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20/11/2012

Natixis GAM recruits for UK wholesale & retail team

Several British news media are reporting that Natixis Global Asset Management has recruited Leigh Fisher (ex Neptune Investment Management) and Darren Pilbeam (ex Investec) for its London-based UK wholesale & retail team. They will report to Ed Farrington, head of global key accounts and UK wholesale.Fisher will become head of the advisory department, while the latter will lead the strategic alliances department.
20/11/2012

British advisers will continue to assist retail clients

In the UK, most independent financial advisers (IFAs, 63%) are planning to continue to serve clients with assets to invest ranging from GBP20,000 up to GBP75,000, according to a survey by the British Financial Services Authority (FSA), obtained by the Sunday Times. The survey is thus a formal reubuttal to those who were concerned about clients being massively excluded from advising when the new RDR regulations come into effect. 38% of advisers surveyed say they will continue to assist clients whose assets for management are less than GBP20,000.
20/11/2012

ETF fad may help value corporate bonds

Klaus Blaabjerg, head of the value bond management team at Sparinvest (EUR9bn in assets as of the end of September 2012), claims that investors’ current liking for ETFs which replicate corporate bond indices has led providers of these products to invest in corporate issuers who have issued a lot of debt.The phenomenon tends to boost the prices of bonds from the companies with the highest levels of debt in the universe. But excessive debt is precisely what as a value manager, Sparinvest seeks to avoid. Blaabjerg estimates that the ETF effect favours Sparinvest, since it creates investment opportunities in companies which issue bonds that are not part of the index (small companies), or companies which have only a minimal presence in the index, since they don’t issue much debt.Currently, Sparinvest continues to see solid value scenarios among financial sector businesses, European insurers and energy sector shares. “We are finding high yield bonds from some companies that are not included in the index,” the Danish manager concludes.
20/11/2012

M&G strengthens agreement with Skandia in Italy

M&G Investments has signed a new agreement with Skandia, a life insurance leader in Italy, Bluerating reports. Funds from the British asset management firm may now be used for unit-linked products from the group. These include M&G European Corporate Bond, M&G Global Dividend and M&G Global Macro Bond.
20/11/2012

Number of British millionaires continues to rise

In the past two years, the number of British millionaires has risen by nearly 8%, despite unsteady conjuncture, according to the research agency Coredata. The number of millionaires has increased from 284,317 to 306,655, or 1.16% of all households. The average household net worth of high net worth (HNW) households is GBP1.34m.
20/11/2012

Over 800 ETPs on the Italian stock exchange

Last week, with the listing of two new ETFs, ETFPlus, the Borsa Italiana market dedicated to ETPs, topped 800 registered instruments, ten years after its launch, Bluerating reports. The range from 11 providers includes 196 developed marekt equity ETFs, 96 ETFs of emerging market equities, 126 bond etFs, 31 Style ETFs, 168 ETFs based on other asset classes, 172 ETCs, and 12 currency ETNs.
20/11/2012

Fund providers focus on yield and active management

A survey by Cerulli Associates of 14 highly diverse pan-European asset management groups (The Cerulli Edge—Europe Edition) finds that specialists surveyed are concentrating their efforts on global strategies rather than on country funds, in segments where their product ranges have gaps.The survey predicts that in the next twelve months, product launches will focus on actively-managed funds in the areas of global high yield, global high-return equities, and global absolute return.The new funds will be complex and UCITS-compliant. One of the dominant trends observed by Cerulli is that institutional and retail investors are avoiding long-only in favour of long/short strategies.At any rate, says Barbara Wall, a director at Cerulli, “the emphasis is clearly on active management,” and there’s no point in waiing for the world’s big names in asset management to massively move to the ETF segment. Sales efforts are primarily targeting institutional clients, then wholesale, followed by discretionary and retail-drivenarchitecture, while large-scale retail distribution “remains a distant and inaccessible dream.”Cerulli notes with surprise that in an environment in which the notion of branding represents a decisive element in the marketing strategy of many asset management firms, the use of social media is still relatively limited.
20/11/2012

