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09/10/2012

BGAM launches platform to accomodate UCITs hedge funds

HedgeWeek reports that Bryan, Garnier Asset Management (BGAM) has recently launched the Bryan Garnier Umbrella Fund SICAV plc domiciled in Malta and managed by Paris-based BGAM. This platform aims to introduce a range of US hedge funds into the UCITS universe. The first US sub-fund to join the platform is Denver-based Madison Street Partners (USD175m in AUM), an equity long/short shop
09/10/2012

Investec opens office in Singapore

Investec Asset Management has opened an office in Singapore and installed Tobie van Heerden as head of institutional sales for South-East Asia and Korea, Asian Investor reports.
09/10/2012

SSgA Jacqueline Pang as head of CM for SPDR ETFs

State Street Global Advisors (SSgA) announced it has appointed Jacqueline Pang as the Head of Capital Markets for SPDR ETFs, Asia Pacific.Based in Hong Kong, Pang will be responsible for overseeing and driving SSgA’s exchange traded funds (ETF) global capital markets’ group activities.
09/10/2012

PriorNilsson launches Swedish equity fund

PriorNilsson Fonder, a Swedish asset management firm which manages two hedge funds, is launching a Swedish equity fund, Fondbranschen reports. The management firm is hoping to attract investors with active management and competitive fees (1% management fees).
09/10/2012

Cyrille de Montgolfier appointed head of European and institutional affairs at AXA

AXA on 8 October announced the appointment of Cyrille de Montgolfier as director of European and institutional affairs for the group. De Montgolfier, previously head of the Central and Eastern European region, replaces Jérôme Hamilius, who has decided to leave the group. In his new role, he will report to Denis Duverne, deputy CEO of the Axa Group.Jef Van In is taking over as director of the Central and Eastern European region. These new responsibilities come in addition to his current responsibilities as CEO of AXA Bank Europe. In both cases, he reports to Jacques de Vaucleroy, CEO for the Northern, Central and Eastern European region, and international head of life, savings, retirement and health insurance activities.The two appointments will take effect from 15 October 2012.
09/10/2012

BNY Mellon builds up in Asia

BNY Mellon on Monday announced it has appointed Navin Suri as Asia-Pacific (APAC) Head of Intermediary Distribution to spearhead the expansion of the company’s distribution partnerships in the region. He will be responsible for developing and managing the build out of the APAC intermediary sales strategy and distribution channel network and relationships, mainly new partnerships with consumer banks, private banks and family offices, insurance and pension providers, securities companies, IFAs and other financial intermediaries.Based in Hong Kong, Suri will report into Alan Harden, CEO for BNY Mellon’s APAC investment management business, and to PeterPaul Pardi, BNY Mellon’s head of global distribution, based in London. Suri joins BNY Mellon’s APAC Investment Management Executive Committee and BNY Mellon’s APAC Operating Committee.Suri joins BNY Mellon from ING Investment Management where he was MD and CEO for the firm’s business in India.
09/10/2012

RBC IS gets mandate from Italian PF

The Fondo Pensione per il Personale della Banca di Legnano, the pension fund of Banca di Legnano’s staff, announced it has recently awarded a custody, portfolio valuation and depositary bank mandate to RBC Investor Services.
09/10/2012

Internal promotions at Tressis

Following the departure of Ángel de Molina (see Newsmangers of 4 October), Tressis has promoted Javier Monjardin as director of analysis, and Montserrat Formoso as director of management, thus dividing the responsibilities of the outgoing man, who has joined Santander Asset Management as director of market intelligence.
09/10/2012

FSA plans to enforce rules for absolute return funds

The British Financial Services Authority (FSA) is planning to require of fund managers that information on absolute return funds contain warnings about the risks related to these funds, when their presentation implies that there are guaranteed returns or protection of capital, even though this is not necessarily the case.In its most recent quarterly consultation, published just before the weekend, the FSA announces that it would like to introduce additional information on absolute return and total return funds. “We have already in the past presented absolute return funds as a subject of potential concern, pointing out that clients may interpret the terms ‘absolute return’ and ‘total return’ as a guarantee of positive returns on their investments. We would like it to be absolutely clear to investors that their capital is at risk in these funds,” the FSA states.
09/10/2012

