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10/11/2010

BoA and PNC offer BlackRock shares at USD163

p { margin-bottom: 0.08in; } A secondary offer of 43.57 million ordinary shares in BlackRock being resold by Bank of America Corporation (BofA) and 7.5 million ordinary shares held by PNC (see Newsmanagers of 4 November) will take place at a price of USD163 per share, BlackRock announced on Monday evening. The closing price of shares in the firm on 8 November was USD169.09.The asset management firm says that BofA has granted the market makers (BofA Merrill Lynch, Morgan Stanley and Barclays Capital) a greenshoe option of 5.2 million ordinary shares. In addition, in parallel with the completion of this transaction, BofA is planning to directly sell 2.45 million BlackRock shares to an institutional investor, at the secondary offer price. The placement agents for this second deal are BofA Merrill Lynch and Morgan Stanley. In total, the shares placed by BofA and PNC will represent a total of Usd8.33bn, in addition to which may come USD849.2m corresponding to the greenshoe option.
10/11/2010

Munich Re further reduces equities allocation

p { margin-bottom: 0.08in; } For January-September, Munich Re has announced net profits of EUR1.955bn, compared with EUR1.784bn for the corresponding period of last year. The German group now projects net profits for the year 2010 as a whole of about EUR2.4bn, up from the “over EUR2bn” previously predicted.As of the end of September, the financial portfolio of Munich Re totalled EUR194bn, which represents an increase of EUR11.8bn compared with the end of 2009. The portfolio generated EUR7.28bn, compared with EUR5.79bn for the first nine months of 2009, which represents an annualised performance of 5%.Exposure to equities as of the end of September totalled 2.6%, compared with 2.8% as of the end of December, while EUR174bn were invested in bonds, with an allocation of over 46% to government or quasi-sovereign debt.The asset management firm of the group, MEAG Munich Ergo AssetManagement GmbH as of 30 September had external assets of EUR10.6bn in open-ended retail and institutional funds, compared with EUR7.9bn as of the end of 2009.
10/11/2010

Santander Pensiones, UFG and Union Investment sign up to PRI

p { margin-bottom: 0.08in; } Santander Pensiones, an affilaite of Santander specialised in pension funds, has become the most recent firm to sign the United Nations Principles for Responsible Investment (UN PRI). Among the management firms which have recently signed the principles are three French firms: Activa Capital, Iris Capital and UFG-LFP. Other big names that have signed the charter are the German Union Investment (co-operative banks), the American Thomson Reuters, and the Canadian Alberta Investment Management Corp.
10/11/2010

Lyxor index up in October

p { margin-bottom: 0.08in; } The Lyxor Hedge Fund index posted gains of 1.44% in October, bringing its performance since the beginning of the year to 4.30%. The strategies which earned the best returns were the Lyxor STAs Long Term Index (+3.21%), Lyxor Global Macro Index (+3.03%), and the Lyxor L/S Credit Arbitrage Index (+2.16%). The worst-performing strategy in October was the Lyxor L/S Equity Short Bias Index, which lost 2.21%.
10/11/2010

ETF assets up again in October

p { margin-bottom: 0.08in; } Compared with the end of September, global ETF assets increased by USD57.7bn for a total as of 31 October of USD1.239trn, according to BlackRock estimates. Assets have increased 19.6% since the beginning of the year (USD1.036trn). In October, net subscriptions to ETF and ETP funds totalled USD21bn.The number of ETFs has increased by 30 in one month, to 2,049 funds, which are listed 5,335 times, compared with 5,204 as of the end of September. Since the beginning of January, the number of ETF funds has increased 23.9%, with 504 launches and 50 funds removed from trading.Currently, there are plans to launch 1,038 ETF funds.The three major promoters of ETFs remain iShares, State Street Global Advisors (SSgA) and Vanguard. iShares as of the end of October had 446 ETFs with assets of USD556.1bn, or a market share of 44.9%, compared with 45.3% one month earlier. SSgA, with 113 funds and Usd170.7bn, has a market share of 13.8%, compared with 13.9% at the end of September. Vanguard, with 64 products and USD135.2bn, has seen its market share increase to 10.9% from 10.6%.
10/11/2010

