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05/10/2010

HansaInvest crée un poste de directeur de la tierce distribution

Au 1er octobre, Dirk Zabel, qui a rejoint la distribution du gestionnaire hambourgeois HansaInvest début 2009, a pis les fonctions nouvellement créées de directeur de la tierce distribution. Il sera donc chargé des relations avec les partenaires extérieurs aussi bien pour le retail que pour la clientèle institutionnelle.Selon HansaInvest, la création de cette nouvelle fonction souligne sa nouvelle orientation commerciale avec le développement de la distribution.
05/10/2010
Fonds

Deka Immobilien acquiert un centre commercial

Pour 63 millions d’euros, Deka Immobilien a acheté le centre commercial RheinBerg Galerie (16.000 mètres carrésd) dans le centre ville de Bergisch Gladbach auprès d’IKB/Movesta und hkm Management. Cet actif est affecté au fonds immobilier institutionnel WestInvest TargetSelect Shopping. hkm continuera de gérer le centre commercial.
Fonds
05/10/2010

Le groupe financier WGF compte lancer des fonds immobiliers institutionnels

WGF AG, un groupe financier allemand de Düsseldorf spécialisé jusqu'à présent dans les emprunts hypothécaires et le négoce immobilier, a indiqué le 4 octobre avoir déposé auprès de la BaFin une demande d’agrément pour lancer et gérer des fonds immobiliers institutionnels. Les dirigeants de WGF tablent sur une décision du régulateur d’ici à la fin du premier trimestre 2011. La nouvelle société devrait prendre le nom de WGF Immobilien Investment GmbH.Elle sera confiée à deux directeurs généraux. Hans-Dieter Martin, qui vient de LB ImmoInvest GmbH, et Walter Jakob Helbach, qui a assuré des fonctions dirigeantes dans les domaines des fonds et de la gestion d’actifs chez Deka Immobilien Investment.Pino Sergio, président du directoire de WGF AG, a souligné que la demande d’agrément fait suite aux desiderata émanant de la clientèle institutionnelle et qu’il n’est absolument pas question de lancer des fonds immobiliers offerts au public.
05/10/2010
Fonds

db x-trackers lance deux nouveaux ETF obligataires

Depuis lundi 4 octobre, la cote du segment XTF de la plate-forme électronique Xetra (Deutsche Börse) s’est allongée de deux références avec les ETF coordonnés de droit luxembourgeois db x-trackers II iBoxx EUR Sovereigns Eurozone AAA TRI ETF et db x-trackers II iBoxx EUR Sovereigns Eurozone Yield Plus Index ETF. La Deutsche Bank est le teneur de marché pour ces nouveaux fonds. Ils portent à 719 le nombre d’ETF cotés à Francfort et à 12 celui des ETF de db x-trackers sur les emprunts d’Etat en euros. L’encours de db x-trackers se situe à environ 31 milliards d’euros répartis sur plus de 150 produits.Caractéristiques : db x-trackers II iBoxx EUR Sovereigns Eurozone AAA TRI ETFCode isin : LU0484969463 x-trackers II iBoxx EUR Sovereigns Eurozone Yield Plus Index ETF Code Isin : LU0524480265Frais de gestion : 0,15 % / ans dans les deux cas
Fonds
05/10/2010

Raiffeisenbank Reutte acquiert la banque privée Bauer

Depuis le 1er octobre, l’autrichien Raiffeisenbank Reutte, qui contrôle déjà la banque privée autrichienne Bankhaus Jungholz, détient 85 % de la banque privée allemande Bankhaus Bauer de Stuttgart dont la Düsseldorfer Hypothekenbank conserve pour l’instant les 15 % restants. Le montant de la transaction n’a pas été dévoilé.La banque Jungholz opère dans une commune de 300 habitants située géographiquement en Bavière mais juridiquement en Autriche. Comme l’a expliqué Johannes Gomig, président du directoire de Raiffeisenbank Reutte, l’acquisition de Bauer permettra au groupe autrichien de servir des clients haut de gamme allemands qui ne désirent pas de compte à l'étranger mais qui sont intéressés par les particularités d’une banque autrichienne.
05/10/2010

