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31/05/2013

State Street launches two ETFs

P { margin-bottom: 0.08in; } NYSE Arca on Thursday admitted two ETFs from State Street Global Advisors (SSgA) to trading, the PDR Barclays 1-10 Year TIPS ETF (ticker TIPX), whose TER is 0.15%, and the SPDR S&P Global Dividend ETF (WDIV), which charges 0.58%.
31/05/2013

Turgot AM awards a bond fund to a former Efigest manager

P { margin-bottom: 0.08in; } The range of products from Turgot Asset Management was on 26 April complemented by the creation of Turgot Oblig Plus, which the firm is now offering for sale and which is led by Bertrand Billé, from Efigest.The fund, “managed in a flexible and wealth management manner,” may be invested according to opportunities in all types of international bonds (government, corporate, financials, convertibles, hybrids, etc.) and may hedge itself in case of interest rate increases (sensitivity to rates between -2 and +5).The non-benchmarked performance objective is to outperform the Eonia by at least 100 basis points. The fund is composed at least 50% of bonds rated investment grade by at least one of the big three ratings agencies (S&P, Moody’s, Fitch), and a maximum of 25% convertible bonds.CharacteristicsName: Turgot Oblig PlusISIN code: FR001120549Front-end fee: 2%Ongoing fees: 2.47%Performance commission: 30% of performance exceeding the Eonia + 100 basis points
31/05/2013

ESMA approves EIU as a credit rating agency

P { margin-bottom: 0.08in; } The European Securities and Markets Authority (ESMA) has formally approved the registration of the Economist Intelligence Unit (EIU), based in the United Kingdom, as a credit rating agency (CRA) under Article 16 of the CRA Regulation. The registration takes effect from 3 June 2013. There are currently 20 registered and two certified CRAs in the EU. Amongst the 20 registered CRAs, three operate under a group structure, totalling 16 legal entities in the EU, which means that the total number of CRA entities registered in the EU is now 33.
31/05/2013

US private equity converts to European standards

P { margin-bottom: 0.08in; } The French association of investors for growth (AFIC) on 30 May issued a statement welcoming the adoption on the same date by the US private equity asspciations of European standards for reporting and evaluation of stakes. These standards are now globally applicable. The standards laid out by the International Private Equity and Venture Capital Valuation Guidelines Board (IPEV) have been officially adopted by the U.S. National Venture Capital Association (NVCA) and the Private Equity Growth Council (PEGCC), the organisations which include the major players in private equity in the United States. These standards, developed by French, British and European private equity associations (AFIC, BVCA and EVCA) are already shared by more than 40 national private equity associations in Europe, Asia, Africa, Oceania, and Canada. These are now also adopted by the largest private equity market in the world: the United States. “This step shows both the need to adopt common standards for all of the private equity industry, which is now largely converted by international investors who need a reference and a consistent means of evaluation between countries and continents. It is also a sign of the growing influence of Europe in matters of accounting benchmarks which are appropriate for private equity, while retaining their compatibility with US GAAP and IFRS standards,” the AFIC says in a statement.
31/05/2013

Artemis hires a head for retail distribution

P { margin-bottom: 0.08in; } Artemis Investment Management has hired Richard Pursglove as head of retail from September this year. Strengthening Artemis’ existing sales team and reporting to Artemis’ head of asset gathering, Dick Turpin, he will be responsible for the future development and delivery of Artemis’ retail distribution strategy. Richard Pursglove had been head of UK third party distribution at Goldman Sachs Asset Management since October 2011.
31/05/2013

Harwood launches a multi-manager activity

P { margin-bottom: 0.08in; } The founder of Skandia Best Ideas, Alan Durrent, and the former multi-manager from F&C and Architas Richard Philbin have teamed up to launch the new multi-manager activity from Harwood. Durrant will be CEO of the new activity, which will be a part of the Harwood Capital group. Philbin will be chief investment officer. Harwood Multi Manager, which has yet to receive regulatory approval, is planning to launch a series of multi-manager funds, which will be subject to a very strict volatility budget.
31/05/2013

