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29/10/2010

Universal-Investment recruits for institutional distribution

p { margin-bottom: 0.08in; } With the recruitment of Giovanni Gentilcore (ex Allianz Global Investors) and Matthias Eizenhöfer (ex Vontobel Europe) as senior sales managers, Universal-Investment has added to its distribution team dedicated to institutionals, led by Ralf Bräuer. The recruitments follow a strong increase in demand, with assets of EUR124bn as of the end of September, an increase of EUR20bn in twelve months, mostly from institutional investors. The two new recruits will be in charge of distributing master funds, institutional funds and complementary services such as securities lending and risk reporting. Bernd Vorbeck, chairman of the executive board, says Universal-Investment is planning to further develop its services to institutional clients, to offer custom solutions in the three divisions of administration, risk management and insourcing.
29/10/2010

Profits down sharply at Santander

p { margin-bottom: 0.08in; } For the first nine months of the year, net profits for the Santander group fell 9.8% to EUR6.08bn, while the operating coefficient rose to 42.9% from 41.3%. Net profits for the asset management and insurance division increased by 10.5% to EUR348m in January-September. As of 30 September, assets under management totalled EUR119bn, 2% higher than at the end of December and 7% higher than at the end of September 2009. Net profits for asset management rose 38.1% compared with the corresponding period of last year, to EUR64m. Assets in traditional management (investment funds, investment companies and pension funds) as of the end of September totalled EUR115bn, 2% higher than at the end of December, of which 80% were in the Spanish, Brazilian and Mexican markets.
29/10/2010

Pierre Debray nommé responsable mondial des financements d’actifs de Natixis

Natixis a annoncé le 28 octobre la nomination de Pierre Debray en qualité de responsable mondial des Financements d’actifs et du commerce international de Natixis. Rattaché à la direction Dettes et financements au sein de la Banque de Financement et d’Investissement, il supervisera les activités de financements de projets, de financements maritimes, de financements aéronautiques et de financements structurés export. Pierre Debray, qui a réalisé une grande partie de sa carrière au Crédit Lyonnais et chez Calyon, a rejoint Natixis en 2010 ; il était directeur adjoint Relations entreprises et institutionnels au sein de la Banque de Financement et d’Investissement.
29/10/2010

Legg Mason merges a British fund into an international fund

p { margin-bottom: 0.08in; } Money Marketing reports that the US management firm Legg Mason has announced the merger of its British value fund (GBP7.6m in assets) into the international Legg Mason global equity income fund (GBP7.2m). Legg Mason’s decision is related to concerns over the ability of the FTSE to produce returns for investors.
29/10/2010

Pivalto UK closes Millenium tracker fund

p { margin-bottom: 0.08in; } Investment Week reports that Privalto UK, an affiliate of BNP Paribas, has decided to close its Millenium tracker fund, which replicates the performance of the BNP Paribas Millenium 10 Europe Series 3 (Sterling Hedged) Total Return index. The index is composed of liquid shares, including US, European and Asian equities as well as commodities, real estate, and foreign currencies. The product had GBP7m in assets, which is too small to be profitable.
29/10/2010

Investec adjusts its fees

p { margin-bottom: 0.08in; } Fund Strategy reports that Investec Asset Management has lowered the management commission for its Target Return Fund (GBP374m) from 1.50% to 1.25%, but that it has increased fees for five funds. Fees for the Cautious Managed Fund (GBP1.6bn) will increase to 1.5% from 1.25%, while the Strategic Bond Fund (GBP268m) and Global Bond Fund (GBP150m) will be increased to 1% from 0.75%. The Monthly High Income Fund (GBP197m) and Target Return Fund (GBP374m) are increased from 0.95% to 1.25% and to 1.5% from 1.25%.
29/10/2010

IASB publishes IFRS 9 standards for financial instruments

p { margin-bottom: 0.08in; } The International Accounting Standards Board (IASB) on 28 October published new rules which will be added to IFRS 9 for financial instruments and complete the first round of work on the planned replacement for IAS 39 standards for financial instruments. The new rules in particular treat the problem of volatility of result accounting (P&L) when an issuer chooses to record fair value of its debt. The IASB has decided to maintain amortised cost accounting for most liabilities. The modifications related to the use of fair value for accounting debt will no longer be due to P&L, but instead to “other comprehensive income” (OCI), which provides a way to measure variation in owners’ equity between two points in time. The entry into force of IFRS 9 is planned for 1 January 2013. In the meanwhile, the IASB will complete the second and third phases of the planned replacement of IAS39 standards, treating accounting for depreciation of financial assets and hedge accounting. The two phases will be completed by the end of June 2011.
29/10/2010

