Le fonds NEIF (Next Estate Income Fund) vient d’acquérir un immeuble de bureaux de près de 16 000 m² à Hambourg, représentant un volume d’investissement d’environ 45 millions d’euros. Cet immeuble situé à Hambourg City South est labellisé DGNB Silver (label allemand de Haute Qualité Environnementale).« Il s’agit d’une acquisition significative pour la ligne métier internationale de BNP Paribas Real Estate Investment Management, en Allemagne, un marché sur lequel nous sommes déjà présents et sur lequel nous souhaitons nous développer. De prochaines acquisitions devraient se concrétiser en 2012 avec comme principaux marchés cibles les villes de Munich, Berlin et Bruxelles », estime David Aubin, directeur général d’Investment Management chez BNP Paribas Real Estate, cité dans un communiqué.NEIF, lancé en 2010 avec le concours de BNP Paribas Real Estate, est un fonds d’investissement immobilier non coté basé à Luxembourg dont la valeur est, à ce jour, proche de 140 millions d’euros. Il a pour objectif la constitution d’un portefeuille de bureaux modernes, de grande qualité environnementale, avec une diversification pan-européenne, notamment en Allemagne, en France et au Benelux. NEIF a déjà acquis un immeuble HQE totalement loué à Paris.
Le gérant actions américaines Guillaume Nicoulaud vient de quitter la société de gestion française Avenir Finance, selon Citywire.Guillaume Nicoulaud gérait le fonds US Opéra, l’un des dix meilleurs fonds d’actions américaines de ces trois dernières années. Durant cette période, le fonds value a réalisé une performance de 103,1%, à comparer à un gain de 69,5% pour son indice de référence, le S&P 500. Dans la société qu’il rejoint, Guillaume Nicoulaud compte lancer un fonds dédié aux actions américaines d’ici à la fin mars
CamGestion va procéder, à compter du 5 mars à une modification de la notation minimale des titres de créance de trois OPCVM de sa gamme. Concrètement, les fonds CamGestion Oblicycle Inflation, CamGestion Capi Oblig et CamGestion Opportunités Obligataires 1-3 voient la notation minimale des obligations en portefeuille passer à Baa1 Moody’s et / ou BBB+ Standard & Poor’s pour 100% de l’actif net tandis qu’elles étaient notées auparavant de A3 Moody’s et / ou A- Standard & Poor’s pour 100% de l’actif net passer à Baa1 Moody’s et / ou BBB+ Standard & Poor’s pour 100% de l’actif net. Par ailleurs, CamGestion précise que la rubrique « stratégie d’investissement » des notes détaillées mentionnera désormais sous forme de tableau, la fourchette de sensibilité aux taux d’intérêt à l’intérieur de laquelle les fonds sont gérés, la zone géographique des émetteurs des titres auxquels les OPCVM sont exposés ainsi que les fourchettes d’exposition correspondantes.
Le Royaume-Uni, la Suisse et la Suède ont été les trois marchés ayant drainé les plus fortes souscriptions nettes en 2011 en Europe, avec respectivement près de 46 milliards d’euros, 17 milliards d’euros et 8 milliards d’euros, selon les estimations de Lipper qui vient de publier sa dernière étude annuelle sur le marché européen des fonds. Au total, seuls huit pays sur 32 ont collecté l’an passé, alors que le marché dans son ensemble voyait sortir 70,5 milliards d’euros. Outre le trio de tête, il s’agit de la Norvège, la Roumanie, le Liechtenstein, le Luxembourg et la Russie.La France, en revanche, arrive en dernière position du classement, avec des sorties nettes de près de 65 milliards d’euros, derrière l’Italie (-34,2 milliards), l’Allemagne (-22 milliards) et l’Espagne (-6 milliards d’euros).En termes de produits, les deux fonds actions qui se sont le mieux vendu en 2011 ont été des ETF sur l’Allemagne : le iShares DAX avec 8,4 milliards d’euros et le DB X-Trackers DJ Dax avec 4 milliards d’euros. Côté obligataire, les deux «best-sellers» de l’année sont gérés par Frankin Templeton : le Templeton Global Total Return (5,8 milliards) et le Templeton Global Bond (4,8 milliards). Pimco suit avec également deux fonds obligataires mondiaux. A noter qu’en 2011, les 25 fonds s’étant le mieux vendus ont concentré 33 % de la collecte totale.
