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18/11/2009
Fonds

L'Inde soutient la collecte asiatique

En Asie, les fonds ont enregistré entre juillet et septembre des souscriptions nettes de 21,3 milliards de dollars, soit son meilleur trimestre de l’année rapporte Lipper FMI dans son dernier Fund Flash sur l’Asie. Le secteur a été tiré par l’Inde, avec des entrées de 26 milliards de dollars, mais qui ont concerné uniquement des produits non risqués : fonds d’obligations en devises locales et fonds monétaires.D’une manière générale, les investisseurs asiatiques sont peu portés sur les actions en ce moment, à l’exception notable de ceux en Chine, Hong Kong et au Japon, note Lipper. Dans ces marchés, le gros des souscriptions s’est dirigé vers des fonds actions chinoises (17 milliards de dollars). Les marchés ayant par ailleurs accusé des rachats nets sur le trimestre sont la Corée du Sud (-16 milliards), l’Australie (-5,5 milliards), Singapour (-3,6 milliards) et Taiwan (-2 milliards).
Fonds
18/11/2009
Fonds

Mort mystérieuse à Moscou

La Tribune rapporte que, selon un investisseur occidental, un juriste russe âgé de 37 ans, chargé de conseiller un fonds d’investissement basé à Londres, est mort lundi 16 novembre dans une prison de Moscou alors qu’il y était entré en bonne santé. Selon William Browder, le Chief Executive Officer du fonds Hermitage Capital Management basé à Londres, Serguei Magnitsky, était chargé de défendre Hermitage CM et son partenaire la banque HSBC contre une fraude portant sur 230 millions de dollars, impliquant des officiers du ministère de l’Intérieur russe. Il était accusé de complicité d'évasion fiscale pour avoir conseillé son client, selon William Browder.
Fonds
17/11/2009

ETF Securities releases 9 long and 9 short ETC currency funds

ETF Securities has announced that its recently-announced currencies ETC platform (see Newsmanagers of 6 November) will initially include 18 currencies ETC products, listed on the ETC segment of the London Stock Exchange (LSE), which will replicate the MSFX index from Morgan Stanley. These ETCs will provide long and/or short exposure to currencies of the G10 against the US dollar (AUD, CAD, CHF, EUR, GBP, NOK, NZD, SEK, and JPY). The new products will be fully collateralised, to reduce default risks.
17/11/2009

Assets in defined-contribution pension funds down

According to statistics from Aon Consulting, assets in defined-contribution British pension funds as of the end of October had contracted to GBP489bn, from GBP509bn one month earlier, largely due to declines on equities markets, the Independent reports. Assets in these funds had reached their highest levels for 16 months in early October, at GBP520bn.
17/11/2009

Korean national pension fund buys HSBC headquarters

HSBC Bank Plc., an affiliate of HSBC Holdings, is selling its wholly-owned affiliate Projet Maple II BV to NPS 8CS Holdings SARL, an affiliate of the South Korean National Pension Service (NPS), for GBP772.5m. The transaction, which will bring in capital gains for HSBC of GBP350m, involves the sale of the British banking group’s head offices, located at 8 Canada Square in Canary Wharf. HSBC will continue to occupy the premises for the remaining 17.5 years of the lease, and will pay GBP46m per year in rent. At the end of last year, HSBC purchased its headquarters for GBP838m from the Spanish firm Metrovacesa; it had sold the investor its offices in May 2007 for EUR1.09bn (see Newsmanagers of 8 December 2008).
17/11/2009

UK asset management firms are hiring

According to Financial News Online, UK asset management firms are hiring again. Some are planning to increase their assets by up to 7%. Among the firms which are hiring, Financial News cites Standard Life Investments, Hermes, Schroders, State Street Global Advisors, Edinburgh Partners, Fidelity International, Aviva Investors, Marshall Wace, and The Children’s Investment Fund Management.
17/11/2009

