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01/12/2010
Fonds

Siitnedif lancera prochainement une version coordonnée de son Tordesillas

Le gestionnaire madrilène Siitnedif annonce avoir enregistré au Luxembourg son premier hedge fund conforme à la directive OPCVM III, le Siitnedif Iberian Long/Short, une version coordonnée de son hedge fund Siitnedif Tordesillas. Ce produit sera lancé officiellement le 6 décembre.Fin septembre, la CNMV avait autorisé Siitnedif à fournir ses services dans tout l’Espace économique européen (lire notre dépêche du 30 septembre).Ce nouveau produit de performance absolue et à liquidité journalière vise un rendement de 10 % avec une volatilité inférieure à 8 %. La souscription minimale initiale est fixée à 1.000 euros.
Fonds
01/12/2010

Lancement d’un indice durable pour la région nordique

SAM, la société de gestion spécialisée dans l’investissement durable, lance avec Dow Jones Index le Dow Jones Sustainability Nordic Index (DJSI Nordic). Le nouvel indice regroupe les meilleures grandes sociétés de la région nordique (30 %) sur des critères sociaux, environnementaux et de gouvernance. Il se compose ainsi de 29 sociétés du Danemark, Finlande, Norvège et Suède. Les cinq plus grandes valeurs de l’indice sont Novo Nordisk A/S Series B, Nokia, LM Ericsson Telephone Co. Series B, H&M AM Series B et Statoil ASA. L’indice est calculé en euros et dollars et sera remanié chaque année en septembre.
01/12/2010

Evi Vogl va quitter BNPP IP pour Pioneer Investments

Au 1er janvier, Evi Vogl, managing director pour l’Allemagne de BNP Paribas Investment Partners (BNPP IP), où elle était arrivée au 1er janvier 2008 en provenance de Barings, deviendra directrice générale de Pioneer Investments KAG mbH, annonce cette société de gestion du groupe Unicredito au travers de Pioneer Global Asset Management (PGAM, 185 milliards d’euros d’encours).Pour sa part, John Burns, qui assurait l’intérim de la direction générale depuis juillet, date du départ de Dominik Kremer chez Threadneedle comme head of European distribution, se concentrera de nouveau sur les secteurs opérations, gestion du risque, conformité et affaires juridiques au sein de l'état-major de Pioneer.
01/12/2010
Fonds

Metzler commercialise un fonds Russie

La banque privée Metzler a obtenu de la BaFin l’agrément de commercialisation en Allemagne du fonds de droit irlandais Metzler Russia Fund, qui a été lancé le 31 août et qui est géré avec la même stratégie que le fonds Russie destiné aux investisseurs institutionnels lancé le 18 août 2009. Le fonds est distribué en Allemagne depuis le 23 novembre.Comme son nom l’indique, ce produit est investi principalement en actions de moyennes et grandes capitalisations russes cotées sur des marchés «reconnus». La gérante Simone Beer peut aussi investir en actions d’autres pays, entre autres de la CEI, ainsi qu’en obligations d’Etat ou d’entreprises «investment grade». Les trois thèmes principaux sont les matières premières, l’augmentation de la consommation des menages et les investissements en infrastructures.L’indice de référence est le MSCI Russia 10/40 net, qui compte 28 valeurs, mais l'équipe de gestion peut avoir jusqu'à 50 lignes en portefeuille. Actuellement l’encours se situe à 9,58 millions d’euros.CaractéristiquesDénomination : Metzler Russia Fund class ACode Isin : IE00B54VN939Commission de gestion : 1,5 % pour les parts A et 1 % pour les parts BCommission de surperformance : 25 % maximum de la surperformance par rapport à l’indice
Fonds
01/12/2010
Fonds

