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04/04/2011
Fonds

Sanlam Universal Funds retire à Pictet son mandat actions internationales

Selon Investment Week, Sanlam Universal Funds a transféré la gestion de son Global Equity fund de Pictet à Centre Asset Management. La société de conseil Centre Asset Management, basée aux Etats-Unis, va désormais assumer la gestion du fonds de 8 millions de livres domicilié à Dublin et que Pictet a géré pendant près de cinq ans.
Fonds
04/04/2011

Championnat amleague 2011 : l'indice de la zone euro difficile à battre

Au 31 mars dernier, dans le championnat amLeague, le classement des sociétés de gestion depuis le début de l’année dans la catégorie «Europe equity full invested» place Ofi AM en tête avec une performance de 4,94 % devant CCR AM et Mandarine Gestion avec des gains respectifs de 4,03 % et 3,06 %. A l’opposé, Lombard Odier ferme la marche avec une perte de 1,18 %. A noter que c’est la seule société de gestion avec Aberdeen à faire moins bien que l’indice de référence (MSCI Europe TR) en progression depuis le début de l’année de 0,64 %. Au sein du mandat «Euro fully invested», le trio de tête est composé de CCR AM, Invesco AM et Fédéral Finance avec des performances respectives de 7,70 %, 6,10 % et 4,70 %. En bas de classement figure Somangest (+0,90 %). Outre cette société de gestion, huit autres, sur les quatorze inscrits dans la catégorie, ne parviennent pas à battre l’indicateur de référence, le DJ Eurostoxx NR (+3,83 %).
04/04/2011
Fonds

Aviva Investors récupère des fonds gérés par FundQuest

Aviva Investors a confirmé son projet de rapatrier en interne les mandats de multigestion du groupe représentant 1,3 milliard de livres, rapporte Investment Week. Ian Aylward et Peter Fitzgerald, gérants de portefeuilles senior, vont gérer les fonds de fonds qui étaient précédemment externalisés à FundQuest. L’équipe reprend aussi la gamme de gérants de gérants confiée à Close Investments.
Fonds
04/04/2011

Sparkassen Immobilien makes an investment in Bratislava

The real estate fund management firm Sparkassen Immobilien, which is an affiliate of the German savings banks, on 31 March announced that it has made its third investment in the Galvaniho office complex under construction in Bratislava. The property, which will have a total of 23,700 square metres of area (offices, restaurants and shops) will have an overall cost of EUR45m.
04/04/2011
Fonds

Le fonds de pension coréen NPS désigne des managers de transition

Le fonds de pension de l’Etat coréen (National Pension Service (NPS), 283 milliards de dollars d’actifs sous gestion) a désigné BlackRock, Credit Suisse et Nomura en tant que gérants de transition, rapporte Asian Investor.La décision du fonds étatique, prise le mois dernier, illustre une tendance croissante en Asie au recours à des prestataires de services de transition de façon plus régulière. La gestion de transition consiste pour les établissements de sell-side à aider les firmes buy-side à opérer une «transition» de portefeuille à l’occasion de divers événements (acquisitions, modifications dans le management ou dans la stratégie de gestion). Le NPS devrait avoir un cahier des charges assez lourd en termes de gestion de transition compte tenu de sa volonté d’externaliser ses investissements. Les actifs sous gestion du NPS devraient progresser de 6% cette année à environ 300 milliards de dollars, dont 30% devraient être externalisés. Le montant des actifs externalisés s’inscrit actuellement à 66,3 milliards de dollars. Les actifs internationaux ainsi externalisés devraient comprendre 90% d’actions et 60% d’obligations. Sur le marché national, les proportions sont de respectivement 55% et 8,5%.
Fonds
04/04/2011

Le secteur des fonds est surpayé

Le secteur mondial des fonds détruit 1.300 milliards de dollars de valeur par an, selon un projet d’étude d’IBM qui n’a jamais été publié et que le FTfm a lu. Cela inclut notamment 300 milliards de dollars de frais excessifs pour des fonds long only gérés activement mais qui ne battent pas leur indice de référence, 250 milliards de commissions pour des services de gestion de fortune et de conseil qui ne produisent pas des rendements supérieurs au benchmark et 51 milliards de frais pour des hedge funds qui ne délivrent pas les performances annoncées.
04/04/2011

Andrew McCaffery réintègre Aberdeen

Membre fondateur d’Alignment Investors, une division de BlueCrest, Andrew Mc Caffery retourne chez Aberdeen Asset Management qu’il avait quitté en 2008 comme head of absolute return strategies. Il revient comme head of institutional hedge funds et fera partie de l'équipe dirigeante des l’activité de fonds de hedge funds (plus de 4 milliards de livres d’encours) aux côtés de Graham Duce et Aidan Kearney, indique le gestionnaire britannique le 31 mars. Le revenant sera subordonné à Anne Richards, CIO et head of alternative investment strategies.
04/04/2011
Fonds

