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27/02/2012

Aberdeen renomme son pôle alternatif

La société de gestion écossaise Aberdeen a renommé son pôle stratégies alternatives en Aberdeen Solutions, annonce la société vendredi. Cette structure était précédemment connue sous le nom de Alternative Investment Strategies. Ce changement permet de mieux refléter la diversité des stratégies composant le pôle et de montrer que la société est capable de combiner différents outils d’investissement pour répondre aux besoins des investisseurs, explique un communiqué.Aberdeen Solutions, qui représente 30 milliards d’euros d’encours sous gestion sur un total de 208 milliards, couvre des stratégies multi classes d’actifs, de multigestion, passives, des fonds de hedge funds, des fonds de fonds private equity et des stratégies pan-alternatives.
27/02/2012

Morgan Stanley va compenser les dérivés non cotés de BlackRock

Déjà courtier compensateur pour les premières transactions effectives produites par BlackRock, Morgan Stanley a été sélectionné par ce gestionnaire d’actifs comme l’un de ses primary clearing brokers pour les transactions sur les dérivés non cotés (OTC).La loi Dodd-Frank oblige les entreprises telles que BlackRock à faire compenser leurs dérivés pour beaucoup de leurs fonds sous 12 à 18 mois et le fait de se conformer par avance à ce texte confère un avantage concurrentiel.Morgan Stanley et BlackRock indiquent avoir coopéré avec les différents professionnels et les régulateurs pour développer une structure de marché prenant en compte les intérêts de tous les opérateurs sur le marché.D’ores et déjà Morgan Stanley propose la compensation de dérivés OTC pour les credit default swaps chez ICE Clear Credit et CME Group ainsi que pour les swaps de taux d’intérêt chez LCH SwapClear et CME Group.
27/02/2012
Fonds

Les mutual funds en perte de vitesse

Les investisseurs retail sont de plus en nombreux à délaisser les mutual funds traditionnels au profit d’autres produits comme les ETF, selon l'étude annuelle 2012 Investor Brandscape(R) réalisée par Cogent Research auprès d’un échantillon de 4.000 investisseurs haut de gamme. Une évolution qui favorise une consolidation du marché.L’enquête indique que 71% des investisseurs disposant d’au moins 100.000 dollars à investir ont des mutual funds en portefeuille, contre 75% fin 2010. En outre, la part des actifs des investisseurs détenus dans les mutual funds ne représente plus que 26% fin 2011 du total des actifs investis contre 33% en 2010. Corollaire de cette évolution, le nombre de fournisseurs de fonds sollicités par les investisseurs est revenu à 1,56 contre 1,9 précédemment. L’enquête relève que seulement quatre fournisseurs de fonds, Schwab/Laudus Funds, JP Morgan Funds, ING Funds et Fidelity Advisor Funds, ont réussi à accroître leur pénétration sur le marché et à améliorer leur ratio de clients primaires.
Fonds
27/02/2012

BlackRock augmente son dividende et rachète des actions

Le conseil d’administration de BlackRock a approuvé un relèvement de 9 % du dividende trimestriel sur les actions ordinaires à 1,50 dollar par action payable le 23 mars aux actionnaires enregistrés au 7 mars.D’autre part, le conseil d’administration a voté l’extension à un maximum de 5 millions d’actions ordinaires du programme de rachat d’actions approuvé en juillet 2010 et qui avait encore une marge de 3,6 millions de titres au 31 décembre 2011.
27/02/2012
Fonds

RiverNorth va fermer un fonds de revenus

La société de gestion RiverNorth, basée à Chicago, envisage de fermer à compter du 30 mars le fonds RiverNorth/DoubleLine Strategic Income Fund dont les encours ont largement dépassé la barre des 800 millions de dollars à 887 millions de dollars à la date du 24 février.Le fonds a atteint son plafond en l’espace de 14 mois, «une réussite remarquable, surtout dans l’environnement actuel de marché», souligne dans un communiqué le chief investment officer de RiverNorth, Patrick Galley.
Fonds
27/02/2012

Hausse des souscriptions nettes de Catella

Le groupe financier nordique Catella a enregistré en 2011 des souscriptions nettes de 794 millions de couronnes suédoises contre 273 millions en 2010. Le bénéfice avant impôts est ressorti à 21 millions, en légère baisse par rapport aux 25 millions de 2010.En gestion d’actifs, Catella rappelle avoir créé une filiale de gestion de fortune en Suède dans le courant de l’année dernière. En parallèle, une revue des activités suédoises de fonds a été mise sur les rails afin de renouveler l’offre de fonds et les méthodes de travail. En Allemagne, plusieurs fonds immobiliers ont été lancés. Enfin, Catella a acquis une participation minoritaire dans Informed Portfolio Management.
27/02/2012