Universal, Union et AGI sont les favoris des gros institutionnels

Selon un sondage effectué par l’agence de notation Telos et le cabinet de consultants en management Prof. Homburger & Partner auprès de 310 investisseurs institutionnels allemands, les acteurs affichant plus de 40 milliards d’euros d’encours classent en numéro un pour la satisfaction de la clientèle Universal-Investment, devant Union Investment (banques populaires) et Allainz Global Investors (AGI), rapporte la Börsen-Zeitung. Chez les institutionnels de taille moyenne (15-40 milliards), les deux premiers au classement sont Bayern Invest et J.P. Morgan.
05/10/2010

Santander Select vise 300.000 clients à l'horizon de trois ans

Le 4 octobre, le Santander a présenté Santander Select, sa nouvelle enseigne de banque «personnelle» qui s’adresse aux clients aisés dont l'épargne financière représente entre 100.000 et 500.000 euros, rapporte Cinco Días. L’objectif est de passer en trois ans de 200.000 clients à 300.000 en Espagne. Santander Select alignera un réseau de 350 conseillers en agence et de 50 autres en assistance téléphonique.La marque Select sera utilisée à l'échelon mondial. Outre en Espagne, elle sera lancée au Brésil, au Royaume-Uni, au Mexique, au Chili, en Argentine et au Portugal. Dans ces pays, le groupe Santander compte 3,5 millions de clients correspondant au profil défini.
05/10/2010
Fonds

Seuls 16 gestionnaires espagnoles ont enregistré des souscriptions nettes en septembre

D’après les statistiques de l’association Inverco, seules 16 sociétés de gestion espagnoles sont parvenues en septembre à enregistrer des souscriptions nettes, alors que les sorties nettes pour l’ensemble du secteur ont dépassé 1,8 milliard d’euros (lire notre dépêche du 4 octobre).La meilleure collecte est affichée par UBS Gestión, qui est l’unique maison à avoir drainé plus de 100 millions d’euros (124,27 millions d’euros) le mois dernier. Le second meilleur score est constaté pour Fonditel (qui gère le fonds de pension de Telefónica), avec 36,1 millions.
Fonds
05/10/2010

Départ du CIO de PGGM

Johan van der Ende va quitter PGGM, la société de gestion des retraites du secteur de la santé aux Pays-Bas, dont il était le directeur des investissements - chief investment officer - depuis deux ans. Ce départ a été décidé d’un commun accord. «Il est devenu évident ces derniers mois que les attentes mutuelles au sein du comité exécutif allaient empêcher une bonne coopération», indique un communiqué de presse.Johan van der Ende avait rejoint PGGM, qui gère 99 milliards d’euros d’actifs, mi-2006 et était membre du nouveau comité exécutif depuis le 1er janvier de cette année.Il quittera PGGM le 1er novembre. Ses fonctions seront confiées temporairement à Jac Kragt, qui travaille chez PGGM depuis 2008.
04/10/2010
Fonds

Les investisseurs se ruent sur les fonds marchés émergents

Les fonds marchés émergents, actions ou obligations, devraient enregistrer une année 2010 record en termes de souscriptions, rapporte le Financial Times. Selon EPFR, environ 40 milliards de dollars ont été investis dans les fonds de dette émergente sur les neuf premiers mois de l’année - soit quatre fois le record annuel précédent. Les fonds actions marchés émergents ont quant à eux attiré 50 milliards de dollars.
Fonds
04/10/2010

