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08/03/2010
Fonds

La situation financière des fonds de pension américains s'améliore

Le ratio de financement des fonds de pension américains s’est amélioré au mois de février pour atteindre 85,3%, soit un gain de 1,6 point de pourcentage, selon les données mensuelles communiquées par BNY Mellon Asset Management.Les actifs ont progressé de 1,8% durant le mois sous revue alors que les engagements ont diminué de 0,1%. Les actifs ont profité de la bonne tenue du marché actions, notamment les petites et moyennes capitalisations. Les programmes de retraite ont aussi profité de la légère augmentation du taux des obligations corporate Aa, de 5,92% à 5,96%.
Fonds
08/03/2010

Brown Brothers Harriman nomme un responsable ETF

BBH (Brown Brothers Harriman) vient de nommer Shawn McNinch en tant que responsable ventes et produits ETF internationaux, selon globalcustodyShawn McNinch travaillait précédemment chez Barclays Global Investors, où il était senior principal ou sein du groupe iShares product strategy.
08/03/2010
Fonds

JPMorgan propose aux particuliers un fonds très diversifié

Depuis peu, JPMorgan commercialise auprès des particuliers le JPMorgan Income Builder Fund, qui investit dans une palette très vaste d’instruments, au-delà des actions et des obligations : des CMO (collateralized mortgage obligations), des REIT, des obligations convertibles, des actions de pays émergents et des obligations à haut rendement du monde entier, ce qui n’est pas courant pour un produit proposé aux personnes qui épargnent pour leur retraite, souligne The Wall Street Journal.Depuis le début de l’année, ce fonds a triplé de volume, à 64 millions de dollars. Et depuis le lancement en mai 2007, sa performance a été de 0,7 % alors que le S&P 500 a perdu 9,5 %, même si le Barclays Capital Aggregate Bond Index a pour sa part affiché un gain de 6,5 %.Actuellement les actions, surtout étrangères, représentent 32 % du portefeuille, les REIT pèsent 5 % et l’allocation au «high yield» se situe à 45 %. La dette émergente se situe à 8 %, après un plus haut de 18 %, indique Anne Lester, la gérante du fonds.
Fonds
08/03/2010

CCMP acquiert Infogroup

Dans le cadre d’un LBO, le capital-investisseur CCMP achète l’exploitant de bases de données Infogroup Inc pour environ 460 millions de dollars, selon des proches du dossier. The Wall Street Journal souligne que l’action Infogroup a pratiquement doublé les douze derniers mois. Elle a clôturé à 8,16 dollars vendredi. La transaction s’effectue donc légèrement en-dessous de la capitalisation boursière de 469 millions.
08/03/2010

Heritage se sépare de Heritage Private Office

Selon L’Agefi suisse, les directions de Banque Heritage et de Heritage Private Office ont convenu d’un commun accord de renoncer à leur collaboration en raison de divergences stratégiques. La séparation s’est fait via un «management buyout». Les trois actionnaires minoritaires de Heritage Private Office, qui s’appellera désormais The Private Office, ont ainsi racheté la part que la banque détenait dans cette joint-venture (60%). Créé en août 2009, ce partenariat entre la banque et trois anciens du Credit Suisse a pris fin, notamment parce que la nouvelle société souhaitait plus d’indépendance.
08/03/2010

Deux anciens de HSBC créent une société de gestion

Selon L’Agefi suisse, Nen Khieu, ancien responsable de la gestion obligataire chez HSBC Private Bank Suisse, crée sa propre entreprise, KBR Advisors, en association avec Annie Balmon-Raccah licenciée en économie quantitative et, entre autres, ancienne responsable des mandats de gestion décentralisée pour la zone Europe/Diamantaire, chez HSBC. Ils lancent un fonds obligataire 130/30, KBR Total return Income Fund, avec un objectif de 500 millions de dollars d’ici à 2011.
08/03/2010
Fonds

Aros va lancer un fonds philanthropique

La société de gestion anglo-danoise Aros Capital Partners va lancer dans le courant du deuxième trimestre un fonds à vocation altruiste, Aros Altru, avec l’objectif de démontrer que rendement commercial n’est pas antinomique avec retombées sociales.Le fonds, qui prendra la forme d’un fonds de private equity fermé, investira non pas dans des entreprises dites sociales mais dans des entreprises dont l’activité a le potentiel d’avoir un impact social durable.Dans les pays développés, Aros Altru se concentrera plus particulièrement sur la technologie, les énergies renouvelables, le transport, le logement, la culture et le sport. Dans les pays émergents, l’accent portera sur le bâtiment, les infrastructures, la santé, l’eau, l'éducation, le logement et les télécommunications. Principales caractéristiques Objectif de taille : 10 millions de livresInvestissement minimum : 70.000 livresObjectifs de rendement : taux de rentabilité interne (IRR) de 8% avec des impacts sociaux mesurablesInvestissements cibles : les entreprises de croissance en phase de développement ou plus établiesPortefeuille : 8 à 10 positionsFrais : 2,5% par an avec une commission de performance de 10%
Fonds
08/03/2010
Fonds

