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06/01/2011

Ethics devient organisme de certification

La société Ethics, qui propose une certification éthique des entreprises, annonce avoir été accréditée ISO 17021 et qu’elle devient organisme de certification. Cette société distribue une norme d’intégrité internationale axée sur la bonne gouvernance et le management durable, Ethics 2010. Elle couvre plusieurs secteurs, dont la gestion d’actifs, avec notamment Dorval Finance.
06/01/2011
Fonds

Le marché chinois des fonds a fondu en 2010

L’encours total des fonds d’investissement chinois au 31 décembre 2010 devrait s'être situé selon les estimations de Z-Ben Advisors à environ 2.490 milliards de yuans, ce qui représente une augmentation de 4,49 % sur fin septembre. Cet accroissement est attribuable pour l’essentiel à l’effet de marché, avec l’indice CSI 300 qui a gagné 6,56 % au quatrième trimestre.En effet, si l’on retire l’impact du traditionnel gonflement des fonds monétaires en fin d’année, pour l’enjolivement des résultats annuels, l’encours a probablement diminué de 0,98 % au quatrième trimestre, à cause des remboursements sur les produits déjà installés, alors que les nouveaux fonds continuent de collecter.Sur l’ensemble de l’année, les actifs sous gestion ont diminué de 6,58 %, les souscriptions nettes enregistrées par les nouveaux fonds (310 milliards de yuans) ayant là aussi été surcompensées par les sorties nettes des produits préexistants.Le numéro un du secteur reste China AMC, avec une part de marché de 9,01 %, devant Harvest (partenariat avec la Deutsche Bank), qui s’installe à 6,43 % et E-fund qui suit de près à 5,83 %. Cependant, sur l’année, China AMC, filiale de Citic Securities, a subi une forte érosion de sa part de marché du fait que le régulateur (CSRC) lui a interdit jusqu'à nouvel ordre de nouveaux lancements de produit tant qu’il n’aura pas mis son tour de table en conformité avec la loi (lire notre article du 18 octobre). Les trois sociétés de gestion qui ont gagné des parts de marché sur l’ensemble de 2010 sont Huashang (1,17 %), Harvest (0,57 %) et Yinhua (0,63 %).
Fonds
06/01/2011
Fonds

Le Popular lance un fonds de fonds d'actions Moyen-Orient/Afrique

Le 30 décembre 2010, Popular Gestión a fait enregistrer par la CNMV le Eurovalor África y Oriente Medio, un fonds espagnol d’actions Moyen-Orient/Afrique/CEI qui sera investi au minimum à 75 % aux actions, le reliquat étant placé en obligations. D’autre part, le prospectus précise que ce produit pourra être investi jusqu'à 100 % en fonds d’investissements. La durée de détention recommandée est de 3-4 ans.Le fonds n’a ni indice de référence ni objectif de performance. Le portefeuille sera géré de manière dynamique et proactive, ce qui se traduira par un taux de rotation élevé.Caractéristiques :Dénomination : Eurovalor África y Oriente MedioCode Isin : ES0133444002Commission de gestion : 1,35 %Commission de performance : 9 %Souscription minimale : 600 euros
Fonds
06/01/2011
Fonds

Le BBVA lance deux ETF inversés

Le 1er décembre, BBVA Asset Management a lancé deux ETF qui reproduisent en inversé l'évolution des indices Ibex 35 (ES0105305009) et Markit iBoxx Eurozone 3-5 years Total Return (ES0142446006). Ces nouveaux produits ont été enregistrés le 23 décembre par la CNMV, et permettent de «jouer» à la baisse le marché espagnol et la dette des pays de la zone euro. Ils sont chargés à respectivement 0,40 % et 0,14 %, plus une commission de banque dépositaire de 0,05 %.Dans les deux cas, l'écart de suivi ne devra pas excéder les 2 %.
Fonds
06/01/2011
Fonds

