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11/05/2010
Fonds

Reyl AM fait enregistrer sa sicav par la CNMV

Vendredi, la CNMV a enregistré la sicav Reyl (Lux) Global Funds et ses six compartiments du gestionnaire helvétique Reyl Asset Management, filiale du groupe financier Reyl & Cie. Les fonds Emerging Debt Opportunities, Emerging Markets Equities, Europe Low Vol, European Equities, European Opportunities et North American Equities sont commercialisés en Espagne par Allfunds Bank.
Fonds
11/05/2010

Helvetia Wealth achète J. D. Murphy

Le gestionnaire Suisse Helvetia Wealth a annoncé l’acquisition de la boutique irlandaise J. D. Murphy Investment Life & Pension Benefits de Kilkenny, fondée en 1969. C’est la cinquième opération de croissance externe pour Helvetia depuis le début de cette année. Avec cette transaction, dont les modalités n’ont pas été dévoilées, l’encours d’Helvetia Wealth s’accroît de 100 millions de francs suisses pour totaliser 1,2 milliard.
11/05/2010

Collecte nette de 2,4 milliards de dollars US au premier trimestre à Hong Kong

L’association de la gestion financière de Hong Kong (Hong Kong Investment Funds Association) a indiqué que le premier trimestre 2010 s'était terminé sur une collecte nette de 2,41 milliards de dollars américains, en progression de 105,6% par rapport au quatrième trimestre 2009. Au premier trimestre 2009, l’association avait fait état d’une décollecte nette de 130,9 millions de dollars.Les fonds actions ont représenté 52% des ventes brutes du trimestre. Sur une base nette, la collecte sur les fonds actions a fait un bond de 66,9% par rapport au quatrième trimestre 2009 à 1,01 milliard de dollars.Le nouveau président de l’association, Desmond Ng, a par ailleurs indiqué que l’emploi dans le secteur de la gestion d’actifs s'était stabilisé à un peu plus de 30.700.
11/05/2010
Fonds

Edrim lance un fonds flexible sur les émergents

Edmond de Rothschild Investment Managers (Edrim) a annoncé le 10 mai le lancement d’un fonds flexible, le Multiflex Emerging, qui vise à participer au dynamisme des marchés émergents tout en assurant, au terme de chaque année, une protection du capital investi à hauteur de 80% minimum par rapport à son niveau constaté à la fin de l’année civile précédente.Le fonds utilise deux approches qui permettent de s’exposer aux marchés émergents tout en baissant fortement la volatilité par rapport à un investissement en direct : d’une part la multigestion par sa diversification et d’autre part le processus MultiFlex avec son mécanisme d’allocation progressive quand les marchés augmentent et de réduction de l’allocation lorsqu’ils baissent. L’allocation du fonds combine un actif de dynamisation et un actif de protection. Le premier constitue la principale source de performance du portefeuille et bénéficie des opportunités d’investissement présentes sur les marchés émergents grâce à l’assemblage des meilleurs gérants spécialisés sur ces marchés, sélectionnés par Edmond de Rothschild Investment Managers. L’actif de protection, quant à lui, est utilisé dans le cadre de la gestion du risque. Il est constitué d’obligations d’Etats de la zone euro des meilleures qualités de notation détenues en direct, et d’instruments monétaires. Caractéristiques du fonds Forme juridique FCPClassification AMF OPCVM diversifiéCode ISIN Part C : FR0010863571 Part I : FR0010878322Durée de placement recommandée 5 ansCommission de souscription Part C Part I 3% maximum 3% maximum Commission de rachat Néant NéantFrais de gestion fixes 2% max. TTC 1% max TTCCommission de surperformance Néant NéantMin. de souscription initiale 1 part 100.000 eurosVL d’origine 100 euros 10.000 euros
Fonds
11/05/2010

Henderson GI accélère le développement de sa clientèle institutionnelle en France

