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04/07/2013

French asset managers' associations define SRI

P { margin-bottom: 0.08in; } The French asset management association (Association Française de la Gestion financière, AFG) and the Responsible investment forum (Forum pour l’Investissement Responsable, FIR) have decided to specify the definition of socially responsible investment (SRI). In a statement released on Tuesday, 2 July, the two organisations state: “SRI is an investment which aims to reconcile economic performance and social and environmental impact, by financing businesses and public entities which contribute to sustainable development regardless of their business sector. By influencing governance and the behaviour of players, SRI promotes a responsible economy.”
04/07/2013

LV= adds five BlackRock funds to its SIPP range

P { margin-bottom: 0.08in; } The self-invested personal pension (SIPP) Flexible Transition Account from London & Victoria (LV=) will now include 177 eligible funds. The insurer has announced that it has added five funds of the Consensus Funds range from BlackRock to its range, following requests from advisers.The new funds available are:BlackRock Consensus 35 BlackRock Consensus 60BlackRock Consensus 70BlackRock Consensus 85BlackRock Consensus 100
04/07/2013

ComStage liquidates four ETFs

P { margin-bottom: 0.08in; } Due to a lack of sufficient assets, four ETFs from ComStage were liquidated on 30 June, Commerz Funds Solutions SA has announced.They are the following products:ComStage ETF FTSE 250 TR ComStage ETF FTSE All-Share TR ComStage ETF FTSE 100 Short Strategy TRComStage ETF FTSE 100 Leveraged TR
04/07/2013

Hedge funds will be allowed to advertise

P { margin-bottom: 0.08in; } Next Wednesday, the Securities and Exchange Commission will hold a vote that will allow firms that raise funds through private investment, including hedge funds, to advertise, so long as they target high net worth clients, the Wall Street Journal reports.
04/07/2013

Alastair Gunn takes over at Jupiter High Income Fund

P { margin-bottom: 0.08in; } The Jupiter High Income Fund will now be managed by Alastair Gunn, who becomes principal manager of the fund. He replaces Anthony Nutt from 1 July. Nutt will retire in 2014, a statement says.Gunn will be responsible for the management of the fund, particularly the equity allocation. The bond allocation will continue to be managed by Ariel Bezalel. He has been serving in this role since 2006. Gunn was recruited in 2007 by Nutt, to join the equity management team.
04/07/2013

JPM AM merges three funds

P { margin-bottom: 0.08in; } J.P. Morgan Asset Management will merge three funds and launch a new retail product as part of a reshuffle of its British product range, Investment Week reports. The UK Equity, Emerging Markets Infrastructure and Institutional Balanced funds will be merged into others.
04/07/2013

Pension fund coverage rate at its highest since June 2011

P { margin-bottom: 0.08in; } The average coverage rate for the liabilities of US corporate pension funds in the month of June rose by 3.1 percentage points to a total of 89.5%, its highest level since June 2011, when it stood at 91.4%, according to BNY Mellon Investment Strategy & Solutions Group. Since the beginning of the year, the coverage rate has gained 13.2 percentage points. In the month under review, assets in funds fell 1.6%, while US stock markets posted their first month of losses since the beginning of the year. Liabilities fell 5%, while the discount rate increased by 39 basis points to 4.69% for Aa-rated businesses.
04/07/2013

Legg Mason launches Brandywine fund in France

P { margin-bottom: 0.08in; } Legg Mason Global Asset Management on 3 July announced the launch in France of the Brandywine Global Fixed Income Absolute Return fund (Brandywine GFIAR). The Brandywine GFIAR fund, domiciled in Ireland, invests primarily in government debt, with the possibility of investing opportunistically in government bonds. With a long/short approach, the maangers can adopt positions both on markets which they consider undervalued, and on overvalued markets, when liquidity levels allow it. Short positions are used only for government interest rate curves. The Brandywine GFIAR fund is co-managed by David Hoffman and Stephen Smith without reference to an index. Brandywine applies a value type top-down approach following rigorous, macroeconomic and systematic analysis, country by country, in all major global economies. The fund actively manages exposure to currency risks in order to protect capital and improve performance, and may take short positions on currencies which it considers undervalued. As of the end of May, the fund showed returns of 9.70% since its launch in early April 2012. Characteristics of the Brandywine Global Fixed Income Absolute Return ISIN code: IE00B59BT671 (classic A, USD capital share class) Assets: USD556m as of 28 June 2013 Front-end fee: no front-end fee paid to the fund Management fee: 1.35%, A-class shares (classic) The fund exists in a hedged version.
04/07/2013

Pension funds that pay high fees lose money

P { margin-bottom: 0.08in; } In the United States, public sector pension funds which pay the highest investment fees do not necessarily earn the highest returns, a study undertaken by the Maryland Public Policy Institute and the Maryland Tax Education Foundation, cited by the Wall Street Journal, have found. In fact, rather the reverse is true. On average, the ten states which pay the highest management fees have posted lower returns on investment than the ten that paid the lowest fees between 30 June 2007 and 30 June 2012.
04/07/2013

