Jusqu’au 19 février 2010, BNP Paribas commercialise CARDAMOME 2 et CARDAMOME 2 PEA, deux fonds à formule garantissant le capital investi à l'échéance fixée le 3 septembre 2015. La performance du fonds dépend de l’évolution d’un panier de 20 actions sélectionnées dans leur secteur pour leur niveau de risque de crédit peu élevé au sein de l’indice DJ Euro Stoxx 50.A chaque date de constatation, la performance de chaque action est fixée à 10 % si elle est positive ou nulle par rapport à l’origine, et également si elle est négative mais supérieure ou égale à la performance de l’indice DJ Euro Stoxx 50. Sinon, elle est retenue à sa valeur réelle.Chaque gain est égal à la moyenne des 20 performances ainsi retenues, sans pouvoir être négatif. Dans tous les cas, la performance est plafonnée à 50 % maximum, soit un rendement actuariel de 7,59 % Caractéristiques Cardamone 2 Code Isin : FR0010807552 Cardamone 2 PEA Code Isin : FR0010807560 (*) Jusqu’au 12 février 2010 inclus dans le cadre d’un contrat d’assurance vie ou de capitalisation des sociétés d’assurance du groupe BNP Paribas
Mutual Fund Wire reports that, according to Bloomberg, BlackRock has notified the California Employment Development agency that it will be laying off 89 staff in San Francisco by 8 January 2010. San Francisco is home to the headquarters of Barclays Global Investors (BGI) for the United States.
The purchase of Dresdner Bank (Switzerland) by LGT Group from Commerzbank, announced on 27 July, was completed on 1 December. The new affiliate will be wholly integrated into LGT Bank (Switzerland) SA in February 2010. With this acquisition, LGT (Switzerland) increases its assets under management by CHF9.4bn (as of the end of 2008) to nearly CHF20bn, while assets at LGT Group increase to more than CHF87bn.
In 2008, Italian managers on average earned performance inferior to their benchmark indices by 1.8 point, according to a study of funds by the Mediobanca research agency, cited by Il Sole - 24 Ore. These are the worst results since 2002. Bond funds were the weakest performers, on average 1.9% behind their benchmarks, compared with 1.1% last year. Money market funds also did poorly, with an average underperformance of 1.7%. The best category was equities funds, which were only 1.5% worse than their benchmarks.
On Tuesday, Deutsche Börse announced that it has admitted the Luxembourg-registered ETF fund UBS-ETF MSCI Japan I (LU0258212462) to trading on the XTF segment of its electronic Xetra platform. The fund is primarily aimed at institutional investors, and charges a management commission of 0.3%. It is the 542nd ETF to be listed in Frankfurt.
Macquarie Group is preparing to launch another USD1bn South Korean infrastructure fund, says the Financial Times. People familiar with the matter said that the Australian financial group had started to market the vehicle - Macquarie Korea Opportunities Fund II - to institutional investors.
Pimco (Allianz Global Investors group) on Tuesday launched its second actively-managed ETF funds, following the Enhanced Short Maturity Strategy Fund (see Newsmanagers of 18 November). The new product is entitled Intermediate Municipal Bond Strategy fund, with the acronym MUNI on NYSE. It is managed by John Cummings, executive vice president and head of the municipal bond deak at Pimco. As its name indicates, the new ETF will focus on municipal bonds “of high quality,” with intermediate maturities. Returns on these bonds are exempt from Federal, and in some cases State taxes.
Hedge Week reports that the consulting firm Hennessee Group projects that equities markets will continue to be positively oriented until the end of the year, which will bring gains for investors in December. Historical data also corroborate this prediction, as equities markets have remained positively oriented in the last year of the month in 70% of years when November was also positive. Hennessee Group also estimates that hedge funds are well-positioned to post good results in 2010 in comparative terms, particularly insofar as the rally will reach its limits and equities markets will no longer show a marked trend.
