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21/03/2012
Fonds

db x-trackers fait coter deux ETF de "govies" à Francfort

Désormais, la cote du segment XTF de la plate-forme électronique Xetra (Deutsche Börse) cote 944 produits avec l’arrivée de deux fonds de db x-trackers (groupe Deutsche Bank). Il s’agit de deux ETF d’obligations d’Etat, Allemagne et zone euro, des produits de droit luxembourgeois chargés chacun à 0,15 %CaractéristiquesDénomination : db x-trackers II iBoxx € Germany 3-5 TRI ETFCode Isin : LU0613540854Indice de référence : iBoxx € Germany 3-5 IndexTFE : 0,15 %Dénomination : db x-trackers II iBoxx € Sovereigns Eurozone AAA 1-3 TRI ETFCode Isin : LU0613540938Indice de référence : iBoxx € Sovereigns Eurozone AAA 1-3 IndexTFE : 0,15 %.
Fonds
21/03/2012

La Deutsche Bank publie un bilan RSE positif pour 2011

Le 20 mars, la Deutsche Bank a mis en ligne à l’adresse www.db.com/csr son rapport annuel sur la responsabilité sociale d’entreprise (RSE) où elle se crédite de progrès significatifs dans le domaine du développement durable, notamment en ce qui concerne l'énergie et la politique en matière de changement climatique.Par exemple, le pôle gestion d’actifs gérait fin 2011 environ 2,5 milliards d’euros d’encours investis conformément aux critères environnementaux, sociaux et de gouvernance (ESG), dont des fonds focalisés sur le changement climatiques.En outre, la Deutsche Bank a obtenu des mandats du secteur public pour des produits d’investissements conçus pour améliorer les conditions de vie dans les pays en voie de développement ou émergents et pour combattre le changement climatique. Ces mandats concernent l’European Energy Efficiency Fund, le Global Climate Energy Fund et l’Africa Agriculture and Trade Investment Fund.Enfin, afin de répondre à l’importance croissante du développement durable pour la clientèle de particuliers, l’unité d’affaires private & business clients» a créé son propre «sustainability board» dont la mission est de promouvoir le développement de produits d’investissement «durables».
21/03/2012

Universal passe la barre des 100 milliards d'euros en "Spezialfonds"

Le francfortois Universal-Investment a indiqué avoir atteint fin février les 104 milliards d’euros d’encours dans des fonds institutionnels (Spezialfonds), ce qui représente une hausse de 9,5 % sur douze mois.Les rentrées nettes de ce spécialiste des produits durant l’année 2011 ont porté sur 6,7 milliards d’euros, a indiqué le directeur général Bernd Vorbeck.Les actifs sous administration représentent actuellement un total d’environ 138 milliards d’euros répartis sur plus de 1.000 mandats.
21/03/2012
Fonds

Deka acquiert un "4 étoiles" à Amsterdam

L’allemand Deka Immobilien a acheté dans le cadre d’un «sale & lease-back» pour un montant non divulgué l’American Hotel d’Amsterdam de Hampshire Hospitality. Cet actif de 175 chambres et 8.000 mètres carrés est affecté au fonds immobilier sectoriel offert au public WestInvest TargetSelect Hotel.
Fonds
21/03/2012
Fonds

Mutuactivos confie à JPMAM la gestion d'un fonds de convertibles

Le mandat du premier fonds d’obligations convertibles (OC) de Mutuactivos, le Mutuafondo Bonos Convertibles, a été délégué à JPMorgan Asset Management, rapporte Funds People. Il s’agit d’un produit dont l’objectif est d’acquérir un portefeuille d’obligations qui seront conservées jusqu'à échéance. La souscription est ouverte jusqu’au 4 avril.La souscription minimale est fixée à 100 euros et la commission de gestion à 1,9 % (classe de parts D).
Fonds
21/03/2012

Nordea met fin à sa joint-venture en Italie

La société de gestion nordique Nordea Investment Funds met fin à son partenariat avec son homologue italienne Vegagest SGR qui avait donné naissance à la société de gestion NorVega SGR, selon un communiqué diffusé le 20 mars.D’après la presse italienne, Nordea va céder ses 40 % dans NorVega à son ex-partenaire qui détient les 60 % qui restent. Ce dernier compte à son tour se défaire de la société de gestion et la céder à Arca SGR, toujours selon la presse financière transalpine.Le partenariat avec les deux acteurs avait été noué il y a deux ans, en mars 2010. Ce «divorce» ne met toutefois pas fin à l’aventure de Nordea en Italie. Ainsi, la société nordique précise à Newsmanagers qu’elle va rouvrir son bureau de représentation dans la Péninsule avec trois commerciaux senior.
21/03/2012
Fonds

