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18/03/2013

Morgan Stanley may acquire the remainder of its joint venture with Citigroup

P { margin-bottom: 0.08in; }A:link { } Morgan Stanley may acquire the remainder of its joint venture in wealth management with Citigroup as soon as next month, now that the bank has received approval from the Federal Reserve for its plans for its proprietary capital, according to the Wall Street Journal, citing a source familiar with the matter.
18/03/2013

ETFs dedicated to high-dividend equities post strong growth in recent days

P { margin-bottom: 0.08in; }A:link { } ETFs dedicated to equities that pay high dividends have posted massive inflows in the past few days, at a time when the bond market appears to be overvalued in many places, IndexUniverse reports. On Wednesday last week, the Vanguard High Dividend Yield ETF posted a 20% increase in its assets, to USD6.26bn, while the iShares High Dividend Equity Fund attracted USD281m, to USD2.85bn. More generally, the attraction of high-dividend equities has brought inflows to various strategies of over USD60bn in the past twelve months.
18/03/2013

Capital@Work recruits in Netherlands

P { margin-bottom: 0.08in; }A:link { } Fondsnieuws reports that the asset management firm Capital@Work (EUR4.6bn in assets), an affiliate of the Hamburg-based firm Foyer, has recruited Michael Zandbergen as client relationship manager for the Netherlands. He had most recently been a private banker at Staal Bankiers.
18/03/2013

BrightGate Capital recruits

P { margin-bottom: 0.08in; }A:link { } The Spanish hedge fund management firm BrightGate Capital has recruited Ana Fernández Garrido, who had been a specialist in the sale of equity derivatives at UBS in London, as a member of its institutional and retail sales team, Funds People reports.BrightGate is currently working to launch a buy & hold bond fund in Luxembourg in second quarter. The firm, led by José Brujó, Bertrand de Montauzon and Jacobo Arteaga, currently offers the BrightGate Absolute Return, a fund of Permal AM funds.
18/03/2013

Azimut creates a position for a director of sales

P { margin-bottom: 0.08in; } The Italian asset management firm Azimut has created an office of the director of sales, led by Paolo Martini and Silvano Bramati, who have been appointed as head of sales and co-head of sales, Bluerating reports. Martini joined Azimut in 2007, and currently serves as head of marketing and wealth management, while Bramati has been part of the group since 2000, and has always worked with the Azimut Conzulenza network.
18/03/2013

Allianz prévoit des bénéfices stables ou en légère hausse en 2013 et 2014

L’assureur allemand Allianz prévoit des bénéfices net stables ou en légère augmentation en 2013, ainsi qu’en 2014, selon son rapport annuel publié le 15 mars.Par ailleurs, le groupe indique que son bénéfice opérationnel devrait augmenter en 2014 par rapport à 2013, année où il devrait atteindre 9,2 milliards d’euros, à 500 millions d’euros près. En annonçant ses résultats annuels en février, l’assureur s'était seulement dit «prudemment optimiste» pour 2013 et avait formulé une prévision de bénéfice d’exploitation annuel compris entre 8,7 et 9,7 milliards d’euros, soit 9,2 milliards d’euros en moyenne. Cette prévision est confirmée dans le rapport annuel mais le groupe va plus loin en évoquant son bénéfice net. «En principe, mais aussi vu les incertitudes inhérentes évoquées, nous ne donnons pas de prévision précise de bénéfice net. Cependant, comme nos prévisions ne présument aucune perturbation majeure sur les marchés de capitaux, nous attendons un bénéfice net stable ou en légère augmentation pour 2013", indique le rapport annuel. En 2012, Allianz a réalisé 5,2 milliards d’euros de bénéfice net et 9,5 milliards de bénéfice d’expoitation.
18/03/2013

Italian fund association concerned about liquidation of real estate funds

P { margin-bottom: 0.08in; } Assogestioni, the Italian association of asset managers, is predicting that in the next few years, about EUR5bn in real estate assets will be returned to the market in Italy. A high number of closed, publicly-traded real estate funds will be maturing, and will therefore need to manage the asset liquidation phase. Due to the current economic conjuncture, it is likely that the excess supply this will create will not be absorbed efficiently by the market, Assogetioni predicts. That may have negative effects on the final returns for the funds, and on the value of redemptions on capital invested, it warns. As a result, the association has written and sent a position paper to regulatory authorities in the country on managing the liquidation phase for real estate funds aimed at retail investors. The objective is to discern an operational solution for the entire sector, and measures which may be adopted by each actor.
18/03/2013

