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29/05/2013

BlackRock recruits former head of sales from UBS

P { margin-bottom: 0.08in; } BlackRock has recruited Daniel Whitestone as an addition to its team dedicated to British small and midcaps, Investment Week reports.Whitestone, who had previously worked at UBS as head of sales for British small and midcaps, will in initially be assigned to a position as an analyst for the BlackRock UK Emerging Companies hedge fund, whose assets under management total about GBP900m.
29/05/2013

Tressis converts a hedge fund into a traditional product

P { margin-bottom: 0.08in; } The CNMV has authorised Tressis Gestión to convert its Spanish-registered multi-strategy hedge fund Adriza Global (EUR5.7m) into a traditional fund, Funds People reports.As a result, minimal subscription will be reduced from EUR50,000 to one share, and fees will be lowered to 1.35% for management and 9% for performance, compared with 1.50% and 20%, respectively. The fund is managed by Jacobo Blanquer.According to Funds People, Tressis (EUR114m) may also convert its other two Spanish hedge funds, Adriza Alfa and Adriza Macro, into traditional funds.
29/05/2013

DeAWM registers DWS fund in Spain

P { margin-bottom: 0.08in; } On 24 May, the CNMV issued a sales license for Spain to the DWS Floating Rate Notes fund from Deutsche Asset & Wealth Management (DeAWM). The portfolio is invested in debt with the best ratings with a duration of under 12 months. According to DeAWM, the product offers investors a “conservative” means to invest in bonds which also runs less risk of being negatively affected by a rise in interest rates.
29/05/2013

Last Spanish hedge fund from BBVA & Partners liquidated

P { margin-bottom: 0.08in; } The BBVA & Partners Retorno Absolut, the last Spanish-registered hedge fund from BBVA & Partners, has been absorbed by the Quality Valor fund from BBVA Asset Management. The fund had EUR5m in assets as of the end of December, Funds People reports.There are now only three surviving funds inherited from BBVA & Partners: they are a part of the Luxembourg Sicav from BBVA AM, Durbana International. These products are Augustus Equity, an equity fund, as well as the Dynamic and European Absolute Return funds, two hedge funds. Overall, these three funds have EUR65m in assets.BBVA AM bought the remaining 30% stake which it does not control n BBVA & Partners (founded in 2002) in late June 2011.
29/05/2013

Vontobel launches EMD fund

P { margin-bottom: 0.08in; } The Swiss asset management firm Vontobel Asset Management has launched an emerging market debt fund, Vontobel Fund – Emerging Markets Dent, managed by Luc D’Hooge, who recently joined the firm from Dexia Asset Management (Newsmanagers of 28 March 2013).The new fund, domiciled n Luxembourg, will concentrate on debt denominated in hard currencies. It will start up with assets of about USD160m. The objective is to outperform the JP Morgan EMBI Global Diversified TR index by 125 basis points per year.Vontobel Fund - Emerging Markets Debt B (LU0926439562) Vontobel Fund - Emerging Markets Debt I (LU0926439729)Vontobel Fund - Emerging Markets Debt HI CHF (LU0926440495)Vontobel Fund - Emerging Markets Debt HI EUR (LU0926440222)
29/05/2013

Credit Suisse plans to list its Real Estate Fund Green

P { margin-bottom: 0.08in; } Credit Suisse would like its Real Estate Fund Green Property (REF Green Property) to be listed on the Swiss stock exchange. The listing, planned for fourth quarter 2013, would open the real estate fund to the public, and also make it available to non-qualified investors, the bank announced in a statement on 28 May. The request is currently being examined by the Swiss Federal financial market surveillance authority (Finma). CS REF Green Property is invested in 12 properties. The two construction projects “amRietpark” in Schlieren and “Reusswinkel” in Bremgarten were completed this year, while “Lake Geneva Park” in Tolochenaz and “Alstattwiese” in Wil are still under construction.
29/05/2013

Morgan Stanley plans large RE fund

P { margin-bottom: 0.08in; } Morgan Stanley Real Estate Funds is planning to raise USD1bn to USD3bn for a new global real estate fund, the Wall Street Journal reports, citing sources familiar with the matter. The directors of the affiliate of the bank have entered negotiations with pension funds and other prospects. They are hoping especially that China Investment Corp, the Chinese sovereign wealth fund which controls 6.4% of Morgan Stanley, will be a key investor.
29/05/2013

Amaïka AM takes over management of Résilience fund from Invesco AM

P { margin-bottom: 0.08in; } Amaïka Asset Management, an asset management firm founded in 2011 by David Kalfon and Christophe Berger, two former employees of EFG Asset Management, has announced that it has taken over management of the Résilience diversified fund (ISIN code: FR0011101914). The fund, launched in November 2011 at the initiative of the investment advising firm Fundesys, has assets of EUR5m, and had previously been managed by Invesco AM. The French-registered OPCVM fund complies with UCITS IV standards, and is exposed in a discretionary manner to equity, bond, commodity and money markets, via a selection of funds. Investments are made without geographical or sectoral constraint. Exposure to equity markets will remain between 20% and 80% of assets in the portfolio. In practice, management of the fund is also based on the recommendations of Fundesys.
29/05/2013

Oddo AM declares ambitions in Belgium and Luxembourg

P { margin-bottom: 0.08in; } Oddo Asset Management is scaling up its presence in Belgium and Luxembourg, opening four sub-funds of its Luxembourg Sicav, Oddo Funds, based on asset classes with strong potential and for which the firm has recognised expertise, for sale there. high yield bonds, via the sub-fund: Oddo Bonds High Yield Europe European midcap equities, via the feeder funds: Oddo Equity Europe Avenir (master fund: Oddo Avenir Europe) Oddo Equity Euro Avenir (master fund: Oddo Avenir Euro) Convertible funds, via the feeder fund: Oddo Convertible Bonds Euro (master fund: Oddo Convertibles Taux) Shares in euros as well as in US dollars (USD) and Swiss francs (CHF) have been created. Shares in USD and CHF are hedged for currency risks against the euro. Laurent Zouari, who has been a salesperson since 2012 in the international team led by Bertrand Levavasseur, has been appointed as country manager for Belgium and Luxembourg.
29/05/2013

Strong inflows for Franklin Templeton in Italy

P { margin-bottom: 0.08in; } In April, