Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
10/01/2012

DWS preparing an emerging market corporate bond fund

Subscriptions to the DWS Emerging Markets Corporates 2016 fund are open until 27 January, with the launch of the emerging market corporate bond fund (with 30 positions initially) planned for 30 January.The portfolio of investment grade securities may include up to 30% high yield bonds. The securities will be retained until maturity, and proceeds from redemption will be reinvested in money market papers if that maturity comes before 16 December 2016; those with maturity dates after that will be resold when the fund matures.DWS will pay an annual dividend of 4.25% from next year until the maturity of the fund. The asset management firm will charge a 3% penalty for withdrawals with advance notice.CharacteristicsName: DWS Emerging Markets Corporates 2016ISIN code: LU0681793948Front-end fee: maximum 3%Management commission: 0.90%
10/01/2012

Robeco releases a US midcaps fund in Germany

With the Luxembourg-registered fund Robeco US Select Opportuntiies Equities, launched on 20 September, Robeco is now offering retail and institutional investors in Germany a UCITS-compliant US midcaps value fund managed by Steven Pollack, at its affiliate Robeco Boston Partners. The strategy, launched in the United States in 1995, had a total of USD725m in assets under management as of 30 September.The portfolio is invested according to the “three circles” rule, in the optimal area where the three circles, valuation, fundamental data and “catalysts”, overlap. The manager focuses on companies whose capitalisation is between USD1bn and USD16bn.The fund has two benchmark indices: the Russell Midcap Value Index and the S&P 500.CharacteristicsName: Robeco US Select Opportunities EquitiesISIN codes:LU067440040 (DH EUR, share class, hedged for forex risks)LU0674140396 (D USD share class)Front-end fee: maximum 5%Management commission:Retail: 1.5%Institutional: 0.7%
10/01/2012

Outflows from German open-ended funds continue

In November, open-ended funds in Germany saw further net outflows of EUR5.18bn, compared with nearly EUR970m in October, bringing net redemptions in the first eleven months of 2011 to EUR13.75bn, compared with net subscriptions of EUR22.69bn in the corresponding period of the previous year.The German BVI assocation of asset management firms states that net inflows to institutional funds (Spezialfonds) fell to EUR38.48bn in January-November, compared with EUR61.12bn in the first eleven months of 2010.Net inflows to mandates represented EUR2.43bn (due to net subscriptions of EUR3.95bn in November), compared with net redemptions of EUR2.84bn in January-November of the previous year.As of 30 November, total assets under management in Germany came to EUR1.75445trn, compared with EUR1.77144trn as of the end of October, and EUR1.82561trn one year previously. Of this total, open-ended funds (including real estate funds) as of the end of November represented EUR645.57bn, while Spezialfonds weighed in at EUR827.06bn, and mandates totalled EUR281.92bn.
10/01/2012

Feri raises ratings for Australia and six CEE countries

The 1 January 2012 update to 38 sovereign ratings by the German ratings agency Feri EuroRating Services has brought a continuation of the status quo for 31 countries, and a ratings rise for seven countries. Australia now has a AA rating (up from A previously), putting it on a par with France, the UK, Canada, the US and China, as well as South Korea.The rankings include six AAA-rated countries: Germany, Finland, the Netherlands, Austria, Norway, Sweden and Switzerland.Six countries from central and eastern Europe have also been upgraded: this is partly due to a change in methodology, which now assigns more weight to the condition of public finances, and less weight on external trade. Slovenia and the Czech Republic both now get A ratings, up from B+, while Estonia, Slovakia and Poland are upgraded to B+ from B in the first two cases, and C in the third. Latvia moves up from D- to D, meaning that default risks remain high, but less so than before.
10/01/2012

CFA Institute expresses reservations over financial transaction tax

The CFA Institute on 9 January expressed its reservations about the application and effectiveness of a tax on financial transactions in France. In a recent survey of members of the association in Europe, who are investment professionals, 48% consider the idea of a financial sector tax “justifiable,” while 49% consider it “unjustifiable.” “We are not against all taxation in principle, just because we’re working in the financial industry” says Agnès Le Thiec, director of capital market policies at the CFA Institute.However, Le Thiec continues, “44% of our members feel that a financial transaction tax would only be effective if it is applied at least to all G20 countries. Only 5% feel that it would be effective if applied in Europe, since financial transactions would move elsewhere.” It is therefore clear that if the tax were applied only in France, it would make even less sense.Such a tax would inevitably have negative consequences on the volume of activity in the French financial sector. “The revenues from such a tax would be quickly reduced by an equivalent proportion. It is therefore hard to see how a tax on financial transactions could be applied only in France, due to the global nature of the financial markets,” Le Thiec concludes.
10/01/2012

