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26/01/2010

Citic Bank va développer sa banque privée en Chine avec le BBVA

Cao Tong, numéro deux de la Citic Bank, a annoncé que au Nanfang Daily de Canton qu’il envisage de se lancer avec l’aide du BBVA dans la banque privée en Chine, rapporte Cotizalia. Le BBVA, qui détient 15 % de Citic Bank, aura 20 % dans cette nouvelle activité.Dans un premier temps, Citic Bank va se concentrer sur la vente de produits destinés à rehausser la performance de l'épargne financière. Elle ne se lancera qu’ensuite dans la gestion patrimoniale.
26/01/2010

Le fonds souverain norvégien s'interroge sur sa gestion

Le fonds de pension du gouvernement norvégien, qui pèse plus de 300 milliards d’euros est dans la tourmente. Selon FTfm, le débat porte sur la question de savoir si le fonds doit continuer à s’accrocher à la gestion active. Car les partisans de la gestion passive donnent de plus en plus de voix. En 2008, l’indice de référence du fonds a perdu 19,9% mais dans le même temps, le fonds a perdu plus de 23% «grâce» aux piètres performances de ses gérants actifs.Selon Yngve Slyngstad, CEO de Norges Bank Investment Management (NBIM), le bras armé de la banque centale chargé de gérer le fonds, ce n’est pas de moins de gestion active que le fonds a besoin mais de davantage. «Par rapport à nos pairs, les très grands fonds institutionnels, nous sommes probablement moins gérés activement que bon nombre d’entre eux. La question n’est pas de savoir si nous devrions avoir moins de gestion active, mais plutôt de savoir si nous devrions avoir plus de gestion active», estime Yngve Slyngstad.Selon une étude réalisée par une équipe d’universitaires, la contribution des gérants actifs du fonds a été «légèrement positive» depuis 1998. Mais le fonds se refuse à préciser la proportion du fonds gérée activement.Le fonds est actuellement investi à 60/40 en actions et en obligations, mais Yngve Slyngstad souhaiterait élargir la palette de classes d’actifs. Le parlement norvégien a déjà donné son feu vert pour une allocation de 5% dans l’immobilier. Yngve Slynstad envisage également des poches dédiées au private equity et aux infrastructures. Les hedge funds et les commodities ne font pas partie du programme de diversification du fonds.
26/01/2010
Fonds

Caja Madrid liquide son hedge fund

Caja Madrid annonce dans un avis publié par la CNMV avoir entamé le 21 janvier la liquidation de son hedge fund Caja Madrid Selección Inversión Libre qui a perdu 18 % depuis son lancement en janvier 2007 et dont les souscripteurs, sauf deux, sont pratiquement tous sortis, rapporte Expansión. L’encours n'était plus que de 16,3 millions d’euros fin décembre, selon les statistiques publiées par Inverco. Il semblerait qu’il y ait aussi une autre explication : Gesmadrid, la société de gestion du groupe Caja Madrid, ne serait pas satisfaite des services du conseiller du fonds, le belge KBC Asset Management, qui avait fait investir le fonds dans Madoff au travers de Fairfield.
Fonds
26/01/2010
Fonds

GAM va commercialiser cinq hedge funds OPCVM III

GAM, filiale de Julius Baer, a l’intention de commercialiser en Espagne cinq de ses hedge funds habillés dans une enveloppe OPCVM III, trois «longs» et deux de performance absolue, trois avec liquidité hebdomadaire et deux avec liquidité journalière, indique Funds People.Les trois fonds «longs» sont le GAM Star Global Selector à liquidité journalière géré par Gifford Combs, le GAM Star Global Equity, géré par Manning & Napier Advisors, qui offre également une liquidité journalière, et le GAM Star Pharo Emerging Market Debt & FX géré par Pharo Global Advisors, qui offre une liquidité hebdomadaire.Les deux produits de performance absolue sont donc à liquidité hebdomadaire. Il s’agit d’une part du GAM Star Global Rates, un fonds macro directionnel obligations et devises, et de l’autre du GAM Star Discrationalry FX, spécialiste des devises.Tous ces fonds ont été lancés en novembre 2009 et se trouvent en instance d’agrément auprès de la CNMV.
Fonds
26/01/2010

