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11/01/2011

Hedge funds post net inflows of USD13bn in November 2010

p { margin-bottom: 0.08in; } According to data from TrimTabs and BarclayHedge cited by La Tribune, the hedge fund industry attracted USD13bn in net subscriptions in November 2010. Long/short equity funds collected USD2.5bn, while CTA funds (futures trading) saw net redemptions of EUR3.9bn.
11/01/2011

Hedge funds earned 11.6% in 2010

p { margin-bottom: 0.08in; } The hedge fund industry earned net inflows of USD13bn in November, according to estimates by TrimTabs Investment Research and BarclaysHedge. It is the fifth consecutive month of inflows, and the largest amount since February 2010. 2011 brings bright outlooks for the sector, says the president and founder of Barclayshedge, Sol Waksman, in a statement, adding that “hedge funds earned returns of 11.6% in 2010, and investors are continuing to place capital in them.” Pension funds will certainly turn to their services, in light of the low returns available on the markets. Long/short equities funds attracted USD2.5bn in the month under review, the highest amount for any alternative strategy. Event-driven funds attracted USD2.2bn, while emerging funds took in USD1.8bn. Bond funds continued the growth observed in previous months, with inflows of USD1.9bn. CTA funds, however, saw outflows of USD3.9bn in November, the first in nine months, but this was apparently due to redemptions from a single fund. Funds of funds, for their part, took in USD473m. Vincent Deluard, executive vice president in charge of research at TrimTabs, estimates that about 50% of hedge fund managers will earn commissions for performance achieved in 2010. That’s better than the 32% who did so in 2009 or the 16% in 2008, but far off the record level fo 90% in 2006.
11/01/2011

USD70bn in inflows to hedge funds in 2010

Hedge funds attracted USD70 billion through net positive asset flows in 2010 – total size of industry exceeded USD1.65 trillion for the first time since September 2008, according to Eurekahedge. They posted double-digit growth in 2010 and outperformed underlying markets – up 10.86% for the year. Japanese hedge funds posted best annual return in 5 years, up 6.79% in 2010.
11/01/2011

Real estate funds: performance will remain modest in 2011

p { margin-bottom: 0.08in; } According to a Handelsblatt survey of Commerz Real, Deka Immobilien, RREEF (Deutsche Bank) and Union Investment Real Estate (UIRE), with a total of EUR52bn in assets for their real estate open-ended funds, a major increase in performance compared with 2010 is not to be expected in 2011. Gains as of the end of November varied from 1.3% for Westinvest (Deka) to 3.3% for the hausInvest fund from Commerz Real, well below the usual 4% to 5%. This is due to high levels of liquidity, at 20% to 34% for UIRE, and 20% for funds from RREEF and Deka, which reduces performance. The hausInvest fund has only 15% cash, which boosted returns.Some real estate funds are seeking to reduce their liquidity by investing, but the competition drives up the prices of good quality commercial properties. UIRE was therefore not able to spend all of its investment budget of EUR1.2bn for 2010, and RREEF is expecting only EUR500m in investments this year, compared with EUR800m last year.Net subscriptions in 2010 are estimated to have totalled over EUR1bn at RREEF and Deka, and EUR1.5bn at UIRE, but hausInvest saw net outflows of EUR1.4bn in January-November.
11/01/2011

Pimco Europe and db x-trackers together attract all of subscriptions

p { margin-bottom: 0.08in; } In January-November 2010, German open-ended funds, excluding real estate, attracted net subscriptions of EUR21.21bn, less than the total for Pimco Europe, of the Allianz Global Investors (AGI) group (with EUR17.73bn), combined with that of db x-trackers, the ETP provider from Deutsche Bank (with EUR5.8bn), according to statistics from the German BVI association of asset management firms.Two groups had net outflows: Deka (savings banks), which had net redemptions of EUR5.45bn, and Union Investment (co-operative banks), with net outflows of EUR2.68bn.Among the other major firms, the AGI ensemble has net subscriptions of EUR14.36bn, and the DWS/DB Advisors/Deutsche Bank family has EUR2.89bn.For ETFs, excluding db x-trackers (and Lyxor, which does not make its figures public), BlackRock, with its iShares products, attracted over EUR1.16bn, while Commerz Derivative Funds solutions, with ComStage, attracted EUR684.3m. However, ETFlab (Deka) saw net outflows of nearly EUR200m.
11/01/2011

