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11/08/2011

Vontobel enregistre une forte collecte au premier semestre

Le groupe suisse Vontobel a dégagé au premier semestre un bénéfice net de 78,1 millions de francs suisses au premier semestre, contre 78,8 millions un an plus tôt. Dans un communiqué publié le 10 août, le CEO de Vontobel, Zeno Staub, juge ce résultat solide, en recul de seulement 1% en dépit d’effets de change significatifs et de conditions de marché difficiles.La collecte nette s’est établie à 3,4 milliards de francs suisses, dont 2,5 milliards émanant de la sphère institutionnelle, contre 3 milliards de francs pour le premier semestre 2010. Dans le pôle private banking, ce sont surtout l’espace germanophone et l’Europe centrale et de l’Est qui ont permis de drainer de nouveaux fonds. Du côté de la gestion d’actifs, les souscriptions émanent principalement des marchés émergents. A fin juin, les actifs sous gestion s'élevaient à 78,7 milliards de francs suisses, pratiquement inchangés par rapport à leur niveau de décembre 2010. Les actifs sous conservation s’inscrivaient à 41,2 milliards de francs suisses contre 40,4 milliards fin 2010.
11/08/2011
Fonds

Le FRR affiche une performance annualisée de 3% au 30 juin

Le Fonds de réserve pour les retraites (FRR) a annoncé le 10 août une performance annualisée nette de tout frais de son portefeuille de 3% entre le 13 décembre, date de la nouvelle allocation stratégique, et le 30 juin 2011. Le rendement des actifs de performance, dont l’objectif à long terme est une performance annualisée de 6%, a atteint 3 % sur la même période.La nouvelle allocation stratégique du Fonds, adoptée lors la réunion de son Conseil de surveillance le 13 décembre 2010, traduit les changements législatifs qui définissent désormais le passif du FRR à la suite de la réforme des retraites en assignant au Fonds deux objectifs précis : permettre une sécurisation du paiement du passif du FRR, d’une part, rechercher un rendement supplémentaire à l’horizon 2024, d’autre part. Dans cette perspective, les modalités de gestion «sous contrainte de passif» (liability driven investment) retenues reposent sur une large couverture du passif par des actifs destinés à cet effet (portefeuille de couverture) et sur la gestion dynamique d’un portefeuille de performance. Au 30 juin 2011, le ratio de financement du FRR s’élèvait à 144%. La valeur totale de l’actif net s’établit en effet à 35,6 milliards d’euros à cette même date et la valeur actuelle du passif à 24,7 milliards d’euros. Au 30 juin 2011, la poche de couverture représente 59,6% du total des actifs et la poche de performance 40,4%.
Fonds
11/08/2011
Fonds

Le fonds Paulson perd 10 % en une semaine

Le fonds phare de Paulson & Co, le troisième plus gros hedge fund au monde, a perdu plus de 10 % de sa valeur au cours de la première semaine d’août, selon le Financial Times. Le vendredi 5 août, les stratégies Advantage Plus et Advantage cédaient respectivement 31 % et 21 % depuis le début de l’année, pénalisées par de gros paris sur la reprise économique et sur la santé du secteur financier. John Paulson a écrit à ses investisseurs vendredi pour leur assurer que le fonds n’avait pas été touché par d’importants rachats ni n’avait été forcé de vendre des positions à la baisse.
Fonds
11/08/2011
Fonds

Deux gérants US en perte de vitesse

Deux grands noms de la gestion aux Etats-Unis, Bruce Berkowitz et Bill Miller, ont souffert dans la récente débâcle des marchés financiers, rapporte The Wall Street Journal. Le Fairholme Fund (13,4 milliards de dollars) du premier a perdu environ 18 % en août (jusqu’à lundi 8) dont 9 % lundi, contre une baisse de 14 % sur la période correspondante pour les fonds de ce type, selon Morningstar. Le fonds Opportunity Trust de Bill Miller chez Legg Mason, qui gère environ 1,3 milliard de dollars d’actifs, a cédé 21,6 % depuis début août et 35,9 % depuis le début de l’année. Le Legg Mason Capital Management Value Trust est en baisse de 13,63 % depuis début août.
Fonds
11/08/2011
Gestion d'actifs

