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25/08/2010
Fonds

TPG va lancer un fonds en Chine

Selon l’Agefi, le fonds de private equity TPG Capital va ouvrir un véhicule en Chine et envisage pour cela de lever dans quelques mois 5 milliards de yuans (580 millions d’euros) avec l’aide du gouvernement du district de Pudong, à Shanghai. Ce fonds libellé en yuans, TPG China Partners, aura pour mission d’investir dans les secteurs de la consommation, la vente de détail, la santé et l’industrie financière en Chine. Il devrait se concentrer surtout sur les entreprises nationales de moyenne et de grande tailles. Depuis l’année dernière, la Chine a autorisé les fonds de private equity à investir avec moins de contraintes dans des entreprises locales, à condition d’avoir un partenaire du cru (entreprise ou gouvernement de province), précise le quotidien.
Fonds
25/08/2010

La fusion des banques Sumitomo Trust et Chuo Mitsui effective le 1er avril 2011

L’Agefi rapporte que les banques japonaises Sumitomo Trust et Chuo Mitsui ont dévoilé hier leur accord de fusion. Celle-ci, effective le 1er avril 2011, donnera naissance au plus grand trust bancaire japonais, avec 182 trillions de yens (1.705 milliards d’euros) d’actifs conservés et 64 trillions de yens (600 milliards d’euros) sous gestion. Le nouveau groupe qui compte, entre autres, étendre ses activités à l'étranger, notamment en Asie, se fixe pour objectif d’atteindre un bénéfice net de 220 milliards de yens (2,1 milliards d’euros) sur l’exercice 2015-2016, contre 125 milliards attendus (1,2 milliard d’euros) pour 2010-2011.
25/08/2010

Le bénéfice de GAM a progressé de 36% au premier semestre

GAM Holding SA a annoncé le 24 août une progression de 36% de son bénéfice au premier semestre à 106,3 millions de francs suisses, contre 78,1 millions un an plus tôt sur une base pro forma. Les résultats de l’an dernier sont donnés sur base pro forma et corrigés de l’entrée en Bourse de la filiale américaine Artio, de la reprise d’Augustus Asset Managers et des autres éléments exceptionnelsLe groupe a enregistré une collecte nette de 5,6 milliards de francs contre une décollecte de 1,6 milliard un an plus tôt. L’afflux d’argent frais a été de 3,6 milliards pour la division GAM contre -5 milliards précédemment et de 7,4 milliards pour Swiss & Global contre 3,7 milliards précédemment. Les actifs sous gestion s’élevaient à 116,6 milliards de francs suisses à fin juin, en progression de 11% sur un an et de 3% par rapport à fin décembre 2009. GAM annonce également le lancement d’un nouveau programme de rachat d’actions, jusqu’à concurrence de 10% du capital d’ici à deux ans. Ce programme complète les intentions de GAM en matière de dividende. Le groupe prévoit en effet de reverser 50% du bénéfice aux actionnaires sous forme de dividende, a rappelé Johannes de Gier, président du conseil d’administration et directeur général, cité dans le communiqué.
25/08/2010
Fonds

Une caisse de pension sur deux en perte

Depuis début 2010, la moitié des caisses de pension suisses a enregistré des pertes, indique une estimation publiée lundi par l’association faîtière (ASIP), sur la base de 68 institutions de prévoyance et des actifs totaux de 164 milliards de francs suisses. Les caisses souffrent en particulier du recul des marchés actions, qui comptent dans l’ensemble pour 26,5% des encours sous gestion, précise Le Temps. Le rendement «médian au premier semestre 2010 est de 0,0%», selon l’association.
Fonds
25/08/2010
Fonds

Pictet peaufine son image "verte"

Philippe de Weck, qui gère déjà le fonds Clean Energy de Pictet, sera chargé de gérer le fonds Environmental Megatrend Selection (lire notre dépêche du 29 juillet). Ce produit utilisera la possibilité du pooling offerte par le droit luxembourgeois pour investir dans les quatre fonds «verts» du gestionnaire helvétique, le Water (2,32 milliards d’euros), le Clean Energy (484 millions), le Timber (84 millions) et l’Agriculture (122 millions). Il affichera ainsi entre 200 et 240 lignes.Ces thématiques sont les mêmes que celles du fonds qui sera géré de manière beaucoup plus active (60 lignes) par Arnaud Bisschop (gérant du Pictet Water depuis 19 mois) pour le compte d’Union Financière de France sous le nom d’UFF Capital Planète (lire notre dépêche du 27 juillet).
Fonds
25/08/2010

