Tant aux Etats-Unis qu’en Europe, les ETF ont enregistré à fin 2009 des encours record de respectivement 705,5 milliards de dollars (+ 41,9 % en un an) et 223,5 milliards contre 142,82 milliards un an plus tôt (+ 56,5 %). BlackRock dénombrait au 31 décembre 821 ETF cotés 2.359 fois sur 18 Bourses contre 772 produits aux Etats-Unis.Selon Lipper FMI, les souscriptions nettes affichées par les ETF domiciliés en Europe ont représenté 36,5 milliards de dollars durant les dix premiers mois de l’an dernier, alors que celles des autres mutual funds se situaient à 210,5 milliards de dollars.Les trois premiers promoteurs d’ETF s’adjugent 75 % du marché : iShares (BlackRock), avec 38,4 %, Lyxor Asset Management (Société Générale), avec 20,4 % et db x-trackers (Deutsche Bank), avec 16,6 %. Cela correspond à des montants respectifs de 185,7 milliards de dollars, de 45,6 milliards et de 37,2 milliards.

A fin décembre, on recensait dans le monde 1.939 ETF cotés 3.775 fois sur 40 Bourses. Emis par 109 maisons, ils atteignaient au total un encours record de 1.032,3 milliards de dollars, ce qui représente un accroissement de 5,1 % par rapport aux 982 milliards de dollars de fin novembre, le précédent record. Sur l’année, les actifs sous gestion ont opéré un bond en avant de 321,4 milliards sur les 710,9 milliards constatés fin 2008 par Barclays Global Investors (BGI), devenu BlackRock au 1er décembre. A noter aussi qu’actuellement 817 nouveaux ETF sont en préparation.Selon Strategic Insight, par ailleurs, les souscriptions nettes enregistrées par les ETF pour les neuf premiers mois de 2009 se situaient à 93,8 milliards de dollars, alors qu’elles représentaient seulement 13,3 milliards pour l’ensemble des autres «mutual funds».Près des trois quarts (71,9 %) des encours mondiaux sont gérés par trois émetteurs. Il s’agit d’iShares (BlackRock) avec 413 ETF et des actifs de 488,9 milliards de dollars, ce qui représente 47,4 % de part de marché, de StateStreet Global Advisors (SSgA), avec 107 fonds, 161 milliards et 15,6 % du marché, et de Vanguard avec 47 ETF, 92 milliards de dollars et une part de marché de 8,9 %.

As of the end of December, total assets in securities funds on sale in Portugal totalled EUR17.22bn, which represents a 1.6% increase over the end of November, and a 20.1% increase over the end of 2008, according to statistics from the APFIPP association of management firms. Net subscriptions in December totalled EUR195.5m, bringing the total for 2009 as a whole to nearly EUR2.29bn. The top three management firms in terms of asset volumes are Caixagest, with EUR4.1bn and a market share of 23.84%, Esaf-F.I.M., with EUR3.31bn and 19.23%, and Santander Asset Management, with nearly EUR3.15bn and a market share of 18.28%. For last year as a whole, the strongest net inflows were at Santander AM, with EUR736.2m, followed by Caixagest with EUR604.4m, and BPI Gestão de Activos, with EUR494.5m. AFPIPP states that in 2009, Portuguese equities funds posted the strongest increase in their assets (70.1%, or EUR141.4m). But the largest increase (69%, and nearly EUR1.28bn) was for discretionary funds (fundos especials de investimento), whose assets under management totalled over EUR3.04bn.