UCITS-compliant hedge funds gained 0.29% in September

According to Swiss-based Alix Capital, UCITS-compliant hedge funds in September posted average performance as measured by the global UCITS Alternative Index of 0.29%, following a gain of 0.18% in August. In the first nine months of the year, it shows gains of 0.98%. The index of UCITS-compliant funds of hedge funds gained 0.11%, following 0.12% the previous month, but it shows losses of 1.36% in the first nine months of this year.Of the eleven strategies measured by sub-indices, four show losses for last month, with losses of 2.39% for commodities and 0.98% for CTAs. The best returns in September were for emerging markets (+1.78%).In January-September, the two heaviest losses were for CTAs (-1.85%) and commodities (-1.74%), with the strongest gains for fixed income with 3.77%, followed by emerging markets (+2.67%).
09/10/2012

Very slight increase in default rates in third quarter

The global default rate for speculative-grade debt increased 0.1 percentage point during the third quarter to 3 percent in September, the highest level in almost two years, according to Moody’s Investors Service. U.S. junk-rated defaults increased to 3.5 percent in September from a 3.2 percent rate in the second quarter. In Europe, the pace of high-yield defaults fell to 2.6 percent last month from 2.8 percent in the second quarter, Moody’s said. High-yield global corporate defaults will end 2012 unchanged at 3 percent, before decreasing to 2.9 percent by September 2013, according to Moody’s. Since the beginning of the year, 46 companies defaulted, compared with 17 in the corresponding period of 2011.
09/10/2012

Julius Baer: 80% of assets at Merrill Lynch will have been transferred by the end of 2013

The Julius Baer private bank on 9 October released an informational supplement on the integration of wealth management activities of Merrill Lynch outside the United States. Baer states that 80% of assets under management related to this transaction will have been transferred by the end of 2013.At an investor day in London, Julius Baer will also announce that job cuts related to the operation will represent 15% to 18% of staff, and that the cost-income ratio for international wealth management (IWM) activities will come in at about 70%.The impact of the transaction on per-share profits is expected to be neutral in 2014, but to favour an increase of 15% in 2015.As of the end of August 2012, assets under management at Julius Baer total CHF184bn, up CHF14bn, or 8%, compared with the end of December 2011.
09/10/2012

Yves Thieffry appointed as CEO of Société Générale Private Banking (Switzerland)

As announced by Newsmanagers on 3 August 2012, the management of Société Générale Private Banking has this year undergone a reorganisation. As a part of this process, the appointment of Yves Thieffry as CEO of Société Générale Private Banking (Switzerland) has recently been announced by the firm. Thieffry is responsible for the management and development of Societe Generale Private Banking (Suisse) SA and its subsidiaries. Yves Thieffry succeeds Guillaume Lejoindre, who becomes chairman of the board of directors of Société Générale Private Banking (Switerland) SA, replacing Jean-François Mazaud, head of the Société Générale Private Banking, who remains a member of the board of director in Switzerland and becomes its vice president.
09/10/2012

EFG Financial Products launches IPO

The Zurich-based banking group EFG International is launching an IPO process on the Swiss stock exchange for its unit dedicated to structured investment products. The subscription price for equities will total between CHF40 and CHF50, with the first day of listing scheduled for 19 October.The placement operation for EFG Financial Products, announced on 25 Sptember, will bring in CHF51m to CHF64m for EFG International. If the full greenshoe option is activated, the total will be in a range from CHF63m to CHF78m, the company announced in a statement on 8 October.The proceeds will have no impact on profits at EFG International, insofar as the entity placed on the stock market will continue to be fully consolidated within the group, a statement says. Tier 1 equity will be improved with the move, with a BRI total capital ratio up to about 17%.Once the IPO is complete, EFG International will still control at least 20% of capital in EFG Financial Products Holding, compared with about 58% currently. The stake will continue to be locked in for a 12-month period starting from the first day of trading.The deal is based on a basic offering of a maximum of 2,937,137 shares. EFG International will sell 1,270,472 at most of the existing shares it holds. Subscribers may profit from a greenshoe option of 293,713 shares at most, within 30 days from 19 October.The bookbuilding began on Monday, and will complete on 18 October at noon. The issue price will be set on Friday, 19 October, before the market opens. The initial capitalisation will total between CHF267m and CHF333m, with a float of 44%, or 49% with the greenshoe option.
09/10/2012

