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02/05/2013
Fonds

Direxion lance deux ETF inversés à effet de levier triple

Le gestionnaire américain Direxion (6,5 milliards de dollars) a fait admettre à la négociation le 1er mai deux ETF inversés à triple effet de levier, Direxion Daily Brazil Bear 3x Shares (acronyme : BRZS) and Direxion Daily South Korea Bear 3x Shares (KORZ).Le premier cherche à répliquer sur une base journalière, avant frais, 300 % de l’inverse de la performance du MSCI Brazil 25/50, le second ayant le même objectif avec comme référence le MSCI Korea 25/50, indique un communiqué.Ces deux fonds sont chargés à 1 %.
Fonds
02/05/2013

Vincent Kaufmann est promu directeur adjoint d'Ethos

La Fondation Ethos et Ethos Services ont nommé Vincent Kaufmann directeur adjoint à compter du 1er mai. Il secondera Dominique Biedermann, directeur. En parallèle, il reste responsable de la gestion de fortune, du controlling et des développements informatiques.Vincent Kaufmann est membre de la direction d’Ethos Services depuis 2011. Il a rejoint Ethos en 2004 comme analyste corporate governance, puis successivement comme analyste senior et deputy head of corporate governance.
02/05/2013

Lombard Odier veut recruter à Hong Kong

Dans un entretien au Financial Times, Patrick Odier, président de l’Association suisse des banquiers et associé senior de Lombard Odier, confie que la banque privée prévoit de renforcer ses effectifs à l’international et notamment à Hong Kong. Il n’exclut pas qu’un autre managing partner soit basé à l’étranger dans l’avenir. Le premier l’a été en 2012. Patrick Odier revient aussi longuement sur la transformation la banque privée de société en commandite simple en une société en commandite par actions (SCA). Il réfute que cela soit une réaction à la disparition de Wegelin.
02/05/2013

Hausse des actifs sous gestion de Crédit Agricole (Suisse) en 2012

Les actifs sous gestion de la filiale suisse du groupe français Crédit Agricole se sont établis à 44,9 milliards de francs suisses contre 44 milliards de francs suisses fin 2011, soit une hausse de 2%, selon un communiqué publié le 30 avril.Le secteur de la banque privée est la principale activité de la filiale suisse avec une contribution de 70% à ses revenus, et ce, «en dépit de l’environnement contrasté et de la poursuite des pressions sur le modèle bancaire suisse», a indiqué la banque. En 2012, Credit Agricole (Suisse) a terminé son installation à Hong Kong, dont la succursale avait été ouverte en 2011.Crédit Agricole (Suisse) a dégagé l’an dernier un bénéfice net consolidé de 130,2 millions de francs suisses, en baisse de 17,6% par rapport à 2011.
02/05/2013

DWS nomme le cogérant de trois fonds en remplacement de Klaus Kaldemorgen

DWS a nommé Lars Ziehn cogérant de trois fonds précédemment géré par Klaus Kaldemorgen, dont le DWS Akkumula fund et le DWS Invest StepIn Akkumula fund, indique Citywire. Il assistera André Köttner, qui a rejoint le gestionnaire en décembre en provenance d’Union Investment. Lars Ziehn a rejoint DWS en 2006 et gère actuellement le DWS-Merkur-Fonds.
02/05/2013
Fonds

amLeague: Theam plus forte pondération du fonds SL AM Euro TOP3 en mai

Le fonds de Swiss Life AM qui se réfère à une stratégie dite SL amLeague actions euro TOP3 construite suivant une approche systématique et exploitant les données de la plateforme amLeague, sélectionne chaque mois trois asset managers dont la gestion a été retenue et agrégée en fonction des résultats d’un algorithme. Pour le mois de mai, les trois sociétés de gestion retenues sont respectivement BNP Paribas IP, Aberdeen AM et TOBAM. Elles se voient attribuer une pondération fixe égale à 4/9 pour la première, 3/9 pour la deuxième et 2/9 pour la dernière.
Fonds
02/05/2013

Hausse du bénéfice de DeAWM

Le bénéfice avant impôt de la division Asset & Wealth Management de la Deutsche Bank est ressorti pour le premier trimestre 2013 à 221 millions d’euros contre 208 millions pour janvier-mars 2012 , selon le rapport complet de la banque publié dans la journée du 30 avril.
02/05/2013

