Selon l’Agefi suisse, la dernière enquête conjoncturelle de la Fondation Genève Place Financière montre qu’au premier semestre 2010 les fonds gérés à Genève ont progressé de 3% à 7% chez la majorité des 152 intermédiaires financiers sondés (44 banques et 108 gérants indépendants). Les acteurs financiers de toute taille font état d’apports de fonds nets, en particulier de la part de la clientèle européenne, qui représente entre 42% et 79% de la collecte nette déposée auprès des sondés.Si la progression des dépôts n’est pas aussi marquée en ce qui concerne les institutionnels, le poids de la clientèle européenne est tout aussi important que pour les fonds privés, voire davantage, avec entre 60% et 80% du net new money institutionnel qui provient du Vieux Continent. Les intermédiaires financiers genevois envisagent dorénavant l’avenir avec sérénité : ils s’attendent à un bénéfice net en légère hausse ou légère baisse pour 2010, mais à une nette progression pour 2011, entre 3 et 7%.
Credit Suisse Group (CS) a vu son bénéfice net refluer à 609 millions de francs suisses au troisième trimestre contre 1,59 milliard de francs suisses au deuxième trimestre et 2,35 milliards au troisième trimestre 2009.La collecte nette du trimestre s’est élevée à 14,6 milliards de francs suisses contre 14,5 milliards au deuxième trimestre. Les actifs sous gestion s’élevaient fin septembre à 1.251 milliards de francs suisses contre 1.243 milliards à fin juin. Le pôle private banking a dégagé un bénéfice avant impôts de 836 millions de francs suisses contre 874 millions au deuxième trimestre alors que l’asset management affiche un résultat avant impôts de 135 millions de francs contre 22 millions précédemment. Sur neuf mois, le bénéfice net s’inscrit à 4,3 milliards de francs suisses, la collecte nette totalisant 55,1 milliards de francs suisses.
Le secteur des services aux fonds à Guernesey a reculé de près de 4 % à 278,7 milliards de dollars à la fin juin, rapporte Lipper, alors que cette industrie à Jersey a progressé sur la même période (lire article du 19 octobre). Le nombre de fonds et compartiment concernés s’est établi à 1.949.Lipper note tout de même que les encours des fonds non domiciliés à Guernesey, mais qui bénéficient de services dans l’île, sont repartis à la hausse pour atteindre 42,3 milliards de dollars.Pour l’administration de fonds, Northern Trust est le principal prestataire en termes d’encours nets totaux (47,7 milliards de dollars). Les fonds de capital risque et de capital investissement représentent désormais 47 % des encours domiciliés à Guernesey, soit 110,9 milliards de dollars.
David Staton, l’ancien spécialiste rendement absolu de Goldman Sachs et Merrill Lynch, vient de lancer sa société de gestion à Londres, Zedd Capital, rapporte Citywire. Il investira dans des actions de sociétés européennes en utilisant une stratégie de vente à découvert (long-short).
Selon le Wall Street Journal, qui cite des personnes proches du dossier, Goldman Sachs Group envisagerait de rembourser l’investissement de 5 milliards de dollars réalisé par Warren Buffett, via Berkshire Hathaway, en septembre 2008, au plus fort de la crise.
BlackRock a peu ressenti l’impact de la guerre des prix qui est actuellement menée par les fournisseurs d’ETF aux Etats-Unis, selon le directeur général, Larry Fink, dont les propos sont rapportés par le Financial Times. Il a précisé que la baisse des frais de son ETF Or avait conduit à une hausse des souscriptions, mais moins forte que prévu. Larry Fink a par ailleurs indiqué qu’il pensait qu’il pourrait y avoir une demande importante pour un produit d’allocation d’actifs iShares.
Le 6 octobre, Aviva Investors North America a notifié à la SEC le lancement des fonds institutionnels Aviva Investors Core Aggregate Fixed Income et Aviva Investors High Yield Bond, pour lesquels les frais de gestion se situent à respectivement 0,30 % et 0,50 %, le total des frais sur encours étant plafonné à 0,50 % et 0,60 %. La souscription minimale est fixée à 1 million de dollars pour chacun des fonds. Le premier (150-250 lignes) investira au moins 80 % de son encours en obligations, le second au moins 80 % en obligations à haut rendement.