In November, assets in securities funds on sale in Spain rose by EUR557m, or 0.3% compared with October, to nearly EUR163.56bn. According to the Inverco association of asset management firms, November is the fifth month this year in which assets under management increased. However, the industry saw net redemptions of EUR156m overall, compared with net subscriptions of EUR701m in October. Inverco notes that these are the smallest net outflows since the beginning of the year. In September, net outflows totalled EUR1.2bn. Of the top ten fund managers in the country, only Invercaixa Gestión, Bancsabadell Inversió and Ibercaja Gestión posted net subscriptions in October, of EUR151.85m, EUR127m and EUR11.31m, respectively. The two heaviest net outflows, largely due to guaranteed funds maturing, were at BBVA Asset Management, for EUR448m, and Ahorro Corporación, for EUR52.65m.
According to estimates by Ahorro Corporación, assets under management by Spanish funds total EUR169.6bn, which remains 3.8% lower than their levels at the end of 2008, Cinco Días reports. Ahorro Corporación says in a statement that third quarter is “generally unfavourable” for collective management, as banks traditionally make a maximum effort at this time of year to capture savings in insurance, savings accounts, and pension funds. In November, the average performance of equities funds was 0.3%, bringing the total since the beginning of the year to 5.3%, but equities funds gained an average of 32.7%, and diversified funds invested primarily in equities gained 10.5%. Hedge funds posted gains of 6.4%, while real estate funds lost 8.1%.
According to financial industry sources, a sale of BHF, an affiliate of Sal. Oppenheim, by its acquirer Deutsche Bank, may take some time, the Börsen-Zeitung reports. Basel-based Banque Sarasin may be one interested buyer.
Skandia Investment Group (SIG) has awarded a GBP150m mandate to Richard Buxton, head of the British equities team at Schroders, following the group’s decision to withdraw the mandate previously entrusted to Origin Asset Management. The mandate covers a portion of the UK equities in the UK Equity Blend Fund, the GBP280m Skandia Diversified Fund, and six Spectrum funds which have grown to asset volumes totalling GBP350m since their launch in April 2008. The UK equities team at Schroders already has three mandates on SIG funds: Skandia Global Best Ideas Fund, Skandia UK Best Ideas Fund, and Skandia Global Dynamic Equity Fund.
A biannual study by Feri EuroRating Services for 2009 finds that, although German institutional investors continue to have confidence in well-established management firms such as the industry’s big four, DB Advisors (Deutsche Bank), Allianz Global Investors (AGI), Union Investment (co-operative banks) and Deka (savings banks), and in Metzler, they also will put more of their confidence in the future in smaller, sometimes more specialised firms, such as Universal-Investment, a specialist in Master-KAG and white-label products, Aberdeen, or boutiques such as Quoniam AM, Lupus alpha, or Hauck & Aufhäuser. The impact of the crisis has led institutional investors to reduce their exposure to equities to 5.9% of their portfolios, compared with 11.4% in 2007, while the proportion dedicated to bonds has increased to 79.95 from 67.6%. By the end of 2012, institutionals are planning to increase their allocation to funds by 19.7%, and their alternative investments (commodities, currencies, hedge funds and private equity) by 20.6%. However, they are only planning to increase their exposure to bond funds by 0.2%, simply because many of them are planning to undertake bond management directly. The complete study may be ordered directly by telephone, at 00 49 6172-9163121, or from johannes.verheesen@feri.de.
German hedge funds did not earn convincing performances in October. The Deutscher Hedge Fund Index (DH X) from Absolut report shows losses in October of 1.39%, as the overall index was penalised by the poor performance of hedge funds invested in managed futures and market neutral strategies. By comparison, the HFRX Global Hedge Fund EUR Index showed losses of 0.09% for the month. German funds of hedge funds, however, remained in positive territory. The Deutscher Hedge Fund Index (DH X) of funds of hedge funds shows returns of 0.73% for the month. The HFRI Fund of Funds Composite Index, for its part, shows losses of 0.27%.
