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03/05/2011
Fonds

Union Investment lance un fonds garanti sur les marchés émergents

Jusqu’au 24 juin, Union Investment commercialise en Allemagne le fonds UniGarant: Emerging Markets (2018) qui sera lancé le 30 juin et dont l'échéance est fixée au 22 juin 2018.Comme son nom l’indique, ce produit est un fonds qui garantit à l'échéance 100 % du capital initial, hors droit d’entrée de 4 %, ainsi qu’une participation à l'évolution moyenne d’un panier d’indices d’actions des pays BRIC (Brésil, Russie, Inde, Chine), d’Amérique latine et d’Asie. Union Investment est le leader allemand des fonds garantis, avec environ 80 fonds et un encours à fin février de 16,6 milliards d’euros dans ce segment.Caractéristiques : Dénomination : UniGarant: Emerging Markets (2018)Code Isin : LU0595487439Droit d’entrée : 4 %Commission de gestion : 1 % (maximum 1,5 %)Pénalités en cas de remboursement anticipé : 2 % acquise au fonds
Fonds
03/05/2011

Axa IM Allemagne recrute le country head de Lombard Odier

Uwe Diehl, qui était en dernier lieu country head Germany chez Lombard Odier, après avoir été notamment directeur de la distribution de Henderson Global Investors, vient de rejoindre, au 1er mai, Axa Investment Managers Allemagne comme head of wholesale/retail distribution pour l’Allemagne et l’Autriche. Il remplace Bernhard Klocke, qui a quitté l’entreprise au bout de sept ans.
03/05/2011

Julius Baer acquiert 30 % du gestionnaire de fortune brésilien GPS

Le 3 mai, le groupe Julius Baer (267 milliards de francs suisses d’encours fin décembre) a annoncé avoir acquis, pour un montant non divulgué, 30 % du premier gestionnaire de fortune indépendant du Brésil, GPS, qui coiffe GPS Planejamento Financeiro Ltda. et CFO Administração de Recursos Ltda. GPS, qui emploie 84 personnes, affiche un encours de 8,5 milliards de reals ou 5 milliards de dollars. La société a été créée en 1999 par José Eduardo Martins, Marco Belda et Roberto Rudge. Les neuf associés actuels continueront de diriger l’activité de manière indépendante avec la même équipe et maintiendront la stratégie mise en œuvre jusqu'à présent. Julius Baer sera représenté par deux personnes au conseil d’administration.Le holding qui contrôle GPS est Pulsar Invest, qui comporte également une division de private equity et de corporate finance au travers de sa marque Green Capital qui ne fait pas partie du partenariat conclu avec Julius Baer.
03/05/2011

SG Private Banking nomme un CIO pour le Moyen-Orient

Société Générale Private Banking vient de nommer Philippe Boutron en qualité de regional chief investment officer pour le Moyen-Orient. Basé à Dubaï, il sera rattaché à Eddy Abramo, chief executive officer de Société Générale Private Banking (Middle East). Agé de 40 ans, Philippe Boutron avait intégré le groupe Société Générale en 1993 en tant que responsable marketing et développement commercial au sein du réseau de banque de détail. En 1999, il rejoint Société Générale Asset Management comme gérant de portefeuilles, en charge de la clientèle fortunée du réseau France de Société Générale. Il rejoint Société Générale Private Banking en 2005 en tant que chargé du processus d’investissement et de l’offre de gestion avant d’être nommé responsable de la stratégie d’investissement de la banque privée en 2008. Dans le cadre de ses nouvelles fonctions, Philippe Boutron aura pour mission de gérer la mise en oeuvre de la stratégie d’investissement de la banque privée ; il supervisera le comité d’allocation d’actifs local et assurera la gestion et le développement de l’offre de produits et services destinée aux clients privés du Moyen-Orient.
03/05/2011