Banif lance quatre fonds de fonds profilés

Le 14 octobre, Banif, la banque privée du Santander, a lancé quatre fonds de fonds profilés géré par Santander Asset Management qui ont été enregistrés auprès de la CNMV le 26 novembre et qui répliquent des portefeuilles déjà existants au Luxembourg.Le plus prudent, Banif Cartera Conservadora (ES0113444006) sera exposé au minimum à 80 % à des fonds obligataires ; il affiche des frais maximum de 3,75 % dont 1,1 % de commission de gestion, la différence correspondant à la commission de performance.Le produit équilibré, Banif Cartera Equilibrada (ES0113412003) investira au minimum à 40 % en fonds d’actions et affichera des frais de 3,75 %, dont 1,35 % de commission de gestion.Le fonds de fonds plus dynamique, Banif Cartera Selección (ES0113981007) pourra être exposé au maximum à) 95 % à des fonds d’actions (jusqu'à 30 % en fonds d’actions de pays émergents) et à 100 % à des fonds de haut rendement. Là aussi, les frais sont plafonnés à 3,75 %, dont 1,35 % de commission de gestion.Enfin le plus risqué, Banif Cartera Agresiva (ES0114021001) pourra être exposé jusqu'à 100 % eu risque de change ; il sera en temps normal investi au minimum à 40 % en fonds d’actions (30 % au maximum en actions de pays émergents) et au maximum à 60 % en fonds obligataires, sans limitations concernant les notations, et avec la possibilité d'être positionné jusqu'à 100 % en high yield, avec un maximum de 30 % pour les fonds d’obligations de pays émergents. Les frais sont plafonnés à 3,75 %, dont 1,35 % de frais de gestion.
Fonds
01/12/2010

La plate-forme de courtage SecondMarket s’installe à Genève

L’une des plus importantes plateformes de courtage en produits alternatifs se lance sur le marché européen depuis Genève, rapporte L’Agefi suisse. L’accord entre la société financière locale, Generation Group, et la plateforme web américaine SecondMarket a été conclu la semaine dernière.L’entreprise genevoise se chargera dorénavant de la mise en contact avec de nouveaux adhérents régionaux. Le site web de courtage centralisé ne propose toutefois pas encore de produits européens.«Notre stratégie de développement international est en pleine exécution, nous prenons actuellement la température en Europe à travers notre partenariat avec Generation Group. Cependant, nous comptons établir un siège européen en Suisse ou au Royaume-Uni d’ici 12 à 18 mois», explique Jeremy Smith, stratège de SecondMarket à New York.Créée en 2004, SecondMarket s’est fait une réputation sur la mise en vente et l’achat d’actifs non échangés en bourse, tels que les procédures de faillite, les obligations de longue échéance dont le taux d’interêt est mis a jour par une adjudication à la hollandaise (Auction Rate Securities), les obligations collatérales, mais aussi les obligations d’entreprises.
01/12/2010

Forte hausse de la collecte d’Aberdeen

Sur l’année au 30 septembre 2010, Aberdeen a enregistré des souscriptions nettes de 2,6 milliards de livres, alors que la société avait vu sortir 10,7 milliards l’année précédente. En données brutes, la collecte s’est élevée à 46,6 milliards de livres, soit 144 % de plus qu’en 2009. Cette hausse a été alimentée principalement par la demande pour les produits marchés émergents monde, actions monde et Asie-Pacifique. Ses encours ont ainsi augmenté sur l’année de 246,2 milliards de livres à 178,7 milliards de livres. Dans ce contexte, et sous l’effet de la hausse des marchés et de l’intégration de l’ex-Credit Suisse, ses revenus ont progressé de 51 % à 638,2 millions d’euros. Le bénéfice d’exploitation a augmenté à 221,9 millions de livres, contre 95,7 millions en 2009, tandis que la marge est ressortie à 34,8 % contre 22,7 % un an plus tôt. Le bénéfice avant impôts, éléments exceptionnels, amortissement et dépréciations des actifs intangibles, s’est établi à 210 millions de livres, contre 85,1 millions un an plus tôt.
01/12/2010

BarCap prépare une vague de licenciements

Selon l’Agefi qui cite Bloomberg et des sources proches du dossier, Barclays Capital s’apprête à supprimer plusieurs centaines de postes au cours des deux prochains mois en raison d’une baisse des revenus de la banque d’investissement. Un audit est actuellement en cours, précise le quotidien.
01/12/2010

