Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
08/04/2010

Carmignac n'a pas de pression pour se vendre à une institution

Dans un long article sur Carmignac Gestion, Citywire évoque entre autres thèmes l’avenir de la société de gestion. Le site Internet rappelle que la fille du fondateur Edouard Carmignac, Maxime, a récemment rejoint la société. «Ce qui est intéressant au sujet de la présence de Maxime, outre le fait qu’elle est brillante et qu’elle est ma fille, est que cela donne le sentiment réconfortant que si je venais à disparaître un jour il y aurait une continuité. Cela montre aussi qu’il n’y aura pas de pression à vendre à une institution, ce qui serait la pire des choses que nous pourrions faire à nos clients», indique Edouard Carmignac à Citywire, ajoutant que le nombre d’acquéreurs potentiels qui reniflent autour de sa société a diminué. «Nous sommes devenus trop chers maintenant», dit-il en riant.
08/04/2010

L’ex-commissaire européen Meglena Kuneva va rejoindre le conseil de BNP Paribas

Selon Les Echos, la banque française BNP Paribas s’apprête à accueillir quatre nouveaux administrateurs lors de l’assemblée générale du 12 mai, dont l’ex-commissaire européen chargée de la protection des consommateurs, Meglena Kuneva qui avait publié en septembre dernier un rapport très critique sur les tarifs pratiqués par les banques en Europe. Deux Belges devraient également faire leur entrée au conseil: Michel Tilmant, ex-dirigeant du bancassureur ING, ainsi qu’Emiel Van Broekhoven, professeur d'économie à l’université d’Anvers. Enfin, Jean-Laurent Bonnafé, actuel directeur général délégué en charge de la banque de détail, sera aussi proposé à l’assemblée.
08/04/2010

Capital-investissement: Natixis réintègre trois équipes

Selon Les Echos, Natixis, qui devrait finaliser cette semaine la cession de ses principales activités pour compte propre à Axa Private Equity, a annoncé hier en interne reprendre trois équipes. Laurent Mignon, le directeur général de Natixis, a ainsi indiqué que trois activités –Naxicap (capital-développement), Seventure (véhicules fiscaux, FIP, FCPI) et celle de fonds de fonds Dahlia-allaient rejoindre le pôle épargne de la banque d’investissement et ne seraient pas vendues.
08/04/2010

Nicolas Hubert quitte Lazard pour Blackstone

La Tribune qui cite plusieurs sources proches rapporte que Nicolas Hubert, banquier chez Lazard à Paris, a démissionné il y a quelques jours pour rejoindre prochainement la banque d’affaires Blackstone. Nicolas Hubert qui avait le statut de gérant chez Lazard depuis environ trois ans est spécialisé dans la couverture des institutions financières, banques et assurances. Selon plusieurs cabinets de recrutement, les gérants de son niveau n’auraient pas reçu de bonus satisfaisants au titre de l’année 2009. L’an passé, Lazard a dû payer une charge exceptionnelle de 86,5 millions de dollars pour verser les avoirs de son défunt PDG, Bruce Wasserstein, à ses héritiers, note le quotidien.
08/04/2010

Joe Cassidy (Nomura) rejoint la Deutsche Bank

A compter du mois prochain, Joe Cassidy, qui a été Global Co-Head of Prime Services, Global COO of Prime Services, Head of Equity Strategy et Head of European Corporate Strategy chez Nomura, rejoindra la Deutsche Bank comme Head of Prime Brokerage and Derivative Clearing for Global Rates. Il sera subordonné à Fredrik Gentzel, Head of Credit Portfolio Management and Prime Brokerage for Global Rates and Commodities. Cette nomination s’inscrit dans le cadre du projet stratégique de la banque allemande de mettre sur pied un plate-forme de compensation pour le marché des dérivés OTC.
08/04/2010
Fonds