Funds People reports that the Spanish alternative fund manager Cygnus AM has announced that it has raised the minimal subscription for its single hedge fund Cygnus Utilites Infraestructuras & Renovables FIL (launched on 29 November 2006) from EUR100,000 to EUR1m, with the objective of privileging institutional investors. The performance of the fund, which has over USD500m in assets, was 20% as of the end of October, with volatility slightly over 10%.
State Street Corporation announced on 1 December that it is expanding its global capacities in services dedicated to alternative investments and fund administration with an agreement to acquire Mourant International Finance Administration (MIFA) through a cash transaction. MIFA, with headquarters on the Channel island of Jersey, nearly USD170bn in assets under administration, and about 650 employees in Dublin, Singapore and New York, is one of the largest providers of fund administration services, particularly for alternative investors such as private equity funds, real estate funds and hedge funds. The acquisition will make State Street the largest provider of alternative investment services in the world, with USD600bn in assets under administration. The conclusion of the transaction, pending approval from the regulatory authorities and other contractual conditions, is slated for first quarter 2010. State Street estimates that the transaction will have a slightly positive effect on its results for 2010, excluding one-time charges.
The acquisition of Barclays Global Investors (BGI) by BlackRock was completed as planned on 1 December. The new firm, with about USD3.2trn in assets, will operate under the BlackRock business name, and will retain the iShares brand name for its ETF products. The purchase cost USD15.2bn instead of USD13.5bn because BlackRock’s stock rose since the deal was agreed upon.BlackRock has also announced the appointment of John Varley, group CEO of Barclays PLC, and Robert E. diamond Jr., president of Barclays PLC, to its board of directors.
BNP Paribas on Tuesday morning unveiled its industrial plan for the integration of Fortis. In the Investment Solutions unit, which includes the asset mangaement and private banking operations, EUR131m in annual synergies are predicted from 2012, equivalent to 15% of the EUR900m in synergies estimated for the group as a whole. These synergies will primarily come from “synergies in cost and the combination of management expertise,” the group explains. In asset management, the merger will raise BNP Paribas’ assets to EUR511bn, with the integration of Fortis Investments, which manages EUR163bn and operates in 34 countries, into BNP Paribas Investment Partners. This will, of course, also allow the French group to strengthen its presence on the Belgian and Dutch markets, each of which represents about one quarter of total assets at Fortis Investments. It will also give the group a new dimension in Asia, which represents 10% of assets for the firm being acquired, and 9% of the new merged group. In terms of client type, 46% of assets under management by BNP-Fortis are for businesses and institutional investors, while 41% is for individuals, and 13% via third-party distribution. In private banking, the integration of Fortis Wealth Management increases assets at BNP Paribas to EUR237bn. The group adds that it is “planning to reproduce in Belgium the internal joint venture model which has proven successful in France and Italy; BNP is also a leader in Luxembourg, with a 10% market share, and has strengthened its presence in Asian financial centres.”
Mandarine Gestion has recruited Diane Bruno, previously a small caps analyst and manager of the AXA L Small Caps Benelux fund from Axa Investment Managers. The French management boutique has confirmed reports published by Citywire on Tuesday to Newsmanagers. Bruno will join the team led by Joëlle Morlet Selmer, a former colleague from Axa IM who was recruited last year by Mandarine Gestion. They will collaborate on the management of the Mandarine Opportunities fund and a fund of European smidcaps, which will be launched in early January, Citywire reports.
Fitch Ratings has upgraded its rating of FIMIT sgr, Fondi Immobiliari Italiani’s (FIMIT) Asset Manager Rating for its Rome-based real estate investment operations to ‘M2-' from ‘M3+' and removed it from Rating Watch Negative.
The government of Liechtenstein in Vaduz has confirmed reports in Handelsblatt that the current Minister of Justice, Aurelia Frick, was previously director of K1 Distribution in London, and then a partner in the structure, which sold shares in the K1 hedge fund, managed by the “German Madoff,” Helmut Kiesner. Aurelia Frick is said to have resigned from her position as director in December 2008, just as investigations by the German prosecutor’s office were beginning, and she was replaced in this position by her father, Anton Frick. The Liechtenstein attorney general has announced that an investigation has been opened focusing on five individuals suspected of money-laundering as part of the K1 scandal, but Aurelia Frick is not one of these individuals.
