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21/04/2010
Fonds

Zone euro : souscriptions nettes d'OPCVM de 22 milliards en février

L’encours de parts émises par les OPCVM non monétaires de la zone euro est ressorti en hausse à 5.051 milliards d’euros en février 2010, contre 4.993 milliards en janvier, selon les statistiques communiquées par la Banque centrale européenne (BCE). Sur la même période, l’encours des parts émises par les OPCVM monétaires de la zone euroe a diminué à 1.202 milliards contre 1.215 milliards.Les souscriptions nettes de parts d’OPCVM non monétaires de la zone euro sont ressorties à 22 milliards d’euros en février 2010, tandis que les souscriptions nettes de parts d’OPCVM monétaires se sont établies à ‑17 milliards. Le rythme de progression annuel des émissions de parts d’OPCVM non monétaires de la zone euro, calculé sur la base des transactions, s’est inscrit à 10,5% en février 2010. S’agissant des OPCVM monétaires, ce taux est ressorti à ‑7,8% sur la même période. En ce qui concerne la ventilation par stratégies de placement, le rythme de progression annuel des parts émises par les fonds « obligations » est ressorti à 13,7% en février 2010. Les souscriptions nettes de parts émises par ces fonds se sont élevées à 14 milliards d’euros en février 2010. S’agissant des fonds «actions», le taux de croissance annuel est ressorti à 15,9% et les souscriptions nettes se sont inscrites à 4 milliards d’euros. Pour les fonds mixtes, le taux de croissance a atteint 3,8% et les souscriptions nettes se sont établies à 3 milliards d’euros.
Fonds
21/04/2010

Syz & Co reprend la gestion obligataire institutionnelle suisse de SSgA

Le groupe bancaire suisse Syz & Co vient de reprendre les activités de gestion obligataire institutionnelle en francs suisses de State Street Global Advisors à Zurich.Cela représente «plusieurs milliards de francs suisses» gérés pour le compte de fonds de pension publics et privés dans le cadre de mandats et de trois fonds de droit suisse. La banque n’a pas souhaité divulguer le montant des activités reprises, indiquant qu’il dépendrait des clients qui accepteront le transfert. L'équipe de gestion correspondant aux activités se compose de trois personnes - Daniel Hannemann, Martin Oetiker et Luzius Kuster - qui rejoindront donc Syz Asset Management, l’entité de gestion institutionnelle de la banque, et seront basées à Zurich. Banque Syz indique que cette acquisition lui permet de diversifier son activité institutionnelle, surtout centrée sur les actions et les mandats internationaux mixtes et absolute return. Cela diversifie aussi sa clientèle.
21/04/2010

Nomination d’un nouveau patron chez Merrill Lynch en Suisse

Merrill Lynch Bank (Suisse), la filiale suisse du groupe américain, a annoncé le 20 avril la nomination de Patrick Ramsey en tant que directeur général. Il remplace à ce poste Serge Robin, parti chez Gonet & Cie. Avant de rejoindre en 2002 Merrill Lynch, Patrick Ramsay a notamment travaillé pour des banquiers privés basés à Genève, où il était en charge de la gestion d’actifs institutionnels. Dans ses nouvelles fonctions, Patrick Ramsey sera amené à collaborer étroitement avec les autres responsables régionaux du Japon, du bassin Asie-Pacifique et d’Amérique latine. Il sera responsable de la plateforme de gestion de fortune déjà en place chez Merrill Lynch Bank (Suisse), du développement de nouveaux actifs et de la conception de solutions d’investissement. L’une de ses principales missions consistera, par ailleurs, à renforcer les relations avec les conseillers financiers du groupe présents à travers le monde.
21/04/2010

Aladdin perd son directeur des ventes pour l'Europe

Selon Financial News, Tim Goodale, managing director et responsable de la distribution pour l’Europe chez Aladdin Capital Management, a quitté la société de gestion alternative au début du mois, en bons termes avec la direction, avec l’objectif de poursuivre d’autres intérêts.
21/04/2010
Fonds