Alchemy lance un fonds de sociétés en difficultés

La société de capital investissement Alchemy a levé le plus gros fonds depuis la crise financière ciblant les sociétés européennes en difficultés financières, rapporte le Financial Times. Ce fonds investira 500 millions de livres dans la dette et le capital de sociétés cotées ou non en Europe sur les quatre prochaines années.
Fonds
04/04/2011

Le responsable marketing d’Ignis rejoint Ardevora

Le responsable marketing d’Ignis Asset Management, Rob Page, quitte la société pour rejoindre ses anciens collègues de Liontrust, Jeremy Lang et William Pattisson, chez Ardevora Asset management. Il sera associé de la société qui a été lancée en janvier 2010. James Senior, vice-responsable du marketing d’Ignis, remplacera Rob Page.
04/04/2011

Hausse de l'encours de LVAM

LV= (Liverpool Victoria Friendly Society) a indiqué le 31 mars que son bénéfice net est ressorti à 21,3 millions de livres contre une perte de 172,2 millions de livres pour 2009.Durant l’année écoulée, les encours ont gonflé de 13 % à 8 milliards de livres fin décembre contre 7,1 milliards.
04/04/2011

The fund industry is destroying value

The fund management industry is destroying USD1,300bn of value each year, according to an unpublished draft report conducted by IBM and seen by FTfm. This includes USD300bn in excess fees for actively managed long-only funds that fail to beat their benchmark, USD250bn in fees for wealth management and advisory services that fail to deliver above-benchmark performances, and USD51bn in fees for hedge funds that also fail to deliver their targeted returns.
04/04/2011

Aviva Investors overweight in equities

At a press conference on Friday, Pascal Heurtault, chief investment officer at Aviva Investors France, announced that compared with a balanced portfolio consisting of 50% equities and 50% bonds and money markets, the asset management firm is currently overweight in equities (58%), after taking some profits (the proportion was previously 63%).This predilection for equities, despite the recent oil crisis and the Japanese disaster, are due to good corporate results and positive surprises in terms of profits and earnings. Margins are at their highest, and crisis management at businesses has proven effective. “The markets are not all that expensive, and they are earning more than Bunds,” says Heurtault. In addition, the context for a recovery in merger and acquitions activity is shaping up.Prime rates are expected to increase slightly, and the manager, which is cautious about German and French long-term rates, still holds some positions in Spain and Italy. The credit market has now reduced many of its spreads, but there is still potential there. Aviva Investors therefore remains positive about the banking sector. In light of continuing low interest rates, the manager is “reserved” about money markets.
04/04/2011

AXA finalises AXA APH transaction

AXA announced on 1 April that it has finalised its AXA APH transaction, including the sale of its life insurance, savings, and retirement activities in Australia and New Zealand, and the acquisition of the life insurance, savings, and retirement activities of AXA APH in Asia. The Australian insurer AMP has acquired 100% of the existing shares in AXA APH, for AUD13.3bn (about EUR9.5bn). AXA then acquired 100% of the Asian activities of AXA APH from AMP, for AUD9.8bn.
04/04/2011

Two Allianz entities join BVI

The German financial management association BVI on 1 April announced that Allianz Global Investors Europe GmbH and Allianz Global Investors Europe Holding GmbH have joined the professional organisation. The two firms have their headquarters in Munich. Allianz Global Investors Europe GmbH is a wholly-owned subsidiary of Allianz Global Investors Europe Holding GmbH, which is 100% owned by Allianz Global Investors AG. The association says in a statement that, counting these two new additions, it now has 85 members, including 65 investment firms, 13 management firms, and 7 holding companies, with overall assets under management of EUR1.8trn, largely in open or closed funds.
04/04/2011

Nestor-Fonds-Vertrieb adds to sales team

Katrin Altmann, who previously worked at ebase and DJE Kapital, has been recruited as senior sales manager at Nestor-Fonds-Vertrieb, the German affiliate of the Luxembourg-based Nestor Investment Management SA. From 1 April, she is head of wholesale distribution, IFAs, and distribution partners. Nestor has created the new position following a strong increase in its assets. Altmann will report to Tobias Pfab, head of distribution.
04/04/2011

Franklin Templeton planning to promote multi-asset class funds

Reinhard Berben, CEO of Franklin Templeton for Germany, has announced that the firm is planning to increase its presence in the diversified fund niche in Germany, the Frankfurter Allgemeine Zeitung reports. In addition to the classic products in this category, such as the Global Fundamental Strategies Fund, the manager is also planning to boost sales of multi-asset class funds, such as profiled products of the Strategic Allocation range, overseen by Matthias Hoppe in Frankfurt.
04/04/2011

Commerzbank planning to pull out of KGAL

According to financial industry sources, Commerzbank and Sal. Oppenheim are planning to sell their stakes of 45% and 10%, respectively, in the Bavarian asset management firm KGAL (EUR25.2bn in assets), Handelsblatt reports.The shares may be bought by BayernLB, which owns 30% of capital, and the Hambourg savings bank (Haspa). However, as BayernLB is required by the European Union to reduce its balance sheet, it will not acquire a majority stake in KGAL, which it would then be required to completely consolidate.
04/04/2011

