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25/02/2014

Markit et Virtu aux portes de la Bourse

Le fournisseur britannique de données financières et la société américaine de trading à haute fréquence devraient selon le quotidien concrétiser au cours du deuxième trimestre leur ambition d’introduction en Bourse de New York. Markit, détenue à 51% par un groupement de douze banques, espère lever au moins 500 millions de dollars lui octroyant une capitalisation supérieure à 5 milliards, Virtu, qui compte Silver Lake Partners à son capital, visant de son côté une récolte de 300 millions environ pour une valorisation voisine de 3 milliards. Les deux sociétés progressent discrètement vers la cotation grâce à une procédure permettant davantage de confidentialité aux prétendants dont le chiffre d’affaires est inférieur à un milliard de dollars.
25/02/2014

Henderson conserve tout son appétit de croissance

Henderson Global Investors «revient de loin» selon le quotidien après des «années éprouvantes» aux yeux du directeur général Andrew Formica dans le sillage du rachat de New Star AM en 2009 et de Gartmore en 2011. Le dirigeant vise désormais une croissance «avant tout» organique, susceptible de permettre, si l’évolution des marchés le permet, un doublement des actifs (aujourd’hui 70 milliards de livres) d’ici 2018.
25/02/2014
Gestion d'actifs

Umicore renforce son exposition aux actions émergentes

Le fonds de pension belge Umicore, 85,8 millions d’euros d’encours sous gestion, renforce son exposition aux actions émergentes au sein de son portefeuille. En parallèle, la poche actions européennes a été réduite. Jean Van Caloen de Sigma Consult est le conseiller en investissement de l’institution. Luc Crabbé, benefits manager d’Umicore, a déclaré que l’ajout des 3,5% alloués aux marchés d’actions émergents a été effectué en septembre 2013 dans le but de diversifier le portefeuille, sans en augmenter la volatilité. La décision a été prise lors du second semestre 2013, qui a donné lieu à un examen de la stratégie d’investissement. Degroof Institutional AM gère l’intégralité des actifs du fonds. Umicore possède également 4,6 millions d’euros de trésorerie chez BNP Paribas IP. Le détail de l’allocation : 50% d’obligations souveraines, 20% d’obligations corporate, 25% actions, dont 10% Europe, 9% Amérique du Nord, 2.5% Asie Pacifique et 3.5% marchés émergents 5% immobilier
Gestion d'actifs
24/02/2014

Brady Dougan passe sur le gril devant le Sénat américain

Une sous-commission du Sénat américain auditionnera mercredi Brady Dougan, le directeur général de Credit Suisse, sur l'évasion fiscale, selon l’ordre du jour transmis par le Senate Permanent Subcommittee on Investigations. Brady Dougan sera l’un des quatre dirigeants de la banque suisse à être auditionnés.
24/02/2014

La banque centrale ukrainienne change de gouverneur

Le Parlement ukrainien a nommé lundi Stepan Koubiv, un parlementaire avec une expérience dans la banque, au poste de président de la Banque centrale. Stepan Koubiv, fort du soutien de 310 députés sur un total de 450 sièges à la chambre, succède à Ihor Sorkine qui a démissionné après la destitution du président Viktor Ianoukovitch.
24/02/2014

L'indice des services ralentit aux Etats-Unis

L’indice PMI des services publié par Markit est ressorti à 52,7 en première estimation en février aux Etats-Unis, contre 56,7 en janvier. Il s’agit du dernier indicateur en date reflétant l’impact négatif sur la reprise de la vague de froid dans le pays.
24/02/2014

Matteo Renzi détaille son calendrier de réformes

Le nouveau président du Conseil italien, Matteo Renzi, a détaillé lundi un ambitieux calendrier de réformes devant les sénateurs dont il sollicitait un vote de confiance. Le maire de Florence a déclaré qu’il comptait achever d’ici à la fin du mois prochain les débats sur son projet de réforme électorale et institutionnelle, qui prévoit de rationaliser le fonctionnement des gouvernements régionaux et de réduire le rôle du Sénat. Matteo Renzi a en outre annoncé lundi une réforme de la justice d’ici juin, et une hausse des aides publiques aux chômeurs. Il a aussi dit envisager une taxe sur les profits tirés d’investissements financiers pour assumer les coûts d’une future réforme du marché du travail.
24/02/2014

Les vertus de la communication floue de la BCE

Pour Hervé Goulletquer, responsable de la recherche marché de CA-CIB, le choix d’un guidage implicite des anticipations des marchés permet à la Banque centrale européenne (BCE) de ne pas réviser son discours sous la pression de la conjoncture
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24/02/2014

Online dictionary to understand hedge funds

P { margin-bottom: 0.08in; } The international alternative management fund association MFA has published a hedge fund glossary on its website, the The Book of Jargon® – Hedge Funds, written by the law firm Latham & Watkins. Alongside important terms for beginners such as “basis point,” readers will find more obscure vocabulary such as “bear hug letter” and “Bermuda option.” The online dictionary of more than 900 terms comes as a complement tot he pedagogical range already available from the professional association.
24/02/2014

