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14/05/2013

German equity funds have trouble beating their benchmarks

P { margin-bottom: 0.08in; } Barely 41% of German equity funds have managed to beat their benchmark index, the DAX 30 TR, over a 5-year period, according to a study by e-fundresearch. The study takes into account German equity funds on sale as of 10 May 2013 in at least one of the three European German-speaking countries, Germany, Austria and Switzerland, and which have a track record of at least 5 years. The best 5 German equity funds are the following: ISIN Name of fund LU0247468282 DB Platinum III Platow R1CLU0158903558 ACATIS CHAMPS SEL - ACATIS AKTIEN DEUTSCHLAND ELMLU0068841302 GS&P Fonds Deutschland aktiv GAT0000A07SN5 Aktienfonds Deutschland Spezial R VADE0009752303 Pioneer Investments German Equity A ND In Switzerland, only 17% of funds have managed to beat their benchmark, the Swiss Market Index (SMI), over a 5-year period. The best fund is the DM Swiss Equities Assymetric Fonds, which beat out the UBS MSF Equities Switzerland and the Mirabaud Fund Swiss Equities.
14/05/2013

Strong inflows to Swedish funds in April

P { margin-bottom: 0.08in; } Funds on sale in Sweden in April recorded net inflows of SEK10.7bn, equivalent to about EUR1.2bn, according to the local investment fund association, Fondbolagens Förening. Balanced funds took the lion’s share, with SEK5bn in inflows (about EUR0.6bn), while money market funds and equity funds took in SEK3.2bn (EUR0.4bn) and SEK2.1bn (EUR0.2bn), respectively. Bond funds took in only SEK0.8bn, and hedge funds showed slight outflows, with SEK0.4bn. Since the beginning of the year, funds on sale in Sweden have attracted no less than SEK37.1bn, or EUR4.3bn. Equity and balanced funds have each seen inflows of slightly over SEK20bn, or EUR2.3bn. As of the end of April, Swedish funds set records for asset levels with SEK2.241trn (about EUR260bn), of which about 55% were in equity funds.
14/05/2013

Invesco recruits for Pacific Equity Fund team

P { margin-bottom: 0.08in; } Fondsnieuws reports that the US firm Invesco has appointed William Lam and Tony Roberts, who have seven and ten years of seniority, respectively, to assist Stuart Parks with the management of the Pacific Equity Fund, an equity fund with USD134m in assets. Roberts is a specialist in Japanese equities.
14/05/2013

Nordea recruits a Pictet manager for Nordic equities

P { margin-bottom: 0.08in; } Nordea has recruited Mathias Leijon as head of Swedish and Scandinavian equity management, the Scandinavian firm has announced in a statement on its Swedish website. He joins from Pictet, where he had been a European equity manager. Leijon will begin in his new role at Nordea on 12 August 2013. He will also have ultimate responsibility for a dozen equity funds, the firm says.
14/05/2013

Strong growth in sustainable investment on Swiss market

P { margin-bottom: 0.08in; } The volume of investments made last year in Switzerland according to sustainable or socially responsible investment (SRI) criteria rose by early 15% to CHF48.5bn, according to the most recent report released yesterday by a Swiss unit of the Forum Nachhaltige Geldanlagen (FNG), a forum for sustainable investments, Agefi Switzerland reports. It was mostly institutional mandates which made the largest contributions (+18.2%), although investment funds (+13.3%) remain the largest category (52.5% of the total) in this area, followed by management mandates (45% of the total), and far behind by structured financial products, which saw net outflows (-11%) from sustainable investment. The Swiss market for investments of this type is dominated by Banque Sarasin (38% of the market in question), followed by Ethos-Pictet (16%), Credit Suisse (including ResponsAbility 10.6%), RobecoSAM (8.8%) and Vontobel-Raiffeisen (7.7%). In addition, the proportion of institutional invetors (54%) far exceeds the retail market in Switzerland. This institutional proportion remains far lower than that observed in Germany (77%) and Austria (81%).
14/05/2013

BATS Chi-X Europe granted permission to list ETFs

P { margin-bottom: 0.08in; } The multilateral trading platform BATS Chi-X Europe has obtained the status of “Recognised Investment Exchange” (RIE) from the new British financial market authority, the FCA. RIE status will allow the BATS Chi-X Europe platform to list ETFs in Europe. BATS received a license to list ETFs in the United States in 2011. The first listing of an ETF in the US took place in January this year, of an iShares product.
14/05/2013