ETF price war: European retail market will be largely unaffected

If the ETF price war kicked off in the United States by management commissions being cut at Vanguard (which has also negotiated a reduction in index costs by leaving MSCI) ever crosses the Atlantic, it will be at the initiative of BlackRock, which is now in a comfortable position with MSCI, says Detlef Glow, of Lipper, cited in Handelsblatt. And if BlackRock manages to get MSCI to lower its prices, all European promoters who use indices from this provider will profit.However, there should be few illusions: retail investors in ETFs in Europe should hardly hope to profit in the near future from the price war now raging in the United States. Even if promoters manage to get a reduction in the fees charged by purveyors of indices, retail investors may never profit at all, as promoters are not obliged to pass on cost savings.
09/10/2012

Lyxor cuts fees for money market ETF

Lyxor is for the third time in less than two months reducing management fees on its money market ETF, the Lyxor ETF Euro Cash, to 0.065%. The firm had already lowered its commission by 0.15% to 0.085% on 1 August, and to 0.075% on 3 September.
09/10/2012
Gestion d'actifs

Swiss Life sélectionne 3 gérants pour le lancement d'un fonds de fonds à destination des institutionnels

La société de gestion Swiss Life AM qui concourt au sein des mandats d’amLeague s’est impliquée dans la mise en place de portefeuilles investissables à destination des investisseurs institutionnels et a, pour ce faire, reçu l’agrément de l’Autorité des marchés financiers le 4 juillet, dernier. Le fonds de Swiss Life AM se réfère à un indice - l’indice SL amLeague actions euro TOP3 - qui est composé de trois asset-managers dont la gestion sous amLeague a été retenue et agrégée. En fonction des préférences de Swiss Life AM, une pondération fixe est attribuée à chacune des trois sociétés retenues : 4/9 pour la mieux considérée, 3/9 pour la suivante et 2/9 pour la dernière. Le trio est revu chaque fin de mois. Pour octobre, par ordre de préférence, Allianz GI, Dexia AM et Ecofi Investissements sont les trois sociétés retenues par Swiss Life AM.
Gestion d'actifs
08/10/2012

Vers un encadrement de la faillite des chambres de compensation

La Commission européenne pourrait promouvoir des règles sur le sauvetage et le démantèlement des chambres de compensation et des assureurs, alors que les régulateurs de la planète cherchent à éviter que les faillites aient des répercussions désastreuses sur les marchés financiers. Les services bruxellois ont annoncé avoir lancé une consultation sur le sujet.
08/10/2012

La BCE fermera son programme d'obligations sécurisées

La Banque centrale européenne (BCE) mettra fin début novembre, comme prévu, à son second programme d’achat d’obligations sécurisées même si elle a dépensé moins de la moitié des fonds qui lui étaient destinés, ont dit lundi des sources monétaires de la zone euro. Les obligations sécurisées sont garanties par des actifs, souvent immobiliers.
08/10/2012

La liste de candidats se resserre pour la Banque d’Angleterre

Le vice-gouverneur Paul Tucker paraît le mieux placé pour prendre la tête de l’institut d’émission britannique après le désintérêt exprimé par deux prétendants de poids. L’ancien responsable du service civil britannique, Gus O’Donnell, et l’économiste de Goldman Sachs Jim O’Neill, célèbre pour avoir inventé l’acronyme BRICs, ont en effet décliné le poste. La date limite de dépôt des candidatures était fixée à lundi matin.
08/10/2012

Aide européenne : Berlin soutient la position de l’Espagne

L’Espagne n’a pas besoin d’une nouvelle aide financière parce que ses problèmes sont imputables à son système bancaire et que le pays a déjà obtenu un prêt destiné à recapitaliser son secteur financier, a estimé lundi le ministre allemand des Finances. «L’Espagne fait tout ce qui est nécessaire, sur la politique budgétaire, sur les réformes structurelles. L’Espagne a un problème avec ses banques en raison des conséquences de la bulle immobilière des dernières années», a souligné Wolfgang Schäuble.
08/10/2012

