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13/12/2011

Vanguard référence des fonds sur la plate-forme de Standard Life

Standard Life a ajouté 12 fonds indiciels de Vanguard à sa plate-forme de retraite. Les nouveaux fonds, actions et obligataires, seront accessibles aux clients particuliers et entreprises à compter du 16 décembre (à l’exception du SL Vanguard US Equity Pension Fund qui sera disponible fin janvier 2012).“Standard Life sera la première plate-forme à contributions définies au Royaume-Uni à proposer des fonds Vanguard”, commente Tom Rampulla, managing director de Vanguard UK.
13/12/2011

Le LSE rachète FTSE International à Pearson

Le London Stock Exchange (LSE) a annoncé lundi avoir signé un accord avec le groupe Pearson pour lui racheter sa participation de 50 % dans FTSE International. La transaction, qui porte sur 450 millions de livres (527 millions d’euros), doit être réalisée au premier trimestre 2012. Elle permet au LSE de devenir l’unique propriétaire du fournisseur d’indices, dont il détenait déjà l’autre moitié.
13/12/2011
Fonds

Legg Mason lance un fonds Brandywine au Royaume-Uni

Legg Mason Asset Management a lancé son fonds Brandywine Global Opportunistic Fixed Income, de 34 millions de dollars, sur le marché britannique, rapporte Investment Week. Le fonds avait été originellement lancé en juin 2010 pour une période d’essai auprès d’un nombre limité d’investisseurs. Il a désormais été ajouté à la Sicav irlandaise LMGF.
Fonds
13/12/2011
Fonds

Lyxor lance le premier ETF "double short" sur l'Ibex 35

Bolsas y Mercados Españoles (BME) a annoncé le 12 décembre avoir admis à la négociation le premier ETF inversé avec un levier de 2 sur l’indice Ibex 35. Il s’agit du Lyxor ETF Ibex 35 Doble Inverso Diario dont l'émetteur est Lyxor Asset Management (groupe Société Générale). Le produit réplique l'évolution journalière inversée (2x) de l’indice Ibex 35 con dividendos netos.Il s’agit d’un produit de droit français (FR0011042753) chargé à 0,40 %. C’est le 67ème ETF coté à Madrid.
Fonds
13/12/2011

Près d'un tiers des encours de Bestinver proviennent de l'étranger

Actuellement, l’encours de l’espagnol Bestinver (groupe Acciona) se situe à 6,1 milliards d’euros répartis sur sept fonds d’investissement, quatre fonds de pension et huit sicav ainsi que sur des mandats de gestion comme celui obtenu en début d’année auprès du fonds souverain norvégien (Government Pension Fund-Global), rapporte Funds People. Le montant géré pour le compte d’investisseurs étrangers représente 30 % des actifs totaux.En ce qui concerne les fonds d’investissement, l’encours de Bestinver reste pratiquement inchangé par rapport aux 2,96 milliards de fin 2010 alors que les fonds espagnols dans leur ensemble ont subi une chute de 9,3 % de leurs actifs gérés.
13/12/2011
Fonds

Fin d'année positive pour les hedge funds

Les hedge funds devraient terminer l’année 2011 sur une note positive. L’indice Globe Op Capital Movement Index des hedge funds ressort pour décembre 2011 à 141,01 points, soit 1,55 point de plus qu’en novembre. La progression résulte d’une hausse de 3,41 % de l’encours sous administration chez les clients de GlobeOP pour les souscriptions et d’une augmentation de 1,86 % pour les remboursements.Sur les douze derniers mois, l’indice marque une hausse de 14,40 points.
Fonds
13/12/2011

