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07/07/2009
Fonds

L'hémorragie reprend en juin

Alors qu’en mai, ils avaient enregistré leurs premières souscriptions nettes (1,57 milliard d’euros) depuis de très nombreux mois, les fonds et Sicav commercialisés en Italie ont de nouveau accusé pour juin des remboursements nets de presque 1,43 milliard d’euros, dont 1,2 milliard pour les groupes italiens et 225 millions pour les étrangers.Depuis le début de l’année, les sorties nettes totalisent 14,5 milliards d’euros, rapporte Assogestioni. L’encours total à fin juin ressortait à 401,33 milliards d’euros contre 401,29 milliards un mois plus tôt.Les fonds d’actions ont enregistré des rachats nets de 62 millions d’euros pour juin contre 587 millions de rentrées nettes en mai, et leur résultat est positif de 211 millions d’euros pour l’ensemble du premier semestre. Quatre catégories affichent d’importantes sorties nettes pour janvier-juin : les fonds diversifiés (1,22 milliard), les obligataires (7,65 milliards), les discrétionnaires (1,14 milliard) et les hedge funds (4,4 milliards).Les plus forts remboursements de juin ont été subis par le groupe Intesa Sanpaolo avec 831,5 millions d’euros, dont 677,6 millions pour Eurizon et 153,9 millions pour Banca Fideuram, et par Prima avec 219,9 millions. En revanche, Pioneer Investments (UniCredit), a drainé 124,5 millions d’euros et BNP Paribas a récolté 145,3 millions.
Fonds
07/07/2009

La gestion de fortune a l'affût des Indiens fortunés

Le nombre croissant d’Indiens fortunés n’a pas échappé à l’oeil attentif des gérants de fortune. Selon FT.FM, on compte actuellement quelque 375.000 Indiens à la tête d’un patrimoine de plus de 1 million de dollars (environ 713.000 euros), hors immobilier, et leur nombre augmente sur un rythme de plus de 15% par an. Standard Chartered Private Bank emploie ainsi 70 relationship managers à travers le monde dans le cadre de son programme mondial dédié à l’Inde. Le nombre de managers pourrait tripler au cours des toutes prochaines années, selon la banque. Lancé l’an dernier, le programme de Standard Chartered a d’ores et déjà été déployé à singapour, dubai, Hong Kong et cinq villes indiennes. Plus de 25 millions d’Indiens sont installés dans 130 pays mais 10% environ des Indiens fortunés vivent au Royaume-Uni.
07/07/2009

Russell Investments lance les indices Russell-Jadwa Shariah

Russell Investments et la banque saoudienne Jadwa Investment ont signé le 24 juin dernier à Londres, en présence du président de Jadwa Investment, le prince Faisal Bin Salman, et de Andrew Doman, CEO de Russell, un accord pour lancer une nouvelle offre Sharia compatible : les indices Russell-Jadwa Shariah.Cette famille d’indices Sharia compatibles sera divisée en régions, pays, marchés émergents et développés, taille de capitalisation et secteurs, afin de fournir des benchmarks entièrement modulaires, représentant les larges opportunités dans chaque segment. L’indice Russell-Jadwa Shariah contiendra, parmi les 10.000 titres de l’univers global des indices Russell, environ 2.700 titres répartis dans plus de 60 pays. « Alors que Russell Investments est reconnu dans le monde comme l’un des principaux fournisseurs d’indices, c’est un aspect de l’offre de prestations du groupe qui reste encore méconnu en France. Il m’est apparu indispensable de profiter de la sortie de cet indice Sharia compatible pour révéler ce qui est l’une de nos meilleures spécialités, qui s’avère fort complémentaire à la multigestion, et au moment où la finance islamique devient un enjeu stratégique pour la place financière de Paris » déclare Serge Héringer, Directeur Général de Russell Investments France. L’indice Russell-Jadwa Shariah sera surveillé et contrôlé par un comité Sharia indépendant composé d’éminents spécialistes. Il sera disponible dès cet été pour les investisseurs qui recherchent une juste mesure de la performance de leur offre Sharia.
07/07/2009

Les marges des gestionnaires ont fortement rétréci

Selon l'étude Global Asset Management 2009 du Boston Consulting Group, la marge des gestionnaires d’actifs est tombée fin 2008 à 34 % contre 38 % fin 2007, rapporte la Börsen-Zeitung. Cette contraction s’explique par une chute des encours de 18 % à 48,6 billions de dollars l’an dernier, après des hausses moyennes annuelles de 12 % durant la période 2002-2007.
07/07/2009

Bank of America désormais devant UBS

Selon la Tribune, avec 1.501 milliards de dollars d’actifs sous gestion, Bank of America a détrôné le suisse UBS en tête du classement des gestionnaires de fortune dans le monde, selon une étude publiée hier par Scorpio Partnership.
07/07/2009
Fonds

