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17/07/2009
Fonds

Les conseillers clientèle optimistes sur les fonds actions, selon Robeco

L’indice de la confiance des conseillers clientèle en Allemagne calculé par TNS Infratest (350 conseillers clientèle de banques, de caisses d'épargne et de banques populaires) a gagné 8,1 points au deuxième trimestre pour ressortir à 96 points, indique Robeco Deutschland. Concernant les perspectives de vente de parts de fonds d’actions durant les six prochains mois, les conseillers sont bien plus optimistes qu’au trimestre précédent. 49 %, soit 19 % de plus qu’au premier trimestre, s’attendent à une hausse des rendements sur ces produits.
Fonds
17/07/2009
Fonds

AmpegaGerling (re)lance deux fonds d'ETF

AmpegaGerling a annoncé jeudi le lancement de deux fonds d’ETF de droit allemand, Gerling Portfolio Multi ETF Strategie et Geling Portfolio Global ETF Aktien qui développent une approche de gestion de fortune. Le premier investit dans des ETF répartis sur les classes d’actifs actions, obligations et alternatif tandis que le second, spécialiste des actions, repose sur le principe de la variance minimale.Ces fonds ont en fait été lancés respectivement le 21 janvier 2000 et le 24 janvier 2001, mais ont été réorientés pour n’investir qu’en ETF le 1er mai 2009. Ils affichaient fin mai des encours respectifs de 5,45 millions et 6,66 millions d’euros.En rétropolation (backtesting), le Mutli ETF Strategy a affiché une performance de 6 % annuels entre janvier 1994 et décembre 2008 ; il n’a accusé aucune perte sur une période de 5 ans. Quant au Global ETF Aktien, il signe pour la période janvier 2000 à décembre 2008 une surperformance relative de 43 % sur MSCI monde.Caractéristiques Dénomination Gerling Portfolio Multi ETF Strategie Gerling Portfolio Global ETF Aktien Code ISIN DE000A0NGJ69 DE0009847350 Droit d’entrée 3,0 % 3,0 % Commission de gestion 1,0 % 1,0 %
Fonds
17/07/2009
Fonds

Union lance un fonds obligataire à horizon

Depuis jeudi, Union Investment (banques populaires) commercialise en Allemagne le fonds luxembourgeois UniEuroRenta Corporates 40 (2014), un fonds à horizon qui investira principalement en obligations d’entreprises et dont l'échéance est fixée au 31 octobre 2014. Au moins 51 % du portefeuille seront investis en obligations d’entreprises européennes, sachant que le nombre de lignes est plafonné à 40 émissions investment grade et qu’aucun titre ne peut représenter plus de 5 % de l’encours. L'équipe de gestion est autorisée à placer au maximum 10 % du fonds dans des emprunts d’Etat ou des emprunts émis avec la garantie de l’Etat.Les obligations seront en principe conservées jusqu'à échéance, sauf en cas de détérioration, où le gérant est habilité à sous-pondérer les titres concernés.Il est prévu une pénalité de 1 % acquise au fonds en cas de sortie prématurée. Caractéristiques Dénomination UniEuroRenta Corporates 40 (2014) Code ISIN LU0420444829 Commissions de souscription Frais de sortie (avant l'échéance) 3 % 1 % Frais de gestion 0,60 % Commission de banque dépositaire 0,05 % Souscription minimale 1 part
Fonds
17/07/2009

SLI recrute un ancien d'ABN Amro

Stanard Life Investments (SLI) a nommé Michael Geier investment director pour l’Allemagne et l’Autriche dans son European Business Development Team. Il sera chargé de développer les relations avec la clientèle de particuliers et les grands investisseurs dans ces deux pays. De 2006 à 2008, l’impétrant a dirigé l’activité fonds offerts au public d’ABN Amro Deutschland pour l’Allemagne, le Luxembourg, l’Autriche et la Suisse, après avoir dirigé pendant six ans la distribution de Mellon Global Investments en Allemagne et au Luxembourg.Michael Geier sera basé à Francfort et subordonné à Phil Barker, head of European business development.
17/07/2009

