Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
05/12/2011
Fonds

Le BBVA lance un fonds garanti à coupons trimestriels

BBVA Asset Management lance actuellement le BBVA Plan Rentas 2014 N, un fonds obligataire garanti qui effectuera huit versements trimestriels aux souscripteurs durant la période de la garantie (échéance 3 mars 2014), indique Funds People.Le gestionnaire s’engage à rembourser à échéance 100 % du capital en plus du versement de huit coupons trimestriels de 75,90 euros bruts pour 10.000 euros investis. Les versements trimestriels s’effectuent par remboursement obligatoire des parts. Le rendement annuel du fonds est de 2,952 %. La souscription minimale est fixée à 600 euros et la commission de gestion à 0,40 % jusqu’au 2 février 2012, puis 1,65 % à compter du 3 févier 2012.
Fonds
05/12/2011
Fonds

Les investisseurs restent sur la défensive

Fin novembre, les investisseurs sont restés à l’écart de la reprise du marché actions et n’ont pas non plus accru leur exposition à la dette de la zone euro, selon les statistiques hebdomadaires d’EPFR Global. Les fonds d’actions ont encore subi des rachats significatifs. Depuis le début de l’année, les fonds d’actions accusent une décollecte de 188,6 milliards de dollars, leur plus mauvais résultat depuis 2008. Dans le même temps, les ETF enregistrent une collecte de 79,8 milliards de dollars.A noter toutefois que la décollecte sur les fonds d’actions européennes s’élève à seulement 9,1 milliards de dollars sur onze mois contre 22,8 milliards de dollars l’an dernier sur la même période.Les fonds obligataires internationaux et européens ont de leur côté enregistré leur plus mauvaise semaine depuis trois ans, à l’exception toutefois des fonds d’obligations américaines.
Fonds
05/12/2011
Fonds

Les ETF couvrent des segments de plus en plus étroits

Ayant couvert tous les domaines les plus évidents, les fournisseurs d’ETF s’aventurent désormais sur des segments de plus en plus étroits et surprenants comme le Pérou ou les smartphones, observe The Wall Street Journal. Ainsi, pour certains produits, la diversification n’est plus vraiment de mise. L’une des raisons pour lesquelles les fournisseurs d’ETF n’hésitent pas à expérimenter de nouveaux produits est qu’il est relativement facile de liquider les ETF. Et parfois, l’un d’eux peut s’avérer, à la surprise générale, un succès, comme le iShares MSCI Indonesia Investable Market Index qui a collecté 270 millions de dollars.
Fonds
05/12/2011

Un nouveau co-responsable des investissements chez Goldman Sachs

Selon une note interne, Edward C. Frost, qui a seize ans d’ancienneté chez Goldman Sachs, a décidé de démissionner de son poste de co-head of investment management (co-responsable des investissements) pour s’intéresser à des projets culturels, artistiques et philanthropiques. The Wall Street Journal indique qu’il sera remplacé par Eric S. Lane, le COO de la division investment management.
05/12/2011
Fonds

SSgA lance deux nouveaux SPDR obligataires

Depuis le 1er décembre, la gamme d’ETF SPDR de State Street Global Advisors (245 milliards de dollars d’encours fin septembre) comporte 26 produits, avec le lancement du SPDR Barclays Capital Short Term Treasury ETF (acronyme : SST) et le SPDR Barclays Capital Investment Grade Floating Rate ETF (FLRN), qui ont été admis à la négociation sur la plate-forme NYSE Arca.Le premier fonds réplique l’indice Barclays Capital 1-5 year US Treasury (114 valeurs et une échéance moyenne de 2,8 ans au 18 novembre). Il est chargé à 0,12 %.Pour sa part, le SPDR Barclays Capital investment Grade Floating Rate ETF s’efforce de suivre la performance du Barclays Capital US Dollar Floating Rate Note 5 years index qui couvrait au 18 novembre un total de 320 valeurs avec une échéance moyenne de 1,71 année. Le taux de frais sur encours de ce produit est fixé à 0,15 %.
Fonds
05/12/2011