Les SIV ont pratiquement liquidé tous leurs actifs

Selon Fitch Ratings, 95 % des quelque 400 milliards de dollars d’actifs détenus en juillet 2007 dans les fameux «structured investment vehicles» ou SIV ont été désormais liquidés. Bien que massives, ces ventes se sont déroulées de manière relativement ordonnée sur les deux années écoulées, rapporte le Financial Times.Sur les 29 SIV, 5 ont été restructurés, 13 ont été consolidés dans le bilan de la banque sponsor et 7 ont fait défaut sur le remboursement de leur dette senior. Fitch estime que seuls quatre d’entre eux se sont dissous, dont au moins un sans causer de perte aux investisseurs senior.
Fonds
07/07/2009

La gestion de fortune à l'affût des Indiens fortunés

Le nombre croissant d’Indiens fortunés n’a pas échappé aux gérants de fortune. Selon FT.FM, on compte actuellement quelque 375.000 Indiens à la tête d’un patrimoine de plus de 1 million de dollars (environ 713.000 euros), hors immobilier, et leur nombre augmente sur un rythme de plus de 15% par an. Standard Chartered Private Bank emploie ainsi 70 relationship managers à travers le monde dans le cadre de son programme mondial dédié à l’Inde. Le nombre de managers pourrait tripler au cours des toutes prochaines années, selon la banque. Lancé l’an dernier, le programme de Standard Chartered a d’ores et déjà été déployé à singapour, dubai, Hong Kong et cinq villes indiennes. Plus de 25 millions d’Indiens sont installés dans 130 pays mais 10% environ des Indiens fortunés vivent au Royaume-Uni.
07/07/2009

Julius Baer accusé d'avoir madoffé des Espagnols

Le cabinet d’avocats espagnol Cremades & Calvo-Sotelo accuse des conseillers de Julius Baer d'être venus en avion de Zurich pour vendre sans les autorisations nécessaires à des investisseurs espagnols des fonds qui investissaient chez Madoff, indique la Börsen-Zeitung. Le porte-parole de la banque suisse réfute ces accusations qui ont selon lui un caractère diffamatoire. Julius Baer n’a jamais distribué de produits Madoff.
07/07/2009

Le BBVA renforce sa banque privée

En 2008, BBVA Banca Privada (52,2 milliards d’euros d’encours) a augmenté à 300 contre 160 le nombre de ses conseillers, et elle a ouvert des centres de gestion de fortune à La Corogne, aux Canaries, à Valladolid, à Oviedo. Un nouveau sera inauguré ces prochains jours à Malaga, rapporte Expansión. L’objectif consiste à recruter 15.000 clients supplémentaires en banque privée pendant les deux ans et demi qui viennent pour atteindre 106.500 clients.D’autre part, le BBVA va intégrer dans BBVA Banca Privada sa division Banca Personal (pour les clients entre 0,3 million et 2 millions d’euros) ainsi que BBVA Patrimonios (à partir de 2 millions d’euros).
07/07/2009

SIVs have liquidated nearly all of their assets

According to Fitch Ratings, 95% of approximately USD400bn in assets held in July 2007 by structured investment vehicles (SIV) have now been liquidated. Though massive, these sales have taken place in a relatively orderly manner over the past two years, the Financial Times reports. Out of 29 SIVs, 5 have been restructured, 13 were consolidated on the balance sheets of sponsor banks,a nd 7 defaulted on their senior debt payments. Fitch estimates that only four funds have been dissolved, of which at least one caused no losses for its senior investors.
07/07/2009

Accidental death of Jean-Pierre Aguilar, CEO of CFM

Capital Fund Management (CFM) on Monday announced that Jean-Pierre Aguilar, CEO and co-founder of the French hedge fund, has been killed in an accident. Aguilar, 49, was involved in a glider crash on Saturday, 4 July, during the last stage of the Open CFM de Barcelonette, a glider competition held in Alpes-de-Haute-Provence. CFM, founded in 1991, is a private portfolio management firm and one of the oldest French alterantive management firms. Since its foundation, CFM has managed a futures (CTA) program. Statistical arbitrage of equities was launched in 2001, a multi-strategies fund launched in 2003 and a volatility arbitrafe fund launched this year, are also part of the product range.
07/07/2009

Jyske Invest opens Dusseldorf office

To develop its sales in Germany, the independent management firm Jyske Invest at the end of June opened an office in the Excellent Business Centre in Düsseldorf. The director is Wieland Thyssen, director of distribution for Germany, Luxembourg and Switzerland.
07/07/2009

