En juin, les fonds de droit britannique dédiés aux particuliers ont enregistré des souscriptions nettes de 2,5 milliards de livres, après presque 3 milliards en mai, selon les dernières statistiques de l’Investment Management Association, l’association britannique des professionnels de la gestion. Sur ce total, 990 millions de livres se sont dirigés vers des fonds actions et 897 millions vers des fonds obligataires. Richard Saunders, directeur général de l’IMA, constate que «les investisseurs sont revenus sur les marchés ces derniers mois, et juin a été la continuation de cette tendance. Les investisseurs particuliers ont commencé ces deux derniers mois à investir dans les fonds actions, notamment les actions internationales, ainsi que dans les fonds obligataires. En conséquence, les souscriptions nettes des particuliers au deuxième trimestre ont été les plus fortes jamais enregistrées». A fin juin, les encours des fonds domiciliés au Royaume-Uni ressortaient à 389,3 milliards de livres, légèrement en retrait par rapport à mai (391,6 milliards) et en repli de 9 % sur juin 2008.
Leigh Himsworth, le gérant du Royal London UK Mid-Cap Growth, quittera RLAM pour rejoindre Gartmore, où il sera nommé directeur des actions britanniques, rapporte Investment Week.
Entre janvier et juin, les fonds actions ont enregistré des souscriptions de 4,9 milliards d’euros, selon les données de l’association allemande BVI des sociétés de gestion. C’est le premier bilan semestriel positif pour ces fonds depuis 5 ans, note das investment. Sur la même période en 2008, les fonds actions avaient subi des décollectes de 1,1 milliard d’euros. A fin juin 2009, les fonds actions enregistrés auprès du BVI géraient plus de 155 milliards d’euros.
Au titre du deuxième trimestre 2009, le bénéfice net de la division gestion d’actifs et de fortune (Asset & Wealth Management ou AWM) de Deutsche Bank s’est établi à 618 millions d’euros, soit une baisse de 35,65 % (344 millions) sur un an. La banque allemande précise que les recettes tirées de la gestion de fonds et de portefeuilles (dans la gestion collective ou Asset Management, AM) se sont tassées de 163 millions d’euros (32%). Le bénéfice net de la division de Deutsche Bank dédiée aux clients privés et à la gestion d’actifs (PCAM) est ressorti quant à lui à 2 milliards, en baisse de 17 % comparé au deuxième trimestre 2007.
La Financial Industry Regulatory Authority a infligé des amendes de 150.000 et 100.000 dollars respectivement aux réseaux de courtage outre-Atlantique de Merrill Lynch et UBS pour avoir failli dans leurs procédures de supervision, rapporte l’Agefi.
Selon le Wall Street Journal, qui cite des personnes proches du dossier, Kohlberg Kravis Roberts & Co. prépare l’introduction en Bourse de Dollar General Corp. La société de private equity sera pour la première fois l’un des principaux souscripteurs de l’opération ; elle participera à la vente des actions aux investisseurs via une alliance récente avec Fidelity Investments. KKR doit réussir cette introduction afin de conforter sa réputation en vue de sa propre cotation en Bourse.
Au premier semestre, l’Union Financière de France voit son résultat d’exploitation chuter de 86 % sur un an glissant à 3,9 millions d’euros. Le résultat net consolidé part du groupe suit la même évolution à 3 millions (-83 %).Une baisse qui s’explique notamment par la diminution de 33 % du produit net bancaire du premier semestre à 56,8 millions d’euros, liée au recul des commissions de placement de 31 %. Dans le même temps, les charges d’exploitation étaient réduites de 8 %. Au premier semestre 2009, l’Union Financière de France a néanmoins enregistré des souscriptions nettes de 40 millions d’euros. Hors rachats, la collecte se monte à 444 millions d’euros, en baisse de 8 % par rapport à celle du premier semestre 2008 et de 3 % par rapport à celle du second semestre 2008. Ce solde positif, associé au redressement des cours, a permis de porter les actifs gérés à 6,2 milliards d’euros au 30 juin 2009, contre 5,9 milliards d’euros au 31 décembre 2008. Mais ils restent toujours en repli par rapport aux encours du premier semestre 2008 (6,8 milliards d’euros).
