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10/05/2010
Fonds

Pioneer lance un fonds à forte dominante obligataire

Pioneer Investments (groupe UniCredit) a fait enregistrer par la SEC le Pioneer Multi-Asset Real Return Fund, qui investira en obligations du Trésor américain indexées sur l’inflation (TIPS), en obligations à haut rendement et investment grade ainsi qu’en obligation et en actions de pays émergents. La commission de gestion sera de 1,30 % pour les parts A, de 2,20 % pour celles de classe C et de 1 % pour celles de classe Y. Ce fonds est géré par Kenneth Taubes, le CIO, ainsi que par les gérants de portefeuille Michele Garau et Robert Urie.
Fonds
10/05/2010
Fonds

BlackRock lance trois ETF-pays de iShares

Vendredi, BlackRock a fait enregistrer trois nouveaux ETF de la marque iShares répliquant des indices MSCI, des produits qui sont tous trois gérés par Diane Hsiung et Greg Savane. Il s’agit d’un fonds répliquant l’indice MSCI Indonesia Investable Market, chargé à 0,65 %, tandis que celui suivant le MSCI Ireland Capped Investable est assorti d’une commission de gestion de 0,55 %. Enfin, la gestion du MSCI USA Index Fund est facturée 0,15 %.
Fonds
10/05/2010

Harrods est vendu à Qatar Holding

Mohammed al-Fayed a accepté vendredi soir de vendre pour plus de 1,5 milliard de livres le grand magasin londonien Harrods au fonds souverain Qatar Holding, rapporte The Sunday Times. L’octogénaire, qui voulait obtenir 2 milliards de livres, a accepté d’abaisser son prix lorsque le fonds a accepté de s’engager en faveur d’une croissance de long terme pour Harrods et a promis de préserver le salaire et les retraites des quelque 5.000 employés.
10/05/2010
Fonds

Neptune veut sortir le patron de Pru

Neptune veut présenter une résolution contre le CEO de Prudential, Tidjane Thiam, après la tentative maladroite de ce dernier d’acquérir l’assureur asiatique AIA, à l’occasion de l’assemblée générale qui sera justement consacrée à l’opération. La société de gestion, qui détient environ 50 millions de livres d’actions Pru et gère 5,6 milliards de livres, cherche pour cela à obtenir le soutien d’actionnaires contrôlant plus de 10 % du capital. Robin Geffen, managing director de Neptune, pense que Tidjane Thiam menace l’avenir de Prudential avec l’acquisition coûteuse d’AIA (23,7 miliards de livres).
Fonds
10/05/2010

Un nouveau gérant chez AXA Framlington Global Equities

Axa Investment Managers a annoncé vendredi 7 mai la nomination de Bruno Grandsard à la fonction de gérant de portefeuille au sein de l'équipe d’AXA Framlington Global Equities.Il rapportera à Mark Beveridge, «Global Head» de AXA Framlington et sera basé à Londres. Dans le détail, il couvrira le secteur automobile, des télécommunications et des «utilities» à la recherche d’opportunités d’investissement. Auparavant, Bruno Grandsard exerçait ses fonctions chez Alliance Bernstein, où il a travaillé pendant cinq ans comme analyste dans le secteur de l’automobile mondiale et des composants. Il a également exercé des fonctions dans l’industrie du private equity au Japon.
10/05/2010
Fonds

Le DEGI Europa vend un immeuble à SWIP

L’allemand Aberdeen Immobilien KAG indique avoir vendu pour 77 millions d’euros à SWIP Property Trust un immeuble de bureaux de 12.559 mètres carrés situé sur King William Street à Londres. Cet actif appartenait au fonds immobilier offert au public DEGI Europa, dont les remboursements sont gelés. La vente de cet immeuble acheté en 1996 s’est effectuée à la dernière valeur d’expertise.
Fonds
10/05/2010