Avec l’Intermediate Municipal Bond Strategy Fund, Pimco (groupe Allianz Global Investors) a lancé mardi son second ETF à gestion active, après le Enhanced Short Maturity Strategy Fund (lire notre dépêche du 18 novembre). Ce produit, dont l’aconyme sur le NYSE sera MUNI, est géré par John Cummings, executive vice president et head du municipal bond desk de Pimco. Comme son nom l’indique, ce nouvel ETF sera focalisé sur les obligations municipales «de grande qualité», d'échéance intermédiaire et dont les revenus sont exemptés de l’impôt fédéral voire, dans certains cas, de l’impôt de l’Etat.
Mutual Fund Wire rapporte que, selon Bloomberg, BlackRock a notifié au California Employment Development la suppression de 89 emplois à San Francisco d’ici au 8 janvier 2010. San Francisco est la ville où se trouve le siège de Barclays Global Investors (BGI) pour les Etats-Unis.
Les quatre partenaires fondateurs de l’ancien hedge fund de Citigroup, Old Lane, dont son ancien directeur général Guru Ramakrishnan, ont lancé une société de hedge funds aux Etats-Unis, rapporte le Wall Street Journal. Basée à New York, Meru Capital Group est partie avec 300 millions de dollars de capital, dont plus de 75 millions appartenant aux fondateurs. Il s’agit de l’un des plus gros nouveaux hedge funds de l’année, précise le WSJ.
National Industries Group, un important conglomérat koweitien, a attaqué en justice Carlyle Group devant une cour locale, affirmant que la société américaine de private equity a présenté sous un faux jour le Carlyle Capital Corp, un fonds de dette publique qui a fait faillite en mars 2008, rapporte le Financial Times. NIG avait investi 50 millions de dollars dans ce fonds qui était vendu comme un produit sûr investi principalement dans des MBS notés AAA.
D’après les proches du dossier, rapporte la Börsen-Zeitung, Gartmore envisage de placer ses actions dans une fourchette de prix de 250-330 pence l’unité lors de son introduction en Bourse. Cela valoriserait à environ 800 millions de livres le gestionnaire d’actifs dont Hellman & Friedman détient la majorité... et lui permettrait de lever quelque 400 millions de livres.
Pour le troisième trimestre 2009, les fonds de pension italiens ouvert ont enregistré des apports nets de 218,1 millions d’euros contre 203,4 millions au deuxième et 218,9 millions durant la période correspondante de l’an dernier, rapporte Assogestioni. Depuis le début de l’année, les apports nets se sont montés à 693,4 millions d’euros. L’encours au 30 septembre représentait près de 5,82 milliards d’euros contre presque 4,66 milliards fin 2008 et 4,58 milliards fin septembre de l’an dernierLes trois premiers acteurs du secteur par les encours à fin septembre 2009 sont Gruppo Intesa Sanpaolo, avec plus de 1,4 milliard d’euros et des souscriptions nettes de 30,9 millions au troisième trimestre, devant Arca avec presque 846 millions et 40,9 millions d’euros de rentrées nettes en juillet-septembre, et Allianz avec 398,3 millions d’encours et 17,2 millions d’apports nets.
Le 24 novembre, UBS Luxembourg a lancé le compartiment en dollars singapouriens Singapore (SGD) P-acc de la sicav UBS (Lux) Equity Fund. Ce produit (LU0403317604) est géré par UBS Global Asset Management ; il est investi principalement en actions de sociétés singapouriennes importantes, l’objectif étant de superformer l’indice MSCI Singapore Free. Le droit d’entrée se monte à 2 % et le «all-in fee» à 1,8 % tandis que la souscription minimale est fixée à 500 euros.