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21/02/2013

RCM launches a long/short govies fund

For institutional investors, the Austrian asset management firm Raiffeisen Capital Management (RCM) has launched a locally-registered, UCITS-compliant long/short fund (ISIN code: AT0000A0XG67), which will invest primarily in government bonds (“govies”) from the euro zone rated at least AA. The portfolio will be complemented by liquid Eurex portfolios using three trend-following strategies to manage duration, which may range from -5.5 to +5.5. Management fees will be 0.55%.
21/02/2013

AUM in Swiss funds up by CHF13bn in January

The volume of investment funds in Switzerland increased as of the end of January to CHF736bn, up by CHF13bn compared with the previous month, the Swiss fund association (SFA) announced on Wednesday. Of this total, about CHF280.4bn were placed in funds dedicated to institutional investors. As in December, most inflows went to bond funds, which posted subscriptions totalling a net CHF2.66bn. Inflows to equity funds totalled CHF798.1bn, while money market funds saw a net outflow of nearly CHF3.14bn.
21/02/2013

Le Printemps to be sold by RREEF and Borletti to Qatar

According to sources familiar with the matter cited by Handelsblatt, the German real estate fund management firm RREEF (Deutsche Bank) and a group of investors led by Maurizio Borletti will sell the 16 Le Printemps stores they purchased from PPR seven years ago (for EUR1.1bn) to Qatari investors this summer, for EUR2bn including debt.
21/02/2013

Inflows and profits improve for asset management at AXA

Assets under management at the asset management unit of the AXA group were up 7% last year to EUR903bn, the group announced on 21 February. This is mainly driven by a market appreciation, slightly offset by a change in scope following the disposal of UK Life, Canada and Australia & New Zealand operations. AllianceBernstein experienced net outflows of Euro -4 billion mainly from institutional and private clients whilst AXA IM reported net inflows of Euro +3 billion mainly driven by inflows from both key investor segments, retail and institutional. “Asset management has experienced several challenging years; however, 2012 showed signs of a turnaround. There was growth in earnings, with the last 4 months of the year delivering positive inflows at both AXA IM and AllianceBernstein. The long-term strategy to improve investment performance, diversify the business, innovate for clients with new offerings and strengthen the financials is delivering positive results”, said Denis Duverne, AXA Group deputy chief executive officer. Asset Management revenues were down 3%, mainly on lower management fees at AllianceBernstein, reflecting the product shift towards lower margin fixed income business as well as lower average AUM. AXA IM revenues were stable. Underlying earnings were up 14%, mainly driven by lower operating expenses at AllianceBernstein. AXA IM underlying earnings were up 1%.
21/02/2013

Inverco asks Spanish government to exempt funds from FTT

The Spanish Inverco association of asset management firms has sent the finance ministry a letter explaining in detail the expected deleterious effects on collective investment and pension funds of any application of the financial transaction tax (FTT), Funds People reports. It is therefore asking that its vehicles be exempted from the FTT, on the grounds that the cost would have repercussions on the profitability of these products, and would distort competition against other vehicles which are not be subject to the tax, such as savings accounts or insurance policies.
21/02/2013

Former Williams de Broë CEO joins Rathbones

Investment Week reports that Philip Howell, who in May last year left his job as CEO of Williams de Broë, will on 4 March join Rathbones as deputy CEO. He will report to CEO Andy Pomfret. Howell will also join the executive board at Rathbones.
21/02/2013

Man Group reorganizes

Pending the arrival of Emmanuel Roman as CEO for the group, the British Man group is restructuring. Luke Ellis becomes chairman of the firm, responsible for its three major units, FRM, GLG and ALM, which manages the largest hedge fund of the group, AHL, Hedgeweek reports. Sandy Rattray will replace Tim Wong as CEO in charge of AHL, as Wong will become executive chairman of the quantitative division. AHL, whose assets under management were down to USD16.3bn in fourth quarter 2012, compared with USD19.5bn at the end of March 2012, is expected to merge with Man Systematic Strategies. Mark Jones nd Teun Hohnston have been appointed as co-chief executives of GLG, and become members of the executive board of the group.
21/02/2013

Bancolombia takes over HSBC asset management activities in Panama

Agefi reports that the bank HSBC this week announced the sale of its banking, brokerage, asset management and insurance activities in Panama to Bancolombia for USD2.1bn, in cash. This sale price is three times the net book value of the assets (with a portfolio of USD5.7bn in loans and USD5.8bn in savings). The parties hope to finalise the transaction in third quarter.
21/02/2013

JPMAM adds to multi-asset class range

JP Morgan Asset Management (JPMAM) has added to its range of multi-asset class products, with the launch of a macro fund which will be managed by James Elliott, who took over as head of the division in December last year, Investment Week reports. The JPM Multi-Asset Macro fund, which aims for absolute returns over twelve months, will invets in a wide range of assets including equities, bonds, currencies and derivative products, with a potential 100% exposure to equities. The minimal investment in the vehicle has been set at GBP1,000, and annual management fees are 1.5%.
21/02/2013

RDR will drive more IFAs to turn to discretionary managers

According to a survey by Investec Wealth & Investment, 47% of British IFAs already use discretionary fund managers, and another 10% are considering outsourcing their portfolios to managers of this type, now that RDR regulations have come into effect, Fundweb reports.About 20% of IFAs surveyed predict that RDR will lead them to increase the number of client portfolios that they will outsource to discretionary managers.Although 11% of IFAs currently subcontract out their clients’ investments to platforms, 34% are planning to place a higher number of portfolios with platforms, also due to the introduction of RDR legislation.
21/02/2013

