Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
27/07/2009
Fonds

Un fonds de M Stanley investit dans Aldermore

Selon le Financial Times, le fonds de fonds de private equity de Morgan Stanley va annoncer lundi un investissement de 45 millions de livres dans Aldermore Bank, en partenariat avec Anacap Financial. Morgan Stanley Alternative Investment Partners gère un total de 16 milliards de dollars.
Fonds
27/07/2009
Fonds

Mike Hussey et Neil Jones montent un fonds immobilier

L’ancien board director de Land Securities, Mike Hussey, s’est associé à Neil Jones, l’ancien patron Europe de Grosvenor, pour mettre sur pied un fonds de 500 millions de livres destiné à racheter des actifs immobiliers sous-évalués au Royaume-Uni et sur le Continent, rapporte The Sunday Times. Dans un premier temps, ils sont en négociations avec des particuliers haut de gamme et des capital-investisseurs pour lever 150 millions de livres. Le lancement est prévu pour cet automne.
Fonds
27/07/2009
Fonds

Les hedge funds plus optimistes

Selon La Tribune, l’industrie des hedge funds a connu un regain d’optimisme au deuxième trimestre. Selon Hedge Fund Research, les encours ont augmenté de près de 100 milliards de dollars, à 1.400 milliards de dollars, entre avril et juin. L’optimisme revient. Pour Benjamin Mouté, responsable de la recherche chez NewFinance Capital, «la vague de rachats se termine». On note également un retour des institutionnels. Le secteur anticipe un mouvement de collecte dans les trimestres à venir, notamment des fonds de pension.
Fonds
27/07/2009

L'amnistie fiscale italienne aura peu d'impact sur les banques suisses

L’Italie s’apprête à proposer, pour la troisième fois depuis 2001, une amnistie à ses contribuables ayant transféré illégalement des capitaux vers des destinations fiscalement plus clémentes, indique l’Agefi. Mais le courtier Keefe, Bruyette & Woods (KBW) souligne l’impact limité en termes de sorties d’actifs pour les banques privées suisses.
27/07/2009
Fonds

Shell transfère 2 milliards d'euros à son fonds de pension

Dans la dernière livraison de sa lettre d’information, le Shell Pensioenfonds indique que les sociétés du groupe Royal Dutch Shell ont effectué des versements totalisant 2 milliards d’euros durant le deuxième trimestre. Ces apports ont contribué à remonter le taux de couverture du fonds de pension au niveau réglementaire minimum de 105 % au 30 juin.Le fonds précise que Shell fournira sur une base trimestrielle des capitaux supplémentaires durant les prochains mois si le taux de financement devait tomber sous la barre des 105 % et ce pendant un maximum de 10 trimestres. Ces versements viennent s’ajouter à l’augmentation substantielle de la contribution patronale qui a déjà été relevée à 23,6 % contre 5 % au 1er janvier 2009 et qui vient de passer à 32,1 % au 1er juillet. Conformément aux statuts, la cotisation des salariés se situe actuellement à 2 % de la rémunération jusqu'à 84.881 euros et à 8 % au-dessus.
Fonds
27/07/2009

L'encours des Sicav a nettement diminué au T1

Selon VDOS Stochastics, l’encours total des Sicav espagnoles ressortait fin mars à presque 22,7 milliards d’euros fin mars, soit 7,6 % de moins que trois mois plus tôt répartis sur 3.278 véhicules contre 3.490, rapporte Funds People.La plus grosse de ces sociétés de gestion destinées aux grandes fortunes était Morinvest, de BBVA Patrimonios, avec 383 millions d’euros, devant Allocation de Pactio Gestión (346 millions) et Keblar de Inversiones (la Sicav d’Amancio Ortega) avec 285 millions d’euros à fin mars.
27/07/2009
Fonds

Golden Hedge lance un fonds multi-stratégie

Selon Hedge Week, la structure basée à Malte Golden Hedge Umbrella a lancé un hedge fund multi-stratégie, le Golden Hedge Multi-Stratégy Fund, pour lequel il recherche actuellement des investisseurs potentiels.Le fonds, géré par Andreas Koettner et Bernard Goetsch, est spécialisé dans les strategies d’arbitrage sur indices boursiers et le trading de commodities. Les gérants visent un rendement annualisé de 15 % assorti d’une volatilité de 8 %. L’investissement minimum a été fixé à 100.000 euros, avec une liquidité mensuelle.
Fonds
27/07/2009
Fonds