State Street importe le SPDR S&P 500 en Europe

L’américain State Street Global Advisors (SSgA) a obtenu le feu vert des autorités allemandes pour la négociation d’une version européenne de son SPDR S&P 500 ETF*. Le produit d’actions original, aux Etats-Unis, affiche un encours proche de 95 milliards de dollars.Sa version coordonnée est cotée à partir du 20 mars sur le segment XTF de Xetra et a obtenu l’agrément de commercialisation au Royaume-Uni, aux Pays-Bas, en France, en Irlande et en Italie. D’autres pays d’Europe continentale devraient suivre. Le TFE ressort à 0,15 % contre 0,10 % pour l’ETF américain. * IE00B6YX5C33
Fonds
21/03/2012
Fonds

CVC Capital Partners pourrait coter le championnat de Formule 1 en Asie

Le fonds CVC Capital Partners explorerait la possibilité d’une cession de ses parts lors d’une éventuelle introduction en Bourse partielle du circuit de Formule 1 (F1), rapporte L’Agefi reprenant une information de Bloomberg qui cite des sources proches du dossier. L’entreprise de sport automobile serait valorisée à plus de 10 milliards de dollars (7,6 milliards d’euros) et la Bourse de Singapour pourrait être choisie pour une éventuelle cotation, précise le quotidien.
Fonds
21/03/2012

Chute du bénéfice de LGT

En 2011, le bénéfice net de LGT Group a plongé de 52 % à 70,3 millions de francs suisses ou 58 millions d’euros après la vente en mai de l’activité en Allemagne à ABN Amro, une opération qui a provoqué une charge exceptionnelle de 50 millions de francs, rapporte le Handelsblatt.Cependant, les souscriptions nettes ont gonflé à 8,6 milliards de francs contre 3,1 milliards en 2010 et l’encours fin décembre se situait à 86,9 milliards de francs.
21/03/2012

AllianceBernstein muscle ses effectifs en Asie

Le groupe AllianceBernstein vient d’annoncer le recrutement de Sun Hao, précédemment chez Amundi, en qualité de managing director et responsable des ventes institutionnelles en Asie, rapporte Asian Investor. Il sera basé à Hong Kong. Le mois dernier, AllianceBernstein a déjà recruté deux personnes dans son pôle insitutionnel, il est vrai pour compenser le départ en août 2011 de June Wong. La société pourrait annoncer un recrutement supplémentaire à Hong Kong.AllianceBernstein a également renforcé son équipe asiatique dédiée au fixed income avec le recrutement ces derniers mois de quatre personnes, ce qui a porté l’effectif à 14. L’obligataire représente environ 80% des actifs sous gestion asiatiques hors Japon de 31 milliards de dollars (pour 225 milliards de dollars d’actifs fixed income au total). A noter en outre une intégration dans la région des équipes value et growth dans le courant du premier semestre, l’accent étant mis désormais sur la stratégie value, avec 13 spécialistes value et seulement 3 experts growth après le départ récent de deux personnes.
21/03/2012

State Street imports SPDR S&P 500 to Europe

The US firm State Street Global Advisors (SSgA) has obtained permission from the German authorities to list a European version of its SPDR S&P 500 ETF ( IE00B6YX5C33). The original equity product in the United States has assets of nearly USD95bn.The UCITS version has been listed since 20 March on the XTF segment of Xetra, and has obtained a sales license for the United Kingdom, the Netherlands, France, Ireland, and Italy. Other countries in continental Europe will follow. The TER totals 0.15%, compared with 0.10% for the US ETF.
21/03/2012

