Nouveau gérant pour le Allianz RCM Bonus Barriere
Depuis le 2 août 2010, un nouveau gérant pilote le fonds Allianz RCM Bonus Barriere, indique Fondsweb. A la place de Jens Deidersen, c’est maintenant Thomas Guth qui gère le portefeuille.
DWS ne vend plus au public son DWS Gold plus
DWS cesse de commercialiser au public allemand son fonds DWS Gold plus au premier septembre, rapporte Das Investment. Le fonds sera disponible uniquement en placement privé. Les investisseurs souhaitant acheter ou vendre des parts du fonds doivent se connecter sur le site sécurisé www.dws.de/goldplus à partir de cette date.
13/08/2010
Madoff liquidator moves to call a former Pioneer employee to testify
The lawyer Mark Hirshfield has submitted a request to a New York court to question a former employee of Pioneer (UniCredit group) as a witness in the Bernard Madoff case, Il Sole – 24 Ore reports, adding that the request was made on behalf of the court-appointed liquidator Irving Picard. The goal is ot understand the role which Pioneer and other third-party investors might have played in the case, Bloomberg reports. The management firm of the UniCredit group managed the assets of the Primeo and AllWeather funds, which in turn had invested in other funds managed by Bernard Madoff Investment Securities. Pioneer is thought to have invested about EUR800m overall in funds which replicated Madoff’s strategy.
13/08/2010
Och-Ziff had a hand in Lehman rumours
Och-Ziff Capital Management, one of the world’s largest hedge funds, participated in spreading false rumors that helped bring down Lehman Brothers Holdings, according to allegations filed in court papers in a bankruptcy court. The hedge fund «likely disseminated and/or was the recipient» of a rumor that Lehman had spun off debt to two Lehman-controlled hedge funds to reduce the investment bank’s leverage, says the Wall Street Journal.
13/08/2010
Wall Street bonuses on the rise
Bonuses paid to Wall Street employees are set to increase this year, according to a study by Johnson Associates cited by Agefi. The largest increases will be for equities asset management teams (+15%), high net worth (+10% to 15%), and prime brokerage (+5% to 10%). However, bonuses in fixed income are likely to fall by 5% to 15%.
13/08/2010
Heavy outflows from money market funds
In June, money market funds in Europe saw net redemptions at EUR30bn, according to Lipper FMI. It was one of the worst monthly totals on record, with France accounting for a whopping EUR23bn. June’s redemptions were the worst on France’s record, indicating a rapidly growing dissatisfaction with the low returns of these funds, says Lipper.Total sales were in the red (-EUR14bn). But with money market funds stripped out, the picture looked rosier with long-term sales rebounding from last month’s -EUR4bn to a far healthier EUR16bn in June. Most asset classes saw sales improve compared to May. Equity fund sales were positive, albeit low, at EUR1.2bn. In the first half of the year, total net sales stood at EUR52bn, a figure that lagged the same period in 2009 by EUR20bn. But with liquidity outflows close to EUR100bn, longterm sales rose to an incredible EUR144bn.
13/08/2010
Lyxor Hedge Fund index up in July
The Lyxor Hedge Fund Index posted gains of 0.70% in July. From the beginning of the year to 30 July, the index has gained 0.79%. For the month, the best-performing alternative strategies were: Fixed Income Arbitrage Index (2.91%), L/S Equity Long Bias Index (2.16%) and Special Situations Index (+1.62%). The worst-performing strategies were: L/S Equity Short Bias Index (-6.07%) and CTAs Long Term Index (-1.35%).