Après plusieurs années de présence en France et un bureau de distribution à Paris, Henderson Global Investors (HGI) gère aujourd’hui des encours de plus d’un milliard d’euros gérés pour le compte de ses clients rattachés au bureau français.En France, la clientèle de Henderson Global Investors demeure principalement constituée de fonds de fonds. «Mais nous nous sommes diversifiés vers les institutionnels, qui représentent aujourd’hui 20 % à 30 % des clients, contre une vingtaine de pourcents pour les banques privées», précise Patricia Kaveh, directeur du développement de Henderson Global Investors pour la France, Monaco et Genève. Fin mai, une nouvelle recrue, en provenance d’OFI AM, devrait venir rejoindre l'équipe commerciale de HGI à Paris. «Cette personne aura clairement un biais clientèle institutionnelle’ et nous aidera à renforcer notre part de marché sur cette cible», ajoute Patricia Kaveh. Le début d’année s’est jusque là révélé assez prometteur pour HGI, estime la responsable. Les souscriptions nettes en France s'élèvent en effet à 200 millions d’euros depuis début 2010. En 2009, HGI avait enregistré une collecte nette de 100 millions d’euros dans l’Hexagone.
11/05/2010

Credit Suisse Euroreal spared from redemptions

Credit Suisse (Deutschland) announced on Friday that, so far, the open-ended real estate fund CS Euroreal (EUR6.28bn in assets as of the end of March) has not suffered from the massive redemptions which have affected other products such as the SEB Immoinvest and KanAm grundinvest funds (see Newsmanagers of 10 May). Following net subscriptions in the first four months of the year, outflows in the week after the publication of a draft law on real estate funds were limited to EUR80m, or 1.27% of assets.
11/05/2010

Morgan Stanley RE freezes subscriptions to P2 Value

On Monday, the German management firm Morgan Stanley Real Estate Investments GmbH announced that it is also suspending subscriptions to its open-ended real estate fund P2 Value (EUR1.45bn), from which redemptions are already frozen until 30 October. The decision is explicitly tied to the fact that the value of several properties in the portfolio will probably need to be revised downward, and to recent regulatory developments (including a proposal to require advance notice for redemption, require a minimal investment period, and impose a 10% downward adjustment to asset valuations).
11/05/2010

HSBC Trinkaus launches a new rotation fund

On Monday, HSBC Global Asset Management (Deutschland) GmbH announced that it has extended its range of rotation funds with the addition of the HSBC Trinkaus Global Country Rotation (DE0009757310), which was born from a change in the management concept of the HSBC Trinkaus Top Europa (launched on 2 March 1998), and managed, like the HSBC Trinkaus Sector Rotation fund, by Babak Kiam. However, though the Sector Rotation fund is long only, the new product is a long/short, multi-asset class product which focuses on country indices and does not prioritise individual stock-picking. Exposure to market risk may not exceed 200% of the portfolio, excluding derivatives. Characteristics Name: HSBC Trinkaus Global Country Rotation ISIN: DE0009757310 Front-end fee: 5% Management commission: 1.25% Performance commission: 20% of performance exceeding the MSCI-World-Total-Return-Index in Euros
10/05/2010

Norwegian pension fund reevaluating exposure to southern Europe

The Norwegian national pension fund announced on Friday that it is carefully monitoring the situation in countries of southern Europe facing a deficit crisis, Le Monde reports. At the end of 2009, the fund had an exposure of NOK55bn (nearly NOK7bn) to Portugal, Italy, Greece and Spain. In the same period, the fund had about NOK104bn invested in equities from these countries, including Spanish banks such as Santander. This total was equivalent to 12.6% of its European assets, the newspaper reports.
10/05/2010