Baisse des résultats de JP Morgan Chase en gestion d'actifs

JPMorgan Chase a dégagé au deuxième trimestre un résultat net de 352 millions de dollars, en recul de 11% par rapport au deuxième trimestre 2008, en raison notamment d’une augmentation des provisions pour pertes sur crédits. On observe toutefois que par rapport au premier trimestre de l’année, le résultat trimestriel marque un gain de 128 millions de dollars ou 57%, en raison entre autres d’une hausse des commissions et de l’amélioration des conditions de marchés. Le bénéfice net trimestriel du groupe ressort à 2,72 milliards de dollars contre deux milliards un an auparavant. Toutefois le bénéfice par action recule à 28 cents contre 53 cents, conséquence d’une augmentation du flottant.Le produit net de la gestion d’actifs s’est inscrit à 1,98 milliards de dollars, en recul de 4% d’une année sur l’autre. Le produit net en Private Bank marque un recul de 10% à 640 millions de dollars. Le produit net du pôle institutionnel s’est accru de 3% à 487 millions de dollars alors que pour le pôle retail, le produit net accuse un repli de 16% à 411 millions de dollars. Le produit des activités de Private Wealth Management s’est lui replié de 6% à 334 millions de dollars.Les actifs sous gestion se sont établis à 1.200 milliards de dollars, en recul de 1% d’une année sur l’autre. Durant le trimestre sous revue, la collecte nette s’est élevée à 3 milliards de dollars et à 125 milliards de dollars sur la période de douze mois au 30 juin 2009. Le ROE s’est établi à 20% au deuxième trimestre contre 13% un trimestre plus tôt et 31% un an plus tôt.
17/07/2009

Deux anciens traders de Morgan Stanley lancent une boutique de gestion alternative

Michael Myrtetus et Douglas Borthwick, deux anciens traders de Morgan Stanley, viennent de créer une boutique de gestion alternative, Cinneas Foreign Exchange, spécialisée dans le négoce des devises, selon Hedge Week."Nous pensons qu’un portefeuille diversifié géré activement peut s’adapter et se développer au gré des changements de marché. Notre approche mêle les analyses économique, fondamentale et technique pour identifier les opportunités de trading, avec l’objectif de produire des rendements non corrélés», explique Douglas Borthwick. L’investissement minimum a été fixé à 5.000 dollars sans période de lock-up. Les commissions de surperformance s'élèvent à 20% des bénéfices avec effet de cliquet et les frais de gestion ont été fixés à 2% sur une base mensuelle.
17/07/2009

Stefan Keitel prend du galon chez CS Group

Déjà global CIO pour le segment «multi asset class solutions», Stefan Keitel a été nommé CIO et président du comité d’investissement de la division banque privée du Crédit Suisse. Cette nomination, annoncée jeudi, prend effet immédiatement. «Stefan Keitel fournira des opinions de placement ainsi que des lignes directrices relatives à l’allocation d’actifs à court, à moyen et à long terme pour tous les segments de clients», précise le communiqué.Stefan Keitel sera subordonné à Vayloyan, responsable private banking investment services and products, tout en continuant à être subordonné à Daniel Brupbacher, responsable asset management multi asset class solutions.Stefan Keitel travaille au Credit Suisse depuis 2001. En 2004, il a été nommé CIO pour les affaires du Credit Suisse en Allemagne et en 2008, CIO pour toutes les divisions en Europe centrale. De 2006 à 2009, Stefan Keitel a été gérant de Credit Suisse Asset Management Kapitalanlagegesellschaft GmbH et responsable MACS en Allemagne.
17/07/2009

CSAM choisit BNY Mellon Asset Servicing pour sa gamme Xmtch

Credit Suisse Asset Management (CSAM) a sélectionné BNY Mellon Asset Servicing comme fournisseur de services d’administration, de comptabilité, de conservation et d’agent de transfert pour sa gamme d’ETF Xmtch qui répliquent des indices larges d’actions et d’obligations (lire notre article du 6 juillet). Ces produits sont initialement négociés sur la Bourse suisse (SIX) et plusieurs «cross listings» sont prévus ailleurs en Europe dans un proche avenir.
17/07/2009
Fonds

