Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
18/04/2011

AllianceBernstein recrute un gérant actions

AllianceBernstein, la société de gestion américaine du groupe Axa, vient de recruter Kurt Feuerman pour son équipe actions. L’intéressé sera senior vice president et gérant de portefeuille, spécialiste des actions américaines, à compter du 31 mai. Kurt Feuerman vient de Caxton Associates où il est actuellement senior managing director et gérant US. D’ailleurs, AllianceBernstein va devenir gestionnaire et conseiller de plusieurs véhicules actuellement gérés par Kurt Feuerman : Equity Growth, une stratégie long/short, et Alpha Equity, une stratégie long only.
18/04/2011

Très bon premier trimestre pour le pôle gestion de BofA Merrill Lynch

La division Global Wealth and Investment Management (GWIM) de BofA Merrill Lynch a enregistré au premier trimestre 2011 l’un de ses meilleurs résultats trimestriels depuis l’acquisition de Merrill Lynch.Le résultat net du pôle a progressé de 22% au premier trimestre à 531 millions de dollars contre 431 millions de dollars au premier trimestre 2010, pour des produits en progression de 11% sur un an à 4,5 milliards de dollars, tirés notamment par des commissions de gestion en hausse de 6% à 1,5 milliard de dollars. Les actifs sous gestion s’inscrivaient fin mars à 664,4 milliards de dollars, contre 630,4 milliards un trimestre plus tôt mais 721 milliards au terme du premier trimestre 2010. A la fin du premier trimestre 2011, le nombre de conseillers financiers s'élevait à 15.695 alors que le nombre total de conseillers en gestion de fortune s’inscrivait à 17.201, soit dans les deux cas une augmentation de 3% par rapport au premier trimestre 2010. Le bénéfice net du groupe s’est inscrit au premier trimestre à 2 milliards de dollars, soit 17 cents par action, contre 3,2 milliards de dollars, ou 28 cents par action, un an auparavant.
18/04/2011
Fonds

ProShares lance deux ETF

ProShares vient de lancer à New York deux ETF à effet de levier sur les marchés des obligations d’entreprises à haut rendement et des entreprises investment grade.Le ProShares Ultra High Yield cherche à fournir avec un levier de deux la performance quotidienne de l’indice Markit iBoww $ Liquid High Yield Index, avant frais.Le ProShares Ultra Investment Grade Corporate offre quant à lui avec un levier de deux la performance quotidienne du Markit iBoxx $ Liquid High Yield, avant frais.
Fonds
18/04/2011

Ameriprise rachèterait un spécialiste des ETF

Selon les informations d’InvestmentNews, Ameriprise Financial serait sur le point d’acquérir Grail Advisors, société spécialisée dans les ETF actifs aux Etats-Unis. Cela ferait d’Ameriprise un acteur majeur du secteur des ETF. L’opération serait imminente.
18/04/2011
Fonds

Les ETF ont collecté 10 milliards de dollars en net au premier trimestre en Europe

Les encours des ETF en Europe à fin mars se sont situés selon BlackRock à 307,5 milliards de dollars pour 1.122 produits cotés 3.896 fois sur 23 Bourses (les actifs étaient à 299,1 milliards fin février, lire notre article du 10 mars). Au premier trimestre, les actifs ont ainsi augmenté de 8,3 % (284 milliards de dollars fin 2010) et le nombre d’ETF de 4,7 %. Les ETF en Europe ont drainé en janvier-mars des souscriptions nettes de 10 milliards de dollars, iShares (BlackRock) enregistrant la plus forte collecte avec 4,2 milliards de dollars, devant UBS Global Asset Management (2,8 milliards), tandis que Lyxor Asset Management (Société Générale) subissait les sorties nettes les plus fortes, avec 1,5 milliard de dollars.iShares demeure le promoteur le plus important en Europe avec 167 ETF et un encours de 109,6 milliards de dollars fin mars, ce qui représente une part de marché de 35,7 %. Le deuxième est Lyxor avec 156 ETF et 53,7 milliards de dollars (17,5 % du marché), devant db x-trackers (Deutsche Bank), qui alignait également 156 produits pour un total de 50,6 milliards de dollars et une part de marché de 16,4 %. Le numéro quatre est Credit Suisse Asset Management avec 58 ETF pour 16,6 milliards de dollars d’encours, soit 5,4 % du marché.Sur les 41 émetteurs enregistrés à fin mars (contre 39 fin décembre), les trois premiers pèsent à eux seul 69,6 % des actifs totaux, contre 72,9 % un an auparavant.
Fonds
18/04/2011
Fonds

