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18/02/2011

Net rebond des ventes au détail en Grande-Bretagne

Les ventes au détail en Grande-Bretagne ont fortement rebondi en janvier après avoir connu un très mauvais mois de décembre dû aux mauvaises conditions hivernales, a annoncé vendredi l’Office national des statistiques. Les ventes au détail, carburants inclus, ont augmenté de 1,9% en janvier après un recul de 1,4% en décembre. Sur un an, les ventes ont augmenté de 5,3%, soit la plus forte hausse depuis novembre 2004.
18/02/2011

Résultats annuels en hausse pour Morningstar

Le groupe américain Morningstar a dégagé en 2010 un bénéfice net de 86,4 millions de dollars ou 1,70 dollars par action, contre 82,1 millions de dollars et 1,65 dollar par action au titre de l’exercice précédent. Au quatrième trimestre, le bénéfice net a progressé à 27,4 millions de dollars contre 14,8 milllions de dollars un an plus tôt.
18/02/2011
Fonds

Fidelity Investments élargit son offre gratuite d'ETF iShares

Le courtier en ligne Fidelity Invstments a célébré le premier anniversaire de son partenariat avec BlackRock dans le domaine des ETF en augmentant de 25 à 30 le nombre d’ETF iShares pouvant être négociés gratuitement.Les cinq ETF proposés gratuitement aux investisseurs sont iShares iBoxx High Yield Corporate Bond Fund (HYG), iShares Dow Jones Select Dividend Index Fund (DVY), iShares Dow Jones International Select Dividend Fund (IDV), iShares Dow Jones US Real Estate Index Fund (IYR) et iShares MSCI ACWI ex US Index Fund (ACWX).
Fonds
18/02/2011

Hausse du bénéfice et de l'encours de MFS

Filiale du canadien Sun Life Financial, le gestionnaire américain MFS Investment Management a réalisé pour 2010 un bénéfice net de 202 millions de dollars américains contre 136 millions l’année précédente, tandis que la marge bénéficiaire avant impôt augmentait à 30 % contre 26 %, grâce notamment à une augmentation de l’encours moyen à 197 milliards de dollars contre 153 milliards.A fin décembre, les actifs sous gestion ressortaient à 222 milliards de dollars contre 187 milliards un an auparavant. Cet accroissement de 35 milliards de dollars s’explique par des souscriptions nettes de 14,2 milliards et un effet de marché positif de 20,3 milliards.
18/02/2011

Création d’une société de gestion alternative à Londres

La société d’investissement Reinet participera, par le biais de Reinet Fund SCA, à la création d’une société globale de gestion alternative et de conseil, en partenariat avec William T. Winters, l’ancien co-CEO de JP Morgan Investment Bank, et RIT Capital Partners plc, qui est présidée par Lord (Jacob) Rothschild, rapporte L’Agefi suisse. La nouvelle société s’appelle Renshaw Bay. William Winters sera président et CEO de cette dernière. Lord Rothschild et Johann Rupert, qui contrôle Reinet, deviendront administrateurs de Renshaw Bay. William Winters détiendra initialement 50% de cette nouvelle affaire, le reste étant partagé entre Reinet, qui est cotée à Luxembourg, et RIT, une firme d’investissement cotée à Londres. Renshaw Bay, qui sera basée à Londres, travaillera avec des investisseurs dits sophistiqués pour développer leurs paramètres de risque, investissements et véhicules de trading.
18/02/2011

Skandia nomme un directeur des opérations pour l'Europe Continentale

Skandia annonce l’arrivée de Robin Tetlow au poste de directeur des opérations pour l’activité Europe Continentale (France et Italie). L’impétrant, qui sera responsable des opérations et de la gestion administrative des investissements, sera basé en Italie. Robin Tetlow, ancien consultant indépendant auprès d’acteurs de l’industrie des services financiers a rejoint Skandia en janvier 2011.
18/02/2011

Allfunds Bank enrichit sa plate-forme d’informations sur les fonds

A partir du 21 février, grâce aux informations fournies par les sociétés de gestion connectées à sa plate-forme, Allfunds Bank va donner à ses clients institutionnels accès à une série approfondie de données sur les fonds, dont la répartition par secteurs, par classes d’actifs, par zones géographiques et par devises, ainsi qu’aux principales positions sous-jacentes, rapporte FondiOnline. Cette nouvelle fonctionnalité permettra d’accéder non seulement aux informations relatives à un moment donné de la vie du fonds, mais à toutes les données de tous les fonds quelle que soit la période de l’année précédente.
18/02/2011