DJ Credit Suisse index up 0.24% in February

P { margin-bottom: 0.08in; }A:link { } The Dow Jones Credit Suisse hedge fund index has gained 0.24% in the month of February, and 2.30% since the beginning of the year, according to figures published in March by Credit Suisse and S&P Dow Jones Indices. Five of the 13 strategies making up the index were oriented downward in the month under review, including dedicated short bias strategies (-1.65%) and equity market neutral (-1.28%). However, emerging market and fixed income arbitrage strategies both have posted gains of 0.49%, while event-driven has posted returns of 0.46%.
18/03/2013

Bonuses up by 31% in hedge fund industry

P { margin-bottom: 0.08in; } Bonuses in the hedge fund sector rose 31% last year, at a time when fixed salaries rose by 4%, according to the 2013 Hedge Fund Compensation Report. The average total compensation is up 15% to USD314,000.The size of the fund is not necessarily a guarantee of better performance, since smaller firms generally outperformed larger companies. However, the study finds a significant correlation between the profitability of the fund and the size of the bonus. “Employees at the best-performing funds were rewarded with average bonuses of slightly over USD200,000,” says David Kochanek, editor of the 2013 edition of the report.Recruitments have remained roughly at the same levels as last year, with 24% of firms reporting recruitments to the research departments, 20% to operational positions, and 12% to legal departments.
18/03/2013

Guernsey signs FATCA agreement with UK

P { margin-bottom: 0.08in; } The territory of Guernsey has signed a tax agreement with the British authorities, modelled on the American FATCA law, Investment Europe reports. Meanwhile, Guernsey is expected to join the signatories of FATCA regulations in the near future.
18/03/2013

Jersey soon to roll out AIFM directive

P { margin-bottom: 0.08in; } Jersey will be introducing the Alternative Investment Fund Managers (AIFM) directive in April, Investment Europe reports, citing participants at a conference held by Jersey Finance in London. The hedge fund sector in Jersey as of the end of 2012 represented about GBP192bn in assets, or 70% of all fund management activities based on the island.
18/03/2013

Guernsey and United Kingdom sign tax agreement

P { margin-bottom: 0.08in; }A:link { } Guernsey has signed a tax convention with the United Kingdom on tax liabilities for foreign accounts, inspired by the American FATCA law, Investment Week reports. The agreement will allow “non-dom” UK clients not domiciled in the country for tax purposes to file a special tax delcaration. Meanwhile, Guernsey is preparing to sign an agreement of the same type with the United States. The two agreements have yet to be approved by the Guernsey Parliament.
18/03/2013

Fidelity reduces commission on Bolton Chinese fund

P { margin-bottom: 0.08in; }A:link { } Fundweb reports that Fidelity Worldwide Investment has reduced the management commission on the Fidelity China Special Situations investment trust, managed by Anthony Bolton, from 1.5% to 1.2%, in order to preserve the competitiveness of the product.
18/03/2013

Richard Buxton of Schroders joins Old Mutual

P { margin-bottom: 0.08in; } Richard Buxton, whose departure from Schroders was announced on Friday, has joined Old Mutual Global Investors, as head of UK equities, Investment Week reports. He will report to Julian Ide, CEO of Old Mutual Global Investors, and will head the UK equity teams at the asset management firm. He will also join the management team at the company.
18/03/2013

Third party assets account for over 50% of SLI's AUM

P { margin-bottom: 0.08in; }A:link { } In 2012, Standard Life Investments (SLI) indicates, third party assets (GBP83bn, compared with GBP71.8bn at the end of 2011) for the first time exceeded 50% of total assets (GBP167.7bn, compared with GBP154.9bn), while the percentage was limited to 9.4%, or GBP5.9bn in November 2008, when SLI was launched.Net subscriptions from outside the group totalled GBP6.1bn, compared with GBP4.3bn in 2011 (see Newsmanagers of 8 March). SLI states that 44% of third party subscriptions were generated by strategic partners such as the US firm John Hancock, the Indian HDFC Asset Management, the Japanese Sumitomo Mitsui Trust Bank, and the parent company, Standard Life.
18/03/2013

