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18/11/2009

Le prix de l’ "investisseur responsable" attribué à Agrica Epargne

Pour sa deuxième édition, le prix de l’Investisseur responsable, établi par Natixis Asset Managementet le consultant Amadeis, en partenariat avec « Les Echos », a été attribué à la société de gestion Agrica Epargne, selon Les Echos. Danone s’est vu décerner une mention spéciale pour la création de son fonds de dotation Danone Eco-Système.
18/11/2009

PAI Partners en meilleure posture pour réduire son fonds

Selon Les Echos, le fonds de pension canadien CPP n’aurait pas rassemblé les investisseurs autour d’une proposition de réduction du fonds V de PAI à 2 milliards d’euros, contre 5,4 actuellement. La firme propose, elle, de ramener ce fonds, pour le moment investi à hauteur de seulement 900 millions, à 2,7 milliards. PAI doit recueillir une majorité de 66% pour faire passer sa proposition.
18/11/2009
Fonds

Le FRR choisit six sociétés de gestion pour ses mandats obligataires

Suite à l’appel d’offres restreint lancé le 23 avril dernier visant à renouveler une partie de ses mandats obligataires, le Fonds de réserve pour les retraites vient de publier la liste des sociétés sélectionnées pour le premier lot portant sur des obligations émises en euros et indexées sur l’inflation.Il s’agit, dans l’ordre, de Axa IM, Barclays Global Investors, BNP Paribas AM, Crédit Agricole AM, Natixis AM et Sinopia AM.Ces mandats sont attribués pour une durée de 5 ans. A titre indicatif, précise le communiqué du FRR, le montant global des fonds donnés en gestion est estimée à 4 milliards d’euros.La procédure de sélection se poursuit sur les deuxième et troisième lots de l’appel d’offres (obligations crédit «Investment Grade» libellées en euros, gestion active ; obligations crédit «Investment Grade» libellées en US dollars, gestion active).
Fonds
18/11/2009
Fonds

Deux nouveaux ETF obligataires de Lyxor sur Euronext Paris

Mardi soir, Lyxor Asset Management (Société Générale) a annoncé que sa gamme de 10 ETF obligataires (5,6 milliards d’euros d’encours au 12 novembre) s’allonge de deux références, avec les fonds Lyxor ETF EuroMTS AAA Government Bond et Lyxor ETF Euro Corporate Bond ex Financials cotés sur Euronext Paris.Le premier, assorti d’une commission de gestion de 0,165 %, réplique l’indice EuroMTS AAA Government qui reflète la performance d’obligations d’Etat de la zone euro notées AAA. Seules les obligations les plus liquides, et dont l’échéance résiduelle est supérieure à 1 an, sont prises en compte dans la constitution de l’indice.Le second suit l’indice Markit iBoxx Euro Liquid Corporate Non Financials et affiche une commission de 0,20 %. L’indice est constitué d’un portefeuille diversifié d’obligations d’entreprises en euros émises par 20 sociétés n’appartenant pas au secteur financier et sélectionnées sur des critères de liquidité.
Fonds
18/11/2009
Fonds

Fidelity commercialise son fonds d'actifs "réels"

Mardi, Fidelity International a indiqué que le compartiment Global Real Asset Securities Fund de sa sicav luxembourgeoise Fidelity Funds (lire notre article du 30 septembre) a été autorisé à la commercialisation en France par l’AMF en date du 17 septembre 2009 et a fait l’objet d’une publication au BALO le 5 octobre 2009. Le code ISIN de la part A (en euros) est LU0417495552. Le minimum d’investissement est de 2500 dollars. Les frais d’entrée sont variables (jusqu’à 5,25% de la VL) et les frais de gestion sont fixés à 1,50%. Une part E (en euros) est également disponible.
Fonds
18/11/2009
Fonds

Alto Invest lance le FCPI Europe Alto

Alto Invest lance le FCPI Europe Alto, qui sera investi dans des PME innovantes européennes, principalement en Allemagne et au Royaume-Uni, à tous les stades de développement des sociétés (capital-risque, développement et transmission). 60% des investissements seront effectués dans des PME innovantes, 40% du FCPI Europe Alto sera placé dans une sélection de placements financiers, principalement en OPCVM de sociétés de gestion réputés tels que BlackRock, Carmignac, DNCA, ou encore La Française des Placements, indique le communiqué.Caractéristiques Code ISIN : FR0010784215 Frais de gestion annuels : 3,5% TTCDurée : 7,5 ans minimum
Fonds
18/11/2009
Fonds

