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28/10/2009
Fonds

Renta 4 lance un hedge fund de RMBS espagnoles

Le gestionnaire Renta 4 a annoncé lundi le lancement du hedge fund Spanish RMBS Fund qui, comme son nom l’indique investira en titrisations de prêtes hypothécaires ou Residential Mortgage Backed Securities (RMBS) principalement espagnoles, le plafond pour les émissions étrangères étant fixé à 30 %, rapporte Funds People. L'échéance moyenne des obligations sera de 15 ans et la duration moyenne du fonds variera entre 5 et 8 ans.Le fonds, à liquidité mensuelle, facturera 2 % de commission de gestion et 20 % de commission de performance, la souscription minimale étant fixée aux 50.000 euros légaux pour ce genre de produit.
Fonds
28/10/2009
Fonds

Hausse de l'encours des fonds de pension

Selon les statistiques de l’association espagnole Inverco des sociétés de gestion, l’encours des fonds de pension au 30 septembre ressortait à 82,16 milliards d’euros, ce qui représente une hausse de 3,7 milliards depuis le début de l’année, mais la progression se limite à 0,56 % sur douze mois pour le nombre de comptes (à 10,56 millions).
Fonds
28/10/2009

La Commerzbank vend ses parts de Privatinvest Bank à la BCZ

Mardi soir, la Commerzbank a annoncé qu’elle cèdait pour un montant non divulgué sa participation de 74 % dans l’autrichienne Privatinvest Bank de Salzbourg à la Banque cantonale de Zurich (BCZ ou ZKB en allemand). Cette transaction s’inscrit dans le cadre d’un repli de la Commerzbank sur un nombre restreint de sites pour l’activité de gestion de fortune. D’autre part, la cession de cette participation fait partie des engagements pris par la Commerzbank pour obtenir l’agrément de la Commission européenne aux aides du Fonds allemand de stabilisation des marchés financiers (SoFFin).A fin juin, la Privatinvest Bank, qui emploie 50 personnes à Salzbourg et à Vienne, affichait un encours de 600 millions d’euros. En revanche, les activités de la succursale de Vienne de la Commerzbank ne sont pas touchées par l’opération annoncée.
28/10/2009

Un fonds suisse dédié à la cause des femmes

Selon Les Echos, Naissance Capital, un gestionnaire d’actifs suisse, vient d’indiquer son intention de lancer prochainement un fonds dédié à la cause des femmes, le Women’s Leadership Fund (WLF). Celui-ci espère lever 200 millions de dollars avant la fin de l’année, et investira exclusivement dans des sociétés affichant une proportion de femmes dans leurs instances de direction supérieure d’au moins 20% à la moyenne du secteur concerné. En outre, 20% des frais prélevés par Naissance Capital seront destinés à la promotion des femmes dans les entreprises, sans plus de précision.
28/10/2009
Fonds

La cote du segment XTF comporte désormais 518 ETF

La Deutsche Börse a annoncé mardi seulement l’admission à la négociation des onze nouveaux ETF obligataires de droit luxembourgeois lancés par ComStage (lire notre édition d’hier). Ces produits portent à 518 le nombre de fonds indiciels cotés sur le segment XTF de la plate-forme électronique Xetra de la Deutsche Börse. Le volume moyen de transaction sur ce genre de produits se situe à environ 12 milliards d’euros.
Fonds
28/10/2009
Fonds

Turquoise muscle son offre avec des ETC

La plate-forme de trading Turquoise a annoncé le 27 octobre qu’elle allait renforcer son offre avec l’intégration à compter du 13 novembre de six ETC sur l’or, l’argent et le lingot d’or.
Fonds
28/10/2009

