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16/09/2009

Saxo Banque signs up with B*Capital as partner for online trading platform

The investment and online trading bank Saxo Banque announced on 15 September that it has signed a white-label partnership agreement with the stock market firm of the BNP Paribas group, B*Capital. B*Capital has selected the French Saxo Banque to provide online trading of currencies, CFDs and futures contracts to its private investors. “CFD and Forex will allow our qualified clients to invest in leveraged and coverage instruments, despite the current volatility of the markets. B*capital will also offer them a direct relation with a team of market professionals to help them to manage their risks and assist them in short-term anticipation techniques, with independent and transparent information,” explains Philippe Nahum, CEO of B*capital.
16/09/2009

Romain Boscher promoted at Groupama AM

Romain Boscher has been appointed as director of management at Groupama Asset Management. He will also serve as deputy CEO of the firm, and as a member of the board of directors, following the departure of Roland Lescure, who has joined the Caisse de dépôt et placement du Québec. Boscher, who arrived at Groupama Asset Management in 2000, had been head of the European and International Equities department since 2005.
16/09/2009

Berkeley endowment creates fund management affiliate

The board of trustees of the University of California, Berkeley Foundation endowment on Tuesday announced the creation of an affiliate to manage its funds. Previously, its assets of USD738m (as of 30 June) were managed by a volunteer investment committee. Now, the assets will be managed by professionals, who will be overseen by a five-member board of directors with profound knowledge of the financial sector and capital markets. The board will be chaired by Janet McKinley, who has previously served as chairman of the Income Fund of America and as director of Capital Research and Management Co. John Austin Saviano has been appointed as president and CEO of the new structure. He was previously a senior consultant at Cambridge Associates. His base salary, which is fixed for a three-year term, will be USD270,000 per year.
16/09/2009

Van Kampen would be ideal for Aberdeen

Morgan Stanley’s Van Kampen Investments would make an ideal acquisition target for Aberdeen, say US analysts cited by Ignites Europe. The UK fund firm is on the hunt for a US asset manager.
16/09/2009

Coba launches a real estate fund with BDO Stoy Hayward

Coba Asset Management has announced the launch of a UK-registered strategic income real estate fund, with a target date 7 years in the future, which will aim for returns of 10%. The product, managed by Graham Gould and advised by Roger Carey (former CEO of Slough Estates), and Philip Ingman (founder of Ingman-Jones), will carry a management fee of 5% maximum. Minimal subscription is EUR100,000. The partner of Coba Asset Management for this fund is BDO Stoy Hayward Investment Management. Management fee is 1%, and the firm will charge a 20% commission on performance exceeding the 10% hurdle rate.
16/09/2009

Soft closing for a fund from Cazenove

The British management firm Cazenove has announced that its Absolute UK Dynamic fund, whose volume has been limited to GBP130m, attracted GBP123m in assets in one week, and will thus undergo a soft closing, and subscriptions for all classes of shares will be frozen, Investment Week reports.
16/09/2009

Deficit has doubled at pension funds

According to a report by Pension Capital Strategies and Cazenove, FTSE 250 companies’ pension shortfalls doubled to GBP12bn in the twelve months to the end of June. And the shortfall would have been much higher had yields on corporate bonds not risen through the credit crunch. If rates on risk-free gilts had been used to discount liabilities, as used by the Pension Protection Fund, the deficit would be GBP80bn, up from GBP55bn a year earlier, the Financial Times reports. Overall, funds increased their exposure to bonds to 49% of assets, compared with 42% last year. Meanwhile, of the 250 employers, only 92 have defined benefits, while barely 20 firms still offer this formula to a large number of employees. The report also reveals that 27 funds have pension liabilities larger than the market capitalisation of the business.
16/09/2009