Le rendement des actifs de performance du FRR atteint 3% fin juin 2011

La nouvelle allocation stratégique du Fonds a été adoptée lors la réunion de son Conseil de surveillance le 13 décembre 2010. Elle traduit les changements législatifs qui définissent désormais le passif du FRR à la suite de la réforme des retraites en assignant au FRR deux objectifs précis : permettre une sécurisation du paiement du passif du FRR, d’une part, rechercher un rendement supplémentaire à l’horizon 2024, d’autre part. Dans cette perspective, les modalités de gestion « sous contrainte de passif » (Liability driven investment) retenues reposent sur une large couverture du passif par des actifs destinés à cet effet (portefeuille de couverture) et sur la gestion dynamique d’un portefeuille de performance. La sécurité du paiement du passif est mesurée par le ratio de financement. Au 30 juin 2011, ce ratio de financement s'élève à 144%. La valeur totale de l’actif net s'établit en effet à 35,6 Mds euros à cette même date et la valeur actuelle du passif à 24,7 Mds euros. Au 30 juin 2011, la poche de couverture représente 59,6% du total des actifs et la poche de performance 40,4%. Le rendement des actifs de performance, dont l’objectif à long terme est une performance annualisée de 6%, a atteint 3% entre le 13 décembre 2010 (date de référence de la nouvelle allocation stratégique) et le 30 juin 2011. A cette même date, la performance annualisée du portefeuille du FRR nette de tout frais s'élevait à 3%.
Gestion d'actifs
11/08/2011

ETF Securities voit ses encours augmenter de 36 % sur un an

Au 30 juin 2011, les encours sous gestion d’ETF Securities atteignent 27,3 milliards de dollars, ce qui représente une augmentation de 36 % sur 12 mois. A la fin du premier semestre 2011, les souscriptions nettes totales ressortent à 1 milliard de dollars, dominées principalement par les ETP sur les matières premières qui représentent prés des deux tiers de la croissance des encours sous gestion. La plateforme UCITS d’ETF Securities, ETF Exchange (ETFX), et la plateforme devises, FXL, ont contribué à hauteur de 25% à l’augmentation des encours lors de la première moitié de l’année 2011, contre seulement 5 % à la fin du premier semestre 2010, note ETF Securities.
11/08/2011

Nouveaux partenaires pour S&P Fund Services

Standard & Poor’s Fund Services a annoncé le 9 août qu’il avait renforcé ses canaux de distribution en Europe pour la diffusion de ses notations et de ses travaux de recherche sur les fonds avec de nouveaux partenaires en Grande-Bretagne et en Suisse. Les nouveaux partenaires de l’agence d'évaluation financière sont le groupe britannique Aviva, la société suisse ifund services AG et le fournisseur de solutions à destination des entreprises financières Pershing LLC.
11/08/2011
Fonds

Forte collecte des hedge funds au premier semestre

Les hedge funds ont enregistré une collecte nette de 73 milliards de dollars au premier semestre, soit le montant le plus élevé depuis le premier semestre 2007, selon les statistiques communiquées par BarclayHedge et TrimTabs Invsetment Reseearch. Au cours du seul mois de juin, la collecte s’est établie à 3,8 milliards de dollars.Les hedge funds spécialisés sur le fixed income ont drainé 15,1 milliards de dollars au premier semestre et ont dégagé une performance de 4,9%, soit la deuxième meilleure performance de l’ensemble des stratégies. Malgré des performances modestes, les hedge funds multi-stratégies ont enregistré de leur côté une collecte nette de 15,2 milliards de dollars au premier semestre, la collecte la plus élevée parmi toutes les stratégies. Concernant juillet, Eurekahedge indique que son indice Hedge Fund Index a gagné 0,62 %, tandis que le MSCI Monde perdait 2,59 %. Le secteur a enregistré sur le mois des souscriptions nettes de 5 milliards de dollars et les encours dans les hedge funds macro ont atteint le niveau record de 125,2 milliards de dollars.
Fonds
11/08/2011

