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27/05/2010
Fonds

Axa IM ferme un second fonds immobilier outre-Rhin

Mercredi, AXA Investment Managers Deutschland GmbH a annoncé qu’après la prorogation pour neuf mois du gel des remboursements de son fonds immobilier offert au public Axa Immoselect (lire notre dépêche du 18 février), elle suspend pour une période initiale de trois mois les rachats de son fonds immobilier offert au public et réservé aux investisseurs institutionnels, Axa Immosolutions (ISIN: DE000A0J3GM1). Ce fonds pèse environ 400 millions d’euros. Cette suspension est liée à des problèmes de liquidités, le fonds ne maintenant par conception qu’une poche très limitée de numéraire. Les demandes de remboursement sont imputées par Axa IM à la publication du projet gouvernemental de réforme de la réglementation applicable aux fonds immobiliers.Au 21 mai, le taux de liquidité du Axa Immosolutions se situait à 9,1 %, ce qui représente 36,5 millions d’euros, le taux de financement externe se situant à 15,3 %. Si les rachats annoncés devait être effectué, la liquidité serait négative de 2,5 %.
Fonds
27/05/2010

Triton va lancer une offre ferme sur Karstadt

John Mengers, porte-parole de Triton, a annoncé à la Frankfurter Allgemeine Zeitung que le capital-investisseur germano-scandinave compte déposer ce vendredi une offre ferme d’acquisition pour le groupe de grands magasins Karstadt, malgré l’intransigeance des syndicats. Le concept prévoit toutefois un effort supplémentaire des salariés sous forme d’une rémunération davantage liée aux résultats et d’horaires plus flexibles. De plus, Triton envisage de partager les surfaces de vente non rentables avec des tiers, sur le modèle de la coopération entre Karstadt et les librairies Hugendubel.
27/05/2010
Fonds

Credit Suisse fait coter un ETF sur de S&P 500 à Francfort

La Deutsche Börse a annoncé avoir admis à la négociation en dollars sur le segment XTF de sa plate-forme électronique Xetra un nouvel ETF d’actions de Credit Suisse qui réplique l’indice S&P 500. Ce produit est le 670ème ETF coté sur XTF.Caractéristiques Dénomination : CS ETF (IE) on S&P 500Isin : IE00B5BMR087Commission totale : 0,28 % par an
Fonds
27/05/2010
Fonds

SEB AM lance un fonds institutionnel Asie

Siegfried Cofalka, membre du directoire de l’allemand SEB Asset Management, annonce à la Börsen-Zeitung le lancement du fonds SEB Asia REI, un fonds immobilier institutionnel exclusivement investi en Asie. D’autres fonds ciblés sur ce continent suivront.
Fonds
27/05/2010
Fonds

Avana Invest lance des stratégies sur les matières premières et les marchés émergents

La société de gestion Avana Invest spécialiste de la gestion à base d’ETF, qui a été créée par Götz J. Kirchhoff et Thomas W. Uhlmann (lire notre article du 9 février 2009), a annoncé mercredi le lancement de deux nouveaux produits qui suivent des stratégies passives sur les matières premières et sur les marchés émergents.Le AVANA IndexTrend Commodities and Cash R (ISIN DE000A0RGWR7) investit sur la base d’un modèle de suivi de tendance en ETC et ETF de matières premières dans les secteurs de l'énergie, des métaux précieux, des métaux industriels, des matières premières agricoles et du bétail sur pied. Dans le portefeuille initial, les matières premières énergétiques représentent environ 40 %, les métaux industriels 25 %, les métaux précieux 20 %, les matières premières agricoles 10 % et le bétail sur pied 5 %, indique Michael Vieker, gérant de portefeuille senior.Le AVANA IndexTrend Emerging Markets and Cash R (ISIN DE000A0RGWN6) investit dans des ETF d’actions des régions économiquement les plus fortes des pays émergents, en fonction du PIB de chaque région, mais aucune de ces régions ne peut dépasser 25 % du portefeuille.Initialement, les ETF d’actions chinoises sont pondérés à 25 %, ceux d’actions brésiliennes et russes pesant respectivement 15 % et 13 %.Dans les deux cas, le droit d’entrée peut atteindre jusqu'à 5 % et la commission de gestion se situe à 1,2 %. Avana facture aussi une commission de performance de 15 %.
Fonds
27/05/2010

Hausse de près d'un quart de l'encours de Metzler AM

Présentant ses résultats 2009, la banque privée allemande B. Metzler seel. Sohn & Co. KGaA a indiqué que l’encours de Metzler Asset Management atteignait fin décembre les 37 milliards d’euros, ce qui représente un gonflement de 23,3 % par rapport au niveau atteint douze mois auparavant. Les plus-values ont représenté 2 milliards d’euros.Friedrich von Metzler, l’un des deux associés-gérants, a précisé que l’accroissement des actifs sous gestion est principalement attribuable à un mandat du fonds de pension japonais Pension Fund Association, pour les actions européennes «growth», et à un mandat de Russell Investment pour les petites capitalisations européennes.Les stratégies quantitatives représentent un encours d’environ 6 milliards d’euros et le volume de la plate-forme metzler Fund Xchange a franchi fin décembre pour la première fois la barre des 10 milliards d’euros.
27/05/2010

Quel montant de pertes la BCE peut-elle absorber ?