Promotions chez Partners Group

Le gestionnaire suisse Partners Group a annoncé plusieurs promotions. Andreas Baumann a été nommé partner. L’intéressé est co-responsable du bureau de Singapour, qui coordonne tous les investissements dans la région Asie Pacifique.Dr. Michael Studer, qui accède également au grade de partner, est en charge de l'équipe portfolio & risk management.Par ailleurs, les personnes suivantes, membres des équipes de gestion, ont été promues managing director : Christian Ebert, Scott Essex, Sergio Jovele, Raphael Meier, Dr. Raymond Schnidrig, Alex Cho, Robert Collins.
13/12/2011
Fonds

JP Morgan AM propose une couverture en CHF aux investisseurs locaux

JP Morgan Asset Management a annoncé le 12 décembre qu’il complétait son offre destinée aux investisseurs suisses en proposant de nouveaux fonds de placement couverts en francs suisses. «Suite aux fortes fluctuations du marché des changes et à la brutale ascension du franc suisse (CHF) au cours des derniers mois, les investisseurs suisses sont de plus en plus exposés à un risque de change indésirable sur leurs placements à l'étranger».Les portefeuilles sont exposés à des fluctuations inhabituellement élevées et les pertes de change réduisent à néant la plupart des profits réalisés sur les placements internationaux. «De nombreux investisseurs suisses ont exprimé qu’ils souhaitaient une solution adaptée aux besoins locaux, destinée aux investisseurs qui pensent en termes de franc suisse sans pour autant vouloir renoncer aux avantages reconnus de l’investissement à l'étranger», explique JP Morgan AM dans un communiqué. JP Morgan Asset Management a récemment complété son offre «couverte en CHF» pour le marché suisse des catégories suivantes : -JPMorgan Investment Funds – Income Opportunity Fund A (cap) - couvert en CHF -JPMorgan Funds – Global Strategic Bond Fund A (cap) - couvert en CHF-JPMorgan Funds – Highbridge Diversified Commodities Fund A (cap) - couvert en CHF-JPMorgan Funds – Global Consumer Trends Fund A (cap) - couvert en CHF
Fonds
13/12/2011

Unigestion veut croître de 10-15 % par an

Sur les cinq prochaines années, Fiona Frick, directeur général d’Unigestion, souhaite faire croître l’activité de la société de gestion de 10-15 % par an, dont la moitié provenant de clients existants et l’autre de nouveaux clients, rapporte le Financial Times Fund Management. Une grosse partie des flux devrait venir d’Europe où la société suisse est bien implantée. Mais Unigestion a ouvert récemment un bureau en Asie. Et elle regarde les Etats-Unis. «Un jour, nous franchirons peut-être le pas», affirme Fiona Frick.
13/12/2011

Swiss Life: Carsten Maschmeyer réduit sa part au capital

Le fondateur de la société AWD, Carsten Maschmeyer, qui a démissionné la semaine dernière de sa fonction de membre du conseil d’administration de Swiss Life, s’est vraisemblablement défait comme annoncé d’un grand nombre d’actions Swiss Life, rapporte L’Agefi suisse. Selon l’opérateur de la Bourse suisse, SIX Swiss Exchange, un «membre non exécutif du conseil d’administration» de Swiss Life a vendu le 7 décembre dernier 700.000 actions Swiss Life, d’une valeur de 64,75 millions de francs, ce qui correspond à 92,50 francs par action. Carsten Maschmeyer a annoncé récemment vouloir diminuer sa part dans Swiss Life, qui s'élevait à un peu plus de 5%, à moins de 3%.
13/12/2011

Bill Gates consolide sa participation dans le suisse Givaudan

Le fondateur de Microsoft Bill Gates a consolidé sa participation dans le groupe genevois Givaudan. Selon une publication de la Bourse suisse (SIX Exchange Regulation), Bill Gates détient désormais 10,29% du numéro un mondial des arômes et des parfums.Bill Gates a fait son entrée dans l’actionnariat du groupe suisse à la mi-février 2011 en acquérant 3,3% indirectement via Cascade Investment LLC, Bill and Melinda Gates Foundation et Harris Associates. Il avait ensuite renforcé une première fois sa participation à 5,24% en juillet dernier.
13/12/2011
Fonds