Le United Nations Principles for Responsible Investment (UNPRI) prévoit d'éjecter au moins six signataires des Principes pour l’investissement responsables d’ici à fin août, indique Responsible Investor du 28 juillet. En effet, ces membres n’ont pas indiqué s’ils avaient pris des mesures pour mettre en œuvre les six principes environnementaux, sociaux et de gouvernance.
Esperia, la joint venture entre Mediobanca et Mediolanum, vise les 10 milliards d’euros d’encours sous gestion, explique le CEO, Andrea Cingoli, à Il Sole – 24 Ore. Un objectif qui n’est plus très loin, car sur les 8 premiers mois de l’année, les actifs sont passés de 8,1 milliards à 9,3 milliards d’euros. La société a aussi renoué avec les bénéfices.
La banque EFG International a vu son bénéfice net plonger de 89 % à 20 millions de francs suisses au premier semestre, rapporte Le Temps. Les actifs sous gestion ont reculé de 17 % à 80,4 milliards. Le bénéfice net du groupe inclut des charges exceptionnelles de 33 millions de francs.
In May, more than EUR1bn were reinvested in European SRI funds, thanks to a rising trend on equities markets, according to the most recent statistics compiled for Responsible Investor by Lipper Feri. Bond funds were among the best-selling types of investment.
The Wall Street Journal reports, citing people familiar with the matter, that Kohlberg Kravis Roberts & Co. is preparing an initial public offering of Dollar General Corp. The private equity firm will for the first time be one of the lead underwriters on the deal; it will participate in the sale of shares to investors via a recent alliance with Fidelity Investments.
UBS AG is still negotiating with the United States Justice Departments and the Swiss government, the Wall Street Journal reports. The discussions will likely lead to a postponement of a hearing set for 3 August in a US federal court in Miami, according to one person familiar with the case.
In first half, the Union Financière de France has seen a decline in its operating results of 86% in one year in annualized terms, to EUR3.9bn. Consolidated net results for the part of the group have developed along similar lines, at EUR3m (-83%). This decline is largely due to a 33% fall in net banking proceeds in first half, to EUR56.8m, due to a fall in investment commissions of 31%. At the same time, operating costs were reduced by 8%. In first half 2009, the Union Financière de France posted net subscriptions of EUR40m. Excluding redemptions, inflows total EUR444m, a decline of 8% compared with first half 2008, and of 3% compared with second half 2008. This positive bottom line, related to a recovery of asset values, has brought assets under management up to EUR6.2bn as of 30 June 2009, compared with EUR5.9bn as of 31 December 2008. But they are still below their levels in first half 2008 (EUR6.8bn).
The United Nations Principles for Responsible Investment (UNPRI) is planning to exclude at least six signatories of the Principles by the end of August, Responsible Investor reports on 28 July. These members have not disclosed whether they have taken measures to apply the six environmental, social and governance principles.
Between January and June, equities funds have posted subscriptions of EUR4.9bn, according to statistics from the German BVI association of management firms. This is the first positive demiannual bottom line for these funds in 5 years, das Investment reports. In the equivalent period of 2008, equities funds underewent outflows of EUR1.1bn. At the end of June 2009, equities funds registered with the BVI managed more than EUR155bn.
Putnam Investments is expected to announce on Tuesday plans to cut fees on some of its funds in order to make them more competitive, the Wall Street Journal reports. The asset management firm is planning to cut fees for its fixed-income funds by about 13%, to bring its prices more in line with bond funds from Fidelity or Pimco. Putnam will also reduce fees for its asset allocation funds by 10%, and will eliminate management fees for target-date products.
Henderson Global Investors has appointed Mark Carpenter as director of real estate funds, replacing Roger Dossett, who will be leaving the firm at the end of the year, Investment Week has told us. Mark Carpenter will take over as head of the New Star UK Property fund and the New Star International Property funds, which are still frozen.