Une gérante "actions japonaises" quitte Axa

Anja Balfour, qui avait rejoint AXA Framlington en 2004 et était le «lead manager» de la gestion d’un fonds japonais de 70 millions d’euros a quitté ses fonctions le mois dernier. Son départ a été décidé d’un commun accord avec la société de gestion. Gérant du fonds investi sur les petites capitalisations japonaises, Chisako Hardie a repris la gestion du portefeuille en question au terme d’une réorganisation opérée par Axa dans son département «actions japonaises». Dans le détail, Chisako Hardie sera assisté par les équipes de gestion «global sector» qui recrutent actuellement des analystes.Selon Financial News, le départ de la gérante est intervenu alors que son portefeuille enregistrait des performances inférieures à celle de ses principaux concurrents. Et ce constat vaut tant sur un an, trois ans et cinq ans à la fin du mois de mars 2010.
10/05/2010
Fonds

SEB AM vend un complexe résidentiel de luxe à Shanghai

L’allemand SEB Asset Management annonce avoir réalisé une plus-value substantielle sur la dernière valeur d’expertise en vendant pour plus d’un milliard de yuans à un groupe d’investisseurs chinois les 50 % de son fonds immobilier institutionnel SEB Asian Property Fund SICAV-FIS dans un complexe résidentiel de luxe Belgravia, situé à Shanghai. Récemment, le fonds immobilier offert au public SEB ImmoInvest avait également revendu avec une plus-value l’immeuble de bureaux Platinum de Shanghai, pour 200 millions d’euros (lire notre article du 7 avril).
Fonds
07/05/2010

Inflows for GLG in Q1

GLG Partners has announced net assets under management of USD23.7 billion as of March 31, 2010, up 6.7% sequentially from December 31, 2009, reflecting net inflows of USD954 million in first quarter and USD1.3 billion of performance gains, offset by negative currency translation impact of USD753 million. The alternative asset manager published a non-GAAP adjusted net loss of USD3.1 million, or USD0.01 per non-GAAP weighted average fully diluted share, for Q1 2010
07/05/2010

Edram appoints a relationship manager for Latin America

Edmond de Rothschild Asset Management (Edram) announced on Thursday, 6 May that it has appointed Diego Varela as senior client relationship manager for Latin America. He will aim to develop and consolidate Edmond de Rothschild Asset Management in Chile, Argentina and Uruguay, the asset management firm says in a statement.
07/05/2010

Default rates up in Europe

Default rates for European debt issuers in the speculative category totalled 7.8% in April, compared with 7.3% in March, according to the most recent estimates from the ratings agency Moody’s. Globally, however, default rates came to 9% in April, compared with 10% in March. By the end of the year, these rates are expected to fall to 2.7%, then to 2% in one year’s time. In Europe, the default rate may fall to 1.5% by the end of the year, compared with 3% in the United States.
07/05/2010

Schroders considering a third high yield fund

Money Marketing reports that Schroders is considering launching a third income maximiser fund, with the United States and Europe as its potential targets. Schroders already has an income maximiser fund for the UK, with GBP611m in assets, launched in November 2005, and an Asian fund will be introduced in the near future. The fund aims for 7% returns through investments in high yield bonds combined with an overlay strategy.
07/05/2010

Robeco rating affirmed by Fitch

Fitch Ratings has affirmed Robeco’s ‘M2+' Asset Manager rating for its mainstream asset management operations in Rotterdam and money market management operations in Paris.The rating reflects Robeco’s comprehensive risk management and control framework, strong corporate governance and long track record in managing retail and institutional assets. It also takes into account its well-integrated operational platform as well as established and disciplined investment processes, notably relating to fixed-income, global and emerging market equities, and quantitative capabilities, says Fitch.
07/05/2010

Fitch revises criteria for analysis of commercial real estate

The Fitch Ratings agency has announced the publication of its revised methodology for the analysis of European covered bonds backed by portfolios of commercial real estate mortgages. The revised approach would better take into account risks related to commercial real estate credit. The main modification is to the way borrowers are categorised.
07/05/2010