Strong launch activity in hedge funds

Strong launch activity was seen in the first three quarters, with more than 600 hedge funds launched in 2010 so far, according to Eurekahedge. Global hedge fund assets crossed USD1.6 trillion. Hedge funds witnessed another month of strong gains in October amid a sustained rally in underlying global markets. The Eurekahedge Hedge Fund Index gained 2.26%1 for the month, bringing the year-to-date October returns to 7.31%. The MSCI World Index was up 3.65% in October.
10/11/2010

Janus extends product range

p { margin-bottom: 0.08in; } Janus Capital, known for its US equities management, is now seeking to make a name for itself in other assets classes, and to make its offerings more international. In Europe, the US-based asset management firm this year created five sub-funds reflecting this diversification. It has created two global bonds sub-funds, the Janus Global High Yield Fund and the Janus Global Investment Grade Bond Fund. Bond management is not unknown territory for Janus, which already manages over USD10bn in US bonds. The novelty is the opening to global management. The transition should not be too stressful, as the US market represents a large proportion of global bond indices. The two funds are managed by Gibson Smith and Darrell Watters, who are both co-managers of fixed income strategies from Janus. The firm has also added to tis research teams in London. Janus has also launched the Perkins Global Value Fund, a fund managed by its unit Perkins, a specialist in value management. The manager, Gregory Kolb, was transferred to the affiliate from Janus. At Janus, he managed a global fund, but in light of his value bias, he was moved to Perkins. Janus will also be releasing an emerging markets sub-fund, which will be managed by Wahid Chammas and Matt Hochstetler, in the same way as the Janus Global Research Fund, which brings together the best ideas of all of the asset management firm’s analysts. Although it is the first fund to specialise in emerging markets, Sylvain Agar, head of commercial development for Janus in France and French-speaking Europe, says that Janus has legitimacy in this area, as it already manages nearly USD10bn in these markets as part of its other products.
10/11/2010

Europe leads for reductions in CO2 emissions, but could still do better

p { margin-bottom: 0.08in; } The largest European companies are the most engaged worldwide in reporting and management of carbon emissions, according to the Carbon Disclosure Project (CDP) Europe 300 list for 2010, published on 9 November. However, on the basis of annual projections for the 300 largest European companies, Europe will still not achieve the emission limits set out by the European Union Emission Trading Scheme (EU-ETS) for 2020. If these firms achieve their annual objectives, they may achieve a reduction in annual emissions of only 1.5% per year. These reductions are lower than the absolute reductions required by the EU-ETS of 1.9% per hear on average until 2013 and 2020, and up to 4.1% if the European Union decides to set an objective of a 30% reduction in greenhouse gas (GES) emissions throughout Europe. The analysis, undertaken by CA Cheuvreux, reveals that nearly 80% of businesses which responded to the CDP questionnaire have set emissions reduction targets, most of which will expire in 2012, and less than one quarter of businesses have set objectives beyond 2015. In order for businesses to extend these horizons and achieve the higher objectives required, the report recommends that a clear long-term regulatory framework be defined. For all activity sectors, nearly nine companies out of ten see regulatory opportunities emerging from climate change policy.
10/11/2010

db x-trackers still has higher inflows than Lyxor

In January-October, net subscriptions to ETFs domiciled in Europe totalled USD38.9bn. iShares (BlackRock) continues to lead the pack, with inflows of USD10.4bn, followed by db x-trackers (Deutsche Bank) with USD7.9bn, and Lyxor Asset Management (Société Générale), with USD4bn. As of the end of September, third place was held by Source, according to monthly statistics from BlackRock.In other words, db x-trackers, which attracted USD2.5bn out of a total of USD7.9bn in October, still lags behind iShares (Usd2.8bn), but outstrips Lyxor for at least the third consecutive month. Third place in the rankings in terms of net inflows in October is Swiss & Global Asset Management (USD0.1bn).Assets at iShares remain the largest by far, with 181 products and USD98.2bn in assets as of the and of October, ahead of Lyxor with 148 funds and USd49.9bn, and db x-trackers with 139 ETFs and USD47bn.In general, assets under management in ETFs domiciled in Europe represented USD274.1bn, compared with USD256.2bn as of the end of September, and USD226.9bn as of the end of December 2009. Assets have increased 20.9% in the first ten months of the year. The number of ETFs as of the end of October totalled 1,048, listed 3,512 times, compared with 1,030 funds as of the end of September.
10/11/2010