Safra soutiendra Sarasin sur tous ses marchés clés

Le CEO de Sarasin, Joachim Strähle, souligne dans un entretien à Finanz und Wirtschaft du 3 décembre que le nouvel actionnaire majoritaire de Sarasin, Safra, soutiendra la banque suisse sur tous ses marchés clés. A l’inverse de l’ancien actionnaire majoritaire Rabobank, Safra est prêt à investir et le groupe dispose de 12,2 milliards de dollars. Le nouvel actionnaire majoritaire va aussi soutenir la stratégie d’expansion de Sarasin. «Safra veut que nous nous développions encore au Proche-Orient et en Asie et accepte pour cela une profitabilité un peu plus basse», selon le CEO.
05/12/2011

La Fondation Ethos muscle sa direction

Spécialiste de l’ISR, la fondation Ethos, qui compte 122 fonds de pension suisses comme adhérents, a publié le 2 décembre une offre d’emploi selon laquelle elle recherche pour son bureau de Genève un «head environmental & social sustainability», poste vacant dont l’intérim est actuellement assuré par le directeur Dominique Biedermann.La fonction était déjà occupée par une personne qui reste chez Ethos et qui va désormais se consacrer en totalité au business development. Ce changement a été rendu nécessaire par la croissance de l’activité d’Ethos et par la hausse du volume de travail découlant des demandes des adhérents, a expliqué Dominique Biedermann à Newsmanagers.
05/12/2011
ESG

La fondation Ethos recherche son Head Environmental and Social Sustainability

Dans le cadre du développement de la Direction de son bureau de Genève, la fondation Ethos qui compte 122 fonds de pension suisses comme adhérents, est à la recherche d’un Head Environmental and Social Sustainability chargé(e) notamment des tâches suivantes : Diriger le secteur Environmental and Social Sustainability Coordonner et effectuer les analyses et les études dans le domaine de la responsabilité environnementale et sociale des entreprises Mener les activités de dialogue (engagement) d’Ethos en matière de responsabilité environnementale et sociale des entreprises Candidatures à faire parvenir à M. Dominique Biedermann, Directeur Ethos, Place Cornavin 2, Case postale, 1211 Genève 1
ESG
05/12/2011

Singapore hedge fund sector threatened with tougher regulations

Singapore, which has previously attracted hundreds of hedge funds, is in the process of putting new regulations in place which could make the market less attractive to alternative managers, the Reuters news agency reports. With the new regulations now in the birthing process, Singapore would come into step with the other major financial centres, but this update will have a cost which could endanger smaller structures, many of which will be forced to close or merge. The Monetary Authority of Singapore (MAS) would like ot make all asset management firms with assets of over SGD250m (slightly under USD200m) be licensed, while smaller entities would still be required to have a risk management system and would be subject to independent audits. The regulator has already consulted the firms, and the new rules, which are intended to ensure the survival of the sector, are slated to come into force in early 2012. The sector has about 400 hedge funds, with assets under management of SGD53bn.
05/12/2011

Marc Tournier and Tocqueville Finance fined for price manipulations

The Sanctions Commission of the French financial market regulator, the Autorité des marchés financiers (AMF), confirmed on its website on Friday, 2 December that on 28 October this year the Tocqueville Finance company, and its CEO, Marc Tournier, were fined. In addition to a reprimand for both parties, the firm will pay a fine of EUR150,000, while Tournier will pay EUR250,000. “The Sanctions Commission has found that the parties were guilty of price manipulation in the acquisition of 9,637 shares in X [the price manipulation the regulator is referring to relates to shares in the car rental firm ADA] on 26 June 2009, even though, since the beginning of the year, the average daily trading volume was 85 shares, and following the action, representing 99.99% of all trades on the share, the share price for the firm had risen 41.25%,” a statement from the AMF says. The Sanctions Committee adds in its statement that the severity of the professional and pecuniary sanctions also reflects “the seriousness of the offence of price manipulation for a company and an individual who practice as providers of investment services, and who have already been sanctioned in these capacities on two previous occasions, in 2003 and 2004.” During the AMF investigation, Tocqueville Finance and Tournier denied accusations of price manipulations and pointed to the limited size of the publicly-traded capitalisation of the firm at the time the trades were undertaken. The verdict may be appealed under article R. 621-44 of the monetary and financial code.
05/12/2011