Les caisses d'épargne poussent Deka à acheter aussi la LB Lux

A fin décembre, DekaBank Luxembourg (720 millions d’encours, dont 680 millions sous forme de fonds Deka) a acheté LBBW Lux et WestLB International. A présent que les caisses d'épargne allemandes sont les seuls actionnaires de DekaBank, elles ont demandé à leur gestionnaire central, selon la Frankfurter Allgemeine Zeitung, d’acheter aussi la LB Lux, filiale de la BayernLB.Comme les Landesbanken ont reçu des subventions, Bruxelles les contraint à se défaire de leurs filiales et les caisses d'épargne veulent éviter que ces banques privées lucratives soient rachetées par la concurrence. L’idée est alors de constituer au Luxembourg un pôle de banque privée crédible auquel les caisses d'épargne allemandes pourraient adresser leurs clients haut de gamme peu convaincus de leur professionnalisme en Allemagne. En partageant les commissions à 50/50.
03/05/2011

Petercam registers a dividend real estate fund in France

The Belgian asset management firm Petercam has licensed the Real Estate Europe Dividend sub-fund of its Belgian Sicav Petercam B Fund, which invests in equities in the real estate sector which offer higher than average dividends, with the goal of generating gross returns of 6.75%, in France.A few months after its launch in late 2010, the non-benchmarked sub-fund, co-managed by Olivier Hertoghe and Damien Marichal, has assets of EUR75m. It will be closed to new subscriptions when it reached EUR150m, as its investment universe is limited.Initially, the managers targeted “promising” markets for dividends, which included France, Belgium and the Netherlands, but they have subsequently found investment ideas in Germany, which has become a major country for the fund, as well as Italy and Switzerland. The portfolio now consists of 30 positions. It is not wholly invested, and the liquidity quotient, though it has been reduced, remains high at 10%.
03/05/2011

Good start to the year for ING IM in France

The French affiliate of ING Investment Management (ING IM) has reported a net inflow of EUR300m in first quarter. Assets under management in France thus totalled EUR2.9bn as of 31 March this year, compared with EUR2.7bn as of the end of December. The difference takes into account a negative market effect of EUR100m. This result is “highly satisfactory,” says Thierry Rigoulet, CEO of ING Investment Management in France, who is still aiming for assets of about EUR5bn in the mid-term.French investors, 50% of whom are funds of funds and private banks, and 50% institutional investors, largely went for High Dividend trategies dedicated to Euro zone equities. Emerging market debt attracted EUR50m, while the remaining EUR100m went to a dedicated diversified fund and a contrarian opportunistic management fund.In a context in which investors are continuing to privilege the quest for returns, ING IM France has obtained a license from the AMF to release a strategy dedicated to European high yield bonds for sale in France.
03/05/2011

Union Investment launches an emerging markets guaranteed fund

From 2 May until, probably, 24 June, Union Investment is offering the UniGarant: Emerging Markets (2018) fund for sale in Germany. The product will be launched on 30 June, and will mature on 22 June 2018.As its name indicates, the product is a fund which guarantees 100% of initial capital at maturity, minus a front-end fee of 4%, and a share of the average evolution of a basket of indices of equities from BRIC countries (Brazil, Russia, India, China), Latin America, and Asia. Early withdrawals are possible, but the guarantee does not apply in this case, and a 2% penalty will be charged and transfered to the fund.Union Investment (co-operative banks) is the German leader in guaranteed funds, with about 80 funds and assets as of the end of February of EUR16.6bn in this segment.CharacteristicsName: UniGarant: Emerging Markets (2018)ISIN code: LU0595487439Front-end fee: 4%Management commission: 1% (maximum 1.5%)
03/05/2011

Swiss real estate funds look good to German investors

Currently, EUR28bn are invested in open-ended real estate funds in Germany whose redemptions are suspended. And in 2010, German real estate funds saw average losses of 2.7%. The best of them, the Inter Immoprofil from iii, earned only 3.6%, Die Welt reports.By comparison, Swiss real estate funds (CHF24.9bn, or EUR19.3bn in total assets), in which Germans are easily able to acquire shares, look like a field of dreams: in 2010, they generated returns of over 10%. There is, however, evidently currency risk.Nonetheless, unlike German real estate funds, Swiss funds invest primarily in Switzerland, not abroad, and they have a lot of residential properties on their books, which are less vulnerable than office properties to fluctuations in conjuncture.In addition, since its beginnings in 1938, Switzerland has adopted well-adapted legislation in this area. Shares in real estate funds may be redeemed only once per year on a set date, with an advance notice of at least one year. In addition, funds may issue shares only if they need capital in order to acquire a property.
03/05/2011