Boards of directors are getting younger

The average age for directors of CAC40 businesses is 60.6 years, as calculated by Les Echos. Ethics & Boards, an international agency that observes board of directors and supervisory boards at publicly-traded companies, finds that the boards of directors for CAC40 businesses are getting younger, largely due to the presence of women, whose average age is 56.1 years. Men on boards are older, with an average age of 61.8 years.
10/01/2012

Financial transaction tax would be ineffective and counter-productive

In the wake of the Paris Europlace conference (see Newsmanagers of 9 January 2012), the French banking federation (FBF) has become the next entity to declare its opposition to a planned tax on financial transactions advocated by the French government. If a tax on financial transactions were introduced, it would have to be applied internationally, and theoretically globally, the professional association says in a statement, claiming that a “tax on financial transactions which was applied only in France would weigh on growth, would result in a loss of competitiveness, and would represent a significant handicap for financing to the entire French economy.” Such a tax, which would come in addition to numerous more specific taxes already in effect, would increase the cost of financial operations to a point that “on the one hand, it would drive actors to move a large part of their operations currently undertaken in Paris to other financial centres, and on the other hand, it would prevent the installation of new actors to finance the economy in our country.” In other words, at a time when the priority should be to allow the French financial sector to finance the economy by adapting to new, very strict regulations, in a highly degraded environment, “a purely national tax which rapidly produced negative effects would be very counter-productive,” the FBF claims.
10/01/2012

New institutional products from Union Investment Real Estate

The Union Investment (co-operative banks) affiliate specialised in real estate, Union Investment Real Estate (UIRE), on 9 January announced that in June 2011 it received commitments from institutional investors for nearly EUR1bn to three new vehicles to be launched by Union Investment Institutional Property GmbH.The firm has attracted about EUR300m for a new institutional fund to specialise in commercial properties, UII Shopping Nr. 1, EUR250m for a fund focused on residential properties, Residential Value, and EUR350m for a dedicated fund launched on 15 December for a professional complementary retirement fund.Total assets at UIRE managed for institutional clients currently come to about EUR3.2bn.
10/01/2012

Real estate: strong activity at REEF in 2011

RREEF Real Estate, an affiliate of Deutsche Bank specialised in real estate funds, has announced that in 2011 it made transactions totalling EUR1.925bn.For two open-ended funds, grundbesitz europa (EUR3.2bn) and grundbesitz global (EUR2.3bn), investments totalled EUR404m in five properties, while sales totalled EUR715m and six properties.For the range of nine institutional real estate funds (EUR3.3bn), RREEF invested EUR644m in 17 properties and one residential portfolio, while sales totalled EUR163m and three properties.In 2012, Georg Allendorf, CEO, says REEF is planning a similar volume of transactions to 2011 and new residential investments in Germany.He has also announced that returns for the grundbesitz europa and grundbesitz global funds in 2011 totalled 3.8% and 3.1%, respectively.
10/01/2012

Bidders vie for asset management unit of Deutsche Bank

From about 50 potential buyers who until the middle of last week entered the fray with indicative bids for the asset management unit of Deutsche Bank, the vendor will now select no more than 10 to proceed to the second round, with a decision to come in mid-January, Handelsblatt reports.The sale will be led by Kevin Parker, head of asset management at the group, who sits on the executive committee at Deutsche Bank, Eric Eaton, head of financial institutions America, and William Nock, head of asset management America. According to Handelsblatt, the buyer will probably agree to keep Parker as head of the acquired activities, in order to prevent a brain drain.
10/01/2012

Russell continues to build German team

As previously announced (see Newsmanagers of 6 December 2011), Russell Investments has made a recruitment for its new office in Frankfurt: Andreas Mittler, who had previously been vice president at MSCI, joins the team as head of acquisition of new institutional clients in Germany.
10/01/2012

Promotion at Julius Baer Europe

Heiko Schlag, who for the past year has been director of the private banking unit, has been promoted as of 1 January to the position of chairman of the board at Julius Baer Europe, in Frankfurt.In order to underscore the importance of the German market to the Swiss group, the board at Julius Baer Europe has also been enlarged, with the addition of Alexander Jecht, who will be in charge of investment solutions activities, development and IT.The board at Julius Baer Europe now includes three people: Schlag, Gerhard Grebe, and Jecht.Julius Baer Europe has a full banking license in Germany. It is present in the country with branches in Frankfurt, Düsseldorf, Hamburg, Munich and Stuttgart, and with agencies in Kiel and Würzburg.
10/01/2012