Avril-juin positif pour les fonds de hedge funds

Le deuxième trimestre a «évolué positivement» en matière de performances tant pour les hedge funds que pour les fonds de hedge funds, indique la Swiss Fund Association (SFA). Si l’association s’attend à une reprise lente, «les perspectives de stratégies de hedge funds sont empreintes d’optimisme pour le restant de l’année». De fait, la SFA est convaincue que le processus de désendettement amorcé au premier semestre 2008 dans le secteur est désormais largement bouclé tandis que «le manque de liquidité ayant affecté la branche en fin d’année passée s’est notoirement résorbé.» Sur le front de la clientèle, les investisseurs institutionnels prennent toujours fait et cause pour les placements en hedge funds, pour lesquels les fonds de hedge funds joueront à l’avenir également le rôle de leader. Des adaptations de produits et de modèles d’affaires sont toutefois attendues, conclut la SFA.
Fonds
17/07/2009
Fonds

Les fonds de hedge funds suisses se redressent

Selon L’Agefi suisse, Hedgegate, l’organisation de la ZHAW (Zurich University of Applied Sciences) qui suit les fonds de hedge funds (FoHF) enregistrés en Suisse, vient de publier des données pour mai 2009 qui s’avèrent positives pour l’industrie. Pour la première fois depuis la crise financière, les estimations de Hedgegate présentent un afflux net de capital de 168 millions de dollars pendant le mois de mai, le premier solde positif depuis juin 2008. Ce, comparé à une perte nette de fonds de 10 milliards de dollars entre janvier et fin avril 2009. Depuis avril 2008, les FoHF suisses ont subi un exode de fonds d’une valeur de 24 milliards de dollars, ce qui représente une baisse de 53% des actifs sous gestion pour l’industrie.
Fonds
17/07/2009
Fonds

Fort gonflement de l'encours du North American Growth de Nordea

Nordea Investment Funds indique que le compartiment North American Growth Fund de sa Sicav luxembourgeoise a atteint au 1er juillet les 160 millions de dollars d’encours pour le premier anniversaire de la délégation de gestion à l’américain Aletheia Research & Management Inc. Il était de 93,6 millions au 22 mai (lire notre article du 27 mai).Depuis le début de l’année, la performance est ressortie à 27,66 % contre 11,53 % pour le Russell 1000 Growth. Sur un an, le fonds perd 20,02 % contre 24,50 % pour l’indice.
Fonds
17/07/2009

Belgium removed from tax havens list

L’Echo reports that the OECD on Thursday removed Belgium from its “grey list” of tax havens. The Belgian finance minister, Didier Reynders, has signed the twelfth convention for exchange of tax information between Belgium and other countries. Belgium has signed information-sharing protocols with Luxembourg and Singapore, and a double-taxation agreement with the Isle of Man.
17/07/2009

Two former Morgan Stanley traders launch an alternative management boutique

Michael Myrtetus and Douglas Borthwich, two former Morgan Stanley traders, have founded an alternative management boutique, entitled Cinneas Foreign Exchange, specialised in currency trading, according to Hedge Week. “We think an actively-managed diversified portfolio may be adapted and developed as the market changes. Our approach combines economic, fundamental and technical analysis to identify trading opportunities, with the objective of producing non-correlated returns,” Borthwick explains. Minimal investment is set at USD5,000, with no lock-up period. Commissions on outperformance are set at 20% of profits with high watermark, and management fees are 2% on a monthly basis.
17/07/2009