Hausse de l'activité ETF sur Euronext en mars

En mars, 13 ETF supplémentaires (9 d’Amundi et 4 de Credit Suisse) ont été admis à la négociation sur Euronext Paris, de sorte qu'à la fin du mois la cote des places européennes de NYSE Euronext couvrait 541 ETF cotés au total 637 fois. Depuis le début de l’année, 75 ETF ont été introduits à la cote de NYSE Euronext en Europe, dont 68 cotations primaires et 7 «cross listings».Le nombre et le volume journaliers de transactions ont augmenté en mars tant sur février que par rapport au mois correspondant de l’année dernière (lire notre article du 21 mars).NYSE Euronext indique ainsi avoir enregistré 11.224 transactions en moyenne par jour en mars, contre 9.287 en février et 10.188 en janvier, la hausse par rapport à mars 2010 s’inscrivant à 59,8 %.Le volume journalier moyen est ressorti à 509,9 millions d’euros contre 430,8 millions pour le mois précédent, 473,4 millions en janvier et 291 millions en mars 2010. En glissement annuel, cela représente un bond en avant de 75,2 %.Le spread moyen s’est situé à 28,97 points de base contre 28,15 en février et 28,5 en janvier.
Fonds
18/04/2011
Fonds

Augmentation du nombre et des encours des ETF dans le monde

A fin mars, les actifs totaux gérés dans des ETF pour le monde entier ressortaient à 1.399,4 milliards de dollars contre 1.367,4 milliards fin février (lire notre article du 10 mars) et 1.081,9 milliards douze mois auparavant. A fin décembre, l’encours total se situait à 1.311,3 milliards de dollars, selon les statistiques de BlackRock. L’augmentation observée pour le premier trimestre s’est inscrite à 6,7 %.Ces actifs étaient gérés dans 2.605 ETF cotés 5.905 fois, lancés par 142 émetteurs sur 48 Bourses. Un an plus tôt, on dénombrait 2.131 ETF cotés 4.133 fois, lancés par 123 émetteurs sur 42 Bourses. Sur les trois premiers mois de l’année, le nombre d’ETF s’est accru de 5,9 % avec 163 lancements et 18 fusions, contre une hausse de 9,4 % pour la période correspondante de 2010 (193 lancements et 10 radiations).BlackRock constate que sept nouveaux émetteurs ont fait leur début sur le marché des ETF en janvier-mars, tandis que 37 autres envisagent de lancer leur premier ETF dans un avenir proche.Il existe actuellement des projets de lancement pour 1.051 ETF.Les souscriptions nettes enregistrées au premier trimestre par les ETF/ETF se sont montées à 41,4 milliards de dollars. A l'échelon mondial, iShares reste le premier promoteur, avec 461 ETF et des actifs de 609,3 milliards de dollars, ce qui correspond à 43,5 % du marché ; il devance State Street Global Advisors (118 ETF, 200,4 milliards et 14,3 %) ainsi que Vanguard (66 produits, 164,7 milliards et 11,8 %). Lyxor Asset Management (Société Générale) et db x-trackers (Deutsche Bank) se classent respectivement quatrième et cinquième avec 54,5 milliards et 51,8 milliards, soit des parts de marché de 3,9 % et 3,7 %.
Fonds
18/04/2011

Pimco renforce son équipe dette émergente

Pimco vient de recruter trois gérants pour renforcer son équipe obligataire marchés émergents. Il s’agit notamment de Francesc Balcells, qui rejoindra la société de gestion en juillet en tant qu’executive vice president et gérant de portefeuilles. En plus de gérer les portefeuilles marchés émergents mondiaux et de contribuer à la stratégie d’investissement de la société, il dirigera les initiatives en obligations locales et devises basées à Munich. Francesc Balcells vient de Rogge Global Partners où il était responsable des marchés émergents.La deuxième recrue est Isaac Meng, qui rejoindra la société en avril, et sera basée à Hong Kong. En tant que senior vice president et gérant de portefeuilles, cet ancien économiste de BNP Paribas sera spécialisé dans l’analyse macroéconomique et financière de la Chine et des autres pays de l’Asie.Enfin, Pimco annonce l’arrivée de Javier Romo en mai à Newport Beach. Nommé vice president et gérant de portefeuilles, il se concentrera sur l’analyse «relative value», le trading et la stratégie de portefeuille pour les titres de la zone Amérique latine. Il était précédemment chez Citigroup.
18/04/2011