A good first quarter for Norwegian pension fund

The Norwegian Government Pension Fund Global returned 3.9 percent (103 billion kroner) in the first quarter of 2010, helped by gains in global equity and fixed-income markets. The result was 0.4 percentage point higher than the return on the fund’s benchmark portfolio. The fund’s investments consisted of 62.6 percent equities and 37.4 percent fixed-income securities at the end of the quarter. The fund’s market value rose 123 billion kroner to 2,763 billion kroner in the first quarter. NBIM on 1 March got a mandate to invest in real estate. Following this decision, the fund shall consist of 60 percent equities, 35–40 percent fixed-income securities and as much as 5 percent real estate. Karsten Kallevig will join NBIM on 1 September to head the real estate team.
10/05/2010

Net subscriptions to SEB Wealth Management

The Wealth Management division of the Swedish bank SEB, which includes institutional and private banking clients, has seen a 2% increase in its assets under management in first quarter 2010, to SEK1.3trn (about EUR132bn). This id largely due to net subscriptions of SEK19bn, of which SEK14bn were from institutional clients. Operating profits totalled SEK360m, down 10% compared with SEK402m in fourth quarter 2004, but up 75% compared with first quarter 2009.
10/05/2010

Neptune in bid to oust Pru chief

Neptune is trying to gather support for a vote of no-confidence in Prudential chief executive Tidjane Thiam, furious at his cack-handed attempt to acquire Asian insurer AIA, says the Daily Mail. The fund manager, which owns around GBP50million of Pru shares and has GBP5.6billion of funds under management, is hoping to win backing from shareholders controlling more than 10 per cent of the Pru’s stock. This would enable a vote on Thiam to be put forward as a resolution at the general meeting to approve the purchase. Robin Geffen, managing director of Neptune, believes that Thiam is putting the insurer’s future at risk by embarking on the costly acquisition of AIA (GBP23.7billion ).
10/05/2010

SEB AM to sell a luxury residential complex in Shanghai

The German firm SEB Asset Management has announced that it has earned substantial capital gains compared with the most recent expert valuation of the asset, on a sale of a 50% stake owned by its institutional real estate fund SEB Asian Property Fund SICAV-FIS in the luxury residential complex Belgravia in Shanghai, to a group of Chinese investors, for more than CNY1bn. Recently, the open-ended real estate fund SEB ImmoInvest also resold the Platinum office complex in Shanghai at a profit, for EUR200m (see Newsmanagers of 7 April).
10/05/2010

Partners Group closes Global Value 2008 to new subscriptions

The Swiss management firm Partners Group (CHF25bn in assets) has announced that its Global Value 2008 investment programme, which had been provisionally limited to EUR500m in investments, has now been closed to new investments, with EUR537m. The programme invested strongly in private assets on the secondary markets, taking advantage of liquidity problems experienced by several investors. Partners Group took the opportunity to acquire several highly attractive assets from a portfolio at a 58% markdown from their liquid value. Partners Group also invested directly, particularly in the British firm Oasis Dental, a group of dental practices, and in Kaffee Partner Holding GmbH, one of the largest professional distributors of coffee to SMBs.
10/05/2010

Popular Gestión to scale up international presence

Miguel Colombás, CEO, has told Expansión that Popular Gestión (EUR7.6bn, including Popular Gestión Privada) is planning to set up shop in Luxembourg when the UCITS IV directive comes into force (in 2011), and to register its products on the major fund platforms in Spain. The management firm is also hoping to gain institutional investor clients. Rafael Hurtado, CIO, says that Popular Gestión will increase its staff, which currently includes 22 investment professionals out of a total headcount of 53. The drive will focus on diversified and active selection funds, with a special focus on funds of funds.
10/05/2010

