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11/10/2010

Le changement climatique de plus en plus pris en compte par les entreprises

Le Carbon Disclosure Project (CDP), une association qui rassemble 534 investisseurs institutionnels gérant quelque 64.000 milliards de dollars d’actifs, a publié le 8 octobre son rapport annuel sur l’engagement des sociétés de l’indice FTSE 350 dans la prise en compte des enjeux climatiques dans leur politique d’investissement, ainsi que sur leurs émissions de gaz à effet de serre.Sont notamment distinguées les sociétés HSBC, Reckitt Benckiser, Royal Bank of Scotland, Scottish & Southern et Tesco. Le CDP souligne que le taux de réponse a progressé cette année à 69% (243 sociétés) contre 67% (236) en 2009. Un taux jugé «impressionnant» compte tenu de l’environnement économique déprimé et des incertitudes sur l'évolution des politiques climatiques dans le monde. Le changement climatique fait de plus en plus partie des préoccupations quotidiennes de l’entreprise, estime le CDP. Le total des émissions du FTSE 350 a diminué de 12% cette année à 3 milliards de tonnes métriques de CO2 et le nombre de sociétés ayant révélé leurs émissions s’est accru à 206 contre 194 précédemment.
11/10/2010

Kleinwort Benson recrute son patron chez Lombard Odier

Selon le Financial Times, Kleinwort Benson a recruté Sally Tennant, directeur général de la branche britannique de Lombard Darier Hentsch, en tant que directeur général. Il s’agit pour l’établissement du premier pas pour renforcer son activité de banque privée après l’arrivée d’un nouveau management en juillet. L’annonce devrait être faite lundi.
11/10/2010
Fonds

BNP Paribas investit dans l'énergie solaire italienne

Le fonds britannique BNP Paribas Clean Energy Partners GP serait sur le point d’acquérir pour 400 millions d’euros de champs de panneaux solaires en Italie, a rapporté l’agence Bloomberg reprise par l’Agefi. L’objectif est de porter le rendement annuel du fonds à 15%.
Fonds
11/10/2010

Philip Moore devient directeur financier de LV=

Group finance partner et chief risk officer de Pensions Corporation, Philip Moore, qui est aussi administrateur non exécutif de RAB Capital, rejoint LV= comme directeur financier.Responsable des finances, du juridique et de l’actuariel, il sera subordonné directement à Mike Rogers, le CEO, et coiffera le CIO du groupe.Philip Moore remplace Keith Abercromby, qui quitte son poste fin 2010.
11/10/2010
Fonds

Brevan Howard lance un fonds systématique

Brevan Howard a lancé un fonds systématique de suivi de tendances, le Brevan Howard Systematic Trading, qui a été créé en mars avec 300 millions de dollars de seed money, rapporte le Financial Times. Il sera géré en externe par une équipe dirigée par David Gorton, le fondateur de London Diversified, qui était l’un des principaux gestionnaires quantitatifs de la City.
Fonds
11/10/2010

Hargreaves attribue pour 5,7 millions de livres de stock options à son nouveau CEO

Ian Goham, qui a succédé à Peter Hargreaves le 2 septembre comme CEO du gestionnaire de fortune Hargreaves Lansdown s’est vu attribuer selon Investment Week un total de 1,3 million d’actions au titre du programme de stock-options des dirigeants. Cela représente plus de 5,7 millions de livres. Les options sont exerçables entre le 8 octobre 2013 et le 8 octobre 2020.
11/10/2010

Odey lance un service de gestion de fortune

Le gérant de hedge funds Crispin Odey lance une activité de gestion de fortune, rapporte le Financial Times. Son nouveau service de gestion de portefeuilles facturera une commission de 1 %, offrant aux clients privés les capacités en matière de recherche d’Odey Asset Management à un coût moins élevé que celui proposé par les divisions de gestion de fortune des banques.
11/10/2010
Fonds

Salus Alpha va lancer un fonds coordonné sur les actions asiatiques

Selon Hedgeweek, Salus Alpha envisage de lancer un fonds long/short sur les actions asiatiques au format Ucits au premier trimestre 2011. Le fonds devrait être constitué de 30 à 40 valeurs de moyennes à grandes capitalisations. Il devrait éviter toutes les sociétés liées à l’immobilier. Comme tous les autres fonds de Salus Alpha, le fonds sera domicilié en Autriche.
Fonds
11/10/2010
Fonds