There are 10,000 funds of hedge funds in the world

p { margin-bottom: 0.08in; } The first fund of hedge funds was created in Switzerland in 1969. Currently, one third of products are domiciled in Switzerland; there are about 10,000 hedge funds worldwide, with total assets of USD500bn to USD600bn, the Frankfurter Allgemeine Zeitung reports. The largest providers are Alternative and Quantitative Investments (UBS), Blackstone Alternative Asset Management, UBP, HSBC Alternative Investments and Grosvenor Capital Management.
29/10/2010

USAA launches two new funds

p { margin-bottom: 0.08in; } USAA has announced the launch of two new mutual funds. The US management firm, based in San Antonio, is adding to its range of products dedicated to fighting rising inflation, in an uncertain economic environment, a statement says. USAA Real Return Fund is aimed at investors worried about inflation. Its portfolio is invested in various asset classes (including US Treasury bonds, high yield bonds, precious metals and real estate trusts). Its allocation is actively adapted by the management team as a function of the economic environment. The USAA Ultra Short-Term Bond Fund is aimed at investors aware of the risks who are seeking to protect themselves against potential increases in interest rates. The fund’s portfolio contains bonds with shorter maturities.
29/10/2010

Dexia AM launches a bond fund

Dexia Asset Management (Dexia AM) on 28 October announced the release of the Dexia Bonds Euro Government Top Rated fund for sale. The new bond fund provides investors with assets to the safest government bonds of the Euro zone, including government bonds with a rating of AAA or equivalent from the 3 ratings agencies (Standard & Poor’s, Moody’s and Fitch). Austria, Finland, France, Germany, Luxembourg and the Netherlands are currently the countries fo the Euro zone with a AAA rating.The fund’s objective is to beat the IBOXX Euro Sovereign SSS benchmark index by 50 basis points with an average tracking error of 1%.Characteristics of the fund Benchmark index IBoxx Euro Sovereign AAALegal format Luxembourg SICAVDate of creation 08/06/2010Currency of valuation EURUCITS III yesInvestment period 2 yearsValuation dailyISIN code Management feeC Cap shares: LU0514558518 0.60%C Dis shares: LU0514558609 0.60%I shares: LU0514558864 0.30%V shares: LU0514558948 0.15%N shares: LU0514558781 1%
29/10/2010

Van Eck launches a rare-earth ETF

Van Eck Global on 28 October announced the launch of the Market Vectors Rare Earth/Strategic Metals ETF (NYSE Arca: REMX), the first ETF listed in the United States to offer investors pure play exposure to equities in businesses primarily engaged in the production, refining, and recycling of rare-earth and strategic metals. To belong to the benchmark index (Market Vectors Rare Earth/Strategic Metals Index), firms must show a capacity to generate more than 50% of their revenues from the rare earth and strategic metals sector.As of 13 October 2010, the index included 24 businesses in 8 countries, with the largest positions in Australia (23.9%), Canada (19.81%), the United States (18.77%) and China (14.84%). For Chinese equities, the index will concentrate solely on shares listed in Hong Kong (H-shares).The REMX has a net TER of 0.57%.
29/10/2010

Hedge funds turn to Asia

p { margin-bottom: 0.08in; } In Asia, the cost of creating a hedge fund is lower than in the West, as financial centres are seeking to attract actors of this type, who bring liquidity to the markets, while hedge fund managers are attracted to growth markets which offer prospects of lucrative returns, the Frankfurter Allgemeine Zeitung reports. Currently, Eurekahedge reports, there are 1,248 hedge funds in Asia, more than in 2007 before the financial crisis, although at USD116.9bn, their assets have not returned to their peak levels of 2007. The largest 20% of hedge funds in the region control 60% of assets in the sector. The performance of hedge funds in 2009 was 53.62% in India, 45.31% in China, 41.52% in Australia, 7.17% in Japan and 9.47% in Korea, with an average of 26.71% for Asia as a whole.
29/10/2010

