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10/09/2009

BVI : Carmignac précise sa position

Après l’annonce que le gestionnaire français a démissionné de l’association allemande BVI des sociétés de gestion, une démarche tout à fait inédite apparemment liée à la volonté de ne plus publier de statistiques-pays en Allemagne, Carmignac Gestion indique être «tout a fait disposé à publier ses chiffres pays par pays si cette information s’impose à tous les acteurs, en particulier les acteurs transfrontaliers», ce qui n’est pas encore le cas.Dans ces conditions, le gestionnaire français «a choisi de communiquer globalement sur son développement et non marché par marché car le jeu concurrentiel est faussé si Carmignac Gestion diffuse ses chiffres alors qu’il ne dispose pas de ceux de ses confrères». Carmignac Gestion souligne aussi être «la seule société présente à l'échelle européenne à diffuser systématiquement l’intégralité des portefeuilles» de ses fonds tous les trimestres, et ce, depuis 20 ans.
10/09/2009

Luisa Gómez Bravo devient patronne de BBVA AM

Après le départ de Rosa Alegriá «pour entamer une nouvelle étape de sa vie professionnelle hors du groupe», le BBVA a nommé Eugenio Yurrita a la tête de sa filiale assurances, BBVA Seguros, rapporte Cinco Días. Comme ce dernier était le patron de la filiale de gestion d’actifs, BBVA Asset Management, le groupe a désigné l’une de ses lieutenantes, Luisa Gómez Bravo pour prendre le poste de présidente des différentes sociétés de gestion de fonds et de fonds de pension de BBVA Espagne.
10/09/2009

La famille Syz fidèle au gestionnaire Maerki Baumann

Selon L’Agefi suisse, la famille zurichoise Syz vient d’accomplir un changement de génération en tant que propriétaire de Maerki Baumann Holding, qui possède la banque de gestion de fortune Maerki Baumann & Co SA, ainsi qu’InCore Bank SA et une participation de 60 % dans la boutique d’investissement Eniso Partners SA. Hans G. Syz-Witmer et Carole B. Schmied-Syz, les cousins du banquier Eric Syz, actionnaire fondateur et directeur général de Banque Syz & Co SA, ont repris un gros paquet d’actions de leur mère Raymonde Syz-Abegg, si bien qu’ils détiennent désormais la majorité de Maerki Baumann Holding à travers leur holding commune CHSZ. Raymonde Syz-Abegg restera actionnaire de Maerki Baumann avec une importante participation minoritaire. La famille Syz souligne ainsi son intention de conduire le développement du groupe Maerki Baumann, en tant que banque de gestion de patrimoines et société familiale, dans une perspective de long terme.
10/09/2009

L’immobilier suisse intéresse UFG

Selon L’Agefi suisse, UFG, fort du partenariat stratégique avec la banque Sarasin et de la fusion avec La Française des placements (FLP), estime avoir les reins assez solides pour se lancer sur le marché immobilier suisse. La filiale du Crédit Mutuel Nord Europe a la double volonté de vendre de l’immobilier français en Suisse et de proposer aux investisseurs français des produits financiers (fonds de hedge funds, fonds de private equity et fonds actions) qui s’adressent aux résidents suisses. Après une expansion en Espagne, au Benelux, en Allemagne et en Europe du Nord, UFG prévoit de s’attaquer au marché résidentiel et commercial en Suisse. «Il nous reste encore à évaluer dans quelle mesure un placement pourrait être intéressant dans ce pays pour nos investisseurs dans l’immobilier. Si les rendements varient du simple au double (3 % pour le résidentiel, 6 % pour le commercial), en France, notre prospection actuelle est justement destinée à évaluer ces rendements et de voir si nous pouvons faire mieux en Suisse», explique au quotidien Jean-Marc Coly, directeur de UFG gestion immobilière.
10/09/2009
Fonds

Les investisseurs continuent de se défier des fonds de hedge funds genevois

En juillet, les sorties nettes accusées par les fonds de hedge funds genevois ont porté sur 2 milliards de dollars contre 500 millions en juin, selon Eurekahedge. Depuis fin 2007, l’encours de ces produits a plongé de 74 % à 14,2 milliards de dollars, note le Handelsblatt. Les remboursements ont été quatre fois plus élevés que la moyenne, les banques genevoises n'étant pas parvenues à récupérer la confiance des investisseurs après l’affaire Madoff. Et, à Genève, les sorties ont été d’autant plus importantes que cette place financière s’est spécialisée sur les particuliers haut de gamme qui ont dû liquider des positions pour rembourser des crédits.
Fonds
10/09/2009