Nouveau bouquet d'ETF en Italie pour Amundi

Amundi ETF a annoncé mardi 20 avril la cotation de 15 nouveaux ETF sur Borsa Italiana, dont 12 inédits sur le marché italien. Ces derniers se décomposent tout d’abord en deux ETF actions permettant aux investisseurs de s’exposer à l’Europe ou au reste du monde et un ETF pays émergent offrant aux investisseurs une exposition aux grandes valeurs du marché actions brésilien. A ceux-là s’ajoutent deux ETF obligataires dont l’un permet de se couvrir contre le risque d’inflation et le second permet une exposition à environ 40 obligations d’entreprises sélectionnées, entre autres, sur la base de critères de liquidité et d’une note de crédit supérieure ou égale à BBB- (selon l’agence de notation S& P). Outre ces fonds classiques, six ETF Short obligataires offrent une exposition quotidienne inverse au marché des emprunts d’Etat de la zone euro pour tirer parti d’une éventuelle remontée des taux d’intérêts. A noter que ces fonds déjà commercialisés auprès de clients institutionnels français et européens ont d’ores et déjà collecté près de 200 millions d’euros.Enfin les quatre derniers ETF inédits sur Borsa Italiana sont investis sur les matières premières (agricoles, métaux précieux ou industriels, énergie…) tout en respectant le cadre réglementé UCITS III. Au total, Amundi ETF propose 45 produits en Italie, précise la société de gestion dans un communiqué.
Fonds
21/04/2010
Fonds

First State lance un fonds "agribusiness"

First State Investments a lancé un fonds offshore investi dans un portefeuille concentré de sociétés des secteurs de l’agriculture, rapporte Money Marketing. Le fonds, First State global agribusiness, est libellé en dollars, domicilié en Irlande et géré depuis Sidney. Une version britannique sera néanmoins lancée pour le Royaume-Uni et l’Europe.
Fonds
21/04/2010

Madoff scandal: Access sues two US regulators

The Luxembourg-based asset management firm Access is suing two US regulatory agencies. It accuses the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) of being jointly responsible for losses which Access suffered as a result of the fraud orchestrated by Bernard Madoff. Fondsprofessionell reports that Access claims regulators had enough information and should have been aware of the fraudster’s crimes.
21/04/2010

Société Générale refuses to modify governance statutes

Société Générale announced in a statement on 20 April that its board of directors has no plans to modify its new governance structure, introduced last year. The board of directors estimates that a resolution tabled by PhiTrust which would modify the statutes to require a separation between the functions of president and CEO are “inadmissible, as they contravene the law which gives power to the board of directors alone. The proposal will therefore not be placed on the agenda for the general shareholders’ meeting,” the statement says.
21/04/2010

The Corporate Library publishes a guide to socially responsible investment

The corporate governance research specialist firm The Corporate Library has published a guide to voting by proxy at general shareholders’ meetings aimed at shareholders interested in exercising their social responsibilities. The guide suggests that weak regulations in the area of labour rights may result in potential investment risks, which may provide a good reason for investors to very closely consider the stance to adopt in relation to resolutions on this subject proposed at general shareholders’ meetings. An unscrupulous application of labour law may imperil the reputation of a business, with non-negligible financial consequences. The second point of the United Nations Principles for Responsible Investment (UN PRI) invites signatories to actively exercise their shareholder responsibilities in relation to environmental, social and governance (ESG) issues, the Corporate Library says in a statement. The new guide will allow investors to better evaluate the challenges inherent in resolutions related to labour rights when voting by proxy.
21/04/2010

FBF calls for new impact study of Basel Committee proposals

After the banking tax, French banks are now rallying against the proposals of the Basel Committee, unveiled in December last year. The French banking federation said yesterday in a statement that if these proposals were adopted by governments, it would result in “poorly adapted and excessive” global requirements in terms of owners’ equity and liquidity, and would limit banks’ ability to finance the economy. The FBF has therefore called for a new impact study to be undertaken, which would evaluate the calibration and consequences of new measures which would be enacted following an analysis of the various responses in the consultation period. “It is indispensable to take the necessary time to estimate the precise impact of reforms which would structure the global banking industry for many years to come, and consequently also the financing of the economy,” the FBF says in a statement. At the impetus of European banks, the FBF points out that future prudential requirements included in regulations would need to be coordinated internationally, and that they would need to be applicable to all actors, whether or not they are regulated, in order to be effective and to avoid competitive distortions. Currently, the professional association points out, US banks do not always apply Basel 2, which has been in force in France and Europe since January 2008. French banks insist that new solvency and liquidity measures should only be put in place once the recovery is complete.
21/04/2010

Paulson seeks to reassure investors

John Paulson has not been accused of any wrongdoing. But the hedge-fund manager has gone on the offensive to reassure investors that his huge firm will emerge unscathed from the Goldman Sachs, says the Wall Street Journal. The steps, including a conference call with about 100 investors late Monday, come amid indications from some clients that they might withdraw money from his firm after a lawsuit brought by the government against Goldman Sachs related to an investment created at his firm’s request.
21/04/2010