Stoxx launches a balanced version of Stoxx Europe 600

p { margin-bottom: 0.08in; } Stoxx Limited (Deutsche Börse and SIX Bour Suisse) on 28 October announced the launch of the Stoxx Europe 600 Equal Weighted Index, an equally-weighted version of the Stoxx Europe 600. The new index is designed to serve as an underlying for ETFs and other structured products. The new product uses the same methodology as the Stoxx Europe 600, with the difference of weighting, as all the components have the same weight, which results in exposure to small caps of 33% rather than 5%, while reducing the weight of large caps from 83% to 33%. As for the Euro Stoxx 600, the composition of the Stoxx Europe 600 Equal Weighted Index will be updated and rebalanced every quarter. The index is backdated to 31 December 1991 for the share price and net return version, and to 31 December 2000 for gross returns.
29/10/2010

Le fonds de la sécurité sociale lance un appel d'offres

Le fonds du Conseil national de la sécurité sociale de la Chine (NCSSF) a lancé un appel d’offres invitant les sociétés de gestion locales et les firmes de titres à postuler pour l’attribution de mandats de gestion, rapporte Z-Ben Advisors Les actifs sous gestion du fonds s'élèvaient fin 2009 à 776,5 milliards de yuans soit quelque 85 milliards d’euros.Le processus de sélection peut être assez long. Il a ainsi fallu près de deux ans au NCSSF pour dresser la liste des sociétés de gestion étrangères qu’il avait retenues et qui a été publiée en mars dernier (on y trouve entre autres Allianz, Invesco, AllianceBernstein, Axa Rosenberg, State Street Global Advisors, Janus Intech, T. Rowe Price, BlackRock et Pimco). Dans la pratique, le NCSSF a assoupli ses règles : auparavant, il fallait que les gestionnaires candidats justifient d’une encours minimal de 20 milliards de yuans dans leurs fonds offerts au public. A présent, ce montant s’entend avec les plans d'épargne d’entreprise ainsi que les mandats mono ou multi-clients. Parmi les soumissionnaires figurent désormais ICBC Credit Suisse, Full Goal, Guangfa, Franklin Templeton Sealand, Huatai Pinebrigde ou Huashang.L’appel d’offres ouvre très explicitement les portes à des maisons de titres comme Citic Securities, Everbright Securities et Haitong Securities, en plus de CICC.
29/10/2010

QFII regime may be discontinued in five years

p { margin-bottom: 0.08in; } Asian Investor reports that the current regime for qualified foreign institutional investors (QFII) may be replaced in three to five years with a more flexible “free market investing scheme.” Until then, relaxation or discontinuation of restrictions will continue, said Mao Shuguang, head of product management at Harvest Global Investments, at a regional conference. Mao also underscored the increasing interest of investors in the renminbi market (RMB). The Chinese government appears to want to develop this market, partly because the Bank of China has set up a new department whose mission is to promote the internationalisation of RMB. The free circulation of capital is not going to happen right away. It will take at least ten years to get there, says Mao.
29/10/2010

Generali Investments launches a tactical allocation bond fund

p { margin-bottom: 0.08in; } Generali Investments has extended its range of European funds with the Generali IS-GaranT 5 (LU0499461126) and Generali IS-Tactical Bond Allocation (LU0500334650). The second fund in particular is an innovation, as it offers the best ideas from various bond managers of the group, whose assets in this asset class total over EUR250bn. According to Carlo Cavazzoni, European head of institutional sales, the product brings together all the advantages of management which is flexible, tactical and dynamic in all bond sub-funds. The fund will invest in all types of bonds, largely in euros, and foremost in bonds with residual maturities of one to five years. The manager is Fabio Mandirola. The new guaranteed fund will mature on 30 September 2015, and will be managed by Daniele Marvulli.
29/10/2010

Fondak has generated 10.5% per year over six decades

p { margin-bottom: 0.08in; } On 30 October, the Fondak equities fund from Allianz Global Investors (EUR2.1bn in assets) will celebrate its 60th birthday. In this period, it generated average annual performance of 10.5%, Die Welt reports. Since the beginning of the year , it has earned 12.5%, about 200 basis points higher than the Dax index. When the Fondak fund, managed by Heidrun Heutzenröder, was launched, there were only a few equities funds in Germany; now, investors may choose from 2,443 products.
29/10/2010

