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13/10/2010
Fonds

Le P2 Value de Morgan Stanley est sur le fil du rasoir

Evoquant les problèmes des fonds immobiliers offerts au public en Allemagne, The Wall Street Journal rapporte que les deux produits pour lesquels la situation est la plus critique sont le DEGI Europa, parce qu’Aberdeen, qui a racheté DEGI, n’a plus le débouché naturel du réseau Dresdner Bank, et le Morgan Stanley P2 Value.Le journal souligne que, selon les milieux financiers, les fonds de fonds immobiliers Allianz Premium Immobilien et DJE Real Estate détiendraient 15 % de l’encours du P2 Value et veulent se faire rembourser dès que possible, ce qui risque de compromettre la survie du fonds.
Fonds
13/10/2010
Fonds

ComStage lance quatre ETF sur le bund future

Le 12 octobre, ComState (groupe Commerzbank) a fait admettre à la négociation sur le segment XTF de la plate-forme électronique Xetra de Francfort quatre ETF de droit luxembourgeois utilisant le bund future comme sous-jacent et des indices de stratégie développés par la Commerzbank sur ce contrat. Tous ces nouveaux produits sont assortis d’une commission de gestion de 0,20 %.Il s’agit du ComStage ETF Commerzbank Bund-Future TR (LU0508799334), du ComStage ETF Commerzbank Bund-Future Leveraged TR (LU0530118024), du ComStage ETF Commerzbank Bund-Future Short TR (LU0530119774) et du ComStage ETF Commerzbank Bund-Future Double Short TR (LU0530124006).
Fonds
13/10/2010
Fonds

Le KanAm grundinvest réduit sa distribution de moitié

Au titre de l’exercice au 30 juin 2010, KanAm a versé aux porteurs du fonds immobilier offert au public KanAm grundinvest un dividende de 1,25 euro par part, ce qui se compare à 2,50 euros pour l’exercice au 30 juin 2009 (lire notre article du 30 septembre 2009).La performance, pour sa part, est tombée à 1,1 % contre 5 %, mais le taux d’occupation s’est amélioré à 99,2 % contre 98,6 % un an plus tôt.Le gestionnaire munichois précise qu’environ 40 % des baux affichent des échéances à 2019 ou au-delà, tandis que seuls 4,8 % se termineront en 2011.
Fonds
13/10/2010

Achmea confie un mandat obligataire à Standish

Le gestionnaire néerlandais de fonds de pension Achmea Beleggingsfondsen Beheer B.V., filiale du groupe d’assurances Achmea, a alloué un mandat de 230 millions d’euros à investir en obligations européennes à Standish Mellon Asset Management Company LLC, filiale de BNY Mellon Asset Management. Jusqu'à présent, la gestion du unit trust était confiée à un seul gestionnaire d’actif, mais Achmea a décidé de nommer deux gestionnaires supplémentaires. Standish est le seul étranger des trois. Le mandat sera géré par l'équipe de Standish spécialiste des obligations euro dirigée par David Leduc, managing director of global fixed income.Standish affiche un encours de 71 milliards de dollars.
13/10/2010

Les épargnants fuient les fonds HQ

Les fonds de la société HQ Fonder ont accusé des rachats nets de 2,7 milliards de couronnes suédoises en septembre, après avoir vu sortir 968 millions en août, selon Dagens Nyheter. La société de gestion est filiale de la banque suédoise HQ Bank qui était en liquidation forcée et a été rachetée depuis par Carnegie. En septembre, HQ Fonder gérait 26 milliards de couronnes, dont 23,3 milliards dans des fonds actions.
13/10/2010
Fonds

L'opérateur TDC suspendu au choix de plusieurs fonds d'investissement

Selon l’Agefi, les fonds Blackstone, Permira, KKR, Providence et Apax Partners, qui détiennent 88% du capital de l’opérateur danois TDC, ont confirmé avoir mandaté un consortium de banques pour un passage en revue des options stratégiques, qui pourrait «mener ou non à la vente de tout ou partie de leurs titres TDC».
Fonds
13/10/2010
Fonds

Les hedge funds se développent en Asie et au Brésil

Les villes d’Asie et d’Amérique latine rattrapent Londres et New York en tant que centres de domiciliation des plus gros hedge funds au monde, selon le Financial Times qui cite une étude de Hedge Fund Intelligence à paraître ce mercredi. São Paulo et Rio de Janeiro accueillent désormais cinq sociétés de hedge funds gérant plus de 1 milliard de dollars, contre une seulement il y a 12 mois. Hong Kong et Singapour quant à eux abritent 15 gérants de plus d’un milliard de dollars contre 10 en début d’année.
Fonds
13/10/2010
Fonds

