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02/10/2009

MEAG place ses gestions institutionnelle et retail sous commandement unique

MEAG Munich Ergo Asset Management (186 milliards d’euros d’encours), filiale commune de Munich Ré et de l’assureur primaire Ergo, a annoncé jeudi qu’elle place sa gestion institutionnelle et sa gestion pour les particuliers sous la direction unique de Robert Helm, qui était depuis avril 2003 le responsable de la division clientèle institutionnelle.Pour sa part, Max Plank, qui dirigeait la distribution auprès des particuliers, devient délégué général de la société de gestion MEAG KAG, la filiale opérationnelle de MEAG AM.
02/10/2009
Fonds

Les fonds renouent avec les remboursements nets

En août, les fonds de valeurs mobilières distribués en Espagne avaient enregistré avec 402 millions d’euros leurs premières souscriptions nettes depuis avril 2007 (lire notre article du 2 septembre). Mais en septembre ils ont accusé à nouveau des sorties nettes de 1,2 milliard d’euros, un phénomène que l’association Inverco des sociétés de gestion met principalement sur le compte des émissions sur les marchés primaires. Pour les neuf premiers mois de l’année, les remboursements nets totalisent ainsi 10,31 milliards d’euros contre 42,99 milliards pour la période correspondante de 2008.En ce qui concerne par ailleurs les encours, ils ont fléchi en septembre de 0,05 % ou de 77 millions d’euros pour revenir à 162.777 millions au 30 septembre contre 162.840 millions un mois plus tôt.Seuls deux gestionnaires parmi les dix premiers affichent des souscriptions nettes : Invercaixa Gestión et Ibercaja Gestión ont collecté respectivement 80,9 millions et 126,5 millions d’euros, alors que BBVA Asset Management, Santander Asset Management et Ahorro Corporación accusaient des sorties nettes de 673,5 millions, 172,3 millions et 268,2 millions d’euros.Par encours, BBVA Asset Management affichait fin septembre 32,36 milliards, devant Santander Asset Management (28,47 milliards) et Invercaixa Gestión (12,66 milliards).
Fonds
02/10/2009

Deutsche Bank va supprimer un emploi sur neuf dans la division PBC

Selon les informations de Die Welt, la Deutsche Bank devrait entamer cette semaine les négociations en vue de réduire d’environ une centaine de personnes l’effectif de sa division private & business clients (PBC), qui s’adresse aux particuliers et aux professionnels.
02/10/2009
Fonds

L'ISR surperforme et donne bonne conscience

Après avoir rappelé que les fonds sectoriels écologie représentent actuellement en Allemagne un encours de 826 millions d’euros, soit environ un tiers de celui des fonds biotechnologie et pharmacie, la Börsen-Zeitung note qu’indépendamment de la composition des fonds (exclusion ou best-in-class) l’ISR génère une surperformance. D’après une étude du gestionnaire suisse SAM (groupe Robeco) portant sur 2.500 entreprises de tous les secteurs, les 20 % d’entreprises les plus «développement durable» ont affiché pour 2008 une performance supérieure de 300 points de base à celles des 20 % les moins «développement durable». Un investissement lucratif peut donc de surcroît donner bonne conscience. A condition bien sûr de bien choisir le fonds adéquat. D’après le Sustainable Business Institute (SBI), en effet, les meilleurs fonds d’actions développement durable de l’univers germanophone (Allemagne, Autriche, Suisse) ont affiché au premier semestre 2009 des performances d’environ 53 %, tandis que les plus mauvais ont perdu 7 %. Pendant ce temps, l’indice Dow Jones Sustainability World gagnait environ 28 %.
Fonds
02/10/2009
Fonds

Union Investment lance un fonds de développement durable

Le fonds UniNachhaltig Aktien Global lancé jeudi par Union Investment (banques populaires) est un produit «actions monde» de développement durable utilisant une approche de sélection de valeurs après un filtrage environnemental, social et de gouvernance (ESG) par l’agence imug.(Institut für Markt-Umwelt-Gesellschaft). La sélection s’opère à partir d’un univers de 2.800 entreprises du monde entier dans lequel imug sélectionne 260 noms. Ensuite, les sociétés retenues passent par un nouveau filtre appliqué cette fois par la recherche «développement durable» d’Union Investment. Les titres sont sélectionnés en fonction d’une approche best-in-class et soumises parallèlement à une analyse financière fondamentale de type traditionnel. Le gérant du fonds est Ingo Speich.Union Investment gère environ 2,5 milliards d’euros en développement durable. Caractéristiques Denomination : UniNachhaltig Aktien Global: ISIN : DE000A0M80G4 Droit d’entrée : 5 % Commission de gestion : 1,2 % (maximum : 1,75 %) Commission de banque dépositaire : 0,05 %
Fonds
02/10/2009