Sal. Oppenheim releases a non-euro bond fund

With seed capital of EUR46.4m, the new open-ended fund SOP NonEuroQualitätsanleihen from Oppenheim KAG, an affiliate of Sal. Oppenheim, focuses on bonds in solid currencies, based on the financial solidity index from its parent company, which is updated at least twice per year. Currently, the eligible universe index includes Canadian, Norwegian, Swedish, Danish, Swiss, Singapore, Australian and New Zealand bonds. The management team is permitted to improve the performance by adopting tactical positions on the rate curve and on currencies, updated once per month. In order to cushion interest rate risks, the duration of the portfolio may be reduced through the use of futures and swaps. The weighting of currencies is also planned to be managed through trades on currency futures independently of the bond portfolio.CharacteristicsName: SOP NonEuroQualitätsanleihenISIN codes:DE000A1JBZ85 (I shares)DE000A1JBZ77 (R shares)Front-end fee: 3%Management commission:I shares: 0.35%R shares: 0.90%Minimal subscription: EUr100,000 (I shares)
21/03/2012

db x-trackers lists two govies ETFs in Frankfurt

The listings on the XTF segment of the Xetra electronic platform (Deutsche Börse) now include 944 products, with the arrival of two funds from db x-trackers (Deutsche Bank group). These include two government bond ETFs, covering Germany and the euro zone, both Luxembourg-registered products which charge 0.15%.CharacteristicsName: db x-trackers II iBoxx € Germany 3-5 TRI ETFISIN code: LU0613540854Benchmark index: iBoxx € Germany 3-5 IndexTER: 0.15%Name: db x-trackers II iBoxx € Sovereigns Eurozone AAA 1-3 TRI ETFISIN code: LU0613540938Benchmark index: iBoxx € Sovereigns Eurozone AAA 1-3 IndexTER: 0.15%
21/03/2012

Two “minvar” ETFs from Ossiam debut in Frankfurt

As Newsmanagers announced on 16 March, the Ossiam ETF Emerging Markets Minimum Variance NR (EUR share class, LU0705291903) and the Ossiam ETF Emerging Markets Minimum Variance NR (USD share class, LU0705291812) were admitted to trading on the XTF segment of Xetra (Deutsche Börse) on 19 March. The Luxembourg-registered equity products charge 0.75%.
21/03/2012

Lyxor uses a new Dow Jones index for its ETF of the Russian market

The index provider Dow Jones Indexes on 20 March announced the launch the same day of the Dow Jones Russia GDR Index, an index which currently covers 77% of the larger Russian TSM index, and which proposes to measure the performance of the major Russian global depository receipts (GDR) listed on the London Stock Exchange. At the same time, Dow Jones Indexes announced that Lyxor has acquired an operating license for the new index, which will be used as the basis for the Lyxor ETF Russia (Dow Jones Russia GDR Index). The euro-denominated version fo the ETF is listed on NYSE Euronext, Deutsche Börse, Borsa Italiana and Bolsa de Madrid. The US dollar-denominated versions are listed on the Swiss SIX exchange and in Singapore. The Lyxor ETF Russia (Dow Jones Russia GDR) is the largest vehicle of its type listed exclusively in Europe concentrated on Russian securities, with assets under managenent as of 14 March representing about EUR1.1bn. The ETF had previously used the Dow Jones RusIndex Titans 10 index as its underlying. The weightings of companies in the index may not exceed 20% at the time of quarterly revisions (March, June, September and December). As of 29 February, the ten largest components of the index were as follows: Firm Adjusted weight Gazprom OAO AD 19.67% Lukoil Holdings ADS 14.33% Surgutneftegaz JSC ADS 14.21% Sberbank Rossia ADS 11.03% Norilsk Nickel Mining & Metallurgical Co. ADS 7.41% Novatek GDR 7.02% Rosneft GDR 4.74% Uralkali GDR 4.25% Tatneft GDR 3.49% Magnit GDR 2.66%
21/03/2012

Good month in February for hedge funds

In February, the hedge fund indices calculated by the Edhec-Risk Institute virtually all finished the month in positive territory, as in January, with the exception of the short-selling strateegy, which lost 5.59%, after losses of 6,85% in January.The best-performing strategy was emerging markets, with gains of 3.33% in February and 7.4% since the beginning of the year.There were good returns for long/short equity, which gained 2.63% in February and 6% in the first two months of the year, distressed securities, with gains of 1.95% and 5.2%, respectively, and event driven, with gains of 1.76% and 4.7%.Convertibles arbitrage, which profited from its exposure to bonds, gained 2.03% for the month, and 4.4% since the beginning of the year.Funds of funds earned returns of 1.46% in February, and 3% since the beginning of the year.
21/03/2012

