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04/06/2009

Nouvelles têtes à la Société Générale

Selon la Tribune, Didier Hauguel, Laurent Goutard et Albert Bocle vont respectivement remplacer Jean-François Gautier, directeur des services financiers spécialisés, Michel Douzou, directeur du réseau France, et Jean-Robert Sautter, directeur commercial et marketing de la banque de détail en France, qui vont partir à la retraite..
04/06/2009
Fonds

Ecofin lance un fonds pour l'énergie et les infrastructures chinoises

Le spécialiste des secteurs des services publics et des infrastructures à l'échelle mondiale lance le fonds Ecofin pour l'énergie et les infrastructures de la Chine (China Power & Infrastructure Fund). Le fonds a pour objectif de générer un rendement absolu moins instable que le marché chinois par l’intermédiaire d’un portefeuille dynamique de projets de construction fondé sur des données macroéconomiques et de la recherche fondamentale. Le fonds acheteur/vendeur variera de 20 % à 100 % nets à long terme, avec un maximum de 150 % bruts et aucun effet de levier financier. Le fonds investira principalement dans les titres à forte capitalisation, et aura une liquidité mensuelle avec un avis de rachat de 30 jours. Ecofin gère 3,4 milliards de dollars sur toute une gamme de fonds de couverture et de fonds et de mandats acheteurs seulement. Une partie des fonds est déjà investie en Chine. Dans son équipe internationale (25 spécialistes), Ecofin dispose de quatre experts sur la Chine.
Fonds
04/06/2009

La Deutsche Bank recrute Daniel Jagmetti

Membre de la direction d’Osterwalder Zürich depuis 2002, Daniel Jagmetti a rejoint au 1er juin la Deutsche Bank (Schweiz) comme directeur clientèle privée suisse dans la ligne de métier private wealth management (PWM).
04/06/2009

Robeco relocalise une équipe verte chez SAM

D’ici à la fin juillet, les cinq professionnels de l’investissement qui composent l'équipe technologies propres (clean tech) et private equity durable de Robeco à Rotterdam (410 millions d’euros sous gestion) auront rejoint la filiale suisse SAM Sustainable Asset Management à Zurich, rapporte IPE. Cette équipe est dirigée par Andrew Musters, managing partner pour le private equity.D’autre part, Robeco a annoncé son intention de lancer un troisième fonds de technologies propres avant la fin de l’année. Contrairement à ses deux prédécesseurs, il pourra investir en infrastructures et dans des exploitations forestières.
04/06/2009

Hedge fund managers expect a heavy decline in redemption demands, according to Barclays Capital

Hedge fund managers are finding a reason for some slight optimism about the fidelity of their clients. After reaching 25% of assets in funds in fourth quarter 2008, redemption demands are expected to total only 10% of total assets in 2009, Barclays Capital says in its study “Picking up the Pieces,” which surveyed 300 institutional investors (pension funds, private banks, charities, etc), and 100 hedge fund managers.
04/06/2009

Lyxor ETF based on Ibex Inverso to be released soon

This week, the Spanish Stock Exchange admitted the Lyxor ETF Euro Corporate Bond fund to trading, as the Société Générale was preparing to launch the first ETF to track an Ibex index, Cinco Días reports. The fund will replicate the Ibex 35 Inverso. An application for a license for the fund was submitted to the AMF last week. The CNMV will then have two months to grant its approval. On its first day of trading in Madrid, the Lyxor ETF Euro Corporate Bond fund had a total trading volume of EUR400,000, more than in Paris, said Adrián Juliá director of publicly-traded products at Société Générale in Spain.
04/06/2009