ProShares lance deux ETF sur la volatilité

ProShares annonce ce mardi 5 janvier le lancement sur NYSE Arca de deux ETF. Les deux produits offrent une exposition à l’indice VIX mesurant la volatilité du S&P 500. Les frais de gestion du ProShares VIX Short-Term Futures ( code NYSE Arca VIXY) et du VIX Mid-Term Futures (VIXM) s'élèvent à 0,85 %.
Fonds
06/01/2011
Fonds

La guerre des prix dans les ETF n’en est qu’à ses débuts

Une guerre des prix sévit dans le secteur des ETF aux Etats-Unis, relate un article du Wall Street Journal. Les géants comme Vanguard, BlackRock, Charles Schwab et State Street font la course à celui qui réduira ses coûts le plus vite, dans une quête à l’investisseur devenu très sensible aux frais.Ainsi, fin juin, lorsque iShares a réduit les frais de son ETF à 0,25 %, il a attiré 875 millions de dollars sur les cinq mois qui ont suivi, tandis que son concurrent direct, le SPDR, chargé à 0,40 %, a vu sortir en net plus de 1,2 milliard de dollars selon Morningstar. La bataille n’en est qu’à ses débuts. D’autres réductions sont à attendre dans les ETF. Certains mêmes anticipent des frais à 0 %.
Fonds
06/01/2011
Fonds

UBS Global AM lance un fonds d'actions suisses

La BaFin a donné début janvier son agrément de commercialisation au compartiment Swiss Opportunity de la sicav luxembourgeoise UBS (Lux) Equity géré par Stefan Bohren. Le portefeuille de ce fonds de conviction lancé le 16 novembre 2010 comportera entre 20 et 40 lignes pondérées dans une fourchette de 2-7 %.Le fonds sera investi de manière très différente de l’indice de référence Swiss Performance Index (SPI) où Nestlé, Novartis et Roche pèsent à elles seules plus de 50 %. Il sera à la fois plus diversifié en matière de secteurs, avec pour l’instant une surpondération des industrielles et une sous-pondération des valeurs de santé et de consommation, et de capitalisations, avec davantage de petites et moyennes valeurs que dans le SPI.L’objectif d’UBS Global AM est de générer une surperformance de 400 points de base par rapport au SPI sur un cycle de marché complet.CaractéristiquesDénomination : UBS (Lux) Equity SICAV – Swiss Opportunity Codes Isin : LU0546265769 part en CHF LU0546268359 part en eurosTaux de frais sur encours : 1,50 %
Fonds
06/01/2011
Fonds

Cazenove rouvre le Absolute UK Dynamic fund

Cazenove Capital Management a annoncé le 4 janvier sa décision de rouvrir son fonds Absolute UK Dynamic aux nouvelles souscriptions. Le fonds, piloté par Paul Marriage, avait été fermé une semaine seulement après son lancement en septembre 2009. Il avait alors drainé 123 millions de livres.Le fonds va disposer d’une capacité supplémentaire de 60 millions de livres. Le fonds a progressé de 5,5% depuis son lancement et devrait pouvoir réaliser une performance de plus de 10% par an. Au 30 novembre 2010, les actifs sous gestion de Cazenove s'élevaient à 4,2 milliards de livres
Fonds
06/01/2011

Swiss & Global AM se renforce outre-Manche

Selon Money Marketing, la filiale de GAM Holding SA, Swiss & Global Asset Management, a nommé Keith Rumbelow et Hugo Wheeler dans son équipe de distribution au Royaume-Uni.Keith Rumbelow, qui va prendre la direction de l'équipe londonienne, doit concentrer ses efforts sur les multigérants, les fonds de fonds, les compagnies d’assurances et les gérants de fortune. Il était précédemment chez Marlborough Fund Managers. Hugo Wheeler, précédemment chez Highland Capital Partners, doit pour sa part promouvoir l’offre de la société auprès des investisseurs britanniques.
06/01/2011
Fonds