Le Luxembourg disposé à accorder un délai à la Grèce

La Grèce fait beaucoup d’efforts pour résoudre la crise de sa dette et l’Eurogroupe la soutiendrait vraisemblablement s’il lui fallait plus de temps pour remplir ses objectifs de déficit, a déclaré lundi le ministre des Finances luxembourgeois, Luc Frieden. «Ce n’est pas à sens unique: cela exige de la part de la Grèce d’entreprendre et de poursuivre les réformes que le gouvernement a promises», a toutefois prévenu le responsable politique.
08/10/2012

Lisbonne présentera dans une semaine un budget 2013 «difficile»

Le gouvernement portugais présentera lundi prochain un projet de budget 2013 «difficile» qui devrait envoyer des «messages» pour la croissance et la création d’emploi tout en s’appuyant sur de fortes hausses d’impôts, a annoncé lundi le Premier ministre. Pedro Passos Coelho a également estimé que l’adjudication de dette de la semaine dernière était un bon signe pour l'économie, les entreprises et les banques.
08/10/2012

Quatre leaders du capital investissement lancent le réseau PEN

Activa Capital (France), Graphite Capital (Royaume-Uni), ECM (Allemagne) et MCH (Espagne) viennent de lancer PEN - Private Equity Network, un réseau pan-européen. Le Private Equity Network réunit l’expertise locale de leaders européens du capital investissement dans les entreprises de taille moyenne et poursuit comme principal objectif l’ouverture à l’international de leurs participations.
08/10/2012

Arkema émet 250 millions d'obligations à échéance 2020

Arkema a procédé à un abondement de 250 millions d’euros de sa souche obligataire arrivant à échéance le 30 avril 2020, la portant ainsi à 480 millions d’euros. Cette nouvelle tranche, avec un rendement annuel légèrement inférieur à 3%, s’inscrit dans la politique de financement à long terme du groupe de chimie.
08/10/2012

Madrid remboursera directement les créanciers des régions

Le ministère espagnol du Budget a indiquéqu’il rembourserait directement les créanciers des régions sollicitant le soutien du fonds d’aide aux régions, doté de 18 milliards d’euros, selon le quotidien El Mundo. Les détails du mécanisme doivent être présentés aujourd’hui aux parlementaires par le gouvernement. Dernière région en date, les îles Canaries ont fait part vendredi de leur intention de demander une aide de 756,8 millions.
08/10/2012

L’union bancaire n’est pas la priorité, selon l’IIF

Phil Suttle, chef économiste de l’Institute of International Finance, a estimé que le projet d’union bancaire ne pouvait pas être mis en place dans une période de temps limitée. «La priorité devrait porter sur des mesures permettant d’éviter la fragmentation de la zone euro», a-t-il déclaré dans les colonnes d’El Pais. «L’heure n’est pas aux expérimentations» et l’union bancaire ne pourrait venir qu’une fois la zone unifiée, a-t-il martelé.
08/10/2012

40 à 50 milliards d’euros d’actifs pour la bad bank espagnole

La structure de défaisance sera dotée de fonds propres apportés par l’Etat espagnol et des investisseurs privés à hauteur de 4 à 5 milliards d’euros, a rapporté Expansion citant des sources proches du dossier. Le reste proviendra d’émissions d’obligations garanties par le gouvernement.
08/10/2012

L'idée d'un budget propre à la zone euro fait son chemin

Le débat sur la création d’un budget séparé pour les pays de la zone euro prend de l’ampleur dans la perspective de la réunion du Conseil européen qui se tiendra ce mois-ci. Selon le Financial Times Deutschland, un budget d’une vingtaine de milliards d’euros, représentant 0,2% environ du PIB de la zone euro, serait ainsi à l'étude. «La contribution de l’Allemagne se monterait à un peu moins de six milliards d’euros par an», précise le quotidien.

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