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19/04/2011

Slight increase in assets at Invesco and Legg Mason

As of 31 March, assets under management at Invesco Ltd totalled USD641.9bn, compared with USD641.1bn as of the end of February, and USD616.6bn as of 31 December 2010. Assets excluding ETFs and passive products totalled USD550.2bn, compared with USD552.4bn one month earlier, and USD535.7bn as of the end of last year.Legg Mason, for its part, has announced assets of USD677.6bn as of the end of first quarter, compared with USD671.8bn as of 31 December 2010; one year earlier, assets totalled USD684.5bn. Assets in long-term products totalled USD546.2bn three months previously.
19/04/2011

Richmond Park completes acquisition of Olympia

Richmond Park Capital Holdings Limited, the parent company of Richmond Park Partners LLP, on 11 April 2011 completed its acquisition of the French asset management firm Olympia Group, previously controlled by Sagard Private Equity Partners and its other shareholders. The transaction was approved by the French and British regulatory authorities, the AMF (Autorité des Marchés Financiers) and FSA (Financial Services Authority). The acquisition will result in the full payment of all of the Olympia Group’s debts, a press statement says.
19/04/2011

Russell Investments adds to team dedicated to hedge funds

Russell Investments has announced the recruitment of Brian Burke as risk management officer, and Lance Babbit as senior portfolio manager. The two men will join the team dedicated to hedge funds, a statement says. Burke was previously executive director and head of the analysis team at Measurisk. Babbit was head of North America portfolio hedge fund of funds in the Alpha Strategies team at Credit Suisse.
19/04/2011

Axa REIM raises EUR530m for its European debt fund

AXA Real Estate Investment Managers (EUR39.9 billion of assets under management as of December 2010) has raised on behalf of its pan-European debt fund, Commercial Real Estate Senior 1 an additional EUR180 million from a number of European insurance companies at second close. CRE1 is advised by AXA Real Estate’s regulated entity, AXA REIM SGP. CRE1 has now attracted total equity of EUR530 million, following the EUR350 million raised in January 2011. The Fund has already exceeded the minimum fundraising target and expects a final close before the summer 2011 with a number of potential investors from Europe currently at advanced stages of due diligence. AXA Real Estate’s debt programme now reaches EUR2.7 billion.Since January 2011, AXA Real Estate on behalf of its clients has invested through eight different loans with a total value of EUR375 million. These are backed by various types of real estate assets including office, retail, and hotels that are located in the United Kingdom and continental Europe. The average all-in spread over swap rate stands at 275bps, above the 250bps Fund target. All these loans are senior exposures, secured by stable prime properties with an average LTV of below 60%, characterized with strong cash flow streams. AXA Real Estate has now invested on behalf of its clients 25% of the equity it raised at the first closing of CRE1 and is currently working on a number of potential investments with a total value of over EUR500 million.
19/04/2011

Petercam registers Euro High Yield Short Term fund in Spain

The CNMV has issued a sales license for Spain for the Euro High Yield Short Term (LU0517222054, capitalisation shares, LU0517221833, distribution shares) sub-fund of the Luxembourg Sicav Petercam L Bonds, from the Belgian management firm Petercam. The product charges 0.7%, and was launched nine months ago (see newsmanagers of 14 September 2010). Assets now total nearly EUR50m.
19/04/2011

Janus fund changes managers

Jeffrey Kautz has ceased to manage the Perkins US Strategic Value fund, Citywire reports. Thomas Perkins, who was previously co-manager of the fund, will now manage it with Todd Perkins. Kautz will remain as chief investment officer at Perkins, which is owned by Janus.
19/04/2011

Van Eck launches a Russian small caps ETF

New York-based asset management firm Van Eck Global on 14 April announced the launch of the Market Vectors Russia Small-Cap ETF (NYSE Arca acronym: RSXJ), which it claims is the first ETF to allow US investors direct investment in a Russian small caps product, whereas available funds have previously focused on large caps.The Market Vectors Russia Small Cap ETF fund replicates the evolution of the Market Vectors Russia Small-Cap Index (MVRSXJTR), which as of 13 April consisted of 35 companies with an average market capitalisation of USD2.3bn. Of this total, utilities represent 18%; materials, 19%, and energy, 17%.The new fund charges fees of 0.67%.
19/04/2011