Newedge launches Indian activities

Newedge on 16 November launched onshore brokerage activities in Mumbai, with cash equity and equities derivatives for foreign institutional investors as priorities, according to Asian Investor. Newedge Broker India Private Limited, led by Jerome Burban, employs 20 people, and is licensed to trade on the National Stock Exchange (NSE) as well as the Mumbai stock exchange.
17/11/2009

Rise in number of sustainable development funds

According to the Sustainable Business Institut (SBI) in Oestrich-Winkel, the number of sustainable development funds in the German-speaking countries (Germany, Austria, and Switzerland) as of the end of September totalled 309 products, with assets of about EUR29bn. There were 274 products with EUR21bn in assets under management as of the end of December 2008. Since the beginning of the year, the SBI has counted 19 new fund launches, with EUR300m in assets, of which 11 are equities funds, two are funds of funds, three are diversified funds, and one is an ETF. In addition, 25 funds already registered in other countries or which have recently opted for a sustainable development approach have been added to the list, with EUR2.9bn in assets. Meanwhile, 12 funds (seven of them equities products, three bond products and two diversified funds) were closed or merged with other products. As of the end of September, assets in 187 equities funds totalled EUR20.74bn, while 41 bond funds had assets under management of EUR3bn. The 17 funds managed EUR119m, while the nine ETFs had assets of about EUR430m. Lastly, the SBI cites two microfinance funds, with EUR409m in assets under management.
17/11/2009

Banque Heritage optimiste

La banque genevoise Banque Heritage constituée autour du «family office» baptisé Heritage Finance & Trust se dit optimiste pour l’avenir. En septembre, les actifs sous gestion du groupe s’élevaient à 7 milliards de francs suisses, contre 5,2 milliards à fin 2008. « Nous voulons doubler nos actifs sous gestion d’ici 2 à 3 ans», souligne Roland Knecht, directeur général adjoint et responsable de l’unité de banque privée.
17/11/2009

Banque Heritage optimiste

La banque genevoise Banque Heritage constituée autour du «family office» baptisé Heritage Finance & Trust se dit optimiste pour l’avenir. En septembre, les actifs sous gestion du groupe s’élevaient à 7 milliards de francs suisses, contre 5,2 milliards à fin 2008. «Nous voulons doubler nos actifs sous gestion d’ici 2 à 3 ans», souligne Roland Knecht, directeur général adjoint et responsable de l’unité de banque privée.
17/11/2009

Banque Heritage steps up international development

Agefi Suisse reports that Banque Heritage, which was originally a family office, is raising the curtain internationally on its three distinct but interrelated professions, private banking, asset management, and private banking. In particular, it has recently opened an office in Zurich, its third location in Switzerland after Geneva and Lugano (an agency). It is also present internationally, with an emphasis on emerging markets, with affiliates in London, Gernsey, Paris, Lisbon (a branch office), Singapore, Sao Paulo, Montevideo, and the Cayman Islands. Wealth management remains its primary profession. As of the end of September 2009, Heritage had consolidated assets under management of CHF7bn, of which CHF5bn are related to private banking. Heritage aims to double this total amount of assets under management in 2 to 3 years, says Roland Knecht, global head of Private Bank, and a member of the executive board.
17/11/2009

Mother Earth to launch a commodities fund

The Swiss management firm Mother Earth Investments is planning to launch a fund aimed at institutional investors and high net worth private investors in about three weeks, which will physically invest in 20 commodities, Handelsblatt reports. Roland Jansen at Mother Earth is concerned about the formation of a commodities bubble, as speculation now represents 50% of the market, compared with 20% ten years ago. Swaps, futures, ETFs and structured products dealing on commodities represent about USD95bn in assets, according to this specialist.
17/11/2009

Managers kick back 78% of their commissions to distributors

According to statistics from the CNMV compiled by Funds People, Spanish asset management firms last year paid EUR1.6bn to their distribution network, out of EUR2.03bn which they took in in commissions. Of the 89 management firms which pay a part of their commissions to distributors, 5.6% paid more than 90% of these revenues. The most generous are Barclays Wealth Managers, UBS Gestión, Gesnavarra, BBVA Asset Management et Mapfre Inversión. 34% of asset management firms pay between 70% and 90% of their commission revenues, 29% pay between 50% to 70%, and lastly, 30% pay less than 50% of their commission revenues to distributors. Lastly, 31 management firms say they pay no distribution commissions, including Cygnus AM, Siitnedif, and Valira.
17/11/2009