13/08/2010
Funds of Newcits hold onto cash
A majority of UCITS-compliant funds of hedge funds (61%) report that they have a structural cash allocation, according to a survey by KdK Asset Management covering 40 managers of funds of hedge funds. 28% of respondents say that the cash allocation is over 8%. Some managers hold on to cash in order to be able to take advantage of short-term opportunities as they arise, KdK AM reports, expressing some surprise at the results. However, other funds retain liquidity in order to meet potential redemption demands form investors, as they estimate that their portfolio of underlying funds is not sufficiently liquid. This is a surprising attitude given the fact that one of the advatnages UCITS funds are supposed to offer is precisely a higher level of liquidity. Regulations require that liquidity be at least bi-monthly. The study finds that 68% of UCITS funds of hedge funds offer weekly liquidity, while 32% offer daily liquidity.
13/08/2010
Highest inflows for Carmignac in June
In a month of June which was marked by net redemptions of EUR14bn throughout Europe, Carmignac Gestion has stood out with net subscriptions of EUR3.2bn. The management firm is among those to have posted the strongest inflows for the month in all asset classes, Lipper FMI reports. In equities, the management firm with the largest inflows was Fidelity, with EUR1bn. But the best fund was Carmignac Investissement, which took in EUR537m. In the area of bonds, Allianz/Pimco and Franklin Templeton were the top firms for inflows.
13/08/2010
Record subscriptions for British funds of funds
Net retail sales of funds of funds in the UK totalled GBP2.3 billion in the second quarter of 2010 - the highest ever quarter, double both the previous quarter and quarter 2 last year, according to the Investment Management Association. New fund of fund offerings contributed significantly to this figure. Funds under management for funds of funds remained at the record level seen in the previous quarter, with GBP46.3 billion at the end of the second quarter, up 40% on quarter 2 last year. The balanced asset class accounts for the highest proportion (60%) of total funds under management for funds of funds, down from 62% in the previous quarter and 63% a year ago. The majority of funds of funds money continues to be invested in the funds run by other firms (external), 58% of funds under management and 78% of net sales in quarter 2 2010. Separately, net retail sales of ethical funds totalled GBP98 million in quarter 2 2010. This is well above the average of the past four quarters and the highest sales figure since quarter 4 2007. Ethical funds under management totalled GBP5.6 billion at the end of the second quarter, down 5% on the previous quarter, but 22% up on quarter 2 last year.
13/08/2010
RWC Partners to launch three funds
RWC Partners is poised to unveil a trio of funds for star recruits Nick Purves and Ian Lance, including a covered call strategy similar to the managers’ former Schroder Income Maximiser vehicle, says Investment Week.
13/08/2010
Inflows continue at M&G
Net new business at M&G, Prudential’s UK and European fund manager, for the first half of 2010 remained strong at GBP4.7 billion. «This was in line with net inflows for the same period last year, once the single institutional fixed income mandate of GBP4 billion is excluded from the comparator figure,» says Prudential.Net flows in the Retail Business in the UK and Europe, including South Africa, totalled GBP3.4 billion for the first six months of the year. «Although this was lower than the GBP4.1 billion gathered during the same period in 2009, it is far higher than we anticipated at the start of the year,» says Prudential. The Institutional Business also attracted new business with net inflows at GBP1.3 billion for the first half of 2010. This compares with net inflows of GBP4.6 billion for the same period last year, although this was flattered by a single fixed income mandate for GBP4 billion. M&G’s total funds under management at 30 June 2010 were GBP178.5 billion, up two per cent on the 2009 year-end and up 19 per cent on the first half of 2009. Total external funds under management at 30 June 2010 were GBP75.7 billion, a rise of eight per cent since the start of the year and of 35 per cent compared with 30 June 2009. Profits at the operating level for the first half rose to GBP122 million, a 63 per cent increase compared with the same period in 2009.
Hausse de l'indice Lyxor Hedge Fund en juillet
L’indice “Lyxor Hedge Fund Index” a enregistré une hausse de 0,70% en juillet. Depuis le début de l’année au 30 juillet, l’indice gagne 0,79% depuis le début de l’année.Sur le mois, les stratégies alternatives qui ont le mieux performé sont : la stratégie Fixed Income Arbitrage Index (2,91%), la stratégie L/S Equity Long Bias Index (2,16%) et la stratégie Lyxor Special Situations Index (+1,62%). A contrario, celles qui se sont le moins bien comporté sont la stratégie L/S Equity Short Bias Index (-6;07 %) et la CTAs Long Term Index (-1,35 %).