Dreyfus launches an India fund

The New York-based Dreyfus Corporation (USD400bn), an affiliate of BNY Mellon Asset Management, has announced the launch of the Dreyfus India Fund, a country fund which invests in Indian equities and bonds. The product will be sub-advised by Hamon U.S. Investment Advisors Limited, a Hong Kong firm specialised in Asian equities, which is controlled by Hamon Investment Group Ptd, in which BNY Mellon owns 19.9%.
19/04/2011

ETF providers respond to criticisms

Following warnings from regulators that synthetic ETFs may represent a threat to the stability of financial markets, ETF providers are on the counter-attack, Financial Times Fund Management reports. Alain Dubois, chairman of Lyxor Asset Management, says that most ETFs are simple products regulated by the UCITS directive, which are more transparent than most other funds. He claims that use of derivatives in UCITS funds is already very well regulated.
19/04/2011

Martin Currie selects State Street

State Street Corporation has announced that it has been selected by Martin Currie Investment Management Limited to provide a range of fund accounting, securities custody and settlement and transfer services, as well as outsourcing of middle office services worldwide for all funds managed by Martin Currie.
19/04/2011

LaSalle teams up with BGC Partners to create a platform for real estate derivatives

LaSalle Investment Management (USD43bn in assets) on 18 April announced that it has teamed up with the broker BGC Partners (BGC) to offer clients a structure dedicated to real estate derivatives. In partnership with BGC, LaSalle will set up systems which will allow managers to identify new investment opportunities, and then to carry out a straight through processing, and to receive ongoing assistance. Managers at LaSalle will be able to weight portfolios in terms of geographical region, type of risk, or type of assets, while protecting the investor against potential falls on the markets.Alan Tripp, CEO of LaSalle Investment Management in the UK, says that LaSalle initially will concentrate on the British real estate derivatives market, which is one of the largest. “But we have set up internal processes which will then guarantee the necessary flexibility to increase our geographical coverage over time,” he adds.
19/04/2011

Inflows for Jupiter in first quarter

Jupiter Fund Management achieved net inflows of GBP333 million across its products during the period, with continued inflows into mutual funds partially offset by segregated outflows. Mutual funds contributed first quarter net inflows of GBP397 million, driven by the fund of fund range and continued growth from the international channels, particularly into the Jupiter Global Convertibles and Jupiter Strategic Total Return SICAV products. During the quarter, segregated mandate net outflows of GBP71 million primarily resulted from a single client redeeming part of their portfolio. This decision was taken on fund reconstruction rather than performance grounds.AUM increased 2 per cent. from GBP24.1 billion as at 31 December 2010 to GBP24.5 billion as at 31 March 2011. Separately, on 18 March, Jupiter announced its intention to make an GBP80 million partial repayment of the bank loan facility during 2011. This repayment was made on 31 March 2011.
19/04/2011

Darwin to launch a rival to M&G Cautious Multi Asset fund

David Jane is preparing to launch the TM Darwin Multi Asset Fund, the first offering from his new management boutique, Darwin Investment Managers, Investment Week reports. The fund will be modelled on the M&G Cautious Multi Asset fund, which Jane created when he was head of equity investments at M&G.
19/04/2011

First State Investments preparing a bond range

Fundweb reports that First State Investments is preparing to launch a range of bond funds aimed at British investors. The product line would be released by the end of 2011. Recruitments will accompany the launch, Fundweb states.
19/04/2011

Source launches three ETPs backed by physical precious metals

As its P-ETC Physical Gold fund has already topped USD1bn in assets under management, Source announced on 18 April that it is launching three exchange-traded products (ETP) backed by physical stocks of three other precious metals stored in the J.P. Morgan vaults in London.The funds are the P-ETC Source Physical Silver (IE00B43VDT70), P-ETC Source Physical Platinum (IE00B40QP990) and P-ETC Source Physical Palladium (IE00B4LJS984).The new P-ETC funds charge 0.39%, and are listed on the London Stock Exchange.
19/04/2011

