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15/07/2011
Fonds

Un ETF pour le petit-fils du commandant Cousteau

Le gestionnaire d’ETF actifs AdvisorShares (360 millions de dollars) a annoncé le lancement du AdivsorShares Global Echo ETF , un ETF en multigestion monté en coopération avec la fondation Global Echo, une institution caritative au statut de 501(c) dont l’un des fondateurs est Jacques Cousteau, l’un des petits-fils du commandant Cousteau. Une partie de la commission sera reversée à Global Echo. Pour l’instant, le montant de cette commission ne figure pas sur le site d’AdvisorShares.
Fonds
15/07/2011

Baisse, en juin, des encours de Franklin, Legg Mason et Invesco

Trois grands gestionnaires américains ont publié presque simultanément le montant de leurs actifs sous gestion à fin juin. Dans les trois cas, l’encours a diminué par rapport à fin mai. Chez Franklin Resources, le total revient à 734,2 milliards de dollars contre 735,8 milliards, tandis que chez Legg Mason il se replie à 662,5 milliards contre 670,9 milliards et que chez Invesco il ressort à 653,7 milliards contre 661,4 milliards.A titre de comparaison, par rapport au 31 décembre 2010, les actifs gérés par Franklin Resources se situaient à 670,7 milliards de dollars. Chez Legg Mason, ils atteignaient 671,8 milliards et chez Invesco ils se situaient à 616 milliards.
15/07/2011

Les banques américaines dominent un marché de la gestion privée en progression

Les Echos qui reprend le dernier classement réalisé par Scorpio Partnership rapporte que Bank of America confirme sa première banque privée dans le monde en termes d’actifs sous gestion (1.944 milliards de dollars) devant Morgan Stanley (1.628 milliards) puis le suisse UBS (1.560 milliards) et Wells Fargo. Avec 340 milliards de dollars d’actifs sous gestion, la première banque française, BNP Paribas, se place en neuvième position, après avoir gagné deux places grâce à la consolidation du belge Fortis. Au global, les actifs sous gestion ont progressé de 11,12 % en 2010. Les petites structures font légèrement mieux que les grandes, avec une croissance des actifs sous gestion de 12,4 % contre 10 %. Reste que le marché est toujours largement concentré, note le quotidien, les vingt principales banques privées dans le monde concentrant 81,6 % des actifs confiés aux équipes de gestion de fortune en 2010 (contre 77,1 % en 2009).
15/07/2011

ETF asset growth slowing

According to a study by Deutsche Bank, in the next three years, average growth of 25% is to be expected for ETF assets in Europe in the next three years. But the debt crisis has clearly slowed growth in first half 2011, when the increase slowed to 5%, the Börsen-Zeitung notes, in a phenomenon similar to the one observed in 2008 in the wake of the sub-prime debt crisis. Net subscriptions represented about EUR14bn. As of the end of June, Europe had 1,483 ETFs, with assets of EUR241bn.
15/07/2011

Allianz GI creates a position for Managing Director, Head of Retirement for Europe

Allianz Global Investors announced on Tuesday, 13 July that it has appointed Andreas Hilka as Managing Director, Head of Retirement for Europe from 1 July. Hilka occupies a newly-created position, which will make him responsible for the development and deployment of a strategy centred on retirement plans and solutions in Europe. He will report to Elizabeth Corley, CEO of Allianz Global Investors for the European region.Hilka, 43, previously worked at the Credit Suisse group in Frankfurt as Head of Multi-Asset Solutions for Austria, Germany, Luxembourg and Poland, and as Head of retirement solutions for Europe, the Middle East and Africa.
15/07/2011