RBC Dexia Investor Services a annoncé le 28 février le recrutement de Paul Stillabower en qualité de responsable de la stratégie, chargé de piloter la mise en œuvre de la stratégie de croissance du groupe.Paul Stillabower, précédemment chez HSBC Securities Services, remplace Alex Muto, appellé à prendre de nouvelles fonctions en tant que responsable «Enterprise Transformation», entre autres l’intégration des nouvelles acquisitions ou encore les programmes de transformation décidées par l’entreprise.
En 2011, BlackRock, JP Morgan et Schroders ont été les sociétés de gestion préférées des fonds de fonds, avec respectivement 1.277, 1.047 et 1.028 clients de ce type ayant investi chez eux, selon Lipper, qui a analysé 2.000 fonds de fonds « tiers » domiciliés en Europe. En termes d’encours, cela représente 4,3 milliards d’euros, 3,4 milliards d’euros et 2,3 milliards d’euros. Mais seul un fonds de ces trois maisons se classe dans le « top ten » des produits qui se sont le mieux vendus auprès de cette population en 2011 : le BlackRock GF World Gold Fund, avec 120 investisseurs et 172 millions d’euros.Les fonds les plus populaires auprès des fonds de fonds en 2011 ont été le Templeton Global Bond, avec 157 clients et 588 millions d’euros, devant M&G Global Basics (157 et 215,6 millions) et Alken Fund – European Equities (155 et 407,3 millions). Deux sociétés françaises figurent dans le classement des 10 sociétés préférées des fonds de fonds en 2011 : Amundi, en septième position avec 761 fonds de fonds clients et 2 milliards d’euros d’encours, et BNP Paribas, juste derrière, avec 705 clients et 2,4 milliards d’euros. Mais aucun de leurs fonds n’est référencé dans le classement des 10 meilleurs produits.Au total, en 2011, la collecte auprès des fonds de fonds externes s’est montée à 7,8 milliards d’euros en Europe, alors que le marché voyait sortir quelque 70 milliards d’euros. La France est le premier marché en termes d’actifs de fonds de fonds externes, selon Lipper, avec 66,2 milliards d’euros, devant le Royaume-Uni et l’Allemagne.
Lyxor Asset Management et la société américaine Ikos viennent d’annoncer le lancement d’un fonds, le Lyxor/Ikos Futures Strategy Index Fund. Logé sur la plate-forme Ucits Lyxor Dimension, le nouveau produit donne accès au savoir-faire d’Ikos, spécialisée dans les futures. Plus précisément, le fonds propose une stratégie de managed futures diversifiée qui applique une approche global macro quantitative systématique pour négocier les futures cotés très liquides. Il s’agit de la deuxième stratégie alternative lancée sur la plate-forme Lyxor Dimension, créée en 2009, après celle d’Old Mutual Asset Managers. D’autres devraient suivre dans les mois qui viennent. Code ISIN = IE00B7FN3698
Le conseil d’administration de Bestinver Gestión a décidé d’abaisser considérablement le plancher des souscriptions minimales additionnelles pour six de ses fonds, rapporte Funds People. Le montant diminue à 1.000 euros contre 3.000 pour les fonds Bestinver Bolsa, Bestinfond, Bestinver Mixto, Bestinver Mixto Internacional et Bestinvest Internacional. Il revient à 3.000 euros contre 6.000 pour les Bestinver Renta.
Nick Good va rester basé à Hong-Kong et continuera d’exercer ses fonctions de Asia-Pacific head of iShares jusqu'à ce qu’un successeur lui soit trouvé, mais il vient d'être nommé au poste nouvellement créé de head of strategy and business development for Asia-Pacific chez BlackRock, rapporte Asian Investor.
The Economic and Monetary Affairs Committee of the European Parliament will Wednesday debate two highly controversial issues in the financial community, the tax on financial transactions and ratings agencies. Anni Podimata, the MEP in charge of the financial transaction tax legislation, will present the proposals as rather an extension of existing frameworks. For his part, Leonardo Domenici, the MEP responsible for the new legislation on ratings agencies, will call for unsolicited ratings of sovereign debt to be forbidden, and for the creation of an entity to evaluate the solvency of European Union member countries.
A survey of 100 institutional investors by Morningstar, in partnership with Forum GI, finds that the European crisis will lead 41% of respondents to reduce their allocation to high-risk assets in the next few years. Meanwhile, 65% are planning to “prefer yield management to asset management,” to seek regular income and make returns consistent, rather than maximising them.These attitudes are also resulting in a “palpable” mistrust of delegated management, with 51% of respondents preferring to hold live shares rather than hand out asset management mandates or invest in mutual funds.It is clear that for institutionals subject to Solvency II regulations, safer securities need to be preferred, with short maturities. When a buy & hold strategy is opted for, it is less necessary to turn to asset managers. And the fact of holding securities directly provides total transparency, which the French Prudential Control Authority (ACP) will in the end be requiring from each investor; in addition, direct investment is more in line with extra-financial engagement requirements.Pierre-Emmanuel Besnard, head of development at Morningstar Professional, states that these factors will cause the management style to evolve: active management with a low tracking error (27%) is now rivalled by passive, index-based management (28%) and high alpha management (27%).