Invesco plans to extend ETF range in United Kingdom

P { margin-bottom: 0.08in; } Invesco is planning to add to its range of Powershares ETFs in the United Kingdom, with the launch of bond products based on smart indices, Citywire Wealth Manager reports. The group, which already has 15 equity ETFs listed in London, is seeking to launch a high yield ETF. The range will be designed in partnership with Research Affiliates (RAFI).
18/03/2013

Persistance du blocage institutionnel au Sénat italien

Les parlementaires italiens ont désigné le nouveau président de la Chambre des députés mais ils n’ont toujours pas surmonté leurs divisions au Sénat. Candidate de la coalition de centre gauche, Laura Boldrini a été nommée au perchoir lors d’un nouveau vote intervenu samedi. Le chef de file du centre-gauche Pier Luigi Bersani a l’intention de solliciter la confiance du Parlement.
18/03/2013

Moody's relève la note souveraine de la Lettonie

L’agence a annoncé avoir relevé d’un échelon, à Baa2, la note souveraine attribuée à la Lettonie, en arguant de la vigueur de la reprise économique et de l’amélioration de son profil d’endettement. La perspective d'évolution de la note est positive.
18/03/2013

La réflexion sur un marché unique des télécoms s'engage

A l’issue du Conseil européen de jeudi et vendredi, les chefs d’Etat et de gouvernement de l’Union européenne ont demandé à la Commission de leur présenter d’ici octobre un projet incluant «des mesures concrètes pour établir dès que possible le marché unique des technologies de l’information et de la communication».
18/03/2013

Départ imminent du président du HFSF

Le Néerlandais Paul Koster, président de l’instance de supervision du fonds chargé du sauvetage des banques grecques (Fonds hellénique de stabilité financière, HFSF) s’apprête à démissionner pour « raisons personnelles », ont déclaré à Reuters deux sources bancaires.
18/03/2013

Le hedge fund SAC s'acquitte d'une lourde amende

SAC Capital Advisors, visé depuis longtemps déjà par une enquête fédérale sur des soupçons de délits d’initié, va payer plus de 600 millions de dollars aux autorités financières américaines pour clore plusieurs procédures. Annoncé vendredi par la SEC, cet accord amiable, le plus important jamais conclu par un hedge fund, concerne des accusations visant deux filiales du géant de la gestion alternative, société du groupe Cohen pesant 15 milliards de dollars. La première de ces filiales, CR Intrinsic, déboursera plus de 600 millions de dollars dans le dossier des accusations visant un de ses anciens salariés, soupçonné d’avoir participé à un délit d’initié concernant les groupes pharmaceutiques Elan et Wyeth. Parallèlement, Sigman Capital, autre filiale de SAC Capital, paiera 14 millions dans un dossier concernant des transactions sur Dell et Nvidia.
18/03/2013

Highbridge lève 5 milliards de dollars

Signe de l’appétit grandissant des investisseurs pour le risque, un porte-parole de Highbridge Capital Management, propriété de JPMorgan, a confirmé à Reuters une information du Financial Times selon lequel le gestionnaire alternatif a levé un fonds de 5 milliards de dollars dédié à la dette d’entreprise mezzanine, Highbridge Mezzanine Partners Fund II.
18/03/2013

Axa PE vise les infrastructures

Responsable des infrastructures au sein d’Axa Private Equity, Mathias Burghardt a confié à Reuters que la société avait récolté 1,75 milliard d’euros sur ce thème, dont 1,45 milliard pour son dernier fonds dédié. De nombreux investisseurs restent en quête de diversification, relève le dirigeant, qui indique que les Allemands sont les principaux contributeurs au dernier fonds.
18/03/2013

Moody’s applaudit le budget allemand

L’agence de notation a estimé que le budget fédéral annoncé la semaine dernière par le gouvernement allemand pour l’année 2014, qui prévoit de ramener les finances publiques à l'équilibre un an plus tôt que prévu, était un élément positif pour le crédit souverain du pays.
18/03/2013

VW et Ingenico animent les ventes de blocs

Safran s’est allégé de plus de moitié dans Ingenico tandis qu’un fonds a vendu pour 914 millions d’euros de titres Volkswagen. Les placements accélérés de blocs d’actions en Europe connaissent leur plus fort démarrage en 2013 depuis huit ans à la faveur du calme retrouvé des Bourses.

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