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13/03/2012

Chinese hedge fund firm opens in Europe

The Hong Kong-based asset management firm Value Partners will in May launch a UCITS version of a hedge fund domiciled in the Cayman islands (USD1.7bn), Citywire reports. The fund will be based in Dublin and will replicate the Value Partners Classic Fund, largely invested in Chinese equities.
13/03/2012

Cathay Life develops in asset management

Cathay Conning Asset Management, a joint venture developed by the Taiwan-based insurance group Cathay Life and the US asset management firm Conning, has obtained permission from the Hong Kong regulator to practice as an asset manager. Assets under management at Cathay Life total USD70.9bn, while Conning has USD77bn.
13/03/2012

Bankia Fondos launches its first fund

Under the Bankia Banca Privada brand name, Bankia Fondos is planning to launch its first fund on 20 April, the Tipo Fijo Garantizado 2, which will mature on 16 February 2017. The fund was registered by the CNMV on 9 March. The bond product, investing primarily in government and corporate bonds from OECCD countries rated at least A-, is designed to deliver annual returns of 4%, in addition to initial capital, with an initial payment of 8.33% on 14 May 2014.CharacteristicsName: Bankia Banca Privada Tipo Fijo Garantizado 2, FIISIN code: ES0113932000Front-end fee: 5%Management commission: 1.2%Penalty for early withdrawal: 4%
13/03/2012

Lyxor lists four ETFs in Madrid

Only a few days after registering three ETFs based on Russell indices in Spain (see Newsmanagers of 5 March), Lyxor Asset Management (Société Générale group) has listed four more ETFs for trading on the Spanish market, this time based on sub-indices of the S&P 500.The CNMV on 9 March issued licenses to the Lyxor ETF S&P 500 Capped Industrials Sector, Capped Materials Sector, Capped Technology Sector and Capped Utilities Sector funds, which have been available in Paris since last month.
13/03/2012

Axa closes UK Tracker fund

Axa Investment Management on 29 February decided to close its Axa UK Tracker fund in order to concentrate on active management, Fundweb reports. The product, which had assets under management of GBP65bn, had been outsourced to Barclays Global Investors (since acquired by BlackRock) in 1999.
13/03/2012

Appointment at Threadneedle

Threadneedle has appointed Matthew Cobon as co-manager of the absolute return bond fund from Threadneedle, FundWeb reports.Cobon will work with Quentin Fitzsimmons on the fund, whose assets under management total GBP485.5m.Cobon joined Threadneedle in January 2011 as a bond manager, from Aberdeen, where he was global head of currency management.
13/03/2012

Pictet AM launches a new fund in Italy

Pictet Asset Management is launching its Global Bonds Fundamental fund, a new fund investing in government bonds worldwide, in Italy, Bluerating reports. The product will be offered to retail clients. It was issued a license in Italy on 20 February 2012.
13/03/2012

First study of fund administration platforms in Europe

Assets under administration by European open archtecture platforms total about EUR740bn, according to a study by The Platforum (“The European Platform Guide,”) which claims to be the first of its type.As of third quarter 2011, assets under administration on the five major markets taken into account in the study by the Platforum, the United Kingdom, France, Germany, Italy, and Spain, totalled EUR561bn.The largest market in terms of assets under administration is the United Kingdom, followed by Italy. The largest open architecture platforms in Europe include Allfunds Bank, Cofunds, Fidelity, Fund Channel and Skandia, all of which have over EUR35bn in third-party assets.Fidelity is the dominant platform for Northern Europe, with total British and German assets of EUR56bn. For Southern Europe, Allfunds Bank is the largest player, with EUR55bn in assets under administration.The study also finds that the pricing models are mostly based in rebate systems. The UK is still developing a model in which new entrants explicitly receive administration fees.
13/03/2012

Legg Mason to launch a global high yield fund

Legg Mason will launch a UCITS version of its global high yield fund, Brandywine Global High Yield, managed by its US affiliate Brandywine Global, Citywire Global reveals. The fund will be managed by Gerhardt Herbert, Brian Kloss and Regina Borromeo.
13/03/2012