Redefining management fees

p { margin-bottom: 0.08in; } Agefi Switzerland reports that the crisis has shown that management fees are effective when returns are difficult to predict. In these cases investors reorient their attention to costs and management fees rather than to performance itself. According to the Citi/CREATE survey, “80% of asset managers pay themselves too much. They have not managed to beat their own benchmarks.” According to Thierry Zuppinger, director of Quartal Financial Solution Services in Zurich, the “fee price range is gradually moving from 0.5% to 5% to 1% to 2%,” with the total expense ratio serving as a central concept.
04/10/2010

Fund outflows continue in September

p { margin-bottom: 0.08in; } According to various estimates from the Spanish management firm association Inverco, VDOS Stochastics and Ahorro Corporación, Spanish securities funds saw further total net outflows in September of EUR1.5bn to EUR2.2bn, bringing the total in the first nine months of the year to about EUR17bn, Expansión reports. At this rate, 2010 is likely to go down in history as the worst year ever for Spanish funds, after 2008, when net redemptions totalled EUR57nb. Assets have fallen to their lowest levels in 13 years, at EUR146.5bn. The two management firms worst affected by these outflows are BBVA Asset Management, with outflows of EUR7.5bn, and Santander AM, with EUR3.1bn. They were victims of competition from savings accounts which offered interest rates of 4% to 5%. The same trend affected InverCaixa, which underwent net outflows of EUR239m in September, following net inflows of EUR1.6bn from June to August.
04/10/2010

HSBC adds to equities ETF range in Spain

p { margin-bottom: 0.08in; } Mark Rodino, director of ETF sales at HSBC for the EMEA region, has announced that the British group is planning to register its full range of equities ETFs, consisting of 11 products, in Spain. Ten of the funds, which replicate the FTSE 100, Euro Stoxx 50, CAC 40, S&P 500, MSCI Europe, MSCI Japan, MSCI USA, MSCI Brazil, MSCI EM Far East and MSCI Pacific ex-Japan indices, have already been registered with the CMNV, Funds People reports. The objective is to attract retail as well as institutional clients. Depending on how well-received the physical replication ETFs prove, HSBC may also subsequently list these products on the Madrid stock exchange. By the end of 2011, HSBC is hoping to have 50 ETFs, including funds replicating corporate bond, real estate and emerging markets indices.
04/10/2010

Fund managers fight pressure on commissions

p { margin-bottom: 0.08in; } Money market funds guarantee the full amount of the principal to investors, but with short-term rates of near zero, as many have not managed to earn enough on investments to cover management fees, the Wall Street Journal reports. Now, the phenomenon is no longer limited to money market funds. The Schwab Total Bond Market Fund charges commissions of 0.55%, while returns on 5-year Treasurys is only 1.47%. If frustrated investors leave the funds, what can asset management firms do? One solution is to increase assets enough to be able to increase commissions, but the problem is that the bond market has already seen a very strong rally, while equities markets have no relief in sight. The other apparent solution would be to lower commissions, while according to Morningstar, they have remained roughly stable since 2005. Managers have managed to hold out so far, but their colleagues in private equity have caved in in recent years as returns have fallen. However, the Wall Street Journal continues, Schwab and T. Rowe Price are still trading at 25 and 23 times their expected profits for 2010.
04/10/2010

Pimco Europe (AGI) dominates subscriptions

For open-ended securities funds, net subscriptions in Germany have totalled EUR12.76bn in the first eight months of the year. Of this total, EUR11.75bn went to Pimco Europe, an affiliate of Allianz Global Investors, which has taken on a total of EUR11.71bn (thus less than Pimco).Among the major firms, the DWS/DB Advisors and DB Gruppe family also shows net subscriptions, but of only EUR847.5m, and only due to EUR1.8874bn in inflows to db x-trackers, the ETF affiliate. At the outset, two other ETF specialists show net subscriptions: BlackRock, with iShares, has attracted EUR698.4m, and ComStage (Commerzbank) has attracted EUR565.1m. However, ETFlab Investment (Deka Group) shows net outflows of EUR338.6m. Deka (savings banks) has seen net outflows of nearly EUR4.36bn, while Union Investment (co-operative banks) has seen net outflows of nearly EUR2.66bn.
04/10/2010

