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07/04/2009

Europe - ETF Securities launches ETF Exchange multi-issuer platform

ETF Securities (ETFS) on Monday announced the forthcoming launch of ETF Exchange, which aims to become the world’s first multi-issuer ETF platform. The planned platform has been joined by 15 banks and asset management firms of global size, including the largest actors in the European financial centres (Germany, France, the United Kingdom, Italy, southern Europe, Scandinavia), the United States, and Asia; it will aim to provide investors with ?highly liquid and creditworthy? exchange-traded products (ETP).
07/04/2009

Italy - Another month of redemptions from Italian funds

In March, mutual funds on sale in Italy saw net redemptions of EUR5.1bn, following redemptions of EUR2.9bn in February, according to the most recent statistics from Assogestioni, the Italian association of management professionals. All categories are in the red, particularly bond funds, which have seen outflows of EUR2.7bn for the month. Equities funds show net redemptions of EUR490m.Since the beginning of the year, mutual funds on sale in Italy have seen outflows of EUR12.4bn, confirming a trend which has continued for several months. Assets are down to EUR386bn, from EUR388bn in February.Among the leaders in the sector, Pioneer shows the heaviest net redemptions at EUR2.67bn, Mediolanum shows the largest net subscriptions at EUR145m.
07/04/2009

Germany - Meag targets external clients

At the end of 2008, assets at Meag, a management firm joint venture from Munich Ré and Ergo, had increased by 2% compared with their levels at the end of 2007, to a total of EUR184.7bn. The Börsen-Zeitung reports that this unusual development was the result of a prudent investment policy which led the firm to reduce its allocation to equities to EUR7.1bn, down from EUR24.4bn twelve months earlier. Now, says Robert Helm, CEO, Meag will work to take advantage of last year’s good results to win over new clients from outside the group.
07/04/2009

Germany - MLP: Swiss Life and Talanx adjust their participations

In a market statement to the Deutsche Börse, MLP has announced that it was informed by Swiss Life on 1 April that its participation in the firm has passed below the 20% threshold, and now totals 15.90%. Meanwhile, the insurance firm Talanx (HDI group) announced to MLP on the same day that is now controls 9.89% of its capital.
07/04/2009

Germany - Wellington controls more than 3% of Deutsche Borse

Deutsche Börse announced on Monday in a market statement that the Boston-based asset management firm Wellington Management Company informed it on 3 April that it has acquired 3.05% of its capital. Recently, the alternative managers TCI and Atticus liquidated almost all of their participations in the capital of the stock market company.
07/04/2009

EU - European Union in plans to regulate all alternative funds with assets over EUR250m

According to a draft European Union directive which has been obtained by Handelsblatt, the EU is planning to require private equity firms, hedge funds, open-ended real estate funds and institutional funds with assets of over EUR250m to register. The proposed legislation will be unveiled in Brussels on 21 April by single market commissioner Charlie McCreevy, if approved by other commissioners. The directive would come into force in early 2011.Aside from the registration requirement, the bill does not include much new regulation. The authorities will not be allowed to intervene in investment policies, and short-selling will continue to be allowed. However, sale of the products will be restricted to professional investors. The license will be issued to the fund only once the managers have provided detailed information, after the fund has amassed sufficient capital and provided details of its risk management. Rules relating to funds using high levels of leverage will be more severe. Funds which take large stakes in companies will also be required to satisfy stricter transparency requirements.
07/04/2009

Norway - Government pension fund cuts back investment in high yield and real estate

According to a survey by the Norwegian finance ministry reported in IPE, the Government Pension Fund - Global will refrain from investments in high-yield bonds and emerging market bonds which present undesired risks in times of economic downturn. Meanwhile, the fund is also giving itself a period of ?several years? to complete construction of a real estate portfolio to eventually account for 5% of assets.
07/04/2009

World - Redemptions from funds of USD60bn

Investors worldwide withdrew more than USD60bn from funds investing in developed markets in first quarter, while emerging markets saw inflows of a net total of USD3.2bn, according to statistics from Emerging Portfolio Funds Research, cited by the Financial Times.
07/04/2009