The hunt for the most original ETF getting harder

P { margin-bottom: 0.08in; } Only 70 ETFs and other ETPs were launched in first half 2013, according to IndexUniverse, the Wall Street Journal States. That represents a decline of 44% compared with 126 in the corresponding period of last year. The decline is a sign that the ETF market has reached such saturation that the asset management firms are having difficulty finding niches which have not yet been exploited, the WSJ claims. This year, an ETF was released which tracks Nigerian equities, one which uses forensic accounting, and one which offers exposure to leverage on the Brazilian market. The recent difficulties may represent a problem for asset management firms such as Fidelity Investments, which covet the ETF market, the newspaper notes.
04/07/2013

China Universal AM prepares RQFII ETF

P { margin-bottom: 0.08in; } The Hong Kong affiliate of the asset management firm China Universal Asset Management, based in Shanghai, is preparing an ETF denominated in RMB, aimed at foreign qualified institutional investors (RQFII), Asian Investor reports. The firm is also planning to use some of its RQFII quota of RMB2bn (USD325m), received in May, to launch an ETF which will replicate the Chinese CSI 300 benchmark index. China AMC launched an ETF which replicates this index in July 2012, and market sources say that Haitong Securities and HuaAn Funds are planning to launch similar products in the near future. After its launch, China Universal is planning to list the new ETF internationally, on the Tokyo stock exchange among others.
04/07/2013

Two former Julius Baer employees join Esperia

P { margin-bottom: 0.08in; } Franco Aletti and Alberto Lesma have joined Banca Esperia, a private banking firm created as part of a joint venture between Mediobanca and Mediolanum, Bluerating reports. The two join from Julius Baer Sim.
04/07/2013

BNY Mellon launches MA platform in Hong Kong

P { margin-bottom: 0.08in; } BNY Mellon has received permission from the Hong Kong Securities and Futures Commission to open a local specialist affiliate which will aim to create a separate managed accounts (SMA) platform. The platform, which would be the first of its kind in the region, may be created in the next few months, a statement from BNY Mellon says. It is especially designed for Asian clients, and will be offered to private banks and wealth management specialists, in ordre to allow them to better assist their high net worth clients.
04/07/2013

Eric Lee becomes CFO for Barings in Asia

P { margin-bottom: 0.08in; } UK-based Baring Asset Management has announced the creation of a position for a chief financial officer (CFO) for Asia. The role will go to Eric Lee, who had been finance controller for Asia ex Japan since 2007 at BlackRock, after serving as senior finance manager at Value Partners.Lee, based in Hong Kong, will report to Julian Swayne, CFO of the Barings group, and Gerry Ng, CEO of Baring Asset Management (Asia) Limited.The appointment of Lee follows the growth of Asian activities of Barings, particularly following the acquisition of SEI Asset Korea, which becomes Barings Korea.
04/07/2013

Record AUM for UK AM industry

P { margin-bottom: 0.08in; } As of the end of May, assets in funds managed by UK professionals totalled an all-time record of GBP739.63bn, compared with GBP726.12bn as of 30 April, and GBP589bn one year previously, the Investment Management Association (IMA) reports.Net subscriptions to retail products have fallen by far less than usual after the ISA season, as in May they totalled GBP2.07bn, compared with GBP2.1bn in April, compared with GBP1.3bn in the corresponding month of 2012. Institutional sales totalled GBP198m in May, compared with net outflows of GBP213m the previous month, and GBP1.4bn in May 2012.Daniel Godfrey, CEO of the IMA, says that equity funds posted the largest retail net inflows in May, with GBP781m (GBP50m in May 2012), while by sector, the highest inflows were for the retail targeted absolute return category, with GBP255m, when the average for the past twelve months was GBP97m.
04/07/2013

Deux anciens de Julius Baer arrivent chez Esperia

Franco Aletti et Alberto Lesma viennent de rejoindre Banca Esperia, une société de banque privée née d’une joint venture entre Mediobanca et Mediolanum, rapporte Bluerating. Les deux viennent de Julius Baer Sim.
04/07/2013

Eric Lee devient CFO de Barings pour l'Asie

Le gestionnaire britannique Baring Asset Management a annoncé la création d’un poste de directeur financier (CFO) pour l’Asie. Ces fonctions seront remplies par Eric Lee, qui était finance controller for Asie ex Japan depuis 2007 chez BlackRock, après avoir été senior finance manager chez Value Partners.Le nouvel arrivant, basé à Hong-Kong, sera subordonné à Julian Swayne, CFO du groupe Barings ainsi qu'à Gerry Ng, CEO de Baring Asset Management (Asia) Limited.La nomination d’Eric Lee fait suite au développement des activités asiatiques de Barings, notamment après l’acquisition de SEI Asset Korea, qui devient Barings Korea.
04/07/2013