Aberdeen exclut un rachat de Gartmore

Aberdeen Asset Management a exclu de faire une offre pour son concurrent Gartmore, privilégiant la croissance organique, rapporte le Financial Times. Martin Gilbert, le directeur général de la société de gestion, a déclaré à ce sujet : «C’est une bonne société. Mais sa culture du gérant star ne cadre pas avec notre approche basée sur la gestion en équipe. Cela correspond mieux à Jupiter ou Henderson».
01/12/2010

BlackRock pourrait perdre des actifs avec le fonds de pension irlandais

Selon IPE.com, BlackRock et State Street Global Advisors seraient les grands perdants de la réorientation de la stratégie du National Pension Reserve Fund irlandais après l’annonce selon laquelle le fonds de pension allait soutenir le sauvetage de l’Irlande avec un paiement de 10 milliards d’euros. A la fin de l’an dernier, BlackRock gérait quatre mandats représentant plus de 3 milliards d’euros. SSgA pèse quant à lui 2,3 milliards d’euros.
01/12/2010

BlackFin Capital Partners entre au capital d'Owliance

Le fonds de private equity dédié aux services financiers BlackFin Capital Partners a annoncé le 30 novembre dans un communiqué son entrée au capital d’Owliance, acteur reconnu dans la prestation de services de gestion de contrats et de prestations d’assurance afin de financer des opérations de croissance externe. Laurent Bouyoux, président de BlackFin Capital Partners, affirme que « l’opération permettra à Owliance de franchir une étape importante de son développement ». BlackFin mettra son savoir‐faire à disposition d’Owliance pour accompagner les futures acquisitions et les orientations stratégiques. L’objectif affiché étant, selon le communiqué, de créer un «leader de la prestation de services de gestion pour le compte de compagnies d’assurance, mutuelles, institutions de prévoyance et courtiers».Le caractère concurrentiel du marché français ainsi que l’évolution réglementaire au niveau européen plaident pour le développement des opérations d’externalisation dans les différents segments de la chaîne de valeur de l’assurance. BlackFin Capital Partners anticipe une croissance soutenue des activités de gestion déléguée d’Owliance, notamment sur le secteur des complémentaires santé, un marché en expansion du fait du vieillissement de la population, de l’augmentation des frais de santé et du désengagement de la sécurité sociale.
01/12/2010

La banque privée de JP Morgan poursuit sa croissance en France

En France, JP Morgan fait partie des leaders sur le marché de la banque privée aux côtés d’Edmond de Rothschild, Credit Suisse, UBS ou encore Neuflize OBC, indique La Tribune. Malgré un environnement difficile, entre début 2009 et fin 2010, la société a enregistré en France une collecte nette positive d’environ 2,25 milliards de dollars soit 1,73 milliard d’euros."La solidité financière de notre groupe a permis de rassurer les clients existants et d’en capter de nouveaux», explique Jean-Baptiste Douin, le responsable de la banque privée en France. Le dirigeant souhaite «continuer de conquérir la clientèle dont le patrimoine est supérieur à 30 millions de dollars sur lequel nous avons un positionnement reconnu».
01/12/2010

Launch of a sustainable index for the Scandinavian region

SAM, the investment boutique focused exclusively on Sustainability Investing, and Dow Jones Indexes, have launched the Dow Jones Sustainability Nordic Index (DJSI Nordic). Out of the largest companies in the Nordic region by free-float market capitalization, the new index tracks the top 30% with regard to sustainability.The DJSI Nordic includes 29 sustainability leaders from Denmark, Finland, Norway, and Sweden. The index is calculated in EUR and USD and it will be rebalanced annually in September. The 5 top holdings are Novo Nordisk A/S Series B, Nokia Corp., L.M. Ericsson Telephone Co. Series B, Hennes & Mauritz AB Series B, Statoil ASA.
01/12/2010

Siitnedif soon to launch a UCITS-compliant version of Tordesillas

p { margin-bottom: 0.08in; } The Madrid-based management firm Siitnedif has announced that it has registered its first UCITS III-compliant hedge fund in Luxembourg, the Siitnedif Iberian Long/Short, a UCITS-compliant version of its hedge fund Siitnedif Tordesillas. The product will be officially launched on 6 December.At the end of September, the CNMV authorised Siitnedif to provide services in the entire European economic area (see Newsmangers of 30 September).The new absolute return product with daily liquidity will aim for returns of 10%, with volatility of less than 8%. Minimal initial subscription is set at EUR1,000.
01/12/2010

