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24/08/2012

Slight increase in assets under management at Och-Ziff

Assets under management at Och-Ziff totalled USD29.9bn as of 30 June 2012, down USD189.1m from 31 March, but up by USD160.2m compared with 30 June 2011.Year-on-year growth is related to a market appreciation of USD218m, and a net outflow of USD57.8m.As of 1 August, assets under management totalled USD30.3bn. Och-Ziff has seen net redemptions totalling USD200m YTD, but has posted a positive market effect of USD1.7bn.Since the end of July, Och-Ziff has taken on a major new client, the Florida state pension fund.
24/08/2012

EIG challenges acquisition of TCW by Carlyle

EIG Global Energy Partners has filed suit in the United States to void the acquisition of TCW by Carlyle, a Wall Street Journal blog reports, citing LBO Wire.The suit claims that with the deal, Carlyle, which EIG claims is a competitor, will gain access to proprietary information.EIG claims that the transaction violates its right to approve any change of control at TCW.EIG had previously been known as Energy and Infrastructure Group of Trust of the West, the predecessor of TCW. It spun off from TCW in October 2009.
24/08/2012

Former head of Perry Capital for Asia closes hedge fund to new investors

The former head of Perry Capital for Asia, Alp Ercil, has announced the closure of his hedge fund launched earlier this year to new investors, Reuters reports. Ercil managed to raise USD940m in a few months, nearly the full objective of USD1bn.Ercil founded his investment firm, Asia Research & Capital Management, earlier this year, with personnel of 18, 14 of whom came from Perry Capital, which in October 2011 decided to discontinue its activities in Asia to focus on the American and European markets.His hedge fund, which concentrates on the distressed debt sector in the Asia-Pacific region, is the largest major hedge fund launch since the beginning of the year, in an environment in which hedge funds are encountering difficulty in raising capital. Since the beginning of the year, Asian hedge funds have seen redemptions totalling a net USD1.7bn, according to statistics from Eurekahedge.
24/08/2012

Morgan Stanley P2Value fund earns gains

The German firm Morgan Stanley Real Estate Investment GmbH on 23 August announced that it had succeeded in selling 97% of the square metres which its open-ended real estate fund P2 Value (DE000A0F6G89) still owned in the Ever Gain Plaza in Hong Kong to the US firm Angelo Gordon & Company. The sale, which will be completed by the end of September, will go through at a price 12% higher than the current market value, and 7% above the acquisition price.After paying off debts, the asset management firm will earn about HKD891m. The net asset value of the P2 Value fund, which is to be liquidated by 30 September 2013, thus increases by EUR0.50.As of 23 August, assets in the fund still represented EUR509.81m, and gross liquidity totalled EUR107.2m (21%), compared with EUR610.47m and EUR203.48m, or 33.3%, respectively, as of 30 June.
24/08/2012

Deka releases a fund of shares “of substance”

The German asset management firm Deka (German savings banks) on 16 July released a new locally-registered diversified fund, Deka Sachwerte, which aims to position itself on shares «of substance» to protect subscriber savings. Assets currently total about EUR20m; the fund, which is available in shares with a front-end fee (CF) or without (TF) may invest in equities (up to 30%), a real estate fund (WestInvest ImmoValue, a product of the group, representing 10% of the total), gold, inflation-linked bonds, ETFs and ETCs (excluding soft commodities) and savings deposits.The portfolio additionally contains German Federal bonds (Bunds), with active management of durations, and money market instruments. Management of the Deka-Sachwerte fund is managed according to a mathematical model, which analyses market trends once per month, and assigns weightings to the various asset classes. The same quantitative weighting system is used for the Deka-Euroland Balance fund.CharacteristicsName: Deka-SachwerteISIN codes:DE000DK0EC83 (CF share class)DE000DK0EC91 (TF share class)Front-end fee: maximum 3% (CF share class)Management commission: 0.85% (CF share class)1.20% (TF share class)Administrative charges: 0.16% per yearMinimal subscription: EUR25
24/08/2012

