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26/10/2011

Hedge funds post increasingly disparate returns

In September, the performance of hedge funds was more divergent than ever, the head of the multi-management unit at Man Group, Luke Ellis, has told Investment Week. According to Ellis, about one third of the most high-profile managers have earned gains of over 5% or of less than 5%. An analysis by FundWizard suggests that the divergences are even wider over the past twelve months. Out of a sample of 1,640 long/short managers, returns over the past twelve months to the end of September varied by 78 percentage points, between the best and the worst performers.
26/10/2011

Anti-tax evasion initiatives have brought in roughtly EUR14bn

Nearly EUR14bn in supplementary tax revenue have been recuperated in the past two years in 20 countries due to international agreements to combat tax evasion, the Organisation for Economic Cooperation and Development (OECD) announced on 25 October. “There is much more in the works,” the OECD promised at the opening of its fourth global forum on transparency and information exchange for fiscal purposes. The OECD says these added revenues make “a substantial contribution to budgetary consolidation without increasing tax rates” in many countries which are under fiscal pressure due to the crisis. The OECD states that measures enacted to combat tax evasion have brought in more than EUR1bn in France, EUR1.8bn in Germany, EUR1.4bn in the United States, EUR150m in Australia, and EUR260m in Spain and the United Kingdom. More than 100,000 taxpayers have disclosed their holdings, including 30,000 in the United States, 1,350 in the United Kingdom, 4,700 in France, and 25,000 in Germany.
26/10/2011

SEB launches a hedge fund seeding vehicle

Scandinavian banking group SEB launched on 1 October its second dedicated hedge fund seeding vehicle, HFMWeek can reveal. The fund known as the Manager Catalyst Fund II has raised USD300m from Nordic pension funds and other institutions. It will invest in six emerging managers.
26/10/2011

Aberdeen to liquidate DEGI International as well

On 25 October, Aberdeen Immobilien KAG announced that its open-ended fund DEGI International (DE0008007998, EUR1.56bn as of the end of August), will be liquidated “in an orderly manner” by 15 October 2014. Redemptions had been suspended since 16 November 2009.A survey of the 70,000 shareholders found that redemption demands would be higher than the available liquidity (EUR288.6m as of the end of August).Aberdeen Immobilien is planning to reimburse shareholders with half-yearly payments beginning in April 2012.The DEGI International becomes the third German real estate fund to be liquidated by Aberdeen, following the DEGI Europe and DEGI Global Business funds (the latter of which was an institutional fund). It is the sixth open-ended real estate fund to be closed, counting the two other DEGI products, the KanAM US-grundinvest, the Morgan Stanley P2 Value, TMW Weltfonds, and most recently, Axa Immoselect. In total, liquidations will involve assets of about EUR7bn.
26/10/2011

Hedge fund managers' pay scales fell sharply this year

In general, employees of hedge funds with any level of qualifiation, this year saw an average decline of 10% to their pay compared with 2010, according to the Glocap Hedge Fund Compensation Report 2012. For senior hedge fund managers, there is more disparity, ranging from stable levels compared with last year to a decline of 30%.In the mid- to junior levels, pay has evolved in a range from +7% to -10%. Pay for operations specialists (marketing, client services, accounting and compliance) have remained stable or have shown slight gains.
26/10/2011

Axa IM planning to launch a fund of funds dedicated to extreme risk

Axa Investment Managers is planning to launch a fund of hedge funds dedicated to extreme risk, Financial News reports. Axa has already set up similar strategies for a small number of investors since last November. Axa is planning to offer the strategy to a wider public by the end of this year. Fund of hedge fund activities at Axa total about EUR5bn in assets under management.
26/10/2011

iShares registers four ETFs in Spain

The three iShares S&P Commodity Producers ETFs (Oil & Gas, Gold and Agriculture) and ETF iShares MSCI ACWI, recently launched on the London Stock Exchange (see Newsmanagers of 21 and 25 October), are now also available in Spain, according to a statement released on 25 October. The four Irish-registered products rely on physical replication.
26/10/2011