L'encours des fonds de Bankinter gonfle de 20 % en un trimestre

La chute de la rémunération des dépôts a provoqué un gonflement des souscriptions nettes des fonds d’investissement de Bankinter, dont l’encours a bondi à 6,01 milliards d’euros fin mars contre 5,03 milliards fin décembre. Un an plus tôt, il ressortait à 4,84 milliards d’euros. La hausse des actifs gérés est due aux fonds maison, de Bankinter Gerstión de Activos (+ 764 millions d’euros, à 4.349 millions) qu’aux produits de gestionnaires étrangers (+ 219 millions, à 1.663 millions).L’encours de la banque privée au 31 mars ressortait à 14,8 milliards d’euros, ce qui représente une progression de 3,7 % sur les 14,3 milliards de fin décembre. Enfin, l’encours des fonds de pension a atteint 1,45 milliard d’euros à la fin du premier trimestre, contre 1,39 milliards trois mois plus tôt et 1,31 milliard au 31 mars 2012.Le bénéfice net du groupe Bankinter s’est accru pour janvier-mars de 1,9 % sur la période correspondante de l’an dernier, à 50,4 millions d’euros contre 49,4 millions.
02/05/2013

Hausse de l'encours des fonds du Popular à fin mars

Les fonds d’investissement du Banco Popular ont affiché au 31 mars un encours de 7.546,4 millions d’euros contre 7.271,9 millions fin décembre et 7.437,1 millions douze mois auparavant, indique le rapport trimestriel publié le 30 avril.Les actifs gérés en gestion de fortune ont augmenté à 744 millions d’euros contre 720,4 millions au 31 décembre, mais ils ont diminué par rapport aux 837,5 millions fin mars 2012.Enfin, l’encours des fonds de pension a augmenté de 1,3 % au premier trimestre, à 4.977,7 millions d’euros, un montant supérieur de 3,9 % à celui du 31 mars 2012.Le Popular a réalisé au total un bénéfice net distribuable de 104,22 millions d’euros contre 100,18 millions pour la période correspondante de l’an dernier.
02/05/2013

FinEx lists the first ETF on the Moscow stock exchange

P { margin-bottom: 0.08in; } Funds Europe reports that the FinEx Group has become the first firm to list an ETF for trading on the Moscow stock exchange with the FinEx Tradable Russian Corporate Bonds UCITS ETF, which has been listed in London for two months (see Newsmanagers of 26 February).The fund replicates the Barclays EM Tradable Russian Corporate Bond index.BNY Mellon is the custodian and administrator of the fund.
02/05/2013

Progression de 4% des actifs sous gestion de Pohjola au premier trimestre

Les actifs sous gestion du groupe de services financiers Pohjola, l’un des plus importants en Finlande, ont progressé de 4% au premier trimestre pour s'établir à 34,2 milliards d’euros, contre 32,7 milliards d’euros à fin décembre 2012.Les clients institutionnels reprèsentent 19,8 milliards d’euros, les OPC 10,3 milliards d’euros et la banque privée 4,1 milliards d’euros. Le pôle gestion d’actifs est légèrement bénéficiaire mais le coefficient d’exploitation s’est détérioré à 58% au premier trimestre, encore loin de son objectif de 45%.
02/05/2013
Fonds

FinEx fait coter le premier ETF sur la Bourse de Moscou

Funds Europe rapporte que FinEx Group se targue d’avoir fait admettre le premier ETF à la négociation sur la Bourse de Moscou. Il s’agit en fait du FinEx Tradable Russian Corporate Bonds UCITS ETF qui est coté à Londres depuis deux mois.Ce fonds réplique l’indice Barclays EM Tradable Russian Corporate Bond.BNY Mellon est le conservateur et l’administrateur du fonds.
Fonds
02/05/2013