UCITS post net outflows of EUR33bn in June

Net sales of UCITS recorded a sharp turnaround in June registering net outflows of EUR 33 billion, against net inflows of EUR 22 billion in May, according to the lateste Investment Fund Industry Fact Sheet from the European Fund and Asset Management Association (EFAMA). This turnaround came on the back of large net outflows from money market funds, which recorded net monthly outflows for the first time since October 2011. Net outflows amounted to EUR 24 billion in June, whereas they registered net inflows of EUR 13 billion in May. Long-term UCITS (UCITS excluding money market funds) registered net outflows in June of EUR 9 billion, compared to net inflows of EUR 8 billion in May. Equity funds recorded reduced net outflows totaling EUR 9 billion, compared to EUR 12 billion in May. Outflows from balanced funds increased to EUR 3 billion during the month Total net sales of non-UCITS increased in June to EUR 11 billion, from EUR 8 billion in May. Net inflows into special funds (funds reserved to institutional investors) doubled in June to EUR 10 billion. Total net assets of UCITS increased in June by 0.3% to EUR 5,865 billion, whilst non-UCITS net assets increased 2.2% in the month to stand at EUR 2,375 billion.
24/08/2012

Safa Investment Services starts up in Sharia-compliant management

Safa Investment Servies, a firm founded earlier this year, with offices in Geneva and Riyadh, is starting up in the active management of Sharia-compliant products, Agefi Switzerland reports. According to the co-founder of the firm, John Sandwick, asset management is the least developed segment in Islamic finance.
24/08/2012

Invesco Germany loses its head of institutional sales

According to Das Investment, Michael Gartmann, director of institutional sales and a member of the management at Invesco Germany (where he arrived in 2009), has joined the wealth management firm Großbötzl, Schmitz & Partner (GS&P) in Düsseldorf, where he will be a part of the institutional management team led by Wolfgang Zinn.Until a successor to Gartmann is found, Invesco has appointed Michael Fraikin to serve in the position in the interim. Fraikin is director of portfolio management in the global quantitative equity team.
24/08/2012

Madoff: USD2.4bn may be paid back to investors

Irving Picard, the trustee for Bernard L. Madoff Investment Securities, was authorised on Thursday by a Manhattan bankruptcy court to repay up to USD2.4bn to 1,229 victims of the fraudster, the Wall Street Journal reports. This is the largest payout to be authorised since Madoff’s arrest.
24/08/2012

BlackRock preparing 10 new iShares ETFs

At a time when Scottrade and Russell Investments have recently announced plans to close ETFs, with the former discontinuing its FocusShares line, and the latter its passively-managed US ETFs, BlackRock on 20 August submitted an application for ten new ETF funds with the SEC, Mutual Fund Wire reports.The funds are the following:• iShares MSCI Emerging Markets Investable Market Index Fund• iShares MSCI EFM Africa ex South Africa Index Fund• iShares Barclays Global Aggregate ex USD Bond Fund• iShares MSCI USA High Dividend Yield Index Fund• iShares MSCI ACWI Investable Market Index Fund• iShares Barclays 1-5 Year Government/Credit Bond Fund• iShares Barclays Global Aggregate Bond Fund• iShares MSCI ACWI ex US Investable Market Index Fund• iShares MSCI GCC Countries ex Saudi Arabia Index Fundand• iShares MSCI EAFE Investable Market Index Fund
24/08/2012

