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12/07/2011

Société Générale Private Banking plans to grow in Asia

Agefi reports that Société Générale Private Banking is planning to increase the number of advisers it has dedicated to Asian high net worth clients, from 100 currently, to 150 in the next 4 to 5 years. The group has about 400 employees in Asia outside Japan, the newspaper reports.
12/07/2011

Banks court hedge funds

According to the most recent edition of a Fed survey of the 20 largest brokerage firms, undertaken since 2010, none of the banks which provide most of the financing for securities acquisitions by hedge funds toughened their lending conditions in the March-May quarter, the Financial Times reports. It is the fifth consecutive quarter in which the study has shown an easing credit conditions.Eleven brokers stated that financial conditions had been eased for hedge funds and private equity investors. Of those eleven lenders, nine cited intensifying competition as a motive for the easing of conditions, while eight also stated that the financial situation of counterparties has improved, and seven said they themselves were prepared to take on more risk.A majority of those surveyed also said that hedge funds and private equity had made efforts to obtain more advantageous conditions in negotiations.
12/07/2011

Hyposwiss Private Bank will have a CEO in November

Hyposwiss Private Bank Geneva has announced the arrival of Marc Brodard on 1 November as its new CEO. He will succeed Declan McAdams, who has been elected to the board of directors, following the retirement of Yves Burrus.Since April 2007, Brodard has been director of the French-speaking ultra-high net worth clients division, covering Europe, the Mediterranean, and Africa, at Credit Suisse.
12/07/2011

ETFs: net outflows from db x-trackers in June, and for Lyxor in first half

According to the most recent edition of the monthly “ETF Landscape” magazine from BlackRock, as of the end of June, there were in Europe 1,185 ETF funds listed 4,050 times on 23 stock markets, from 40 issuers. Total assets came to USD321.2bn, 0.9% more than at the end of May (USD318.2bn), and 13.1% higher than at the end of December (USD284bn).The rankings remain unchanged, with iShares (BlackRock) holding USD116.3bn in assets (a market share of 36.2%), Lyxor Asset Management (Société Générale) with USD53.5bn (16.7%), and db x-trackers (Deutsche Bank) with USD51bn (15.9%).In June, total net subscriptions represented USD3.8bn, of which USD1.6bn were for iShares, and USD1bn for UBS Global Asset Management, while db x-trackers underwent net redemptions of USD0.4bn.In first half as a whole, while net subscriptions totalled USD19.2bn, iShares posted the highest net inflows, with USD9.4bn, followed by UBS Global AML (USD3.9bn). However, Lyxor has seen net outflows of USD2.4bn.
12/07/2011

Rapid growth at db-X ETC

According to a study by Deutsche Bank, the db-X ETC platform (launched in March 2010) was the fastest-growing ETC promoter in Europe, Thorsten Michalik, head of both db-X ETC and db x-trackers, announced on 11 July.db-X ETC (currently 40 products) has seen an increase in its assets in January-June of EUR592m, for a total of EUR1.4bn as of 30 June. In other words, Deutsche Bank took on virtually all net subscriptions in the sector in Europe in the period under review.The German bank says that assets in the Physical Gold Euro Hedged ETC increased in first half by EUR263m, to a total of EUR620m.Among the ETFs from db x-trackers, the commodities product db x-trackers DBLCI-OY Balanced ETF has seen net subscriptions of EUR93m in January-June, for a total of EUR1.2bn.
12/07/2011

McKinsey will need time to recover after Galleon scandal

Anil Kumar, a former partner at the consultant McKinsey, has pleaded guilty and confessed to passing confidential information to Raj Rajaratnam, the former head of Galleon Group. Rajat Gupta, a former McKinsey director, is facing a lawsuit filed by the SEC in connection with the case, but he denies the charges, the Financial Times reports. And Dominic Barton, global managing director, has pledged to take the necessary measures to “make the organisation stronger” in the future. He has told the Financial Times that the McKinsey brand has suffered, and that it might take it as long as two decades to recover from the scandal.
12/07/2011

Lisbon Sporting FC to have its own investment fund

On 8 July, the Portuguese securities commission (CMVM) announced that on 7 July, it issued a license to create the Sporting Portugal Fund, a Fundo Especial de Investimento Mobiliário Fechado which will be managed by ESAF Espirito Santo Fundos de Investimento Mobiliário.The product is a closed fund, which like the Benfica Stars Club (see Newsmanagers of 30 September 2009 and 6 July 2010) aims to earn a part of the revenues and profits of the football club Sporting Clube de Portugal of Lisbon on its player trades. The fund will initially have EUR15m in assets. The construction of the fund, strictly speaking, is scheduled for 8 August.
12/07/2011

AMP Capital Investors awards a major mandate to Intech (Janus)

