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08/06/2009

Erste Bank dans le collimateur de La Caixa

Selon des articles concordants dans la presse espagnole, Criteria Caixa Corp augmenterait sa participation dans Erste Bank à 20 % contre 5,1 % actuellement (cela représente environ 1,3 milliard d’euros aux cours actuels), rapporte Die Presse. Le journal autrichien croit savoir que le holding de La Caixa a signé un pacte avec le principal actionnaire d’Erste Bank, SparCasse-Privatstiftung (31,1 %). Cela permettrait de faire échec aux responsables politiques qui veulent fusionner Erste Bank avec la Raiffeisen Zentralbank (RZB).
08/06/2009

Lipper criticises proliferation of fund products

A tendency in the European asset management industry to constantly launch new funds jeopardize the interests of investors, according to a new study from Lipper FMI, cited by the Financial Times. Europe has one fund for every 1,000 investors, and the average size of each product is EUR25m. This means high costs for investors.
08/06/2009

Royal Mail chairman threatens to shut pension fund

Donald Brydon, chairman of the Royal Mail, has announced that if plans to partially privatise the British mail are not successful, its pension fund, which currently has 150,000 members, will have to be closed, in a move similar to what took place at Barclays, the Sunday Times reports. The government will not bail out the pension fund if its plan to partially privatise the postal service is not approved. It is seeking to sell a part of the Royal Mail’s postage activities, but there is currently only one potential buyer, the private equity investor CVC, still in the running.It is likely that at a quarterly review of the company’s books thus summer, the pension fund’s deficit will be estimated at more than GBP10bn, which would require the Royal Mail to pay an additional annual sum of GBP500m, meaning that the amount it drains from the firm’s annual profits would increase to more than GBP1bn, up from GBP800m this year.
08/06/2009

Credit Suisse recruits in wealth management

On Friday, Credit Suisse announced that it will be creating a new team of client advisors in Mumbai for its wealth management activities in India. The team will be led by Amit Khandelwal, who joins the firm as director of Credit Suisse Wealth Management, and will report to Puneet Mattan, head of wealth management for India. He was previously director and financial advisor at DSP Merrill Lynch Ltd, India.
08/06/2009

Crilllon hotel put up for sale by Starwood Capital

The US-based fund Starwood Capital has selected the real estate consultant Eastdil Secured to find an eligible buyer who would be willing to pay more than EUR300m for the Crillon hotel in Paris, the Sunday Times reports.
08/06/2009

Global X to launch a Peru ETF

Global X Funds will launch the first ETF based on Peru on the New York Stock Exchange on 15 June, ahead of iShares which is still at work on a similar product, Funds People reports. The Global X fund will replicate the FTSE Peru 20 index, which includes shares in the largest Peruvian commodities companies, such as Maple Energy Plc., Austral Group SA, and Cia. de Minas Buenaventura SA.
08/06/2009

MFS registers new products with CNMV, bringing total to 36

Boston-based asset management firm MFS has registered a bond fund, the MFS Meridian Emerging Markets Debt Local Currency Fund, and four equities products (MFS Meridian China Equity Fund, MFS Meridian Hong Kong Equity Fund, MFS Meridian Latin America Equity Fund and MFS Meridian Global Energy Fund) with the Spanish market regulator (CNMV), Funds People reports. MFS now has 36 products licensed for sale in Spain, says Juan Martín, director of the management firm for Spain.
08/06/2009

Segurfondo Inversión offers to sell apartments to tenants

To raise liquidity, the property fund Segurfondo Inversión (EUR544m in assets and 477 mostly institutional subscribers) is offering tenants in properties in its real estate portfolio an opportunity to buy their flats, Expansión reports. The fund from Inverseguros, launched in 1995, encountered difficulties in March, when investors submitted demands to redeem an amount equivalent to 97% of its assets. At that time, the asset management firm obtained permission from the CNMV to freeze redemptions for two years.
08/06/2009

Nomura recruits a director from DWS

Alan Crutchett, who was previously managing director of DWS Investments, has been recruited as COO of Nomura Germany, Handelsblatt reports. He will report to the firm’s two country heads, Koichi Katakawa and Patrick Schmitz-Morkramer.
08/06/2009

