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15/12/2009

Le patron de Lombard Odier Espagne est limogé

Selon les informations d’Expansión, Lombard Odier a décidé de changer de stratégie en Espagne et a limogé Andrés Aramburu, qui était responsable depuis sa création de Lombard Odier Asset Management, la division chargée de la distribution des fonds étrangers. Cela coïncide avec la décision de réduire fortement l’effectif à Barcelone où Lombard Odier ne conservera que deux banquiers privés. D’autre part, l’effectif en Espagne va être amputé de 6 personnes, pour revenir à 17. David Orrit, jusqu'à présent numéro deux de Lombard Odier Asset Management en Espagne, remplacera son ancien patron. C’est un homme de confiance des dirigeants de Lombard Odier en Suisse. Selon Expansión, l’encours de Lombard Odier en Espagne se situe aux alentours de 400 millions d’euros.
15/12/2009
Fonds

Un gestionnaire de fonds sur deux affiche des souscriptions nettes cette année

A fin novembre, constate Expansión, une société de gestion espagnole sur deux enregistre des rentrées nettes depuis le début de l’année, contre une sur dix seulement voici un an. Après deux ans et demi de sorties nettes, le secteur a affiché des souscriptions nettes d’août à octobre, ce qui a permis globalement une hausse de 2,15 % de l’encours par rapport à l'étiage de fin juin.Le ruban bleu des rentrées nettes revient à Invercaixa, avec 1,39 milliard d’euros, devant Ibercaja (711 millions) et Caixa Manresa (417 millions), tandis que la lanterne rouge est Santander AM avec des sorties nettes de 5,38 milliards, devant BBVA Gestión de Activos et Ahorro Corporación, qui ont subi des remboursements nets de 2,68 milliards et de 2,8 milliards d’euros respectivement.
Fonds
15/12/2009
Fonds

ETFlab sort son ETF "short" sur l'Euro Stoxx 50

Ainsi que nous l’annoncions voici un mois, ETFlab, filiale de Deka (caisses d'épargne) a lancé son premier ETF «short». Le ETFlab DJ EURO STOXX 50® Short réplique à l’inverse l’indice Euro Stoxx 50 (lire notre article du 16 novembre). Il s’agit d’un produit de droit allemand (DE000 ETFL334) chargé à 0,4 %. Ce produit s’adresse à des investisseurs expérimentés. Pour la première fois, ETFlab utilise un mode de réplication synthétique au moyen d’un swap complémentaire au lieu de la réplication physique totale.
Fonds
15/12/2009

Hauck & Aufhäuser recrute chez Zulauf

L'état-major de Hauck & Aufhäuser Asset Management GmbH HAAM), filiale de Hauck & Aufhäuser Privatbankiers, comptera bientôt un nouveau membre, responsable des produits de performance absolue : Eckhard Cornehl, qui exerce les mêmes fonctions chez le suisse Zulauf Asset Management à Zoug rejoindra au 1er janvier 2010 les deux autres directeurs généraux, Jörg Scholl et Claus Weber. Le nouvel arrivant sera chargé de développer l’activité performance absolue tant pour les fonds offerts au public que pour les produits destinés à la clientèle institutionnelle.
15/12/2009

BNP2S acquiert une filiale de Lagardère spécialisée dans les services titres

BNP Paribas Securities Services (BP2S), filiale à 100% de BNP Paribas, annonce ce mardi qu’elle va acquérir le 1er janvier 2010 Arlis, une filiale du groupe Lagardère spécialisée dans les services titres et financiers des entreprises cotées et non cotées. «Arlis fournit des services de gestion du registre émetteur, des assemblées générales, du paiement des dividendes, des opérations sur titres, des stock-options et de l’actionnariat salarial. Historiquement créée pour gérer les titres de Lagardère et de ses filiales, Arlis sert à ce jour les 350.000 actionnaires de plus d’une dizaine de clients de renom et emploie 27 salariés», précise le communiqué de BNP Paribas.
15/12/2009