Bon mois de septembre pour les hedge funds

Pour le troisième mois consécutif, les hedge funds ont affiché un gain en septembre, avec une hausse de 3,5 %, selon Eurekahedge, tandis que le MSCI Monde avançait de 6,75 %. Il s’agit de la deuxième meilleure performance mensuelle de ces fonds depuis mai 2003. Depuis le début de l’année, l’indice Eurekahedge Hedge Fund Index a progressé de 5,15 %. Toutes les régions et les stratégies ont dégagé des rendements positifs en septembre. Les plus fortes performances ont été enregistrées par les fonds Asie hors Japon (+6,03 %) et les fonds long/short equity (+4,33 %).
Fonds
13/10/2010

Morgan Stanley P2 Value fund on razor's edge

p { margin-bottom: 0.08in; } Reporting on the troubles for open-ended real estate funds in Germany, the Wall Street Journal states that the two products for which the situation is most critical are DEGI Europa, as Aberdeen, which acquired DEGI, no longer has the natural sales outlet of the Dresdner Bank network, and the Morgan Stanley P2 Value. The newspaper reports that according to financial industry sources, the real estate funds of funds Allianz Premium Immobilien and DJE Real Estate hold 15% of P2 Value’s AUM, and would like to redeem their investments as soon as possible, which could endanger the survival of the fund.
13/10/2010

KanAm grundinvest reduces distribution by half

p { margin-bottom: 0.08in; } For the fiscal year ending on 30 June 2010, KanAm has paid shareholders in its open-ended real estate fund KanAm grundinvest a dividend of EUR1.25 per share, compared with EUR2.50 per share for the fiscal year ending on 30 June 2009 (see Newsmanagers of 30 September 2009). The performance of the fund has fallen to 1.1% from 5%, but the occupancy rate has improved to 99.2%, from 98.6% one year earlier. The Munich-based management firm says that about 40% of leases on properties in the fund mature in 2019 or later, while only 4.8% will end in 2011.
13/10/2010

ComStage launches four bund future ETFs

p { margin-bottom: 0.08in; } On 12 October, ComStage (Commerzbank group) listed four Luxembourg-registered ETFs on the XTF segment fo the Xetra electronic platform in Frankfurt which use the bund future as underlying, and strategy indices developed by Commerzbank on the contract. All of the new products carry a management commission of 0.20%. The funds are the ComStage ETF Commerzbank Bund-Future TR (LU0508799334), ComStage ETF Commerzbank Bund-Future Leveraged TR (LU0530118024), ComStage ETF Commerzbank Bund-Future Short TR (LU0530119774) and ComStage ETF Commerzbank Bund-Future Double Short TR (LU0530124006).
13/10/2010

Johannes Führ launches an SMB bond fund with AmpegaGerling

p { margin-bottom: 0.08in; } The Swiss asset management firm Johannes Führ Vermögensverwaltungs AG (Basel) has contracted the German firm AmpegaGerling Investment GmbH to create the Johannes Führ Mittelstands-Retenfonds AMI, a German-registered fund of bonds from small and mid-sized businesses, launched on 12 October. The objective is to capture the high returns which SMBs are required to offer in order to procure financing. The portfolio will include only up to 20% bonds which are not rated, and each position will be limited to 1% of assets. The valuation of the solvency of the issuing businesses is undertaken through an exclusive computer-assisted analysis program at Johannes Führ, which covers 300 businesses. To avoid all currency risks, the manager will invest only in bonds denominated in Euros. Characteristics Name: Johannes Führ Mittelstands-Rentenfonds AMIISIN code: DE000A0YAYG5 (P shares)DE000A0YAYH3 (I shares)Front-end fee: 3%Management commission: 1.15%Minimal subscription: EUR500
13/10/2010

Hedge funds developing in Asia and Brazil

@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; } Asian and Latin American cities are catching up with London and New York as locations for the world’s biggest hedge funds, writes the Financial Times. São Paulo and Rio de Janeiro are now home to five hedge fund managers each managing more than USD1bn – compared with one 12 months ago, data @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; } by Hedge Fund Intelligence due to be released on Wednesday will show. Hong Kong and Singapore welcome 15 billion-dollar fund managers, from 10 at the beginning of 2010.
13/10/2010

Good month for hedge funds in September

Hedge funds were positive for the third consecutive month in September, up 3.45%. The Eurekahedge Hedge Fund Index advanced to a healthy 5.15% year-to-date return, after witnessing its best September on record. The MSCI World Index also posted strong gains of 6.75% for the month. All regions and strategies posted positive returns in September. Greater China hedge funds gained 7.02% during the month.
13/10/2010