Strong increase in net subscriptions in Germany

p { margin-bottom: 0.08in; } In August, German funds covered by statistics from the BVI association of investment funds show net subscriptions of EUR7.95bn, as net outflows from mandates of EUR2.44bn were more than offset by net inflows of EUR2.77bn for open-ended funds, and of EUR7.68bn for institutional funds. In the first eight months of the year, net inflows to open-ended funds totalled EUR15.33bn, compared with net redemptions of EUR273.2m for the corresponding period of last year, while institutional funds had EUR36.22bn, compared with EUR6.41bn. However, mandates showed net outflows of EUR130.7m, compared with net inflows of EUR15.93bn. Total assets as of the end of August were EUR1.79412trn, compared with EUR1.76771trn as of the end of July, and EUR1.62537trn twelve months previously.
04/10/2010

Nomura to release six more funds in Germany

p { margin-bottom: 0.08in; } As of 1 October, Nomura Asset Management Deutschland KAG (NAM Deutschland) has put six Irish-registered funds on sale, each available in A and I shares. The funds are the Japan Strategic Value Fund, India Equity Fund, Asia Pacific ex Japan Fund, Global Emerging Markets Fund, and US High Yield Bond Fund. The funds already have total assets of over USD1bn.
04/10/2010

Aberdeen still planning to reopen Degi Europa

On 1 October, Aberdeen Immobilien KAG announced that it had sold the CB16 skyscraper at La Défense in Paris “slightly below the most recent independent expert valuation,” to an “international institutional investor” who did not wish for the sale price to be disclosed. The property was in the portfolio of the open-ended real estate fund DEGI Europa, whose redemptions have been frozen for the last two years (see Newsmanagers of 26 October 2009).The sale increases the liquidity levels for the DEGI Europa fund by about 4 percentage points, to 33%. According to Hartmut Leser, CEO of Aberdeen Germany, this means that it may be possible to reopen redemptions from the fund by 30 October 2010, with adequate liquidity.
04/10/2010

Schroders extends range of funds with set quarterly distribution

p { margin-bottom: 0.08in; } In fourth quarter 2010, the British management firm Schroders will release shares with a fixed quarterly distribution of 4% in the Schroder ISF1 Asian Equity Yield, and of 3% in the Schroder ISF Global Corporate Bond and Schroder ISF US Dollar Bond funds. Previously, the Asian Equity Yield fund served variable quarterly distributions, while the other two paid coupons on a variable annual and quarterly basis.
04/10/2010

Investors flock to emerging market funds

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } Emerging market bond and equity funds are set for a record level of inflows in 2010, says the Financial Times. According to EPFR, about USD40bn of investors’ money has flowed into emerging markets debt funds in the first nine months of the year. Equity funds in emerging markets have seen subscriptions of USD50bn.
04/10/2010

Efama creates a position for a deputy chairman

The European asset management association (EFAMA) has announced the appointment from 1 October of Jarkko Syyrilä to the newly-created position of deputy chairman. Syyrilä, who has been a member of the professional association since 2008, will take over the regulated activities of Efama.Syyrilä has worked with the Committee of European Securities Regulators (CESR), and was the first reporter for the CESR expert group for asset management. Efama says in a statement that the appointment comes as part of a drive to increase representation from the asset management sector.
04/10/2010

Alter Domus opens two offices in Belgium and Malta

p { margin-bottom: 0.08in; } Alter Domus, which offers services to alternative management firms, announced at the end of September that it is opening offices in Belgium and Malta. The Brussels team is led by Catherine Baudhuin, with particular attention to firms specialised in real estate and private clients. In Malta, activities are led by Chris Casapinta, and focus on fund administration services.
04/10/2010