Le plan de Swiss Life n'oublie pas la gestion d'actifs

Dans le cadre du programme Milestone 2010-2012 du groupe Swiss Life, Swiss Life France annonce mardi 15 décembre une série d’initiatives destinées à soutenir une croissance rentable. Parmi les initiatives prises, il est question de faire évoluer l’offre produits de l'établissement avec la possibilité pour sa clientèle en assurance vie et gestion de patrimoine de souscrire des produits en unités de compte, libres ou conseillés - par exemple des produits structurés, produits à annuités variables, avenants de réorientation d’épargne. Swiss Life France entend également répondre aux attentes en matière d’ingénierie patrimoniale, services bancaires et financiers. En termes de retraite, la compagnie compte aussi mettre l’accent sur le marché des grandes et moyennes entreprises.Swiss Life cherche également à accroître le nombre de conseillers en gestion de patrimoine indépendants (CGPI) actifs avec la volonté de mettre à leur disposition de nouveaux services telle une plateforme bancaire proposée par SwissLife Banque Privée. Parallèlement, le projet de développement d’un réseau de CGPI autour de la Financière du Capitole sera poursuivi. Swiss Life souhaite également renforcer le nombre de banques privées qui travaillent avec la compagnie, ainsi que celui des conseillers salariés.Enfin, l’accent sera mis sur les modes de distribution innovants, tels qu’Internet et le concept des boutiques.
15/12/2009

Une arrivée et bientôt un fonds de plus chez Mandarine Gestion

Mandarine Gestion vient d’annoncer l’arrivée de Marie-Claire Marques au poste de directeur du développement distribution en charge des conseillers en gestion de patrimoine indépendants (CGPI), des plateformes de distribution, de la gestion privée, des activités de multi-gestion et des partenariats bancaires. Marie-Claire Marques, 37 ans, qui a commencé sa carrière chez Carmignac Gestion, en charge des partenariats avec les CGPI, puis a rejoint Edmond de Rothschild Asset Management (EDRAM) en 1997 en tant que directrice distribution Europe, remplace Lionel Lemarié. Mandarine Gestion qui compte environ 820 millions d’euros sous gestion a réalisé une collecte de 400 millions d’euros en 2009. 60 % à 65 % de cette somme est issue de son activité «retail» regroupant les CGPI, les plateformes, les fonds de fonds, etc, tandis que pour le solde, il s’agit de «tickets» d’investisseurs institutionnels. A terme, l’objectif de la société de gestion est de parvenir à l'égalité parfaite pour les deux canaux de distribution. Dans le détail, Mandarine Gestion dispose de cinq fonds phares : Mandarine Valeur, fonds Value géré par Marc Renaud, Mandarine Mix, fonds d’obligations convertibles géré par Fabienne Girard-Tokay, Mandarine Opportunités, fonds actions françaises de croissance géré par Joëlle Morlet-Selmer, Mandarine Engagements, fonds actions ISR géré par Patrick Savadoux, et Mandarine Reflex, fonds réactif et flexible géré en partenariat avec Edmond de Rothschild Asset Management. Courant Janvier 2010, la société de gestion compte compléter sa gamme en lançant un fonds composé de petites et moyennes capitalisations européennes. Ce fonds devrait être placé sous la responsabilité de Fabienne Morlet-Selmer.
15/12/2009

UBS France va mieux que sa maison mère

La Tribune rapporte qu’UBS France enregistrera une collecte nette positive en 2009 alors qu’au niveau mondial, au cours des neuf premiers mois de l’année, les clients d’UBS ont retiré plus de 56 milliards de francs suisses (37,1 milliards d’euros) des caisses du groupe. Grâce à une stratégie privilégiant le maintien de la relation avec la clientèle existante plutôt que la conquête de nouvelles parts de marché. La banque compte une dizaine de milliards d’euros d’actifs sous gestion, soit près de 1 milliard d’euros de plus qu’en 2008 et compte doubler cet encours en cinq ans.En attendant, UBS France achève un plan de restructuration prévoyant le départ de 150 personnes sur 600 dont près des deux tiers sont issus de la banque privée.
15/12/2009

ECB publishes first harmonised statistics for European mutual funds

The European Central Bank (ECB) has for the first time published new harmonised European statistics for UCITS mutual funds domiciled in the Euro zone. “Compared with the quarterly statistics published previously, these new statistics provide fully harmonised, exhaustive, detailed and rapidly available information, on a monthly basis,” the ECB says in a statement. In third quarter 2009, the Euro zone UCITS investment fund sector grew by 10.6% compared with second quarter, from EUR4.3trn to EUR4.7trn. This development was largely a result of measurable increases in the value of assets owned by UCITS funds, and to a lesser extent, of large-scale net subscriptions to UCITS funds (net inflows related to transactions). Assets invested in shares in non-money-market UCITS funds in the Euro zone totalled EUR4.73trn as of the end of September 2009, up from EUR4.277trn in June 2009. In the same period, assets invested in shares in money market UCITS funds in the Euro zone totalled EUR1.256trn, up from EUR1.272trn.
15/12/2009