Savings investors pull out of HQ funds

p { margin-bottom: 0.08in; } Funds from HQ Fonder have seen net redemptions of SEK2.7bn in September, following outflows of SEK968m in August, according to Dagens Nyheter. The asset management firm is an affiliate of the Swedish bank HQ Bank, which was in enforced liquidation, and which has since been bought by Carnegie. In September, HQ Fonder managed SEK26bn in assets, of which SEK23.3bn were in equities funds.
13/10/2010

Foreign asset managers take advantage of Spanish fund crisis

p { margin-bottom: 0.08in; } As the asset management sector in Spain is rapidly losing assets, foreign funds are gaining ground and resisting the crisis in Spain, overcoming obstacles such as competition from savings accounts, Cinco Días reports. Since the beginning of the year, foreign management firms have launched 103 funds, compared with 54 in the corresponding period of last year. They now account for 21% of Spanish funds by volume, compared with 14% in 2007. In 2009, assets under management increased 38% compared with 2008, and in the first half of 2010, they increased another 28% compared with the end of 2009, while assets in Spanish funds fell 3% in 2009 and 11% as of the end of June.
13/10/2010

France actively exporting funds to Spain

p { margin-bottom: 0.08in; } In an article on the superiority of foreign management firms to Spanish firms, Cinco Días reveals that French firms were the most active this year. The number of French funds on the Spanish market has increased from 122 in 2007 to 201 currently. Lyxor (Société Générale) has released 11 ETF funds on the Spanish market since the beginning of the year, compared with 3 on the same date last year. Axa has launched three funds and decided to distribute them through Allfunds Bank, Banco Inversis and Catalunya Caixa, as well as through Axa Ibercapital. Saint-Honoré has released 13 funds via Allfunds, compared with 7 last year. LFP has launched three funds.
13/10/2010

Bestinver ranks second in the world for performance, after HMG Finance

p { margin-bottom: 0.08in; } Expansión reports that according to Citywire rankings, Bestinver (EUR4.4bn), the asset management affiliate of the Spanish Acciona group, is the world’s second-best asset management firm in terms of performance, largely thanks to its Bestinver Internacional fund, which has earned 33.5% since the collapse of Lehman (15 September 2008). The number one is HMG Finance – Globetrotter, which gained 44.7%.
13/10/2010

French asset managers mobilise for passage of UCITS IV directive

p { margin-bottom: 0.08in; } According to a study by the Euroland Consulting agency on behalf of AFG, the association of French asset managers, asset management firms are highly favourable to the new UCITS IV directive, and are actively mobilising to fully benefit from it. The study surveyed 68 asset managers representing 90% of mutual fund assets. The study finds that the vast majority of asset management firms are internationally oriented, and that many others are planning to go abroad. The study identifies two groups of fund management companies: on the one hand, those which are already international and which rely on product passports to export their products, for whom the directive will bring a reduction of costs which is considered highly attractive, and on the other hand, asset management firms which are not or not highly present on international markets, to whom the directive offers the opportunity to develop internationally without the high structuring or legal costs. The new product passport is popular as it will make the export of French funds to the rest of Europe much easier, while the management firm passport will allow the management of funds based abroad, closer to clients, from France. Asset managers with experience in French master-feeder funds are planning to make full use of the UCITS-compliant master-feeder scheme, pending a clarification of the fiscal terms. In the criteria for domicile of feeder and other master funds, demand and proximity to clients remain highly important. Cross-border fund mergers are still perceived as complex and are not considered a priority. Lastly, the Key Investor Information Document (KIID) is perceived as a good information document, but the cost of putting it in place will have to be borne.
13/10/2010

Madoff's last home has been sold

According to the Wall Street Journal, a Palm Beach home, in Florida, owned by Bernard Madoff’s wife, Ruth, has been sold in the USD5 million range, people familiar with the deal said.It was the last Madoff home on the market. The money will be used to repay investors victimized by Madoff’s Ponzi scheme.@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; }
13/10/2010

Quant funds thriving in current market environment

Trend followers, including Winton Capital, BlueCrest and Man Group, have seen two months of peer-beating performance numbers for their flagship quant funds and are on course for a third strong month on the back of sustained moves in the world’s currency and bond markets, says the Financial Times. Man Group’s AHL – at USD21bn – is already up about 8.22 per cent so far this month, according to a person familiar with its performance.
13/10/2010

Real estate funds of funds obliged to liquidate their positions

p { margin-bottom: 0.08in; } The recently-passed bill regulating open-ended real estate funds is slated to come into force at the start of 2011. But the legislation is flawed, as the government forgot to make real estate funds of funds subject to the same terms as real estate funds, Handelsblatt reports. This means that funds of funds may have to redeem their shares on a daily basis, though they would be invested in real estate funds which would lock in their money for at least two years. Some real estate funds of funds are therefore beginning to liquidate their positions in order to remain sufficiently liquid.
13/10/2010