Calpers rachète des centres commerciaux

Calpers va racheter un portefeuille de 86 centres commerciaux aux Etats-Unis pour 1,73 milliard de dollars, soit environ 1 milliard de dollars de moins que le prix auquel il l’a vendu il y a quatre ans, rapporte le Financial Times. Le vendeur est Macquarie CountryWide Trust.
Fonds
27/07/2009
Fonds

Goldman Sachs va lancer un Ucits III long short equity

Selon Citywire, Goldman Sachs Asset Management (GSAM) va lancer un fonds long short sur actions US de type Ucits III. Le Goldman Sachs Fundamental Equity Long-Short sera lancé en septembre et géré par la directrice des investissements, Eileen Rominger.
Fonds
27/07/2009

Neuberger Berman acquiert Trust Company

Le groupe Neuberger Berman a annoncé l ‘acquisition de Lehman Brothers Trust Company, N.A. et Lehman Brothers Trust Company of Delaware, en bref The Trust Company. A la clôture de la transaction qui devrait intervenir d’ici à la fin de l’année, la Neuberger Berman Trust Company sera dirigée par Robert J. Laughlin, l’actuel président de Lehman Brothers Trsut Company, N.A.Au 30 juin 2009, Neuberger Berman était à la tête de quelque 158 milliards de dollars d’encours sous gestion.
27/07/2009

BNY Mellon cède des activités à Banco Sabadell

Bank of New York Mellon a annoncé le 23 juillet la cession de Mellon United National Bank of Miami (335 collaborateurs) au groupe espagnol Banco Sabadell.Cette opération illustre la volonté du groupe américain de concentrer ses efforts sur le développement de ses activités de wealth management et de private banking en Floride.La transaction, dont le montant n’a pas été divulguée, devrait être bouclée au premier trimestre 2010. Une fois l’opération achevée, BNY Mellon emploiera encore près de 1.250 personnes en Floride, notamment dans les activités de gestion de fortune.
27/07/2009

Roland Lescure quittera Groupama AM le 1er octobre

Groupama Asset Management nous a confirmé le départ de son directeur des gestions, Roland Lescure, dont la nomination en tant que premier vice-président et chef des placements de la Caisse de dépôt et placement du Québec vient d'être annoncée.La société de gestion française précise que l’intéressé continuera à assurer ses fonctions jusqu’au 1er octobre. Quant au nom de son remplaçant, il devrait être annoncé mi-septembre. Il pourra s’agir aussi bien d’une personne interne à la société qu’un candidat externe. Dans ses nouvelles fonctions au Québec, Roland Lescure «sera responsable de la stratégie de placement de la Caisse, de la répartition de l’actif du portefeuille global et de la recherche soutenant les activités d’investissement. Il supervisera également les investissements sur les marchés liquides (actions, titres à revenu fixe, devises et produits de base) et assumera un rôle-conseil clé en matière de placements privés et immobiliers», selon le communiqué de l’institution. La Caisse de dépôt et placement du Québec est une institution financière qui gère des fonds provenant principalement de régimes de retraite et d’assurance publics et privés. Au 31 décembre 2008, son actif net s’élevait à 120,1 milliards de dollars.
27/07/2009
Fonds

Le coût d'un ETF ne se limite pas au TFE

Souvent présentés comme des éléments bon marché dans la construction d’un portefeuille, les ETF sont peut-être plus coûteux qu’on ne le pense. Selon une analyse réalisée par Skandia, il ne faudrait pas se contenter du total de frais sur encours (TFE ou TER), mais aussi prendre en compte les coûts liés à l’allocation d’actifs et au recours à une plate-forme. Pour une comparaison équilibrée, la meilleure approche, estime Skandia, est d'établir un «prix sortie d’usine», à savoir le TER moins les rétrocessions de commissions plus les charges explicites.
Fonds
27/07/2009

Golden Hedge launches a multi-strategy fund

Hedge Week reports that the Maltese structure Golden Hedge Umbrella has launched a multi-strategy hedge fund, the Golden Hedge Multi-Strategy Fund, for which it is currently seeking potential investors. The fund, managed by Andreas Koettner and Bernard Goetsch, is specialised in stock market arbitrage and commodity trading strategies. The managers are aiming for annual returns of 15%, with volatility of 8%. Minimal investment is set at EUR100,000, with monthly liquidity reporting.
27/07/2009

Some pension funds already observe ESG criteria

According to a study entitled “The Time to Lead is Now: The Adoption of ESG Analysis by Asian Government Pensions Funds,” from the Association for Sustainable & Responsible Investment in Asia (ASRIA), the majority of Asian pension funds are lagging behind in their adoption of environmental, social and governance (ESG) criteria. However, some big names in the sector have already set up directives relative to governance and the use of voting rights, Global Pensions reports. These include the National Pension Corporation in South Korea, the Employees’ Provident Fund in Malaysia, the Government Pension Fund in Thailand, and the National Social Security Fund in China. Wai-Sun Chan, executive director of ASRIA, says that in their quest for higher returns, Asian pension funds should identify long-term investments which will prove both secure and sustainable in the face of environmental and social challenges.
27/07/2009