UBS Wealth Managers recruits four advisers for British market

P { margin-bottom: 0.08in; } UBS Wealth Managers has recruited four client advisers for wealth management on the British market, Finews repors. Matt Hoyne joins UBS in Edinburgh, from Lloyds. Simon Pearson and Richard Walker will be added to teams in Manchester. They had previously worked for Lloyds and Brown Shipley, respectively. Lastly, Carl Tremlin joins from Lloyds Mayfair Private Banking, and will work in London, serving clients in the South of England. The recruitments come in a favourable context for UBS on the British market, particularly in areas outside London. Assets under management by UBS Wealth Managers have increased by 50% in the past four years.
31/05/2013

HSBC plans to develop in Asia

P { margin-bottom: 0.08in; } HSBC Global Asset Management (HSBC GAM) has made two promotions on its Asian equity team: Sanjiv Duggal, who manages the largest Indian equity fund on the planet, the GIF Indian equity fund, with USD3.2bn, becomes head of the Indian and Asian equity unit. The senior portfolio manager Viresh Mehta has also been promoted to head of equities for the Indian market at HSBC GAM. The team dedicated to Indian equities is expected to be reinforced. The HSBC group has also announced that its prime brokerage team in Asia-Pacific would like to double its assets in hedge funds in the next 12 months. According to AsiaHedge, HSBC is the largest hedge fund administrator in the region.
31/05/2013

Vanguard launches a UK bond fund

Vanguard Asset Management has launched the Vanguard U.K. Short-Term Investment Grade Bond Index Fund, which offers income and accumulation shares. The new tracker fund is designed for investors seeking diversification of their fixed income allocation with a portfolio of high-quality bonds with shorter maturities. The fund’s target benchmark is the Barclays Global Aggregate 500MM U.K. Non-Government 1-5 Year Float Adjusted Bond Index, the pound sterling subset of the broader parent index, the Barclays Global Aggregate Float Adjusted Bond Index. The total expense ratio (TER) is 0.20%. The fund complements Vanguard’s existing all-maturity U.K. Investment Grade Bond Fund and expands its sterling-denominated fixed income mutual fund range to six.
31/05/2013

Martin Currie wins a mandate from an Australian pension fund

P { margin-bottom: 0.08in; } The Australian pension fund AvSuper has awarded a mandate to the Martin Currie group, based in Edinburgh, to provide management of an allocation dedicated to global emerging markets, Citywire reports. It is the fifth mandate to be won by Martin Currie on the Australian market. The aviation fund AvSuper Fund will invest in a mandate managed by the head of emerging markets at Martin Currie, Kim Catechis, and the portfolio manager Andrew Ness. The amount of the mandate has not been disclosed. The Global Emerging Markets team at Martin Currie (6 people) manage about USD1bn in assets.
31/05/2013

DWS to adopt German funds from Sal. Oppenheim

P { margin-bottom: 0.08in; } According to Citywire, most German-registered funds from Sal. Oppenheim will be transferred to another Deusche Bank affiliate, DWS, while the Luxembourg-registered products will retain the Sal. Oppenheim brand name. Fondsprofessionell also reports that Amelie Harms was on 1 May promoted to director of wealth management for retail clients at Sal. Oppenheim, after four years as head of customer services at Oppenheim Fonds Trust (OPFT).
31/05/2013

RobecoSAM and S&P Dow Jones unveil a new line of indices

RobecoSAM and S&P Dow Jones Indices on May 30 announced the launch of the Dow Jones Sustainability Diversified Indices Family (DJSI Diversified Family). The new offering provides investors with a family of indices designed to have risk/return characteristics similar to standard global equity benchmarks, but with significantly greater representation to more sustainable companies.The DJSI Diversified Family follows the same construction approach used in standard benchmark index families. It covers 26 developed market and 20 emerging market countries and replicates the regional and sector allocation of the S&P Global LargeMidCap Index while taking sustainability performance into account. Companies’ sustainability profiles are evaluated using RobecoSAM’s proprietary Corporate Sustainability Assessment (CSA) methodology.The DJSI Diversified index family includes Dow Jones Sustainability World Diversified Index Dow Jones Sustainability World Developed Diversified Index Dow Jones Sustainability Emerging Markets Diversified Index Dow Jones Sustainability Europe Diversified Index Dow Jones Sustainability North America Diversified Index Dow Jones Sustainability Asia Pacific Diversified Dow Jones Sustainability Emerging Markets Plus Diversified Index Dow Jones Sustainability World Developed ex Korea Diversified Index
31/05/2013