GSAM adds to distribution team

From 1 July, Alessandro Reggi will become executive director of Goldman Sachs Asset Management (GSAM) for Germany. He will be in charge of assisting private banking clients, IFAs, and fund of fund managers. He was previously in charge of distribution of structured products at Nomura International in London.Michael Grüner, director of third-party distribution at GSAM, has announced that the US-based management firm is planning to recruit new staff in retail distribution this year, after adding personnel in this area in 2008.GSAM has already signed more than 140 distribution agreements for the 75 open-ended products of its range which have a sales license in Germany.
08/06/2009

BlackRock in a hurry to conclude acquisition of BGI

The Financial Times reports that BlackRock on Sunday was scrambling to conclude its acquisition of Barclays Global Investors, to prevent Bank of New York Mellon from entering the running. Barclays is supposed to take a decision early this week about who will be chosen to buy BGI. If BlackRock is selected, Barclays would acquire a stake of up to 20% in the US management firm, the FT reports.
08/06/2009

Crédit Agricole Suisse prepared to make acquisition

In an interview with L’Agefi Switzerland, Christophe Gancel, director of Crédit Agricole Suisse, says that “the Crédit Agricole group would like to see us grow more quickly, particularly in wealth management activities, and particularly in Asia, where we would like to strengthen our presence, and also in the Gulf and Eastern Europe. We could grow through acquisition of teams, or - why not? - even of companies. But we think that we should still wait a little longer. 2009 will be a difficult year for asset management entities, and prices for these firms may fall. There will undoubtedly be opportunities in 2010 and 2011. Whatever the case, we will seek to acquire an entity of a certain size. It takes just as much work to run a bank with CHF3bn or CHF10bn in assets under management.”
08/06/2009

Fidelity and KKR form partnership

Fidelity is teaming up with Kohlberg Kravis Roberts, the Financial Times reports. The agreement provides that retail clients of Fidelity will have access to futures IPOs of companies owned by KKR. This is the first time such an agreement has been signed, although Fidelity has had similar arrangements in the past with investment banks.
05/06/2009

Private equity professionals need to show more imagination

Clients of major LBO funds are in a favourable position to renegotiate management fees and manager pay scales, L’Agefi reports. The newspaper quotes a monthly study of investors conducted by AltAssets, which finds that 31% of respondents estimate that managing partners at vehicles such as Blackstone, KKR, TPG, Carlyle, and others, need to reduce their management fees by 2% of assets under management to a total of 0.5% to 0.9%. 13% of respondents feel that an alternative solution would be if fees were linked to performance.
05/06/2009

Bob Rodriguez critics asset managers

Bob Rodriguez, manager of the FCA Capital Fund, says managers have not fully appreciated the scale of the financial crisis, the Wall Street Journal reports. “Whether it’s bonds or equities, it appears that the same old strategies have been used: being fully invested … and not diverging much from the index,” he says. He warns that if active managers continue to manage in this way, they will have trouble maintaining long-term prospects for their funds and keeping their jobs.
05/06/2009

De nouvelles activités pour les analystes

Dans un entretien aux Echos, le président de la Société française des analystes financiers, Patrick Leguil, estime que «le modèle dominant de l’analyste «sell side» travaillant pour une société de Bourse est sans doute derrière nous. Ces dernières années ont été marquées par des concentrations entre banques et entre courtiers indépendants. Nous avons vu et nous prévoyons toujours une baisse du nombre d’analystes employés par les intermédiaires. Ils ne représentent plus que 11 % de nos membres. Toutefois, de nouvelles activités se créent, dans l’analyse indépendante ou le créneau spécifique des PME dans le cadre de la loi Tepa, ou encore dans l’ISR et l’immatériel».
05/06/2009

Institutionals make increasing use of SRI

In socially responsible investment in France, dedicated management has overtaken collective management. In 2008, assets under management in delegated and internal management, excluding employee savings - in other words, dedicated management - rose 76% to EUR15.5bn, compared with EUR8.8bn at the end of 2007, out of a total of EUR29.9bn in SRI assets in the French market, according to the most recent statistics from Novethic. At the same time, open-ended collective management (FCP and Sicav funds) with an SRI approach grew by only 6% to EUR11.1bn. Growth in dedicated management is largely explicable as a result of the fact that the SRI market is dominated by institutional investors, and by the fact that these investors are increasingly seeking to make use of this concept, as they adopt their own custom management criteria. The growing weight of institutional investment also explains movement in 2008 in terms of asset classes. While in 2007, equities represented half of assets, now there is a move towards fixed income on the market. In 2008, despite the crisis, SRI assets increased from EUR21.8bn to EUR29.9bn, a 37% increase.
05/06/2009

