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21/04/2009

India - AGI forms partnership with Bajaj Finserv

Allianz Global Investors (AGI) has announced the creation of an asset management joint venture with Bajaj Finserv in India. The German partner in the venture will control 51% of shares in the new firm, Handelsblatt reports. The insurance group Allianz already has two other joint ventures with Bajaj Finserv; according to the Wall Street Journal, it also announced on Monday that it will be buying out its Indian partner in Bajaj Allianz Financial Distribution, a financial products distribution firm.
21/04/2009

Switzerland - Werner Peyer leaves UBS

Handelsblatt reoprts that Werner Peyer, second in command in global wealth management and corporate banking at UBS, will be leaving the firm. The reasons for the departure are not yet known.
21/04/2009

Europe - Criticism of plans to regulate hedge funds

The European Commission’s plans to regulate hedge funds and private equity may become a central topic in the European elections, the Financial Times reports. In a letter to José Manuel Barroso, president of the Commission, the leaders of the Socialist group in the European Parliament have declared that the propositions would be ineffective because they contain too many loopholes.
21/04/2009

Italy- Alitalia bondholders take on Italian Treasury

Holders of bonds issued by Alitalia are preparing to file a suit against the Italian Treasury, the asset management firm Anima Sgr has announced. The Italian Treasury decided to redeem only 30% of the nominal value of Alitalia bonds.
21/04/2009

Germany - Record number of fund closures in 2008

According to statistics from the German BVI association of asset management firms, 2008 was marked by a record 386 fund closures, the Börsen-Zeitung reports. As far as new launches are concerned, last year was the second-best on record, with 851 new funds.
21/04/2009

France - Casam aims for EUR10bn in ETF assets under management

Ignites reports on 20 April that Crédit Agricole Structured Asset Management (Casam) will launch 10 fixed income ETFs next quarter, and a number of commodities ETFs by the end of the year. According to Fathi Jerjel, CEO of Casam, the management firm is aiming for EUR10bn in assets under management by 2011.
21/04/2009

Europe - European Commission considers issue of ?side pockets?

According to the 20 April edition of Ignites, the European Commission is planning to establish a collective approach to illiquidity in UCITS funds, after regulators in France and Luxembourg authorised the creation of ?side pockets? to isolate investments in Madoff-affected assets.
21/04/2009

France - Edhec and UFG endow a chair in horizon fund research

The Edhec Risk and Asset Management Research Centre and UFG have created a new research chair entitled ?Dynamic allocation models and forms of horizon funds.? The chair will be appointed by a joint UFG/EDHEC committee.?The research team at EDHEC Risk and Asset Management Research Centre, under the responsibility of the scientific director of the centre, Lionel Martellini, will examine the limits of life-cycle funds with progressively more conservative profiles, and study the advantages of an active-passive management approach sensitive to periodicity and economic situation for life-cycle funds, particularly for retirement purposes,? says a statement.The chair’s first project will be an analysis of life-cycle funds for retirement, the results of which will be presented at the EDHEC Institutional Days in Paris on 26 and 27 May 2009.
21/04/2009

Spain - Real estate funds seek to convert to REIT format

Expansión reports that managers of real estate funds are studying the possibility of converting their products into Socimi (Sociedad de Inversión en el Mercado Inmobiliario), the Spanish equivalents of REITs. Invergesuros has already asked the opinion of subscribers about a plan of this type for the Segurfondo Inversión. But investors appear to be worried about the risk that the value of the shares would fall, and those who hold large stakes are worried about now being able to find a buyer. Anyway, asset managers will have to wait for the legislation will to be passed which would allow the conversion of real estate funds into Socimi and vice versa. It would appear that Solar Nuñez, director of the Treasury, is in favour of the changes.
21/04/2009

United Kingdom - iShares launches six ETF funds

Since Monday, the London Stock Exchange (LSE) lists six new ETFs of the iShares brand: the Barclays Euro Government Bond 5-7, Barclays Euro Government Bond 10-15, Barclays Euro Treasury Bond, FTSE Gilts U.K. 0-5, FTSE Developed World ex-U.K., MSCI Pacific ex-Japan, and lastly, the MSCI Europe ex-EMU.
21/04/2009

Sweden - Women lose less in crisis times

The majority of the 6 million savings investors on the Swedish PPM retirement platform lost between 30% and 40% of their assets in 2008, according to the most recent annual report from PPM, cited by Citywire. Considering Swedish savings investors who actively selected their investments in funds, PPM finds that women (-27.9%) have lost less than men (-29.4%).
21/04/2009

Germany - DEGI International distributes nearly EUR100m to subscribers

DEGI (Aberdeen Property Investors group) has announced that its open-ended real estate fund DEGI International on 14 April distributed approximately EUR97.3m to its subscribers for the 2008 fiscal year, corresponding to EUR2.10 per share, up from EUR2 for the previous year. Net profit totalled EUR103.2m, and the occupancy rate for properties in the portfolio is 98%. DEGI states that the dividend reinvestment ratio has risen to 68% from 63% in 2008.
21/04/2009

