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28/10/2010

L’UFF collecte 21 millions d’euros depuis janvier 2010

Sur les neuf premiers mois de l’année, l’Union financière de France (UFF) a enregistré des souscriptions nettes de 21 millions d’euros, en retrait par rapport à 2009. Cette baisse est notamment due à une légère augmentation des rachats - le taux de fidélisation des actifs est de 92,3 % contre 93,6 % en 2009 -, indique l’établissement. De plus, UFF précise que la collecte brute a été sous-estimée en raison d’un décalage entre la collecte et l’enregistrement de certains investissements dans les actifs. Ainsi, corrigées de cet effet, les souscriptions nettes seraient proches de 50 millions d’euros. Depuis le début de l’année 2010, les encours sous gestion ont augmenté de 2 % à 7 milliards d’euros au 30 septembre. Les commissions de gestion provenant de ces actifs s’élèvent à 69,1 millions d’euros sur les 9 premiers mois de l’année, montant supérieur de 15 % à celui de la période correspondante de 2009. Globalement le produit net bancaire des 9 premiers mois de 2010 atteint 119,1 millions d’euros, soit une hausse de 27 % par rapport à celui des 9 premiers mois de 2009.
28/10/2010
Fonds

BNY Mellon lance un fonds infrastructures en Amérique latine

Selon Citywire, BNY Mellon a lancé un fonds infrastructures qui va chercher à capturer les opportunités d’investissements créées par l’amélioration des réseaux de transport en Amérique latine. Le fonds, lancé en août avec 200 millons de dollars, sera géré localement par Bruno Garcia, qui est l’un des gérants du BNY Mellon Brazil Equity fund.
Fonds
28/10/2010

Forte hausse du bénéfice d'AMG

Affiliated Managers Group (AMG), qui contrôle 27 boutiques d’investissement, a déclaré pour le troisième trimestre un bénéfice net de 34 millions de dollars contre 17,8 millions pour la période correspondante de l’an dernier, ce qui porte le total pour les neuf premiers mois de 2010 à 76,6 millions de dollars contre 34,9 millions.Les encours au 30 septembre portaient sur environ 294 milliards de dollars et les souscriptions nettes du troisième trimestre ont représenté 5,5 milliards de dollars, dont 4,2 milliards pour la clientèle institutionnelle, 1,1 milliard pour les mutual funds et 0,2 milliards pour les particuliers haut de gamme.Par ailleurs, AMG a annoncé qu’au 1er janvier 2011 Sean M. Healey, president & CEO, succédera au fondateur William J. Nutt comme chairman. Bill Nutt, qui était chairman depuis 1993, restera au board comme administrateur indépendant.
28/10/2010

Morningstar va racheter des actions

Le conseil d’administration de Morningstar Inc a validé le 27 octobre le versement d’un dividende trimestriel en numéraire de 5 cents par action à partir du 14 janvier 2011 pour les actionnaires enregistrés au 31 décembre 2010.D’autre part, les administrateurs ont donné leur feu vert à un programme de rachat d’actions ordinaires pour un montant maximal de 100 millions de dollars.
28/10/2010

Diminution du bénéfice de Morningstar

Pour le troisième trimestre 2010, Morningstar fait état d’un gonflement de 16,4 % de son chiffre d’affaires consolidé à 139,8 millions de dollars contre 120,1 millions pour la période correspondante de l’an dernier. Hors acquisitions et effet de change, le chiffre d’affaires a marqué une progression de 6,6 %.En revanche, le bénéfice d’exploitation et le bénéfice net ont diminué à respectivement 30,2 millions et 20,8 millions de dollars contre 33,7 millions et 22,5 millions.Sur janvier-septembre, le chiffre d’affaires s’est accru de 13,4 % par rapport aux neuf premiers mois de 2009 pour ressortir à 404,2 millions de dollars, dont 34,4 millions provenant d’acquisitions et 4,2 millions d’effet de change. Le bénéfice net a baissé à 59 millions de dollars contre 68 millions.
28/10/2010