Richard Wohanka leaves Fortis Investments

Richard Wohanka, CEO of Fortis Investments, is leaving the asset management company, which is in the process of being merged with the asset management business of BNP Paribas. The news was announced Tuesday and has been confirmed by a spokesperson for Fortis Investments. BNP Paribas states that a successor will be named for Wohanka. But it is not yet sure whether the new CEO will be responsible only for Fortis Investments, or the combination of BNP Paribas Investment Partners and Fortis Inevstments. For the moment, Jacques d’Estais is serving as director and CEO of BNP Paribas Investment Partners, since Gilles Glicenstein died in April. The departure of Wohanka, whose plans for the future are not yet known, follows that of Saker Nusseibeh, who was global head of equities and CIO of Fortis Investments, and who has since joined Hermes Fund Managers. Wohanka was appointed CEO of Fortis Investments in 2001, after serving as CEO of WestLB Asset Management. In his career, he has already encountered BNP Paribas, as head of Baribas Asset Management. BNP Paribas took control of Fortis Investments with its acquisition of Fortis Banque. At a presentation of the firm’s most recent results, on 31 March, the French bank announced that the merger would create the fourth largest asset management entity in the Euro zone, with EUR475bn in assets under management.
04/06/2009

80% of institutional investors will undertake "aggressive" reallocations in 2009

Institutional investors are on the starting blocks. Though investors were resolutely prudent in 2008, keeping an average of 14% of their investable assets in liquidities, 80% of them are planning to make “aggressive” reallocations in 2009, once the markets have restabilised, according to a recent study by Barclays Capital entitled “Picking Up the Pieces.” Hedge funds will profit not least from this wave of new subscriptions, according to the study of 300 institutional investors (pension funds, private banks, charities, etc.) and 100 hedge fund managers. At least USD50bn will be invested in hedge funds this year, largely by pension funds and family offices, most of whom say they are planning to increase their exposure to hedge funds, unlike insurers, private banks, and charities, which are planning to reduce their allocation to alternative investments. Although many institutionals are impatient to return to hedge funds, they will be more prudent about the investment strategies they choose to invest in. According to the Barclays Capital study, a majority of institutionals surveyed said they would prefer simpler and more liquid strategies than previously.
04/06/2009

Deka seeks to merge real estate funds

Rolf Kiefer, director of communications at DekaBank, has told Die Welt that the asset management firm for the German savings banks is planning to merge the Deka-Immobilienfonds (EUR2.5bn) with the Deka-ImmobilienEuropa (EUR7.4bn). Meanwhile, the Westinvest fund (EUR1.6bn) will be merged with the Westinvest Interselect (EUR3.2bn). The plans are currently being discussed with the savings banks, and a decision will be taken at the end of June. If an agreement is reached, the two real estate fund mergers would be completed by 30 September. Applications for the necessary regulatory permission have already been submitted to the financial markets surveillance authority (BaFin). After the mergers, the new Deka fund would have available liquidity of EUR2.28bn, while the new Westinvest fund would have EUR800m.
04/06/2009

DWS cuts back executive pay

In its annual report, DWS Investments (Deutsche Bank group) has announced that the seven members of its board of directors in 2008 earned a total of about EUR6.9m, compared with EUR15.8m in 2007, Financial Times Deutschland reports. Assets as of the end of December had contracted by 20% in one year, to EUR122bn, due both to market effects and net redemptions.
04/06/2009

Appointment at Société Générale

Olivier Lecler, 41, deputy director of SGAM and CEO of SGAM AI since June 2008, has been appointed chief operating officer at GIMS, the asset management and investor services unit of the Société Générale group. He succeeds Sylvie Rucar, who has left the group. Lecler, a member of the group’s executive board, reports to Jean-Pierre Mustier director of the asset management and investor services unit.
04/06/2009

Udo Rosenfeld takes over as director of funds of funds at DWS

Following the departure of Barbara Rega, Udo Rosendahl has been appointed as director of funds of funds at DWS, fondsprofessionell reports, citing Citywire. Rosendahl will also retain his responsibilities as chief investment officer for European equities.
04/06/2009