L'encours des fonds retail s'est accru de 20 % en 2010

D’après une enquête de Fund Strategy, l’encours «retail» des 96 principaux gestionnaires britannique est passé de 294 milliards de livres début 2010 à 353 milliards fin décembre, soit une hausse de 20 % alors que l’indice FTSE 100 n’a gagné que 6 %. Les sociétés de gestion qui ont remporté les plus grands succès sont celles qui ont promu des produits actions ou marchés émergents de bonne qualité et agressifs sous une marque reconnue.Néanmoins, seuls 13 des 30 plus gros gestionnaires ont enregistré une hausse de leurs encours supérieure à la moyenne, alors qu’Invesco Perpetual n’affichait qu’une progression de 12 % bien qu’il soit le plus connu pour les fonds de revenus actions et l’un des plus connus pour les obligations.Les 13 maisons à plus forte croissance ont été First State, Investec, HSBC, Neptune, M&G, Fidelity, St James’s Place, Schroders, BlackRock, Axa, Aviva Investors, BNY Mellon et Capita.
Fonds
06/01/2011
Fonds

Fusion de fonds chez Henderson

Henderson Global Investors envisage de fusionner ses fonds opportunistes britannique et européen, rapporte Money Marketing.Le fonds opportuniste britannique de 87 millions de livres sera ainsi intégré dans le fonds alpha britannique de 327 millions de livres, tandis le fonds opportuniste européen (209 millions de livres) sera fusionné dans le fonds de croissance européen de 755 millions de livres. Henderson, qui précise que ces fusions sont subordonnées à l’approbation des actionnaires, se propose de fusionner d’autres fonds dans le cadre de sa stratégie de rationalisation de sa gamme.
Fonds
06/01/2011
Fonds

Les hedge funds tablent sur une meilleure année 2011

Après l’une de leurs années les plus décevantes, les gérants de hedge funds espèrent une année 2011 meilleure, avec moins de volatilité macro-économique et davantage d’opérations à l’échelle des entreprises comme des acquisitions, rapporte le Financial Times. Fin novembre, les hedge funds avaient gagné en moyenne un peu plus de 7 % sur l’année, selon Hedge Fund Research.
Fonds
06/01/2011
Fonds

Les ETF devraient croître encore de 20 % en 2011

Après avoir franchi le seuil symbolique des 1.000 milliards de dollars d’encours aux Etats-Unis en 2010 et approché les 300 milliards en Europe, les ETF devraient encore croître de 20 % en 2011 et peut-être d’autant les prochaines années, estime Deborah Fuhr, responsable mondiale de BlackRock pour la recherche ETF, citée par Il Sole – 24 Ore. Elle explique que l’utilisation des ETF se répand auprès des grands fonds, des investisseurs institutionnels et des petits épargnants.
Fonds
06/01/2011

Planned accounting standards for rentals may cause development in the market

p { margin-bottom: 0.08in; } Planned IFRS accounting standards for rentals laid out by the architect of international accounting standards, the IASB, of which a final version is expected to be published in mid-2011, could include significant modifications on the rental market, according to a study by Deutsche Bank research published in mid-December. As a part of the accounting for rentals under IFRS standards, there will no longer be a distinction between simple and financial rentals. Lessors will sign a rental agreement which would require that the property not be listed as an asset on the balance sheet, and the tenants also agree to list payments on their balance sheet. Deutsche Bank Research says that the accounting changes could lead to a reduction in the number of transactions. It may also accentuate a trend by which contracts become shorter, which could lead to increased frequency of rental cycles.
06/01/2011

