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03/12/2009

Vote déterminant pour PAI Partners

Les souscripteurs du fonds V dont BNP Paribas, Axa, Allianz ou le fonds singapourien GIC, ont jusqu'à ce soir minuit pour se prononcer sur les deux propositions que leur a faites la société de capital investissement PAI Partners, rapporte l’Agefi. Première question : le fonds V qui est gelé jusqu’au 11 mars 2010 doit-il rouvrir ? Seconde question posée aux investisseurs : faut-il diviser par deux la taille du fonds, à 2,7 milliards d’euros, et quid de la mise en place de nouvelle règles de gouvernance qui leur seront plus favorables ? L’ensemble de ces propositions devra être adopté par 80 % des «limited partners» au minimum, précise le quotidien. Les résultats du vote «seront connus vendredi dans l’après-midi», estime un prochedu dossier.
03/12/2009
Fonds

Les bons gérants actifs ont-ils de la chance ou du talent ?

Il est impossible de dire si les fonds gérés activement qui battent le marché le font parce qu’ils ont de la chance ou parce que les gérants sont talentueux, affirme une nouvelle étude d’Eugene Fama et de Kenneth French («Luck Versus Skill in the Cross Section of Mutual Fund Returns»), citée par le Wall Street Journal. Ainsi, les investisseurs ne peuvent pas vraiment savoir si leur gérant est bon.
Fonds
03/12/2009
Fonds

Newton change le benchmark de son Global Dynamic Bond Fund

Newton Investment Management a annoncé le 1er décembre avoir modifié le benchmark du Newton Global Dynamic Bond Fund. Le benchmark cash, qui remplace un indice standard, est le Libor 1 mois en livres + 2% par an (brut). Il s’agit, dans une performance de performance absolue, de permettre aux actionnaires de pouvoir comparer les performances futures du fonds avec des rendements réels et non plus de considérer des rendements relatifs par rapport à un indice standard.Depuis son lancement le 28 avril 2006, le fonds a généré une performance de 22,51%.
Fonds
03/12/2009

Un hedge fund tire les leçons de la crise

Selon Les Echos, Northlight, un hedge fund lancé cette semaine par trois anciens de Goldman Sachs, Lehman Brothers et GLG Partners, a cherché à aligner les intérêts des investisseurs entrant et sortant pour éviter la panique en cas de marchés nerveux. Ses commissions sont moins élevées que la moyenne de l’industrie. Le fonds sera investi sur le crédit d’entreprises européennes «high yield» et démarre avec 50 millions d’euros. Il vise à terme une taille de 300 à 500 millions d’euros. Reste à tester la pertinence de la structure dans des marchés chahutés.
03/12/2009
Fonds

Tim McCarron quitte Fidelity

Fidelity va perdre son gérant européen Tim McCarron, qui après seize années passées au sein de la société, a décidé de prendre du recul à compter du premier trimestre 2010. Le fonds européen, qui pèse quelque 3,5 milliards de livres sterling, sera pris en charge par Sam Morse à compter du 1er janvier 2009, Tim McCarron, qui devrait assurer une transition en douceur en restant jusqu’au milieu du premier trimestre 2009, pilotait le fonds européen depuis janvier 2003.
Fonds
03/12/2009

IKB s'exonère de toute responsabilité vis à vis de Calyon

Deutsche Industrie Bank (IKB) considère que Calyon a omis d’effectuer une évaluation adéquate des risques liés à son ambition de développer et de diversifier ses activités de titrisation et de crédit structuré et ne s’estime pas responsable de ses pertes, rapporte l’Agefi. 1,1 milliard d’euros de dommages et intérêts ont été demandés par la banque française.
03/12/2009
Fonds

Les fonds garantis déçoivent

Durant les onze premiers mois, 64 fonds garantis espagnols d’un encours de 5 milliards d’euros sont arrivés à échéance, et Cinco Días rapporte que 38 d’entre eux ont dû verser un complément aux souscripteurs parce que la valeur liquidative était inférieure à celle garantie dans le prospectus.Seuls deux fonds ont affiché une VL inférieure à l’initiale. La performance annuelle moyenne des fonds arrivés à échéance cette année à été de 2,54 %, mais douze d’entre eux ont affiché des gains supérieurs à 4 %, dont cinq ont dû exécuter la garantie.
Fonds
03/12/2009
Fonds