Regain d'intérêt pour les fonds monétaires en août

Les fonds commercialisés en Europe ont enregistré en août le double de souscriptions nettes par rapport à juillet, à 49 milliards d’euros, selon les derniers chiffres de Lipper. Mais ce sont les fonds monétaires, avec 26 milliards d’euros, qui ont été le moteur de cette accélération. Malgré tout, la collecte des fonds obligataires est restée à un niveau élevé, à 16,2 milliards d’euros. De leur côté, les fonds actions ont engrangé 2,6 milliards d’euros, ce qui constitue un fort rebond par rapport au mois précédent, mais reste inférieur à la moyenne mensuelle de 2010. En outre, les ETF ont contribué à hauteur de 90 % de la collecte actions. Lipper note que ce sont les institutionnels qui en sont la cause, et qu’il y a des chances pour que cet argent ne reste pas longtemps sur ces produits vu la chute des marchés actions en août. Les marchés émergents ont encore une fois eu le vent en poupe, avec des souscriptions nettes de 3,2 milliards d’euros pour les fonds obligataires et 2,5 milliards pour les fonds actions. Depuis le début de l’année, les souscriptions nettes s’élèvent à 199 milliards d’euros (hors fonds monétaires). En août, Allianz/Pimco a été la société de gestion d’actifs qui a affiché les plus fortes souscriptions nettes avec 2,9 milliards d’euros, dont 85 % sur sa gamme obligataire. Cinq sociétés ont enregistré une collecte supérieure à 500 millions d’euros sur les actions; BlackRock arrive en tête avec 950 millions grâce à l’intérêt des investisseurs pour les ETF.
Fonds
11/10/2010

ABN Amro va commercialiser des fonds Lyxor

Selon le Financial Times, la banque privée d’ABN Amro va entamer la commercialisation active de hedge funds de Lyxor à ses clients, représentant 150 milliards d’euros, dans le cadre d’un nouvel accord signé avec la société du groupe Société Générale. La banque compte commencer à conseiller à ses clients d’envisager à investir dans la gestion alternative.
11/10/2010

Popularity of money market funds rebounds in August

Total sales of funds in Europe were EUR49bn in August, EUR26bn of which came from a strong revival in interest for money market funds, according to Lipper. Increased money market sales did not lead to a drop in sales for bond funds (EUR16.2bn). Equity sales came back strongly to EUR2.6bn, but still below the 2010 monthly average. ETF contributed to 90% of the equity total.Emerging markets were definitely flavour of the month, with both bond (EUR3.2bn) and equity (EUR2.5bn) products topping the sector rankings, adds Lipper. Allianz/Pimco took the top spot for best overall group with net flows of EUR2.9bn, over 85% of which came from their range of bond funds. In the equity arena, five asset managers exceeded sales of EUR500m, with BlackRock’s EUR950m coming out on top, thanks to a rise in ETF interest.
11/10/2010

Salus Alpha to launch a UCITS-compliant Asian equities fund

p { margin-bottom: 0.08in; } Hedgeweek reports that Salus Alpha is planning to launch a UCITS-compliant long/short Asian equities fund in first quarter 2011. The fund will invest in 30 to 40 mid- to large caps. It will avoid all companies related to real estate. Like all other funds from Salus Alpha, the product will be domiciled in Austria.
11/10/2010

Martin Weber's ETF pulls in EUR100m in assets without any promotion

p { margin-bottom: 0.08in; } Professor Martin Weber of the University of Mannheim, one of the pioneers of behavioural finance in Germany, launched the diversified ETF Arero – Der Weltfonds on 20 October, 2008. The fund is administered by DWS (Deutsche Bank). Without any promotion, the product now has EUR100m in assets, which is an impressive achievement in a country where funds are not wpurchased by investors but rather sold by advisers, the Frankfurter Allgemeine Sonntagszeitung says. The synthetic replication fund (LU0360863863) replicates a hybrid benchmark index (70% MSCI World (EUR), and 30% REX Performance Index). It is rebalanced on an annual basis to achieve a 60% equities, 25% bonds and 15% commodities distribution. Management commission is set at 0.45%.
11/10/2010

Berenberg and Universal launch an emerging markets bond fund

p { margin-bottom: 0.08in; } Universal-Investment on 4 October announced the launch of the German-registered fund Berenberg Emerging Market Bond Selection R, a product which invests at least 51% of its assets in government bonds from emerging countries, with varying maturities. The management team at Berenberg may also rely on CDS to hedge country risks and derivatives to protect itself from fixed income risks. Characteristics Name: Berenberg Emerging Market Bond Selection R ISIN code: DE000A1C2XK8 Front-end fee: 5% Management commission: 1.25%
11/10/2010

