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25/08/2009

Number of mergers and acquisitions in asset management declines

The number of mergers and acquisitions in the asset management sector has fallen by one third in the first half of the year, Financial Times Fund Management reports, citing statistics from Jeffries Putnam Lovell. Between January and June, 73 such operations took place, compared with 109 in the corresponding period of last year. Independent asset management firms have replaced banks and insurance companies as the most active buyers, FT FM observes. In the next 12 months, Jeffries estimates that mergers and acquisitions will be driven by the buyer side.
25/08/2009

Mergers and acquisitions: Expansion, rather than survival, becomes a dominant theme

With the recovery of the markets and the dissipation of investors’ fears, merger and acquisition activities in financial services in the next twelve months will be fed by buyers seeking to increase their size rather than by vendors seeking to survive, Jefferies Putnam Lovell predicts in the study “ Winds of Change: First-Half 2009 M&A Activity in the Global Asset Management, Broker/Dealer, and Financial Technology Industries.” The authors find that the motivation of vendors in the past nine months, including the need for capital and survival, will now be replaced by more traditional catalysts for merger and acquisition activities, such as diversification of products, distribution of capital necessary to initiate new phases of growth, and needs of liquidity on the side of vendors. Jefferies Putnam Lovell estimates that financial establishments that sell off asset management units will seek to retain minority stakes in them, largely in order to profit from the economic recovery.
25/08/2009

APG pension fund appoints a new CIO

The Dutch management firm APG, which manages the EUR180bn assets of the eponymous pension fund, has appointed Angelien Kemma as CIO and CEO of APG Asset Management. She replaces Roderick Munsters, who has moved to Robeco. Kemna was previously professor at Erasmus University in Rotterdam, after spending several years at ING Investment Management, as CIO Global and then CEO of ING IM Europe.
25/08/2009

Standard Life recruits a director from BlackRock

Standard Life Investments has added to its fixed income unit with the appointment of Andrew Fraser as investment director specialised in banking. He previously worked at BlackRock, as a director in the European credit analysis department. In the fixed income team, Fraser will report to Craig MacDonald, director of Investment Grade - corporate bonds. He will be in charge of analysing the European and British banking sectors.
25/08/2009

Hermes appoints a chief economist for fixed income

Hermes Fund Managers has appointed Neil Williams as chief economist on the fixed income team. Williams was previously head of research and strategy for government bonds at Mizuho International, in London. He will report to Penni Coe, director of government and inflation-indexed bonds.
25/08/2009

LV=AM recruits a team from Credit Suisse

Graham Ashby, along with his colleagues at Credit Suisse, Michael Crawford, Marcus Chandler, and Mira Bhogaita, have been hired by LV=Asset Management to take over the UK Growth and UK Equity Income funds, currently managed by Chris Price, head of the equities team, Investment Week reports. LV=AM manages about GBP1.1bn in UK equities. The funds which were managed by Ashby at Credit Suisse have been outsourced by the asset management firm to Premier Asset Management.
24/08/2009

Things are improving, says Bernanke, but there is still a lot left to do

In his address on Friday, 21 August, to the annual meeting of economists at Jackson Hole, Wyoming, organized by the United States Federal Reserve, Ben Bernanke, its chairman, claimed that the US economy has “avoided the worst,” and that it appeared to be stabilizing, with “good” prospects of a return to positve growth in the short term, La Tribune reports. The rebound will likely be “relatively slow at the beginning,” in light of considerable difficulty in gaining access to credit for many households and businesses. Bernanke insisted that “a new financial regulatory framework” needs to be created in the United States and in the world, which would draw “lessons from the crisis, and which would prevent a repetition of the events of the past two years.” Jean-Claude Trichet, chairman of the European Central Bank, has also stated that there is a mountain of work to be done, and that regulatory changes are needed to restore the stability of the financial system.
24/08/2009

Five funds post performance of over 60%

According to VDOS Stochastics, The BBVA Bolsa Europa Finanzas, whose benchmark index is the DJ Stoxx 600 Banks, has posted the best performance of any Spanish fund since the beginning of the year, with returns of 68.83%, compared with 68.25% for the Accion FTSE Latibex Brasil (68.25%), Cinco Días reports. The Sabadell BS America Latina Bolsa has earned 64.59%, and the Bestinvest Hedge Value Fund comes fourth, with 63.06%. The Eurovalor Iberoamerica comes in fifth place, with returns of 61.99%, with the Renta 4 Latinoamerica in sixth place, at 58.83%.
24/08/2009

Four new strategy ETFs listed in Frankfurt

The Deutsche Börse has announced that it has admitted four new “strategy” ETFs from ETF Securities to trading on the XTF segment of its Xetra electronic platform. All four are German-registered products. The products are the ETFS Dax 2x Long Fund, which replicates the evolution of the LavDAX x2 Index, the ETFS Dax 2x Short Fund, which is based on the ShortDAX® x2 Index, and the ETFS Dow Jones EURO STOXX Double Short (2x) Fund, whose benchmark is the Dow Jones Euro STOXX 50 Double Short Index. Management commission for the three ETFs is 0.60%. The fourth new product is the ETFS Dow Jones EURO STOXX 50 Leveraged (2x) Fund, which reproduces the evolution of the Dow Jones EURO STOXX 50 Leveraged Index, for which management commission is set at 0.40%. With the addition of these new products, the XTF segment now lists 481 ETFs.
24/08/2009

