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21/10/2009

Tocqueville Finance s'organise aux couleurs de La Banque Postale

Après la signature des accords définitifs entre La Banque Postale et Tocqueville Finance permettant à l'établissement du boulevard de Vaugirard de contrôler 70 % du capital de Tocqueville Finance - valorisé selon Les Echos un peu moins de 40 millions d’euros pour 100% du capital - un conseil d’administration de la société de gestion vient de désigner Bruno Julien comme son nouveau directeur général - poste resté vacant depuis le départ de Philippe Lepargneur. Bruno Julien était jusqu’ici directeur du développement à la Banque Postale Asset Management. Dans l’immédiat, il passe la main à son adjoint, Laurent Bouvier, mais conserve sa fonction de président du directoire de Thiriet Gestion, filiale de LBP AM. De son côté, Marc Tournier, qui était directeur général délégué chargé de la gestion collective chez Tocqueville Finance, conserve sa fonction et reste également actionnaire de la société avec 15 % du capital. Dans un communiqué, Tocqueville Finance a confirmé le projet industriel de l’entreprise dont l’objectif est de conserver et promouvoir l’identité de la marque Tocqueville, sa philosophie de gestion «value» et l’autonomie de la gestion financière.Dans ce cadre - comme cela avait été précisé lors de l’annonce du rapprochement - la gamme de Tocqueville Finance a pour vocation à s’enrichir de produits monétaires et obligataires et de services proposés par le Groupe La Banque Postale.
21/10/2009
Fonds

Cinq nouveaux fonds primés par Morningstar

Carmignac Investissement, AXA WF Euro Crédit Plus d’Axa, ING (L) Invest Latin America et Schroder ISF Taiwanese Equity, cinq fonds commercialisés en France, viennent d’obtenir la notation «Elite» de Morningstar pour le premier d’entre eux et «Supérieur» – un cran en deçà donc – pour les quatre autres. Ces notes qualitatives sont obtenues à partir des convictions des analystes de Morningstar, ces dernières étant basées sur la capacité du fonds à surperformer sa catégorie, sur la qualité des équipes de la société, le respect du processus de gestion, etc. A noter que cinq niveaux existent : Elite, Supérieur, Standard, Inférieur et Déficient
Fonds
21/10/2009
Fonds

Natixis AM lance Natixis Obli Opportunités 12 Mois

Natixis Asset Management annonce le lancement du FCP Natixis Obli Opportunités 12 Mois, un placement obligataire destiné principalement à la clientèle institutionnelle et corporate. Le portefeuille du fonds est constitué de titres de qualité (A1+ et A1 pour les titres de type monétaire et entre AAA et AA- pour les titres de type obligataire).L’objectif de Natixis Obli Opportunités 12 Mois est d’obtenir une performance supérieure (nette de frais) de 75 points de base à celle de l’EONIA capitalisé sur une durée de placement recommandée de 12 mois. Le fonds est géré par Olivier de Larouzière, responsable de l’équipe obligataire taux d’intérêt et change.Caractéristiques : Frais de gestion : 0,30 % pour la part I, 0,47 % pour la part R Commission de surperformance : 30 % de la surperformance nette par rapport à l’EONIA capitalisé + 0,75 % pur la part I, 30 % de la surperformance nette par rapport à l’EONIA capitalisé + 0,55 % pur la part R Droits d’entrée : néant pour la part I, 1 % pour la part R
Fonds
21/10/2009

"2009 peut être qualifiée de bonne année pour Palatine Asset Management"

A la fin de l'année dernière, Palatine Asset Management via sa maison mère la banque Palatine qui évolue dans la sphère du groupe Caisses d'Epargne, a suscité les convoitises. La Banque Postale a clairement fait part de son intérêt pour cet établissement qui entretient des liens privilégiés avec les entreprises via l'octroi de crédits. Alors qu'il était question d'une cession, le groupe des Caisses d'Epargne a connu un changement de président et la création de la BPCE avec les Banques Populaires. Officiellement, la Banque Palatine et sa filale Palatine Asset Management ne sont plus à vendre, u
21/10/2009

BNP Paribas compte recruter 15 000 personnes en 2010

La Tribune rapporte que BNP Paribas compte embaucher environ 15 000 personnes à travers le monde l’an prochain selon les déclarations hier de son directeur des ressources humaines. L’essentiel de ces recrutements aura lieu en France (3 000), aux États-Unis, en Turquie et en Inde.
21/10/2009

