● Fund sector returns to positive net inflows ● AXA, Credit Suisse and SEB have launched new open-ended funds
● Germany’s open-ended funds experienced net inflows of €529.6m in October, compared with outflows of €327m in September. But last month’s figures were distorted by €488m of withdrawals from Deka’s ImmobilienFonds. Parent bank DekaBank was returning a large part of the €2bn in shares it had taken on earlier from disgruntled investors, to support the fund. It plans to return more shares later this year.
● A number of new funds have been launched, including AXA Immosolutions and Credit Suisse’s new CS Property Dynamic. SEB’s new Global Property Fund was the most successful, collecting €81.9m in its first month of trading. The fund, which only takes money from customers of UBS Sauerborn, will mostly invest in European assets providing a stable cash flow. It has already acquired a €44m medical centre in Hamburg. The fund is seeking a 6% return.
|
German open-ended funds’ capital flows |
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|
SEB’s Global Property Fund was the most successful new vehicle |
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|
Fund manager |
Fund |
Oct 2006 €000s |
Sept 2006 €000s |
Year to date €000s |
|
AXA Investment Managers |
AXA Immoselect |
63,780 |
41,411 |
205,016 |
|
AXA Immosolutions |
39,480 |
0 |
308,480 |
|
|
AXA total |
103,260 |
41,411 |
308,276 |
|
|
CSAM Immo |
CS Euroreal A CHF |
5,976 |
3,182 |
42,314 |
|
CS Euroreal A Eur |
7,716 |
-13,864 |
-895,434 |
|
|
CS Property Dynamic |
9 |
0 |
9 |
|
|
CS-WV Immofunds |
0 |
-9 |
-7,521 |
|
|
CSAM total |
-13,701 |
-846,940 |
-10,691 |
|
|
CGI |
Haus-Invest Europa |
31,746 |
28,619 |
-438,073 |
|
Haus-Invest Global |
3,288 |
906 |
-203,983 |
|
|
CGI total |
35,034 |
29,525 |
-642,056 |
|
|
DB Real Estate |
Grundbesitz-global |
105,742 |
87,839 |
-193,080 |
|
Grundbesitz-invest |
-100,519 |
-114,284 |
-2,826,181 |
|
|
DB Real Estate total |
-5,223 |
-26,445 |
-3,019,261 |
|
|
Degi |
Degi Global Business |
39,441 |
0 |
142,419 |
|
Degi International |
42,901 |
27,067 |
357,603 |
|
|
Grundwert-Fonds |
-42,116 |
-17,979 |
-324,258 |
|
|
Degi total |
40,226 |
9,088 |
175,764 |
|
|
Difa |
Difa-Fonds Nr.1 |
-65,629 |
-38,124 |
-789,622 |
|
Difa-Global |
62,758 |
57,647 |
107,756 |
|
|
Difa-Grund |
-20,153 |
-24,823 |
-554,282 |
|
|
Immobilienfonds |
0 |
0 |
-3,579 |
|
|
Difa total |
-23,024 |
-5,300 |
-1,239,727 |
|
|
Deka Immo |
Deka-ImmobilienEuropa |
-28,293 |
-13,630 |
-1,561,650 |
|
Deka-ImmobilienFonds |
-32,263 |
-488,135 |
-1,056,576 |
|
|
Deka-ImmobilienGlobal |
-7,272 |
1,886 |
-254,758 |
|
|
Deka total |
-67,828 |
-499,879 |
-2,872,984 |
|
|
HansaInvest iii-investments |
Hansaimmobilia |
-3,314 |
-3,220 |
-29,357 |
|
Euro ImmoProfil |
-3,714 |
-2,146 |
-116,804 |
|
|
Inter ImmoProfil |
-20,362 |
-6,639 |
-143,166 |
|
|
iii total |
-24,076 |
-8,785 |
-259,970 |
|
|
KanAm Grund |
KanAm grundinvest Fonds |
141,781 |
149 |
-236,963 |
|
Morgan Stanley |
Morgan Stanley P2 value |
33,593 |
62,923 |
476,004 |
|
SEB Immoinvest |
SEB Global Propetry Fund |
81,934 |
0 |
81,934 |
|
SEB ImmoIvest |
191,235 |
100,240 |
227,465 |
|
|
SEB ImmoPortfolio Target Return Fund |
2,744 |
8,630 |
70,628 |
|
|
SEB total |
275,913 |
108,870 |
380,027 |
|
|
TMV Pramerica |
TMV Immobilien Weltfonds |
26,588 |
5,609 |
159,577 |
|
UBS RE KAG |
UBS (D) Euroinvest Immobilien |
-9,714 |
-5,104 |
44,318 |
|
UBS (D)3 Kontinente Immobilien |
-2,571 |
-6,570 |
40,075 |
|
|
UBS total |
-12,285 |
-11,674 |
84,393 |
|
|
WestInvest |
WestInvest ImmoValue |
11,786 |
0 |
41,600 |
|
WestInvest InterSelect |
-4,592 |
-2,973 |
3,086 |
|
|
WestInvest 1 |
-22,196 |
-15,584 |
-533,086 |
|
|
WestInvest total |
-15,002 |
-18,557 |
-494,572 |
|
|
Other open-ended funds |
-195 |
-29 |
-24,299 |
|
|
Open-ended funds total |
529,595 |
-327,005 |
-8,033,490 |
|
|
Source: BVI |
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