There are now more than 10 products in Spain with over EUR1bn

P { margin-bottom: 0.08in; } Funds People reports that due to the absorption of the Banif Fondepósito, Fondo Depósitos and Banesto Fondepósitos funds, the Santander Fondepósito Clase C fund, formerly known as Santander Depósitos Plus, as of the end of April had assets of EUR1.25bn. The Foncaixa GarantíaRenta Fija 25,has EUR1.001bn. The billionaire club of funds in Spain now has ten members, with the largest the Foncaixa Estabilidad fund with EUR2.3bn, and the second-largest the Santander Banif Inmobiliario with EUR2.13bn. Three years ago, there were 20 funds in the billionaires’ club.
14/05/2013

SSgA signs a partnership with SEI Master Trust

P { margin-bottom: 0.08in; }State Street Global Advisors (SSgA) has signed a new partnership with the SEI Master TrustSEI is now using SSgA’s index fund components to help power its investment offering within the SEI Master Trust. The SEI Master Trust is a fully bundled multi-employer occupational pension scheme, which can be used to meet auto-enrolment requirements and to buy-out DC benefits. SEI will be utilising a number of SSgA DC funds to help participating employees design appropriate and competitively priced default funds.
14/05/2013

River & Mercantile extends mandate for BNY Mellon

P { margin-bottom: 0.08in; } BNY Mellon Asset Servicing was up to now the provider of UK’s River and Mercantile Asset Management LLP (R&M) with global custody, trust, depositary banking, transfer agency and forex market operator services. The US group has now been retained on 13 May by R&M as provider a back and middle office services on assets totalling USD3.1bn. This includes nine OEIC type open-ended funds and all closed-end funds from R&M.BNY Mellon will also provide data management services concerning all assets at R&M for which technologies from Eagle Investment Systems, an affiliate of BNY Mellon, are used. The data are consolidated, checked and enriched by BNY Mellon before being delivered to R&M.
14/05/2013

Barings hires head of sales for Asia

Baring Asset Management on May 13 announced the appointment of Marco Tang to the newly-created senior role of head of sales, client service and business development for mutual fund distribution, across Hong Kong, China and Singapore. He will be based in Hong Kong and report to Gerry Ng, chief executive officer, Asia ex Japan.Marco Tang joins Barings from JP Morgan Asset Management where he was executive director and head of intermediary business. Prior to this, he held various sales roles at Allianz Global Investors, HSBC Asset Management and Jardine Fleming Unit Trusts.
14/05/2013

Mandate for a US pension fund from Martin Currie

P { margin-bottom: 0.08in; } The Pennsylvania State Employees’ Retirement System (PASERs) has retained the Scottish firm Martin Currie Investment Management Ltd to manage USD250m, corresponding to a new global emerging markets (GEM) strategy for the pension fund. The mandate is managed by Kim Catechis, head of GEM, and the investment directors are Andrew Ness and Jeff Casson, whose team has assets of GBP487m, or USD739m.
14/05/2013

Former JP Morgan head founds his own hedge fund

P { margin-bottom: 0.08in; } Tolga Uzner, former international head of equities and corporate bonds at the chief investment office at JP Morgan, sadly known because of the “Whale of London,” left the bank last month, Financial News reports. He is preparing to launch a credit hedge fund, according to a source familiar with the matter. He has founded Brocade Capital Management, where he is CIO.
14/05/2013

German institutional funds top EUR1trn

P { margin-bottom: 0.08in; } As of 31 March, the 3,913 Spezialfonds, or German institutional funds, had assets of EUR1.01131trn, compared with EUR981.66bn as of the end of December, the BVI association of management firms reports. For their part, the 7,466 open-ended funds had assets under management of EUR687.52bn three months previously.Spezialfonds posted net inflows of EUR22.97bn, compared with EUR13.98bn for open-ended funds, and EUR1.98bn for mandates excluding funds.
14/05/2013

Deutsche Bank takes lead for subscriptions in January-March

P { margin-bottom: 0.08in; } According to statistics from the German BVI association of asset management firms, open-ended securities funds in first quarter attracted net inflows of EUR12.161bn.This time, the top of the class is no longer Allianz, with its EUR1.9289bn, but rather the Deutsche Bank galaxy, with EUR2.8743bn. Union takes third place, with net subscriptions of EUR1.7219bn. Deka has limited its net redemptions fo EUR414.7m for the first three months of the year.On the ETF front, the winner is db x-trackers, with net inflows of EUR890.3m, followed by iShares and BlackRock with EUR187.8m, and products from ETFlab (not consolidated with Deka) with EUR165.8m. However, ComStage (Commerzbank) suffered net outflows in first quarter of EUR116.8m.
14/05/2013

