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16/09/2010

IC Immobilien achète Property One

A la faveur d’une augmentation de capital par apport d’actifs, IC Immobilien Holding (5 milliards d’euros d’actifs sous gestion) acquiert PropertyOne (2,8 milliards). La fusion prend la forme d’une nouvelle société, IC PropertyOne Asset und Real Estate Management GmbH, dont l’encours se situe donc à 7,8 milliards d’euros, selon un communiqué boursier du 15 septembre. L’effectif total sera d’environ 7.000 personnes et la surface locative ressort à environ 3,7 millions de mètres carrés répartis sur quelque 700 actifs.Les actionnaires de PropertyOne détiendront environ 7 % de la nouvelle entité, dont 4,8 % pour le capital-investisseur américain Cerberus. L’objectif d’IC Immobilien est d’atteindre les 10 milliards d’euros d’actifs sous gestion d’ici à la fin de 2011.
16/09/2010
Fonds

Rydex fait enregistrer 19 ETF

Le 13 septembre, Rydex ETF Trust a fait enregistrer par la SEC une série de 19 nouveaux ETF sans effet de levier répliquant 16 indices Russell et 3 indices MSCI. Tous comportent le suffixe «equal weight» signifiant que les titres des sociétés composant l’indice considéré sont équipondérés. Les commissions de gestion s'échelonnent entre 0,55 % et 0,90 %.
Fonds
16/09/2010
Fonds

Terra Partners confie l'administration d'un fonds à SS&C

Le gestionnaire tchèque Terra Partners a externalisé l’administration des parts A et CEF de son hedge fund sur les marchés frontières Worldwide Opportunity Fund à SS&C Fund Services, rapporte ICFA Online. Le fonds, enregistré aux îles Caïman était jusqu’ici administré en interne. Il a été lancé en 2003, mais n’a pas dépassé les 10 millions de dollars d’encours. Sous-traiter l’administration à une équipe polyglotte devrait permettre de faire décoller les actifs sous gestion, a estimé Howard Golden, co-fondateur et gérant de Terra Partners.
Fonds
16/09/2010

Comgest prend ses marques à Singapour

L’Agefi rapporte que la société de gestion française Comgest, spécialiste des actions internationales, va ouvrir une quatrième filiale à Singapour d’ici la fin de l’année. Pour monter ce nouveau bureau, deux gérants vont être détachés de la filiale de Hong-Kong qui cogère avec Paris les fonds Asie hors Japon, mais ne dispose pas d’une équipe de vente locale. «Nos clients institutionnels préfèrent parler directement aux gérants pour mieux cerner notre style d’investissement très typé, axé sur les grandes valeurs de croissance offrant une faible volatilité», a justifié Jean-François Canton, cofondateur et président du directoire de Comgest cité par le quotidien.Si il ne souhaite pas s’implanter pour le moment dans ses autres régions d’expertise, le groupe qui affiche 11,7 milliards d’euros d’encours à fin juin «ouvrira sans doute un jour un bureau au Brésil», a également prédit Jean-François Canton.
16/09/2010
Fonds

Credit Suisse fait coter 45 ETF à Londres, dont 13 également à Milan

Le 15 septembre, le London Stock Exchange (LSE) a admis à la cotation 45 ETF de Credit Suisse, dont 13 ont également été admis sur le marché ETFPlus de Borsa Italiana à Milan (voir liste ci-dessous).De la sorte, la cote de la Bourse de Londres comporte 327 ETF de onze promoteurs tandis que celle de la Bourse de Milan en aligne 478 de 11 émetteurs également.
Fonds
16/09/2010
Fonds

Sparinvest lance un fonds value d'obligations d'entreprises de pays émergents

Avec le fonds luxembourgeois Emerging Markets Corporate Value Bonds, le danois Sparinvest élargit sa gamme de fonds typiquement value à un produit investi exclusivement en obligations d’entreprises peu endettées des pays émergents, sans adjonction de dette publique, ce qui le différencie d’un certain nombre de produits concurrents. Le fonds est commercialisé également en Allemagne et en France depuis le 15 septembre.Sparinvest a déjà obtenu 45 millions d’euros de souscriptions de la part d’investisseurs institutionnels danois pour ce fonds géré par Sune Jensen et Toke Hjortshøj selon la méthodologie qui a fait le succès du Sparinvest High Yield Value Bonds. CaractéristiquesDénomination : Sparinvest Emerging Markets Corporate Value BondsCode Isin : LU0519053697Commission de gestion : 1,25 %Droit d’entrée : 2 % Montant de la part : 100 euros Le fonds comporte des parts R pour les particuliers et I pour les investisseurs institutionnels.
Fonds
16/09/2010

