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15/06/2010

OFI AM obtient le statut d’investisseur qualifié en Chine

OFI Asset Management vient d’obtenir le statut d’investisseur institutionnel financier qualifié (QFII) en Chine, a annoncé le directeur général délégué de la société de gestion, Thierry Callault, à l’occasion d’une conférence sur les marchés émergents.Ce statut, que peu de sociétés de gestion françaises détiennent, lui permettra d’investir dans le marché A en Chine. A la faveur de cette autorisation, OFI AM va d’ailleurs créer un fonds de parts A au 3ème ou 4ème trimestre de l’année. La société de gestion compte lancer un autre fonds sur le thème des marchés émergents, un fonds de multigestion alternative sur la zone Amérique latine.
15/06/2010

DBAG demeure bénéficiaire pour les six mois à fin avril

Le capital-investisseur allemand Deutsche Beteiligungs AG (DBAG), qui a acquis directement le 10 juin 15,5 % du groupe français FDG (France Distribution Gestion) pendant que son fonds parallèle DBAG Fund V prenait 64,1 % dans le cadre de ce MBO, a annoncé avoir réalisé pour le deuxième trimestre de l’exercice au 31 octobre un bénéfice net de 8,4 millions d’euros, ce qui porte le total du premier semestre à 17,7 millions d’euros contre une perte de 12,4 millions durant la période correspondante de 2008-2009. Cette performance est attribuable en grande partie à la participation dans Homag dont l’action était remontée au 30 avril à 13,43 euros, ce qui s’est traduit par une plus-value de 13,1 millions d’euros sur les six mois.La DBAG, qui a annoncé il y a environ trois mois (lire notre dépêche du 24 mars) la création d’un un fonds de capital-développement d’au moins 200 millions d’euros auquel elle contribuera pour 100 millions d’euros, mise sur une amélioration du climat dans les PME allemandes, qui manquent de capital après la crise, comme le note Wilken von Hodenberg, président du directoire.Le manager a souligné que les liquidités se montent actuellement à 149,9 millions d’euros, ce qui confère à la DBAG une marge de manœuvre importante pour saisir des occasions d’investissement. Pour l’heure, toutefois, l’importance de ce montant dilue le potentiel de performance du portefeuille.
15/06/2010

Commerz Real makes a second investment in Warsaw

The German management firm Commerz Real has acquired the office complex Harmony Office Center (19,300 square metres), in Warsaw, for about EUR56m, for its open-ended real estate fund hausInvest europa (EUR11bn). The property is wholly leased for 10 years to Bank Millenium.
15/06/2010

Charles Schwab cuts management fees for 6 of its 8 ETF funds

On Monday, Charles Schwab announced that it is cutting the management commissions for six of its ETF funds, which, along with the other two funds whose fees will remain unchanged, will become the cheapest on the market. They will continue not to charge transaction commissions if orders are made online via the Schwab platform. The funds concerned are the following:• Schwab U.S. Broad Market ETFTM, for which commissions will be lowered from 0.08% to 0.06% • Schwab U.S. Large-Cap Growth ETFTM whose fees will fall from 0.15% to 0.13% • Schwab U.S. Large-Cap Value ETFTM, from 0.15% to 0.13% • Schwab U.S. Small-Cap ETFTM, from 0.15% to 0.13% • Schwab International Equity ETFTM, from 0.15% to 0.13% • Schwab Emerging Markets Equity ETFTM, from 0.35% to 0.25% Meanwhile, Peter Crawford, senior vice president, Investment Management Services, says that Charles Schwab will launch three ETFs this summer, including a fund of inflation-linked Treasuries (TIPS), and two Treasuries funds.
15/06/2010

Barclays Wealth creates a position for a chief risk officer for Asia

Barclays Wealth has announced the appointment of Urban Wilde in the newly-created position of chief risk officer for the Asia-Pacific region. Wilde, who will begin in his new role on 2 August, was previously at UBS, where he served as managing director for strategic projects. He will report to global CRO Mark Cooke, and Didier von Daeniken, chief executive for Asia-Pacific.
15/06/2010