BNY Mellon Service KAG recruits MD

Katarina Melvan, who has been “authorised representative” (Generalbevollmächtigter) since 1 July, was on 15 November promoted to the position of general manager of BNY Mellon Service KAG, joining chairman Thomas Grünewald.Melvan had been managing director and head of operations at BNY Mellon Asset Servicing for the securities operations and client services units in Germany and continental Europe.Assets under administration at BNY Mellon Service KAG as of the end of October totalled EUR128.2bn, compared with EUR100.4bn as of the beginning of this year.
20/11/2012

Petercam registers 14 funds in Germany

BaFin has issued sales licenses for 14 Belgian-registered Petercam funds (12 equity and 2 bond funds), all sub-funds of the Petercam Fund Sicav. The five Petercam Luxembourg-registered funds have already been registered for sale in Germany since February 2010.The equity funds newly authorised for sale in Germany are the following:Petercam Equities Agrivalue (BE0947763737) Petercam Equities Energy & Resources (BE0946563377) Petercam Equities Euroland (BE0058181786) Petercam Equities Europe (BE0058178758) Petercam Equities Europe Dividend (BE0057450265) Petercam Equities Europe Sustainable (BE0940001713) Petercam Equities Small & Midcaps (BE0058183808) Petercam Equities Metals & Mining (BE6217705050) Petercam Equities North America Dividend (BE0058174716)Petercam Equities World 3F (BE0058651630) Petercam Equities World Dividend (BE6228798409) Petercam Securities Real Estate Europe (BE0058186835)The two bond funds are:Petercam Bonds Euro (BE0943876665) Petercam Bonds Euro Investment Grade (BE0935123431)
20/11/2012

Sparinvest invests in König & Bauer

The German printing machine maker König & Bauer AG has announced in a stock exchange filing dated 19 November that on 14 November it received notification from ID Sparinvest that the Danish asset management firm had topped 3% in its publicly traded capital as of 12 November, and that it now controls 4.32% of voting rights.
20/11/2012

Former UBS Wealth Management CEO in France investigated

Patrick de Fayet, former CEO of UBS Wealth Management and UBS Wealth Management France, has been placed under investigation for “complicity in illegal acts,” money-laundering and concealing stolen goods, AFP reports, citing a legal source. The investigation comes as part of an enquiry into allegations of tax fraud against the Swiss bank. It is the third investigation of a UBS executive in France since the outbreak of the scandal.
20/11/2012

Aberdeen prepares to open doors in Spain

The Scottish firm Aberdeen AM, which already has 40 funds registered for sale in Spain, is planning to open an office in the country in 2013, Funds People report. The market had previously been served from London by Marina Poletto, who will help to set up the new structure.
20/11/2012

Credit Suisse AM closes its sales office in Spain

Funds People reports that Pedro Domenech has left Credit Suisse Asset Management (CSAM), and that the management firm has decided to close its sales office in Madrid, and will transfer responsibility for the Spanish market to Andrea Sanguinetto, head of the CSAM distribution team in Milan. Sales efforts in Spain will now focus on alternative products and core products such as bonds and multi-asset class products. As of the end of June, assets totalled EUR165m.Credit Suisse still has an asset management subsidiary in Spain: Credit Suisse Gestión (EUR442m in funds as of the end of October, and EUR775m in Sicavs as of the end of June).
20/11/2012

Old Mutual recruits in Latin America

The South African Old Mutual group on 19 November announced that it is scaling up its distribution capacities on emerging markets, with the acquisition of a majority stake in AIVA Business Platforms (AIVA). The initiative will allow Old Mutual to strengthen its presence on certain emerging markets, particularly in Latin America. The transaction is still pending regulatory approval, but is expected to be completed in early 2013. AIVA is a family business based in Uruguay, with a distribution platform covering all of Latin America. The firm has 120 employees, and offers services to a network of independent financial advisers, wealth managers, and other establishments. Its assets under management total about USD800m. Old Mutual and AIVA have had a business relationship for over 15 years. The new agreement is expected to involve operational synergies between AIVA and the emerging markets unit of Old Mutual in Colombia and Mexico. As of the end of December 2011, assets under management at Old Mutual totalled GBP267bn.
20/11/2012