La Banque Sarasin projette d'émettre son premier emprunt

Dans un communiqué publié le 15 septembre, la Banque Sarasin a annoncé qu’elle envisageait de tirer parti des conditions favorables qui prévalent actuellement sur le marché suisse des capitaux pour émettre un emprunt à moyen terme avec l’objectif de «diversifier sa stratégie de financement».La Banque Sarasin a chargé l’UBS de jouer le rôle de chef de file.
15/09/2010

Number of ETFs in Europe continues to increase

p { margin-bottom: 0.08in; } Between the end of July and the end of August, the number of ETFs in Europe increased from 969 to 985, with 3,140 product listings, up from 3,117, and total assets of USD230.9bn, up from USD236.8bn. The number of providers increased from 35 to 37, and the number of stock markets where ETFs are listed increased to 19 from 18, iShares reports. Assets as of the end of December 2009 totalled USD226.9bn, while the total eight months later is another 1.7% higher. iShares also states that net subscriptions to ETFs and ETPs domiciled in Europe totalled USD2.2bn in August (of which USD1.6bn went to ETFs, compared with USD2.4bn in July), while in the first eight months of the year, net inflows represented USD29.3bn (of which USD26bn went to ETFs, compared with USD24.2bn as of 31 July). iShares captured the majority of subscriptions in January-August, with USD6.6bn, followed by db x-trackers (Deutsche Bank) with USD3.1bn, and Lyxor Asset Management (Société Générale) with USD3bn. In terms of assets, iShares remains the top provider, with USD83.8bn, or 36.3% of the market (compared with 36.1% as of the end of July), followed by Lyxor (USD43.1bn and 18.7%) and db x-trackers (USD37.4bn and 16.2%).
15/09/2010

Benefits of UCITS IV directive threatened by tax burden

An industry research report which will be published jointly on Wednesday by the European Fund and Asset Management Association (EFAMA) and KPMG’s European Investment Management practice shows that there are significant tax complications in the new Undertakings for Collective Investment in Transferable Securities (UCITS IV) Directive that prevent the achievement of a harmonised European funds industry. The report identifies critical tax issues and numerous examples of discrimination and inefficiencies across the 27 European Union (EU) Member States. The report, entitled Analysis of the tax implications of UCITS IV, recognises that the UCITS IV Directive to be implemented by Member States by July 2011 offers considerable scope for re-structuring fund management operations in the EU. The directive introduces six efficiency measures, which could make the European fund industry more competitive and attractive to investors. However, the directive does not deal with critical tax reforms required to enable effective use of the efficiency measures of the directive. EFAMA and KPMG’s European Investment Management practice recommend the adoption of a tax Directive at EU level that would remove the tax barriers of UCITS IV being fully effective. In particular, it should provide for: tax neutrality of fund mergers; uniform rules governing the tax residency of funds and the place of incorporation and registration; tax neutrality on the flow of cash between master and feeder funds. In the meantime, in the absence of a directive, EFAMA and KPMG’s European Investment Management practice encourage each Member State to take the appropriate measures at national level in order to resolve the remaining tax obstacles.
15/09/2010

Aversion to risk on the rise

p { margin-bottom: 0.08in; } According to the Global Wealth Report from Allianz, the financial crisis has caused an increase in aversion to risk. Since 2000, securities have lost 6 percentage points as a part of the composition of global investments, while bank savings accounts have gained 5 percent, and insurance policies have gained 1. Allianz also points out that the wealth of households plays an important role in softening the inevitable impact of demographic changes related to an ageing population. Nonetheless, currently, financial planning for old age is not one of the major motivations behind capital formation. An increase in the percentage of savings accounts as a proportion of financial assets reveals that aversion to risk is gaining ground over desire for long-term returns.
15/09/2010

UBS launches a physical platinum ETF

p { margin-bottom: 0.08in; } From 10 September, the Swiss stock exchange (SIX) is listing shares in Swiss francs and US dollars in the UBS Index Solutions Platinum ETF, a Swiss-registered product which invests exclusively in physical platinum in the form of ingots of at least 1 kilo and at most 6 kilos, which will be stored in the UBS vaults in Switzerland. Management commission is 0.50% for A-class shares, and 0.35% for I-class shares. UBS Index Solutions has also listed A and I-class shares in the CMCI Oil ETF (CHF) SF, whose underlying is the CMCI WTI Crude Oil hedged CHF Total Return. Management commission is 0.45% for A-class and 0.26% for I-class shares.
15/09/2010

Frankfurt tops 700 ETFs with addition of five Amundi funds

p { margin-bottom: 0.08in; } Deutsche Börse announced on 14 September that it has added five French-registered ETF funds from Amundi to trading on the XTF segment of its Xetra electronic trading platform, bringing the number of ETF products listed in Frankfurt to 702. The newly-added products are the Amundi ETF ex AAA Govt Bond EuroMTS, CAC 40, S&P 500, Nasdaq-100 and EURO STOXX Small Cap. 63 Amundi ETF products are now listed in Frankfurt.
15/09/2010

