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19/10/2010

Mutual fund assets up 1.2% in third quarter

p { margin-bottom: 0.08in; } According to estimates from Europerformance, assets in French collective management as of the end of September totalled EUR838.59bn, compared with about EUR828.6bn three months earlier (see Newsmanagers of 20 July). In third quarter, funds saw net outflows of EUR7.18bn, while market effects were positive to the tune of nearly EUR15.95bn, compared with negative market effects of EUR13.88bn in April-June. The scale of the net outflows was considerably smaller than in second quarter (EUR28.l21bn), but in the twelve months to the end of September, the French mutual fund market has seen outflows of EUR58.6bn, compared with EUR50.8bn in the twelve months to the end of June.
19/10/2010

HSBC preparing to add to ETF offerings

p { margin-bottom: 0.08in; } According to information obtained by Newsmanagers, HSBC is planning to launch six new ETF funds by the end of October, which would be listed in Paris.
19/10/2010

BBVA releases three funds, two of them revamped versions of existing products

p { margin-bottom: 0.08in; } BBVA Asset Management has released three funds of funds with no leverage for sale in Spain, two of them absolute return products, BBVA Evolución V.5 (ES113555009) and V.10 (ES113988036), and one «global» product, Quality Valor (ES114122031). The last two of these are reprofiled versions of funds which were launched on 4 August 1998 and 30 March 1999, respectively, while the V.5 fund was created only on 21 January this year. The V5 and V10 funds, which invest primarily in ETFs, have performance objectives of 110 and 250 points higher than the Eonia, respectively, with average annual volatility of 2-2.5% to 5%, and 4-8% to 10%. The Quality Valor fund, which will be more actively managed (investing in active funds instead of ETFs) aims for the Eonia plys 150 basis points, with volatility of about 4%, but is qualified in the prospectus as having a “very high” risk profile, compared with “moderate” for the V10 and “moderate to low” for the V5. Management and performance commissions for the three funds are 1.25% and 15%, respectively. Currently, assets in the V5 fund total EUR7.05m, while the V10 has EUR42.36m, and the Quality Valor fund has EUR11.39m. All of them are available from BBVA Quality Funds.
19/10/2010

Moor Park and RREEF sell off bank branch locations one by one

p { margin-bottom: 0.08in; } In September 2009 and in March 2010, RREEF (Deutsche Bank) and Moor Park Capital Partners acquired the properties in which 948 branches of BBVA and Sabadell had been located, for EUR1.15bn and EUR403m respectively (see Newsmanagers of 18 September 2009 and 29 March 2010). Now, Cotizalia reports, the real estate fund management firms have begun to sell off the properties, not in one piece, but individually, in the case of RREEF, and through small real estate agencies in the case of Moor Park.
19/10/2010

European asset managers avoiding Italian blue chips

p { margin-bottom: 0.08in; } Since 2005, European equities fund managers have reduced their average exposure to Italian blue chips from 7.3% to 4.3%, Il Sole – 24 Ore reports, citing figures from Morningstar. Midcaps show a similar trend. Only Italian small caps are continuing to do well, with their presence in European portfolios increasing from 5.8% to 6.8%. However, the Frankfurt stock exchange is attracting asset managers: the exposure of funds to German large caps has increased from 10.4% to 15%. The weight of French and English stocks, on the other hand, have remained stable.
19/10/2010

Cost of Lehman liquidation nears USD1bn

p { margin-bottom: 0.08in; } As of the end of September, legal fees related to the Lehman liquidation totalled USD982m, while 35 law firms, consultants and advisers earned USD49m in fees, commissions and charges in the month, the Wall Street Journal reports.
19/10/2010

MBO at Spanish affiliate of Capital@Work

p { margin-bottom: 0.08in; } Funds People reports that Eric Ollinger, deputy director, and his management team at Capital@Work in Spain have acquired the company from its Belgian parent Capital@Work Foyer Group, in an MBO which was approved in early July by the CNMV, and which was finalised on 14 October. The company’s brand name, methodology, analysts, managers, products and investment philosophy remain unchanged.
19/10/2010

Two hedge fund managers differ in bets on St. Joe

p { margin-bottom: 0.08in; } David Einhorn, head of the hedge fund management firm Greenlight Capital, revealed last week that he is shorting shares in the developer St. Joe Co., on the premise that the land the firm owns is worth only a fraction of what the firm values it at, the Wall Street Journal reports. Einhorn became famous due to his bets against Lehman. But Einhorn has found that St. Joe is one of the major bets of another hedge fund manager, Fairholme Capital Management, led by another emblematic personality, Bruce Berkowitz. Berkowitz, whose firm owns 29% of St. Joe, trusts the figures advanced by the firm.
19/10/2010