OFI AM met de l'ISR dans deux fonds de sa gamme

OFI AM vient d’annoncer l’intégration de critères ISR dans deux fonds de sa gamme - OFI Leader, un fonds investi dans des sociétés européennes en situation de leadership sectoriel ou géographique, et OFI Trésor, un fonds de trésorerie régulière. Simultanément, les fonds changent d’appellation et deviennent respectivement OFI Leader ISR et OFI Trésor ISR. Dans la pratique, OFI ajoute des critères ESG – Environnement Social Gouvernance - à son processus de sélection, en s’appuyant sur les travaux de l’agence d’analyse extra-financière EthiFinance. Les scores ISR s’inscrivant dans une échelle de 1 à 5, le fonds doit obtenir une note globale supérieure à la moyenne (soit 3). Des valeurs notées sous cette barre peuvent néanmoins intégrer les portefeuilles des fonds ISR dès lors que le portefeuille dans sa globalité remplit le contrat. A charge cependant pour l'équipe de gestion - qui peut donc intervenir après le bilan de l’agence de notation - de motiver les raisons de son choix de la valeur. A noter que les deux fonds OFI Leader ISR et OFI Trésor ISR ne sont pas éligibles au label Novethic qui exige qu’un minimum de 10 % des parts ou des actions soit détenu par des particuliers.Enfin, dans la mesure où l’application de critères ISR sur un fonds investi en obligations d’Etat ne permettrait pas à d’inclure des marchés essentiels comme le marché obligataire américain, OFI ne propose pas de fonds de ce type estampillé «ISR». Cela dit, selon un communiqué de l'établissement, " la société de gestion travaille actuellement sur l’amélioration des critères ESG afin d’apprécier la dimension des portefeuilles avec des critères aussi objectifs que possible en vue d’inclure prochainement un fonds obligataire dans sa gamme ISR.»
Fonds
18/11/2009

Credit Suisse to list 16 Irish-registered Xmtch funds in Frankfurt

Pending permission from Deutsche Börse, 16 Irish-registered ETF funds of the Xmtch range from Credit Suisse will be listed on the XTF segment of the electronic trading platform Xetra on 25 November (see Newsmanagers of 13 November). Currently, Credit Suisse is the largest ETF provider in Switzerland, with EUR6bn in assets and a market share of about 31%. Since 11 September, only one Xmtch has been listed on Xetra, namely, the Luxembourg-registered Xmtch (LUX) on MSCI EMU Large Cap. The listing of these funds in Germany, following their introductions on the Swiss and, more recently, Italian markets, is part of a campaign to capture a leading position on the European market in two years, says Henning Busch, head of asset management for Germany at Credit Suisse. The funds to be listed in Germany are the following: Xmtch (IE) on MSCI EMU Small Cap Xmtch (IE) on MSCI Japan Small Cap Xmtch (IE) on MSCI Japan Large Cap Xmtch (IE) on MSCI UK Large Cap Xmtch (IE) on MSCI UK Small Cap Xmtch (IE) on MSCI US Large Cap Xmtch (IE) on MSCI US Small Cap Xmtch (LUX) on MSCI Emerging Markets Xmtch (IE) on iBoxx USD Govt 1-3 Xmtch (IE) on iBoxx USD Govt 3-7 Xmtch (IE) on iBoxx USD Govt 7-10 Xmtch (IE) on iBoxx EUR Govt 1-3 Xmtch (IE) on iBoxx EUR Govt 3-7 Xmtch (IE) on iBoxx EUR Govt 7-10 Xmtch (IE) on iBoxx USD Inflation Linked Xmtch (IE) on iBoxx EUR Inflation Linked
18/11/2009

