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22/04/2010
Fonds

Global X Funds lance deux ETF sur les matières premières

Le fournisseur new-yorkais d’ETF Global X Funds vient de lancer deux ETF, le premier sur l’argent, l’autre sur le cuivre.Le Global X Silver Miners ETF (ticker : SIL) est le seul ETF au monde dédié aux sociétés minières spécialisées sur l’argent, souligne un communiqué de la société. Il réplique le Soloactive Global Silver Miners Index, qui comprend les sociétés du secteur les plus importantes et les plus liquides. Au 31 mars, les plus grandes composantes de l’indice étaient Fresnillo, Industrias Penoles, Silver Wheaton et Pan American Silver. Selon BMO Capital Markets, rappelle le communiqué, la demande d’argent à destination de l’industrie devrait croître de 19% cette année.Le Global X Copper Miners ETF (ticker : COPX) réplique pour sa par le Soloactive Global Copper Miners Index, qui comprend les sociétés minières spécialisées dans le cuivre les plus liquides et les plus importantes. Au 31 mars, les plus grosses lignes de l’indice étaient Freeport-McMoran, Xstrata, Grupo Mexico et Southern Copper. Global X Funds rappelle que la demande de cuivre va rester forte au cours des prochaines, non seulement en raison des besoins du premier acheteur mondial, la Chine, mais aussi parce que les Etats autour du monde devraient consacrer quelque 30.000 milliards de dollars à des projets d’infrastructures au cours des vingt prochaines années.
Fonds
22/04/2010

Nomination chez Mellon Capital Management

Mellon Capital Management, qui fait partie de BNY Mellon Asset Management, a annoncé le 21 avril la nomination de Anjun Zhou au poste de managing director, responsable de la recherche en allocation d’actifs.Dans ses nouvelles fonctions, elle s’intéressera tout particulièrement aux moyens d’améliorer les stratégies d’ivnestissement ainsi que le contrôle des risques pour les stratégies d’allocation globale de Mellon Capital. Elle est directement rattachée à Jeff Zhang, managing director et responsable de la multi-stratégie.Anjun Zhou était précédemment chez Morgan Stanley Investment Management, où elle était responsable notamment de l’allocation global macro et gérante de portefeuille.Au 31 mars 2010, Mellon Capital Management gérait 184,4 milliards de dollars.
22/04/2010

UBS GAM change de patron en Amérique

Selon Financial News Online, le patron d’Amérique du Nord et d’Amérique latine d’UBS Global Asset Management, Kai Sotorp, va prendre trois mois de congé après avoir quitté son poste pour le céder à l’ancien vice-responsable mondial des actions, Shawn Lytle.
22/04/2010

Citi lance une plate-forme dédiée aux hedge funds

Citi vient de lancer une plate-forme internationale dédiée aux hedge funds. Cette plate-forme se présente comme une infrastructure intégrée couvrant l’intégralité du cycle opérationnel d’un hedge fund, qu’il s’agisse du traitement quotidien des opérations, du reporting ou encore des allocations onshore ou offshore y compris les side pockets.
22/04/2010

Jason Mitchell retourne chez GLG

GLG Partners vient de recruter Jason Mitchell, qui rejoindra l'équipe d’investissement de la société de gestion (22,2 milliards de dollars d’encours) où il travaillera en étroite coopération avec Pierre Lagrange, le managing director senior et co-fondateur, et Adeline Diab, qui s’occupe de la recherche durable.Il se concentrera sur la sélection d’actions basées sur des critères environnementaux, sociaux et de gouvernance. GLG cherche en effet à étendre ses capacités en matière d’ESG. «Sous la direction d’Adeline Diab, GLG a fait de gros progrès dans l’intégration de la recherche durable dans notre processus d’investissement traditionnel», commente Pierre Lagrange. «Jason Mitchell va aussi travailler avec Adeline et moi-même pour concevoir de nouveaux produits d’investissement». Jason Mitchell avait déjà exercé chez GLG, en tant qu’investisseur dans les médias et les télécoms, jusqu'à début 2008. Depuis, il a travaillé dans le secteur du traitement de l’eau. Il a aussi été conseiller dans les projets d’infrastructures liés à l’eau et aux télécoms dans les pays en voie de développement.
22/04/2010

