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27/05/2009
Fonds

Le marché européen des ETF souffre de sa fragmentation

Selon Michael John Lytle, directeur du marketing de Source, interrogé par Le Temps, deux problèmes freinent le développement des ETF en Europe : une grande fragmentation de la liquidité sur les produits, due à la multiplication des ETF sur un même indice, et le risque de contrepartie. Les banques cumulent en effet selon Hector McNeil, managing partner chez ETF Securities, le rôle d'émetteur, de promoteur et de contrepartie. «Mais si elles viennent à rencontrer un problème, le tracker va lui aussi souffrir», souligne-t-il.
Fonds
27/05/2009

La gestion automatisée en question

Selon L’Agefi suisse, les tentatives de se passer des gérants pour faire de la gestion privée restent limitées et peu concluantes. La banque en ligne belge Keytrade a ainsi développé un logiciel d’aide à la décision qui permet de construire un portefeuille en fonction du profil de risque. De son côté, Swissquote a choisi un modèle de type analytique, qui fait intervenir des algorithmes mathématiques sur des séries de données historiques. Les autres acteurs du trading en ligne se montrent plutôt dubitatifs face à ces logiciels d’aide à la décision et préfèrent laisser aux clients le soin de choisir où investir.
27/05/2009

Madoff : accord à l'amiable du Santander avec le liquidateur

Moyennant 235 millions de dollars ou 169 millions d’euros, le Santander a obtenu de l’administrateur judiciaire (receiver) Irving H. Picard chargé de liquider les actifs de Bernard L. Madoff Investment Securities l’abandon de toutes les poursuites judiciaires entamées aux Etats-Unis contre la banque espagnole, rapporte Cinco Días. Cet accord à l’amiable doit encore être approuvé par le tribunal des faillites.Irving Picard a reconnu que la conduite du Santander dans l’affaire Madoff n’a pas été frauduleuse et qu’il n’y a pas lieu de lui réclamer des réparations, pas plus qu'à ses fonds Optimal.
27/05/2009
Fonds

Les produits structurés reviennent

Des milliers d’investisseurs se sont brûlé les ailes avec les produits structurés. Mais les courtiers américains, tablant sur la mémoire courte des épargnants, poussent à nouveau la vente de ces produits à fortes commissions, en mettant en avant leur sécurité, constate le Wall Street Journal. Au total, les investisseurs ont acquis des produits structurés pour 5,9 milliards de dollars au T4 de 2008, en chute de 75 % par rapport au 1er trimestre 2008, selon mtn-i. Les ventes ont désormais commencé à rebondir, en hausse de 7 % par rapport au T4.
Fonds
27/05/2009
Fonds

Rothschild lancera un fonds de merchant banking

Dans un entretien accordé à Il Sole – 24 Ore, David de Rothschild, numéro un de la banque d’affaires Rothschild, annonce le lancement, d’ici à l’été, d’un fonds de merchant banking qui sera doté initialement de 500 millions d’euros. «Il sera souscrit par la famille Rothschild, par les plus de 900 professionnels qui travaillent avec nous à l’échelle internationale et par nos clients les plus proches», détaille le dirigeant. «Ce ne sera pas un fonds de private equity, mais de pur merchant banking. Nous n’achèterons pas des entreprises, mais de petites participations dans des sociétés dans lesquelles nous croyons», poursuit-il.
Fonds
27/05/2009
Fonds