Union Investment RE acquiert deux immeubles

L’allemand Union Investment Real Estate (UIRE, groupe Union investment, banques populaires) a annoncé l’acquisition de deux nouveaux actifs. Il s’agit d’une part du projet de centre commercial «K» (33.290 mètres carrés et 20 appartements) situé à Courtrai (Belgique) et destiné au fonds immobilier offert au public UniImmo: Europa, de l’autre du complexe de bureaux Rund Vier (21.000 mètres carrés) de Vienne (Autriche) qui sera affecté au portefeuille du UniImmo: Deutschland. Dans les deux cas, les parties sont convenues de ne pas divulguer le montant de la transaction.
15/12/2009

Assets in ETFs total over USD215bn

After a total of USD205.54bn at the end of October, assets in ETFs in Europe set a new record at the end of November at USD216.78bn, an increase of 52% over the end of 2008. BlackRock states in the most recent edition of its monthly bulletin that as of 30 November, there were 812 ETF funds on sale from 32 providers, listed 2,315 times on 18 stock exchanges. According to Lipper FMI, net inflows to ETFs based in Europe in the first nine months of the year totalled USD28.6bn, while inflows to all other types of mutual funds totalled USD177.7bn. With 168 ETF funds and USD83.02bn in assets, iShares remains the top European ETF provider, ahead of Lyxor Asset Management (Société Générale), with 123 funds and USD44.68bn, and db x-trackers (Deutsche Bank), with 116 products and USD36.42bn. These three issuers together account for a 75.7% share of the total market.
15/12/2009

Hauck & Aufhäuser recrute chez Zulauf

L'état-major de Hauck & Aufhäuser Asset Management GmbH HAAM), filiale de Hauck & Aufhäuser Privatbankiers, comptera bientôt un nouveau membre, responsable des produits de performance absolue : Eckhard Cornehl, qui exerce actuellement les mêmes fonctions chez le suisse Zulauf Asset Management à Zoug rejoindra au 1er janvier 2010 les deux autres directeurs généraux, Jörg Scholl et Claus Weber. Le nouvel arrivant sera chargé de développer l’activité performance absolue tant pour les fonds offerts au public que pour les produits destinés à la clientèle institutionnelle.
15/12/2009

Assets in funds have risen 11.9% since March

In November, Austrian funds saw net redemptions of EUR447.5m, compared with net subscriptions of EUR206.7m in October, bringing net outflows since the beginning of the year to EUR690.7m. Assets nonetheless came out to a total of EUR137.5bn, compared with a total of EUR135.4bn at the end of October, the sector association VÖIG reports. Since their low point in March of this year (EUR121.3bn), assets under management have increased by 11.87%; the increase since the end of December totals 7.7%. However, in April and May 2008, assets stood at a total of EUR152bn.
15/12/2009

F&C Private Equity closes Aurora fund with EUR30m

F&C Private Equity, the private equity fund of funds division of F&C Asset Management, has announced the first close at EUR30m of the Aurora Fund, a new fund specialising in acquiring secondary interests in predominantly European private equity funds (buyout and mezzanine) and co-investments. On 22 October 2009 F&C Private Equity completed its first acquisition for the Aurora Fund. On behalf of its clients, F&C has acquired Icelandic bank Landsbanki’s private equity fund interests, representing the whole of Landsbanki Private Equity Fund I and a substantial part of Landsbanki Private Equity Fund II. Together this represents over EUR65m of original commitments, making it one of the larger secondary transactions carried out during 2009. Landsbanki Private Equity Fund II, which has a number of Icelandic investors, will continue to be managed by Landsvaki, the asset management arm of NBI hf. in partnership with F&C. The Landsbanki private equity fund interests will comprise the Aurora Fund’s initial portfolio.
15/12/2009

MENA funds from Baring to be launched in first quarter 2010

Since June 2008, Baring Asset Management has been planning to launch a Middle East and North Africa (MENA) fund (see Newsmanagers of 17 July 2008). The fund may now at last be launched in first quarter 2010. The vehicle will be a sub-fund of the Baring Global Investment Umbrella Fund (N°. 1) Plc, an OEIC domiciled in Ireland. The launch has been delayed due to the adverse evolution of the markets. The product will be managed by Ghadir Abu Leil-Cooper, director of Europe, Middle East and Africa (EMEA) equities, and will invest at least 70% of its assets in countries of the EMEA region. The fund will have 40 to 60 positions, and its tracking error will be in a range from 4% to 10%. A management commission of 1.5% is planned for the fund. The benchmark index will be the MSCI Arabian Markets (ex Saudi Arabia).
15/12/2009