Tim Vara promoted to president of BNY Mellon Trust

p { margin-bottom: 0.08in; } After joining BNY Mellon in 2006 and leading the corporate trusts public finance for the central United States region (200 employees and 16 locations for US state regional organisations, with 32,000 accounts and USD90bn in assets) until the present, Timothy Vara has from 1 January 2011 been appointed president of the Bank of New York Mellon Trust, replacing Troy Kilpatrick, who has recently been appointed head of global business development & marketing at BNY Mellon Trust. BNY Mellon Trust provides services on assets of about USD12bn, in 61 locations in 20 countries. Among its clients the business counts governments and their agencies, multinational businesses, financial establishments and other firms which have access to global capital markets. Among its principal services are bond debt trustee, paying agency and escrow activities.
19/10/2010

Axa Real Estate appoints a head of opportunistic funds

AXA Real Estate has announced the appointment of Laurent Vouin as head of opportunistic funds.Based in Paris and reporting to Dennis Lopez, Axa Real Estate’s global chief investment officer, he will be responsible for overseeing the management of all the company’s opportunistic funds. Having joined AXA Real Estate in 2002, Laurent Vouin was previously head of Asset Management in France, overseeing a portfolio of assets valued in excess of EUR13 billion.
19/10/2010

Absolute Return Partners launches a UCITS fund

p { margin-bottom: 0.08in; } Hedge Week reports that the independent management firm Absolute Return Partners (ARP) will in the next few weeks make its debut on the UCITS fund market, with the launch of a UCITS equities fund entitled ARP Global Equity Alpha Fund, which will be domiciled in Dublin. Assets under management at ARP total about USD300m.
19/10/2010

Hedge fund talks to continue Tuesday

Pressure is mounting among hedge funds as European Union finance ministers prepare to debate new rules for the sector in Luxembourg on Tuesday, according to the Financial Times. The negotiations is due to be discussed at 9.30am, ahead of the monthly meeting of finance ministers. Some hope Tuesday’s negotiations could finally lead to an agreement.
19/10/2010

EFAMA critical of Commission's tax proposals

p { margin-bottom: 0.08in; } The European asset management association (EFAMA) on 18 October called the reasons offered by the European Commission for introducing a tax on financial activities in the asset management sector “seriously biased.” EFAMA noted that the Commission does not take into account the fact that the asset management sector has not received government support, and that it does not enjoy the security assurances such aid would offer. An increase in costs related to the introduction of a tax on financial activities would probably be borne by the final consumer, i.e., the investor. The phenomenon could result in an undesired distortion in the matter of small investors’ choice between direct investment in equities and investment via collective funds. That evolution “should concern governments, who are seeking to encourage investors to invest responsibly for retirement,” says Peter de Proft, chairman of EFAMA, cited in a statement. EFAMA therefore encourages the Commission to enter into dialogue with the various sectors of the financial industry to ensure that measures are “targeted, effective, and adapted.”
19/10/2010

La décollecte en gestion collective se réduit

Selon EuroPerformance, la décollecte au troisième trimestre (-7,2 milliards d’euros) s’inscrit en nette diminution par rapport au trimestre précédent. La pression vendeuse qui s’exerçait sur les fonds de trésorerie régulière a fortement baissé (-6,6 milliards d’euros), et certaines catégories de fonds ont continué de recevoir les flux d’une demande soutenue. La gestion collective française enregistre une légère progression de ses encours de +1% sur le trimestre, à 838,6 milliards d’euros.
19/10/2010

L’AMF à la page sur le prospectus obligataire

L’autorité des marchés financiers a annoncé avoir mis à jour son guide sur l’élaboration des prospectus obligataires et les modalités pratiques d’obtention d’un visa. Un guide, paru initialement en septembre 2009, destiné à favoriser selon l’AMF le développement du marché primaire obligataire pour les émetteurs français.
19/10/2010

CME compense des swaps de taux

L’opérateur boursier a indiqué qu’il avait débuté la compensation de swaps de taux d’intérêt, le plus gros marché de dérivés de gré à gré avec environ 400.000 milliards de dollars d’encours. Du côté des investisseurs, CME a réussi à attirer Fannie Mae, Freddie Mac, PIMCO, BlackRock ou encore Citadel. Dix sociétés s’associent par ailleurs au projet, dont Goldman Sachs et JPMorgan.
18/10/2010

Royal Bank of Canada rachète BlueBay Asset Management

Royal Bank of Canada a annoncé le rachat du gestionnaire de fonds BlueBay Asset Management pour environ 963 millions de livres (1,1 milliard d’euros), le groupe canadien cherchant à s’imposer parmi les 10 premiers gestionnaires de fortune au monde. La première banque du Canada en termes de capitalisation boursière a proposé lundi 485 pence par titre, ce qui représente une prime de 29% par rapport au cours de clôture du titre vendredi à 375,70 pence.
18/10/2010

Foncière Paris France va émettre des OSRA

La foncière cotée a convoqué pour le 24 novembre une assemblée générale extraordinaire, afin de voter l'émission d’obligations subordonnées remboursables en actions (OSRA) pour un montant de 40,9 millions d’euros. Les principaux actionnaires (Amber Capital, Neuflize Vie, MMA, Maaf, GMF, Predica) devraient souscrire. Foncière Paris France discute du rachat de l’activité immobilier d’entreprise de la SAGI, filiale de la SNI, elle-même détenue par la Caisse des dépôts.

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