Mort mystérieuse à Moscou

La Tribune rapporte que, selon un investisseur occidental, un juriste russe âgé de 37 ans, chargé de conseiller un fonds d’investissement basé à Londres, est mort lundi 16 novembre dans une prison de Moscou alors qu’il y était entré en bonne santé. Selon William Browder, le Chief Executive Officer du fonds Hermitage Capital Management basé à Londres, Serguei Magnitsky, était chargé de défendre Hermitage CM et son partenaire la banque HSBC contre une fraude portant sur 230 millions de dollars, impliquant des officiers du ministère de l’Intérieur russe. Il était accusé de complicité d'évasion fiscale pour avoir conseillé son client, selon William Browder.
18/11/2009

A mysterious death in Moscow

La Tribune reports that, according to a Western investor, a Russian lawyer, aged 37, who advises an investment fund based in London, died Monday, 16 November in a Moscow prison, though he was in good health when he was imprisoned. According to William Browder, Chief Executive Officer of Hermitage Capital Management, based in London, Serguei Magnitsky had been retained to defend Hermitage CM and its partner, the bank HSBC, from a USD230m fraud implicating officers of the Russian ministry of the interior. Magnitsky was accused of complicity in tax evasion for advising his client, Browder claims.
18/11/2009

Mort mystérieuse à Moscou

La Tribune rapporte que, selon un investisseur occidental, un juriste russe âgé de 37 ans, chargé de conseiller un fonds d’investissement basé à Londres, est mort lundi 16 novembre dans une prison de Moscou alors qu’il y était entré en bonne santé. Selon William Browder, le Chief Executive Officer du fonds Hermitage Capital Management basé à Londres, Serguei Magnitsky, était chargé de défendre Hermitage CM et son partenaire la banque HSBC contre une fraude portant sur 230 millions de dollars, impliquant des officiers du ministère de l’Intérieur russe. Il était accusé de complicité d'évasion fiscale pour avoir conseillé son client, selon William Browder.
18/11/2009

Assets decline in third quarter

As equities markets have fallen in third quarter, total assets in asset mangement in China declined by 2.46% to a total of CNY2.24trn as of the end of September, according to estimates from the consultancy Z-Ben Advisors. Redemptions posed problems for managers, as virtually asset classes were affected, which forced managers to retain a larger quantity of cash than ideal, which consequently bit into performance. However, Z-Ben observes, product launches attracted CNY135bn, compared with CNY94.7bn in second quarter, and CNY45.4bn in first quarter. These were largely index-based and ETF funds, which attracted half of all new subscriptions.
18/11/2009

European funds attracted net inflows of EUR149bn in January-September

In September, European long-term UCITS funds posted net subscriptions of EUR2.12bn, of which EUR7bn went to equities funds, EUR7.1bn to bond funds, and EUR6.7bn to balanced funds. However, due to EUR25.2bn in net redemptions from money market funds, funds overall suffered net outflows of EUR4bn, compared with net subscriptions of EUR36.2bn in August. Net inflows to institutional funds totalled EUR8.4bn in September, compared with EUR2.8bn, the association EFAMA reports. For the first nine months of the year as a whole, UCITS funds posted net subscriptions of EUR124.2bn. With the addition of institutional funds and real estate funds, net inflows totalled EUR148.8bn. As of 30 September, assets in UCITS funds represented EUR5.032trn, or 1.4% more than at the end of December. Non-UCITS funds totalled EUR1.608trn, which represents a 2% increase over their levels nine months earlier.
18/11/2009

Santander unites asset management and global private banking

The board of directors at Banco Santander on Monday decided to group together asset management activities (Santander AM and pension fund management) with global private banking, in a division to be headed by Javier Marín, who was previously head of the global private banking division. Juan Alcaraz will become director of asset management, while remaining as director of Allfunds Bank. He replaces Joan David Grimá Terré, who was head of asset management, and who has requested an early retirement.
18/11/2009

India drives Asian inflows

In Asia, funds posted net subscriptions of USD21.3bn between July and September, the best quarter of the year so far, Lipper FMI reports in the most recent edition of its Fund Flash for Asia. The sector was driven by India, with inflows of USD26bn, though these were predominantly to low-risk products, such as bond funds denominated in local currencies and money market funds. In general, Asian investors are uninterested in equities currently, with the notable exception of investors in China, Hong Kong and Japan, Lipper reports. In these markets, most subscriptions have gone to Chinese equities funds (USD17bn). The markets which saw the heaviest net redemptions in the quarter are South Korea (-USD16bn). Australia (-USD5.5bn), Singapore (-USD3.6bn), and Taiwan (-USD2bn).
18/11/2009

