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14/02/2011

L'encours mondial des ETF s'est accru de 23,3 milliards de dollars en janvier

A fin janvier, les 2.501 ETF cotés 5.701 fois dans le monde affichaient selon BlackRock un encours de 1.334,6 milliards de dollars contre 1.311,3 milliards fin décembre et 9.784 milliards douze mois auparavant. Le nombre de produits était de 2.459 fin décembre et de 2.055 fin janvier 2010, avec 138 émetteurs contre 136 un mois plutôt et 114 un an auparavant.Il y avait fin janvier des projets de lancement pour 1.033 ETF.Le trio de tête des promoteurs reste évidemment inchangé. Ainsi, iShares affiche 579,7 milliards de dollars sur 474 produits, ce qui représente une part de marché de 43,4 % (contre 44,1 % en décembre). State Street Global Advisors (SSgA) se classe deuxième avec 116 ETF et 199,3 milliards de dollars, soit 14,9 % du marché (contre 14,5 %) tandis que Vanguard arrive troisième avec 66 ETF et 152,9 milliards de dollars, soit une part de marché de 11,5 % contre 11,3 %.
14/02/2011

SocGen unveils Solactive index of new producers of precious metals

p { margin-bottom: 0.08in; } At a presentation to launch a German-registered certificate (DE000SG10XA5), Société Générale announced that it has been involved with the creation of a new index by the German firm Solactive (formerly Structured Solutions AG). The index is the Solactive Gold and Silver Developer Index, which currently includes 15 “emerging” producers of precious metals, who have either recently begun their operations, or who are about to begin production. It is a total return index.
14/02/2011

Fortress to raise a fund for senior housing in China

p { margin-bottom: 0.08in; } Fortress Investment is planning to raise about USD1bn for a Chinese fund that will invest in housing for elderly people, a fast-growing population in China, the Financial Times reports. The firm, which has already developed activities of this kind in the United States, is in negotiations with potential local partners.
14/02/2011

iShares, Lyxor and db x-trackers still control over 70% of European ETF market

Assets in European ETFs as of the end of January 2011 totalled USD291.9bn, 1.8% more than at the end of December (USD284bn), compared with USD217.9bn one year previously, according to statistics from BlackRock.The number of ETFs totalled 1,085, listed 3,808 times, compared with 1,071 funds listed 3,699 times as of 31 December, and 896 ETFs listed 2,468 times as of the end of January 2010.The market share for the three largest promoters (iShares, Lyxor Asset Management and db x-trackers) was down to 71% as of the end of January, compared with 71.1% as of the end of December, and 74.4% one year earlier.iShares (BlackRock) remains the leader by far, with 182 ETFs and USD104.9bn, giving it a market share of 35.9% (compared with 35.8% one month earlier (see Newsmanagers of 13 January 2011). Lyxor Asset Management (Société Générale) has seen a marginal decline in its market share to 18.3%, from 18.4% as of the end of December, with 156 products and USD53.5bn in assets under management. Db x-trackers (Deutsche Bank), meanwhile, has a market share of 16.7%, compared with 16.6%, with 153 ETFs and USD48.8bn in assets.According to statistics from BlackRock, iShares made USD1.9bn in net subscriptions in January, out of a total of USD4.4bn, putting it ahead of Source (USD0.9bn), while Lyxor saw the largest net redemptions, at USD0.2bn.
14/02/2011

Total assets in ETFs worldwide up by USD23.3bn in January

p { margin-bottom: 0.08in; } As of the end of January, according to BlackRock, the 2,501 ETF funds listed 5,701 times throughout the world had assets of USD1.3346trn, compared with USD1.3113trn as of the end of December, and USD9.784trn twelve months earlier. The number of products was 2,459 as of the end of December, and 2,055 as of the end of January 2010, from 138 providers, compared with 136 one month earlier, and 114 one year earlier.As of the end of January, there were plans underway to launch 1,033 ETFs.The top three providers remain unchanged: iShares has USD579.7bn in 474 products, giving it a market share of 43.4%, compared with 44.1% in December. State Street Global Advisors (SSgA) is in second place, with 116 ETF funds, and USD199.3bn in assets, for a market share of 14.9% (compared with 14.5%), while Vanguard is in third place, with 66 ETF funds and USD152.9bn in assets, for a market share of 11.5%, compared with 11.3%.
14/02/2011