Goldman Sachs to launch a UCITS III-compliant long/short equity fund

Citywire reports that Goldman Sachs Asset Management (GSAM) is planning to launch a long/short US equities fund in a UCITS III-compliant format. The Goldman Sachs Fundamental Equity Long-Short fund will be launched in September, and will be managed by the CIO, Eileen Rominger.
27/07/2009

CalPERS acquires shopping centres

CalPERS will buy a portfolio of 86 shopping centres in the United States for USD1.73bn, about USD1bn less than the price at which the centres were sold four years ago, the Financial Times reports. The vendor is Macquarie CountryWide Trust.
27/07/2009

Mike Hussey and Neil Jones found a real estate fund

The former board director of Land Securities, Mike Hussey, has teamed up with Neil Jones, former head of Europe at Grosvenor, to set up a GBP500m fund to acquire undervalued real estate properties in the United Kingdom and on the European continent, the Sunday Times reports. The managers are initially in negotiations with high net worth private investors and private equity to raise GBP150m in capital. The launch of the fund is planned for this autumn.
27/07/2009

Fewer launches of hedge funds

The number of hedge funds launched in Europe has fallen in first half to its lowest level since 2000. As of the end of June, 47 funds had been launched, compared with 106 in the corresponding period of last year, and with about 190 in 2007, according to statistics from HedgeFund Intelligence, cited by the Financial Times. The new funds raised only USD2.1bn.
27/07/2009

Former stars of international equities return to the limelight

Citywire reports that several managers of international equities who in the past have been well-known in Europe have returned to high-profile positions. Former stars rated AAA by Citywire, such as Francisco Garcia Paramés, Rolf Stout, Charles Firmin-Didot, Frank Lingohr and François Badelon, are once again in the top 5% of managers, after about two years of underperformance, based on rankings for the global euqities category over the past six months.
27/07/2009

db x-trackers launches an ETF based on the DB Commodity Booster DJ-UBSCI

On Friday, db x-trackers (Deutsche Bank) listed a new ETF fund for trading on the XTF segment of the Xetra electronic platform. The DB Commodity Booster DJ-UBSCI ETF replicates the DB Commodity Booster DJ-UBS index, which reproduces the performance of 19 commodity futures, using the Optimum Yield methodology developed by Deutsche Bank. Futures are not systematically “rolled” over to the next futures contract, (which is the system used by other intelligent indices from Société Générale; see Newsmanagers of 5 June). This formula makes it possible to select the contract which maximises gains in backward (deport) situations, or which minimises losses in case of contango (report). The new ETF, registered in Luxembourg (LU0429790743), complies with the UCITS III directive, and shares in Euros are hedged for currency risks. Management commission is set at 0.95%.
27/07/2009

Cost of an ETF is not limited to its TER

Though ETFs are often presented as a low-cost element for use in the construction of portfolios, they may be more costly than previously thought. According to an analysis by Skandia, the total expense ratio (TER) is not the only factor that should be taken into account, but rather costs related to asset allocation and the platform used should also be considered. For a balanced comparison, the best approach is to establish an overall “factory price,” consisting of the TER, minus commission kickbacks, plus explicit costs.
27/07/2009

Shell transfers EUR2bn to its pension fund

In its latest newsletter, the Shell Pensioenfonds announces that companies of the Royal Dutch Shell group made payments to the fund totalling EUR2bn in second quarter. These contributions have helped to raise the pension fund’s coverage level to the regulatory minimum of 105% as of 30 June. The fund states that Shell will provide supplementary capital on a quarterly basis in the next few months if coverage rates fall below 105%, up to a maximum of 10 quarters. These payments come in addition to a substantial increase in ordinary contributions tot he fund, which had already risen to 23.6%, compared with 5% as of 1 January 2009, and which rose further to 32.1% as of 1 July. To comply with statutes, employee benefits now stand at 2% of salary up to EUR84,881, and 8% above that level.
27/07/2009