As of the end of December, there were 1,939 ETF funds worldwide, listed 3,775 times on 40 stock markets, and issued by 109 firms. These funds had record total assets of USD1.0323trn, which represents a 5.1% increase over the USD982bn observed at the end of November, the previous record. For the year, assets under management increased by USD321.4bn from a level of USD710.9bn measured at the end of 2008 by Barclays Global Investors (BGI), which became BlackRock on 1 December. There are also 817 ETF funds currently under preparation. Strategic Insight observes that net subscriptions to ETF funds in the first nine months of 2009 totalled USD93.8bn, while they represented only USD13.3bn for all other mutual funds. Nearly three quarters (71.9%) of global assets are managed by three firms. They are iShares (BlackRock), with 413 ETFs and assets of USD488.9bn, which represents a market share of 47.4%, State Street Global Advisors (SSgA), with 107 funds, USD161bn and a market share of 15.6%, and Vanguard, with 47 ETFs, USD92bn, and a market share of 8.9%.

According to initial estimates, the Credit Suisse/Tremont Hedge Fund index is expected to post an increase of 0.39% in December, compared with gains of 2.11% in November. The best-performing sectors were event driven (1.91%), long/short equity (2.01%), emerging markets (2.18%), and convertibles arbitrage (2.08%). However, global/macro (-2.07%) and managed futures (-4.59%) remained in the red.

In one year, the Global Agriculture fund, launched on 15 January 2009 by Barings, which the firm is planning to import to France in a similar form this year (see Newsmanagers of 8 December), has attracted GBP139m in assets (as of 12 January), and has posted performance of 43.7%. Currently, the portfolio, managed by Jonathan Blake, who also manages the Baring Global Resources Fund (USD1.1bn in assets, see Newsmanagers of 22 May 2008), is invested primarily in Brazil, Singapore, the United States, and Canada, with the emphasis on agrobusinesses with a strong presence in emerging markets and on companies with a family of stable brands, good standing, and a good distribution network.

The Bulgarian Alexandre Dmitrov, who was previously head of central and eastern European equities trading at CAIB (UniCredit group), after a spell as senior manager for the same region at Pioneer Investments Austria, has joined Erste Sparinvest as CIO for central and eastern European equities. He will be head of a seven-member team located in Vienna and at affiliates in Eastern Europe.

On Tuesday evening, DoubleLine Capital, the fund management firm founded by Jeff Gundlach, announced the recruitment of Bonnie Baha, head of the corporate bond group and corporate credit research at TCW, as head of global developed credit. She joins DoubleLine with five colleagues from the government/corporate group TCW, which had nine members. Gundlach was dismissed from his position as CIO of TCW in early December. DoubleLine has also announced that it has recruited Joseph W. Sullivan III has treasurer of DoubleLine Funds Trust. Until 2008, Sullivan was COO and chief compliance officer of the hedge fund manager Peconic Partners.

Wegelin Asset Management, an asset management firm owned by the Swiss bank Wegelin & Co. Banquiers Privés, has recruited Pierre-Yves Cahart as head of institutional clients for France and all French-speaking countries. The appointment of Cahart, formerly head of investor relations at the Legrand group, marks the group’s first entry into the French market: a prudent move, as Wegelin is not opening an office in France, but will operate from its home country of Switzerland. Wegelin & Co, founded in 1741, is one of the Swiss private banks at which the managing partners have unlimited responsibilities. It currently has 670 employees, located at 12 offices in Switzerland, and manages assets of over EUR17bn. The firm is specialised in wealth management for private clients, and in asset management for institutional investors. For the latter, the bank has created Wegelin Asset Management, which is dedicated to them, and specialises in quantitative management. This is the type of management which will be offered to institutional investors in France, once the necessary licenses have been obtained from the AMF, which is expected in February.

The Société Générale group will book in its corporate centre a capital gain on the Amundi operation - merger of the asset management operations of Société Générale Asset Management and Crédit Agricole Asset Management - of approximately EUR0.6bn, a statement released on Wednesday by the bank announces. The bank also says that it expects to post a slight profit for the quarter that integrates negative impacts of EUR-1.4bn for assets at risk.