Inflows for Schroders in first quarter

In first quarter 2010, Schroders posted net subscriptions to GBP9.3bn for asset management, of which GBP6bn came from institutional clients, which resulted in a rise in assets to GBP154.2bn, a 68% increase year on year. In private banking, net inflows were limited to GBP0.4bn, and assets totalled GBP13.7bn. Total assets come to GBP167.9bn. The asset management firm earned pre-tax profits of GBP93.2m, compared with GBP12.2m one year earlier.
07/05/2010

Barclays Wealth recruits a senior private banker from Citi

Wealthbriefing reoprts that Barclays Wealth has recruited a senior private banker, Yousef Affany, who previously worked at Citigroup in Geneva. Affany has been appointed managing director and senior private banker for the Middle East and North Africa. He will be based in Geneva.
07/05/2010

CalPERS wins a first round agains rating agencies

Credit rating agencies have come under pressure after a law suit filed by the California Public Employees’ Retirement System (CalPERS) has received the green light, says IPE.com The USD173bn pension fund has been given the go-ahead by a court judge in San Francisco for the lawsuit it filed against three agencies - Moody’s, Fitch and McGraw Hill – including Standard & Poor’s – over ratings given to certain investment vehicles in 2006.
07/05/2010

Obama lashes out at Republicans in Senate

La Tribune reports that the US president has spoken out against an amendment added to his proposed financial regulation reform bill by Republican Senators, and called on the members of the legislative body to “vote no to weakening of consumer protection.”
07/05/2010

Italians opt for bond funds

In April, funds on sale in Italy posted net inflows of EUR76m, bringing total assets in the sector to EUR446bn, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Inflows were driven by bond funds, which took in slightly under EUR1.3bn, and which are continuing to dominate hte sector, with 40% of total assets, or EUR175bn. Money market funds saw outflows of nearly EUR2bn, which brings total redemptions since the beginning of the year to EUR8.8bn. Equities funds are also in the red, but to a much lesser extent, at -EUR266m. Hedge funds, lastly, saw outflows of EUR130m. In April, the asset management firms which posted the strongest net subscriptions in Italy were Intesa Sanpaolo, with EUR269.3m, Mediolanum, with EUR2407m, and BNP Paribas, with EUR206.9m. At the other end of the spectrum, the largest outflows were from Bipiemme (-EUR327.6m), Pioneer (-EUR312.7m) and Amundi (-EUR239.6m).
07/05/2010

Pensions: IASB's proposed modifications would be costly for CAC 40 companies

According to Hewitt Associates, proposed modifications to the accounting regime for pension liabilities (IAS19), recently published by the International Accounting Standards Board (IASB) would, if they were applied starting in 2010, result in an increase in liabilities represented on the books of CAC 40 businesses of about EUR7bn. In 2009, nearly half of all CAC 40 businesses did not include all pension liabilities on their balance sheets, and had losses which were not represented on the balance sheet, which is permitted under the current IAS19 standard. This “corridor” option would be shut from 2012 or 2013. If the change took place in 2010, the closure of the “corridor” would result in an increase in warnings, and a consequent degradation of owners’ equity of about EUR7bn.
07/05/2010

UK economy is in fragile condition, according to Moody's

In a report published on Thursday, 6 May of the risk that the Greek sovereign debt crisis will spread to Spanish, Portuguese, Italian, Irish and British banks, the ratings agency Moody’s remarks that the United Kingdom is in a “difficult” situation, La Tribune reports. If the country tightens its budgetary belt, the environment would be favourable in terms of interest rates, but that would probably have a negative impact on the quality of credit at banks. On the other hand, if the country sheds some ballast, it would have a negative impact on the quality of its debt, and thus also on its refinancing costs. Profits at banks would also be impacted.

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