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16/09/2009

Deficit has doubled at pension funds

According to a report by Pension Capital Strategies and Cazenove, FTSE 250 companies’ pension shortfalls doubled to GBP12bn in the twelve months to the end of June. And the shortfall would have been much higher had yields on corporate bonds not risen through the credit crunch. If rates on risk-free gilts had been used to discount liabilities, as used by the Pension Protection Fund, the deficit would be GBP80bn, up from GBP55bn a year earlier, the Financial Times reports. Overall, funds increased their exposure to bonds to 49% of assets, compared with 42% last year. Meanwhile, of the 250 employers, only 92 have defined benefits, while barely 20 firms still offer this formula to a large number of employees. The report also reveals that 27 funds have pension liabilities larger than the market capitalisation of the business.
16/09/2009

SGSS awarded six new mandates

Société Générale Securities Services (SGSS) announced on 15 September that it has been awarded five new mandates for its depository banking, fund administration and global custody activities, as well as a new mandate to value complex products. The mandates the firm has been awarded come from: EDF, for EUR400m, for depository and fund administration services; ST Microelectronics and Vallourec, for EUR1bn and EUR120m, respectively, for global custody services; Blackfin, for EUR300m, for depository services, fund administration and transfer agency; Peregrine Derivatuives for derivatives settlement; and lastly, Aktia Bank for asset servicing on OTC and structures products. As of the end of 2009, SGSS provided custodial services for EUR2.906trn in assets under management, a 15% increase compared with December 2008, and administered EUR423bn in assets. SGSS thus strengthens its position as the 2nd largest European custodian and the 6th largest worldwide. Since the beginning of 2009, SGSS has also strengthened its position as a major provider of middle office and valuation services for structured products and OTC, with the valuation of 20,000 positions on complex products.
16/09/2009

Former head of alternative management at SocGen launches Nexar Capital

According to the Financial Times, Arié Assayag, the head of SocGen’s alternative asset management team, has set up Nexar Capital, a new hedge fund business, along with other former bankers from SocGen and with the backing of an American private equity firm, Aquiline Partners, founded by Jeffrey Greenberg. The firm will be based in Paris, with an office in New York. The FT reports, citing people familiar with the situation, that Nexar will be looking for opportunities to acquire fund of funds businesses, and aims to raise USD10bn in AUM within 5 years.
16/09/2009

Agicam methodically advances in SRI management

Of roughly EUR12bn in assets which it manages for the AG2R La Mondiale group and financial supports for employee savings, Agicam has about EUR600m in SRI assets, or 5% of the total, while the average is 1% for institutionals. This also, says Philippe Dutertre, chairman of the board at Agicam, represents about 4% of institutional assets in socially responsible from all French institutionals. The management firm is constructing an SRI team consisting of five managers/financial analysts and three senior SRI analysts to be part of a single board. Its services have also developed EthisScreeninG, an exclusive tool which provides analysis of risks and positive points in ESG management, and is constructing a database of businesses and sectors of activity. The SRI unit of Agicam posted approximately EUR100m in net subscriptions in 2008, and the firm is planning for EUR150m in 2009 and EUR250m next year. For the beginning of December, the management firm is planning to launch a fund of SRI mandates, with allocations to aggregate, government bonds and credit, in partnership with Mercer. Agicam is also planning an SRI fund of funds, in partnership with Altedia.
16/09/2009

Gabelli on the defensive

Gabelli analysts’ choice for the Focus Five, a portfolio of 5 stocks which are rotated every three months, included more defensive companies on August 1, due to market uncertainty. The five picks are Coca-Cola, Hansen Natural, Scana, Walgreen, and Waste Management.
16/09/2009

SWIP replaces head of UK equities

Peter Cockburn, investment director UK equities, will serve as the interim head of UK equities at Scottish Widows Investment Partnership (SWIP) following the resignation of Robert Waugh, Investment Week reports. The UK equities team at SWIP includes 13 people. The SWIP Absolute Return UK Equity fund, which was managed by Waugh directly, will be taken over by James Clunie.
16/09/2009