Record d'encours pour les ETF

En 2009, les actifs gérés par les ETF paneuropéens ont gonflé de 47,37 % pour atteindre 162,49 milliards d’euros, selon une étude de Lipper relayée par Funds People. Pourtant, la tendance ne s’est pas maintenue au quatrième trimestre, où les encours n’ont plus augmenté que de 29,78 milliards contre 31,27 milliards en octobre-décembre 2008. Ce qui prouve, selon Detlef Glow, responsable de la recherche sur l’Europe, que les ETF ne sont pas uniquement utilisés comme support de trading à court terme.Lipper a recensé 209 nouveaux ETF l’an dernier, l'émetteur le plus actif étant le Crédit Agricole, avec 41 produits.
Fonds
08/03/2010
Fonds

Castlestone Management lance un portefeuille multi-actifs

Selon Fund Strategy, Castlestone Management vient de lancer une version conforme à la directive OPCVM III de son fonds offshore multi-assetLe fonds Ucits Intelligent Portfolio (IQ) Asset Allocation investit dans les actions internationales et les obligations internationales. Il peut également investir dans les stratégies alternatives, les marchés de matières premières, l’immobilier international et les fonds monétaires. Le gérant du fonds, Leon Diamond, assure aux investisseurs la préservation du capital et le rendement absolu.Le fonds domicilié à Dublin offre une liquidité quotidienne, propose des parts en sterling, dollar et euro. L’investissement minimum pour la partie retail a été fixé à 1.000 livres.
Fonds
08/03/2010

Gender inequality persists in asset management

Les Echos reports that funds managed by women are smaller in average size than those managed by men, with a 1 to 2 ratio. This inequality has no justification (ability, experience), and can be observed in four countries (United States, Germany, Switzerland, and Italy), according to a study by Olaf Hübler and Lukas Menkhoff, researchers at Leibniz university in Hanover. The inequality is only observed at major management firms, and particularly in their ranges of smaller funds. Once a fund has a certain volume in assets under management, the inequality attenuates. Small management firms and boutiques, for their part, do not appear to be inclined to discriminate on the basis of sex.
08/03/2010

London & Capital appoints a senior portfolio manager

Investment Week reports that London & Capital has appointed Sanjay Joshi as senior portfolio manager in the fixed income team. Joshi will be in charge of portfolio construction and allocation, as well as the new UCITS fund product range. Joshi was previously at F&C Asset Management, where he was co-manager of a fixed income fund, but his arrival is actually a return, as he previously worked at London & Capital from 2002 to 2006.
08/03/2010

Vanguard adds to British tracker fund product range

Money Marketing reports that Vanguard is planning to enlarge its range of British tracker funds with the launch of two products, an index-based bond fund and a real estate fund. Assets under management in the funds, launched in June 2009 (nine equity and three bond funds), total GBP500m.
08/03/2010

Brown Brothers Harriman appoints a head of ETFs

BBH (Brown Brothers Harriman) has appointed Shawn McNinch as head of sales and international ETF products, globalcustody reports. McNinch previously worked at Barclays Global Investors, where he was senior principal in the iShares product strategy group.
08/03/2010

Norwegian fund reports best performance in its history

Gains in international equity and fixed income markets led to a record annual return for the Norway’s Government Pension Fund Global in 2009. The fund returned 25.6 percent, equivalent to 613 billion kroner. This was 4.1 percentage points higher than the return on the benchmark portfolio. The fund’s market value was 2,640 billion kroner at the end of 2009, up from 2,275 billion kroner a year earlier.It had 62.4 percent of its investments in equities at the end of 2009.
08/03/2010