Axa IM Germany recruits a country head from Lombard Odier

Uwe Diehl, who was most recently country head Germany at Lombard Odier, after previously serving as director of distribution at Henderson Global Investors, on 1 May joined Axa Investment Managers Germany as head of wholesale/retail distribution for Germany and Austria. He replaces Bernard Klocke, who has left the business after seven years there.
03/05/2011

Clemens Bertram to direct wholesale for UBS Global AM in Germany

UBS Global Asset Management has recruited Clemens Bertram as head of distribution partners for Germany.In this position he will actually be responsible for all wholesale activities of the Swiss asset management firm on the German market, which corresponds to the experience he has been able to build up during his four years at Schroder Investment Management Germany as head of key accounts & insurances, and previously five years as head of key accounts, private banks and insurers at BlackRock (and Merrill Lynch) Germany.Bertram will report locally to Andreas Varnavides, CEO Global Asset Management Germany & Eastern Europe, and functionally to Rob Lay, head of distribution partners Europe & Middle East.
03/05/2011

SG Private Banking appoints a CIO for the Middle East

Société Générale Private Banking has appointed Philippe Boutron as regional chief investment officer for the Middle East. Boutron will be based in Dubai, and will report to Eddy Abramo, chief executive officer of Société Générale Private Banking (Middle East). Boutron, 40, joined Société Générale in 1993 as head of marketing and commercial development for the retail bank.
03/05/2011

Strong inflows to equities and money market funds as of the end of April

During the week ending 27 April, a slowdown in US growth and continuing problems with sovereign borrowers on the periphery of the Euro zone showed little sign of dampening investors’ activities. According to EPFR Global, most fund categories posted net subscriptions, with USD3.04bn flowing into bond funds, USD7.89bn into equities funds, and nearly USD21bn – a level not observed for 20 weeks – into money market funds.Funds dedicated to emerging markets equities attracted USD1.8bn as of the end of April, though net outflows since the beginning of the year totalled USD7.4bn. Net inflows to Asia ex Japan equities ran to nearly USD3bn.Among the BRIC countries, interest in Russia has not let up, and net inflows to Russian equities funds since the beginning of the year have totalled over USD4.5bn.Concerns about the US dollar and inflation have continued to influence flows, with a particular interest being accorded to funds dedicated to gold and precious metals in the commodities sector, where, given the pace of subscriptions since the beginning of the year, assets may beat the all-time record set last year of USD32bn.Bond and emerging markets funds invested in local currencies have also posted a net inflows of USD403.7m, more than ten times higher than the inflows to funds of bonds denominated in major currencies. Assets in these funds now total USD52.8bn, higher than the total major currency bond assets (USD49.2bn).
03/05/2011

Gemini lends EUR30m to Spyker to relaunch Saab

The Dutch automotive firm Spyker Cars has announced that the asset management firm Gemini, based in the Bahamas, has lent it EUR30m for six months at 7%, to allow it to restart the activities of the Swedish car company Saab, Handelsblatt reports.Meanwhile, the CEO of Spyker, Victor Muller, is seeking “robust” investors in China who may be inclined to buy stakes in Saab. Talks are expected to conclude soon.
03/05/2011

Dow Jones provides a benchmark index for a State Street ETF

Dow Jones Indexes has announced that its Global Dow index, which measures the performance of the 150 largest corporations in the world by market capitalisation, will serve as the benchmark index for the SPDR® Global Dow ETF from State Street Global Advisors.
03/05/2011