Jupiter launches US equities sub-fund

Jupiter has announced the launch of Jupiter North American Equities Sicav, a sub-fund of the Jupiter Global Fund Sicav. It will be managed by Sebastian Radcliffe, along broadly similar lines to the unit trust, which he has managed since January 2001. The fund is registered in Austria, Germany, Finland, Sweden, Switzerland, Jersey, Singapore and the UK. Jupiter also intends to register the fund in France and Hong Kong. It will be available in three currency classes USD, Euro and UK Sterling.
18/11/2009

DEGI International redemptions rumoured to have headed for hausInvest Europa

The Börsen-Zeitung reports that, according to sources in the financial sector, the heavy redemptions that triggered the freeze of redemptions from the DEGI International real estate fund by Aberdeen are said to have been due to assets being transferred to the rival real estate fund hausInvest Europa from Commerz Real.
18/11/2009

Asset management sector attracted more than EUR30bn in subscriptions in January-September

As of 30 September, the German asset management sector had assets under administration of EUR1.6647trn, EUR160bn more than on 31 December 2008. Of these EUR160bn in new assets, EUR31.82bn came from new subscriptions, according to the BVI association, which adds that the figure of nearly EUR11bn announced a few days ago did not include direct mandates and institutional inflows from abroad. Of this EUR31.82bn in subscriptions, EUR26.79bn went to open-ended funds, “Spezialfonds” and mandates, while EUR5.03bn went to open-ended real estate funds. For portfolio management, net inflows totalled EUR12.16bn for open-ended funds, Spezialfonds, and mandates, while open-ended real estate funds totalled EUR4.77bn.
18/11/2009

German management firms gain ground on Luxembourg firms

In the past, Luxembourg funds on sale in Germany attracted considerably more in net subscriptions than German funds registered locally. This trend has now been reversed, as this year, open-ended funds registered in Germany attracted more than EUR7.81bn in the first nine months of the year, while Luxembourg funds underwent net outflows of EUR12.93bn, Kommalpha reports in the November edition of “Fondsmarkt.” Among the five management firms which attracted the strongest net subscriptions in the first three quarters of this year, the top two were Luxembourg-registered funds, db x-trackers (Deutsche Bank), with EUR3.75bn, and Pimco Europe (Allianz Global Investors), with EUR3.56bn. The other three were Union Investment Real Estate (EUR2.18bn), Union Investment Privatfonds (EUR2.04bn), and Universal-Investment (EUR1.52bn). However, four of the five largest outflows were from Luxembourg management firms: Deka SA (EUR4.75bn), Union Investment Luxembourg (EUR2.83bn), Allianz GI Luxembourg (EUR2.42bn), and cominvest SA (AGI, EUR2.17bn).
18/11/2009

Redemptions suspended again for DEGI International

Aberdeen Immobilien KAG announced on Tuesday that it has once again frozen redemptions from its open-ended real estate fund DEGI International for a period of three months. Redemptions from the fund were previously frozen between the end of October 2008 and the end of January 2009. In addition, DEGI International funds (EUR2.02bn in assets as of the end of September) and DEGI Europa (EUR1.71bn) will no longer accept subscriptions due to forthcoming sales of properties in their portfolios. Aberdeen reports that after redemptions were reopened on 30 January, outflows from DEGI International gradually diminished, from EUR260m in February to EUR18m in May. But in June, public controversy in Germany over the risk of losses from real estate funds triggered a rise in redemption demands, and in third quarter, DEGI International underwent net redemptions of EUR250m.
18/11/2009

Skandia issues REIT management mandate to Cohen & Steers

Skandia Investment Group (SIG) announced on 17 November that it has issued a management mandate for its USD300m REIT fund to the institutional management firm Cohen & Steers, which is listed on the New York stock exchange, specializes in real estate, and manages over USD22.5bn as of 30 September this year. The fund was previously managed by La Salle Investment Management. The modification will be accompanied by a change in benchmark, as the UBS Global Investors index will be replaced by the FTSE EPRA NAREIT Developed Index. As a result, the weight of the fund’s exposure to the US market will fall to about 40%, compared to 50% previously. Asia, particularly Hong Kong and Japan, will gain weight as a proportion of the fund overall. Following approval from the Financial Services Authority (FSA), the fund, currently known as the Skandia Global Property Securities (LaSalle) Fund, will change names, to become the Skandia Global Property Securities Fund.
18/11/2009

