Casam ETF a lancé récemment son premier ETF sur immobilier coté sur Euronext Paris. Casam ETF Real Estate Reit IEIF est en effet le premier ETF coté en Europe ayant pour objectif de répliquer au plus près l'évolution de l’indice Euronext IEIF Reit Europe. Cet indice «capitalise près de 70 milliards d’euros. Il représente un portefeuille largement diversifié, essentiellement présent au Royaume-Uni, en France et au Benelux avec une exposition ponctuelle en Allemagne et Italie», a précisé le 18 novembre Pierre Schoeffler, conseiller scientifique à l’Institut de l'épargne immobilière et foncière (IEIF), à l’occasion d’une présentation organisée par Casam en partenariat avec l’IEIF, CA Cheuvreux et Nyse Euronext. L’ETF permet ainsi de s’exposer à un panier de près de 25 valeurs foncières européennes cotées. Avec des frais de gestion, qui comprennent l’ensemble des coûts de gestion et de fonctionnement, et qui comptent parmi les plus du marché, souligne de son côté, Valérie Baudson, directeur chez Casam ETF. A seulement 0,35% TTC maximum, les frais de gestion sont 16% moins élevés que la moyenne pondérée des ETF immobiliers en Europe (0,42%).La gamme Casam ETF compte ainsi 65 produits à fin octobre 2009. La société s’est fixé pour 2010 un objectif de 100 ETF basés sur 4 classes d’actifs différentes. Les principales caractéristiques du Casam ETF Real EstateReit IEIF Code Isin : FR0010791160Code Mnemo : C8RTicker Bloomberg : C8R FPRIC Reuters C8R.PAFrais de fonctionnement et de gestion annuels : 0,35% TTC Maximum
La société de gestion de portefeuille française John Locke Investments a annoncé la diversification du portefeuille de Cyril Haute Fréquence. Suivant une gestion quantitative systématique spécifique, le fonds qui cherche à délivrer un rendement régulier dans le cadre d’une volatilité maîtrisée (inférieure à 4%) intervenait jusque là uniquement sur les seuls instruments financiers à terme portant sur des indices boursiers, des taux d’intérêt et des devises. Désormais, le FCP diversifié pourra traiter les contrats à terme portant sur des marchandises (matières premières énergétiques, agricoles, métaux).L’exposition à un même contrat portant sur ces marchandises ne pouvant toutefois pas excéder 10% de l’actif, précise la société de gestion. Caractéristiques : Code Isin : FR0007082268Encours du fonds : 25 millions d’eurosPerformance 2009 (au 30 octobre) : -3,7 % Performances 3 ans : 9 %Volatilité 3 ans : 3,3 %
L’américain Index IQ se targue d'être le premier gestionnaire à lancer un ETF dont l’objectif, en répliquant l’indice IQ Arb Merger Abritrage, est de surperformer avant frais en misant sur les actions des sociétés qui, dans le monde, ont fait l’objet d’une OPA. L’idée est d’acheter les titres sous le prix d’OPA et de percevoir la plus-value lors du bouclage de la transaction au prix de l’OPA ou au-dessus.Le nouveau produit, le IQ Arb Merger Arbitrage, dont l’acronyme sur Arca est MNA, affiche un taux de frais de 0,75 %.
Mercredi, Morningstar a annoncé avoir signé avec le Département de la Défense un accord par lequel la société est autorisée à fournir ses activités de recherche ainsi que des outils exclusifs en matière d’investissement à tous les membres des forces armées et à leurs familles.La base de données en ligne Morningstar(R) Investment Research Center sera disponible pour environ 6,5 millions de personnes. Depuis 2002, ce service était accessible aux personnels de la Marine des Etats-Unis. L’accord élargit le public concerné à l’armée de terre, à l’armée de l’air, au corps des fusiliers marins et aux garde-côtes. La base de données pourra être jointe à partir des bibliothèques des bases militaires et de tous les portails miliaires (Military OneSource, Army OneSource, Army Knowledge Online (AKO), Navy Knowledge Online (NKO) et My AF Portal).
Après un détour de cinq ans comme professeur d’analyse de valeurs mobilières à l’Université Columbia, Greg Francfort est revenu lundi comme head of equity research chez Neuberger Berman. Il est subordonné directement à Joe Amato, president, qui avait la recherche actions dans ses prérogatives jusqu'à présent. Greg Francfort avait déjà travaillé chez Neuberger Berman entre 1991 et 2004.
Calpers, le plus important fonds de pension américain ,a réduit de 62 % ses investissements dans le private equity, rapporte Bloomberg. Le fonds fait également pression pour une réduction des coûts, y compris au sein d’Apollo Management LP dans lequel il détient une participation.
Les clients du hedge fund Kenneth Griffin ont perdu 8 milliards de dollars l’année dernière. Mais le gestionnaire essaie aujourd’hui de convaincre les investisseurs de lui faire à nouveau confiance, rapporte le Wall Street Journal. Il lance quatre nouveaux fonds et veut se développer dans la banque d’investissement.