OFI AM va distribuer deux fonds de Brevan Howard AM

OFI Asset Management vient de nouer un partenariat avec la société de gestion alternative londonienne Brevan Howard Asset Management (BHAM) concernant la distribution en France de deux compartiments Ucits III gérés par cette dernière. Il s’agit du Brevan Howard Macro FX Fund, qui met en œuvre une gestion «pure alpha» intervenant uniquement sur les principales devises en fonction des vues macroéconomiques discrétionnaires des gérants et économistes de BHAM, et du Brevan Howard Absolute Return Bond Plus Fund, qui intervient exclusivement sur les marchés de taux et de change des pays du G10 et autres pays autorisés. Les deux fonds totalisent plus de 520 millions de dollars d’encours, répartis à peu près également, sachant que Brevan Howard gère un total de 25 milliards de dollars au 30 septembre 2009.
21/10/2009

Deutsche Bank nomme un responsable clientèle institutionnelle pour l'Asie

Deutsche Bank vient de recruter Kenneth Kwok au poste de responsable de la clientèle privée institutionnelle à Hong Kong. Il était auparavant responsable des ventes corporate pour l’Asie hors Japon chez Goldman Sachs. Kenneth Kwok aura pour mission de développer l’offre du groupe à destination de la clientèle très aisée, indique Asian Investor.
21/10/2009

La Deutsche Bank voudrait acheter des agences MPS

Selon le Handelsblatt, la Deutsche Bank serait candidate à la reprise des agences que Monte dei Paschi di Siena (MPS) est obligée de vendre suite à l’acquisition d’Antonveneta voici deux ans. MPS n’en a déjà cédé que 15, à la Banca Popolare di Puglia e Basilicata sur la base de 5 millions d’euros l’unité, sur un total de 150.
21/10/2009

Evli Bank acquiert le suédois Erik Penser Fonder

Quelques jours après le rachat des activités de gestion d’actifs de Carnegie en Finlande, la banque finlandaise Evli Bank annonce l’acquisition de 100 % de la société de gestion suédoise Erik Penser Fonder AB à Urdar AB. Cela lui permet d'étoffer ses encours sous gestion de 200 millions d’euros grâce à huit fonds actions, obligataires et alternatifs."L’acquisition est un pas important dans la stratégie d’Evli Bank pour continuer à bâtir ses activités de gestion de fortune en Suède», commente le communiqué.
21/10/2009

Résultats contrastés pour BlackRock

Le bénéfice net du troisième trimestre pour BlackRock a gonflé de 46 % à 317 millions de dollars contre 217 millions pour juillet-septembre 2008, mais celui des neuf premiers mois de l’année s’est contracté de 15 % à 619 millions de dollars contre 732 millions. Le bénéfice d’exploitation a chuté de 21 % à 357 millions pour le troisième trimestre en glissement annuel et de 29 % à 889 millions pour janvier-septembre sur la période correspondante de l’an dernier.Les actifs sous gestion et conseil sont ressortis fin septembre à 1.434,77 milliards de dollars, contre 1.271,88 milliards pour ceux sous gestion, contre respectivement 1.373,16 milliards et 1.207,54 milliards fin juin ainsi que 1.258,6 milliards et 1.215, 49 milliards douze mois plus tôt.BlackRock précise que ses actifs sous gestion et conseil ont augmenté depuis le début de l’année de 109,72 milliards de dollars, malgré des remboursements nets de 9,82 milliards. L’effet de change a été positif de 14 milliards, l’effet de marché a fourni 104,18 milliards et l’acquisition de R3 Capital a contribué pour 1,34 milliard au total.Les fonds d’actions et diversifiés ont enregistré des souscriptions nettes de 30,99 milliards de dollars sur les neuf mois, tandis que les fonds monétaires ont subi des sorties nettes de 49,53 milliards au troisième trimestre, ce qui s’est soldé pour cette dernière catégorie par des remboursements nets de 930 millions de dollars pour janvier-septembre.
21/10/2009