Madoff: Thema lawsuit against HSBC opens

P { margin-bottom: 0.08in; } A lawsuit filed by the fund Thema International against HSBC began on Tuesday in Dublin, Agefi Switzerland reports. The fund, whose promoter had been Genevalor, is suing the bank on the grounds that it failed to fulfil its role as depositary, including verification of the existence of assets. Thema is seeking EUR1bn, according to Bloomberg. HSBC is facing 50 lawsuits related to the Madoff scandal in Ireland, and claims it has solid arguments in its defense. According to a lawyer for Thema, HSBC is responsible for losses, as it appointed Madoff as sub-depositary for the fund.
02/05/2013

WisdomTree plans to launch three emerging market ETFs

P { margin-bottom: 0.08in; } The New York-based firm WisdomTree has applied to the SEC for a sales license for three emerging market ETFs, Index Universe reports. The products cover equities in 17 countries: Brazil, Chile, China, Czech Republic, Hungary, India, Indonesia, South Korea, Malaysia, Mexico. Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.The products are the WisdomTree Emerging Markets Consumer Growth Fund, WisdomTree Emerging Markets Low Volatility Equity Fund and WisdomTree Emerging Markets Dividend Growth Fund. Acronyms and total expense ratios for the products have not been disclosed.
02/05/2013

Vanguard slashes TER on three bond ETFs

P { margin-bottom: 0.08in; } The total expense ratio for the Vanguard Short-Term Bond ETF (NYSE ticker: BSV), the Vanguard Long Term Bond ETF (BLV) and the Vanguard Intermediate Term Bond ETF (BIV), bond funds, were reduced by Vanguard on 29 April to 0.10%, compared with 0.11% previously.The BSV fund has assets of USD28.5bn, and has attracted net subscriptions of USD2.69bn since the beginning of the year, after USD1.8bn in 2012, Index Universe reports.The BIV fund (USD17.1bn in assets) has posted USD1.54bn in inflows last year, and USD1.84bn since 1 January.The BLV fund has USD5.79bn in assets under management. It brought in USD279m in 2012, and has seen minimal net outflows since the beginning of this year.
02/05/2013

Dreyfus (BNY Mellon) launches infrastructure bond fund

P { margin-bottom: 0.08in; } The IPO for the new Dreyfus Municipal Bond Infrastructure Fund on 29 April concluded with USD254.25m raised, BNY Mellon has announced. The product is a closed-end bond fund, dedicated to infrastructure, which has been listed since 26 April on the New York Stock Exchange, under the acronym DMB. If the banking consortium (Morgan Stanley, Citigroup Global Markets and Merrill Lynch, Pierce, Fenner & Smith Incorporated), exercises its greenshoe option in full, the proceeds from the sale may reach USD292.31m, on the basis of a price of USD15 per share.The objective is to provide investors with high revenue exempt from Federal income taxes. The fund is “sub-advised” by Standish Mellon Asset Management Company, and managed by Christine L. Todd, chairwoman of Standish, Jeffrey Burger, Daniel Rabasco and Thomas Casey.Dreyfus Corporation (USD294bn) and Standish (USD167bn) are both boutiques of the BNY Mellon galaxy.
02/05/2013

Raiffeisen launches two funds

P { margin-bottom: 0.08in; } The Austrian asset management firm Raiffeisen Capital Management has appointed Peter Schlagbauer to manage two newly-created “parity-based mixed asset” funds, Citywire reports. The funds will be entitled Raiffeisen-GlobalAllocation-StrategiesDiversified and Raiffeisen-Global-DiversifiedGrowth.
02/05/2013

Direxion launches two inverse triple leveraged ETFs

P { margin-bottom: 0.08in; } The US asset management firm Direxion (USD6.5bn) on 1 May listed two inverse triple leveraged ETFs for trading, the Direxion Daily Brazil Bear 3x Shares (ticker: BRZS) and Direxion Daily South Korea Bear 3x Shares (KORZ).The first of these funds seeks to replicate 300% of the inverse of the performance of the MSCI Brazil 25/50 index, on a daily basis and before fees, while the second has the same objective with the MSCI Korea 25/50 as its benchmark, according to a press release.Both funds charge fees of 1%.
02/05/2013

