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25/11/2009

BBVA and Santander lead for net subscriptions

On the basis of statistics from the CNMV, Funds People has found that since the beginning of the year, BBVA and Santander are the two management firms to have placed three funds each in the top five products for net subscriptions since the beginning of the year, including the top bond fund and second place for diversified funds. This also is an indication that equities funds have been comparatively neglected by investors, where the best net inflows, to the Mutuafondo Bolsa fund, totalled only slightly under EUR80m. In fact, the five equities funds at the top of the rankings have registered net subscriptions of EUR263.6m, while the top five bond funds have nearly EUR2.89bn, and the top five diversified funds have posted net subscriptions of about EUR2.44bn. The product which drew the largest net subscriptions was the bond fund BBVA Dinero IV (EUR872.8m), followed by the Banesto MX RF 90/10 from Santander, with EUR853m.
25/11/2009

First ETFs with 100 times leverage released

Kelly capital has launched the first ETF funds with 100 times leverage, entitled Daily Nasdaq 100 Bull 100x Shares (Soar) and Daily Nasdaq 100 Bear 100x Shares (Sink), the Börsen-Zeitung reports.
25/11/2009

Cheviot AM launches multi-asset class climate change fund

Claudia Quiroz, who was previously a member of the Industries of the Future team at Henderson, has been put in charge of management for a multi-asset class fund dedicated to climate change which will be launched in December by Cheviot Asset Management, Investment Week reports. The British-registered product will carry a management commission of 1.5%, and a minimal subscription of GBP1,000. The fund will have 50 to 60 positions, and will invest in bonds, commodities and equities worldwide in the areas of energy, food, health, natural resources, and water.
25/11/2009

Use of ETFs accelerated by the crisis

The crisis has not slowed the ETF sector. Quite the contrary: investors, who have become much more vigilant about their compensation risks, increased requirements in terms of transparency, liquidity troubles, and use of derivatives and structured products, have naturally turned to ETFs. According to a commentary by Barclays Global investors, on the basis of data from Thomson Reuters, net sales of ETFs have totalled slightly over USD270bn, while mutual funds excluding ETFs have seen a negative net balance of USD117.1bn. Last year, there were 2,926 firms which made use of one or more ETF funds. The countries which made the most use of these products, the United States, the United Kingdom, Canada, Spain, and Switzerland, represent 83% of the total. Since 1997, the number of firms using ETFs has risen 1,673%, an annual growth rate of nearly 30%. Investment advisers, who, in the terminology of BGI, include all firms which manage assets on behalf of private clients or establishments, are the largest clients for ETF products, representing 73.5% of all institutional clients, far ahead of hedge funds (15%), a class of clients which is nonetheless growing by more than 42% per year (compared with 31.1% for investment advisers). The use of ETFs remains concentrated in Switzerland, with more than 2,000 firms using these products, ahead of the United Kingdom, where 120 institutions have assets invested in ETFs, Canada, and Switzerland.
25/11/2009

Fitch downgrades ERAAM due to fall in profits

Fitch Ratings has downgraded Europanel Research and Alternative Asset Management’s (ERAAM) asset manager rating to ‘M2-' from ‘M2' for its fund of hedge funds (FoHF) investment activities. The downgrade reflects ERAAM’s diminishing profitability as a result of declining assets under management (AUM), which may prove challenging in the context of ERAAM’s corporate independence. Like many FoHF managers, ERAAM experienced large investor redemption pressures between October 2008 and March 2009, which saw its AUM decline by 50% from EUR850m at end-September 2008, says Fitch. This has created some investor concentration and undermined the company’s profitability. The firm has adequate liquidity to face short-term pressure and is expecting to report a small profit for 2009. The deterioration in profitability may nevertheless prove challenging in the context of ERAAM’s corporate independence and restoring AUM growth momentum while improving financial performance are key challenges for ERAAM in 2010.
25/11/2009

Eaton Vance profits down

In the fiscal year ending on 31 October, Eaton Vance has posted a decline in operating profits of 36% to USD233.2m, while net profits have contracted 34% to USD130.1m. Assets have risen by USD31.81bn in the twelve-month period under review, to total USD154.9bn. Net subscriptions to long-term funds totalled USD32bn, and market effects were positive to the tune of USD11.16bn. The management firm states that net subscriptions from institutional investors and high net worth private clients represented USD7.91bn, in addition to which USD4.83bn came from new institutional or high net worth private clients. Retail managed accounts posted net inflows of nearly USD2.12bn, of which more than USD2.03bn came from new clients.
25/11/2009

