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14/02/2011
Fonds

Le fonds de pension thaïlandais GPF revoit son programme d'investissement

Selon Asian Investor, le fonds de pension du gouvernement thaïlandais GPF (quelque 13 milliards de dollars d’actifs sous gestion) veut davantage investir dans des actifs étrangers et a choisi dans cette perspective Towers Watson en qualité de conseiller pour la seléction de gérants et l’allocation de portefeuille.Russell Investments assurait ces fonctions précédemment avec sa structure de multigestion.
Fonds
14/02/2011
Fonds

African Alliance prépare une version coordonnée du Africa Pioneer

John Kirkham, consultant d’African Alliance Group, a indiqué que le gestionnaire envisage de lancer d’ici trois à quatre mois une version coordonnée de son fonds vedette Africa Pioneer Fund (42,6 millions de dollars) enregistré aux îles Caïman, rapporte Fund Strategy.Le gérant Paul Clark, basé à Johannesburg, peut investir en actions, obligations, monétaire et private equity de tous les pays d’Afrique hormis l’Afrique du Sud. Il s’appuie sur des gérants et des analystes basés dans ces pays. Le problème majeur de la mise en conformité avec la directive OPCVM III tient au fait que la liquidité du fonds original n’est pas journalière.
Fonds
14/02/2011
Fonds

Guggenheim prépare le premier ETF sur des obligations en yuans

L’américain Guggenheim Funds a déposé auprès de la SEC une demande d’agrément pour un futur Guggenheim China Yuan Bond ETF qui serait le tout premier ETF à répliquer un indice d’obligations en yuans, le China Yuan Bond Index. Ce futur indice, dont le fournisseur n’est pas encore choisi, se composera de titres d'émetteurs chinois ou non-chinois et cotés hors de Chine continentale, ces obligations étant notées au moins BBB- par S&P ou Baa3 par Moody’s.La monnaie de référence du fonds sera le dollar. Cet ETF est censé investir au minimum 80 % de son encours dans les titres composant le futur indice. L’objectif annoncé par Guggenheim Funds est une réplication à 95 % au moins du comportement de l’indice.
Fonds
14/02/2011
Fonds

J.P. Morgan va lancer un fonds nouveaux médias

Selon The Wall Street Journal, qui cite des personnes proches du dossier, J.P. Morgan Chase & Co prévoit de lancer un fonds qui serait investi dans des sociétés Internet et de médias numériques. Le fonds, qui serait géré par le pôle gestion d’actifs de la banque, devrait lever entre 500 millions et 750 millions de dollars. Le fonds ciblera des sociétés non cotées.
Fonds
14/02/2011

Janvier 2011 : hausse de l'encours d'Invesco, stabilité de celui de Legg Mason

Au 31 janvier, l’encours d’Invesco Ltd ressortait à 624,3 milliards de dollars contre 616,5 milliards un mois plus tôt. Le gestionnaire a franchi de nouveau à la hausse le niveau d’actifs sous gestion de fin octobre 2010, qui était de 621,2 milliards de dollars. Sur les encours totaux d’Invesco, les actifs des fonds hors ETF, UIT et gestion passive représentaient 537,8 milliards de dollars contre 535,7 milliards, dont 79,9 milliards contre 78,7 milliards pour l’alternatif. De ce fait, les ETF, UIT et produits passifs totalisaient fin janvier 86,5 milliards de dollars contre 80,8 milliards fin décembre.Pour sa part, Legg Mason Inc a annoncé des encours de 671,8 milliards de dollars à fin janvier, inchangés par rapport à fin décembre. Cela résulte d’une hausse de 1,3 milliard de dollars, à 185,6 milliards pour les produits actions, d’une baisse de 2,9 milliards, à 352,9 milliards pour les obligataires et une augmentation de 1,5 milliard, à 133,3 milliards des monétaires.
14/02/2011

Progression des actifs sous gestion de l'américain Och Ziff

Les actifs sous gestion de la société de gestion alternative basée à New York Och Ziff s'élevaient à fin décembre 2010 à 27,6 milliards de dollars, en hausse de 5% par rapport au 1er octobre 2010 et de 17% par rapport au 1er janvier 2010.Au 1er février dernier, les actifs sous gestion s'établissaient à environ 28,4 milliards de dollars, soit une progression de 800 millions de dollars due à un effet marché de 500 millions de dollars et à une collecte nette de 300 millions de dollars.
14/02/2011

3i cède l'administrateur de fonds Butterfield Fulcrum

Les deux spécialistes de la gestion Glenn Henderson et Tim Calveley ont annoncé avoir fait alliance avec la société de capital investissement BV Investment Partners pour acquérir l’administrateur de fonds Butterfield Fulcrum auprès du groupe 3i et d’une banque, The Bank of N.T. Butterfield & Son Limited. Les modalités de la transaction n’ont pas été précisées.Butterfield Fulcrum et FORS, un fournisseur de services d’administration et de reporting pour la gestion de fortune et le family office rachété par Butterfield l’an dernier, seront à cette occasion réunis dans une société mère, dont le siège sera installé aux Bermudes. La transaction devrait être bouclée au premier trimestre 2011.
14/02/2011

iShares, Lyxor et db x-trackers contrôlent toujours plus de 70 % du marché européen des ETF

