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06/11/2009

Un déménagement de Paris à Bruxelles pour cinq cents salariés de BNP Paribas

Selon L’Echo belge qui cite le quotidien De Standaard, BNP Paribas a l’intention de ramener quatre centres de compétences internationaux à Bruxelles, dans sa filiale Fortis, et de centraliser une série de services opérationnels dans des «shared service centers». Ses services internet seraient concernés au premier chef. Cinq cents emplois sont concernés par cette migration. Les lignes directrices du plan approuvées jeudi 5 novembre par la conseil d’administration de la banque devraient être dévoilées vendredi 6 novembre aux syndicats belges, précise le quotidien.
06/11/2009
Fonds

Des ETF locaux font leur apparition au Texas et en Oklahoma

Geary Advisors, ex OOK Advisors, a lancé la semaine dernière l’Oklahoma Exchange-Traded Fund qui réplique l’indice Spade Oklahoma, lequel se compose des actions de 29 sociétés dont le siège se situe dans l’Etat d’Oklahoma, rapport The Wall Street Journal. Cela fait suite au lancement du Texas Large Companies Exchange-Traded Fund par OOK Advisors, un ETF sur l’indice Spade Texas comprenant 73 sociétés. Les deux ETF sont négociés sur la plate-forme Arca du NYSE et leur commission de gestion se monte à 0,85 %. Ces produits sont distribués par ALPS Distributors, une firme bien établie, ce qui devrait leur permettre de subsister même s’ils devaient connaître un début difficile.
Fonds
06/11/2009
Fonds

Vanguard va prochainement lancer sept ETF obligataires

Vanguard s’apprête, selon Mutual Fund Wire, à lancer sept nouveaux ETF au cours des prochaines semaines. Il s’agit de sept fonds obligataires indiciels – les Scottsdale Sector Bond Index Funds – qui seront disponibles sous la forme de parts de fonds institutionnels et d’ETF.Dans le détail, il s’agit de Vanguard Intermediate-Term Coroprate Bond Index ; Intermediate-Term Governement Bond Index Fund ; Long-Term Corporate Bond Index Fund ; Mortgage-Backed Securities Index Fund ; Short-term Corporate Bond Index Fund, Vanguard Short-Term Governement Bond Index Fund et Vanguard Treasury Money Market Fund. En accord avec le régulateur américain, les «expense ratios» de ces fonds seront compris entre 9 et 15 points de base.
Fonds
06/11/2009

Citi veut relancer sa filiale de hedge funds

Selon le Financial Times, Citigroup est sur le point de relancer sa filiale de hedge funds, Citi Alternative Investments, après presque deux ans de mauvaises performances, de conflits internes et de malaises avec les investisseurs. Des personnes proches du dossier affirment que la société veut changer le nom de l’entité, qui gère 14 milliards de dollars d’encours et inclut aussi le private equity, pour adopter celui de Citi Capital Advisors. Le FT note que le sort de CAI est particulièrement sensible car la filiale est étroitement associée au directeur général de Citi, Vikram Pandit.
06/11/2009

GLG Partners collecte et réduit ses pertes

Au troisième trimestre 2009, la société de hedge funds GLG Partners a enregistré des souscriptions nettes de 216 millions de dollars, ce qui lui a permis, entre autres, d’accroître ses encours sous gestion sur la période de 13 % à 21,6 milliards de dollars. Sur un an, les encours augmentent de 25 %.Sur les neuf premiers mois de l’année, la société enregistre des souscriptions nettes de 2,5 milliards de dollars, dont 2,6 milliards viennent de l’apport des encours de SGAM UK acquis au deuxième trimestre 2009.Malgré tout, le revenu net est ressorti à 48,2 millions de dollars, soit une chute de 53 % sur un an. Ce déclin reflète la plus grande représentation dans les encours sous gestion nets des fonds long only et des managed accounts qui présentent des frais de gestion et administratifs moins importants que les fonds de stratégies alternatives de GLG, explique la société. Le revenu net sur les neuf premiers mois de l’année ressort à 186,1 millions de dollars, en repli de 56 % sur un an.Au total, GLG accuse encore une perte au troisième trimestre, de 99 millions de dollars, ce qui est mieux que la perte de 167,1 millions d’il y a un an.
06/11/2009