Inflation drives hedge funds onto gold markets

Fear of inflation is seizing the hedge fund industry, and managers are increasingly turning to gold as a part of their investment strategies. Even leaders in the sector such as Tudor Investment, Paulson & Co and Greenlight Capital are finding a taste for gold. The head of Greenlight, David Einhorn, has long been critical of the Fed’s lax monetary policy, and Paulson & Co is launching a fund based on gold. Hayman Advisors and Eton Park Capital are also said to have sizeable investments in gold, which partly explains why assets in the tracker fund SPDR Gold Shares have exploded this year. A survey of fund of fund managers by Moonraker has found that 20 out of 22 hedge fund managers surveyed had bought gold as a personal investment.
25/11/2009

Hedge funds face tough headwinds in European parliament

The European parliament is siding with the European Commission in controversy over European regulation of hedge funds, the Börsen-Zeitung reports. The reporter on the proposed legislation, Jean-Paul Gauzès, has called for a limit to the amounts of leverage these funds should be permitted to use. He also recommends that hedge fund managers themselves engage to respect a limit to their use of external financing, and that they declare this limit to the regulatory authority. In addition, the future European regulatory authority should, the reporter says, have the power to impose an even stricter limit in exceptional cases.
25/11/2009

Open-ended real estate funds: no party on 50th birthday

In a long article dedicated to the 50th anniversary of the launch in Germany of open-ended retail real estate funds, Financial Times Deutschland notes that the average performance of the 26 products in this category has fallen from 5.6% in early 2008 to 2.2% as of the end of September, while three funds show losses, namely, the Inter Immoprofil and Euro Immoprofil funds from iii Investments (HypoVereinsbank), and the P2 Value from Morgan Stanley Real Estate (which has lost 12%). Currently, real estate funds which have been closed to redemptions for more than 12 months have about EUR4.5bn in assets for 200,000 subscribers, equivalent to 5.2% of assets in the sector (EUR87bn). None of the frozen funds has succeeded in amassing sufficient liquidity through sales of these assets, which suggests that valuations are far higher than the market realities. It may also be related to the fact that the four frozen funds (DEGI Europa, P2 Value, TMW Weltfonds and KanAm US grundinvest) do not have retail banking distribution networks.
25/11/2009

Occam to launch an absolute returns fund

Occam Asset Management, the management firm created by the founder of Thames River Capital, Jonathan Hughes Morgan, is planning to launch a UCITS III-compliant absolute returns fund next month dedicated to Asia, Investment Week reports. The vehicle will be managed by Mark Williams and Fabiana Fedelli, and will be an addition to the Asia Focus long-only fund. The two long-only funds from the firm, Occam Asia Fund and Occam Europe Focus, managed by former Threadneedle manager Phil Cliff, have both considerably outperformed their respective benchmarks.
25/11/2009

Thames River bond funds receive USD200m in subscriptions

Thames River Capital has raised more than USD200m for its two funds launched last month, Credit Select and Global Credit, Investment Week reports. Credit Select, managed by Stephen Drew and Mehrdad Noorani, focuses on A grade corporate bonds from developed markets, while the Global Credit fund invests both in cvorporate bonds from developed markets and from businesses in emerging markets rated investment-grade, with an average rating of BBB. Since the beginning of the year, Thames River has taken in gross subscriptions of USD5.2bn as of the end of October.
25/11/2009

H&A takes over administration of okoworld funds

The divorce between the German management firm versiko and its Luxembourg affiliate Ökoworld Lux, on one hand, and Fortis Investments on the other, has now been completed (see Newsmanagers of 26 June). On Tuesday, versiko announced that, from 1 November, central administration of (SRI) funds from Ökoworld would be taken over by Hauck & Aufhäuser Investment Gesellschaft. H&A not only enjoys a good reputation, but, versiko adds, its fees are considerably lower, and commissions will probably be reduced by an average of 50%.
25/11/2009

Feri EuroRating: Sarasin, SAM, okoworld and Pictet lead for SRI expertise

A survey of sustainable development funds by Feri EuroRating Services (see Newsmanagers of 26 June) has found that in rankings of sustainable investment providers by resopndents in a survey of 560 professional investors, Sarasin bank leads the firms considered most competent in fund management, ahead fo SAM, another Swiss actor, Ökoworld (the Luxembourg affiliate of Versiko), and Pictet. All four earn a total rating between 2 (very good) and 3 (good). For management firms with whose funds respondents had had better experiences, Pictet places far ahead of Sarasin and Swisscanto, two other Swiss specialists, while BlackRock Merrill Lynch follows in the rankings, ahead of SAM.
25/11/2009