CalPERS Adds Invesco Real Estate as Multifamily Real Estate Manager

The California Public Employees’ Retirement System (CalPERS) has selected Invesco Real Estate as a new manager for its Multifamily Real Estate Program. The partnership, named Institutional Core Multifamily Investors, will invest in multifamily properties, focused in the western US region. The Institutional Core Multifamily Investors partnership is a multiyear program that will fund with an initial allocation of $250 million. The partnership will seek to build a stable income-oriented portfolio of institutional-quality core apartment assets focusing on select target markets in the West and Midwest U.S. CalPERS currently holds approximately $2 billion in assets in its multifamily program, with a total of $24.5 billion in the Real Assets portfolio.
02/05/2013

Assets and profits up for AllianceBernstein

P { margin-bottom: 0.08in; } As of the end of March, total assets under management at AllianceBernstein totalled USD443.2bn, USD13.2bn, or 3.1%, more than three months previously, and USD24.1bn, or 5.8%, more than as of 31 Mach 2012, the group has announced.Net subscrptions totalled USD2.6bn in first quarter 2013, compared with USD5bn in October-December, and net outflows of USD12.1bn in the corresponding period of last year. Net inflows to institutional management totalled USD3.3bn in January-March this year, compared with USD2.9bn in October-December, while retail inflows were limited to USD0.2bn, compared with USD5.3bn in fourth quarter 2012. For private clients, AllianceBernstein posted net outflows of USD0.9bn in January-March 2013 compared with USD3.2bn the previous quarter.Net distributable income at AllinceBernstein (the operating partnership) in first quarter increased ato USD114.5m, compared with USD71.7m in October-December, and USD87.3m in the corresponding period of last year.Net income at AllianceBernstein Holding (the publicly-traded partnership) totalled USD38.2m, compared with USD26.2m the previous quarter, and USD26.7m in first quarter 2012.
02/05/2013

Lyxor adds to cross-asset research team

P { margin-bottom: 0.08in; } In April, Rob Koyfman, who had been head of macro and thematic trading strategy at Citi, joined the cross-asset research team at Lyxor Asset Management in New York. He reports to Jeanne Asseraf-Bilton, global head of cross asset research.Koyfman says on his LinkedIn profile that his specialities are macro analysis, the transposition of macro convictions on ETFs and equities, backtesting, transversal analysis of asset classes, and options.Before joining Citi in June 2010, he spent one year as a senior strategist at Caxton Associates, after six years at Goldman Sachs.
02/05/2013

MPL temporarily freezes redemptions for Traded Policies Fund

P { margin-bottom: 0.08in; } According to Investment Week, Managing Partners Limited (MPL) has suspended redemptions from its Traded Policies fund “in the interests of current and future shareholders,” in the form of a temporary “gate.”The fund, which invests in a portfolio of traded life insurance policies (TLP), has generated annualised returns of 8.94% on average since its launch in July 2004.In November, the FSA announced that it would be prohibiting sales of TLPs to retail investors, as they are considered “high risk and toxic.”
02/05/2013

Net redemptions, but an increase in assets at Henderson in Q1

P { margin-bottom: 0.08in; } Although overall, retail funds showed net subscriptions of GBP188m after two full years of net redemptions, Henderson Group plc has posted net redemptions in first quarter 2013, including Phoenix Group, of GBP1.269bn. Net redemptions to institutional clients, excluding Phoenix, represented GBP1.248bn.However, due to positive market and currency effects, which represented GBP4.496bn for the group, of which GBP2.839bn were for retail products, assets increased by GBP68.877bn as of 31 March, compared with GBP65.65bn as of 1 January, of which GBP33.293bn, compared with GBP30.266bn, were for retail.
02/05/2013

Profits up at DeAWM

P { margin-bottom: 0.08in; } Pre-tax profits for the Asset & Wealth Management operation of Deutsche Bank in first quarter 2013 totalled EUR221m, compared with EUR208m in January-March 2012, according to a complete report by the bank, published on 30 April.
02/05/2013

OppenheimerFunds updates its image

P { margin-bottom: 0.08in; } On 29 April, OppenheimerFunds (OFI, USD208bn as of the end of March) on 1 May announced that it has adopted a new visual identity, to modernise its retail image, which will retain the OppenheimerFunds brand name, and has created a new institutional brand, OFI Global Asset Management.
02/05/2013