BNY Mellon charge la barque

Suite à une restructuration de son portefeuille rendue possible par le regain de vigueur des marchés obligataires, BNY Mellon a opéré des cessions et extériorisé des pertes sur une partie significative de son portefeuille de valeurs mobilières et Robert P. Kelly, chairman and CEO, a souligné que ces mesures devraient augmenter les recettes nettes d’intérêts de 125-175 millions de dollars en 2010 tout en réduisant significativement le risque de pertes ultérieures sur le portefeuille.Le groupe accuse pour le troisième trimestre une perte nette de 2,46 milliards de dollars contre des bénéfices nets de 176 millions de dollars pour avril-juin et 303 millions en juillet-septembre 2008. Pour les neuf premiers mois de l’année, la perte ressort à 1,96 milliard de dollars contre un bénéfice net de 1,36 milliard.A fin septembre, les encours sous conservation et administration représentaient 22 100 milliards de dollars contre 20 700 milliards trois mois plus tôt et 22 400 milliards fin décembre. Les actifs sous gestion se situaient à 966 milliards de dollars contre 926 milliards fin juin et 1.067 milliards au 31 décembre 2008. Les encours gérés ont diminué de 9 % par rapport à fin septembre de l’an dernier. Au troisième trimestre, les remboursements nets ont porté sur 16 milliards de dollars, dont 14 milliards concernant les fonds monétaires.BlackRock précise par ailleurs que les commissions de gestion d’actifs et de fortune, hors commissions de performances, ont représenté 649 millions de dollars au troisième trimestre, soit 18 % de moins que pour juillet-septembre 2008 et 6 % de plus qu’au deuxième trimestre 2009. La baisse en glissement annuel reflète la faiblesse des marchés, partiellement compensée par les souscriptions nettes.
21/10/2009

Thames River launches two bond funds

The British management firm Thames River announced on 19 October that on 23 October it will launch two UCITS III-compliant bond funds, the Thames River Credit Select Fund and the Thames River Global Credit Fund. The two funds will be listed on the Irish stock exchange. The first of these funds will invest in ver high quality corporate bonds from developed countries as a first priority, and will aim for annual returns of 4% to 5%, with average volatility. The second fund will invest in corporate debt with a moderate credit rating (BBB) in developed markets, with a maximum allocation of 40% to high yield paper and emerging markets. The fund will aim for returns of 6.5%. The two funds will be managed by Stephen Drew and Mehrdad Noorani, with the assistance of ten specialists. Management fees will total 1.5% for the retail and 1% for the institutional share classes.
21/10/2009

AGI launches a long/short European equities fund

Allianz Global Investors (AGI) on 6 October launched the Allianz RCM Discovery Europe Strategy fund, a UCITS III-compliant fund which will aim to generate performance regardless of market conditions. The fund has since been granted a license by BaFin, AGI stated on Tuesday. The manager, Harald Sportleder, will use the “grassroots” fundamental research process from RCM, the equity management platform from AGI, to select shares for long or short positions, in order to reduce risks, with a neutral exposure to the market. The fund will also make use of derivatives, with a money market portfolio and a total return swap. Characteristics Name: Allianz RCM Discovery Europe Strategy ISIN: (A EUR shares) LU0384022694 Front-end fee: 5% Management commission: 1.50% Performance commission: 20% of performance exceeding the Eonia, with high watermark
21/10/2009

SEB ImmoPortfolio Target Return gets keys to Cacilium

Approximately 14 months after the contract was signed, the ImmoPortfolio Target Return fund from the British management firm SEB Asset Management has received keys to the Cäcilium building in Cologne, which it purchased for EUR75.5m from the developer Kölbl Kruse of Essen. The 6-story property, with 17,500 square metres in floor area and 141 underground parking spaces, has received the DNGB environmental label. The property is already 89% leased, and the vendor will provide a guarantee on the remaining vacant space in the property for a two-year period. The Cäcilium building is the 11th German property in the portfolio of the ImmoPortfolio Target Return, an open-ended fund reserved for high net worth private and institutional investors. Assets total EUR734.3m, and the portfolio is composed of 37 properties in 12 countries.
21/10/2009

With 10 new iShares funds, XTF segment tops 500 ETFs

Barclays Global Investors on Tuesday added ten new ETF funds to trading on the XTF segment of the Xetra electronic platform from Deutsche Börse. All of them are German-registered products, with seven equities and three bond funds. The new products bring the number of products listed in Frankfurt to 507. Deutsche Börse states that the XTF segment accounts for a 44% share of European ETF trading volumes. In addition to the two funds replicating the MSCI Emerging Markets SmallCap Index and the MSCI Pacific ex-Japan Index, which pay dividends on a half-yearly or quarterly basis, the other five new ETF funds are based on indexes which reinvest dividends. The three bond ETFs, for their part, replicate government bond indexes denominated in Euros. Name ISIN Code Management commission iShares MSCI Emerging Markets (Acc) DE000A0YBR46 0.75% iShares MSCI Emerging Markets SmallCap DE000A0YBR04 0.74% iShares MSCI Europe (Acc) DE000A0YBR20 0.35% iShares MSCI Japan (Acc) DE000A0YBR53 0.59% iShares MSCI Pacific ex-Japan DE000A0YBR12 0.60% iShares MSCI World (Acc) DE000A0YBR38 0.50% iShares S&P 500 (Acc) DE000A0YBR61 0.40% iShares Barclays Euro Treasury Bond DE000A0YBRZ7 0.20% iShares Barclays Euro Government Bond 5-7 DE000A0YBRY0 0.20% iShares Barclays Euro Government Bond 10-15 DE000A0YBRX2 0.20%
21/10/2009