Forte croissance de la collecte chez St.James's Place

La société de gestion de fortune britannique St.James’s Place a fait état pour le premier trimestre d’une collecte nette de 700 millions de livres.Les actifs sous gestion s'élevaient au 31 mars à 23,3 milliards de livres, soit quelque 26,6 milliards d’euros, en progression de 9% depuis le début de l’année et de 52% sur les douze derniers mois.
22/04/2010

Le président d’Assogestioni prêt à démissionner

Domenico Sinicalco est prêt à abandonner la présidence d’Assogestioni, l’association italienne des professionnels de la gestion d’actifs, s’il est nommé président du directoire de la banque Intesa Sanpaolo pour éviter tout conflit d’intérêts, rapporte Il Sole – 24 Ore. C’est ce qu’il a déclaré en marge du Salon de la gestion de l’épargne à Milan. Dans ce cas, Domenico Siniscalco, qui a été ministre des Finances, démissionnera aussi sans doute de la présidence de Morgan Stanley pour l’Italie, commente le quotidien italien.
22/04/2010

A majority of finance professionals could change employers in 2010

According to the findings of the most recent survey by eFinancialCareers.fr of 741 finance professionals employed in France, 87% are planning to or could envision changing employers in 2010. Though these findings are a good omen for headhunters, businesses will need to face a sizeable challenge in the next few months to hold onto their employees. According to the eFinancialCareers.fr survey, there are two major factors motivating finance professionals to change jobs in 2010: limited outlooks for professional development (for 44% of respondents) and unsatisfactory remuneration (for 41%). More than half of finance professionals surveyed who are planning to change jobs in 2010 or who could imagine doing so, are looking for a job in France. Nearly one third are hesitating between France and international jobs, and 13% would prefer to work abroad. The major motivations for the latter are better pay (for 47% of respondents), or a more interesting position than recruiters in France are offering (for 37%). In terms of destinations, the top choices are London, Geneva and New York.
22/04/2010

French government drafting an economic intelligence bill

Challenges reports that the inter-ministerial economic intelligence delegation is preparing a bill for the end of this year which would grant increased legal protections to economic secrets, which would extend beyond the protection of patents. The bill, inspired by the Clinger-Cohen Act, passed by the United States in 1996, and by the work of Alain Juillet and Bernard Carayon in France, would make an arsenal of legal procedures and sanctions available to heads of businesses.
22/04/2010

SEC investigating another Ponzi scheme

The Securities and Exchange Commission has charged a prominent Miami Beach-based businessman and philanthropist with fraud for orchestrating a USD900 million offering Ponzi scheme. The SEC alleges that Nevin K. Shapiro, the founder and president of Capitol Investments USA, Inc., sold investors securities that he claimed would fund Capitol’s grocery diverting business.
22/04/2010

SEC case against Goldman could be weakened by new testimony

Testimony from Paolo Pellegrini, a former executive at hedge-fund Paulson & Co., could weaken the U.S. government’s lawsuit against Goldman Sachs, says the Wall Street Journal. He told investigators from the Securities and Exchange Commission that he had informed ACA Management that his firm was betting against a transaction that is now at the center of the lawsuit, according to a person familiar with the matter.
22/04/2010

Strong profits at Credit Suisse

The Private Banking unit of Credit Suisse, which includes the Wealth Management Clients and Corporate & Institutional Clients units, posted pre-tax profits for first quarter of CHF892m, down 10% on first quarter of last year, which the group notes included CHF100m in revenues from the settlement of a captive insurance activity. Excluding this one-time element, pre-tax profits this year are CFH53m, or 8%, higher than last year. Net proceeds also increased by CHF22m, a slight increase, bringing the total to CHF2.9bn. Net inflows totalled CHF18.6bn (of which CHF12.9bn were for wealth management activities), with extremely high inflows to Swiss clients and emerging market clients in particular. The Asset Management unit posted pre-tax profits of CHF166m in first quarter, following losses of CHF490m the previous year. Net inflows totalled CHF11.2bn, of which CHF4.4bn were for multi-asset class solutions, and CHF4.3bn for alternative investments. The group earned net profits of CHF2.1bn in first quarter, for returns on owners’ equity of 22.3%.
22/04/2010

