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15/09/2009

Appointment at Aviva Investors France

Following the arrival of Jean-François Boulier as chairman of the board at Aviva Investors France and a change in the organisation of the business, Pascal Heurtault, currently head of equities at the firm, has been appointed CIO.
15/09/2009

JP Morgan builds platform aimed at hedge funds

J.P. Morgan has announced the creation of the Prime-Custody Solutions Group, a team which will provide integrated prime brokerage and custody services, largely to hedge fund managers. The service will be headed by Devon George-Eghdami, who was previously head of the Hybrid Capital Trading unit. George-Eghdami, based in New York, will report to both Michael Minikes, CEO of J.P. Morgan Clearing Corp. for Prime Services, and Sandie O’Connor, global head of financing & markets for the Treasury & Securities Services division. J.P. Morgan explains that the establishment of the new services comes at a time when hedge funds are launching long-only funds and are seeking structures which would allow them to domicile certain assets with custodians, while traditional asset management firms are starting up long/short strategies which need to be financed by a prime broker.
15/09/2009

Fidelity announces bonuses for 300 employees

Fidelity Investments has disclosed stock-based awards totaling USD268 million to fewer than 300 people, which is less than 1 percent of its work force, according to the Boston Business Journal. The newspaper thinks that Fidelity needs to make happy a senior group of leaders that have joined the company in the past two years.
15/09/2009

Jean-François Boulier becomes chairman of Aviva Investors France

The CEO and CIO of Aviva Investors France, Jean-François Boulier, will become chairman of the board at Aviva Investors France from 21 September. He replaces Eric Duval de la Guierce, who will continue his activities at Aviva Investors France as advisor to Alain Dromer, chief executive of Aviva Investors, and to Boulier. Duval de la Guierce will remain a member of the executive board at Aviva Investors until the end of 2009, and will continue to be a member of the executive board at Aviva France until June 2010. Boulier, for his part, will become a member of the executive board at Aviva Investors, and will remain a member of the executive board at Aviva France. Boulier has confirmed to Newsmanagers that his objective is to continue the ambitious plan put in place globally by Aviva Investors a few months ago. “We have two major areas of development,” he explains: “management on behalf of third parties outside the firm, and internationalisation of the firm’s activities.”
15/09/2009

Christian Desbois leaves UFG IM

Christian Desbois, currently CEO of UFG Investment Managers, has been appointed CFO of Crédit Mutuel Nord Europe (CMNE). He will retain his duties at UFG IM, an affiliate of CMNE, until the end of the month, a statement announcing his appointment states. Then, a new organisation will be put in place, as part of the merger process between UFG and La Française des Placements. Desbois joined the UFG group in 2002. He was previously CEO of CPR Gestion, and also worked at Fimagest and Fortis Investment Management.
15/09/2009

Nasdaq OMX and HQ Bank to launch ETF funds

According to the website of the Swedish newspaper Dagens Industri, Nasdaq OMX and HQ Bank are planning to launch ETFs on the Stockholm stock exchange in October. The first products will track the OMXS30 and Nasdaq 100 indexes. HQ Bank has recruited Jacob Sternius, an ETF expert, from Handelsbanken, Dagens Industri recalls.
15/09/2009

ERAFP preparing an SRI SMB fund

In partnership with EDHEC, the French civil servants pension fund ERAFP (Etablissement de retraite additionnelle de la Fonction publique) is working on an SRI index of SMBs, based on risk budget rather than capitalisation, Responsible Investor reports. Once the index has been created, ERAFP will launch a RFP to manage a fund worth a few tens of millions of Euros, which would use the index as a benchmark, says CEO Philippe Desfossés, who adds that ERAFP is likely to open the index to other asset management firms.
15/09/2009

Fortis confirms M2+ rating for Fortis Haitong IM

On Monday, Fitch Ratings announced that it is confirming its rating of M2+ (China) for Fortis Haitong Investment Management (FHIM) in China (CNY54bn as of the end of June). FHIM is a joint venture from Haitong Securities (51%) and Fortis Investment Management (BNP Paribas group). The agency points to the stability of investment teams compared with other Chinese asset management firms, and the depth of “proprietary” research at FHIM. Fitch also points out that FHIM has more assets under management than the other joint ventures of the new group in China (SYWG BNP Paribas). In addition, the operational merger of Fortis Investment Management and BNP Paribas Investment Parthers (BNPP IP) will have a limited impact on FHIM, which reflects the comparative independence of the firm.
15/09/2009