Fitch confirme la note "M2" d'Olympia Capital Management

L’agence de notation Fitch Ratings a annoncé le 17 février la confirmation de la note Asset Manager «M2» d’Olympia Capital Management pour ses activités de fonds de hedge funds et à levé la surveillance négative suite à l’annonce de son acquisition par le groupe Richmond Partners.
18/02/2011

Quantum (Soros) entre chez MAM Funds

Dans une notification au London Stock Exchange an date du 16 février, MAM Funds a annoncé que le gestionnaire alternatif Quantum Partners, la société de George Soros, a acheté 3,53 % du capital.MAM Funds est la marque commerciale de Midas Capital Partners Limited et de Miton Asset Management Limited.Pour sa part, F&C a augmenté sa participation à 5,29 %, Axa est monté à 9,38 %, tandis que la participation de Lloyds Bank a diminué à 5,44 %.
18/02/2011
Fonds

Aegon AM lance son premier fonds multi-classes d'actifs destine aux particuliers

Le 1er mars, Aegon Asset Management lancera son premier fonds multi-classes d’actifs spécifiquement destiné à la clientèle retail, l’Aegon Strategic Assets. Il s’agit d’un produit de performance absolue dont l’objectif est de générer un rendement de 10 % par an quelles que soient les conditions de marché.Ce sera un fonds d’actifs «réels» principalement investi en actions et en obligataire, et de préférence long-only.Le Strategic Assets sera géré conjointement par William Dinning, head of investment strategy, et Sean Flanagan, qui fait partie de l'équipe de gestion multi-classes d’actifs.La souscription minimale est fixée à 500 livres et le droit d’entrée de 5,5 %. Quant à la commission de gestion, elle s'établira à 1,5 %.
Fonds
18/02/2011

Soros entre au capital de MAM Funds

Dans une notification au London Stock Exchange an date du 16 février, MAM Funds a annoncé que le gestionnaire alternatif Quantum Partners, la société de George Soros, a acheté 3,53 % du capital.MAM Funds est la marque commerciale de Midas Capital Partners Limited et de Miton Asset Management Limited.Pour sa part, F&C a augmenté sa participation à 5,29 %, Axa est monté à 9,38 %, tandis que la participation de Lloyds Bank a diminué à 5,44 %.
18/02/2011

Nader Purschaker leaves Metzler

p { margin-bottom: 0.08in; } Nader Purschaker, the head of alternative investments and quantitative strategies at Metzler Asset Management, has left the firm, Citywire reports. He was the architect of the model behind the strategy used to managed the Nordea 1 – Heracles Long/Short MI fund, launched in 2008 with Nordea.
18/02/2011

Record assets and pre-tax profits for Union Investment

In 2010, the central asset management firm for the German co-operative banks, Union Investment, posted pre-tax profits totalling a record EUR372m, compared with EUR204m in 2009, EUR143m in 2008, and EUR345m in 2007. In other words, the impact of the crisis was offset at last.Assets also set a new record, at EUR177.4bn as of the end of December, compared with EUR165.7bn one year previously. But net subscriptions fell of EUR8.7bn for 2010 as a whole, compared with EUR10.7bn in 2009, following net redemptions of EUR6.8bn in 2008, and net inflows of EUR12.2bn in 2007.Net inflows to institutional funds (Spezialfonds) totalled EUR6.15bn, while advising and wealth management activities totalled EUR3bn. However, mandate activities saw a net outflow sof EUR200m, and open-ended funds saw net redemptions of EUR250m, due to outflows of nearly EUR6bn from the UniOpti4 tax optimisation fund, following a change in the tax regime.Union posted the largest net inflow in its history from the institutional sector, at EUR11.32bn, compared with EUR8.3bn in 2009, and outflows of EUR3.61bn in 2008. In addition, Union retained its place as the top German asset management firm in the area of protected capital funds, with a market share of nearly 50% and net subscriptions of about EUR2.38bn.
18/02/2011

