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30/09/2009

State Street confidence index shows decline in North America

In September, the index of institutional investor confidence maintained by State Street Global Markets totalled 118.1, down 4.7 points from its five-year high of 122.8 points in August, after eight consecutive months of increases. The global index was dragged down by a fall in appetite for risk in North America, where the index fell by 4.6 points to 113.7. However, the confidence of European and Asian investors brought increases for the index, to 110.9 from 109.3, and to 93 from 91.9.
30/09/2009

KanAm grundinvest fund distributes dividend of EUR2.50 per share

For the fiscal year ending on 30 June, the grundinvest fund from the Munich-based asset management firm KanAm will pay an unchanged dividend on 1 October of EUR2.50 per share, representing EUR212m, or EUR22.8m more than in 2007-2008. Performance in 2008-2009 was down to 5%, compared with 5.7% in 2007-2008, and 6% in 2006-2007 (see Newsmanagers of 1 October 2008). Occupancy rates for properties in the portfolio as of the end of June totalled 98.6%, and assets as of the end of August totalled EUR4.4bn, compared with about EUR5bn as of the end of June. The fund was reopened to subscriptions on 8 July, after a period of closure from the end of October 2008 (see Newsmanagers of 7 July 2009). An independent audit of assets in the portfolio has resulted in a downward adjustment of 8 euro cents per share.
30/09/2009

Fidelity launches a fund of "real" assets

On Tuesday, Fidelity International announced that it is releasing the Fidelity Global Real Asset Securities fund, launched on 2 September, for sale. The product, with 40-60 positions (currently 62), managed by Amit Lodha, allows the investor to benefit from economic stimulus programs worldwide and in the industrialisation of emerging countries. The portfolio will be invested in businesses in sectors dealing with “real” assets, such as infrastructure, energy, commodities, base materials, industry, real estate and public services. Returns will nor be impacted by the rise and fall of energy and commodity markets. Front-end fee and management commission total 5.25% and 1.5%, respectively.
30/09/2009

92 SRI funds receive SRI label from Novethic

Of 121 funds that were candidates to receive the label, 92 socially investment funds on sale in France have obtained the Label ISR Novethic, intended as a point of reference for retail investors. The funds, in all asset classes, represent a total of EUR10bn in assets, and are managed by 25 asset managers. Among these are affiliates of the major distribution networks, with the notable exception of Crédit Agricole Asset Management, a few foreign asset management firms, and specialised boutiques. The label was launched on Tuesday by Novethic (an affiliate of the Caisse des Dépôts), with the goal of promoting the diffusion of socially responsible investment products among retail investors, by facilitating the comprehension of these products. Though SRI management is developing, its market share among retail investors shrank between 2007 and 2008. To obtain the label, which is free of charge, funds from applicant asset management firms must meet four requirements.
30/09/2009

Actively-managed ETFs use stock-picking

Grail Advisors, of San Francisco, is launching on Thursday four actively managed ETFs relying solely on stock pickers: RP Growth, RP Focused Large Cap Growth, RP Technology and RP Financials, says the WSJ. RiverPark Advisors, assisted by Wedgewood Partners, will do the day-to-day stock selection.
30/09/2009

2010 could be the year of the green boom

Agefi Switzerland reports that the sustainability analysis service from Banque Sarasin is convinced that the Copenhagen climate accords will mean strong potential for sustainable investments. As pledged made under the Kyoto protocol expire in 2012, the Copenhagen conference to be held this December will represent an important turning point, not only for the climate, but also for investors. At a press conference in Hong Kong, Andreas Knörzer, head of sustainable investments at Banque Sarasin, emphasized that sustainable investors would profit from infrastructure spending planned by governments in order to stimulate growth. This spending will be primarily invested in the energy, water and transportation sectors. Before the Copenhagen environmental summit in December, 16% (USD512bn) of public spending totalling USD3.1trn was invested in technologies to adapt to climate change.
30/09/2009

Crisis provokes concentration for real estate funds

The Wall Street Journal notes a growing trend for limited partners in private equity funds to require general partners to transfer real estate funds or assets to other fund managers whom they trust. For example, Palmer Capital Partners took over two European real estate funds in July from Belgravia Asset Management, a firm which has since closed down. ING Groep has taken over about USD2.1bn in assets since the beginning of the year from clients seeking to change managers, and in June, ING Clarion took over the New City Asia Opportunity Fund, which was previously managed by New City Asia Fund Management Pte. Ltd of Singapore. AEW (an affiliate of Natixis Global Asset Management) has received transfers of about USD1.5bn in assets from institutional investors, including CalPERS, as these investors have withdrawn their assets from other managers (Shattuck Hammond, in the case of CalPERS).
30/09/2009

Fortress forms allegiance with Carlisle Management

The Fortress International Fund announced on 28 September that it is signing an agreement with Carlisle Management, which will become the investment advisor for all investment and restructuring activities at Fortress. The Fortress International Fund, which will be launched by the end of the year, offers investors potential for growth combined with lower volatility than traditional investment strategies. Exposure to life insurance comes through investments in American mid- and long-term life insurance policies.
30/09/2009

