17/06/2010
La réforme des retraites fait des impasses
L'équilibre de 2018 s'appuie sur des astuces comptables et des hypothèses ambitieuses
16/06/2010
L’âge légal de la retraite porté à 62 ans en 2018
Le gouvernement propose de repousser l'âge légal de la retraite en France à 62 ans en 2018 au lieu de 60 ans aujourd’hui au rythme de quatre mois par an pour ramener le régime par répartition à l'équilibre, selon un projet de réforme présenté ce mercredi matin par le ministre du Travail Eric Woerth.
16/06/2010
Good results for EFA in 2009
The fund administration specialist EFA (European Fund Administration) last year posted earnings of EUR63m, a 2.5% increase year on year, while pre-tax profits totalled EUR5.1m. As of 31 December 2009, EFA administered a total of EUR83.2bn in net assets, in 2,450 funds, on behalf of 226 clients. “A 13.6% increase in the number of clients is a sign of good progress in the sales of EFA services and the EFA brand, the firm says in a statement. In addition to significant amounts of business from clients of shareholder banks, earnings generated by direct EFA clients are up 15%. As of the end of 2009, these repersented 29% of earnings and 41% of the total number of clients. EFA is now working in collaboration with 86 depository banks and 8 prime brokers.
16/06/2010
Franklin Templeton only foreign firm in top ten for inflows
In January-April, Allianz Global Investors (AGI) was the German asset management firm whose net subscriptions were strongest, with nearly EUR4.9bn for its affiliate Pimco Europe, and EUR1.77bn in direct inflows, the Kommalpha agency reports. In second place is Deutsche Bank, whose ETF brand db x-trackers attracted EUR1.62bn, while the real estate management firm RREEF raised EUR1.07bn, and DWS Luxembourg drew EUR875m. At the top of the rankings, in addition to RREEFs, there are two other real estate fund managers: Union Investment Real Estate (with EUR990.2m) and Deka Immobilien (890,8m), while Universal-Investment, the Master-KAG specialist, in eighth place with EUR770.4m. The only foreign manager among the top ten by inflows in the first four months of the year is the Luxembourg management firm Franklin Templeton Investment Funds (FTIF), with EUR635m. In tenth place is Frankfurt Service KAG, with EUR623.5m.
16/06/2010
Harewood to join BNP Paribas IP
According to information obtained by Newsmanagers, Harewood Asset Management, a wholly-owned subsidiary of BNP Paribas, which currently operates as a part of the investment bank, will be merged into BNP Paribas Investment Partners, the asset management unit of the French banking group. More specifically, the Harewood team will be merged with Sigma (an acronym for structured, index-linked and multi-alpha generation), which includes structuring, index-based management, active guaranteed management, risk allocation, and multi-strategy overlay at BNP Paribas Asset Management. Sources familiar with the matter suggest to Newsmanagers that the new ensemble will be led by Gilles Guérin, who has left GDF Finance, where he was vice president. According to its website, Harewood AM, a specialist in systematic management, structured management and alternative management, had EUR4.2bn in assets under management as of 31 December 2009, of which 64% was managed on behalf of institutional investors, and 36% for distribution clients. The firm has 25 management professionals, according to the website. The Sigma team at BNP Paribas AM, for its part, has 67 specialists.
16/06/2010
ERAFP launches request for proposals for renewed equities mandates
The French pension fund for public sector employees Etablissement de retraite additionnelle de la fonction publique (ERAFP) has launched a restricted request for proposals for renewed financial management mandates for “mid- and large cap publicly traded equities in Euro zone businesses” and diversification of its asset allocation. The request for proposals is composed of four rounds (corresponding to four types of mandates, respectively): a round for small and midcap publicly-traded shares in Euro zone businesses, with index-based management, and three rounds of publicly-traded Euro zone mid and large caps, the first of which will involve index-based management, the second will use active benchmarked management, and the third will be unbenchmarked. The mandates will be for an initial three-year term, and may be renewed once, for a new three-year term. In keeping with the 100% SRI investment policy of the pension fund, the new mandates will integrate the SRI regime, adapted to each case.