Madoff: Trustee may appeal J.P. Morgan verdict

Irving Picard, the trustee appointed by the courts to recover funds for victims of Bernard Madoff, has been granted clearance to appeal the verdict in a legal action against J.P. Morgan Chase, with nearly USD20bn at stake, the Wall Street Journal reports. In November, US Federal judge Colleen McMahon found that Picard did not have a standing against J.P. Morgan Chase.
05/12/2011

Natixis Global Associates launches a US equity fund

With the Harris Associates Concentrated US Value Fund, Natixis Global Associates, a fund distribution affiliate of Natixis Global Asset Management (NGAM), has launched a sub-fund of its Luxembourg Sicav Natixis International Funds (Lux) I, which will have a concentrated portfolio of 20 positions, on US large and midcap equities, Hedge Week reports.The product, available in the United Kingdom, is managed at the US firm Harris Associates (an affiliate of NGAM), by Robert Levy, CIO, and the portfolio managers Mike Mangan and Edward Loeb. They use a private equity-inspired approach to identify shares which are trading below their intrinsic value.
05/12/2011

Axa retains 49% stake in Bharti Axa IM

Bank of India has announced that it will be acquiring a 51% stake in Bharti Axa Investment Managers Pvt, an asset management firm owned by Bharti Enterprises and the French Axa group, Agefi reports. Bharti Enterprises is selling all of its 25% stake in the joint venture to the bank, while Axa is selling 26%, and retaining the remaining 49% of Barti Axa Investment Managers Pvt.
05/12/2011

Heavy outflows from Spanish funds in November

Ahorro Corporación has announced that November was the worst month of the year for the Spanish fund management sector, with net outflows of EUR1.25bn, while the Inverco association of asset management firms estimates the net redemptions at EUR850m (see Newsmanagers of 2 December). These are the heaviest outflows since the EUR5.5bn outflow observed in November 2010.Funds People reports that Ahorro Corporación estimates total assets at EUR130.33bn as of the end of November, 3.2% less than at the end of October, and 10.3% less than as of 31 December 2010. In eleven months, assets in Spanish funds contracted by EUR15bn.
05/12/2011

Eurazeo PME recruits for investment team

Eurazeo PME, an affiliate of Eurazeo dedicated to investments in majority stakes in small and mid-sized businesses (SMB), on 2 December announced the recruitment of Emmanuel Laillier as a board member, alongside Elisabeth Auclair, CFO, and Olivier Millet, chairman of the board. Laillier, a graduate of the Ecole Polytechnique, began his career in corporate finance at Nomura, and then became an investor on the Fonds Partenaire Gestion (Lazard) team in 1999. He then spent nine years at EPF Partners as a managing partner. Eurazeo PME has an investment team composed of seven members: Miller, chairman of the board, Laillier, board member, Pierre Miegnen, managing partner, Erwann Le Ligné, managing partner, Mathieu Betrancourt, chief investment officer, Cédric Boxberger, chief investment officer, Rodolphe de Tilly, account manager. The Corporate team is led by Auclair, while Laurence Château de Chazeaux is director of sustainable development.
05/12/2011

Former Olympia chairman resurfaces at UniCredit

Laurent Dupeyron, former chairman of Olympia Capital Management, has been appointed as global head of wholesale and institutional equity derivatives distribution at UniCredit, effective immediately. He will report to TJ Lim, global head of markets at the Italian bank.Dupeyron left Olympia following its acquisition by Richmond Park Capital in April 2011. He joined the hedge fund firm in September 2008.
05/12/2011