ComStage launches an inflation-linked bond ETF

On Monday, ComStage (Commerzbank) announced the launch of its 65th ETF, which was admitted to trading on the XTF segment of the Xetra platform. It is the ComStage ETF iBoxx € Sovereigns Inflation-Linked Euro-Inflation TR fund, which is also listed in Stuttgart. Management commission for the inflation-linked government bond fund is 0.17%, and its benchmark is the Markit iBoxx € Sovereigns Inflation-Linked Euro-Inflation Total Return Index. The XTF segment now lists 555 ETF funds.
26/01/2010

Hedge funds adapt to customer requirements

Hedge funds are modifying their behaviour to meet the increased requirements of institutional investors in the areas of transparency and costs. According to an international study undertaken by SEI in partnership with Greenwich Associates, a large majority of institutionals (80%) are not planning to alter their hedge fund allocations in the next twelve months, while 15% are planning to increase their allocations to these funds. However, over 70% of institutionals have added new requirements for transparency, with very strong demand for fund valuation methdologies. Managers will now need to explain their sources of alpha. Investors have also continued their efforts to influence fee structures. Nearly one respondent in five said they had negotiated terms which differ from the traditional “2/20,” i.e., 2% annual management fees and 20% performance commission for single funds, or “1/10” for funds of hedge funds.
26/01/2010

Martin Currie plans to launch China fund

The Scottish management firm Martin Currie is planning to launch an open-ended fund dedicated to China. The fund, which will be domiciled in the United Kingdom, will be managed by James Chong, and will likely be launched on 10 March, Investment Week reports. As of 31 December 2009, the management firm, based in Edinburgh, managed nearly GBP12bn in assets, or about EUR13.7bn.
26/01/2010

Hedge funds offset crisis losses in strong 2009

At the end of last year, hedge funds had offset 77% of their losses in 2008, according to an analysis of the year 2009 by Credit Suisse/Tremont, which finds that 28% of funds have completely recovered. In other words, most actors in the industry are in the process of recovery, and 28% of them have already completed that process, or moved past it to their best levels ever. According to finance professionals, these statistics are set to improve even further. Many funds say that they will continue to honour redemption demands, and that they will satisfy these redemptions more rapidly than anticipated. The return of investors to hedge funds manifested itself in fourth quarter, with net inflows of USD12bn. For the year as a whole, however, the industry shows a net outflow of USD74bn, due to redemptions. In 2008, outflows totalled USD99bn. About 58% of all devalued assets, worth about USD102bn, returned to normal liquidity. But USD72bn of these assets remain illiquid as of 31 December 2009. The percentage of funds which are closed to redemptions has fallen from 17% to 13% since November 2007. Some recently reopened funds are offering more attractive conditions than in the past, Credit Suisse/Tremont observes. In light of performance gains, assets under management in the sector are estimated at USD1.5trn as of 31 December 2009, compared with about USD1.3trn one year previously. According to some analysts, assets may measure as much as USD2.6trn.
26/01/2010

Newly-merged Covéa Finance will be operational in late May

The merger of management firms in the portfolio management affiliates of GMF, MAAF and MMA is entering its final phase, and will conclude in late May with the creation of a management unit under the umbrella of the current Covéa Finance, which will have assets of about EUR60bn in securities, while the real estate arm, Covéa Immobilier (investment and operation of properties), will have assets of about EUR10bn. There is a lot of legal work to be done, not least to rationalise a range of mutual funds of which most are registered in France. The asset management firm will have about 130 employees, says Sophie Beuvaden, deputy CEO for Finance, while the real estate arm (responsible for about 867,000 square metres of real estate concentrated in Paris and its inner subsurbs) will have over 60 personnel. In addition to these staff members, the firm will have the CFO for the three mutuals that make up Covéa, each of which will have a team of about 10 people.
26/01/2010

KKR teams up with Jonathan Grayer

The private equity investor Kohlberg Kravis Roberts & Co. will soon announce the launch of Weld North LLC, a new management firm which will invest in businesses in the consumer services sector, in partnership with Jonathan Grayer, former CEO of Kaplan Inc., the Wall Street Journal reports. KKR will invest several hundred million dollars in the new entity, which will be active in several industries, ranging from education-publishing companies to tax-preparation operators to health and wellness services.
26/01/2010