UBS Global AM launches a Swiss equities fund

p { margin-bottom: 0.08in; } BaFin in early January issued a sales license for the Swiss Opportunity sub-fund of the Luxembourg Sicav UBS (Lux) Equity, managed by Stefan Bohren. The portfolio of the conviction-managed fund, launched on 16 November 2010, will include about 20 to 40 positions, with weightings of 2-7%.The fund will invest in a very different manner in the benchmark index, the Swiss Performance Index (SPI), in which Nestlé, Novartis and Roche weigh in at more than 50%. It will be diversified both in terms of sectors, with a current overweight position in industrials and an underweight position in health and consumer goods sectors and capitalisations, with more small and midcaps than in the SPI.The objective of the UBS Global AM fund is to generate outperformance of 400 basis points compared with the SPI over a complete market cycle.CharacteristicsName: UBS (Lux) Equity SICAV – Swiss OpportunityISIN codes: LU0546265769, share class in CHF; LU0546268359, share class in EURTER: 1.50%
06/01/2011

Galleon trials: phone talks may be used as evidence

Federal prosecutors can use secretly recorded telephone conversations of ex-Galleon Group employee Zvi Goffer and other defendants in the insider-trading case, a federal judge has ruled, The Wall Street Journal writes.Last month, another judge ruled that prosecutors can use recordings of thousands of talks by Galleon founder Raj Rajaratnam in his criminal trial.
06/01/2011

Global X launches an aluminium ETF

p { margin-bottom: 0.08in; } As the SEC was notified on 30 April 2010, the New York-based firm Global X Funds (USD1bn in assets) on 5 January 2011 finally launched the first-ever aluminum ETF, the Global X Aluminum ETF (acronym ALUM), which is part of a range of seven ETFs announced in late April. It follows the Global X Copper Miners ETF.The new product replicates the Solactive Global Aluminum Index, which includes the most liquid shares in mining companies in the aluminium sector, of which the largest three are Rio Tinto, Alcoa and Norsk Hydro.Management commission is set at 0.69%.
06/01/2011

ProShares launches two volatility ETFs

p { margin-bottom: 0.08in; } ProShares on Tuesday, 5 January announced the launch on NYSE Arca of two ETFs. The products offer exposure to the VIX index, which measures the volatility of the S&P 500. Management fees for the ProShares VIX Short-Term Futures fund (NYSE Arca VIXY code) and the VIX Mid-Term Futures (VIXM) total 0.85%
06/01/2011

CB Richard Ellis Investors sells Copernic II building in Noisy-Le-Grand

p { margin-bottom: 0.08in; } The real estate investment fund management firm CB Richard Ellis on 5 January announced the sale of the Copernic II office building (30,300 m2) to SCPI Opera Rendement, managed by BNP Paribas Real Estate Investmnt Management (Reim), and the Cardif life insurance company as major shareholder. Copernic II had been held by the CB Richard Ellis Strategic Partners Europe Fund III, a pan-European investment fund managed by CBRE Invesrtors. Copernic II, inaugurated in June last year, is a certified High Quality Environmental (HQE) building, which carries a Very High Energy Performance (THPE) certification. The complex is located on the Boulevard du Mont d’Est in Noisy-Le-Grand (Marne-la-Vallée), in the center of the tertiary unit of the Eastern stretches of Paris. Copernic II is now 85% occupied.
06/01/2011

BNP Paribas SA appoints a referent for professional equality

p { margin-bottom: 0.08in; } As a part of its struggle against discrimination and promoting diversity, BNP Paribas SA on 5 January announced the appointment of Bernard Villatoux as referent for professional equality. The group thus establishes a nationwide facility for examining individual cases of employees who claim that they have been discriminated against in their professional situation, and whose position is therefore not satisfied, at the discretion of the Human Resources office of the management firm concerned. Villatoux, who was appointed head of Individual Group Careers Management after the merger of BNP Paribas, in 2007 became head of the Human Recources Management, Leadership and Services Group. “The policy of BNP Paribas in relation to diversity within the business is a part of a global desire to play an important role in favour of insertion, equal opportunity and the struggle against all forms of discrimination,” BNP Paribas says in a statement. In France, BNP Paribas signed the Diversity Charter in 2004, and was one of the first seven French businesses to receive the Diversity label in 2009.
06/01/2011

