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07/05/2012

Robeco releases an emerging market equities institutional fund

The product range from Robeco in Germany since March has gained a variant of the Robeco Institutional Emerging Markets Quant Fund, with the release of the Luxembourg-registered fund Robeco Emerging Enhanced Index Equities. The product, which is priced like an ETF, is aimed at institutional investors.The portfolio includes between 320 and 370 physical holdings, in equities from 21 emerging countries. Allocation is made according to the distribution of the MSCI Emerging Markets index. The fund, denominated in US dollars, is managed with a quantitative approach by Michael Strating and Tim Dröge.Name: Robeco Emerging Enhanced Index EquitiesISIN code: LU0746585719TER :0.72%Minimal subscription: EUR0.5m
07/05/2012

HFRX hedge fund index up 0.12% in April

The HFRX Global Hedge Fund index rose 0.12% in April, due to the good performance of macro and relative value strategies. In a context of falling stock markets, CTA macro strategies earned gains of 0.43% in April, largely due to the contribution of systematic diversified funds, which have gained 0.48% in the month, but which are down 3.44% compared with the first four months of the year. Relative value arbitrage strategies, for their part, have gained 0.29% in April, partly due to the positive contribution of convertibles arbitrage.
07/05/2012

Sovereign funds top USD5trn in assets

Sovereign funds have for the first time topped USD5trn in assets, according to the sovereign fund institute (SWF Institute). Assets under management by sovereign funds as of the beginning of May totalled USD5.004trn, compared with USD4.995trn as of the end of March 2012.Several factors have contributed to the continued growth of sovereign funds. In addition to the performance of investments, growth in tax revenue transfers and a proliferation of new sovereign funds contributed, the SWF Institute states.In 2011, five new sovereign funds appeared in the SWF Institute rankings, including the Italian strategic fund, with a total of USD1.4bn, the Nigerian Sovereign Investment Authority, whose assets under management total USD1bn, the North Dakota Legacy Fund, the Papua New Guinea Sovereign Wealth Fund, and the Fiscal Stability Fund of Mongolia.
07/05/2012

Forthcoming launch of white paper on long-term investment

The European commissioner in charge of the internal market and services, Michel Barnier, on 4 May announced the forthcoming launch of a white paper on long-term investment. “We would like to study the impact of our proposals – CRD 4, Solvency 2 and the revised pension fund directive, currently underway – from this point of view. And I would like to seek new ways to encourage long-term investment, which is essential, particularly to finance major infrastructure investments and ecological transitions,” Barnier said at a meeting of the European financial and asset management association (EFAMA). Barnier has also announced that the Commission will be undertaking three key initiatives in the next few weeks. The content of these initiatives may not be new, but the Commission appears to be putting its heart into them. Firstly, these will aim to better protect consumers of retail investment products (PRIPS) by favouring better information and introducing stricter rules for vendors of financial products. Barnier points to the introduction of a identical information document for all types of PRIPS. Now more than ever, it is also time to introduce stricter accountability for losses by financial instruments which are held at a depository bank, and to bring the depository regime of the OPCVM directive into line with the new and more detailed MiFID directive. Lastly, the Commission is seeking to protect consumers of insurance products, partly by setting up a level playing field between the various vendors of these products, such as insurance companies, banks, and brokers.
07/05/2012

Electronic trading faces its first ESMA alert

The market surveillance systems provider Redkite Financial Markets on 2 May issued its first warning related to the entry into force on that date of European Securities Markets Authority (ESMA) regulations related to electronic trading.Redkite is acting on behalf of a European institutional client, following the detection of a suspicious transaction, which is suspected of having been a case of “quote stuffing,” in which orders are placed in a highly aggressive manner, at tens of thousands per second, compared with 100 to 200 per second at the highest rate a traditional order routing system would have delivered.
07/05/2012