Many small hedge funds will disappear

Despite the returns they have accumulated in recent months, 20% of the 8,000 hedge funds in existence are still below their high watermarks due to losses in 2008, Handelsblatt notes. Philip Vasan of Credit Suisse says the question of the high watermark will be the subject of intense discussion in the sector in the last six weeks of the year, and specialists predict that 105 of hedge fund managers will not catch up to their 2007 high points. Bary Bausano at Deutsche Bank in New York predicts that hundreds of hedge funds will close. This will not affect the major funds very severely, as they are diversified and well-capitalised, but will more severely affect smaller funds “which were created by three people in a garage.”
21/10/2009

Hedge funds managed by women perform better

Women managing hedge funds remain a minority, but have delivered higher annual returns than their male counterparts in the recession, says The Guardian, citing a search paper presented at the Women’s Forum for the Economy and Society at Deauville. The value of female-managed funds dropped by 9.6% in the past year, compared with a plunge of 19% for the rest, according to Chicago-based Hedge Fund Research. Female «hedgies» also performed better in general over the past decade, with an average annual return of just over 9%, while hedge funds overall delivered 5.82%.
21/10/2009

Launch of two Korean sustainability indexes

SAM, Dow Jones Indexes and KPC have announced the launch of two sustainability indexes focused on South Korea. The Dow Jones Sustainability Korea Index (DJSI Korea) will measure the performance of 200 leading South Korean firms in the area of sustainable development, while the DJSI Korea 20 will monitor the performance of the 20 most advanced firms in this area.
21/10/2009

Aberdeen AM: soft closing of emerging equities fund

Aberdeen Asset Management has announced that its Global Emerging Market Equities fund has undergone a soft closing at GBP952m. The team will rein in the size of the fund in order not to penalise performance, according to a statement. Aberdeen AM will revisit the decision in six months, the management firm adds.
21/10/2009

Mini-Madoff fraudster in Basel

Thomas Collomb, a lawyer representing more than 80 victims who lost between CHF10m and CHF15m, estimates that CHF150m-CHF170m evaporated in a Madoff-style pyramid scheme operated by the financier Ambros Baumann, who died in December 2007, Handelszeitung reports. The Friburg-based lawyer is planning to file a civil suit which will target Julius Baer, the depository bank for the fund. Julius Baer rejects the acccusations.
21/10/2009

BNP Paribas affiliate fined

La Tribune reports that the local brokerage affiliate of BNP Paribas has been fined JPY100m (EUR740,000) by the Japanese securities brokers association (JSDA) for irregularities in 2008, concerning the financing in June 2008 of a deal with the Japanese real estate promoter Urban, which has since gone bankrupt.
21/10/2009

OFI AM to distribute two funds from Brevan Howard AM

OFI Asset Management has formed a partnership with the London-based alternative management firm Brevan Howard Asset Management, to provide distribution in France of two UCITS III-compliant sub-funds managed by the latter. The products are the Brevan Howard Macro FX Fund, which uses a “pure alpha” management strategy that operates solely on major currencies as a function of discretionary macroeconomic outlooks of managers and economists at BHAM, and the Brevan Howard Absolute Return Bond Plus Fund, which operates exclusively on fixed-income and currency markets in countries of the G10 and other authorised countries. The two funds have a total of over USD520m in assets, nearly evenly distributed between them, while Brevan Howard managed a total of USD25bn as of 30 September 2009.
21/10/2009

Mixed results at BlackRock

Net profits for third quarter at BlackRock increased 46% to USD317m, compared with USD217m in July-September 2008, but results for the first nine months of the year contracted 15% to USD619m, down from USD732m. Assets under management and supervision as of the end of September totalled Usd1.43477trn, compared with USD1.27188trn under management, compared with USD1.37316trn and USD1.20754trn as of the end of June, and USD1.2586trn and USD1.21549trn twelve months earlier. BlackRock states that assets under management and supervision have increased since the beginning of the year by USD109.72bn, despite net redemptions of USD9.82bn, but that currency effects were positive to the tune of USD14bn, and market appreciation brought in USD104.18bn, and the acquisition of R3 Capital contributed USD1.34bn to the total. Balanced and equities funds posted net subscriptions of USD30.99bn in the nine-month period, while money market funds saw net outflows of USD49.53bn in third quarter, which resulted in net redemptions in this category of USD930m in January-September.
21/10/2009