BlackRock et Carmignac Gestion plébiscités pour leurs perspectives de croissance

Le dernier sondage effectué par le berlinois Metrinomics auprès de la clientèle des sociétés de gestion en Europe fait ressortir que BlackRock et Carmignac Gestion sont les deux opérateurs que la majorité des personnes interrogées citent comme disposant du meilleur potentiel de «très forte croissance comparative». Ils précèdent JP Morgan Asset Management, Fidelity, DWS, Schroders, crédités d’une «forte croissance» par la majorité du panel, tandis que Pictet Funds l’est par «de nombreux» clients.En ce qui concerne le seul marché français, Carmignac Gestion est l’unique maison bénéficiant selon la majorité des investisseurs d’un «très fort» potentiel de croissance, devant LCF Rothschild, avec une «forte» croissance et Fidelity avec un «bonne» croissance.
28/10/2009

BNY Mellon intègre les activités de BNY Mellon Capital Markets

BNY Mellon a annoncé le 26 octobre l’intégration des services de broker-dealer de BNY Mellon Capital Markets avec ceux de BNY Mellon Shareowners. Tous les services existants subsistent sur tous les segments de marchés actuellement couverts par les deux entités.
28/10/2009

La dette de Hilton plombe Blackstone

Le capital investisseur Blackstone Group a entamé des pourparlers avec les créanciers pour tenter d’obtenir une ristourne de 5 milliards sur les 20 milliards de dette portés par Hilton Worldwide, rapporte The Wall Street Journal. Blackstone envisagerait de contribuer pour 800 millions de dollars en actions nouvelles pour racheter de la dette avec une décote. Il tente aussi d’obtenir un report d'échéance à 2016 pour la dette arrivant à maturité en 2013 et à convertir certaines tranches «junior» de dette en actions.Les 800 millions de dollars proviendraient de fonds gérés par Blackstone et qui ont déjà été investis dans Hilton, le plus gros investissement jamais réalisé par le capital-investisseur. A l’origine, les fonds de Blackstone et des co-investisseurs ont fourni 5,6 milliards de dollars de fonds propres et pris en charge 20 milliards de dollars de dette.
28/10/2009
Fonds

Buffalo durcit la fermeture partielle son fonds de petites capitalisations

Le Buffalo Small Cap (2,44 milliards de dollars au 23 octobre), un produit conseillé par Kroznitzer Capital management, a opéré le 5 octobre un «soft-closing», se fermant aux souscriptions de nouveaux clients mais acceptant toujours celle des porteurs actuels ainsi que des plans d'épargne-retraite, selon Mutal Fund Wire. Une première mesure de ce genre s’appliquant aux accès par les numéros verts (1-800) et aux principales plates-formes (Schwab, Fidelity, TDAmeritrade, Pershing) avait été mise en place le 27 mai.L’objectif de ce «soft-closing» est de maintenir l’encours dans des proportions qui demeurent gérables, du fait que le fonds est investi dans des valeurs de petites capitalisations (2 milliards de dollars ou moins au moment de l’acquisition). Le fonds avait été rouvert en novembre 2008, suite à la chute des actifs sous gestion.
Fonds
28/10/2009

Forte hausse du bénéfice de Franklin Resources

Pour le quatrième trimestre de l’exercice au 30 septembre, Franklin Resources (Franklin Templeton Investments) a déclaré mardi un bénéfice net de 367,4 millions de dollars pour un chiffre d’affaires de 1,24 milliard de dollars contre 297,7 millions et 1,07 milliard pour avril-juin et 300,5 millions/1,32 milliard pour la période correspondante de l’an dernier.Au 30 septembre, l’encours se situait à 523,4 milliards de dollars contre 451,2 milliards trois mois plus tôt et 507,3 milliards douze mois auparavant. Les souscriptions nettes de juillet-septembre se sont montées à 12,2 milliards de dollars contre 6 milliards au deuxième trimestre 2009 et des remboursements nets de 8,6 milliards pour les trois mois correspondants de l’an dernier.
28/10/2009