Nikko AM recrute chez Fidelity

Joyce Koh vient de rejoindre Nikko Asset Management Asia en qualité de responsable du marketing pour la zone Asie du Sud-Est, rapporte Investment Europe.Joyce Koh travaillait précédemment chez Fidelity à Singapour où elle s’occupait déjà du marketing.
27/02/2012
Fonds

La CNMV enregistre des fonds de Banca Civica et de Banif

Le 17 février, en plus des produits obligataires garantis de Unnim et de Bankia (voir Newsmanagers des 23 et 24, la CNMV a donné son agrément au fonds obligataire à échéance Banca Civica Renta Fija 2014, qui offre un rendement annuel de 3,26 % au 3 octobre 2014, et au fonds diversifié Banif Inversión Global de Santander Asset Management.CaractéristiquesDénomination: Banca Civica Renta Fija 2014, FICode Isin : ES0115712012Commission de gestion : 0,8 % (parts A)0,6 % (parts B)Dénomination : Banif Inversion Global, FICode isin : ES011403306Commission de gestion 1,49 %Commission de performance : 9 %
Fonds
27/02/2012
Fonds

Jörgen Hartmann quitte la gestion d’un fonds

Jörgen Hartmann abandonne la gestion du fonds DWS Europe Convergence Bonds, dont il était gérant principal, révèle Citywire. Le produit a été confié à Xueming Song, qui travaille chez DWS depuis 15 ans. Jörgen Hartmann reste chez DWS mais se concentrera sur les fonds institutionnels et les mandats, précise le site Internet.
Fonds
27/02/2012
Fonds

Temps difficile pour le Morgan Stanley P2 Value

Le fonds immobilier offert au public Morgan Stanley P2 Value* de l’allemand Morgan Stanley Real Estate Investment GmbH a vendu, encore à perte selon le Financial Times Deutschland, l’immeuble de bureaux Trianon de Francfort (qui abrite le siège du gestionnaire central des caisses d'épargne, la Dekabank).Cela signifie en d’autres termes que la valeur liquidative de la part va encore être diminuée alors qu’elle l’a de nouveau été, de 41 cents (à 21,98 euros) le 16 février suite à la révision à la baisse de l’estimation de trois actifs logistiques en Espagne (La Granada 1, II et III) et de l’immeuble de bureaux Flight Forum (11.500 mètres carrés) à Eindhoven.Le fonds* affiche encore un encours de 648,1 millions d’euros (23 février). Le 26 octobre 2010, le gestionnaire a décidé de liquider ce produit d’ici au 30 septembre 2013. En octobre 2010, le fonds pesait encore 852 millions et la valeur liquidative de la part se situait à 27,54 euros.(*) DE000A0F6G89
Fonds
27/02/2012

BlackRock increases dividends and buys back shares

The board of directors at BlackRock has approved a 9% increase in the quarterly dividend on ordinary shares to USD1.50 per share, payable on 23 March, to shareholders registered on 7 March.Meanwhile, the board of directors has voted to extend its share buyback program, approved in July 2010, to a maximum of 5 million ordinary shares. The program still had 3.6 million shares in remaining capacity as of 31 December 2011.
27/02/2012

One financial adviser in five uses alternative management

Nearly 80% of financial advisers in the United States use alternative strategies, according to a study by Cogent Research, Financial Advisor reports. The study finds that managers at major brokerage firms are the largest users of alternative products (84%), followed by independent broker-dealers (78%) and advisers employed at banks (75%). Advisers dedicate an average of 11% of their assets under management to alternative asset classes. About 45% of participants in the study say they are “light” users of alternative products (between 1% and 5% of assets under management), but 15% describe themselves as “heavy” users of alternative vehicles, with an allocation of at least 15% to these products.
27/02/2012

Mutual funds losing momentum

A growing number of retail investors are leaving traditional mutual funds behind in favour of other products such as ETFs, according to the 2012 Investor Brandscape(R) annual study by Cogent Research, covering a sample of 4,000 high net worth investors. This development favours market consolidation. The study finds that only 71% of investors with at least USD100,000 to invest have mutual funds in their portfolios, compared with USD75% in 2010. The percentage of assets investors have placed in mutual funds now comes to only 26% of total assets invested as of the end of 2011, compared with 33% in 2010. A corollary of this development is that the number of fund providers contacted by investors came out to 1.56 compared with 1.9 previously. The study finds that only four fund providers, Schwab/Laudus Funds, JP Morgan Funds, ING Funds and Fidelity Adsvisor Funds, have managed to increase their market penetration and to improve their ratio of primary clients.
27/02/2012