Un investisseur américain se met à 100% en cash avant le rally baissier

Un timing de rêve. Selon Citywire, le commentateur et investisseur américain Barry Ritholtz, CEO et responsable de la recherche actions chez Fusion IQ, a mis l’intégralité de son portefeuille actions en cash juste avant les turbulences boursières qui secouent les marchés depuis quelques jours. «Au début de l’année, nous étions autour de 30 à 40 % en cash, et nous sommes passés à 100 % cette semaine (ndlr, la semaine dernière). Nous avions atteint une partie de nos objectifs à la hausse et nous avons pris nos bénéfices, puis, mercredi matin, je suis passé à 100 % en attendant de comprendre ce qui se passait. J’ai eu de la chance», a expliqué Barry Ritholtz à Citywire. L’investisseur américain estime toutefois que le cycle de hausse des marchés observé l’an dernier n’est pas terminé. Il affirme par ailleurs que la crise de l’endettement n’est pas limitée à l’Europe, et que des Etats américains comme la Floride et la Californie pourraient être confrontés aux mêmes problèmes que la Grèce.
10/05/2010

Une gérante "actions japonaises" quitte Axa

Anja Balfour, qui avait rejoint AXA Framlington en 2004 et était le «lead manager» de la gestion d’un fonds japonais de 70 millions d’euros a quitté ses fonctions le mois dernier. Son départ a été décidé d’un commun accord avec la société de gestion. Gérant du fonds investi sur les petites capitalisations japonaises, Chisako Hardie a repris la gestion du portefeuille en question au terme d’une réorganisation opérée par Axa dans son département «actions japonaises». Dans le détail, Chisako Hardie sera assisté par les équipes de gestion «global sector» qui recrutent actuellement des analystes.Selon Financial News, le départ de la gérante est intervenu alors que son portefeuille enregistrait des performances inférieures à celle de ses principaux concurrents. Et ce constat vaut tant sur un an, trois ans et cinq ans à la fin du mois de mars 2010.
10/05/2010

FRR posts returns of 3.1% as of 31 March

As of 31 March 2010, the annualised performance of the French national pension fund, the Fonds de réserve pour les retraites (FRR) since it began investing (June 2004), came to 3.1%, net of all costs related to administrative and financial functioning. Performance since the beginning of the year totalled 2.6%, the FRR says in a statement. Total assets in the FRR came to EUR34.5bn as of the end of March, compared with EUR44.4bn at the end of December 2009, and EUR26bn as of 31 March 2009. The global structure of FRR assets had 55% of overall capital invested in performance assets (compared with 52.4% at the end of 2009), including 46.8% equities, 5% commodities, and 3.2% real estate. The weight of bond and money market assets was 45%, compared with 47.6% at the end of 2009.
10/05/2010

CESR launches consultation on transparency of financial markets other than equities

The Committee of European Securities Regulators (CESR) on 7 May launched a consultation open until 4 June on the subject of the transparency of markets for financial instruments other than equities, as part of an ongoing examination of the MiFID directive this year. The working paper describes ways to improve post-market transparency for all of these instruments, including derivatives which had not been analysed in the past, including fixed income, equities derivatives, currency derivatives, and commodities derivatives. At the request of the European Commission, the CESR is also considering the pre-trade transparency of corporate bonds, ABS, CDO, CDS, and the aforementioned derivatives.
10/05/2010

Moody's proposes approach for operational risks of securitiesations

The ratings agency Moody’s on 7 May launched a call for comments, open until 15 June, on its new approach to the evaluation of operational risks involved in structured financial operations. The Moody’s document proposes a global approach to the evaluation of operational risk, but also considers local legal particularities. The agency also remarks that its recommendations may be adapted to the specific characteristics of a transaction. A summary report will be released to the public in July 2010.
10/05/2010

CESR intensifies surveillance of markets

In the wake of the exceptional volatility observed recently on securities and derivatives markets, the Committee of European Securities Regulators (CESR) on Friday emphasized in a statement that it is planning to intensify surveillance of these markets. The CESR will be particularly attentive to potential violations of regulations and to cases of market manipulation, with the objective of coordinating the actions of national market surveillance authorities. The CESR states that it will work in close collaboration with non-European market authorities, including the US Securities and Excange Commission (SEC), as well as the Commodity Futures Trading Commission (CFTC). Potential cross-border investigations will be coordinated by CESR-Pol, the permanent committee of the CESR responsible for the integrity of markets and cooperation and information exchange between CESR members.
10/05/2010