SGSS awarded six new mandates

Société Générale Securities Services (SGSS) announced on 15 September that it has been awarded five new mandates for its depository banking, fund administration and global custody activities, as well as a new mandate to value complex products. The mandates the firm has been awarded come from: EDF, for EUR400m, for depository and fund administration services; ST Microelectronics and Vallourec, for EUR1bn and EUR120m, respectively, for global custody services; Blackfin, for EUR300m, for depository services, fund administration and transfer agency; Peregrine Derivatuives for derivatives settlement; and lastly, Aktia Bank for asset servicing on OTC and structures products. As of the end of 2009, SGSS provided custodial services for EUR2.906trn in assets under management, a 15% increase compared with December 2008, and administered EUR423bn in assets. SGSS thus strengthens its position as the 2nd largest European custodian and the 6th largest worldwide. Since the beginning of 2009, SGSS has also strengthened its position as a major provider of middle office and valuation services for structured products and OTC, with the valuation of 20,000 positions on complex products.
16/09/2009

Former head of alternative management at SocGen launches Nexar Capital

According to the Financial Times, Arié Assayag, the head of SocGen’s alternative asset management team, has set up Nexar Capital, a new hedge fund business, along with other former bankers from SocGen and with the backing of an American private equity firm, Aquiline Partners, founded by Jeffrey Greenberg. The firm will be based in Paris, with an office in New York. The FT reports, citing people familiar with the situation, that Nexar will be looking for opportunities to acquire fund of funds businesses, and aims to raise USD10bn in AUM within 5 years.
16/09/2009

Agicam methodically advances in SRI management

Of roughly EUR12bn in assets which it manages for the AG2R La Mondiale group and financial supports for employee savings, Agicam has about EUR600m in SRI assets, or 5% of the total, while the average is 1% for institutionals. This also, says Philippe Dutertre, chairman of the board at Agicam, represents about 4% of institutional assets in socially responsible from all French institutionals. The management firm is constructing an SRI team consisting of five managers/financial analysts and three senior SRI analysts to be part of a single board. Its services have also developed EthisScreeninG, an exclusive tool which provides analysis of risks and positive points in ESG management, and is constructing a database of businesses and sectors of activity. The SRI unit of Agicam posted approximately EUR100m in net subscriptions in 2008, and the firm is planning for EUR150m in 2009 and EUR250m next year. For the beginning of December, the management firm is planning to launch a fund of SRI mandates, with allocations to aggregate, government bonds and credit, in partnership with Mercer. Agicam is also planning an SRI fund of funds, in partnership with Altedia.
16/09/2009

Gabelli on the defensive

Gabelli analysts’ choice for the Focus Five, a portfolio of 5 stocks which are rotated every three months, included more defensive companies on August 1, due to market uncertainty. The five picks are Coca-Cola, Hansen Natural, Scana, Walgreen, and Waste Management.
16/09/2009

Record volume of corporate bond issues

According to statistics from fondsprofessionell, the volume of corporate bonds issued in Euros in first half totalled EUR207bn, more than the EUR150m registered in all of 2008, and outstripping the previous record, set in 2001, at nearly EUR200m. This is largely due to the activity of German (21.1%), French (19.5%), British (15%), and Swiss (13.8%) companies. Approximately 48% of the issues are concentrated in the 4-6 year duration range, while 17% are in the 7-9 year range, and 34% in the 10-year category. One fifth of operations were rated AAA, while 11% received a AA rating, and 47% were rated single A. Finally, 47% of total issues were placed with investment funds and fund managers, while the proportion subscribed to by retail investors was 41%.
16/09/2009

Europe has more wealthy citizens than the United States

According to the annual Global Wealth survey from BCG, assets in 2008 declined worldwide for high net worth individuals for the first time since 2001 (-11.7% to USD92,400bn). Europe has overtaken North America in terms of assets managed. These assets have fallen by 5.8% in Europe, to USD32.7trn, while they declined by 21.7% in North America, to USD29.3trn, at constant exchange rates. North American clients were disadvantaged by excessive exposure to traditional equities in their portfolios. The crisis has also affected the profitability of actors in wealth management. At the 124 groups studied by BCG, the median pre-tax profit margin has fallen from 36.4% to 30% in one year.
16/09/2009