Hyposwiss lance sa première campagne de publicité

Selon L’Agefi suisse, la banque privée Hyposwiss a lancé hier sa première campagne de publicité qui semble ironiser sur le slogan «You & Us» d’UBS. Son message ,"It will never be about you and us. It will always be about your money», suggère le quotidien, pourrait être interprété comme une attaque frontale contre UBS et un détournement du slogan de sa précédente campagne «You & us»."On peut aussi le lire ainsi, mais ce n’est pas une attaque contre UBS», confie Declan McAdams, CEO d’Hyposwiss, à Genève. «Cette campagne est le résultat d’une analyse approfondie avec nos clients et nos collaborateurs à l’interne, confie-t-il. Nous voulons nous démarquer des grandes banques, et notre objectif est de mettre en avant ce qui est important pour les clients de manière assez directe et simple. Il est temps d’insister un peu plus sur la gestion de l’argent du client et un peu moins sur l’aspect relationnel».
25/08/2010

Sarasin va s'installer au Bahreïn

La Banque centrale du royaume de Bahreïn a délivré une licence de société d’investissement de catégorie 2 à Sarasin-Alpen (Bahrain) BSC. Cet agrément permet à la nouvelle entité, filiale de la banque Sarasin et d’Alpen-Capital, de proposer des prestations de conseil à la clientèle privée aisée.
25/08/2010

Lyxor aurait fait une grosse prise chez iShares

Mardi, pour cause de congés des personnes habilitées, Lyxor Asset Management n’a pas été en mesure de confirmer à Newsmanagers l’information évoquée dans certains médias britanniques selon laquelle le gestionnaire aurait recruté Nizam Hamid, head of sales strategy de iShares Europe depuis novembre 2008. L’impétrant reprendrait la responsabilité des ventes globales d’ETF que Dan Draper a quittées pour rejoindre Credit Suisse (lire notre article du 9 février) et qui avaient été provisoirement reprises par Isabelle Bourcier. Apparemment, cette dernière conserverait son rôle de responsable Monde ETF chez Lyxor AM, dans le cadre de ses fonctions de head of marketing & sales pour les produits cotés chez Société Générale.
25/08/2010

Threadneedle se renforce en Asie

La société de gestion britannique Threadneedle renforce ses équipes en Asie du Sud-Est et à Taiwan, selon Asian Investor. Le groupe recherche actuellement un responsable de la clientèle institutionnelle en Asie du Nord et envisage d’installer une équipe de recherche à Singapour début 2011.Dans l’immédiat, Sandra Cheng, précédemment à la Deutsche Bank, rejoint Threadneedle en septembre en qualité de responsable des institutions pour l’Asie du Sud-Est. Sheila Tan, précédemment à Hong Kong, va prendre la responsabilité des activités à Taiwan où Threadneedle entend se développer auprès de la clientèle institutionnelle. La société de gestion est également en discussions avec différents partenaires financiers en Corée du Sud.Threadneedle travaille par ailleurs à l’élaboration de nouveaux produits, y compris des fonds en renminbi.
25/08/2010

Russell pousse les feux de sa plate-forme spécialisée OpenWorld en Asie

Selon Asian Investor, Russell Investments est de plus en plus présent sur le marché asiatique des services à la clientèle fortunée.Russell propose depuis le premier trimestre 2010 sa plate-forme de fonds dédiés OpenWorld aux banques privées de la région, aux family offices ou encore aux particuliers fortunés. Lancée sur le marché européen à l’automne 2008, cette plate-forme propose dix-huit grandes stratégies d’investissement, chacune pilotée par un seul gérant. Elle gère actuellement 450 millions de dollars à travers le monde.
25/08/2010

Strategic Investments Group choisit State Street

State Street Corporation a annoncé avoir été sélectionné par le groupe Strategic Investments Group (SIG) pour fournir des services d’investissements et d’administration de fonds à son nouveau produit UCITS, Strategic Active Trading Funds, lancé en mai dernier et totalisant 250 millions de dollars d’actifs.
25/08/2010