Vontobel posts strong inflows in first half

The Swiss Vontobel group in first half earned net profits of CHF78.1m, compared with CHF78.8m one year earlier. In a statement released on 10 August, the CEO of Vontobel, Zeno Staub, says that the result is solid, only 1% down despite the significant effects of forex rates and a difficult market environment. Net inflows totalled CHF3.4bn, of which CHF2.5bn were from institutional clients, compared with CHF3bn in first half 2010. In the private banking unit, it was mostly the German-speaking countries and central and eastern Europe which brought in new money for the firm. In asset management, subscriptions came largely from emerging markets. As of the end of June, assets under management totalled CHF78.7bn, largely unchanged compared with their levels as of December 2010. Assets under custody totalled CHF41.2bn, compared with CHF40.4bn as of the end of 2010.
11/08/2011

New partners for S&P Fund Services

Standard & Poor’s Fund Services on 9 August announced that it is making additions to its distribution channels in Europe, for distribution of its ratings and fund research, with new partners announced in Great Britain and Switzerland. The new partners of the financial ratings agency are the British Aviva group, the Swiss firm ifund services AG, and the financial business solution provider Pershing LLC.
11/08/2011

Pre-trade transparency: ESMA publishes positions on waivers

The European Securities and Markets Authority (ESMA) on 10 August published a synthesis of its positions on regulatory waivers affecting the deployment of pre-trade transparency under the MiFID directive. The possible waivers are related to the price of reference, transactions undertaken in private between members or participants in a regulated market or MTF on their own behalf, transactions entered in an order management system before general release to the market, and finally, transactions of the “large in scale” type. As it revises the MiFID directive, ESMA will state the content of the waivers, and will oversee their convergent application by the various competent authorities to ensure that they respect the recommendations laid out by ESMA.
11/08/2011

ETF Securities sees 36% increase in assets year on year

As of 30 June 2011, assets under management at ETF Securities totalled USD27.3bn, which represents a 36% increase in 12 months. As of the end of first half 2011, total net subscriptions totalled USD1bn, largely dominated by commodities ETP funds, which accounted for nearly two thirds of assets under management. The UCITS platform from ETF Securities, ETF Echange (ETFX), and the currency platform, FXL, were responsible for 25% of growth in assets in the first half of 2011, compared with only 5% as of the end of second half 2010, ETF Securities notes.
11/08/2011

Investors set to continue steering clear of European bond funds

Most managers are predicting a further slowdown in inflows to European bond funds in second half, according to the most recent quarterly study, undertaken in late July, by Fitch Ratings, covering a representative sample of fixed income managers with about USD4.3trn in assets under management. Two thirds of fixed income managers (67%) predict a slowdown in flows to European bond funds in second half. One ivestor in four is not planning a significant reallocation in the second half of the year, while only 7% estimate that the predicted slowdown might end relatively soon. The survey also confirms that investors have concerns about fixed income as an asset class, particularly questioning the status of sovereign debt as a risk-free asset class. Returns on government bonds are at risk, due to inflation, largely in emerging markets, and due to sovereign debt problems in developed markets.
11/08/2011

Outflows from French mutual funds in July

In July, French mutual funds posted net redemptions of EUR1.85bn, excluding hedge funds, according to the most recent statistics from Europerformance SIX Telekurs. These redemptions contributed to a 1.3% decline in assets in one month, to EUR788.35bn, although for the moment, it is too early to tell what trend will emerge in terms of flows. Meanwhile, in July, all categories of funds saw outflows, except treasury funds, which posted net subscriptions of EUR1.38bn, and saw a 0.5% increase in assets to EUR327.31bn month on month. The heaviest redemptions were from equities funds, which saw outflows of EUR1.07bn in July. In this category, only Asia/Pacific equities funds performed well, with net inflows of EUR0.17bn. Also as a result of overall losses of 0.35% in the month, equities funds saw a 4.1% decline in their assets, to EUR198.8bn. Bond funds, meanwhile, saw outflows of EUR0.96bn, diversified funds EUR0.66bn, and formula type guaranteed funds EUR0.54bn. Hedge funds are also in the red, with redemptions fo EUR0.12bn.
11/08/2011

