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25/01/2011

GAM launches two co-ordinated funds of funds

p { margin-bottom: 0.08in; } The Swiss management firm GAM will launch two funds of funds that comply with UCITS III, entitled GAM Star Composite Global Equity and GAM Star Composite Equity and Trading, Hedgeweek reports.The funds will be managed by Graham Wainer, head of private clients and portfolio manager.
25/01/2011

db x-trackers launches an ETF based on the S&P 500

p { margin-bottom: 0.08in; } The 764th ETF to be listed on the XTF segment of the Xetra electronic platform from Deutsche Börse is the db x-trackers S&P 500 (EUR) ETF (LU0490619193), which replicates the S&P 500 Total Return Net Index. The fund is hedged for currency risks on the euro/dollar currency pair. TER is 0.30%.
25/01/2011

Skandia launches a local currencies emerging markets debt fund

p { margin-bottom: 0.08in; } Skandia Investment Group (SIG) on 24 January announced the launch of a local currency emerging market debt fund, the Skandia Local Currency Emerging Market Debt, which will aim to profit from long-term outlooks for emerging market bonds and currencies.SIG has awarded a management mandate for the fund to the fixed income specialist Stone Harbor Investment Partners, to which Skandia had already assigned a mandate for USD60m in September 2008, for the Skandia Emerging Market Debt fund. The fund now has nearly USD500m in assets.The fixed income specialist at SIG, Anthony Gillham, says in a statement that three factors make the fund an attractive investment. Firstly, it offers a good way to capture growth in emerging markets; secondly, local currencies are undervalued; and lastly, the emerging markets in local currencies are three times larger than the emerging markets denominated in US dollars.
25/01/2011

Swiss & Global AM launches an inflation-linked emerging markets bond fund

p { margin-bottom: 0.08in; } On 17 December 2010, Swiss & Global Asset Management launched a UCITS-compliant local currencies emerging markets inflation-linked bond fund, the Emerging Markets Inflation Linked Bond Fund, a sub-fund of the Sicav Julius Baer Multibond.The benchmark index is the Barclays Emerging Markets Government Inflation-Linked Bond Index ex Argentina, ex Colombia, constrained, unhedged USD. The reference currency is the US dollar, but the management firm also offers shares in Euros and Swiss francs, hedged for currency risks. The eligible investment universe totals USD350bn, and includes 10 countries.CharacteristicsName: Julius Baer Multibond - Emerging Markets Inflation Linked Bond FundISIN code: LU0564969805Front-end fee: 3% maximumManagement commission: 1.30%
25/01/2011

UBS registers an Islamic fund with CNMV

p { margin-bottom: 0.08in; } On 21 January, UBS Global Asset Management registered the Global Equities UBS (Lux) Islamic Fund (LU0108058487), a product with 30-60 positions launched on 19 May 2000, with assets as of the end of December of USD33.27m, with the CNMV. The benchmark index for the product is the Dow Jones Islamix Market 100 Titans. The average annual performance of the product in the past five years was 2.18% in US dollars; in euros, the fund has lost an average of 0.42%.
25/01/2011

Nemesis AM registers five funds in Spain

p { margin-bottom: 0.08in; } The British management firm Nemesis Asset Management, which is 100% controlled by its CEO and principal fund manager Pier Alberto Furno, on 21 January registered five of its funds with the CNMV. They are the Nemesis Credit Opportunities, European Value, Global Value, Inflation, and USA Value.The products are on sale in Spain from MCH Investment Strategies, Agencia de Valores, S.A., which was founded in June 2010 by Tasio del Castaño and Alejandro Sarrate with partners from MCH Private Equity, and which has already signed distribution agreements for Spain with Ferox Capital, Fulcrum Asset Management and Odey Asset Management. It targets institutional clients in Spain and Portugal.
25/01/2011

Paulson has made more than USD1bn on Citi

Paulson & Co has made more than USD1bn from its stake in Citigroup over the past 18 months. “Citigroup gained 43 per cent in 2010 and was our most profitable bank position,” the USD36bn hedge fund manager said in a letter sent to investors in his Advantage fund. Paulson & Co expects US growth to accelerate this year.
25/01/2011

BNY Mellon launches a flexible bond fund

p { margin-bottom: 0.08in; } BNY Mellon Asset Management on Monday, 24 January, announced the launch in France of the BNY Mellon Evolution Global Strategic Bond Fund, a sub-fund of the Sicav BNY Mellon Global Funds composed of international bonds, managed flexibly. The product’s management is overseen by David Leduc, chief investment officer, at Standish Mellon Asset Management Company LLC, one of the boutiques from BNY Mellon Asset Management, specialised in bond management.The fund will seek to generate positive returns over a complete investment cycle, by investing in a wide range of sectors, particularly government bonds from developed and emerging countries, inflation-linked bonds, investment grade corporate bonds, high yield bonds, and currencies. In addition to this, there will be active management of duration via derivative products, in order to create value in period of rising bond yields.CharacteristicsISIN code: EUR (A) shares: IE00B4Z6HQ53; EUR © shares: IE00B4Z6LN01Management fees: A shares: 1.40%; C shares: 0.75%Minimal subscription: A shares : EUR5,000; C shares: EUR5m
25/01/2011