Hedge funds sue Porsche

P { margin-bottom: 0.08in; } The Börsen-Zeitung reports that before a Stuttgart court, 25 hedge funds, including Viking Global Equities, Glenhill Capital and Greenlight Capital, are seeking damages and interest from Porsche Automobile Holding SE of EUR1.36bn. They claim that they were not adequately infomed by Porsche during its takeover battle at Volkswagen (a takeover which ultimately failed).The Stuttgart prosecutor’s office has also filed suit against the former chief financial officer and former chairman of the managing board at Porsche, Holger Härter and Wendelin Wiedeking, for market manipulation.
14/05/2013

Le fonds Idinvest Partners dédié aux PME dépasse les 200 millions d’euros

Idinvest Partners, leader européen du financement des entreprises non cotées, annonce le closing intermédiaire à 205 millions d’euros de son nouveau véhicule d’investissement exclusivement dédié à la dette senior. Le fonds, appelé « Idinvest Dette Senior » vise à dépasser millions d’euros pour un closing final prévu d’ici fin juin. Les premiers souscripteurs sont principalement des grandes compagnies d’assurances.
14/05/2013

Un choc historique est en cours pour les matières premières

Pas de doute pour Philippe Chalmin, le directeur de CyclOpe, rapport de référence sur les matières premières dont la nouvelle édition est publiée aujourd’hui en partenariat avec le quotidien, les marchés mondiaux connaissent actuellement un «choc» comme on en voit «tous les 20 à 25 ans». «Nous avons vécu dans l’illusion que la crise était passée», assène Philippe Chalmin cité par le quotidien.
14/05/2013

Pas de baisse de taux possible en Chine

La Banque Populaire de Chine (PBOC) ne peut pas baisser ses taux d’intérêt pour relancer l’activité du fait de l’abondance de la liquidité dans le système financier, explique au China Securities Journal Zhu Baoliang, responsable du département du Centre d’information et de prévision économique de l’Etat chinois. Seule la politique fiscale peut ainsi, selon lui, être utilisée comme levier d’ajustement.
14/05/2013

Emergence cherche à incuber un fonds actions

Après la gestion alternative, le fonds d’incubation a lancé un appel à candidatures pour son futur compartiment actions. La structure devra coupler stratégie innovante et ambition internationale. L’objectif est de collecter entre 150 et 300 millions d’euros auprès d’institutionnels.
14/05/2013

La CFTC se penche sur des contrats de swaps

L’autorité de régulation américaine aurait lancé une enquête concernant la réalisation de plus d’un million de contrats de swaps effectués par des banques qui concernent «des montants de trading gigantesques», indique le journal qui ne cite pas de source. La CFTC a ainsi demandé aux banques et aux traders concernés de lui fournir les contrats prouvant la légalité des opérations visées.
14/05/2013

Nouvelles poursuites contre Porsche

Le groupe, qui se voit déjà réclamer 4 milliards d’euros pour le recours à des options dans le cadre du rachat avorté de Volkswagen, fait l’objet de nouvelles poursuites en Allemagne de la part de vingt-cinq fonds d’arbitrage. Les plaignants, qui incluent Viking Global Equities et Glenhill Capital, demandent 1,4 milliard d’euros. En début d’année, ils avaient renoncé à des poursuites aux Etats-Unis.
14/05/2013

PAI Partners cède FTE Automotive

Le fonds de private equity est parvenu à un accord avec Bain Capital portant sur la cession de FTE Automotive. Les conditions de la transaction n’ont pas été révélées. Le closing est prévu courant juillet 2013. FTE est le leader mondial des systèmes de commande hydraulique d’embrayages pour véhicules légers. En 2012, le chiffre d’affaires de FTE s’est établi à 430 millions d’euros.
14/05/2013

Hess tente d’amadouer Elliott Management

Le groupe pétrolier et gazier a convenu d’accorder deux sièges de son conseil d’administration à des représentants du fonds activiste. Hess se trouve sous la menace de perdre le contrôle de cinq sièges à l’occasion de l’assemblée générale annuelle des actionnaires prévue ce jeudi. Elliott Management détient 4,5% du capital du groupe et appelle à des changements depuis janvier.
14/05/2013

Pari perdu pour l’offre sur Betfair

La société britannique de paris en ligne a indiqué hier soir avoir rompu les négociations autour d’une offre d’un milliard de livres émanant d’un consortium emmené par CVC Capital Partners. Les parties ne sont pas parvenues selon le communiqué à nouer un accord concernant un plan crédible de développement. Les prétendants avaient pourtant relevé à deux reprises le prix de l’offre.

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