Axa Investment Managers (Axa IM) has announced the appointment of John Bailie as head of global distribution. Bailie, who began in his new position on 4 January, replaces Nathalie Boullefort-Fulconnis, who has recently left the firm after six years there. Before joining Axa IM, Bailie spent 17 years at Russell Investment, where he was in charge of development of institutional sales for Europe, the Middle East and Africa and director of the alternative expertise unit. Be will be based in the London offices of Axa IM, and will be in charge of the commercial development of the management firm on institutional markets, and distribution in all regions in which Axa IM is developing. “We would like to bring a new dynamism to our activities in France. But we would also like to strengthen our presence in some foreign countries, particularly in Asia, a region which has strong potential for growth, particularly in the area of asset management,” says Dominique Carrel-Billiard, CEO of Axa IM. With this in view, Axa IM has appointed Jean-Pierre Leoni as director of the Asia-Pacific region, and will soon atrengthen its sales teams in Hong Kong. In Europe, Axa Im is putting the priority on the Swiss and British markets, “where we are also planning to strengthen our teams,” says Carrel-Billiard.

The private bank of the Santander group, Banif, is offering its Spanish clients who hold bonds issues by Icelandic banks (Kaupthing, Landsbanki and Glitnir) several personalised options which will allow them to recuperate between one quarter and one half of their investments, Cinco Días reports. In substitution for the bond, Banif is offering them preferential shares in solvent issuers, including companies of the Santander group.

Last year, about 400,000 fund subscribers withdrew their investments in Spain, bringing the total number of clients to leave funds in the past three years to 3.2 million, or 36% of the total number of investors as of the end of 2006, Expansión reports. The only consolation is that the departures have slowed (from 2.2 million departures in 2008), while net redemptions have fallen to EUR11.64bn from EUR57.6bn. This slowing of the trend is due to a change in the commercial strategy of financial groups. They are now less interested in savings deposits and are promoting investment funds to improve their margins. The management firms which saw the largest inflows in 2009 InverCaixa, with EUR1.63bn, Ibercaja Gestión, with EUR683m, and Mutuactivos, with EUR547m. In total, 47.5% of management firms posted net subscriptions last year, compared with 12.5% in 2008.

On Wednesday, the Netherlands-based firm Telco Holding, an affiliate of Permira, announced that it had asked UBS and Goldman Sachs to sell off the remainder of its stake (10.1%) in the German mobile telephone operator and internet service provider freenet AG, at EUR8.90 per share, for a total of EUR114.8m. Earlier that morning, Permira Deutschland had estimated the value of the stake at EUR119m. The transaction is also being undertaken at a lower price than the EUR9.25 per share at which Telco sold 14.9% of freenet for a total of EUR176.7m on 23 September last year.

The largest Swiss bank has posted a new code of conduct on its website, entitled “Professional and deontological code of conduct of UBS.” The document had previously existed, but the new version is greatly expanded, and more explicit than its predecessor. The text describes the values of the “new UBS,” which is making a concerted effort to turn the page on legal troubles the firm has experienced in the recent past, particularly with the US tax authorities. “We will not assist any clients or colleagues to commit acts which aim to circumvent tax authorities, nor will be support transactions whose fiscal legitimacy rests on hypotheses which are incompatible with commercial facts or the non-divulgence of significant facts,” says the 12-page document, available in several languages. In case of failure to respect rules, the bank warns that “rigorous disciplinary action will be taken,” which may go as far as “penalties or dismissal, including warnings and demotions.” In other words, the bank, which will present its annual results on 9 February, is seeking to make a clean slate after its recently turbulent legal past, in order to regain the confidence of a clientele which is also less loyal than in the past.

Soros Fund Management LLC, the hedge fund headed by George Soros, with about USD25bn in assets, is planning to open an office in Hong Kong, according to the Bloomberg news agency. Two managers, currently based in New York, James Chang and Dai Jixin, may be moved to Hong Kong.

As of 31 December 2009, assets under management at the management firm Polar Cpaital totalled nearly USD2.17bn, a 47% increase over 31 March 2009. In the first nine months of the 2009-2010 fiscal year, according to a statement from the firm, net inflows totalled USD378m, as long only funds attracted USD191m in subscriptions, and hedge funds attracted USD187m.