BBVA scales up private banking activities

In 2008, BBVA Banca Privada (EUR52.2bn in assets increased the number of advisors from 160 to 300, and opened wealth management centres in La Coruna, the Canary islands, Valladolid, and Oviedo. A new location will soon be inaugurated in Malaga, Expansión reports. The objective will bne to recruit 15,000 new private banking clients in the next two and a half years, to a total of 106,500 clients. BBVA will also integrate Banca Personal into BBVA Banca Privada (for clients with EUR0.3m to EUR2m in assets), as well as BBVA Patrimonios (for clients with over EUR2m).
07/07/2009

Outflows rise again in June

While in May, Sicav funds on sale in Italy posted their first net subscriptions (EUR1.57bn) in many months, in June they showed net redemptions of nearly EUR1.43bn, of which EUR1.2bn came from Italian groups, and EUR225m from foreign groups.
07/07/2009

Generali buys 30% of Guotai

The Italian management firm Assicurazioni Generali is building its asset management activities in China with the purchase of a 30% stake in Guotai AMC for about EUR100m. Guotai is one of seven businesses in the sector (out of a total of 60) which is allowed to managed all asset classes, and which is also active in the second pillar (corporate retirement savings). Generali and Guotai have also signed a wide-ranging cooperation agreement. Sergio Balbinot, CEO of the Italian insurer, says Generali’s objective is to become one of the largest actors in China in corporate retirement savings.
07/07/2009

Jim Rogers bets against US dollars and Tresuries

The star manager Jim Rogers has stated that his allocation to the US dollar is currently lower than one year ago, he has not bought any US equities since the beginning of the year, and he is planning to short-sell Treasury bonds, the Frankfurter Allgemeine Zeitung reports. He says the increasing debt of the United States is sapping confidence in the dollar. He has bought Swiss francs, and also has positions on Japanese yen, Singapore dollars, Yuan, and Australian and New Zealand dollars.
07/07/2009

Margins for management firms down sharply

The Global Asset Management 2009 study from Boston Consulting Group has found that margins for asset management firms at the end of 2008 was down to 34% from 38% at the end of 2007, the Börsen-Zeitung reports. The contraction is due to an 18% decline in assets under management to USD48.6trn last year, following annual increases of an average of 12% in the period from 2002 to 2007.
07/07/2009

Bank of America désormais devant UBS

Selon la Tribune, avec 1.501 milliards de dollars d’actifs sous gestion, Bank of America a détrôné le suisse UBS en tête du classement des gestionnaires de fortune dans le monde, selon une étude publiée hier par Scorpio Partnership.
07/07/2009

Crisis profoundly affects attitude and practice of institutional investors

The economic and financial crisis appears to have profoundly altered the attitude and practices of investors, according to a study entitled EIAMS 2009, published by Invesco. In addition to a high turnover in asset allocation towards fixed income and money market assets to the detriment of equities, the study finds that investors are increasingly attentive to investment horizons, and that they will need to revalue their portfolios after the recent market turbulence. Combined with the mechanical impact of declining valuations of assets due to the falling markets (the MSCI Europe index lost 43% in 2008), investors’ quest for safety has affected allocations to the various asset classes. The proportion of equities in portfolios has fallen to 25% from 32% one year earlier. Treasury products are the big winners: they now represent 10% of assets in portfolios, up from 6% the previous year. 14% of investors surveyed are planning to maintain or increase their allocation to treasury products, and only 5% are planning to reduce their positions on these assets. Corporate bonds are also increasingly popular, and now represent 18% of all assets, compared with 12.9% at the time of the EIAMS 2008 study, while there is a pronounced bias in favour of Europe in asset allocation. On average, 81% of assets are invested in Europe, compared with 8.7% in the United States and 2% in Asia.
07/07/2009

Merseyside pension fund signs up four transition managers

Global Pensions reports that the Merseyside pension fund (GBP3.7bn in assets) has awarded transition management mandates to BlackRock, JPMorgan, State Street and Legal & General. The contracts are part of a four-year agreement and are renewable for two years.
07/07/2009

L&G planning to sell asset management activities

The British insurer Legal & General is planning to sell all or part of its asset management arm, MoneyMarketing reports, citing the Daily Mail. Tim Breedon may sell off Legal & General Investment Management, whose assets under management total about GBP260bn, and use the proceeds of the sale to increase the group’s tier 1 equity. At the end of last month, L&G announced plans to cut 200 personnel.
07/07/2009

Chris Hohn more generous than ever

The head of the hedge fund TCI, Chris Hohn, well known for his sometimes devastating activism, is also a generous donor to charities. Last year, he gave more than GBP499m to the charity led by his wife, Jamie Cooper-Hohn, which develops projects for underprivileged children in developing countries, the Daily Telegraph reports. Hohn has beat his own record, set last year, of GBP323m, and has donated GBP1.1bn in the space of only four years. For the year from the end of August 2008, TCI’s annual profits have risen 73% to GBP555.9m.
07/07/2009