Le groupe State Street vient d’annoncer le lancement d’un nouveau service de traitement des transactions sur les ETF. Avec ce système, les participants assermentés à l’instar des teneurs de marché peuvent entrer dans les ETF et dans la foulée identifier les titres qui les intéressent et qui seront alors cantonnées et traitées directement par State Street.
Pour le troisième trimestre 2010, BlackRock a fait état le 20 octobre d’un bénéfice net de 551 millions de dollars contre 317 millions pour avril-juin et 697 millions pour la période correspondante de l’année dernière, avec une marge d’exploitation de 33,8 %. Pour les neuf premiers mois de l’année, le bénéfice net opère un bond en avant de 127 % à 1.406 millions de dollars contre 619 millions.L’encours total au 30 septembre s’est situé à 3.446 milliards de dollars contre 3.150,6 milliards fin juin et 1.434,8 milliards douze mois auparavant. BlackRock précise que le total de fin septembre comprend 1.756 milliards de dollars d’actifs nets liés à des acquisitions et aux performances quantitatives actives. Durant le troisième trimestre, les rentrées nettes ont porté sur 50,1 milliards de dollars (dont 13,6 milliards pour iShares), malgré 4,3 milliards de distribution nettes pour les actifs conseillés. Les produits de long terme ont drainé 52,6 milliards et le cash management a fait rentrer 1,8 milliard de dollars. Au 15 octobre, le «pipeline» de nouveaux contrats déjà financés ou en cours de financement représentait 46,1 milliards de dollars, dont 40,7 milliards pour les produits de long terme et 5,4 milliards pour le cash management.Dans le détail, BlackRock précise que les encours se sont accrus durant le trimestre de 87,5 milliards pour l’obligataire, à 1.168 milliards de dollars, pendant que pour les actions ils gonflaient de 180,2 milliards de dollars, à 1.563 milliards. Les actifs multi-classes d’actifs ont affiché une hausse de 22,4 milliards, à 170,6 milliards pendant que ceux de la gestion alternative progressaient de 4,2 milliards pour atteindre 105,7 milliards.
Le pôle gestion d’actifs de Morgan Stanley a dégagé au troisième trimestre un résultat avant impôts de 279 millions de dollars alors qu’il accusait une perte de 124 millions de dollars au troisième trimestre 2009.Au 30 septembre dernier, les actifs sous gestion s'élevaient à 273 milliards de dollars contre 250 milliards un an plus tôt. Une augmentation qui reflète l’effet marché et une collecte nette de 2,9 milliards de dollars au troisième trimestre à comparer à une décollecte nette de 7,4 milliards de dollars un an plus tôt.Le pôle gestion de fortune a de son côté enregistré un résultat imposable de 281 millions de dollars au troisième trimestre contre 280 millions de dollars au troisième trimestre 2009. Les actifs totaux de la clientèle s'élevaient à 1.600 milliards de dollars à la fin du troisième trimestre. Le groupe a fait état d’une perte nette trimestrielle de 91 millions de dollars à comparer à un bénéfice de 498 millions de dollars un an plus tôt.
Pour environ 1,75 % des actifs sous gestion, soit 35 millions de dollars sur 2 milliards, Genworth Financial Inc acquiert le gestionnaire alternatif californien Altegris. Ce montant s’entend au moment du bouclage de la transaction, d’ici à la fin de l’année, et pourra être augmenté de sommes liées à la performance. Ensemble, Genworth Financial Wealth Management (GFWM) et Altegris afficheront des encours de 23 milliards de dollars.
p { margin-bottom: 0.08in; } On 6 October, Aviva Investors North America notified the SEC of the launch of the institutional funds Aviva Investors Core Aggregate Fixed Income and Aviva Investors High Yield Bond, for which management fees will total 0.30% and 0.50%, respectively. Total expense ratio (TER) is limited to 0.50% and 0.60%, respectively. Minimal subscription is set at USD1m for each fund. The former (150-250 positions) will invest at least 80% of its assets in bonds; the latter, at least 80% in high yield bonds.