Government pension fund to invest in real estate

The Norwegian finance minister, Sigbjørn Johnsen, has announced that his ministry would be granting permission for the Government Pension Fund Global (GPFG), formerly known as the Oil Fund, to invest up to 5% of its assets in non-publicly traded real estate, from 1 March 2010. The assets will be reallocated from bonds, and the total currently corresponds to NOK130bn, which will be invested over several years. The regulatory guidelines for these investments will be specified by the Bank of Norway (the GPFG is managed by its affiliate, Norges Bank Investment Management, or NBIM). To reduce risk, the government will require the fund to stagger its investments over time, and to diversify it by country and type of property. The GFPG will invest primarily in developed markets with traditional real estate categories. The minister states that directives will require the fund to take environmental, social and governance issues into account. In the area of environmental issues, the management team will be required to give priority to energy efficiency, water consumption and waste treatment considerations.
08/03/2010

Italian insurance policy was invested in Madoff

Bernard Madoff was one of the unit-linked managers for a life insurance policy offered to Italian investors by AIG Life in Dublin, which has been frozen by the company since December 2008, Il Sole - 24 Ore reports. The total sums invested with the US fraudster are estimated at EUR2-3m, from a total portfolio of EUR82m, which was placed in 16 funds on behalf of 16,000 Italian investors. It is likely that toxic assets, in addition to the Madoff investments, were introduced into the portfolio of the funds, which explains the closure of the policy, the Italian newspaper reports.
08/03/2010

Local ETF assets in Latin America grew by 79% in 2009

According to statistics from BlackRock, last year a total of 17 ETFs were domiciled in Latin America, of which 16 were actively-managed, with total assets of USD9.84bn, compared with USD5.1bn twelve months earlier. The 79% increase in assets under management compares with a 98.15 increase for the MSCI EM Latin America index in US dollars. Net subscriptions totalled USD1.3bn last year, compared with nearly USD2.88bn in 2008. The top two issuers were iShares (15 products) with assets of USD8.37bn, and Banco Itaú, with one fund and USD1.47bn.
08/03/2010

Financial situation improves for US pension funds

The coverage ratio for US pension funds improved in the month of February to 85.3%, an increase of 1.6 percent, according to monthly statistics from BNY Mellon Asset Management. Assets increased by 1.8% in the month under review, while liabilities fell by 0.1%. Assets got a boost from the good performance of equities markets, particularly small and midcaps. Retirement programs also profited from a slight increase in returns on AA-rated corporate bonds, from 5.92% to 5.96%.
08/03/2010

JPMorgan offers retail investors a highly diversified fund

JPMorgan has recently released the JPMorgan Income Builder Fund for retail investors. The product invests in a very wide range of financial instruments, beyond equities and bonds: CMO (collateralized mortgage obligations), REITs, convertible bonds, emerging markets equities, and global high yield bonds. This is uncommon for a product made available to people saving for their retirement, the Wall Street Journal observes. Since the beginning of the year, the fund has tripled in volume, to USD64m. Since its launch in May 2007, the performance of the fund is 0.7%, while the S&P 500 has lost 9.5%, although the Barclays Capital Aggregate Bond Index, for its part, has gained 6.5%. Currently, equities, especially foreign equities, represent 32% of the portfolio, while REITs account for 5%, and allocation to high yield stands at 45%. Emerging market debt represents 8%, down from a peak of 18%, says Anny Lester, manager of the fund.
08/03/2010

Institutional funds lead for net subscriptions

In January, asset management firms reporting to the BVI association posted total net subscriptions of EUR14.1bn, of which EUR10.4bn went to institutional assets, including EUR6.9bn to Spezialfonds, and EUR3.5bn in mandates. Open-ended funds attracted EUR3.7bn, of which EUR1.7bn went to real estate funds, and EUR1.17bn to diversified funds, while EUR649.8m went to money market funds. As of the end of January, assets in Spezialfonds totalled EUR732.2m, compared with EUR650.5bn for open-ended funds and EUR316.7bn for mandates. Only two of the major management firms posted net subscriptions in January: DWS/DB Advisors/Deutsche Bank group, with nearly EUR1.76bn in subscriptions, of which EUR420m went to ETF funds from db x-trackers, and Allianz Global Investors, with nearly EUR1.27bn, of which EUR667.3m were for Pimco. However, Deka (savings banks) saw net redemptions of EUR657.4m, while its affiliate ETFlab saw net outflows of EUR1.27bn. Union Investment (co-operative banks) has seen net outflows of EUR363m. As for the other two ETF promoters, BlackRock saw EUR381.2m in inflows, and ComStage (Commerzbank) brought in EUR182.7m.
08/03/2010