UCITS are popular in Asia

65% of fund distributors and promoters in Asia think that European UCITS-compliant funds will be one of their top priorities in terms of products for the coming year, according to a survey undertaken recently by RBC Dexia Investor Services. Long only funds are mentioned by 50% of respondents, putting them ahead of hedge funds (24%), ETFs (21%), private equity (9%), and real estate (9%). This appears to confirm the success of Europe as a brand in Asia. 33% of respondents also say that the new UCITS 4 directive will make the vehicle more attractive. Three quarters of Asian fund distributors and promoters (62%) already offer UCITS products, or are planning to do so in the near future (12%). However, despite the success of European UCITS funds, regulatory barriers are continuing to make access to the Asian markets difficult for the fund sector, according to RBC Dexia Investor Services. These obstacles represent a “major challenge” for 85% of those surveyed.
21/04/2010

Euro zone: Net inflows to funds total EUR22bn in February

Total assets in non-money market fund shares in the Euro zone were up to EUR5.051trn in February 2010, from EUR4.993trn in January, according to statistics from the European Central Bank (ECB). In the same period, assets in shares issued by money market funds in the Euro zone fell to EUR1.202trn, from EUR1.215trn.Net subscriptions for shares in non-money market mutual funds in the Euro zone totalled EUR22bn in February 2010, while net redemptions from money market mutual funds totalled -EUR17bn. The annual pace of growth in issuance of shares in non-money market mutual funds in the Euro zone, calculated on the basis of transactions, came to 10.5% in February 2010. For money market mutual funds, this rate came to -7.8% in the same period. In terms of ventilation by investment strategy, the annual pace of growth in shares issued by bond funds totalled 13.7% in February 2010. Net subscriptions to these funds totalled EUR14bn in February 2010. For equities funds, the annual growth rate totalled 15.9%, and net subscriptions totalled EUR4bn. For mixed funds, the growth rate totalled 3.8%, and net subscriptions totalled EUR3bn.
21/04/2010

First State launches an agribusiness fund

First State Investments has launched an offshore fund investing in a concentrated portfolio of agribusiness companies, says Money Marketing. The dollar-denominated First State global agribusiness fund is domiciled in Ireland and managed from Sydney. However, First State plans to launch a UK-domiciled version for UK and European investors.
21/04/2010

Hedge fund assets near all-time high

Global hedge funds collectively manage about USD1,670bn of assets, according to HFR. They are just 2 per cent shy of their previous all-time high, set in October 2007. Strong performance and the beginnings of investor inflows back into funds have seen the industry bounce back from the lows hit in early 2009, says the Financial Times.
21/04/2010

Amundi releases a new range of ETFs in Italy

Amundi ETF on Tuesday, 20 April announced that it has released 15 new ETF funds on Borsa Italiana, of which 12 are new to the Italian market. These include two equities ETFs which provide investors with exposure to Europe or to the rest of the world, and one emerging markets ETF fund which offers investors exposure to large caps of the Brazilian equities market. In addition, the new releases include two bond ETFs, one of which provides a way to hedge against inflationary risks, and one which provides exposure to about 40 corporate bonds selected on the basis of criteria which include liquidity and ratings, which must be BBB- or higher (according to the ratings agency S&P). In addition to these more traditional funds, the ETF Short obligataires offers daily inverse exposure to the Euro zone government bond markets, in order to profit from any potential increases in interest rates. These funds, which are already available to French and European institutional clients, have already attracted nearly EUR200m in assets. The last four new ETFs released on Borsa Italiana invest in commodities (soft commodities, precious and industrial metals, and energy), and are also compliant with the UCITS III directive. In total, Amundi ETF offers 45 products in Italy, the management firm says in a statement.
21/04/2010

La Financière Responsable holds first meeting of governance board

La Financière Responsable this March held the first meeting of its governance board, composed of 10 high-profile figures in the investment and asset management industries. “With the foundation of this board, La Financière Responsable (LFR) is applying itself to the elaboration of the rules of good governance that it supports, and puts its commitment to socially responsible investment even more in evidence,” says a press statement. LFR adds that it has arranged for the creation of a remuneration committee within the board, which will address issues related to management pay scales and general corporate policy in this area.
21/04/2010