Les investisseurs reviennent sur les hedge funds
Les encours des hedge funds ont augmenté de 1,37 % en juillet à 2.249 milliards de dollars, après avoir reculé pendant deux mois. Les actifs ont été dopés par des souscriptions nettes de 9,3 milliards de dollars, indique le Wall Street Journal, citant HedgeFund.net.
RWC Partners va lancer trois fonds
RWC Partners est sur le point de lancer trois fonds pour ses nouvelles recrues star Nick Purves et Ian Lance, rapporte Investment Week. Ces trois produits incluront une stratégie de «covered call» simialire à celle du Schroder Income Maximiser que pilotaient les deux gérants.
Souscriptions record pour les fonds de fonds britanniques
Les fonds de fonds dédiés aux particuliers au Royaume-Uni ont enregistré des souscriptions nettes de 2,3 milliards de livres au deuxième trimestre 2010, soit un montant jamais atteint, selon l’Investment Management Association. Les lancements de fonds ont largement contribué à ce résultat.Les encours des fonds de fonds sont ainsi restés à un niveau record à 46,3 milliards de livres, soit une hausse de 40 % par rapport au deuxième trimestre 2009. Les fonds diversifiés représentent la part du lion de ce marché, avec 60 % des encours, même si la proportion a légèrement baissé. La majorité des fonds de fonds continue d'être investi dans des fonds gérés par d’autres sociétés (58 % des encours). Par ailleurs, les fonds éthiques retail ont enregistré des souscriptions nettes de 98 millions de livres au deuxième trimestre, ce qui est bien supérieur à la moyenne des récents trimestres, souligne l’IMA. Leurs encours ressortent à 5,6 milliards de livres, en baisse de 5 % sur le trimestre précédent, et en hausse de 22 % sur un an.
13/08/2010
M&G continue de collecter
Au premier semestre 2010, M&G, la société de gestion du groupe Prudential, a enregistré des souscriptions nettes de 4,7 milliards de livres. L’an passé, à la même période, la collecte s'était certes élevée à 8,6 milliards de livres, mais elle incluait un mandat obligataire de 4 milliards, souligne Prudential.Les souscriptions ont été dopées par l’activité dédiée aux particuliers aux Royaume-Uni et en Europe, qui a engrangé 3,4 milliards de livres. «Même si cela est inférieur aux 4,1 milliards de livres que nous avions enregistrés sur la période correspondante de 2009, c’est bien plus élevé que ce que nous anticipions au début de l’année (…). Les flux aux fonds retail sont restés à un niveau exceptionnels et sont maintenant répartis sur une gamme plus large de fonds», précise Prudential. L’activité institutionnelle a de son côté attiré 1,3 milliard de livres, contre 4,6 milliard l’an passé. Au total, les encours sous gestion de M&G sont ressortis à 178,5 milliards de livres, soit une hausse de 2 % par rapport à la fin de 2009 et de 19 % par rapport au premier semestre 2009. Les fonds gérés hors du groupe s'établissent à 75,7 milliards, ce qui représente une augmentation de 8 % depuis le début de l’année et de 35 % par rapport au 30 juin 2009. Dans ce contexte, le bénéfice d’exploitation s’inscrit à 122 millions de livres, en hausse de 64 % sur un an.