Oaktree débarque en Espagne

Bien qu’il soit déjà, avec 24 %, le plus gros actionnaire individuel de Campofrío depuis la fusion de ce dernier avec Smithfield, et aussi le premier créancier de Panrico, dont il détient 20 % de la dette, le gestionnaire alternatif américain Oaktree Capital n’avait pas encore de présence stable en Espagne. Désormais, rapporte Expansión, il s’installe à demeure et vient de recruter Carlos Gila, patron de la société de conseil Gila & Co et ancien vice-président de La Seda de Barcelona.
25/08/2010

Olivier Allard nommé responsable mondial des institutions financières et du secteur public chez Natixis

Natixis a annoncé le 24 août la nomination d’Olivier Allard en qualité de responsable mondial des institutions financières et du secteur public au sein de la Banque de Financement et d’Investissement de Natixis. Rattaché à la direction des Relations entreprises et institutionnels, il aura la responsabilité des relations commerciales globales de la banque avec l’ensemble de ses clients appartenant à la sphère financière ou à la sphère publique, avec des équipes de senior bankers et de relationship managers basées à Paris et à l’international.Olivier Allard était depuis l’an dernier adjoint du responsable mondial des institutions financières et du secteur public chez Natixis.
25/08/2010

Sarasin sets up shop in Bahrain

The central bank of the kingdom of Bahrain has issued a category 2 investment company license to Sarasin-Alpen (Bahrain) BSC. The license allows the new entity, an affiliate of Sarasin bank and Alpen-Capital, to offer advising services to high net worth private clients.
25/08/2010

Pictet offers new “green” product

Philippe de Weck, who is already manager of the Pictet Clean Energy fund, will be appointed as manager of the Environmental Megatrend Selection fund (see Newsmanagers of 29 July). The product will take advantage of the pooling scheme offered by Luxembourg law to invest in four “green” in-house funds: Water (EUR2.32bn), Clean Energy (EUR484m), Timber (EUR84m) and Agriculture (EUR122m). It will have 200 to 240 positions overall. The themes are the same as those of the fund which is already much more actively managed (60 positions) by Arnaud Bisschop (manager of the Pictet Water fund for the past 19 months), on behalf of Union Financière de France, and entitled UFF Capital Planète (see Newsmanagers of 27 July).
25/08/2010

Rick Rieder becomes CIO for fixed income, fundamental portfolios at BlackRock

As chairman and CEO Laurence Fink announced at a presentation of first quarter results for BlackRock (see Newsmanagers of 22 April), Rick Rieder has been appointed as chief investment officer of fixed income, fundamental portfolios. He will report to Peter Fisher, who remains as head of fixed income at BlackRock, and replaces Curtis Arledge, who becomes CEO of BNY Mellon Asset Management. Previously, Rieder was opresident and CEO of the hedge fund R3 Capital partners, which BlackRock took over in April 2009.
25/08/2010

Skandia replaces manager of its health fund

Skandia Investment Group (SIG) has selected OrbiMed Capital to manage the Skandia Healthcare Fund. It replaces Carnegie Asset Management, which has been managing the fund since inception in April 2006.As part of the mandate, OrbiMed will manage the Skandia Healthcare Fund on an exclusive basis subject to certain conditions for at least the next three years. OrbiMed is a specialist healthcare and life sciences investment boutique with over USD4bn of assets under management. The firm’s 40-person investment team, one of the largest in the sector, includes over a dozen former medical doctors and scientists.
25/08/2010

Leading real estate fund managers widen gap with rivals

In the twelve months to the end of June, German open-ended real estate funds have posted net subscriptions of EUR2.1bn, which makes it the third largest category for net inflows, after diversified and bond funds.The four largest real estate fund managers are Union Investment Real Estate (co-operative banks) with 18.4% of the market, Deka Immobilien (savings banks) with 15.6%, Commerz Real Investmentgessellschaft (CRI, Commerzbank group) with 12.8%, and SEB Investment (8%). On a closer inspection of the figures, however, the Kommalpha consultancy notes, it appears that net subscriptions to the top four actors in the sector totalled EUR4.4bn. The combined assets of the four leaders increased in the period by EUR4bn (to EUR48bn), to total 54.7% of total assets in the sector, compared with about 50% one year earlier. This means, in other words, that the other 14 actors must share 45.3% of the management market.In first half 2010, the gap widened between the top four and the rest of the pack: the top four posted combined net subscriptions of about EUR1.7bn, or about 80% of all net inflows. This result is all the more significant as CRI has posted net outflows.
25/08/2010