Thai pension fund GPF revises its investment programme

p { margin-bottom: 0.08in; } Asian Investor reports that the Thai government pension fund GPF (about USD13bn in assets under management) is seeking to invest more of its capital in foreign assets, and has selected Towers Watson as advisor for selection of managers and portfolio allocation. Russell Investments previously served in this role, with its multi-management structure.
14/02/2011

Haitong International AMC soon to launch two hedge funds

p { margin-bottom: 0.08in; } Asian Investor reports that Haitong Investment AMC, the international affiliate of the Chinese management firm Haitong International Securities Group, is planning to launch two hedge funds this year, and is also seeking to raise funds with private equity actors. 10 Chinese management firms currently have international development plans in the alternative management sector.
14/02/2011

New CEO for AIMA in Hong Kong

p { margin-bottom: 0.08in; } The Alternative Investment Management Association (AIMA) has appointed a new CEO in Hong Kong, in the person of Glyn Treasure, who was co-founder and chief operating officer at Nine Masts Capital until July 2010. Treasure replaces Jo Orgill, who last year left the position to join Samsung Securities.
14/02/2011

3i sells off fund administration firm Butterfield Fulcrum

p { margin-bottom: 0.08in; } The two management specialists Glenn Henderson and Tim Calveley have announced that they have teamed up with the private equity firm BV Investment Partners to acquire the fund administration firm Butterfield Fulcrum from the 3i group and a bank, the Bank of N.T. Butterfield & Son Limited. The details of the deal have not been disclosed. Butterfield Fulcrum and FORS, a provider of administration and reporting services for wealth management and family offices, which Butterfield acquired last year, will be merged into a parent company, whose headquarters will be in Bermuda. The transaction will be completed in first quarter 2011.
14/02/2011

M&G recruits a sales manager from ökoworld

p { margin-bottom: 0.08in; } The Vienna office of M&G Investments on 1 February recruited Christian Lörincz as senior sales manager in charge of distribution to banks in Austria. He will report to Karola Gröger, director of distribution. He previously spent three years in sales at ökoworld, after eight years spent at the Deutsche Bank group.
14/02/2011

Assets under management at US firm Och Ziff up

p { margin-bottom: 0.08in; } Assets under management at the New York-based management firm Och-Ziff as of the end of December 2010 totalled USD27.6bn, up 5% compared with 1 October 2010, and 17% compared with 1 January 2010. As of 1 February, assets under management totalled about USD28.4bn, an increase of USD800m, due to a positive market effect of USD500m, and a net inflow of USD300m.
14/02/2011

January 2011: assets at Invesco up, while Legg Mason assets are stable

p { margin-bottom: 0.08in; } As of 31 January, assets at Invesco Ltd totalled USD624.3bn, compared with USD616.5bn one month earlier. The manager has increased its assets under management since the end of October 2010, when they totalled USD621.2bn. Of total assets under management at Invesco, assets in funds excluding ETF, UIT and passive management products totalled USD537.8bn, compared with USD535.7bn, of which USD79.9bn, compared with USD78.7bn, were in alternative assets. ETFs, UITs and passive products totalled USD86.5bn as of the end of January, compared with USD80.8bn as of the end of December. Legg Mason Inc, for its part, has announced assets of USD671.8bn as of the end of January, a level which remains unchanged from the end of December. This is the result of an increase of USD1.3bn, to USD185.6bn, for equities products, a decline of USD2.9bn, to USD352.9bn, for bonds, and an increase of USD1.5bn, to USD133.3bn, for money markets.
14/02/2011