Sparinvest and Brandes launch a bond fund

Following an agreement between the US based asset management firms Brandes Investment Partners and Sparinvest of Denmark earlier this year (see Newsmanagers of 13/01/2011), a new fund has been born. The two value style investment specialists announced on Monday, 2 May that they have launched the Sparinvest – Corporate Value Bonds fund, which will be jointly managed by the two firms. North American bond issuers will be selected by San Diego based Brandes, while Danish Sparinvest will select issuers from the rest of the world. The fund’s portfolio will include 80 to 120 bonds. Characteristics ISIN code (R share class): LU0620744002ISIN code (I (EUR) share class): LU0620744770 Management fees for R share class (private clients): 1% Management fees for I share class (institutional): 0.55% Front-end fee: up to 2% for R share class; 0% for I share class Exit fees: 0% for both share classes
03/05/2011

Audley reopens flagship fund to new investors

Audley Capital, the London hedge fund run by Julian Treger, is to open up its flagship fund to new investments after withdrawals from long-term investors over the past few months, according to the Financial Times. The USD750m European Opportunities fund returned 140 per cent in 2009 and 100 per cent last year. Audley is also considering changing the liquidity terms on the fund.
03/05/2011

TrimTabs highly optimistic about US equities

In its latest weekly newsletter, TrimTabs shows a marked optimism about US equities. The research agency says that it is optimistic (“100% long”), wher eit had previous been cautiously optimistic (“50% long”), largely due to a strong increase in equity purchases last week totalling USD35.1bn, the highest level since September 2008.In April, TrimTabs remarks, acquisitions (including acquisitions of businesses paid in cash and equity buyback operations), totalling USD55.5bn, were USD31.8bn larger in volume than sales deals (sales and insider sale operations), which totalled a net USD23.7bn.TrimTabs also points to two other factors favourable to US equities: purchases of Treasury bonds this week by the Federal Reserve, and favourable demand indicators. However, TrimTabs points out, rising inflation in a slow economic context means that optimism must be limited at this time.
03/05/2011

Financial company Assya continues development in financial management

The independent company Assya compagnie financière on 2 May announced at a presentation of its annual results that it is expecting to take a major step in its development with the integration not only of an independent investment business based in Greece, Eurocorp Securities, but also with the opening of two new affiliates dedicated to wealth management in Geneva and Monaco.The new development brings a significant extension of the group’s perimeter in first half 2011, which now includes Asset Management activities, with nearly EUR350m in assets under management, and a position in the major asset management markets, the group says in a statement.Last year, net profits for the part of the group totalled EUR3.3m, compared with a negative bottom line of EUR9.1m the previous year. Capital gains from sales of the companies of the Privera group (which were non-strategic participations), associated with the revaluation of real estate assets held by the group, totalling EUR10.2m overall, make a full contribution to this result, the statement says. The firm also states that it is planning to “continue its external growth strategy, seize opportunities to create value around financial services, and to bring independent actors into its federation built around its planned expansion.”
03/05/2011

Julius Baer acquires 30% of Brazilian wealth management firm GPS

On 3 May, the Julius Baer group (CHF267bn in assets as of the end of December) announced that it has acquired a 30% stake in the largest independent wealth management firm in Brazil, GPS, which is the parent company of GPS Planejamento Financeiro Ltda. and CFO Administração de Recursos Ltda., for an undisclosed amount.GPS, which has 84 employees, has assets of BRL8.5bn, or USD5bn. The firm was founded in 1999 by José Eduardo Martins, Marco Belda and Roberto Rudge. The nine current partners at the firm will continue to direct its activities independently, with the same team, and will maintain the strategy employed thus far. Julius Baer will be represented by two members on the board of directors.The holding company which controls GPS and Pulsar Invest, which also includes a private equity and corporate finance division, via its Green Capital brand, that is not part of the partnership structured with Julius Baer.
03/05/2011

Hedge funds discontented in the UK

47% of hedge funds and 45% of investment bankers feel that working conditions and outlooks are worse in the United Kingdom than in other jurisdictions, according to a survey of over 9,000 members of the CFA Society of the United Kingdom, relayed by Financial Times Fund Management.
03/05/2011

