Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
06/01/2010

Aviva Investors opère une acquisition aux Etats-Unis

Aviva Investors a annoncé mardi 5 janvier l’acquisition de River Road Asset Management, une société américaine spécialisée dans la gestion actions de type «value» affichant 3,6 milliards de dollars sous gestion fin novembre 2009.River Road AM, qui détient des actifs bruts de 6 milliards de dollars au 31 décembre 2008, restera basé à Louisville (Kentucky) et sera rattaché à Aviva Investors Amérique du Nord (Aviva Investors North America - “AINA”). «L’objectif de cette acquisition vise à soutenir le développement de l’activité pour compte de tiers institutionnels d’Aviva Investors en conjuguant son expertise existante de la gestion Taux en Amérique du Nord avec les capacités d’investissement sur les marchés Actions de River Road Asset Management», précise un communiqué de l’assureur.De son côté, River Road AM pourra proposer à ses clients, notamment européens, des OPCVM investis dans des produits de taux et gérés par Aviva Investors. Aviva est le 5e assureur mondial (*), avec 50 millions de clients répartis en Europe, en Amérique du Nord et dans la zone Asie-Pacifique. Il affiche un chiffre d’affaires total de 64,3 milliards d'€ et 393 milliards d’actifs sous gestion au 31 décembre 2008. (*) sur la base des primes brutes mondiales émises au 31 décembre 2008.
06/01/2010
Fonds

TCW liquide un fonds de 500 millions de dollars

Dans un communiqué publié lundi 5 janvier au soir, TCW Group (Société Générale) annonce avoir volontairement retiré son fonds UST/TCW Senior Mortgage Securities du programme PPIP du Trésor des Etats-Unis. Ce fonds, qui affiche environ 500 millions de dollars d’encours et dont le premier closing a eu lieu le 30 septembre, sera «liquidé de manière ordonnée» et le capital redistribué aux souscripteurs.Marc I. Stern, CEO de TCW, a souligné que cette liquidation pourra s’effectuer au mieux des intérêts des investisseurs compte tenu à la fois du fait que le fonds n’en était qu’au début de sa phase d’investissement et des changements intervenus récemment dans l'équipe de gestion.Le Trésor avait fait jouer la clause du changement de gérant (key-man clause) après le licenciement du directeur de l’investissement Jeff Gundlach.
Fonds
06/01/2010
Fonds

TCW lance un mutual fund d'actions pays émergents

Après le TCW Emerging Markets Income Fund, un produit obligataire spécialiste de la dette souveraine et des obligations d’entreprises de pays émergents, TCW Group (filiale de la Société Générale) vient de lancer un autre «mutual fund» marchés émergents, mais axé cette fois sur les actions, le TCW Emerging Markets Equities Fund.Selon Chuck Baldiswieler, president & CEO de TCW Funds, ce fonds affichant 1,71 % de frais sur encours sera géré par Mark Madden et Dave Robbins. Les gérants, qui bénéficieront de l’aide d’une équipe de cinq analystes, se focaliseront sur des sociétés bien gérées de toutes tailles de capitalisations et auront pour tâche de se concentrer sur les perspectives de croissance avec un biais value.Mark Madden a rejoint TCW en 2009. Il était auparavant lead portfolio manager chez Ninth Wave Capital Management après avoir géré de 2004 à 2007 quelque 14 milliards de dollars d’actifs pays émergents chez OppenheimerFunds.
Fonds
06/01/2010

Promotions chez UBS

The Wall Street Journal rapporte qu’UBS a promu Charlotte Burkeman et Jon Yalmokas comme directeurs commerciaux des activités de courtage principal aux Etats-Unis. Ils conserveront leur attributions actuelles, respectivement global head of capital introduction et head of equity-derivatives sales. Ils seront directement subordonnés à John Laub, head of U.S. prime services.
06/01/2010
Fonds