Source launches MSCI EMU Small Cap ETF

p { margin-bottom: 0.08in; } Since 12 October, the XTF segment of the Xetra electronic platform (Deutsche Börse) has listed its 729th ETF, an Irish-domiciled, UCITS-compliant fund from Source which replicates the MSCI EMU Small Cap Total Return (net). The index currently includes 568 shares, with capitalisation ranging from EUR32m to EUR3.5bn. The new product brings the range of Source ETFs and ETCs dedicated to equities and commodities indices to 80 products. Source now manages more than EUR7.5bn in assets. Characteristics Name: MSCI EMU Small Cap Source ETF ISIN code: IE00B68GBJ73 Management fee: 0.40%
13/10/2010

Nordea announces soft closing of its European high yield fund

p { margin-bottom: 0.08in; } Since 11 October, Nordea is no longer accepting further subscriptions from new clients or via new distribution partners for its Nordea 1 – European High Yield Bond Fund, managed by Henrik Østergaard (see Newsmanagers of 2 July 2009). Due to its performance and subscriptions, the fund, launched in 2002, now has over EUR1.4bn in assets, putting it near its upper capacity limit, based on an analysis of outlooks for the market of reference. Subscriptions will remain possible for investors who already hold shares in the fund. Nordea says that its US High Yield Bond Fund, managed in New York by MacKay Shields, has assets of USD550m, but that it is not yet approaching its capacity limit.
13/10/2010

F&C launches a European equities fund

F&C Investments has launched a new fund to provide investors with a combination of capital growth and income from European equities. The Luxembourg domiciled F&C European Growth & Income SICAV fund is managed by Paras Anand, head of European equities, who also manages a UK OEIC fund focused on Europe ex. UK which adopted a growth and income strategy two years ago. The manager looks to blend a focused portfolio of blue-chip long-term investments where he believes the market is materially mis-pricing a company’s prospects. The fund invests across sectors but currently is heavily over weight financials. It currently holds investments in 13 countries with approximately 22% in the UK, 20% in the Netherlands, 14% in Germany and 11% in both France and Switzerland. The yield on the current portfolio is estimated to be approximately 3.7% compared with a benchmark yield of 3.2%. Dividends on the fund will be distributed quarterly. The fund, which has both a euro and sterling share class, was launched with client seeding of some GBP60 million (EUR69 million) and is initially registered for sale in Austria, Ireland, UK, Germany, Finland, Italy, Netherlands, Spain and Sweden.
13/10/2010

Prudential and Schroders recruit new heads of sales in Asia

p { margin-bottom: 0.08in; } Asian Investor reports that Beonca Yip is leaving Lyxor Asset Management to join Prudential AM as regional head of retail distribution. Sophina Hui, previously at Amundi AM, has joined Schroder Investment Management as head of institutional clients in Hong Kong.
13/10/2010

Partnership between ABN Amro Private Banking and Lyxor AM

p { margin-bottom: 0.08in; } ABN Amro Private Banking and Lyxor Asset Management have concluded a partnership, by the terms of which ABN Amro will offer its clients a wide selection of Lyxor hedge funds, Hedgeweek reports. ABN Amro Private Banking will offer a selection of multi-management products, both offshore and in UCITS III-compliant formats, in the European Union. It is also offering an actively-managed portfolio which includes single strategy, single manager funds and multi-management single manager funds which can be used on a thematic basis. The products are available to clients of ABN Amro Private Banking in Belgium, Germany, France, Switzerland, Luxembourg, Hong Kong, Singapore and the Netherlands.
13/10/2010

Thomson Reuters signs up to UN PRI

p { margin-bottom: 0.08in; } Thomson Reuters announced on 12 October that it has signed the United Nations Principles for Responsible Investment (UN PRI). The decision is a sign of the group’s engagement in responsible practices based on ESG criteria, Thomson Reuters says in a statement.
13/10/2010

Achmea awards a bond mandate to Standish

p { margin-bottom: 0.08in; } The Netherlands-based pension fund management firm Achmea Beleggingsfondsen Beheer B.V., an affiliate of the Achmea insurance group, has allocated a EUR230m mandate to invest in European bonds to Standish Mellon Asset Management Company LLC, an affiliate of BNY Mellon Asset Management. Previously, management of the unit trust was handled by a single asset manager, but Achmea has decided to appoint two more managers. Standish is the only foreign firm among the three. The mandate will be managed by the Standish team specialised in Euro bonds, directed by David Leduc, managing director of global fixed income.
13/10/2010

Keith Speck leaves Santander AM

p { margin-bottom: 0.08in; } On 12 October, Santander Asset Management UK confirmed that Tom Caddick and Toby Vaughan will be joining its multi-management department from LVAM (see yesterday’s Newsmanagers). Fund Strategy reports that Caddick will be taking over from Keith Speck as head of multi-manager. Speck will be leaving the business.

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