p { margin-bottom: 0.08in; } The French asset management firm Seven Capital Management is launching Seven Fixed Income Fund, an absolute return bond fund that complies with UCITS III. The new fund may invest in all bond markets worldwide, in the context of a volatility risk centred on about 4%. The quantitative management process is derived from that of the Global Technical Asset Allocation (GTAA) and Global Risk Asset Allocation (GRAA), developed by Seven Capital Management. “The Seven Fixed Income Fund uses allocation techniques to ensure the optimal balance of risks between bond markets, as well as long and short positions, in order to maximise returns on a portfolio with a clear and transparent investment universe; dynamic rebalancing of the portfolio as a function of the evolution of market risk components; use of investment supports in each bond market with maximal liquidity, using primarily futures markets; seeking the best opportunities from a global universe,” says the product’s presentation document. The fund has daily adjustment of the strategic allocation by risk budget, per market. The fund has a volatility objective of 4%, max draw down of 4%, and a Sharpe ratio objective of about 1. The fund will develop in an average sensitivity range of 0 to +10. However, depending on the evolution of the bond markets, it may range from -25 to +25.
Credit Suisse Group (CS) has seen a decline in its net profits to CHF609m in third quarter, compared with CHF1.59bn in second quarter, and CHF2.35bn in third quarter 2009.Net inflows for the quarter totalled CHF14.6bn, compared with CHF14.5bn in second quarter. Assets under management at the end of September totalled CHF1.251trn, compared with CHF1.243trn as of the end of June.The private banking unit earned pre-tax profits of CHF836m, compared with CHF874m in second quarter, while asset management earned pre-tax profits of CHF135m, compared with CHF22m previously.Over nine months, net profits totalled CHF4.3bn, while net inflows totalled CHF55.1bn.
p { margin-bottom: 0.08in; } Agefi Switzerland reports that the most recent conjunctural study by the Fondation Genève Place Financière reveals that in first half 2010, funds managed in Geneva grew by 3% to 7% for the majority of the 152 financial intermediaries surveyed (44 banks and 108 independent managers). Financial actors of all sizes report positive inflows to funds, particularly from European clients, who represent a proportion ranging from 42% to 79% of total net inflows, according to respondents. Though the increase in deposits is not as marked for institutionals, the weight of European clients is as large for private funds, or higher, with 60% to 80% of net new institutional money coming from Europe. Financial intermediaries in Geneva are now looking at the future with serenity: they are expecting a slight increase or slight decrease in net profits for 2010, but a net increase for 2011 of between 3% and 7%.
p { margin-bottom: 0.08in; } In the future, no business will be able to get by without a good and healthy sustainable development strategy, according to the findings of a global survey by Accenture of heads of businesses that have signed up to the United Nations Global Compact. Despite economic turbulence on a scale not seen for a century, the engagement of businesses in sustainable development remains very high: 93% of CEOs estimate that sustainable development will represent an essential ingredient in the success of their business in the next few years. The financial crisis has further increased the importance of sustainable development for 80% of business leaders. 81% of heads already say that sustainable development is an integral part of their strategy, compared with only 50% in 2007. As reasons for their engagement in sustainable development, nearly three quarters of heads point to brand reputation and trust. Then come potential for growth, cost reduction, employee motivation, and client expectations. In the next five years, new technologies will play a central role in the deployment of new sustainable objectives, more than 90% of business heads say.