Saxo Banque signs up with B*Capital as partner for online trading platform

The investment and online trading bank Saxo Banque announced on 15 September that it has signed a white-label partnership agreement with the stock market firm of the BNP Paribas group, B*Capital. B*Capital has selected the French Saxo Banque to provide online trading of currencies, CFDs and futures contracts to its private investors. “CFD and Forex will allow our qualified clients to invest in leveraged and coverage instruments, despite the current volatility of the markets. B*capital will also offer them a direct relation with a team of market professionals to help them to manage their risks and assist them in short-term anticipation techniques, with independent and transparent information,” explains Philippe Nahum, CEO of B*capital.
16/09/2009

Romain Boscher promoted at Groupama AM

Romain Boscher has been appointed as director of management at Groupama Asset Management. He will also serve as deputy CEO of the firm, and as a member of the board of directors, following the departure of Roland Lescure, who has joined the Caisse de dépôt et placement du Québec. Boscher, who arrived at Groupama Asset Management in 2000, had been head of the European and International Equities department since 2005.
16/09/2009

Berkeley endowment creates fund management affiliate

The board of trustees of the University of California, Berkeley Foundation endowment on Tuesday announced the creation of an affiliate to manage its funds. Previously, its assets of USD738m (as of 30 June) were managed by a volunteer investment committee. Now, the assets will be managed by professionals, who will be overseen by a five-member board of directors with profound knowledge of the financial sector and capital markets. The board will be chaired by Janet McKinley, who has previously served as chairman of the Income Fund of America and as director of Capital Research and Management Co. John Austin Saviano has been appointed as president and CEO of the new structure. He was previously a senior consultant at Cambridge Associates. His base salary, which is fixed for a three-year term, will be USD270,000 per year.
16/09/2009

Van Kampen would be ideal for Aberdeen

Morgan Stanley’s Van Kampen Investments would make an ideal acquisition target for Aberdeen, say US analysts cited by Ignites Europe. The UK fund firm is on the hunt for a US asset manager.
15/09/2009

UK to open access to hedge funds to retail investors

The UK is pushing ahead with plans to open up hedge funds to retail investors, in spite of 18 months of silence and a growing European backlash against the hedge fund industry, reveals the Financial Times Fund Management. The Financial Services Authority has told FTfm that Faifs (funds of alternative investment funds) are alive and that it intends to publish finalised rules for their operation before the end of this year.
15/09/2009

Thomson Reuters launches indices

Thomson Reuters is bringing to the market its own family of 800 indices, covering some 44 countries, 18 regions and 10 business sectors, according to the Financial Times Fund Management. The group will use a liquidity filter to ensure each index represents the market as a fund manager might actually hold it.
15/09/2009

Financial crisis has cost millionaires

According to an annual survey by Boston Consulting Group (BCG), the financial crisis in 2008 caused the number of millionaires in the world to fall to about 9 million, compared with 11 million the previous year, while households with financial savings of under USD100,000 posted slight increases in their wealth, the Frankfurter Allgemeine Zeitung reports. In total, assets managed for clients contracted in one year by 11.7%, to USD92.4trn, with a 21.8% fall in the United States to USD29.3trn. The “established” wealthy, those with assets of at least USD5m, saw the heaviest losses, with -22%, bringing their assets to USD17.7trn.
15/09/2009

Financial crisis isn't over, according to two thirds of institutional managers

A survey by FTI Consulting of 153 institutional investors in 15 countries, who manage a total of more than USD2.8trn, finds that 64% of specialists at these entities estimate that the financial crisis is not over, while 31% think that the worst has passed, and 5% have no opinion, fondsprofessionell reports. Australian and US asset managers are the most pessimistic, with 80% and 76%, respectively, of the opinion that the crisis is not finished. In Europe and Asia, the percentages of pessimists are 59% and 62%.
15/09/2009