Credit Suisse/Tremont hedge fund index up 2.22% in March

The Credit Suisse/Tremont Hedge Fund index gained 2.22% in the month of March, after gains of 0.68% in February. The best performance went to managed futures strategies, with gains of 4.25%, followed by 3.89% for emerging markets and 2.85% for event-driven. As in the previous month, the short bias strategy finished in the red, with losses of 6.61%, following losses of 3.20% in February.
22/04/2010

UBS GAM gets a new head for Americas

According to Financial News Online, the head of North and Latin America at UBS Global Asset Management, Kai Sotorp, is to take three months leave after stepping down to make way for the firm’s former deputy global head of equities, Shawn Lytle.
22/04/2010

Fitch awards “A” financial strength rating to Groupama

Fitch Ratings announced on 21 April that it has awarded an Insurer Financial Strength (IFS) rating of ‘A’ to Groupama S.A., and to its main insurer affiliates: Groupama GAN Vie, GAN Assurances, GAN Eurocourtage and Groupama Transport. An Issuer Default Rating (IDR) of ‘A-' and subordinate debt rating of ‘BBB’ have also been issued to Groupama S.A., with a stable outlook on all ratings. The agency says that the ratings for Groupama reflect the good solvency and moderate debt level in relation to the risk profile of the group, which has widely diversified activities and risks. The ratings also take into account the prudent management, solid commercial positioning and good profitability of the firm at a time when the markets are in a recovery phase. Fitch estimates that the major challenge for Groupama is now to successfully integrate recent acquisitions in order to realise synergies in the next three years and to justify the price of those acquisitions on its balance sheet.
22/04/2010

Good quarterly results for asset management at Morgan Stanley

The Global Wealth Management unit of Morgan Stanley has reported pre-tax profits in first quarter of USD278m, compared with USD119m in first quarter 2009, largely due to the integration of Smith Barney into the firm’s joint venture with Citigroup. Net earnings totalled USD3.1bn, compared with USD1.3bn one year earlier. Client assets as of the end of the quarter totalled USD1.6trn. Net inflows in the quarter totalled USD5.8bn. The Asset Management unit has earned pre-tax profits of USD173m, compared with losses of USD283m in first quarter 2009. Net earnings totalled USD653m, compared with USD22m one year earlier. Net earnings for “core” activities taken on their own (traditional asset management, hedge funds and funds of funds) rose 47% to USD414m. Assets under management or administration as of the end of the quarter totalled USD262bn, compared with USD250bn one year earlier. This development reflects positive market effects partially offset by net outflows, largely from money market funds. The Morgan Stanley group, which is now hoping to focus its growth in wealth management and asset management and less in trading, earned net profits in first quarter of USD1.4bn, after losses of USD578m in first quarter 2008.
22/04/2010

Citi launches a platform dedicated to hedge funds

Citi has launched an international platform dedicated to hedge funds. The platform is in the form of an integrated infrastructure covering the entire operational cycle of a hedge fund, including daily transaction processing, reporting, and onshore and offshore allocations, including side pockets.
22/04/2010