Retail clients return to bonds in force

Flows into – and out of -- equity and bond funds during the seven days ending February 19 stuck largely to the previous week’s script: Japan, US and Europe equity funds again attracted solid amounts of fresh money while redemptions from emerging markets equity and bond funds continued to moderate, according to EPFR.One difference, however, was the level of retail interest, especially in some bond classes, especially global bond funds and high yield bond funds. Overall, equity funds took in another USD13.3 billion during the third week of February and bond funds USD2.58 billion while USD44.5 billion flowed out of money market funds.
24/02/2014

Manager from Valartis AM joins VTB CIM

P { margin-bottom: 0.08in; } Tim McCarthy has left his position as head of equities at Valartis Asset Management to take on a position as managing director at VTB Capital Investment Management, a boutique based in Geneva specialised in the Russian market, Citywire reports. This coincided with the selection by Valartis Bank, parent company of Valartis Asset Management, of VTB as outsourced manager of the Valartis Russian Market fund.
24/02/2014

Assets at March Gestión up 80% in 2013

P { margin-bottom: 0.08in; } March Gestión, the asset management affiliate of the Spanish March group, has finished the year 2013 with more than EUR4bn in assets under management, up 80% compared with 2012. This development is largely linked to a net inflow of EUR1.6m via funds registered in Spain, Luxembourg and the United Kingdom. March Gestión has also benefited from its merger with Consulnor Gestión, which brought in nearly EUR500m in assets. In the past five years, the firm has tripled its assets under management, driven largely by sales of its products in Austria, Chile, Italy, Luxembourg and the United Kingdom.
24/02/2014

BlackRock increases its stake in the capital of Intesa Sanpaolo

P { margin-bottom: 0.08in; } The US asset management firm BlackRock has increased its stake in the Italian bank Intesa Sanpaolo to 5.004%, according to the website of the italian group. BlackRock had previously owned less than 2% of capital. The US asset management firm becomes the second largest shareholder in Intesa Sanpaolo.
24/02/2014

Clarissa Haller appointed as director of Corporate Communications at Credit Suisse

P { margin-bottom: 0.08in; } Credit Suisse Group (CS) has appointed Clarissa Haller as head of Corporate Communications. She will report directly to CEO Brady W. Dougan, Credit Suisse announced in a statement on 21 February. “Ms. Haller has long experience and will be responsible for communication within the business and communication concerning activities in our four regions of the world,” the CEO states. Before joining Credit Suisse, Haller had been head of the Corporate Communications Group at ABB. Haller succeeds Andrés Luther, who joins Hirzel.Neef.Schmid.Konsulenten as a partner.
24/02/2014

Axa SPDB plans to launch funds and increase assets

P { margin-bottom: 0.08in; } Axa SPDB Investment Managers, the joint venture from the Axa group based in Shanghai, is planning to launch funds this year, including an internet-based financial product aimed at corporate investors, Asian Investor reports. The firm would meanwhile like to increase its assets under management by 50%, its Ceo, Diana Yu, states. Last year, assets under management already leapt 150%, to BMR32bn, or about USD5.27bn, of which RMB25bn are in segregated accounts. The growth strategy of the joint venture is based on three pillars: open-ended funds, segregated accounts, and an affiliate dedicated to segregated accounts. Axa SPDB Asset Management (located in the Shanghai free zone), which allows Chinese investors for the first time to buy assets on the primary market.
24/02/2014

Chinese assets under management set records

P { margin-bottom: 0.08in; } According to figures from the Chinese asset management association (AMAC), overall assets under management in the industry in China have set a record at RMB4.27trn (USD677.2bn) as of the end of January 2014, an increase of 1.07% year on year, Asia Asset Management reports. About 73% of total assets under management come from mutual funds. As of the end of January 2014, China has a total of 92 asset management firms registered, includng 48 joint ventures, 42 domestic entities and 2 securities brokerages.
24/02/2014

Norwegian sovereign fund recruits industry specialists

P { margin-bottom: 0.08in; } The Norwegian sovereign fund (USD840bn) is seeking to double the number of industry managers in its equity team, Petter Johnson, head of equity investments, has told the Financial Times. The fund has organized its equity team, composed of 85-90 people, into four groups. Three are investment specialists: one with sector specialists, another who is responsible for special situations or projects (such as initial public offerings), and a third which invests more broadly in global equities. The last group is dedicated to training. Johnsen says that the fund now has about 20 sector specialists.
24/02/2014

GLG loses a fixed income manager

P { margin-bottom: 0.08in; } Stefan Sluke, fixed income manager at GLG, has left the firm less than one year after the launch of the UCITS version of his fund, Citywire Global reveals. Sluke had been manager of the Nomura Man Systematic Fixed Income UCITS, launched in July 2013, with Andre Rzym, head of fixed income at Man Systematic Strategies.
24/02/2014