In third quarter 2009, the Scottish management firm Aberdeen has undergone further net redemptions, totalling GBP2.2bn, which nonetheless represents a slowdown compared with redemptions which totalled GBP4.3bn and GBP4.1bn in first and second quarters this year. These redemptions were concentrated in fixed income (-GBP2.7bn), while equities have shown net subscriptions of GBP1.5bn. For the first nine months of the year so far, Aberdeen shows net redemptions of GBP10.7bn, including GBP11.7bn in redemptions from fixed income. With the addition of GBP35.3bn from the acquisition of Credit Suisse, Aberdeen has seen its assets increase to GBP129.2bn at the end of June, from GBP96.3bn as of 31 March.
GLG Partners, one of the largest hedge fund managers in the world, is planning to launch an oil production venture that will be listed on the London Stock Exchange, the Financial Times reports, citing sources familiar with the matter. The firm, to be called Lothian, will be seeded by GLG, and will use money raised from its IPO, expected to be about USD500m, to make strategic investments in oil production assets worldwide.
Fitch Ratings on Monday published new ratings criteria for credit managers, which take account of changes that have taken place in the asset management industry and the lessons of recent dislocations on the credit markets.
UBS Wealth Management Americas has decided to stop sales of leveraged and inverse ETFs to its clients, stating that the short-term nature of these funds is not compatible with the long-term investment vision at UBS, the Wall Street Journal reports.
GAM will close the range of funds managed by Ross Hollyman, representing assets of USD200m, when he leaves the firm for Liontrust at the end of this year. These funds have not performed very well recently, Investment Week reveals.
Source, a specialist provider of Exchange Traded Products created by Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley , launched on Monday 18 ETFs linked to the newly created Dow Jones STOXX 600 Optimised Supersector Index family. One of the defining features of these new indices is that they are the first to take into account an investors’ ability to borrow a stock in the stock lending market. Source has has USD774 million as of Friday 24 July 2009.
The future GAM Holding Ltd., which includes asset management activities from Julius Baer, including Private Label fund activities, has seen a fall in its adjusted pro forms profits of 66% in the first half in annualised terms, to CHF78m. The fall comes as assets have fallen from CHF215.4bn as of 30 June 2008 to GBP156.2bn as of the end of June. In the half, GAM Holding Ltd has undergone net redemptions of CHF0.5bn, compared with +CHF1.9bn in first half 2008, and -CHF24.5bn in second half 2008. For its part, the future Julius Baer Group Ltd. (which includes private banking, excluding Private Label fund activities) has seen its adjusted pro forms net profits fall by 13%, to CFH246m. The entity has attracted subscriptions from private clients totalling CHF4bn for the half, and has seen assets under management in the unit fall to a total of CHF142bn, from CHF148bn one year earlier. In first half, Julius Bart has undergone a 37% fall in its consolidated net profits, to CHF324m, comapred with the corresponding period of last year. Consolidated assets under management have risen 9% from the end of 2008 to a total of CHF299bn. Taking into account deposits which have risen by CHF68bn, total assets of clients total CHF367bn. Following its approval by an extraordinary general assembly on 30 June 2009, the separation of private banking and asset management activities as on course to be completed in the third quarter of this year, though it remains subject to the approval of regulatory authorities, Julius Baer points out.
Commerzbank has sold Dresdner Bank (Switzerland) to LGT Grour for an undisclosed sum, Fondsprofessionell reports. As of 31 December 2008, the Swiss affiliate of the German bank had 311 employees and managed CHF9.4bn.
Frédéric Barroyer, a former employee of Société Générale Asset Management (SGAM), has been appointed president and CEO of Société Générale Securities Services Germany (SGSS KAG). He will be based in Munich. Barroyer joined SGAM in 1998, initially as a head of financial operations in Paris, and then became COO of SGAM Japan. In 2005, he became CEO of the Asia Pacific ex Japan region at SGAM, and was based in Singapore. In Germany, SGSS employs nearly 300 people in Frankfurt, Munich, and Hamburg. These locations offer custodial, fund administration, Master-Kag and transfer agency services.