Citigroup va introduire Primerica en bourse

Selon les Echos, Citigroup (Citi) va introduire en Bourse sa filiale de services financiers Primerica. Et le reste de ses intérêts dans cette division sera cédé «dès que possible», précise l'établissement.
05/11/2009

Assets under management in Germany up 10%

The German asset management industry managed total wealth of EUR1.3404trn as of 30 September, an increase of 10%, or EUR123bn, since the beginning of the year, according to statistics from the German management association BVI. Open-ended funds totalled EUR636.2bn as of the end of September, compared with EUR575.8bn at the end of 2008, while dedicated funds had EUR704.2bn, compared with EUR641.7bn. Due to redemptions from money market funds (nearly EUR23bn) between January and September, open-ended funds showed net outflows of EUR1.6bn. In open-ended funds, inflows to equities funds totalled EUR9.89bn in the first nine months of the year. This return to equities markets, in conjunction with a rally on the markets, led to an increase in assets in equities funds to EUR184.3bn as of 30 September, compared with EUR133.6bn as of 31 December 2008.
05/11/2009

New Star brand may be abandoned

According to headlines in the November 4 edition of Ignites Europe, Henderson has confirmed that it is more than likely that it will drop the New Star name by April of next year, due to its tarnished reputation.
05/11/2009

Simon Morrison becomes sole head of Europe at LaSalle IM

As Charles Maudsley is joining British Land as director of business expansion, Simon Morrison has been appointed the unique head of Europe at LaSalle Investment Manangement. For five years, Morrison has been head of continental Europe, and shared direction of European activities (240 people) at the management firm with Maudsley.
05/11/2009

Bonuses set to rise in fixed income and equities

Johnson Associates, a compensation consulting firm, projects that the biggest increases in year-end cash bonuses and equity awards will go to employees in rebounding businesses such as fixed income and equities, says the Wall Street Journal. Those payouts likely will surge by as much as 60% from last year. In contrast, declines of 15% to 30% are planned at hedge funds, private-equity firms and prime-brokerage operations.
05/11/2009

Custody: Assets pass back above USD100trn threshold

The custody industry is regaining its health. According to GlobalCustody.net, the value of assets under custody at dedicated service providers have risen back above the USD100trn mark. This psychologically symbolic barrier was first passed in September 2007. The cumulative value of assets under custody then peaked at USD115trn, before subsequently crumbling with the erosion of the stock markets.
05/11/2009

Aviva keeping an eye out for a piece of ING

Aviva, the UK’s second-biggest insurer, will keep an eye on the break up of ING to see if it will yield any acquisition opportunities, says the Financial Times. The Dutch financial services group is selling its insurance and investment management business.
05/11/2009

Vontobel scales up private banking activities in Switzerland

The Vontobel group has announced that it plans to scale up its private banking activities in Switzerland, with the opening of two new branches in first quarter 2010, one in Basel and the other in Bern. Vontobel currently has its headquarters in Zurich, and branches in Geneva and Lucerne. A statement adds that client advisors from the Basel-based bank AAM Banque Privée may be transferred to the Basel, Bern and Zurich offices. The group has also announced that it is planning to develop its brokerage activities in the United Kingdom, with the recruitment of three people: Matthew Thomas and Stuart McCandish, from Cheuvreux, and Leland Timblick, from Bank am Bellevue.
05/11/2009

Neuberger Berman launches a commodities fund

The US firm Neuberger Berman has announced the launch of an investment vehicle in Europe, to be entitled Neuberger Berman Enhanced Commodities Qualifying Investor Fund, Citywire reports. It is a commodities fund invested in futures.
05/11/2009