Spain opens market to other ETF promoters

According to Expansión, the Spanish government has decided to modify its regulations to bring the tax regime applicable to ETFs registered in the form of Sicav funds into line with the regime for traditional funds. This has previously been the largest obstacle to the entry of iShares (BlackRock) and db x-trackers (Deutsche Bank), among others, into the Spanish market. Currently, only BBVA and Lyxor are active on this market.The Spanish government is also planning to cancel minimal subscriptions of EUR50,000 for professional investors to local hedge funds, and to authorize real estate funds to invest in other real estate funds and in SOCIMI (Spanish REITs), which would make it possible to launch real estate funds of funds.
24/08/2009

Sicavs and funds may invest in foreign private equity

The Spanish government is planning to allow Spanish fund and Sicav managers to invest in foreign private equity funds, Expansión reports. The rule could come into effect as soon as fourth quarter of this year. Currently, funds and Sicavs are allowed to invest only in Spanish private equity funds, from their discretionary investment allocation limited to 10% of assets.
24/08/2009

Assets in hedge funds continue to increase

In July, hedge funds posted their third consecutive month of rising assets, Eurekahedge reports. Assets rose by nearly USD11bn in the month, to a total of USD1.350trn. This increase is largely related to positive market effects, while net subscriptions totalled USD2.1bn. About USD15bn were invested in hedge funds, but USD12.9bn were withdrawn.
24/08/2009

Fund assets at lowest levels since 2002

According to statistics from the Bank of Spain, Spanish households at the end of June had assets of EUR130.14bn in the form of shares in investment funds, 18.3% less than one year previously, and the lowest levels since September 2002, Cinco Días reports. However, the decline in annual terms is slowing: it was 20.7% in May, and 21.8% in April, while the steepest monthly contraction was in November 2008, at 29.2%.
24/08/2009

SRI funds represent only 0.52% of total assets

As of the end of June, assets in 27 SRI funds available on the Spanish market represented EUR844.8m, 12.3% less than one year previously, which represents only 0.52% of total assets, compared with USD1.3trn at the end of 2007. These products are available from 19 asset management firms, including, among others, Dexia (15 funds), Pictet (one fund), and Aviva (2 funds).
24/08/2009

DEGI acquires P&G headquarters

Germany’s DEGI, an affiliate of Aberdeen Property Investors, has announced the acquisition for EUR110m of the Italian headquarters of Procter & Gamble (P&G). The 20,000 square metre property, whose sale was agreed in principle in July 2007, will be added to the portfolio of the open-ended real estate fund DEGI International. Real estate assets under management by DEGI in Italy total about EUR860m.
24/08/2009

iShares lists five German ETFs

Continuing its cross-listing strategy, iShares (Barclays Global Investors, BlackRock group) has added five German-registered ETF funds to trading on the Bolsa Mexicana de Valores (Mexico City). The funds now available on the Mexican stock exchange are the iShares DAX (DE), iShares DJ Stoxx 600 (DE), and three bond products: iShares eb.rexx Government Germany (DE), eb.rexx Government Germany 1.5-2.5 (DE) and iShares eb.rexx Government Germany 2.5-5.5 (DE).In May, iShares took over the NAFTRAC ETF from the Mexican bank National Financiera.
24/08/2009

KKR pulls together subscriptions for annex fund

After more than three months of negotiations, Kohlberg Kravis Roberts (KKR) has signed up subscribers to its European 2 fund, who will contribute slightly over EUR400m to an “annex fund,” according to reports in the Frankfurter Allgemeine Zeitung. KKR had initially hoped to obtain EUR730m in capital. The money will allow the private equity investor to address the financial situations of ProSieben Sat1, Kion and Pages Jaunes. This is the first time that KKR has made use of this approach involving annex funds.
24/08/2009

Publicly-traded hedge funds under pressure

After a disastrous year in 2008, the publicly-traded hedge fund sector (in which most funds are listed on the London Stock Exchange) has continued to underperform, deapite a recovery in hedge funds and private equity in the past 7 months, the Financial Times reports. Publicly-traded funds of funds are doing worst of all. On average, funds of hedge funds are trading 18.2% below the value of their assets, according to an RBS study cited by the FT.
24/08/2009

Vice Fund outperforms Ave Maria Catholic Values Fund by a wide margin

Over the past five years, the Vice Fund from Mutuals, which invests at least 80% of its assets (USD80.3bn currently) in tobacco producers, breweries, casinos and weapons manufacturers, has posted returns of 185, while the Ave Maria Catholic Values Fund from Schwartz Investment Trust has earned virtually nothing, the Frankfurter Allgemeine Sonntagszeitung reports. For investors who are seeking higher-than-average returns rather than morally irreproachable investments, the Vice Fund is a better choice, says Marc Lederer of Hesse + Partner. But volatility is also considerably higher for the Vice Fund: currently, the fund has lost 43% since its peak in December 2007, after gaining 146% in its first five years of existence (since its launch in September 2002).
24/08/2009

