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06/07/2009
Fonds

Cajastur liquide son fonds de hedge funds

Après Fibanc début juin, Cajastur annonce qu’elle va liquider son fonds de hedge funds Liberta Multiestrategia qui affichait un encours de 3 millions d’euros fin mars et avait été lancé en septembre 2007. Ce fonds était nourricier d’un hedge fund d’ICR Institutional Investment Management.
Fonds
06/07/2009

Les banques genevoises continuent d’enregistrer des ouvertures de compte

Selon L’Agefi suisse, Jean-Christophe Pernollet, responsable du groupe d’audit des institutions financières en Suisse romande et au Tessin chez PricewaterhouseCoopers (PwC) estime que les banques de gestion ont sans doute enregistré des nouvelles entrées de fonds, tandis que les grandes banques, surtout UBS, ont eux continué de subir des sorties de capital. Du côté de Genève, les signes positifs se multiplient. Pictet a assuré «n’avoir rarement enregistré autant de demandes d’ouvertures de compte que lors des premiers mois de cette année». De même, Lombard Odier, qui a pour objectif d’attirer entre 5 et 10% de net new money par an pour la clientèle privée, affirme être très bien placée pour l’atteindre cette année. Seuls établissements à révéler des chiffres, le groupe Syz & Co (y compris 3A et les fonds Oyster) affichent une hausse de 10% et la société Reyl & Cie montre une hausse de ses actifs sous gestion de 9% pour la clientèle privée avec 112 ouvertures de comptes depuis le début de l’année.
06/07/2009
Fonds

Credit Suisse lance 16 ETF Xmtch

Vendredi, le Credit Suisse a annoncé l'élargissement de sa gamme d’ETF cotés en Suisse, les Xmtch, dont l’encours se situe actuellement à 6,76 milliards de francs suisses.Lancée par le Credit Suisse en 2001, la gamme Xmtch couvre une série d’indices helvétiques. En lançant 16 nouveaux ETF, le Credit Suisse diversifie son offre, qui inclut désormais une série complète d’éléments constitutifs de portefeuilles avec une exposition aux emprunts d’Etat, une large gamme de maturités et une focalisation sur l’Europe et les Etats-Unis.La gamme comprend un fonds sur les obligations de la confédération 1-3 ans, un fonds sur le MSCI UK Large Cap ainsi que ses pendants américain et nippon. Dans le domaine des emprunts d’Etat européens, les ETF réplique les indices iBoxx EUR Govt 1-3, 3-7, 7-10 et Inflation Linked, avec les mêmes références pour les iBoxx USD.Les quatre derniers produits «satellites» utilisent les MSCI Small Cap EMU, UK, USA et Japon.
Fonds
06/07/2009

L'ex-star d'UBS Brian Singer lance sa société de gestion

Selon L’Agefi suisse, Brian Singer, l’ancien chef de la division Global Investment Solutions d’UBS, qui gérait 200 milliards de dollars d’actifs avant son départ de la banque suisse en 2007, vient de lancer Singer Partners. Pour lancer sa société, il reforme une équipe qui a travaillé ensemble durant une dizaine d’années. Et promet une approche transparente, liquide et constante de la gestion d’actifs. Il s’appuiera sur la stratégie «Global Opportunity», héritée de Brinson Partners. Singer est par ailleurs président du think tank «Free to choose», inspiré par la pensée de Milton Friedman.
06/07/2009

Sal. Oppenheim songe à une augmentation de capital

Dans un entretien avec Die Welt am Sonntag, Christopher, baron von Oppenheim, l’un des associés de Sal. Oppenheim, n’exclut pas que les familles propriétaires acceptent «le moment venu» d’augmenter le capital de la banque privée dont la note long terme vient d'être abaissée par Fitch à A- contre A. Le banquier note toutefois que le quotient de fonds propres de premier rang est déjà de 12 %, «ce qui n’est pas si fréquent de nos jours».
06/07/2009