Assets under management at Goldman Sachs down in first quarter

Net profits for the Asset Management and Securities Services unit of Goldman Sachs totalled USD1.34bn in first quarter, a decline of 8% compared with first quarter 2009, and 14% down on fourth quarter 2009. Revenues from asset management alone held stable at USD946m. In first quarter, assets under management declined by USD31bn, to USD840bn, due to net outflows of USD39bn, largely as a result of outflows from money market funds, partly offset by inflows to bonds and positive market effects of USD8bn, largely in equities. The Securities Services unit earned revenues of USD395m, 21% lower than in first quarter 2009.
21/04/2010

Natixis confirms draft agreement with Axa Private Equity

Natixis on 20 April confirmed that it has reached a tentative agreement with Axa Private Equity to sell its private equity activities trading with its own capital in France. Having completed due diligence, Axa Private Equity has confirmed its offer made on 14 February. In light of new investments taken on by management teams, and pending calls for complementary funds or sales made by investment entities, the overall valuation of the investment portfolio is estimated at EUR534m, in addition to which, depending on the performance of the portfolio, there may be a potential supplement to the acquisition price, or a markdown of about 7.6% compared with the Fair Market Value established in 31 December 2009 and new investments undertaken since, the statement says. The tentative agreement will next be presented to bodies representing employees and the board of directors of Natixis Private Equity. This period will provide an opportunity to finalise contractual documentation in relation to the sale of iXEN Partners, NI Partners and Initiative & Finance Gestion.
21/04/2010

Profits up in first quarter at State Street

State Street has reported net profits for first quarter 2010 of USD495m, compared with USD476m one year earlier, on revenues of USD2.11bn, a 1.6% increase compared with first quarter 2009. Profits per share totalled USD0.99, down from USD1.02 one year earlier; the decline is due to a capital increase undertaken last year. Commissions from services rose 15% to USD880m, from USD766m in first quarter 2009. Assets under custody increased 27% in first quarter to USD19.041trn. Management commissions generated by State Street Global Advisors totalled USD226m, a 25% year-on-year increase. Assets under management totalled USD1.929trn as of 31 March, up 38% year on year.
21/04/2010

BNY Mellon assets up due to Insight acquisition

Assets under management at Bank of New York Mellon, excluding securities lending assets, amounted to USD1.1 trillion at March 31, 2010. This represents an increase of 25% compared with the prior year and a 1% sequential decrease. The year-over-year increase was primarily due to the acquisition of Insight Investment Management in the fourth quarter of 2009. The sequential decrease primarily reflects outflows of money market assets under management. Asset and wealth management fees totaled USD696 million, an increase of 13% compared with the prior year period and a decrease of 5% sequentially. BNY Mellon has reported first quarter income from continuing operations applicable to common shareholders of USD601 million, compared with USD363 million in the first quarter of 2009.
21/04/2010

Former Société Générale trader arrested in New York

Les Echos reports that a former Société Générale trader in New York, who is accused of having stolen passwords for the high frequency trading systems at the bank, was arrested on Monday by US authorities. The Indian citizen Samarth Agrawal, 26, is accused of having copied some of the codes he had access to last June, as well as a part which he should not have had access to. Agrawal left Société Générale last November. He was hired as a quantitative analyst in the high frequency trading department in March 2007, and was promoted in April 2009 to become a trader, before resigning.
21/04/2010

FSA opens investigation of Goldman Sachs

The British Financial Services Authority (FSA) on 20 April announced in a short statement that it has decided to open an investigation of Goldman Sachs, following moves in the United States by the Securities and Exchange Commission (SEC) against the bank. The City watchdog had announced previously that it would be closely examining the circumstances surrounding the case, and that it would take such measures as it finds necessary. The FSA says in a statement that it will work in close collaboration with the SEC.
21/04/2010

Syz & Co takes over Swiss institutional bond management activities of SSgA

The Swiss banking group Syz & Co has taken over the institutional bond management activities in Swiss Francs of State Street Global Advisors in Zurich. These activities represent “several billions of Swiss Francs,” managed on behalf of public and private pension funds under mandates, as well as three Swiss-registered funds. The bank did not disclose the total value of the activities taken over, stating that it would depend on which clients would agree to the transfer. The management team corresponding to these activities, composed of three people - Daniel Hannemann, Martin Oetiker and Luzius Kuster - will join Syz Asset Management, the institutional management entity of the bank, and will be based in Zurich. Banque Syz says that the acquisition will allow it to diversify its institutional activities, which are largely centres on equities and mixed and absolute return international mandates. This will also diversify the client base.
20/04/2010