Clariden Leu recruits a head from UBS

Clariden Leu has appointed Peter Buehler, formerly of UBS, to the newly-created position of head of European clients and external fund managers seeking to invest in Singapore, Asian Investor reports. Buehler, based in Singapore, began in his new role on 1 June. He reports directly to Othmar Foffa, head of Southern Europe.
15/06/2010

DWS Spain launches an emerging markets corporate bond fund

On Friday, the CNMV registered the DWS Rentas Emergentes 2015 fund (ES0127337006, for A-class shares, and ES0127337014, for B-class shares), which was launched on 8 June by DWS Investments (Spain). The fund consists of 30 emerging markets bonds, with a maturity date set for 30 June 2015. The product will invest from 15 July in bonds with a remaining duration to maturity of 3 to 6 years, from issuers who are rated between B- and BBB+, most of which will be retained until maturity. On a half-yearly basis, gains will be transferred to the money market fund DWS Fondepósito Plus (which charges a management commission of 0.7%). A 3% coupon will be paid on the nominal value of the investment every six months, and the system of partial redemptions will allow the investor to recuperate 20% of the investment at the end of the third year, and then another 20% at the end of the fourth year. The remainder, and the additional coupon, will be payable at the maturity of the fund. From 14 July 2010, management commission will be increased from 0.3% to 1.3%, while the depository banking commission will be 0.1% (for B-class shares, the management commission will be 0.45%). Front-end fees are 5% from 31 July 2010 until 29 June 2015, while the withdrawal penalty is 3% from 15 July 2010 until 29 June 2015.
15/06/2010

3.4% annual performance for individual pension funds

The Spanish Inverco association of asset management firms announced on Monday that individual pension funds in May posted average returns of 3.42% over 12 months, despite the downward orientation of the markets. All categories show gains, ranging from 0.57% for funds specialised in short-term bonds, to 11.88% for those specialised in equities. However, over three years, funds have lost an average of 1.45% per year, and they have earned only 0.91% per year over five years, and 0.67% over 10 years.
15/06/2010

Old Mutual AM arrives in France

A new foreign asset management firm is setting up shop in Paris. In March, the British management firm Old Mutual Asset Managers UK (OMAM) licensed four sub-funds of its Irish-registered Old Mutual Dublin Funds with the French financial market regulator, the Autorité des marchés financiers (AMF), in a first step in its development strategy for France. The funds it registered are the Old Mutual Global Bond Fund, the Old Mutual Global Equity Absolute Return Fund, the UK Select Smaller Companies, and the UK Dynamic Equity.For the moment, OMAM will serve France from London. The idea is to initially test the market, and then possibly to open a Paris office later on. A three-member team serves continental Europe at the asset management firm. The move into France is part of a European deployment at Old Mutual AM. In March, the firm also licensed its Irish sub-funds in Sweden and Switzerland. It is also preparing to do the same in Italy and Spain, says David Aldred, head of European distribution, on a visit to Paris. Old Mutual AM manages assets of GBP4.4bn, as of 30 April, in equities, bonds, and alternative investments, on behalf of retail and institutional investors. The management firm belongs to the British Old Mutual financial group, which already has other asset management structures in France, including Skandia and Skandia Investment Group.
15/06/2010

OFI AM licensed as qualified investor in China

OFI Asset Management has been granted the status of qualified financial institutional investor (QFII) in China, the deputy CEO of the firm, Thierry Callault, has announced at a conference on emerging markets. The official status, which few French management firms have been granted, will allow the firm to invest in the A-class Chinese markets. To make use of this authorisation, OFI AM will create a fund of A-class shares in 3rd or 4th quarter this year. The management firm is planning to launch another fund based on the theme of emerging markets, which will be an alternative multi-management fund focused on Latin America.
15/06/2010

Pimco moves into European equities

Pimco, one of the world’s biggest bond fund managers, is expanding into European equities, says the Financial Times. It launched two actively managed equity funds in Europe on Monday.
15/06/2010