LCF Edmond de Rothschild se renforce dans l'empire du Milieu

La Compagnie Financière Edmond de Rothschild Banque a de grands projets en gestion d’actifs en Chine. Après une hausse de la participation de la banque au capital de Zhonghai Fund Management, qui est passée de 15,4 % à 25 %, la banque a demandé une extension de son quota d’investissement de 600 millions de dollars aux autorités chinoises, rapporte La Tribune. Elle avait obtenu 100 millions en 2006. «Nous espérons l’obtenir cette année», a déclaré Marc Samuel au quotidien.
18/04/2011

BNP Paribas a vendu à Mitsubishi UFJ sa participation dans SYWG BNP Paribas AM

Selon La Tribune, BNP Paribas a officiellement cédé sa participation de 33% dans la société de gestion chinoise SYWG BNP Paribas AM à Mitsubishi UFG. Les 67 % restants sont détenus par Shenyin Wanguo Securities. Selon le quotidien, la part de marché de la société de gestion chinoise représente moins de 1 %.
18/04/2011

How UBS and Luxalpha worked with Bernard Madoff: First revelations

In an internal document, UBS has described the operation of the Luxalpha Sicav, for which it was the depository, administrator and manager, an article in Les Echos reports. The newspaper says that the Operating Memorandum (OPMEM) for Luxalpha, the Sicav fund which had ties to the fraud scheme rigged up by Bernard Madoff, throws some light on the arrangements that upheld between the protagonists for the Luxembourg Sicav. The OPMEM clearly cites Bernard Madoff, who appears as a sub-depository of UBS Luxembourg.
18/04/2011

Increase in global assets in and number of ETF funds

As of the end of March, total assets under management in ETFs worldwide came to USD1.3394trn, compared with USD1.3674trn as of the end of February (see Newsmanagers of 10 March), and USD1.0819trn twelve months previously. As of the end of December, total assets stood at USD1.3313trn, according to statistics from BlackRock. The increase observed in first quarter came to 6.7%.Assets were managed in 2,605 ETF funds, listed 5,905 times, from 142 issuers, listed on 48 stock markets. One year earlier, there were 2,131 ETF funds listed 4,133 times, from 123 issuers, on 42 stock markets. In the first three months of the year, the number of ETFs increased by 5.9%, with 163 launmches and 18 mergers, compared with a 9.4% increase in the corresponding period of 2010 (193 launches and 10 closures).BlackRock says that seven providers have debuted on the ETF market in January-March, while 37 others are planning to launch their first ETFs in the near future.There are currently plans to launch 1,051 ETFs.Net subscriptions in first quarter for ETFs totalled USD41.4bn. Worldwide, iShares remains the largest provider, with 461 ETFs and assets of USD609.3bn, which corresponds to a market share of 43.5%. It is followed by State Street Global Advisors (118 ETFs, USD200.4bn and 14.3%), and Vanguard (66 products, USD164.7bn, and 11.8%). Lyxor Asset Management (Société Générale) and db x-trackers (Deutsche Bank) are in fourth and fifth place, respectively, with USD54.5bn and USD51.8bn, and market shares of 3.9% and 3.7%.
18/04/2011

Church of England preaches against large bonuses

The Church of England, which has a portfolio of GBP5.3bn in assets managed by the Church Commissioners, has informed businesses in which it holds a stake that it will not be supporting pay scales in which high level directors receive bonuses four times larger than their annual salaries, the Financial Times reports. Ten major British companies are above this level currently.
18/04/2011

Head of Deloitte Cyprus joins Barclays Wealth

Theophanis Thephanous, who in 2001 joined Deloitte, and in 2009 was promoted to head of private client services for Cyprus, has been recruited as managing director and ultra high net worth (UHNW) banker at Barclays Wealth.He will report to Stefanie Drews, head of UHNW & family offices, UK & EMEA. He will be based in London, and will also report to Henry Fischel Bock, head of the London office for international private banking, EMEA.The recruitment follows the recent appointment of Solomon Soquart, who left Citi Bank to become director of strategic solutions for the group, offering ultra-high net worth investors (UHNW) access to products and services from Barclays Capital and Barclays Corporate.
18/04/2011