S&P launches a range of securities lending indexes

In its series of strategy indexes, S&P Index Services has launched a range of products which aim to measure the average cost of borrowing US securities. The indexes will aim to reflect the price of securities borrowing for the shares that make up the S&P 500®, S&P MidCap 400, and S&P SmallCap 600 indexes, as well as the GICS (Global Industry Classification Standards) sub-indexes of the three benchmark indexes. The weighting of the indexes is adjusted on a daily basis.
16/09/2009

Tax amnesty: Rome hopes for at least EUR3bn in added revenues

From yesterday until 15 April 2010, Italian taxpayers will be allowed to bring their assets held in foreign countries into compliance with the tax authorities in the country, Les Echos reports. According to a study by tax experts published in Monday by the Milanese agency Bernoni Professionisti Associati, between EUR60bn and EUR90bn may return to the legal realms under the amnesty offer, which would, at a special tax rate of 5%, bring in tax revenues of EUR3bn to EUR4.5bn.
15/09/2009
Fonds

Nasdaq OMX et HQ Bank lancent des ETF

Selon le site Internet du journal suédois Dagens Industri, Nadsaq OMX et HQ Bank vont lancer des ETF à la Bourse de Stockholm en octobre. Les premiers répliqueront les indices OMXS30 et Nasdaq 100. HQ Bank avait recruté Jacob Sternius, l’expert en ETF de Handelsbanken, rappelle Dagens Industri.
Fonds
15/09/2009

Promotion chez Aviva Investors France

Suite à l’arrivée de Jean-François Boulier à la présidence du directoire d’Aviva Investors France et dans le cadre du changement d’organisation de l’entreprise, Pascal Heurtault, actuellement responsable actions de la société, accède au poste de directeur de l’investissement.
15/09/2009
Fonds

Fortes souscriptions nettes en juillet

D’après les statistiques de Lipper Feri, les souscriptions nettes des fonds en Europe ont porté pour juillet sur 46,6 milliards d’euros, contre des sorties nettes de presque 9 milliards d’euros en juin. Sur les sept premiers mois de l’année, le total des souscriptions nettes ressort à 102 milliards d’euros, rapporte le Handelsblatt.Le bon résultat de juillet est attribuable aux fonds d’actions et aux obligataires, dont les rentrées nettes ont porté sur respectivement 12,3 milliards et 15,7 milliards, ce qui représente presque un doublement sur juin dans le premier cas et un quadruplement dans le second. Les fonds monétaires ont drainé pour leur part 16,4 milliards d’euros.
Fonds
15/09/2009

Trois départs chez 3i

Trois partners de 3i ont quitté la société pour gérer le pool de 29 actifs qui a été vendu à Coller Capital, HarbourVest Partners et DFJ Esprit, rapporte le Wall Street Journal. Il s’agit de Krishna Visvanathan et de Nigel Pitchford, ainsi que de Jean-David, lequel dirigeait l’équipe parisienne jusqu’à son départ il y a un mois.
15/09/2009
Fonds

T. Rowe Price lance un fonds de grandes capitalisations américaines

Lundi, le gestionnaire américain T. Rowe Price a annoncé le lancement du US Large Cap Core Fund, un compartiment de sa Sicav luxembourgeoise. Ce produit de grandes capitalisation américaines a déjà obtenu l’agrément de commercialisation dans plusieurs pays européens, dont le Royaume-Uni. Le portefeuille de 50-75 lignes sera alimenté par les «meilleures idées» de plus d’une trentaine d’analystes selon une approche strictement «bottom-up» (sélection de valeurs) et géré par Jeff Rottinghaus.Au 30 juin, l’encours de T. Rowe Price en grandes capitalisations américaines représentait plus de 133 milliard de dollars.
Fonds
15/09/2009
Fonds

Les commissions de performance ont le vent en poupe

Cette année, près des deux tiers des gérants, représentant 7.000 milliards de dollars d’encours sous gestion, s’attendent à voir une plus grande utilisation des commissions de performance, tandis que les trois quarts anticipent une baisse des frais de gestion traditionnels dans les prochains mois, selon une étude de Skandia Investment Group citée par le Financial Times Fund Management. Cette tendance intervient à un moment où le secteur de la gestion d’actifs comprend qu’il a besoin de mieux s’aligner avec les intérêts des investisseurs par rapport à avant.
Fonds
15/09/2009

