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07/12/2009

Direxion lance quatre nouveaux ETF à effet de levier

Le spécialiste des stratégies alternatives Direxion lance quatre nouveaux ETF à effet de levier avec des expositions long/short aux marchés chinois et latino-américains. Direxion souligne que ces produits s’adressent uniquement à des investisseurs sophistiqués.Le Direxion Daily China Bull 3X Shrs et le Daily China Bear 3X Shrs suivent l’indice BNY China Select ADR, tandis que le Direxion Daily Latin America 3X Bull Shrs et le Daily Latin America 3X Bear Shrs répliquent l’indice S&P Latin America 40. Les quatre ETF sont proposés à 95 pb.Les fonds bull et bear sont conçus pour capter 300% de la performance quotidienne ou 300% de l’inverse de la performance quotidienne de leurs indices respectifs.
07/12/2009

TCW acquiert MetWest

TCW, société de gestion d’actifs américaine filiale de Société Générale gérant près de 110 milliards de dollars d’encours sous gestion, vient de signer un accord définitif en vue de l’acquisition de Metropolitan West Asset Management, société de gestion de taux basée aux Etats-Unis gérant près de 30 milliards de dollars d’actifs. Le montant de la transaction n’a pas été divulgué.Les experts clés de MetWest deviendront immédiatement responsables des clients des stratégies de taux «High grade» de TCW. MetWest gardera le contrôle des investissements de ses clients actuels et ne prévoit aucun changement quant à sa stratégie d’investissement, précise un communiqué. Dès le bouclage de la transaction, David Lippman, actionnaire et CEO de MetWest, deviendra Managing Director du groupe TCW, directeur des activités de Taux «High Grade» ainsi que membre du conseil d’administration de TCW Group. Tad Rivelle, actuel CIO de MetWest, sera quant à lui nommé Chief Investment Officer des stratégies de Taux «High Grade» du groupe TCW.Dans le même temps, TCW procède à certains changements au sein de ses équipes Taux et Actions. Michael P. Reilly est nommé Chief Investment Officer du groupe Actions. De son côté, Jeffrey E. Gundlach a été démis de ses fonctions de Chief Investment Officer et gérant des fonds et mandats de Taux «High Grade» de TCW, et destitué de ses fonctions d’administrateur.
07/12/2009

More than EUR80bn in net new money

According to a survey by JPMorgan AM and Lipper FMI for Funds People, Expansión reports, funds for sale on the main European markets have attracted EUR84.22bn in Q3, 2009, of which more than EUR36.52bn for equity funds, EUR34.57bn for fixed income funds and almost EUR11.11bn for mixed funds, while money-market and enhanced money-market funds suffere EUR2.21bn and EUR3.29bn in outflows, respectively.As far as equity funds are concerned, Deutsche Bank has been the most favoured asset manager with some EUR3bn in net inflows, while the Deka Euro Stocks has been the most successful equity fund, with EUR800m in net new money. Schroders led the net inflows for fixed income funds, with more than EUR3.71bn, while the AllianceBernstein Global High Yield of Axa IM took in EUR1.45bn.Carmignac Patrimoine proved to be the mixed fund with the highest net inflows (in excess of EUR3.3bn), which qualifies it as the second best fund in all categories, behind the JPM US Dollar Liquity Fund, which attracted EUR4.8bn and helped JPMAM to be the leader in money-market funds with total inflows of EUR6bn.
07/12/2009

Spanish funds begin to recover

According to a study by JPMorgan AM-Lipper FMI, Spanish funds had net redemptions in July-September of only EUR262m. That total is only 0.3% of assets as of the end of 2008, a sign that the situation is improving. French and German funds also saw net redemptions of EUR1.99bn and EUR408m, respectively. However, excluding money market funds, French and German funds saw net inflows of EUR3.96bn and EUR4.79bn, while Spain continues to be the only country in the red, with net redemptions of EUR557m.
07/12/2009

European funds attracted EUR70bn in subscriptions in third quarter

Efama reports that European UCITS funds posted net subscriptions in third quarter of EUR70bn, bringing the total for January-September to EUR122bn. These figures are a downward revision of other figures published recently (see Newsmanagers of 18 November), with a total of EUR124.2bn for the first three quarters. July-September was the third consecutive quarter of net subscriptions, and the pace of inflows increased, as net subscriptions in April-June totalled EUR30bn. Long-term UCITS funds, excluding money market funds, attracted EUR79bn in second quarter, compared with EUR55bn, and net outflows totalled EUR30bn in January-March. Efama also states that in third quarter, assets in UCITS funds increased by 7.7% to a total of EUR5.157trn as of the end of September, with an increase of 15%, or EUR197bn, for equities funds. Since the beginning of the year, assets in UCITS funds have increased 13.5%, or EUR615bn. Assets in UCITS and non-UCITS funds increased 7.2% in Q3 to a total as of the end of September of EUR6.84trn. In nine months, assets increased 12.4%, or EUR752bn.
07/12/2009