Les ETF actifs commencent à se multiplier

D’après IndexUniverse, on comptait aux Etats-Unis seulement 14 ETF actifs pour un encours de 93 millions de dollars au 1er décembre, pour 743 milliards de dollars d’actifs dans 809 ETF traditionnels, rapporte The Wall Street Journal. Toutefois, le marché des ETF actifs semble devoir connaître une bonne croissance : T. Rowe Price et John Hancock Funds ont demandé l’agrément pour en lancer plusieurs, tandis que Vanguard et Putnam ont indiqué être intéressés. Quant à Pimco (Allianz) il a lancé récemment deux ETF obligataires actifs et a l’intention d’en lancer au minimum trois de plus.Les deux plus gros ETF actifs sont le Pimco Enhanced Short Maturity Strategy, avec 45 millions de dollars, d’après Morningstar, suivi du Dent Tactical, avec 23 millions de dollars. Tous les autres fonds de la catégorie ont moins de 10 millions de dollars d’encours.
Fonds
06/01/2010

Un nouveau patron chez Euroclear

Le conseil d’administration d’Euroclear a annoncé le 5 janvier la nomination de Tim Howell, responsable mondial de HSBC Securities Services, en tant que directeur exécutif. Il remplace à ce poste Pierre Francotte qui avait fait part de sa décision de quitter l’entreprise en juin dernier.Tim Howell est membre du board d’Euroclear depuis 2007 et assure par ailleurs la présidence du comité des risques.
06/01/2010

Credit Suisse veut se renforcer en Pologne

Selon L’Agefi suisse, Credit Suisse va renforcer cette année son activité de banque d’affaires en Pologne et notamment de négoce d’actions avec l’objectif de devenir l’un des principaux traders de la Bourse de Varsovie.
06/01/2010

Un ancien de Brevan rejoint un hedge fund

Jean-Philippe Blochet, ancien associé fondateur de Brevan Howard Asset Management, va rejoindre Moore Europe Capital Management, la branche européenne d’une société de hedge funds créée par Louis Bacon, en tant que gérant de portefeuilles senior, rapporte Bloomberg.
06/01/2010
Fonds

WisdomTree lance un ETF actions couvert du risque de change

Lundi, WisdomTree Investments a annoncé que sa filiale Wisdom Tree Asset Management sera le conseiller et Mellon Capital management le «subadvisor» de son 52ème ETF, le International Hedged Equity ETF (HEDJ), qui réplique le WisdomTree DEFA International Hedged Equity Index. Ce nouveau produit offre aux investisseurs américains la possibilité de s’exposer aux actions européennes, d’Australasie et d’Extrême-Orient tout en neutralisant l’impact des taux de change des monnaies locales par rapport au dollar. L’ETF affiche une commission de gestion annuelle de 0,58 %.
Fonds
06/01/2010
Fonds

Les hedge funds redécouvrent les actions

Selon la dernière livraison du Hedge Fund Monitor de Bank of America-Merrill Lynch et sur la base des «13F-filings», l’exposition brute des hedge funds américains aux actions a augmenté de 14 % au troisième trimestre 2009 par rapport à avril-juin, pour ressortir à 825 milliards de dollars. En termes nets, cette exposition a même opéré un bond en avant de 130 % à 95 milliards de dollars. Sur cette base, les hedge funds contrôlaient 4 % du flottant de la capitalisation boursière. Parallèlement, BoA-ML a constaté une augmentation à 1,2 de l’effet de levier «long» ce qui est voisin du niveau constaté pour le second semestre 2008 tout en demeurant inférieur à la valeur de 1,7 % enregistrée pour 2007.Enfin, BoA-ML précise que son Hedge Funds Generals Index a gagné 62 % sur un an, battant ainsi le S&P 500 de 40 points. Cet indice est composé de manière équipondérée des 20 actions dans lesquelles les hedge funds sont le plus investis en «long». Cet indice calculé depuis juin 2008 a été développé du fait qu’une étude a montré que les lignes principales (core holdings) des hedge funds représentent environ 80 % de la performance de ces fonds. Sur la période de rétropolation (backtesting) entre juin 2003 et juin 2008, l’indice Merrill Lynch a régulièrement battu le S&P 500 de 0,9 point par mois.
Fonds
06/01/2010
Fonds