Amundi lance un nouvelle salve d'ETF sur le marché de Francfort

La Deutsche Börse et Amundi ont annoncé mercredi que 20 ETF supplémentaires du gestionnaire français ont été admis à la négociation sur le segment XTF de la plate-forme électronique Xetra. La cote de cette dernière aligne désormais 644 références, dont 58 de la marque Amundi. Le précédent bouquet d’ETF Amundi (21 fonds) avait fait son entrée sur Xetra il y a moins d’un mois (lire notre article du 17 mars), les 17 premiers fonds de la marque ayant été cotés à Francfort le 23 février.Parmi les ETF nouvellement cotés à Francfort, tous de droit français, dix sont des produits actions (régionaux, pays, secteurs), six sont des produits obligataires «short» sur les indices EuroMTS de titres gouvernementaux et quatre des fonds matières premières sur des indices S&P GSCI. Les commissions de gestion s'échelonnent entre 0,14 % pour les ETF short sur les obligations d’Etat et 0,55 % pour l’Amundi ETF MSCI Brazil.La liste détaillée de ces produits est disponible à l’adresse 07.04.10 FR Amundi ETF_3ème cotation Allemagne.pdf
Fonds
08/04/2010
Fonds

Nomination à la tête du plus grand fonds souverain du monde

Un technocrate émirati, Khalifa Mohammed Al-Kindi, a été nommé à la tête de l’Adia (Abu Dhabi Investment Authority), le plus grand fonds souverain du monde dont les avoirs sont estimés à plus de 600 milliards de dollars, rapporte la Tribune. Cette nomination fait suite au décès d’Ahmed Ben Zayed Al-Nahyane dans un accident d’avion ULM au Maroc le mois dernier.
Fonds
08/04/2010
Fonds

Les Italiens privilégient les fonds obligataires en mars

En mars, les fonds et Sicav commercialisés en Italie ont enregistré des souscriptions nettes de plus de 1,86 milliard d’euros, selon Assogestioni, l’association italienne des professionnels de la gestion. La collecte a été tirée par les OPCVM obligataires, qui ont attiré, en net, 3,1 miliards d’euros, et affichent désormais des encours de 173 milliards d’euros, soit 40 % des encours totaux du secteur de la gestion de fonds. Les fonds flexibles et les fonds diversifiés sont aussi en positif, avec 852 millions et 826 millions d’euros. Les OPCVM monétaires ont en revanche accusé de lourds rachats, à 2,9 milliards d’euros. Les fonds actions sont aussi dans le rouge avec 12 millions d’euros.A noter également que les hedge funds renouent avec un solde positif avec des souscriptions nettes de 31 millions d’euros après plusieurs mois de sorties. Sur les trois premiers mois de l’année, les fonds et Sicav en Italie ont enregistré des souscriptions nettes de 1,5 milliard d’euros. Et à la fin du mois de mars, les encours ont augmenté à 444,2 milliards d’euros, contre 433,8 milliards fin février.
Fonds
07/04/2010

Pictet launches its first UCITS III-compliant long/short equities fund

Pictet will on 12 April launch its first UCITS III-compliant long/short equities fund, the Luxembourg-registered Corto Europe, which will be managed with a process and philosophy similar to that of the Pictet Corto European Ltd (EUR230m), registered in the Cayman Islands. A license for the fund was issued by the CSSF on 17 March. The capacity of the fund, which will offer weekly liquidity (with 5 working days’ advance notice) will be limited to a nominal EUR250m, due to the fact that market exposure will be about 1.9 times, including leverage and the short positions, explains Philippe Sarreau, one of the managers of the fund. The objective will be to earn returns of about 15-20%, with volatility of 7-8%, half the level of the benchmark index (MSCI Europe TR). For retail investors (P-class shares), management fees will total 1.60%, while administration and custody fees will total 0.40%. Performance commission is 20%, with high watermark. The Pictet Corto Europe will use the Euro as its currency of reference, with share classes hedged in US dollars and Siwss francs. Under normal market conditions, the fund will have 60 to 80 long positions, and 50 to 70 short positions. The long positions will range form 1% to 5%, while the short ones will be between 1% and 3%. While the original fund, with monthly liquidity, was launched on 1 August 2006, and is now 80% a province of US investors, the new UCITS III-compliant version targets more specifically European clients.
07/04/2010