Important elements missing in wealth management

According to statistics dating from 2007, the Chinese wealth management market had doubled since 2000, to a total of USD350bn. At the end of 2007, there were about 415,000 high net worth investors (HNWI) with financial assets of over USD1m, and 6,038 ultra-high net worth investors (UHNWI) with more than USD30m, according to a Celent study (http://www.celent.com/124_1600.htm). Hua Zhang, an analyst at the Asia Research Group at Celent, says the major challenges for the wealth management industry lies in the fact that products are undifferentiated, and a prevailing ignorance about global asset allocation. In addition to this there is a lack of protection of clients’ personal information and genuine risks in need of management. Lastly, the sector is suffering from a lack of high quality professionals.
05/06/2009
Fonds

Franklin Templeton renonce à fusionner deux fonds

L’assemblée générale du Franklin Technology Fund, le 18 mai, n’ayant donné la majorité requise à la proposition de fusion avec le Franklin US Opportunities Funds (lire notre dépêche du 21 avril), Franklin Templeton Investments renonce à cette fusion, rapporte fondsweb.
Fonds
05/06/2009
Fonds

Julius Baer lance un fonds Russie

Afin de «capitaliser sur la rapide reprise des actions russes» (72 % de hausse depuis le début de cette année), Julius Baer lance son JB Russia Fund sur le marché britannique. Il s’agit d’un compartiment de la Sicav luxembourgeoise qui a été lancé le 20 juin 2008 et dont le gérant de portefeuille est Elena Ogram. La commission de gestion se situe à 1,60 %. La surperformance par rapport au MSCI monde pour les cinq premiers mois de 2009 est ressortie à 65 %.
Fonds
05/06/2009

Le marché de la gestion devrait subir une purge

On sait désormais que 200 des 550 salariés vont devoir quitter Cominvest suite à l’acquisition de la société de gestion de la Commerzbank par Allianz Global Investors (AGI). Cela préfigure les changements qui attendent le secteur de la gestion d’actifs en Allemagne, où l’encours des fonds offerts au public a chuté l’an dernier de plus de 20 % à 576 milliards d’euros et où l’on a enregistré des sorties nettes de 13 milliards d’euros contre des souscriptions nettes de 70 milliards en 2007.Les changements de business model sont inéluctables, écrit la Frankfurter Allgemeine Zeitung, notamment parce que les coefficients d’exploitation (cost-income ratios) ont fortement augmenté (à 70 % contre 60 % pour l’un des grands acteurs de la place). Les boutiques et les grandes maisons comme DWS, Deka, Union ou AGI s’en sortiront, mais les gestionnaires de taille moyenne vont devoir s’adapter. Selon un professionnel, l’association BVI compte actuellement 90 sociétés de gestion, mais 30 à 40 seraient amplement suffisantes pour couvrir le marché allemand.
05/06/2009
Fonds

Les souscripteurs redécouvrent les fonds

Pour avril, le secteur allemand de la gestion de fonds a enregistré des souscriptions nettes de 3,6 milliards d’euros, dont 2,8 milliards pour les fonds offerts au public (immobiliers compris) et 0,8 milliard pour les Spezialfonds. Grâce à la hausse des marchés, l’encours s’est pour sa part accru de 40 milliards d’euros en un mois pour atteindre 1.245 milliards d’euros.Hormis les fonds monétaires (- 2,21 milliards d’euros), toutes les catégories de fonds offerts au public ont affiché des souscriptions nettes pour avril.Sur les quatre premiers mois de l’année, les fonds de valeurs mobilières offerts au public ont enregistré des rentrées nettes de 518,3 millions d’euros, contre 16,64 milliards pour la période correspondante de l’an dernier.Dans cette catégorie, seul parmi les grands gestionnaires, le groupe DWS/DB (Deutsche Bank) a bénéficié de souscriptions nettes de 3,42 milliards d’euros, dont 2,72 milliards pour les ETF de db x-trackers ; au total DWS/DB enregistre à lui seul des rentrées nettes correspondant à 6,61 fois le total du secteur. En revanche, Allainz Global investors (AGI, avec cominvest) accuse des remboursements nets de 1,28 milliards, tandis que Deka (caisses d'épargne) subit des sorties nettes de 2,57 milliards d’euros (sa filiale ETFlab bénéficie cependant de rentrées nettes de 1,07 milliard) et qu’Union Investment affiche des rachats nets de 647,7 millions.
Fonds

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