Convictions AM crée des parts éthiques dans deux fonds

La société de gestion Convictions AM (détenue à 30 % par La Française des Placements, qui se rapproche d’UFG) vient de créer des parts «éthiques» pour ses fonds Convictions Premium et Convictions Europactive qui permettront à des investisseurs de soutenir indirectement deux ONG: Action Innocence et Fight Aids Monaco. «L’équipe de Convictions AM a choisi d’apporter spécifiquement son soutien financier à ces deux ONG européennes parce qu’elles sont particulièrement actives dans les domaines de la protection des personnes dites «fragiles» et qu’il y a un lien avec la thématique de la protection du patrimoine qui est l’objectif de la gestion des fonds communs de placement de la gamme Convictions», explique un communiqué de presse. Actions Innocence a pour mission de préserver la dignité et l’intégrité des enfants sur Internet, tandis que Fight Aids Monaco vise à informer, prévenir et soutenir les personnes face à la pandémie du VIH/Sida. En souscrivant les parts PE, pour «Particuliers Ethiques» et IE, pour «Institutionnels Ethiques» des fonds gérés par Convictions AM, les investisseurs privés et institutionnels qui le souhaitent parraineront indirectement les deux ONG choisies par le biais de Convictions AM.
Fonds
27/05/2009
Fonds

Partenariat du FSI avec un grand fonds d’Abu Dhabi

Selon Les Echos, le fonds souverain français a annoncé hier un partenariat d’investissement avec l’un des grands fonds d’Abu Dhabi, Mubadala, à la tête de plus de 10 milliards d’euros d’actifs. Les deux fonds prévoient «d’associer leurs efforts et leurs moyens» pour investir ensemble dans des entreprises françaises présentes, entre autres, dans les technologies, les applications médicales, les biotechnologies ou les énergies renouvelables, qui sont «des secteurs d’intérêt mutuel».
Fonds
27/05/2009
Fonds

EID 2009 : Un fonds à échéance chez Fédéral Finance

A l’occasion de l’EID 2009, Fédéral Finance annonce le lancement de Fédéral Opportunité 2011, un fonds à échéance à deux ans destiné aux investisseurs institutionnels afin d’y loger une trésorerie d’attente. Dans le détail, le fonds est.composé d’obligations bancaires. Compte tenu de l’ampleur de la crise et des difficultés de ces établissements financiers, ces derniers sont non seulement contraints d’émettre des obligations affichant des taux sensiblement supérieurs aux rendements des obligations d’Etat, tout en bénéficiant de garanties gouvernementales. Dans ce cadre, en privilégiant des émissions de court terme, ces titres bancaires procurent des gains supérieurs de l’ordre à 150 points de base sur deux ans – la duration du portefeuille – aux obligations sans risques, tout en affichant une liquidité comparable. A noter qu’en fonction des opportunités, la gestion a la possibilité d’intervenir sur le marché primaire comme secondaire. Code ISIN: FR0010745802 Objectif de gestion: Rechercher une performance de 2.5% à 3%* à horizon 2 ans, en investissant dans des obligations bancaires garanties par les États Risque de change: Non Période de souscription privilégiée: jusqu’au 10 juillet 2009 Echéance du fonds: 08 juillet 2011 Droits d’entrée: 0 % avant le 10/07/09 (2 % au-delà) Frais de gestion: 0,20 % Montant minimum à la souscription: 150000 euros
Fonds
27/05/2009

Overlay AM recrute un patron de la recherche

Overlay Asset Management (OAM) a annoncé la nomination de Philip Bond comme directeur de la recherche (head of research) sous la tutelle d’Hélie d’Hautefort, managing director et CIO. Le nouvel arrivant (le 26 mai) sera chairman du research committee d’OAM et membre des investment et executive committees. Durant ses dix-huit ans de carrière, Philip Bond a travaillé pour Credit Suisse et JP Morgan comme trader abritragiste, il a développé des stratégies de négoce quantitatif chez Brevan Howard et a géré en dernier lieu une plate-forme de trading systématique chez Peloton Partners. Fin décembre, OAM (groupe BNP Paribas Investment Partners) affichait 14,3 milliards de dollars d’encours.
27/05/2009

8.6% of funds at risk due to illiquidity

Accoring to the Spanish market regulator, CNMV, Spanish funds had about EUR15.5bn in shares or non-publicly traded participations as of 30 November which could present risks due to insufficient liquidity, Expansión reports. This represents 8.6% of total assets. Among others, products at risk include the Parvest Dynamic ABS from BNP Paribas and the Credit Suisse Monetario fund. The CNMV also says the major victims of the decline in assets in 2008 were foreign asset management firms, whose assets under management fell 51.4% to EUR18bn, largely due to redemptions by Spanish asset management firms that had previously been their best clients. The largest fund platforms at the end of 2008 were Banif (Santander), followed by Allfunds (Santander and Sanpaolo Intesa) and JPMorgan.
27/05/2009