Private wealth: up 7.8% in 2012, according to BCG

P { margin-bottom: 0.08in; } The 13th annual Global Wealth Report from Boston Consulting Group (BCG) finds that last year, private wealth increased by 7.8%, to USD135.5trn, after increases of 3.6% in 2011, and 7.3% in 2010. The acceleration of the increase is primarily due to the positive evolution of share prices in second half.The number of millionaire households in US dollars reached 13.8 million at the end of last year, 0.9% of the total number. The highest density of billionaires is in Qatar, with 143 households out of 1,000.The BCG also finds that offshore wealth in 2012 increased by 6.1%, to USD8.5trn. It is expected to increase “modestly” to USD11.2trn as of the end of 2017, due to intense pressure by tax authorities.Wealth managers are facing reduced growth and profitability in the next five years, and are expected to take measures to react. Growth is moving to developing markets, clients are becoming more demanding, regulations are becoming stricter, margins are shrinking, and business is becoming increasingly complex.As a result, wealth managers are expected to move to high-growth markets, where there are a significant percentage of high net worth clients. They will have to offer targeted solutions, industrialize their operations, and strive for lean front-to-back business processes.
31/05/2013

Neuberger Berman signs a distribution agreement in Italy

P { margin-bottom: 0.08in; } Neuberger Berman Europe has signed a distribution agreement in Italy with Skandia Vita, a life insurance platform, Bluerating reports. Three new funds from the US firm will be available to subscribers to insurance policies: Neuberger Berman Short Duration High Yield Bond Fund, Neuberger Berman China Equity Fund, and Neuberger Berman US Real Estate Securities Fund.
31/05/2013

Bruxelles assigne la France pour fiscalité immobilière discriminatoire

La Commission européenne a décidé de saisir la Cour de justice de l’UE d’un recours contre la France pour discrimination en matière de fiscalité s’appliquant à des logements neufs. La réglementation française fait bénéficier les investissements dans des logements neufs situés en France de l’amortissement accéléré, mais n'étend pas cet avantage aux investissements similaires dans un pays étranger.
31/05/2013

Nouveau record du nombre de chômeurs en France

Le nombre de chômeurs dans la catégorie A (ceux qui n’ont pas travaillé) a battu en avril un nouveau record à 3.264.400, portant à 24 le nombre de mois consécutifs de hausse. Sur un an, la hausse atteint 12,5%. «Cette tendance négative se prolongera encore dans les prochains mois», estime le ministère qui anticipe une inversion à la fin de l’année.
31/05/2013

Reflux du taux de chômage en Irlande

Le taux de chômage ajusté des variations saisonnières en Irlande est revenu à 13,7% sur les trois premiers mois de l’année. Ce ratio recule ainsi pour le quatrième trimestre de suite. Il était de 14,1% à la fin de 2012 et 15,1% au premier trimestre de l’année dernière.
31/05/2013

Accord sur un président permanent de l'Eurogroupe

La France et l’Allemagne sont d’accord pour doter l’Eurogroupe d’un président à temps plein, une des pistes pour accroître la coordination des politiques économiques dans la zone euro. Le président de l’Eurogroupe «pourrait être (...) mandaté par des ministres de la zone euro pour favoriser l’action dans le domaine de l’emploi, dans le domaine de la recherche et de l’industrie», a déclaré hier François Hollande.
31/05/2013

La TTF risque d'être fortement édulcorée

Les pays européens envisagent de réduire radicalement la portée d’une future taxe sur les transactions financières (TTF) dont le taux effectif serait divisé par dix par rapport au projet initial. De hauts fonctionnaires européens pensaient que cette TTF permettrait de lever jusqu'à 35 milliards d’euros par an. Mais ce calcul prenait pour base une taxe représentant 0,1% de la valeur des transactions boursières concernées alors que, suivant la dernière mouture du projet, elle serait ramenée à 0,01%, ont confié des responsables à Reuters. En outre, la taxe serait introduite avec plus de progressivité. Au lieu de 2014 pour l’ensemble des transactions sur actions, obligations et certains dérivés, elle ne s’appliquerait plus qu’aux actions l’an prochain et ensuite aux obligations à un horizon pouvant s'étendre à deux ans. Les dérivés seraient concernés après cela pour autant que le mécanisme ne soit pas arrêté en cas de problèmes, comme une émigration massive des traders.
31/05/2013

