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28/10/2011

UBS (D) 3 Sector Real Estate Europe fund to remain closed

The German asset management firm UBS Real Estate Kapitalanlagegesellschaft mbH has recently announced that a freeze on redemptions from the open-ended real estate fund UBS (D) 3 Sector Real Estate Europe fund (ISIN code: DE0009772681) has been extended until 6 October 2012. The decision comes as a result of the fact that liquidity is insufficient to honour all redemption demands while continuing to operate in an orderly manner. As of the end of August, the fund had assets of EUR358.24m.
28/10/2011

Gains for SEI in UK

The US group SEI, a specialist in fiduciary management, has announced significant growth to its United Kingdom fiduciary management activities, which in the past twelve months have taken on eleven new clients, bringing in over GBP765m. Assets under fiduciary management at SEI worldwide now total GBP32.5bn. Assets under management at SEI total USD151bn, while assets under administration total USD244bn.
28/10/2011

Raiffeisen Capital Management élargit son offre en Italie

Raiffeisen International Fund Advisory GmbH, la société de distribution de Raiffeisen Capital Management, a obtenu l’autorisation de commercialiser en Italie 12 nouvelles classes de parts de fonds obligataires, rapporte Bluerating.
28/10/2011

Raiffeisen extends its product range in Italy

Raiffesisen International Fund Advisory GmbH, the distribution arm of the Austrian asset management firm Raiffeisen Capital Managemnet, has got a license in Italy to sell 12 new classes of shares in bond funds* which are already approved for sale in the country. The new share classes are “super retail” shares, also known as “class S.” They differ from traditional retail shares in the structure of their fees. Management commission is higher than for R-class shares, but the maximal front-end fee is lower. Seven of the 12 share classes allow for a coupon to be distributed. In Italy, Raiffeisen International Fund Advisory sells 39 funds, of which 18 are equities, 3 balanced, 13 bonds, 4 money market and 4 absolute return products. *The funds are the following: Raiffeisen Obbligazionario Fondamentale Globale (S)Raiffeisen Obbligazionario Europa HighYield (S)Raiffeisen Obbligazionario EuroCorporates (S)Raiffeisen Obbligazionario Mercati Emergenti (S)Raiffeisen Obbligazionario Europeo (S)Raiffeisen Obbligazionario Globale (S)Raiffeisen Obbligazionario Mercati Emergenti Valute Locali (S)Raiffeisen Obbligazionario Euro Breve Termine (S)Raiffeisen Short Term Strategy Plus (S)Raiffeisen Dynamic Bonds (S)Raiffeisen Obbligazionario Euro (S)
28/10/2011

Profits and assets down at Legg Mason

In the first half of the fiscal year ending on 31 March, Legg Mason Inc earned net profits of USD116.6m, compared with USD123.3m in the corresponding period of 2010-2011, of which USD56.7m were in July-September, compared with USD60m in April-June, and USD75.3m in the third calendar quarter of 2010.As of the end of September, asstes under management totalled USD611.8bn, 8% less than at the end of June (USD662.5bn) due to negative market and currency effects of USD32.9bn, and net outflows of USD17.6bn. These net redemptions were USD8.8bn for fixed income, USD5.7bn for equities funds and USD3.1bn for money markets, respectively.As of 30 September, bonds represented 58% of assets under management, compared with 24% for equities and 18% for money markets. In addition, Legg Mason states that 63% of assets were managed for US clients.Compared with 30 September 2010 (USD673.5bn), assets were down 9%.
28/10/2011

Profits up by one third at Franklin Resources

For the fiscal year ending on 30 September 2011, Franklin Resources (Franklin Templeton Investments) on 27 October declared a net profit up 33% to USD1.2936bn, compared with USD1.4457bn in the twelve months to the end of September 2010, on an increase of 22% in operating revenues to USD7.140bn, from USD5.853bn. The operating margin improved to 37.3% from 33.5%.Assets under management as of the end of September totalled USD659.9bn, 2% above their levels one year previously (USD644.9bn), Net subscriptions totalled USD36.4bn in one year, while acquisitions brought in USD12.5bn, but falling markets took a toll of USD30.5bn.In July-September, assets fell 10% compared with their level of USD734.2bn as of the end of June. USD87.6bn of this contraction of USD74.3bn is due to negative market effects.
28/10/2011

Assets under management at Lazard down

Assets under management at Lazard as of 30 September totalled USD135.8bn, down 16% compared with the end of June 2011, and 5% compared with the end of September 2010, the firm has announced in a statement published on 27 October. This development is largely due to negative market and forex effects. Meanwhile, third quarter has brought a net outflow of USD1.1bn. Despite this decline in assets, earnings for the asset management unit in third quarter have risen 4% to USD216.7m. In the first nine months of the year, they are up 17% to USD678.4m. Quarterly profits at Lazard are down 15% to USD52.9m. In the first nine months of the year, net profits total USD177.2m, compared with USD176.6m.
28/10/2011