Gabriele Miodini and Véronique Cherret promoted at Aviva Investors

Aviva Investors is continuing the redeployment of its development unit (see Newsmanagers of 6 April) with the appointment of two directors who will supervise the activities of all development teams in Europe in the strategic client segments (financial institutions, institutional investors, and Aviva). Gabriele Miodini, based in Italy, is appointed as a director and head of financial institutions for Europe. He will be largely responsible for forming relationships with the major financial and banking institutions and private banks, as well as with retail distribution platforms throughout Europe. Véronique Cherret, based in France, is appointed as a director and head of institutional investors for the United Kingdom and Europe. Her mission will be primarily to establish relations with pension funds, insurance companies, and retirement establishments.
07/04/2010

CBRE launches PAIF real estate fund

CB Richard Ellis Investors (CBRE) has announced the launch of the second Property Authorised Investment Fund (PAIF) on the British market, Fund Strategy reports. The first fund of this type was offered a few weeks ago by Clavis Walden (Piccadilly UK Commercial Property Income Fund) PAIF funds are the open-ended equivalent of REITs. The target investors for the vehicle are pension funds, but retail investors will also have access, via a feeder fund of the same name, available on the major platforms.
07/04/2010

Critical reaction to planned sale of Lehman asset management unit

Some of the world’s biggest banks, including Goldman Sachs and Deutsche Bank, are fighting Lehman Brothers’ plan to spin off an asset management unit known as Legacy Asset Management, says Financial News Online.The banks say the proposal, which Lehman will use to repay creditors, is being rushed and appears to be unfair to certain Lehman creditors.
07/04/2010

BNP Paribas IP and Fortis IM become one

In a statement, BNP Paribas Investment Partners (BNP Paribas IP) and Fortis Investment Management (Fortis IM) on Tuesday announced that they have finalised the merger of their respective holding companies as of 1 April 2010. The combined entity will now operate under a single brand name: BNP Paribas Investment Partners. On paper, the integration of Fortis Investments makes BNP Paribas IP the fifth-largest asset management firm in Europe, and 11th worldwide, with EUR530bn in assets under management and advised as of the end of 2009. In detail, BNP Paribas IP now has 60 investment centres, each of which is responsible for managing an asset class or a specific type of product, and about 1,200 investment professionals, a statement says. With this multi-boutique model, which allies a large-scale asset management provider with specialist partners, BNPP IP extending its geographical coverage into other markets, such as Belgium, Luxembourg, and the Netherlands. Meanwhile, BNPP IP is strengthening its presence on emerging markets, particularly in Asia, which the firm places at the core of its growth strategy, through a strong local presence and a range of investment solutions.
07/04/2010

BNP Paribas appoints an SRI strategy chief

BNP Paribas on 6 April announced the appointment of Laurence Pessez as deputy head for social and environmental responsibility (RSE). She will be largely responsible for overseeing deployment of a global RSE strategy and for elaborating an environmental policy for the group. Pessez, who joined the BNP Paribas group in 2002 as director of communications for BNP Paribas Assurance, has since 2006 served as director of communication and social and environmental responsibility at BNP Paribas Assurance. She will report directly to Jean Clamon, deputy CEO and member of the executive board at BNP Paribas, a statement says.
07/04/2010

Coverage levels improve for US pension funds

The coverage ratio for US pension funds improved further in March, to 88.1%, a gain of 2.8 percentage points, according to monthly statistics from BNY Mellon Asset Management.
07/04/2010

Profits at fund management firms down by more than half in 2009

According to the quarterly report from the CNMV, Spanish fund management firms last year posted net profits of EUR243m, compared with EUR503m in 2008, and revenues from commissiosn fell 26% to EUR1.7bn, even though assets remained virtually unchanged, compared with a decline of 27% in 2008. Management commissions fell to an average of 0.82%, compared with 1.1%. Meanwhile, the report states that 31 management firms (compared with 34 in 2008), out of a total of 108, lost money last year.
07/04/2010