Kyle Bass returns to subprime

The hedge fund manager Kyle Bass, who made gains of about USD500m by short-selling subprime mortgages during the crash in 2007, has announced that he will now be betting half of his money on a rebound of those assets, the news agency Bloomberg reports. Hayman Capital Management, the alternative management firm led by Bass, has invested more than half of his money in sub-prime bonds. Firms which concentrate their assets have earned 19% returns since the beginning of the year, compared with an average of 1.1% for the hedge fund sector overall, according to Bloomberg estimates. Assets under management at Hayman as of the end of September totalled USD1bn, according to a presentation by the firm, obtained by Bloomberg.
20/11/2012

Franklin announces a cash special dividend

Franklin Resources has announced that it is paying a special dividend in cash, totalling USD3 per share, payable on 20 December to all shareholders in possession of ordinary shares at the close of the markets on 6 December. As of the end of October, assets under management at Franklin Resources totalled over USD753bn.
20/11/2012

Hedge funds focus on financials

In the wake of the publication of quarterly results by US businesses, the database of the online portal Insider Monkey can identify the log positions of hedge funds and other major investors. Among the top ten most popular shares for hedge funds at the end of September were financial sector businesses, including Wells Fargo, which has no activity in investment banking, Bank of America and Citigroup, which are in reorganisation phases. The ten most popular shares for hedge funds also include the insurance group AIG and the banking giant JP Morgan Chase. Alongside these unexpected choices, hedge funds are also staying loyal to internet stocks such as Apple, Google and Microsoft.
20/11/2012

Activist shareholders return to CAC 40

Following Safran, which in mid-October saw the British fund TCI buy a 3% stake in its capital, Danone in early November saw the Trian Partners fund from activist investor Nelson Peltz acquire nearly 1% of its capital, Les Echos reports. France is not the preferred country for activist investors, however, who often emerge empty-handed.
20/11/2012

European Commission agrees to ease terms of ING restructuring plan

The European Commission has agreed to ease the restructuring plan imposed on the Netherlands-based banking and insurance group ING in 2009, in exchange for public assistance of EUR10bn, which were paid to it during the financial crisis, the two parties announced in separate statements on 19 November. ING had initially been required to sell off its various insurance affiliates by the end of 2013, but the European Commission has finally agreed to ease this requirement: new deadlines, some as late as the end of 2018, have been set for the various affiliates, ING says in a statement. A redemption programme for the remaining portion of the public money received from the Netherlands government has been established. The banking/insurance group will be required to pay four instalments of EUR1.125bn each by May 2015 at the latest. Overall, it will have paid EUR13.5bn to the Netherlands government, including redemption premiums.
20/11/2012

Telekurs iD refocuses its service range

The database Telekurs iD, a product from SIX Financial Information which monitors the markets and evaluates investment opportunities, is now offering data on improved security transactions, new benchmarking services, and optimised data packages, according to a statement published on 19 November by the Swiss market operator. Telekurs iD had previously refined its packages in order to address the use needs and requirements of clients. The change will allow for the products to be refocused on target areas, including new benchmarking services, reorganisation of CAP and Tullett Prebon contributions in the areas of forex and money markets, as well as a simplifications of integration of existing services. Alongside these improvements, data about the necessary security transactions to satisfy the requirements of the most recent tax withholding agreements will be available primarily from Telekurs iD. The ease of use and flexibility of the product play a major role in the effective implementation of taxation. “With the release of the next version, in early 2013, clients can expect services which will be even more rationalised and automated, in addition to the launch of new services,” a statement says.
20/11/2012

Swiss fund market remains stable at a high level

Assets under management by Swiss investment funds totalled CHF707.8bn in October, a month-on-month increase of CHF1.2bn, according to statistics from the Swiss Funds Association (SFA) and Lipper. Net inflows totalled nearly CHF4bn in October, compared with less than CHF300m in September. Bond funds attractedCHF3.4bn, while equity funds posted inflows of CHF2.2bn, and commodity funds attracted CHF0.2bn. Money market funds, however, had outflows of CHF1.6bn.
20/11/2012