Record number of EM hedge funds in Q2

The number of hedge funds dedicated to emerging markets has reached a new record in second quarter, which has partly offset the performance of volatile markets and some disaffection on the part of investors for emerging market strategies, according to the most recent quarterly report by HFR dedicated to emerging markets (HFR Emerging Markets Hedge Fund Industry Report).The total number of hedge funds dedicated to emerging markets was 1,074 funds, equivalent to about 14% of hedge funds, and 3.5% up compared with second quarter 2011.Despite this increase, assets at emerging market hedge funds were down 3% compared with first quarter 2012, to USD123.5bn as of the end of June. This decline of USD3.7bn from one quarter to the next is largely due to a decline of 6.05% for the HFRI Emerging Markets Total Index for the quarter, and a limited outflow of USD256m, 0.2% of emerging market hedge fund assets.Over the first seven months of this year, emerging market hedge funds nonetheless posted solid returns, in an environment that remains highly difficult. Funds dedicated to Latin America show a 3.9% gain for the HFRI EM/Latin America index. The HFRX Russia/Eastern Europe index, for its part, has earned gains of 2.3% over seven months, while the HFRX MENA Index has gained more than 2.7% over the same period.The recently-launched HFRX Emerging Markets index, which includes all exposures to emerging market regions and strategies has gained more than 5.7% since the beginning of the year as of 17 August.
24/08/2012

Commerz Real sells four shopping centres in Canada

The German firm Commerz Real has sold its 50% stakes in four shopping centres in Halifax, Quebec City, Montreal and Victoria, with a total of 500 shop locations and 222,000 square metres, to its local partner, Ivanhoé Cambridge. Since the firm acquired the stake for its open-ended real estate fund hausInvest in July 2004, the properties have gained 64% in value.
24/08/2012

Tax authorities search German clients of Julius Baer

In its 24 August issue, manager magazin reports that inspectors from the North Rhenania-Westphalia tax authorities in mid-August conducted targeted searches of the homes of several German clients of the Swiss private bank Julius Baer, seeking proof of tax evasion. It would appear that the information which the tax authorities obtained was of excellent quality. North Rhenania-Westphalia is the German state which purchased several CD-ROMs containing data on German clients of Swiss banks.
24/08/2012

Inflows at Ignis from third parties

Ignis, the asset management firm of the Phoenix group, has posted net subscriptions from third parties in first half of GBP0.9bn, compared with GBP0.8bn one year earlier. International inflows totalled GBP0.2bn, and were boosted by inflows to the Absolute Return Government Bond Fund. Assets under management, advising and administration at Ignis totalled GBP70.3bn as of 30 June (excluding collateral for securities lending), compared with GBP70.7bn as of 31 December. The firm earned IFRS operating profits of GBP19m, compared with GBP18m last year.
24/08/2012

SIG loses its head of development

The director of development at Skandia Investment Group (SIG), John Campbell, has left the firm, Money Marketing reports. The departure is related to the merger of SIG with Old Mutual Asset Managers, which has involved 30 layoffs. Campbell, who had worked at SIG for more than three years, previously served in a distribution role at Veritas AM and Threadneedle AM.
24/08/2012

US firm AQR Capital Management arrives in Europe

AQR Capital Management, an alternative management firm based in Connecticut, will be opening an office in London, Investment Europe reports. The firm, which has USD4.5bn in assets under management, is targeting institutionals with a systematic asset allocation, portfolio construction and risk control approach. The London office will let the firm get closer to its growing base of European clients.
24/08/2012

Seven foreign asset management firms set up shop on Spanish market

On 1 August, Funds People reported on the arrival on the Spanish market of seven foreign asset management firms YTD, the most recent of which being the British firm CF Ruffer, which has registered its Luxembourg Sicav with the CNMV. The other new arrivals are Jyske Invest, Zest Asset Management, Diapason, Heptagon Capital (which represents Yacktman AM, Helicon and Oppenheimer Developing Markets), and Saxo Invest.
24/08/2012

New head of development for Lyxor in Amsterdam

The head of institutional sales at Schroders for the Netherlands, Tim Soetens, has been recruited as head of development for the country by Lyxor Asset Management (Société Générale), Funds People reports. Soetens will report to Amber Kizilbash, head of development for Northern Europe and the Middle East.Before joining his previous employer, Soetens worked at BlackRock and for the Philips pension fund.
24/08/2012