Paulson fund loses 10% in one week

The flagship fund from Paulson & Co, the third-largest hedge fund in the world, lost more than 10% of hits value in the first week of August, according to the Financial Times. On Friday, the Advantage Plus and Advantage funds had lost 31% and 21% of their value, respectively, since the beginning of the year; the funds were penalised for their heavy bets on an economic recovery and on the health of the financial sector. John Paulson wrote to his investors on Friday to reassure them that the fund has not been affected by heavy redemptions, nor has it been forced to liquidate positions at a loss.
11/08/2011

FRR announces annualised gains of 3% as of 30 June

Between 13 December 2010 (reference date for the new strategic allocation) and 30 June 2011, the annualized performance of the French pension fund FRR’s portfolio, net of all expenses, was 3%. The return on performance assets, whose long-term objective is an annualized performance of 6%, was 3% on this same date.The FRR’s new strategic asset allocation was adopted at a meeting of its Supervisory Board on 13 December 2010. It reflects the changes in legislation which determine the FRR’s liabilities going forward following the reform of the pension system by assigning the FRR two clearly defined objectives: ensuring, on the one hand, that the FRR is certain of honouring its liabilities and, on the other, seeking additional returns through to 2024.From this perspective, the chosen «liability driven investment» management approach rests on broad coverage of its liabilities employing assets designed for this purpose (hedging portfolio) and on dynamic management of a performance portfolio.The certainty of the FRR honouring its liabilities is measured by the funding ratio1. As at 30 June 2011, this funding ratio stood at 144%. The total value of its net assets was in fact 35.6 bn euros on this same date and the current value of its liabilities is 24.7 bn euros. As at 30 June 2011, the hedging portfolio represents 59.6% of total assets and the performance portfolio, 40.4%.
11/08/2011

CEO leaves West LB Mellon Asset Management

Volker Kurr, CEO of West LB Mellon Asset Management (WMAM), left his position in early August, das investment reports. He had been CEO of the 50/50 joint venture of WestLB asd BNY Mellon since early 2010. Differences over strategy between Kurr and the board of directors at the firm were the cause of the departure, a spokesperson for the management firm says. Kurr will be temporarily replaced by his second in command, Norbert Becker. A new CEO will be appointed in the coming week, das investment states.
11/08/2011

Départ du CEO de West LB Mellon Asset Management

Volker Kurr, CEO of West LB Mellon Asset Management (WMAM), left his position at the beginning of August, according to das investment. He had been CEO of the joint venture between WestLB and BNY Mellon since early 2010. His departure is said to be linked to strategic problems between him and the board of directors are said to be Il était CEO de la coentreprise à 50/50 entre la WestLB et BNY Mellon depuis début 2010. Des divergences stratégiques entre l’intéressé et le conseil d’administration de la société seraient à l’origine de son départ, a indiqué une porte-parole de la société de gestion. Volker Kurr est temporairement remplacé par son second, Norbert Becker. Un nouveau CEO devrait être nommé dans les semaines à venir, précise das investment.
11/08/2011

Redemptions from Swedish funds slow

In July, funds on sale in Sweden saw net redemptions of SEK0.3bn (about EUR32.5m), according to the most recent statistics from the Swedish investment fund association Fondbolagens Förening. This result is far better than the result for June, when funds saw outflows of SEK4bn (about EUR430m). In July, as in June, outflows were largely from equities funds (mostly those investing in Swedish equities), which saw outflows of SEK2.1bn. Once again, that figure is well below the SEK13.2bn which came out of equities funds in June. Money market funds also saw redemptions, totalling SEK1.3bn, as did hedge funds (-SEK0.9bn). However, Swedish investors put money into bond funds, which posted net subscriptions of SEK3.3bn, and into diversified funds (+SEK0.8bn). Since the beginning of the year, funds on sale in Sweden have seen a net inflow of SEK12.3bn. Redemptions of SEK16.4bn from equities funds were offset by subscriptions to diversified funds (SEK12.7bn) and money market funds (SEK10.1bn). As of the end of July, assets in the sector totalled SEK1.919trn (EUR208bn), of which SEK1.104trn are still invested in equities funds.
11/08/2011