Patrick Parent takes charge of accounting affairs at French regulator

p { margin-bottom: 0.08in; } The French financial market authority AMF on 5 January announced the appointment of Patrick Parent as director of accounting affairs, effective 3 January. He succeeds Sophie Baranger, who becomes director of investigations and market surveillance at the AMF. Parent will represent the AMF in the College of the Authority for Accounting Standards (ANC), the High Council of the Account Commissariat (H3C) and in permanent groups which handle accounting standards and audit at ESMA and the OICV. Parent, who entered the COB in 2003, spent four years as director in charge of accounting doctrine. In that role he participated as OICV representative in meetings of the IFRS Interpretation Committee (formerly known as IFRIC, the committee in charge of interpretation of IFRS accounting standards, and the XBRL Advisory Council (XAC),
06/01/2011

Insch moves to Zug

p { margin-bottom: 0.08in; } Hedgeweek reports that the currencies specialist management firm Insch Capital Management has moved a large part of its activities to Lugano in Zug, where it has opened a new office. Wealth management and asset management services will also be moved to Zug. Insch Quantrend, the group’s quantitative and research analysis entity, will remain in Lugano.
06/01/2011

Lloyds Private Bank transfers its back office

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Lloyds Private Banking, which has been in a cost reduction phase for two years, will move all of its back office, now based in Geneva, to a new office location near Nyon. The front office will remain in Geneva. The gradual transfer of support functions will be completed in 2012. “The transfer of the back office remains good news for the financial markets in Geneva, as these activities will continue to develop in the French-speaking Swiss region. The natural attractiveness of the Geneva market remains for private banking, trading, and hedge funds,” says Steve Bernard, of Genève Place Financière.
06/01/2011

Morgan Stanley continues recruitment drive in Switzerland

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Morgan Stanley, which last year recruited 41 new employees, will continue the campaign this year. With CHF12bn to CHF15bn in assets under management by 170 employees in Geneva (with 50) and Zurich, the private bank is also preparing two moves in 2011. The Geneva office will soon be moving from its location on the place de la Fusterie to a new office space twice as large, also located in the centre of Geneva. In Zurich, growth will also require a move to a larger space.
06/01/2011

HSBC Global AM promotes Rudolf Apenbrink

p { margin-bottom: 0.08in; } Effective from 1 January, Rudolf Apenbrink has been appointed chairman of the executive board at HSBC Global Asset Management (Deutschland), where he will report to Carola, Countess von Schmettow, a member of the board at HSBC Trinkhaus & Burkhardt (global markets and asset management). In addition, he becomes CEO for the global asset management division of the HSBC group for Europe, the Middle East and Africa.Apenbrink, who joined the bank in 1993, was since 2007 CEO of Asia-Pacific at HSBC Global Asset Mangement (Hong Kong). HSBC Trinkhaus & Burkhardt currently has EUR110bn in assets under management or administration.Christiane Lindenschmidt has also recently been appointed chief technology and services officer at HSBC Trinkhaus & Burkhardt, where she will report to Paul Hagen, a member of the board in charge of accounting, controlling, personnel, credit, operation, business process development and IT. In addition, she also becomes head of HSBC Securities Services Germany. Until October 2010, Lindenschmidt was chairwoman of the executive board of the asset management affiliate INKA Internationale Kapitalanlagegeselleschaft mbH, where she becomes a member of the supervisory board.
06/01/2011

Promotion at Ökorenta

p { margin-bottom: 0.08in; } Gerold Schmidt, CEO of the affiliate Ökorenta Service GmbH, was on 22 November appointed a member of the board at Ökorenta AG (SRI fund distributor and closed fund manager), from 1 January 2011. He will assist Tjark Goldenstein, founder and sole member of the board, who becomes chairman of the board, and who will remain head of marketing, distribution and external relations.
06/01/2011