E-Fund lance un fonds Asie hors Japon

Trois jours après avoir drainé 19 milliards de yuans pour un ETF nourricier, E-Fund a annoncé le lancement le 7 décembre d’un fonds dynamique QDII axé sur l’Asie-Pacifique hors Japon (the E-Fund Enhanced Asia-Pacific QDII Fund), rapporte jeudi le cabinet de conseil Z-Ben Advisors, qui s’attend «raisonnablement» que ce nouveau produit attire 500 millions de dollars de souscriptions.Toutefois, en l’espace de quelques jours, le gestionnaire pourrait attirer 1 milliard de dollars, d’autant que le principal distributeur est le puissant réseau d’ICBC et que la commission de gestion se limite à 150 points de base au lieu des 185 points de base pratiqués pour les autres produits QDII.Z-Ben note aussi E-Fund a renoncé à faire appel à un sub-advisor.
Fonds
03/12/2009

RBC Dexia selected by Aberdeen

Aberdeen Asset Management has selected RBC Dexia to provide administration services in Australia to funds it has recently acquired from Credit Suisse. The assets involved total about AUD20bn.
03/12/2009

Investors increasingly unsatisfied with private equity

The most recent edition of the “Global Private Equity Barometer” from Coller Capital reveals that more than two thirds of limited partner (LP) investors are not likely to invest more money with private equity general partners (GP) with whom they are already in business, the Börsen-Zeitung reports. The Frankfurter Allgemeine Zeitung reports that LPs and GPs agree that in 2010 there will be a greater number of attractive opportunities in mergers and acquisitions, and that existing funds may then need to call in more capital.
03/12/2009

Disappointing performance for guaranteed funds

In the first eleven months of the year, 64 Spanish guaranteed funds with assets of EUR5bn have matured, and Cinco Días reports that 38 of them have had to pay a supplement to subscribers since their net asset value was lower than the amount guaranteed in the prospectus. Only two funds finished with a lower NAV than at launch. The average annual performance of maturing funds this year is 2.54%, but 12 of these funds earned gains of over 4%, of which five were obliged to pay supplements under their guarantees.
03/12/2009

Are active managers lucky or talented?

It is impossible to tell whether actively managed funds that beat the market do so out of luck or skill, according to a new study by Eugene Fama and Kenneth French («Luck Versus Skill in the Cross Section of Mutual Fund Returns»), cited by the Wall Street Journal. It means that investors can not know for sure how good their active manager is.
03/12/2009

LFG launches a platform for UCITS III hedge funds

In response to the continued growth in market demand for UCITS III hedge funds, Luxembourg Financial Group, a structured products boutique, starts an open-architecture hedge funds UCITS platform. LFG cooperates with Ganymede Partners, a specialist hedge fund advisor, in the roll-out of LAUP. «More than half of European hedge fund companies either plan to launch regulated, onshore versions of their strategies or have already done so», according to LFG, citing HedgeFund Intelligence, a research group.
03/12/2009

E-Fund launches an Asia ex Japan fund

Three days after attracting CNY19bn for an ETF feeder fund, E-Fund has announced the launch of an enhanced QDII fund on 7 December, which will be focused on Asia-Pacific ex Japan (the E-Fund Enhanced Asia-Pacific QDII Fund), consulting firm Z-Ben Advisors reported on Thursday, adding that there is a “reasonable” expectation that the new product will attract USD500m in subscriptions. However, in the space of a few days, the manager may attract as much as USD1bn in subscriptions, since the distributor for the product is the powerful ICBC network, and management commissions are only 150 basis points, below the 185 basis point price of other QDII products. Z-Ben also notes that E-Fund has not named a sub-advisor for the fund.
03/12/2009

Oliver Clasen joins BVI board

Oliver Clasen, CEO of Allianz Capital Investors Kapitalanlaggesellschaft mbH and cominvest Asset Management GmbH, has been elected as a member of the board of the German BVI association of management firms until Autumn 2011. The BVI stated on Thursday morning that Clasen will finish out the term of Horst Eich, ex co-head of AGI Deutschland, who resigned on 12 October (see Newsmanagers of 28 September).
03/12/2009

Chinese sovereign fund invests in Apax

China Investment Corp., the Chinese sovereign fund, will invest up to EUR800m in Apax Europe VII, the EUR11.2bn private equity fund from Apax Partners, the Financial Times reports. At the same time, CIC may also acquire a 2.3% stake in Apax Partners LLP.
03/12/2009

Chinese sovereign fund invests in Apax

China Investment Corp, China’s sovereign wealth fund, is offering to invest as much as EUR800m into Apax Partners’ EUR11.2bn private equity fund - Apax Europe VII, says the Financial Times. The Chinese fund may also buy 2.3% of Apax Partners LLP.
03/12/2009

Global X Management launches two China ETFs

New York-based Global X Management on 1 December announced the launch of two new ETFs, the China Consumer ETF and the China Industrials ETF. The Consumer ETF will replicate the S-BOX China Consumer Index, while the industrial sector ETF will replicate the S-BOX China Industrials Index. Global X Management says in a statement that the Chinese economy has been looking healthy, with growth of more than 16% year on year in retail sales in the month of October.
03/12/2009