Les gestionnaires doivent faire face à une nouvelle concurrence

Avec les nouvelles règles qui seront mises en place d’ici à fin juin 2011 dans l’UE et qui ouvriront les frontières, le secteur de la gestion d’actifs en Italie va devoir se doter d’acteurs suffisamment forts pour contenir les grands concurrents étrangers, note The Wall Street Journal.Marco Carreri, CEO de Prima SGR, s’attend à de très nombreuses fusions de gestionnaires d’actifs en 2010, parce que les sociétés avec moins de 7 milliards d’euros d’encours ne pourront plus survivre comme par le passé face aux grands groupes, du fait que générer des bénéfices est devenu plus difficile.Pour Marcello Messori, président d’Assogestioni, il faut que les sociétés de gestion qui dominent le marché et qui sont contrôlées par les banques améliorent leur efficacité. Elles doivent surtout diversifier leurs réseaux de distribution pour ne plus être dépendantes uniquement des produits de leur maison-mère bancaire.Les trois grands acteurs de la gestion d’actifs sont Intesa Sapaolo avec Eurizon et Banca Fideuram (187 milliards d’euros), Generali (127 milliards) et UniCredit avec Pioneer (115 milliards) .
06/07/2009

Multigestion : Quantis IM se distingue

Le hongrois Quantis Investment Management Zrt est devenu le plus grand multigestionnaire d’Europe de l’Est après avoir porté ses actifs à plus de 40 milliards de forints (soit 147 millions d’euros), rapporte Citywire. Quantis est une société indépendante fondée en juillet 2008 par Brokernet.
06/07/2009
Fonds

Hines lance un fonds immobilier

Hines Italia Sgr lance un fonds de développement immobilier de 950 millions d’euros, rapporte Il Sole – 24 Ore. Ce fonds compte parmi ses investisseurs le groupe Fondiaria Sai et l’américain Tiaa Cref.
Fonds
06/07/2009
Fonds

Union Investment investit à Cracovie

L’hôtel quatre étoiles Radisson Blu (16.892 mètres carrés, 196 chambres et suites) de Cracovie a été vendu pour environ 32 millions d’euros à Union Investment Real Estate (UIRE) pour le fonds immobilier offert au public UniImmo: Europa. C’est le premier investissement d’UIRE dans le secteur hôtelier en Europe central. Le portefeuille hôtelier compte 21 sites en Europe, avec 6.350 chambres.L’hôtel de Cracovie est également le second investissement d’UIRE en Pologne, après l’acquisition en octobre par le UniImmo: Global du centre commercial 3 Stawy à Katowice.
Fonds
06/07/2009

Union Investment invests in Krakow

The four-star hotel Radisson Blu (16,892 square metres, 196 rooms and suites) in Cracow has been sold for about EUR32m to Union Investment Real Estate (UIRE) for the open-ended real estate fund UniImmo: Europa. This is UIRE’s first investment in the hotel sector in central Europe. The hotel portfolio includes 21 locations in Europe, with a total of 6,350 rooms. The Krakow hotel is also UIRE’s second investment in Poland, following the acquisition of the 3 Stawy shopping centre in Katowice by the UniImmo: Global fund in October.
06/07/2009

Cajastur liquidates its fund of hedge funds

Following Fibanc in early June, Cajastur has announced that it will liquidate its fund of hedge funds Liberta Multiestrategia, which had assets of EUR3m as of the end of March, and which was launched in September 2007. The fund was a feeder for a hedge fund from ICR Institutional Investment Management.
06/07/2009

City fears loss of its allure

An increase in taxes on incomes over EUR175,000 per year from 40% to 50% in April 2010 will affect only 1% of British taxpayers, La Tribune reports. But City financial sector employees will be the first to be affected. The newspaper cites David Butler, founder of Kinetic Partners, who estimates that 25% of hedge fund managers in the United Kingdom may leave for other countries as a result of the change. Those who earn over EUR116,000 will lose a small tax deduction previously available to all taxpayers. The tax increase, announced two months ago, La Tribune reports, is one of a series of changes to UK policies to high net worth persons who have been resident in the country for two years or more. One of the great attractions of the City had long been “non-domiciled” tax status. For those with this status, only income earned in the United Kingdom was taxable there, and not income earned elsewhere. Gordon Brown’s government changed this disposition in 2008. Now, “non-doms” choose either to pay a fixed sum of EUR35,000, or to pay tax on all their income. Despite these less favourable conditions, few financial sector workers have chosen to move to other countries, the newspaper observes. And even with the added consequences of the hedge fund directive - which is far from being passed by the British government - for the moment, London remains a top location for managers.
06/07/2009

Investors returning to emerging markets equities

According to statistics from EPFR Global, emerging markets equities funds posted net subscriptions in second quarter of Usd26.5bn, of which USD972m were in the week to 1 July, the Frankfurter Allgemeine Zeitung reports. Investors were impressed by the size and liely impact of Chinese stimulus initiatives and by the fact that conjuncture in industrialised countries did not have as large a negative impact as expected. The MSCI emerging markets index gained 34% in April-June.
06/07/2009