Robeco moves sustainable management team to SAM

By the end of July, the five investment professionals who make up the clean tech and sustainable private equity teams at Robeco in Rotterdam (EUR410m in assets under management) will move to the Swiss affiliate SAM Sustainable Asset Management in Zurich, IPE reports. The team is led by Andrew Musters, managing partner for private equity. Robeco has also announced plans to launch a third clean tech fund be the end of the year. Unlike its two predecessors, the fund will be allowed to invest in infrastructure and forestry.
04/06/2009

Several real estate funds to reopen

Karl-Heinz Heuß, director of Credit Suisse Asset Management Immobilien, has told the Frankfurter Allgemeine Zeitung that the open-ended real estate fund CS Euroreal will once again begin honouring redemptions, which have been frozen since the end of October, by the end of this month. In July, another similar move is expected from the KanAm grundinvest fund, and specialists are predicting that the Axa Immoselect will soon follow suit.
04/06/2009

Hansainvest brings together green technologies and private equity

With its new offering, SI Ökoselect-Fonds, launched on 2 June, 2009, Hanseatische Investment (Hansainvest) presents an environmental technologies fund (renewable energy, water treatment and infrastructure, energy efficiency, pollution reduction, etc), whose portfolio will initially consist of 10% to 15% private equity, though it may invest up to 20% in this asset class. The new fund, registered in Germany, is advised by Olaf Köster, director of fund management at VCH Inevstment Group, an affiliate of Altira Group. Minimal subscription is set at EUR50. The new fund will be managed with a bottom-up approach and will initially select shares on the basis of their potential for growth, and will then filter the results based on environmental and social exclusionary criteria. This sustainable development overlay will allow the product to avoid businesses whose corporate governance is not convincingly resopnsible, as well as companies in the nuclear energy, gambling, prostitution and weapons trades. The manager will then analyse the sectoral outlooks and attempt to limit or hedge currency risks. Details ISIN code: DE000A0NEKV8 Front-end fee: 5% Management fees: 1.95% Performance commission: 10% Currency: EUR
04/06/2009

Bestinver recruits a director from Allfunds

Ignacio Pedrosa, CEO for Spain, Portugal and Latin America since 2006 at Allfunds Bank (Sandander and Sanpaolo Intesa), has been recruited by Bestinver, the management firm from Acciona, as commercial director, Funds People reports.
04/06/2009

Hedge funds may leave UK

Large hedge funds based in the United Kingdom have warned the British Treasury that they would have to leave the country if a draft European directive goes through, the Financial Times reports. Some of them are already prepared to move to Switzerland if the draft regulations (which one manager called a French plot against London) are not amended. New York is another possible destination, the FT adds.
04/06/2009

Oslo selects Mercer as climate change advisor

Finance minister Kristin Halvorsen announced on Wednesday at an “investment strategy summit” of the Government Pension Fund - Global that the Norwegian government has selected the Mercer agency as a consultant to coordinate a major research project to determine the impact of climate change on financial markets, and the implications of the phoenomenon on strategic asset allocation. Norway is also encouraging other institutional investors and industrial groups worldwide to join the project.
04/06/2009

Investors return to funds

Retail investors came back to funds in the United States, the United Kingdom and Europe in April, Financial News reports, cited in the Wall Street Journal. In Europe, for example, asset management firms posted net subscriptions of EUR11bn in Q1, triple the flows registered in 2008 overall.
04/06/2009

Lyxor ETF Euro Corporate Bond fund listed in Frankfurt

Deutsche Börse on Wednesday announced that it has admitted the 452nd ETF to trading on the XTF segment of its Xetra electronic trading platform; it is the Lyxor ETF Euro Corporate Bond from Lyxor Asset Management (Société Générale group). The French-registered fund replicates the Markit iBoxx Liquid Corporate Overall Index, which includes debt from 40 companies rated from AAA to BBB. Management commission is set at 0.20%.
04/06/2009

Schroders launches a currency fund

Schroders will launch a currency fund, which will aim to outperform the Global Currency Index by 3%, Citywire reports. The Schroder ISF Global Managed Currency will be a multi-currency money market fund, actively managed by Clive Dennis.
03/06/2009