Sal. Oppenheim boosts its institutional assets by more than a quarter

With its acquisition of the Cologne-based Gen Re Capital GmbH and EUR11bn of assets from the insurer Kölnische Rück (Gen Re group), the private bank Sal. Oppenheim is increasing the size of its assets under management for institutional clients by more than 26%, to EUR53bn. The portfolio of Kölnische Rück will now be managed by General Re New England, the other asset management firm of the Gen Re group. The transaction, whose amount was not divulged, allows Sal. Oppenheim to develop institutional activities at its affiliate Oppenheim Kapitalanlagegesellschaft (OKAG). In addition, the group is acquiring a new asset management services insourcing activity. Gen Re manages all of the securities portfolios of several German insurers, and offers a full range of services from liability-driven management modelling through responsibility for reporting to regulatory authorities, and including portfolio management. Sal. Oppenheim is planning to take on a large part of the staff and infrastructure of Gen Re Capital, to ensure continuity without damaging the activities.
10/09/2009

Musical chairs for Deutsche Bank management

Deutsche Bank announced on Wednesday that Holger Naumann has been appointed COO Europe at DWS Investments. Since December 2005, he had been head of REEF Alterantive Investments for Germany, in which position he will be succeeded by Georg Allendorf, who was previously head of customer relations for Germany, Austria and Switzerland, and of Spezialfonds. Naumann’s predecessor, Boris Liedtke, takes over a head of Asian activities at Deutsche Asset Management (DeAM) in Singapore.
10/09/2009

Pallinghurst Resources relaunches Fabergé jewelry brand

The South African private equity investor Pallinghurst Resources has decided to relaunch the Fabergé brand. It will avoid the high costs of a distribution network by focusing on Internet sales, the Frankfurter Allgemeine Zeitung reports. The new site went up on Wednesday. The collection includes 100 pieces, whose prices vary from USD40,000 to USD7m.
10/09/2009

SEI hires one of the founders of Maia Capital

Jason Collins, who was one of the founders of the multi-management boutique Maia Capital, is joining SEI as head of UK and European Equities, in London. He will report to Kevin Barr, head of the investment management unit at SEI, and will be in charge of directing research, portfolio construction and manager selection for all manager of manager funds from SEI for the United Kingdom and Europe.
10/09/2009

Barings creates a position for a director of operations and technology

Baring Asset Management (Barings) has announced the creation of a position for a head of operations and technology, whose first occupant will be Laura Ahto. Ahto will report directly to COO John Misselbrook. Ahto, who was previously senior vice president, head of operations, administration and European funds at Pimco Europe (Allianz group), is based in London. She will be in charge of investment operations, IT, and change and date management for the entire group.
10/09/2009

Axa REIM recruits CEO from Sun Real Estate

Dennis G. Lopez, CEO of Sun Real Estate since 2008, has been appointed global CIO of Axa Real Estate Investment Managers (Axa REIM, EUR39.5bn in assets). Lopez, who after this redefinition of the job description for the position will take over the responsibilities previously assigned to Christian Delaire (who was global head of fund management), will be in charge of supervising all fund management activities at Axa REIM “with a particular emphasis on the quality and coherence of investment services, as well as the realisation of performance objectives.” He will be based in London, and will report to Pierre Vaquier, CEO of Axa REIM.
09/09/2009

Net decline in consumer credit in US

On its website, La Tribune reports that consumer credit fell by 10.4% year-on-year in July in the United States, a record decline for a single month. Assets in consumer credit fell by USD21.5bn in July compared with June, while economists were predicting a fall of USD4bn.
09/09/2009

Deka brings SRI awareness to a fund aimed at charities

Since July, the management team in charge of the diversified fund Deka-Stiftungen Balance, led by Thorsten Rühl, has been working in cooperation with the agency imug, to determine a universe of ethically correct shares, from which the asset management firm for the German savings banks will then construct the portfolio of the product, aimed primarily at small and mid-sized charities, but which is also available to pension funds, to savings banks for investments on their own behalf, and to religious organisations. Initially, the investment universe will be limited by exclusionary criteria such as sales of services or products related to abortion or the production of land mines. Selection then takes into account a variety of characteristics, such as the attitude of target firms to human rights, corruption, and animal testing of cosmetics. imug does not limit its analysis to equities and corporate bonds. With the assistance of the British agency EIRIS, it also ranges covered bonds (Pfandbriefe), as well as government bonds. The allows for SRI analysis of the complete portfolio. The fund was launched on 28 April 2003.
09/09/2009