Italian funds return to net outflows

In February, funds on sale in Italy had net outflows of EUR456m, returning them to a negative monthly balance of flows, according to the most recent statistics from Assogestioni, the Italian association of asset managers. In January, the industry generated net subscriptions of EUR253m. Last month, Italian investors largely interested in bond funds, which saw inflows of EUR1.1bn. Flexible funds saw inflows of EUR541m, while balanced funds received EUR535m. However, equities funds saw net redemptions of EUR232m. But the sector was still dragged down by money market funds, from which net redemptions totalled EUR2.4bn. Despite that, assets in funds on sale in Italy increased to EUR434bn, of which 38% was invested in bonds, 21% in equities, and 18% in money markets. 80% of this amount is managed by Italian groups, which in February saw net redemptions of EUR610m, while foreign funds had positive flows of EUR154m. Among the firms which attracted the most money in February is BNP Paribas, with inflows of EUR351.1m.
08/03/2010

Traditional Funds arrives in Spain

The British management firm Thames River Capital has registered the Irish Sicav Irish Traditional Funds Plc, which has 13 sub-funds, with the CNMV, Funds People reports. Sales of the products in Spain will be handled by Allfunds Bank.
08/03/2010

Transfer volumes down by half

The Inverco association of Spanish asset management firms on Friday reported that in 2009, trading volumes of transfers from one fund to another fell to EUR33.08bn, or 19.57% of assets as of the end of the year, which totalled EUR169.03bn, while these trades represented EUR66.23bn or 37.84% of EUR175.05bn in assets in 2008. According to Ángel Martínez-Aldama, Inverco CEO, it is “lamentable” that investors were unable to profit from the rebound on the stock market after they fell back to defensive positions in 2008. The composition of the average portfolio reveals that the most cautious categories, money market, bond, and guaranteed funds, last year accounted for 78.85% of total investments (50.44% in bonds and money market funds, 28.41% in guaranteed funds). By comparison, equities funds represented only 14.09%, while the remaining 7.06% was invested in “global” funds.
08/03/2010

Legg Mason registers three new funds

The CNMV has registered three new funds from Legg Mason: they are the Legg Mason Western Global Blue Chip, from Western Asset Management, the Legg Mason Capital Management Opportunity, managed by Legg Mason Opportunity Trust, led by Bill Miller, and lastly, the Legg Mason Royce Global Smaller, from Royce & Associates.
08/03/2010

Volcker rules are not a priority for US Senate

The face-off between Barack Obama and the US Senate is intensifying over proposed banking regulations, Agefi reports. The White House made further statements last week in support of the “Volcker rules,” which would forbid banks from trading their owners’ equity and from speculative activities related to hedge funds, though the Senate has turned a deaf ear to the proposals. According to the newspaper, Senate Democrats see the creation of the CFPA (Consumer Financial Protection Agency), an agency which would be responsible for consumer protection, as the top priority.
08/03/2010

Aros to launch a philanthropy fund

The British-Danish management firm Aros Capital Partners will launch a philanthropic fund in second quarter, entitled Aros Altru, which will aim to show that financial gain is not incompatible with positive social effects. The fund, which will take the form of a closed private equity fund, will invest not only in businesses considered socially conscionable, but also in companies whose activities have potential for sustainable positive social impact. In developed countries, Aros Altru will concentrate on the tech, community, renewable energies, transport, housing, cultural and sporting sectors. In developing countries, the emphasis will be on housing, infrastructure, health, water, education, housing, and telecommunications. Primary characteristics Size objective: GBP10m Minimal investment: GBP70,000 Return objective: internal return rate (IRR) of 8%, with measurable social impact Target investments: growth business in a development or more established phase Portfolio: 8 to 10 positions Fees: 2.5% per year, with a performance commission of 10%
08/03/2010

Castlestone Management launches a multi-asset class portfolio

Fund Strategy reports that Castlestone Management has launched a UCITS III-compliant version of its offshore multi-asset fund. The Ucits Intelligent Portfolio (IQ) Asset Allocation fund invests in global equities and bonds. It may also invest in alternative strategies, commodities, global real estate, and money market funds, The manager of the fund, Leon Diamond, guarantees investors protection of their capital and absolute returns. The fund, domiciled in Dublin, offers daily liquidity, and is available in shares denominated in pounds Sterling, US dollars, and Euros. The minimal investment for retail shares is set at GBP1,000.
08/03/2010

Record assets in ETFs

In 2009, assets under management in pan-European ETFs increased by 47.37% to a total of EUR162.49bn, according to a Lipper survey reported in Funds People. But the trend did not hold out through fourth quarter, when assets increased by only EUR29.78, down from EUR31.27bn in October-December 2008. This is a sign, says Detlef Glow, head of European research, that ETFs are not being used exclusively for short-term trading support. Lipper counted 209 new ETFs launched last year; the most active provider was Crédit Agricole, with 41 product launches.

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