Germany - SEB Asset Management liquidates six small funds

SEB Asset Management has announced that on 30 April it will liquidate six of its funds (five of them registered in Luxembourg and one in Germany), whose assets do not allow for a profitable operation of the fund for the management firm or investors. Assets under management in the funds concerned range from EUR0.23m to EUR8.75m. SEB AM is offering subscribers a free transfer to four funds with similar objectives.
07/04/2009

Germany - Deka launches another guaranteed fund

DekaBank has announced the launch of another guaranteed fund, the Deka-CapGarant 1, which offers full participation in the performance of the DJ Euro Stoxx 50 index, up to a maximum of 37%, and a guarantee on full invested capital minus the front-end fee. The Luxembourg-registered fund has no fixed maturity date, but the counters will be reset to zero after six years, and Deka will charge a restructuring commission of 3% when that time has completed on 30 April 2015. Front-end fee and management commission are 4% and 15, respectively.
07/04/2009

Germany - Uwe Bachert moves to Neue Vermogen AM

Uwe Bachert, who was formerly director of sales for Sauren Funds Services, has been appointed director of distribution (a newly-created position) at Neue Vermögen Asset Management, Das Investment reports.
07/04/2009

United Kingdom - Trevor Green and Roger Dossett also join Henderson

The manager of the UK Growth Fund from New Star, Trevor Green, who joined New Star in June 2008 from Credit Suisse, has announced that he is planning to remain in his current position and also to join the UK equities team at Henderson Global Investors (HGI) when New Star is taken over by HGI, Investment Week reports. Roger Dossett, chief executive for real estate funds, has also decided to join HGI, where he will continue in the same position as at New Star. However, Stuart Webster, manager of the International Property fund and head of global property, has announced that he will not follow his colleagues to HGI, but will remain an advisor to the fund.
07/04/2009

World - Managers neglect risk management

Management firms have a tendency not to place surveillance or risk management at the top of the list of priorities in their hierarchies, according to a survey by Copenhagen business school, in partnership with SimCorp StrategyLab, cited by Financial Times Fund Management. ?Risk management is considered an obstacle to be surmounted in an activity,? says Steen Thomsen, a professor at the Danish school.
07/04/2009

France - Modifications to AMF general regulations

The French minister of the Economy on 5 April published an announcement in the official journal dates on 2 April, which contains a summary of modifications to the general regulations of the AMF related to public calls for capital and prospectuses. Article 212-16 stipulates that ?when one or more investment services providers participate in an initial admission to a regulated market for the trading of capital securities and/or any public offers or the admission to trading on a regulated market for such securities in the three years after the first admission to trading of these capital securities, this provider or providers must confirm to the AMF that they have undertaken the professional diligence required and that the diligence has not found any imprecisions or significant omissions in the prospectus of a nature which would induce error in investors or mislead their judgment.?
07/04/2009

Spain - Managers holding onto more cash than equities

A monthly survey by Lipper of 14 major Spanish asset management firms reveals that in March, 53.85% of these firms were underweight in equities, compared with 61.54% the previous month, and that average investment in equities measures 32.11% of the portfolio, compared with 31.98% the previous month, Cinco Días reports. Cash allocations have decreased very slightly, from 34.65% to 33.87%.
07/04/2009

United States - Six candidates to acquire external asset management activities of AIG

The Wall Street Journal reports that at least six potential buyers have expressed interest in the USD100bn in assets that AIG Investment manages on behalf of third parties. The potential buyers include four private equity investors, Ashmore Investment Management, Hellman & Friedman, Rhône Group and TA Associates, and two asset management firms, Franklin Templeton Investments and Southgate Alternative Investments. The offers range from USD400m to USD800m, while the price would normally be about USD1bn to USD2bn. The newspaper reports that AIG is planning to complete the sale by the end of May, but that the group may have to call off plans to sell the division if the offer price is too low. Alternative assets in the portfolio up for sale totalled about USD34bn at the end of February, of which USD26bn were in private equity and USD6.8bn in hedge funds. Since then, assets in hedge funds have been reported to be closer to USD5bn.
07/04/2009

Germany - BASF raises additional capital

After already doubling the initially planned amount of its borrowing to EUR1bn last week, BASF on Monday raised a further EUR350m in capital, the Börsen-Zeitung reports.
07/04/2009