Net profits at comdirect up 5.3% in 2010

p { margin-bottom: 0.08in; } Last year, comdirect bank posted net profits of EUR59.63bn, compared with EUR56.62bn in 2009, which corresponds to an increase of 5.32%. The number of clients increased by about 108,300, to about 1.56 million, while the number of securities accounts increased by 5.3% to a total of slightly under 740,000. In the B2C segment (comdirect), total assets increased 18.3% to EUR26.32bn, while B2B activities (ebase) grew by 21.6% to EUR16.2bn.
18/02/2011

Aegon AM launches its first multi-asset class fund aimed at retail investors

p { margin-bottom: 0.08in; } On 1 March, Aegon Asset Management will launch its first multi-asset class fund aimed specifically at retail clients, the Aegon Strategic Assets fund. It is an absolute return product, whose objective is to generate returns of 10% per year, regardless of market conditions.The fund will consist of “real” assets, and will invest primarily in equities and bonds, with a preference for long-only positions.The Strategic Asset fund will be managed jointly by William Dinning, head of investment strategy, and Sean Flanagan, who belongs to the multi-asset class management team.Minimal subscription is set at GBP500, and the front-end fee is 5.5%. Management commission will be 1.5%.
18/02/2011

Soros invests in MAM Funds

p { margin-bottom: 0.08in; } George Soros has acquired a 3.5% stake in the management boutique MAM Funds, via his firm Quantum Partners, according to an announcement by the London Stock Exchange.
18/02/2011

Quantum (Soros) invests in MAM Funds

p { margin-bottom: 0.08in; } In a filing to the London Stock Exchange dated 16 February, MAM Funds announced that the hedge fund management firm Quantum Partners, the firm owned by George Soros, had acquired a 3.53% stake in its capital.MAM Funds is the commercial brand for Midas Capital Partners Limited and Milton Asset Management Limited.F&C, for its part, has increased its stake to 5.29%. Axa has increased its stake to 9.38%, while Lloyds Bank’s stake has fallen to 5.44%.
18/02/2011

Credit Suisse launches a USD2bn convertible bond issue

p { margin-bottom: 0.08in; } Credit Suisse on 17 February announced the launch of a bond issue for USD2bn (CHF1.92bn), and follows a CHF6bn issue announced earlier this week.As in the case of the issue announced on 14 February, this operation comes as a result of the Swiss group’s desire to comply with stricter requirements under Basel III for owners’ equity levels at banks. “With this deal, we get a little bit closer,” the head of the group, Brady Dougen, says in a statement.The securities, contingent convertible bonds, or “coco bonds,” by the common terminology, will automatically be converted into equities if the Tier 1 ratio at the bank falls below the 7% threshold set by the Basel III legislation. The bank says Thursday’s operation allows it to satisfy 70% of the Basel III requirements with lending that may be triggered if the need arises.
18/02/2011

Allfunds Bank adds to fund IT platform

p { margin-bottom: 0.08in; } From 21 February, on the basis of information provided by asset management firms connected to its platform, Allfunds Bank will offer its institutional clients access to a more robust range of data on funds, including their allocation by sector, by asset class, by geographical region, and by currency, as well as the largest underlying positions, FondiOnline reports. This new functionality will allow access not only to information for a given moment in the life of a particular fund, but to all information on all funds at any time in the past year.
18/02/2011

Skandia appoints a COO for continental Europe

p { margin-bottom: 0.08in; } Skandia has announced the arrival of Robin Tetlow as chief operational officer for operations in continental Europe (France and Italy). Tetlow, who will be responsible for operations and administrative management of investments, will be based in Italy. A former independent consultant to industry actors in the financial services industry, Tetlow joined Skandia in January 2011.
18/02/2011

Alternative management firm founded in London

p { margin-bottom: 0.08in; } Via Reinet Fund SCA, the investment firm Reinet will participate in the creation of a global alternative management and advising firm, in partnership with William T. Winters, former co-CEO of JP Morgan Investment Bank, and RIT Capital Partners plc, which is led by Lord Jacob Rothschild, Agefi Switzerland reports. The new firm will be known as Renshaw Bay. Winters will be president and CEO of the firm, while Lord Rothschild and Johann Rupert, who controls Reinet, will become directors of Renshaw Bay. Winters will initially own 50% of the new business, while the remainder will be shared between Reinet, which is listed in Luxembourg, and RIT, an investment firm listed in London. Renshaw Bay, which will be based in London, will work with “sophisticated” investors to develop their risk parameters, investments, and trading vehicles.
18/02/2011