John Paulson va lancer un fonds qui investira dans des actions de sociétés minières aurifères et d’autres placements liés à l’or, selon trois investisseurs cités par le Wall Street Journal. Le fonds verra le jour le 1er janvier.
Selon l’Agefi, une ex-filiale de Dexia, FSA (Financial Security Assurance), ainsi que Trinity Founding, filiale de General Electric, pourraient être soupçonnées par le gouvernement américain de conspiration avec un conseiller financier de chez CDR Financial Product. A l’aide du cabinet de conseil, elles auraient truqué des enchères lors de transactions financières effectuées par les municipalités américaines.
Due to falling interest rates, pressure from competition and poor performance, many asset management firms have lowered their fees, Financial Times Deutschland reports. In money market products, Invesco has lowered the management commission for the Invesco Euro Reserve and the Invesco USD Reserve by 0.05 points, to 0.30% and 0.40%, respectively, while BlackRock has simply ceased to charge commissions on the BGF Euro and US Dollar Reserve funds. In bonds, DWS has cut its management commissions by 0.25 points for generic products, but not for specialised products, while Schroders has cut fees for the Global Credit Duration - Hedged by half, to 0.75%. Similar cuts may be observed for equities funds. BlackRock has cut commissions for two European and one Japanese fund as well as three sectoral funds by 0.25 points, as these funds were overpriced compared with the competition. In real estate, Commerz Real in October cut its fees by more than half, for a period of one year, on the hausInvest global fund, whose performance has fallen as the value of two properties in Singapore had to be revised downward.
According to statistics from Lipper FMI, net subscriptions for management firms active in Europe in July-September this year reached their highest levels since first quarter 2006, at least for long-term funds. In September, net subscriptions were limited to nearly EUR2.3bn, due to net redemptions of more than EUR28bn from money market funds, the highest level since statistics began, which more than offset inflows to equities funds (EUR14.4bn) and bond funds (EUR11.5bn), Handelsblatt reports. The asset management firms with the highest net subscriptions are BNY Mellon, State Street Global Advisors, and Carmignac.
Sur la base d’enquêtes et d’entretiens menés ces deux derniers mois, Fuse Research Network (de Boston) constate que plus de 50 % des gestionnaires d’actifs ont l’intention d’embaucher pour leur activité de product management (47 % à temps plein et 7 % en CDD) (contractors) durant les douze mois qui viennent, ce qui marque une inversion totale de tendance par rapport à la situation d’il y a un an, où 80 % des responsables interrogés prévoyaient au contraire une réduction de leur effectif.Selon Michael Evans, president de Fuse Research Network, il est clair qu'à présent la plupart des entreprises du secteur ont désormais parachevé la rationalisation de leurs activités et qu’elles sont désormais obligées de recruter pour des raisons stratégiques. Seuls 13 % des dirigeants interrogés ont encore l’intention de réduire encore leur effectif en 2010.
Equities markets in Brazil, Russia, India and China (BRIC) will gain 30% to 40% in the next 3 to 4 years, according to Mark Mobius, president of Templeton Asset Management, L’Echo reports. According to Mobius, increased economic growth and contained deficits will mean a favourable environment for corporate profits.
On October 1, Philip La Pierre, who was a member of the management board at ING Real Estate Investment Management, in charge of real estate transactions in Germany and Austria, joined Union Investment Real Estate. He is now director of asset management for Germany, and will be responsible for 138 properties with a total floor area of 1.6 million square metres, and a value of about EUR3.49bn. La Pierre will report to Frank Billand, a member of the board of directors.
At a time when Aberdeen happens to be closing its DEGI fund to redemptions, Union Investment Real Estate (UIRE) has announced that its assets have risen by 17%, or EUR2.6bn, since the beginning of the year (according to data as of 17 November). Total assets under management in four open-ended real estate funds and two institutional real estate funds for the first time topped EUR18bn (EUR18.01bn as of 17 November). UIRE’s market share has risen from 16.9% as of 1 January to 19.2% as of the end of September. UIRE adds that subscriptions are currently so high that the funds are no longer being actively promoted for the moment. Real estate funds from the asset management firm, an affiliate of the German co-operative banks, are invested in 25 countries throughout Europe, Asia, and the Americas. UIRE has invested more than EUR1bn since the beginning of this year.
John Paulson is launching a fund which will invest in shares of gold-mining companies and other investments related to gold, according to three investors cited by the Wall Street Journal. The fund will open on 1 January.
iShares is launching five new A-share ETF funds in Hong Kong: one feeder fund which provides exposure to the CSI 300 index, and four funds which provide exposure to different sectors. The products are the iShares CSI 300 A-shares Index ETF, iShares CSI A-share Energy Index ETF, iShares CSI A-share Financials Index ETF, iShares CSI A-share Infrastructure Index ETF and iShares CSI A-share Materials Index ETF.