Novethic plans to rate asset management firms

Novethic las launched an SRI label for socially responsible investment funds (read the article “92 funds obtain SRI label” in this issue of Newsmanagers). The aim is to facilitate understanding of these products by retail investors, and to favour their spread amongst this class of clients. Although it has a slightly different vocation, this label replaces SRI ratings that Novethic had been developing for several years. “We decided that it would be impossible to have the two coexist,” says Anne-Catherine Husson-Traore, CEO of the affiliate of the Caisse des Dépôts. Novethic is not planning to completely abandon the idea of ratings, but will change their object slightly. Instead of rating products, the affiliate of the Caisse des Dépôts will evaluate asset management firms. The rating, which will be free of charge, like the label, will rate the SRI investment process specifically. It will be launched in first half 2010.
30/09/2009

UBS may sell off Paine Webber

Agefi Switzerland reports that the CEO of UBS, Oswald Grübel, has told Financial Times Deutschland that wealth management activities in the United States (Paine Webber), which the firm acquired at peak prices in 2000, are not part of the bank’s core activities. The bank is not planning to sell them off immediately, however. “We have received a number of inquiries from potential buyers, but it wouldn’t make sense to sell at current valuations,” the CEO adds. He says the firm’s recent battle with the US tax authorities is not expected to cause further withdrawals of assets.
30/09/2009

FDIC in plans to make banks pay in advance

Agefi reports that the agency that guarantees banking deposits in the United States, the FDIC, whose special guarantee fund is financed by premiums paid by insured institutions, decided on Tuesday by a unanimous vote of its board to ask banks to pay their premiums in advance for a period of three years, in order to bring in USD45bn in reserves. As of 17 September 2009, the liquidator for bankrupt banks guaranteed deposits totalling a cumulative USD4.8trn, at 8,134 savings institutions, with total assets of USD13trn. If the proposal is approved, banks will be required to pay their contributions for fourth quarter 2009 and for the years 2010-2012 to the guarantee fund by 30 December.
29/09/2009

okoworld takes over direct management of its funds

The Luxembourg management firm Ökoworld Lux SA, an affiliate of the German sustainable development consulting firm versiko, announced on Monday that from 1 November, it will take over direct management of the five sub-funds of its Ökovision Sicav: Classic, Europe, Garant 20, Klima and Water for life. For 13 years, Ökoworld had been limited to developing ecological and ethical investment supports. For its transition into the phase of direct management, the firm has recruited two experienced portfolio managers, Alexander Funk (who has managed the equities fund ÖKO-Aktienfonds at DZ-Bank International, among others), and Frank Frey.
29/09/2009

Robert Zoellick warns United States

La Tribune reports that the president of the World Bank yesterday warned that the United States should not aim to maintain a dominant position for the US dollar as a global currency, when there are a growing number of alternatives, such as the Euro, the Yuan and special currency issue rights. Robert Zoellick is also wary of the growing influence of the Federal Reserve over the financial system.
29/09/2009

British taxes driving managers out of the UK

One investment professional in five is planning to leave the United Kingdom in the next twelve months, according to Hedge Week. The main reason is changes to British tax policy soon to take effect, according to a survey by CFA UK. The major destinations for the departing professionals will be Switzerland, the Untied States, Hong Kong, and Singapore.
29/09/2009

Commerz Real invests in a logistical property in Frankfurt

Commerz Real (EUR43bn) has invested EUR43.3m for its open-ended real estate fund hausInvest europa (EUR9bn in assets), in a logistical centre under construction which is expected to be completed in 2010. The 23,000 square metre hall is located in «Cargo City Süd» at Frankfurt airport, and is already wholly leased for ten years to a transport firm. The vendor is the developer Jürgen B. Harder.
29/09/2009

BGI launches three new iShares funds based on Russell Top 200

On Friday, Barclays Global Investors (BGI) listed three ETF funds, iShares Russell Top 200 Value Index Fund (IWX), iShares Russell Top 200 Index Fund (IWL) and iShares Russell Top 200 Growth Index Fund (IWY), on the New York Stock Exchange (NYSE). The Russell 200 index includes the 200 largest firms of the Russell 3000 index, which represents about 65% of the total capitalisation of publicly traded US businesses.
29/09/2009