Certains s’inquiètent du risque de faillite de la BCE, depuis qu’elle s’est auto-déclarée «acheteur en dernier ressort» des titres de dettes publiques et privées de la zone euro que le marché refuse. Ils peuvent se rassurer. Quelle que soit la qualité de l’actif sous-jacent et même avec un «junk bond» grec, l’Eurosystème ne réalisera aucune perte sur ses opérations de repo tant que les contreparties (les banques) ne sont pas elles-mêmes en cessation de paiement.
26/05/2010

Rising tension on money markets

Although the ECB has been all but constantly injecting liquidity since the Lehman Brothers bankruptcy, the inter-bank lending market continues to be under pressure, Agefi reports, as banks continue to mistrust one another, concerned about their exposure to other peripheral debts. The nationalisation of a Spanish savings bank this weekend, concerns about the solvency of the more fragile European states, and doubts about the credibility of debt reduction programs are expected to result in a continued rise in spreads on the Libor-ODS. These spreads stood at 28 basis points on Monday, and 23 basis points only one week ago. In general, they are currently gaining 3 to 4 points a day, a strategist cited by the newspaper notes.
26/05/2010

LSE still losing market share

Two major trends continued in the month of April, according to market indicators established jointly by Crédit Agricole Cheuvreux and TAG. On the one hand, the market share of the London Stock Exchange has continued to fall, by about 3.5%, counting both Chi-X and BATS, while the market share of SIX as a proportion of the SLI 30 has also continued to slide (by 2.2%, counting Chi-X, BATS and Turquoise). Meanwhile, an increase in market share for Xetra on the DAX exchange has continued, following the rollout of a new fee structure in March, giving the market segment a 2% gain against Chi-X.
26/05/2010

GAM recruits a manager from Climate Change Capital

Paul Udall joined GAM’s London office on 24 May to manage an equity mandate which will invest in environmental and sustainable investment themes. He was previously at Climate Change Capital where he was managing director and portfolio manager of the global environmental opportunities long/short fund. The UCITS III product managed by Paul Udall, which is expected to launch later this year, will focus on investment opportunities that are being generated by the transformative change in how energy, resources and materials are developed, delivered and consumed.
26/05/2010

Aberdeen AM appoints a new head of real estate

Aberdeen Asset Management has announced the appointment of Andrew Smith as Group Head of Property. He succeeds Rickard Backlund who has decided to step down from full time executive responsibility by his 60th birthday in September. Rickard has been responsible for the division for over 10 years. Today Aberdeen is one of the largest European property asset managers with GBP22.6bn of assets under management. Andrew joined Aberdeen in 2002 as head of investment strategy, since which time he has held a number of management positions covering both direct and indirect property, most recently as chief investment officer and head of fund management in the property team. Aberdeen has also announced that it is currently planning to launch a third Asia fund of funds pooled vehicle.
26/05/2010

SWIP recruits a head from Axa IM

Scottish Widows Investment Partnership (SWIP) has recruited a veteran of Axa IM, Tracy Fennell, as head of marketing, Fund Strategy reports. Fennell, who will be based in Edinburgh, will be responsible for marketing strategy for product development, client communication, advertising, and brand management. At Axa IM, Fennell was in charge of marketing for the United Kingdom, Scandinavia, the Middle East and Australia.
26/05/2010

EUR130m increase in quarterly inflows to Euro zone mutual funds

In first quarter 2010, net inflows to Euro zone OPCVM funds (excluding money market funds) totalled EUR130bn, while transactions on money market funds resulted in a net outflow of EUR44bn, according to statistics published by the European Central Bank (ECB). Assets in OPCVM funds other than money market funds as of the end of March totalled EUR5.291trn, compared with EUR4.965trn as of December 2009.
26/05/2010

LIM launches a real-time data service

LIM, an affiliate of Morningstar, on 25 May launched LIM Evolution, a database which allows real-time access to information from stock markets and other data providers.
26/05/2010

Market decline may result in restructuring of asset management industry

Les Echos reports that a decline in the share prices of publicly traded asset management firms since the aggravation of the crisis may lead to some acquisitions. Fund managers traded on the stock exchanges are now being penalised more than other sectors when markets fall, since their source of revenues, commissions on assets, decline mathematically when the markets fall. Hence the interest of potential acquirers seeking a bargain, such as Schroders and Henderson Group.
26/05/2010