Très bons résultats trimestriels pour la gestion d’actifs de Lazard

Les actifs sous gestion de Lazard s’élevaient à 143,6 milliards de dollars au 30 septembre, en progression de 16% par rapport au 30 juin et de 19% par rapport à leur niveau d’il y a un an.Lazard précise dans un communiqué publié le 27 octobre que la collecte nette s’est inscrite à 1,1 milliard au troisième trimestre et à 6,2 milliards sur les neuf premiers mois de l’année.Les revenus du pôle gestion d’actifs ont fait un bond de 32% au troisième trimestre à 208 millions de dollars. Sur neuf mois, les revenus se sont accrus de 48% au niveau record de 578,9 millions de dollars.Le groupe a publié un bénéfice net en hausse de 18% sur un an, à 62,1millions de dollars.
28/10/2010
Fonds

30 % des fonds affichent moins de 30 millions de livres d'encours

Selon la base de données de Morningstar, 733 des quelque 2.450 fonds britanniques correspondant aux catégories de l’Investment Management Association (IMA) gèrent moins de 30 millions de livres, ce qui est généralement considéré comme le plancher en dessous duquel l’exploitation d’un fonds n’est plus économiquement rentable, rapporte Fund Strategy.De plus, Morningstar suspecte que le nombre de petits fonds est en réalité encore supérieur parce que beaucoup d’entre eux ne communiquent pas le montant de leurs encours.
Fonds
28/10/2010

Man va tailler sévèrement dans son effectif

Selon un proche du dossier cité par The Wall Street Journal, le gestionnaire londonien de hedge funds Man Group a l’intention de licencier 200 personnes sur les six prochains mois, ce qui est de plusieurs fois plus sévère que prévu après l’acquisition de GLG Partners en mai. Actuellement, le nouvel ensemble Man-GLG emploie environ 1.800 personnes.
28/10/2010
Fonds

Redistribution de responsabilités pour les fonds de revenu de Schroders

En décembre, Sonja Schemmann prendra son congé de maternité. A cette occasion, elle cèdera définitivement la gestion des fonds Schroder ISF European Equity Yield et Schroder ISFEuropean Dividend Maximiser à Rory Bateman, head of European equities, et Ian Kelly, gérant de fonds d’actions européennes et internationales, rapporte Fund Strategy.Ces deux spécialistes prendront aussi en charge jusqu’au retour de Sonja Schemmann les fonds Schroder Global Equity Income, Schroder ISF Global Dividend Maximiser et Schroder ISF Global Equity Yield. Quant au Schroder Income Growth investment trust, il sera confié transitoirement à Sue Noffke.
Fonds
28/10/2010

T. Bailey premier multi-gérant à intégrer le fonds Gars

Selon Investment Week, T. Bailey est le premier multi-gérant à prendre position dans le fonds de stratégies internationales de performance absolue (Gars) de Standard Life, dont les actifs sous gestion s'élèvent à quelque 5,6 milliards de livres.Standard Life a modifié le prospectus du fonds Gars en septembre dernier, en introduisant une limite de 10% pour les investissements dans d’autres fonds, avec une possibilité de participation pour les multi-gérants.
28/10/2010

Encours record pour Nordea

Le bénéfice net enregistré par Nordea au troisième trimestre s’est inscrit en hausse de 32 % à 711 millions d’euros contre 539 millions pour avril-juin ; il a augmenté de 14 % sur les 626 millions de la période correspondante de 2009. Pour les neuf premiers mois de l’année, il ressort à 1,89 milliard d’euros contre 1,87 milliard.A fin septembre, le total des actifs sous gestion a atteint un record de 180,2 milliards d’euros, contre 169,8 milliards fin juin et 149,2 milliards douze mois plus tôt. L’accroissement de 10,4 milliards d’euros par rapport au 30 juin est attribuable à l’effet de marché ainsi qu'à des souscriptions nettes de 3,3 milliards d’euros.L’encours de la division gestion d’actifs s’est situé pour sa part fin septembre à 116 milliards d’euros contre 110 milliards trois mois auparavant et 96 milliards au 30 septembre 2009. Quant au bénéfice d’exploitation de cette division, il est ressorti à 97 millions d’euros contre 92 millions au deuxième trimestre et 72 millions pour la période correspondante de l’an dernier.
28/10/2010