New co-head of investment management at Goldman Sachs

According to an internal memo, Edward C. Frost, who has 16 years of seniority at Goldman Sachs, has decided to resign from his position as co-head of investment management, in order to take on educational, artistic and philanthropic projects, the Wall Street Journal reports, adding that he will be replaced by Eric S. Lane, COO of the investment management division.
05/12/2011

ESMA calls for accounting convergence

The European Securities Markets Authority (ESMA) held a seminar in Paris on 1 and 2 December, uniting national and international accounting authorities to debate the coherent and effective application of international IFRS accounting standards. The seminar organised by ESMA is a sign of its strong engagement to strengthen dialogue between accounting authorities in third-party countries “with the objective of improving cooperation and the consistent application of IFRS accounting standards worldwide,” ESMA says in a statement. Noting the necessity in Europe for close collaboration between accounting authorities in various countries to achieve a coherent application of the standards, Steven Maijoor pointed to the need to “extend cooperation to the global level,” adding that “ESMA is actively contributing to that end.”
05/12/2011

ABP calls off plans to tie benefits to inflation in 2012

The Netherlands civil servants’ pension fund ABP (about EUR240bn in assets) on 1 December announced that it will not be indexing 2012 benefits against the consumer price index.If the financial situation at the fund does not improve by 31 December, several further measures are also under consideration, such as tripling the temporary additional contribution of 1 percentage point (tijdelijke herstelopslag) in order to balance the books, or a reduction in benefits which would not come into force until 2013.ABP is aiming for a coverage rage of 104.5% by the beginning of 2014, compared with 94% as of the end of October 2011.
05/12/2011

BBVA launches a guaranteed fund with quarterly coupons

BBVA Asset Management is now offering the BBVA Plan Rentas 2014 N, a guaranteed bond fund which will pay eight quarterly coupons out to subscribers during the guarantee period (maturing on 3 March 2014), Funds People reports.The asset management firm guarantees 10)% of initial capital at maturity, in addition to the payment of the eight quarterly coupons of a gross EUR75.90 for every EUR10,000 invested. The quarterly payments will proceed via obligatory redemption of shares.The annual returns for the fund are 2.592%. Minimal subscription is set at EUR600, and the management commission is 0.40% until 2 February 2012, and 1.65% from 3 February 2012.
05/12/2011

AFME publishes new recommendations for high yield

The Association for Financial Markets in Europe (AFME) has published new recommendations for information to be published about transactions in the high yield sector. Following consultations with buy-side and sell-side participants, the professional association has revised its 2008 recommendations for high yield debt issuers. The AFME has also responded to concerns on the part of investors, by creating a permanent discussion forum, the “High Yield Investor Issues Committee.”
05/12/2011

Basel Committee launches a consultation on internal bank audits

The Basel Committee on Banking Supervision on 2 December announced a consultation on the function of internal audits at banks. The objective for the Committee’s recommendations is to help supervisors to evaluate the effectiveness of the internal audit function at banks. The consultation will remain open until 2 March 2012.
05/12/2011

Alternative management firm Castle Creek sets up shop in London

The alternative asset management firm Castle Creek Arbitrage, based in Chicago, has opened an office in London, Financial News reports. The registration document submitted to the British Financial Services Authority (FSA) has announced that the British entity, CC Arb Global, has three employees in London. The firm claims that the European market currently offers opportunities, particularly in bonds. Assets under management at Castle Creek total about USD800m.
05/12/2011

Recruitment at M&G

M&G Investments on 2 December announced the appointment of James Tomlins as manager for its high yield bond fund, the European High Yield Bond Fund (GBP77m in assets), assisted by Stefan Isaacs. Tomlins, who joined M&G in June this year, has also been appointed as co-manager of the Hihg Yield Corporate Bond Fund (GBP1.1bn), alongside Isaacs, who will remain as manager of the fund. The changes took effect from 1 December.
05/12/2011