US banks dominate a growing private management market

Les Echos relays the most recent rankings by Scorpio Partnership, which find that Bank of America retains its position as the largest private bank in the world in terms of assets under management (USD1.944trn), followed by Morgan Stanley (USD1.628trn), and then the Swiss bank UBS (USD1.560trn), and Wells Fargo. With USD340bn in assets under management, the largest French bank, BNP Paribas, ranks ninth, having gained two places due to the consolidation of the Belgian bank Fortis.Overall, assets under management rose 11.12% in 2010. Smaller structures have done slightly better than large ones, with growth in assets under management of 12.4%, compared with 10%. The market remains highly concentrated, with the 20 largest private banks in the world accounting for 81.6% of assets entrusted to wealth management teams in 2010 (compared with 77.1% in 2009).
15/07/2011

MEAG acquires a stake in Amprion

German power supplier RWE has sold a 74.9% stake in Amprion GmbH to a consortium of institutional investors and electricity distributors, including MEAG, the asset manager for Munich Re and Ergo (EUR202bn). The sale price has not been disclosed. MEAG, which is diversifying its portfolio, stated on 14 July that the consortium has entrusted management of the participation to a fund launched and managed by Commerz Real. For its part, RWE will retain the remaining 25.1% stake in Amprion, a firm which operates high tension electricity transport networks.
15/07/2011

Auda recruits Ferdinand von Sydow

The family office for the heirs to Harald Quandt, which also manages the wealth of other families, Auda International (USD4.5bn in private equity), has recruited Ferdinand von Sydow as managing director, from mid-September, the Frankfurter Allgemeine Zeitung reports. Von Sydow will be in charge of developing the institutional client base. He is currently one of the directors of the real estate asset management firm IVG International Funds (EUR12.5bn).
15/07/2011

Major proxy voting and engagement mandate for Robeco

The London Pension Fund Authority (LPFA, EUR4.6bn) has selected the Dutch asset management firm Robeco (EUR150bn in assets) for an initial period of two years in charge of a proxy voting and engagement mandate for its international equities portfolio of about EUR1.1bn. It is the first mandate of its type for Robeco in the United Kingdom.
15/07/2011

Assets at Franklin, Legg Mason and Invesco down in June

Three major US asset management firms have nearly simultaneously announced their asset volumes as of the end of June. In all three cases, assets are down compared with the end of May. At Franklin Resources, the total is USD734.2bn, compared with USD735.8bn, while at Legg Mason assets are down to USD662.5bn from USD670bn, and at Invesco they are now USD653.7bn, compared with USD661.4bn.By comparison, as of 31 December 2010, assets under management at Franklin resources totalled USD670.7bn. At Legg Mason, they were USD671.8bn, and at Invesco, they were USD616bn.
15/07/2011

Métropole Gestion seeking a head of retail distribution

Bruno Zaraya, head of retail distribution at Métropole Gestion, will no longer be a part of the company after his holiday leave is completed, which confirms what the H24 website had reported.Zaraya, who spent one year at Métropole Gestion after serving as director of sales at Sal. Oppenheim since December 2008, and previous to that, head of partnerships and key accounts for France at Edmond de Rothschild Asset Management (2003-2008), is leaving the business to undertake an entrepreneurial project. The firm led by François Marie Wocjik, for its part, is currently recruiting a replacement for Zaraya.
15/07/2011

Apax teams up with investors

In the past, when private equity investors needed money to make a major acquisition, they teamed up with rivals. Now, they appear to have found another source of financing: their investors, the Wall Street Journal reports. The British firm Apax Partners has signed an agreement with the affiliates of two major pension funds, the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board of Canada, to acquire Kinetic Concepts Inc., a hospital wound-care and hospital bed provider, for USD6.3bn, including debt. The offer at USD68.40 per share represents a 17% premium over the shares’ last closing price before the operation was announced.
15/07/2011

Lazard Frères Gestion recruits a senior private banker

Lazard Frères Gestion on Tuesday, 13 July announced that it has added to its private banking team with the arrival of Rémi Chleq as a senior private banker. The new recruit will join the private management development team led by Sophie de Nadaillac, managing partner at Lazard Frères Gestion.Chleq, 40, had been head of a team of 5 private bankers at Credit Suisse since March 2007.
15/07/2011