HSBC GAM launches four Asia ETFs

HSBC Global Asset Management has recently launched four new ETFs on the London Stock Exchange, which provide acess to Asian markets. They are the ETF HSBC MSCI Korea, HSBC MSCI Indonesia, HSBC MSCI Malaysia, and HSBC MSCI Taiwan. Management fees total 0.6%, Money Marketing states.
19/04/2011

GLG to close a fund to new investors

GLG Partners will close its market neutral fund to new investors when it grows beyond USD1bn – expected to be in the next few weeks – Steve Roth, the fund’s manager, has told the Financial Times. The size of the fund may have a negative impact on performance above this level.
19/04/2011

Schroders preparing a commodities fund

UK-based Schroders on 18 April announced that in May and June it is planning to sell shares in an investment trust specialised in commodities, Schroders Opus Commodity Fund Ltd, which will be managed by Schroders NewFinance Capital, a multi-management affiliate specialised in absolute returns. The closed-end fund will be domiciled in Guernsey, and will offer subscribers access to a wide range of strategies from active managers, plus a portfolio of commodities futures managed directly by Schroders NewFinance Capital.The objective will be to outperform the DJ-UBS Commodity Total Return Index by 6 to 9 percentage points after fees, over a complete cycle. The fund will aim for 100% exposure to the benchmark index, with a tracking error of 5%.Management commission will be 0.60%. Schroders will then charge a 10% commission on performance exceeding the index, with high watermark.The manager of the fund will be David Mooney, assisted by Cédric Bellanger, three analysts, and a team of several data management, qualitative research and operational due diligence specialists. As of the end of March, the team was responsible for assets totalling over USD2.3bn.
19/04/2011

Vanguard to list three ETFs in Australia

Vanguard Investments Australia, an Australian affiliate of the US firm Vanguard, which already had AUD82bn in assets under management as of the end of 2010, will be launching locally-registered ETFs by the end of May of Australian small caps, large caps and high dividend shares, in order to increase retail market share, Asian investor reports.Robin Bowerman, principal and head of market development at Vanguard Investments Australia, says that the group has no plans to launch niche products, but that he hopes the Australian Securities Exchange (ASX) will soon authorise listing of bond ETFs.
19/04/2011
Gestion d'actifs

Le Crédit Agricole de Haute Loire cède 20 millions de monétaire pour investir dans des OAT

Pour l’année 2011, la Caisse régionale du Crédit Agricole de Haute Loire a un programme d’investissement de 12 millions d’euros qu’elle n’a pas encore commencé à investir. Audrey Désormières, trésorière à la caisse régionale, explique : « Depuis le début de l’année, nous avons procédé à des arbitrages sur notre portefeuille sans faire d’allocations nouvelles car nous nous avons cédé nos fonds Japon dès le début de la crise avant d’avoir des moins values importantes ». Pourtant, la Caisse régionale compte bien investir et sa stratégie s’oriente sur les actifs risqués notamment vers les grandes capitalisations sur les marchés occidentaux et sans doute, sur des fonds actions constitués de paniers de matières premières. Ces investissements dépendront très fortement de la règlementation de Bâle III qui a déjà une influence directe sur le portefeuille obligataire de la caisse. « Nous avons déjà cédé 20 millions de monétaire pour investir dans des obligations d’Etat, précise Audrey Désormières. Cette décision liée aux problèmes de liquidité est directement la conséquence de Bâle III ». Stratégie qui force pourtant la caisse à revoir son rendement à la baisse. Concernant le portefeuille de placement, la caisse est dans l’expectative comme le confirme Audrey Désormières: « Pour l’instant les OPCVM sont exclus de la règlementation mais il semblerait que des pourparlers soient en cours pour faire rentrer les SICAV monétaires dans le ratio. Dans ce cas, même si on n’en avait pas prévu pour cette année, on allouera quelques millions sur du monétaire ».
Gestion d'actifs
19/04/2011

