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30/06/2010

Un nouveau directeur de la stratégie et du développement chez Aviva Europe

Aviva a annoncé mardi 29 juin la nomination de Robert Lough en tant que directeur de la stratégie et du développement d’Aviva Europe, à compter du 1er juillet 2010. L’impétrant rejoindra également le Comité exécutif européen sous la direction d’Andrea Moneta, président d’Aviva EMEA.Robert Lough sera également responsable de la stratégie, du développement et des équipes en charges des fusions-acquisitions dans le cadre des activités européennes d’Aviva, précise un communiqué de l'établissement qui possèdent d’importantes franchises dans la région avec des marchés en croissance tels que la Pologne, la Turquie et la Russie.Robert Lough était auparavant chez Pioneer Global Asset Management, l’activité de gestion d’actifs du groupe UniCredit, où il occupait le poste de directeur financier et de responsable de la stratégie.
30/06/2010

Amundi est en ordre de marche au Japon

La fusion des activités japonaises d’Amundi est effective à compter du 1er juillet. Les actifs sous gestion de la nouvelle entité, Amundi Japan, issue du rapprochement de CAAM Japan et de SGAM Japan, s’élèvent à quelque 29 milliards d’euros. CAAM était présent au Japon depuis 1986, SGAM depuis 1971.Christian Romeyer, précédemment en charge de CAAM Japan, prend les rênes d’Amundi Japan, qui emploie un effectif de quelque 250 personnes.
30/06/2010

Invesco AM Deutschland rejoint la BVI

L’association allemande de la gestion d’actifs (BVI) compte un nouveau membre, Invesco Asset Management Deutschland GmbH. Les encours d’Invesco AM Deutschland s'élevaient à 6,9 milliards d’euros à fin mars 2010.Avec ce nouveau membre, la BVI compte désormais soixante-cinq sociétés d’investissement, quatorze asset managers et six holdings dont les actifs sous gestion totalisent quelque 1.800 milliards d’euros.
30/06/2010

Carlyle investit dans des pêcheries chinoises

The Carlyle Group va investir 190 millions de dollars américains dans la société de pêcheries hong-kongaise China Fishery Group Ltd en souscrivant dans le cadre d’un placement privé 113,5 millions de nouvelles actions à 1,85 dollar singapourien l’unité plus 26,7 millions de warrants ouvrant chacun le droit à souscrire une action China Fishery pour 2,10 dollars singapouriens, rapporte The Wall Street Journal. Lorsqu’il aura exercé les warrants, le capital-investisseur détiendra 13,6 % du capital augmenté de la société chinoise.
30/06/2010
Fonds

Le Santander lance un fonds garanti

Le 17 juin, Santander Asset Management a lancé le fonds Santander 100 por 100 7 (ES0174942005), un fonds garanti dont l'échéance est fixée à 2 février 2015 et qui a été enregistré le 24 juin par la CNMV.Le montant de l’investissement à sa valeur du 9 août 2010 sera remboursé à sa valeur du 9 août 2010 plus quatre remboursements trimestriels d’au minimum 60 euros chacun à partir du 9 novembre 2010 et d’un remboursement final de de 28,48 euros le 30 janvier 2015 pour un montant, par exemple, de 6.000 euros, ce qui représente un taux effectif global de 2,4875 %.Le fonds sera investi jusqu’au 9 août 2010 à 75 % en rémérés (repo) sur de la dette publique notée au moins A par S&P, le reliquat étant placé en repo sur la dette publique ou des obligations d’entreprises notées au minmum A). L'échéance moyenne du portefeuille sera inférieure à 3 mois et tous les émetteurs appartiendront à l’UE. A partir du 10 août, le portefeuille se composera d’obligations d’Etat de liquidités, mais avec la faculté d’investir jusqu'à 20 % en obligations d’entreprises.La souscription minimale est fixée à une part et la commission de gestion sera de 0,3 % jusqu’au 9 août, puis de 0,9 %. La commission de banque dépositaire est de 0,1 %. Le droit d’entrée sera de 5 % à compter du 10 août 2010 ou auparavant si l’encours atteignait les 200 millions d’euros.
Fonds
30/06/2010