Contrasted results for Federated

P { margin-bottom: 0.08in; } In first quarter 2013, net profits at Federated Investors totalled USD43m, compared with USD49.6m in October-December, and USD42.3m in January-March 2012.Assets as of the end of March totalled USD377.3bn, which represents a decline of USD2.5bn compared with 31 December, and an increase of USD13.7bn over the level recorded one year previously.On average in first quarter, assets under management nonetheless increased to USD381.2bn, compared with USD368.7bn in October-December, and USD370.1bn in the corresponding period of last year.Assets in equity funds as of 31 March 2013 totalled USD37.9bn, compared with USD35bn three months previously, and USD34.1bn as of the end of March 2012, while bond funds also showed a gain, resulting in a record USD52.8bn as of the end of March 2013, compared with USD52.7bn as of 31 December and USD46.2bn one year previously.Assets under management in money market funds and mandates totalled USD279.7bn as of the end of March this year, USD5bn less than at the end of December, and USD5bn more than as of 31 March 2012. For money market mutual funds, assets totalled USD242.7bn, which represents a decline of USD13bn compared with the end of 2012, and of 2.5% compared with its level twelve months previously.
02/05/2013

Assets under management at Legg Mason up 2%

P { margin-bottom: 0.08in; } Assets under management by the Legg Mason asset management group were up 2% in the fourth quarter of its 2012-2013 fiscal year, ending on 31 March, to a total of USD664.6bn, compared with USD648.9bn as of the end of December 2012. The increase compared with the end of March 2012 is 3%. The increase in assets was favoured by a positive market effect of USD12.1bn, and by inflows of USD5.4bn related to the acquisition of Fauchier, which has recently been completed. These factors were partly offset by redemptions totalling USD1.8bn. As of 31 March, bonds represented 55% of assets under management, compared with 24% for equities, and 21% for money markets. Assets originating from the United States represented 61% of the total. For the fiscal year ending on 31 March as a whole, the group shows a loss of USd353.3m, or USD2.65 per share, although it had earned a net profit of USD220.8m, or USD1.54 per share, for the previous fiacal year. In fourth quarter, Legg Mason has, however, earned a net profit of USD29.2m, after a loss of USD453.9m in third quarter, which was affected by provisions for depreciation of intangible assets.
02/05/2013

AUM at Franklin Resources up by nearly USD100bn in one year

P { margin-bottom: 0.08in; } The US asset management group Franklin Resources has reported an increase of USD41.9bn, or 5% of its assets under management, in the second quarter of its fiscal year, ending on 31 march, to USD823.7bn, according to a statement released on 30 April. This development is due to a positive market effect of USD24.5bn, and a net inflow of USD18.3bn. Year on year, the increase in assets under management was 14%, or USD98bn, due to a positive market effect of USD67.6bn, and a net inflow of USD26.3bn. Net profits in the quarter totalled USD572.8m, compared with USD51.61m the previous quarter, and USD503.2m in the quarter to the end of March 2012.
02/05/2013

State Street investor confidence index up in April

P { margin-bottom: 0.08in; } The global investor confidence index released by State Street rose 5.5 points in April to 93.6 from March’s revised reading of 88.1. Driving this gain was a surge in confidence among North American institutions, whose confidence increased 10.2 points to 105.8 from the revised March reading of 95.6. In contrast, confidence among European and Asian institutions declined marginally. The European ICI registered a decrease of 3.9 points to 87.8, while the Asian Index fell 2.1 points to 85.2. “The North American ICI is now at its strongest level since May 2011. We would note that, at a sectoral level, flows favor defensive sectors, such as utilities, and this may signal some caution around both the natural resource sector, and global growth prospects more generally,” the authors of the study remark.
02/05/2013

Fund managers trade too much

P { margin-bottom: 0.08in; } According to a study by the Economist, relayed by Fondsnieuws, the average turnover for investments funds has risen from 15% in 1950 to about 100% in 2011, which has resulted in a rise in transaction costs.The total expense ratios total 1.39% and 1.07%, respectively, for US small cap and large cap funds, but the average transaction costs total an average of 3.17% and 0.84%.Funds with the highest transaction costs were also the ones which had the worst returns.

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