Caja Madrid liquidates its hedge fund

Caja Madrid has announced in a public statement released by the CNMV that on 21 January, it began the process of liquidating its hedge fund Caja Madrid Selección Inversión Libre, which lost 18% since its launch in January 2007, and whose subscribers have virtually all withdrawn, with only two exceptions, Expansión reports. Assets totalled only EUR16.3bn as of the end of December, according to statistics published by Inverco. It appears that there is also another explanation: Gesmadrid, the management firm of the caja Madrid group, is said to be unsatisfied with the services of the fund’s advisor, the Belgian firm KBC Asset Management, which was responsible for channelling investments to Madoff funds via Fairfield.
26/01/2010

GAM to release five UCITS III-compliant hedge funds

GAM, an affiliate of Julius Baer, is planning to release five of its hedge funds housed in UCITS III vehicles in Spain, including three long funds and two absolute return products, three of them with weekly liquidity and two with daily liquidity, Funds People reports. The three long funds are the GAM Star Global Selector fund, with daily liquidity, managed by Gifford Combs, the GAM Star Global Equity, managed by Manning & Napier Advisors, which also offers daily liquidity, and the GAM Star Pharo Emerging Market Debt & FX, managed by Pharo Global Advisors, which offers weekly liquidity. The two absolute return products offer weekly liquidity. They are the GAM Star Global Rates, a directional bond and currency macro fund, and the CAM Star Discretional FX, specialised in currencies. All of these funds were launched in November 2009, and have been granted licenses by the CNMV.
26/01/2010

AIMA concerned by Obama reforms

The Alternative Investment Management Association (AIMA) has expressed concerns over the proposals of US president Barack Obama to limit commercial banks’ investments in hedge funds and private equity. Andrew Baker, CEO of the association, says in a statement that AIMA is waiting for more details before expressing an official position. Although the proposals may create opportunities for the hedge fund industry, “we are concerned by the possibility that liquidity on the markets will be reduced, and that relations with prime brokers will be seriously affected.” The statement also points out that the industry has developed highly effective risk controls and that it has agreed to submit to increased transparency requirements, from both investors and regulatory authorities, which explains a regain in the popularity of hedge funds and a wave of subscription inflows.
26/01/2010

Class-action lawsuit against Porsche

Several hedge funds, including Elliot Associates, Glenhill Capital and Perry Partners, have filed a lawsuit in a US court against Porsche Automobile Holding SE, as well as its former chairman and its CFO, the Börsen-Zeitung reports. They accuse the auto maker of intentionally misleading the markets by dissimulating about the real size of its stake in Volkswagen, which led to erratic fluctuations in share prices in October 2008 that cost the funds over USD1bn.
26/01/2010

Galleon scandal: SEC wants wiretap evidence

The Wall Street Journal reports that the Securities and Exchange Commission and Manhattan US District Judge Jed S. Rakoff have sent a letter to Raj Rajaratnam and his co-defendants in a civil suit asking them to provide wiretap recordings of their conversations which were used as evidence by the Manhattan prosecutor’s office in a penal case against them.
26/01/2010

BaFin to clarify role of depository banks

A few days ago, the financial services supervisory authority (BaFin) submitted a circular for consultation which more clearly lays out the missions and obligations of depository banks, the Börsen-Zeitung reports. Participants have until early February to submit their opinions to BaFin. In a few months, the new circular will be passed into law.
26/01/2010

NBIM defends active management

Yngve Slynstad, CEO of Norges Bank Investment Management (NBIM), the affiliate of the Bank of Norway which manages the Government Pension Fund Global (EUR311bn), has sent a letter to the Finance minister calling for an end to a controversy on the subject of passive versus active management, Cinco Días reports. Slynstad argues that active management limits portfolio risks, which passive management does not do.
26/01/2010

Private equity is optimistic

John Amey, CEO of the private equity firm Candover, sees the early signs of recovery on the European private equity markets, as equities rise and access to external capital improves, the Frankfurter Allgemeine Zeitung reports. In addition, two deals totalling over EUR1bn were signed in fourth quarter 2009, though the total number of deals fell 10% compared with July-September, and volume was down 8% to EUR10bn.
26/01/2010