Agefi Switzerland reports that the investment fund sector has not been spared from the bad news on the markets, but the Swiss Funds Association (SFA) pointed out on 13 January that there were no massive closures, and the number of products on sale actually increased last year. “Instead of focusing on foreign markets, we should be more aware of our strengths, and put our pragmatic regulatory approach in the foreground. If we join forces to provide access to the European market, our financial market will be attractive for major asset managers. Even though our infrastructure is not optimal, we will still attract managers. We therefore need to improve,” said the president of the association, Martin Thommen. The SFA is calling for an attenuation of the protectionist elements in the planned AIFM directive, so as to make it possible for managers domiciled in Switzerland to receive European passports.

As of the end of 2009, assets under management at Swiss-based Partners Group totalled CHF25.7bn, 5.34% more than one year previously (CHF24.4bn). Gross subscriptions totalled CHF3.6bn, of which CHF2.2bn were in second half, but they were offset by net redemptions of CHF0.8bn, largely due to CHF1.5bn due to the cessation of certain activities in the area of alternative management, and to negative currency and market effects. Currently, assets in private equity total CHF20.2bn, compared with CFH19.2bn as of the end of 2008, and private debt represents CHF2.7bn. The private real estate portion of the portfolio totals CHF1.4bn, compared with CHF0.5bn.

Dalton Strategic Partnership will launch a UCITS-compliant version of its European equities fund (MEF) in early February. Leonard Charlton, who manages MEF (USD1.7bn), will also be in charge of the Luxembourg Sicav, Melchior Selected Trust European Fund (MSTEF). Since its launch in October 2006, the Melchior European Fund (MEF) has earned returns of 22.2%, compared with losses of 16.6% for the MSCI Europe index. The fund is an absolute returns product, which will take long/short positions on the more liquid European large caps, and will continue this strategy through a trading tactic. The fund will have 30 to 60 positions, and will be available with a minimum investment of USD10,000 for retail investors, and USD250,000 for institutional investors. Management fees are 1.5% for institutionals and 2% for retail investors, with a performance commission of 20%.

In the United States and Europe alike, ETFs posted record assets at the end of 2009, of USD705.5bn (+41.9% in one year) and USD223.5bn, up from USD142.82bn one year earlier (+56.5%), respectively. BlackRock counted 821 ETFs, listed 2,359 times on 18 stock markets as of 31 December, compared with 772 products in the United States. Lipper FMI reports that net subscriptions to ETFs domiciled in Europe represented USD36.5bn in the first ten months of last year, while other mutual funds saw subscriptions of USD210.5bn. The three largest promoters of ETFs controlled 75% of the market: iShares (BlackRock), with 38.4%, Lyxor Asset management (Société Générale), with 20.4%, and db x-trackers (Deutsche Bank), with 16.6%. This corresponds to respective totals of USD185.7bn, USD45.6bn, and USD37.2bn.

Brevan Howard founded in 2002 now has about USD27bn in assets under management, making it the largest hedge fund in Europe and among the top five in the world, says the Financial Times. The investment strategy that Brevan deploys - global macro - is based on trading the bond and currency markets. It is widely tipped for a successful 2010. Demand has been so strong that the firm has already shut its doors to new money from clients, adds the FT.

L’Efama rapporte que les fonds Ucits ont engrangé des entrées nettes de capitaux de 6,7 milliards d’euros en novembre

L'indice des CDS d'émetteurs souverains d’Europe continentale, publié par Markit, est passé au-dessus de celui des CDS de sociétés notées « investissement »

On Monday, Deutsche Bank added six more ETF funds to trading on the Singapore stock exchange (SGX) from the db x-trackers range, bringing the total to 16 (out of a total of some 50 products) from this issuer available on this market. The new funds are the Emerging Markets TRN Index ETF, MSCI Brazil TRN Index ETF, MSCI Russia Capped Index ETF, MSCI World TRN Index ETF, MSCI Pacific ex Japan TRN Index ETF and MSCI EM Asia TRN Index, with management commissions ranging form 45 to 65 basis points. The products are primarily aimed at private banks, insurers, and Asian sovereign wealth funds.