Saxo Bank opens a branch office in Brussels

Due to growing demand from Belgian clients, the Danish Saxo Bank on 27 October officially opened a branch office in Brussels, in order to offer direct local access to 25 financial markets and to a wide range of financial products. The new office, Saxo Bank Belgium, is led by Géraud Missonnier, who for two years had been senior sales trader at Saxo Banque France.As a complement to its range aimed at retail investors, Saxo Bank is also offering a white-label clients (WLC) program to financial institutions that are permitted to hold funds on behalf of their cleints. Through Saxo Bank technology, clients of these white-label products can offer clients of the businesses “a single trading range,” while retaining the attributes of brand, visual identity and logo, a press release stresses.
28/10/2011

UK inflows slide again in September

British investment funds in the month of September posted net inflows of GBP58m, according to the most recent statistics from the British investment management association (IMA). This is the lowest level observed since October 2008, far down compared with the monthly average of GBP2.1bn over the past twelve months. For third quarter as a whole, net inflows totalled GBP2.6bn, compared with GBP7.5bn in third quarter 2010. Assets under management totalled GBP546.7bn as of the end of September, down 3% compared with the month of August. In September, bonds were the preferred investment for clients, with a net inflow of GBP333m, still above a monthly average of GBP407m in the past twelve months. Inflows for the quarter totalled GBP803m, compared with GBP3bn in third quarter 2010. Equity funds, however, have seen an outflow of GBP175m in September. In the three months to the end of September, net inflows totalled only GBP227m, compared with GBP1.8bn in third quarter 2010.
28/10/2011

Thames River closes a fund of UCITS III funds

Thames River is to close its Absolute Return fund, managed by Ken Kinsey-Quick and James Rous, because of a lack of interest."The Fund was launched in early 2010 as a UCITS III fund to invest in a portfolio UCITS absolute funds picked by the well established and highly regarded Thames River funds of alternative funds team headed up by Ken Kinsey-Quick. At the time we believed there would be demand for such a product from investors who wanted a different approach to investing a pure fund of, typically Cayman Islands based, hedge funds. More and more well established hedge fund managers were launching UCITS absolute return funds at the time», explains Thames River.But «since launch the Fund hasn’t grown in size and there is no evidence of substantial interest on the horizon. The directors of the fund have therefore decided to close it».In accordance with the provisions of the Company’s Articles of Association, the directors have given shareholders notice of their intention to redeem all of the shares of the fund on the dealing day falling on 18 November 2011 and in due course the fund will be closed.
28/10/2011

Profits down for asset management at Santander

In the first nine months of 2011, net profits for investment funds from the Santander group fell 58.6% compared with January-September, to EUR23m, while pension fund profits fell by 14.3% to EUR7m. Total assets as of the end of September were EUR114bn, 8% less than in June, and 4% less than one year previously. This contraction is largely due to falling markets and a recent depreciation of Latin American currencies. Assets under traditional management totalled EUR111bn (-2% year on year). Of this total, 90% came from the four major markets of Brazil, the United Kingdom, Spain and Mexico. The Santander group overall in January-September earned net profits down 12.8% to slightly over EUR5.3bn. This amount includes EUR620m in a fund created in second quarter to cover potential claims related to sales of payment protection insurance in the United Kingdom. In the first nine months of the year, the cost/income ratio deteriorated to 44.3% from 42.9%.
28/10/2011

Popular outsources custody to BNPP SS

Funds People relays Expansión’s article according which Banco Popular has outsourced its custody and settlement activities for Spanish and international securities with a market value of over EUR50bn to BNP Paribas Securities Services (BNPP SS). The Spanish bank had previously used the services of RBC Dexia.Although the merger process between the two Spanish banks has not yet been completed, it appears that BNPP SS will also receive a custody and settlement contract from Banco Pastor, which will represent an additional volume of EUR5bn.
28/10/2011

Prudential to sell its stake in Afore XXI

Prudential Financial has announced that it has signed an agreement to sell its stakes in Afore XXI, S.A. de C.V., a private manager of pension funds, to Banorte, a Mexican bank. The sale will bring in about USD200m, and will be finalised by the end of the year.
28/10/2011

