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31/01/2013

Russell launches a range of defensive fundamental indices

As a complement to the Russell Defensive indices, which are cap-weighted, Russell Indexes is launching the Russell High Efficiency Defensive Indexes™, which integrate a range of economic and market risk factors, to create a stability score which is intended to help investors to identify high quality and low volatility equities and to over- or underweight their exposures in line with their stability score, rather than their capitalisation size.Russell Indexes also announces that the new High Efficiency Defensive indices represent the first and only range of Russell low volatility indices to offer a low tracking error, which is important for retirement savings plans and foundations. This characteristic is the result of a cooperation with Westpeak Global Advisors, with the new Russell indices based on its ActiveBet® portfolio construction methodology.Initially, the High Efficiency Defensive Indexes range will include 22 indices, which will be derived from the Russell US and Global indices.
31/01/2013

BNP Paribas holds onto lead in rankings of French treasury specialists in 2012

BNP Paribas bank has held onto its top spot in the 2012 rankings of specialists (or primary dealers) in French treasury securities (SVT), the French Agence France Trésor (AFT) has announced in a statement released on 30 January.BNP Paribas takes first place, followed by Société Générale and the US bank Morgan Stanley. Barclays Bank takes fourth place, followed by HSBC in fifth, Natixis in sixth, Crédit Agricole in seventh, Royal Bank of Scotland in eighth, and UBS in ninth place.For the 20 SVTs overall, 100 points were awarded, with a weighting of 40 for participation in offerings, 30 for presence in the secondary market, and 30 for qualitative aspects.For participation in offerings and acquisitions of bonds, Morgan Stanley finishes ahead of BNP Paribas. On the secondary market, Société Générale takes first place, followed by Barclays Bank. Lastly, for the quality of its service, Société Générale takes first place, followed by BNP Paribas.
31/01/2013

Acquisitions and sales of properties for Union in Germany

For an undisclosed amount, Union Investment Real Estate has acquired the Bülow Carrée office and commercial complex in Stuttgart, which is slated for completion in mid-2013. The property will be added to the portfolio of the open-ended real estate fund UniImmo: Deutschland.The asset management firm has also sold the Bei dem Neuen Krahn 2 property in Hamburg to a pension fund. The property had been part of the portfolio of the institutional real estate fund DIFA-Fonds Nr. 3. Liquidity from the sale will allow Union to acquire other properties at a rate of EUR20m each.
31/01/2013

F&C suffers nearly GBP5bn in net redemptions in fourth quarter 2012

out In the fourth quarter of 2012, F&C Investments underwent net outflows of GBP4.9bn. These outflows are largely the result of the withdrawal of GBP2.4bn in fixed income assets by Friends Life, which is internalising its management, and will recall a further GBP6.2bn in bond assets over the course of the year. The consumer and institutional unit (which includes wholesale, retail trusts and third-party institutionals) has posted net outflows of GBP1.3bn, including GBP956m for third-party institutional investors alone. For the year as a whole, F&C has seen net redemptions of GBP13.3bn, of which GBP1.9bn are for the consumer and institutional unit. As of the end of 2012, assets at F&C totalled GBP95.2bn (or EUR117.5bn), down from GBP100.1bn (EUR119.9bn) one year previously.
31/01/2013

Natixis GAM launches a retail fund in the United Kingdom

Fundweb reports that Natixis Global Asset Management has entered the British market, with the Loomis Sayles Strategic Income fund, managed by the multi-sector bond team led by Dan Fuss, Elaine Stokes and Matt Eagan. The fund will invest in corporate, convertible and government bonds.The fund is the first sub-fund of a British-registered OEIC vehicle.
31/01/2013

Madoff victim seeks reimbursement from SocGen for lost savings

A former flight attendant on Wednesday asked a court to require Société Générale to reimburse her EUR110,000 in savings which she lost in a fund which had invested in Bernard Madoff companies, and to require the bank to pay EUR10,000 in damages and interest. The plaintiff, Isabelle de la Seiglière, had invested the damages and interest she received from Air France after a work accident in the Luxalpha fund, in the hopes of building savings for her retirement. The plaintiff was advised by one of her childhood friends, Patrick Littaye, co-founder of Access International Advisors. Littaye himself suggested that she subscribe to shares in the Luxalpha fund via Société Générale, which she did in June and November 2006. A verdict has been scheduled for 29 March.
31/01/2013

Vanguard launches its first ETF funds in Switzerland

Vanguard Asset Management on Wednesday morning announced the launch of its first ETF funds in Switzerland, with the cross-listing on SIX of three of its Irish-domiciled products, in a further step in its continuing deployment in Europe.The three physical replication funds in question are the Vanguard S&P 500 ETF, the Vanguard FTSE All-World ETF, and the Vanguard FTSE Emerging Markets ETF. They carry TERs of 0.09%, 0.25%, and 0.45%, respectively.The introduction in Switzerland follows the launch of the first five European ETFs from Vanguard AM in London. The firm is planning to compete with its existing rivals on this market with a low-cost product range.Vanguard AM manages USD245.6bn in ETFs assets. In the US, Vanguard set a mutual fund industry record in 2012 with USD141.2 billion in net cash inflow, including USD52.2 billion in ETF inflow.
31/01/2013

