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02/11/2010

Mutuactivos launches a mortgage fund

p { margin-bottom: 0.08in; } On 28 September, Mutuactivos, the asset management affiliate of Mutua Madrileña, launched the Mutuafondo Cédulas FI fund, which was registered by the CNMV on 25 October. Under normal conditions, the portfolio will be 90% invested in cédulas hipotecarias from Spanish issuers or similar products from issuers domiciled in EU member states. The remainder will be invested in money markets (including repos of debts from EU countries), and under no circumstances will the proportion of cédulas hipotecarias fall below 50%. The benchmark index is the iboxx Euro Spain Covered. The recommended investment duration is 5 years, and subscriptions will be open until 19 November.CharacteristicsName: Mutuafondo Cédulas FIISIN code: ES017580600Minimal initial subscription: EUR10Front-end fee: 2%Management commission: 0.4%Exit fee: 2 % (from 19/11/2010 to 19/11/2015)
02/11/2010

LGIM launches an emerging markets tracker fund

p { margin-bottom: 0.08in; } Legal & General Investment Managers (LGIM) has launched an emerging markets tracker fund, Investment Week reports. The Global Emerging Markets Index fund, managed by Robert Dowling, which debuted on 29 October, replicates the FTSE All-World Emerging index, and offers investors a way to invest in shares to be added to the index. Minimal investment in the UCITS format fund is set at GBP500. Total expense ratio (TER) is estimated at 0.99%.
02/11/2010

BlueCrest liquidates a UCITS fund

p { margin-bottom: 0.08in; } The hedge fund management firm Blue Crest Capital Management will liquidate its UCITS fund Blue Trend, hosted by Merrill Lynch Investment Solutions (MLIS). Hedge Week reports that Blue Crest explains that the constraints of the UCITS format led to a cumulative tracking error of 3.5% as of 30 September, compared with an expected tracking error of 1% to 2%. Merrill Lynch and Blue Crest have said that they will work together to offer other investment options to affected parties.
02/11/2010

Credit Suisse not planning to liquidate Euroreal real estate fund

p { margin-bottom: 0.08in; } On 28 October, Credit Suisse announced that it has absolutely no plans to liquidate its German-registered open-ended real estate fund CS Euroreal (EUR6.13bn in assets as of the end of September), as the situation is very different for this product than it was for the KanAm US-grundinvest, DEGI Europa and Morgan Stanley P2 Value funds. First of all, routine revisions have only resulted in a depreciation of 0.80% for the portfolio in the period to the end of April. The fund shows returns of 2.5% for the twelve months to 30 September. The CS Euroreal attracted more than EUR400m in net subscriptions in the most recent period. It then saw net outflows of over EUR300m in May, as the German government debated plans for a law on real estate funds (see Newsmanagers of 21 May), which led to another freeze on redemptions, which will be in place until May 2012 at the latest. Since then, the fund has attracted more than EUR100m in net subscriptions. Currently, Credit Suisse is in talks to sell assets. The talks have reached a highly advanced stage and will result in liquidity being freed up. Sales of properties will take place by the end of the year at prices largely in line with market value.
02/11/2010

Lazard provisionally closes an emerging markets strategy to new subscribers

p { margin-bottom: 0.08in; } Citywire reports that Lazard has decided to provisionally close its emerging markets strategies to new subscribers from 1 November, including the Lazard Emerging Markets Fund, domiciled in Dublin, whose net asset value totalled USD568.62m as of 30 September, and the Lazard Emerging Markets Fund, domiciled in London, whose net asset value totalled GBP788.56m. The funds are a part of the emerging market strategy from Lazard, which represents an aggregate net asset value of about GBP20bn. Alongside the provisional closures, Lazard has decided to modify its commission structure, increasing the minimal investment for institutional investors.
02/11/2010