Metzler releases a Russia fund

p { margin-bottom: 0.08in; } The Metzler private bank has obtained a sales license from BaFin to sell the Irish-registered Metzler Russia Fund, launched on 31 August and managed with the same strategy as the Russia fund aimed at institutional investors, launched on 18 August 2009, in Germany. The fund has been available in Germany since 23 November.As its name indicates, the product invests primarily in Russian mid and large-cap equities listed on “recognized” markets. The manager, Simone Beer, may also invest in equities from other countries, including countries of the CIS, and government or investment grade corporate bonds. The three major themes are commodities, an increase in household consumer spending, and investment in infrastructure.The benchmark index is the MSCI Russia 10/40 net, which includes 28 shares, but the management team may include up to 50 positions in the portfolio. Assets currently total EUR9.58m.CharacteristicsName: Metzler Russia Fund class AISIN code: IE00B54VN939Management commission: 1.5% for A-class and 1% for B-class sharesPerformance commission: maximum 25% of outperformance compared with the benchmark
01/12/2010

Mirae helps SAM to distribute a clean tech fund

p { margin-bottom: 0.08in; } Asian Investor reports that Mirae Asset Securities is distributing a private equity fund dedicated to clean technologies to Korean institutional investors, on behalf of Sustainable Asset Management (SAM, Robeco). The Robeco-SAM Clean Tech Private Equity III fund hopes to raise USD500m worldwide, of which USD100m would be in Korea.
01/12/2010

Madoff: Over 100 lawsuits against beheficiaries of fraud

Irving Picard, the court-appointed trustee, filed 123 claims on Tuesday against firms and individuals who allegedly made false profits from their investments with him, according to the Financial Times. Among the filings was a complaint seeking USD19.66m from Blue Star Investors, a hedge fund founded by Thomas Lee.
01/12/2010

M&G signs a new distribution agreement in Italy

p { margin-bottom: 0.08in; } Bluerating reports that M&G Investments has signed a distribution agreement with Banca Monte dei Pachi di Siena, which will allow funds from the British parent company to be sold via the family offices and independent financial advisers of the Italian firm. M&G thus increases the number of distributors for its 24 funds registered in Italy.
01/12/2010

Fitch Ratings confirms rating for FMIT SGR

Fitch Ratings has affirmed FIMIT SGR’s ‘M2 -' Real Estate Asset Manager Rating following the preliminary approval by its Board to merge operations with First Atlantic Real Estate SGR (FARE SGR), a key market player. The conclusion of the merger is still subject to final verification of respective boards, the Bank of Italy’s approval and agreement by both companies’ general assemblies in April/May 2011. The rating action reflects the expertise of both companies and the creation of Italy’s largest real estate manager (about 25 % market share based on funds’ net asset values).
01/12/2010

Beijing drives up the price of gold

p { margin-bottom: 0.08in; } The Chinese regulator (CSRC) has indirectly triggered a rise of USD19 per ounce in the price of gold (to USD1,385 per ounce) on Tuesday, following the announcement that Lion Fund Management has been authorised to invest in gold ETFs abroad, the Wall Street Journal reports. It becomes the first Chinese management firm to be granted such authorisation, and it has triggered fears of a shortage in gold supply, with rapid increases in assets and the number of physical gold ETFs on the market. Hong Kong has also launched an ETF backed by gold stored at the airport. Carlos Sanchez, associate director of research at CPM Group in New York, says that it should come as little surprise that China is launching its own gold ETF.
01/12/2010