UN PRI delists five signatories

The United Nations Principles for Responsible Investment (UN PRI) has removed five signatories from its membership lists, as they did not fulfil their annual “reporting & assessment” obligations, which are required, though the signatories receive a one year grace period to comply. In total, 284 signatories participated in the PRI Report on Progress, 2009, which represents a 98% response rate.The institutions ejected from the initiative are DESBAN (Brazil), Christopher Reynolds Foundation (United States), Foresters Community Finance (Australia), Oasis Group Holdings and Trinity Holdings (South Africa). In addition, three institutions voluntarily left the UN PRI: Mennonite Mutual Aid (MMA), New York State Teachers’ Retirement System (NYSTRS), and Rapaki Property Group. 93 new members have meanwhile signed up for the charter. Currently, the PRI has 573 members, of whom 182 are “asset owners,” 282 are asset managers, and 109 are professional service partners.
24/08/2009
Fonds

Prises de bénéfices sur les actions

En juillet, les investisseurs suisses ont pris des bénéfices sur leurs fonds en actions, indique Le Temps. Selon les derniers chiffres de Lipper, les retraits se sont montés à 180 millions de francs suisse. A l’inverse, les fonds obligataires ont attiré 2,648 milliards de francs. Sur les fonds d’allocation d’actifs, les sorties se sont poursuivies à hauteur de 193 millions en juillet, alors que les fonds monétaires ont enregistré des retraits de 352 millions le mois dernier.
Fonds
24/08/2009

Les banques anglo-saxonnes plébiscitent la place suisse

Selon L’Agefi suisse, les banques anglo-saxonnes considèrent la présence en Suisse comme absolument nécessaire lorsque l’on veut occuper une place significative dans le private banking. Leur environnement est parfois délicat, mais les effets variés de la grande crise bancaire de 2008 semblent compter davantage que les problématiques très helvético-suisses de confidentialité. Sans parler des préoccupations tout simplement locales : les actifs, les commissions ont diminué et bien des clients ne sont pas satisfaits des performances. Cependant, les divisions wealth management de Merrill Lynch, Morgan Stanley, Citibank ou encore Barclays, enregistrent des afflux nets de capitaux et même une hausse des actifs en gestion, depuis la reprise des marchés, souligne le quotidien.
24/08/2009

Afflux net de capitaux pour la Banque cantonale bernoise

Selon L’Agefi suisse, la Banque cantonale bernoise a réalisé de bons résultats au premier semestre 2009, avec un bénéfice net avant impôts en hausse de 5,5% à 77,5 millions de francs suisses. L’établissement cantonal a aussi enregistré un fort afflux d’argent frais de 166 millions de francs suisses.
24/08/2009
Fonds

Les fonds cotés sous pression

Après une année 2008 désastreuse, le secteur des fonds alternatifs cotés (dont la plupart sont enregistrés sur le London Stock Exchange) a continué à sous-performer malgré une reprise dans les hedge funds et le private equity ces 7 derniers mois, rapporte le Financial Times. Les fonds de fonds cotés sont ceux qui souffrent le plus. En moyenne, les fonds de hedge funds se négocient actuellement avec une décote de 18,2 % par rapport à la valeur de ses actifs, selon une étude de RBS citée par le FT.
Fonds
24/08/2009

Close Brothers présente une offre pour Kleinwort Benson

Conseillée par Greenhill, la banque privée Close Brothers aurait présenté une offre pour acquérir Kleinwort Benson auprès de la Commerzbank, qui souhaiterait en tirer jusqu'à 300 millions de livres, rapporte The Sunday Times. Parmi les autres candidats repreneurs figure le management de Kleinwort Benson, soutenu par Simon Robertson, le chairman de Rolls Royce, et par sir John Bond, celui de Vodafone.Le nouveau directeur général de Close Brothers, Preben Prebensen, cherche à renforcer les activités de banque privée du groupe ; il aurait aussi l’intention de mettre sur pied un outil en ligne de gestion de fonds pour le compte de clients fortunés, comme Fidelity et Hargreaves Lansdown.
24/08/2009

RBC CM recrute un responsable pour les hedge funds

RBC Capital Markets, le pôle banque de financement et d’investissement de Royal Bank of Canada, vient de recruter Marc Fleischman en tant que managing director et responsable des ventes pour les hedge funds en Europe. L’intéressé travaillait précédemment chez Citigroup.
24/08/2009
Fonds

KKR obtient une rallonge

Après plus de trois mois de négociations, Kohlberg Kravis Roberts (KKR) a obtenu des souscripteurs de son fonds European 2 qu’ils lui apportent un peu plus de 400 millions d’euros dans un «annex fund» ; selon les informations de la Frankfurter Allgemeine Zeitung, KKR avait initialement espéré obtenir de 730 millions d’euros. Ce viatique devrait permettre au capital-investisseur de redresser la situation financière de ProSieben Sat1, Kion et Pages Jaunes. C’est la première fois que KKR doit recourir à cette formule d’un fonds de complément.
Fonds

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