Pioneer launches a fund with a strong bond bias

Pioneer Investments (UniCredit group) has registered the Pioneer Multi-Asset Real Return Fund, which will invest in inflation-indexed US Treasury bonds (TIPS), high yield and investment grade bonds and bonds as well as equities from emerging countries, with the SEC. Management commission will be 1.30% for A-class shares, 2.20% for C-class shares, and 1% for Y-class shares. The fund is managed by CIO Kenneth Taubes, as well as portfolio managers Michele Garau and Robert Urie.
10/05/2010

Hedge fund index shows lower gains in April

The global hedge fund index from Hedge Fund Research in April showed average returns of 0.80%, compared with 1.38% in March. Since the beginning of the year, average gains come to 2.45%. Only two strategies were in the red for April: equity market neutral (-0.38%) and the broader macro funds category (-0.70%). However, the distressed equities strategy gained 2.25%. The two categories with the strongest gains in the first four months of the year were event-driven strategies: 7.67% for distressed, and 8.53% for private issue/regulation.
10/05/2010

Santander changes nearly all underlying funds for Superselección

With effect from 3 May, Santander has changed the composition of the portfolio of its guaranteed fund Superselección (EUR320m). Management commission has also been raised to 1.66% from 1.61.% previously, Funds People reports. Only the BL Global Bond Cap fund from the Banque de Luxembourg has been retained in the fund selection, with a weighting of 4.42%. The other six managers are new, compared with last year’s list. For bonds, the new picks are BlackRock (BGF Euro Bond Fund, 27.1%) and Parvest (Euro Bond, 18.8%). For equities, Santander AM has chosen the Metzler European Growth (10.7%), the Meridian Funds European Value fund from MFS (14.23%), the Alger American Asset Growth (4.5%) and the Allianz US Equity (20.5%).
10/05/2010

Older and more experienced hedge funds are more resistant to crises

Les Echos reports that a recent study has shown that in times of financial crisis, fund closures and liquidations represent and explain most cases in which hedge funds disappear. The percentage of closures and liquidations increased to 31.4% in 2008, up from an average of 12.2% between 1994 and March 2009. The rate had already begun to increase in 2007, when it rose to 16.4%, a higher level than the previous peak, observed at the time of the Russian crisis in 1998. Managers who withstood the most recent financial tempest better than others were in the older and more experienced class of hedge funds. This comes as an inversion of the historical trend, which shows that until 2007, the younger and smaller hedge funds earned higher returns than older and larger hedge funds.
10/05/2010

Co-founder of Liontrust steps down

Liontrust’s CEO and co-founder Nigel Legge has stepped down to be replaced by new head of retail John Ions, says Investment Week. His departure comes as Liontrust is still struggling to recover from the recent loss of star managers Jeremy Lang and William Pattisson.
10/05/2010

New manager at AXA Framlington Global Equities

Axa Investment Managers (AXA IM) announced on Friday, 7 May that it has appointed Bruno Grandsard as a portfolio manager in the equities team at AXA Framlington Global Equities. He will report to Mark Beveridge, Global Head of AXA Framlington, and will be based in London. He will cover the automotive, telecommunications and utilities markets, and will seek investment opportunities. Grandsard previously served at Alliance Bernstein, where he spent five years as an analyst in the global automotive and auto parts industries. He also worked in the private equity business in Japan.
10/05/2010

BlackRock launches three iShares country ETF funds

On Friday, BlackRock registered three new ETFs bearing the iShares brand, replicating MSCI indices. All three products will be managed by Diane Hsiung and Greg Savane. They include a fund which replicates the MSCI Indonesia Investable Market, with fees of 0.65%, a fund tracking the MSCI Ireland Capped Investable index, with a management commission of 0.55%, and the MSCI USA Index Fund, with fees of 0.15%.

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