12% increase in assets under management and adminisration at Rabobank

Assets under management and administration at the Rabobank group as of 30 June 2012 totalled EUR294.4bn, up 12% compared with the end of December 2011, according to figures released on 23 August.Robeco, the asset management affiliate of Rabobank, a few days ago reported assets under management of EUR179bn as of 30 June (see Newsmanagers of 16 August).The group reported a 29% decline in net profits in first quarter, to EUR1.31bn.Rabobank has also stated that it has no comment on ongoing investigations in which it is one involved party, in relation to the Libor manipulation scanal, and states only that it is cooperating with the relevant authorities.
24/08/2012
Fonds

Commerz Real revend quatre centres commerciaux au Canada

Pour un total de 508 millions de dollars canadiens, l’allemand Commerz Real a vendu à son partenaire local Ivanhoé Cambridge ses participations de 50 % dans quatre centres commerciaux situés à Halifax, Québec, Montréal et Victoria (au total 500 emplacements et 222.000 mètres carrés). Depuis l’acquisition de ces parts pour le fonds immobilier offert au public hausInvest en juillet 2004, les actifs se sont revalorisés de 64 %.
Fonds
24/08/2012
Gestion d'actifs

La MAF a sélectionné un nouveau gérant sur les obligations hors zone euro

Afin de se prémunir contre le risque d'éclatement de la zone euro, la Mutuelle des Architectes Français (MAF) a confié la gestion d’un fonds dédié sur les obligations à la Financière de la Cité. Contacté à ce sujet, la société de gestion lauréate n’a pas souhaité commenter. Le montant investi au départ était de 20 millions d’euros, avec un objectif d’atteindre 60 millions d’euros.
Gestion d'actifs
24/08/2012

Paris et Berlin veulent accélérer la supervision bancaire

En marge d’un dîner de travail hier à Berlin, François Hollande et Angela Merkel ont évoqué la mise en œuvre des «bonnes décisions» du conseil européen de fin juin, selon les termes du président français. «Nous sommes favorables à aller plus loin, plus vite sur la supervision bancaire avec la Banque centrale européenne», a dit François Hollande, évoquant la volonté franco-allemande de «donner une substance à cette feuille de route». Les deux dirigeants ont également tenu un discours de fermeté vis-à-vis de la Grèce. «Nous sommes très attachés à ce que chacun respecte ses engagements», a souligné la chancelière allemande. Alors que des voix s'élèvent en Allemagne contre toute idée d’aide supplémentaire à Athènes, la chancelière a dit attendre «de savoir ce qu’il ressortira du rapport de la Troïka» sur les progrès accomplis par la Grèce dans la voie des réformes et de l'équilibre budgétaire. Cette Troïka (FMI, BCE, UE) doit rendre ses conclusions fin septembre.
24/08/2012

Appels de marge en hausse sur de la dette française

La chambre de compensation LCH.Clearnet a annoncé hier l’augmentation des appels de marge qu’elle exige pour certains titres de dette français. Dans un communiqué, LCH.Clearnet indique que la marge initiale sera relevée à 6,55% contre 6,40% pour les titres assortis de maturités allant de 10 à 15 ans. Pour les titres de 30 à 50 ans, la marge passe de 16,45 à % 17%.
24/08/2012

Le déficit commercial avec la Chine pèse sur l’emploi américain

D’après une étude publiée hier par l’Economic Policy Institute, le déficit commercial entre les Etats-Unis et la Chine, alimenté par les mesures de Pékin destinées à déprécier la valeur du yuan, a provoqué la délocalisation ou la suppression de plus de 2,7 millions d’emplois américains. L’institut, spécialisé dans les sujets liés à la problématique de l’emploi, estime que 77% de ces emplois, 2,1 millions, ont été perdus dans le secteur manufacturier.
24/08/2012

