which SGD3bn were participations in capital increase operations at businesses including Standard Chartered, DBS group Holdings and CapitaLand. Among the assets that were sold, a 3.9% stake in Bank of America and a 2% stake in Barclays led to significant capital losses. The average annual performance of the fund since its creation in 1974 fell to 16%, compared with 18% as of the end of March 2008.
18/09/2009

Martin Currie wins a mandate from Indiana PERF

The Indiana Public Employees’ Retirement Fund has allocated Martin Currie Investment Management a mandate for USD210bn in global equities ex US, which will be managed by James Fairweather, CIO and head of global equities. The Scottish management firm says that it has obtained new global equities and global equities ex US mandates worth USD900bn since the beginning of the year. Global equities represent 23% of assets at Martin Currie (USD16.3bn).
18/09/2009

Jupiter to distribute its funds via deVere & Partners

Jupiter Asset Management has announced a strategic alliance with deVere & Partners, an independent financial consultancy. Under the agreement, deVere & Partners will offer both the Jupiter Global Fund Sicav and the Jupiter Merlin Sicav, comprising 11 sub-funds, through its network of 350 consultants, who operate from 40 offices around the world. The UK asset manager will potentially have access to 50,000 clients in over 100 countries.Kevin Scott, executive director, international at Jupiter AM, says: «deVere offers significant potentiel for Jupiter to develop both brand awareness and sales internationally».
18/09/2009

ETFS chooses BNY Mellon AS

BNY Mellon Asset Servicing has announced that it has been granted a servicing mandate from ETF Securities for its Physical Swiss Gold Shares ETF. The mandate includes trustee services, accounting, and fund administration, as well as settlement.
18/09/2009

Assets up at Legg Mason

Legg Mason has announced that its assets under management had increased by about USD693bn as of 31 August, a 5% increase over 30 June, the Wall Street Journal reports. This reflects rises on the markets and slowing redemptions. Meanwhile, Bill Miller, the emblematic manager at Legg Mason, has announced that he is considering ending his career at the asset management firm after 27 years of employment there.
18/09/2009

KKR enters capital of Kodak

For USD400m, Kohlberg Kravis Roberts (KKR) has obtained options on 20% of capital in Eastman Kodak, and high-yield bonds which pay more than 10% per year, as well as two seats on the board of directors at the business, the Frankfurter Allgemeine Zeitung reports. Kodak, for its part, is planning to issue convertible bonds to institutional investors to raise USD300m.
18/09/2009

Four more management firms pledge not to use placement agencies

The Wall Street Journal reports that seven management firms have now signed up to the code of conduct laid out by Andrew Cuomo, attorney general of New York. The four new firms are HM Capital Partners, Levine Leichtman Capital Partners, Access Capital Partners, and Falconhead Capital, which will now no longer make use of placement agencies. As a result of the legal investigation into the “pay-to-play” scandal, these firms have agreed to pay USD4.5m into the New York State Common Retirement Fund. In total, the seven management firms will pay USD56.5m to the pension fund.
18/09/2009

Plongeon du bénéfice de Temasek

Pour l’exercice au 31 mars, le bénéfice net du fonds souverain Temasek Holdings est tombé à 6 milliards de dollars de Singapour contre 18 milliards. Ho Ching, CEO et épouse du premier ministre, a souligné que le fonds «n’avait pas prévu la rapidité et la férocité de la pire crise financière mondiale depuis la Grande Dépression». L’encours à fin mars ressortait à 130 milliards de dollars de Singapour contre un record de 185 milliards douze mois plus tôt, mais il est remonté à 172 milliards fin juillet.Temasek a opéré durant l’exercice 2008-2009 des cessions d’actifs pour 16 milliards de dollars de Singapour et des investissements de 9 milliards, dont 3 milliards pour suivre des augmentations de capital, dont celles de Standard Chartered, de DBS Group Holdings et de CapitaLand. Parmi les cessions, celles de 3,9 % de Bank of America et de 2 % de Barclays ont occasionné des moins-values importantes.La performance moyenne annuelle depuis la création du fonds en 1974 est retombée à 16 % contre 18 % à fin mars 2008.
18/09/2009

Le BBVA vend des agences à RREEF

Selon les informations d’Expansión, le BBVA vendra la semaine prochaine à RREEF Alternative Investment (un fonds de Deutsche Bank), pour 1,2 milliard d’euros, 80 % des 1.350 agences dont la banque espagnole a décidé de se défaire voici un an. L’opération, connue en interne sous l’appélation de «Proyecto Árbol», est un «sale & lease-back». Dans cette transaction, le fonds américain Area est le junior partner de REEEF. Expansión indique que REEF pourrait aussi mettre la main d’ici deux à trois semaines sur les 200 agences restantes pour 400 millions d’euros, mais qu’il reste à en boucler le financement.L’une des particularités de la transaction est que le BBVA aura la faculté, au sein de l’enveloppe globale, de changer les succursales qu’il occupe en fonction de la situation de marché, ce qui doit permettre de restructurer le réseau.
18/09/2009

Martin Currie décroche un mandat de l'Indiana PERF

L’Indiana Public Employees’ Retirement Fund a alloué à Martin Currie Investment Management un mandat de 210 millions de dollars en actions mondiales hors Etats-Unis qui sera géré par James Fairweather, CIO et head of global equities.Le gestionnaire écossais précise avoir obtenu depuis le début de l’année de nouveaux mandats d’actions monde et monde hors Etats-Unis de 900 millions de dollars. Les actions mondiales représentent 23 % de l’encours de Martin Currie (16,3 milliards de dollars).
18/09/2009

ETFS choisit BNY Mellon AS

BNY Mellon Asset Servicing a annoncé avoir obtenu d’ETF Securities le mandat de service pour son ETF Physical Swiss Gold Shares. Cela recouvre le service de trustee, la comptabilité et l’administration de fonds ainsi que le rôle d’agent de transfert.
18/09/2009

Jupiter va distribuer ses fonds via deVere & Partners

Jupiter Asset Management vient de nouer une alliance stratégique avec le consultant financier indépendant deVere & Partners. Aux termes de cet accord, deVere & Partners proposera les Sicav luxembourgeoises Jupiter Global Fund Sicav et Jupiter Merlin, soit au total 11 compartiments, via son réseau de 350 consultants basés dans 40 bureaux à travers le monde. Cela permettra potentiellement à la société de gestion britannique de toucher quelque 50.000 clients dans plus de 100 pays.Kevin Scott, directeur exécutif, en charge de l’international de Jupiter AM, espère que cet accord va permettre de développer la notoriété et les ventes de Jupiter à l’international.

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