NYSE Amsterdam lists five ETF funds from RBS Market Access

On October 27, NYSE Euronext has announced that RBS Market Access has listed 5 new ETFs on NYSE Euronext’s Amsterdam market. So far this year, there have been a total of 150 new listings on the NYSE Euronext European markets, including 122 new primary listings and 28 cross-listings.The products are all domicilied in Luxembourg and track MSCI indices. RBS MA FRONTIER LU0667622202 MSCI Frontier Markets TER : 0,90 %RBS MA AFRICA exZALU0667622384MSCI EFM Africa ex South Africa0.85%RBS MA GCC exSaudiLU0667622111MSCI GCC Countries ex Saudi Arabia Top 50 Capped0,70 %RBS MA BRZ EUR HdgLU0667622541MSCI Brazil (ADR) EUR Hedged0,60 %RBS MA LTM EUR HdgLU0667622467MSCI EM Latin America (Brazil ADR) EUR Hedged0,65 %.
28/10/2011

Foreign funds in Spain have EUR47bn in assets

On the basis of statistics from 21 foreign asset management firms, the Spanish Inverco association of asset management firms estimates that assets under management by all foreign actors as of the end of September totalled roughtly EUR47bn, which represents about 36.3% of total assets in Spanish funds of USD129.48bn (see Newsmanagers of 3 October).The 21 asset management firms which disclosed information as of 30 September had slightly over EUR32.46bn in assets under management, of which USD5.22bn were at JPMorgan AM, EUR3.34bn at BlackRock, EUR3.17bn at Amundi Iberia, EUR2.6bn at Franklin Templeton, and EUR2.1bn at BNP Paribas.Of the leaders, BlackRock alone shows a net inflow (EUR25.3m) in third quarter. JPMAM has seen net outflows of EUR540.2m, Amundi Iberia has lost USD251.5m, Franklin Templeton has seen net redemptions of USD158.8m, and BNP Paribas has posted redemptions of EUR182.2m.
28/10/2011

GVC Gaesco launches a fund of shares in property firms

On 29 September, the CNMV registered three share classes (A, P and I) for a fund of international shares in the real estate sector created by GVC Gaesco on 29 July, entitled GVC Gaesco Oportunidad Empresas Inmobiliarias.The product, managed by Josep Monsó, may invest either directly in equities, or in shares in REITs, and the recommended investment duration is 7 years. Exposure to emerging countries of the OECD region is limited to 33%, while forex risks are limited to 30%.The benchmark index is the STOXX Global 1800 Real Estate Eur (price) index, while the portfolio will be at least 85% exposed to equities, which means that it may contain up to 15% high quality bonds.CharacteristicsName: GVC Gaesco Oportunidad Empresas InmobiliariasISIN codes: ES0143628008 (A class)ES0143628016 (P class)ES0143628024 (I class)Management fees:class A (retail) : 2.25 %class P (from EUR0,5m): 1.5 %class I (mre than EUR1m): 0.75 %
28/10/2011

Diversifying sources of financing for sovereign funds

Sovereign funds which no longer depend on earnings from commodities are gaining ground on more traditional sovereign funds which depend on one or several commodities, such as the Norwegian sovereign fund, according to a study recently published by PwC, entitled “The Impact of Sovereign Wealth Funds on Economic Success.”Assets in these sovereign funds “excluding commodities” now represent about 40% of all assets in sovereign funds, according to PwC, which estimates that these funds will continue to grow, largely financed by sales or budgetary surpluses. The study also finds that the types of commodities that fund these sovereign funds has diversified, to include lithium, for example.
28/10/2011

Lyxor plans to withdraw ETFs from Hong Kong

Lyxor has announced that it is “considering variuos strategies” for its Hong Kong-listed ETFs, including withdrawing them from trading, the firm announced in a statement to Asian markets on Thursday. A spokesperson contacted by the Financial Times had no comment on the reasons for the decision. Lyxor has 12 ETFs listed in Hong Kong, representing total assets of USD7.1bn as of the end of August, according to Deutsche Bank.
28/10/2011

EFAMA publishes new edition of Fact Book

The European fund and asset management association (EFAMA) on 27 October announced the publication of the ninth annual edition of its “Fact Book,” which described current trends in the asset management sector. The document provides analyses of issues that will determine the future of the sector, and reports on asset management markets in each of the 26 member countries of the professional association.
28/10/2011

Sarasin preparing to enter northern German markets

The Hamburg-based Andreas Brandt, who has been chairman of the managing board at Credit Suisse Deutschland in Frankfurt since 2006, in early November joined Bank Sarasin AG, an affiliate of the Basel-based Banque Sarasin & Cie, as head of its operation in northern Germany. He will also be in charge of developing private equity activities of rhte bank.Brandt has also been made head of the two new Sarasin branch offices in the region, one in Hamburg, which opens in November, and one in Hanover, which will be opened in Spring 2012.
28/10/2011