Six family offices join forces to found Mazabi Gestión

Six family offices (including Taresta Family Office, BNPP Fortis, and Family Office Auris 4) have joined forces to create the wealth management firm Mazabi Gestión de Patrimonios, which will start out with more than EUR300m in assets, Funds People reports. Mazabi states that it employs 13 management and advisory professionals, all of whom have at least 15 months of experience, and four main offices (Madrid, Barcelona, Bilbao, and Malaga). The president of Mazabi is Vicente Gómez de la Cruz (Taresta), and the CEO is Juan Antonio Guttiérez, (Fortis).
28/10/2009

Johan Held quits AP2 for AFA Forsakrings

Insurer AFA Försäkrings, whose assets total about NOK200bn, has announced the recruitment of Johan Held as chief investment officer. For the past 18 months (since May 2008), Held has been the CIO of the pension fund Andra AP-fonden (AP2). Previously, he was CFO for KP Pensions&Försäring, and worked for SEB Investment Management, as well as for the asset management arm of Nordea. He replaces Lars Öhrstedt, who will be retiring in the first half of 2010.
28/10/2009

Clients predict that BlackRock and Carmignac have best prospects for growth

The most recent survey by the Berlin-based agency Metronomics of Europeanclients of asset management firms has found that BlackRock and Carmignac Gestion are the two operators whom a majority of respondents feel have the best prospects of “very strong comparative growth.” The two management firms finish ahead of JP Morgan Asset Management, Fidelity, DWS, and Schroders, whom a majority of respondents predict will experience “strong growth,” while Pictet Funds is considered likely to grow by “many” clients. For the French market taken in isolation, Carmignac Gestion is the only firm to have “very strong” outlooks for growth according to a majority of clients. It is followed by LCF Rothschild, which clients expect to see “strong” growth, and Fidelity, which will experience “good” growth.
28/10/2009

CESR launches a consultation on standardisation of financial reporting

The Committee of European securities regulators (CESR) on 27 October announced the launch of a public consultation on the use of a standardized reporting format for financial information. The consultation provides an occasion for the CESR to gather feedback from market actors on the use of XBRL markup language, already used by international and European regulatory bodies such as the Securities and Exchange Commission (SEC) in the United States, the CEBS (Committee of European banking supervisors), and the French Commission Bancaire-Banque de France. The CESR states that the consultation will concentrate on the potential introduction of an IFRS reporting format in the mid- to long term. The consultation will be open until 30 November.
28/10/2009

Turquoise adds six ETCs

Turquoise, the pan-European equity trading services company, announced that it will extend its services to include six Exchange Traded Commodities (ETCs) to trade via its MTF platform. The series of six new ETCs, tracking the performance of physical gold and silver, as well as gold bullion indices, will be available to Turquoise members from 13 November, 2009.
28/10/2009

Institutional investors will return to alternative assets

BlackRock estimates that institutional investors will once again take an interest in alternative assets. Some alternative asset classes seem to be very attractively priced at present. New private equity funds will also invest at very attractive valuation levels, at the bottom of the economic cycle, and they won’t need to rely on leverage to generate returns. Distressed businesses may also present opportunities. Pension funds may also turn to alternative investments as a key component of their allocation. According to a BlackRock study, a 25% allocation for an international equities portfolio in a basket of alternative assets would have reduced volatility from18% to 16% per year in the period from January 1990 to December 2008, while also increasing annual returns by 0.6%.
28/10/2009

State Street investor confidence index shows net decline in October

State Street Global Markets has announced that its institutional investor confidence index in October fell to 108.4, from 118.4 in September, with the heaviest decline - 12.8 points, to 101.1 - for the North American regional index. In Europe, the index is down 9.3 points, to 101.8, while the Asian index has risen to 95.3 from 92.9. A level of 100 represents neutral confidence, the point at which institutional investors neither increase nor decrease their allocations to high-risk assets. October is the seventh consecutive month in which the index has remained below the 100 mark overall. Ken Froot, the Harvard professor who developed the index with State Street Associates, says that although quarterly results have been relatively robust thus far, “the number of pleasant surprises in employment figures, retail sales, manufacturing output and commerce were fewer and further between, and this may have had an impact on investors’ appetite” for risk.
28/10/2009