Skandia Property Fund invests in UK

The Skandia Property Fund has made its third investment in six months, in a 90,000 square metre storage facility located in Harlesrowen in the United Kingdom. The fund, managed by Nigel Pickup (ING Real Estate Investment Management) on behalf of Skandia Investment Group (SIG), paid GBP21.7m for the property.
07/12/2009

Pioneer to appoint international chief

Il Sole - 24 Ore reports that the departure of Dario Frigerio, CEO of Pioneer, was sought by Alessandro Profumo, head of UniCredit, the parent company of the asset management firm. Profumo was planning to replace him with a foreign (probably Scottish) director, with the goal of internationalizing the asset manager. Six months ago, UniCredit tried to sell Pioneer, but the bank did not receive any adequate offers. The appointment of a new director appears to indicate that the management firm is not for sale, according to the Italian newspaper.
07/12/2009

LGT recruits head of distribution from Threadneedle

Christian Pellis, who since 1998 had been head of European distribution at Threadneedle in London, will join LGT Capital Management on 1 March 2010 as a member of the board and director of distribution activities. The Dutchman will be based in Switzerland, and will report to Torsten de Santos, CEO of LGT CM. Threadneedle issued a call for internal applicants to replace Pellis while the position is occupied in the interim by the head of international distribution, Campbell Fleming, who has recently joined the firm from JPMorgan Asset Management (see Newsmanagers of 19 October). The recruitment will provide an opportunity for Threadneedle to reorient the position somewhat, as the British management firm is now planning to turn more of its energies to institutional investors, while Pellis mostly has previous experience in wholesale and retail.
07/12/2009

TCW acquires MetWest

The TCW Group (TCW), an international asset management firm, subsidiary of Société Générale, with approximately USD110 billion in assets under management, and Metropolitan West Asset Management, a US fixed income investment management firm with approximately USD30 billion in assets under management, have announced that the firms have signed a definitive purchase agreement wherein MetWest will be acquired by TCW. The financial terms of the agreement were not disclosed. Key MetWest investment professionals will immediately assume portfolio management responsibilities for all of TCW’s high-grade fixed income client accounts. As it relates to current MetWest clients, MetWest will maintain investment control over its existing fixed income portfolios and strategies and expects no change in its investment process or discipline. Upon completion of the transaction, MetWest Partner and CEO, David Lippman, will become Group Managing Director and Head of TCW’s high-grade fixed income business and a member of The TCW Group, Inc. Board of Directors. The transaction, which is subject to receipt of all required regulatory approvals, is expected to close during the first quarter of 2010. TCW also announced that it will make several management changes in its equities and fixed income groups. Michael P. Reilly has been named Chief Investment Officer of the Equities Group. As part of these changes, TCW separately announced that Jeffrey E. Gundlach has been relieved of his duties as TCW’s Chief Investment Officer and lead portfolio manager of TCW’s high-grade fixed income funds and accounts and removed from the Board of Directors of The TCW Group, Inc.
07/12/2009

Highland CM and Deutsche Bank settle out of court

Highland Capital Management has announced that it has settled out of court with Deutsche Bank, putting an end to lawsuits filed by both firms against each other, to their mutual financial satisfaction. In November, Highland filed a suit against the German bank in Dallas, Texas, for selling it a USD600m portfolio which turned out to be largely overvalued on false pretences. The following month, Deutsche Bank accused three Highland hedge funds of defaulting on margin calls totalling over USD70m related to real estate-backed securities.
07/12/2009

Investors want more influence over management of real estate funds

The real estate crisis has transformed relationships between institutional investors and real estate fund managers. Insurers want more influence not only because they are not content with the way in which the recent crisis was handled by funds, but also because BaFin has increased its requirements in regard to risk management, Handelsblatt reports. This will have two primary consequences: on the one hand, the size of funds will shrink, as banks and insurers become more cautious. On the other hand, the number of investors per fund will decrease, as subscribers will pay more attention to who invests with them than previously. There will be more “club deals” and “individual” funds launched by a single investor. Henning Klöppelt, CEO of Warburg Henderson, says each investor will need to contribute at least EUR150m to reach a total of EUR300m including leverage. This is the minimal amount needed to acquire 12 to 20 properties. With fewer than 12 properties, risk cannot be adequately diversified.
07/12/2009