France - MMGI takes over management of a water fund

Last December, Brigitte Pascaud and Michel Dumoulin, at Martin Maurel Gestion Institutionnelle, took over the financial management of Praetor Wallis Infrastructures, a sub-fund of a Luxembourg Sicav created in April 2005. The product, previously known as the Praetor Water, had been managed by the Banque Degroof, which continues to be the asset management firm for the product; it was advised by Aquaterra. MMGI provided promotion of the product.There were some slight changes to personnel at the firm at the time of the transfer. The fund, specialised in equities of companies active in the water sector, saw an extension to its investment universe, to also include infrastructure. At the same time, the fund was recentered on the Euro zone.This double filter leaves the fund focused on following sectors: energy networks and distribution (electricity, gas, renewable energies), water (treatment, distribution, pipes, and sewers), waste treatment, transportation (roads, highways, ferries, airports, ports), ownership and management of communication networks («historic» telecommunications operators, satellite operators, postal services), the construction and management of public service infrastructure (hospitals, schools, prisons). Within the Euro zone, this includes 155 companies; managers are planning to invest 50% in large caps, and 50% in small caps.From this total, Pascaud and Dumoulin have selected 30 companies, which include IBR Renovables, Veolia Environnement and France Télécom, among the large caps, and Aguas de Barcelona, Ansaldo STS and SMA Solar Tech among the small caps.As of 31 March 2009, the fund had total assets of EUR4.43m.
21/04/2009

Germany - db x-trackers already has over EUR20bn in assets

db x-trackers, which has been in operation since January 2007, announced on Monday that it now has over EUR20bn in assets under management in more than 100 Luxembourg-registered ETFs, of which more than EUR10bn are in 37 bond products. The db x-trackers II EONIA Total Return Index ETF is currently the ETF product with the largest asset volume in Europe, at EUR6bn.Total assets under management for the entity of the Deutsche Bank group makes it the third-largest European ETF promoter, after Barclays Global Investors, with its iShares line of products, and Lyxor (Société Générale), with a market share of 19%. These UCITS III-compliant funds replicate indexes of equities, bonds, commodities and currencies, as well as one hedge fund index. The range includes 15 short ETFs based on equities, bond, and credit indexes.db x-trackers ETF products are traded on European markets (Germany, France, Italy, Switzerland, the United Kingdom), and in Singapore.
21/04/2009

Luxembourg - Franklin Templeton in plans to merge two funds

Franklin Templeton Investment Funds will propose at an extraordinary general shareholders’ meeting for the Franklin Technology Fund (EUR70.6m as of the end of January), to be held on 18 May, to merge the fund with the Franklin U.S. Opportunities Fund (EUR382.5m as of the end of January). The management firm is of the opinion that the merger is justified from an economic point of view, and serves the interests of subscribers. If the EGM passes the motion, the funds would be merged on 17 July.
21/04/2009

World - Share values for real estate companies are six months ahead of the physical property markets

In general, shares in real estate companies or REITs tend to lead their underlying markets by approximately six months, according to a survey by the European Public Real Estate Association (EPRA) commissioned to the US investment company Cohen & Steers. Liquidity appears to bring a higher level of pricing transparency and a more rapid transfer of information on REIT markets than on the less liquid physical property markets.The study, published on Monday, also reveals that publicly traded real estate markets show more pronounced peaks and troughs than the direct markets, which may be related to the fact that data on the performance of publicly traded real estate shares includes leverage, which is not the case for the physical market, though investors in these markets also rely on leverage.Cohn & Steers estimate that although the publicly traded real estate markets incorporate a higher level of risk than the physical real estate markets, it is likely that the underlying real risk of the direct market is strongly underestimated due to the effects of appraisal smoothing. For example, the standard deviation for the physical property market in the United States is only slightly higher than government bonds, and for the British and Australian physical property markets, it is even lower than for government bonds.
21/04/2009

Germany - Women make better investments than men

Women make better stock market investments than men, in both rising and falling markets, according to a study by the German brokerage firm DAB Bank, which examined the investments of 465,000 of its clients. In 2007, when the markets were rising overall, female clients of DAB Bank earned an average return of 18%, compared with 14% for men (7% for the MSCI World index). Women also perform better when the markets are falling, as in 2008. Last year, women outperformed the MSCI World index by 12 percentage pionts, limiting their losses to 30%, compared with losses of 36% in the portfolios of male investors.Another finding of the study is that women have a more prudent investment approach. As of 31 December 2008, they had invested an average of 41% of their assets in equities, compared with 48% for men. Bonds represented 16% of their investments, compared with 13% for male investors.
21/04/2009
Fonds

