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20/02/2012

Le patron de L’Oréal relance l’idée de la suppression des stock-options

Le PDG de L’Oréal, Jean-Paul Agon, annonce dans un entretien au Journal du dimanche qu’il proposera en avril, au conseil d’administration, «l’arrêt total du système de stock-options chez L’Oréal, pour tout le monde et dès cette année», rapporte Les Echos. Le patron du numéro un mondial des cosmétiques, dont la rémunération totale s’est élevée en 2010 à 10,7 millions d’euros selon Proxinvest, annonce également renoncer à la moitié des stock-options qui lui ont été attribuées en 2010. Une décision qui s’inscrit dans le cadre du débat sur les rémunérations des dirigeants du CAC en hausse de 34% entre 2010 et 2011, d’après Proxinvest. Ce mode de rémunération a aussi perdu une grande partie de son attrait fiscal.
20/02/2012

Fitch confirme la note REAM de SEB Investment

Fitch Ratings a confirmé la note Real Estate Asset Manager M2 de SEB Investment GmbH, filiale de SEB Asset Management AG dédiée à l’immobilier, elle-même filiale de la banque suédoise Skandinaviska Enskilda Banken AB."Cette confirmation reflète les capacités de gestion solides de SEB et sa gestion efficace», explique l’agence de notation. «Toutefois, la société est confrontée à des incertitudes concernant sa capacité à rouvrir avec succès son fonds phare SEB ImmoInvest avant mai 2012 et ainsi éviter sa liquidation», souligne Fitch, qui rappelle qu’avec environ 8 milliards d’euros d’encours sous gestion, ce fonds représente 54 % des actifs de la société.Pour autant, de l’avis de Fitch, la viabilité de SEB ne dépend pas de cette réouverture. «SEB a fait des progrès en termes de diversification de sa clientèle, en réduisant la part des particuliers et augmentant celle des investisseurs institutionnels et internationaux». Les institutionnels représentent désormais 48 % des encours bruts à fin décembre 2011, un part qui devrait augmenter, anticipe l’agence. Fitch précise qu’elle révisera la note de SEB mi-2012 après la date limite réglementaire de réouverture d’ImmoInvest.
20/02/2012
Fonds

Bankia commercialise un fonds obligataire garanti rémunéré à 4 %

Le 25 janvier, Bankia a lancé le fonds obligataire garanti Bankia Garantizado Rentas 2 qui promet à échéance (16 février 2017) non seulement le remboursement à la valeur liquidative du 27 avril 2012 mais une rémunération correspondant à 4 % annuels en 19 versements trimestriels. Ce fonds, qui investira principalement en obligations du Royaume d’Espagne et de la Communauté de Madrid, a été enregistré le 17 février par la CNMV. Il sera commercialisé du 22 février au 27 avril.Caractéristiques :Dénomination: Bankia Garantizado Rentas 2, FICode Isin: ES0113447009Droit d’entrée: 5 %Commission de gestion: 0,5 %Pénalité de sortie: 3 %Souscription minimale initiale: 100 euros.
Fonds
20/02/2012

"Nous ciblons aujourd'hui directement l'investisseur français"

Présent à Paris depuis 2001, le pôle immobilier France de Henderson Global Investor a jusqu'ici concentré ses efforts sur une clientèle internationale souhaitant investir sur le marché français de l'immobilier de commerce, de bureaux et logistique. Aujourd'hui, fort de ces 10 années d'expérience sur un marché qu'il juge "passionnant", Chris Linney, directeur immobilier France veut attaquer de manière plus directe les investisseurs institutionnels français afin de les faire profiter du savoir-faire paneuropéen de HGI.
20/02/2012
Fonds

DNB AM lance un long/short norvégien

La société de gestion d’origine norvégienne DNB Asset Management a lancé le DNB Norway Absolute Return, un fonds long/short market neutral conforme au cadre Ucits. Le fonds, dont l’univers d’investissement est la Bourse d’Oslo, est géré par Eirik Hauge.
Fonds
20/02/2012
Fonds

Macquarie propose de nouveaux services aux hedge funds

Le groupe australien Macquarie propose désormais des services d’aide à la recherche de capitaux pour le compte de hedge funds désireux d’externaliser cette fonction, rapporte Hedge Week.Le pôle Alternative Investment Strategies (AIS) de Macquarie, basé à New York, vise des gérants de hedge funds pouvant faire valoir un historique de performance de trois ans minimum et disposant d’au moins 500 millions de dollars d’actifs avec un objectif d’encours de 1,5 milliard de dollars. Le nouveau service sera géré par Scott Brandewiede en Amérique du Nord, Mubin Sadikot en Europe et Jennifer Page en Asie.
Fonds
20/02/2012