Banif launches four profiled funds of funds

p { margin-bottom: 0.08in; } On 14 October, Banif, the private bank from Santander, launched four profiled funds of funds managed by Santander Asset Mangement, which were registered with the CNMV on 26 November, and which replicate portfolios which already exist in Luxembourg. The most prudent of these, Banif Carters Conservadora (ES0113444006), will be at least 80% exposed to bond funds; it carries maximum fees of 3.75%, of which 1.1% is a management commission, and the remainder is performance commission. The balanced product, Banif Cartera Equlibrada (ES0113412003), will invest at least 40% in equities funds, and will charge fees of 3.75%, of which 1.35% is management commission. The most dynamic fund of funds, Banif Cartera Selección (ES0113981007) may be up to 95% exposed to equities funds (up to 30% to emerging markets equities funds), and up to 100% exposed to high yield funds. Fees for this fund also are limited to 3.75%, of which 1.35% is management commission. The highest-risk fund, Banif Cartera Agresiva (ES0114021001) may be up to 100% exposed to currency risks; in normal periods, it will invest at least 40% in equities funds (up to 30% in emerging markets equities), and up to 60% in bond funds, without limitations as to ratings, with the ability to be up to 100% positioned on high yield, with a maximum of 40% in emerging market bond funds. Fees are limited to 3.75% of which 1.35% are management fees.
01/12/2010

Evi Vogl to leave BNPP IP for Pioneer Investments

p { margin-bottom: 0.08in; } As of 1 January, Evi Vogl, managing director of BNP Paribas Investment Partners (BNPP IP) for Germany, which she joined on 1 January 2008 from Barings, will become CEO of Pioneer Investments KAG mbH, the asset management firm of the UniCredito group via Pioneer Global Asset Management (PGAM, EUR185bn in assets) has announced .John Burns, who has acted as interim CEO since July, when Dominik Kremer left for Threadneedle, where he became head of European distribution, will concentrate once again on the operational sectors, risk management, compliance and legal affairs at Pioneer.
01/12/2010

Philippe Chanzy joins Ossiam

p { margin-bottom: 0.08in; } The head of ETF structuring at Lyxor Asset Management (Société Générale), Philippe Chanzy, has been appointed executive director and chief financial officer as well as director of risk at Ossiam, a Paris-based management firm affiliated with Natixis Global Asset Management (EUR527bn in assets as of the end of September).Ossiam, directed by Bruno Poulin and Antoine Moreau, is awaiting a license from the AMF to become “the first European ETF firm to offer an extended range of strategy ETFs,” a statement says.Poulin on 30 November stated at Ossiam hopes to be in a position to launch its own product range in early 2011.
01/12/2010

Some US money market funds exposed to European banks

p { margin-bottom: 0.08in; } Many European banks have long been dependent on investors for their financing, because their savings base is too small compared with their credit volumes. And US money market funds were a major source of cash, the Wall Street Journal reports. About USD400bn of the USD2.8trn in assets in US money market funds are invested in foreign banks, J.P. Morgan reports. Fidelity Cash Reserves, for example, as of 31 October held USD4.2bn, 3.5% of its assets, in deposit certificates from BBVA, UniCredit and Intesa Sanapolo. The Schwab Cash Reserves had USD1.5bn in shares in Santander, BBVA, UniCredit and Intesa in its portfolio. The Western Asset Money Market Fund (Legg Mason group), for its part, had Usd848m invested in Santander, BBVA and Intesa. However, the newspaper notes, these banks continue to have good ratings from the agencies, while the real problem is at the Spanish savings banks.
01/12/2010

Barclays Wealth Managers France to export asset management know-how

Barclays Wealth Managers France, the French asset management arm of Barclays Bank, as of the end of December managed assets of over EUR6bn, largely on behalf of French clients. In the coming months, this money market, bond, equities, structured and diversified management will be offered in other countries where Barclays is present. Meanwhile, French clients will have access to the expertise of Barclays Wealth operations in other countries.Barclays Wealth Investment Management would like to develop cross-sales between the various markets where the firm is present. It now has three major management centres in Europe, with Paris specialised in equities, Madrid in fixed income and London in multi-management and funds of hedge funds. The firm is planning to use the Luxembourg Sicav as a basis for this.In France, to carry out these new developments, Barclays Wealth Managers France is planning to recruit sales staff.
01/12/2010