SGSS offers Solvency II services to institutional investors and asset managers

Société Générale Securities Services (SGSS) on 12 March announced that it has set up a package of services to enable institutional investors and asset managers, in the context of their asset management activities, to meet the requirements imposed by the provisions of the Solvency II directive, which is due to come into effect on 1st January 2014. This directive will result in a significant increase in the information that needs to be provided to regulators. The frequency and level of data to be provided mean that new requirements for information, both quantitative and qualitative, will have to be met. With this in mind, the services offered by SGSS include transparent inventory of funds and portfolios of assets, assistance with SCR (Solvency Capital Requirement) calculations, monitoring and management of the risks linked to financial assets, preparation of reports dedicated to Solvency II covering financial assets. “Thanks to this services offering, SGSS’ dedicated teams of experts will advise and accompany their institutional investor and asset management clients throughout the procedures required in order to be fully compliant with the requirements of traceability, auditability and transparency imposed by the Solvency II directive,” SGSS says in a statement.
13/03/2012

Chinese government issues five new QFII licenses

In February, the Chinese regulator, the CSRC, issued Qualified Foreign Institutional Investor (QFII) licenses to five asset management firms, which may now conduct operations on internal Chinese markets, Z-Ben Advisors reports. The recipients of the licenses are TransGlobe Life Insurance Inc., Public Mutual Berhad, Meiji Yasuda Asset Management Company Ltd., Cathay Life Insurance Co., Ltd. and Sumitomo Mitsui Banking Corporation.
13/03/2012

Changes to management at Talanx AM

Following the resignation of Rainer Decker, who has left the business with goodwill on both sides, Talanx Asset Management has appointed Dirk Erdmann as a member of its board from 1 April 2012. Erdmann had previously been in charge of investment controlling.Like his predecessor, Erdmann will be responsible for the investment accounting department for primary insurers and reinsurers. He will also take charge of investment controlling and IT coordination, which had previously been the responsibility of Harry Ploemacher, chairman of the board of directors.Meanwhile, responsibility for client relationship management (CRM) for primary insurers and reinsurers, which had been the responsibility of Decker, will be transferred to Ploemacher.
13/03/2012

Asset pooling: partnership between Aegon GP and Frankfurt Trust

Frankfurt Trust, the asset management firm affiliate of BHF-Bank, on Monday announced that it has concluded a strategic partnership with Aegon Global Pensions to offer businesses cross-border asset pooling to manage their retirement funds more centrally, for example via funds of funds available from the Aegon group.Larger firms may have access to the asset pooling platform, which allows a way to pool and transfer shares in funds already held in various countries.Frankfurt Trust has assets of over EUR15bn, of which EUR8bn are for institutional investors.
13/03/2012

Julius Baer opens rep office in Tel Aviv

The Swiss firm Julius Baer on Monday officially inaugurated its representative office on Rothschild boulevard in Tel Aviv. The new location is directed by Ran Heistein as chief representative, while Dan Sagui, Israel market head, will be in charge of all banking activities in the country, but will continue to be based in Zurich.UBS has recently opened a wealth management unit in Israel, also in Tel Aviv (see Newsmanagers of 23 February).
13/03/2012

Kinetic Partners acquires AB Fund Services

Kinetic Partners has acquired the Luxembourg consultant AB Fund Services, a specialist in regulatory and compliance issues, particularly in connection with the requirements of the Luxembourg Financial Sector Surveillance Commission (CSSF) in matters of risk management, for an undislcosed amount.Kinetic already has offices in London, Dublin, Grand Cayman, New York, Geneva and Hong Kong.
13/03/2012
Gestion d'actifs

Le Groupe Prévoir fait le pari de l'immobilier pour trouver du rendement à un niveau de risque acceptable