SYZ & CO yesterday announced the launch of Oyster Credit Opportunities, a new long/short sub-fund which will invest in credit, combining corporate bonds and Credit Default Swaps (CDS). The management of the UCITS III-compliant fund will be outsourced to Cairn Capital, a London-based firm specialised in credit strategies. Oyster Credit Opportunities, registered in Switzerland, is a response to strong demand on the part of investors for high added value products which are less sensitive to stock market volatility. Cairn Capital will deploy directional as well as relative value strategies, with the objective of absolute returns over the credit cycle, and low volatility. “Compared with conventional bonds, CDS offer many advantages. They are not only more liquid and more transparent than bonds in times of crisis, but they also allow managers to express negative views on market outlooks, and to use non-directional strategies,” says a statement from Syz. The fund aims for annual returns 3-5% above the Euribor in current market conditions. The product will open weekly and is available in Euros.
Jupiter on Wednesday confirmed reports in the press in late October that Guy de Blonay will be leaving Henderson New Star to go back to Jupiter Asset Management, eight years after leaving the firm, and stated that de Blonay will be starting in January 2010 as an advisor, before joining the financial sector fund management team, composed of Philip Gibbs and Robert Mumby, next summer. De Blonay will become co-manager, with Philip Gibbs, of the Jupiter Financial Opportunities fund, which has GBP1.4bn in assets. Mumby will continue to assist in the management of the fund, which shows performance of 82.5% since its launch in June 1997. The fund has posted gains of 7% in 2008, while the financial sector sub-index of the FTSE shows losses of 48%.
Credit Suisse/Tremont recently announced (see Newsmanagers of 10 November) that its hedge fund index shows returns for October of 0.17%, and 15.16% since the beginning of the year. On the basis of the final figures, returns for last month are limited to 0.13%, which is better than the results for the Barclay (-0.50%) and Hennessee (-0.17%) indices, while results for the first ten months of the year according to Credit Suisse/Tremont come to 15.11%. Since the beginning of the year, only two strategies are in the red, according to the Credit Suisse/Tremont index: dedicated short bias, with losses of 19.27%, and managed futures (-6.28%). The best results were for emerging markets, with 25.79%.
Last month, the CTA Global strategy was the one of the 13 strategies monitored by EDHEC-Risk which showed the heaviest losses, at 1.39%. Long/short equity funds lost 0.94%, while three other strategies showed marginal losses: 0.12% for equity market neutral, 0.05% for funds of hedge funds, and 0.04% for global macro. The strongest performance, meanwhile, was for dedicated short bias, at 3.40%, followed by fixed income arbitrage (1.94%). For the first ten months of the year, only two strategies are still in the red. They are dedicated short bias (-15.3%), and CTA Global (-2.5%). However, the strongest gains were for convertible arbitrage, at 42.7%, and emerging markets (+32.8%). Since January 2001, the best results were for emerging markets, with annual performance of 12.3%, followed by distressed securities (10.6%).
According to statistics from Eurekahedge, hedge funds in October underwent their first losses (0.3%) after seven consecutive months of gains. Market effects were negative to the tune of EUR2.4bn, while net subscriptions totalled slightly over EUR10bn. As of 31 October, total assets under management came to USD1.45trn.
The American firm Index IQ has announced that it will become the first management firm to launch an ETF whose objective, in tracking the IQ Arb Merger Arbitrage, is to outperform, before fees, by betting on shares in companies worldwide which are the target of takeover bids. The idea is to buy shares forless than the target price, and to earn gains when the transaction is completed at the target price or above it. The new product, IQ Arb Merger Arbitrage, whose acronym on Arca is MNA, carries fees of 0.75%.
After a five-year stint as a professor of securities research at Columbia University, Greg Francfort on Monday returned to Neuberger Berman as head of equity research. He will report directly to Joe Amato, president, who was previously also responsible for equities research. Frankfurt previously worked at Neuberger Berman between 1991 and 2004.
On Wednesday, Morningstar announced that it has signed an agreement with the Department of Defence, by the terms of which the firm is authorised to provide research activities and exclusive investment resources to all members of the armed forces and their families. The online database Morningstar(R) Investment Research Center will be made available to about 6.5 million people. Since 2002, the service has been available to members of the US Marines. The agreement extends this audience to include the US army, navy, air force, and coast guard. The database may be accessed at libraries on military bases and through online military portals (Military OneSource, Army OneSource, Army Knowledge Online (AKO), Navy Knowledge Online (NKO) and My AF Portal).
Sergei Magnitsky (37 ans), avocat russe de la société de gestion Hermitage Capital de William Browder, est décédé dans une geôle moscovite non sans s'être plaint pendant des semaines de ne pas jouir d’un traitement médical adéquat, rapporte The Wall Street Journal.
Craig Dunn, CEO, has told the Wall Street Journal that the Australian wealth management firm AMP Holdings (AUD12bn in assets) may soon improve its bid for Axa Asia Pacific Holdings, over its previous offer of AUD5.34 in shares and cash. AMP’s rise on the stock exchange has already driven up the value of the bid to about EUR5.72 per share.