La déflation n’est pas finie au Japon

Malgré les efforts sans précédent entrepris par les autorités politiques et monétaires japonaises pour mettre un terme à la déflation, les prix à la consommation sont restés en zone de contraction avec un indice sous-jacent en baisse de 0,4% sur un an au mois d’avril. La production industrielle s’est néanmoins montrée plus dynamique que prévu, en hausse de 1,7%, après 0,9% en mars et contre 0,6% prévu par le consensus Reuters.
31/05/2013

L’Esma autorise une nouvelle agence de notation

L’Autorité européenne des marchés financiers a formellement donné son feu vert à Economist Intelligence Unit (EIU), une nouvelle agence de notation de crédit basée au Royaume-Uni. Cet enregistrement prendra effet à compter du 3 juin. Il y actuellement 20 agences enregistrées dans l’Union européenne et deux autres certifiées.
31/05/2013

Les ventes à la suite de saisies reculent aux Etats-Unis

Selon RealtyTrac, les ventes de biens immobiliers aux Etats-Unis liées à des saisies ont chuté de 22% au premier trimestre en base annuelle, la hausse des prix ayant atténué l’intérêt d’une vente pour les propriétaires qui doivent davantage que la valeur de leur bien. D’un trimestre à l’autre, la baisse des cessions s’élève à 18%.
31/05/2013

Meridiam innove dans les «project bonds»

La société d’investissement française a bouclé un financement obligataire d’infrastructures novateur en consortium avec Bouygues. L’opération n’a nécessité ni garantie ni rehaussement ce qui constitue une première pour un «project bond». Cela ouvre la voie à d’autres émissions du même type.
31/05/2013

Tokyo va encadrer les opérations de change

Les autorités japonaises prévoient de durcir les règles encadrant les appels de marge dans les opérations de trading sur le marché des changes, indique le journal. Les sociétés de courtage devront assurer le règlement des toutes les opérations, les amendes sur les fraudes pourront atteindre 100 millions de yens (760.000 euros), le trading sur options binaires sera restreint.
31/05/2013
Gestion d'actifs

Allianz France vise 5 % de son allocation en placements privés non cotés

Martine Legendre-Kaloustian, Responsable des investissements long terme d’Allianz France, à la rédaction de www.institinvest.com : Aujourd’hui, le portefeuille d’Allianz France contient entre 2% et 3% de Private Equity et private debt, et à moyen terme aura 2% de dettes infrastructures . « Tous ces actifs devraient représenter à moyen terme environ 5% du portefeuille d’Allianz France (contre un peu plus de 3% actuellement), indique Martine Legendre-Kaloustian. Cette part est relativement importante car il s’agit d’actifs illiquides et l’investissement nécessite un important travail de préparation, de mise en ??uvre et de suivi. Nos concurrents n’ont pas forcément le même positionnement même si la tendance est au développement des classes d’actif adossées à de la dette. Dans le Private Equity, Martine Legendre-Kaloustian gère en direct un petit portefeuille de participations stratégiques dans une dizaine d’entreprises. Mais l’essentiel des investissements sont réalisés par le biais des asset managers « maison » qui choisissent des fonds (environ 200). Plus précisément, l’assureur fait appel à deux grandes équipes : Idinvest Partners (ex-AGF Private Equity) avec lequel il garde des liens forts et Allianz Capital Partners qui emploie une cinquantaine de collaborateurs. Enfin, Martine Legendre-Kaloustian investit également dans quelques fonds externes en private equity et en Private debt et dans des véhicules de place (par exemple le FCDE visant à aider les entreprises qui ont souffert de la crise mais ont un potentiel de rebond). Pour l’equity infrastructures et l’investissement dans les énergies renouvelables, Martine Legendre-Kaloustian s’appuie sur l’expertise d’Allianz Capital Partners.
Gestion d'actifs

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