Fitch pourrait élever la Turquie au grade d'investissement

L’agence a annoncé hier qu’elle pourrait relever la note à long terme de la Turquie en catégorie d’investissement, à BBB-, si elle progresse vers la réalisation de son potentiel de croissance, réduit l’inflation et ramène le déficit courant à un niveau plus supportable. Fitch note actuellement la Turquie un cran en deçà de la catégorie d’investissement, soit à BB+. Le déficit courant turc a atteint 10% du PIB en 2011 mais est attendu à 8% cette année.
24/08/2012

S&P confirme la note «B» de l’Egypte

Standard & Poor’s a confirmé hier la note à long terme B de l’Egypte, tout en maintenant une perspective négative. La note avait été placée sous surveillance avec implication négative cette année. L’agence estime qu’un accord entre les Frères musulmans et les plus hauts gradés de l’armée pourrait «conduire les autorités à s’attaquer à certains des défis structurels pressants de l’Egypte et à enrayer la dégradation des finances publiques et externes». Moody’s note le pays et Fitch B+.
24/08/2012

Modeste amélioration de l'activité manufacturière américaine

La croissance du secteur manufacturier aux Etats-Unis a progressé en août de façon inattendue, mais l’emploi et la demande étrangère restent faibles, montrent les résultats de l’enquête Markit publiés hier. L’indice PMI manufacturier est ressorti en estimation flash à 51,9 ce mois-ci contre 51,4 en juillet. C’est la première fois que l’indice progresse en cinq mois, mais il s’agit du troisième résultat le plus faible enregistré depuis que l’activité dans le secteur manufacturier a cessé de se contracter en octobre 2009.
24/08/2012

Hausse de 3,6% des ventes de logements neufs américains

Les ventes de logements neufs ont progressé plus que prévu au mois de juillet mais les prix ont pour leur part baissé, a annoncé hier le département du Commerce. Les ventes ont augmenté de 3,6% pour s'élever à 372.000 unités en rythme annualisé. Cela correspond à un plus haut de deux ans, déjà atteint en avril. Les économistes interrogés par Reuters attendaient en moyenne un chiffre de 365.000.
24/08/2012

Mitt Romney congédierait Ben Bernanke

Le candidat républicain à la présidence américaine Mitt Romney a redit hier qu’il n’avait pas l’intention de maintenir Ben Bernanke à la tête de la Réserve fédérale s’il était élu, sans pour autant annoncer par qui il comptait le remplacer. Dans un entretien télévisé, l’ancien gouverneur du Massachusetts a salué les compétence de ses deux principaux conseillers économiques, Glenn Hubbard et Greg Mankiw tout en disant qu’il pourrait envisager d’autres candidatures pour le siège de président de la Fed lorsque le mandat de Ben Bernanke aura expiré, en janvier 2014.
24/08/2012

Citi s'inquiète pour les notes de la zone euro

Citigroup s’attend à de nouvelles dégradations de notes souveraines en zone euro d’ici neuf mois, suivies d’une vague plus importante de dégradations au cours des deux ou trois prochaines années. Selon une note des économistes et stratégistes de Citigroup, les grandes banques centrales devraient maintenir leur politique d’assouplissement monétaire, voire l’intensifier au cours des prochains mois, les autorités étant prêtes à intervenir en cas de nouvelles pressions du marché. Une sortie de la Grèce de la zone euro, qui entraînerait probablement une nouvelle fuite des capitaux des pays dits périphériques, devrait susciter une réponse forte de la part des autorités, estime le broker, citant l’injection de liquidités, un nouvel assouplissement monétaire ou un report des politiques de rigueur. Or Citigroup évalue à 90% la probabilité d’une sortie de la Grèce de la zone euro dans les douze à dix-huit prochains mois, voire dès septembre-octobre, en fonction du rapport de la «Troïka».

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