JP Morgan Chase asset management results down

JPMorgan Chase has earned a net result of USD352m for second quarter, a decline of 11% compared with second quarter 2008, largely due to increased warnings of losses on credit. Compared with the first quarter of the year, results are up by USD128m or 57%, partly due to increased commissions and improved market conditions. Net quarterly profits for the group total USD2.72bn, compared with USD2bn one year previously. However, profits per share are down to 28 cents, from 53 cents previously, due to an increase in the number of shares on the market. Net revenues for asset management totalled USD1.98bn, down 4% year on year. Net revenues for the Private Bank are down 10%, to USD640m. Net revenues for the institutional division are up 3%, to USD487m, while for the retail unit, net revenues are down 6% to USD334m. Assets under management totalled USD1.2trn, a decline of 1% year on year. In the quarter under review, net inflows totalled USD3bn, and inflows total USD125bn for the 12-month period to 30 June 2009. ROE totalled 30% in second quarter, compared with 13% one quarter earlier, and 31% one year earlier.
17/07/2009

Pictet launches Pictet US Equity Value Selection

Pictet is adding to its range of US equities management products, with the launch of the Pictet US Equity Value Selection fund. The management of the fund, launched in partnership with the American management firm Westwood, based in Dallas, is outsourced to a team led by Susan Byrne. The product is specialised in companies undervalued by the market which nonetheless present rising returns on owners’ equity, improving balance sheets, strong generation of free cash flow, and results that may exceed market expectations. Name PF(LUX)-US Equity Value Selection ISIN code LU 04 07 23 34 01 Front-end fee 5% maximum Management fees 1.20% for retail investors; 0.60% for institutionals Minimal subscription For the institutional share class: USD1m
17/07/2009

Van der Moolen's CEO resigns amid losses

Van der Moolen Holding on Friday announced it is expecting a EUR7-8 millions operative loss for the second quarter. Because of the disappointing results, Richard den Drijver has decided, in the interest of the company, to step down as chairman of the Executive Board of Van der Moolen. After his resignation Mr. Den Drijver will however remain involved with the company as an advisor.The Supervisory Board shall for the foreseeable future act as Executive Board of Van der Moolen. Their focus will be to secure financing in the short-term, to return to the core activities and to continue to reduce costs, the company said in a statement.
17/07/2009

Popular, Bankinter and Ibercaja climb within the top ten

As of 31 March, Bankinter became the seventh-largest Spanish management firm, overtaking Sabadell. As of 30 June, Bankinter had assets of EUR5.33bn, compared with EUR5.19bn for Sabadell, Funds People reports. Popular began the year in sixth place, only EUR1m behind Gesmadrid, and during first half it overtook its competitor, and now claims a lead of EUR35m, with EUR7.59bn, compared with EUR7.56bn. It is catching up with Ahorro Corporación, whose assets stand at EUR7.78bn. Ibercaja, in tenth place as of the beginning of the year, is in ninth place at the end of June, with assets EUR3m higher than those of Barclays, both of which have EUR4.31bn overall.At the top of the rankings, BBVA is increasing its lead, with EUR32.62bn, compared with EUR28.46bn for Santander. The market share for the leader has increased to 20.37%, compared with 19.80%, while the market share for the number two in the rankings has fallen to 17.77% from 19.65%.
17/07/2009

S&P US Carbon Efficient ETF charges 0.5%

The newest ETF from x-trackers, which replicates the S&P US Carbon Efficient index, listed on the London Stock Exchange (see Newsmanagers of 15 July), carries a management commission of 0.50%. The product, registered in Luxembourg (LU0411076002), is based on an index which has a tracking error of 1.1% compared with the S&P 500, and which does not include the 100 companies of the S&P 500 that have the highest CO2 emissions relative to the size of the business. Db x-trackers also states that the benchmark index reproduces at least 50% of each sector of the S&P 500 index, and that the ETF invests in at least 375 companies of the S&P 500.
17/07/2009

Alarming deficit for British pension funds

Les Echos reports that a Deloitte study has found that businesses of the FTSE 100 will need a combined total of GBP300bn to cover deficits at their pension funds. This is more than double the GBP130bn shortfall observed at the beginning of the year. The trustees who supervise these pension funds have asked businesses to pay enormous amounts to cover losses on investments.
17/07/2009