Universal Investment launches an absolute return behavioural fund

p { margin-bottom: 0.08in; } Universal-Investment has joined forces with sentix Asset Management to launch the German-registered sentix Fonds 1 (DE000A1C2XH4), which will use a behavioural approach to equities, bond, currency and commodity markets. Management is inspired by an annual survey since 2000 of market sentiment according to 3,000 operators in 20 countries. The fund will invest primarily in Europe. TER is currently a maximum of 1.525% for retail and 0.775% for institutional shares (at least EUR100,000), while front-end fees for retail shares are a maximum of 3%. Performance commission is 20% for performance exceeding the Euribor 1 month plus 500 basis points.
29/10/2010

Inversis to sell Popular Gestión products

p { margin-bottom: 0.08in; } Rafael Hurtado, CIO of Popular Gestión (EUR6.16bn in assets), has announced that the 65 funds of the range will now also be available on the Inversis Banco platform, Funds People reports. This will allow the firm to reach institutional clients who do not want to subscribe to the Banco Popular network.
29/10/2010

Only 0.5% of funds have over EUR1bn in assets

p { margin-bottom: 0.08in; } According to statistics from the Inverco association of management firms as of the end of September, only 13 of the approximately 2,600 funds in Spain have assets of over EUR1bn, including the two largest real estate funds, for which redemptions are currently frozen: Santander Immobiliario Banif, which is the largest fund of all, with EUR2.54bn, and the BBVA Propriedad, which is in fifth place, with nearly EUR1.4bn. Three management firms claim three each of the largest funds. In addition to Santander (Banif Immobiliario, Rendimento B with EUR1.58bn, and Renta Fija Corporativa with EUR1.8bn, there is BBVA (Ahorro C/P with EUR2.36bn, Propriedad and Ahorro Corto Plazo II with EUR1.01bn), and Invercaixa with Foncaiza Rentimento CP (EUR1.67bn), Foncaixa Bienvenida (EUR1.6bn after five months of existence) and Foncaixa RFFlexible (EUR1.03bn). The other four management firms in the rankings with over EUR1bn are Popular Gestión (Eurov. Partic. EUR1.47bn), Sabadell (Sabadell BS Inmobiliario, EUR1.03bn), Bestinver (Bestinver Internacional, EUR1.03bn) and Ibercaja (Ibercaja DIN, EUR1bn).
29/10/2010

Spanish funds continue to lose assets

p { margin-bottom: 0.08in; } According to estimates from VDOS Stochastics as of 22 October, reported by Expansión, Spanish funds have seen further net outflows since early October of over EUR1.5bn, and their assets have declined by EUR729m, as market effects were positive to the tune of EUR857m.
29/10/2010

Foreign management firms gain ground

p { margin-bottom: 0.08in; } In January-September, foreign management firms in Spain posted net subscriptions of EUR4.5bn, while Spanish firms underwent net redemptions of EUR18bn, Cinco Días reports, citing the Inverco association of management firms. Total assets for foreign management firms in Spain as of the end of September represented EUR4.5bn (+19%), while Spanish firms were down 8% to EUR177bn. The three largest foreign management firms are JP Morgan (EUUR5.11bn), Schroders (EUR3.27bn) and BNP Paribas (EUR2.81bn).
29/10/2010

Man Group réduit ses effectifs de 10%

Suite au rachat de son rival GLG Partners, le gérant d’actifs serait sur le point de supprimer entre 180 et 200 emplois dans les six prochains mois, soit environ 10% de ses effectifs, selon le quotidien qui évoque des sources proches du dossier. D’autres suppressions de postes ne sont pas à exclure dans le cadre de la fusion des deux entités.
29/10/2010

La gestion américaine fait souffrir Axa

Si Axa affiche un chiffre d’affaires en hausse de 6,2% dans son activité de gestion d’actifs au 30 septembre, à 2,5 milliards, l’assureur le doit essentiellement à la progression de 6% du montant d’actifs moyens sous gestion au cours des neuf premiers mois, à 877 milliards d’euros. Mais cette progression un effet marché et un effet de change (sur neuf mois) particulièrement favorables, respectivement de 45 milliards et 29 milliards d’euros. Car il subit en même temps une décollecte nette de 41 milliards d’euros par rapport au 31 décembre 2009. Le marché nord-américain est encore une fois responsable de cette débâcle: AllianceBernstein accuse une décollecte équivalente à 23 milliards d’euros, tandis qu’Axa Rosenberg (intégré à Axa IM) affiche un recul de 26 milliards d’euros. Une décollecte à rapporter aux 70 milliards de dollars que gérait la filiale de gestion quantitative fin 2009, avant d’annoncer à ses clients une faille dans ses modèles de gestion.

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