State Street GA adds to treasury team

State Street Global Advisors (SSgA) announced on Wednesday, 13 July that it has added to its treasury team with the appointments of Kevin Thomson and Adam Sadiq. Both will become regional directors of sales for Europe, the Middle East and Africa (EMEA). The two will be based in London, and will report to Jennifer Hole, head of EMEA treasury activities at SSgA, and will be responsible for distribution of liquidity products throughout the EMEA region. Previously, Thompson was head of business development at ICD, a website provider, where he was in charge of developing activities outside North America. Sadiq served as head of development for treasury and short-term fixed income activities at Western Asset Management Company.
15/07/2011

Len Brennan becomes president & CEO of Russell

As Andrew Doman is becoming chairman of the board at Russell Investments, he will be replaced as president & CEO of Russell Investments by Len Brennan, who will retain his position as CEO for the Europe, Middle East and Africa region, to which he was appointed on 11 July (see Newsmanagers of 7 July). Ed Zore, who had been chairman since 2008, will remain on the board as an administrator. Brennan is a company man, having spent most of his career at Russell since 1985. He spent a six-year stint at Rainier Investment Management, founded by three former Russell employees in 2005, and served there are president and CEO, before returning to the fold.
15/07/2011

China fund from Anthony Bolton pays price for two investments

Anthony Bolton has announced that his Fidelity China Special Situations Fund has seen losses due to the fact that two Chinese firms listed in the United States (including China Integrated Companies) in which he had invested have been charged with fraud, Money Marketing reports. The manager says that with his team, he will now dedicate more time to due diligence, having underestimated the risks related to investments in China. Several positions have been liquidated at a loss, including those corresponding to the two companies incriminated in the fraud.
15/07/2011

ESMA publishes a consultation document on AIFM directive

The European Securities Markets Authority (ESMA) on Thursday, 14 July published a consultation document (ESMA/2011/209) laying out its detailed proposals for the Alternative Investment Fund Managers Directive (AIFMD). The move comes in response to a request for assistance from the European Commission to the European authority which preceded the ESMA, the CESR, in December 2010.The ESMA will submit a final recommendation to the Commission on 16 November 2011. Participants will have two months to submit responses to the ESMA. In the light of responses received by 13 September, the ESMA will finalise its proposals and submit them to the Commission by the deadline stated above.
15/07/2011

NYSE Euronext sees a decline in ETF transactions year on year

As announced in late June (see Newsmanagers of 28/06/2011), HSBC ETFs has launched three ETFs on NYSE-Euronext in Paris: HSBC MSCI EM Latin America, HSBC MSCI Canada, and HSBC South Africa.As of the end of last month, NYSE Euronext listed 565 ETFs from 17 issuers 656 times. This year, there have been 115 new listings, of which 26 are cross listings. Activity represents an average of 8,575 daily trades, a 7.4% decline compared with June 2010, but a 7.07% increase compared with the month of May, when there were an average of 8,009 transactions (see Newsmanagers of 09/06/2011). That represents a total of EUR409.8m, up 2.5% compared with June 2010.These ETFs as a whole cover more than 360 indices, composed of a wide range of assets (equities, bonds, commodities, etc), and represent global assets of EUR142.5bn, up 22.1% since June 2010 (EUR116.7bn).
15/07/2011

ETF assets expected to double in United States by 2015

By the end of 2015, assets under management in United States ETFs are expected to double, to USD2trn, largely due to the emergence of products focused on new asset classes and new indices, with new methods for using ETFs as portfolio construction tools.These are the findings of a study by BNY Mellon Asset Servicing and Strategic Insight, entitled “ETFs 2.0: The Next Wave of Growth and Opportunity in the U.S. ETF Market,” which finds that the proportion of ETF funds replicating traditional indices will fall, while non-traditional and alternative funds will account for a larger slice of the pie. Loren Fox, senior research analyst at Strategic Insight, says the varieties of non-traditional ETFs that will be likely to increase their market share will be those based on commodities strategies, inverse funds, leveraged funds, actively-managed ETFs, and ETFs that are similar to hedge funds.
15/07/2011