Janus Capital to set up in Paris in the next three years

p { margin-bottom: 0.08in; } Janus Capital is now planning to open a representative office in Paris in the next three years, Agefi reports. The firm is planning to develop a more institutional client base in the French-speaking countries of Europe, a class of clients who prefer more proximity to the management firm. In French-speaking Europe, Janus Capital manages USD1.15bn in assets (EUR843m), a slight increase in one year. “In 2010, we posted a net inflow of about USD300m, but also a decline in valuations for fixed income,” Sylvain Agar, head of development for France and French-speaking Europe (France, Belgium, Switzerland (Geneva), Luxembourg and Monaco), tells the newspaper.
14/02/2011

Axa IM to retain Rosenberg name

p { margin-bottom: 0.08in; } In an interview with Les Echos, the CEO of Axa Investment Managers, Dominique Carrel-Billiard, discusses the Rosenberg affair, and says that assets at Axa Rosenberg have fallen by USD70bn, to USD32bn today. “Aside from this fall in inflows, which alone has overshadowed the performance of the rest of Axa IM, there has been no noticeable movement of outflows at the other activities of Axa Investment Managers, as a result of this unique industrial accident,” Carel-Billiard says, adding that the firm has no plans to dispense with the Rosenberg name. “It would be a shame to put the quality of the management firm, which retains a certain aura on the market, in doubt, merely due to an accident caused by a few individuals.”
14/02/2011

Level Global Investors liquidates its activities

p { margin-bottom: 0.08in; } In a letter to investors on Friday, David Ganek, founder in 2003 and chairman of Level Global Investors LLP, has announced that the alternative management firm (USD4bn) has begun to liquidate its positions, and is planning to reimburse shareholders by 31 March, the Wall Street Journal reports. David Ginek, who worked closely with Steven Cohen (SAC Capital) says that the fund has generated returns of 88.9% since its launch, which comes out to 9% per year, compared with 3.3% for the S&P 500.The closure is explained as the result of a “cloud of uncertainty” due to an investigation by the US authorities into insider trading. Level Global was subpoenaed in November, but was not found to have committed any irregularities. The firm did engage the services of expert networks.The newspaper reports that four people with ties to hedge funds were charged last week as a result of the investigation, including Noah Freeman and Donal Longueuil, former fund managers at SAC Capital. The former has pleaded guilty to securities fraud and conspiracy, and is cooperating with investigators; the latter is charged with conspiracy to commit securities fraud, conspiracy to commit wire fraud, and obstruction of justice.
14/02/2011

CalPERS supported in its drive for absolute majority voting

p { margin-bottom: 0.08in; } Three proxy voting specialists, Egan-Jones Proxy Services, Glass, Lewis & Co. LLC, and ISS Proxy Advisory Services, have declared their support for an initiative on the part of the California pension fund CalPERS to abandon relative majority voting and adopt absolute majority voting for the election of board members at Apple. CalPERS says in a statement that the proposal will be submitted to an Apple general shareholders’ meeting on 23 February.
14/02/2011

Guggenheim preparing first ETF of bonds in Chinese yuans

p { margin-bottom: 0.08in; } US-based Guggenheim Funds has filed paperwork with the SEC for a license for the future Guggenheim China Yuan Bond ETF, which would be the first-ever ETF to replicate an index of Chinese bonds, the China Yuan Bond Index. The future index, for which a provider has not yet been selected, would be composed of bonds launched by Chinese or non-Chinese issuers, listed outside mainland China, with ratings of at least BBB- from S&P, or Baa3 from Moody’s.The benchmark currency for the fund will be the US dollar. The ETF will aim to invest at least 80% of its assets in bonds drawn from the future index. The objective announced by Guggenheim Funds is to replicate at least 95% of the performance of the index.
14/02/2011