Accurate Global Assets delivers highest YTD performance among hedge funds

Funds People reports that the Accurate Global Assets from Próxima Alfa, a systematic quant hedge fund manager, is the best Spanish-registered hedge fund, with performance of 9.33% from 1 January to 20 May, and a volatility of 7.57%, which is equivalent to a Sharpe ratio of over 2.5. The product has daily liquidity, is managed by Igor Alonso, Juan Pablo Calle and Narciso Vega, and may invest in 72 different underlying assets, in liquid and uncorrelated markets. The BBVA decided in February to liquidate the Próxima Alfa platform, and managers are seeking a partner to continue the adventure. They are planning to launch a range of funds under the Accurate brand if possible.
27/05/2009

SEB launches a real estate fund of funds

SEB Asset Management has launched SEB Real Estate Portfolio, a Luxembourg-registered real estate fund of funds (part II) which has recently been licensed for sale in Sweden. The fund is an innovation on the local market, where open-ended real estate funds did not exist, says Barbara Knoflach, chairman of the board at SEB Asset Management Deutschland, the unit responsible for developing the fund, which manages EUR10bn in real estate assets. The new product, managed by Thorsten Schilling, formerly of Feri Rating & Research, who joined SEB AM in October 2006 as global real estate strategist and fund manager, will follow a defensive strategy. It will invest 60% to 90% of its assets in open-ended real estate funds, up to 20% in shares in real estate companies, and up to 20% in cash. In terms of sector allocation, the SEB Real Estate Portfolio will focus principally on office properties, over commercial and logistical/other properties.
27/05/2009

Net inflows to UCITS funds in first quarter

The tide has turned in first quarter 2009. According to statistics from the European asset management association EFAMA, UCITS funds have had net inflows of EUR22bn in first quarter, after six consecutive quarters of net outflows, since the first outbreak of the financial crisis in summer 2007. Net outflows from equities and bond funds have slowed considerably in January-March, while money market funds saw strong net inflows. Turbulence in February and March destabilized investors once again, but net outflows remained small. Assets in UCITS funds were down 1.4% in first quarter to EUR4.494trn. Assets in UCITS and non-UCITS funds were also down 1.4%, to EUR6.022trn.
27/05/2009

Le marché européen des ETF souffre de sa fragmentation

Selon Michael John Lytle, directeur du marketing de Source, interrogé par Le Temps, deux problèmes freinent le développement des ETF en Europe : une grande fragmentation de la liquidité sur les produits, due à la multiplication des ETF sur un même indice, et le risque de contrepartie. Les banques cumulent en effet selon Hector McNeil, managing partner chez ETF Securities, le rôle d'émetteur, de promoteur et de contrepartie. «Mais si elles viennent à rencontrer un problème, le tracker va lui aussi souffrir», souligne-t-il.
27/05/2009

Overlay AM recruits a head of research

Overlay Asset Management (OAM) has announced the appointment of Philip Bond as head of research; he will report to Hélie d’Hautefort, managing director and CIO. Bond, who joined the firm on 26 May, will be chairman of the research committee at OAM and a member of the investment and executive committees. In his 18-year career, Bond has worked for Credit Suisse and JP Morgan as an arbitrage trader, developed quantitative trading strategies at Brevan Howard, and managed a systematic trading platform at Peloton Partners. At the end of December 2008, OAM (BNP Paribas Investment Partners group) had USD14.3bn in assets.
27/05/2009