Deux nouveaux ETN chez PowerShares

Invesco PowerShares a récemment lancé deux nouveaux ETN, rapporte Mutual Fund Wire. Baptisés PowerShares DB U.S. Inflation ETN et DB U.S. Deflation ETN, ils suivent l'écart entre les TIPS (obligations du Trésor indexées sur l’inflation) et les bons du trésor sur les mêmes échéances.
Fonds
13/12/2011

Stricter regulations on the way for Australian hedge funds

The Australian market authority (ASIC) will publish recommendations for hedge fund regulations in early 2012, Investor Daily reports. Following the publication of a consultation document in February this year, Australian hedge funds in the international investment management association (AIMA) entered into dialogue with ASIC, and agreed that there is a need to introduce some rules to better assist investors who would like to invest in alternative strategies. Issues of low liquidity and complex strategy need to be treated with much more precision in the informational documents, to ensure that investors fully understand what they are in for, and what problems they run a danger of encountering if there is trouble on the markets. Hedge funds based in Australia have about AUD50bn in assets under management.
13/12/2011

Legg Mason launches Brandywine fund in United Kingdom

Legg Mason Asset Management has launched its Brandywine Global Opportunistic Fixed Income fund, with USD34bn in assets, in the UK, Investment Week reports. The fund had originally been launched in June 2010 to a limited number of investors for a trial period. It has now been added to the Irish range LMGF.
13/12/2011

Swedish investors turn to balanced funds

In November, balanced funds were the only category of funds to have recorded net inflows in Sweden. They have posted net inflows of SEK7.6bn, or EUR0.84bn, according to the most recent statistics from Fondbolagens Förening, the Swedish investment fund association. This comes despite the fact that the industry for funds on sale in Sweden has seen net outflows of SEK3.4bn (EUR0.37bn), driven by outflows of SEK9bn from equity funds (nearly EUR1bn). Since the beginning of the year, the balanced fund category has recorded inflows of SEK20.1bn, or EUR2.22bn, while the industry for funds on sale in Sweden has seen outflows of SEK7.7bn (EUR0.85bn). These outflows are entirely due to equity funds, which have seen redemption demands of SEK69.2bn, or EUR7.65bn. In addition to balanced funds, the other popular category since the beginning of 2011 has been money market funds, which have seen inflows of SEK34.8bn (EUR3.84bn). As of the end of November, assets in the sector totalled SEK1.782trn, or about EUR197bn, of which 52% remain in equity funds, Balanced funds, for their part, represent SEK380bn, or EUR42bn. Since the beginning of the year, assets have fallen by SEK182bn (EUR20bn).
13/12/2011

Outflows slow in Europe

UCITS-compliant funds continued to post redemptions in the month of October, related to outflows from long-term UCITS funds and money market funds. The month ended with net outflows of EUR30bn, compared with EUR49bn in September, according to statistics from the European financial and asset management association (EFAMA).This slowdown in outflows has been observed in virtually all asset classes. Long-term UCITS funds, meaning all funds excluding money markets, have posted outflows in October of EUR19bn, compared with EUR37bn in September, and EUR55bn in August.The same trend may be observed for equity funds, where outflows halved in October to EUR8bn, from EUR17bn in September (and EUR27bn in August).Bond funds finished the month under review with net outflows of EUR5bn, compared with EUR12bn in September. Diversified funds have seen outflows of EUR5bn, compared with EUR10bn previously.Money market funds, for their part, have seen net outflows of EUR10bn, compared with EUR12bn in September, as banks continue to compete with money market funds to attract investors to savings accounts.Total assets in UCITS-compliant funds as of the end of October totalled EUR5.487trn, up 2.2% due to rebounding markets. For non-UCITS funds, the increase totals 1%, to EUR2.13trn.
13/12/2011