UBS to reevaluate brokerage activities

Oswald Grübel, CEO of the Swiss banking giant UBS, has decided not to sell the firm’s brokerage and wealth management activities in the United States, which consist primarily of its affiliate Paine Webber, the American brokerage and wealth management firm acquired barely eight years ago for about USD10.8bn. To stimulate its brokerage activities, UBS is seeking a new head for US activities, the Financial Times reports.
06/07/2009

Bank Julius Bar to open Munich branch

Bank Julius Bär (Deutschland) on Monday morning announced that it will open a branch in Munich on 1 October 2009, which will coincide with the 20th anniversary of the bank’s first steps into the German market. Bank Julius Bär is already present in Frankfurt, Hamburg, Düsseldorf and Stuttgart. The new branch will be led by Volker Rützel, who is leaving UBS Munich. He will be assisted by Jürgen Wörl and Stefan Hansen as relationship managers.
06/07/2009

Management firms face challenges from increased competition

With new regulations about to come into force at the end of June 2011 in the EU, which will open borders, the asset management sector in Italy will need to have actors with enough strength to compete with major foreign rivals, the Wall Street Journal observes. Marco Carreri, CEO of Prima SGR, predicts that there will be a large number of mergers of asset management firms in 2010, as companies with less than EUR7bn in assets will not be able to withstand the strength of the large groups as they have in the past, as it becomes more difficult to turn a profit. Marco Messori, chairman of Assogestioni, says management firms which dominate the market and which are controlled by banks will need to improve their efficiency. They will need to diversify their distribution networks so as not to be solely dependent on their banks’ house products any longer. The three largest actors in asset management are Intesa Sanpaolo with Eurizon and Banca Fideuram (EUR187bn), Generali (EUR127bn), and Unicredit with Pioneer (EUR115bn).
06/07/2009

Hines launches a real estate fund

Hines Italia Sgr is launching a real estate development fund with EUR950m in assets, Il Sole - 24 ore reports. The fund includes the Fondiaria Sai group and the American institution TIAA CREF among its investors.
06/07/2009

Michael Jackson makes ABP pension fund dance

Since the passing of the pop music icon Michael Jackson, the Dutch pension fund ABP has been rubbing its hands together. Every time the singer’s single “You Are Not Alone” is broadcast on the airwaves, the fund receives a sun in royalties, Fondsprofessionell reports. Via its music publishing firm Imagem, ABP owns the complete or partial rights to more than 12 hits by the dead pop idol. The firm also owns rights to about 100,000 titles by Madonna, Britney Spears, the Spice Girls and Daft Punk among others. The catalogue also includes a considerable amount of jazz and classical music. This demonstrably lucrative asset class has generated returns of about 8% per year for the pension fund.
06/07/2009

Four appointments complete management team at Quality Funds (BBVA)

The management team at Quality Funds, the third-party fund platform from BBVA, is now complete, Funds People reports. The CEO Juan Pablo Jimeno will be assisted by José Luís Segimón for traditional fund analysis and selection, while José Martín de Cabiedes is quitting as treasurer of BBVA and BBVA & Partners to become head of alternative investment selection. Richard Gutiérrez becomes head of operational risk, while Inés Castro, formerly head of analysis at Quality Funds, will take over as director of Fund Solutions.
06/07/2009

Robeco reorganizes after departure of Jean-Louis Laurens

Following the announced departure of Jean-Louis Laurens for Rothschild & Cie Gestion, Robeco is reorganizing its two entities in France “continuing the reorganization already conducted in December 2008.” Michel Maillard is appointed as chairman of the board at Banque Robeco, while Ali Ould-Rouis becomes chairman of Robeco Gestions. The two men have worked at Robeco for several years. Maillard, 60, who has been a part of the group since 1995, has been a board member since 1997, and CEO of Robeco Gestions since 2004. Ali Ould-Rouis, 44, joined Groupe Robeco France in November 2000, and has also been CEO and compliance officer at Banque Robeco since 2006.
06/07/2009

Aberdeen becomes financial advisor to most of the Credit Suisse fund range

From 1 July, Aberdeen has become the financial advisor to most of the traditional funds of the Credit Suisse range. This means that Aberdeen is now in charge of the financial management of its funds, following its own investment processes, although the range itself will continue to be administrated by Credit Suisse, according to a letter sent to Credit Suisse clients in France. “Credit Suisse is planning to transfer all operational tasks related to its fund range to teams at Aberdeen in 2010. To express Aberdeen’s role in the management of these funds, some of them will adopt the name ‘Aberdeen’ from today.”
06/07/2009