L'encours des fonds en Chine a gonflé de plus d'un tiers en 2009

A fin décembre, l’encours des fonds d’investissement en Chine ressortait à 2.680 milliards de yuans ou 392 milliards de dollars, ce qui représente un bond en avant de 37,9 % par rapport au niveau atteint douze mois auparavant, rapporte Z-Ben Advisors. Ce gonflement est attribuable en grande partie à l’effet de marché, l’indice CSI 300 ayant signé un gain de 95,8 % l’an dernier.2009 a été caractérisé par d’importants retraits des fonds obligataires au premier semestre, les souscriptions se concentrant sur les gestionnaires actions qui ont affiché les meilleurs performances. Sans le lancement d’ETF et autres produits indiciels, le secteur aurait subi des remboursements nets. D’une manière générale, les gagnantes de 2009 ont été les plus grosses sociétés de gestion, tandis que les moyennes et les petites ont plus souvent perdu des parts de marché qu’elles n’en ont gagné.
Fonds
05/01/2010

Natixis Asset Management mandated to provide asset management to CGE Assurances

Bruno Goré, CEO of CGE Assurances, and Pascal Voisin, CEO of Natixis Asset Management, have signed a management mandate by which the non-life insurance insurance company of hte BPCE group will outsource the management of its portfolio to Natixis Asset Management, CGE Assurances has announced in a statement. Natixis Asset Management will take charge of the management of EUR360m in Liability Driven Investment (LDI) assets. At the same time, CGE Assurances is diversifying its assets, with investments in the new Impact Funds Climate Change theme, launched by Natixis Asset Management, via its Luxembourg Sicav. CGE Assurances, which since January 2008 has included AIRD insurance para-banking activities of the CGE Assurances group, is now the third-largest insurer in the market, with revenues in 2008 of EUR408m. Natixis Asset Management, meanwhile, has assets under management of EUR301bn.
05/01/2010

Frédéric Sallerin joins Paris office of Sparinvest

The Danish management firm Sparinvest, specialised in value management, is continuing its development in France with the appointment of Frédéric Sallerin as a Senior Relationship Manager, in charge of institutional clients. Sallerin, 46, was previously at La Française des Placements , which he joined in 2004 in an institutional client sales capacity.
05/01/2010

François de Combret moves to Calyon

Les Echos reports that the business banker François de Combret, 68, is leaving UBS to join the Crédit Agricole affiliate Calyon as a senior advisor. The move is a sign of the universal desire on the part of banks to strengthen their strategic advising. The business banker had held the same position at UBS in Paris since January 2006, following his move to Lazard after 24 years of business life at the top.
05/01/2010

Cantonal Bank of Geneva opens a branch office in Paris

The Banque Cantonale de Genève (France) SA on 4 January announced the opening of a branch office in Paris. The office will represent the French affiliate of the BCGE group for business in the Paris region. It will be in charge of assisting in the development of relations with clients and promoting the various services of the group for retail and business clients. The Banque Cantonale de Genève (France) SA, which has been present in France for over 15 yeas, with headquarters in Lyon, is a wholly-owned subsidiary of BCGE. The Paris office will be led by Nicolas Charavner, 46, who holds a degree in business and economic law from Université Paris 2 - Panthéon Assas. For more than 20 years, he has been active in banking, and has held several management positions, at BRED, Européenne de Banque, the Banque du Louvre, Bryan Garnier AM, and at Compagnie 1818 Gestion, an affiliate of the Natixis group.
05/01/2010

iShares gains US market share

iShares—which was sold to BlackRock Inc. by Barclays PLC last year—increased its market share in the ETF business in 2009, the first time it has done so since 2006, says the Wall Street Journal. At year-end, iShares ETFs held about USD373 billion, or about 50.1% of the assets in the U.S. ETFs, according to fund researcher Morningstar Inc. In 2008, iShares had 47.7% of ETF assets in 2008.
05/01/2010

Emmy Labovitch joins Richard Wohanka at UBP

Union Bancaire Privée (UBP) on Monday announced the recruitment of Emmy Labovitch as director of marketing for asset management. She was previously head of marketing at Fortis Investments. Labovitch is a member of the executive board for asset management, and will report directly to Richard Wohanka, who was CEO of Fortis Investment Management until the middle of last year, when he became CEO for asset management and alternative management at UBP (see Newsmanagers of 4 June and 13 October 2009).
05/01/2010