Private equity remains critical of AIFM

p { margin-bottom: 0.08in; } On the whole, the private equity sector remains highly critical of the compromise reached Tuesday on the AIFM directive, Agefi reports. “There will be less money available for investment in Europe,” says Uli Fricke, chairwoman of the European association for the sector. She also claims that “the directive will make the bigger funds stronger and the smaller ones weaker.”
28/10/2010

AIF registers three funds with CNMV

p { margin-bottom: 0.08in; } Aviva Investors France (AIF) has been granted a sales license in Spain for the Aviva Investors Crédit Europe (EUR308m), Aviva Investors Valeurs Europe (EUR234m) and Aviva Investors Monétaire (EUR10.1bn) funds.
28/10/2010

AG2R La Mondiale soon to launch first multi-manager SRI bond fund

p { margin-bottom: 0.08in; } Via Agicam, AG2R La Mondiale (about EUR1bn in best-in-class assets) is planning to launch a multi-manager SRI bond fund “in close collaboration with Mercer,” pending approval from the AMF. The fund will have initial assets of EUR175m.The product will be organised around three mandates: one government bonds mandate, granted to BNP Paribas Asset Management, one corporate bond mandate managed by Standard Life Investments (SLI), and one mixed government bond and corporate bond mandate, which will be handled by Groupama Asset Management. In this context, Agicam will manage allocation to the three mandates, and more generally global risk for the fund, which will comply with regulations defined by the Agirc-Arrco Federations and will thus be eligible for subscriptions from complementary retirement institutions.The three managers of the mandates were selected after a request for proposals by Mercer. More than 20 European management firms known for their expertise were invited to offer their expertise in the area of SRI bond management.Philippe Dutertre, chairman of the board at Agicam, has told Newsmanagers that the SRI unit has attracted about EUR100m in investment since the beginning of the year, and now has about EUR1bn in assets, including an equities multi-management fund with EUR200m and two directly-managed funds, AG2R Actions ISR (EUR300m) and AG2R Obligations (about EUR500m).Exclusion is contrary to the values of Agicam and AG2R, says Dutertre, who argues that the best formula is to use a best-in-class approach in dialogue with issuers.
28/10/2010

AMF publishes a guide to sukuks

p { margin-bottom: 0.08in; } Following discussions with various market actors, in an effort to produce a pedagogical document for professionals, the French financial market authority, the Autorité des marchés financiers (AMF) announced on 27 October that it has published a frequently-asked questions document representing the AMF’s position of 2 July 2008 on the admission to trading of Islamic bonds on a regulated French market, including precision on the practical details of obtaining a product visa.The guide to the composition of sukuk prospectuses and the practical details of obtaining a visa to admit the products to trading on a regulated market is available on the AMF website, under Publications > Guides > Professional Guides.
28/10/2010

Professionals predict strong growth in private banking market

p { margin-bottom: 0.08in; } According to a survey by bbw-marketing of 117 German providers of financial services, 48% of professionals estimate that the private banking market, which has continued to grow at 5% per year despite the crisis, may expand by 5% to 7% per year in the next five years, while 22% of respondents predict a total growth rate of 7% to 10% per year.In Germany there are 1.2 million retail investors with liquid savings of EUR250,000 or more, while the number of wealth management clients (EUR1m or more) totals about EUR350,000.This market, the largest in the European onshore markets, is attracting foreign operators, as pressure on offshore markets will be likely to provoke a return of capital from Luxembourg and Switzerland. Competition will increase for savings and co-operative banks, which in 2009 already began to pick up shares of this lucrative market.bbw-Marketing insists that the over-50 age group is an increasingly important target for private banking: more than half of clients with EUR1m to EUR10m are over 60 years old. Clients with EUR1m to EUR10m account for 37% of assets under management or administration by private banking services.
28/10/2010

ETFs make hedge funds' job more difficult

Growing use of ETFs has contributed to an increase in correlations between equities, creating problems for long-short equity hedge funds, according to Hennessee Group, cited by the Financial Times.The consultant said their rising share of overall trading volumes was leading to the stock market being driven more by sentiment about broad economic issues rather than company fundamentals.
28/10/2010