HSFB toughens international standards

The Hedge Fund Standards Board (HSFB) has decided to subject its members to stricter governance criteria by 1 September, particularly in cases where hedge funds have no independent directors, Hedge Week reports.New members have also been recruited, with Towers Watson as core supporter, while Goldman Sachs Hedge Fund Strategies, Grosvenor Capital Management and Cantor Fitzgerald Investment Advisors join the Investor Chapter and Candlewood Investment Group has signed up to the HSFB principles.
20/02/2012

Israel to create a sovereign wealth fund

Israel has unveiled plans to create a sovereign wealth fund, which will aim to manage revenue flows from a series of natural gas fields discovered off the coast, the Financial Times reports. The fund would have at least USD80bn in assets under management by 2040.
20/02/2012

HNWIs increase exposure to public debt

In 2011, according to CNMV filings, Sicavs increased their investments in Spanish government bonds by 14.2%, to EUR143m as of the end of December, Cinco Días reports. The percentage of these assets in the portfolios of these investment vehicles preferred by wealthy Spanish investors varies from 2.1% to 22%. Although it has fallen by 3.8% to EUR88.56m, the Spanish government bond allocation from the Sicav of the Del Pino family is the largest, followed by the one of Alicia Koplowitz’s Sicav, which has quadrupled to EUR40m.
20/02/2012

Emerging markets invest in French blue chips

In the past few months, many Middle Eastern and Chinese investors have taken the occasion of an exit by British and American funds to buy up shares in major French companies, Les Echos reports. Alongside sovereign funds, private asset management firms are also positioning themselves on the market. These actors aim to make money with the abundant savings of wealthy families in emerging markets, and their financial investments in Europe are only beginning. In a sign of the times, a delegation of managers from Bahrain visited Paris last autumn, with the overt objective of identifying future market investments.
20/02/2012

HSBC opens fund to HNWs and institutional investors

HSBC has created classes of shares in the HSBC Next Generation Fund for high net worth private clients (from USD25,000 or EUR25,000), and for institutional investors (from EUR2.5m). The fund of hedge funds, which offers monthly liquidity, was launched in September, and already has USD100m in assets. The portfolio is concentrated on 10 to 15 emerging managers, and aims for annualised performance of 12-15%, with volatility of 8-10%.
20/02/2012

“We are now directly targeting French investors”

The French real estate unit of Henderson Global Investor, which has been present in France since 2001, has previously concentrated its efforts on international clients seeking to invest in the French commercial, office and logistical real estate markets. Now, with 10 years of experience on a market which it considers “passionate,” Chris Linney, director of real estate for France, would like to more directly approach French institutional investors, in order to bring them the pan-European expertise of HGI.
20/02/2012

Former Morgan Stanley manager launches an Asian hedge fund

Ranodeb Roy, former head of fixed income for the Asia-Pacific region at Morgan Stanley, will be launching a hedge fund dedicated to Asia, which will invest in fixed income, credit and currencies. Reuters reports that the asset management firm owned by Roy, RV Capital Management, will be based in Singapore. The new fund will be launched in April or May.
20/02/2012

Harbinger offers no light about LightSquared

On Friday, in a very long telephone conference, Philip Falcone provided investors with no details about how he plans to deal with the failure of LightShared, the Wall Street Journal reports. Funds from Harbinger Capital Partners, the firm led by Falcone, invested billions of dollars in the creation of a new network by LightSquared, but the federal authorities in the US Tuesday forbid the project because of potential interference with GPS systems.
20/02/2012

Muzinich recruits two professionals in New York

Muzinich & Co., a specialist manager in the global corporate credit markets with USD15bn under management, has hired two professionals in its New York office.Mike McEachern has been hired as a senior investment officer and member of the investment policy committee to work closely with the investment team in managing the firm’s array of credit strategies. Sam Zona has joined in the new role of director of business development for North America to increase the firm’s institutional and high-net-worth client base.McEachern joins Muzinich from Seix Investment Advisers, where he spent 14 years, most recently as president and head of the high yield team. Zona was director of client service and marketing at Seix, where he worked for 13 years.
20/02/2012

