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29/04/2010
Fonds

Deka lance un fonds obligataire à profil de revenu prévisible

Avec le Deka-RentSpezial Plus 2, DekaBank (caisses d'épargne allemandes) annonce avoir lancé le 22 avril un fonds obligataire à échéance au 31 mars 2017 qui vise une performance s’orientant à partir de la deuxième année en fonction du taux interbancaire Euribor à 12 mois, avec un minimum de 2,25 %. Il est donc destiné prioritairement aux investisseurs qui veulent profiter de la hausse des taux d’intérêt dans la zone euro et pour lesquels un flux de revenus régulier est important. Pour la première année, il est prévu une rémunération de 3 %. Le fonds existe en parts de capitalisation et de distribution.Le fonds, de droit allemand sera investi principalement dans des obligations d’entreprise de 25 émetteurs de différents secteurs et qui ont déjà une réputation bien établie sur le marché. Si l’une de ces sociétés devait ne plus correspondre aux normes de solvabilité du gérant, elle serait remplacée par une autre de standing adéquat.Caractéristiques Dénomination : Deka-RentSpezial Plus 2ISIN : DE000DK2CCW4 (part distribution) / DE000DK2CCX2 (part capitalisation)Droit d’entrée : 1,75 %Commission de gestion : 0,35 % Autres frais forfaitaires : 0,12 %Prix initial de la part : 100 euros
Fonds
29/04/2010

Nouveaux adhérents pour le Forum de l'investissement durable

La dernière livraison de la lettre du Forum allemand de l’investissement durable (Forum Nachhaltige Geldanlagen ou FNG) précise que de nouveaux adhérents ont pu être recrutés. Parmi eux figurent les sociétés de gestion Aquila Capital, HSBC Global Asset Management (Deutschland), LGT Capital Management et Union Investment Institutional.
29/04/2010

La gouvernance d'Axa fait sa mue aujourd'hui

Selon les Echos, le changement de gouvernance d’AXA annoncé début octobre sera entériné aujourd’hui, jeudi 29 avril. Sauf vote contraire des actionnaires réunis cet après-midi pour l’assemblée générale annuelle, la structure duale à conseil de surveillance et directoire sera abandonnée au profit d’une structure unitaire à conseil d’administration (voir Newsmanagers du 18 février 2010).
29/04/2010

Aimco s'intéresse à Candover Investments

L’Agefi rapporte que le fonds de pension canadien Alberta Investment Management Corp. (Aimco) est entré en pourparlers pour reprendre la totalité de Candover Investments, la société d’investissement cotée.Candover Investments contrôle Candover Partners, la société de gestion qui gère les fonds collectés non seulement auprès de sa maison mère, mai aussi auprès d’investisseurs institutionnels. Bousculée par la crise financière, l'équipe a déjà été réduite de 100 à 40 collaborateurs. Au début du mois de décembre 2009, Candover Partners avait dû annuler un appel de fonds auprès de ses investisseurs pour son dernier véhicule (levé en 2008), suite à l’incapacité de Candover Investments à honorer son engagement d’un milliard d’euros.
29/04/2010

Singapore to toughen fund management regulations

The Monetary Authority of Singapore (MAS) has launched a consultation paper which will be open until 31 May, to consider plans to toughen rules for fund management, the Wall Street Journal reports. The MAS is considering tightening capital requirements for fund management firms, compulsory licensing, and requiring management firms to place client assets with a third-party custodian.
29/04/2010

Deka launches a bond fund with predictable returns

DekaBank (German savings banks) has announced the launch on 22 April of the Deka-RentSpezial Plus 2, a bond fund maturing on 31 March 2017 which will aim for returns which will be based on the Euribor 12-month inter-bank lending rate from the second year onwards, with a floor of 2.25%. The fund is therefore aimed primarily at investors who are seeking to profit from a rise in Euro zone interest rates, and those for whom a regular income flow is important. For the first year, the fund will pay returns of 3%. The fund is available in capitalisation and distribution versions. The German-registered fund will be invested primarily in corporate bonds from 25 issuers in various sectors who already have a well-established reputation on the market. If one of the issuers no longer meets the solvency standards of the manager, it will be replaced with another issuer of adequate standing.Characteristics Name: Deka-RentSpezial Plus 2 ISIN: DE000DK2CCW4 (distribution shares) DE000DK2CCX2 (capitalisation shares) Front-end fee: 1.75 % Management commission: 0.35 % Other fees: 0.12 % Initial value per share: EUR100
29/04/2010

La BCE peut-elle sauver l'Europe ?