Venture Finanzas opèrera désormais sous la marque Mirabaud

Mirabaud et Venture Finanzas ont annoncé le 29 juin qu’elles opèreront désormais en Espagne sous la marque Mirabaud, la marque «Venture Finanzas» étant appelé à disparaître. Grâce à cette nouvelle identité, l’entreprise renforce sa stratégie d’extension de ses activités en Espagne.Mirabaud est entrée dans le capital de Venture Finanzas en 2010, par une prise de participation de 25%. Depuis lors, les deux entités ont travaillé pour intégrer l’offre de Venture Finanzas dans celle de Mirabaud. Cette intégration vise à offrir, développer et lancer de nouveaux produits et services sur le marché espagnol. L’objectif de Mirabaud Espagne est une croissance annuelle de 15% des actifs sous gestion. « C’est un objectif assez ambitieux, précise Antonio Palma, CEO et associé de Mirabaud, mais réaliste à long terme, comme le montre notre historique au Royaume-Uni et en France. Bien que l’économie espagnole traverse une période délicate, nous sommes convaincus que notre offre apporte de la valeur ajoutée et attirera de nouveaux clients. » Mirabaud Espagne a des bureaux à Madrid, Barcelone et Valence. Ses activités vont du courtage d’actions, d’obligations et de dérivés à l’analyse, la recherche et la gestion de fonds.
30/06/2010
Fonds

Les fonds espagnols ont perdu un tiers de leurs souscripteurs en 3 ans et demi

D’après les données fournies par l’association espagnole Inverco des sociétés de gestion, le nombre de souscripteurs pour les fonds distribués en Espagne a atteint un record de plus de 8,8 millions à fin 2006. Depuis lors, avec la crise, ce nombre est retombé fin mai 2010 à 5,6 millions, soit une contraction de 31 %, souligne Funds People. Cela posé, le nombre de souscripteurs a progressé de 0,14 % par rapport au début de l’année. Sur les deux dernières années, le nombre de souscripteurs par fonds a chuté à 2.249 en mai 2009 contre 3.270 à fin 2005.
Fonds
30/06/2010
Fonds

L'encours des fonds espagnols a baissé de 2 % en juin

Au 24 juin, selon les calculs de VDOS rapportés par Expansión, l’encours des fonds espagnols ressortait à 156.296 millions d’euros, soit 2,05 % ou 3.267 millions de moins que fin mai. Dans un autre article, le journal souligne que les actifs gérés par les fonds ont diminué de plus de 100 milliards d’euros depuis juillet 2007. Les remboursements nets du 1er au 24 juin auraient atteint 3,4 milliards d’euros, ce qui serait la plus forte hémorragie depuis la faillite de Lehman Brothers.Les deux gestionnaires les plus touchés par la fonte des encours cette année sont le Santander et le BBVA, qui ont subi depuis le début de la crise des sorties nettes respectives de 34,26 milliards et de 14,84 milliards d’euros. En revanche, Invercaixa (La Caixa) a enregistré des souscriptions nettes de 1,6 milliard en 2009 et de 238 millions depuis le début de cette année, notamment grâce à son dernier fonds, le Foncaixa Bienvenida, qui a capté plus de 600 millions d’euros en juin.
Fonds
30/06/2010

US pension funds' coverage rates to fall

Russell Investments reports that the coverage rates for US pension funds will fall by about 10% in 2011. In other words, says Russell, many pension funds may be “at risk,” and may therefore be required to make significant increases to contributions, and/or significantly lower benefits.
30/06/2010

Actively-managed funds outperform rising markets, according to FundQuest

According to a FundQuest study of 31,991 US mutual funds with more than USD7trn in assets over the period from January 1980 to February 2010, active managers outperformed the markets in several market configurations, and particularly in 66% of rising markets, the Financial Times reports. This outperformance is counted after adjustment for risk and commissions. However, active management underperformed falling markets 68% of the time.
30/06/2010

Santander launches a guaranteed fund

On 17 June, Santander Asset Management launched the Santander 100 por 100 7 fund (ES0174942005), a guaranteed fund which will mature on 2 February 2015, and which was registered by the CNMV on 24 June. The amount of the investment on 9 August 2010 will be reimbursed at its value on 9 August 2010, plus four quarterly reimbursements of at least EUR60 each, from 10 November 2010, and a final reimbursement of EUR28.48 on 30 January 2015, on an investment of EUR6,000, for example, which represents an overall rate of return of 2.4875%. Until 9 August 2010, the fund will invest 75% of its assets in public repos rated at least A by S&P, while the remainder will be placed in public repos or corporate bonds rated at least A. The average duration to maturity for assets in the portfolio will be under 3 months, and all issuers will belong to the EU. From 10 August, the portfolio will be composed of liquid government bonds, but will also be permitted to invest up to 20% in corporate bonds. Minimal subscription is set at one share, and management commission will be 0.3% until 9 August, then 0.9% thereafter. The depository banking commission is 0.1%
30/06/2010