Net inflows to asset management firms nearly doubled in January-November 2010

p { margin-bottom: 0.08in; } According to the most recent statistics from the German BVI association of asset management firms, net subscriptions in the first eleven months of the year totalled nearly EUR80.86bn, compared with more than EUR43.57bn in the corresponding period of last year.However, the 85.5% increase conceals a major transformation in the distribution between the various classes of contributions. Open-ended funds in January-November 2010 attracted about EUR22.58bn, compared with EUR2.83bn for the corresponding period in 2009, while net inflows to institutional funds (Spezialfonds) increased to EUR61.12vn from EUR21.87bn. But net inflows to mandates of EUR18.87bn in the first eleven months of 2009 were transformed into net outflows last year of EUR2.84bn.In total, assets (open-ended funds, institutional funds and mandates) as of the end of November were down to EUR1.8235trn, from EUR1.8251trn one months earlier, and up compared with the EUR1.6899trn recorded on 30 November 2009. As of the end of November 2010, open-ended funds represented EUR701.11bn, while institutional funds came in with EUR808.83bn, and mandates measured EUR313.56bn.
11/01/2011

Henderson granted a license in Germany for Credit Alpha Fund

p { margin-bottom: 0.08in; } On 4 January, BaFin issued a sales license for Germany to the British-registered Credit Alpha fund, a sub-fund of the Henderson Strategic Investment Funds, launched on 16 April 2010. The fund invests in corporate bonds, ABS, preferential equities, equities, collateralised credits in CDS, and other derivatives. The fund is available in US dollar and euro shares, all of which are hedged for currency risks. Characteristics Names: Henderson Credit Alpha Fund A USD (hedged) Acc. ; Henderson Credit Alpha Fund A EUR (hedged) Acc.ISIN codes: GB00B603K666 (shares in dollars) ; GB00B630QF50 (shares in euros)Front-end fee: 5%Management commission: 1.5%depository banking commission (RBS): 0.30%Performance commission: 20% of quarterly outperformance of the Libor GBP 3-month, with high watermark Account maintenance fee: 0.18%Minimal subscription: USD1,500 or EUR1,500
11/01/2011

Invesco Perpetual launches an Asian income equities fund

p { margin-bottom: 0.08in; } Fundstrategy reports that Invesco Perpetual is planning to launch an income fund focused on Asian equities. The fund, managed by Stuart Parks and Tim Dickson, will invest largely in Asia and Australia (ex Japan). The fund aims for returns from dividends equivalent to 120% of the MSCI Asia Pacific ex Japan index.
11/01/2011

East Capital renames AGI funds

p { margin-bottom: 0.08in; } The Swedish asset management firm East Capital has renamed two funds managed by Asia Growth Investors, an asset manager specialised in Asia, also based in Stockholm, which it acquired last year (see Newsmanagers of 17 June 2010). From 1 January, the AGI China East Asia Fund has become the East Capital China East Asia Fund, while the AGI China Fund becomes known as the East Capital China Fund. The change of names has no impact on the investment strategy of the funds, which remains the same, says Karine Hirn of East Capital on the website of the Scandinavian asset management firm. The two funds are exposed to China, where the China East Asia Fund has a slightly broader universe than the other fund. The products are managed by the same team, which has recently been enlarged.
11/01/2011

Funds avoid crisis-stricken countries in Euro zone

p { margin-bottom: 0.08in; } Johannes Müller, a bond expert at DWS (Deutsche Bank), says that the fund management firm of the Deutsche Bank group has long had a rule against investment in Portuguese bonds, and that it now prefers short-term bonds issued by Greece to Portuguese government bonds, the Frankfurter Allgemeine Zeitung reports. Union Investment (German co-operative banks), for its part, states that it has taken the occasion of low yields and high prices to reduce its exposure to Portuguese mid- and long-term bonds.At Pimco, Andrew Balls, head of portfolio management for Europe, says that the firm is concerned for the wider Euro zone, beyond the next six to twelve months, because some states may have difficulty in adhering to their multiple-year long austerity programmes. If one or more Euro zone countries is late in its repayments, it could trigger a banking crisis for all of Europe.Schroders says that it is extremely pudent: the British asset management firm is overweight in bunds, underweight in French government debt, and has no exposure to government bonds from peripheral countries of the Euro zone, according to David Scammel, a manager of British and European bond funds.
11/01/2011

European insurance supervisory body holds first meeting

p { margin-bottom: 0.08in; } The new European regulatory body for the insurance and pension fund sectors (EIOPA, formerily CEIOPS), which on 10 January held its first meeting, is planning to quadruple its staff (currently 28) by 2013, and to supervise the enactment of Solvency II standards, Les Echos reports. The name of the president of the agency will be revealed in the next few days.
11/01/2011