Publication de l'annuaire des SCPI 2010

L’Institut de l'épargne immobilière et foncière (IEIF) a annoncé le 19 avril la publication de l'édition 2010 de l’Annuaire des SCPI qui rassemble les informations les plus récentes sur les sociétés civiles de placement immobilier.L’annuaire propose un panorama statistique qui regroupe l’ensemble des données chiffrées du secteur ainsi que des fiches détaillées sur chaque SCPI.
20/04/2010

LCL propose un FCP à formule

LCL a annoncé le 19 avril le lancement d’un Fonds Commun de Placement (FCP) à destination des particuliers, éligible au compte-titres : LCL Ressort 3 ans (Avril 2010). Ce fonds à formule, d’une durée de 3 ans, propose une participation de 50% à la hausse potentielle des marchés actions de la zone Euro et offre une protection du capital à hauteur de 90% à l’échéance. La formule résulte de l’évolution de l’indice regroupant 50 des plus grosses capitalisations de la zone Euro, l’Euro Stoxx 50 (hors dividendes). A l’issue des 3 ans (le 27/05/2013), si l’évolution de l’Euro Stoxx 50 (hors dividendes) par rapport à sa valeur initiale est positive ou nulle, le client capte 50% de la performance de l’indice. Si en revanche, la performance de l’Euro Stoxx 50 (hors dividendes) par rapport à sa valeur initiale est négative, le capital est protégé en partie, la perte n’excédera pas 10%, le client reçoit donc au minimum 90% du capital net investi. Seuls les porteurs conservant leurs parts jusqu’à l’échéance bénéficient de la protection. La souscription à LCL Ressort 3 ans (Avril 2010) est ouverte jusqu’au 22 mai 2010 (12h). Caractéristiques Code Isin FR0010871251 Valeur liquidative de la part à l’origine 100 euros Minimum de la première souscription 1 part Minimum des souscriptions ultérieures 1 millième de part Eligibilité Compte-titres Frais de fonctionnement et de gestion maximum - frais directs : 3% TTC l’an maximum Commission de souscription maximum - 1,50% max. pour les souscriptions centralisées jusqu’au 22 mai 2010 à 12h. Commission de rachat - 0% à l’échéance - 1% au cours des fenêtres de sortie trimestrielles - 2% aux autres dates
20/04/2010

Partech et OCP Finance lancent ISF Innovation

La société de gestion Partech et le spécialiste du financement des entreprises de croissance OCP Finance ont annoncé le 19 avril avoir obtenu un rescrit de l’administration fiscale ainsi qu’un agrément de l’Autorité des marchés financiers (AMF) pour un nouveau véhicule d’investissement défiscalisé, appelé ISF Innovation.Ce véhicule repose sur douze holdings animatrices et permet de bénéficier d’une réduction d’ISF égale à 75% des sommes investies pour un investissement minimum de 1.500 euros. Les redevables de l’ISF souscrivent à un panier de 12 holdings animatrices sectorielles dans le cadre d’une offre liée (bulletin de souscription unique) afin de préserver un niveau de diversification élevé.Ce projet vise à apporter un soutien financier et un accompagnement sur la durée à des entreprises créatrices d’emploi et de valeur pour l’économie. ISF Innovation investira donc dans des entreprises de croissance issues des secteurs de l’internet, du commerce en ligne des télécommunications, ou encore du développement durable.ISF Innovation bénéficie pour sa part d’un cadre juridique sécurisé. Ce produit cumule un rescrit fiscal confirmant l’éligibilité du véhicule aux dispositions de la loi TEPA ainsi qu’un visa de l’Autorité des Marchés Financiers pour la souscription du public. «Cette sécurité offerte aux souscripteurs est très importante dans un contexte marqué par une certaine instabilité législative autour des produits de défiscalisation ISF», souligne le communiqué.
20/04/2010

OPA de Cinven sur Sperian : le principe d'égalité entre actionnaires respecté

Face à la réaction de plusieurs fonds d’investissement mécontents des modalités offertes dans le cadre de l’OPA de Cinven sur Sperian Protection, le porte-parole de l’initiateur de l’offre s'étonne, rapporte la Tribune. « Personne n’est contraint de prendre le cash et de sortir », a t-il précisé en rappelant que l’opération respectait le principe d'égalité entre actionnaires. Une note d’information précisant la nature des accords avec Essilor et Ginette Dalloz doit être publiée dans les toutes prochaines semaines, ajoute le quotidien.

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