Global X Funds launches two commodities ETF funds

The New York-based ETF provider Global X Funds has launched two new ETFs, one of which is based on silver, and the other on copper. The Global X Silver Miners ETF (ticker: SIL) is the only ETF in the world dedicated to mining companies specialised in silver, a statement from the company says. It tracks the Soloactive Global Silver Miners Index, which includes the largest and most liquid companies in the sector. As of 31 March, the largest firms in the index were Fresnillo, Industrias Penoles, Silver Wheaton and Pan American Silver. A statement says that according to BMO Capital Markets, global industrial demand for silver is expected to increase 19% this year. The Global X Copper Miners ETF (ticker: COPX), for its part, replicates the Soloactive Global Copper Miners Index, which includes the largest and most liquid mining companies specialised in copper. As of 31 March, the largest positions of the index were Freeport-McMoran, Xstrata, Grupo Mexico and Southern Copper. Global X Funds says demand for copper will continue to be strong in the near future, not only due to the needs of China, the world’s largest consumer, btu also because governments worldwide are expected to dedicate about USD30trn to infrastructure projects in the next 20 years.
22/04/2010

Covéa will have a single management firm in a few days

Agefi reports that Covéa, a business of the mutual insurance group SGAM, which includes MMA, MAAF and GMF, will on 1 May create a single asset management firm, born of the merger of Covéa Finance and MMA Finance. It will manage nearly EUR67bn, of which EUR23bn will come from MMA. This is less than Groupama AM, which has EUR81bn in assets, but as much as CM-CIC AM, and three times more than Ofi AM, the management arm of the mutual insurers Macif and Matmut.
22/04/2010

Mellon Capital Management appoints a managing director

Mellon Capital Management, a part of BNY Mellon Asset Management, on 21 April announced the appointment of Anjun Zhou as managing director in charge of asset allocation research. In his new role, Zhou will focus on ways to improve investment strategies and risk controls for global asset allocation strategies at Mellon Capital. She will report directly to Jeff Zhang, managing director and head of multi-strategy. Zhou was previously at Morgan Stanley Investment Management, where she was in charge of global macro allocation and also managed a portfolio. As of 31 March 2010, Mellon Capital had USD184.4bn in assets under management.
22/04/2010

Equities funds perform well in Germany

Equities funds in Germany have gained 54.4% in the twelve months to the end of March 2010, four percentage points more than the DAX 30, according to statistics from the German management association BVI. Equities funds focused on eastern Europe gained as much as 118.1% in the period under review, while equities funds specialised on emerging markets have gained 75.5%. For bonds, emerging market funds have gained 31.1%, while funds dedicated to corporate bonds have gained 25.9%. Euro bond funds have gained 8.8%. Open-ended real estate funds, with gains of 2% in the period under review, barely outperformed traditional Euro money market funds (1.5%).
22/04/2010

Zweig Dimenna to launch a UCITS fund

New York-based hedge fund Zweig Dimenna Associates is teaming up with Bank of America Merrill Lynch to bring its long short equity skills to Europe with a Newcits fund, Citywire can reveal. The new Ucits III fund, which has just received clearance from the Luxembourg regulator CSSF, will mirror Zweig Dimenna’s 23 year-old flagship hedge fund strategy. It will take a long/short approach to the US equity market, and will be managed by Joe DiMenna as well as Tom Keyes
22/04/2010

Assogestioni chairman prepared to resign

Domenico Sinicalco is prepared to give up his position as chairman of Assogestioni, the Italian association of asset managers, if he is appointed chairman of the board at the Intesa Sanpaolo bank, in order to avoid conflict of interest, Il Sole - 24 Ore reports. He made the declaration at a savings management conference in Milan. If this possibility comes to fruition, Sinicalco, who also formerly served as Italian finance minister, will undoubtedly resign from his position as head of Morgan Stanley for Italy, the Italian newspaper adds.
22/04/2010

Rusal planning to launch an aluminium tracker fund

Les Echos reports that the world’s largest aluminium producer, Rusal, is planning to launch a fund to track the price of the non-ferrous metal in the second half of this year. The underlying asset which the aluminium mining company would mobilize to back the fund would be 1 million tonnes of aluminium, equivalent to one quarter of its annual production, and about 35 of global annual supply of virgin aluminium.
22/04/2010