PICC acquires 48% of Dacheng

With effect from 30 December, insurer PICC has acquired a 48% stake in the seventh-largest Chinese asset management firm, Dacheng FMC, for CNY1.4bn or USD205m. The vendor was a firm controlled by PICC, Zhongtai Trust. The total amount of the transaction corresponds to 3.94% of assets at Dacheng as of the end of first quarter 2009 (CNY74.06bn or USD10.8bn), Z-Ben Advisors reports. The other shareholders in Dacheng are Everbright Securities (25%), China Galaxy Investment Management (also 25%), while the remaining 2% belong to Guangdong Securities. Z-Ben Advisors says the authorisation granted to PICC is a sign that the regulatory authorities, CSRC and CIRC, have changed policies, and now allow insurers to directly hold at least minority stakes in asset management firms.
05/01/2010

SG Private Banking becomes Société Générale Private Banking

SG Private Banking on 4 January announced the adoption of the trade name Société Générale Private Banking from 1 January 2010. With the move, “the private bank reaffirms its membership in the Société Générale group and seeks to capitalise on the banking model organised by professions that the group has developed in order to offer high net worth investors access to the full range of products and expertise available worldwide, as part of a global and personalised approach to managing their wealth,” Société Générale says in a statement. The adoption of the Société Générale Private Banking name will also make it possible to accentuate the visibility and notoriety of private banking activities, particularly serving high net worth international clients. The private bank will operate globally under the name Société Générale Private Banking, except for a part of SG Hambros Bank Limited, an affiliate of Société Générale Private Banking, which will offer its services under the name Société Générale Private Banking Hambros, in the United Kingdom, Gibraltar, Guernsey and Jersey, and in Bahrain and Canada, where its services will be offered under the name Société Générale Wealth Management.
05/01/2010

Insight recruits a manager from F&C

Insight Investment has announced the appointment of Adam Mossakowski as a credit fund manager within its fixed income team. He joins Insight from F&C where he was responsible for a range of institutional and retail funds. At Insight, Adam’s focus will be on UK portfolios and he will report to Peter Bentley, head of UK credit.
05/01/2010

Pimco plans to launch a diversified global fund

Last Wednesday, Pimco submitted an application to the SEC for a sales license for its diversified fund Pimco Global opportunities, which will be allowed to invest in equities as well as bonds. Mutual Fund Wire reports that Bloomberg has suggested there may be a connection between this project and the recent recruitment of Anne Grudefin and Charles Lahr (see Newsmamagers of 8 December), who previously managed the Franklin Mutual Global Discovery Fund (USD15.6bn), a product which is similar to the one recently announced by Pimco.
05/01/2010

High deficits at US public pension funds

The US public pension system faces a higher-than-expected shortfall of more than USD2,000bn, according to the chairman of New Jersey’s pension fund, Orin Kramer, cited by the Financial Times.
05/01/2010

SFERS appoints a head of alternative investments

The San Francisco Employees’ Retirement System (SFERS) has appointed Donald Holcher to the newly-created position of managing director for alternative investment and real estate. Holcher is a real estate specialist who managed the real estate portfolio of SFERS for a decade. The fund has also appointed Robert Shaw to the also newly-created position of managing director for equities and fixed income. Shaw, who has over 16 years of experience, joined SFERS in 2008.
05/01/2010

Marketing clean-up following Amundi creation

Following the official launch of Amundi, the asset management joint venture of Crédit Agricole and Société Générale founded on 31 December 2009, the time for marketing has come. Firms involved in the creation of the new structure as well as the funds they manage have entered a highly concrete phase, which will involve many name changes. As CAAM became Amundi on 1 January 2010, CAAM Real Estate has been renamed Amundi Immobilier; CAAM CI has become Amundi Private Equity Funds; CAAM Group has become Amundi Group; CAAM AI SAS has become Amundi Alternative Investments. The activities of SGAM which are joining Amundi are being grouped together within an entity entitled Société Générale Gestion (S2G), confirming the desire of teh creators of the new structure to make it a joint platform for competing banks. For mutual funds, products previously offered by Société Générale with the prefix SGAM will change from 15 January 2010, while no concrete date has been set by CAAM. The changes will be undertaken gradually. It is already known that funds aimed at retail clients, such as the Atout line of funds, will not change names. However, funds aimed at clients of regional banks whose names begin with CAAM will now become CA. Funds with names beginning in CAAM or SGAM aimed at external clients will, meanwhile, adopt the Amundi prefix. Lastly, the names of funds aimed at clients of LCL and Crédit du Nord will not undergo any changes. Subscribers to funds whose names will change will receive a notification message.
05/01/2010