Investec cancels front-end fees on all OEIC funds

Investment Week reports that the British firm Investec Asset Management has announced that effective immediately, it will no longer charge a fee for any of its British-registered OEIC funds.Investec reserves the possibility to reintroduce front-end fees to control the size of these funds if necessary.
21/02/2013

Structured products: SIX cancels contract with Deutsche Börse

In a joint media release issued on February 20, SIX and Deutsche Börse have announced that the Scoach cooperation agreement, launched in 2007, is to be terminated as of 30 June 2013. The contributing markets of Scoach will return to the parent companies, and the exchange for Structured Products in Zurich will be continued.Strategic focusThe purpose of this decision is to target each market more specifically. With this step, SIX reinforces its commitment to the Swiss market for Structured Products and will decide in the following months, which organizational structure offers the biggest potential for its future development.
21/02/2013

New asset record for Italian asset management industry

The Italian asset management industry has set at new record, with assets of EUR1.195trn at the end of 2012, according to the most recent statistics from Assogestioni, the Italian association of management professionals. The news comes despite net redemptions of EUR11.8bn during last year. More than half of assets (56%) are managed under dedicated mandates, which have seen net ouflows of EUR6.5bn. The remainder is in collective management, which has posted net inflows of EUR2.6bn.
21/02/2013

L'Espagne emprunte 4,2 milliards à des rendements en nette baisse

L’Espagne a adjugé jeudi pour 4,2 milliards d’euros de dette à moyen et long termes, un montant supérieur au haut de la fourchette visée, à des rendements en nette baisse pour les maturités les plus courtes. Le Trésor espagnol a levé 1,1 milliard d’euros trois ans, avec un rendement moyen en baisse à 2,54% contre 2,823% lors de la précédente adjudication de ce type, le 7 février. Le ratio de couverture ressort à 3,7 contre 2,2 auparavant. Sur l'échéance 2019, l’Espagne a adjugé 548 millions d’euros de titres à un rendement de 4,275% (contre 6,701% précédemment).
21/02/2013

La coentreprise de prêts aux collectivités tarde

Le travail juridique préalable à la naissance de la coentreprise de la Banque Postale (LBP) et de la Caisse des dépôts (CDC) pour le financement des collectivités locales devrait être finalisé au mois de mars. Mais la feuille de la route de la future joint venture reste floue.
21/02/2013

L'Espagne émet de la dette en dollar

Le Trésor espagnol a profité de l’appétit des investisseurs américains pour lancer une émission obligataire à 5 ans en dollar. L’opération a permis de placer pour environ 2 milliards de dollar de dette. Mariano Rajoy a indiqué hier qu’il maintenait le cap de la rigueur.
21/02/2013

La Chine simplifie les émissions obligataires

La commission réglementaire chinoise des marchés a distribué pour avis des nouvelles règles aux institutions du pays visant à simplifier le processus d’approbation des lancements d’émissions obligataires sur le marché chinois, indique le China Securities Journal. Les deux places boursières auraient dorénavant le rôle de donner leur autorisation à ce type d’opérations.
21/02/2013

Les investisseurs nippons confiants dans la politique monétaire de la BoJ

Le président du fonds de pension et d’investissement public japonais, Takahiro Mitani, indique dans un entretien accordé au quotidien que les mesures d’assouplissement monétaire prises par les autorités pourraient prolonger encore le mouvement d’affaiblissement du yen et de rebond du marché des actions. Le fonds envisage d’ailleurs d’augmenter le poids de ses investissements en actions japonaises.
21/02/2013

Le kiwi recule après la déclaration du gouverneur

Le dollar néo-zélandais a reculé hier après la déclaration du gouverneur de la banque centrale Graeme Wheeler avertissant que l’institut d’émission était prêt à intervenir pour empêcher son renforcement. Le kiwi a bondi de 40% depuis la fin de 2008, la hausse la plus forte après celle du dollar australien parmi plus de 150 devises suivies par Bloomberg.
21/02/2013

Les CLO font leur retour en Europe

Cairn Capital a placé un CLO (obligation adossée à des prêts bancaires) de 300,5 millions d’euros hier, le premier en Europe depuis 2011 et le deuxième depuis 2008. La marge de la tranche la mieux notée de l’opération s’est élevée à 140 points de base contre 235 points de base pour la tranche B, 325 pb pour la tranche C et 425 pour la tranche D. Selon Bloomberg, Pramerica Investment Management cherche aussi à placer un CLO de 300 millions d’euros.
21/02/2013

SIX et Deutsche Börse ferment une coentreprise

L’opérateur boursier suisse et son partenaire allemand dissolvent leur coentreprise Scoach spécialisée dans les produits européens structurés, après la décision de SIX de mettre fin à leur accord. «Nous voulons davantage de liberté entrepreneuriale pour façonner les marchés», a expliqué Christian Katz, en charge du marché boursier helvétique. La plate-forme, mise en place en 2007, avait fait des dérivés sécurisés l’une de ses spécialités.
21/02/2013

Un ancien collaborateur de George Soros lance son propre fonds

Keith Anderson, ancien responsable de la gestion au sein de la société de gestion d’actifs de George Soros, qu’il a quittéen juin 2011, sollicite actuellement selon Reuters les investisseurs afin de procéder au lancement d’un fonds alternatif macro. Le gérant viserait pour ce fonds basé à New York une collecte initiale de 500 millions à un milliard de dollars.
21/02/2013

L’ancien patron de Kweku Adoboli rejoint Getco

John DiBacco, l’ancien responsable du trader à l’origine de la fraude ayant coûté quelque 2,3 milliards de dollars à UBS, et licencié par la banque suisse dans le cadre de cette affaire, devrait rejoindre le gestionnaire alternatif en tant que patron de la gestion actions à l’occasion de son rachat de Knight Capital.

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