UAW fund seeking managers for its USD45bn reserves

The United Auto Workers’ union (UAW) has built up a USD45bn war chest through its agreement to participate in bailout efforts to save the three major US auto makers, the Wall Street Journal reports. The VEBA (Voluntary Employee Beneficiary Association) has already placed USD2.2bn with BlackRock, and has launched requests for proposals for the management of international equities and bond mandates. The objective is to render the assets more conservative and liquid, by reducing allocation to alternative investments, which include USD2bn in five hedge funds, USD380m in shares in realty firms, and USD375m in private equity.
15/06/2010

SG unveils private banking and asset management targets

Société Générale is aiming for net profits from its private banking, asset management and investment services division of EUR05.bn to EUR0.7bn, out of a total of EUR6bn for the bank overall, the group has announced in its Ambition SG 2015 plan. In the first two months of second quarter, the unit has posted an increase in its net banking proceeds compared with first quarter, the bank notes.
15/06/2010

Bond funds are popular in Europe

In April, bond flows accounted for a whopping two thirds of April’s EUR27bn sales, says Lipper FMI.Sales in bond funds these past two months were the best since their all-time high of EUR20bn in July 2005. So far this year, sales are running at EUR61bn, a figure that is not only 70% of 2009’s bond total, but also marginally higher than like-for-like sales in 2005, which was the bond’s sector record year (EUR150bn). This time, low interest rates are driving bond enthusiasm and Emerging markets, Global Currencies and high yield varieties of bond funds are heading the bill. The question on everyone’s lips is whether the crisis in Greece and its Southern European neighbours will bring this bond trend shuddering to a halt, says Lipper.Equity fund flows totalled EUR4bn, half of March’s total, and were the lowest since March 2009. Emerging Markets, US and UK were the sectors of choice. The top selling groups were Franklin Templeton, HSBC and Aviva with flows of EUR4bn, EUR3.6bn and EUR2.3bn respectively. For bond fund sales, the best selling group by a wide margin was Franklin Templeton (EUR3.5bn). For equity fund sales, the top selling group was Amundi with sales of EUR800m.
15/06/2010

Galaxy launches a China UCITS fund

The Hong Kong-based hedge fund galaxy Asset Management will launch a UCITS III-compliant version of its Galaxy China Opportunities fund, using the Dublin-based platform of Merchant Capital, Asian Investor reports. The fund will be available by September at the latest, with abn objective of about USD500m in assets. The vehicle will be aimed at institutional and high net worth clients, with a front-end fee of EUR100,000. Since its launch in 2005, the original fund has earned total annual returns of 22% to 24%.
15/06/2010

Long-term funds have positive momentum

According to the most recent statistics from the European financial management association (Efama), investors are continuing to favour long-term funds, bond funds and diversified funds to equities funds, and are also continuing to withdraw from money market funds. UCITS funds also posted inflows of EUR20bn in April (compared with EUR8.1bn in March), with net inflows of EUR27.3bn (compared with EUR27bn) for long-term funds, and outflows of EUR7.3bn for money market funds (compared with -EUR18.8bn in March). For the first time since March 2009, net inflows to equities funds were near zero, at only EUR230m, compared with nearly EUR8.5bn in March, and EUR21.2bn since the beginning of the year). Bond funds have posted net inflows of EUR14.9bn, compared with EUR13.3bn in March, and EUR57.5bn since the beginning of the year.
15/06/2010

Teun Draaisma leaves Morgan Stanley for a hedge fund

After 13 years at Morgan Stanley, where he became chief strategist for European equities in London, the Dutchman Teun Draaisma is joining TT International Investment Management, where he will manage a hedge fund, the Börsen-Zeitung reports. He will be replaced by Graham Secker.
15/06/2010

Aviva Investors recruits a director from Julius Baer

Andreas Bogdan has been recruited by Aviva Investors Germany as business development director, financial institutions, banks and private banks for Germany and Austria. He will report to Gabriele Miodini, based in Milan, who has recently been appointed head of financial institutions – Europe. Bogdan was director wholesale & relationship managers for the private banking activities of Julius Baer.
15/06/2010