Manager replaced at Allianz Global Investors

Following the departure of Dirk Enderlein, who will be leaving Allianz Global Investors at the end of the year, several funds previously managed by Enderlein will now be taken over by other managers, Fondsweb reports. Allianz RCM Wachstum Europa and Allianz RCM Europe Equity Growth will be managed by Thorsten Winkelmann. Allianz RCM Wachstum Euroland and Allianz RCM Aktien Europa will be managed by Matthias Born, Allianz RCM France will be managed by Gerrit Mader, Allianz RCM Aktien Europa by Neil Dwane, and Allianz Flexi Rentenfonds, Allianz flexi Euro Balance and Allianz Flexi Euro Dynamik will be managed by Armin Kayser.
05/11/2009

C-Quadrat moves in on Spanish and Italian markets

C-Quadrat & ARTS are rolling out on the Italian and Spanish markets, with the release of their Total Return fund, which will be available via Aspecta life insurance policies aimed at the retail market, Fondsprofessionell reports.
05/11/2009

Sweden wants to remove EU limit on hedge fund leverage

The Swedish government, holder of the European Union’s rotating presidency, has proposed removing a general limit on hedge funds’ leverage, one of the three most contentious issues of the proposed EU directive on alternative investments, says Financial News.
05/11/2009

cominvest sells MK Luxinvest to Top Ten and Olaf-Johannes Eick

cominvest Vertriebs AG will sell its affiliate MK Luxinvest to Top Ten and Olaf-Johannes Eick, Fondsprofessionell reports. The firms are already collaborating on their fund product ranges and in other areas, the website says. MK Luxinvest manages EUR400m in funds available in Germany, Luxembourg, Austria, Switzerland, and Greece.
05/11/2009

Asian hedge funds in top form

According to a report by Hedge Funds Research Inc cited by bloomberg.com, assets in hedge funds based in Asia reached USD73.7bn in third quarter, driven upwards by net capital inflows that have been ongoing for one year. The increase in assets breaks down as USD800m in inflows, and positive market effects which, considering only the emerging Asian markets via the HFRI Asia ex-Japan Index, represent more than 9% of growth in third quarter. Asian hedge funds are coming back this year, and are performing better than their counterparts in the rest of the world. In the year to October, they have gained 23% in 2009, while the global index has gained 16%, according to Eurekahedge Pte.
05/11/2009

Abante Asesores launches Kalahari Alpha

The Spanish management firm Abante Asesores has placed José Ramón Iturriaga in charge of the management of a second absolute return fund, in addition to Okavango Delta (which has returned 42% since the beginning of the year). The new product is entitled Kalahari Alpha, and will use the same approach, but with a more closely controlled maximal volatility limited to 9%. The performance objective is 200 basis points above the Euribor 1 year. Management and performance commissions are 1.25% and 9%, respectively. The manager may invest up to 30% in equities, while the remainder will be placed in repos and credit in order to limit risk.
05/11/2009

Morgan Stanley picks up new mandates in Asia-Pacific

In the Asia-Pacific region, Morgan Stanley, the second-largest prime broker, has won more than 30 new mandates this year, for a range of products and services which includes its compensation, securities trading, and treasury lending activities for hedge funds located in the region. About one third of mandates were from startups, while the remainder came from fund managers, says Richard Webb, CEO of the prime brokerage division of Morgan Stanley, who notes that activities have picked up significantly since first quarter.
05/11/2009

Clariden Leu strengthens presence in Asia

The Swiss private bank Clariden Leu on 3 November announced the appointment of Raymond Chung and David Louie as co-heads for North Asia. The two recruits previously worked at Deutsche Bank, both of them with the title Managing Director Private Wealth Management.
05/11/2009