BNY Mellon unloads ballast from balance sheets

Following a restructuring of its portfolio which has been rendered possible by a rebound on the bond markets, BNY Mellon has undertaken some sales of assets and exteriorizations of losses, involving a significant part of its securities portfolio. Robert P. Kelly, chairman and CEO, emphasizes that the measures will increase njet interest income by USD1250175m in 2010, while significantly reducing the risk of further losses on the portfolio. The group has suffered net losses in third quarter of USD2.46bn, compared with net profits of USD176m in April-June, and Usd303m in July-September 2008. In the first nine months of the year, losses have totalled USD1.96bn, compared with a net profit of USD1.36bn. As of the end of September, assets under custody and administration represented USD22.1trn, compared with USD20.7trn three months earlier, and USD22.4trn as of the end of December. Assets under management have fallen 9% since the end of September last year. In third quarter, net redemptions totalled USD16bn, of which USD14bn were from money market funds. BlackRock also states that management commissions from wealth management, excluding performance commissions, totalled USD649m in third quarter, 18% less than in July-September 2008, and 6% more than in second quarter 2009. The decline in annual terms reflects the weakness of the markets, partially offset by net subscriptions.
21/10/2009

Other mergers similar to SGAM/CAAM union not to be ruled out

The asset management sector is likely to be a centre of merger and acquisition activities in European financial services in the next 12 months, PricewaterhouseCoopers has claimed in a recent study.* Hervé Demoy, a partner specialised in the financial sector at PricewaterhouseCoopers in France, believes “several major financial institutions which would like to develop their asset management activities will continue to examine opportunities for external growth in this sector, in order to consolidate their market share, particularly in Europe. Mergers of major actors are not to be ruled out either, on the model of the SGAM/CAAM merger in France.” Small managers will not remain unaffected by this trend, he says: “less well-performing small and mid-sized asset management firms may also attract the attention of banking establishments seeking to consolidate certain positions, and of financial investors, who will seek to increase their investments in the financial services sector.” PwC also notes that private equity firms are increasingly interested in the sector, as actors are becoming available for purchase at attractive prices. * European Financial Services M&A Insights
21/10/2009

California sues State Street

The State of California has initiated a lawsuit against State Street, seeking USD200m. The one State accuses the other of having systematically overcharged the two pension funds CalPERS and CALSTRS for currency trades since 2001, the Financial Times reports. The overcharges are estimated at more than USD56m over the eight-year period. State Street has announced that it plans to contest the lawsuit.
21/10/2009

New York Mets baseball team made money on Madoff

The Mets are coming out of a slump. But financially, things are going well, the Wall Street Journal reports. The baseball team made USD48m on its dealings with Bernard Madoff, according to legal documents cited by the newspaper. The documents reveal that the Mets Limited Partnership, with ties to Sterling Equities, the owner of the Mets, deposited about USD523m in two accounts with Bernard Madoff, and withdrew USD571m. The money the team made may be reclaimed by the court-appointed liquidator.
21/10/2009

CESR consultation on money market funds

The Committee of European Securities Regulators (CESR) on 20 October launched a consultation on the definition of European money market funds. The CESR is proposing to introduce a distinction between very short-term money market funds and more long-term money market funds. The consultation will remain open until 31 December.
21/10/2009

Xenix offers fixed-fee ETF-based management

The Berlin-based financial services firm Xenix Investor Services on Friday launched its new range of Xenix Investor Services, aimed at retail and institutional investors. The particularity of the new service is that it provides the client with custom strategic advising, constructing the portfolio exclusively from the bricks of ETF funds which replicate “high quality” indexes. The other unique characteristic of Xenix Investor Services is that it operates solely on the basis of a fixed pay scale, from a minimum of EUR200m. The formula includes six template portfolios which correspond to different risk profiles and priorities, but the portfolio may also be “customised.” In each of the type portfolios, Xenix will include ETFs from at least two different asset classes. The Xenix universe consists of 120 European ETFs. The Xenix company was recently founded by Mark Thomas, who was previously head of sales for Dow Jones Indexes and Stoxx Ltd. for the German-speaking countries, after working at Activest and Siemens KAG.
21/10/2009

Heads of Atlas Capital Patrimonio acquire 71% of capital

With their institutional partner, the Swiss firm Julius Baer, whose stake has been increased to 28.57% from 19.80%, the heads of Atlas Capital Patrimonio, the private banking division of Atlas Capital, have increased their stake in the business to 71.43% from 49.51% previously, Expansión reports.

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