Slight increase in State Street private equity index

The State Street private equity index as of 31 December 2009 showed returns of 5.94%, a slight increase compared with third quarter 2009, and an increase of 2.226 basis points compared with the results observed in fourth quarter 2008. “Over the year 2009, we observed a number of smaller transactions and a decrease in activity in fund inflows for the private equity industry,” says William Pryor, senior vice president at State Street Investment Analytics. “However, in the second half of 2009, the sector showed a strong recovery, to finish the year with positive results in all fund categories on horizons of one, three and five years.” From 2008 to 2009, all sectors of Private Equity posted one-year returns of 15% year-on-year, after five consecutive quarters of negative results. It is also notable that the Mezzanine and Distressed Debt fund categories posted returns of 35.3% over a one-year investment period. From its creation until fourth quarter 2009, internal total return on investment for the long-term index (TRI) totalled 11.42%, an increase of 139 basis points compared with the previous quarter. The categories of products for Europe and the rest of the world were up 14.91% and 5.09%, respectively, with the latter category showing an increase of more than 250 basis points compared with third quarter.
26/05/2010

SSgA offers strategic hedge on Asian currencies

Asian Investor reports that State Street Global Advisors (SSgA) has launched its strategic dynamic hedge (SDH) program for Asian markets, aimed at institutional investors who are seeking to manage their currency risks. The initiative will be particularly welcome, says SSgA, at a time when currencies in the region are expected to gain value against the US dollar. SSgA will also offer its investment strategies in the most liquid emerging market currencies (China, Hong Kong, Indonesia, India, Philippines, Singapore, South Korea, Thailand and Taiwan).
26/05/2010

Ron Duva sues GLG over takeover by Man Group

Ron Duva, a shareholder in GLG Partners, has filed a lawsuit in Delaware Chancery Court against GLG Partners, claiming that the business allowed itself to be acquired by Man Group at an insufficient price of USD4.50 per share (which values the British asset management firm at USD1.6bn). Investment Week reports that the plaintiff is arguing that the timing of the operation was chosen to disadvantage GLG shareholders, as shares were 73% own from their peak value in November 2007. In addition, Duva contests the USD48m cancellation fee which GLG would be required to pay Man Group if it chose not to be acquired by them, and the fact that the founders of GLG were paid in Man shares rather than in cash. Man Group rejects the claims on the grounds that the transaction was carried out at a price per share 55% above the trading price of GLG shares on 17 May, when the deal was announced.
26/05/2010

Madoff liquidator looking into London activities

Irving Picard, the trustee liquidating Bernard Madoff’s former business, has applied to the UK’s High Court to order FIM Advisers, the London asset management company, to produce thousands of e-mails and documents to help investigate the fraudster’s activities, says the Financial Times. He wants to examine documents relating to Kingate Europe and Kingate Global funds which poured at least USD1.7bn into Bernard L Madoff Investment Securities.
26/05/2010

OFI Reim and F&C Reit launch a fund dedicated to French office properties

OFI Reim and F&C Reit on 25 May announced the creation of Fosca II, which has already received subscriptions totalling about EUR100m from European institutional investors, insurers and pension funds. Fosca II succeeds Fosca, which received EUR200m in investments from institutional investors in 2005 and 2006. The fund’s strategy is to construct a diversified portfolio of commercial and office properties in France. Further subscriptions are expected in 2010 and 2011 to bring the fund to a total of EUR300m in capital. This will make it possible to construct a portfolio of about EUR600m, including leverage to finance acquisitions.
26/05/2010

Artemis launches an equities income fund

Artemis is planning to launch an income fund dedicated to global equities in July, Investment Week reports. The Global Equity Income unit trust, which is pending approval from the British financial market regulatory authority (FSA), will be managed by Jacob de Tusch-Lee, who is also manager of the Capital fund (GBP423m). The fund would invest in ordinary and preferential equities, convertibles, and fixed income. Minimal investment will be set at GBP1,000 or GBP50 per month, with front-end fees of 5.25%, and a management commission of 1.5% per year.
26/05/2010

AMF intensifies surveillance of asset managers

Les Echos reports that the French market regulator, the Autorité des marchés financiers (AMF), has consulted professionals over a proposed increase in requirements for their financial solidity. Currently, tier 1 owners’ equity at an asset management firm are required to be 25% higher than its overall annual costs. However, the regulator would like to ensure that new entrants into the asset management industry have enough capital to survive in the months following their launch, even if they do not immediately receive adequate subscriptions, or if markets perform poorly. At issue is their financial resources, or in other words tier 1 equity, as well as their bank balance, loans, and other sources of potential funding, which should be enough to cover two years of expenses.
26/05/2010