Record number of IPOs delayed

Global postponed IPO activity reached USD69.7billion in value so far this year, up 6% when compared to full year 2009, the largest level of activity on record, according to Thomson Reuters Deals Insight. Global postponed IPOs by number of issues reached 151 year to date the largest number since 2008 with 275.Asia Pacific has the most postponed activity regionally year to date with 41% of the activity, with Americas (36%) and Europe (23%) coming 2nd and 3rd respectively. The most volatile industries are real estate 34%, financials 21%, and materials 13%, says Thomson Reuters. Finally, the largest postponed IPO so far this year is the US offering from American Life Insurance worth USD5billion withdrawn March this year. This is followed by Casa de Pedra Mines’ Brazilian IPO worth USD3.5billion postponed in June of this year.
04/10/2010

Gutenberg bank opens for business

p { margin-bottom: 0.08in; } The Gutenberg private bank opened its doors on 1 October 2010. The institution will offer financial services to private clients in Switzerland and abroad, to wealth managers, and to institutional clients, the bank announced in a statement. The Swiss federal financial market surveillance authority Finma on 3 September 2010 authorised the firm to practice as a bank in addition to its brokerage license. The bank will primarily serve as a savings institutional for independent wealth managers, but will also provide banking services to private high net worth clients in Switzerland and abroad, as well as to small and mid-sized institutions. The Banque Gutenberg AG is 100% owned by Cat Group AG. The group is specialised in the areas of wealth management, funds, and banking services. The firm, founded in 1988, has about 60 employees, and its headquarters are in Zurich. As of 30 June, assets under management by Cat Group totalled CHF1.6bn.
04/10/2010

Newedge plans to recruit 50 in Asia

p { margin-bottom: 0.08in; } Newedge has confirmed to Newsmanagers that it plans to add to its sales force in Asia. In the wake of the financial crisis, the joint venture of Société Générale and Crédit Agricole CIB had scaled back its ambitions, like many other firms, but this period appears to be at an end. The head of Newedge for the Asia-Pacific region, Laurent Cunin, has told the Bloomberg agency that the firm is planning to recruit 50 people, particularly as additions to its activities in India and China. “My objective is to increase the proportion of revenues coming from Asia, which currently amount to 10% to 15% of the group total,” Cunin told the news agency.
04/10/2010

DragonBack Capital becomes an alternative platform

p { margin-bottom: 0.08in; } The Hong Kong-based firm DragonBack Capital, which has recently liquidated its two hedge funds, Asia Pacific Multi-Strategy and VolAsia, has decided to reposition itself as an alternative platform, which will be known as DragonBack Management Platform, Hedge Week reports.
04/10/2010

Paulson and the Bulls rebound

p { margin-bottom: 0.08in; } As equities have seen a difficult year, managers of long-bias hedge funds have been naïve optimists, but they were reparded in September, the Wall Street Journal reports. The largest fund from Paulson earned 12.5% in September, and at least two other funds from the firm saw double-digit gains. And all its funds (US32bn) are in positive territory for 2010. Joshua Fink, who was also seen as overly pessimistic in the summer, has seen his USD200m hedge fund at Enco Capital gain 14.5% in September, and shows returns of 25% YTD.
04/10/2010

John Hancock sticks to safe stocks

p { margin-bottom: 0.08in; } The Wall Street Journal reports that Christopher Arbuthnot, a portfolio manager at MFC Global, has selected inexpensive shares in businesses which dominate their respective markets for the John Hancock Global Opportunities Fund (JGPAX), instead of focusing on the macroeconomic environment. Whatever happens, the Chinese middle class will continue to buy cars from BYD, Indians will continue to seek treatment at the Bumrungrad hospital, and Americans will continue to subscribe to Sirius XM Radio satellite services. As a result, the fund (USD886m) has generated average annual performance of 14.5% over five years, and this year it has already earned 20%.

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