Le Groupe Prévoir gère 2.9 milliards d’euros en direct pour le holding, la société vie et l’activité IARD. Une vingtaine de personnes dont 12 pour les titres, se partagent la tâche. Plus surprenante est l’exposition en actions du groupe: 30% pour l’activité dommages, 13% en vie et 97% pour le holding. A la différence de nos homologues, le taux de rotation de nos portefeuilles d’actions et d’immobilier est quasi inexistant. Nous achetons, nous conservons. Nous avons bien enregistré quelques moins-values sur les actions, mais quand nous sommes convaincus de la performance d’un titre, nous ne bougeons pas. Notre allocation d’actifs est restée stable depuis des décennies explique Cécile Gerard, directrice financière et technique de Prévoir. Explication? Un niveau de fonds propres à faire pâlir la concurrence: à fin 2010, le ratio sous Solvabilité I de Prévoir vie était de 444% (1700% en dommages). Sous Solva II, la performance reste de taille: 220% pour la vie, 600% pour les dommages. Mais à l’intérieur de chacune des classes d’actifs, nous avons effectué des arbitrages. Nous avons réduit d’abord notre exposition aux financières, puis vendu tous nos titres souverains à l’exception des français, poursuit Cécile Gerard. Aujourd’hui, il est de plus en plus difficile de trouver du rendement sur les marchés à un risque acceptable. L’immobilier nous apparaît comme la classe d’actifs qui répond le mieux à nos besoins.
Gestion d'actifs
13/03/2012

Les élus locaux déboutés sur leur projet d'agence

Les élus locaux n’ont pas été entendus par le gouvernement sur leur projet d’agence de financement, censée couvrir un quart des besoins des collectivités territoriales. Dans un entretien au Figaro d’hier, le ministre Philippe Richert, explique que «la mise en place de cette agence, telle qu’elle est aujourd’hui conçue, soulève des difficultés». Les services de Bercy doutent notamment que l’agence puisse obtenir un AAA et puisse émettre de manière autonome sans garantie de l’Etat. Hier soir, l’Association pour l’agence de financement des collectivités locales n’avait toujours pas reçu la version définitive du rapport que le gouvernement devait rendre au parlement sur ce sujet. Elle ne souhaitait pas réagir. Mais lors de la réunion de son comité stratégique la semaine dernière, ses membres se sont dits décidés à faire avancer le projet avec ou sans l’aval du gouvernement actuel. Ils comptent sur le prochain exécutif pour déposer le projet de loi qui devrait créer l’agence.
13/03/2012

Statu quo de la BoJ

La Banque du Japon n’a pas décidé d’étendre son programme de rachat d’actifs à l’issue de sa réunion mensuelle qui s’achevait ce matin. Si la nouvelle était attendue, elle a entrainé un rebond du yen de 0,3% à 82,10 contre dollar.
13/03/2012

Berlin lance la privatisation de sa foncière

Bloomberg avance de sources proches que le gouvernement allemand entend lancer dès le mois prochain la vente de la société immobilière publique TLG Immobilien, dans l’espoir de récolter plus de 1,8 milliard d’euros.
13/03/2012

CVC se prépare à coter Evonik

Le fonds de LBO a indiqué que son plus gros investissement, le fabricant allemand de produits chimiques Evonik, pourrait être introduit en Bourse d’ici la fin juin. L’opération valoriserait l’activité à plus de 10 milliards d’euros. La cession d’une participation de plus d’un milliard d’euros est attendue.
13/03/2012

Appel à la stabilité des prêts immobiliers en Chine

La Banque Populaire de Chine (PBOC), la Commission nationale de développement et de réforme ainsi que cinq autres agences gouvernementales ont appelé à une politique de stabilité des prêts octroyés par les banques chinoises pour l’achat d’un premier bien immobilier, dans un rapport publié conjointement et cité par le China Securities Journal.
13/03/2012

La consolidation des gérants va s’accélérer

Les mouvements de rapprochement devraient animer le secteur au second semestre, portés par les contraintes réglementaires des banquiers et assureurs et la baisse des valorisations, selon Deloitte. Les acquisitions devraient principalement concerner les acteurs de taille intermédiaire.
13/03/2012

United Biscuits songe à céder ses biscuits salés

Blackstone et PAI Partners auraient choisi des banques, dont Credit Suisse, afin d’étudier des options concernant le devenir des biscuits salés de United Biscuits. Le montant de la transaction pourrait s’élever à 500 millions de livres (594 millions d’euros) selon le quotidien. Le travail de séparation des activités est très avancé. Nombre de fonds de private equity seraient à l’affût.
13/03/2012

Les produits structurés ont la cote

Le quotidien, citant une étude du site structuredretailproducts.com, met en lumière que les ventes de produits structurés à des investisseurs privés ont bondi au cours des deux premiers mois de l’année, de 900 millions de livres l’an passé à 1,3 milliard cette année. Un succès acquis sur la base des ventes réalisées par les conseillers financiers indépendants.

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