Madoff's trustee gets approval for legal fees

p { margin-bottom: 0.08in; } Federal judge Burton Lifland, at a bankruptcy court in Manhattan, on Tuesday approved legal fees of USD34.6m for Irving Picard, the liquidator for the business operations of Bernard Madoff, and his law firm, Baker & Hostetler, the Wall Street Journal reports. The judge also approved a USD3m invoice for 10 other law firms in the United States and elsewhere.
15/09/2010

Worldwide total ETF assets down in August

p { margin-bottom: 0.08in; } As of the end of August, assets under management in ETFs worldwide totalled USD1.0644trn, compared with USD1.0952trn as of the end of July, and USD1.0259trn at the end of June. The total remains 2.7% higher than the USD1.036trn recorded at the end of 2009, iShares points out. The number of ETFs has increased 18.7% since the beginning of the year, with 401 new products and 38 products removed from trading. Of the 2.038 ETFs now available, the top 100 represent 63.3% of total assets. Currently, 944 new ETFs are planned. The top three providers of ETFs remain unchanged: iShares (453 ETFs, unchanged from the end of July) has assets of USD492.7bn, compared with USD506.8bn one month earlier, for an unchanged market share of 46.3%; State Street Global Advisors (SSgA) is in second plave, with 110 products (unchanged) and USD139.6bn, or 13.1% of the market, while Vanguard (47 products, unchanged) is in third place, with USD113.3bn, compared with USD113.1bn, which represents 10.6% of the market, compared with 10.3% one month earlier.
15/09/2010

CPR AM becomes the IFA portal for the Amundi group

CPR Asset Management and its parent company Amundi on Tuesday announced the launch of a new brand aimed at independent financial advisers,entitled “Le Comptoir par CPR”.CPR AM has assembled aneight-member sales and marketing team, some of whom come from Amundi,which will be wholly dedicated to this client segment, and will offerthem funds both from the provider’s own range, and from the Amundigroup, with a focus on emerging markets, diversified management, andreal estate.The wholly-owned subsidiary of Amundi CPR AM thusbecomes the single point of access for all asset classes and expertiseat the group for independent financial advisers, a class of client thatCrédit Agricole Asset Management and Société Générale Asset Managementdid not cover intensively.CPR AM, for its part, currentlymanages an amount “in the hundreds of millions of Euros” for theseclients, according to Jean-Eric Mercier, CEO of CPR AM, out of currenttotal assets of EUR19.6bn.The goal of Comptoir is to “become one of the top 3 management firm partners for IFAs by 2012, in terms of net inflows.” To be more precise, this means a market share of 10-15% interms of net sales, says Mercier.p { margin-bottom: 0.08in; }
15/09/2010

CS Asset Management buys a minority stake in York Capital

The Asset Management division of Credit Suisse has bought a minority stake in York Capital Management, an alternative management firm based in New York. York will continue to operate independently in the future, led by CEO and founder Jamie Dinan, and Dan Schwartz, chief investment officer, the Swiss group announced in a statement on 14 September. By the terms of the contract, Credit Suisse will pay an initial USD425m for a minority stake. Subsequent payments depending on the performance of the firm and the long-term engagement of the management will follow over the next five years. The acquisition involves a minority stake in the management firm, and not an investment in York’s funds, Credit Suisse says. The stake represents an important step in the Asset Management division’s growth strategy, and will allow the bank to assume a dominant position in the global alternative instrument sector, according to the division’s CEO Rob Shafir, cited in the statement. York Capital, founded in 1991, manages about USD14bn in assets.p { margin-bottom: 0.08in; }
15/09/2010

New head of institutional markets at Eaton Vance

p { margin-bottom: 0.08in; } Eaton Vance announced at the beginning of this week that it has appointed Scott P. Ruddick as head of institutional clients, in charge of development of business and relations with clients in the US and Canada. Before joining Eaton Vance, Ruddick spent 13 years at Mellon Capital Management, most recently as managing director in charge of North American distribution. Eaton Vance has also announced that it has extended the responsibilities of Matthew Witkos, who will now be in charge of distribution of all of the group’s products and services aimed at retail and institutional markets worldwide. Assets under management at Eaton Vance and its affiliates as of 31 July this year totalled USD173.3bn.
15/09/2010