Nearly one third of assets at Bestinver come from abroad

Currently, assets at the Spanish asset management firm Bestinver (Acciona group) total EUR6.1bn, in seven investment funds, four pension funds, and eight Sicav funds, as well as management mandates such as the one reiceved earlier this year from the Norwegian sovereign fund (Government Pension Fund-Global), Funds People reports. The total amount managed for foreign investors represents 30% of total assets.For investment funds, assets at Bestinver remain virtually unchanged compared with the EUR2.96bn recorded at the end of 2010, while Spanish funds on the whole have seen a fall of 9.3% in their assets under management.
13/12/2011

Positive end to the year for hedge funds

Hedge funds are expected to finish the year 2011 on a positive note. The Globe Op Capital Movement Index of hedge funds for December 2011 shows 141.01 points, 1.55 points more than in November. Growth is due to gains of 3.41% in assets under administration for clients of GlobeOP for subscriptions, and an increase in 1.86% in redemptions. In the past twelve months, the index has gained 14.40 points.
13/12/2011

Two new ETNs from PowerShares

PowerShares has recently launched two new ETNs, Mutual Fund Wire reports. The funds, entitled PowerShares DB U.S. Inflation ETN and DB U.S. Deflation ETN, track the difference between inflation-linked Treasury bonds (TIPS) and Treasury bonds with the same durations.
13/12/2011

Axa IM releases Framlington Global High Income fund in Germany

On 12 December, Axa Investment Managers Germany announced that the UCITS-compliant fund AXA WF Framlington Global High Income (see Newsmanagers of 25 October) has received a sales license for Germany from BaFin. It has also been licensed for sale in Austria.The product aims for 1.5 to 2.5 times the return in dividends from the MSCI AC World index. Minimal subscription is set at EUR5m for institutional investors. There is no minimal investment for retail clients.
13/12/2011

DWS to liquidate a real estate FoF

The db Immoflex fund (DE000DWS0N90) will be liquidated on 16 November 2012, DWS (Deutsche Bank group) has announced, according to Das Investment. The fund, which suspended redemptions on 16 May, is invested in nine open-ended real estate funds, whose redemptions have been frozen, five of which are in the liquidation process.As of 30 November, liquidity in the fund was limited to 10.3%, which is insufficient for redemptions to be reopened.Fees of 0.9% per year have been lowered to 0.1%.
13/12/2011

Credit Suisse delays reopening of redemptions from CS Euroreal

The open-ended real estate fund CS Euroreal (EUR6.2bn in assets as of the end of October) will not reopen redemptions before 31 Decmber 2011, as had long been pledged by Credit Suisse Asset Management Immobilien: the asset management firm is now aiming to reopen redemptions from the fund before the two-year deadline for the redemption freeze (18 May 2012), although liquidity has now been increased back to 25% of assets, with EUR1.25bn as of 9 December, the Market Update newsletter for December 2011 announces.CSAM states that due to liquidation of real estate funds by two rivals, and uncertainty due to the euro zone debt crisis, it has opted for more conservative management, and would like to create an additional liquidity cushion. Talks are underway over sales of properties for a total of EUR850m.ISIN code: DE0009805002
13/12/2011

Hans-Jürgen Gutenberger to leave Deka at the end of June

Hans-Jürgen Gutenberger has announced that he will be exercising a clause in his contract which allows him to set his own retirement date, and will be leaving his job on 30 June 2012 as a managing board member at Deka in charge of distribution via savings banks, marketing, and treasury. He will be celebrating his 60th birthday next year, and has been a member of the board at Deka since 1 January 2000.A successor to Gutenberger has not yet been appointed.
13/12/2011

Aquila Capital recruits for Nordics distribution

Oldrik Verloop, who had been head of marketing strategy for institutional clients in Benelux and Scandinavia at the Swiss firm Wegelin, has been recruited by Aquila Capital (EUR3.4bn in assets) as director of sales for Benelux and Scandinavia. He will be in charge of distribution activities in northern Europe, excluding Germany.
13/12/2011