Intech Investment Management, an affiliate of Janus Capital, has announced that it has been awarded a USD1.3bn mandate for a customised version of its Enhanced Global Core ex Australia strategy, from the asset management firm AMP Capital Investors, an affiliate of the insurer AMP. The objective will be to outperform the MSCI World ex Australia index with equal or less risk, using a mathematical risk-oriented process, which has been in use at Intech since 1987.
12/07/2011

Columbus (Schroders) acquires three buildings

The Columbus UK Real Estate Fund, advised by Columbus Capital Management (the real estate unit of Schroders), has acquired the remaining assets of Stockland Ventures Ltd for about GBP50m. The two office properties in the centre of London and a shopping centre in Eastbourne, Sussex, bring the number of properties acquired by the fund in the past 12 months to 16. Returns are about 7%. 80% of funds raised at the first closing are now invested; ten other acquisitions are in the negotiation stages, and could result in transactions in August 2011.The two London properties were acquired by AFH Investment, a 50/50 joint venture of the Columbus UK Real Estate Fund and the British Airways pension fund. AFH was founded in 2010 to acquire Austin Friars House in London; it is managed by Columbus Capital Management.The Langney Shopping Centre was acquired by a new joint venture of the Columbus UK Real Estate fund and London & Associated Properties plc.
12/07/2011

Heavy outflows from Swedish equities funds in June

In June, Swedish funds saw total net redemptions of SEK4bn, meaning that in first half, net subscriptions total only SEK12.6bn, much of which is due to inflows to diversified funds (SEK11.9bn, despite net outflows of SEK0.1bn in June), and money market funds (SEK11.3bn, of which EUR5.3bn were in June). Poor results in June are due to outflows of SEK13.2bn from equities funds, where the bottom line is also negative to the tune of SEK14.2bn in January-June. June was the first month of net redemptions in 2011, following net subscriptions of SEK2.1bn in May, and SEK6.9bn in April, according to statistics from Fondsbolagens förening, the Swedish association of asset management firms.Bond funds, which saw net inflows of SEK3.6bn in June, show net subscriptions of only SEK0.6bn in first half. Hedge funds attracted SEK0.5bn in June, and SEK3bn in the first six months of the year.As of the end of June, total assets in Swedish funds came to SEK1.953trn, of which SEK1.140trn are in equities funds, SEK363bn in diversified funds, SEK210bn in money market funds, and SEK190bn in equities funds.
12/07/2011

Net subscriptions to long-term funds down by half in May

According to statistics from Lipper FMI published on 11 July, equity funds in Europe excluding ETFs saw net redemptions of EUR215m in May. Including ETFs, net subscriptions to equity funds fell to EUR2bn, from EUR13.4bn in April, which explains the overall decline in net susbcriptions to all funds excluding money markets to EUR13.2bn from EUR26.6bn the previous month.Overall, thanks to net subscriptions of EUR7.1bn to French money market funds, and more generally to inflows to money market funds (EUR9.6bn), European funds in May saw net subscriptions of EUR22.7bn.It is also worth noting that net subscriptions to bond funds increased to EUR9.5bn from EUR7.7bn in April, even though net inflows to high yield bond funds slowed slightly, to EUR2.7bn (a total of EUR21.6bn for the first five months of the year).Lipper FMI also points to the “phenomenal success” of global bonds, which attracted EUR3.3bn, and excellent results for emerging markets debt (EUR2.2bn).Commodities funds attracted EUR450m in May, and EUR4.2bn in the first five months of the year, while raw materials saw net outflows of EUR180m in May, and net inflows of EUR4.3bn in January-May.The top three for inflows in May were BlackRock, with EUR3bn, including ETFs from iShares. Excluding ETFs, the winner is Invesco (EUR530m), followed by Franklin Templeton (EUR2.6bn).
12/07/2011

Groupe OFI lance Zencap Asset Management

Société de gestion pour compte de tiers spécialisée dans les actifs distressed, Zencap Asset Management a reçu son agrément AMF. Avec la reprise de deux fonds gérés au sein d’OFI AM et un mandat de conseil pour le compte d’un institutionnel français, la filiale de Groupe OFI affiche désormais des actifs sous gestion et conseil s’élevant à 300 millions d’euros.
12/07/2011

Le FMI tempère la crise grecque

Le FMI n’est pas encore en mesure d'évoquer les conditions d’un deuxième plan d’aide à la Grèce, selon Christine Lagarde. «A mes yeux, nous n’en sommes pas au stade des discussions sur les conditions et les termes, la durée et le volume, et rien ne doit être tenu pour acquis» a-t-elle averti. Elle a indiqué que les problèmes de l’Italie étaient «essentiellement dus au marché».
12/07/2011

Les notes de la Cades confirmées par S&P

S&P a confirmé les notes à long et court termes respectives AAA/A-1+ de la Cades, tout en donnant à la structure de cantonnement une perspective stable. L’agence juge «quasi certaine» la probabilité d’un soutien exceptionnel de l’Etat à la Caisse d’Amortissement de la Dette Sociale dans l'éventualité de difficultés financières.
12/07/2011