Inflows of nearly EUR900m for FIP and FCPI vehicles in 2010

p { margin-bottom: 0.08in; } According to a survey by the AFIC and AFG of “fundraising in 2010 by FIP and FCPI” vehicles, 124,000 savings investors subscribed to one of 48 FIP funds (Fonds d’Investissement de Proximité), and/or 42 FCPI vehicles (Fonds Commun de Placement dans l’Innovation) created in 2010.Inflows in 2010 raised EUR894m from retail clients, of which EUR835m went to funds created in 2010 alone, a statement released on 17 February states. Despite a slight increase in the average amount of subscriptions (EUR6,700, compared with EUR6,650 in 2009), these levels remain below the levels observed in 2009 (EUR898m) as well as 2008 (EUR1.13bn), the year which marked the peak for inflows to FIP and FCPI vehicles. 2010 FIPs attracted EUR389m, while 2010 FCPIs raised EUR446m.
18/02/2011

Profits and assets up at MFS

p { margin-bottom: 0.08in; } The US management firm MFS Investment Management, an affiliate of the Canadian Sun Life Financial, in 2010 earned net income of USD202m, compared with USD136m the previous year, while pre-tax profit margin increased to 30% from 26% due to an increase in average assets to USD197bn, from USD153bn.As of the end of December, assets under management totalled USD222bn, compared with USD187bn one year previously. This increase of USD35bn is due to net subscriptions of USD14.2bn and a market appreciation of USD20.3bn.
18/02/2011

Annual results up for Morningstar

p { margin-bottom: 0.08in; } The US group Morningstar in 2010 earned net profits of EUR86.4m, or EUR1.70 per share, compared with USD82.1m and USD1.65 per share for the previous year. In fourth quarter, net profits rose to USD27.4m, compared with USD14.8m one year previously.
18/02/2011

UniCreidt studying a potential Pioneer-Eurizon merger

p { margin-bottom: 0.08in; } For the first time, the strategy committee at UniCredit on Thursday considered the possibility of an alliance between its affiliate Pioneer and Eurizon, the asset management unit of Intesa-Sanpaolo, Il Sole – 24 Ore reports. The committee is reported to have tasked the management, led by CEO Federico Ghizzoni, to enumerate the potential advantages of a merger with the Intesa Sanpaolo affiliate. The Italian newspaper also reports that the sale process for Pioneer is entering its final phase, and that in early March, BofA-Merrill Lynch, which is advising UniCredit, is awaiting bids from the final three candidates to buy the business, Amundi, Natixis and Resolution.
18/02/2011

Henderson recruits a fund manager from AMP

p { margin-bottom: 0.08in; } Tom Gibson, director & European fund manager in the indirect real estate investment team at AMP Capital Brookfield, has joined Henderson Global Investors as head of property equities, Asia.Gibson will be based in Singapore, and will manage the Henderson Horizon Asia-Pacific Property Equities Fund with Michael Wong and Eric Khaw, as well as the Asian investments of the Hernderson Global Property Equities Fund. He will also manage mandates, which all in all represents a total of about USD1bn.Gibson will report to Patrick Summer, head of property equities.
18/02/2011

Trendy strategies tend to underperform

p { margin-bottom: 0.08in; } Strategies which earn the highest inflows in a given quarter very often see a large decline in their returns in the following quarter, according to a study undertaken in fourth quarter 2010 by TrimTabs, in partnership with Informa Investment Solutions. In other words, following too readily along with the flock may be a highly costly mistake for institutional investors. As an example, TrimTabs points to investors’ sudden interest in US bonds, and outflows from US equities funds in third quarter 2010. Investors who followed this trend were probably negatively affected by the movements observed recently, as they would have missed the rally in US equities.
18/02/2011

BBVA and Citic create a new commodities index

p { margin-bottom: 0.08in; } With its Chinese partner, Citic Carbon Assets Management, BBVA has launched an index of shares in companies of the natural resources and commodities sectors, with the intention of subsequently releasing investment products based on the benchmark index, Cinco Días reports. The selection of businesses for the new Rogers Global Resources Equity Index (RGREI) will be undertaken by Jim Rogers.

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