Roland Lescure to leave Groupama AM on 1 October

Groupama Asset Management has told Newsmanagers that its director of management, Roland Lescure, will be leaving the firm, as his appointment as the first vice-president and chief investment officer at the Caisse de dépôt et placement du Québec has been confirmed. The French management firm states that Lescure will continue to serve in his current position until 1 October. The name of his replacement will be announced in mid-September; it may be either an internal or an external appointment. In his new duties in Quebec, Lescure “will be responsible for investment strategy for the Caisse, for allocation of assets in the global portfolio, and research to support investment activities. He will also oversee investment in liquid markets (equities, fixed-income securities, currencies, and basic commodities) and will act as a key advisor for private and real estate investments,” according to a statement from the firm. The Caisse de dépôt et placement du Québec is a financial institution which manages funds belonging primarily to retirement plans and public and private insurance programs. As of 31 December 2008, its net assets totalled USD120.1m.
27/07/2009

Neuberger Berman acquires Trust Company

The Neuberger Berman company has announced the acquisition of Lehman Brothers Trust Company, N.A. and Lehman Brothers Trust Company of Delaware, also known as The Trust Company. At the conclusion of the transaction, by the end of the year, the Neuberger Berman Trust Company will be led by Robert J. Laughlin, currently president of Lehman Brothers Trust Company, N.A. As of 30 June 2009, Neuberger Berman had approximately USD158bn in assets under management.
27/07/2009

FundQuest expands product range

Hedge Week reports that the financial services provider FundQuest has undertaken an adjustment of its allocation strategy, integrating three new asset classes into its open architecture platform for independent financial advisors. The three asset classes are hedge-style common investment funds, commodities, and international bonds. In FundQuest’s example portfolios, about 10% of assets may be invested in alternative asset classes.
27/07/2009

AMF extends ban on short-selling until January 2010

The college of the AMF confirmed that it has decided to extend measures announced in September 2008 which prohibit short-selling of a list of certain financial sector stocks until January 2010. The college wishes to wait for the results of a consultation announced on 8 July by the CESR, whose proposals it generally adopts, before deciding what course of action to take in France, the AMF says in a statement published on 24 July. The AMF places emphasis on the face that it considers it essential for a seller of shares to transfer the shares sold over a regulated market or a multilateral trading platform which processes the transfer J+3, which means three days after the date of the transaction. For these purposes, “the short-seller must have have signed an agreement in principle with a securities lender previous to trading, stating that it will be in a position to deliver the shares within J+3.” The AMF has also invited IOSCO and the CESR to study the following complementary measures “with the closest possible attention,” which, the regulator suggests, would serve to perfect the regulatory framework for short-selling. 1. All investors shall be required to inform their intermediary if an order they are about to pass is related to a short-sale. 2. All intermediaries shall be required to pass on this information to the regulator, in such a manner that the regulator shall be able to pass on aggregate information to the market. 3. Short-selling parties shall be prohibited from making a trade at a lower price than the most recent market price. 4. The regulator shall be in a position to prohibit short-selling in exceptional circumstances, as for example in the case of a brutal collapse in share prices exceeding a pre-defined threshold.
27/07/2009

Oddo sanctioned by AMF for management of enhanced money market funds

The French market regulator, the Autorité des marchés financiers (AMF), announced on Friday, 24 July that it has “issued a warning and a pecuniary sanction of EUR300,000, to the bank Oddo & Cie and one of its affiliates, Oddo Asset Management (OAM).” The two decisions, taken by the regulator’s Sanctions Commission, were issued on 18 June 2009. In both cases, the offending activities were “management and sales of funds referred to as ‘enhanced money market’ type in the period preceding the onset of the ‘sub-prime’ crisis in summer 2007,” the AMF says in a statement. Two years ago nearly to the day, Oddo Asset Management decided to close the dynamic money market funds Oddo Cash Titrisation, Oddo Cash Arbitrages and Oddo Court Terme Dynamique, which had total assets of EUR1bn, due to the liquidity crisis on the US securitizations market. The closure was followed by the liquidation of the three funds. The Sanctions Commission states that “...though the results of the infractions accounted for in the current verdict were thrown into relief by the emergence of the financial crisis which began in the United States, they must be … considered in themselves as of the date when they were committed.” The AMF states that the decisions may be subject to appeal under the conditions set forth in articles R. 621-44 to R. 621-46 of the monetary and financial code.
27/07/2009

Trader under investigation by SEC found dead

The trader Hazem Al-Braikan, CEO of Al-Raya Investment Co., who was suspected by the Securities and Exchange Commission of making more than USD5m in profit from the dissemination of false information about two US businesses, has been found dead in his home in Kuwait City, the Wall Street Journal reports.
27/07/2009

Hedge fund directive: US government wants to be heard

The United States are quietly lobbying Europe to change the terms of the Alternative Investments Funds Directive, the Wall Street Journal reports. They are lining up with the United Kingdom. In its current form, the European directive would prevent some US businesses from operating in Europe.

Sujets d'actualité

Tous les sujets