Net subscriptions up at Catella

The Scandianvian financial services group Catella has recorded net inflows in 2011 of SEK794m, compared with SEK273m in 2010. Pre-tax profits totalled SEK21m, down slightly compared with SEK25m in 2010. In asset management, Catella states that it founded a wealth management affiliate in Sweden last year. Meanwhile, a review of Swedish fund activities was launched, in order to renovate the fund product range and working methods. In Germany, several real estate funds have been launched. Catella has also acquired a minority stake in Informed Portfolio Management.
27/02/2012

Nikko AM recruits a head from Fidelity

Joyce Koh has joined Nikko Asset Management Asia as head of marketing for the South-East Asia region, Investment Europe reports. Koh had previously worked at Fidelity in Singapore, where she worked in marketing.
27/02/2012

Vanguard running a win-win business model

The Vanguard group finished the year 2011 with good momentum. It finished the fiscal year in top form in terms of inflows to two long-term mutual funds, and as a leader in inflows to ETF funds, according to Cerulli Associates. The Vanguard Total International Stock Index Fund and Total Stock Market Index Fund earned respective net inflows of USD14.4bn and USD14.32bn, putting them ahead of the Templeton Global Bond Fund and the CoubleLine Total Return Bond Fund. The Vanguard MSCI Emerging Markets Stock Index Fund has also posted inflows of USD8.2bn, for inflows about USD3bn higher than for the iShares MSCI EAFE Index ETF. The secret of Vanguard’s success is its unique model, managing ETFs and mutual funds and a good part of its bond assets internally. Actively-managed equity strategies are managed by external sub-advisers, including Wellington Management. Vanguard’s distribution capacities, its strong brand and its status as a low-cost provider have also contributed to the success of the group in 2011. Assets under management as of the end of December 2011 totalled about USD1.5trn, of which 62.6% are passively-managed assets, and 37.4% were actively managed. Assets under passive management attracted more than USD88bn in inflows in 2011.
27/02/2012

Morgan Stanley to provide clearing for OTC derivatives from BlackRock

Morgan Stanley, which is already the clearing broker for the first effective transactions issued by BlackRock, has been selected by the asset management firm as one of its primary clearing brokers for transactions on over-the-counter (OTC) derivatives. The Dodd-Frank law required businesses like BlackRock to clear their derivatives for many of their funds within 12 to 18 months, and complying with the legislation in advance gives the firm a competitive advantage.Morgan Stanley and BlackRock say they have cooperated with the various professionals and regulators to develop a market structure which takes into account the interests of all market operators.Morgan Stanley already offers OTC derivative clearing services for credit default swaps at ICE Clear Credit and CME Group, and for interest rate swaps at LCH SwapClear and CME Group.
27/02/2012

Barclays Corporate recruits a director

Barclays Corporate has recruited Richard Garritt as director in charge of relations with fund clients and asset managers, Hedgeweek reports. His team is based in New York.
27/02/2012

ESMA publishes recommendations for automated trading

The European Securities Markets Authority (ESMA) on 24 February published its final recommendations on automated trading, which largely concern high frequency trading (HFT). There will be a two-month transitional period, at the conclusion of which national supervisors will announce if they will comply with the recommendations, or else explain why they are opting not to bring themselves into line with the new rules. The recommendations published on 24 February will come into force on 1 May.
27/02/2012

Major managers are divided on emerging market debt

Western Asset Management (Legg Mason) and AllianceBernstein are reducing the exposure of their bond funds to emerging markets (USD39bn for the former, USD19bn for the latter). Pimco was a step ahead of them in January, doing the same for its Total Return Fund (USD250.5bn), whose emerging market debt allocation was reduced to 9% from 10%, the Wall Street Journal reports. They estimate that the euro zone crisis will last years, weigh down global growth, and ruin investors’ appetite for higher-risk assets such as emerging market debt.However, Michael Hasenstab has bought South Korean, Malaysian and Australian government bonds for his Templeton Global Bond Fund (USD59.6bn), and the securities join Polish government bonds as the four largest positions for the fund.In 2009-2011, net subscriptions to emerging market bond funds totalled USD29bn, of which USD12.5bn were last year, according to Morningstar. Year to date, EM debt funds earned 6.5%.
27/02/2012

FSA orders internal inquiry at Threadneedle

Threadneedle, the asset management firm at the centre of a suspected USD150m fraud, has been ordered by the Financial Services Authority to undertake an internal enquiry into its own controls and systems, according to reports in the Daily Telegraph. The injunction comes as the asset management firm has been working with police investigating an attempt at a fraudulent transaction last year. One man has been arrested and another, Vladimir Gersamia, has been fired, the British newspaper continues. The transaction concerned orders for Argentine warrants by former employees of the Russian Otkritie group.
27/02/2012