Amundi launches four ETFs in Italy

Amundi ETF has celebrated its first year on the Italian market with the launch of 4 new ETFs on Borsa Italiana, Bluerating reports. They are Amundi ETF MSCI Nordic, Amundi ETF MSCI Emerging Markets, Amundi ETF Global Emerging Bond Markit Iboxx and Amundi ETF AAA Govt Bond EuroMTS.
04/04/2011

Aviva Investors takes back funds mandated out to FundQuest

Aviva Investors has confirmed plans to bring the management of the group’s multi-management mandates, representing GBP1.3bn in assets, back into the company, Investment Week reports. Ian Aylward and Peter Fitzgerlad, senior portfolio managers, will manage the funds of funds which were previously mandated out to FundQuest. The team will also take over the range of managers of managers, which was mandated out to Close Investments.
04/04/2011

Sanlam withdraws an international equities mandate from Pictet

Investment Week reports that Sanlam Universal Funds has transferred the management of its Global Equity fund from Pictet, and awarded it to Centre Asset Management. The US-based consulting firm Centre Asset Management will now take over management of the GBP8bn fund domiciled in Dublin, which Pictet has managed for the past 5 years.
04/04/2011

Korean pension fund NPS appoints transition managers

The South Korean government pension fund National Pension Service (NPS), with USD283bn in assets under management, has appointed BlackRock, Credit Suisse and Nomura as transition managers, Asian Investor reports. The decision of the government fund last month is an instance of a growing trend in Asia to make more regular use of providers of transition services. Transition management for sell-side establishments involves helping buy-side firms to “transition” their portfolios following any of a variety of events (acquisitions, changes to management, or management strategy). NPS will pay relatively high costs for transition management, as a part of its move to outsource its investments. Assets under management at NPS are expected to increase 6% this year, to about USD300bn, of which 30% will be outsourced. Total assets outsourced will include 90% of equities and 60% of bonds. On the domestic market, the percentages are 55% and 8.5%, respectively.
04/04/2011

Eaton Vance acquires Pelican Investment Management

The wealth management advising firm Pelican Investment Management (USD500m in assets advised) has been acquired for an undisclosed sum by Eaton Vance Investment Counsel, or EVIC (USD4bn in assets).The heads of Pelican, Anthony Pell, David Callard (the two founders) and John Paolella, will join EVIC with their team.Pelican, founded in 2001, and EVIC, founded in 1924, are both active in the high net worth private investor niche.
04/04/2011

iShares launches two new ETFs on NYSE Arca

iShares is launching two new ETFs on NYSE Arca: iShares MSCI China and iShares High Dividend Equity. The first of these funds will allow investors 85% exposure to the largest capitalisations on the Chinese equities market. The second will provide investment in high-quality equities from companies that pay high dividends. The ETF is based on the Morningstar Dividend Yield Focus Index.
04/04/2011

Blackstone to unload its infrastructure fund

In two years, Blackstone has managed to raise about USD350m for its first global infrastructure fund, well below the planned USD2bn, and has further reduced the carried interest fee from 15% to 10%, and cut the management commission, the Wall Street Journal reports, citing Financial News.In these conditions, the private equity investor is going to inject USD50m in seed capital into the fund, and place it in the hands of Blackstone CEOs Michael Dorrell and Trent Vichie, who will relaunch the fund in May. Blackstone will also refer infrastructure deals to the fund, provide back office, and appoint directors for its investment committee.According to sources familiar with the matter, Blackstone was concerned that the fund would be too small to generate adequate revenues for the group.
04/04/2011

Inverseguros liquidates its real estate fund

The real estate fund Segurfondo Inversión will be liquidated by Inverseguros, which on 1 April notified the CNMV that, two years after permission was issued to suspend redemptions from the fund (3 April 2009), it is not in a position to amass sufficient liquidity to pay back investors who want to withdraw from the fund. In agreement with the depositary bank, Segurfondos has therefore decided to liquidate the fund. One month after the publication of the decision in the official bulletin (Boletín Oficial del Estado), in order to allow time for any potential legal filings, Inverseguros will undertake to divide the assets in the fund between subscribers. Participations which remain unclaimed after three months will be transferred to the Caja General de Depósitos, where they will be held in the name of the shareholder. During the liquidation period, Inverseguros will maintain the reduced commission regime which was in force during the redemption suspension period. Assets under management represent EUR492m, of which 62% are in residential and 27% in office properties. The fund has about 500 subscribers, of whom 86.7% are institutional investors.
04/04/2011

Money market funds return to net subscriptions

According to Ahorro Corporación, Spanish equities funds have seen slight net outflows of EUR100m in March, while money market funds have posted their first net subscriptions since October 2009, at EUR200m, Cinco Días reports.The newspaper also reports that assets in the real estate fund Caixa Catalunya Proprietat, whose liquidity window opened on Friday, have fallen 17.7% in one year, and 32.2% since 2008. Its cumulate returns since launch in 2006 come to 4.29%, despite a loss of 4.78% in 2010. Caixa Catalunya points out that it is the only fund in its category not to have required assistance from its depositary bank.

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