iShares launches another ETF in Milan

p { margin-bottom: 0.08in; } iShares, the ETF platform from BlackRock, has listed the iShares JP Morgan $ Emerging Markets Bond fund on the Milan stock exchange, bringing the number of its ETFs listed in Italy to 98. The ETF, which provides investors with exposure to emerging market debts denominated in US dollars, has assets of over USD1bn.
10/11/2010

Credit Suisse signs a distribution agreement with Kimco

p { margin-bottom: 0.08in; } Asian Investor reports that Credit Suisse Asset Management has signed an exclusive distribution agreement in Japan and elsewhere in the world with the Singapore-based alternative management firm Kimco International. The head of asset management at Credit Suisse Japan, Akira Takahashi, says that he is hoping to double or triple assets under management at Kimco in a short period of time; they currently total about USD200m. Kimco, founded in 2006, with 10 personnel in Japan, uses a long/short, bottom-up strategy on Japanese equities.
10/11/2010

Intesa Sanpaolo: Eurizon and Fideuram profits up

p { margin-bottom: 0.08in; } In third quarter 2010, the Intesa Sanpaolo group has posted net profits of EUR510m, compared with EUR1.002bn in April-June (which included EUR648m in net capital gains from sales of securities services activities). In the first nine months of the year, net profits are down 2.7% to EUR2.2bn, as retail activities in Italy were penalised by weak Euribor rates.Savings under management as of 30 September totalled EUR240bn, 1.4% more than at the end of June, 3.4% more than at the end of December, and 4.7% more than one year previously.The asset management affiliate Eurizon Capital posted net profits of EUR52m for January-September, of which EUR16m were in third quarter, compared with EUR41m in the first nine months of 2009.Banca Fideuram (private banking) earned net profits of EUR114m for the first three quarters (of which EUR41m were in third quarter), compared with EUR104m in January-September 2009.
10/11/2010

Huashang raises CNY12bn for its latest diversified fund

p { margin-bottom: 0.08in; } On 10 November, Huashang announced that it has successfully raised CNY12bn (USD1.81bn) for its latest diversified fund, the Strategy Enhanced Balanced Fund, which is managed by Sun Jianbo, portfolio manager of the Prosperous Growth Fund and deputy CIO of Huashang. The new product, for which subscriptions were closed before the set date, is very flexible, as it may increase its equities exposure to 85%, and its bond exposure to 65%.Z-Ben Advisors reports that the success of the fundraising reveals that demand has returned, as all equities funds launched this year in China have attracted over CNY1.9bn. Huashang also has a very good track record: its three funds (one equities and two diversified funds) show average performance of 21.4% since the beginning of the year, compared with a 3.6% average for Chinese equities and diversified funds.
10/11/2010

New CEO appointed at Quam

p { margin-bottom: 0.08in; } The Hong Kong-based management firm Quam Asset Management has appointed Richard Harris as chief executive officer, Asian Investor reports. Harris, previously chief executive of the consulting firm Port Shelter Investment Company, will be in charge of long/short strategy for China, Quan Greater China Fund, whose size he will endeavour to increase (currently USD50m). He will report directly to the president of the Guam group, Bernard Pouillot. Quam AM has recently launched a long-only fund dedicated to the Middle East, and is planning to put together an African team to launch a fund dedicated to Africa (Quam African Fund).
10/11/2010

Pression outre-Rhin sur la dette subordonnée

Le Bundestag a voté un texte qui permettra aux autorités de réorganiser des banques en difficulté et leur passif. Dans ce cadre, les porteurs de dettes subordonnées pourraient être mis à contribution. Le projet de loi doit encore être validé par le Bundesrat pour entrer en vigueur début 2011.
10/11/2010