Mutual funds remain very popular

According to the Investment Company Institute, 43,7 % of U.S. households in 2009 own shares in mutual funds or in other investment vehicles registered in the U.S. like ETFs, closed-end funds and unit investment trusts, i.e. 51.2m households and 88.5m individual investors. Some 3m U.S. citizens hold ETFs, while 1.8m have closed-end funds in their portfolios. The most popular investment remains the mutual fund, of which 50.4m U.S. citizens, or 43%, own at least one share. And the survey shows that 44% of mutual fund shareholders are baby-boomers who hold 59% of the total asset under management in these funds.
04/12/2009

Midas Capital sells wealth management unit

Midas Capital is about to sell off its wealth management unit, including iimia Wealth Management, to Jardine Lloyd Thompson, Money Marketing reports. The two groups are reported to be nearing an agreement on a sale for about GBP7.25m, which would be completed in January 2010. In the half-year to the end of June, iimia Wealth Management contributed GBP460,000 to overall results at Midas (GBP2.9m).
04/12/2009

Galleon to liquidate Singapore activities also

According to sources familiar with the matter, cited by Bloomberg, relaying reports in Fondsprofessionell, the US alternative management firm Galleon Group, which has been caught up in an insider trading scandal resulting in the arrest of its founder and CEO, Raj Reazjaratnam, will be closing down its Singapore activities on 31 Decemnber. Galleon has 20 employees in Singapore and manages about USD500m. Two potential buyers have already come forward to acquire Galleon in the United States and Singapore.
04/12/2009

Acquisition of Fortis by BNP Paribas to cost an estimated 150-200 jobs

According to an announcement to personnel of which reports have been circulating in Madrid financial ciercles, the integration of Fortis (300 people) into BNP Paribas (700 people) will lead to layoffs of 15% to 20% of total personnel in Spain, or 150 to 200 people, Cotizalia reports. The plan was initially well-received, but it all depends on the details, particularly in terms of anticipated retirements. It is possible that the group will retain both private banking brands, as Fortis (which acquired Beta Capital) is particularly strong in this area.
04/12/2009

S&P launches a gold index for UBS products

Standard & Poor’s on Thursday announced the launch of the S&P 500 Gold Hedged Index, which will aim to reproduce the performance of a long strategy on the total performance of the S&P 500 equities market and long on Comex gold futures, which will allow users to profit from the market performance of the US equities markets, while hedging against the falling value of the dollar compared with gold. Meanwhile, S&P has also issued a license to UBS to create and launch investment products replicating the new index, which will be rebalanced on a monthly basis to adjust its theoretical exposure to equities and to gold to maintain an even keel.
04/12/2009

Authorities investigated Raj Rajaratnam more than a decade ago

According to legal documents obtained by the Wall Street Journal, the president and founder of Galleon Group, who was arrested on 16 October, already ran into trouble with the law more than ten years previously, over a case of data theft from Intel Corp. But at that time, no charges were pressed against Rajaratnam due to a lack of evidence. This time, the person responsible for the data theft from Intel at the time will testify against Rajaratnam.
04/12/2009

Deutsche Bank scales up presence in Asia

According to H 24 Finance, Deutsche Bank has recruited seven partners in the area of private wealth management in Asia, where it is planning to develop its presence. Kwong Kin Mun has been appointed as director for the region, the website reports.
04/12/2009

Départ subit du patron de Pioneer Investments

Dario Frigerio, le chief executive officer de Pioneer Investments, l’un des plus importants gestionnaires européens avec 170 milliards d’euros sous gestion, a subitement annoncé son départ de l’entreprise. Afin d’assurer une transition en douceur, l’intéressé quittera ses fonctions le 31 janvier 2010. Aucun successeur n’a été annoncé par le porte-parole d’Unicredit - la maison-mère de la société de gestion.
04/12/2009
Fonds

Sur les fonds d'actions, les commissions de gestion se tiennent

Sur un univers de 33 fonds à compartiments d’origine britannique ou américaine basés à Luxembourg ou à Dublin avec 280 milliards d’euros d’encours et plus de 1.200 compartiments actions, l'écart-type des commissions de gestion pour les produits transfrontières commercialisés en Europe se limite selon Lipper FMI (Thomson Reuters) à 19 points de base. Cependant, 86 % des groupes affichaient un écart-type inférieur à 15 points de base et l'écart au sein des groupes se limitait à 9 points de base.Cela signifie en d’autres termes que le différentiel est finalement minime pour les fonds d’actions gérés activement dans la grande majorité des gammes de produits, souligne Lipper FMI.
Fonds

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