Pyramis appoints a new CEO

Pyramis Global Advisors, a Fidelity Investments company, has hired Mike Jones as its president and CEO. He will succeed Kevin Uebelein, who is taking on a new role as global head of Solutions Delivery for Pyramis.Mike Jones joins Pyramis from Columbia Management, a subsidiary of Ameriprise Financial, where he served as president of U.S. Asset Management overseeing more than USD326 billion in assets. He will join Pyramis in mid-March and will report to Ronald P. O’Hanley, president of Fidelity Asset Management. He will also serve as chairman of Pyramis.
20/02/2012

Bankia releases a guaranteed bond fund that returns 4%

On 25 January, Bankia launched the guaranteed bond fund Bankia Garantizado Rentas 2, which will return not only its net asset value as of 27 April 2012 at maturity on 16 February 2017, but also a return corresponding to 4% annually, in 19 quarterly payments. The fund, which will invest primarily in bonds from the Kingdom of Spain and the City of Madrid, was registered on 17 February by the CNMV. It will be on sale from 22 February to 27 April.CharacteristicsName: Bankia Garantizado Rentas 2, FIISIN code: ES0113447009Front-end fee: 5%Management commission: 0.5%Withdrawal penalty: 3%Minimal initial subscription: EUR100
20/02/2012

Fitch confirms REAM rating for SEB Investment

Fitch Ratings has affirmed SEB Investment GmbH’s (SEB) ‘M2' Real Estate Asset Manager rating. The rating covers the company’s real estate investment operations.The affirmation «reflects SEB’s strong investment management capabilities and its effective asset management», explains the rating agency. «Nonetheless, SEB faces uncertainty regarding its ability to successfully re-open and avoid liquidating its flagship fund, SEB ImmoInvest, no later than May 2012". With EUR6.3bn in (net) assets under management (AUM), this fund represents 53% of the firm’s real estate AUM.In Fitch’s opinion «SEB’s sustainability is not contingent on the re-opening of ImmoInvest. SEB has made progress in diversifying its investor base away from retail investors to institutional and international investors with institutional investors now representing around 48% of gross AUM as of December 2011. Fitch expects these areas of the business to continue growing as SEB places a greater emphasis on this segment, independent of the status of ImmoInvest».Fitch will review SEB’s rating in mid-2012 following the regulatory deadline for the reopening of ImmoInvest.
20/02/2012

Macquarie offers new services to hedge funds

The Australian Macquarie group is now offering capital search assistance services to hedge funds seeknig to outsource this function, Hedge Week reports. The Alternative Investment Strategies (AIS) unit at Macquarie, which will be based in New York, will aim to help hedge funds with a track-record of at least three years and at least USD500m in assets, with an asset objective of USD1.5bn. The new service will be led by Scott Brandewiede in North America, Mubin Sadikot in Europe, and Jennifer Page in Asia.
20/02/2012

Strong inflows to ETFs since the beginning of this year

As of 10 February, net subscriptions to ETP funds since the beginning of 2012 totalled USd38.3bn, or EUR29.2bn, according to a Deutsche Bank study cited by the Börsen-Zeitung. Demand has been particularly strong for ETFs focused on emerging markets: the iShares MSCI Emerging Markets and the db x-trackers MSCI Emerging Markets have seen respective net inflows of USD462m and USD231m, respectively. Overall, iShares (BlackRock) has attracted USD2.2bn, while db x-trackers (Deutsche Bank) has attracted USD1.2bn.
20/02/2012

State Street recruits a manager from BoA-ML

Dan McNicholas, head of financing sales for global markets financing & futures, Asia Pacific at Bank of America Merrill Lynch in Hong Kong, has been recruited by State Street Corp as head of sales for its alternative investment servicing solutions (AIS) business unit. McNicholas will report to Maria Cantillon, global head of AIS sales, and will be in charge of establishing and deploying sales strategies for State Street’s activities in the Asia-Pacific region in the areas of hedge funds, private equity and real estate.
20/02/2012

AUB gives Aviva Investors a real estate multi-management mandate

Aviva Investors has announced that it has been selected by Ahli United Bank (AU) for a real estate multi-management mandate, initially for USD97m, which will be entrusted to Bart Coenraads, head of real estate multi-management at Aviva Investors Asia-Pacific. The manager will rely on the resources of the Real Estate Multi-management team.AUB is a commercial business bank which offers wealth and investment management services to businesses and retail clients, as well as cash management, offshore financing, and private banking services in the Middle East.The new partnership brings the number of mandates managed by Aviva Investors for AUB to three.
20/02/2012