Spanish funds have lost one third of their subscribers in three and a half years

According to data provided by the Spanish Inverco association of management firms, the number of subscribers to funds distributed in Spain reached a record high of more than 8.8 million at the end of 2006. Since then, the crisis has brought this number down to a total of 5.6 million as of the end of May, a contraction of 31%, Funds People reports. However, the number of subscribers has risen 0.14% since the beginning of the year. In the past two years, the number of subscribers per fund has fallen to 2,249 in May 2010, compared with 3,270 at the end of 2005.
30/06/2010

Invesco Funds II registered in Spain

Invesco on 24 June registered its Luxembourg Sicav Invesco Funds II with the CNMV, including eleven sub-funds. The Sicav is the receptacle for Morgan Stanley retail funds.
30/06/2010

Assets in Spanish funds down 2% in June

As of 24 June, according to statistics by VDOS reported by Expansión, assets in Spanish funds totalled EUR156.296bn, 2.05%, or EUR3.267bn less than at the end of May. In another article, the newspaper notes that assets under management in funds have fallen by more than EUR100bn since July 2007. Net redemptions from 1 to 24 June are estimated to have totalled EUR3.4bn, which would be the heaviest outflow since the Lehman Brothers bankruptcy. The two asset management firms most affected by the drop in assets this year are Santander and BBVA, which have seen respective net outflows since the beginning of the crisis of EUR34.26bn and EUR14.84bn. However, Invercaixa (La Caixa) has posted net subscriptions of EUR1.6bn in 2009, and EUR238m since the beginning of this year, particularly due to its most recent fund, Foncaixa Bienvenida, which captured more than EUR600m in June.
30/06/2010

Slight improvement for investor confidence index in June, according to State Street

According to State Street Global markets, the global investor confidence index increased 1.3 points in June, to 89.7, compared with a corrected level of 88.4 in May. The year’s highest score so far was recorded in March, at 107.4. The confidence of institutional investors continued to fall in North America, where it is down 6.3 points, putting the regional index at 92.2. However, the regional indices for Europe and Asia are up, by 5.4 points to 97.7, and 1.7 points to 102.6, respectively. According to Harvard professor Ken Froot, one of the architects of the index, North American institutional investors remained nervous through the month of June, and their appetite for risk fell back to levels seen in spring 2009.
29/06/2010

Sal. Oppenheim to reduce staff in Luxembourg

A spokesperson for Sal. Oppenheim has announced that 100 of the bank’s 250 employees in Luxembourg will be laid off, though 40 of these jobs will be moved to Germany, the Frankfurter Allgemeine Zeitung reports. Employees affected by the cuts will receive benefits under a redundancy plan until March 2012. Luxembourg will continue to be home to fund administration and depository banking activities.
29/06/2010

Asset managers expect heavy fall in profits

In the past three months, profits at British investment management firms have risen at their fastest pace since June 2006, although a slight decline was expected. However, according to a survey by CBI and PricewaterhouseCoopers, published on Monday, professionals expect a severe contraction in profits in the coming quarter, due both to falling revenues from commissions and an increase in operating costs and regulatory expenses, as businesses in the sector will need to do significant work to comply with the UCITS IV and AIFM directives. However, demand for qualified personnel is set to increase.
29/06/2010

FSA sets rules for IFAs

The British regulatory authority, the Financial Services Authority (FSA), on 28 June published a complete list of the qualifications which independent financial advisers serving retail clients will be required to hold by 1 January 2013. The new requirements come as a part of the “Retail Distribution Review” (RDR). The qualifications in question aim to improve the reputation of the investment market serving retail clients, by instilling more professionalism and ethics.
29/06/2010

Julius Baer fined

The Hong Kong Securities and Futures Commission has fined Julius Baer Group HKD3m (USD385,760), for failing to correctly identify high net worth clients as professional investors when selling its products between 2006-2008, the Wall Street Journal reports. The Swiss bank has accepted the findings of the regulator and remedied the situation.
29/06/2010

BIS issues warning over commercial real estate

Banks are in danger of facing a new threat from commercial real estate, which could provoke another wave of losses for the financial sector, the international regulatory bank (BIS) warned yesterday. “Exposure to commercial real estate may be expected to lead to further losses,” the BIS says in its annual report. Although the 2007 financial crisis began with a crisis in the residential real estate market, this time it is commercial properties (storage and office facilities, etc) in the United States which could become problematic. The US sector “has lost more than one third of its value since its peak, and the default rate on commercial real estate mortgages is over 8%, double what it was at the end of 2008,” the BIS observes.
29/06/2010