Assets under management at Union Bancaire Privée up 12%

Assets under management at Union Bancaire Privée (UBP) as of 31 December 2012 totalled CHF80bn, up 12% compared with the end of 2011, according to a statement released on 30 January. “This increase is the result of net inflows of funds from private and institutional clients, good performance of management, and acquisitions,” a statement says. UBP has acquired Nexar Capital Group and ABN Amro Bank (Switzerland). Consolidated net profits for the group totalled GBP175m in 2012, virtually identical to the previous year (CHF176m). The operational integration of ABN Amro Bank (Switzerland) AG was completed on 31 May 2012, thus synergies were realised only in second half.
31/01/2013

Investor confidence index up in January

State Street Global Markets has announced that its global investor confidence index has risen for the second consecutive month in January, from 81.4 in December (revised from a previously announced 80.9) to 86.8. This rise is largely the result of an improvement in the confidence of North American institutional investors, whose confidence index has risen from 78.5 in December (instead of the 77.8 initially announced) to 86.3.In Asia, the confidence index rose by 3.9 points, to 91.0, while appetite for risk on the part of European investors has fallen, to 89.6 from 94.1 the previous month (which had previously been announced at 95.2).
31/01/2013

Lyxor opens a new share class to institutionals

IPE reports that Lyxor Asset Management has created a share class for commingled investors on its hedge fund managed accounts platform.The product is aimed at institutionals, whose minimal investment levels are high, which will allow these investors to trade at lower commissions with underlying hedge fund managers.
31/01/2013

L'instinct de survie du Japon

On peut douter du succès de la politique économique du Japon, telle qu’elle est engagée par son nouveau gouvernement. Elle ne change pas radicalement des tentatives précédentes. Partant de la situation actuelle de sous-emploi, faire remonter les anticipations des ménages japonais de 0% à 2% nécessite un choc de demande de l’ordre de 7 à 8% de PIB.
GIFA 8
31/01/2013

Le crédit reste déprimé en zone euro

L’enquête trimestrielle de la BCE témoigne non seulement d’un resserrement des conditions de prêt mais aussi d’une demande de crédit atone à la fin de 2012.
31/01/2013

L’Allemagne prépare la séparation des activités des banques

Berlin devrait proposer un programme de séparation des activités de marchés et de dépôts des banques du pays, selon le journal qui cite un document préliminaire. Les banques dont les activités de trading pour compte propre, trading haute fréquence et de fonds d’arbitrage dépasseront 20% de la taille du bilan ou un montant de 100 milliards d’euros devront les transférer dans une entité séparée.
31/01/2013

Hong Kong accepte que des fonds étrangers investissent en yuan

Les autorités de Hong Kong auraient accepté le lancement de quatre «Mandatory Provident Fund» qui détiendront des investissements en yuan, selon le Hong Kong Economic Journal. Un fonds d’Invesco sera ainsi autorisé à investir en obligations libellées en yuan, alors que BOCI-Prudential pourra ainsi développer ses investissements en certificats de dépôts en yuan.
31/01/2013

La France souhaite durcir les règles sur les OPA

Selon le journal, l’AMF vient de constituer un groupe de travail avec des membres du patronat et quelques avocats dans le but de « prévenir le contrôle rampant et favoriser l’actionnariat moyen-long terme ». Le but est de faire converger ces travaux pour intégrer des propositions dans le projet de loi sur la rémunération des patrons et la gouvernance, qui doit être proposé en mars. L’Autorité avait déjà lancé une consultation sur une réforme des offres publiques en 2012. Elle n’avait pas abouti faute d’accord des répondants. Plusieurs pistes de réflexion seraient évoquées dans un document confidentiel, dont l’introduction d’un seuil de caducité automatique.
31/01/2013

Cessions minoritaires en vue dans ExxonMobil et Chevron

Le fonds de retraite des employés de la ville de Seattle devrait discuter aujourd’hui d’une cession de ses participations dans les sociétés pétrolières et gazières du fait de craintes sur les changements de climat, indique le journal qui cite sa directrice exécutive Cecelia Carter. Le fonds a 17,6 millions de dollars investis dans ExxonMobil et Chevron, soit moins de 1% de ses actifs totaux de 2 milliards.
31/01/2013

Lisbonne vise un retour à la croissance en 2014

La contraction de l'économie portugaise sera moins importante cette année qu’en 2012, un retournement étant attendu au cours de l’année permettant au pays de retrouver le chemin de la croissance en 2014, a estimé le Premier ministre portugais Pedro Passos Coelho. Et d’ajouter que les besoins financiers du pays pour 2013 sont couverts par le plan de sauvetage et le résultat d'émissions obligataires récentes.
31/01/2013

Le prix du brut pourrait légèrement baisser cette année

Selon des prévisions de l’Institut français du pétrole et des énergies nouvelles (IFPEN) présentées hier, une légère détente des prix du pétrole est envisageable en 2013 «mais bien entendu, ceci suppose qu’il n’y ait pas de risque de dérive lié au contexte géopolitique qui est particulièrement incertain et mouvant ». L’IFPEN vise un prix du Brent compris entre 100 et 120 dollars le baril contre 112 dollars en moyenne en 2012.
31/01/2013

La France s'inquiète de la hausse de l'euro

«L’euro est trop haut par rapport à ce que l'économie européenne est en droit d’attendre», a estimé le ministre du Redressement productif, Arnaud Montebourg. «Nous sommes attentifs à cette question qui est débattue au sein de l’Eurogroupe», a-t-il poursuivi.

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