The Swiss banking group Syz & Co announced on Wednesday, 20 October that it has integrated its institutional management offerings within the new single division Syz Asset Management. Syz AM, led by Patrick Bédat, will include management of all institutional mandates from the group, including both traditional and alternative management, as well as investment funds. Syz Asset Management, created early this year, took off in spring, with the integration of the institutional bond management activities in Swiss francs from State Street Global Advisors (see Newsmanagers of 21/04/2010).“On the one hand, this is a recognition of the importance of activities dedicated to institutionals, and a response to demand from those clients, who still prefer to have a dedicated and independent entity to respond to its needs,” explains Ricardo Payro, director of communications and spokesman for Syz & Co. The bringing together of traditional and alternative management at Syz AM is a response to a need for polyvalency in management services to institutional investors. “We are currently seeing a convergence between the world of traditional management and that of alternative management, with strong demand from institutionals for absolute return products,” Payro addsSyz & Co will also continue its development in Europe. In France, Xavier Guillon, who has recently been appointed CEO of the Oyster Funds investment fund division (see Newsmanagers of 133/10/2010) is planning to strengthen the presence of the group in France, where the opening of an office is planned. “In one year, we are planning either to partner up with a local management firm as a first priority, as we did in Austria, Italy and Spain, or, if we find the right partner, to go it alone,” says the spokesman for Syz & Co.
p { margin-bottom: 0.08in; } David Staton, former absolute return specialist at Goldman Sachs and Merrill Lynch, has launched his own asset management firm in London, Zedd Capital, Citywire reports. It will invest in shares of European companies, using a long/short strategy.
Guernsey’s fund servicing industry fell by less than 4% to reach USD278.7 billion at the end of June 2010, with the total number of funds and subfunds standing at 1,949, says Lipper.Encouragingly non-domiciled funds serviced in Guernsey rose again to reach US$42.3 billion. For fund administration services of both domiciled and non-domiciled funds, Northern Trust is the largest administrator by total net assets (USD47.7 billion).Private equity/venture capital funds now account for 47% of assets domiciled on the Island, with USD110.9 billion.
p { margin-bottom: 0.08in; } On 8 October, the CNMV registered the Renta 4 Accurate Global Equity fund, which invests in global equities, and which aims for annual performance of 10% through a value at risk (VaR) strategy, and currency risks that may vary from 0 to 100%, and ex ante volatility of 10-20% per year.The portfolio will be composed primarily of equities from the Euro zone, the United States, Japan, Switzerland, and the United Kingdom, as well as other OECD countries, without excluding emerging markets equities.Exposure to equities will be obtained largely through equities derivatives. The Spanish manager reserves the ability to invest in repos as well as in shares in UCITS-compliant, or non-UCITS investment funds, up to a limit of 10% of assets.Characteristics Name: Renta 4 Accurate Global Equity ISIN code: ES0173173008 Management commission: 1.35% Performance commission: 9%
p { margin-bottom: 0.08in; } The new German UCITS-compliant fund Estlander & Partners Freedom Fund UI, launched by Universal-Investment with the Finnish trading specialist Estlander & Partners, replicates the concept used for the Estlander & Partners Freedom Fund in a UCITS-compliant format. The fund invests in four asset classes (equities indices, interest rates, currencies and commodities indices). Assets at Estlander total about USD600m.The managed futures management technique developed by the Finnish firm on the basis of a quantitative analysis of market prices and fundamental information will result in the purchase or sale of futures and options which allow the investor to profit from rising as well as falling markets through total return swaps which replicate the evolution of the Global Systematic index from Estlander & Partners, which uses the services of the New Edge platform. The strategy has generated average annual performance of 14% over the past 19 years, with a fluctuation margin of 16%.CharacteristicsName: Estlander & Partners Freedom Fund UIISIN code: DE000A1CSUT2 (retail A shares)DE000A1CSUV8 (institutional C shares)DE000A1CSUW6 (institutional D shares)Front-end fee: 5% maximum (A)1% maximum (C)0% currently (D)Management commission: 2.25% (A)1.5% (C)1.25% (D)Performance commission: 20% with high watermarkMinimal initial subscription: 1 share (A)EUR1m (C)EUR5m (D)
p { margin-bottom: 0.08in; } With the Global ETF Fund (Euro), Adepa Asset Management, a Spanish management firm based in Luxembourg (EUR500m in assets), has launched a product which invests exclusively and tactically worldwide in a balanced portfolio of 15 to 20 ETFs, with the goal of earning absolute and stable returns over 3 to 5 years, Funds People reports. The fund is a sub-fund of the UCITS III-compliant FCP fund Incometric Fund, registered in Luxembourg. It is advised by Triple A Investment Advisors, a Luxembourg firm led by David Gonzalvo.
p { margin-bottom: 0.08in; } Asian Investor reports that the Hong Kong Housing Authority has launched a call for bids from management firms operating in the territory for a multi-management mandate on a sum whose amount has not been disclosed. It is a portfolio composed of local equities and international bonds. Assets under management as of the end of 2009 totalled USD7.2bn.