Warren Buffett gives USD1.5bn to charity

According to a notification to the SEC, Warrenn Buffett has offered shares in his holding company Berkshire Hathaway worth about USD1.5bn to charities, including USD1.25bn for the Bill and Melinda Gates Foundation, the Frankfurter Allgemeine Zeitung reports.
06/07/2009

Equities returning to retail portfolios

In its monthly survey, the American Association of Individual Investors (AAII) has found that in June, the proportion of investors’ assets dedicated to equities was 50%, up from 41% in spring. But, Le Temps reports, this is an increase for lack of a better alternative. Money market investments are returning virtually nothing, commodities have become overpriced again, and bonds are too difficult to access due to a market overcrowded by institutional investors, or they involve too much risk, the newspaper analyzes.
06/07/2009

Carmignac Patrimoine has over EUR10bn in assets

Frédéric Leroux, right-hand man to Edouard Carmignac, estimates that the financial crisis has strengthened his convictions in favour of emerging markets and commodities, Citywire reports. The Carmignac Patrimoine fund, which he manages with Carmignac, now has over EUR10bn in assets.
06/07/2009

Credit Suisse launches 16 Xmtch ETFs

On Friday, Credit Suisse announced that it is extending its Xmtch range of ETFs listed in Switzerland, whose assets currently total CHF6.76bn. The Xmtch range, launched by Credit Suisse in 2001, includes a series of Swiss indexes. With the launch of 16 new ETFs, Credit Suisse is diversifying the range, which now includes a complete selection of elements to construct a portfolio with exposure to government bonds with a wide range of maturities and a focus on Europe and the United States. The range inclues a fund based on 1-3 year Swiss governement bonds, and funds based on the MSCI UK Large Cap and its United States and Japanese equivalents. In the area of European government bonds, ETF products replicate the iBoxx EUR Govt 1-3, 3-7, 7-10 and Inflation Linked, and the equivalent indexes in the iBoxx USD series. Lastly, four “satellite” products are based on the MSCI Small Cap EMU, UK, USA and Japan indexes.
06/07/2009

Shareholder revolt at M&S

A general shareholders’ meeting at Marks & Spencer (M&S) on Wednesday will be lively, the Sunday Times reports. Management at the retail group is refusing to consider a resolution proposed by the Local Authority Pension Fund Forum (LAPFF), which would call for the recruitment of an independent president by 2010, to limit the powers of the firm’s CEO, Sir Stuart Rose, who is currently both president and CEO.
06/07/2009

F&C goes from hunted to hunter

F&C Asset Management has become a completely independent publicly traded management firm, for the first time in its 140-year history, following Friends Provident’s distribution of its 52% stake to shareholders, the Financial Times reports. While F&C had been considered an acquisition target when Friends was seeking to sell off its stake, the British management firm now finds itself in a position to acquire others. Alain Grisay, CEO, says F&C could act fast if it finds rare gems. The executive estimates that 15 European banks are no longer considering asset management a strategic activity.
06/07/2009

S&P places F&C AM ratings on negative watch

On Thursday, Standard & Poor’s placed the long-term counterparty rating of BBB-, and short-term rating of A-3 for F&C Asset Management under watch with negative implications. The move also applies to its BB rating for subordinate debt. The measure is a result of a deterioration in debt servicing parameters, with EBITDA likely to fall below three and a half times the volume of debt.
06/07/2009

USS plans to invest in 25 hedge funds

Emily Porter, a portfolio manager at the Universities Superannuation Scheme (USS), says that the pension fund decided in 2007 to invest up to 20% of its GBP23bn portfolio in alternative assets, and that it is planning to select 25 hedge funds within the next two years at most, Professional Pensions reports. The goal will be to generate performance 500 basis points higher than the Libor, with volatility 50% that the equities markets. USS is planning to rely on the services of risk aggregators.
06/07/2009

Credit Suisse launches a fund of funds

Credit Suisse has applied to the CNMV for a license to sell an “active and flexible” fund of funds with assets invested predominantly in equities. The CS Global Fondos Gestión Activa will invest 30% to 75% of its assets in equities funds, and will not be allowed to acquire shares in bond assets rated below BB- by S&P, Funds People reports. Maximal exposure to currency risks will by 30%, and the management team will be able to invest up to 10% in alternative assets (hedge funds, real estate, etc). Management fees will be 1.5%.

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