Feri recommends real assets for charities

As returns on bunds are at record low levels, and high-risk investments in equities and private equity remain off limits, Feri Finance is recommending a double strategy for charities to confront an expected rise in inflation: on the one hand, investment in tangible assets such as gold, forests, and commodities, and on the other hand, an active risk management policy, the Börsen-Zeitung reports. Although the roughly 17,000 charities in Germany have succeeded in surviving the financial crisis undamaged due to conservative investment policies, they are now confronting difficulties in earning the necessary returns.
15/06/2010

European Union launches a consultation on short-selling

The European Commission on 14 June published two documents which will be open for consultation until 10 July, on the subject of short-selling and derivative products. While France and Germany are pushing for a prohibition on some short positions, the Commission appears to be adopting a more prudent position, proposing a scenario in which national regulatory authorities may intervene temporarily in urgent situations.
15/06/2010

Steve Lee leaves Pioneer for UBS

According to Financial News, Steve Lee, Pioneer’s head of UK institutional business development, has resigned from the asset manager to join UBS Global Asset Management. The fund manager has seen his third senior departure in a month from its institutional division. The departures are understood to reflect a decision by chief executive Roger Yates to scale back Pioneer’s institutional business.
14/06/2010

Le BBVA lance une campagne de recrutement de clients pour sa banque privée

Vendredi, le BBVA a annoncé le lancement d’une campagne destinée jusqu'à fin septembre à capter des clients pour sa banque privée. Il promet un iPad à ceux qui lui apporteront au moins 300.000 euros. Ces clients de moyen-haut de gamme et haut de gamme pourront utiliser de plus une nouvelle application développée spécialement pour l’iPad, BBVA Banca Privada. L’objectif est de recruter 25.000 clients.
14/06/2010
Fonds

Bankinter lance un fonds garanti référencé sur le Hang-Seng

Jeudi, Bankinter Gestión de Activos a annoncé le lancement de la commercialisation du fonds Bankinter Hong-Kong Garantizado, un produit garanti à 4 ans dont la souscription sera close le 4 juillet et qui propose en outre une participation de 55 % de la hausse moyenne de l’indice Hang-Seng sur les 47 étapes mensuelles intermédiaires.La souscription minimale a été fixée à 600 euros. La commission de gestion ressort à 1,8 %, sans droit d’entrée jusqu’au 4 juillet, et la commission de banque dépositaire se situe à 0,10 %.
Fonds
14/06/2010

Gesmadrid et Bancaja créeront le quatrième gestionnaire d'actifs espagnol

Si la fusion projetée de Caja Madrid et Bancaja va constituer la plus grande caisse d'épargne d’Espagne, le rapprochement de leurs deux sociétés de gestion, Gesmadrid et Bancaja Fondos, ne permettra pas de former la plus importante entité du secteur, souligne Funds People.Même en comptant les sociétés de gestion des caisses d'épargne d'Ávila, de la Rioja, de Ségovie et de la Laietana, établissements qui doivent aussi fusionner avec Caja Madrid, l’encours total est inférieur à 8,85 milliards d’euros fin mai, tandis qu’Invercaja affichait à la même date 13,56 milliards d’euros sous gestion. Invercaja restera donc le numéro trois de la gestion espagnole, derrière le BBVA et le Santander .
14/06/2010

"Les IPOs sont une classe d'actifs que nous utilisons pour servir de la performance absolue"

Responsable de la stratégie IPO au sein de Lazard Frères Gestion, Cédric Chaboud revient pour Newsmanagers sur les caractéristiques de sa sicav internationale Skylar Origin dédiée à l'investissement dans des sociétés faisant l'objet d'une introduction en bourse. Il juge l'environnement particulièrement porteur pour y investir, et confie qu'à terme, un fonds comparable destiné aux investisseurs privés pourrait voir le jour.
14/06/2010
Fonds

iShares fait coter un nouvel ETF sur Xetra

Depuis jeudi, l’ETF iShares EURO STOXX 50 (Acc) est coté sur Xetra, la plateforme de la Deutsche Börse dédiée aux ETF. Le produit suit l'évolution de l’indice Eurostoxx 50. Son code ISIN est le DE000A0RD800, les frais s'élèvent à 0,35 %.Ce fonds est le 671ème ETF coté sur le segment XTF de Xetra.
Fonds

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