SWIP appoints Craig Mackenzie as head of sustainable investment

p { margin-bottom: 0.08in; } Responsible Investor reports that Scottish Widows Investment Partnership (SWIP) has appointed Craig Mackenzie as head of responsible investment, a position which includes lobbying businesses to improve their practices in this area. Mackenzie, who was previously at the University of Edinburgh as director of the Centre for Business and Climate Change, will begin in his new position on 1 November. He will be responsible for strategies and performance in this area of sustainable development in all asset classes, including real estate and private equity.
02/11/2010

Assets at F&C not only increased by Thames River deal

p { margin-bottom: 0.08in; } In third quarter, assets at F&C Asset Management Plc increased by GBP12.9bn to GBP108.2bn, compared with GBP95.3bn as of the end of June. This is due to factors other than external growth, such as net subscriptions of GBP598m (of which GBP124m were for Thames River), GBP4.2bn from the acquisition of Thames River Capital on 1 September, and positive currency effects of GBP3.3bn due to the appreciation of the euro against the pound Sterling and market effects of GBP4.8bn, of which GBP0.7bn are unrealized gains in derivative positions for institutional clients.
02/11/2010

RFP from British Nest Corporation

p { margin-bottom: 0.08in; } Nest Corporation, a British firm which manages private complementary pensions, will this week announce a request for proposals for a series of management mandates. Applications must be announced in the official journal of the European Union, Nest Corporation said in a statement published on 1 November. Nest Corporation has also announced that it has awarded a contract to provide fund administration and custody services to State Street for a period of ten years.
02/11/2010

Ignis creates a real estate unit

p { margin-bottom: 0.08in; } The UK asset management firm Ignis Asset Management has announced the launch of a real estate business with GBP2.6bn in assets, Fund Strategy reports. The team will include 30 people. Ignis has hired Alan Gardner, head of forecasting services from Jones Lang LaSalle, Steven Beveridge as COO, and Robert Boag as senior investment director. Daniel Baynes and Chris Brydie have been recruited as real estate managers.
02/11/2010

Appetite for equities set to rebound

p { margin-bottom: 0.08in; } According to a recent survey by Schroders of 100 clients in Europe, the Middle East and Central and South America, 89% of respondents say investors are going to come back to equity markets in the next 12 months. As of 31 July this year, net inflows to equities totalled EUR22.7bn, following a peak of over EUR110bn in 2009. The survey also shows that 72% of clients are planning to invest in hedge funds via a UCITS structure in the next two to three years, compared with 38% currently.
02/11/2010

Highbridge (JPMAM) prend la majorité chez Gávea Investimentos

Dans une lettre aux investisseurs daté du 27 octobre, le brésilien Gávea Investimentos (10,1 milliards de reals d’encours fin septembre), a annoncé que par le truchement du gestionnaire alternatif américain Highbridge Capital Management, J.P.Morgan Asset Management a pris la majorité dans son capital, mais les détails financiers de l’opération n’ont pas été dévoilés.Gávea Investimentos est une société de gestion spécialiste des hedge funds, du private equity et de la gestion de fortune. L'équipe dirigeante de Gávea restera en place. Elle se compose du président et CIO Armino Fraga, ancien président de la Banque centrale du Brésil, de son frère Luiz Fraga, co-fondateur et co CIO/private equity, de Gabriel Srour, co-CIO pour les hedge funds, de Chrys Meyn, co-CIO/private equity et de l’administrateur délégue Amaury bier, ancien secrétaire d’Etat à l’Economie au ministère des Finances du Brésil. Enfin, Marcelo Stallone restera à la tête de la division grandes fortunes (Gávea Gestão de Patrimônio).
02/11/2010

Profits and assets down at Macquarie

p { margin-bottom: 0.08in; } For the six months to 30 September, Macquarie Group on 29 October announced consolidated net profits of AUD403m, 16% less than for the six months to the end of September 2009, and 29% less than for the half to the end of March. However, due to the improvements observed in September and October, and barring any surprises, CEO Nicholas Moore predicts that profits for the period to 31 March 2011 may be largely in line with those for the 12 months to the end of March 2010 (AUD1.05bn). Assets under management as of the end of September totalled AUD317bn, compared with AUD326bn six months previously, largely due to the conversion of the Macquarie Cash Management Trust into the Macquarie Cash Management Account. Since its acquisition by Macquarie (see Newsmanagers of 20 August 2009), assest at Delaware Investments have increased AUD25bn to AUD152bn as of the end of September.
02/11/2010