La fusion KKR-KPE est bouclée

KKR Private Equity Investors (KPE) et KKR & Co ont annoncé jeudi avoir bouclé leur fusion et KPE prendra le nom de KKR Guernsey. Les actions de la société fusionnée seront cotées dès ce vendredi sur Euronext Amsterdam. Citi a été le conseiller financier unique de KPE tandis que Lazard a été le conseiller financier des administrateurs indépendants de KPE.
02/10/2009

Départ du patron de Bank of America

Kenneth Lewis, directeur général de Bank of America (BofA) quittera son poste à la fin 2009, note la Tribune, après avoir indiqué par lettre à ses collaborateurs que les intégrations de Merrill Lynch et Countrywide [l'établissement de crédit hypothécaire acquis en 2008, Ndlr] étaient sur les rails et déjà rentables. Cette décision intervient alors que le juge Rakoff, a rejeté l’accord conclu entre la banque de Charlotte, Caroline du Nord, et le gendarme boursier (SEC) au sujet des 5,8 milliards de bonus versés par Merrill Lynch après son rachat avec l’aval de Bofa, précise le quotidien.
02/10/2009
Fonds

Un fonds porte plainte contre Cadbury

Le Steward International Enhanced Value Index Fund, qui est investi selon des principes bibliques et chrétiens, a porté plainte aux Etats-Unis contre Cadbury, dont il détient 6.720 actions, rapporte le Financial Times. Le fonds américain avance que le conseil d’administration du groupe britannique a enfreint ses devoirs fiduciaires en rejetant l’offre de 10,2 milliards de livres de Kraft.
Fonds
02/10/2009

Invesco favori pour racheter Van Kampen

Invescofigure en pole position pour racheter Van Kampen, l’activité de fonds de Morgan Stanley, selon des personnes proches du dossier citées par le Wall Street Journal. La transaction, estimée entre 1 milliard et 2 milliards d’euros, porterait les encours d’Invesco à environ 550 milliards de dollars. Morgan Stanley prendrait une participation minoritaire dans le gestionnaire d’actifs.
02/10/2009

Nominations : des mouvements dans la banque d'affaires à Paris

Selon la Tribune, qui se rapporte à plusieurs sources, Patrick Ponsolle, ancien président de Morgan Stanley à Paris, va rejoindre la banque d’affaires Rothschild. pour devenir vice-président pour l’Europe. Il sera chargé d’aider la banque à couvrir certains grands comptes. Le quotidien note également que Jacques-Henri David, qui vient de transmettre la présidence de Deutsche Bank France à Marc Pandraud, serait sur le départ, ainsi que François de Combret, qui était conseiller chez UBS depuis 2005.
02/10/2009
Fonds

Plus 60 % de gain en 2009 pour le meilleur fonds actions françaises

Au 25 septembre et depuis le début de l’année, selon les données d’Europerformance SIX telekurs, la catégorie de fonds investis en actions françaises affiche une progression moyenne de 24,15 %. Pluvalca France, géré par la Financière d’Arbevel, figure en haut du classement avec un gain de 63,82 %. Il est vrai que dans le fonds de la Financière d’Arbevel, les petites et moyennes capitalisations représentaient entre 15 % et 20 % du portefeuille. Or, en moyenne, les fonds investis sur cette classe d’actifs ont progressé depuis le début de l’année de 34,42 %. Avec, en tête de la catégorie, le fonds... Pluvalca France Small Caps, en hausse de 67,01 %.
Fonds
02/10/2009

Old Mutual launches a bond fund

Old Mutual Asset Managers is to launch a bond fund domiciled in Dublin for the head of fixed income Stewart Cowley. The fund will be launched in December, and will be based on the same investment strategy as the Global Strategic Bond fund, domiciled in the United Kingdom, and also managed by Cowley. The fund will be attentive to its benchmark, without being dependent on the benchmark. In other words, it will not adopt positions for the simple reason that they are found in the index.
02/10/2009

Union Investment launches a sustainable development fund

The UniNachhaltig Aktien Global fund, being launched by Union Investment (co-operative banks), is a global equities sustainable development product, which uses a stock-picking approach after environmental, social and governance (ESG) filters have been applied by the agency imug (Institut für Markt-Umwelt-Gesellschaft). Selection will be made from a universe of 2,800 businesses worldwide, from which imug will select 260 names. Then, the companies selected are passed through another filter which this time applies sustainable research from Union Investment. The shares are then selected based on a best-in-class approach, and are subjected to a parallel tradititional type financial fundamental analysis. The manager of the fund is Ingo Speich. Union Investment manages about EUR2.5bn in sustainable development. Characteristics Name : UniNachhaltig Aktien Global: ISIN : DE000A0M80G4 Front-end fee : 5% Management commission : 1.2% (maximum: 1.75%) Depository banking commission : 0.05%
02/10/2009