UK to open access to hedge funds to retail investors

The UK is pushing ahead with plans to open up hedge funds to retail investors, in spite of 18 months of silence and a growing European backlash against the hedge fund industry, reveals the Financial Times Fund Management. The Financial Services Authority has told FTfm that Faifs (funds of alternative investment funds) are alive and that it intends to publish finalised rules for their operation before the end of this year.
15/09/2009

Thomson Reuters launches indices

Thomson Reuters is bringing to the market its own family of 800 indices, covering some 44 countries, 18 regions and 10 business sectors, according to the Financial Times Fund Management. The group will use a liquidity filter to ensure each index represents the market as a fund manager might actually hold it.
15/09/2009

Financial crisis has cost millionaires

According to an annual survey by Boston Consulting Group (BCG), the financial crisis in 2008 caused the number of millionaires in the world to fall to about 9 million, compared with 11 million the previous year, while households with financial savings of under USD100,000 posted slight increases in their wealth, the Frankfurter Allgemeine Zeitung reports. In total, assets managed for clients contracted in one year by 11.7%, to USD92.4trn, with a 21.8% fall in the United States to USD29.3trn. The “established” wealthy, those with assets of at least USD5m, saw the heaviest losses, with -22%, bringing their assets to USD17.7trn.
15/09/2009

Financial crisis isn't over, according to two thirds of institutional managers

A survey by FTI Consulting of 153 institutional investors in 15 countries, who manage a total of more than USD2.8trn, finds that 64% of specialists at these entities estimate that the financial crisis is not over, while 31% think that the worst has passed, and 5% have no opinion, fondsprofessionell reports. Australian and US asset managers are the most pessimistic, with 80% and 76%, respectively, of the opinion that the crisis is not finished. In Europe and Asia, the percentages of pessimists are 59% and 62%.
15/09/2009

Growth in portfolio management

Funds People reports that discretionary portfolio management services as of the end of July had assets of EUR56.59bn (compared with EUR14.9bn in funds), which represents a 2.3% increase in July, and a 6.8% increase since the beginning of the year. 91.8% of this total is managed on behalf of Portuguese residents, and it is 85% invested in bonds. The leaders in this market are Caixagest with EUR18.37bn and a market share of 32.5%, F&C Portugal (EUR17.89bn and 31.6% market share), and ESAF GP (EUR9.27bn and 16.4%).
15/09/2009

Net subscriptions at 44 out of 85 management firms

As of the end of August, 85 asset management firms which disclose information about their subscription and redemption volumes to the Inverco association shows net inflows since the beginning of the year, Funds People reports. The top three places in the rankings go to Ibercaja Gestión (see Newsmanagers of 2 September) with EUR528.6m in the first eight months of 2009, followed by Invercaixa Gestión (EUR464.36m) and Credit Suisse Gestión (EUR348.1m). Funds People also notes that since the beginning of this year, 35 funds have attracted more than EUR100m each in Spain, for total net subscriptions of EUR10.04bn. Of this total, 18 are bond funds (most of them products specialised in corporate bonds), while 13 are guaranteed funds. These 35 funds account for about 10% of total assets in Spain, where there are about 2,700 funds in total. The fund which shows the strongest subscriptions is the FC Garantia RF 15 from La Caixa, with EUR892m. BBVA, La Caixa and Santander are the three firms with the most funds among the top 35 for sales, with 9, 7 and 5 products, respectively.
15/09/2009

Les multigérants favorables aux bonnes pratiques proposées par l'AIMA

Selon une enquête réalisée par Seeds Finance, 73% des multigérants sont favorables au guide de bonnes pratiques proposé par l’Association internationale de la gestion alternative (AIMA). L’environnement post-crise voit la multigestion hedge funds s’institutionnaliser davantage, un bon nombre de gérants en profitant pour revisiter et renforcer l’ensemble de leurs processus.Dans cette perspective, le premier élément cité est la communication auprès des investisseurs, signe d’une volonté de plus grande transparence de la part d’une industrie qui veut améliorer sa réputation. En interne également les chantiers sont importants, à commencer par les aspects les plus mis en évidence par la crise : 75% des gérants souhaitent ainsi revoir leur contrôle des risques en général et 61% leur contrôle des risques opérationnels en particulier. De façon symptomatique, on observe que le nombre de hedge funds investis a été fortement réduit pour la quasi-totalité des répondants, ce qui facilite évidemment un contrôle renforcé.
15/09/2009