16/06/2010
Musical chairs on HSBC board
A desire on the part of Caroline Brousse, CEO of HSBC Global Asset Management Europe and director of asset management at HSBC France to advance her career, while remaining within the group, and the decision of Pierre Séquier, CEO and director of research and management activities at Sinopia, to continue his career outside the HSBC group, are the cause of a redistribution of responsibilities on the HSBC board. Laurent Tignard, currently CEO of Halbis Capital Management (France), will succeed Brousse. He becomes director of asset manaegement for France, and joins the executive baord of HSBC France, while Guillaume Rabault, deputy CEO of Halbis Capital Management (France), is appointed CEO of Halbis Capital Management (France). Philippe Giomard, CEO of HSBC Global Asset Management (France) replaces Séquier as CEO of Sinopia, and will retain his current responsibilities. Jean-Charles Bertrand, head of bond and absolute return management, is appointed director of research and management activities at Sinopia. Bertrand will be assisted by Jean-François Schmitt, deputy director of research and management activities, in addition to his role as CEO of Sinopia Asset Management (UK), a statement from the bank says. Pending the approval of the regulatory authorities, the appointments will take effect on 7 June for Sinopia, and 30 June for the profession in France. Brousse will retain responsibility for HSBC Global Asset Management Europe until 1 September 2010.
16/06/2010
Marc Renaud (Mandarine Gestion): “Thank you, Edouard Carmignac!”
In an interview with Das Investment, Marc Renaud says that he has thanked Edouard Carmignac for opening up a new front which has benefited all boutiques, in the highly rigid and bank-dominated world of distribution. The founder of Mandarine Gestion says that he can only hope that Carmignac’s success will continue, as major errors in decision-making would work against all small boutiques. When asked if his investment method designed for a European framework can be extrapolated and used globally, including in emerging markets, Renaud replies in the affirmative, but emphasizes that it must be placed in the hands of another manager: for 20 years, he has been working with European businesses, and it would not be judicious to enlarge its spectrum. He does not feel qualified to evaluate political and fiscal situations in Brazil or China. However, the businesses of the Stoxx 50 do earn at least 45% of their revenues and profits outside Europe. Renaud can easily envision a time when there is a global equities product in the Mandarine range, but the firm would need a real expert for that universe.
16/06/2010
Brown Advisory teams up with Alfi Partners to develop in French-speaking Europe
The US-based independent asset management firm Brown Advisory announced on 15 June that it has formed a strategic alliance with ALFI Partners, to develop its product range in French-speaking Europe. “The partnership is a sign of the desire of Brown Advisory to increase sales of its UCITS III US equities fund to professional and qualified investors,” says a statement. Since its creation in 1993 as a part of the Alex Brown & Son group (the first US investment bank, founded in 1800 in Baltimore), Brown Advisory specialises in the area of US equities and fixed income, and has grown. The firm manages over USD18bn. Following the opening of its London office in 2008, assets under management for professional clients outside the USA have already reached USD1bn. This development has come via a UCITS III Sicav (founded in 2006) registered in Dublin, and management mandates. ALFI Partners, founded in 2004, is one of the largest third-party marketers in continental Europe, specialised in representing and distributing products to professional investors, from a limited number of top-performing management firms. More than EUR2bn have been invested in funds represented by ALFI Partners since 2005.
16/06/2010
Jupiter AM shares priced low
Jupiter Asset Management will on Wednesday announce that shares in its London listing have been sold near the bottom of the price range, says the Financial Times. The final price for the new shares was fixed at 165p, people close to the listing said. The fund manager had hoped to sell the shares for as much as 210p each, with a 150p lower limit.
16/06/2010
Barings recruits executive from Schroders
Andrew Benton, who gad been head of UK institutional sales at Schroders since 2005, has joined Baring Asset Management in London as head of UK & international institutional sales and business development, in which position he will report to George Harvey, head of sales, business development & client service. He will be in charge of all institutional sales activities based in London, which represent GBP18bn in assets.
16/06/2010
RWC Partners recruits a head from JP Morgan AM
RWC Partners has recruited John Bennett as head of intermediated sales in the UK. Bennett previously worked at JP Morgan Asset Management, where he spent 15 years, initially in distribution to independent financial advisers (IFA).
16/06/2010
Euronext lists three more Amundi ETFs
On Tuesday, NYSE Euronext announced that its ETF segment now lists 533 listings for 485 ETFs, replicating 300 indices, after the introduction of three new products from Amundi. Since the beginning of the year, 36 ETFs have been admitted to trading. The three French-registered products are the Amundi ETF S&P 500 (FR0010892224) with a TER of 0.15%, Nasdaq 100 (FR0010892216), with a TER of 0.23%, and FTSE MIB (FR0010892208), with a TER of 0.18%.
16/06/2010
ALPS launches an ETF
The N1-A form to the SEC for the new Alerian MLP ETF does not yet state the fees the fund will charge, but it does state that the new product from ALPS Advisors will have Arrow Investment Advisors as its sub-advisor. The ETF will aim to replicate the Alerian MLP Infrastructure Index, in which MLP stands for Master Limited Partnership. The index tracks the global performance of US MLPs in the areas of energy infrastructure, and the fund will invest at least 90% of its assets, in normal market conditions, in shares of the index.