Investors increasingly confident in growth

Investors are increasingly bullish about prospects for global growth and a diminishing number expect further rounds of quantitative easing (QE) by central banks, according to the BofA Merrill Lynch Survey of Fund Managers for March. An overall total of 278 panelists with US$796 billion of assets under management participated in the survey from 9 to 15 March. A net 28 percent of investors expect the world economy to strengthen in the coming 12 months – a large increase from a net 11 percent in February. As recently as January, the majority of respondents predicted that the economy would weaken. Eurozone confidence has risen – this month sees an even split between those expecting a stronger or weaker eurozone economy. In February, a net 35 percent predicted the economy would deteriorate. Investors are more optimistic about corporate profits. A net 6 percent of the panel expects corporate profits to improve in the coming year. A month ago, a net 11 percent predicted profits would decline. As a corrolary to this optimism, fewer investors expect the U.S. Federal Reserve (Fed) to engage in further QE. Nearly half of the panel (47 percent) expects no further QE in the U.S., up from 36 percent in February. Thirty-nine percent predicts the European Central Bank will not extend QE, up from 23 percent a month ago. However, investors foresee higher inflation with a net 13 percent expecting it to rise in the coming year. Only last month, a net 16 percent predicted inflation would fall. Investors have regained confidence in Europe, the United States and Japan, while outlooks concern them on emerging markets. The numbers naming EU sovereign debt as their number one “tail risk” have declined sharply to 38 percent this month from 59 percent in February.
21/03/2012

Vontobel appoints a new head for private banking unit

As Peter Franconi has “decided to take on new professional challenges outside the group,” Vontobel (CHF132bn in assets) has appointed Georg Schubiger as head of its private banking unit. In the past few years, Schubiger “has served in various demanding management roles” at the Danish Danske Bank Group. He has first-hand experience of activities in Eastern Europe and Russia, two key markets for the Vontobel group.
21/03/2012

Nordea ends joint venture in Italy

The Scandinavian asset management firm Nordea Investment Funds is ending its partnership with its Italian counterpart Vegagest SGR, which gave birth to the asset management firm NorVega SGR, according to a statement released on 20 March. According to the Italian press, Nordea will sell its 40% stake in NorVega to its former partner, which controls the remaining 60%. The latter firm will then sell the firm to Arca SGR, the Italian press reports. The partnership between the two partners began two years ago, in March 2010. The “divorce” does not end Nordea’s adventure in Italy. The Scandinavian firm tells Newsmanagers that it will be reopening its representative office in Italy, with three senior sales staff.
21/03/2012

Profits down at LGT

In 2011, net profits at LGT Group fell 52%, to CHF70.3m, or EUR58m, after the sale in May of the German activities of ABN Amro, in an operation which resulted in a one-time charge of CHF50m, Handelsblatt reports.However, net subscriptions increased to CHF8.6bn, from CHF3.1bn in 2010, and assets as of the end of December totalled CHF86.9bn.
21/03/2012

Deutsche Bank publishes a positive CSR report for 2011

On 20 March, Deutsche Bank published its annual report on corporate social responsibility on the website www.db.com/csr, in which it credits itself for significant progress in sustainable development, particularly in the areas of energy and climate change policy.For example, as of the end of 2011, the asset management unit managed about EUR2.5bn, invested in line with environmental, social and governance (ESG) crtieria, including funds focused on climate change.Deutsche Bank has also been awarded mandates from the public sector for investment products designed to improve the quality of life in developing and emerging countries, and to combat climate change. These mandates are for the European Energy Efficiency Fund, the Clobal Climate Energy Fund and the Africa Agriculture and Trade Investment Fund.Lastly, in order to respond to the increasing importance of sustainable development to retail clients, the private & business clients business unit has created its own sustainability board, which aims to promote the development of sustainable investment products.
21/03/2012

AllianceBernstein adds to staff in Asia

The AllianceBernstein group has announced the recruitment of Sun Hao, previously of Amundi, as managing director and head of institutional sales for Asia, Asian Investor reports. He will be based in Hong Kong. Last month, AllianceBernstein recruited six people for its institutional unit, in order to compensate for the departure in August 2011 of June Wong. The firm may announce a further recruitment in Hong Kong. AllianceBernstein has also recruited for its Asian team dedicated to fixed income, with the recruitment in the past few months of four people, bringing total staff to 14. Bonds represent about 80% of Asian assets under management outside Japan, totalling USD31bn ( with USD225bn in fixed income assets in total). The region has also gained value and growth teams in first half, with the emphasis on the value strategy, with 13 value specialists and only 3 growth experts, following the recent departure of two people.
21/03/2012