HSBC launches a range of German-registered ETF funds

From 8 to 15 October, nine German-registered geographical ETFs from HSBC Global Asset Management will be admitted to trading on the XTF segment of the Xetra electronic platform. Other products based on country or sectoral indices are in preparation. Total expense ratios for the products range from 0.15% to 0.60%.The new funds are the following:HSBC EURO STOXX 50 ETF, DE000A1C0BB7HSBC FTSE 100 ETF, DE000A1C0BC5HSBC MSCI BRAZIL ETF, DE000A1C22N1HSBC MSCI EM FAR EAST ETF, DE000A1C22Q4HSBC MSCI EUROPE ETF, DE000A1C22L5HSBC MSCI JAPAN ETF, DE000A1C0BD3HSBC MSCI PACIFIC EX JAPAN, DE000A1C22P6 HSBC MSCI USA ETF DE000A1C22K7 and HSBC S&P 500 ETF DE000A1C22M3. The new funds mark the beginning of a major sales offensive by HSBC in Germany, where the group will also offer market-making services for third-party ETF providers. The new products are aimed at institutional as well as retail investors and private banks, says Heiner Weber, a member of the executive committee at HSBC Global Asset Management (Deutschland) GmbH. Lars Hofer, who jnoined HSBC in 1998, was appointed on 1 October as director of HSBC ETF and third-party ETF sales for Germany and Austria.
11/10/2010

PowerShares liquidates 10 ETF funds

p { margin-bottom: 0.08in; } Invesco PowerShares on 8 October announced that the board of trustees at PowerShares Funds on 5 October approved the liquidation of 10 of its PowerShares branded ETF funds. The funds represent less than 1% of total assets at Invesco PowerShares (USD50bn). The last day of trading in Nasdaq and the Arca platform from NYSE Euronext for the funds will be 14 December. Ben Fulton, managing director of global ETFs, explains that following an analysis of performance, seniority on the market, investor interest and potential for future growth, Invesco PowerShares concluded that it was in the interest of investors to reposition the corresponding resources in areas which may be of more interest to clients. The ETFs concerned are the following:PowerShares Dynamic Healthcare Services Portfolio (PTJ)PowerShares Dynamic Telecommunications & Wireless Portfolio (PTE)PowerShares FTSE NASDAQ Small Cap Portfolio (PQSC)PowerShares FTSE RAFI Europe Portfolio (PEF)PowerShares FTSE RAFI Japan Portfolio (PJO)PowerShares Global Biotech Portfolio (PBTQ)PowerShares Global Progressive Transportation Portfolio (PTRP)PowerShares NASDAQ-100 BuyWrite Portfolio (PQBW)PowerShares NXQ Portfolio (PNXQ)and PowerShares Zacks Small Cap Portfolio (PZJ).
11/10/2010

ETF price war benefits small investors

p { margin-bottom: 0.08in; } The growing use of ETFs by independent financial advisers is set to further increase, as platforms reduce, and often simply waive fees for this type of product, the Wall Street Journal reports. TD Ameritrade Holding Corp has become the most recent management firm to launch a salvo in the price war: on Friday, it announced that it has decided to offer over 100 ETFs with no commissions, both for retail investors and financial advisers who use its platforms. The offer is valid for investors who remain invested in the funds for at least 30 days.TD Ameritrade’s initiative follows similar moves by Charles Schwab, E*Trade Financial, Fidelity Investment and Vanguard.
11/10/2010

ABN Amro to sell Lyxor funds

According to the Financial Times, ABN Amro’s private banking arm is to begin actively selling Lyxor hedge funds to its EUR150bn client base as part of a new partnership agreement signed with the subsidiary of Société Générale.
11/10/2010

Circle of final candidates for BHF acquisition is complete

p { margin-bottom: 0.08in; } On 8 October, the Indian Hunduja group became the last of the candidates for the acquisition of BHF Bank to make its announcement, the Frankfurter Allgemeine Zeitung reports. The other three are Bankhaus Lampe (with KKR), LGT, and Apollo. The bank of the Liechtenstein royal family is the front-runner. In Germany, Hinduja already indirectly controls the Munich-based private bank Finck & Co., via KBC Europe. BHF Bank, which was owned by Sal. Oppenheim, has been put up for sale by Deutsche Bank.
11/10/2010

ebase completes migration of deposits from AmpegaGerling

p { margin-bottom: 0.08in; } The European Bank for Fund Services GmbH (ebase), an affiliate of Commerzbank via comdirect, on 3 October announced that it has completed the integration of funds from the management firm Ampega Gerling Kapitalanlagegesellschaft (Talanx group) into its depository platform with about EUR1bn in assets. The deal was announced slightly over three months ago (see Newsmanagers of 28 June). Previously, the depository for the funds concerned was X ISG, an affiliate of Fondsdepotbank (a joint venture of Xchanging and Allianz Global Advisors (AGI).
11/10/2010