French investors still reluctant to make high-risk investments

Les Echos reports that French investors, still worried by the economic crisis, are dragging their feet on the way back to the stock markets. They prefer safer and less risky investments. They have begun to store up savings again in an environment of concern about employment and an economic environment that remains fragile, according to a survey undertaken by TNS Sofres for La Banque Postale and Les Echos in October.
03/12/2009

Real estate investment to rebound in 2010

The first edition of the IPD/ARD quarterly barometer of institutional investors’ outlooks on the market, unveiled at the SIMI expo, reveals that institutional investors see the economic recovery as a fragile one, accompanied by a considerable number of questions. Most respondents to the survey present at the premiere (including publicly traded realty firms, private management firms, insurers, SCPI and OPCI fund managers, and open-ended German funds) are concerned that the French economy is headed for a W-shaped scenario in which a second downturn will come for several quarters in 2010, followed by a return to positive territory and a redirection towards an exit from the crisis in 2011. Against this background, investment may rise nonetheless, with an average of EUR10bn in investments pledged for next year, compared with about EUR6bn this year, EUR12bn in 2008, and EUR27bn in 2007. The most active investors on the French market in 2010 were German funds, insurers, and publicly-traded realty firms. Overall returns will continue to be negative in 2009 and 2010, at -7.7% for this year, and -0.4% in 2010. However, though investors largely agreed in their evaluations of the year 2009, opinions are more varied for 2010, with estimates ranging from -10% to +10%. Overall returns on the French market, as measured by IPD, fell from 21.9% in 2006 to 17.8% in 2007, and then -0.9% last year.
03/12/2009

EUR500m per person at BlackRock

With the close of the deal on 1 December to complete BlackRock’s acquisition of Barclays Global Investors (BGI), the BGI team in Paris has moved into the BlackRock offices, located in the Washington Plaza building. The new entity has less than 20 people, with assets that may be estimated at slightly over EUR10bn, on the basis of figures which had been published in the last few weeks. An e-mail was sent out on Tuesday to clients of the two asset management firms. Responsibility for the merged entity (see Newsmanagers of 19 October) will be placed in the hands of Eric Wohleber, who was previously head of BGI (which promotes the iShares ETF brand) for France.
03/12/2009

Tim McCarron to leave Fidelity

Fidelity is losing its European manager Tim McCarron, who after 16 years at the firm has decided to retire in first quarter 2010. The European fund, which has roughly GBP3.5bn in assets, will be taken over by Sam Morse from 1 January 2010. McCarron will remain to ensure a smooth transition until the middle of first quarter 2010. He has managed the European fund since January 2003.
03/12/2009

BNY Mellon to scale up presence in China

BNY Mellon Asset Management is planning to recruit at least 50 people in Asia next year, with the majority of the increase to be concentrated in China, Asian Investor reports. The asset management firm will reportedly soon receive qualified foreign institutional investor (QFII) status. BNY Mellon would then launch a QFII product, very likely an offshore equities fund. Other growth areas cited by BNY Mellon are Japan and South Korea, where the firm hopes to obtain a license.
03/12/2009

New hedge fund draws lessons from the crisis

Les Echos reports that Northlight, a hedge fund launched this week by three former Goldman Sachs, Lehman Brothers and GLG Partners managers, will seek to bring the interests of incoming and outgoing investors into line, to avoid panic when the markets are nervous. Its commissions are lower than the industry average. The fund will be invested in European high yield credit markets, and will start out with USD50m in assets. It will aim for USD300m-USD500m when it reaches full size. The test will come when the structure confronts market turbulence.
03/12/2009

Gestefin to reimburse clients who lost money in Madoff scandal

The Catalan asset management firm Gestefin on Tuesday notified the CNMV that it is planning to pay slightly over EUR69,000 to subscribers to the Fonmaster I fund who registered with the firm before 11 December 2008 as victims of the Bernard Madoff fraud. The CNMV had previously found that the fund’s investments in Boiro Kingate (XS0325579539) bonds, issued by Boiro Finance BV, did not comply with the fund’s declared investment policy.
03/12/2009

Espirito Santo to offer same "Madoff refund" as Gestefin

A few hours after Gestefin announced that it would pay back approximately EUR69,000 to its investors, Espirito Santo Gestión notified the Spanish market regulator CNMV that its Cartera Universal fund will reimburse EUR183,500 to subscribers who registered before 11 December 2008 as victims of the Madoff fraud. The CNMV had found that investments by the firm’s funds were in violation of their own prospectus. For the same reason, the Sicav Ernio Ingenieros, also managed by Espirito Santo, will reimburse EUR104,630. In both cases, the management firm assures investors that control procedures have since been reinforced.

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