Invesco Real Estate invests EUR75m for iii-BVK Europa-Immobilien-Spezialfonds

Invesco Real Estate has announced that it has invested EUR75m in two buildings, in France and the United Kingdom, on behalf of the iii-BVK Europa-Immobilien-Spezialfonds, a German-registered institutional fund which the management firm has managed since 2000 for the Bayerische Versorgungskammer (BVK). The properties include a building in Edinburgh, purchased for about EUR65m, and a extension to an existing logistical platform in Orléans, currently under construction, acquired for EUR10.5m.
09/09/2009

Fairfield pays USD8 million to Massachusetts

Fairfield Greenwich Group, considered to be the largest feeder of investors to Bernard Madoff’s Ponzi scheme, agreed to pay USD8 million to settle civil fraud charges filed by Massachusetts Secretary of State Willial Galvin, says the Wall Street Journal. The sum will be shared among 15 investors who lost money in the scheme.
09/09/2009

Low-cost providers come to finance

La Tribune asks whether, with the arrival of Quote MTF in Hungary, the stock markets have entered the low-cost era. The alternative platform is not exempt from the financial market instruments directive (MiFID), but it does profit from a more attractively-priced labour market. But it is not quite so easy to operate in isolation from the financial community, the newspaper reports. Quote MTF has chosen to locate its IT resources in London. But to attract users of the platform more readily, the platform is offering lower prices than its competitors in London.
09/09/2009

Chinese government hopes to attract "green" investments

Chen Deming, Chinese commerce minister, has announced that regulations governing foreign investment will be gradually liberalised, Die Welt reports. The Chinese government is seeking to encourage investors to place their capital in alternative energies as well as in less-developed provinces in the central and western regions of the country.
09/09/2009

Deficit increases sharply for defined-benefit pension funds

The Pension Protection Fund (PPF) has estimated that the total deficit for 7,400 defined-benefit (DB) pension funds as of the end of August was GBP173.2bn, compared with GBP158.1bn one month earlier, and GBP133.9bn one year previously. The total deficit for 6,304 funds which show less than 1005 coverage increased to GBP194.6bn, from GBP179bn one month previously, and GBP92.7bn as of the end of August 2008, while total surplus for funds which show a surplus rose to GBP21.4bn, from GBP20.9bn one month earlier, far below the total of GBP53.4bn measured one year previously.
09/09/2009

Garratt launches a fund specialised in British residential real estate

Money Marketing reports that Garratt Property Group is launching a Luxembourg-registered real estate fund aimed at investors hoping to profit from a rebound in the British residential real estate market. The management firm is offering the product to qualified and institutional investors, with a minimal subscription of GBP20,000. Garratt is aiming for assets of GBP50-100m, and total performance of 70-100% over five years.
09/09/2009

Asian pension funds overtake European counterparts

According to the annual rankings from Watson Wyatt, assets in the world’s 300 largest funds in 2008 fell by USD1.5trn to a total of USD10.4trn, of which USD4.7trn is in North America, USD3trn in Asia, and USD2.5trn in Europe, the Wall Street Journal reports. Some European funds saw particularly severe contractions, such as the Netherlands fund ABP, whose assets fell to USD243bn from USD315bn, or the Norwegian state pension fund, which lost USD32bn. In the case of the latter fund, capital losses were significantly higher, but tax revenues compensated for part of the losses.
09/09/2009

OAM launches two currency funds

Overlay Asset Management (OAM, BNP Paribas Investment Partners group) has announced the launch of the SingleHedge Currency Options Fund and the SingleHedge Multi-Strategy Currency Fund, Irish-registered products aimed at institutional clients in the currency alpha category. The former of these funds aims for positive returns from active positions on currency volatility and on directional bets on spot rates. The product is managed by Xavier Lefevre, head of portfolio management and trading. The Multi-Strategy Currency Fund is a feeder fund which combines exposure to three programs managed by OAM: the Developed Markets diversified Program, the Emerging Markets Currency Program, and the aforementioned currencies strategy. Investments in the underlying strategies are made in share classes that carry no fees.
09/09/2009