The board of directors at Bestinver Gestión has decided to considerably lower the minimum threshold for additional subscriptions to six of its funds, Funds People reports. The level has been reduced from EUR3,000 to EUR1,000 for the Bestinver Bolsa, Bestinfond, Bestinver Mixto, Bestinver Mixto Internacional, and Bestinvest International. The level has been lowered from EUR6,000 to EUR3,000 for the Bestinver Renta.
An emblematic figure in the asset management industry in the UK, Nicola Horlick, has started up a new activity which aims to facilitate access to private equity for high net worth clients. Rockpool Investments, which Horlick is launching with two former heads from 3i, Gary Robins and Matt Taylor, will aim to take advantage of recent regulatory changes which aim to encourage investment in SMBs. Horlick, who is co-head of the new firm, will also continue to serve as chair of Bramdean Asset Management, a firm which she also founded. Horlick was in the news in 1997, when she successfully went head to head with her former employer, Deutsche Bank, which had suspended her from her position as managing director at Morgan Grenfell Asset Management on the grounds that she wanted to join a rival company with her entire team.
Eva Lindholm has been appointed as head of ultra-high net worth clients (UHNW) in Europe at UBS, from 1 May, WealthBriefing reports. The former head of corporate banking EMEA at J.P. Morgan will be based in London. Lindholm will work with Josef Stadler, global head of UHNW, and Jakob Stott, head of wealth management for Europe, two other veterans of J.P. Morgan. In her first six months at UBS, Lindholm will share responsibility for the UHNW segment and global family office activities with Philip Higson, who will then concentrate on the larger family office clients of UBS.
Swiss Life on 29 February announced that it earned profits in 2011 of CHF606m, compared with CHF560m the previous year. Operating profits corrected for one-time elements and unrealised exchange loss totalled CHF793m, which represents a significant increase compared with 2010 (CHF751m). The contribution of the Investment Management sector to the group’s results is up 26% go CHF130m. AWD confirms the success of its reorientation, with corrected operating profits of EUR54m (compared with EUR49m the previous year), and an increase in its EBIT maring to 9.7% (9% in 2010). Operating profits are still weighed down by reserves for ongoing legal actions totalling EUR47m, which results in a total EBIT of EUR7m. Earnings at AWD are up 3%, to EUR561m. Assets managed by Investment Management total CHF134.3bn, up 10%. These assets are partly managed for third parties: they are up by CHF4.3bn. This growth is largely due to an acquisition in France and the launch of a new foundation investment group at Swiss Life.
The average returns of Swiss pension funds was 0% in 2011, according to estimates published by the Swiss association of retirement planning institutions (ASIP), on the basis of a sample of 60 pension funds with overall assets of CHF187bn. The stability of the second pillar is still assured, the association estimates, due to a widely diversified investment strategy focused on the long term. After a first half in 2011 during which the performance of retirement planning institutions was under strong pressure, second half also proved particularly difficult, as the current performance comparison from ASIP reveals. The average returns on the overall portfolio is -0.2% over the past twelve months, and +0.1% in second half 2011. This performance of near 0% is due to major uncertainty which affected the market in this period.
The new range of Fondos Elite launched in Mexico by Santander Asset Management so far includes the first three funds of funds from the asset management firm, based on open architecture, Funds People reports. The multi-strategy profiled products (prudent, conservative and dynamic) are available exclusively from the private banking division of Santander, and funds in the portfolios are selected by Santander specialists based in London, Madrid and Mexico.This is a first in Mexico, where the major international asset management firms have all met with significant difficulties in selling their funds, as the local regulator does not allow listing of foreign funds, which protects local products. The only way is to create a local feeder fund which invests all of its assets in a foreign master fund.
Hiroto Makino, who since 2001 had worked at T&D Asset Management, has been appointed as managing director of Metzler Asset Management (Japan), in Tokyo. He will begin in the position on 1 March 2012, and replaces Mitsuyuki Kobayashi, who becomes chairment, and remains a consultant for real estate and corporate finance projects. The Japanese affiliate of the German firm B. Metzler seel. Sohn & Co. Holding AG works for local pension funds and institutional clients. It also cooperates with local asset management firms, which allows it to offer clients direct investments in Japan and Asia.