Multi-managers favourable to best practices proposed by AIMA

According to a survey by Seeds Finance, 73% of multi-managers are favourably disposed to a guide to best practices proposed by the international alternative management association (AIMA). The post-crisis environment has seen a larger institutional presence in hedge fund multi-management, and many management firms are taking the occasion to strengthen their processes. With this in mind, the first element cited is sales to investors, a sign that an industry that wants to improve its reputation is moving toward a higher level of transparency. Internally also, there is significant awareness of shortcomings in this area thrown into relief by the crisis, as 75% of managers are planning to revise their risk control in general, and 61% will make changes to their operational risk controls in particular. Symptomatically, the number of hedge funds invested in has fallen strongly for nearly all respondents, which makes strengthened controls significantly easier to implement.
15/09/2009

IOSCO publishes standards for funds of hedge funds

The International Organization of securities commissions (IOSCO) on 14 September published a series of international standards which aim to treat regulatory issues related to the protection of investors, to respond to an increasing involvement of retail investors in hedge funds via funds of hedge funds. In terms of liquidity risks, IOSCO claims that hedge fund managers must be able to determine whether the liquidity of a fund of hedge funds is consistent with that of the underlying funds, particularly in order to be able to keep up with potential redemption demands. Before the investment and throughout the life of investments, the manager should take into account the liquidity of financial instruments held by underlying funds. In the section on due diligence, IOSCO recommends a virtually systematic use of analysis and surveillance procedures at funds of hedge funds, not only before investment but throughout the life of the investment. Funds of hedge funds should not hesitate to undertake appropriate due diligence on underlying hedge funds where necessary, IOSCO says.
15/09/2009

Ignis recruits a head from M&G

Ignis Asset Management has hired Nick Pogmore as head of strategic alliances to help build links with national IFAs, networks, life offices and fund platforms, says Investment Week. He joins from M&G, where he was partnerships development director.
14/09/2009

Les Cosmen et CVC ont le feu vert pour éplucher les comptes de National Express

Le board de National Express a autorisé la famille asturienne Cosmen et le capital investisseur CVC Capital Partners à pratiquer une due diligence sur les comptes de l’entreprise, et l’autorité britannique de surveillance des fusions-acquisitions a repoussé la date du dépôt des offres de vendredi 11 septembre 18 heures au 25 septembre, rapporte Cinco Días. D’ici là, le consortium pourra décider s’il maintient ou non son offre de 5 livres par action. En cas de succès de l’opération, les Cosmen et CVC envisagent de rétrocéder certains actifs de National Express à Stagecoach.
14/09/2009

Nils Bolmstrand prend la tête de SIG

Skandia Investment Group (SIG, environ 50 milliards de livres d’encours) a annoncé vendredi la nomination comme CEO avec effet immédiat de Nils Bolmstrand, qui était responsable du développement de produits, de la distribution et des relations avec les gestionnaires à l’international. Cette nomination fait suite à la démission surprise de Jamie McLeod, qui avait fondé Skandia Investment Management voici sept ans. SIG a été créée en octobre 2007.
14/09/2009

Simon Ellis devient directeur du retail chez LGIM

L’ancien patron de la multigestion de Fidelity entre 2006 et 2009 rejoint Legal & General Investment Management (LGIM) au poste de managing director pour l’activité retail, rapporte Investment Week.
14/09/2009

Quatre millions de livres pour redresser Candover

Malcolm Fallen, le nouveau CEO de Candovers Investments, s’est vu accorder un ensemble d’incitations de 4 millions de livres pour redresser le capital investisseur, rapporte The Sunday Times. Il était précédemment CEO de l’opérateur de télécommunications KCOM et a pris son nouveau poste la semaine dernière, avec pour mission de négocier une solution pour le fonds 2008 de Candover, qui sera probablement fermé après avoir été incapable en mars de tenir un engagement d’un milliard d’euros. Les partenaires qui avaient promis 2 milliards d’euros seront probablement autorisés à ne pas donner suite, sans pénalités.
14/09/2009