Growth in portfolio management

Funds People reports that discretionary portfolio management services as of the end of July had assets of EUR56.59bn (compared with EUR14.9bn in funds), which represents a 2.3% increase in July, and a 6.8% increase since the beginning of the year. 91.8% of this total is managed on behalf of Portuguese residents, and it is 85% invested in bonds. The leaders in this market are Caixagest with EUR18.37bn and a market share of 32.5%, F&C Portugal (EUR17.89bn and 31.6% market share), and ESAF GP (EUR9.27bn and 16.4%).
15/09/2009

Net subscriptions at 44 out of 85 management firms

As of the end of August, 85 asset management firms which disclose information about their subscription and redemption volumes to the Inverco association shows net inflows since the beginning of the year, Funds People reports. The top three places in the rankings go to Ibercaja Gestión (see Newsmanagers of 2 September) with EUR528.6m in the first eight months of 2009, followed by Invercaixa Gestión (EUR464.36m) and Credit Suisse Gestión (EUR348.1m). Funds People also notes that since the beginning of this year, 35 funds have attracted more than EUR100m each in Spain, for total net subscriptions of EUR10.04bn. Of this total, 18 are bond funds (most of them products specialised in corporate bonds), while 13 are guaranteed funds. These 35 funds account for about 10% of total assets in Spain, where there are about 2,700 funds in total. The fund which shows the strongest subscriptions is the FC Garantia RF 15 from La Caixa, with EUR892m. BBVA, La Caixa and Santander are the three firms with the most funds among the top 35 for sales, with 9, 7 and 5 products, respectively.
15/09/2009

Rob Page quitte Liontrust

Investment Week rapporte que Rob Page quittera son poste de directeur du marketing pour les fonds britanniques chez Liontrust fin octobre pour se consacrer à un poste plus international. Il avait rejoint le gestionnaire en juillet 2008. Liontrust compte recruter un successeur au partant.
15/09/2009
Fonds

AHL va gérer un fonds OPCVM III pour Man et Dexion

Man Investments a annoncé qu’il lance avec Dexion Capital Group le Man AHL Aiversity, un fonds de suivi de tendance qui est conforme à la directive OPCVM III et qui sera géré par AHL (20,4 milliards de dollars fin mars), une filiale de Man. Ce produit, conçu comme support de diversification, est destiné aux investisseurs britanniques avertis. Il est libellé en livres sterling et la souscription minimale est fixée à 100 livres.Le Man AHL Diversity sera exposé à plus de 90 marchés dans le monde, sur 29 Bourses ouvertes 24 heures sur 24 et l'équipe de gestion suivra toutes les classes d’actifs depuis les devises et les taux jusqu'à l’agriculture et les métaux.
Fonds
15/09/2009

Ignis recrute chez M&G

Ignis Asset Management a recruté Nick Pogmore en tant que directeur des alliances stratégiques pour l’aider à tisser des liens avec les conseillers financiers britanniques, les réseaux, les bureaux d’assurance vie et les plates-formes de fonds, rapporte Investment Week. Il vient de chez M&G, où il était directeur du développement des partenariats.
15/09/2009
Fonds

Fortes souscriptions nettes en juillet

D’après les statistiques de Lipper Feri, les souscriptions nettes des fonds en Europe ont porté pour juillet sur 46,6 milliards d’euros, contre des sorties nettes de presque 9 milliards d’euros en juin. Sur les sept premiers mois de l’année, le total des souscriptions nettes ressort à 102 milliards d’euros, rapporte le Handelsblatt.Le bon résultat de juillet est attribuable aux fonds d’actions et aux obligataires, dont les rentrées nettes ont porté sur respectivement 12,3 milliards et 15,7 milliards, ce qui représente presque un doublement sur juin dans le premier cas et un quadruplement dans le second. Les fonds monétaires ont drainé pour leur part 16,4 milliards d’euros.
Fonds
15/09/2009

Trois départs chez 3i

Trois partners de 3i ont quitté la société pour gérer le pool de 29 actifs qui a été vendu à Coller Capital, HarbourVest Partners et DFJ Esprit, rapporte le Wall Street Journal. Il s’agit de Krishna Visvanathan et de Nigel Pitchford, ainsi que de Jean-David, lequel dirigeait l’équipe parisienne jusqu’à son départ il y a un mois.
15/09/2009
Fonds