Nomura appoints a CEO for EMEA

Nomura Holdings Inc. on Wednesday announced the appointment of Tarun Jotwani as chief executive officer and director for the Europe, Middle East and Africa (EMEA) region. He will report to Jesse Bhattal, president and chief operating officer for the Investment Banking, Equities and Fixed Income divisions, and will retain his responsibilities as director of international Fixed Income activities, according to a statement from the firm. Jotwani joined Nomura in December 2008, and was head of the Capital Markets unit for the Asia-Pacific region, at Lehman Brothers, in charge of Fixed Income, Equities and Principal Investing Groups activities. Nomura has also announced the appointments of William Vereker and Hiroyuki Suzuki as Co-Heads of Global Investment Banking.
22/04/2010

Citi launches an automatic currency hedging service

The US-based Citi group has announced the launch of the AutoTX Passive Hedge service, which offers shareholders in institutional funds the ability to automatically hedge their positions to reduce forex risks.
22/04/2010

Inflows up strongly at St. James's Place

The British wealth management firm St. James’s Place has reported net inflows in first quarter of GBP700m. Assets under management as of 31 March totalled GBP23.3bn, or about EUR26.6bn, an increase of 9% since the beginning of the year, and of 52% in the past twelve months.
22/04/2010

Jason Mitchell returns to GLG

GLG Partners has announced that Jason Mitchell will be rejoining the firm’s investment management team, where he will be working closely with Senior Managing Director and Co-Founder Pierre Lagrange and Adeline Diab. In his new role, he will be focusing on stock picking in the areas of global environment and social governance. After a number of years as a top-performing media and telecoms investor, Mitchell left GLG Partners in early 2008. Since then, he has worked in the private water treatment industry. He has also acted in advisory roles with a particular focus on water and telecoms infrastructure projects in developing countries. «Jason has built up specialist expertise that will be extremely valuable to GLG as we seek to expand our ESG capabilities,» said Lagrange. «I have been looking for some time for a way of enhancing the thematic basis of our research in this area by better stock-picking on a global basis, and I am delighted that Jason—strengthened by his industry experience—is now available to take this role.» «Under the direction of Adeline Diab, GLG has already made great progress in integrating sustainability research into the mainstream of our investment process,» Lagrange added. «Jason will also work with me and Adeline to develop additional investment products.”
22/04/2010
Fonds

Bientôt un nouveau fonds obligataire chez Avenir Finance

Avenir Finance Investment Managers (AFIM) doit lancer fin mai un fonds obligataire investi exclusivement sur des titres d’Etat de la zone euro. Le choix des émissions dans les différents pays et la courbe des taux appelée à évoluer vont constituer les principaux moteurs de performance du fonds. En pratique, ce fonds viendra rejoindre la «ligne» de produits OFP de la société de gestion qui en compte quatre, chacune étant composée d’une équipe indépendante constituée d’une à quatre personnes. La ligne OFP gère d’ores et déjà deux fonds AFIM OFP 150 et AFIM OFP 400, deux fonds de type «absolute return» reposant sur une stratégie global macro dont l’objectif de performance est respectivement fixé à Eonia + 150 points de base et Eonia + 400 points de base. A côté d’OFP cohabite une ligne Agata constitué d’un fonds devises (de type «momentum forex») et une ligne Opéra (long-only) composée de deux fonds actions de type value suivant une gestion quantitative – Opéra Euro et Opéra US. Une ligne Eonos regroupe également, entre autres, AFIM Eonos 5 – un fonds de future. Enfin une ligne " multistratégies» rassemble un fonds de fonds Sélection Trésorerie Moyen Terme dont l’objectif de performance est Eonia + 400 points de base ainsi qu’un fonds de fonds d’allocation d’actifs à la gestion flexible ayant recours à une sélection de gérants tiers, baptisé Harmonis . Au total AFIM affichait 520 millions d’actifs sous gestion en mars 2010 avec une collecte nette en 2009 de 101,18 millions sur ses fonds de performance absolue, 6,89 millions d’euros sur ses fonds long-only et 3,78 millions d’euros sur son activité d’allocation d’actifs.
Fonds

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