Two new ETFs from Lyxor AM

p { margin-bottom: 0.08in; } Lyxor AM announced on Monday, 24 January that it has launched two ETFs, one of high yield bonds in euros, and one of emerging markets government debt in US dollars, on 20 January. The two products are listed on Euronext Paris and the London Stock Exchange. The Lyxor ETF iBoxx € Liquid High Yield 30 replicates the evolution of the Markit iBoxx EUR Liquid High Yield 30 index, composed of 30 high yield corporate bonds denominated in euros. The Lyxor ETF iBoxx $ Liquid Emerging Markets Sovereigns replicates the Markit iBoxx $ Liquid Emerging Markets Sovereigns index, which represents bonds issued in US dollars from governments whose revenues are considered low to moderate by the World Bank.
25/01/2011

British firm Manifest to enter US market

p { margin-bottom: 0.08in; } The British governance research and proxy voting firm Manifest Information Services is planning to enter the US market, Responsible Investor reports.The US partner of Manifest, Proxy Governance International (PGI), pulled out of the market last year. Sarah Wilson, chief executive at Manifest, says that the sales of its North American product range will begin in the near future.The move takes the firm into a rapidly-growing market, where new SEC rules on proxy voting are under debate, and the field is in the process of a transformation. In addition to the withdrawal of PGI, the index provider MSCI has taken control of the largest player in this segment, Institutional Shareholder Services (ISS), as a part of its acquisition of RiskMetrics last year, while the Corporate Library and eGovernanceMetrics International announced their merger last July.
25/01/2011

La Hongrie relève une nouvelle fois ses taux

La banque centrale hongroise a décidé de relever son principal taux directeur d’un quart de point à 6%, ce qui représente la troisième hausse consécutive. La banque centrale prévoit que l’inflation devrait rester au-dessus de son objectif de 3% durant les deux prochaines années.
25/01/2011

Advent refinance Priory par obligations

Le rachat en LBO par Advent de la chaîne de cliniques Priory pour 925 millions de livres sera refinancé à hauteur de 600 millions sur le marché obligataire, avec des titres de maturité 2018 et 2019. Une ligne revolving de 70 millions d’échéance 2017 est aussi prévue. Deutsche Bank, RBS et Credit Suisse dirigentle refinancement.
25/01/2011

G20 : la France pousse ses pions

La présidence française souhaite notamment la création d’une base de données mondiale sur la production et les stocks de matières premières agricoles.
25/01/2011

Citigroup, poule aux œufs d’or pour Paulson & Co

Le gestionnaire alternatif américain a informé ses clients qu’il avait engrangé un gain de plus d’un milliard de dollars grâce à sa participation au sein de la banque au cours des dix-huit derniers mois. Cet investissement a été le plus rentable au sein du fonds vedette Advantage. Le hedge funds assure n’avoir aucun souci de taille, face aux «énormes» opportunités de marché.
25/01/2011

Christine Lagarde prévoit de réformer l'impôt sur les sociétés

La ministre de l’Economie et des finances a indiqué souhaiter réformer l’impôt au profit des PME sur les sociétés mais pas en 2011. A 33,3%, le taux nominal d’impôt sur les sociétés en France est le plus élevé d’Europe après Malte. «Nous avons un système de fiscalité, en particulier d’impôt sur les sociétés, qui a un taux facial élevé et toute une catégorie de niches fiscales diverses et variées», a déclaré la ministre.
24/01/2011

G20: Nicolas Sarkozy espère des avancées dès février

Nicolas Sarkozy, président de la République, «espère un accord dès février prochain» sur une définition commune des critères de déséquilibres mondiaux entre ministres des Finances du G20. Ce G20 Finance se tiendra les 17 et 18 février prochains à Paris. La mise en place d’un étalon commun de mesures des déséquilibres mondiaux, appelé «lignes directrices», est vue comme une étape préalable à la réforme du système monétaire international. Nicolas Sarkozy a réitéré lundi le souhait de la France d'élargir les pouvoirs du FMI pour que celui-ci puisse exercer sa surveillance sur ces critères. Il a aussi renouvelé son appui à une éventuelle taxation des transactions financières, n’excluant pas que la France, avec d’autres pays, puisse «donner l’exemple».
L'intervention de Nicolas Sarkozy sur le web le 24 janvier, photo: PHB/Agefi
24/01/2011