Wegelin does not feel threatened by investigations

The Wegelin bank claims that it is not at risk of litigation in the wake of investigations of Swiss financial actors serving US clients, and charges against three of its employees, Agefi Switzerland reports. Wegelin & Co is not exposed to any danger if one of its employees is tried. The bank has responded to an article in the newspaper SonntagsZeitung, which claimed in its most redent issue that charges against an employee of the bank, Konrad Hummler, also endangered the bank. Wegelin claims that charges are not equivalent to a guilty verdict.
10/01/2012

Philipp Hildebrand resigns; BNS maintains its monetary policy bearings

Philipp Hildebrand, chairman of the managing board at the Swiss National Bank (BNS), resigned on Monday, 9 January, having concluded that he was not in a position to provide irrefutable evidence that had no knowledge that his wife made the order for a currency trade on 15 August 2011.The board of directors at the BNS has issued a statement acknowledging receipt of the resignation, which it regrets. It also states that its monetary policy, focused on am exchange rate limit of EUR1.20 per Swiss franc, will remain unchanged, and “will be continued with all required determination.”The banking council at the BNS has accepted “the decision which Philipp Hildebrand has taken to protect the institution.” The vice chairman of the board of directors, Thomas Jordan, takes over and a definitive replacement will be installed as soon as possible” as chairman, a statement says.
10/01/2012

Italian pension funds have EUR10bn in maturing mandates

The year is going to be a busy one in the financial management of Italian pension funds, Plus24, the money supplement of Il Sole – 24 Ore observes. 65 management mandates out of 141 are maturing, with assets under management of nearly EUR10bn, out of a total of EUR25bn in the category.
10/01/2012

Only 15% of Italian funds outperform their benchmarks

Only 15% of Italian funds outperformed their benchmark indices in 2011, according to a study by Plus24, the money supplement of Il Sole – 24 Ore. The 85% of funds which underperformed the index did so by an average of 3.5 percentage points. This is the worst result ever recorded, except for 2007; it was largely due to balanced funds, which performed disappointingly, with only 8% of funds outperforming the benchmark.
10/01/2012

Old Mutual fires head of strategic partnerships

Kevin Bull, head of strategic and distribution partnerships at Old Mutual Asset Managers (OMAM), has left the firm, Money Marketing reports. Bull joined Old Mutual in June 2004. OMAM had no comment on the reports.
10/01/2012

Deutsche Bank launches a seeding platform with FRM

Deutsche Bank has signed a partnership with Financial Risk Management (FRM, USD9bn in assets) to launch the first managed account seeding platform for hedge funds, dbalternatives Discovery. The project is an extension of the managed accounts platform dbalternatives (USD12bn), launched in 2002. The objective is to provide investors with reassurance in questions of fraud, transparency, liquidity and independent valuation.The seeding platform aims to identify promising new managers and to invest in their funds, providing strrategic assistance to support their expansion. To reward the capital to be invested, subscribers will earn dividends on the fund and a share of the manager’s earnings.As part of the project, FRM, via its hedge fund seeding affiliate, FRM Capital Advisors (FCA), will select and negotiate strategic investments in emerging managers, who will be managed via managed accounts on the dbalternatives Discovery platform.Deutsche Bank will also be in charge of raising seed capital to invest in the early stage hedge funds selected by FCA.
10/01/2012

iShares rafle 70 % des souscriptions d'ETF pour 2011 en "EMEA"

Au 31 décembre, l’encours des ETF d’iShares pour la zone Europe/Moyen-Orient/Afrique (EMEA en anglais) affichait une augmentation de 4 % en un an à 105,9 milliards de dollars, indique BlackRock.Cette augmentation est attribuable à un progression de 43 % des souscriptions nettes à 18 milliards de dollars (contre 12,6 milliards en 2010), de sorte que le gestionnaire estime avoir drainé à lui seul 70 % des rentrées nettes dans la région (25,7 milliards de dollars).
10/01/2012
Fonds

Robeco commercialise en Allemagne un fonds de "midcaps"