LGT opens an office in Beijing

The Liechtenstein-based private management and banking establishment LGT Group will open an office in Beijing, in order to develop its activities in the alternative management sector, Asian Investor reports. The project will initially aim to offer research to companies operating in continental China in the private equity and venture capital sectors.
05/12/2011

ETFs covering increasingly narrow segments

Now that they have all the most obvious areas covered, ETF providers are venturing into increasingly narrow and surprising segments, such as Peru and smart phones, the Wall Street Journal reports. One of the reasons that ETF providers aren’t hesitating to experiment with new products is that it is relatively easy to liquidate ETFs. And there is always the potential that one of them should surprise the world by becoming a success, like the iShares MSCI Indonesia Investable Market Index, which has attracted USD270m.
05/12/2011

Wealth management products bring disappointing returns

A study by the consulting firm Fonds Consult, obtained by Handelsblatt, finds that wealth management products based on investment funds offered by banks generate disappointing returns: with the fees taken into account, all actors offer solutions which are less remunerative than their benchmarks, and often with higher volatility.Fonds Consult surveyed the eight unit-linked wealth management providers on the German market: Dekabank, Commerzbank, HypoVereinsbank, Deutsche Bank, Credit Suisse, Union Investment, DZ Privatbank and Fürst Fugger Privatbank, all of which offer profile-based solutions.The most conservative products lag furthest behind their benchmarks. For example, over three years, an index composed of 80% euro bonds and 20% equities earned 14.5%, but the best product, from Commerzbank, made only 12.3%, while the worst, from HypoVereinsbank, lost 3.4%. And in addition to that, there are fees averaging 1%!
05/12/2011

Investors remain on the defensive

As of the end of November, investors were keeping their distance from a potential recovery on equity markets, and had not increased their exposure to euro zone debt, according to weekly statistics from EPFR Global. Equity funds continued to see significant redemptions. Since the beginning of the year, equity funds have seen an outflow of USD186.6bn, their worst results since 2008. At the same time, ETFs have posted inflows of USD79.8bn. However, outflows from European equity funds have totalled only USD9.1bn in eleven months, compared with USD22.8bn in the same period last year. International and European bond funds, for their part, have posted their worst week in three years, except for US bond funds.
05/12/2011

Axa IM releases a short duration high yield fund

The AXA IM FIIS Europe Short Duration High Yield Fund, managed by Andrew Wilmont, head of European high yield (see Newsmanagers of 23 November), has been registered for sale in Germany, the asset management firm announced on 2 December. The Luxembourg-registered, UCITS-compliant product, which was launched on 2 August, combines short duration and high yield strategies from the asset manager.As of the end of July, Axa IM had about EUR10bn in assets under short duration management (Euro Short Duration Credit, Sterling Short Duration Credit and US Short Duration).The asset manager is planning to register the fund in other European countries.
05/12/2011

SSgA launches two new bond SPDR funds

Since 1 December, the SPDR ETF range from State Street Global Advisors (USD245bn in assets under management as of the end of September) includes 26 products, with the launch of the SPDR Barclays Capital Short Term Treasury ETF (acronym: SST) and the SPDR Barclays Capital Investment Frade Floating Rate ETF (FLRN), which have been admitted to trading on the NYSE Arca platform. The first fund replicates the Barclays Capital 1-5 Year Treasury index (114 positions, with an average duration of 2.8 years as of 18 November). The fund charges 0.12%. The SPDR Barclays Capital Investment Grade Floating Rate ETF aims to replicate the performance of the Barclays Capital US Dollar Floating Rate Note 5 Years index, which as of 18 November included a total of 320 positions, with an average duration of 1.71 years. The total expense ratio for the product is set at 0.15%.

Sujets d'actualité

Tous les sujets