Crisis is over for fund of fund market

As of the end of 2009, assets in funds of funds licensed for sale in Germany were up 15% year on year, to EUR52.6bn (compared with EUR44.9bn as of 31/12/2008), bringing asset levels back to virtually their levels at the end of 2007 (EUR53bn), according to a survey by Fidelity International in cooperation with Morningstar. The trend towards open architecture is continuing, as funds which also invest in external funds of funds represent 63% of total assets, compared with 62% as of the end of 2008, and 56% at the end of 2007. The increase in assets in these “open” funds totalled 17%, compared with 12% for house funds. The top three actors on the German fund of fund market remain Deka (EUR15.8bn, compared with EUR13.93bn as of the end of 2008, for a market share of 28.9%, compared with 30.5%), followed by DWS, with more than EUR5.14bn, compared with EUR4.26bn, and Union Investment, with EUR3.26bn, compared with EUR2.92bn. DWS has seen an increase in its market share to 9.8% from 9.2%, as has Union, whose market share is up to 8.2%, from 7.9%. Axa (EUR1.24bn) is up to 2.4% market share from 2.3%. The study also finds that Deka remains the top provider of target funds, with EUR8.5bn, which is largely explained by the fact that the management firm for the German savings banks largely invests in its own funds. The second largest is BlackRock, with EUR4bn, due to its acquisition of Barclays Global Investors (and of the ETF funds of the iShares brand). Fidelity notes that db x-trackers, the ETF specialist from Deutsche Bank, posted a 31% increase last year in assets used by its funds of funds, to EUR1.5bn, putting it in sixth place.
25/08/2010

Strategic Investments Group selects State Street

State Street Corporation has announced that it has been selected by the Strategic Investments Group (SIG) to provide investment and fund administration services to its new UCITS product, Strategic Active Trading Funds, launched last May, which has a total of USD250m in assets.
25/08/2010

Lyxor reported to have poached a top head from iShares

On Tuesday, due to the relevant authorized persons being on holiday, Lyxor Asset Management was not able to confirm to Newsmanagers reports in several British media sources that the asset manager has recruited Nizam Hamid, head of sales strategy at iShares Europe since November 2008. Hamid would take over responsibility for global ETF sales, which Dan Draper left behind to join Credit Suisse (see Newsmanagers of 9 February), and which were taken over for the interim by Isabelle Bourcier. Apparently, Bourcier will retain her role as global head of ETFs at Lyxor AM, as part of her responsibilities as head of marketing & sales for listed products at Société Générale.
25/08/2010

Oaktree opens Spanish office

Though with 24%, it is already the largest individual shareholder in Campofrío since its merger with Smithfield, and also the largest lender to Panrico, of whose debt it controls 20%, the U.S. hedge fund firm Oaktree Capital did not yet have a stable presence in Spain. Now, Expansión reports, the firm is setting up shop there, and has recently recruited Carlos Gila, head of the consulting firm Gila & Co and former vice president of La Seda de Barcelona.
25/08/2010

BlackRock controls over 3% of Repsol

Expansión reports that the US management firm BlackRock has topped 3% of capital in Repsol, with a total stake of 3.023%, according to statistics from the CNMV. BlackRock thus owns more than 36.9 million shares in the Spanish oil company, which represents an investment at current share prices of EUR658m. In early June, BlackRock’s stake in Repsol was 2.979%.
25/08/2010

High net worth clients seek refuge in savings accounts

According to statistics from the CNMV, the Sicav funds of the fifteen most wealthy Spanish families (Amancio Ortega, Alicia Koplowitz, Rosalía Mera, the Polanco family, the Del Pino family, Ram Bhavnani, and others) were 16.11% invested as of the end of June in bank savings accounts, compared with 6.3% as of the end of 2009, and only 0.98% in 2001, Expansión reports. The high net worth investors see these passive products as a means to obtain good returns without being exposed to the turbulence of the markets. Morinvest (Alicia Koplowitz) had EUR124.93m in investments in bank savings accounts as of the end of June, equivalent to 28.36% of its assets. Keblar (Amancio Ortega) had EUR39.59m in bank savings accounts, equivalent to 26.84% of its total assets. In terms of products, the favourites of the high net worth segment are Banesto and La Caixa.
25/08/2010