HSBC moves Geneva back office into single location

Agefi Switzerland reports that nearly 1,000 employees of HSBC Private Bank will be moving in mid-June from the several various buildings that the bank occupied in Geneva into a single international business centre in Blandonnet, located immediately next to Cointrin airport. The front office will continue to be based on the banks of Lake Leman. Following the integration of HSBC Guyerzeller Bank AG and Guyerzeller Trust Company AG, the bank has 1,375 employees in Geneva, and a total of 1,774 in Switzerland (including 358 in Zurich and 41 in Lugano).
07/04/2010

Lombard Odier on the move in Russian market

Agefi Switzerland reports that Lombard Odier has received a license from the Russian central bank, which will allow it to open a branch office there. Michael Kuenzi, who set up the private management unit of UBS in Russia before joining Lombard Odier last year, has been appointed to represent the Geneva-based bank locally. The process is continuing, the bank says, but it declines to name a date for the opening of the future Moscow office. Lombard Odier is aiming for USD20bn in assets held by Russians in Russia, Alexander Kotcoubey, executive vice president, has told Bloomberg.
07/04/2010

HSBC to launch an emerging markets absolute return fund

HSBC Global Asset Management is planning to launch an emerging markets absolute return fund toward the end of the month, Investment Week reports. The Luxembourg-domiciled fund, HSBC GIF GEM Equity Alpha Fund, will offer daily liquidity, and will have an annual performance objective of 10-15%, with volatility of 10% and limited market correlation. The new vehicle, which will comply with the UCITS III directive, joins the range of international investment funds from HSBC, which last month announced the launch of a European absolute return fund (see Newsmanagers of 19 March 2010).
07/04/2010

Promotion at HSBC Global AM

HSBC Global Asset Management has appointed Alex Letchfield as chief investment officer for UK private clients, Fund Strategy reports. Lethfield will succeed Jim Dunsford, who will concentrate on the management of the HSBC GIF Global Macro fund. Letchfield joined the group in 1993, and since late 2000 has been head of UK equities for British private clients.
07/04/2010

Schroders looks to organic growth

Plans for Schroders’ development still revolve around organic growth, says the Financial Times Fund Management. The asset manager has more than GBP1bn of surplus capital in its war chest, triggering speculation that it would buy other fund management businesses. But so far the group has stayed away from acquisition. Separately, about 12 per cent of Schroders’ total assets under management are generated by the Americas, a figure Alan Brown, CIO, is keen to boost.
07/04/2010

Maintrust adopts Nomura Asset Management Deutschland brand name

The German-registered asset management firm Maintrust KAG mbH (EUR1.8bn in assets as of the end of March), an affiliate of Nomura since 1991, has adopted the name Nomura Asset Management Deutschland KAG, or NAM Deutschland. The change will favour cross-selling and the opening of new distribution channels. Open-ended funds from the firm which use the prefix “MAT” will soon be changing names. Nomura (EUR173bn in assets as of the end of December), which relies on Maintrust’s expertise in the specialist bond fund segment and for custom solutions in Germany, is planning to extend the range of products available from its German affiliate into Asian products and other international funds.
07/04/2010

CNMV not optimistic about real estate funds

In its report on the situation of the market, the CNMV estimates that real estate funds have the most unfavourable outlooks of all categories of investment funds, and that “it is unlikely” that their situation will improve substantially until the Spanish real estate sector begins to recover, Expansión reports. In 2009, assets in real estate funds fell 12.7%, while the number of subscribers contracted by 14.2%, to 83,583. The number of funds decreased by one, to eight. Assets under management as of the end of December totalled EUR6.46bn, of which 72.6% was in funds which were undergoing liquidation or which had frozen or delayed redemptions. Real estate funds lost an average of 9.3% last year.
07/04/2010