Bill Gross predicts that the rally is over

The founder of Pimco, Bill gross, estimates that the market rally observed in the past six months has reached its peak, and that the Fed will need to maintain its interest rates for another 18 months. In his most recent column, published on the Pimco website (November 2009), Gross explains that in the post-crisis environment, nearly all assets appear to be overvalued for the long term, which has the consequence that monetary and economic policy chiefs will need to maintain interest rates at artificially low levels, and rely on aid measures to sustain growth. From his point of view, the Fed may wait for up to 18 months before raising interest rates. “My feeling is that the nominal GDP will need to show tangible signs of stabilisation at about 4% for the Fed to decide to take the risk of raising interest rates,” Gross writes. Meanwhile, an investor in US Treasury bonds should not expect miracles: 0.15% on Treasury bonsd, less than 1% on two-year notes, and a meagre 3.4% on 10-year paper. And the entire US bond market, including corporate bonds, is bringing in returns of only about 3.5%. Investors should not expect much more, and risks related to high yield, distressed or equities far outstrip the positive prospects at this point in the conjunctural cycle.
28/10/2009

OECD pension funds lost USD5.4trn in 2008

Pension funds in OECD countries lost USD5.4trn last year. They also posted averaage negative performance of 21.4% in nominal terms, and 24.1% in real terms, the OECD reports in its most recent bulletin on pension funds (Pension Markets in Focus, October, Issue 6). However, in the first half of 2009, pension funds, which earned average returns of 3.5%, recuperated more than USD1.5trn. As of 30 June 2009, pension funds only needed to make up 14% in order to catch up with thelr levels as of December 2007. The rebound in the performance of pension funds continued until 30 September this year, thanks to rallying markets, but they will need more time before the sector completely offsets its losses, the OECD estimates. The best-performing pension funds in the OECD countries were in Norway and Turkey, with returns of over 10%. Meanwhile, US pension funds earned average returns of 4% in nominal terms, while Australian funds gained only 1%. Funds in these two countries had the highest exposure to equities, at 46% for the US, and 59% for Australia.
28/10/2009

Impax AM joins Investor Network on Climate Risk

On Tuesday, the British asset management firm Impax Asset Management Group plc announced that it had accepted an invitation to join the Investor Network on Climate Risk (INCR), a network of US institutional investors engaged in addressing risks and dangers related to climate change. The INCR has its headquarters in Boston, and represents about 80 asset management firms with over USD8trn in assets under management, much of it in public and private sector pension funds, as well as foundations.
28/10/2009

State Street extends range of services for wealth managers

With State Street Wealth Connect, unveiled on Tuesday, State Street Corporation is offering its wealth management clients a tool which will allow them to “focus on management and growth rather than on bank and middle office functions,” says Steve Nazarro, senior vice president of the wealth management service activities at State Street. Currently, the group provides custody and administration for more than 500 clients in this high net worth private client segment. In practice, State Street Wealth Connect allows direct access to State Street through a customizable online platform which is completely integrated into the range of State Street investment services, including global custody, accounting and monitoring of policy at businesses, and also with the document and delivery and messaging system, which will allow wealth managers to communicate directly with their clients through this secure portal.
28/10/2009

Commerzbank sells shares in Privatinvest Bank to BCZ

On Tuesday night, Commerzbank announced that it will be selling its 74% stake in the Austrian firm Privatinvest Bank of Salzburg for an undisclosed amount to the Cantonal Bank of Zurich (ZKB in German). The transaction is part of a move at Commerzbank to concentrate on a more limited number of locations for its wealth management activities. The sale of the stake is also a realization of a pledge made by Commerzbank in order to be granted permission by the European Union to receive German government assistance as part of the financial markets stabilisation (SoFFin) program. At the end of June, the Privatinvest Bank, which has 50 employees in Salzburg and Vienna, had assets of EUR600m. The activities of the Vienna branch of Commerzbank are not affected by the announced deal.
28/10/2009