Avec le fonds luxembourgeois Robeco US Select Opportunities Equities lancé le 20 septembre, Robeco distribue désormais auprès des particuliers et des investisseurs institutionnels en Allemagne un fonds value coordonné de moyennes capitalisations américaines géré par Steven Pollack, de sa sa filiale Robeco Boston Partners. La stratégie, lancée aux Etats-Unis en 1995, pesait au 30 septembre un total de 725 millions de dollars.Le portefeuille est investi selon la règle des «trois cercles» dans la zone optimale où se superposent les cercles de la valorisation, des données fondamentales et des «catalyseurs». Le gérant se focalise sur des sociétés dont la capitalisation se situe entre 1 milliard et 16 milliards de dollars.Le fonds a deux indices de référence, le Russell Midcap Value Index et le S&P 500.CaractéristiquesDénomination : Robeco US Select Opportunities EquitiesCodes ISIN : LU067440040 (parts DH EUR, couvertes du risque de change)LU0674140396 (parts D USD)Droit d’entrée : 5 % maximumCommission de gestion :Retail : 1,5 %Institutionnel : 0,7 %
Fonds
10/01/2012

Russell poursuit le renforcement de son équipe allemande

Russell Investments a procédé à une embauche pour sa nouvelle succursale de Francfort : Andreas Mittler, qui était vice president chez MSCI, rejoint l'équipe en tant que responsable du recrutement de nouveaux clients institutionnels en Allemagne (lire Newsmanagers du 6 décembre).
10/01/2012
Fonds

DWS prépare un fonds d'obligations d'entreprises de pays émergents

La souscription pour le DWS Emerging Markets Corporates 2016 est ouverte jusqu’au 27 janvier, le lancement de ce fonds d’obligations d’entreprises des pays émergents (une trentaine de lignes initialement) étant prévu pour le 30 janvier.Il s’agit d’un portefeuille de valeurs qualité investissement qui pourra cependant compter jusqu'à 30 % d’obligations à haut rendement. Les titres seront conservés jusqu'à échéance et le produit du remboursement réinvesti en papiers monétaires si cette échéance est antérieure au 16 décembre 2016 ; ceux dont l'échéance sera postérieure à cette date seront revendus à l'échéance du fonds.DWS prévoit de servir à partir de l’an prochain et jusqu'à échéance un dividende annuel de 4,25 %. Le gestionnaire prévoit une pénalité de 3 % pour les sorties anticipées.CaractéristiquesDénomination : DWS Emerging Markets Corporates 2016Code Isin : LU0681793948Droit d’entrée : 3 % maximumCommission de gestion forfaitaire : 0,90 %
Fonds
10/01/2012

Nouveaux produits institutionnels chez Union Investment Real Estate

La filiale d’Union Investment (banques populaires) spécialiste de l’immobilier, Union Investment Real Estate (UIRE), a annoncé le 9 janvier avoir obtenu depuis juin 2011 des engagements d’investissement d’investisseurs institutionnels de presque un milliard d’euros pour trois nouveaux véhicules lancés par Union Investment Institutional Property GmbH.Elle a ainsi drainé environ 300 millions d’euros pour un nouveau fonds institutionnel spécialiste des actifs commerciaux, UII Shopping Nr. 1, 250 millions pour un fonds focalisé sur le résidentiel, Residential Value, et 350 millions pour un fonds dédié lancé le 15 décembre pour une caisse complémentaire professionnelle.L’encours total d’UIRE géré pour le compte de clients institutionnels se situe actuellement à environ 3,2 milliards d’euros.
10/01/2012

Immobilier : forte activité de RREEF en 2011

Filiale de la Deutsche Bank spécialiste des fonds immobiliers, RREEF Real Estate indique avoir réalisé en 2011 des transactions pour un total de 1.925 millions d’euros.Pour les deux fonds offerts au public, grundbesitz europa (3,2 milliards d’euros) et grundbesitz global (2,3 milliards), les investissements ont porté sur 404 millions d’euros et cinq immeubles, tandis que les reventes se montaient 715 millions d’euros et six immeubles.En ce qui concerne la gamme des neuf fonds immobiliers institutionnels (3,3 milliards), RREEF a investi 644 millions d’euros dans 17 immeubles et un portefeuille résidentiel, tandis que les ventes ont porté sur 163 millions d’euros pour trois actifs.Pour 2012, Georg Allendorf, le directeur général, a indiqué que RREEF prévoit des transactions du même ordre qu’en 2011 ainsi que de nouveaux investissements dans le résidentiel en Allemagne.Il a également indiqué que les performances du grundbesitz europa et du grundbesitz global pour 2011 sont ressorties à respectivement 3,8 % et 3,1 %.
10/01/2012