L’hystérie collective a de nouveau frappé les marchés financiers. Le coût de refinancement à deux ans de la dette grecque a bondi de 1.500 points de base sur les sept derniers jours. Un quart de cette dette devant arriver à maturité d’ici deux ans, la charge d’intérêt explose et conduit les agences à abaisser la notation, en «junk» désormais chez S&P. Si les autres agences suivent, elles risquent de déclencher un sell-off général puisque les banques européennes ne pourront plus se refinancer avec les papiers grecs auprès de la BCE et la plupart des fonds et assureurs ne peuvent pas conserver de titres non «investment grade» dans leur portefeuille. Encore faudra-t-il trouver un acheteur…
28/04/2010

State Street investor confidence index down

The State Street Investor Confidence Index has fallen in the month of April. It is down 7.7 points, to 99.7 from a corrected level of 107.4 in March. Investors appear to be the most pessimistic in North America. The regional index for the continent is down 6.7 points to 103.7, from a corrected level of 110.4 points the previous month. In Asia, investo confidence has fallen 6.5 points, from a corrected level of 100.7 to 94.2. Only European institutions are showing rising levels of confidence, with the regional index up slightly, by 1.2 points, from a corrected level of 94.7 to 95.9 points.
28/04/2010

USS invests USD135m in Neuberger Berman Secondaries Fund

The British Universities Superannuation Scheme (USS) is increasing its investment in private equity, through the acquisition of a USD135m stake in the Neuberger Secondary Opportunities Fund II from Lehman Brothers Estate. With this acquisition, USS becomes the largest investor in the fund, which has Usd1.77bn in assets, raised in July 2008.
28/04/2010

SEI publishes an investment guide

SEI has published an online investment guide (The Global Asset Management Product Guide), which sets out the key regulatory points for various investment vehicles. The guide is aimed at managers who are making an effort to respond to increasingly strong demand on the part of investors to diversify the types of funds in their allocations. Among the products explained are, among others, US mutual funds, ETFs, UCITS funds, closed funds, and British-registered OEIC funds.
28/04/2010

Lombard Odier licenses an affiliate in Spain

The Swiss management firm Lombard Odier is expected to receive a license from the CNMV in the near future to launch activities of a fund and Sicav management affiliate in Spain, Expansión reports. The affiliate will have Claudio Ortea as chief investment officer, assisted by Paula Caruana, who will manage portfolios and Sicavs, after 10 years at BBVA Asset Management.
28/04/2010

La Caixa Banca Privada teams up with fashion designers

La Caixa Banca Privada has signed an exclusive cooperation agreement with the Spanish association of fashion creators (ACME) which will allow its private banking clients benefits which include a loyalty card that entitles them to discounts, and exclusive promotions from participating designers in the fashion industry. The agreement, offered in collaboration with the La Caixa Foundation, also provides for the training and integration of people in danger of social exclusion into the workshops of certain designers affiliated with the ACME. Personalised financial advising will also be made available to these designers. Assets at La Caixa Banca Privada increased last year by 21.5% to a total of EUR40.98bn.
28/04/2010

SEC cracks down on side pockets

The SEC has created an enforcement unit with 60 attorneys led by Rob Kaplan and Bruce Karpati to investigate the use of side pockets by private equity funds, hedge funds and other asset managers, the Wall Street Journal reports. Some funds examined by the SEC may have provided an inaccurate evaluation of their assets in side pocketseven as they continued to charge commissions on these inflated valuations. The new enforcement unit will also seek to establish to what extent managers are honest when they invest their own money in their funds.
28/04/2010

Beijing approves two new fund management firms

The Chinese regulatory authority CSRC has granted licenses to two new fund management firms, according to the China Securities Journal (which is controlled by the Chinese government). Market Watch reports that they are a joint venture of the Bank of New York Mellon and the Chinese broker Western Securities, and an affiliate of Zheshang Securities Co. Of the 60 existing fund management firms in China, 33 are joint ventures between Chinese and foreign firms.
28/04/2010

Pension funds give real estate another chance

According to a survey by Institutional Real Estate and Kingsley Associates, pension funds and other major institutional investors are planning to invest USD34bn in real estate, nearly twice as much as the total in 2009, the Wall Street Journal reports. About one third of this amount will go to safe investments in commercial real estate. Roughly USD8bn would be invested in debt, overseas deals and other kinds of real-estate transactions. Another USD13bn would go to riskier private-equity deals such as land and distressed properties. Only 3.5% of the total would be invested in REITs.
28/04/2010

Peter Hargreaves makes way for a new CEO

Peter Hargreaves is planning to retire from his position as CEO of Hargreaves Lansdown at the end of this year. He has announced that he making way for a younger successor in the position, Fund Strategy reports. Hargreaves, 63, founded the firm in 1981 with Stephen Lansdown. He will be replaced as CEO by Ian Gorham, starting in November. Gorham is currently chief operating officer. Hargreaves will remain as executive director of the firm.
28/04/2010

Nicolas Homassel takes over as head of Natixis Private Equity

In a statement, the board of directors of Natixis Private Equity announced on Tuesday, 27 April that it has appointed Nicolas Homassel, 47, as CEO of Natixis Private Equity. He replaces Jean Duhau de Berenx, who is taking his retirement. François Baubeau has also resigned from his position as deputy CEO. Homassel, who will retain his reponsibilities as executive director of strategy at Natixis, will aim to assist in the evolution of activities at Natixis Private Equity, and particularly its reorientation towards management for third parties. In 2002, Homassel, who has spent his entire career at Natixis, was appointed as head of growth operations at Natexis Banques Populaires. He later became director of strategy for the institution.
28/04/2010