T. Rowe Price lance un fonds de grandes capitalisations américaines

Lundi, le gestionnaire américain T. Rowe Price a annoncé le lancement du US Large Cap Core Fund, un compartiment de sa Sicav luxembourgeoise. Ce produit de grandes capitalisation américaines a déjà obtenu l’agrément de commercialisation dans plusieurs pays européens, dont le Royaume-Uni. Le portefeuille de 50-75 lignes sera alimenté par les «meilleures idées» de plus d’une trentaine d’analystes selon une approche strictement «bottom-up» (sélection de valeurs) et géré par Jeff Rottinghaus.Au 30 juin, l’encours de T. Rowe Price en grandes capitalisations américaines représentait plus de 133 milliard de dollars.
Fonds
15/09/2009
Fonds

Les commissions de performance ont le vent en poupe

Cette année, près des deux tiers des gérants, représentant 7.000 milliards de dollars d’encours sous gestion, s’attendent à voir une plus grande utilisation des commissions de performance, tandis que les trois quarts anticipent une baisse des frais de gestion traditionnels dans les prochains mois, selon une étude de Skandia Investment Group citée par le Financial Times Fund Management. Cette tendance intervient à un moment où le secteur de la gestion d’actifs comprend qu’il a besoin de mieux s’aligner avec les intérêts des investisseurs par rapport à avant.
Fonds
15/09/2009
Fonds

Hausse de l"encours des fonds de pension au T2

Selon les statistiques de la Banque des Pays-Bas (DNB), l’encours des fonds de pension néerlandais s’est accru de 4,5 % au deuxième trimestre à 560 milliards d’euros fin juin, notamment grâce à des plus-values de 16 milliards sur les actions et de 5,5 milliards sur les obligations, indique IPE. La Banque centrale précise que les fonds de pension ont vendu près de 75 milliards d’euros d’obligations et investi 72 milliards d’euros en fonds d’investissement, ce qui porte le total des placements dans ces fonds à 217 milliards d’euros au 30 juin.
Fonds
15/09/2009

DBAG affiche de nouveau un bénéfice

Le capital-investisseur Deutsche Beteilungs AG (DBAG, environ 900 millions d’euros sous gestion) a fait état lundi d’une perte de 0,3 million d’euros pour les neuf mois au 31 juillet contre 3,4 millions. Le trimestre à fin juillet s’est soldé par un bénéfice net de 12,1 millions d’euros contre une perte de 6,3 millions, grâce à la plus-value de 10 millions d’euros réalisée sur la cession de Lewa GmbH début juillet et à la hausse de l’action Homag. DBAG avait accusé des pertes durant les quatre trimestres précédents.
15/09/2009

Berenberg profite de la crise

Selon Hans-Walter Peters, président des associés-gérants, le nombre de clients de la banque privée Berenberg a augmenté de 7 % depuis le début de l’année, et l’encours géré pour des particuliers fortunés s’est accru d’un milliard d’euros à 8,3 milliards (sur un total de 21 milliards), rapporte la Frankfurter Allgemeine Zeitung. Le bénéfice a gonflé au premier trimestre d’environ 25 % à 35,1 millions d’euros.A terme, Berenberg a l’intention de porter à 100 analystes et traders l’effectif de sa filiale de Londres, qui a déjà triplé à 45 personnes. La banque allemande veut se développer dans la banque d’investissement et se lancer dans les fusions-acquisitions.
15/09/2009

Sal. Oppenheim : due diligence achevée

Un porte-parole de la Deutsche Bank a indiqué lundi à la Börsen-Zeitung que la due diligence des comptes de Sal. Oppenheim est désormais achevée, ce qui est confirmé par ce dernier. D’après les proches du dossier, les pourparlers sur les détails de la prise de participation de la Deutsche Bank dans la banque privée commenceront la semaine prochaine.

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