Profits and assets down at SEB in April-June

For second quarter, SEB on 14 July declared a net profit of SEK3.37bn, compared with SEK2.62bn in January-March, and SEK2bn in April-June 2010. In first half, profits total SEK5.99bn, compared with SEK2.69bn.For wealth management, operating profits totalled SEK309m in April-June, compared with SEK405m in first quarter, and SEK380m in the corresponding period of last year. The cost/income ratio has deteriorated to 71%, compared with 65% and 66%, respectively.Assets as of the end of June totalled SEK1.298trn, of which 42% are in the form of investment funds, compared with SEK1.303trn as of the end of March, and SEK1.258trn one year previously.Net subscriptions in second quarter totalled SEK7bn for institutional clients, and SEK5.5bn for private banking, compared with SEK9.5bn and SEK5.1bn in January-March. In second quarter 2010, subscriptions totalled SEK5.8bn and SEK3bnm, respectively.
15/07/2011

Viveris REIM signs up as a responsible real estate actor

The real estate portfolio management firm Viveris REIM on Wednesday, 13 July announced that it is founding a charity for engagement in responsible investment, which will soon be followed by the creation of an environmental, social and governance (ESG) investment reference which will be included into the firm’s process of acquiring and managing properties. “Reflections on the definition of sustainable development principles for the business as a whole and the management of its real estate assets were begun in 2010 with EthiFinance, an independent extra-financial ratings agency. The charter defines the philosophy which guides Viveris REIM, and the firm’s major commitments to its partners (shareholders, employees, providers, civil society) in responsible investment and management of real estate properties,” a statement says. Viveris REIM has also signed to the Principles for Responsible Investment (PRI).
15/07/2011

Asset management profits down at JPMorgan Chase

In second quarter, JPMorgan Chase saw net profits of USD5.43bn, compared with USD5.55bn in January-March, and USD4.79bn in the corresponding period of last year.Net profits in asset management were down to USD439m, compared with USD466m for first quarter, but are up 12% compared with USD391m in April-June 2010.As of 30 June, assets totalled USD1.3trn, USD181bn higher than one year previously.JPMorgan states that net inflows in second quarter 2011 totalled USD3bn, and that they totalled USD57bn in the twelve months to the end of June. In the quarter under review, net subscriptions to long-term products totalled USD19bn, but money market products saw net outflows of USD16bn.
15/07/2011

Bain Capital prepares for sale season

Louis Vuitton may not be lowering its prices, but the Wall Street version of the luxury retailer, Bain Capital, has begun putting up the sale posters for its new USD2bn capital investment fund focused on Asia, the Wall Street Journal reports.Bain had previously charged a management commission of 2% and a performance commission of 30%, while its rivals charged 1.5% and 20%. Now, Bain is offering either 2%/20%, or 1%/30%.Investors say the discounts are due to the fact that the most recent Bain funds generated returns that were ultimately comparable to those of its competitors, which makes it more difficult to charge higher fees.
15/07/2011

Victoire Brasil Investimientos sets up shop in Europe

Citywire reports that the Brazilian management boutique Victoire Brasil Investimientos, founded in 2004 by former Citigroup managers, in February launched its first UCITS-compliant fund, Victoire Brasil Select, with a concentrated portfolio of 15-20 positions, of which 38% are large caps. The fund is managed by André Caminada and Werner Roger.
15/07/2011

Pictet index-based fund range grows from 8 to 14 products

On 13 July, Pictet Asset Management launched six Luxembourg-registered geographical index-based funds (part 1), each of which has six share classes with two anti-dilution solutions (spread or swing). Previously, the Swiss management firm had eight funds in the family: the team manages USD32bn in funds and in the form of mandates (as of the end of May). There are institutional shares (minimal subscription: USD1m), and retail shares. The new products, Pictet LatAm Index, BRIC Index, Brazil index, Russia Index, India Index and China Index, physically replicate the MSCI indices for the corresponding countries or regions as closely as possible. The TERs for the various share classes vary from 0.45% to 1.05%.
15/07/2011