Jefferies plans to launch ETFs

According to reports in Mutual Fund Wire, Jefferies Asset Management, an affiliate of Jefferies Group, has applied to the SEC for permission to release an ETF replicating a US equities index, the Initial Equity Fund, and a bond index, the Initial Fixed Income Fund.
09/09/2009

CCR AM launches an SRI fund

CCR Asset Management, born of the merger of the asset management affiliates of the CCR Group with UBS Global Asset Management France (SA) on 30 June 2009, to create a wholly-owned affiliate of the UBS group, on 1 July transformed its Centrale Actions Europe fund into a sustainable development fund entitled CCR Actions Engagement Durable. The new fund invests in all market cap sizes within the Euro zone. Value-style financial management is coupled with an engagement policy which involves active dialogue with firms to move them towards governance practices which are more respectful of ESG (environmental, social and governance) issues, explains Axylia, the advisor to CCR AM in the creation of the product. The investment process also involves the exclusion of certain practices and sectors, and the inclusion in the investment management process of ESG dimensions.
09/09/2009

EasyETF launches an ETF replicating the iTraxx Europe Main index on Euronext Paris

Following the EasyETF iTraxx® Europe HiVol and EasyETF iTraxx® Crossover funds, launched in 2008, EasyETF is now offering a third tracker of European credit derivatives markets: EasyETF iTraxx® Europe Main. The fund is a Luxembourg-registered FCP, which charges a management commission of 0.15%. The benchmark index includes 125 equally weighted credit derivatives of investment grade European businesses, whose ratings are above BBB- (Standard & Poor’s) or Baa3 (Moody’s). the market-maker for the EasyETF iTraxx Europe Main is BNP Paribas.
09/09/2009

Net subscriptions in August

As of the end of August, assets in securities funds on sale in Portugal represented nearly EUR15.56bn, 4.4% more than one year earlier; the increase comes to 8.5% for the first eight months of the year (EUR14.34bn as of the end of December). However, the APFIPP association says, this total is still 19.4% below levels at the end of August 2008 (EUR19.29bn). The sector registered net subscriptions of EUR512m in August, which brings the total since the beginning of the year to EUR8.7685bn. On one year, funds have seen net outflows of EUR2.43bn. The three largest asset management firms by asset volumes are Caixagest, with EUR3.63bn, Esaf, with EUR3.18bn, and Santander Asset Management, with EUR2.88bn. The affiliate of the Spanish group is also the firm which has posted the largest increase in its assets under management since the beginning of the year, with growth of 25.2%, thanks to net subscriptions of EUR521.4m, putting it ahead of Esaf (+15% and EUR244.5m). Barclays Wealth Managers Portugal, which has EUR461.6m in assets, has posted a 65.1% increase in eight months, and net subscriptions of EUR158m (of which EUR45.2m were in August).
09/09/2009

Gold back at peak values of March 2008

Les Echos reports that the price of gold on 8 September passed the psychologically significant barrier of USD1,000 per ounce, peaking at USD1,007.70 early in the trading day, and then falling back but still above the USD1,000 mark. This is the third time that the price of gold has topped USD1,000 since 13 March 2008, when it passed this threshold for the first time in its history. Some of the most reputable experts remain doubtful that gold will be able to remain above this limit for sustained periods of time.
09/09/2009
Fonds

Creusement du déficit des fonds de pension à prestations définies

Le Pension Protection Fund (PPF) a estimé que le déficit cumulé des 7.400 fonds de pension à prestations définies (DB) est ressorti fin août à 173,2 milliards de livres contre 158,1 milliards un mois plus tôt et 133,9 milliards un an auparavant. De fait, le déficit des 6.304 fonds dans le rouge a gonflé à 194,6 milliards contre 179 milliards un mois plus tôt et 92,7 milliards fin août 2008 tandis que l’excédent total des fonds en excédent s’est accru à 21,4 milliards de livres contre 20,9 milliards un mois plus tôt, tout en plongeant par rapport aux 53,4 milliards enregistrés un an auparavant.
Fonds
09/09/2009
Fonds

Garrat lance un fonds spécialiste du residential britannique

Selon Money Marketing, Garratt Property Group lance un fonds immobilier de droit luxembourgeois destiné aux investisseurs désireux de profiter d’une reprise du marché britannique de l’immobilier résidentiel. Le gestionnaire propose ce produit aux investisseurs institutionnels et avertis, de sorte que la souscription minimale est fixée à 20 000 livres. Garratt vise un encours de 50-100 millions de livres et une performance totale de 70-100 % sur cinq ans.
Fonds

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