Growing number of ETFs could drive commissions down

Last week, three firms announced new products which could lead to lower commissions in ETF markets. Firstly, Vanguard announced the launch of 19 ETF share classes, but did not explicitly state that it is in the process of reorienting its product range to compete with ETF prices, which is a first, the Wall Street Journal reports. Then, Grail Advisors unveiled an ETF which will be actively managed by DoubleLine Capital (the management firm led by Jeffrey Gundlach), which means competition is intensifying in the actively-managed ETF segment as well, where Pimco is also already present. Thirdly, Huntington Asset Management, which manages 24 traditional mutual funds, is planning to transform two of them into ETFs. It may use assets managed in the Rotating Index Fund to provide a seed to start up the Huntington Global Rotating Strategy ETF, which would allow the new fund to benefit from track records and ratings from major agencies such as Morningstar, as Vanguard’s ETF shares will do also.
29/06/2010

BlackRock surveys British ETF market landscape

For the first time, a team led by Deborah Fuhr at BlackRock on Monday published “ETF Landscape,” a study of the British ETF market. It finds that at the end of March, there were 239 ETFs listed 363 times, with assets of USD49.8bn. Assets increased 5.8% in first quarter, while the number of ETFs increased by 20, or 14.1%.Nine issuers are present in the market, but iShares (BlackRock) accounts for the lion’s share of it, with more than USD45.57bn. Lyxor Asset Management (Société Générale) takes second place, with only USD958.1m.
29/06/2010

Pioneer lowers management commissions for one of its funds

From 1 July, the management commission for the Luxembourg sub-fund Pioneer PF Euro Protect ( LU0271713207, EUR21.5m in assets as of 30 April) will be reduced to 0.30% per year, from 1.10%. Currently, the guaranteed fund, maturing on 29 March 2013, is wholly invested in bonds.
29/06/2010

Fund Forum: Attendance down 20%

The Fund Forum International opened Monday in Monaco. According to the ICBI, organizer of the event, 800 participants from 38 countries are in attendance this year, although there were 1,000 last year. This decline in attendance is not altogether surprising in light of the financial crisis.The ICBI points to the high quality of the attendants, however, and adds that six professional associations are present: Efama (Europe), Alfi (Luxembourg), AFG (France), SFA (Switzerland), IFIA (Ireland), and HKIFA (Hong Kong). The first FundForum was held in July 1990.
29/06/2010

BNP Paribas Securities Services to help managers publish KID documentation

BNP Paribas Securities Services has announced the launch of complete reporting solutions for asset managers which comply with the UCITS IV-KID directive. As management firms are required by this directive to publish a two-page Key Investor Information Document (KID), in a non-technical style, BNP Paribas Securities Services will offer its clients the necessary tools to comply with this requirement. “Complete reporting solutions from BNP Paribas Securities Services include market risk and performance indicators, for simple as well as complex funds,” says a statement. They also present quantitative aspects (performance, fees, and risk), while qualitative aspects are left to the discretion of the management firm (description of the investment policy and objectives of the fund), using the interactive online tools of BNP Paribas Securities Services.
29/06/2010

Appointment at Edmond de Rothschild Investment Partners

Edmond de Rothschild Investment Partners announced on Monday, 28 June, that it has appointed François-Xavier Mauron as director of participations in the private equity team. Mauron, a graduate of HEC, had served as director fo participations at Activa Capital since 2004.
29/06/2010

Putnam and Nissay AM extend partnership

Putnam Investments has announced a five-year extension to its cooperation agreement with Nissay Asset Management (NAM), the asset management specialist affiliate of Nippon Life, the largest life insurer in Japan. By the terms of the agreement signed in 1998 and now extended until June 2015, Putnam, which retains a 10% stake in the capital of NAM, will continue to serve as a deputy advisor to retail funds distributed by NAM, and as an investment advisor to NAM’s pension fund clients.
29/06/2010

Hedge funds short 38 Spanish equities

According to data from the Spanish securities commission (CNMV), hedge funds have short positions on 38 shares traded in Spain. Two of the firms most exposed as a percentage of capital are Banco Popular (5.268%) and Grifols (5.266%), Cinco Días reports. Via its London affiliate, Deutsche Bank is one of the most active short traders of Spanish equities, with EUR717.3m in short positions, prmarily against BBVA, Popular, Grifols and Gamesa. Amber Capital has also sold itself short on Albengoa, ACS, Sos Corporación and Prisa. Currently, the most frequently shorted shares are in the financial sector, led by BBVA, Santander, Sabadell, Banco Valencia and Banco Pastor.

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