Six banks manipulated yen libor rate

UBS has reported to the Canadian authorities that there was an illicit understanding between five rival banks (Citigroup, Deutsche Bank, HSBC, J.P. Morgan Chase and Royal Bank of Scotland) to distort the yen libor rate between 2007 and 2010, the Wall Street Journal reports, relayed by the Börsen-Zeitung. The yen libor is calculated on the basis of data provided by six banks.
20/02/2012

iShares launches several innovative bond ETFs

On 16 February, iShares launched seven bond ETFs to trading on NYSEArca, of which six become the first funds to offer exposure to their designated segments or to specific credit qualities. The products were launched to meet significant demand from clients, BlackRock states.Four of these new ETF funds provide access to market segments. The iShares Aaa – A Rated Corporate Bond Fund (acronym on NYSEArca: QLTA) is the first ETF to allow investment in securities from top-rated issuers of corporate bonds in a wide range of sectors and durations. It replicates the Barclays Captial U.S. Corporate Aaa – A Capped Index.The iShares Barclays U.S. Treasury Bond Fund (GOVT) allows exposure to a wide range of US Treasury securities with maturities ranging from 1 to 30 years; it replicates the Barclays Capital U.S. Treasury Bond Index.With the iShares Barclays CMBS Bond Fund (CMBS), investors have access to the first ETF focused on investment grade commercial mortgage-backed securities.The first ETF providing exposure to a diversified portfolio of mortgage-backed securities (MBS) issued by the Government National Mortgage Association (GNMA) is the iShares Barclays GNMA Bond Fund (GNMA).iShares is also launching the first three sectoral bond ETFs: iShares Financials Sector Bond Fund (MONY), iShares Industrials Sector Bond Fund (ENGN), and iShares Utilities Sector Bond Fund (AMPS).
20/02/2012

iShares to launch sectoral bond ETFs

iShares (BlackRock group) is preparing to launch the first sectoral ETFs of highly-rated US corporate bond issues, MutualFundWire.com reports. Three ETFs will be released folllowing the launch of indices by Barclays focusing on the financial sector, utilities, and industrials.
20/02/2012

Global X liquidates eight ETF funds

As a result of insufficient asset levels, eight ETF funds from Global X are in the process of liquidation, and their last day of trading was 16 February, Mutual Fund Wire reports. They are the Global X Farming (acronym BARN), Fishing Industry (FISN), Food (EATX), Mexico Small-Cap (MEXS), Oil Equities (XOIL), Russell Emerging Markets Growth (EMGX), Russell Emerging Markets Value, and Waste Management. Overall, 38 ETFs were liquidated last year in the United States.
20/02/2012

Schroders recruits a manager from Western Asset

Julia Ho has left Western Asset Management, where she had been a senior manager, to join Schroder Investment Management, according to reports in AsianInvestor. Ho began in her new role last week in London, where she reports to Bob Jolly, head of global macro.
20/02/2012

Finanztest recommends only 6% of the funds it analyses

In the March issue of its magazine Finanztest, the German consumer defense organisation Stiftung Warentest analysed 2,850 of the over 10,000 funds on sale in Germany. It selected only 170 of these, less than 6%, as recommended, because they had a better track record than an ETF in the same category, Das Investment reports.Among equity funds, only 36 out of 539, or 6.68%, were selected from a list of recommendations, as they had better results than the iShares MSCI World ETF. The M&G Global Basics fund from Graham French is the fund which shows the best returns, while the R&P Universal (Universal Investment) has the lowest risk. The most “effective” fund is the Uni Global from Union Investment, which has a slightly higher performance than the benchmark ETF with lower risk.
20/02/2012

Employee arrested at Legal & General IM

An employee at the British asset management firm Legal & General Investment Management (LGIM) was arrested by the British Financial Services Authority (FSA) as part of an investigation into an insider trading case. The asset management firm has confirmed that one of its employees was arrested on 16 February and released on bail. Legal & General adds in a statement that it is not aware of the precise extent of damages that may have affected some clients or the impact of the case on the firm’s financial results.
20/02/2012

DNB AM launches a Norwegian long/short fund

DND has launched DNB Norway Absolute Return, a market neutral long/short fund within the UCITS framework. The fund aims to achieve a positive absolute return over the long-term regardless of market conditions by taking long and short positions in equities listed on the Oslo Stock Exchange. Portfolio manager is Eirik Hauge.

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