Germany - DWS takes over management of RREEF funds

DWS has announced that as of 1 April, it has taken over management of closed real estate funds from another Deutsche Bank affiliate, RREEF. The assets transferred by RREEF are valued at about EUR2.2bn. Specialist personnel from RREEF have been transferred to DWS, which, for its part, will be parting with about 50 employees (out of 1,020 in Germany as of the end of 2008), but without unilateral layoffs. The move may result in the transfer from one division to another and in reductions in working hours for elder employees. DWS will conduct mergers of open-ended funds.
07/04/2009

Germany - DWS bids farewell to Stephen Kunze

A spokesperson for DWS has confirmed to the Financial Times Deutschland that Stephan Kunze has resigned, and that a new director of distribution will be appointed in the very near future. Kunze joined the fund management affiliate of Deutsche Bank in July 2004 from ABN Amro, where he was director of products for private investors. Apparently, the FTD comments, Kunze is paying the price for the poor sales of DWS Go certificates, launched in 2006, which attracted only slightly over EUR400m.
06/04/2009

Espagne - Reig veut lancer un fonds hôtelier pour les super-riches

Expansión rapporte que Reig Capital Group, la société de portefeuille de la famille andorrane Reig, a demandé à la CNMV l’agrément pour gérer un fonds immobilier hôtelier de 200 millions d’euros, dont 70 millions apportés par les Reig, et qui sera destiné à des particuliers très haut de gamme (ultra high net worth individuals) dont l'épargne financière dépasse les 30 millions d’euros. Ce fonds devrait démarrer début 2010. Il investira dans des hôtels de luxe situés à Madrid, Paris, Londres et Milan et exploités par les enseignes Mandarin, Starwood, Marriott et Four Seasons. Il est prévu d’acquérir trois à quatre de ces actifs en deux ans.En juin 2007, Reig Capital Group avait déjà lancé un fonds d’investissement de 100 millions d’euros spécialiste des PME, Miura Private Equity, qui compte comme autres investisseurs le français Masséna, l’américain Stevenson Family Investments, le BBVA ainsi que les familles Cerqueda et Botet. José Caireta, directeur général de Reig Capital Group, prévoit qu’après le fonds hôtelier, la famille andorrane lancera un fonds spécialisé dans la mode.
06/04/2009

Espagne - UBS ouvre à Bilbao pour attirer les fortunes basques

Le suisse UBS a ouvert voici deux semaines une succursale à Bilbao pour servir les grandes fortunes du Pays basque, l’une des régions les plus riches d’Espagne, rapporte Cinco Días. Actuellement, la nouvelle succursale emploie neuf personnes auxquelles il faut ajouter les sept qui étaient déjà salariées dans la communauté autonomie. Cette implantation complète le dispositif d’UBS. L'été dernier, la banque a ouvert une succursale à La Corogne. Elle est déjà présente à Barcelone, Séville, Saragosse, Valence et Marbella.
06/04/2009

Espagne - Lyxor commercialise deux hedge funds au format OPCVM III

Ander López, responsable de la gestion alternative chez Lyxor en Espagne, a annoncé que le gestionnaire français commercialise dans le pays deux nouveaux produits conformes à la directive OPCVM III et enregistrés depuis février auprès de la CNMV, rapporte Funds People. Il s’agit d’une part du Lyxor Hedge Fund Index Fund, un produit de gestion passive qui réplique l’indice-maison des hedge funds. L’autre est le Lyxor Active Edge, qui fonctionne comme un fonds de hedge funds mais qui investit dans des indices du secteur et non directement des fonds. De plus, ce produit n’est pas directionnel. Les deux fonds sont disponibles sous forme de parts retail et institutionnelles.
06/04/2009