Japanese investors flock to emerging market debt funds

Japanese investors have poured a net USD37.4bn into emerging market debt funds since 2004, more than twice the USD14.7bn pumped in by US and European investors, research by JPMorgan suggests, according to the Financial Times FM. In addition, the Japanese have also invested a further USD14.6bn in emerging market foreign exchange overlay funds.
17/11/2009

Pension fund deficits are underestimated

Europe’s 430 largest listed companies are underestimating their collective pension deficits by EUR300bn, according to analysis by AlphaValue quoted by the Financial Times FM. As of 2008, the companies acknowledged a combined deficit of EUR1,550bn.
17/11/2009

Appointments to board at RiverSource-Columbia

According to reports on Mutual Fund Wire, Beth Brown, who is head of retail distribution at Columbia Management, will be appointed director of retail sales for the combined RiverSource-Columbia range, replacing Jeffrey McGregor, president of RiverSource Distributors, which will continue to be responsible onlly for annuities and insurance products. Beth Brown will report to Mike Jones, president of Columbia Management, who will become president of asset management activities at Ameriprise for the United States. Meanwhile, Jeffrey Peters, currently senior vice president and head of global institutional distribution at Columbia, will be appointed head of institutional sales for the new merged group, and will report to Mike Jones, while Christopher Keating, head of institutional sales at RiverSource, will be leaving the group in spring 2010.
17/11/2009

Sentinel recruits a head of marketing from Legg Mason

Charlie R. Shaw, head of product marketing & equity at Legg Mason, will be joining Sentinel Investments as senior vice president, national marketing director, replacing Bruce Hoffmann, who left the firm last spring.
17/11/2009

Team from Fortis joins Hermes

Hermes Fund Managers Ltd (Hermes) has recruited a global equities team joining from Fortis. The Boston-based team of six is led by Lode Devlaminck and John Chisholm and has an average of 19 years of investment experience. The recruitment is «a significant step in our development to become a multi specialist asset manager», says Hermes. The company will build a core active global equity business which will be structured as a specialist investment partnership. Hermes will own the majority share but the partners and employees will have a stake in both the long-term profitability and the enterprise value of the business. Following approval from the SEC the team will initially focus on the requirements of the BT Pension Scheme (BTPS) but will also be looking to market this new capability to institutional third parties. BTPS will provide a cornerstone investment of USD 500m.
17/11/2009

Assets up at Putnam in third quarter

As of the end of September, according to Great-West Lifeco, an affiliate of the Canadian firm Compagnie Financière Power, assets at Putnam Investments totalled CAD113.6bn, compared with CAD102.78bn as of 30 June. This total is lower than the total observed at the end of September 2008 of CAD136.59bn. During third quarter 2009, Putnam has undergone net redemptions of CAD1.8bn, compared with CAD8.76bn in April-June, and, in the first nine months of the year, net outflows totalled CAD13.31bn, compared with CAD 9.71bn. However, market effects were positive by CAD12.62bn in July-September, compared with CAD12.99bn in second quarter. In January-September, market effects were positive by CAD21.21bn, while they were negative by CAD32.21bn in the corresponding period of last year. Putnam Investments has seen losses in third quarter of CAD10bn, compared with CAD26m in second quarter, bringing the net loss for January-September to CAD45m, compared with CAD4m in the first nine months of 2008.
17/11/2009

Warren Buffett bets on US economy

Warren Buffett’s Berkshire Hathaway has bought shares in ExxonMobil and Nestlé, while almost doubling its stake in Walmart in a move that appears to increase Mr Buffett’s bet on both a US economic revival and what it might mean for energy prices, says the Financial Times. The investments were made in the quarter ending September 30.
17/11/2009