Santander reaches out-of-court settlement with Madoff receiver

Santander has reached an agreement with Irving H. Picard, the court-appointed receiver to liquidate the assets of Bernard L. Madoff Investment Securities, totalling USD235m, or EUR169m, to settle all legal proceedings filed in the United States against the Spanish bank, Cinco Días reports. The agreement will now be sent to the bankruptcy court for approval. Picard has admitted that the conduct of Santander in the Madoff affair was not fraudulent, and that there are not grounds to sue the bank or its Optimal funds for damages.
27/05/2009

iShares lists five new ETFs in Frankfurt

Deutsche Börse announced on Tuesday that it has admitted five new German-registered iShares ETF products to trading on the XTF segment of the Xetra electronic platform. This brings the number of ETF products listed on Xetra to 450. The five funds have been listed since March on the London Stock Exchange. The new funds include four bond products and one equities ETF. The first of the bond funds, the iShares Barclays Euro Aggregate Bond ETF, carries a management commission of 0.25%. The other three, which charge management commissions of 0.20%, are the iShares Barclays Euro Corporate Bond ETF, the iShares Barclays Euro Treasury Bond 0-1 ETF, and the iShares Citigroup Global Government Bond ETF. The equities fund is the iShares MSCI GCC Countries Ex-Saudi Arabia ETF, which is an addition to the range of emerging markets products, and invests in countries belonging to the Gulf Cooperation Council (GCC), excepting Saudi Arabia, with a marked preference for the financial sector. Management commission is set at 0.80%.
27/05/2009

SWFs accelerate rebalancing in favour of EMs

According to Janvier Santiso, an economist who is in charge at the OECD Development Centre in Paris, sovereign wealth funds presently tend to shun developed countries an to focus on emerging economies, Le Temps repots. Presently, according to OECD figures, somme 69% of their AUM are invested in North America and Europe. SWFs now invest between 7 and 10% of their assets on equity markets in emerging countries..
27/05/2009

State Street investor confidence index rises

The institutional investor confidence index calculated by State Street Global Markets came in at 106.3 points in May, compared with 103.2 in April and 95.2 in March. Though appetite for risk has declined in Asia, with a fall of 4.9 points to 93, risk appetite has risen strongly in Europe (to 84.3 from 76.8) and in North America (to 104.9 from 95.3). The index has been recalibrated, as announced last month (see Newsmanagers of 22 April), so that all values for the index above a “neutral” level of 100 indicate that institutional investors are increasing their allocations to high-risk assets, while all values below 100 indicate a reduction of those allocations. By the old units of measurement, the index would stand at 79.6 for April, compared with 70.2 in March.
27/05/2009

Roderick Munsters to become CEO of Robeco Groep

On 1st September, Roderick Munsters, who has been a member of the executive board and chief investment officer (CIO) for the APG fund (an affiliate of the pension fund ABP) since 1 March 2005, will succeed George Möller as CEO of Robeco Groep (Rabobank group).
27/05/2009

Spanish investors had EUR1.15bn in Lehman

According to estimates by the Spanish market regulator, CNMV, the impact of the Lehman Brothers bankruptcy on approximately 11,000 Spanish investors totalled nearly EUR1.5bn, and the firms which offered Lehman products for sale registered 733 claims between September and December 2008, Expansión reports. The companies which have been the most affected are Banif (the private bank of the Santander group), Citibank, Bankinter, Barclays and Deutsche Bank. In total, about 20 firms offered products with ties to Lehman. 87 clients lost more than EUR3m each. Santander and Fibanc have chosen to reimburse their clients for Lehman-related losses. In addition to EUR1.15bn in losses for banking clients, EUR300m were lost by about 450 investment funds.
27/05/2009

DEGI retains EPM Assetis for property management

The German real estate management firm DEGI (EUR6bn in assets), an affiliate of Aberdeen Property Advisors since 27 March 2008, on Tuesday announced a cooperation agreement with EPM Assetis, one of the leading property management providers in Germany, which will take over the commercial and technical administration of all properties located in Germany in DEGI’s real estate portfolios. This will allow DEGI to focus on launching and managing real estate funds, says Bärbel Schomberg, chairman of the board of directors at DEGI. EPM Assetis, which belongs to Bilfinger Berger Facility Services, is no stranger to DEGI, as the two firms are already tied by a service agreement covering commercial, technical and “infrastructure” management of some DEGI properties. DEGI employees who were previously responsible for the duties now contracted to EPM Assetis will be transferred to the latter firm.
27/05/2009