"Se développer vers les conseillers en gestion de patrimoine et la clientèle privée nous intéresse beaucoup"

Activité chargée chez OFI AM... L'établissement, qui vient d'anonncer son entrée au capital de Prim’ Finance à hauteur de 33,37%, compte également donner vie à des projets majeurs comme l'élargissement de sa clientèle, le développement de certaines gestions et de certains fonds. En étant résolumment positionnée comme "créateur d'alpha"', comme nous l'a confirmé Thierry Callault, son directeur général délégué.
14/09/2009
Fonds

Les fermetures de fonds se multiplient

Quelque 250 fonds ont disparu en 2007 et 2008 en Espagne. Cette année, avec le retour de la sérénité, le nombre de produits a augmenté au compte-gouttes, mais cette tendance s’est inversée en juin, rapporte Expansión. D’après les dernières statistiques de l’association Inverco des sociétés de gestion, 207 fonds ont fermé leurs portes entre fin mai et fin juin, et le nombre total a baissé à 2.746 unités.En un mois, il y a donc eu autant de fermetures que pour l’ensemble de 2008. Et il semble que cela se poursuive : d’après Ahorro Corporación, le nombre de fonds est tombé à 2.702 en juillet et il a réaugmenté à 2.709 en août.La seule catégorie de produits épargnée par le phénomène est celle de l’obligataire court terme, refuge traditionnel des Espagnols en cas de turbulences : le nombre de ces fonds a augmenté de 9,6 % depuis le début de l’année.
Fonds
14/09/2009
Fonds

Second record d'affilée pour l'encours des ETF

Les actifs gérés dans les ETF en Europe se sont accrus de 9,1 milliards de dollars en août pour atteindre 192,1 milliards de dollars. Il s’agit de leur second record historique consécutif, selon Barclays Global Investors (BGI). Depuis le début de l’année, l’encours a gonflé de 34,7 % et le nombre de fonds s’est accru de 18,8 % avec 141 nouveaux ETF, pour atteindre un total de 751 produits cotés 1 889 fois sur dix-neuf bourses.iShares (BGI) demeure de loin le premier acteur avec 158 ETF et en encours de 76,32 milliards de dollars fin août, ce qui représente une part de marché de 39,7 %. Lyxor Asset Management (Société Générale) se classe deuxième avec 100 fonds, des actifs de 39,71 milliards de dollars et 20,7 % de part de marché, devant db x-trackers (Deutsche Bank) qui alignait 105 ETF pour un encours de 31,19 milliards de dollars et 16,2 % de part de marché.BGI ajoute que, d’après Lipper FMI, les souscriptions nettes enregistrées durant le premier semestre par les ETF domiciliés en Europe ont porté sur 15,2 milliards de dollars.
Fonds
14/09/2009

Principal GI cherche des acquisitions en Europe

Principal Global Investors cherche une boutique européenne spécialisée dans les obligations mondiales, selon Ignites Europe. Jim McCaughan, CEO de Principal, cherche à s'étendre par le biais d’acquisitions. Et le premier endroit qui l’intéresse est Londres.
14/09/2009

Credit Suisse plus généreux en 2010 ?

Selon les analystes de Morgan Stanley, rapporte la Tribune, Credit Suisse pourrait faire partie des quelques banques européennes qui pourraient augmenter leur dividende en 2010.
14/09/2009
Fonds

Les portefeuilles des analystes battent les fonds

Les choix des brokers en matière d’actions peuvent aider les investisseurs à battre la performance de la plupart des fonds, indique une étude de GLG, relayée par le Financial Times. En s’appuyant sur une base de données de recommandations quotidiennes reçues de courtiers européens sur les quatre dernières années, la société de hedge funds montre qu’un portefeuille qui suivrait les tuyaux des analystes et qui détiendrait les titres en question pendant trois mois surperformerait de 75 % les fonds.
Fonds
14/09/2009

3i vend des participations minoritaires

Le capital investisseur 3i Group a vendu des participations minoritaires dans des petites entreprises technologiques, des télécoms et de la santé en Europe pour un total de 150 millions d’euros, indique Cinco Días. Le consortium acquéreur est composé de Coller Capital, Harbour Vest et DFJ Esprit.

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