Banesto and Mapfre launch guaranteed funds

On 16 November, the CNMV issued a sales license for Spain to the two guaranteed funds Banesto Garantia I (ES0113732004) and Mapfre Puente Garantia 1 (ES0160582005), which will mature on 3 February 2017 and 20 June 2017, respectively.The Bankinter product will deliver a maximal return, if the Euro Stoxx 50 index rises, of 3% above redemption of initial capital, while the Mapfre product will pay a total return of 0.66% to 5.31% per year.The two products charge a front-end fee of 5%, while the withdrawal penalty is 3% for the Banesto fund and 4% for the Mapfre product. The management commission will be 0.3% until 4 February 2013, and 1.25% thereafter, for the Banesto fund. For the Mapfre fund, the management commission will be 0.03% until 20 December 2012, and then 1.9%.
20/11/2012
Gestion d'actifs

L'ERAFP mène actuellement une réflexion sur le private equity

Catherine Vialonga, directeur des investissements et Thibaud Sybillin, chargé de la sélection des sociétés de gestion de l’ERAFP dans un article publié dans l’Agefi Hebdo : Nous menons une réflexion sur le private equity mais il est trop tôt pour en parler puisque cela impliquerait une modification de notre cadre réglementaire. Tous les investissements du régime étant placés dans le respect d’une politique 100% ISR, nous imposons aux candidats d'être capables d’intégrer dans leur processus de gestion notre référentiel dans ce domaine.
Gestion d'actifs
19/11/2012

Nouvelle amélioration du moral des promoteurs immobiliers américains

Le moral des promoteurs immobiliers aux Etats-Unis s’est amélioré en novembre pour le septième mois consécutif, pour atteindre son plus haut niveau depuis six ans. L’indice NAHB/Wells Fargo du sentiment des promoteurs a progressé de cinq points à 46, son meilleur niveau depuis mai 2006. Par ailleurs, les ventes de logements anciens ont progressé de 2,1% en octobre, à 4,79 millions en rythme annualisé, selon des données de l’Association nationale des agents immobiliers (NAR).
19/11/2012

Les exportations françaises trop dépendantes des pays en crise

Le commerce extérieur de la France est trop concentré sur les pays européens en difficulté, Italie et Espagne en tête, ce qui devrait limiter sa contribution au PIB en 2013, selon le troisième «baromètre export» de l’assureur crédit Euler Hermes. De fait, les exportations françaises ont tout juste retrouvé en valeur leur niveau d’avant la crise de 2008/2009 alors que les exportations mondiales ont progressé depuis de 6% et celles de la seule Allemagne de 10%.
19/11/2012

Morgan Stanley finalise une opération immobilière à Moscou

Selon Bloomberg, la banque américaine est sur le point de racheter via l’un de ses fonds gérés le centre commercial Metropolis à Moscou dans le cadre d’une transaction d’une valeur de plus d’un milliard de dollars. Au premier trimestre, Morgan Stanley Real Estate Fund VII avait acquis le centre commercial Galeria de Saint-Pétersbourg pour 1,1 milliard de dollars.
19/11/2012

Pékin, Tokyo et Séoul relancent leurs discussions commerciales

Des discussions auront lieu demain au niveau ministériel entre Chine, Japon et Corée du Sud sur une zone commune de libre-échange en marge du sommet de l’Asean à Phnom Penh, a indiqué un porte-parole du gouvernement chinois. Les discussions, freinées récemment par un regain tension autour d’un archipel de mer de Chine, impliqueront le ministre chinois du Commerce, Chen Deming, et son homologue japonais Yukio Edano.
19/11/2012

La Hongrie fait pression sur ses exportateurs

La banque centrale hongroise va forcer les exportateurs locaux à convertir en monnaie locale (hryvnia) la moitié des revenus réalisés en devises étrangères. Les parlementaires avaient soutenu cette conversion obligatoire le 6 novembre afin de stabiliser l’affaiblissement de la hryvnia, soumise à forte pression en raison de l’élargissement du déficit du compte courant.
19/11/2012

Lisbonne va annoncer le feu vert à une nouvelle tranche d'aide

Le Portugal devrait annoncer dans la soirée la recommandation de ses créanciers internationaux de débloquer une nouvelle tranche de 2,5 milliards d’euros du plan de sauvetage du pays, à l’issue d’une inspection de ses comptes plus rapide que d’habitude. Dans le cadre de son plan d’aide, le Portugal doit ramener son déficit budgétaire à 5% du produit intérieur brut cette année et 4,5% en 2013.

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