Risk management is primordial

The main challenge for asset managers in the coming decade is understanding, managing and communicating risk, according to a survey of senior industry figures carried out by FTfm
05/01/2010

New QDII licenses bring total for 2009 to USD6bn

Penghua and Changsheng last week became the seventh and eighth Chinese management firms to be issued QDII quotas in 2009 (for USD800m and USD700m respectively) by the Chinese currency office (SAFE), shortly after China Universal and Guangfa were issued licenses, for USD1bn each. In total, the new QDII quotas issued in 2009 came to USD6bn, putting the program’s total scale at USD35.07bn. Z-Ben Advisors reports that most funds issued under the QDII program will be released with foreign sub-advisors: China Universal may continue to rely on the services of Capital Group, while Changsheng may continue to work with Goldman Sachs, and Penghua will collaborate with its shareholder, Eurizon.
05/01/2010

Redemptions from Spanish funds top EUR15bn in 2009

As of the end of December, assets in Spanish investment funds totalled approximately EUR169.9bn, EUR6.9bn less than twelve months previously, which represents a decrease of only 3.7%, while net redemptions last year totalled EUR15.2bn, 8.6% less than in 2008, according to Ahorro Corporación. Most of the decrease in assets under management is due to maturing guaranteed funds totalling EUR9.4bn, equivalent to 17.3% of assets in such funds as of the end of 2008. All categories of funds saw positive returns last year (equities products gained as much as 38%), except for real estate funds, which saw average losses of 8.6%. Ahorro Corporación says two asset management firms stood out in particular: Caixa de Pensions and BBVA, which gained 2.72 and 2.23 percentage points of market share, respectively, between the end of July 2007 and the end of December 2009, at 8.1% and 19.4%. Meanwhile, Santander, whose assets fell EUR32.9bn in the period under review, to EUR31.2bn, saw a decline in its market share of 5.86 points, to 18.4%.
05/01/2010

Spanish funds back at 1997 asset levels

According to provisional statistics from the Inverco association of asset management firms, assets in securities funds on sale in Spain as of the end of December had fallen to EUR163.05bn, their lowest levels since a total equivalent to EUR162.32bn at the end of 1997, Cinco Días reports. Last year saw net redemptions of EUR11.68bn, compared with EUR58bn in 2008 and EUR20.43bn in 2007. The peak came at the end of December 2006, at EUR254.32bn. In the past ten years, assets in Spanish funds have undergone total net redemptions of EUR53.35bn, while assets under management fell EUR42.47bn.
05/01/2010

DekaBank launches a Russian equities fund

DekaBank still believes in the potential of eastern Europe. The German asset management firm has announced the launch of Deka-Russland, a fund which invests in equities from Russian companies of the MSCI Russia 10/40 Net Return index in Euros, which stand a change of profiting from economic growth in the country. DekaBank estimates that Russia will in the future be able to reduce its economic dependence on commodities. The manager of the fund, Dorota Kummer, sees a lot of potential in the areas of consumer products and services. The product is available in a traditional share class (LU0457263126) with a subscription commission of 3.75%, while the share class without this commission (LU0457263126) will be subject to an annual fee of 0.72%, says DekaBank.
05/01/2010

Managers reinvesting bonuses in their funds

Uncertainty about the UK’s bonus supertax is driving an increasing number of asset management houses to encourage portfolio managers to invest their bonuses in the funds they run, Financial Times Fund Management reports. The 50 per cent supertax on bonuses of more than GBP25,000 largely targets bankers and is unlikely to affect independent asset managers. But the situation is less clear for asset managers that are part of a bank.

Sujets d'actualité

Tous les sujets