J.P. Morgan to launch a new media fund

p { margin-bottom: 0.08in; } The Wall Street Journal reports, citing sources familiar with the matter, that J.P. Morgan Chase 7 Co is planning to launch a fund which would invest in internet and digital media companies. The fund, which will be managed by the asset management unit at the bank, will aim to raise USD500m to USD750m. The fund will target non-publicly traded businesses.
14/02/2011

AQR and BoA Merrill Lynch launch a UCITS fund

p { margin-bottom: 0.08in; } Ucits Hedge reports that AQR Capital Management and Bank of America Merrill Lynch have announced the launch of the AQR Global Relative Value UCITS fund. The product provides access to the global relative value strategy from AQR Capital Management, via the UCITS III platform from Bank of America Merrill Lynch.
14/02/2011

PowerShares EQQQ has over USD1bn in assets

p { margin-bottom: 0.08in; } Assets in the PowerShares EQQQ ETF have topped USD1bn (as of 9 February 2011), Invesco PowerShares has announced. The ETF passively replicates the evolution of the Nasdaq 100. It is the European version of a US product, the PowerShares QQQ which has assets under management of USD25bn (as of the end of January 2011). The PowerShares EQQQ ETF is listed on five European stock markets (Borsa Italiana, NYSE Euronext Paris, Deutsche Börse, Swiss Stock Exchange and London Stock Exchange), and may be traded in euros or US dollars.
14/02/2011

Swiss & Global AM launches Julius Baer Chindonesia Fund

p { margin-bottom: 0.08in; } Swiss & Global Asset Management has added to its range of emerging markets equities funds with the launch of the Julius Baer Chindonesia fund, a product which will allow investors to profit from potential growth on the Chinese, Indian and Indonesian markets. These three countries account for 40% of the world’s population, with about 2.8 billion people, and offer excellent growth outlooks. The new UCITS III format fund will identify businesses at the beginning of a growth cycle, with competitive advantages. The fund will be co-managed by two specialists in Asian equities, Vincent Lagger and Jian Shi Cortesi.
14/02/2011

Investors concerned by complexity of pay structure

Several institutional investors, including Schroders and Threadneedle, have told the Financial Times that they are concerned about the increasing complexity of how companies calculate management pay. They say that there is a growing trend of companies introducing ways of calculating performance-linked pay packages that are not tied to share price performance, or involve the use of opaque discretionary criteria.
14/02/2011

Strong increase in inflows in 2010 for Cantonal Bank of Zurich

p { margin-bottom: 0.08in; } Assets under management at the Cantonal Bank of Zurich as of the end of December 2010 totalled CHF165.1bn, compared with CHF150.1bn one year earlier. Net inflows represented CHF12bn (of which CHF7.5bn came from institutional clients), while market effects brought in CHF2bn. In addition to this, CHF0.9bn resulted from the integration of the Austrian affiliate Brivatinvest Bank AG for the first time. In 2009, net inflows totalled CHF6.3bn. The bank last year earned net profits of CHF729m, down 3% year on year.
14/02/2011

KBC planning to pull out of KBC Goldstate

p { margin-bottom: 0.08in; } According to market rumours, KBC is currently seeking buyers for its 49% stake in the Chinese management firm KBC Goldstate, whose assets fell 60% in 2010 to USD197m, Z-Ben Advisors reports.The Belgian group is reported to be the first foreign investor to pull out of asset management in China. KBC is also in danger of getting no more than 1-2% of assets for its shares, if the buyer is Chinese, or 4-5% if the buyer is foreign, meaning about USD1m to USD5m, it is speculated, although the firm paid CNY74m, or USD9m, to acquire them.
14/02/2011