Permira takes control of Asia Broadcast Satellite

p { margin-bottom: 0.08in; } The private equity firm Permira is supporting a management buyout of the Asia Broadcast Satellite (ABS) company from a consortium of private equity firms led by CVC. The acquisition price is said to be above USD200m. Permira will acquire Kingsbridge, the holding company of ABS, from its current shareholders, including CVC and ADM Capital. Permira will then become the majority shareholder in ABS, while the ABS management will control a significant minority stake in the capital.
15/09/2010

Bache Commodities obtains “primary participant” carbon trading license

p { margin-bottom: 0.08in; } An affiliate of the US firm Prudential Financial, Bache Commodities Limited, based in London, announced on 14 September that it has obtained the status of “primary partipant” on the European carbon emissions quota trading market, centred in the United Kingdom. Bache becomes the first non-banking establishment to obtain such a license.
15/09/2010

Nearly half of British women have no pension

p { margin-bottom: 0.08in; } According to an ICM survey undertaken for Barings Asset Management, 47% of active women in Great Britain (8.7 million) have no pension, compared with 40% in 2009 and 39% in 2008. In addition, the survey finds that 22% of those aged 55 to 64 have no pension. Meanwhile, the number of people aged 65 or over who are still working is over 1 million. Barings points out that about 40% of those aged 25-34 have no retirement savings plan, while the percentage is 32% for those aged 35-44.
15/09/2010

Russell Chaplin becomes CIO Property at Aberdeen AM

p { margin-bottom: 0.08in; } The head of the global research team at UBS Global Asset Management, Russell Chaplin, is joining Aberdeen Asset Management as CIO Property, and will report to Andrew Smith, global head of property for the Aberdeen group. He will join the management board for the real estate sector, and will direct the global investment strategy team, with representatives in nine countries.
15/09/2010

RWC to launch two equities funds

p { margin-bottom: 0.08in; } On 29 September and 13 October, RWC Partners will launch the RWC Income Opportunities fund, a primarily UK equities fund which will also invest in corporate bonds and cash, as well as the RWC Enhanced Income, which will use the selections of the Income Opportunities fund, with the addition of a covered calls programme, to achieve consistent returns of 7%. Management commission will be 1.5% for A-class shares, and 0.8% for B-class (institutional) shares. The funds will pay quarterly dividends, RWC announced on 14 September. The first of the two funds will be managed by Nick Purves and Ian Lance, who were recruited in August, and who previously managed the Schroder UK Equity Income Fund. John Teahan, who left Schroders in April 2009 and joined RWC in early September 2010, will be in charge of the second fund.
15/09/2010

Euronext Brussels “cross-lists” 22 Lyxor ETFs

p { margin-bottom: 0.08in; } From 14 September, Euronext Brussels has added 22 ETF funds from Lyxor Asset Mangement to its listings, 20 of them French and 2 Luxembourg-registered. The funds were launched between 22 January 2001 and 16 November 2009; the primary listing for 20 of them is on Euronext Paris, while 2 are on Euronext Amsterdam. With the 22 cross-listings, NYSE Euronext now has a total of 559 listings of 489 ETFs based on over 300 indices. As of the end of August, the total was 553 listings of 485 ETFs from 17 issuers. The 22 ETFs newly listed in Brussels are the EuroMTS AAA Government Bond, Leverage AEX, Leverage CAC 40, Leveraged Euro Stoxx 50, MSCI Emerging Markets, XBear Euro Stoxx 50, Dax, LevDax Brazil (Bovespa), XBear CAC 40, India, russia, MSCI World, Commodities CRB, MSCI Europe, EruoMTS 1-3 Y, China enterprise, EuroMTS 3-5Y, EuroMTS Global, Euro Stoxx 50 and CAC 40.
15/09/2010

Oddo Services Luxembourg offers back-office outsourcing services

p { margin-bottom: 0.08in; } According to Paperjam.lu, the Luxembourg-based consulting firm from NGR Consulting and Oddo Services control one third and two thirds, respectively, of the new Oddo Services Luxembourg (OSL), a joint venture which offers private banks an outsourcing solution for the back-office. The first client of OSL is Nord Europe Private Bank (NEPB), the Luxembourg affiliate of the French bank Crédit Mutuel Nord Europe and its asset management affiliate UFG-LFP. The structure is starting up with staff of 15, but the managing partner of NGR, Nordine Garrouche, envisions staff of 70 in the mid-term, if sales expectations are met.
15/09/2010

SEB launches a Newcits platform

SEB Enskilda has announced the launch of SEB Prime Solutions, a one stop shop offering for alternative investment managers’ UCITS funds. SEB Prime Solutions is an umbrella Sicav and Newcits platform, offering the necessary legal structure, risk management and administration services for a UCITS fund, says a press release. Two funds will be launched via SEB Prime Solutions and a further five are expected to be added by the end of 2010 with an anticipated size in excess of EUR100 million.

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