Goldman Sachs drops Spanish asset management license

The US asset management firm Goldman Sachs has decided to take in the consequences of the UCITS IV directive, and discontinue its licensed Spanish asset management arm, Goldman Sachs Gestión, a Spanish-registered SGIIC which focused on the management of a locally-registered Sicav for its private banking activity, Funds People reports. The decision will affect neither services to clients of the Private Wealth Management division, nor sales activities in Spain of Goldman Sachs Asset Management (GSAM) products.
28/10/2011

Skagen recruits a manager

Geir Tjetland joins Skagen as a portfolio manager. He will be a part of the team managing the equity fund Skagen Vekst, together with Beate Bredesen and Ole Søeberg. Geir Tjetland worked as a stockbroker between 1996 and 2010, first at Handelsbanken Markets and later as a partner at ABG Sundal Collier in Oslo. He will start in January 2012.
28/10/2011

City to lose thousands of jobs in 2011

The number of jobs in the City of London is expected to fall by 27,000 in 2011, to 288,225 jobs in total, returning to their 1998 levels, according to projections from the Center for Economics and Business Research (CEBR), Les Echos reports. The figures echo the recent pessimism expressed by many investment banks, which have announced cuts to their workforce. The cause of this development is outlooks of toughening regulations and crisis in the euro zone. The CEBR is pessimistic for the future: in 2012 and 2013, it predicts, the industry will stagnate, and in 2014,2015 and 2016, the number of jobs will increase by 3,000 to 4,000 per year.
28/10/2011
Gestion d'actifs

La CCI de Paris lance un appel à projet pour la sélection d'un gestionnaire d'un fonds d'amorçage

Le présent appel à projet porte sur la sélection du gestionnaire du fonds pour le financement de l’amorçage pour les jeunes entreprises innovantes issues des territoires sur lesquels opère la Chambre de commerce et d’industrie de Paris (CCIP) ou en relation avec les institutions d’enseignement de la CCIP. Cette sélection via l’appel à projet vise à s’assurer que le gestionnaire du fonds s’appuie sur une équipe professionnelle dûment agréée, expérimentée en amorçage, pérenne, dont les pratiques sont conformes aux standards du marché et qui respectent les normes professionnelles, notamment celles édictées par l’AFIC. Le Centre d’entrepreneuriat et d’innovation d’HEC Paris souhaite favoriser la création d’un fonds d’amorçage (au sens de premier investissement) pour de jeunes entreprises issues de la communauté CCIP. Ce fonds sera créé en partenariat avec une société de gestion expérimentée en matière de capital risque et d’accompagnement des jeunes entreprises innovantes. D’une durée de 10 ans, ce fonds devrait totaliser au minimum 6 Meuro(S). La philosophie du fonds devra investir pour des tours de table en amorçage nécessitant des tickets modérés ou de co-investir avec d’autres fonds d’amorçage, des business angels et/ou des sociétés de capital-risque. Pour lire l’avis complet: cliquez ici
Gestion d'actifs
28/10/2011

Le grand retour du levier

Pour donner satisfaction à l’Allemagne et éviter à la BCE de faire purement et simplement marcher la planche à billets en intervenant ad libitum sur le marché de la dette souveraine, avec le risque inflationniste que cela implique, l’Europe a été contrainte de construire une énorme usine à gaz doté d’un levier de l’ordre de 4 à 5, le Fonds européen de stabilité financière. Mais comme elle n’a pas assez de moyens pour soutenir tout l’édifice, c’est-à-dire pour garantir les futures émissions des Etats en difficulté, elle se voit contrainte de le coupler à un véhicule nouveau, un SPV, dans lequel l’EFSF sera associé à d’autres investisseurs, notamment souverains. Passons sur l’ironie de l’Histoire qui voit les leaders européens réhabiliter certains fleurons de l’ingénierie financière comme le levier, le SPV, voire le CDO auquel cet échafaudage ressemble beaucoup. Or si ces techniques semblaient bannies depuis la crise financière, c’est en raison des effets démultiplicateurs, bons ou mauvais, sur ceux qui y ont recours. Le couple EFSF/SPV, outre qu’il s’annonce très difficile à monter et à gouverner, ne fera pas exception. Il est donc à souhaiter que les pays censés en bénéficier, comme l’Italie ou l’Espagne, prendront, et sans tarder, la bonne route budgétaire, faute de quoi les piliers du système, la France et l’Allemagne seraient en grand danger, et sans autre recours cette fois que l’intervention de la BCE… s’il en est temps encore !
28/10/2011

Les rémunérations des administrateurs du Footsie s'envolent

La rémunération des administrateurs de l’indice des 100 premières capitalisations de la Bourse de Londres a augmenté de 49% sur un an, indique le journal qui se réfère à des statistiques publiques. La moyenne annuelle de leur rémunération s’élève à 2,7 millions de livres (3,1 millions d’euros).

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