Hard medicine at DekaBank

In a letter to its 3,900 employees, DekaBank, the central asset management provider for the German savings banks, has announced that it is planning to reduce its costs by EUR186m by 2011, a cut of about 20% from its 2008 expenses, the Frankfurter Allgemeine Zeitung reports. This will involve the elimination of 175 currently vacant positions, reduced use of part-time employees, and non-renewal of fixed-term work contracts, but, so far, no unilateral layoffs of full-time personnel.
27/05/2009

Deutsche Bank on the mend

At the bank’s AGM on Tuesday, Josef Ackermann, chairman of the managing board, announced that following pre-tax profits of EUR1.8bn in first quarter, Deutsche Bank has made robust progress in April and May, the Frankfurter Allgemeine Zeitung reports. Fund management, which had previously operated at a loss, will be profitable in the second half. By 2012, the chairman added, the bank is planning to open 400 new branches and to recruit 2,500 new advisors.
27/05/2009

Deutsche Bank revises investment fund strategy

At yesterday’s Deutsche Bank AGM, Josef Ackermann, chairman of the managing board, announced that the launch process for new funds will be scaled back, and that settlement costs will be reduced, Handelsblatt reports. He stated that institutional management and open-ended fund activities will continue to be an integral part of the asset management division of the group, putting an end to speculation that DWS could be sold off or spun off. Back office procedures will be further streamlined, and Deutsche Bank will reduce the number of new funds, particularly in the area of thematic products.
27/05/2009

Lombard Odier chooses emerging markets as key growth area

Jean-Louis Nakamura, chairman of the managing board at Lombard Odier Darier Hentsch Gestion in Paris, says one of the centers of excellence chosen by the Swiss bank as an area of focus is emerging markets. Lombard Odier has not hesitated to put its resources into realizing its ambitions with the formation of an eight-member team, led by Chris Butler, who joined the firm last autumn, and who recruited most of his partners. The team includes two portfolio managers: one for Europe-Middle East-Africa (EMEA) and Latin America, and the other for Asia ex Japan. Following reclassifications and closures of funds, the range now includes four conviction-style products, one Global Emerging Markets fund (USD87m as of 12 May, 50-60 positions), a Pacific Rim fund (USD170m, 40-50 positions), a Greater China fund (USD75m), and an EMEA fund (USD24m); the last two of these products have 30-40 positions each. According to Curtis Butler, the new unit could eventually manage assets of up to USD5bn, the volume he previously managed at Batterymarch (Legg Mason). The universe includes about 2,000 equities.
27/05/2009

Franklin Templeton to foreground Franklin brand

In France, Franklin Templeton (USD420bn in assets) was previously known largely for its Mutual Series and Templeton funds, with a value or deep value management style. Now, the US-based manager is planning to highlight another facet of its talent, under the Franklin Global Advisors brand (USD80.02bn, 60 investment professionals), which was previously largely oriented to the United States. The CIO of Franklin is Edward Jamieson, based in San Mateo, California, assisted by two directors for portfolio management, and a head of global equities research. The team also includes Coleen Barbeau, director for portfolio management, who is based in New York, and, since June 2007, Uwe Zoellner, who joins from the Templeton (Edinburgh) part of the company, and who is also director for portfolio management. European equities research currently employs three people, two of whom are in London, and the team may grow to seven by the end of the year, if the situation calls for it.
27/05/2009

Union Investment invests in Zurich

Union Investment Real Estate has invested about EUR104.3m in the West-Park office property in Zurich, measuring 26,900 square metres. The property, which is 94% occupied, will be added to the portfolio of the open-ended real estate fune UniImmo: Global. The building is home to the offices of the Swiss post office, Barry Callebaut and BearingPoint. The portfolio of the fund currently represents about EUR2.4bn, invested in properties located in fourteen countries of Europe, the Americas, and Asia.

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