Foreign investors sweep the Feri EuroRating prizes

Foreign actors won all the top places in the new rankings of the best management firms in Germany at the Feri EuroRating awards, the Börsen-Zeitung reports, in a supplement dedicated to the prizes. Fidelity Luxembourg was the best overall fund provider, while the British firm M&G Investments won the prize for best equities manager, and the Austrian Raiffeisen Capital Management (RCM) won out as best equities [sic] manager. The British firm Barclays Global Investors (BGI) was awarded the prize for best ETF manager. The only consolation for German firms is that the best specialist manager was DJE Investment, which is registered in Luxembourg, but which has its roots in Munich. However, DWS placed first for German equities, and Aberdeen won out for emerging markets.
24/11/2009

UBS creates a strategic advisory board

UBS Global Asset Management has put its managing directors Barbara Grunewald and Charlie Service in charge of an investment strategy advisory team, which will provide pension funds with solutions for the full range of risk and/or fiduciary management needs, Professional Pensions reports. The new service will include conception of investment policy, alternative management within the portfolio as a whole, analysis of risk for individual or multiple asset classes, and tactical global asset allocation.
24/11/2009

Commercial real estate markets in Paris in London overheating

A rebound on commercial real estate markets in Europe is already triggering concerns that the market may be overheating in some cities, Financial Times Fund Management warns. Management firms such as Hermes and Threadneedle are taking measures to limit subscriptions, after significant inflows. And although values on the commercial real estate markets in the United Kingdom have fallen 45% from their peaks, some are worried that top-shelf properties, particularly in central London and Paris, may already be at the high end of their appropriate valuation ranges, FT FM notes.
24/11/2009

Madoff still doing business

La Tribune.fr reports that the liquidator of the disgraced financier Bernard Madoff, Irving Picard, has asked a judge to approve an invoice for USD22m from him and his law firm, Baker & Hostetler.
24/11/2009
Fonds

Les fonds d'épargne pension font mieux que les indices

Selon l’Echo belge qui cite des calculs réalisés par les quotidiens De Standaard et Het Nieuwsblad, les fonds d'épargne pension défensifs performent encore un peu mieux que les indices boursiers. Cela s’explique principalement par le fait que les plus défensifs ont moins chuté en 2008 et ont donc, cette année, moins de retard à rattraper. Tout le contraire des fonds dynamiques, qui, s’ils ont augmenté en moyenne de plus de 20% en 2009, avaient perdu en moyenne plus du quart de leur valeur en 2008.
Fonds
24/11/2009

Michel van Elk devient CEO d'ING IM Europe

Michel van Elk vient d'être nommé CEO d’ING Investment Management Europe. Il succède à Gilbert Van Hassel, qui a été promu récemment global CEO d’ING IM. Michel van Elk était jusqu'à présent directeur du marketing d’ING IM Europe. Le communiqué rappelle qu’ING a annoncé, plus tôt dans l’année, le regroupement de ses activités de gestion d’actifs et de gestion immobilière dans un pôle unique afin de créer un gestionnaire d’actifs de 400 milliards d’euros d’encours environ. Le groupe a par ailleurs déclaré fin octobre qu’il va vendre progressivement toutes ses activités dans l’assurance et la gestion d’actifs au moyen d’introductions en Bourses, de cessions ou de combinaisons de ces deux formules.
24/11/2009
Fonds

Le European Corporate Bond Fund passe la barre des 1 milliard d'euros

Le gérant de fonds international Standard Life Investments a indiqué le 23 novembre que les fonds sous gestion de sa sicav European Corporate Bond Fund avaient dépassé la barre des 1 milliard d’euros.Le fonds se propose de surperformer le marché du crédit européen en investissant dans une large gamme d’obligations corporate notées en catégorie d’investissement. Le fonds a surperformé son indice de référence, le iBoxx European Corporate Bond, sur un an, trois ans et cinq ans.
Fonds
24/11/2009
Fonds