DBAG affiche de nouveau un bénéfice

Le capital-investisseur Deutsche Beteilungs AG (DBAG, environ 900 millions d’euros sous gestion) a fait état lundi d’une perte de 0,3 million d’euros pour les neuf mois au 31 juillet contre 3,4 millions. Le trimestre à fin juillet s’est soldé par un bénéfice net de 12,1 millions d’euros contre une perte de 6,3 millions, grâce à la plus-value de 10 millions d’euros réalisée sur la cession de Lewa GmbH début juillet et à la hausse de l’action Homag. DBAG avait accusé des pertes durant les quatre trimestres précédents.
15/09/2009

Berenberg profite de la crise

Selon Hans-Walter Peters, président des associés-gérants, le nombre de clients de la banque privée Berenberg a augmenté de 7 % depuis le début de l’année, et l’encours géré pour des particuliers fortunés s’est accru d’un milliard d’euros à 8,3 milliards (sur un total de 21 milliards), rapporte la Frankfurter Allgemeine Zeitung. Le bénéfice a gonflé au premier trimestre d’environ 25 % à 35,1 millions d’euros.A terme, Berenberg a l’intention de porter à 100 analystes et traders l’effectif de sa filiale de Londres, qui a déjà triplé à 45 personnes. La banque allemande veut se développer dans la banque d’investissement et se lancer dans les fusions-acquisitions.
15/09/2009

Sal. Oppenheim : due diligence achevée

Un porte-parole de la Deutsche Bank a indiqué lundi à la Börsen-Zeitung que la due diligence des comptes de Sal. Oppenheim est désormais achevée, ce qui est confirmé par ce dernier. D’après les proches du dossier, les pourparlers sur les détails de la prise de participation de la Deutsche Bank dans la banque privée commenceront la semaine prochaine.
15/09/2009

Fitch confirme la note M2+ de Fortis Haitong IM

Lundi, Fitch Ratings a annoncé qu’elle confirme la note M2+ de gestionnaire d’actifs national de Fortis Haitong Investment Management (FHIM) en Chine (54 milliards de yuans d’encours fin juin). FHIM est une coentreprise de Haitong Securities (51 %) et Fortis Investment Management (groupe BNP Paribas). L’agence met entre autres en exergue la stabilité des équipes d’investissement par rapport aux autres gestionnaires d’actifs chinois ainsi que la profondeur de la recherche «propriétaire» de FHIM.Fitch relève également que FHIM affiche des encours plus importants que les autres coentreprises du nouveau groupe en Chine (SYWG BNP Paribas). De plus, la fusion opérationnelle de Fortis Investment Management et de BNP Paribas Investment Partners (BNPP IP) devrait avoir une incidence limitée sur FHIM, ce qui reflète l’indépendance relative de la société.
15/09/2009

SG Private Banking : partenariat pour proposer du conseil en art

SG Private Banking a annoncé le 14 septembre qu’elle s’associait à 1858 Limited Art Advisory afin de répondre à l’intérêt croissant des particuliers fortunés pour l’art et offrir à ses clients internationaux des prestations de conseil en art."Les spécialistes en art de 1858 Limited Art Advisory conseilleront et assisteront les clients de la banque privée en toute impartialité et discrétion sur les divers aspects de la gestion de leur patrimoine artistique», précise un communiqué de SG Private Banking. L’offre de services comprendra la sélection, l’estimation et la négociation d’oeuvres d’art, permettant notamment d’obtenir des réductions significatives de charges transactionnelles; le conseil dans l’achat et la vente d’objets d’art ; la constitution et la valorisation de collections d’art ; la gestion logistique des expéditions, de la restauration, de l’accrochage et du stockage des oeuvres ; la représentation au sein des maisons de vente ; l’organisation de ventes privées ; ainsi que le conseil en philanthropie.

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