26 funds launched in first quarter

Funds People reports that between 15 January and 26 March, the CNMV registered 26 new funds, compared with 23 in first quarter 2009, and 44 in the first three months of 2008. More than half of these new products (14) are guaranteed funds. The most active management firm was BBVA Asset Management, which launched five guaranteed funds, one bond fund, and one diversified fund. The CNMV says that it has registered three new Spanish-registered hedge funds: Altex Activist, Capitrade Systematic Global Futures, and Arcano Credit Fund.
07/04/2010

Deutsche Bank merges part of its private equity activities

On Tuesday, Deutsche Bank announced that, following the completion of its acquisition of Sal. Oppenheim, it will be centralizing its private equity fund of fund activities within its asset management division. The new entity, DB Private Equity, will include the private equity group of the private wealth management (PWM) division, the secondary private equity team from the affiliate RREEF, and lastly, Sal. Oppenheim Private Equity Partners (SOPEP). Assets in the new entity will total about EUR6bn. The global head of DB Private Equity will be Chris Minter, managing director of Deutsche Bank, who will report to Kevin Parker, global head of Deutsche Asset Management and a member of the executive committee group at Deutsche Bank. Rolf Wickenkamp, who was until recently a partner at SOPEP, has been appointed vice chairman of DB Private Equity.
07/04/2010

Credit Suisse hires four specialists from Sal. Oppenheim

Four client advisors from Sal. Oppenheim, specialised in wealth management, will be joining Credit Suisse in Berlin, the Frankfurter Allgemeine Zeitung reports. Three of them joined the Swiss firm on 1 April, while the fourth will follow on 1 July. The Berlin office will then include 17 people, to serve as many as possible of the approximately 7,500 high net worth and ultra-high net worth private clients in the German capital. In total, Credit Suisse has about 500 people in 13 locations in Germany, including 150 client advisors.
07/04/2010
Fonds

Les investisseurs voient l'encours des hedge funds augmenter de 20 % cette année

Selon le sondage annuel du Credit Suisse auprès d’investisseurs institutionnels représentant environ 1.000 milliards de dollars placés dans des hedge funds (Hedge Fund Invesotr Survey) l’encours des hedge funds pourrait atteindre 1.970 milliards de dollars d’ici à la fin de l’année contre 1.640 milliards fin 2009. Cette hausse de 20 % proviendrait pour 9 points de souscriptions nouvelles, soit quelque 148 milliards, et pour les 11 autres points de l’effet de marché. Ces estimations concordent avec celles des gestionnaires alternatifs qui ont été publiées le mois dernier à l’issue du Global Hedge Fund Manager Survey de Credit Suisse.Dans les deux sondages, les deux tiers du panel pensent que les investisseurs acceptant des lock-up plus longs bénéficieront d’une réduction des commissions.Les deux stratégies préférées des investisseurs sont le global macro (67 % des personnes interrogées prévoient d’augmenter leur allocation à ces fonds) et l'événémentiel (event-driven) avec 62 % du panel envisageant d’augmenter leur exposition. Sur le plan géographique, 61 % des investisseurs comptent augmenter leur allocation aux fonds Asie-Pacifique. Les deux formats privilégiés par les souscripteurs sont les comptes gérés (managed accounts) et les hedge funds au format OPCVM III, avec respectivement 39 % et 38 % du panel prévoyant d’augmenter leur allocation à ces produits.Enfin, Credit Suisse précise que 94 % des investisseurs ont indiqué avoir bénéficié ces 18 derniers mois d’une plus grande transparence que par le passé quant au positionnement des portefeuilles.
Fonds
07/04/2010

Promotion chez HSBC Global AM

HSBC Global Asset Management a nommé Alec Letchfield au poste de chief investment officer pour la clientèle privée britannique, selon Fund Strategy. Alec Letchfield prend la succession de Jim Dunsford qui devrait se concentrer sur la gestion du fonds HSBC GIF Global Macro. Alec Letchfield a rejoint le groupe en 1993 et pilote depuis l’an 2000 les actions britanniques pour la clientèle privée britannique.

Sujets d'actualité

Tous les sujets