BNY Mellon lance une plateforme de comptes gérés à Hong Kong

BNY Mellon a reçu le feu vert de la Securities and Futures Commission de Hong Kong pour installer sur place une filiale spécialisée qui se propose de lancer une plateforme de comptes gérés séparés (SMA).Cette plateforme, qui serait la première de ce type dans la région, pourrait voir le jour dans les prochains mois, précise un communiqué de BNY Mellon. Elle est spécialement conçue pour une clientèle asiatique et sera proposée à des banques privées et des spécialistes de la gestion de fortune afin de leur permettre de mieux accompagner leur clientèle haut de gamme.
04/07/2013

La BCE et la BoE laissent leurs taux inchangés

La Banque centrale européenne a maintenu jeudi son principal taux directeur à 0,5%, les indicateurs les plus récents alimentant les espoirs de reprise. Le taux de facilité de dépôt a été maintenu à 0% tandis que le taux de prêt marginal reste à 1,0%. Le président de la BCE Mario Draghi tient une conférence de presse à 14h30. Il pourrait s’exprimer sur la future politique de communication de l'établissement. De même la Banque d’Angleterre (BoE) n’a modifié jeudi ni son taux directeur, maintenu à 0,5%, ni le montant de son programme de rachats d’actifs, qui reste à 375 milliards de livres, comme l’attendaient les marchés. Cette décision est la première prise sous la direction du nouveau gouverneur Marc Carney, qui remplace Mervyn King.
Photo : Bloomberg
04/07/2013

Hausse des coûts d'emprunt espagnol à moyen terme

L’Espagne a émis quatre milliards d’euros d’obligations souveraines à moyen terme lors d’une adjudication organisée jeudi. Madrid a émis un milliard d’euros d’obligations à trois ans, à échéance du 30 juillet 2016, avec un rendement de 2,875% contre 2,706% lors d’une précédente adjudication de même échéance du 6 juin. Le Trésor a aussi émis trois milliards d’euros de nouvelles obligations à cinq ans, assorties d’un coupon de 3,75% et à échéance du 31 octobre 2018 pour lesquelles le rendement moyen est ressorti à 3,792%.
04/07/2013

L'AMF dénonce une prise de risques "excessive" des marchés

L’Autorité des marchés financiers (AMF) a attiré l’attention jeudi sur l’augmentation cette année de la prise «excessive» de risques par des investisseurs en quête de rendements dans un contexte de faiblesse des taux d’intérêts. Le risque d’exposition à une remontée rapide des taux d’intérêt doit être attentivement pris en considération, tout comme le risque de leur maintien à un niveau durablement bas, prévient le régulateur dans sa cartographie 2013 des risques et tendances sur les marchés financiers et pour l'épargne.
04/07/2013

La SEC soupçonne un délit d’initié sur les titres Onyx

La SEC a porté plainte auprès d’un tribunal de Manhattan pour délit d’initié dans le cadre de l’offre de rachat de 10 milliards de dollars émanant d’Amgen et rejetée le 30 juin par Onyx. Les traders non identifiés, qui auraient utilisé des comptes Citigroup et Barclays et pourraient avoir agi depuis les Iles Canaries ou le Liban, auraient engrangé un gain de 4,6 millions de dollars pour un investissement de 305.000 dollars sur des options d’achat.
04/07/2013

Apollo récolte 6,8 milliards de dollars

La société de private equity aurait selon Bloomberg effectué le premier closing de son nouveau fonds, Apollo Investment Fund VIII, à un niveau de 6,8 milliards de dollars. L’objectif final serait de 12 milliards, avec une limite supérieure à 15 milliards.
04/07/2013

Une liste de politiques fraudeurs du fisc donnée à la justice

Un ancien cadre de la banque suisse Reyl & Cie, qui abritait le compte de Jérôme Cahuzac, a déclaré devant une commission parlementaire avoir transmis à la justice une liste d’hommes politiques français détenant un compte en Suisse. Pierre Condamin-Gerbier avait déjà été entendu le 13 juin à l’Assemblée dans le cadre du projet de loi de lutte contre la fraude fiscale.
04/07/2013

Les gérants échappent aux bonus plafonnés

Les députés européens qui votaient mercredi une nouvelle révision de la législation sur les OPCVM ont renoncé à plafonner à 100% du fixe le bonus des gérants. Le texte, dont l’adoption définitive risque d'être repoussée à fin 2014, renforce par ailleurs les obligations des dépositaires.
04/07/2013

L'Etat revient dans le jeu chez Dassault

En achetant une action Dassault Aviation, Paris a signé le 21 juin un pacte d’actionnaires avec EADS qui lui donne un droit de regard sur l’avenir des 46% que ce dernier détient dans le constructeur du Rafale, pivot d’une future recomposition du secteur de la défense.

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