African Alliance preparing a UCITS version of Africa Pioneer fund

p { margin-bottom: 0.08in; } John Kirkham, a consultant to the African Alliance Group, has announced that the management firm is planning to launch a UCITS-compliant version of its flagship Africa Pioneer Fund (USD42.6bn), registered in the Cayman Islands, in the next three to four months, Fund Strategy reports.The manager, Paul Clark, based in Johannesburg, may invest in equities, bonds, money markets and private equity in all countries of Africa outside South Africa. He relies on managers and analysts based in these countries.The major problem with compliance with the UCITS III directive is related to the fact that the liquidity of the original fund is not daily.
14/02/2011

Credit Suisse turns to investors for capital injection

p { margin-bottom: 0.08in; } Credit Suisse Group AG (CS) on 14 February announced in a statement that it has signed a definitive agreement with Qatar Holding LLC and Olayan Group to issue “Tier 1 Buffer Capital Notes.”The move comes as Basel III regulations increase the regulatory capital requirements for banks. The total volume of the issue is CHF6bn, the group says. In addition to the Tier 1 Capital Notes, the Qatar authorities and Olayan Group will receive significant equity stakes in Credit Suisse Group.
14/02/2011

State Street to launch 20 to 30 new ETFs in 2011

p { margin-bottom: 0.08in; } The US market remains the largest one for State Street Global Advisors (SSgA), which has a much more limited presence in Europe. “We are a little bit behind in Europe, where we offer only 13 products, representing USD1.1bn in assets under management,” admits Scott Ebner, global head of ETF development at State Street Global Advisors. To change this situation, “we need to enlarge our product range, and offer equities and bond products which replicate broader indices,” he tells La Tribune. 20 to 30 Irish-registered products will be launched in 2011.
14/02/2011

High net worth families control over half of capital in Ibex businesses

p { margin-bottom: 0.08in; } Expansión reports that several high net worth family groups, such as the Entrecanales, Villar Mir, and Del Pino families, and individuals such as Amancio Ortega and the Koplowitz sisters, own more than EUR217bn in shares in companies of the Ibex index, which has a total market capitalisation of EUR500bn.However, several custodians, and asset management firms such as BlackRock, Fidelity and Capital Research also rank among the largest shareholders in Spanish businesses.
14/02/2011

Institutional investors revolutionize hedge fund management

p { margin-bottom: 0.08in; }a:link { } In 2008, a survey by Preqin found that 45% of assets in hedge funds came from institutional investors. An edition of the study in February 2011 (http://www.preqin.com/docs/newsletters/HF/Preqin_Hedge_Fund_Spotlight_F…), which surveyed 60 hedge fund management firms with assets totalling USD95bn, has found that this percentage has increased to 65%. It also finds that institutional investors tend to prefer larger hedge fund managers (particularly those with assets of over USD10bn).This development has led 46% of managers to set up more rigorous procedures in risk management, and 42% have lowered their commissions.Nearly half of all hedge fund managers surveyed are planning to launch products aimed specifically at institutional investors in the next 12 months. To do this, they are planning to introduce segregated mandates, or to offer UCITS-compliant versions of their funds.
14/02/2011

Zadig launches a long-only Newcits fund

p { margin-bottom: 0.08in; } The Memnon Fund was launched on 1 February 2011 by Zadig Gestion Luxembourg, with assets of EUR100m. It is a European long-only equities fund, with daily liquidity, whose highly concentrated portfolio consists of 20 highly liquid positions selected from the portfolio of the hedge fund Zadig Fund, a long/short equity fund registered in the Cayman Islands, and 5 to 10 other highly liquid positions.The new product, which is currently available only in Luxembourg, will be 75% to 100% net long, with no leverage and no short-selling. The objective is to outperform the benchmark index by at least 10 percentage points each year.The fund is advised by the London-based Zadig Asset Management, in the person of Laurent Saglio, founder and partner, and Vincent Bourgeois, who joined Zadig AM this year as a partner (he had previously spent eight years as co-manager of the European Alpha Fund at HSBC Global Asset Management, until 2010).

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