Departure of a manager from Ignis AM

P { margin-bottom: 0.08in; } The portfolio manager Jin Wong has left Ignis Asset Management, after six years at the asset management firm, Citywire Global reports. He had worked in the fixed income team, which oversaw EUR33.5bn in assets. Commenting on his departure, Ignis AM stated: “we will not be replacing Jin immediately; this is partly due to increased automation helping to streamline the portfolio management process, but we have also hired two graduates who, by taking on some of the more basic tasks, are freeing up further fund manager time.”
24/02/2014

State Street launches an online platform for trading of ETFs

State Street Global Exchange has launched FundConnect, an online multi-sponsor Exchange Traded Fund (ETF) platform for authorised participants (AP’s) in Europe, the first of the kind, according to a press release.“FundConnect® enables AP’s to trade multiple products through a secure, online interface,” comments State Street. “The platform revolutionises the European ETF order-taking process from one that traditionally relies on faxes to a real-time electronic platform that creates significant efficiencies and reduces risks.” SPDR ETFs, part of State Street Group, is the first provider to go live on FundConnect. “By including FundConnect in the order-taking workflow, the time taken to complete an order has been significantly reduced. AP’s and ETF Fund Sponsors now have a real-time view of their orders and are able to run historic transactional reports from the platform,” according to a press release.FundConnect was first launched in the US market in 2008. With the growth of the European ETF market the platform has been enhanced to accommodate the increased complexities of the non-US marketplace with features such as multiple settlement locations, settlement type and estimated deal value.
24/02/2014

Hedge funds show losses in January

P { margin-bottom: 0.08in; } Hedge funds have finished the month of January with losses of 0.17%, according to the Preqin benchmark index, Hedge Fund Analyst. This is the first time since August 2013 that the index has been in negative territory. The best results were for relative value and event-driven strategies, which gained 0.77% and 0.66%, respectively. Long/short funds, however, were penalised by the falling markets, with declines of 0.28% for long/short equity and 1.45% for long bias. UCITS funds also lost ground, with an average loss of 0.41% dur to the negative performance of its long/short funds (-0.76%) and macro funds (-0.12%).
24/02/2014

Franklin Templeton launches a euro short duration bond fund

P { margin-bottom: 0.08in; } Franklin Templeton has launched a fund which is intended to benefit from opportunities in the short-duration segment in the European bond universe, Citywire reports. The FTIF Franklin Euro Short Duration Bond fund, domiciled in Luxembourg, was officially launched on 21 February 2014. The strategy will be led by the head of European bonds at Franklin Templeton, David Zahn, and manager Rod McPhee, who joined the firm in November 2013. The fund will invest primarily in high quality short duration fixed income and variable rate bonds.
24/02/2014

Ignis introduces sub-funds in euros and dollars in its Sterling Short Duration fund

P { margin-bottom: 0.08in; } Ignis has introduced dollar and euro sub-funds of its Sterling Short Duration Cash Fund, whose assets under management total about GBP1.3bn, which will allow institutionals invested in euros or US dollars to expose themselves in their currency of reference without any currency risks. The Ignis Sterling Short Duration fund has earned returns of 0.89% in the 12 months of 31 January 2014, compared with 0.51% for the British Libor 3-month.
24/02/2014

DNCA develops product range for Southern Europe

P { margin-bottom: 0.08in; } DNCA Finance is the most recent example of a firm convinced that the countries of Southern Europe are in a situation of sustained recovery, and asset management professionals are developing new product ranges developed especially for this region, such as Generali Investments Europe and the Spanish firm Bestinver, Les Echos reports. According to the newspaper, the independent boutique is planning to gamble on the future of the countries on the periphery of Europe and is expected to transform its European fund into a fund dedicated to the region. The move is still pending the approval fo the regulator. Isaac Chebar, a manager interviewed by Les Echos, says this allows a way to “extend the choice of securities selected and to invest in countries which have the common characteristics of deficit but which have put structural reforms in place.”
24/02/2014

Allianz GI to launch an emerging market debt range

P { margin-bottom: 0.08in; } Allianz Global Investors is planning to launch seven emerging market debt funds in the first half of this year, despite an increase in volatility and redemptions of investors in this sector, Financial Times fund management reports. The German firm has developed a range with the assistance of Greg Saichin, who joined the firm in July from Pioneer Investments. The funds will cover various strategies, including short-term bonds, absolute returns and debt in local currencies.
24/02/2014

Ratings agencies could do better

P { margin-bottom: 0.08in; } The European securities markets authority (ESMA) has published its 2013 annual report on ratings agencies in the European Union. While welcoming progress made recently in transparency, ESMA claims that improvements are still needed in some areas, such as validation of ratings methodologies, which must take into account all components of risk. The report also cites internal governance at agencies, in order to avoid conflicts of interest and robust IT systems which can support the ratings process. In addition to these attention points, ESMA is now pursuing two studies to evaluate ratings of structured products and ratings of SMEs.

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