Hedge funds invest in Hochtief

p { margin-bottom: 0.08in; } Since the announcement of a takeover bid by the Spanish firm ACS for Hochtief, the shareholder structure of the German construction group has changed significantly, the Frankfurter Allgemeine Zeitung reports. Frankfurt financial circles report that hedge funds have bought 15% to 20% of Hochtief. According to the Financial Times, Centaurus has announced that it favours the ACS bid, and has recommended to the board of Hochtief to abstain from any anti-takeover measures.
11/10/2010

Ignis not likely to seek new joint ventures

Ignis Asset Management sales and marketing director Jonathan Polin says the company is unlikely to expand its joint venture business as it focuses on growing its own fund business, according to MoneyMarketing.
11/10/2010

Hargreaves gives GBP5.7bn in stock options to its new CEO

p { margin-bottom: 0.08in; } Investment Week reports that Ian Goham, who succeeded Peter Hargreaves as CEO of the wealth management firm Hargreaves Lansdown on 2 September, has received a total of 1.3 million shares via the management stock option program, valued at over GBP5.7m. The options may be exercised from 8 October 2013 to 8 October 2020.
11/10/2010

Philip Moore becomes CFO of LV=

p { margin-bottom: 0.08in; } Philip Moore, group finance partner and chief risk officer at Pensions Corporation, and also non-executive director of RAB Capital, has joined LV= as chief financial officer. Moore will be head of finances, legal and actuary, and will report directly to Mike Rogers CEO. Moore replaces Keith Abercromby, who will be leaving his position at the end of 2010.
11/10/2010

Kleinwort Benson hires CEO from Lombard Odier

@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; } Kleinwort Benson has hired Sally Tennant, chief executive of the UK arm of Lombard Odier Darier Hentsch, as its new chief executive, says the Financial Times. The move is Kleinwort’s first step towards strengthening its private banking arm after it came under new management in July.
11/10/2010

Close Brothers Group sells property fund management activity

p { margin-bottom: 0.08in; } Close Brothers Group has announced that its asset management division will sell its property fund management activity to Alpha Real Capital. The sale comes as Close Brothers prefers to concentrate on its wealth and asset management activities in the UK, a statement says. The sale will reduce total assets under management at Close Brothers by GBP560m.
11/10/2010

Steps forward in AIFM directive talks

p { margin-bottom: 0.08in; } According to proposals by the Belgian EU presidency for the planned AIFM directive (see previous editions of Newsmanagers), obtained by Agefi, the European passport for external management firms would not be granted until at least 2014, pending approval by the ESMA. The deadline to open a single port of entry to the European market for foreign management firms or European managers of foreign funds would ultimately be set by the European Commission. In addition, the passport could be vetoed by the Council of Finance ministers of the 27 Eu member states, with a qualified majority vote. Until then, national legal frameworks would persist. However, the newspaper reports, citing a diplomatic source, the French government considers that the role granted to a centralised European authority under the proposals would remain “insufficient.”
11/10/2010

CEBS in favour of strict application of bonus rules

p { margin-bottom: 0.08in; } The Committee of European Banking Supervisors (CEBS) on 8 October published its recommendations for the application of European rules limiting bonuses for bankers, proposing a stricter interpretation of the rules than had been expected by the City. The 84-page document, which is open for consultation until 8 November, introduces much tighter limits than the G20 rules. Regulators are planning to require that the amount of bonuses be “proportional” to fixed salaries, that they be paid over a staggered three-year period, and that the paid portion of bonuses not exceed 50% of total payments, ad 30% of initial payments. The CEBS also says that the period of time over which bonus payments is to be staggered should be “further extended by management” at banks, and suggests a period of at least five years. The Committee also provides concrete examples of good governance, in which the initial cash payments are limited to 18% or 20%. Another suggestion of the Committee, undoubtedly the most controversial, is that all affiliates of European banking establishments, including those located outside the continent, should be subject to the rules. A public hearing on the matter, scheduled for 29 October in London, will likely be heated.
11/10/2010

September net outflows totalled EUR1.85bn

p { margin-bottom: 0.08in; } According to the Spanish Inverco association, assets in Spanish securities funds as of 30 September totalled EUR145.885bn, a decline of 0.9% in one month. Despite positive market effects, this represents a decline of EUR1.391bn, due to net redemptions of EUR1.847bn. September becomes the eleventh consecutive month of net outflows. Since September 2008, Spanish funds showed positive subscriptions only in August and October 2009.
11/10/2010

CQS shorts Sol Meliá

p { margin-bottom: 0.08in; } On 7 October, the hedge fund CQS (UK) LP, managed by the Australian Michael Hintze, announced to the CNMV that it has taken up a short position representing 1.361% of capital in the Spanish firm Sol Meliá.

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