L’encours des ETF européens ressortait fin janvier 2011 à 291,9 milliards de dollars, soit 1,8 % de plus que fin décembre (284 milliards), contre 217,9 milliards un an auparavant, d’après les statistiques de BlackRock.Le nombre d’ETF se situait à 1.085 unités, avec 3.808 cotations, contre 1.071 fonds cotés 3.699 fois au 31 décembre et 896 ETF cotés 2.468 fois fin janvier 2010.La part de marché des trois premiers promoteurs (iShares, Lyxor Asset Management et db x-trakcers) s’est tassée à 71 % fin janvier contre 71,1 % fin décembre et 74,4 % un an plus tôt.iShares (BlackRock) demeure très largement en tête, avec 182 ETF et 104,9 milliards de dollars, ce qui lui confère une part de marché de 35,9 % (contre 35,8 % un mois plus tôt (lire notre article du 13 janvier 2011). Lyxor Asset Management (Société Générale) accuse un tassement marginal de sa part de marché à 18,3 % contre 18,4 % fin décembre, avec 156 produits et 53,5 milliards de dollars d’actifs. Quant à db x-trackers (Deutsche Bank), sa part de marché ressort à 16,7 % contre 16,6 %, avec 153 ETF et 48,8 milliards de dollars.Selon les calculs de BlackRock, iShares a capté 1,9 milliard de dollars de souscriptions nettes en janvier sur un total de 4,4 milliards, devançant Source (0,9 milliard), cependant que Lyxor AM accusait les plus forts remboursements nets avec 0,2 milliard de dollars.
14/02/2011
Fonds

PowerShares EQQQ dépasse le milliard de dollars

L’encours de l’ETF PowerShares EQQQ vient de franchir la barre du milliard de dollars (donnée au 9 février 2011), annonce Invesco PowerShares. Cet ETF réplique de manière passive l'évolution du Nasdaq 100. Il représente la version européenne d’un produit américain, le PowerShares QQQ qui affiche un encours de 25 milliards de dollars sous gestion (à fin janvier 2011).L’ETF PowerShares EQQQ est coté sur cinq Bourses européennes (Borsa Italiana, NYSE Euronext Paris, Deutsche Börse, Swiss Stock Exchange et London Stock Exchange) et peut être négocié en euro ou en dollar US sur ces différents marchés.
Fonds
14/02/2011
Fonds

AQR et BoA Merrill Lynch lancent un Ucits

Selon Ucits Hedge, AQR Capital Management et Bank of America Merrill Lynch ont annoncé le lancement du fonds AQR Global Relative Value Ucits. Il donne accès à la stratégie «global relative value» d’AQR Capital Management dans le cadre de la plate-forme Ucits III de Bank of America Merrill Lynch.
Fonds
14/02/2011

State Street lancera de 20 à 30 nouveaux fonds indiciels cotés en Europe en 2011

Le marché américain reste le premier marché de State Street Global Advisors (SSgA), qui est beaucoup moins présente en Europe. «Nous accusons un certain retard en Europe où nous ne proposons que 13 produits représentant 1,1 milliard de dollars d’actifs sous gestion», reconnaît Scott Ebner, responsable mondial du développement des ETF chez State Street Global Advisors. Pour changer cette situation, «nous devons élargir notre gamme en proposant des produits actions mais aussi obligataires répliquant des indices plus larges», annonce-t-il au quotidien. Entre 20 et 30 produits de droit irlandais seront lancés en 2011.
14/02/2011

La fusion Nyse Euronext-Deutsche Börse modifie le poids de leurs activités respectives

Les 300 millions d’euros d'économies de coûts prévus dans le projet de fusion entre Deutsche Börse et Nyse Euronext qui pourrait être formulé dès demain auront, selon les analystes, un effet relutif de 4% en 2012 et de 11% en 2013 sur le bénéfice par action de la société prédatrice. La fusion pourrait avoir pour conséquence la dilution des activités phares de chacun des opérateurs historiques dans l’opérateur combiné. Selon Barclays Capital, les dérivés représenteraient 28% de l’activité de l’ensemble Deutsche Börse/Nyse Euronext, contre 38% chez Deutsche Börse, via Eurex. Le trading sur le marché cash contribuerait aussi à 24% de l’activité du groupe consolidé, contre une part de 38% pour les activités cash et cotations chez Nyse Euronext.Cela dit, précise le quotidien, tout désinvestissement forcé par les autorités de la concurrence compromettrait ces synergies de coûts.
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).
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

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

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

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

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

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

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

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.

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