Keren Finance scales up private management

p { margin-bottom: 0.08in; } Keren Finance has announced the recruitment of Xavier Lagae as a private manager. “This addition,” says Vincent Schmidt, CEO of the firm, “is part of the development of private management at our establishment.” This management is based on an open-architecture fund, with the Keren funds, consisting only of Keren Patrimoine and Keren Corporate, representing, in terms of assets, only 10% of the total. Overall, private management represents EUR60m, in addition to which life insurance weighs in at EUR15m. Lagae previously worked at the management firm Richelieu Finance, which later became KBL Richelieu Banque Privée, a statement says.
01/12/2010

JP Morgan private bank continues to grow in France

p { margin-bottom: 0.08in; } In France, JP Morgan is a leader in the private banking market, alongside Edmond de Rothschild, Credit Suisse, UBS and Neuflize OBC, La Tribune reports. Despite a difficult environment, between the beginning of 2009 and the end of 2010, the firm has posted positive net inflows in France of about USD2.25bn, or about EUR1.73bn. “The financial solidity of our group has allowed us to reassure existing clients and capture new ones,” explains Jean-Baptiste Douin, head of private banking for France. The head would like to “continue to conquer clients with wealth of over USD30m, a segment where we have a strong position,” he says.
01/12/2010

Currency trading volumes up 20% in three years

p { margin-bottom: 0.08in; } The volume of transactions on the global currency markets as of April 2010 were up 20% compared with April 2007, with an average daily volume of USD4trn, compared with USD3.3trn three years earlier, according to a triannual study published by the Bank for International Settlements (BIS).The increase was driven by 48% growth in the volume of spot transactions, which represent 37% of the volume of transactions on the currency market.The growth in transactions on other currency instruments was modest, up only 7%, with an average daily trading volume of USD2.5trn as of April 2010.Activities were driven by an increase in transactions by “other financial institutions,” a category which includes hedge funds, pension funds, mutual funds and insurers. Transactions with these counterparties increased 42% to USD1.9trn in April 2010.In a sign of the increasing globalisation of currency activities, cross-border transactions represented 65% of total transactions in April 2010, the highest percentage ever observed.Banks based in the United Kingdom accounted for 37% of total transactions, compared with 35% three years earlier, followed by the United States (18%), Japan (6%), Singapore (5%), and Switzerland (5%).
01/12/2010

Institutional investor confidence index up in November

p { margin-bottom: 0.08in; } The global index of investor confidence calculated by State Street Global Markets increased by 9.3 points in November to 97.5, compared with a corrected level of 88.2 in October. In North America, the confidence of institutional investors recovered strongly, with an increase of 12.2 points to 97.1, compared with a corrected level fo 84.9 the previous month. A recovery in confidence was also observed among European investors, as the index shows an increase of 15.9 points, from 96.3 in October (corrected level) to 112.2. However, institutional investors in Asia were more cautious, as confidence in the region declined by 8.0 points to 95.2 compared with a corrected level of 103.2 last month. The results for November include a revision of the weighting of the Asian index in order to better reflect the relative importance of institutional investors in the various markets of the region. Excluding this change, the decline in confidence in Asia would have been at a slightly higher level of 9.1 points. “Though it remains slightly weakened compared with its peak in April this year, the confidence of institutional investors retains some strength this month, led by North American and European institutions. Confidence in North America remains above the neutral level of 100, but overall, the data indicate an improvement in sentiment in regards to risk, as valuations have fallen compared with the higher levels observed in early November,” State Street says in a statement.
01/12/2010

Impact investment: a new emerging asset class

p { margin-bottom: 0.08in; } Impact investment, or investment which, in addition to financial profitability, brings a positive social or environmental impact, represents a new asset class in its own right, according to a study by JP Morgan and the Rockefeller foundation.According to the study, the investment opportunities for this new asset class in the next ten years will represent between USD400bn and USD1trn, with potential profits of USD183bn to USD667bn. Five sectors are top priorities: low-cost urban housing, access to drinking water in rural areas, maternal health care, primary education, and microfinance, for global populations with income of less than USD3,000 per year.“Public funds, international aid and philanthropy alone cannot respond to the most urgent problems in the world,” says the president of the Rockefeller foundation, Judith Rodin, in a statement. Hence the foundations engagement to inspire investors to dedicate a part of their resources to the poorest and most fragile populations on the planet.

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