Les fonds de hedge funds reviennent en vogue, selon S&P

Les fonds de hedge funds pourraient à nouveau attirer des flux d’investisseurs, lassés par le faible retour sur investissement des actions, selon Randal Goldsmith, analyste spécialiste du secteur chez Standard & Poor’s. Les performances de ces fonds se sont stabilisées au premier trimestre, avec 1% de gain en moyenne à la fin du mois de mars, contre une perte moyenne de 12% indiquée par l’indice S&P Global 1200. Randal Goldsmith estime que le critère de la liquidité des fonds de hedge funds sera également déterminant dans les choix des investisseurs.
Fonds
21/04/2009
Fonds

Les fonds de hedge funds reviennent en vogue, selon S&P

Les fonds de hedge funds pourraient à nouveau attirer des flux d’investisseurs, lassés par le faible retour sur investissement des actions, selon Randal Goldsmith, analyste spécialiste du secteur chez Standard & Poor’s. Les performances de ces fonds se sont stabilisées au premier trimestre, avec 1% de gain en moyenne à la fin du mois de mars, contre une perte moyenne de 12% indiquée par l’indice S&P Global 1200. Randal Goldsmith estime que le critère de la liquidité des fonds de hedge funds sera également déterminant dans les choix des investisseurs.
Fonds
21/04/2009
Fonds

Franklin Templeton fusionne deux fonds

Franklin Templeton Investment Funds propose à l’assemblée générale extraordinaire du Franklin Technology Fund (70,6 millions d’euros fin janvier) prévue pour le 18 mai une fusion avec le Franklin U.S. Opportunities Fund (382,5 millions d’euros fin janvier). Le gestionnaire estime que cette fusion est justifiée du point de vue économique et sert les intérêts des souscripteurs. Si l’AGE vote le projet, la fusion interviendra le 17 juillet.
Fonds
21/04/2009

AGI noue un partenariat avec Bajaj Finserv

Allianz Global Investors (AGI) a annoncé la création d’une société de gestion commune avec Bajaj Finserv en Inde. L’allemand détiendra 51 % des parts de cette nouvelle entité, rapporte le Handelsblatt. Le groupe d’assurance Allianz a déjà deux autres joint-ventures avec Bajaj Finserv ; il a d’ailleurs annoncé lundi, selon The Wall Street Journal, qu’il va reprendre d’ici à la fin de l’année la participation de son partenaire indien dans la société Bajaj Allianz Financial Distribution, une société de distribution de produits financiers.
21/04/2009

Le Crédit Suisse va indemniser ses clients en Suisse Romande pour Lehman

Le Credit Suisse est parvenu à un accord avec la Fédération Romande des Consommateurs pour indemniser 1700 de ses clients ayant détenu des produits à capital protégé Lehman Brothers. L’indemnisation concerne un montant total de 50 millions de francs suisses. Sur la base d"une analyse individuelle de chaque situation, la banque soumettra une offre de rachat aux clients représentés par la FRC qui, au 31 août 2008, disposaient d’une fortune globale de 500 000 francs maximum au Credit Suisse et avaient investi plus de 20% de cette fortune globale dans des produits de ce type.
21/04/2009

Werner Peyer quitte UBS

Le Handelsblatt rapporte que Werner Peyer, numéro deux de la gestion de fortune mondiale et de la banque des entreprises va quitter UBS. Les raisons de ce départ ne sont pas encore connues.
21/04/2009
Fonds

L'heure est aux fonds "tous-terrains"

Les investisseurs espagnols, comme les autres Européens, ont redécouvert les fonds diversifiés dynamiques, qui ont la possibilité de changer souplement la configuration de leur portefeuille pour profiter de toutes les opportunités apparaissant sur le marché. En 2008, cela a été le cas principalement du Carmignac Patrimoine, qui se distingue par une gestion active sans se focaliser sur les indices. Les autres fonds préférés des Espagnols ont été le JPM Global Capital Preservation, le Santander Eurobalance, le Axa WF Optimal Income et le BGF Global Allocation de Blackrock, rapporte Expansión, citant les statistiques de Lipper et de JPMorgan Asset Management. Au premier trimestre, les fonds diversifiés qui ont drainé le plus de souscriptions ont été le Banesto Selección RV, le Kutxadinero Plus et le Ibercaja Patrimonio Dinámico.
Fonds
21/04/2009
Fonds

Les fonds immobiliers songent à se convertir en REIT

Selon Expansión, les gestionnaires de fonds immobiliers étudient la possibilité de transformer ces produits en Socimi (Sociedad de Inversión en el Mercado Inmobiliario), les REIT espagnols. Inverseguros a déjà sondé les souscripteurs au sujet d’un projet de ce genre pour le Segurfondo Inversión. Mais les investisseurs semblent craindre une décote et ceux qui détiennent de grosses participations redoutent de ne pas trouver d’'acquéreur. De toutes façons, il faudra attendre que la législation permette de transformer les fonds immobiliers en Socimi et vice-versa. Il semble néanmoins que Solar Nuñez, directrice général du Trésor, soit favorable à une telle formule.
Fonds

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