CVC Capital Partners aux portes de Lucien Barrière

La société britannique de capital-investissement négocierait son entrée au capital de Lucien Barrière, le groupe d’hôtels et de casinos dont l’introduction en Bourse a échoué fin septembre. Accor, qui en détient une part de 49%, avait répété après cet échec que ses parts n'étaient pas stratégiques et que d’autres options que la Bourse étaient ouvertes.
10/11/2010

Nouvelle flambée des matières premières agricoles

Le Département américain à l’Agriculture a revu une nouvelle fois en baisse ses prévisions de rendements et de stocks sur les matières premières, après un rapport d’octobre déjà très pessimiste. Les prévisions de l’USDA ont entraîné le prix de la livre de coton vers de nouveaux records et provoqué des hausses de 4,3% du prix du soja et de 1,8 % du blé à Chicago.
10/11/2010

HCA se prépare à verser un dividende

La chaîne américaine d’établissements de santé, acquise il y a quatre ans dans le cadre d’un LBO de 33 milliards de dollars, prévoit de verser un dividende de 2 milliards à ses propriétaires, dont les fonds KKR et Bain Capital. Une opération financée en partie par une émission obligataire à haut rendement de 1,53 milliard de dollars.
10/11/2010

Morgan Stanley sort d’Invesco

La banque américaine a fait part de son souhait de céder les 30,9 millions de titres Invesco acquis en juin dernier dans le cadre de la vente de l’acticité de fonds réservés aux particuliers de Morgan Stanley. Les deux parties ont assuré que cette opération, de 717 millions de dollars au cours de clôture d’Invesco hier soir, n’avait pas vocation à remettre en cause leurs relations.
10/11/2010

Deutsche Börse prend une part minoritaire d’ID’s

L’opérateur boursier allemand a annoncé l’acquisition d’une participation minoritaire dans ID’s (Investors Derivatives Solution), une société établie à Paris et spécialisée dans la fourniture de solutions technologiques en ligne dédiées aux acteurs sell-side et buy-side. L’accord prévoit le paiement d’un montant à un chiffre en millions d’euros.
10/11/2010

NiXEN Partners sort de Plastisud

La société de private equity, qui était entrée en 2004 via une opération de LBO dans le capital du concepteur et fabricant de moules de haute précision, a cédé sa participation au management, dont Laurent Buzzo, président et fils du fondateur du groupe de Castelnaudary. NiXEN indique réaliser à l’occasion de cet OBO (owner buy-out) un multiple de 2,6 fois sur son investissement historique.
10/11/2010

L’AMF publie son instruction sur les ventes à découvert

Conformément à son engagement de mettre en œuvre rapidement la position définie par le CESR en mai 2010, l’AMF a modifié son règlement général pour introduire un régime complet de transparence des positions courtes nettes sur les actions. Cette modification entrera en vigueur le 1er février 2011, mettant fin à l’interdiction de ventes à découvert sur certaines valeurs financières.
09/11/2010

Forte demande pour l’obligation Auchan à 7 ans

Le groupe de distribution Auchan a émis un nouvel emprunt obligataire de 500 millions d’euros à 7 ans. Le livre d’ordres a été clos en moins d’une demi-heure avec plus de 2 milliards d’euros de demande, indique Obliginfos. Le prix a été fixé dans le bas de la fourchette indicative avant l’émission, soit un spread de 48 points de base au-des taux midswaps.
09/11/2010

Technip émet de 450 à 550 millions d’euros d'Oceane à échéance 2016

Technip annonce une émission d’obligations à option de conversion et/ou d'échange en actions nouvelles ou existantes (Ocane) à échéance 1er janvier 2016, d’un montant initial d’environ 450 millions d’euros.Ce montant est susceptible d'être porté à environ 500 millions d’euros en cas d’exercice en totalité de la clause d’extension de 11,11% et à environ 550 millions en cas d’exercice en totalité de l’option de surallocation.

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