16/06/2010
Italy would do well to consider SGAM-CAAM type merger
Il Sole – 24 Ore raises questions about the future of the asset management industry in Italy, and considers the possibility of a merger similar to the recent French merger of SGAM and CAAM. A marriage of Pioneer, the asset management firm of the UniCredit group, and Eurizon Capital, from Intesa Sanpaolo, would be a wise move, or viewed as desirable by the Bank of Italy, which is calling on the one hand for a separation between production and distribution of asset management products, and on the other is seeking to control the destiny of Italian assets, the newspaper comments. For the moment, however, no moves in this direction appear to be forthcoming, although both of the Italian banking groups are planning to gradually disengage from asset management.
16/06/2010
Andbanc registers three funds in Spain
On 11 June, the CNMV registered the first three funds from the Andorran firm Andbanc in Spain. They are the Andbanc FCP Money Market, Diversified Equities and Bonds funds. Sales of the products will be handled by Banco Inversis.
16/06/2010
BBVA launches a guaranteed fund linked to performance of three large caps
BBVA Asset Management on 11 June registered the partially-guaranteed fund BBVA Destacados BP (ES0113279006), which was launched on 21 May, with the CNMV. The originally bond product will mature on 10 September 2013. Investors will recuperate 100% of their initial investment, or its net asset value as of 14 August 2010, minus the depreciation of the one of three large caps (Santander, Inditex, or Repsol) which has lost the most value. In any event, the payment will involve a total remuneration of 0% to 9.2% of the initial investment. The minimal rate guaranteed as of 10 September 2013 will range from a maximal loss of 1.65% and a maximal performance of 8.93%. Front-end fee and penalty for withdrawal are set at 5%, while management commission is 0.1% until August 2010, and 1.4% after that date. Depository banking commission (Banco Depositario BBVA) is 0.05%.
16/06/2010
East Capital closes its Russian real estate fund
East Capital has closed the East Capital Russian Property Fund. The fund was launched in July 2008 to invest in the fast growing commercial real-estate sector in Russian larger cities. Due to the subsequent financial crisis, East Capital’s team decided to stay out and wait until price fall would stabilize. In this post crisis environment, despite intensive efforts, it proved impossible to realize the initial investment strategy within a reasonable time frame. As a result, no investments were made. Acting in the best interests of its investors, East Capital has taken the decision to close the fund and to return capital to investors at this time.
16/06/2010
Hedge fund performance could turn down
Typical annual returns of hedge funds would drop to 10 per cent – or less – if funds became too defensive as the economic environment turned increasingly challenging, according to Byron Wien, the vice-chairman of Blackstone’s advisory group and former chief investment strategist at Pequot Capital. According to the Financial Times, he told the GAIM conference in Monaco: “The concept of hedge funds was to produce equity-like returns with bond-like volatility. The danger is we get bond-like returns with equity-like volatility.”
16/06/2010
investtor.de launches a fund with a portfolio determined by subscribers
Michael Thaler, son of the founder of the independent wealth management firm Top Vermögen AG, with the help of the management firm Axxion, has launched the Luxembourg fund Multi-Structure Investtor Aktien global. A sales license for Germany is expected next week. The product allows investors who have subscribed for at least 80 shares, or EUR4,000, to vote on the investtor.de platform to determine the composition of the portfolio of up to 40 positions (from a list of 200 global large caps), and on the weighting of each share and the exposure of the fund to equities, Die Welt reports. Subscription pledges for EUR1.2m have already been received from 30 investors. The fund is intended to earn a profit with volume of EUR10m or more. On Tuesday, its first day, the fund had 37 equities in its portfolio, with the largest weightings, in decreasing order, China Mobile, Deutsche Telekom and Bilfinger Berger.
16/06/2010
Skandia withdraws a mandate from Mirabaud and awards it to Old Mutual
On Tuesday, Skandia Investment Group (SIG) announced that it has selected Old Mutual Asset Managers UK (OMAM) to manage a mandate of GBP95m in UK equities, which was previously awarded to Mirabaud. The mandate will be managed by Richard Watts, who belongs to the UK small and midcaps team at OMAM. It will be used in several SIG funds, including the Diversified fund and the Spectrum range. Watts and his team have managed a portion of the Skandia UK Best Ideas fund since its launch; they have also recently been awarded a mandate from the Skandia Global Best Ideas Fund.
16/06/2010
Barings recrute chez Schroders
Andrew Benton, qui était head of UK institutional sales chez Schroders depuis 2005, vient de rejoindre Baring Asset Management à Londres comme head of UK & international institutional sales and business development sous les ordres de George Harvey, head of sales, business development & client service.Il sera ainsi responsible de toutes les activités de vente institutionnelle basées à Londres, qui représentent 18 milliards de livres d’encours.