New hedge fund creations down 38% in Asia in first half

The number of new hedge funds in Asia has fallen 38% in first half 2011, according to statistics compiled by Bloomberg from data by Eurekahedge. Hedge fund creations numbered 60 between January and June, of which 14 were in Singapoer and 11 in Hong Kong. In first half 2010, Eurekahedge counted 96 new hedge funds (162 for the year as a whole). Since the collapse of Lehman Brothers in 2008, many investors prefer to work with established hedge fund firms which have personnel dedicated to risk management. In second quarter 2011, hedge funds specialised in Asia managed slightly under USD90bn, compared with a peak of USD111.4bn in 2007, according to statistics from Hedge Fund Research.
11/08/2011

Co-head of credit leaves Investec

Theo Stamos, co-head of credit at Investec, has left the firm. The Emerging Markets Corporate Debt fund has been placed in the hands of Peter Eerdmans, head of emerging markets debt, Investment Week reports. His role as co-manager of the Monthly High Income fund has been taken over by John Stopford, co-head of bonds at Investec.
11/08/2011

SLI inflows cut off at the stump by money market fund transfers

In first half 2011, the asset management unit of Standard Life, Standard Life Investments, posted net subscriptions of GBP2.9b. But the firm lost GBP4bn due to the transfer of its money market funds to Deutsche Asset Management. Assets under mangement for third parties at Standard Life Investments totalled GBP71.6bn. 46% of total assets under management (while the remainder is managed on behalf of the group). The Sicav range, which is largely sold in Europe, saw a 40% increase in subscriptions, to GBP418m. Overall, pre-tax operating profits at SLI increased 37%, to GBP67m, on earnings up 23% to GBP193m.
11/08/2011

Two US managers losing momentum

Two big-name managers in the United States, Bruce Berkowitz and Bill Miller, have suffered in the recent financial market drops, the Wall Street Journal reports. The Fairholme Fund (USD13.4bn), managed by Berkowitz, has lost about 18% in August (as of Monday, August 8), of which 9% was lost on Monday, compared with losses of 14% in the corresponding period for funds of the same type, according to Morningstar. The Opportunity Trust fund by Miller at Legg Mason, which has about Usd1.3bn in assets under management, has lost 21.6% since the beginning of August and 35.9% since the beginning of the year. The Legg Mason Capital Management Value Trust is down 13.63% since the beginning of August.
11/08/2011

SAC Capital adds to long/short management team

The long/short strategy hedge fund specialist SAC Capital has recruited several managers in Hong Kong, as additions to its long/short portfolio management team, Asian Investor reports. Shantanu Nagpal, previously of Brevan Howard, joined SAC Capital a few weeks ago. Frank Ho, meanwhile, left Highbridge Asia in June to join SAC Capital. Assets under management by SAC Capital, which charges unusually high fees (3% management fee and 50% outperformance commission), totalled about USD16bn.
11/08/2011

Strong inflows to hedge funds in first half

Hedge funds have posted net inflows of USD73bn in first half, the highest level since first half 2007, according to statistics by BarclayHedge and TrimTabs Investment Research. In the month of June alone, inflows totalled USD3.8bn. Hedge funds specialised in fixed income attracted USD15.1bn in first half, and earned returns of 4.9%, the second-best result for any strategy. Despite modest returns, multi-strategy hedge funds posted net inflows of Usd15.2bn in first half, the highest level of any strategy.
11/08/2011

La Grèce va étendre son plan d'échange d'obligations

La Grèce va étendre les termes de son programme d'échange d’obligations afin d’inclure des titres de dette dont l'échéance arrive après 2020, afin d’atteindre son objectif d’une participation du secteur privé de 135 milliards d’euros, a déclaré le ministre grec des Finances. Selon une source bancaire, l’Union européenne et l’Institut de la finance internationale envisageraient d’inclure des obligations avec des maturités allant jusqu'à 2024.

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