Les repreneurs se bousculent, pour le pôle gestion de la Deutsche Bank

Parmi les quelques 50 repreneurs potentiels qui ont soumis jusqu’au milieu de la semaine dernière des offres indicatives pour le pôle gestion d’actifs de la Deutsche Bank, le vendeur n’en retiendra au maximum que dix pour le deuxième tour et la décision sur ce point devrait tomber d’ici à la mi-janvier, croit savoir le Handelsblatt.La vente va être menée par Kevin Parker, le patron de la gestion d’actif du groupe, qui fait partie du group executive committee de la Deutsche Bank, par Eric Eaton, head of financial institutions America et William Nock, head of asset management America. D’après le Handelsblatt, l’acquéreur s’efforcera probablement de maintenir Kevin Parker à la tête des activités qui auront été reprises, afin d'éviter une fuite des cerveaux.
10/01/2012
Fonds

Seuls 15 % des gérants italiens battent l’indice

Seulement 15 % des fonds italiens ont battu leur indice de référence en 2011, selon une étude de Plus24, le supplément «argent» d’Il Sole-24 Ore. Les 85 % des fonds ayant sous-performé affichent en moyenne un retard de 3,5 points de pourcentage face à l’indice. Il s’agit du pire résultat jamais enregistré, hormis 2007, alimenté par les fonds diversifiés qui ont déçu avec seulement 8 % d’entre eux qui ont battu le benchmark.
Fonds
10/01/2012
Fonds

Les fonds de pension italiens remettent en jeu 10 milliards d’euros

L’année s’annonce chaude sur le front de la gestion financière des fonds de pension italiens, observe Plus, le supplément «argent» d’Il Sole-24 Ore. Ainsi, 65 mandats de gestion sur 141 arrivent à échéance pour un encours sous gestion de près de 10 milliards d’euros, sur 25 milliards pour la catégorie.
Fonds
10/01/2012

Pioneer recrute son patron pour la Suisse chez BNY Mellon AM

Rainer Lenzin, responsable de la clientèle «wholesale» en Suisse chez BNY Mellon Asset Management, a été nommé selon Investment Europe head of Switzerland chez Pioneer Investments (groupe UniCredit). Il sera subordonné à Fabien Madar, head of Western and Northern Europe.Avant de rejoindre BNY Mellon AM, Rainer Lenzin avait été director of institutional equity sales pour la Suisse, les Pays-Bas et l’Allemagne chez Lehman Brothers à Zurich.
10/01/2012
Fonds

un fonds d'AXA REIM se dote de 2,5 milliards d'euros de capacité d'investissement

AXA Real Estate Investment Managers (AXA Real Estate) vient d’annoncer la clôture de son fonds de développement pan-européen, Venture Development III (DVIII). Celui-ci a levé 588,5 millions d’euros. Le fonds a d’ores et déjà investi dans un projet de bureaux de grande qualité à Londres et trois à Paris.DVIII qui dispose d’une capacité d’investissement de 2,5 milliards d’euros a attiré un large éventail d’investisseurs : des fonds de pension (54%), des compagnies d’assurances (24%), des fonds souverains (14%) et des fonds de fonds (8%) en Amérique du Nord (19,5%), le Moyen-Orient (17,0%) et les pays d’Europe (63,5%), y compris au Royaume-Uni, le Pays-Bas, l’Allemagne, la Finlande et la France. DVIII compte offrir des taux de rendement élevés en investissant notamment dans des sites verts et des friches industrielles, propriétés existantes, etc, qui nécessitent un réaménagement à grande échelle.A la fin du troisième trimestre 2011, AXA Real Estate disposait de plus de 40 milliards d’actifs sous gestion.
Fonds
10/01/2012

Zodiac : l'AFG recommande plus d'indépendants dans le conseil d'administration

Avant l’assemblée générale de Zodiac Aerospace qui se tiendra aujourd’hui 10 janvier, et dans le cadre du suivi des assemblées générales des sociétés du SBF 120, l’AFG est revenue sur plusieurs résolutions portant sur le renouvellement d’administrateurs de la société. L’association recommande qu’au moins un tiers du conseil soit composé de membres libres d’intérêts. Autrement dit, des administrateurs ou des membres du conseil de surveillance qui ne se trouvent pas en situation de conflit d’intérêts potentiel - en étant notamment salarié, mandataire social, membre du conseil d’administration ou du conseil de surveillance de l’entreprise depuis plus de douze ans, etc. Or, si les résolutions mises au vote relatives à des membres du conseil d’administration sont acceptées, le conseil d’administration ne comportera, à l’issue de l’assemblée, que 18,1% de membres libres d’intérêts, note l’AFG.

Sujets d'actualité

Tous les sujets