Skandia confie à Old Mutual un mandat retiré à Mirabaud
Mardi, Skandia Investment Group (SIG) a annoncé avoir sélectionné Old Mutual Asset Managers UK (OMAM) pour gérer un mandat de 95 millions de livres en actions britanniques qui était auparavant confié à Mirabaud. Ce mandat sera géré par Richard Watts, qui fait partie de l'équipe petites et moyennes capitalisation britanniques d’OMAM. Il sera utilisé dans plusieurs fonds SIG, dont le Diversified fund et la gamme Spectrum.De fait, Richard Watts et son équipe gère depuis le lancement une poche du Skandia UK Best Ideas Fund ; ils ont aussi récemment obtenu un mandat au sein du Skandia Global Best Ideas Fund. Le Groupe Old Mutual est actionnaire de Skandia à 100 %.
16/06/2010
RWC Partners recrute chez JP Morgan AM
RWC Partners vient de recruter John Bennett en qualité de responsable des ventes intemédiées outre-Manche. John Bennett travaillait précédemment chez JP Morgan Asset Management où il est resté pendant une quinzaine d’années et où il s’occupait dans un premier temps de la distribution auprès des conseillers indépendants (IFA).
Chris Hohn (TCI) sur la défensive
En 2008, le hedge fund The Children’s Investment Fund (TCI) de Chris Hohn a perdu 43 % et il est resté dans le rouge en 2009 alors que les autres fonds alternatifs faisaient de bonnes affaires.A présent, Chris Hohn est sur la défensive pour une autre raison, souligne le Handelsblatt : selon un rapport officiel, TCI a transféré 500 millions de livres ces deux dernières années à la Children’s Investment Fund Foundation (CIFF), une organisation caritative qui s’occupe des enfants du Tiers-Monde. La CIFF a peut-être amassé 1,5 milliard de livres, mais les mêmes documents officiels montrent qu’elle n’a versé que 30,6 millions de livres à des projets d’assistance pour les 12 mois à fin août 2008 et même 17,9 millions pour les 12 mois à fin août 2009.L’un des administrateurs de la fondation, Gerry Elias, justifie la disproportion des sommes par le fait que la CIFF cherche à transposer des méthodes de l’entreprise au monde de l’aide au développement. Elle exige donc de chaque projet qu’elle soutient une efficacité sociale clairement mesurable, ce qui engloutit du temps et des ressources.
16/06/2010
Le prix de l’action Jupiter AM fixé à un faible niveau
Selon le Financial Times, qui cite des personnes proches du dossier, le prix des actions de Jupiter Asset Management, qui doit s’introduire en Bourse, a été fixé à 165 pence, ce qui correspond à la zone inférieure de la fourchette de prix (150-210 pence).
La performance des hedge funds pourrait chuter
Les rendements annuels des hedge funds pourraient tomber à 10 %, ou moins, si les fonds deviennent trop défensifs dans un contexte économique de plus en plus difficile, a déclaré Byron Wien, vice-président de Blackstone et ancien stratège de Pequot Capital, lors de la conférence du GAIM à Monaco. «Le concept des hedge funds était de dégager des rendements comparables à ceux des actions avec la volatilité des obligations. Le danger est que nous obtenions des rendements comparables à ceux des obligations avec une volatilité actions», a-t-il indiqué, selon le Financial Times.
ALPS lance un ETF
La déclaration «form N1-A» à la SEC concernant le nouveau Alerian MLP ETF ne comporte pas encore le taux de frais, mais il précise que ce nouveau produit d’ALPS Advisors aura Arrow Investment Advisors comme sub-advisor.L’ETF s’efforcera de répliquer l’Alerian MLP Infrastructure Index, MLP signifiant Master Limited Partnership. Cet indice suit la performance globale des MLP américaines dans le domaine des infrastructures énergétiques et le fonds investira en période normale au moins 90 % de ses encours dans les titres composant l’indice.
Mediolanum inclut trois gestionnaires supplémentaires dans son offre Best Brands
L’italien Banca Mediolanum a annoncé la conclusion récente de nouveaux partenariats avec DWS Investments (Deutsche Bank), Franklin Templeton Investments et Pimco (Allianz). Ces gestionnaires rejoignent dans l’architecture ouverte de Mediolanum les sociétés de gestion BlackRock, JPMorgan Asset Management et Morgan Stanley Investment Management.DWS Investments fournira un fonds de fonds actions «méga-tendances», le Mediolanum DWS MegaTrend Selection, tandis que Franklin Templeton contribuera à l’offre par un fonds de fonds diversifiés spécialiste des marchés émergents. Enfin, le produit spécifique créé par Pimco sera multi-classes d’actifs et de performance absolue, avec une forte proportion d’obligataire, «pour combattre le prochain futur ennemi de l'épargne, l’inflation».