T. Bailey to launch a fund of passive funds

Money Marketing reports that T. Bailey is planning to launch a fund of funds early next year which will invest exclusively in passive products (ETFs and trackers), but which will be actively managed. The fund will have a total expense ratio (TER) among the lowest in the market in the fund of funds industry. According to Philippa Gee, head of marketing and communication at T. Bailey, the new range represents an attractive solution for independent financial advisers (IFA) who want to privilege passive investment but recognise the necessity of active asset allocation.
15/12/2009

British Airways pension fund has EUR4bn hole

After months of rumours, British Airways on Monday revealed the extent of shortfalls for its pension funds, APS (the older fund) and NAPS (the new fund): the combined total is GBP3.7bn, or EUR4bn, Cinco Días reports. The shortfall is reported to measure GBP1bn for APS, and GBP2.7bn for NAPS. The Spanish airline Iberia, which is in the process of merging with the British firm, has said that this amount was taken into account in its estimates.
15/12/2009

Altamar launches a local hedge fund

The alternative management firm Altamar Gestión Alternativa, an affiliate of the private equity investor Altamar Private Equity, has announced the launch of Senior Loans FIL, a Spanish-registered single hedge fund, Funds People reports. The president, vice president and deputy director of Altamar Gestión Alternativa are Claudio Aguirre, Mariano Olaso, and José Luis Molina, respectively.
15/12/2009

Half of all fund managers post net subscriptions this year

As of the end of November, Expansión reports, one out of every two Spanish asset management firms shows net subscriptions since the beginning of the year, compared with one in ten only a year ago. After two and a half years of net outflows, the sector has posted net subscriptions between August and October, which has resulted in an overall increase of 2.15% in assets compared with their levels at the end of June. The blue ribbon for net inflows goes to Invercaixa, with EUR1.39bn, followed by Ibercaja (EUR711m) and Caixa Manresa (EUR417m), while last place goes to Santander AM with net outflows of EUR5.38bn. BBVA Gestión de Activos and Ahorro Corporación have seen net redemptions of EUR2.68bn and EUR2.8bn, respectively.
15/12/2009

ETFs set new record for asset volumes

As of the end of November, assets in ETF funds worldwide set a new all-time record, at USD982.2bn, compared with a previous record of USD941.85bn one month earlier, BlackRock states in its monthly report (the previous edition was published by Barclays Global Investors). The increase of 4.3% this month brought the total number of products to 1,907, from 103 providers, listed 3,678 times on 39 stock exchanges. As of the end of December 2008, assets under management in ETF funds represented USD710.9bn, though the increase in the first eleven months of the year totalled 30.6%. BlackRock adds that net subscriptions to mutual funds (excluding ETFs) in January-September totalled USD13.3bn, while subscriptions to ETFs represented USD93.8bn, according to statistics from Strategic Insight. The top three providers of ETFs remain unchanged. iShares remains in first place, with 411 ETFs and USD471.60bn in assets as of the end of November, ahead of State Street Global Advisors (SsgA), which has 106 products and USD142.44bn, and vanguard, with 47 ETFs and USD87.96bn. These three asset management firms together account for 71.5% of the global market.
15/12/2009

ETFlab releases Euro Stoxx 50 short ETF

As announced in Newsmanagers a month ago, ETFlab, an affiliate of Deka (German savings banks) has launched its first short ETF. The ETFlab DJ EURO STOXX 50® Short provides an inverse replication of the Euro Stoxx 50 index (see Newsmanagers of 16 November). It is a German-registered product (DE000 ETFL334), with fees of 0.4%. the product is aimed at experienced investors. For the first time, ETFlab is using a synthetic form of replication via complementary swaps, rather than a total physical replication.
15/12/2009

Lyxor hedge fund index up 1.15 in November

The Lyxor Global Hedge Fund index gained 1.1% in November, bringing its performance since the beginning of the year to 5.5%, according to Hedge Week. Long-short equity managers generally earned honourable returns, as variable bias turned in gains of 0.7%, following losses of 1.70% in October. Statistical arbitrage and market neutral strategies continued to post negative results, of 0.6% and 0.5%, respectively. Special situations strategies finished the month with significant gains of 2.6%.
15/12/2009