Net inflows of USD10bn for ETFs in Europe in first quarter

Assets in ETFs in Europe as of the end of March, according to BlackRock, totalled USD307.5bn, in 1,122 products listed 3,896 times on 23 stock markets. In first quarter, assets increased by 8.3% (USD284bn as of the end of 2010), and the number of ETFs rose by 4.7%.ETFs in Europe attracted net subscriptions in January-March of USD10bn, with the largest inflows for iShares (BlackRock), at USD4.2bn, followed by UBS Global Asset Management, with USD2.8bn, while Lyxor Asset Management( Société Générale) had the largest net outflows, totalling USD1.5bn.iShares remains the largest provider in Europe, with 167 ETFs and assets of USD109.6bn as of the end of March, which represents a market share of 35.7%. Lyxor is in second place, with USD53.7bn (17.5% of the market), followed by db x-trackers (Deutsche Bank), with 156 products and a total of USD50.6bn, and a market share of 16.4%. In fourth place is Credit Suisse Asset Management, with 58 ETFs, and USD16.6bn in assets, equivalent to 5.4% of the market.Of the 41 issuers registered as of the end of March (compared with 39 as of the end of December), the three largest asset management firms accounted for 69.6% of total assets, compared with 72.9% one month previously.
18/04/2011

Increase in ETF activities on Euronext in March

In March, 13 new ETFs (9 from Amundi and 4 from Credit Suisse) were admitted to trading on Euronext Paris, meaning that the European markets of NYSE Euronext as of the end of the month had 541 ETFs listed a total of 637 times. Since the beginning of the year, 75 ETFs were added to trading on NYSE Euronext in Europe, of which 68 were primary listings, and 7 were cross listings.The number of trades and daily trading volume increased in March and February compared with the corresponding months of the previous year (see Newsmanagers of 21 March).NYSE Euronext says that it registered an average of 11,224 transactions per day in March, compared with 9,284 in February, and 10,288 in January, meaning an increase of 59.8% since March 2010.The average daily trading volume came to EUR509.9m, compared with EUR430.8m the previous month, EUR473.4m in January, and EUR291m in March 2010. Year on year, that represents an incerase of 75.2%.The average spread totalled 28.97 basis points, compared with 28.15 in February, and 28.5 in January.
18/04/2011

db-X ETC launches a share class in physical gold ETC denominated in pounds Sterling

Due to high demand, db-X ETC on 14 April listed the db Physical Gold GBP Hedged ETC on the London Stock Exchange. The product is a complement to the db Physical Gold Euro Hedged ETC, a product backed by physical gold, with assets of EUR500m, out of a total of EUR1.2bn that have flowed in since March 2010 for the ETC platform from Deutsche Bank (currently with 38 funds).
18/04/2011

LCF Edmond de Rothschild builds Chinese activities

La Compagnie Financière Edmond de Rothschild Banque has big plans for asset management in China. After an increase of the bank’s stake in the capital of Zhonghai Fund Management, from 15.4% to 25%, the bank has applied for an extension of its investment quots of USD600m from the Chinese authorities, La Tribune reports. It got USD100m in 2006. “We hope to get it this year,” Marc Samuel tells the newspaper.
18/04/2011

Mirabaud joins Hedge Funds Standards Board

Mirabaud has joined the Hedge Funds Standards Board (HFSB). The asset management firm has also signed up to the group’s principles for good practices in the hedge fund industry.
18/04/2011

BNP Paribas sells its stake in SYWG BNP Paribas AM to Mitsubishi UFJ

La Tribune reports that BNP Paribas has officially sold its stake of 33% in the Chinese management firm SYWG BNP Paribas AM to Mitsubishi UFG. The remaining 67% are held by Shenyin Wanguo Securities. The newspaper reports that the Chinese management firm’s market share remains below 1%.
18/04/2011

BlackRock builds Asian strategy unit

Asian Investor reports that BlackRock is in the process of building a team dedicated to strategy for the group in Asia-Pacific, and the creation of strategic initiatives to develop activities in the region. Terence Jen, who has been in charge of the new unit since August 2010, recruited Fiona Lau in Hong Kong in October, and has recently recruited Shuichi Adachi in Tokyo, both as vice presidents for corporate strategy.
18/04/2011

East Capital adds to China team

East Capital, a Swedish asset manager specialised in Eastern Europe and Russia, has boosted its China investment team with the appointment of Kristina Sandklef as macro economist Asia, after the acquisition last year of a fund manager dedicated to Asia, AGI. Kristina Sandklef brings longstanding experience of working in China to East Capital’s existing five-strong dedicated China investment team based in Stockholm and headed by Gustav Rhenman, lead portfolio manager of the East Capital China Fund and the East Capital China East Asia Fund. East Capital will also relocate two China analysts to Shanghai in 2011 to enhance the China investment team’s local knowledge and insight. East Capital’s Shanghai office, headed by Karine Hirn, co-founder of East Capital, was established in August 2010.
18/04/2011