Fidelity Worldwide Investment is scaling up its bond product range with the launch of the Fidelity Global High Yield fund in March. The fund is based on an unconstrained portfolio of 150 positions, largely in credit rated “BB” or “B.” The fund, domiciled in the United Kingdom, will be managed by Ian Spreadbury and Peter Khan.
The Luxembourg-based asset management firm Gamax (Mediolanum group) on 28 February announced the launch of institutional share classes for its Gamax Funds Maxi-Fonds Asien International (LU0743995689) and Gamax Funds Junior (LU0743996067), which are managed by DJE Kapital.The share classes, available with a minimum investment of EUR1m, carry a management fee of 0.9%, rather than the 1.5% charged for retail shares. There are no front-end fees, placement fees, or sale fees.Gamax, which is distributed by max.xs financial services in Germany, says that it has created a special website dedicated to those clients who have invested more than EUR500,000 in these products. The complementary service, Premium Investors Club, offers reports on the funds and alerts by SMS, email, or telephone if the portfolio is modified. It also provides access to the international Gamax community blog and an information service relaying the Gamax Twitter feed.
The United Kingdom, Switzerland and Sweden were the three markets that attracted the strongest net inflows in Europe in 2011, with nearly EUR46bn, EUR17bn and EUR8bn, respectively, according to estimates by Lipper, which has recently published its latest annual study of the European fund market.Overall, only eight countries out of 32 posted inflows last year, while the market overall saw outflows of EUR70.5bn. After the top three come Norway, Romania, Liechtenstein, Luxembourg, and Russia.France, however, is at the bottom of the rankings, with net outflows of nearly EUR65bn, after Italy (-EUR34.2bn), Germany (-EUR22bn) and Spain (-EUR6bn).In terms of products, the two equity funds which sold best in 2011 were ETFs based on Germany: the iShares DAX with EUR8.4bn, and the DB X-Trackers DJ Dax, with EUR4bn.In bonds, the best-sellers are managed by Franklin Templeton: the Templeton Global Total Return (EUR5.8bn) and the Templeton Global Bond (EUR4.8bn). Pimco comes next, with two global bond funds. In 2011, the 25 best-selling funds accounted for 33% of total inflows.
In 2011, BlackRock, JP Morgan and Schroders were the favourite asset management firms of funds of funds, with 1,277, 1,047 and 1,028 clients of this type investing with them, respectively, according to Lipper, which analysed 2,000 third-party type funds of funds domiciled in Europe. In terms of assets, that represents EUR4.3bn, EUR3.4bn and EUR2.3bn. But only one fund from the three asset management firms places in the top ten best-selling products to this population in 2011: the BlackRock GF World Gold Fund, with 120 investors and EUR172m.The most popular fund for funds of funds in 2011 was the Templeton Global Bond fund, with 157 clients and EUR588m, followed by the M&G Global Basics (157 clients and EUR215.6m), and the Alken Fund – European Equities (155 clients and EUR407.3m).Two French firms place in the rankings of the top 10 favourite companies of funds of funds in 2011: Amundi, in seventh place, with 7661 fund of fund clients and EUR2bn in assets, and BNP Paribas, just behind with 705 clients and EUR2.4bn. But none of their funds placed in the top 10 products.Overall, in 2011, inflows from external funds of funds totalled EUR7.8bn in Europe, while the market saw outflows of about EUR70bn.France was the largest market in terms of assets in external funds of funds, according to Lipper, with EUR66.2bn, followed by the United Kingdom and Germany.
In the area of retirement savings, two providers of retirement savings products are widely popular with the majority of institutional investors and asset management firms. According to the most recent edition of the Kommalpha study, German specialist institutional investors (insurers, pension funds, etc.) and asset management firms surveyed by the agency rank Allianz Global Investors (AGI) and DWS/DB Advisors (Deutsche Bank group) as the best, with 67%/63% and 63%/61% favourable responses, respectively. In third place is Metzler Kag, popular with investors (33%), and Union Investment for asset management firms (44%). Fourth place goes to Fidelity (27%) for institutionals and Deka (30%) for asset managers. Union Investments is cited by 17% of institutional investors for retirement savings products, while Fidelity is chosen by 26% of asset management firms.