Sicavs have more than doubled their investments in bank savings accounts

p { margin-bottom: 0.08in; } Retail investors are earning “succulent yields” thanks to the ongoing pitched battle between financial institutions to get their hands on liquidity, Cinco Días reports. According to statistics from the Bank of Spain, the interest being offered by banks and savings banks for savings accounts has risen by 20.8% since the end of 2009. Banks are offering an average of 3.14% on one and two-year products.Since then, managers of about 3,200 Sicav funds registered with the CNMV did not pass up the opportunity to allocate EUR3.59bn to bank savings accounts as of the end of September. That represents 13.7% of their assets, whereas the percentage was only 6.6% as of the end of third quarter 2009. This increase has come largely to the detriment of listed bonds and investment funds, particularly money markets.
24/01/2011

Swiss & Global sells its stake in Atlas Capital

p { margin-bottom: 0.08in; } The fund management firm from Julius Baer, Swiss & Global Asset management, has sold the 31% stake it had held for seven years in the Spanish independent private bank Atlas Capital. Expansión reports that the transaction will take place at book value, while the stake was purchased for EUR3m. As of the end of 2010, Atlas Capital had assets of EUR660m, managed on behalf of 2,400 clients. Net profits totalled EUR1.14m. Following the exit of Julius Baer, the group’s capital is controlled by its 14 managing partners, with the largest shareholder being deputy director Jorge Sanz.
24/01/2011

Aberdeen satisfied with 2010 results in Germany

p { margin-bottom: 0.08in; } Aberdeen Asset Management Deutschland on 21 January announced that its fiscal year to 30 September brought gross subscriptions to EUR1bn in Germany and Austria. As of this date, assets totalled EUR8.1bn, of which EUR3.8bn were in securities funds, and EUR4.5bn in the distressed real estate branch (redemptions from two DEGI funds are frozen, while a third is to be liquidated).Since the beginning of October, Aberdeen AM has won mandates totalling about EUR300m.Among plans announced for 2011 by CEO Hartmut Leser are the launch of institutional real estate funds (see Newsmanagers of 18 January). In terms of sales, Aberden AM will emphasize emerging markets funds, global equities, European corporate bonds and pan-European institutional real estate funds.
24/01/2011

SG Private Banking announces a new executive board

p { margin-bottom: 0.08in; } Société Générale Private Banking has created a new executive boards, whose mission will be to “guide strategy and development and the private bank.”The division will be led by Daniel Truchi, director of Société Générale Private Banking, and from 1 February will include Yves Thieffry, deputy director of Société Générale Private Banking, who will oversee private banking activities in Switzerland, Luxembourg, Monaco and the Middle East; Patrick Folléa, director of Société Générale Private Banking France, who will also oversee activities in Belgium; Eric Barnett, director of Société Générale Private Banking Hambros, who will oversee activities in the United Kingdom, Canada and the United States; Bruno Lèbre, director of the investment solutions department, who will oversee activities in Asia (Singapore, Hong Kong, continental China and Japan); and the new director of sales and marketing, who will be appointed in the coming weeks.
24/01/2011

DNCA Finance unifies its brand in Europe

p { margin-bottom: 0.08in; } The French firm DNCA Finance (Banca Leonardo group) has brought all of its funds on sale in Europe together under its own brand name with immediate effect. Products on sale in Germany will drop the Leonardo Invest name, and the Luxembourg Sicav will change names to become known as DNCA Invest. Five DNCA Finance funds managed in Paris (Europe, Evolutif, Centifolia Europe, Infrastructures, and Convertibles) have been available in Germany since September 2010, says Jan Schünemann, director of sales for Germany.
24/01/2011

Citi Private Bank adds to family office worldwide

p { margin-bottom: 0.08in; } Citi Private Bank will soon launch its family office in Hong Kong, to serve the north Asian region. The new activity will be directed by Richard Straus, Asian Investor reports. According to a spokesperson for the bank, plans to serve south-east Asia are also in preparation, and recruitments are underway. Earlier in the week, Citi Private Bank announced the appointment of James Holder as director for its family office for Europe, the Middle East and Africa.
24/01/2011

Investors worried by inflationary risk

Some of the world’s biggest investors have turned increasingly negative on government bonds from developed countries as they warn of the growing danger of inflation, according to the Financial Times. “Why would you want to be a bondholder with bond yields so low and that sort of inflationary trend,” Bill Gross, who runs the world’s largest bond fund at Pimco, asked the Financial Times. Jim Rogers, the investor based in Singapore, said western governments were concealing the extent of inflation, leading him to avoid bonds and continue his preference for commodities.

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