Aviva Investors opens a branch in Zurich

Fabio Ferra and Karsten-Dirk Steffens, business development directors, will be heads of the new Aviva Investors representative office in Switzerland. Steffen had been senior sales director, while the latter was head of client service at Axa Investment Managers for Switzerland. They will report to Gabriele Miodini, head of financial institutions for Europe. Their mission will be to develop a distribution network in Switzerland.
15/07/2011

Julius Baer launches a green portfolio analysis service

Swiss-based asset management firm Julius Baer on 13 July announced that it has launched a service which allows investors to reduce to completely neutralise CO2 emissions from their equities portfolios, entitled “green portfolio services,” which has been developed in cooperation with the Zurich-based firm South Pole Carbon.On the basis of an individualised portfolio analysis, investors will be able to reduce carbon emissions related to their investments by taking one or several measures to this end.Pollutant emissions reduction projects by South Pole Carbon have been developed in compliance with the United Nations Framework Convention on Climate Change (UNFCCC), and are also recognised by specialist NGOs such as the Swiss-based Gold Standard. These projects focus on sources of renewable energies, reforestation, and prevention of methane emissions.
15/07/2011

Van Eck innovates with an ETF of municipal income bonds

The New York-based asset management firm Van Eck Global has launched Market Vectors CEF Municipal Income ETF (NYSE Arca: XMPT), which it claims is the first ETF to focus on municipal income bonds. It replicates the S-Network Municipal Bond Closed-End Fund Index (CEFMX), which had 88 components as of 30 June. The product charges net fees of 1.43%, and will pay a monthly dividend which is exempt from federal tax.
15/07/2011

Invesco PowerShares also plans to launch a Chinese yuan bond ETF

The Frankfurter Allgemeine Zeitung reports that a third contender is in the running to become the first to launch an ETF dedicated to bonds denominated in Chinese yuans: Invesco PowerShares, which has submitted an application to the SEC for a license for the PowerShares Asia Pacific Bond Portfolio, a few days after Wisdom Tree made a similar application. Exchange Traded Spreads submitted a similar application in May for the ETS Offshore RMB Bond Fund.
15/07/2011

Overlord France Finance launches two funds

The portfolio management firm Overlord France Finance, which received a license from the French financial regulator, the Autorité des marchés financiers (AMF) on 3 December 2010, announced on 13 July 2010 that it is launching two funds: Overlord Premium and Overlord Flex PEA.Overlord Premium is a fund which aims to diversify its investments through the use of all possible investment vectors (equities, bonds, futures, options, forex, commodities, etc.), regardless of its geographical origin. The Overlord Flex PEA is a diversified FCP which is mostly exposed to equities markets of the European Community, either via direct investment in shares, “tracker” ETFs or mutual funds, or derivative instruments. Assets in the fund always include at least 75% shares eligible for PEA investment. The strategy is based on a stock-picking process. Overlord also plans to hedge positions in order to limit the impact of falling markets, via tracker ETFs eligible for PEA and horizon products.Both funds comply with the new UCITS IV European directive, and have Key Investor Information Documents (KIID).Characteristics:Overlord Premium ISIN code: FR0011035120Front-end fee: 4% Management fee: 3.4% Performance commission: 20% on performance exceeding a composite index, composed 50% of the Eurostoxx (excluding dividends) and 50% of the capitalised eoniaOverlord Flex PEA ISIN code: FR0011052851Front-end fee: 3.5% Management fee: 2.4% Performance commission: 20% on performance exceeding a composite index composed 70% of the SPF 120 (excluding dividends), 15% of the DJ Eurostoxx (excluding dividends), and 15% of the capitalised eonia The Key Investor Information Documents (KIID) for Overlord Premium and Overlord Flex PEA are available on request.

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