Inflows down in first quarter in the UK

Net inflows to funds in the UK fell significantly in first quarter compared with the quarterly levels observed in the past two years, according to statistics from the British Investment Management Association (IMA).In first quarter, net inflows totalled GBP3.8bn, compared with net inflows of over GBP6bn in the first quarter and in the fourth quarter of 2011, and in the same periods of 2010.In March alone, net inflows fell to GBP1.4bn, compared with GBP2.7bn one year previously. Fixed income remains the most popular strategy, with inflows in March of GBP660m, followed by diversified funds (GBP348m) and equities (GBP17m).Assets under management by British funds as of the end of March totalled GBP613.2bn, compared with GBP615.6bn as of the end of February.
07/05/2012

Norwegian sovereign fund profits from market rebound

The Norwegian public pension fund (Governement Pension Fund-Global), one of the largest sovereign funds in the world, has posted returns of 7.1% in first quarter, due to a recovery of the stock markets, while its exposure to European countries perceived as high-risk was limited, the Bank of Norway announced on 4 May.The fund, supplied by oil revenues from the country, and largely invested in international equities and bonds, had NOK3.496bn, or slightly over EUR462bn in assets as of the end of March.Investments in equities, which represent 60.7% of the total value of the fund, gained 11% in the course of the first three months of the year, due to a recovery on the US, European and Asian stock markets, the central bank states. In bond markets, which represent 39% of the investment portfolio (the remaining 0.3% are invested in real estate), returns were much more limited, at 1.6%.In first quarter, the Norwegian fund sold all of its Portuguese and Irish government bonds, and reduced its holdings in government debt from several countries, including Italy and Spain, in favour of investments in emerging countries such as Brazil, Mexico and India.In the past quarter, the fund has received NOK60bn in oil revenues from the government, but its value also mechanically lost NOK110bn due to the effects of the appreciation of the Norwegian currency against foreign currencies.
07/05/2012

La Française AM launches a Sharia OPCI

La Française AM has launched Paris Pearls Properties, a Sharia-compliant OPCI in France. The collective real estate vehicles with simplified investment rules with leverage was developed for an Islamic finance and investment bank based in Kuwait, which wants to remain anonymous. The new Sharia-compliant OPCI fund has been selected to finance the acquisition of an office building located at 91 boulevard Saint Michel, in the 5th district of Paris, which will be acquired jointly with the Kuwaiti bank. The total acquisition price is about EUR46m, and the property is currently wholly leased to France Télécom for 10 years. The leveraging of the deal was partly done by way of a Murabaha, a Sharia compliant loan structured to avoid interest payments, a statement says. La Française AM has been working with the Kuwaiti bank since 2010 to focus on Sharia compliant property projects in France.
07/05/2012

T. Rowe Price closes its high yield bond fund to new entrants

T. Rowe Price Group has announced the closure of its high yield bond funds High Yield Fund and Institutional High Yield Fund to new investors. The funds will continue to accept investments from investors who are already present in the fund. T. Rowe Price has USD21bn in assets under management in portfolios dedicated to high yield, of which USD9.2bn are in the High Yield Fund, and USD2.5bn in the Institutional High Yield Fund (as of the end of March 2012).
07/05/2012

Assets under management at RBS up 2%

Assets under management by the wealth management unit of Royal Bank fo Scotland (RBS) as of the end of March 2012 totals GBP31.4bn, up 2% compared with 31 December 2012, RBS announced in a statement on 4 May.This development is due to positive market effects, and to net subscriptions in Asia, the group states. Assets under management are nonetheless down 9% compared with first quarter 2011, due to the negative evolution of the markets, and outflows in second half.Operating profits for the wealth management unit are down 38%, to GBP45m, due to a fine of GBP8.75m to the British Financial Services Authority (FSA).The group has also stated that it is continuing to restructure its wealth management operation in the United Kingdom ahead of the forthcoming introduction of the Retail Distribution Review regulation (RDR).
07/05/2012

Dexia AM opens an office in London

A cette occasion, Naïm Abou-Jaoudé, Président du Comité Exécutif de Dexia Asset Management, déclare : « Notre approche centrée sur le client et notre large diversification nous ont permis de demeurer une entreprise saine et rentable en dépit du processus de cession en cours. L’ouverture d’une succursale à Londres était un objectif à long terme pour Dexia Asset Management et une priorité stratégique pour 2012. Le Royaume-Uni est un marché ouvert et varié qui joue un rôle pivot dans le secteur de la gestion en Europe. Cette évolution nous permettra d'intensifier notre pr
07/05/2012