Ireland facilitates foreign investment in its funds

The Irish Finance Act 2010 includes a clause which exempts non-resident investors from making a tax declaration for investments in Irish-registered funds, as they are not liable to pay taxes on these investments anyway. The Irish tax authorities considers it more worthwhile to concentrate its attention on the small number of Irish residents investing in these funds, who are subject to tax on their investments.
25/08/2010

Hyposwiss launches its first advertising campaign

Agefi Switzerland reports that the private bank Hyposwiss yesterday kicked off its first advertising campaign, which appears to mock UBS’ slogan “You & Us.” Its message, “It will never be about you and us. It will always be about your money,” the newspaper suggests, may be interpreted as a frontal attack on UBS and on its former advertising slogan. “It could be read that way, but it is not an attack on UBS,” says Declan McAdams, CEO of Hyposwiss, in Geneva. “This campaign is the result of a deep analysis of our clients and our partners internally,” he says. “We want to stand out from the major banks, and our objective is to foreground what is important for clients directly and simply. It is time to insist a little more on management of the client’s money, and less on the relationship aspect.”
25/08/2010

Profits at GAM up 36% in first half

GAM Holding SA on 24 August announced an increase of 36% in its profits for first half, to CHF106.3m, from CHF78.1m one year earlier on a pro forma basis. Last year’s results are given on a pro forma basis and corrected for the IPO of the firm’s US affiliate Artio, its takeover of Augustus Asset Managers, and other one-time elements. The group has posted a net inflow of CHF5.6bn, compared with outflows of CHF1.6bn one year earlier. Inflows of new money totalled CHF3.6bn for the GAM division, compared with -CHF5bn previously, and CHF7.4bn for Swiss & Global, compared with CHF3.7bn previously. Assets under management totalled CHF116.6bn as of the end of June, up 11% year on year, and up 3% compared with the end of December 2009. GAM has also announced the launch of a new share buyback program, which will extend to up to 10% of capital in two years. The program fulfils GAM’s intentions in terms of dividends, as the group is planning to give back 50% of profits to shareholders in the form of dividends, says Johannes de Gier, chairman of the board of directors and CEO, cited in a statement.
25/08/2010

Russell makes big inroads with specialised OpenWorld platform in Asia

Asian Investor reports that Russell Investments has a growing presence on the Asian high net worth client services market. Since first quarter 2010, Russell has been offering its dedicated fund platform OpenWorld to private banks in the region, as well as to family offices and high net worth private clients. The platform, launched on the European market in autumn 2008, offers 18 major investment strategies, each of them managed by a single manager. It currently manages USD450m worldwide.
25/08/2010

Threadneedle builds presence in Asia

The British management firm Threadneedle is scaling up its teams in South-East Asia and Taiwan, Asian Investor reports. The group is currently seeking a head of institutional clients for North Asia, and is planning to set up a research team in Singapore in early 2011. In the short term, Sandra Cheng, previously of Deutsche Bank, joins Threadneedle in September as head of institutions for South-East Asia. Sheila Tan, previously based in Hong Kong, will take over as head of activities in Taiwan, where Threadneedle is planning to develop its presence in the institutional client segment. Threadneedle is also in talks with various financial partners in South Korea. Threadneedle is also working to develop new products, including funds denominated in Chinese renminbi.
25/08/2010

Tax guidelines for Islamic finance published

Les Echos reports that fiscal instructions which aim to make Paris a hub for Islamic finance in continental Europe were published on 24 August by the French government. The instructions cover “sukuk” operations (issuing securities representing cooperative ownership of a tangible asset or the proceeds of the asset), “murabaha” (when the issuer acts as an intermediary: a vendor sells an assets to an Islamic financial actor, who resells them to an investor for a price payable at some time in the future), “ijara” (a type of rental, in which the investor buys equipment and rents it to a business), and “istisna’a” (a contract by which one party asks another party to build a project in exchange for payment, which is guaranteed when construction is complete).

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