Morningstar introduces new classifications for funds

On Monday, Morningstar announced the launch of eleven new categories of mutual funds domiciled in the United States. They include six commodities categories (agriculture, broad basket, energies, industrial metals, miscellaneous and precious metals), four sectors (discretionary consumer products, inelastic consumer products, energy equities, and industrial shares) and one large commodities asset class, which includes the six new categories, and which will be benchmarked against the Morningstar Long-Only Commodity Index.
07/07/2009

Physical gold available from Cortal Consors

As mining of gold is in decline at a time when demand is steadily increasing, and a return of inflation is likely in the next few years due to considerable amounts in bonds issued by governments to confront the crisis, Cortal Cxonsors is offering its clients an opportunity to buy ingots or Napoleons of physical gold via its website www.cortalconsors.fr, or by telephone. It will be possible to monitor the valuation of gold daily on the website. Purchase and sales fees are 2% per order, with no minimum. The gold may be withdrawn or retained in a high security vault for a fee of 1.6% of assets.
07/07/2009

FSA gets tougher on financial violations

The British Financial Servies Authority (FSA) on 6 July unveiled a new grid to calculate financial sanctions which will triple some penalties. The initiative aims to alter the behaviour of those who violate regulations, by imposing adequate sanctions to cancel out any potential benefits of infraction, the FSA says in a statement. The British market authority says the move will create “credible” deterrents. “By affecting individuals and companies in the portfolio where it hurts, the fines will create a serious warning for others who may be considering breaking the rules,” says Margaret Cole, in charge of applying the FSA’s regulations. As part of the proposed reforms, companies which admit to having broken the rules will pay a fee of up to 20% of profits from the activities concerned by the infraction. For an employee, the fine may be up to 40% of pay (including bonuses) for an infraction outside the market. For market violations, the minimal fee will be GBP100,000 (EUR116,000) for an individual. The FSA’s proposals are subject to a consultation until 21 October. The new fee grid would apply to all violations committed after February 2010.
07/07/2009

Russell Investments launches Russell-Jadwa Shariah indexes

Russell Investments and the Saudi Arabian bank Jadwa Investment on 24 June in London signed an agreement, in the presence of the president of Jadwa Investment, Prince Faisal Bin Salman, and Andrew Doman, CEO of Russell, to launch a new Sharia compatible product range of Russell-Jadwa Shariah indexes. The family of Sharia-compatible indexes will be divided into regions, countries, emerging and developed markets, cap size and sector, to provide fully modular benchmarks, representing major opportunites in each segment. The Russell-Jadwa Shariah indexes will include about 2,700 of the 10,000 shares in the global Russell indexes, in more than 60 countries.
07/07/2009

Anti-Americanism in the banking sector at an all-time high

L’Agefi Switzerland reports that the activist attitude of the US tax authority, the Internal Revenue Service (IRS), is inciting a growing number of banks to avoid American clients. One of the roots of the problem is the IRS’ ambition to extend the application of the “Qualified Intermediary” (QI) status, whose proposed amendments impose an American auditor on foreign banks which serve American clients. In addition to the QI problem, banks need to contend with all the legal risks related to American clients.
07/07/2009

KanAm reopens grundinvest fund

The Munich-based management firm KanAm Grund KAG announced on Monday that it will reopen redemptions from the open-ended real estate fund grundinvest from 8 July, as liquidity in the fund now totals about EUR1bn, or 20% of assets, which would then total about EUR5bn, down from EUR5.63bn one year earlier. As the fund has continued to perform well during the redemption freeze which has been in effect since late October, more than two thirds of redemption demands have since been cancelled. The portfolio has also been subjected to an independent audit earlier in the year, and the fund’a value therefore corresponds to current values. In addition, the occupancy rate for properties in the portfolio is at approximately 99%. KanAm reports that, for the period ending 30 June, the performance of the grundinvest fund was 5%, compared with 5.7%, for the twelve months to the end of June 2008. Dividend will remain unchanged at EUR2.50 per share.
07/07/2009

Axa IoM launches Autobalancing fund

In close collaboration with the Royal Bank fo Scotland, Axa Isle of Man is launching the Axa IoM Autobalancing Fund, available exclusively in offshore bonds from Axa IoM. The fund offers diversified exposure to equities markets, real estate, and commodities in developed and emerging countries. On a monthly basis, the fund may pull out of some sectors and place assets in a money market fund if the market falls or shows excessive volatility. The fund is rebalanced each month and gravitates towards its original allocation of 25% per sector.

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