Capital increase at Janus

Janus Capital Group has announced that it is planning a capital increase for USD150m, in the form of ordinary shares, and USD150m in the form of convertible senior notes which will mature in 2014.The proceeds of the operation will be used to pass off up to USD400m of the company’s debts.
17/07/2009

Positive April-June for funds of hedge funds

The performance of hedge funds and funds of hedge funds “evolved positively” in second quarter, according to the Swiss Fund Association (SFA). Though the association is predicting a slow recovery, “outlooks for hedge fund strategies are a cause for optimism for the rest of the year.” The SFA is convinced that the process of debt reduction begun in the first half of 2008 in the sector is now largely complete, while a “lack of liquidity which affected the branch at the end of last year has largely been reabsorbed.” In terms of clients, institutional investors are still cautious about investments in hedge funds, and funds of hedge funds are expected to take on a leading role in this area. Adaptations of products and business models are still expected, the SFA concludes.
17/07/2009

Stefan Keitel moves up the ranks at CS Group

Stefan Keitel, already global CIO for the multi asset class solutions segment, has been appointed CIO and chairman of the investment committee for the private banking division of Credit Suisse. The appointment, announced on Thursday, is effective immediately. “Stefan Keitel will provide investment opinions and guidelines for short, mid, and long-term asset allocation for all client segments,” says a statement.Keitel will report to Vayloyan, head of private banking investment services and products, and will continue to report to Daniel Brupbacher, head of asset management multi asset class solutions.Keitel has worked at Credit Suisse since 2001. In 2004, he was appointed CIO for Credit Suisse business in Germany, and in 2008 he became CIO for all divisions in central Europe. From 2006 to 2009, Keitel was manager of Credit Suisse Asset Management Kapitalanlagegesellschaft GmbH and head of MACS in Germany.
17/07/2009

KAS Bank NV acquires fund administration division of Postbank

For an undisclosed amount, Kas Bank NV has purchased Deutsche Postbank Privat Investment KAG (PPI), an affiliate of Deutsche Postbank specialised in the administration of open-ended funds. The transfer will take place at the end of July. The approximately 20 employees of PPI in Bonn will become part of Postbank. Albert Röell, chairman of the managing board at Kas Bank, says the operation will allow his firm to continue its expansion in Europe on the institutional market in Germany. Since July 2008, the affiliate KAS Investment Servicing GmbH in Wiesbaden has offered fund administration services to pension funds and insurance companies. Postbank, for its part, says the transaction will allow it to concentrate on the management and distribution of funds.
17/07/2009

SLI recruits an ABN Amro veteran

Standard Life Investments (SLI) has appointed Michael Geier investment director for Germany and Austria in its European Business Development Team. He will be in charge of developing relations with retail clients and large investors in the two countries. From 2006 to 2008, Geier directed open-ended fund activities at ABN Amro Deutschland for Germany, Luxembourg, Austria, and Switzerland, after six years as director of distribution at Mellon Global Investments for Germany and Luxembourg. Geier will be based in Frankfurt, and will report to Phil Barker, head of European business development.
17/07/2009

CSAM chooses BNY Mellon Asset Servicing for its Xmtch range

Credit Suisse Asset Management (CSAM) has selected BNY Mellon Asset Servicing as provider of administration, accounting, custody and transfer agency services for its range of Xmtch ETF products, which replicate broad equities and bond indexes (see Newsmamagers of 6 July). The products will initially be traded on the Swiss stock exchange (SIX) and several cross listings are planned for other markets in Europe in the near future.
17/07/2009

Invesco: Bernhard Langer becomes CIO in charge of quantitative equities management

Invesco has announced the appointment of Bernhard Langer as Chief Investment Officer at Invesco Global Quantitative Equity. He will be responsible for quantitative management worldwide for the entire equities product range. This is a first for Invesco, which previously has never included such a position within the group. Langer has been at Invesco since 1994, first as a portfolio manager, then as chief investment officer for European and non-American quantitative management products. 50 experts at Invesco Global Quantitative Equity manage more than USD32bn in assets for institutional investors and private clients.
17/07/2009