Grosse hémorragie sur les fonds monétaires
En juin, les fonds monétaires en Europe ont accusé des rachats nets pour 30 milliards d’euros, l’un des plus mauvais scores mensuels, selon les dernières statistiques de Lipper FMI. La France a elle seule a représenté 23 milliards d’euros de sorties sur la catégorie, témoignant d’un mécontentement grandissant pour les faibles rendements de ces fonds, selon Lipper.Cette décollecte a pesé sur l’ensemble du secteur des fonds européens en juin, qui accuse au total des sorties nettes de 14 milliards d’euros. Si l’on enlève les fonds monétaires, la situation est un peu meilleure, puisque l’on parvient à un solde positif de 16 milliards d’euros, alors qu’il était négatif de 4 milliards en mai. La plupart des classes d’actifs ont connu une amélioration de leurs ventes par rapport à mai. Et les fonds actions ont enregistré des souscriptions nettes de 1,2 milliard d’euros. Depuis le début de l’année, les fonds en Europe, hors monétaire, ont enregistré des souscriptions nettes de 144 milliards d’euros, dont la moitié qui s’est dirigée vers des fonds obligataires. Les fonds monétaires, de leur côté, accusent des rachats nets de 92 milliards d’euros. Au total, sur le premier semestre, les fonds européens enregistrent des souscriptions nettes de 52 milliards d’euros.
13/08/2010
Carmignac collecte le plus en juin
Au cours d’un mois de juin marqué par des rachats nets de 14 milliards d’euros à l'échelle européennes, Carmignac Gestion s’est distinguée avec des souscriptions nettes de 3,2 milliards d’euros. La société de gestion de la Place Vendôme est celle qui a enregistré la plus forte collecte sur le mois, toutes classes d’actifs confondues, selon Lipper FMI.Côté actions, la société de gestion qui a eu les plus fortes rentrées d’argent est Fidelity, avec 1 milliard d’euros. Mais le meilleur fonds a été Carmignac Investissement, lequel a recueilli 537 millions d’euros. Dans le domaine obligataire, Allianz/Pimco et Franklin Templeton ont été les plus méritants.
Jabre va lancer un Ucits luxembourgeois
Selon Citywire, Jabre Capital Partners, la société de hedge funds de Philippe Jabre, va lancer lundi une version luxembourgeoise de son fonds actions Jabcap Global Balanced de droit irlandais. Ce fonds s’appellera Jabcap (Lux) Global Balanced.
13/08/2010
Les gestionnaires asiatiques sortent de leurs frontières
Les sociétés de gestion asiatiques commencent à s’internationaliser, analyse le Wall Street Journal. Par exemple, l’indien Reliance Capital Asset Management s’étend en Asie du Sud Est, au Moyen-Orient et au Royaume-Uni. Son compatriote Aditya Birla Sun Life Asset Management a récemment créé un bureau à Singapour. Les deux ciblent des Indiens basés à l’étranger. Plusieurs sociétés chinoises se sont installées à Hong-Kong. D’autres maisons asiatiques vont plus loin, comme le coréen Mirae Asset Global Investments, qui s’apprête à lancer des fonds aux Etats-Unis.
12/08/2010
La Salle crée une société de gestion immobilière
LaSalle prévoit la création d’une société spécialisée dans la gestion de fonds immobiliers destinés aux institutionnels (Immobilien-Spezialfonds). Baptisée LaSalle Vermögensverwaltungs GmbH, la société sera une filiale à 100 % LaSalle GmbH et sera basée à Munich.
12/08/2010
Eurekahedge index up in July
Hedge funds delivered strong positive results in July as the month saw rallies across most sectors and asset classes. The Eurekahedge Hedge Fund Index was up 1.42% for the month, bringing the year-to-date July returns to 1.17%. The MSCI World Index also posted strong gains of 5.65%, with its year-to-date July measure at -2.94%.All hedge fund strategy indices ended July in positive territory, with event driven and long/short equity managers posting the highest gains. The Eurekahedge Event Driven Hedge Fund Index was up 2.67% while the Eurekahedge Long/Short Equity Hedge Fund Index rose by 2.03% as global equity markets rallied. Distressed debt hedge funds advanced 7.63% July YTD and are the most attractive strategy for capital with USD8.7 billion of inflows YTD (15.67% growth). In terms of regional allocations, managers investing in emerging markets posted excellent returns, with the Asia ex-Japan hedge funds standing with the strongest performance. The Eurekahedge Asia ex-Japan Hedge Fund Index gained 3.56% in July as the predominance of long/short equity funds in the region saw the index capture most of the upside in trending equity markets. North American and European managers also delivered strong results for the month, gaining 1.54% and 1.51%, respectively.