La gestion d’actifs navigue en eaux troubles

La neuvième étude du Boston Consulting Group révèle une hausse de 8% des actifs gérés en 2010 au sein d’un secteur en pleine mutation avec une demande pour des produits de plus en plus sophistiqués, une compétition accrue, et l’arrivée de nouvelles réglementations.
12/07/2011

Le défaut grec est inévitable

Dans une tribune publiée par le quotidien, George Soros avance clairement qu’un défaut de paiement de la Grèce sur sa dette est inévitable, ou tout du moins le pays doit-il consentir à une dévaluation. Les dirigeants européens seraient dès lors bien inspirés d’adopter un «plan B» afin d’éviter une contagion au reste de la zone euro. Un défaut ne doit pas se produire de façon désorganisée avertit l’investisseur.
12/07/2011

Flambée des prix immobiliers au Brésil

Le prix des logements vides de «classe A» dans la ville de São Paulo ont atteint une moyenne de 23,50 reals le mètre carré par mois à la location au premier trimestre de cette année, indique le quotidien. Il s’agit de la quatrième ville la plus chère au monde derrière Tokyo, Zurich et Hong Kong et devant Londres et Singapour, gagnant quatre rangs en un an.
12/07/2011

Chute de l’immobilier à Pékin

Les ventes immobilières dans la ville de Pékin ont chuté de 52% sur le premier semestre de cette année à 30,4 milliards de yuans, indique le quotidien qui cite des chiffres de SouFun Holdings, le plus important agent immobilier local. Dans le même temps, les ventes à Shanghai ont reculé de 27%, alors qu’elles ont reculé de 5,5% sur un panel de 130 villes chinoises.
11/07/2011

Ralentissement en vue dans la plupart des grandes économies

La croissance de la plupart des grandes économies mondiales, avancées et émergentes, devrait avoir décéléré en mai au vu des indicateurs composites avancés publiés lundi par l’Organisation de coopération et de développement économiques. Ces indicateurs suggèrent un ralentissement au Canada, en France, en Allemagne, en Italie, au Royaume-Uni, ainsi qu’au Brésil, en Chine et en Inde, précise l’OCDE dans un communiqué. L’indicateur composite avancé de la zone OCDE dans son ensemble recule à 102,5 pour mai après 102,8 en avril. Celui des pays du G7 se replie légèrement moins, à 103 après 103,2.
11/07/2011

L'Allemagne juge l'Italie capable de mesures d'austérité

Berlin a entièrement confiance en la capacité de l’Italie à adopter des mesures d’austérité et ne juge pas utile d’accroître la taille du système de sauvetage européen, a déclaré lundi le porte-parole du gouvernement allemand.
11/07/2011

Net rebond de la production industrielle française en mai

La production industrielle française a progressé de 2,0% en mai après deux mois d’une baisse due notamment à l’impact du tsunami au Japon, un rebond bien supérieur aux attentes rassurant au moment où la confiance des chefs d’entreprise décline. La production manufacturière, c’est-à -dire hors énergie mais en incluant l’agroalimentaire, a progressé de 1,5%, précisent les statistiques publiées par l’Insee.
11/07/2011

La pression des marchés s'accentue sur la zone euro

La mise sur pied d’un second plan d’aide à la Grèce et la défiance croissante des marchés à l'égard de l’ensemble de la zone euro dominera une série de discussions cruciales entre responsables européens ce lundi à Bruxelles. Les ministres des Finances de la zone euro devraient discuter de la possibilité d’un rachat de dette grecque ou d’un échange des titres détenus par les créanciers privés. L’UE de son côté envisage des mesures visant à limiter l’influence des agences de notation en ce qui concerne la mesure de la solidité des banques comme l'évaluation des dettes souveraines, a fait savoir lundi Michel Barnier. Le commissaire européen au Marché intérieur a dit qu’il proposerait des mesures en ce sens le 20 juillet. Plusieurs sources européennes de haut rang ont toutefois indiqué qu’il était impossible de ne pas évoquer le dossier italien. Ce matin, la prime de risque demandée par les investisseurs pour détenir des obligations italiennes à dix ans plutôt que des Bunds allemands, qui font référence, a touché un record depuis la création de l’euro à 268 points de base. Ce mouvement a touché l’ensemble de la périphérie de la zone euro. Les taux des obligations espagnoles ont également atteint un plus haut depuis début 2000, à 5,84%, et les pressions se sont accentuées sur le Portugal et l’Irlande. A Paris, les valeurs financières accusent lundi les plus fortes baisses de l’indice CAC 40. En fin de matinée, la Société générale perd 3,62%, Axa 3,64%, BNP Paribas 3,41%, Crédit agricole 2,6%, Natixis 0,53%.

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