Institutional investors plan record investments in commodities in 2010

Although 2009 was already a record year for investments in commodities (USD60bn, 60% more than in 2008), institutional investors are planning to further increase their allocation to this asset class next year, according to the results of a survey of participants at the fifth annual commodities conference in the United States, held by Barclays Capital. Three quarters of respondents expect the average performance of commodities to be 10% or less in the next five years. However, though diversification remains the main reason for allocation to commodities, 60% of executives surveyed, more than twice as many as last year, say absolute returns represent the principal reason for their investment in this asset class. According to Barclays Cap, this suggests that investors are becoming increasingly sophisticated, and they will demand more developed outperformance strategies from their providers. Lastly, 40% of respondents say they will prefer active external managers. The instruments which have gained the most ground since last year are structured products and long/short index-linked strategies, while investors are less interested in long-only strategies.
15/12/2009

Gartmore shares will go on sale at 220 pence

An initial public offering for Gartmore Group will ultimately be held at a price of 220 pence per 0.5 penny ordinary share. The offering will involve a total of 154.54 million shares, of which 127.3 million will be newly-issued and 27.3 million existing shares. UBS will serve as stabilising manager for the offering, and will have a greenshoe option of 23.18 million shares. The operation is expected to generate about GBP340m, excluding the greenshoe option. Initially, Gartmore had hoped to raise about GBP440m.
15/12/2009

TCW dissident goes solo

As Société Générale implied on 4 December, the day it dismissed him and simultaneously announced the acquisition of MetWest by TCW, Jeffrey Gundlach has founded his own asset management firm in Los Angeles. The firm is entitled DoubleLine LLC, and Oaktree Capital Management LP will take a majority stake in the venture. Oaktree will also provide logistical support for the startup of DoubleLine. The new firm is directed by the former CIO of TCW (who is also the largest shareholder), and a longstanding colleague, Philip Barach. A statement says the firm will employ “more than 30 former employees” of TCW; DoubleLine adds that this number will be likely to increase. Gundlach also says that the cooperation with Oaktree promises to be a fruitful one, as DoubleLine will specialise in core fixed income and mortgage-backed strategies, while its partner is more oriented to active bond management and alternative investments.
15/12/2009

Record number of corporate defaults in 2009

With a corporate bond issuer in the United States defaulting every ten days in 2009, the total number of corporate defaults worldwide now stands at 260, the highest number since statistics began in 1981, according to the most recent figures from Standard & Poor’s (Global Corporate Default Update, 11 December 2009). The previous record of 229 defaults was set in 2001, during the last recession. The agency observes that this year’s total of 260 represents more than twice the number of defaults in all of 2008. A breakdown by region reveals that the United States lead for defaults, with 188, far outstripping Europe (20 defaults) and emerging markets (36). In the next twelve months, Standard & Poor’s predicts a default rate of 6.9% for corporate issuers in the speculative category, compared with a default rate of 10.8% in September 2009. The agency points out that a heavy fall in financing costs, the recovery of bond markets, and lower volatility are all factors that may lead to a decline in refinancing costs, even for less well-rated issuers.
15/12/2009

Hedge funds could all leave Europe, law firm claims

Every hedge fund will leave the European Union if proposals to clamp down on the sector’s remuneration policies are adopted, Freshfields Bruckhaus Deringer, a leading law firm, has said, according to the Financial Times Fund Managament. Hedge funds are much more mobile than banks.
15/12/2009

Regulation won't stop fraud

Only 21% of executives in the European asset management industry say future regulatory reforms will prevent Madoff-type fraud, according to a survey conducted by PwC, cited by Financial Times Fund Management.
15/12/2009

Tulett Prebon will help employees dodge bonus tax

Les Echos reports that the British financial products intermediary Tulett Prebon has informed its teams that it will assist employees to avoid the recently-introduced tax on bonuses. Terry Smith, head of the world’s second-largest intermediary, has said the firm will seek to facilitate, as far as possible, a transfer of partners who would like to leave the United Kingdom for other offices of the firm throughout the world where taxation is more favourable. Switzerland would appear to be a leading destination.
15/12/2009

Partners Group establishes real estate division

From January 1, 2010, the real estate activities of the Swiss alternative management firm Partners Group will become independent of the private capital department, and will instead become a division in its own right, led by Pam Alsterlind in San Francisco, and Claude Angéloz in Zug. Alsterlind will also join the executive board of the firm. Stephan Schäli will remain head of private equity and a member of the executive board. Meanwhile, Kurt Brichler, who was previously chief financial officer (CFO), will become head of a new operations division, whose head offices will be located in Zug and Singapore. Lastly, Partners Group has announced that its beta alternative strategies division will be spun off. The team led by Lars Jaeger will own a significant stake in the new entity. The Swiss asset management firm has also announced that its senior vice presidents Roland Käslin, head finance, and Denis O’Malley, head Guernsey, have been appointed as managing directors.

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