12/08/2010
Fortress acquires retail subprime activities of AIG
American General Finance, the subprime retail lending affiliate of AIG, will be taken over by funds managed by Fortress Investment Group, Agefi reports. Fortress controls 80% of capital, while the remainder remains the property of AIG. According to sources cited by Bloomberg, Fortress is said to have paid about USD130m, a tiny fraction of assets estimated at USD20bn.
12/08/2010
Increase in assets at Invesco
Invesco Ltd.has reported July 31, 2010 assets under management of USD580.3 billion, an increase of 4.1% month over month. Net long-term flows were positive during the month and largely driven by AUM excluding ETF, UIT and Passive assets. AUM excluding ETF, UIT and Passive assets were USD497.9bn.
12/08/2010
Standard Life Investments scales up external activities
Assets under management at the British financial group Standard Life rose by GBP4.3bn to GBP143bn in first half. Of this total, assets under management for external clients reached a record GBP63bn, up from GBP56.9bn six months earlier. They now represent 44% of total assets. Subscriptions from outside the Standard Life Investments group, which recently announced plans to register its funds in France, increased 52% to GBP4.7bn.
12/08/2010
A streak of misfortunes at Man Group
Man Group has endured a run of bad news of late, says the Financial Times. The hedge fund manager is now facing accusations that AHL, its flagship fund, is “broken” following a period of poor performance. It has also experienced a number of staff departures and has seen its acquisition of GLG Partners criticised as too expensive. Man’s shares have fallen 31 per cent in 2010, making the company the subject of bid rumours.
12/08/2010
RBC GMA adds to London team
RBC Global Asset Management (RBC GAM), the asset management division of Royal Bank of Canada with CAD200bn of assets under management, has announced the latest hire to its London-based emerging markets equity team, headed by Phil Langham.Guido Giammattei has been appointed a portfolio manager on the RBC Emerging Markets Fund and will focus on the Latin American region. The RBC Emerging Markets Fund was launched in April 2010, following the establishment of the RBC GAM Emerging Markets Equity Team in January. Giammattei was previously at Rexiter Capital Management, where he was an equity analyst and then a portfolio manager focused on Latin American investments. He has also held positions at State Street and HSBC. “We look to continue enhancing our capabilities in Europe as part of our overall objective to bring high quality global debt and equity investment solutions to institutional and individual investors worldwide,” said Dominic Wallington, CEO and CIO of RBC Asset Management UK Ltd.
12/08/2010
Is Henderson interested in Gartmore?
The Daily Mail reports that rumours have been circulating that Gartmore, whose share price has been stagnating since its recent IPO, may be a potential acquisition target for another UK asset management firm. The British newspaper names Henderson as a potentially interested buyer.
12/08/2010
ING IM had outflows in first half
Assets under management at ING Investment Management (ING IM) increased to EUR 376 billion from EUR 362 billion at the end of the first quarter of 2010. The growth in assets was driven by a positive exchange rate impact of EUR 17 billion as the euro depreciated. Market movements had little impact because negative equity market movements were compensated by decreasing yields. Net flows for AuM were EUR -3.7 billion due to outflows in the retail and institutional client segments. On the institutional side, acquired mandates in the US could not make up for the mandates lost in Asia/Pacific. In the second quarter, the general account assets (proprietary) increased to 39% of total AuM, becoming the largest client segment. Assets managed for retail and institutional clients fell slightly to respectively 38% and 23% of total AuM. The operating result decreased 13.2%, or 19.5% excluding currency impacts, to EUR 33 million from EUR 38 million in the second quarter of 2009. The underlying result before tax increased from EUR 10 million in the second quarter of 2009 to EUR 41 million.