Ahorro Corporación to size up asset management activities

Following the retirement of Javier Zoido, the longstanding CEO of Ahorro Corporación, at the end of the month, the financial strong arm of 42 small and mid-sized Spanish savings banks is planning restructure its activities, Expansión reports. According to sources in financial circles, the changes will affect asset management activities in particular: AC Fondos will absorb the management firms of the savings banks, for whom investment funds are not a strategic profession, or who need to sell off assets in order to survive the crisis. AC Fondos is already responsible for the management of 21 savings banks. It is the fifth-largest Spanish management firm, with assets of EUR7.48bn. Before the crisis, it was the fourth-largest management firm in the country, with assets of EUR13.83bn, but it has seen net redemptions of EUR5.1bn in the past two periods.
05/11/2009

Banque Cantonale de Genève opens a Hong Kong office

The Banque Cantonale de Genève (BCGE) on Tuesday, 3 November received permission from the Jong Kong Monetary Authority to open a representative office in Hong Kong. “The objective for this office is to facilitate liaisons with retail clients interested in wealth management. Institutional clients will also be able to turn to the office to be referred to the centre of expertise for the parent firm on asset management subjects,” says a statement. However, the Hong Kong office will not conduct banking activities, as all open accounts will be managed by the parent firm in strict respect of applicable regulations.
05/11/2009

Spanish managers consider current valuations appropriate

According to the most recent edition of the “fund barometer” undertaken by Lipper and published by Cinco Días, the portfolios of Spanish management firms at the end of October contained an average of 41.74% equities, compared with 41.07% one month earlier. Professionals thus consider that valuations are now at a good level, following the strong rally on the markets since March. Only 7.69% of managers consider equities overvalued. Cash allocations remain high, at 22%, and 55.85% of managers surveyed say that they are overweight in cash.
05/11/2009

cominvest vend MK Luxinvest à Top Ten et Olaf-Johannes Eick

cominvest Vertriebs AG va vendre sa filiale MK Luxinvest à Top Ten et Olaf-Johannes Eick, indique Fondsprofessionell. Les sociétés travaillaient déjà en partenariat sur la labellisation de fonds par exemple, précise le site. MK Luxinvest gère 400 millions d’euros dans des fonds commercialisés en Allemagne, au Luxembourg, en Autriche, en Suisse et en Grèce.
05/11/2009
Fonds

Les hedge funds en Asie en forme

Selon un rapport de Hedge Funds Research Inc cité par Bloomberg.com, l’encours des hedge funds basé en Asie a atteint 73,7 milliards de dollars au cours du troisième trimestre, aidé par les entrées nettes de capitaux depuis plus d’un an, La hausse des actifs se décompose en 800 millions de dollars de collecte et un effet marché qui si l’on se limite aux marchés émergents en Asie – via l’indice HFRI Asia ex-Japan Index – représente près de 9 % de hausse au cours du troisième trimestre. Les hedge funds asiatiques sont de retour cette année, et font mieux que leurs concurrents mondiaux. Jusqu'à octobre, ils ont progressé de 23 % en 2009 tandis que l’indice global a gagné 16 %, selon Eurekahedge Pte.
Fonds
05/11/2009

Morgan Stanley aligne les contrats en Asie-Pacifique

En Asie-Pacifique, Morgan Stanley, le deuxième prime broker, a engrangé plus de 30 nouveaux mandats cette année, prévoyant une prestation de services incluant notamment ses activités de compensation, l’achat et la vente de titres et des prêts de trésorerie accordés à des hedge funds situés dans la région. Environ un tiers des mandats ont été obtenus via des startups, et le reste par des gestionnaires de fonds, a précisé Richard Webb, directeur général de la division de «prime brokerage» de Morgan Stanley, qui note que l’activité depuis le premier trimestre s’est améliorée de façon significative.
05/11/2009

Clariden Leu se renforce en Asie

La banque privée Suisse Clariden Leu a annoncé le 3 novembre la nomination de Raymond Chung et de David Louie en tant que co-responsables de l’Asie du Nord. Les deux recrues travaillaient précédemment à la Deutsche Bank, en tant que Managing Director Private Wealth Managament.

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