Another fraud scandal at Société Générale

Agefi reports that internal controls at Société Générale have uncovered a fraud at SGAM Banque, a unit of Société Générale Asset Management. The fraud, involving false receipts for general expenses, runs to EUR1.8m. The perpetrator fo the fraud was immediately dismissed. Part of the money is reported to have been recovered, and no clients or providers suffered financial damage as a result of the case. The newspaper notes that the discovery further discredits the quality of first-level controls at the group, and puts SGAM Banque in the spotlight once again, after the entity was previously involved in heavy losses at the asset management unit of Société Générale. SGAM Banque was called in by SGAM AI, the alternative management affiliate of SGAM, to set up and manage the unit’s structured products.
17/11/2009

Bonuses: Brown plan draws criticism from City

Les Echos reports that human resources specialists at banks in the City were doubtful of new powers the British government will seek for the Financial Services Authority (FSA) which would allow it to apply bonus limit rules. The Queen’s speech, which takes place at the opening of Parliament and which is written by the sitting government, will tomorrow lay out plans for legislation which would give the FSA power to punish banks or employees who do not respect G20 rules in regard to pay scales, but practical and legal obstacles to the FSA being able to exercise such powers are numerous.
17/11/2009

Lord Myners criticises new ISC governance code

Lord Myners, City minister, complained a new code of shareholders’ responsibilities proposed on Monday by the Institutional Shareholders’ Committee did not go far enough, says the Financial Times. He said: “The ISC is still advocating a self-governance model, which is shown to have failed. ”
17/11/2009

Myners critique le nouveau code de gouvernance de l’ISC

Lord Myners, le ministre de la City, estime que le nouveau code sur les responsabilités des actionnaires proposé lundi par le Institutional Shareholders’ Committee, qui contient sept principes de bonnes pratiques, ne va pas assez loin, rapporte le Financial Times. Il regrette que le manque d’audit externe ou de vérification. Pour lui, le ISC prône encore un modèle d’auto gouvernance, qui a montré ses limites.
17/11/2009

Moody's concludes revision of hybrid and subordinated debt methodologies

The Moody’s agency announced on 17 November that it has completed its revision of methodologies for ratings of hybrid securities and subordinated debt instruments issued by banks. Moody’s will draw a stricter distinction between hybrids, depending on the risk they represent for investors. Ratings of securities affected by the change in methodology and placed on negative watch will be published in the next few days.
17/11/2009

Stress tests for 28 European insurers by the end of the year

La Tribune reports that, following similar tests for banks, 28 European insurers, including 6 French businesses, will be next to undergo stress tests by the end of December 2009 on the basis of their accounts as of 30 June and national accounting standards. CEIOPS (the European committee of insurance controllers) will publish the results of the tests in March 2010.
17/11/2009

London resists increased EU supervision

Les Echos reports that the Finance committee of the British Parliament report yesterday called on the Finance minister not to approve any European agreements which would increase supervision of the financial sector by the European Union, until he is certain that member states would retain authority over public finances in the case of bankruptcy at a major bank on their territory. While the Swedish presidency of the European Union is hoping to achieve a global compromise on this question by 2 December, the UK is concerned about the budgetary consequences that the creation of new European banking, insurance and market supervisory authorities might have for member states.
17/11/2009

Nouvelle affaire de fraude à la Société Générale

Selon l’Agefi, la Société Générale a découvert à l’occasion d’un contrôle interne, une fraude au sein de SGAM Banque, filiale de Société Générale Asset Management. Réalisée sous forme de fausses factures de frais généraux, elle porte sur 1,8 million d’euros. L’auteur de la fraude a été immédiatement mis à pied. Une partie de la somme aurait été récupérée et aucun client ni fournisseur n’aurait subi de préjudice. Reste, note le quotidien, que sa révélation jette encore le discrédit sur la qualité des contrôles de premier niveau du groupe, et remet sous les feux des projecteurs SGAM Banque, une entité impliquée dans les lourdes pertes que le pôle de gestion d’actifs de la Société Générale. Notamment lorsque SGAM Banque était chargée pour SGAM AI, la filiale de gestion alternative de SGAM, de mettre en place et de gérer les produits structurés du pôle.

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