Lupus Alpha makes Alexander Raviol head of an enlarged absolute returns team

From 1 April, Alexander Raviol, a partner at Lupus alpha, director of absolute return products development, head of risk management and director for quality control, has become head of the absolute return team. Raviol, who joined Lupus alpha in 2006, replaces Ulf Becker, who will be leaving the business in September for a change in career direction, according to a statement from the Frankfurt-based independent asset management firm.In response to rising demand from institutional investors, whose risk budgets are increasing rapidly, Lupus alpha has decided to add to its range of absolute return products. It will be growing the team to 21 people in the next few months, from 15 currently.
18/04/2011

Head of hedge funds leaves Lupus Alpha

Ulf Becker, the head of hedge funds at the German management firm Lupus Alpha, has left the firm, Financial News reports. His responsibilities have been taken over by Alexander Raviol.
18/04/2011

max.xs will be exclusive distributor for Skeinwort Benson Investors Dublin and Germany

Very soon after announcing that it had obtained exclusive rights to distribute funds and institutional mandates for the French management firm Rothschild & Cie Gestion in Germany (see Newsmanagers of 11 April), max.xs announced that it had signed a strategic cooperation agreement with the asset management firm Kleinwort Benson Investors Dublin Ltd.The agreement gives Kleinwort Benson Investors direct and complete access to German IFAs and institutionals. To do this, the management firm will seek a sales license in Germany for five key products, which will include a global high dividend equities fund, a high dividend equities fund focused on emerging markets, two themed funds, one dedicated to alternative energies and one to water, and a global environment fund.
18/04/2011

Solvency II is too strict in real estate

One of the key proposals of the proposed Solvency II legislation, the application of a 25% owners’ equity coverage requirement for real estate investments of insurance companies, is a step too far, according to a study by Investment Property Databank (IPD) published on 15 April (“The IPD Solvency II Review: Informing a New Regulatory Framework for Real Estate”).According to IPD, the rate could be lowered to 15% without endangering the goals of the regulations. IPD observes that the European insurance supervision authority (EIOPA) has focused in its approach on changes to property values in the United Kingdom, which were higher than average. If analysis is widened to Europe in general, IPD continues, scenarios look much different and are much more representative of European markets, which calls for a reevaluation of owners’ equity requirements.The research project, which produced a 50-page research document, was ordered by seven European associations, led by Inrev (the European association for investors in non-listed real estate vehicles), supported by the Association of British Insurers (ABI), The British Property Foundation (BPF), and the German asset management association (BVI), the European public real estate association (EPRA), the property investment forum (IPF), and the German real estate federation (ZIA).
18/04/2011

ESMA holds consultation on enactment of AIFM directive

The European Securities and Markets Authority (ESMA) on 15 April announced the publication of a working document which lays out its approach to the transposition of the AIFM directive.ESMA points out that at this stage suggestions for this enactment of the legislation in national law have not been formulated, and with this in mind it is seeking the opinions of market participants in relation to several issues, including the identification of portfolios under management by hedge funds, valuations, and the influence of leverage on assets under management.On the basis of comments received on all these subjects, ESMA will formulate proposals during summer 2011, which will then be subject to a consultation.
18/04/2011

Swiss & Global registers inflation-linked emerging markets bond fund in Spain

The Julius Baer Multibond – Emerging Markets Inflation Linked Bond Fund has been registered with the CNMV, which will allow Swiss & Global Asset Management to offer the fund, launched on 17 December, which invests in emerging markets inflation-linked bonds denominated in local currencies (see Newsmanagers of 25 January) for sale in Spain. As of the end of March, the UCITS III-compliant product had assets of EUR167.8bn.
18/04/2011

ProShares launches two ETFs

ProShares is launching ETFs providing magnified exposure to the high yield and investment grade corporate bond markets. ProShares Ultra High Yield seeks to provide 2x the daily performance of the Markit iBoxx $ Liquid High Yield Index, before fees and expenses. ProShares Ultra Investment Grade Corporate seeks to provide 2x the daily performance of the Markit iBoxx $ Liquid High Yield Index, before fees and expenses.

Sujets d'actualité

Tous les sujets