Strong growth in assets for North American Growth fund from Nordea

Nordea Investment Funds has announced that the North American Growth Fund, a sub-fund of its Luxembourg Sicav, had USD160m in assets as of 1 July, on the first anniversary of its management being outsourced to Aletheia Research & Management Inc. As of 22 May, the fund had USD93.6m in assets (see Newsmanagers of 27 May).Year to date, the fund’s performance totals 27.66%, compared with 11.53% for the Russell 1000 Growth. Over the last 12 months, the fund has lost 20.02%, compared with 24.50% for the index.
17/07/2009

Edram launches convertible bond fund

Edmond de Rothschild Asset Management (Edram) is launching Saint-Honoré Global Convertibles, an international convertible bond fund whose objective is to profit from potential recovery on the equities markets, with lower volatility. The management of the fund is independent of benchmark indexes. The fund will invest at least 50% of its net assets in investment-grade issued, and will have a high level of geographical diversification.Management of the fund will concentrate on mixed convertible bonds, with a total target delta of 20% to 60% for the fund. Exposure to emerging markets will represent a maximum of 40% of net assets. Saint-Honoré Global Convertibles will also have a systematic currency hedging policy, and at least 80% of its portfolio will be hedged. Characteristics:Fund name: Saint-Honoré Global ConvertiblesISIN code:A share class: FR0010773036E share class: FR0010782367I share class: FR0010782391 R share class: FR0010782417 Front-end fees: 3% maximum Management fees:- Fixed:A share class: 1.40% max TTCE share class: 2.00% max TTCI share class: 0.85% max TTCR share class: 0.95% max TTC- Variable: A, I and E share classes: 15% of performance exceeding the benchmark indexMinimum initial subscription: EUR500,000 for I and R share classesOne share for A and E share classes
17/07/2009

AmpegaGerling (re)launches two ETF funds

AmpegaGerling on Thursday announced the launch of two German-registered funds of ETFs, Gerling Portfolio Multi ETF Strategie and Gerling Portfolio Global ETF Aktien, which combine investments in ETFs with a wealth management approach. The former fund invests in ETFs in all equities, bond and alternative asset classes, while the latter fund is specialised in equities, and is based on the principle of minimal variance.The funds were in fact launched on 21 January 2000 and 24 January 2001, but were since reoriented to invest only in ETF funds, on 1 May 2009. As of the end of May, the funds had respective assets of EUR5.45m and EUR6.66m.Backtesting reveals that the Multi ETF Strategy would have earned 6% annual performance between January 1994 and December 2008; it shows no losses in the past 5 years. The Global ETF Aktien would have earned 43% outperformance between January 2000 and December 2008, compared with the MSCI World index. Characteristics Name Gerling Portfolio Multi ETF Strategie Gerling Portfolio Global ETF Aktien ISIN code DE000A0NGJ69 DE0009847350 Front-end fee 3.00% 3.00% Management commission 1.00% 1.00%
17/07/2009

Union launches a target-date bond fund

Since Thursday, Union Investment (German co-operative banks) has been offering the Luxembourg-registered fund UniEuroRenta Corporates 40 (2014) for sale in Germany. The product is a target-date fund which invests primarily in corporate bonds whose maturities are set at 31 October 2014. At least 51% of the portfolio will be invested in European corporate bonds, while the number of positions is limited to 40 investment grade issues, and no single position may represent more than 5% of total assets. The management team is authorised to place up to 10% of the fund in government bonds or bond issues with government guarantees. Bonds will ideally be retained until maturity, except in case of deterioration, when the manager will be allowed to underweight the bonds in question. A 1% penalty will be charged for early withdrawal from the fund. Characteristics Name UniEuroRenta Corporates 40 (2014) ISIN Code LU0420444829 Front-end fee 3.00% Management fee 0.60% Depository banking commission 0.05% Minimal subscription 1 share

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