L’intérêt proclamé des hedge funds britanniques pour une installation à Genève peine à se concrétiser. Seuls quelques grands gérants alternatifs londoniens tels que Bluegold, CQS Asset Management et Tiresias Capital ont ouvert une présence physique sur les rives du Léman ces 18 derniers mois, rappelle le Temps. Selon l’Association suisse des fonds, ils seraient entre 10 et 20 hedge funds de toutes origines à s’être installés en Suisse ces 24 derniers mois. Ces sociétés se sont souvent contentées d’ouvrir des antennes avec deux ou trois personnes. Ni Brevan Howard Asset Management ni BlueCrest n’ont ouvert les bureaux annoncés. Ils entendent déplacer à Genève de grosses équipes, jusqu’à 50 personnes, soit 20% de leurs effectifs.

Faire d’abord et dire ensuite. C’est dans cet état d’esprit que Métropole Gestion - qui, au 31 décembre 2009, affichait des actifs sous gestion de 1.987,5 millions d’euros - est revenu mardi 12 janvier, au cours d’une conférence de presse, sur le parcours de Metropole Value SRI, son fonds «socialement responsable» lancé depuis un an et demi. Objectif : démontrer que le «concept» ne pénalise pas les investisseurs via des performances en retrait par rapport des fonds gérés sans filtre de cette nature.Tout en reconnaissant que le concept est en définitive très récent et que le critère portant sur la responsabilité sociétale des entreprises (RSE) est un sujet qui est toujours en cours de réflexion au sein même des entreprises, la société adepte de la gestion «value dynamique», dirigée par François-Marie Wojcik, Isabel Levy et Eric Boutchnei, a donc franchi le pas en juillet 2008. Avec l’aide de l’agence Innovest, chargée de noter les entreprises sur des critères de sélection extra-financiers, Métropole Value SRI investit dans des entreprises de la zone euro affichant une capitalisation supérieure à un milliard d’euros.La logique retenue par l’entreprise pour sélectionner les titres est celle du «best in class». Par opposition aux fonds d’exclusion, la société de gestion pratique une politique ISR de motivation. «L’important est d’avancer sur chacun des trois grands thèmes que sont l’environnement, le social et la gouvernance», explique-t-on chez Métropole Gestion, tout en tenant compte des réalités de chaque métier. Pas question par exemple d'éliminer les cimentiers de l'étude en raison de leur environnement polluant par exemple. En revanche, il est nécessaire de regarder les entreprises qui réalisent les efforts les plus importants pour réduire, notamment, les contraintes inhérentes à leur activité. Résultat, l'équipe de gestion complète la sélection «best in class» par une logique «best in effort». Puis, elle confronte de façon dynamique les données recueillies par Innovest avec celles de Métropole Gestion et peut être amenée à confirmer ou infirmer la note des titres en question et intégrer ou exclure la valeur en portefeuille en complétant également l’analyse par des visites régulières des sociétés ...Bien évidemment, dans la présélection des valeurs, le critère extra-financier du fonds se complète avec les critères financiers auxquels la société de gestion est attachée. En substance, l'équipe ne s’intéresse qu’aux titres affichant une décote, «l’anomalie"devant être reconnue par le marché via un catalyseur dans les dix–huit mois suivant son achat. Dans le détail, l’univers d’investissement représente 800 valeurs européennes sachant que le niveau théorique nécessaire dans la notation pratiquée par Innovest pour rendre le titre éligible est BBB. Ensuite, une fois le processus de gestion appliqué, le portefeuille n’est constitué que de 35 à 40 valeurs. Actuellement, Unicredito, France Telecom, BNP Paribas et Sanofi-Aventis constituent les plus fortes pondérations au sein du portefeuille, les dix premières lignes de titres occupant 45 % de l’ensemble. Reste enfin à connaître la performance du fonds. En 2009, Metropole Value SRI a progressé de 32,35 % contre 25,63 % pour DJES Large (dividendes réinvestis). En cela, la démonstration voulue par l'équipe de gestion a été concluante.