BlackRock has felt little impact from the price war currently being fought by US ETFs providers, according to its chief executive, Larry Fink. Fees lowered on its gold ETF has led to increased inflows, but lower than expected, says the Financial Times. Larry Fink also thinks there could be “great demand” for an asset allocation iShares product.
p { margin-bottom: 0.08in; } The asset management unit at Morgan Stanley has earned pre-tax profits for third quarter of USD279m, compared with losses of USD124m in third quarter 2009. As of 30 September this year, assets under management totalled USD273bn, compared with USD150bn one year previously. This increase is the result of market effects and net inflwos of Usd2.9bn in third quarter, compared with net outflows of USD7.4bn one year earlier. The wealth management unit, for its part, has posted pre-tax profits of USD281m for third quarter, compared with USD280m in third quarter 2009. Total client assets came to USD1.6trn as of the end of third quarter. The group has posted a net quarterly loss of USD91m, compared with profits of USD498m one year previously.
p { margin-bottom: 0.08in; } Assets under management in France by the Belgian management firm Petercam now total EUR1.4bn, compared with EUR1bn at the end of December 2009. 25% of inflows of EUR400m were due to market effects. Of the aforementioned EUR300m in inflows, one third was invested in Euro zone bonds, one third in absolute return strategies, and one third in equities portfolios, particularly thematic US equities strategies.
p { margin-bottom: 0.08in; } Following the departure of José-Bernard Djen, director of partner relations at Sycomore AM, the management firm announced on Wednesday, 20 October that he has been replaced by Olivier Chamard. The entire sales team thus consists of Olivier Chamard, director of partner relations for the Southern region, Pierre Fournier, head for the Paris region, Alain Benso, head for the Northern region, and Mayline Louvet, sales assistant, a statement says. Chamard and Fournier will jointly handle relations with platforms.
A new independent management firm has been born in France. Urban Premium, specialised in real estate in city centres, obtained a license from the French market supervisory authority, the Autorité des marchés financiers (AMF) in June. It has social capital of EUR1m, which is directly or indirectly controlled by its 4 partners, including Franck Temim, president.The management firm will operate in commercial real estate via OPCI funds. Two products have already applied for licenses in 2010. The range will be managed and directed by Lionel Nicholas and Nino Amor.Urban Premium also deals in residential properties via several SCPI funds (including Urban Patrimoine).
p { margin-bottom: 0.08in; } For third quarter 2010, BlackRock on 20 October reported net profits of USD551m, compared with USD317m in April-June, and USD697m in the corresponding period of last year, with an operating margin of 33.8%. For the first nine months of the year, net profits have risen 127% to USD1.406trn, compared with USD619m.Total assets as of 30 Seoptember came to USD3.446trn, comapred with USD3.1506trn as of the end of June, and USD1.4348trn twelve months previously. BlackRock states that the total as of the end of September includes USD1.756trn in net assets related to acquisitions and active quantitative performance. In third quarter, net inflows totalled USD50.1bn, despite USD4.3bn in net distribution for assets advised. Long-term products attracted USD52.6bn, and cash management brought in USD1.8bn. As of 15 October, the pipeline of new contracts already financed or in the course of being financed came to USD46.1bn, of which USD40.7bn was for long-term products, and USD5.4bn for cash management.BlackRock states that AUM increased over the quarter by USD87.5bn for bonds, to USD1.168trn, while for equities assets rose by USD180.2bn, to USD1.563trn. Multi-asset class assets gained USD22.4bn, to USD170.6bn, while alternative management products rose by USD4.2bn to a total of USD105.7bn.