SRI provides high returns and a warm, fuzzy feeling

After noting that ecological sectoral funds in Germany currently represent assets of EUR826m, or about one third of the amount in biotech and pharmaceuticals funds, Börsen-Zeitung points out that regardless of the method used to compose funds (exclusion or best-in-class) SRI generates outperformance. According to a study by the Swiss asset management firm SAM (Robeco group) covering 2,500 businesses in all sectors, 20% of the most sustainable development-friendly businesses in 2008 posted performance 300 basis points higher than the 20% least sustainable development-friendly. Lucrative investments can also provide a good conscience, it seems, as long as the right fund is selected. According to the Sustainable Business Institute (SBI), the best sustainable development equities funds in the German-speaking countries (Germany, Austria, and Switzerland) in first half 2009 posted returns of about 53%, while the worst of them lost 7%. Meanwhile, the Dow Jones Sustainability World index gained about 28%.
02/10/2009

Redemptions outweigh subscriptions for funds

In August, securities funds on sale in Spain posted their first net subscriptions since April 2007 (see Newsmanagers of 2 September), totalling EUR402m. But in September, these funds saw further net outflows of EUR1.2bn, a phenomenon which the Inverco association of asset management firms blames primarily on issues on primary markets. In the first nine months of the year, net redemptions totalled EUR10.31bn, compared with EUR42.99bn in the corresponding period of 2008. Assets fell by 0.05%, or EUR77m, in September, to a total of EUR162.777bn as of 30 September, compared with EUR162.840bn one month earlier. Only two firms out of the top ten showed net subscriptions: Invercaixa Gestión and Ibercaja Gestión posted inflows of EUR80.9m and EUR126.5m, respectively, while BBVA Asset Management, Santander Asset Management and Ahorro Corporación saw net outflows of EUR673.5m, EUR172.3m and EUR268.2m. In terms of assets, BBVA Asset Management posted EUR32.36bn as of the end of September, putting it ahead of Santander Asset Management (EUR28.47bn) and Invercaixa Gestión (EUR12.66bn).
02/10/2009

Deutsche Bank launches 70 derivatives of db x-trackers ETFs

On Thursday, Deutsche Bank announced that it will be launching calls and puts, WAVEs, XXL WAVEs and discount certificates based on seven emerging markets ETF funds from db x-trackers on sale on its X-markets platform, for a total of 70 new derivatives. The products will allow investors to participate in an “extra-proportional” manner in the evolution of equities markets in emerging countries, including both negative and positive developments. Thorsten Michalik head of db x-trackers, points out that WAVEs and XXL WAVEs make it possible for the first time to make long and short investments with constant leverage on the selected indexes (FTSE Vietnam, MSCI Brazil TRN, MSCI EM TRN, MSCI Korea, MSCI Latam TRN, MSCI Taiwan TRN and FTSE/X. China 25 TRN). WAVEs and XXL WAVEs mature in November 2009, while options mature in December 2009 and June 2010. The new X-markets products will be traded from 8 AM to 8 PM on the Frankfurt and Stuttgart markets. They may also be traded until 10 PM off-market with Deutsche Bank, via several online brokers.
02/10/2009

Funds will take 3-4 years to regain their levels at the end of 2007

According to Mariano Rabadán, president of the Inverco association of asset management firms, investment and pension funds will need three to four years to regain the asset volumes of EUR415bn seen at the end of 2007, when the crisis set in, Expansión reports. They are expected to finish 2009 with assets under management of EUR315-320bn.
02/10/2009

Henderson infrastructure fund loses 2/3 of its value

According to Financial News Online, Henderson Group is in talks with investors and banks in a bid to refinance an infrastructure fund, Henderson PFI Secondary Fund II, whose value fell by 66% between 2006 and the end of June. The drop is linked to an investment made 3 years ago in John Laing, adds Financial News, which obtained a report sent to investors.
02/10/2009

EFG launches a bond fund

EFG Private Bank, the London-based affiliate of EFG International, has launched a bond fund in partnership with Stratton Street Capital. New Capital Wealthy Nations Bond Fund is a UCITS III fund domiciled in Ireland, which aims for returns of about 8%, and which maintains an average credit quality of single A for bonds in the portfolio.
02/10/2009

Threadneedle expands Sicav product range

Threadneedle announced on 1 October that it has launched a new Sicav platform, the Threadneedle (Lux)Sicav, of the World Express range from Standard Chartered. Since its acquisition in May 2009, the platform, domiciled in Luxembourg, has been under profound study with the objective of improving its integration within the Threadneedle product range. A total of 16 funds will now be managed directly by Threadneedle. Seven other funds of the range will be managed by sub-advisors. Some portfolios have changed names (European Small Cap Equities becomes Pan European Smaller Companies, Focused US Growth Equities becomes American Select), while the investment objectives for some products have been modified to better reflect the fund’s approach and the strategy of the manager.
02/10/2009