Investor confidence index down in October

p { margin-bottom: 0.08in; } In October, the global investor confidence index from State Street fell 1.9 points to 86.2 compared with a corrected level of 88.1 for September. In North America, the confidence of institutional investors fell 3.2 points to 84.9, compared with a corrected level of 88.1 the previous month. Confidence in Europe remains stable, as the index has fallen from 97.0 to 96.4, a slight decline of 0.6 points. In Asia, the confidence of investors remains positive, at 103.3 points, despite a fall of 4.4 points compared with the level in September. “The underlying data indicate that institutionals are turning away from developed markets and allocating assets to emerging markets, but the net total of the two flows was negative. This is in line with a trend observed in early August, which suggested that institutional investors are satisfied to play the role of providers of liquidity, rather than takers of liquidity, in the current market environment,” State Street commented in a statement.
28/10/2010

State Street Private Equity index posts returns of 0.65% in Q2

p { margin-bottom: 0.08in; } In second quarter, ending on 30 June 2010, the Private Equity index from State Street posted returns of 0.65%, 157 basis points lower than in first quarter 2010, and 483 basis points lower than in second quarter 2009. Returns for Europe and the rest of the world were significantly lower than in the previous quarter, at -3.14% and -0.48% in second quarter 2010. In the period from third quarter 2009 to second quarter 2010, Private Equity as a whole posted returns of 19.2%, compared with the previous period. Mezzanine and Distressed Debt funds earned 27.9% in the same period and continue to post better returns than other investment strategies.
28/10/2010

Record assets at Nordea

p { margin-bottom: 0.08in; } Net profits at Nordea in third quarter were up 32% to EUR711m, compareed with EUR539m in April-June; they were 14% up on EUR626m observed in the corresponding period of 2009. In the first nine months of the year, net profit totalled EUR1.89bn, compared with EUR1.87bn. As of the end of September, total assets under management were a record EUR180.2bn, compared with EUR169.8bn at the end of June, and EUR149.2bn twelve months previously. An increase of EUR10.4bn since 30 June is due to market effects and net subscriptions of EUR3.3bn. Assets in the asset management division, for their part, totalled EUR116bn as of the end of September, compared with EUR110bn three months previously, and EUR96bn as of 30 September 2009. Operating profits for the division totalled EUR97m, compared with EUR92m in second quarter and EUR72m in the corresponding period of last year.
28/10/2010

BNY Mellon launches a Latin American infrastructure fund

BNY Mellon has launched an infrastructure fund to capture investment opportunities created by the upgrading of Latin America’s transport networks, says CItywire. The fund, seeded with USD200 million, will be run locally by Bruno Garcia, who is also one of the managers on the BNY Mellon Brazil Equity fund.
28/10/2010

Lyxor registers an ETF in Spain

p { margin-bottom: 0.08in; } On 25 October, the CNMV registered the Luxembourg fund Lyxor ETF S&P 500 (LU04967865740), for which the distributor is the local affiliate of Société Générale, for sale in Spain. Management commission is 0.25% and assets in the fund already total EUR70m. The fund is the 36th Lyxor ETF to be listed in Spain, and the first in SICAV format since the liberalisation of the sector.
28/10/2010

FSB in effort to reduce dependence on ratings agencies

p { margin-bottom: 0.08in; } The financial stability board (FSB) on 27 October published a series of “Principles for Reducing Reliance on Credit Rating Agency Ratings.” The objective of the principles laid out by the board is to reduce mechanical dependency on ratings, and to promote improvements in independent valuation of credit risk and means to undertake due diligence. The board emphasizes that the principles call for a significant modification to existing practices in five major areas: prudential supervision by banks, institutional investor policies, interventions by central banks, margin requirements for the private sector, and information requirements for securities issuers. The board admits, however, that the desires changes will not happen “from one day to the next.” It is desirable to maintain a transitional period, so that interested parties may put their own risk management capacities in place in the mid-term, and limit the influence of ratings agencies. The FSB proposes to issue an interim report on the progress made for the G20 during 2011.
28/10/2010