La performance des hedge funds liée à leur taille

Selon Das Investment, une étude réalisée par le fournisseur de services Pertrac Financial Solutions montre que l’impact de la crise sur les hedge funds dépend de la taille et de l'âge des fonds. Pour la première fois depuis 1996, les structures les plus petites ont enregistré l’an dernier des performances plus médiocres (-17%) que les hedge funds de taille moyenne (-16%) ou grande (-14,1%). C’est normalement l’inverse que l’on a observé jusqu’ici. Entre 1996 et 2008, le rendement moyen s’est élevé à 13% par an pour les petits hedge funds, contre 10% pour les structures moyennes et seulement 9,3% pour les plus gros fonds. La meilleure performance des plus petites structures a été acquise au prix d’une volatilité plus marquée, de près de 7%, soit 1 point de pourcentage de plus que les hedge funds de taille plus importante. L'âge serait également un élément déterminant pour la performance des hedge funds. En 2008, la performance des nouveaux hedge funds s ‘est ainsi inscrite à -11,3%, soit 7 à 8 points de pourcentage de mieux que les hedge funds d'âge moyen (-19,5%) ou d'âge mûr (-17,9%).
03/06/2009

Fortis Investments lance un blog ESG

L'équipe francfortoise spécialiste de l’investissement socialement responsable chez Fortis Investments (12 personnes) annonce avoir lancé à l’adresse www.sriblog.fortisinvestments.com.un blog analysant en détail les aspects sociaux et environnementaux des plans de relance économique des pays membres du G-20.La teneur en mesures environnementales et sociales du dispositif décidé par l’administration Obama aux Etats-Unis (2.000 milliards de dollars) se situe ainsi à environ 50 % du total, avec 333 milliards pour la santé, 209 milliards pour le transport «durable», 151 milliards pour l'éducation, 95 milliards pour le logement social, 84 milliards pour l'énergie propre et efficiente et enfin 68 milliards pour l’assainissement de l’air et de l’eau. En ce qui concerne la France, la part de l’environnemental se situe à 11 % ou 3,8 milliards de dollars, la relance sociale correspond aux 3 % restants, avec 1,1 milliard de dollar pour le logement social et 40 millions pour l’approvisionnement alimentaire durable. En Allemagne, la relance environnementale représent 15 % ou 16,62 milliards de dollars et le social pèse 13,54 milliards de dollars, soit 13 % du total.
03/06/2009
Fonds

Les hedge funds devraient recevoir 50 milliards de dollars

Les fonds de pension, les trusts familiaux et autres investisseurs devraient investir au moins 50 milliards de dollars dans les hedge funds cette année, selon une étude de Barclays Capital citée par le Financial Times. Mais ils vont exiger un accès plus facile à leur argent, et se concentreront sur les stratégies d’investissement les plus simples.
Fonds
03/06/2009

UBS Luxembourg va supprimer 50 emplois

Selon L’Agefi suisse, UBS, qui a annoncé une réduction de 11% de ses effectifs dans le monde, va supprimer 50 emplois sur les 471 personnes qu’elle emploie au Luxembourg.
03/06/2009

Temasek s’intéresse aussi à la gestion d’actifs d’AIG

Selon le Financial Times, le Singapourien Temasek et Richard Li, basé à Hong Kong, sont sur le point de rallier Franklin Templeton, qui est en pole position pour le rachat des activités de gestion d’actifs d’AIG pour environ 500 millions de dollars.
03/06/2009
Fonds

Lancement de Lyxor ETF Euro Corporate Bond en Espagne

Le fonds Lyxor ETF Euro Corporate Bond a été lancé sur le marchés espagnol, indique Funds People. Ce fonds, répliquant l’indice Markit iBoxx EUR Liquid Corporates, est investi sur 40 obligations privées, d’une taille d’investissement supérieure à 2 milliards d’euros et dont 80% bénéficient d’une notation égale ou supérieure à A.
Fonds

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