CAAM releases CAAM Funds Global Inflation Bond fund in Europe

Crédit Agricole Asset Management is releasing the CAAM Funds Global Inflation Bond Classic (C) sub-fund of its Sicav in several European countries, including Luxembourg, the United Kingdom, Sweden, Belgium, Germany, the Netherlands, Austria, Finland, Norway, Greece, Italy, Spain, and Denmark. The sub-fund was created in August 2009 on the model of the French-registered CAAM Inflation Monde fund, which has been available to French investors since 20 May 2009. There are no plans to release the Luxembourg version of the fund in France for the moment, CAAM states. The sub-fund’s portfolio is invested in inflation-linked bonds from throughout the world. At least 50% of the portfolio is dedicated to inflation-linked bonds with a rating of “investment grade.”
18/11/2009

Jérôme Lieury leaves HSBC Private Bank

Citywire reports that Jérôme Lieury, manager of the Eurassur fund, has left HSBC Private Bank France in favour of a destination which is not yet known. The Eurassur fund will be taken over by Antoine Bouchayer.
18/11/2009

Pimco launches first actively-managed ETF

On Tuesday, Pimco (Allianz Global Investors group) announced the launch of its first actively-manged ETF fund, the Pimco Enhanced Short Maturity Strategy (listed under the acronym MINT on NYSE). The fund’s objective is to generate higher performance than money markets; it will be managed by Jerome Schneider, executive vice president of Pimco, following Pimco’s proven investment process, which combines macro-economic (top-down) and stock-picking (bottom-up) approaches. MINT may invest in money market instruments, bonds with long durations to maturity, and a wider range of investment grade bonds.
18/11/2009

Two new bond ETF funds from Lyxor listed on Euronext Paris

On Tuesday night, Lyxor Asset Management (Société Générale) announced that its range of 10 bond ETF funds (EUR5.6bn in assets as of 12 November) is gaining two new additions, the Lyxor ETF EuroMTS AAA Government Bond and Lyxor ETF Euro Corporate Bond ex Financials, which will be listed on Euronext Paris. The first of these, which carries a management commission of 0.165%, replicates the EuroMTS AAA Government index, which reflects the performance of AAA-rated government bonds of the Euro zone. Only the most liquid bonds, whose residual time to maturity is over 1 year, are taken into account in the constitution of the index. The second product tracks the Markit iBoxx Euro Liquid Corporate Non Financials index, and carries a commission of 0.20%. The index consists of a diversified portfolio of corporate bonds denominated in Euros, issued by 20 firms that do not belong to the financial sector, selected on the basis of liquidity criteria.
18/11/2009

comdirect in partnership with Morningstar

The website of comdirect bank (Commerzbank group) now offers qualitative ratings of funds provided by Morningstar. Clients of the direct bank may also download complete reports on these funds. Currently, qualitative ratings are available in German for about 400 funds, but “in the mid-term,” this is set to increase to a total of about 3,000 products.
18/11/2009

Pimco to help regulator evaluate risk in bond portfolios

Pacific Investment Management Co (Pimco, an affiliate of Allianz) has been awarded a coveted mandate by the National Association of Insurance Commissioners (NAIC) to help the regulator evaluate risk for bonds back by residential loans in the portfolios of insurers, the Wall Street Journal reports. This task had previously traditionally been assigned to major ratings agencies, and involves the evaluation of about 18,000 bonds.
18/11/2009

Research Affiliates awarded patent for methodology

Research Affiliates LLC has been awarded a patent for its methodology for the calculation of indices, which selects and weights securities on the basis of fundamental elements such as dividends, revenues, and profits, but not market capitalisation, the Wall Street Journal reports. The RAFI indices from Research Affiliates are already used as benchmarks for assets of USD27bn, up from USD17bn at the beginning of the year. The patent may pose problems for other index providers, such as WisdomTree (USD5.5bn in assets as of the end of September), whose ETF funds replicate their own indices weighted on the basis of dividends or profits.

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