Retirement products: AGI, DWS/DB Advisors, Union, Fidelity and Deka lead market

p { margin-bottom: 0.08in; } German specialised institutional investors (insurers, pension funds, etc.) as well as asset management firms surveyed by the Kommalpha agency of Hanover favour the same five promoters of retirement planning products. The order of the top two actors in the rankings has been reversed, with 53.9% of investors feeling that Allianz Global Investors (AGI) is the leading actor in this area, compared with 46.2% for DWS/DB Advisors (Deutsche Bank group), while 70.5% of providers place DWS/DB Advisors at the top, while only 53% vote for AGI. Clients and providers alike place Union Investment (co-operative banks), Fidelity and Deka (savings banks) next in the rankings.The survey, undertaken in September 2010 by Kommalpha, who spoke to 35 investors and 201 asset managers (management firms, banks, etc.), reveals that 48.5% of respondents estimate that they invest a lot to very much in retirement planning issues: in addition, 46.4% of managers, compared with 39.8% in 2009 say that they offer custom products, while 35.9% say they do not offer them. 9.9% of respondents say that they are planning to launch such products, compared with 21.8% in 2009.The study undertaken by the Hanover-based agency also reveals that institutional investors are betting largely on time savings retirement accounts and contractual trust agreements, while asset managers prefer corporate retirement savings plans and insurance portfolios.
06/01/2011

Less than 7% of promoters of Riester plans ban cluster bomb manufacturers

p { margin-bottom: 0.08in; } According to a non-representative online survey undertaken by Finanztest, a publication of the consumer protection foundation Stiftung Warentest, about 75% of 3,500 readers responding to the survey are of the opinion that promoters of Riester life insurance plans should immediately divest any shares in companies involved in the production of cluster bonds, which is forbidden by German criminal law since 1 August 2010.The Finanztest survey of promoters of Riester plans finds that 68 out of 86 banks surveyed have no comment on the subject, along with half of insurers.Of the 174 firms which responded to the survey, only 12 had taken measures to avoid such investments. They include Union Invesment (co-operative banks) and DWS (Deutsche Bank). Among insurers who do not allow investors investments of this type are Axa, Debeka, oecocapital and Zurich, as well as AachenMünchener et CosmosDirekt, two affiliates of Generali. Raiffeisenbank Rastede is also on the list. In addition, Ethikbank, the Bank für Kirche and Caritas also forbid any investment in weapons at all.Some management firms says that the do not invest in makers of cluster bombs, but are unable to provide proof of this.Surveys have found shares in makers of cluster-bombs in products from Deka (savings banks) and Allianz Global Investors (AGI). The first says that it decides on investments in shares on a case-by-case basis, while the second had no comment, adding that it no longer offers new Riester unit-linked retirement accounts.
06/01/2011

Cazenove reopens the Absolute UK Dynamic Fund

p { margin-bottom: 0.08in; } Cazenove Capital Management on 4 January announced its decision to reopen its Absolute UK Dynamic fund to new subscriptions. The fund, managed by Paul Marriage, was closed only one week after its launch in September 2009. The fund had then attracted GBP123m. The fund will have supplemental capacity of GBP60m. The fund has gained 5.5% since its launch, and is expected to earn returns of over 10% per year. As of 30 November 2010, assets under management at Cazenove totalled GBP4.2bn.
06/01/2011

Fund merger at Henderson

p { margin-bottom: 0.08in; } Henderson Global Investors is planning to merge its British and European opportunistic funds, Money Marketing reports. The British opportunistic fund with GBP87m in assets, will be integrated into the GBP327m British alpha fund, while the European opportunistic fund (GBP209m) will be merged into the GBP755m European growth fund. Henderson, which says that its mergers are subject to the approval of shareholders, will merge other funds as part of its strategy of rationalisation of the range.

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