Lyxor launches first double short ETF of Ibex 35

Bolsas y Mercados Españoles (BME) on 12 December announced that it has admitted the first inverse ETF with leverage of 2 based on the Ibex 35 index to trading. The fund is the Lyxor ETF Ibex 35 Doble Inverso Diario, issued by Lyxor Asset Management (Société Générale group). The product replicates the inverse of the daily evolution of the Ibex 35 index (2x), with dividends reinvested.The product is registered in France (FR0011042753) and charges fees of 0.40%. It becomes the 67th ETF listed in Madrid.
13/12/2011

FSA publishes report on RBS bankruptcy

The British Financial Services Authority (FSA) on 12 December published its report on the bankruptcy of the Royal Bank of Scotland (RBS). The report claims that the bankruptct may be explained as the result of six factors: the “significant” weakness of owners’ equity at the bank, as a result of management decisions and an inappropriate regulatory framework, excessive dependence on short-term financing, concerns about the quality of underlying assets of RBS, substantial losses in credit trading activities, the acquisition of ABN Amro, undertaken without the necessary precautions, and lastly, a general systemic crisis. The FSA also admits its own lack of rigour and errors of judgement in the case.
13/12/2011

Unigestion plans to grow by 10-15% per year

In the next five years, Fiona Frick, CEO of Unigesdtion, would like to grow the firm’s business by 10-15% per year, half of which will come from existing clients, and the other half from new clients, Financial Times Fund Management reports. A large part of these inflows will come from Europe, where the Swiss firm has a strong presence. But Unigestion has recently opened an office in Asia, and is looking at the United States. “One day we may take the jump,” says Frick.
13/12/2011

Promotions at Partners Group

The Swiss asset management firm Partners Group has announced several promotions. Andreas Baumann has been appointed as a partner. He is co-head of the Singapore office, which is in charge of all investments in the Asia Pacific region. Dr. Michael Studer, who also becomes a partner, is in charge of the portfolio & risk management team. The following people, members of management teams, have been promoted to managing director: Christian Ebert, Scott Essex, Sergio Jovele, Raphael Meier, Dr. Raymond Schnidrig, Alex Cho, Robert Collins.
13/12/2011

Bill Gates consolidates stake in Swiss firm Givaudan

The founder of Microsoft, Bill Gates, has consolidated his stake in the Geneva-based group Givaudan. According to a publication from the Swiss stock exchange (SIX Exchange Regulation), Gates now controls 10.29% of the world’s largest perfume and scent manufacturer. Gates made his first entry into the capital of the Swiss group in mid-February 2011, with an acquisition of a 3.3% stake indirectly via Cascade Investment LLC, Bill and Melinda Gates Foundation and Harris Associates. He then increased his stake to 5.24% in July this year.
13/12/2011

JP Morgan AM offers hedging in CHF to local investors

JP Morgan Asset Management on 12 December announced that it is adding to its range of products aimed at Swiss investors, with an offer of new investment funds hedged in Swiss francs. “Following the high fluctuations in the currency market and the sharp rise of the Swiss franc (CHF) in the past few months, Swiss investors are increasingly exposed to undesirable currency risks on their foreign investments. Portfolios are exposed to unusually high fluctuations, and currency losses are reducing most profits made on international investments to near zero. Many Swiss investors have said that they would like a solution adapted to local needs, aimed at investors who think in terms of Swiss francs, without wanting to sacrifice the recognized advantages of investment abroad,” JP Morgan AM explains in a statement. JP Morgan Asset Management has recently added to its “CHF hedged” product range on the Swiss market, with the following offerings: -JPMorgan Investment Funds – Income Opportunity Fund A (cap) – hedged in CHF -JPMorgan Funds – Global Strategic Bond Fund A (cap) – hedged in CHF -JPMorgan Funds – Highbridge Diversified Commodities Fund A (cap) – hedged in CHF -JPMorgan Funds – Global Consumer Trends Fund A (cap) – hedged in CHF

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