Espagne - Nmás1 liquide son fonds immobilier

N+1 Gestión a notifié à la CNMV vendredi avoir pris la décision de liquider son fonds immobilier (catégorie FIL ou hedge fund) Nmás1 Real Estate, suite à des demandes de remboursement représentant 30 % de l’encours du fonds. Comme les demandes de rachat du premier trimestre représentent 36 % de plus, N+1 Gestión et le dépositaire Santander Investment vont procéder durant les deux prochaines semaines, grâce au niveau important de liquidités à la restitution aux souscripteurs de 80 % de l’encours. Les 20 % restants seront répartis après cession des actifs. Selon les dernières statistiques mensuelles d’Invesco, le fonds affichait simplement 19 millions d’euros d’encours et ne comptait que 20 souscripteurs.Le gestionnaire précise qu’avec effet au 1er avril, les commissions de gestion et de banque dépositaire sont réduites à respectivement 0,85 % et 0,10 %.
06/04/2009

Asie - Hong Kong ne serait pas un paradis fiscal

Donald Tsang, le chef de l’exécutif de Hong Kong a assuré que le territoire se conformait aux règles internationales en matière d'échanges d’informations bancaires, rapporte Les Echos. Il répondait à certains membres de l’OCDE, dont la France, qui auraient souhaité voir figurer l'île sur une liste des paradis fiscaux.
06/04/2009

Belgique - BNP Paribas Real Estate Property Management double de taille

Avec l"acquisition de la société Aberdeen Property Investors Belgium, la ligne de métier Property Management de BNP Paribas Real Estate devient leader en Belgique, avec près de 2,2 millions de m² gérés en immobilier d"entreprise.Fondée en 1991 et basée à Bruxelles, Aberdeen Property Investors Belgium ? anciennement Catella Property Management - est dirigée par Bart Van Den Berg (Administrateur Délégué) et Bruno De Wolf (Directeur). La société gère 1.060.000 de m² en immobilier d"entreprise pour le compte de 30 des plus importants clients nationaux et internationaux. Aberdeen Property Investors Belgium se situait, avant cette acquisition, parmi les 5 leaders du property management en immobilier d"entreprise en Belgique.BNP Paribas Paribas Real Estate Property Management gère actuellement 1.1 million de m2 en immobilier d"entreprise en Belgique, pour le compte de 45 clients nationaux et internationaux. La société, dirigée par Frédéric Van de Putte (Administrateur Délégué), développe également des activités de project management et, avec cette acquisition, devient leader sur le marché. BNP Paribas Real Estate compte désormais 70 collaborateurs en Belgique, impliqués en Asset Management, Property Management, en Transaction, en Expertise et plus généralement en Conseil.
06/04/2009

Allemagne - Natixis GA commercialise deux fonds d'actions garantis

Natixis Global Associates entame en Allemagne la commercialisation de deux compartiments de la Sicav de droit luxembourgeois Natixis International Funds (Lux) I gérés par l’américain Gateway Investment Advisers, le Gateway U.S. Equities Fund et le Gateway Euro Equities Fund. Il s’agit selon Das Investment de produits actions garantis conformes à la directive OPCVM qui s’adressent à des investisseurs institutionnels et à des particuliers haut de gamme dans plusieurs pays hors Etats-Unis. Le portefeuille du fonds «américain» s’oriente en fonction du S&P 500 tandis que l’européen s’efforce de répliquer le DJ Euro Stoxx 50. La garantie est obtenue en utilisant des options d’achat (calls) et de vente (puts).
06/04/2009

Allemagne - Silvia Schmitten-Walgenbach quitte DEGI

Vendredi, DEGI (6 milliards d’euros d’encours, groupe Aberdeen Property Investors) a annoncé que Silvia Schmitten-Walgenbach a quitté le 19 mars son poste de membre du comité de diraction responsable de la gestion de fonds et de la trésorerie. Elle démissionné pour convenances personnelles et ses attribuation seront réparties entre les quatre autres membres du comité de direction. L’intéressée, précise le communiqué, a géré avec succès la cession de portefeuilles de grande taille en 2007 et 2008.
06/04/2009

Monde - Les investisseurs croient encore aux pays émergents

Les trois quarts des investisseurs en private equity dans les marchés émergents prévoient d"investir davantage d"argent dans ces régions, selon un sondage réalisé auprès de 156 institutions financières par Emerging Markets Private Equity Association et Coller Capital, cité par le Financial Times. Le Brésil, la Chine et l"Inde sont les trois pays les plus populaires.

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