Deutsche Bank on 28 February announced that it has entered exclusive negotiations with the financial services firm Guggenheim Partners over a potential sale of its asset management activities. The activities, which are the subject of a strategic review, include mutual funds in North America (DWS Americas), and the international asset management units dedicated to institutional investors (DB Advisors), for insurers (Deutsche Insurance Asset Management) and alternative investments (RREEF).In other words, the negotiations do not include the activities of DWS in Germany, Europe, or Asia, an essential part of the product offerings from Deutsche Bank to private clients in these markets.Guggenheim Partners, whose headquarters are in both New York and Chicago, is a financial services group which has developed expertise in asset management serving institutional clients, particularly serving insurers and retirement planning entities. Its assets under management total over USD125bn.In 2010, Guggenheim Partners acquired LBBW Securities, the broker-dealer affiliate of the German Landesbank Baden-Württemberg (LBBW). More recently, Guggenheim sold its Canadian affiliate Claymore, dedicated to ETFs.
Nick Good will continue to be based in Hong Kong, and will continue to serve as head of iShares for Asia-Pacific until a replacement is found, but he has been appointed to the newly-created position of head of strategy and business development for Asia-Pacific at BlackRock, Asian Investor reports.
Five months after the departure of Dirk von Manikowsky as head of the office of the consultant Hering Schuppener in Düsseldorf, Sal. Oppenheim (Deutsche Bank group) has appointed Pia Kater as head of its press and external relations department, from 2 April. Kater had since 2005 been head of communications and marketing at the independent asset management firm Lupus alpha.The position has been filled in the interim by Markus Bohm, director of press and external relations for the asset management unit at Sal. Oppenheim.
In January, open-ended funds on sale in Italy underwent net outflows of EUR3.236bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. All categories of funds showed outflows, particularly money market funds, which saw outflows of EUR1.115bn. As of the end of January, assets in open-ended funds totalled EUR427bn, slightly up compared with December (EUR419bn). With the addition of closed funds and discretionary portfolios, assets totalled EUR469bn, compared with EUR938bn one month earlier. Asset management firms which posted the strongest net inflows in January for open-ended funds and discretionary management were Poste Italiane (EUR570.5bn), Credit Suisse (EUR314.9m) and Arca (EUR223m). At the other end of the rankings, the asset management firms which psoted the largest redemption demands were Generali (-EUR1.375bn), Pioneer (-EUR1.303bn) and Banca Popolare (pEUR434.6m). The French firms Amundi and BNP Paribas, for their part, posted outflows (-EUR399.4m and -EUR387.5m, respectively), while Axa posted a positive balance (+EUR89.6m). The sector is dominated by three Italian firms: Intesa Sanpaolo, Generali and Pioneer, which control nearly 50% of assets.
In fourth quarter 2011, operating margins for asset management firms in the United States fell to an average of 31.2%, compared with 32.2% in July to September, while the net margin increased to 23.1% compared with 20.1%, the consulting firm Kasina reports.Falling operating margins may be partly due to fundamental changes in investors’ asset allocations. Total flows now total over USD122bn, as investors have continued to pull out of equity products that charge high commissions and turn to lower-risk bond products. US equity funds have seen outflows of USD43.7bn in fourth quarter, while bond funds have posted inflows of USD41.1bn. Actively-managed funds have seen net redemptions of USD30bn, while index-based, passively-managed funds have seen net inflows of USD22.8bn.Kasina finds that asset management firms are facing increasing pressure from distributors on the price front. Major broker-dealers are increasing the prices for access to their platforms, due to the modest level of margins earned from distributors compared with asset management firms. Between 2009 and 2011, the spread between distributor and asset manager margins has consistently increased, and now totals 19%.
The Next Estate Income Fund (NEIF) has acquired an office property measuring nearly 16,000 square metres in Hamburg, which represents an investment volume of about EUR45bn. The property, which carries a DNGB Silver label (a German label standing for High Environmental Quality) is located in Hamburg City South, very near the city centre. It has excellent transport links, particularly for public transport. “This is a significant acquisition for the international professional area at BNP Paribas Real Estate Investment Management in Germany, a market on which we are already present and where we are hoping to develop. Forthcoming acquisitions will follow in 2012 with the major target markets being Munich, Berlin, and Brussels,” says David Aubin, CEO for Investment Management at BNP Paribas Real Estate, in a statement.
The Frontier Markets Fund, a sub-fund of the Luxembourg-registered Sicav HSBC GIF, is now available in Germany to retail investors (see Newsmanagers of 1 December 2011). The portfolio includes 70 to 90 positions, of which 50% are African and Middle Eastern firms, 40% are Asian and Latin American, and 10% are European. About 50% of the fund is invested in the financial sector.CharacteristicsName: HSBC GIF Frontier Markets FundISIN code: LU0666199749Front-end fee: 5.54%Management commission: 2.15%