Aberdeen renames its alternative management unit

Aberdeen Asset Management has changed the name of its Alternative Investment Strategies business to Aberdeen Solutions.The new name «better reflects the component strategies within the business, but also importantly emphasises the Group’s capability in combining these investment tools into meeting client needs whether expressed as relative, absolute or real return, or a liability driven outcome», according to a press release. Within Aberdeen Solutions, the Group currently manages around EUR30 billion (out of a total of EUR208bn) in a range of pooled fund and segregated mandates falling within the following strategies - multi-asset, multi-manager, passive, fund of hedge funds, fund of private equity funds and pan-alternatives - to a variety of benchmarks and objectives.
27/02/2012

Heavy losses for Bellevue Group in 2011

Bellevue Group has reported a loss of CHF64.7m for the 2011 fiscal year, after profits of CHF1.52m in 2010, according to a statement published on 27 February. The asset management unit, Bellevue Asset Management, finished the year with a net loss of CHF31.5m.Assets under management at the group as of the end of December totalled CHF3.2bn, compared with CHF4.1bn one year earlier. Net outflows totalled CHF330m.The group has also announced the appointment of Urs Baumann as CEO of Bellevue Group, effective from 1 March, replacing Martin Bisang, also a co-founder of the firm.
27/02/2012

Baillie Gifford may close an emerging markets fund

The British asset management firm Baillie Gifford has announced that it is planning to close its GBP421m fund dedicated to emerging market large caps to new investors if it tops GBP10m in the next twelve months, Money Marketing reports. Baillie Gifford has already closed an emerging markets gorwth fund in 2011, when it passed GBP1bn in assets.
27/02/2012

Jörgen Hartmann quits management of a fund

Jörgen Hartmann will no longer manage the DWS Europe Convergence Bonds fund, on which he had been principal manager, Citywire reports. The product has been entrusted to Xueming Song, who has been working at DWS for 15 years. Hartmann will remain at DWS, but will concentrate on institutional funds and mandates, the website reports.
27/02/2012

Rough ride for Morgan Stanley P2 Value

The open-ended real estate fund Morgan Stanley P2 Value (DE000A0F6G89) from the German asset management firm Morgan Stanley Real Estate Investment GmbH has sold the Trianon office property in Frankfurt (home to the headquarters of the central asset management firm for the German savings banks, DekaBank), for a loss, Financial Times Deutschland reports.This means, in other words, that the net asset value of shares in the fund will be further reduced, on the heels of another recent reduction of 41 cents (to EUR21.68) as of 16 February, following a downward revision to the estimated value of three logistical properties in Spain (La Granada I, II and III), and the Flight Forum office property (11,500 square metres) in Eindhoven. The fund still has assets of EUR648.1m as of 23 February. On 26 October 2010, the asset management firm decided to liquidate the product by 30 September 2013, the fund still had assets of EUR852m, and the net asset value per share was EUR27.54.
27/02/2012

Sale of BHF to RHJ is not yet completed

The private equity investor RHJ, BlackRock and Deutsche Bank had no comment on reports that, on the one hand, RHJ had not yet either officially or unofficially sought permission from BaFin to acquire BHF-Bank from Deutsche bank, and on the other hand, that BlackRock has agreed to help RHJ finance the acquisition, Handelsblatt reports.The transaction would be worth about EUR500m. BaFin requires about two months to determine whether the buyer has the financial resources to conclude the operation, before it eventually gives its approval.
27/02/2012

RiverNorth to close an income fund

The asset management firm RiverNorth, based in Chicago, is planning to close the RiverNorth/DoubleLine Strategic Income Fund, whose assets have far outstripped USD800m, with USD887m as of 24 February, on 30 March. The fund reached its limit in the space of 14 months. “This is a remarkable result, particularly in the current market environment,” the chief investment officer at RiverNorth, Patrick Galley, says in a statement.
27/02/2012

MSIM closes a mortgage fund with USD450m

The Morgan Stanley Opportunistic Mortgage Income Fund LP, specialised in mortgage-backed securities, has reached its USD450m investment capacity, and has been closed to new investors. The fund from Morgan Stanley Investment Management (MSIM) will be managed by the group of bond managers at MSIM. Sheila Huang, head of the mortgage team at the US asset management firm, says that the strategy combines exclusive analysis of mortgage-backsed securities with a hedging strategy covering the entire portfolio.
27/02/2012

Pimco to launch an ETF based on its flagship fund

Pimco will on Thursday launch an actively-managed ETF based on its flagship Total Return Fund, the Financial Times reports. The new product, which will publish its positions on a daily basis, will also provide bond managers an insight into the thinking of Bill Gross, who has been manager of the USD250bn fund since 1987.

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