S&P hopes to accelerate penetration of its indices in Asia

p { margin-bottom: 0.08in; } Asian Investor reports that the ratings agency Standard & Poor’s has intensified its marketing efforts in Asia, with a particular effort to increase the number of ETFs based on indices from its various ranges.
02/11/2010

China Investment Corp fait une offre sur ISS Holding

Le fonds souverain chinois aurait fait une offre de rachat en partenariat avec le fonds d’investissement Apax Partners de la société danoise de services ISS Holding, selon le quotidien qui ne cite pas ses sources. La société, qui emploie plus de 520.000 personnes de par le monde, envisage également une solution d’introduction en Bourse.
02/11/2010

Soupçons de délit d’initié au Tokyo Stock Exchange

Le TSE a indiqué qu’il enquêtait actuellement sur des soupçons de délit d’initié portant sur des sociétés ayant récemment annoncé des projets d’augmentation de capital. L’enquête concerne notamment des opérations de vente à découvert. Les groupes Nippon Sheet Glass et Tokyo Electric Power seraient notamment concernés.
02/11/2010

Exco dans le viseur d’un consortium

Le directeur général du producteur de pétrole et de gaz naturel s’est associé à d’autres actionnaires, dont le magnat du pétrole T. Boone Pickens et Oaktree Capital Management, pour reprendre la société. Douglas Miller, qui possède 2,15% du capital, propose de racheter le solde pour 20,50 dollars l’unité (soit une prime de 38% sur le cours de clôture de vendredi), ce qui valorise Exco environ 4,36 milliards de dollars.
31/10/2010
Gestion d'actifs

Le Conservateur initie une exposition sur la gestion minimum variance et convertible

« L’objectif principal de nos investissements en fonds de minimum-variance est d’intégrer une gestion asymétrique dans notre allocation actions qui permette une participation importante aux cycles de hausse des indices actions et une protection lors des phases de baisse », indique à Bfinance, Thibaut Cossenet, sous-directeur de la gestion financière du groupe Le Conservateur. « Dans le même esprit, nous avons également investi dans un fonds d’obligations convertibles monde qui présente toutefois des espérances de rendement-risque moins élevées », ajoute-t-il. Groupe mutualiste gérant 4 milliards d’euros d’actifs dédiés à la tontine, l’assurance-vie et la prévoyance, le Conservateur a commencé par investir dans un fonds actions zone euro (gestion minimum variance)
Gestion d'actifs
29/10/2010

L'AFT adjugera de 7,5 à 9 milliards d'euros d'OAT jeudi

L’Agence France Trésor annonce l’adjudication, le jeudi 4 novembre, d’un montant compris entre 7,5 et 9 milliards d’euros d’obligations assimilables du Trésor (OAT). Cette opération portera sur les lignes 2,50% octobre 2020, 4,25% octobre 2023 et sur la ligne de référence à 50 ans, la 4% avril 2060.
29/10/2010

Le taux de chômage a atteint 10,1% en septembre pour la zone euro

Le taux de chômage dans la zone euro a très légèrement augmenté en septembre, montrent les statistiques publiées vendredi par Eurostat. Le taux de chômage dans les 16 pays utilisant la monnaie unique est ressorti à 10,1%, conformément aux attentes des analystes, contre un taux révisé de 10,0% en août.
29/10/2010

Légère hausse de l'inflation dans la zone euro

Les prix à la consommation ont augmenté de 1,9% en octobre sur un an dans la zone euro, soit un peu plus que prévu, selon les premières estimations publiées par Eurostat. En septembre, l’inflation avait été de 1,8%.

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