Assets in funds domiciled in Luxembourg set a new record as of the end of 2010

According to the 17th annual edition of the Luxembourg Fund Encyclopedia from Lipper, assets under management in funds domiciled in Luxembourg increased by 11% in 2010, to finish the year at USD2.9552trn, or EUR2.202trn, with assets in euros beating the all-time record set at the end of 2007. Of this total, specialised investment funds (FIS) as of the end of December represented USD289.3bn (+30%).The number of funds was up 5% to 12,708, of which 2,837 (compared with 2,058) were FIS funds.J.P. Morgan Bank has remained the largest fund administrator in Luxembourg (USD404.6bn), followed by State Street, which has risen to second place due to acquisitions (USD291.6bn) and RBC Dexia (USD247.8bn). BNP Paribas is in fifth place, with USD160bn.Lipper observes that Franklin Templeton Investment Funds is the largest self-managed sicav, with USD122.4bn in assets and 68 subfunds, followed by Fidelity Funds (USD85.7bn). The fund with the largest number of sub-funds is BNP Paribas L1 (154), followed by Fidelity Funds (129) and db x-trackers (Deutsche Bank) with 122 sub-funds.In terms of custody, J.P. Morgan Bank is also top as of the end of 2010, with USD532.6bn, followed by State Street (USD361.64bn), BNP Paribas (USD258.2bn), and RBC Dexia (USD251.9bn).Among auditors, PriceWaterhouseCoopers leads by far, with 5,359 funds, followed by KPMG (2,531), while in legal consulting, the two largest law firms are Arendt & Medernach (3,274 funds), and Elvinger, Hoss & Prussen (3,046 funds).
19/04/2011

Coe-Rexecode anticipe une croissance de 1,9% en France en 2011

L’institut retient pour la France une croissance du PIB en volume de 1,9 % en 2011 puis de 1,8 % en 2012, tandis que Bercy prévoit encore 2% et 2,25%. Selon Coe-Rexecode, la progression du PIB mondial passerait de 4,8% en 2010 à 4,2% en 2011 et 2012. Les économies émergentes verraient leur rythme de croissance ralentir de 7,6% en 2010 à 6,6% en 2011 puis à 6,3% en 2012.
19/04/2011

Richmond Park acquiert Olympia Capital Management

Annoncé en février dernier, le rachat du gestionnaire indépendant Olympia Capital Management par Richmond Park Capital Holdings Limited, la maison mère de Richmond Park Partners, a été finalisé le 11 avril. Parmi les cédants figure notamment Sagard Private Equity Partners. Approuvée par l’AMF et la FSA, cette acquisition se traduit par le désendettement total du groupe Olympia.
19/04/2011

Les faucons de la Fed aux aguets

Pour le président de la Fed d’Atlanta, Dennis Lockhart, la hausse du prix des matières premières a jeté un froid sur la confiance des ménages américains et contribué à des chiffres de croissance décevants au premier trimestre. Une opinion partagée par son homologue de Dallas, Richard Fisher, qui estime que les producteurs commencent à répercuter la hausse des coûts dans les prix à la consommation et par celui de Saint Louis, James Bullard, qui considère que la Fed ne devrait pas exclure les prix alimentaires et énergétiques de ses objectifs d’inflation.
19/04/2011

Le FMI juge insuffisant le coup de frein des émergents

Le FMI estime dans une étude que les réponses apportées aux risques de surchauffe provoqués par les afflux de capitaux et l’accélération de l’inflation ont «été insuffisants pour faire face à la montée de ces tensions laissant présager un risque d’atterrissage en catastrophe». Le FMI souligne que si les flux de capitaux en direction des pays émergents ont été modérés, voire dans certains cas renversés, ils n’en restaient pas moins élevés et volatils.
19/04/2011

La Chine déterminée à réduire ses réserves de changes

«Les réserves de changes ont excédé les niveaux raisonnables dont nous avons besoin», a déclaré le gouverneur de la banque centrale chinoise, Zhou Xiaochuan. «La hausse rapide des réserves peut avoir conduit à une liquidité excessive et a exercé une pression significative sur les opérations de stérilisation. Si le gouvernement ne trouve pas le bon équilibre avec ses politiques, l’accumulation pourrait causer de grands risques», a-t-il ajouté, sans donner davantage de détails.
Yves Chevalier
19/04/2011

Afflux massif de capitaux en Chine

Les investissements directs étrangers en Chine ont atteint 12,5 milliards de dollars au mois de mars, soit une hausse de 33% sur un an, a annoncé ce matin le ministère du Commerce chinois. Des afflux de capitaux qui alimentent les anticipations d’une nouvelle hausse de taux de la Banque populaire de Chine.

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