MEAG places institutional and retail management under a single command

MEAG Munich Ergo Asset Management (EUR186bn in assets), a joint venture from Munich Ré and the primary insurer Ergo, announced on Thursday that it is placing its institutional management and its management on behalf of retail investors under the single direction of Robert Helm, who since 2003 had been head of the institutional clients division. For his part, Max Plank, who was director of retail distribution, becomes general director of the asset management firm MEAG KAG, the operational affiliate of MEAG AM.
02/10/2009

KKR-KPE merger completed

KKR Private Equity Investors (KPE) and KKR & Co on Thursday announced that they have completed their merger, and that KPE will now become known as KKR Guernsey. Shares in the merged firm will be listed from this Friday on Euronext Amsterdam. Citi was the sole financial advisor to KPE in the deal, while Lazard was the financial advisor to the independent directors of KPE.
02/10/2009

Bank of America chief to depart

Kenneth Lewis, CEO of Bank of America (BofA), will be leaving his job at the end of 2009, La Tribune reports, after announcing in a letter to his colleagues that the mergers with Merrill Lynch and Countrywide [the insurer the bank acquired in 2008 -ed] were near completion and already profitable. The decision comes as judge Rakoff has rejected an agreement between the bank, based in Charlotte, North Carolina, and the US market regulator (SEC) over USD5.8bn in bonuses paid by Merrill Lynch after it was acquired, with the approval of BofA, the newspaper reports.
02/10/2009

Invesco favourite to acquire Van Kampen

StartFragment--> Invesco has emerged as the front-runner to buy Morgan Stanley’s Van Kampen fund business, according to people familiar with the matter quoted by the Wall Street Journal. The deal, estimated to be worth USD1 billion to USD2 billion, would likely increase Invesco’s assets under management to about USD550 billion and leave Morgan Stanley with a minority stake in Invesco.
02/10/2009

Gains of over 60% in 2009 for the best funds invested in French equities

From the beginning of the year to 25 September, according to data from Teleperformance SIX telekurs, the category of funds invested in French equities has posted average returns of 24.15%. Pluvalca France, managed by La Financière d’Arbevel, tops the rankings, with gains of 63.82%. It is true that in the fund from La Financière d’Arbevel small and midcaps represent 15% to 20% of the portfolio. On average, funds invested in this asset class have gained 34.42% since the beginning of the year, and the fund at the top of the rankings in this category is the Pluvalca France Small Caps fund, which has gained 67.01%.
02/10/2009

Espa closes subscriptions to New Europe Basket 2014 a week early

Erste Sparinvest (Espa) announced on Thursday that on 2 October, rather than 9 October, it will be closing subscriptions to its new fund of government bonds from countries of central and eastern Europe, entitled Espa New Europe Basket 2014 (see Newsmanagers of 15 September). According to the product manager, Edwin Triebling, the move comes as a result of high demand and a strong rise in the price of government bonds from central and eastern European countries recently. On the basis of current data, the fund is expected to return a minimum of 5% (it had initially aimed for returns of 5.25%). In light of the scale of demand, Espa is proposing to launch a new fund which will use the same investment strategy, with subscriptions to open for the new product on 9 November 2009.
02/10/2009

Cadbury sued by a fund

Steward International Enhanced Value Index Fund, which invests according to biblical and Christian principles, filed a legal complaint in the US alleging that Cadbury’s board breached its fiduciary duties by rejecting Kraft’s GBP10.2bn takeover approach. The US mutual fund holds 6,720 Cadbury shares.
02/10/2009

FSA maintains short-selling policy

The British Financial Services Authority (FSA) on 1 October published a feedback statement for its public consultation on short-selling, launched in February, which confirms its desire to maintain a policy of transparency in short-selling, and to continue to publish all short positions on all shares. However, the FSA will continue to establish an international agreement on the subject, rather than engaging in efforts to introduce a specifically British regime.
02/10/2009

SLI recruits a marketing director from BlackRock

Nuala G. Walsh has been appointed head of marketing at Standard Life Investments (SLI). She will reprot to Rod Paris, head of investments. Since 2000, she had been managing director, head of international marketing at BlackRock.
02/10/2009

Name change for Impax

The asset management firm traded on the AIM known as Impax, specialised in the environmental sector, has decided to change its name, and will now be known as Impax Management Group plc. The modification reflects the priority given by the firm to asset management. Assets under management total EUR1.13bn as of 31 August.

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