Spécialisée dans les fonds développement durable, Financière de Champlain vient d’acquérir 42 % du capital de Nef Capital Ethique Management (NCEM), une société de capital investissement créée en décembre 2007, en rachetant la participation prise, en 2008, par Sarasin-France et détenue, depuis 2009, par le groupe UFG. Elle devient ainsi premier actionnaire de NCEM à parité avec la Société Financière de la Nef (42 %), le solde étant détenu par Ecofi Investissements (12 %) et le management.Ce changement d’actionnaire a été provoqué par l’arrivée d’UFG, considéré comme un concurrent potentiel par NCEM, dans le capital de Sarasin-France. Cela n’empêche pas la Banque Sarasin de continuer à réaliser l’analyse extra-financière des investissements du FCPR de NCEM, Sens. Au contraire, selon Jacques Favier, directeur général de NCEM, cette nouvelle configuration permet d’assurer l’indépendance totale de la labellisation de Sarasin.Pour Financière de Champlain, qui gère 210 millions d’euros, cette prise de participation lui permet de se renforcer dans le non coté, un développement qui avait été entamé avec le lancement d’un FCPI, Champlain Innovation, dédié au financement de jeunes entreprises innovantes, et ce, toujours dans une logique «verte», puisque NCEM se positionne sur la thématique du développement durable. Son fonds Sens a pour objectif de «démocratiser la consommation responsable», ce qui se décline en trois thèmes d’investissement : l’efficacité énergétique, les technologies environnementales et les filières bio et équitables.Au cours d’un premier closing, ce fonds a recueilli 8,5 millions d’euros, auxquels viennent s’ajouter 1 million d’euros apporté par Financière de Champlain. L’objectif est de lever 50 millions d’euros.Les deux parties soulignent que cette opération est un partenariat à long terme et qu’elles ont l’intention de travailler ensemble sur le fonds Sens mais aussi sur d’autres projets.

Jusqu’au 18 juin 2010, Arca Patrimoine commercialise Alteo Dynamic, un fonds reposant sur un EMTN (Euro medium term note) élaboré en partenariat avec Inora Life (Groupe Société Générale), et elligible au contrat d’assurance vie Imaging. A partir d’un ensemble de 20 actions internationales réparties entre les Etats-Unis (20 %) et l’Europe (80 %) et choisies au sein de 8 secteurs diversifiés (10 % pétrole et gaz, 15 % santé, 35 % biens de consommation courante, etc.), la performance du fonds est obtenue en calculant la valeur moyenne du panier chaque année, une fois les performances extrêmes éliminées. Dans ce cadre, la valeur du portefeuille est déterminée après avoir exclu les actions ayant enregistré les 6 meilleures et les 6 plus faibles performances depuis l’origine. A l’échéance des 10 ans, la valeur définitive du fonds est égale à la moyenne des 6 plus hautes valeurs définies aux dates de constatation annuelles. De plus, de la 1ère à la 9ème année, la Société Générale qui est intervenue dans le montage du fonds via Inora Life se réserve le droit, à tout moment, de rappeler par anticipation Alteo afin de sécuriser la performance acquise. La valeur d’Alteo Dynamic sera alors enregistrée à hauteur de 100 % du capital + un gain de 12 % par année écoulée depuis l’origine. Caractéristiques : Montant de la part : 1 000 euros Date de constatation initiale : 18 juin 2010 Date de constatation finale : 03 juin 2020 Date de maturité : 16 juin 2020 Garantie en capitale : 50 % à la date de maturité