Bill Miller optimistic about equities

The Legg Mason star manager Bill Miller is looking forward to good performance on the equity markets this year, as economic recovery sets in. “I think 2010 will be a good year for equities, and a difficult year for bonds,” Miller writes in his monthly comments (January 2010). Miller, the only manager who has managed to beat the Standard & Poor’s 500 index for fifteen consecutive years, says a preference for bonds over equities in the past ten years is understandable, but deceptive in light of the evolution to be expected on these markets in the next ten years. Ten years ago, equities were overvalued, which is no longer the case, Miller estimates. From his point of view, high quality US large caps are cheap compared to bonds, and low quality shares continue to be attractive, he says, including regional banks. Miller also estimates that 2010 will be a favourable year for mergers and acquisitions, where the health and tech sectors are “fertile hunting ground.”
25/01/2010
Fonds

BNY Mellon commercialise un fonds d'obligations d'entreprises

Le compartiment BNY Mellon Euro Corporate Bond Fund de la sicav irlandaise BNY Mellon Global Funds est désormais commercialisé en France par BNY Mellon Asset Management. Lancé le 29 juillet 2009, ce fonds conforme à la directive OPCVM III affichait fin novembre un encours de 37,11 millions d’euros.L’objectif consiste à surperformer l’indice Markit iboxx Euro Corporates en investissant dans des obligations d’entreprises investment grade libellées en euros. La gestion est assurée par l’allemand WestLB Mellon Asset Management. Caractéristiques : Dénomination : BNY Mellon Euro Corporate Bond Code ISIN : IE00B4Z6FN82 Frais de gestion : 0,45 % (part C) ou 1,10 % (part A) Souscription minimale initiale : 5.000 euros
Fonds
25/01/2010

First Eastern mise sur Dubai

La société chinoise First Eastern Investment Group, basée à Hong Kong, prépare actuellement le lancement d’un fonds qui serait spécialisé sur la région de Dubai, indique le Financial Times. L’objectif du fonds est d’attirer 250 millions de dollars.
25/01/2010
Fonds

Le private equity a fait mieux que les actions en 2009

Selon les données de Listed Private Equity (LPEQ), qui suit les performances des 25 fonds de private equity les plus liquides dans le monde (hors fonds de fonds), les fonds de private equity ont fait une meilleure année 2009 que le actions. Ils ont réalisé une performance de 44 % sur l’année, contre 26,9 % pour le MSCI Monde.
Fonds
25/01/2010

La gestion d’actifs, un secteur moins concentré que celui de l’administration de fonds

A l'échelon international, le secteur de la gestion d’actifs est concentré, mais moins que celui de l’administration de fonds. Selon une étude citée par Les Echos («Mutual Fund Industry Competition and Concentration: International Evidence», janvier 2009), la part de marché des 5 et 10 plus gros gérants était, en 2006 pour un panel de 27 pays, en moyenne respectivement de 53,8% et 71,3%. Elle était de 60,5% et 78,1% pour les 5 et 10 plus grands administrateurs de fonds. Le marché français de l’asset management est le quatrième marché le moins concentré (la part de marché des 5 plus grandes sociétés était de 37,9% en 2006), ce qui ne signifie pas pour autant qu’il soit le plus ouvert aux acteurs étrangers, puisque leur part de marché plafonne depuis quelques années entre 10% et 15%. Les pays les plus concentrés sont la Belgique, la Suisse, le Portugal ou la Pologne.
25/01/2010

Galileo Capital Management lance ses activités

Une équipe de spécialistes de la gestion vient de lancer Galileo Capital Management, une firme de conseil, de gestion et d’investissement avec des implantations à Londres et à Hong Kong.Selon Hedge Week, les fondateurs Anders Jacobsen et Paul Thompson ont une expérience cumulée de plus de quarante ans d’expérience chez Goldman Sachs, Prudential Financial, Bankers Trust et Chase Manhattan Bank.La société se propose de privilégier des stratégies d’investissement dans des activités de niche jusqu’ici négligées par les investisseurs.

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