First national retirement day held in Italy

The first annual “national retirement planning day” (Giornata Nazionale della Previdenza) will be held in Milan, in the Piazza Affari (at the Borsa Italiana), on 4 and 5 May. The event will be the first major professional conference for actors in retirement planning, held jointly by the research institute Itinerari Previdenziali, Borsa Italiana, and the consultant Prometeia. The two major sponsors are Intesa Sanpaolo and ENI.The event will bring together four public insitutions, including Covip and the INPS (the pension fund and social retirement plan supervisory authorities, respectively), as well as 18 privatised retirement organisms, 18 pension funds, four health industry funds, and 35 banks, asset management and retirement planning firms. Among the asset management firms to be present are Aberdeen, Arca SGR, Axa IM, BNP Paribas IP, Carmignac Gestion, Eurizon Capital, JP Morgan AM, Lyxor AM, Man Investments, and State Street Global Advisors (SSgA).The program includes 3 institutional conferences and 23 seminar sessions. In order to get the younger generation involved in retirement planning issues, the event will be broadcast live to six Italian universities (Venice, Turin, Bologna, Rome, Naples, and Catania), where viewers in the audience will be able to address questions to the speakers.
03/05/2011

Savings banks want Deka to acquire LB Lux as well

As of the end of December, DekaBank Luxembourg (EUR720m in assets, of which EUR680m are in the form of Deka funds) acquired LBBW Lux and WestLB International. Now that the German savings banks are the sole shareholders in DekaBank, they have asked their central asset management firm to also acquire LB Lux, an affiliate of BayernLB, the Frankfurter Allgemeine Zeitung reports.As the Landesbanken have received government assistance, Brussels is requiring them to sell off their affiliates, and the savings banks would like to avoid letting these lucrative private banks be acquired by their competitors.The idea is to construct a credible private banking unit in Luxembourg, where the German savings banks could serve high net worth clients who remain sceptical of their professionalism in Germany. Commissions would be shared 50/50.
03/05/2011

La société de gestion quantitative Aequam Capital se lance

Aequam Capital, une société de gestion quantitative indépendante, qui vient d’être créée par Arnaud Chrétien (ex-SGAM AI), propose une gamme de programmes d’investissement quantitatifs et systématiques, visant à tirer parti de tendances et d’opportunités d’investissement sur les principaux marchés à terme de taux, d’indices actions, de devises et de matières premières, selon un communiqué diffusé hier. L’équipe compte neuf collaborateurs.
03/05/2011

Nasdaq et ICE à l'abordage

Nasdaq OMX Group et IntercontinentalExchange ont lancé officiellement hier le processus d’une offre hostile de 11,1 milliards de dollars sur Nyse Euronext. Les deux prétendants ont donc choisi de s’adresser directement aux actionnaires. Cette décision était attendue après que le conseil d’administration a rejeté par deux fois les avances des deux groupes pour privilégier une offre de l’opérateur allemand Deutsche Börse à 10,3 milliards. «Le lancement de cette offre devrait convaincre le conseil d’administration de Nyse que nos intentions sont sérieuses», selon Robert Greifeld, directeur général de Nasdaq OMX. Le président du conseil d’administration de Nyse Euronext Jan-Michiel Hessels avait qualifié jeudi l’offre de Nasdaq OMX d'«illusoire». «Nous pensons que (Nasdaq OMX et ICE) n’obtiendront pas l’approbation nécessaire et nous pensons que leur offre est une stratégie pour entraver (notre fusion)», avait-il alors déclaré.
03/05/2011

AllianceBernstein en repli

Le gérant new-yorkais a fait état d’une baisse de 8% sur un an de son bénéfice au premier trimestre, à 43,92 millions de dollars. Les actifs sous gestion s’établissaient à 477,3 milliards de dollars à la fin du mois de mars, un niveau stable par rapport à celui observé à la fin de 2010.
03/05/2011

Vers un label pour les covered bonds

La BCE s’est déclarée en faveur de ce projet vendredi dernier. Les professionnels travaillent aussi à une amélioration de la transparence sur les produits.

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