Profits up at T. Rowe Price

In July-September, net profits at T. Rowe Price have totalled USD185.5bn, compared with USD169.1m in second quarter, bringing the total in the first nine months of the year to USD584.8m, from USD480.6m.However, as of 30 September, assets totalled USD453.5bn, compared with USD520.9bn as of the end of June. They totalled USD482bn one year previously. A contraction of USD67.4bn in third quarter is USD64.8bn due to market effects, while redemptions totalled USD2.6bn. Compared with the end of December 2010, the decline in assets totals USD28.5bn, due to a negative market effect of USD41.5bn, which was not offset by net subscriptions of USD13bn.Of the USD453.5bn in assets under management as of the end of September, USD266.6bn corresponded to mutual funds on sale in the United States, and USD186.9bn to “other portfolios.”
26/10/2011

Profits down at Invesco

In third quarter, net profits at Invesco payable to ordinary shareholders according to adjusted statistics totalled USD192.3m, down from USD207.1m in April-June, which represents a 7.1% contraction. Under GAAP accounting standards, net profits total USD166.9m, down from USD183m.Net profits in the first nine months of the year by GAAP accounting standards rise to USD527.4m, from USD290.5m in the corresponding period of last year.As of the end of September, assets at Invesco totalled USD598.4bn, compared with USD653.7bn three months earlier, and USD604.5bn as of the end of September 2010. At the end of December last year, assets under management totalled USD616.5bn.From January to September this year, Invesco has posted net subscriptions of USD14.6bn for its long-term products, and USD5bn for its institutional money market funds, while market effects reduced assets by USD36.1bn, and forex effects were negative to the tune of USD0.6bn. In third quarter 2011, Invesco earned a net total of USD3.3bn on long-term products, and saw net outflows of USD1.1bn from institutional funds.
26/10/2011

F&C cuts jobs

F&C has announced that it has revised its expense reduction target to GBP33.2 million by 2013 from the GBP12 million of savings announced in January 2011. These cuts wil mostly lead to job losses. The incremental savings of GBP21.2 million are comprised of GBP16.7 million in staff reductions. Staff reductions affect primarily back office and corporate staff functions, with limited impact on investment teams and client facing personnel. No reductions are being implemented in the Group’s compliance or risk functions, according to F&C. The announcement comes amidst a strategic review by the group which has been underway since March 2011, and whose final results will be announced in first half of 2012. F&C has also announced that its assets under management are down from GBP108bn as of 30 June, to GBP103.2bn as of 40 September. This decline is due to net outflows of GBP2.3bn. The firm has also appointed two new independent non-executive directors. They are Keith Jones, cormer CEO of Morley Fund Management and NPI Investments, and Keith Percy, former executive chairman and CEO of Société Générale Asset Management UK and CEO of Morgan Grenfell Asset Management.
26/10/2011

Kames Capital recruits three managers from ING Reim

Kames Capital (ex-Aegon AM) has added to its real estate team with the recruitment of three real estate multi-managers from ING Real Estate Investment Management UK, Money Marketing reports. Mark Bunney, Matt Day and Tony Yu, specialised in real estate funds of funds, managed more than GBP2bn in assets at ING Reim.
26/10/2011

State Street investor confidence index up

In the month of October, the State Street Investor Confidence Index has risen from a corrected level of 90.0 in September to 96.7 points.In North America and Europe, investor confidence rose most sharply, with the North American confidence index up 6.6 points, from a corrected level fo 85.1 in September to 91.7 in October, while the European index rose by 3.4 points, from a corrected level of 95.9 in September to 99.3 this month.In Asia, the trend was the opposite, with the confidence index down slightly, by 1.8 points to 98.7, compared with a corrected level of 100.5 in the previous month.
26/10/2011

Inflows to emerging market ETFs stall

ETFs invested in emerging market equities have seen a net outflow of USD1.9bn in September, bringing investment flows since the beginning of the year in this category to USD394m, Agefi reports. These shares are paying the price for an increase in investor aversion to risk.
26/10/2011
Gestion d'actifs