Good start to the year for Lazard

Lazard is doing much better, Les Echos reports. In the first three months of the year, activities overall rose 67%, while revenues from advising (EUR269m) were up 65%, and revenues from mergers and acquisitions (+53%) and restructuring (+64%) were up by nearly as much. Commissions from portfolio management activities, meanwhile, were up 78%.
28/04/2010

Deutsche Börse releases statistics on order books

The Market Data & Analytics division of Deutsche Börse on Tuesday announced two new products, the EnBSol Historical Data Eurex and the EnBSol Historical Data Xetra. These are series of gross historical data by millisecond on the evolution of orders on the Eurex and Xetra electronic trading platforms. The data, which will be available back to 1 January 2010, is intended to allow market operators to develop new algorithms and to optimise strategies. They will be available in the original Enhanced Broadcast Solution (EnBSol) format for each platform.
28/04/2010

Significant rise in profits at comdirect

On Tuesday, comdirect bank (Commerzbank group) announced pre-tax profits for first quarter up 19% to EUR21.2m, while net profits have increased 23% to EUR15.7m (they were a mere EUR7.1m in October-December). Total assets under administration as of the end of March totalled EUR37.56m, which represents an increase of 6% compared with the end of December, half of which is due to market effects, and half to net subscriptions. For B2C activities, assets are up 6% to EUR23.5bn, while for the B2C division (eBase), assets are up 5% to EUR14.1bn.
28/04/2010

Hedge funds still had net outflows at end-February, according to Morningstar

In February, single hedge funds covered by Morningstar posted net subscriptions of over USD2.58bn, meaning that with redemptions in January taken into account, net outflows in the first four months of the year have totalled nearly USD1.03bn. The ratings agency reports that its Morningstar 1000 index of hedge funds in March posted returns of 2.77%, which puts the total at 1.63% for first quarter as a whole. Results got a boost from rising global equities indices in March. Though hedge funds remain cautious, they are beginning to get involved in equities markets once again, says John Rekenthaler, vice president of research. The best performance in March and for first quarter was for the distressed strategy, with 5.81% and 7.42%. However, the short bias strategy shows losses of 0.48% in march and 2.36% in January-March.
28/04/2010

GAI: Hedge funds gained more than 1.5% in March

According to Greenwich Alternative Investments (GAI), the Greenwich Composite Investable Hedge Fund Index posted returns in March of 1.52%, which gives it gains in the first three months of the year of 1.59%. All strategies posted gains in March and in first quarter. In March, the best-performing strategy was investable futures, with 3.03%. In January-March, the largest gains were for event-driven strategies, with 5.61%, ahead of long/short credit (3.30%).
28/04/2010

Petercam registers “green” govies fund

Petercam Institutional Asset Mangaement on Tuesday obtained permission from the CNMV to register the sustainable government bond fund Petercam L Bonds Government Sustainable, which brings the number of products with a license for sale in Spain to 18. The full Luxembourg range from the Belgian management firm is now registered in Spain, also including corporate bonds, high yield, and government bonds, as well as real estate and core and satellite equities portfolios.
28/04/2010

Metzler AM joins BVI

The German BVI association of management firms on Tuesday announced that Metzler Asset Management GmbH, an affiliate of Metzler seel. Sohn & C. Holding AG, with assets as of the end of 2009 of EUR5.1bn, has joined the association with immediate effect. The BVI association now has among its members 66 fully licensed capital investment companies, 13 asset management firms, and 6 holding companies, with assets under management of about EUR1.7trn.
28/04/2010

Prudential may be dismantled

Capital Group, the largest shareholder in Prudential, is considering dismantling the insurance giant. It has approached three British insurers, including Clive Cowdery’s Resolution and Aviva, to evaluate their potential interest in an acquisition of Pru, Investment Week reports. If potential candidates for the acquisition come forward, Prudential will call off plans to buy the Asian activities of AIG, the article adds.
28/04/2010

Henderson cleans up product range

Henderson Global Investor will offer subscribers and shareholders a series of five fund mergers and eight name changes in May, following the integration of the Henderson and New Star product ranges to form a single platform since 6 April 2010. In the UK equities product range, the Henderson Growth & Income Fund will be absorbed into the Henderson Higher Income Fund, but will continue to be managed by Graham Kitchen and Andy Jones, while the Henderson UK Growth Fund, managed by Trevor Green, will be merged into the Henderson UK Alpha Fund, managed by Stephen Peak. Lastly, the Henderson UK Extra Income Fund, managd by Job Curtis, will be absorbed into the Henderson Managed Distribution Fund, though it will have more “sophisticated” elements which will continue to be managed by John Pattullo, Jenna Barnard and Trevor Green.

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