Bonne collecte pour les fonds d'actions européennes de Franklin Global Advisers

Lors d’un nouveau passage à Paris après une première visite en mai, Edwin Lugo, gérant de portefeuille senior chez Franklin Global Advisers, a indiqué lundi que l’encours de l'équipe petites capitalisations s’est accru à 500 millions de dollars contre 150 millions six mois plus tôt. En ce qui concerne le compartiment Franklin European Small-Cap Growth Fund de la sicav luxembourgeoise FTIF, les actifs sous gestion sont passés de 30 millions à 135 millions d’euros tandis que pour le compartiment European Growth Fund ils ont gonflé à 90 millions d’euros contre 17 millions. Cette forte augmentation des encours ne s’explique que partiellement par l’effet de marché, avec des performances respectives de 42,25 % et de 38,78 % sur les neuf premiers mois de l’année : les souscriptions nettes se sont avérées très importantes.Les deux fonds appliquent la même stratégie, à savoir un horizon de placement de 3-5 ans pour un portefeuille «bottom up» de conviction (25-45 valeurs) avec un faible taux de rotation (25-50 %). Par principe, l'équipe de gestion intègre dans ses projections par titre le scénario le plus négatif, et les actions qui entrent dans le portefeuille doit afficher un potentiel de hausse minimum de 10 % par an.Pour le fonds de petites et moyennes capitalisations, Ed Lugo indique que le fonds est actuellement très largement surpondéré par rapport au MSCI Europe Small-Mid Cap dans le domaine des biens de consommation discrétionnaires (avec Carpetright) et un peu plus discrètement dans les industrielles (avec neopost, MTU et Schindler). Sur le plan géographique, le fonds affiche une forte surpondération pour le Royaume-Uni et l’Allemagne. En revanche, le fonds n’est plus investi dans les banques depuis début 2007 et dans l'énergie depuis début 2008.
Fonds
24/11/2009
Fonds

Jupiter offre des facilités de transfert aux investisseurs du Jupiter Financial Opportunities

Jupiter Unit Trust Managers offre aux investisseurs du Jupiter Financial Opportunities Fund la possibilité de transférer tout ou partie de leurs investissements dans l’un ou les deux nouveaux fonds Ucits III lancés pour le gérant Philip Gibbs en décembre, le Jupiter Absolute Return et le Jupiter International Financials. Cela pourra se faire sans coût de transfert. Le Jupiter Absolute Return Fund cherchera à dégager un rendement absolu indépendant des conditions de marché en investissant dans le monde entier. Ce fonds sera géré comme le hedge fund dont s’occupe Philip Gibbs, mais avec moins de levier et une volatilité plus faible.Le Jupiter International Financials Fund cherchera quant à lui une croissance à long terme du capital pricnipalement par le biais d’investissements dans des sociétés financières sur une base internationale.
Fonds
24/11/2009
Fonds

BlackRock veut transférer deux fonds de fonds immobiliers à Aviva

Selon Money Marketing, BlackRock envisage de transférer la gestion de deux fonds de fonds immobiliers à Aviva, suite au départ du lead manager du fonds chez Aviva.John Gellatly a rejoint l'équipe multimanager spécialisée dans l’immobilier d’Aviva en septembre dernier. Le transfert des fonds institutionnels sera bouclée le 24 novembre. Les fonds de BlackRock seront par la suite renommés sous la marque Aviva.
Fonds
24/11/2009

UBS crée une équipe de conseil stratégique

UBS Global Asset Management a confié aux managing directors Barbara Gruenewald et Charlie Service la direction d’une équipe de conseil stratégique en investissement pour fournir aux fonds de pension des solutions d’ensemble de gestion du risque et/ou fiduciaire, rapporte Professional Pensions.Ce nouveau service couvrira la conception de la politique d’investissement, la gestion alternative au sein d’un portefeuille d’ensemble, l’analyse du risque pour des classes d’actifs individuelles ou multi-classes d’actifs ainsi que l’allocation d’actifs tactique globale.
24/11/2009
Fonds

Francfort cote sept ETF d'UBS

La Deutsche Börse a annoncé lundi l’admission à la négociation sur le segment XTF de sa plate-forme électronique Xetra de sept ETF d’actions de droit luxembourgeois lancés par UBS, qui répliquent tous des indices de la gamme MSCI.Deux sont assortis d’une commission de 0,18 %, le UBS-ETF MSCI USA I et le UBS-ETF MSCI Europe I. Le UBS-ETF MSCI World I facture 0,25 % de frais, pendant que le UBS-ETF MSCI Europe est chargé à 0,30 % et le UBS-ETF MSCI EMU Values à 0,35 %. Enfin, le UBS-ETF MSCI Pacific ex Japan comporte une commission de 0,40 % et le UBS-ETF MSCI Canada est assorti d’une commission de 0,45 %.Désormais, la cote du XTF compte 525 ETF.
Fonds
24/11/2009

Swiss & Global AM prend ses distances d'avec Julius Baer

Après l’introduction en Bourse, l’ex division gestion d’actifs de Julius Baer a pris le nom de Swiss & Global Asset Management. Elle s’est maintenant séparée physiquement de la banque privée en Allemagne, comme l’indique à la Börsen-Zeitung le président du directoire de Swiss & Global AM Allemagne, Alexander Gerstadt. Le gestionnaire se focalisera exclusivement sur la clientèle institutionnelle et «wholesale», ce qui sera facilité par le fait que, depuis des années, la nouvelle Swiss & Global AM commercialise des produits de performance absolue et des produits garantis.

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