Madoff: AMF called on to testify in UBS suit

French savers who lost money in the Madoff scandal on Tuesday asked the French courts to hear testimony from the French financial market regulatory authority, the Autorité des marchés financiers (AMF), as part of a case filed against UBS in France, Reuters reports. “The points at issue are about market regulations and financial products sold to the general public in France. It is normal for the financial market authority to come and explain its regulations, and the ways in which they should apply,” explained Jean-Pierre Martel, the lawyer representing nearly 80 French savings investors who are claiming damages of about EUR28m.
26/05/2010

Madoff: skepticism over settlements with banks

Madrid lawyer Javier Cremades said on Tuesday that an «alliance» of about 60 law firms representing victims of the Madoff fraud in Europe, Latin America and Israel had reached settlements worth about USD15.5 billion over the past year with about 20 banks. He said the banks were located in France, Spain, Portugal and Germany. But the announcement was met with skepticism by some banks and other attorneys working on the Madoff case.
26/05/2010

PEH launches a “double strategy” anti-inflation fund

The German asset management firm PEH Wertpapier on 14 April launched the Luxembourg-registered fund PEH Inflation Linked Bonds Flexibel (LU0498681468, for P-class shares, and LU0498681898, for I-class shares), which may invest both in inflation-linked bonds and in conventional government bonds. The manager may actively manage allocation to the former class of assets in order to take advantage of the evolution of the market in all phases, without depending on the direction in which returns are evolving, while active management of duration allows the fund to profit from increases and decreases in interest rates. Characteristics Name: PEH Inflation Linked Bonds Flexibel ISIN: P shares, LU0498681468; I shares, LU0498681898 Minimal initial subscription: EUR2,500 (P); EUR1m (I) Minimal subsequent subscription: EUR250 (P); EUR1m (I) Front-end fee: 4% Management commission: 1% (P); 0.5% (I) Performance commission: 20% on performance exceeding the REXX-Government-Bonds-Performance-Index
26/05/2010

Kommalpha finds mixed results in first quarter for German funds

From the point of view of assetsunder management, German funds have overcome initial difficulties in first quarter, and their assets have increased continually from January onwards, rising to a total of EUR57.8bn. However, the Kommalpha agency notes, bond funds lost EUR1bn in assets in January-March, though they were down EUR5bn as of the end of January. The major beneficiaries were equities funds, with an increase in assets of EUR13.5bn; mixeded funds, with an increase of EUR8.8bn,and particularly institutional funds, with a leap of EUR28.3bn. For net subscriptions, mixed funds were the big winners in first quarter, with inflows of EUR5.4bn, followed by real estate funds (EUR3.2bn), while equities and bond funds posted net subscriptions of EUR2.3bn and EUR2bn. This means that most of the increase in assets in equities funds is due to positive market effects, which was also true to a lesser extent for diversified funds. However, bond funds arithmetically lost EUR3bn due to depreciation of their portfolios.
26/05/2010

CESR backs accelerated reform of CDS markets

The Committee of European Securities Regulators (CESR) on 25 May announced in a statement that in the past few days it has intensified its coordination of market monitoring efforts, particularly in the wake of Germany’s decision to forbid naked short selling. The CESR also claims that “it is urgent to introduce structural reforms to improve the transparency, organization and functioning of bond and CDS markets, which are currently largely an over-the-counter market.” The CESR points out in this regard that it has a project underway to propose reforms, and invited the European Commission to move forward its calendar for reforms in this area.
26/05/2010

Lazard AM Germany launches the LSDynamic fund

On 10 May, Lazard Asset Management (Germany) launched a German-registered long/short bond fund, the LSDynamic, which deploys an absolute returns strategy, using quantitative and discretionary strategies for the management of rates on the bond markets of Europe, the United Kingdom, Japan, Switzerland and the United States, investing at least 51% of its assets in investment grade bonds denominated in OECD currencies. The fund invests exclusively in bonds and derivatives denominated in Euros, US dollars, Japanese yen, pounds Sterling, or Swiss francs. Characteristics Name: LSDynamic ISIN: DE000A0RHKX8 Front-end fee: 3% Management commission: 0.8% Depository banking commission: 0.1%
26/05/2010

Helaba Invest aims for EUR150bn by 2015

Uwe Trautmann, CEO of Helaba Invest, says that assets under management and administration at the affiliate of the Landesbank of Hesse and Thuringia have increased from EUR31.8bn as of the end of 2006 to EUR62.4bn as of the end of April 2010. In addition, the proportion of total net inflows in Germany totalled 51% last year, the Börsen-Zeitung reports. These results are due to the fact that Helaba Inest combines find administation and Master-KAG activities with quantitative management of institutional funds (Spezialfonds). The objective is to achieve EUR80bn in assets for institutional funds, with the launch of one or two products per year, and to increase assets under administration by EUR30bn, from a total of EUR40bn as of the end of April.

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