La Carpa de Strasbourg veut " booster " ses placements

La caisse des règlements pécuniaires des avocats (Carpa) de Strasbourg est une petite structure qui gère au total 29 millions d’euros de fonds par an, dont six millions sont placés. Les Carpa sont régies par des règles très strictes car elles gèrent et sécurisent les fonds des tiers transitant entre les mains des avocats. Ainsi, les fonds maniés par un avocat doivent être déposés en Carpa dès lors qu’ils sont accessoires à un acte juridique ou judiciaire. De plus, la loi du 10 juillet 1991 leur a confié la gestion des fonds publics en matière d’aide juridictionnelle. Ces fonds sont placés et Jean W. Wiesel, bâtonnier de l’Ordre de Strasbourg explique : « Nos placements sont sécurisés car nous éliminons l’idée même d’un investissement comportant le moindre risque. Nous bénéficions encore aujourd’hui, de quelques placements souscrits avant la crise, dont les taux sont intéressants à 4,35% et 4,4%, dont un qui peut paraitre aujourd’hui exceptionnel, à 5,2% mais dont le montant est modeste ». Ainsi, la Carpa a investi ses fonds en majorité sur des contrats en capitalisation chez divers assureurs comme Generali ou Axa. Par ailleurs, elle possède aussi des placements courts termes en bons de caisse pour 1,9 millions d’euros. Aujourd’hui pourtant, la Carpa de Strasbourg se trouve dans une impasse car ses charges statutaires ont augmenté alors que le produit des capitalisations est resté le même. De plus, elle se trouve dans un système de reconduite des anciens contrats de capitalisation. « Il nous faudra sans doute d’autres produits qui pourront offrir une meilleure rentabilité, souligne maître Wiesel. C’est pourquoi nous sommes aujourd’hui, à la recherche d’un partenaire consultant, un vrai professionnel qui puisse éventuellement nous trouver de nouvelles ressources ».
Gestion d'actifs
26/10/2011

La Bourse brésilienne demande pitié

A l’occasion d’un entretien au quotidien, Edemir Pinto, directeur général de la Bourse de Sao Paulo (BM&FBovespa), en appelle au gouvernement pour qu’il atténue le contrôle sur les capitaux, qui pèse sur les valorisations boursières. Les capitaux étrangers manquent en effet aux groupes brésiliens du fait des mesures instaurées depuis 2009 par Brasilia afin d’endiguer l’appréciation du real.
26/10/2011

Findus promis à une vente par appartement

Lion Capital «en est réduit à vendre Findus par appartement» croit savoir le quotidien, citant des salariés français suite à une réunion avec des représentants du fonds britannique la semaine passé. Le groupe scandinave avait été acquis pour 1,2 milliard d’euros en 2008. Permira «est bien l’un des premiers intéressés» selon un salarié de Findus. Le groupe a été divisé en trois zones constituant autant de lots à vendre.
26/10/2011

KKR vise l’Asie

De source proche, Bloomberg croit savoir que la société de private equity américaine cherche à lever pas moins de 6 milliards de dollars pour son deuxième fonds dédié à l’Asie. KKR avait récolté 4 milliards pour le premier en 2007. Les investisseurs pourraient être mobilisés mi-2012.
26/10/2011

TD Ameritrade subit l’impact du marché

Le courtier en ligne a dégagé un bénéfice net plus faible qu’attendu au quatrième trimestre de son exercice fiscal (clos au 30 septembre), l’augmentation des ordres des clients ayant été compensée par un environnement de marché défavorable. Le résultat net s’établit à 163,7 millions de dollars (29 cents par action), contre 114 millions (20 cents) un an plus tôt.
25/10/2011

Les mises en chantier en hausse de 18,1% sur un an en France

Les mises en chantier de logements neufs en France étaient en hausse de 18,1% sur un an fin septembre, à 392.426, mais en progression de 11% seulement sur les trois derniers mois, à 91.122. Le nombre de permis de construire délivrés pour des logements affiche parallèlement une hausse de 10,3% sur les 12 derniers mois à 495.846 et une accélération de 11,4% sur juillet-septembre, à 136.837.
25/10/2011

Hausse surprise du moral des consommateurs allemands

Contre toute attente, le sentiment des consommateurs allemands pour novembre est légèrement en hausse grâce à la solidité du marché du travail, qui a dopé les anticipations de revenus malgré la morosité des perspectives économiques, a annoncé l’institut GfK. Cet indicateur avancé ressort à 5,3 pour novembre, contre un niveau de 5,1 attendu par les économistes après 5,2 (chiffre confirmé) en octobre.

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