30% of funds have less than GBP30m in assets

p { margin-bottom: 0.08in; } Based on data from Morningstar, 733 of about 2,450 British funds in the categories of the Investment Management Association (IMA) manage less than GBP30m, which is generally considered the lower limit beneath which operation of a fund is no longer economically profitable, Fund Strategy reports. In addition, Morningstar suspects that the number of small funds is actually even higher, as many of them do not disclose their asset levels.
28/10/2010

Redistribution of responsibilities for Schroders income funds

p { margin-bottom: 0.08in; } In December, Sonja Schemmann will take maternity leave. At that time, she will permanently hand over management of the Schroder ISF European Equity Yield and Schroder ISF European Dividend Maximiser funds to Rory Bateman, head of European equities, and Ian Kelly, manager of European and international equities funds, Fund Strategy reports. The two specialists will also take over the Schroder Global Equity Income, Schroder ISF Global Dividend Maximiser and Schroder ISF Global Equity Yield funds until Schemmann’s return. The Schroder Income Growth Investment Trust will be temporarily managed by Sue Noffke.
28/10/2010

PGGM launches managed accounts platform with Lyxor

PGGM, which manages around EUR 100 billion of pension assets of over 2.2 million current and former health and welfare employees in the Netherlands, launches its own dedicated managed account platform for hedge fund investments. It has entered a partnership with Lyxor Asset Management to facilitate the operations, technology and infrastructure of the managed accounts.The platform is private and exclusively accessible for clients of PGGM. It enables the organisation «to offer its clients access to hedge fund strategies in a responsible, transparent and liquid structure», says a press release. «In addition significant cost reductions can be achieved by omission of the common fund of fund structure for hedge funds». Jan Soerensen, head of hedge funds of PGGM, says: “This development fits within our strategy to have more direct control and oversight on investments as a leading responsible investor. Hedge funds have an attractive risk return but show little transparency as well. Now we can achieve full transparency and invest in hedge funds in accordance with our Responsible Investments Policy.”
28/10/2010

Mixed results at BBVA

p { margin-bottom: 0.08in; } Though net profits at BBVA fell in the first nine months of the year by 12.2% to EUR3.67bn, profits for the Wholsale Banking & Asset Management division increased 9.2% to EUR730m. In third quarter, the BBVA launched eight investment funds, two dynamic management funds, and among guaranteed funds, four bond and two equities products. On 26 October, BBVA Asset Management also launched its eighth guaranteed fund of the year, the BBVA Solidez VIII BP, which guarantees 109.069% of its net asset value as of 22 December 2010 at maturity on 14 October 2014. Two new funds of funds were launched by Quality Funds (multi-management), the Quality Valor and Quality Selección Emergente. On 30 September, total assets under management in Spain represented slightly over EUR42.59bn, of which EUR25.57bn were for investment funds (a decline of 8.6% for the quarter) and EUR17.02bn for pension funds (+1.9%).
28/10/2010

King of Spain holds audience with Larry Fink

p { margin-bottom: 0.08in; } Cotizalia reports that King Juan-Carlos of Spain on 27 October received Laurence Fink, president & CEO of BlackRock, for a private audience. The meeting was justified by the Palace by the significant investments the American investor has made in Spanish businesses, with sizeable stakes in groups such as Telefónica, Santander, BBVA, Repsol, Iberdrola, Sabadell, Abengoa, Técnicas Reunidas and Gamesa.
28/10/2010

Profits down at Morningstar

p { margin-bottom: 0.08in; } For third quarter 2010, Morningstar has reported a 16.4% increase in consolidated earnings to USD139.8m, compared with USD120.1m in the corresponding period of last year. Excluding acquisitions and currency effects, earnings were up 6.6%. However, operating profits and net profits were down to USD30.2m and USD20.8m, respectively, compared with USD33.7m and USD22.5m. In January-September, earnings increased 13.4% compared with the first nine months of 2009, at USD404.2m, of which USD34.4m were from acquisitions, and USD4.2m from currency effects. Net profits fell to USD59m from USD68m.
28/10/2010

Morningstar in share buyback

p { margin-bottom: 0.08in; } The board of directors at Morningstar Inc on 27 October approved the payment of a quarterly dividend of 5 cents per action in cash from 14 January 2011 for shareholders registered by 31 December 2010. Meanwhile, directors approved an equities buyback program to buy back ordinary shares for up to USD100m.

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