L’immobilier de Singapour séduit Blackstone

L’entité dédiée à l’immobilier au sein du groupe américain aurait selon le quotidien conclu sa toute première acquisition à Singapour, pour 220 millions de dollars locaux (136 millions d’euros). Un rachat auprès du fonds d’investissement allemand SEK, contraint de céder des actifs afin de faire face aux demandes de rachat de ses clients. Blackstone tire ainsi parti d’un climat morose pour nombre d’institutions financières européennes.
07/05/2012

RBS poursuit sa réhabilitation

La banque va finir de rembourser cette semaine les prêts d’urgence octroyés par le gouvernement au plus fort de la crise financière
07/05/2012

La Française AM lance le premier OPCI conforme à la sharia

La société de gestion a annoncé la création d’un organisme de placement collectif en immobilier conforme à la sharia, pour le compte d’une banque koweïtienne souhaitant rester anonyme. Le véhicule a financé l’acquisition d’un immeuble de bureaux situé 91 boulevard Saint Michel à Paris, loué à France Télécom et cédé par Foncière des Régions pour 46 millions d’euros. L’acquisition a été financée en partie par un crédit murabaha.
07/05/2012

La production de crédits a légèrement baissé en mars

Selon les statistiques de la Banque de France, les flux corrigés des variations saisonnières de crédits nouveaux ont diminué légèrement dans presque tous les segments de marché au mois de mars. La production de crédits à l’habitat s’est ainsi élevée à 6,8 milliards d’euros, contre 7,3 milliards le mois précédent. Les taux de ces crédits sont restés globalement stables mais ceux des crédits aux sociétés non financières ont fléchi sensiblement.
07/05/2012

La Chine ouvre encore davantage le capital de ses courtiers

A l’issue d’une rencontre au sommet entre la Chine et les Etats-Unis, Pékin a fait part vendredi de sa décision d’autoriser les investisseurs étrangers à détenir jusqu'à 49% d’une société de courtage, contre 33% jusqu'à présent. La Chine affirme ainsi qu’elle respecte la promesse faite lors de son adhésion à l’OMC d’ouvrir son secteur financier à la concurrence étrangère.
04/05/2012

Les embauches ralentissent aux Etats-Unis

Quelque 115.000 personnes ont été recrutées dans le secteur non agricole le mois dernier, a annoncé vendredi le département américain du Travail, contre 154.000 en mars et 259.000 en février, deux chiffres il est vrai révisés à la hausse (d’un total cumulé de 53.000). Les économistes anticipaient 170.000 créations nettes de postes pour le mois d’avril après les 120.000 initialement annoncées pour mars. Le taux de chômage, calculé à partir d’une enquête séparée, est revenu à 8,1% de la population active, contre 8,2% en mars et 8,3% en février, un niveau sans précédent depuis janvier 2009
File pour l'emploi à New York en avril 2012. Photo: Scott Eells/Bloomberg
04/05/2012

La Chine reprend goût aux grandes introductions en Bourse

L’introduction en Bourse de China Postal Express & Logistics, filiale du service postal chinois, dans le but de lever 10 milliards de yuans (1,2 milliard d’euros) a été autorisée vendredi, nouveau signe confirmant la volonté des autorités de permettre des mises sur le marché plus importantes. La Commission chinoise de régulation des opérations boursières (CSRC) s’est contenté au cours des premiers mois de 2012 de ne donner son aval qu'à de petites IPO, craignant que l’instabilité des marchés ne nuise aux plus importantes.
04/05/2012

La Française AM lance le premier OPCI conforme à la sharia

La société de gestion a annoncé la création d’un organisme de placement collectif en immobilier conforme à la sharia, pour le compte d’une banque koweïtienne souhaitant rester anonyme. Le véhicule a financé l’acquisition d’un immeuble de bureaux situé 91 boulevard Saint Michel à Paris, loué à France Télécom et cédé par Foncière des Régions pour 46 millions d’euros. L’acquisition a été financée en partie par un crédit murabaha, un prêt structuré pour être compatible avec les règles de financement islamiques.

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