Crédit Agricole Asset Management launches an Islamic Sicav

Crédit Agricole Asset Management Group (CAAM Group) is launching CAAM Islamic, its first Sicav fund invested in keeping with the principles of Islamic law. To achieve this, the management firm has created a sharia compliance committee, composed of reputable Islamic scholars. The Luxembourg-registered Sicav is composed of sub-funds aimed at retail and institutional investors, which will invest in various asset classes in strict respect of Sharia rules. Among these, all sectors forbidden by Sharia (alcohol, gambling, pork products and their derivatives, arms, tobacco, etc) will be excluded, as well firms considered unacceptable due to their levels of debt, bonds or liquidity. In France, three sub-funds will be available: CAAM Islamic BRIC Quant is a quantitative emerging markets equities management fund investing in Brazil, Russia, India and China, with the objective of ourperforming the Dow Jones Islamic Market BRIC equally weighted index in the long term. CAAM Islamic Asian Active Equity Ex-Japan is a fundamental management and Asian equities fund investing in a selection of shares which may or may not be included in the universe of an Islamic index, with the goal of outperforming the Dow Jones Islamic Market Asia Pacific ex. Japan, Australia and New Zealand in the long term; and CAAM Islamic Multimanagers Global Equities, a fund of international Islamic equities funds, which aims to outperform the Dow Jones Islamic Market World index in the long term.
29/09/2009

GLG launches a debt fund

GLG Partners, one of London’s largest hedge funds, has launched a new fund to invest in the debt of troubled UK and European companies. The fund already manages about USD300m of clients’ money, according to people familiar with the situation. It is managed by Galia Velimukhametova.
29/09/2009

Saudi fund F6 interested in Liverpool FC

According to Cinco Días, the Saudi fund F6 is in negotiations with George Gillett over an acquisition of a 25% to 50% stake in Liverpool Football Club. The news comes one month after Sulaiman el Fahim, an investor from the United Arab Emirates, bought the Portsmouth football team. A year ago, the sovereign fund Abu Dhabi United Group took control of Manchester City.
29/09/2009

Former Coutts executive joins BSI Bank

Hanspeter Brunner, former chief executive of RBS Coutts, has joined the Swiss private bank BSI, according to Asian Investor. He will move to Singapore next March to take over as head of the bank’s activities in Asia and to develop the bank’s presence in that region.
29/09/2009

RBS seeking to sell part of asset management activities

To reduce the stake in the firm held by the British government, Royal Bank of Scotland (RBS) is reportedly considering a sale of part of its asset management activities, in which it would part with RBS Asset Management (GBP30bn in assets), the Times reports. The idea would be to retain Coutts (the bank of the British royal family), a firm specialised in asset management for high net worth private clients, and to sell off the remainder. Morgan Stanley is said to have been retained as advising bank for the sale.
29/09/2009

Swisscanto to develop institutional activities

The Swiss management firm Swisscanto has recruited Bob Barrett as head of UK institutional business, the same function he served at HSBC Global Asset Management, Professional Pensions reports. The recruitment is part of a change in strategy for Swisscanto, which has decided to sell its bond and global equities products to British pension funds, though it has already been managing investments in London for nearly 20 years.
29/09/2009

Prisa vend des participations à DLJ et Ongoing

Pour 404 millions d’euros, Grupo Prisa vend 25 % de l'éditeur Santillana au fonds DLJ South American Partners et 35 % du portugais Media Capital au fonds Ongoing Strategy Investments, rapporte Cinco Días.
29/09/2009
Fonds

GLG lance un fonds de dette

GLG Partners, l’un des plus gros hedge funds londoniens, a lancé un nouveau fonds investi dans la dette de sociétés britanniques et européennes en difficultés, rapporte le Financial Times. Le nouveau produit gère déjà 300 millions de dollars pour le compte de ses clients, selon des personnes proches du dossier. Il est géré par Galia Velimukhametova.
Fonds
29/09/2009
Fonds

Le fonds saoudien F6 s'intéresse au Liverpool

Selon Cinco Días, le fonds saoudien F6 est en train de négocier avec George Gillett l’acquisition de 25 à 50 % du club de football de Liverpool. Cela vient un mois après que Sulaiman el Fahim, un investisseur des Emirats, ait acheté le club de Portsmouth. Voici un an, le fonds souverain Abu Dhabi United Group avait pris le contrôle du Manchester City.
Fonds
29/09/2009

RBS voudrait vendre une partie de sa gestion d'actifs

Afin de diminuer l’emprise de l’Etat britannique sur son capital, la Royal Bank of Scotland (RBS) a imaginé de vendre une partie de sa gestion d’actifs en scindant RBS Asset Management (30 milliards de livres d’encours), selon The Times. L’idée serait de conserver Coutts (la banque de la famille royale britannique), un établissement spécialiste des grandes fortunes, et de vendre le reliquat. Morgan Stanley aurait été engagée comme banque conseil pour cette cession.
29/09/2009

Swisscanto va développer son activité institutionnelle

Le gestionnaire helvétique Swisscanto a recruté Rob Barrett comme head of UK institutional business, la même fonction qu’il a occupée chez HSBC Global Asset Management, rapporte Professional Pensions. Cette embauche s’inscrit dans le cadre d’un changement de stratégie à la faveur duquel Swisscanto a décidé de commercialiser des produits obligataires et actions mondiales auprès de fonds de pension britanniques, bien qu’il ait déjà géré des investissements à Londres depuis près de 20 ans.

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