North American companies still have a long way to catch up on climate change

According to the EIRIS 2009 Climate Change Tracker, US and Canadian companies are catching up on climate change, but they must do much more if they are to manage their carbon risks and play an active part in the transition to a low-carbon economy. The vast majority of North American companies operating in sectors with a high carbon footprint now have a corporate-wide policy on climate change (91% compared to 93% at the global level).However, when it comes to implementing, concrete measures to deliver on corporate climate change policies and commitments, businesses in North American still fall behind companies in other countries, with rising CO2 emissions, poor disclosure and a lack of implementation. For instance, only 16% of North American companies have made a commitment to link board remuneration to GHG emissions reductions compared to 28% at the global level. And product impacts ignored: only 9% have set targets to reduce indirect climate change impacts arising from their products, compared to 19% at the global level.
28/10/2009

Buffalo "hardens" the soft closure of its small cap fund

The Buffalo Small Cap fund with USD2.44bn in AUM, a product whose advisor is Kroznitzer Capital Management, has got «a bit more soft-closed» on October 5th, in accepting no new investors while it still welcomes subscription fron existing savers and from retirement plans, according to Mutual Fund Wire. A first soft-close had been put in place on May 27th by closing the fund to new subscriptions through 1-800 numbers and the main fund platforms (Schwab, Fidelity, TDAmeritrade, Pershing).
28/10/2009

New head for South Korea at Fidelity

Michael Reed has joined Fidelity International as head of its activities in South Korea, according to Asian Investor. Reed previously served three years as country head for South Korea at Franklin Templeton.
28/10/2009

Good results for Franklin Resources

Franklin Resources announced net income of USD367.4m, or USD1.60 per share diluted, on revenues of USD1,238.9m for the quarter ended September 30, 2009. For the quarter ended June 30, 2009, net income was USD297.7m, or USD1.29 per share diluted, on revenues of USD1,073.6m. For the quarter ended September 30, 2008, net income was USD300.5m, or $1.28 per share diluted, on revenues of USD1,321.5m.Total assets under management by the company’s subsidiaries were USD523.4bn at September 30, 2009, as compared to USD451.2bn at June 30, 2009 and USD507.3bn at September 30, 2008. Net new flows for the quarter ended September 30, 2009 were USD12.2bn, as compared to USD6.0bn for the prior quarter and net redemptions of USD8.6bn for the same quarter a year ago.
28/10/2009

Guy de Blonay gets back to Jupiter

Guy de Blonay, the manager of the Henderson New Star Global Financials fund at Henderson New Star, is to join Jupiter, eight years after having left the company, Citywire reports. He will be co-managing the Jupiter Financial Opportunities fund with Phillip Gibbs, but in a first stage will be restricted to an advisory role.Guy de Blonay’s fund at Henderson New Star is now managed by Emily Adderson, who acted up to now as deputy manager.
28/10/2009

Hilton debt load weighs on Blackstone

Private equity firm Blackstone Group LP has begun talks with lenders to cut up to USD5bn from the USD20bn debt load carried by Hilton Worldwide, according to people familiar with the matter, the Wall Street Journal reports.Blackstone is considering contributing USD800m of new equity to buy back debt at a discount. It also is seeking to extend debt maturing in 2013 to 2016, while converting some junior slices of debt into equity. The USD800 million in additional equity would come from funds managed by Blackstone that already have invested in the deal, the biggest equity investment ever made by the firm.Initially, Blackstone funds and co-investors put up USD5.6bn in equity in the deal, while assuming USD20bn in debt.

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