Bordier & Cie granted a banking license in Singapore

p { margin-bottom: 0.08in; } The Swiss private bank Bordier & Cie has opened an affiliate in Singapore, Le Temps reports. It will be led by Evrad Bordier, a partner since 1 January, who will be based in Singapore. The location on Monday received its merchant banking license from the regulatory authority, the Monetary Authority of Singapore. Personnel will be increased to 20 people by the end of the year. Bordier & Cie, whose assets under management total about CHF9.5bn, is planning to have CHF1bn in assets under management at the affiliate by the end of its first year of operations. To achieve this goal, the bank will offer clients of Bordier International Bank & Trust (BIBT), an entity domiciled in the Turk and Caicos Islands, a British territory in the Caribbean, specialised in offshore private management, the opportunity to transfer their assets, which total nearly CHF500m.
11/01/2011

Axa IM develops a real estate risk index

p { margin-bottom: 0.08in; } A survey conducted by Schleus Marktforschung between 20 November and 10 December, which spoke to 156 institutional investors with total assets of EUR156bn, has provided Axa Investment Managers Germany with knowledge with which it has developed a real estate risk index that will now be regularly calculated, on a scale from 0 for no risk to 100 for maximal risk. In its first edition, the risk level stands at 38.The first survey has also found that institutional investors have widely differing conceptions of the concept of risk. Frank Richter, head of institutional business Germany & Austria at Axa IM, says that nearly one quarter of respondents say the largest risk is losing assets or revenues, while 18% say that it is failing to achieve objectives, and 16% say risk is largely a measure of chance. However, 47% of specialists surveyed say that direct investment in real estate carries low or very low risk, while 23% say so for indirect investment in real estate. Axa IM says that this reflects current problems for open-ended real estate funds, many of which are now closed to redemptions (with assets of about EUR25bn), in liquidation (three funds), and/or have been forced to announce depreciation in the value of shares.
11/01/2011

Acacia Inversión granted fund management firm license

p { margin-bottom: 0.08in; } Acacia Inversión, founded in 1997 as a portfolio management firm, has become the first operator to be issued a fund management license in 2011, Funds People reports. It already offers its high net worth private clients four profiled funds: Acacia Bonomix (75% bonds, 25% equities), Globalmix Mixto Renta Variable (50/50), Reinverplus Renta Variable (100% equities) and Acacia Premium Renta Variable Global (100% global equities).
11/01/2011

SG Private Banking cible les Etats-Unis

La Société Générale lancera prochainement à New York une plate-forme de gestion privée pour la clientèle domestique, en s’appuyant sur sa BFI.
11/01/2011

Bats songerait à s'introduire en bourse

Selon des sources proches du dossier relayées par le « Wall Street Journal », la société aurait déjà trouvé plusieurs souscripteurs pour une IPO
11/01/2011

Lawrence Clark se lance en solitaire

Lawrence Clark a selon le quotidien américain quitté Harbinger Capital pour créer son propre fonds alternatif. Une nouvelle aventure parmi tant d’autres de nouveaux entrepreneurs tentés par la création de hedge funds. Lawrence Clark espère bien voir naître effectivement son fonds, dont le nom n’a pas été choisi, dans un délai de six mois.
11/01/2011

Deuxième cession de titres China Pacific Insurance pour Carlyle

La société d’investissement aurait vendu, selon le quotidien qui cite des personnes proches du dossier, une deuxième salve de 415,5 millions d’actions dans la société d’assurance chinoise à 33,45 dollars de Hong Kong par titre, soit un montant total de 1,79 milliard de dollars. Fairholme Capital Management ferait en outre parti des acheteurs de ces parts.
11/01/2011

Le sentiment change autour de la BoE

Au vu de l’accroissement des pressions inflationnistes outre-Manche, après, notamment, la hausse mardi de la TVA à 20%, BNP Paribas et SG CIB, qui ne voyaient pas la Banque d’Angleterre durcir sa politique de taux en 2011, croient désormais à ce scénario dès le troisième trimestre.
11/01/2011

Le Japon au chevet de l’Europe

Le Premier ministre japonais, Yoshihiko Noda, a annoncé ce matin que le gouvernement prévoyait d’acheter de la dette émise par le Fonds de stabilité européen. Il a également indiqué que le Japon comptait se servir d’une partie de ses réserves de change en euros pour réaliser ces opérations.
11/01/2011

Del Monte Foods s’en tient à KKR

Au terme d’une période de «go-shop», le groupe agroalimentaire a indiqué n’avoir reçu aucune offre de rachat supérieure à celle de 4 milliards de dollars (hors dette) formulée par KKR en novembre. Del Monte s’attend à ce que l’opération soit finalisée d’ici la fin mars.

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