WestInvest recruits for management team

The supervisory board at WestInvest Gessellschaft für Investmentfonds mbH has appointed Benjamin Klisa as a member of the board of directors from 1 April 2012. He will be in charge of the management team coordination, fund management controlling and personnel. Klisa has already worked at the real estate management group for the savings banks (EUR23bn in assets) since 2002, and was most recently director of Deka Immobilien, the other asset management firm of the group, in charge of the general management secretariat and business management and fund controlling as well as risk control.The other three members of the board are Torsten Knapmeyer, Burkhard Dallosch and Mark Wolter.
21/03/2012

Universal tops EUR100m in Spezialfonds

The Frankfurt-based firm Universal-Investment has announced that as of the end of February, it had over EUR104m in assets in institutional funds (“Spezialfonds”), a gain of 9.5% over twelve months.Net inflows to the white label funds specialist in 2011 totalled EUR6.7bn, CEO Bernd Vorbeck says.Assets under administration currently total about EUR138bn, in over 1,000 mandates.
21/03/2012

Invesco launches retail funds in China

Invesco Asset Management is for the first time offering Chinese retail investors two “A” class equity funds with its third quota, totalling USD100m as a qualified foreign institutional investor (QFII), Asian Investor reports. The first, Invesco China Opportunity Fund III, will invest at least 70% of its assets in “A” class shares, while the second, Invesco PRC Dynamic Equity Fund, will invest in shares of various categories, including “A,” “B,” and “H,” as well as in collective investment vehicles.
21/03/2012

RBS sells some of its asset management activities to RBC

The British Royal Bank of Scotland (RBS) on 20 March announced the intended sale by Coutts, its Wealth Management Division, of its Latin American, Caribbean and African private banking business to Royal Bank of Canada (RBC Wealth Management). The business manages approximately GBP1.5 billion of assets (or about EUR1.8bn) on behalf of clients located across the three regions, RBS says in a statement. The total price of the sale has not been disclosed. The activities will be integrated into RBC Wealth Management, the specialised affiliate of the Canadian bank. The operation will be completed towards the end of second quarter 2012. This intended sale is in line with Coutts’ strategy to focus its growth on key geographies which include the UK, Switzerland, Russia/CIS, the Middle East and selected markets in Asia. For the Canadian group, the acquisition will be an opportunity to strengthen its activities in the regions concerned serving ultra-high net worth clients.
21/03/2012

Rumours of an acquisition swirling at Henderson

Henderson Global Investors on Tuesday saw its share price leap in a falling market, for the second consecutive day, after rumours of an acquisition, Investment Week reports. According to the rumours, an international financial services giant is said to be in the process of building a stake in the British asset management firm, with the intention of launching a cash offer of over GBP2 per share.
21/03/2012

Man CEO gets USD7m

The CEO of Man Group, Peter Clarke, has received pay of USD7m for 2011, even though the firm suffered net redemptions and its share price fell over the period, the Financial Times reports. Although this amount makes Clarke one of the best-paid directors in the FTSE index, his pay is below that of other hedge fund directors in London, the City newspaper adds.
21/03/2012

Primonial AM takes over management of two funds of funds from Allianz GI

Primonial Asset Management on Monday made its acquisition of two funds of funds from Allianz Global Investors official. According to reports in Citywire, confirmed to Newsmanagers by Primonial Am, they are the Allianz Multi Actions Or et Ressources Naturelles and Allianz Multi Emergents.The two products will now be known as Primonial Or et Primonial Multi Emergents. Primonial Or will be managed by Alexis Bienvenu, while the new manager of emerging markets fund of funds has yet to be announced.The acquisition of the two products follows the acqusition of W Finance, an affiliate of Allianz France, by Primonial in 2011.
21/03/2012

TIG Advisors closes a hedge fund dedicated to emerging markets

The alternative management firm TIG Advisors is liquidating its hedge fund dedicated to emerging markets, TIG Global Emerging Markets, according to a letter to investors which the Reuters news agency has obtained.Assets in the long/short equities hedge funds, which peaked at about USD1.5bn in 2008, then fell back to USD750m in April 2009, and most recently stood at USD210m.The hedge fund lost nearly 11% last year, a result only slightly better than the Eurekahedge Emerging Markets Long Short Equities index, which in the same period lost 13.6%, after gains of 9.7% in 2010 and 6% in 2009, below the gains of the index (+10.4% and +44.4%, respectively).As of the end of February, TIG Advisors managed about USD1.1bn in four other strategies.

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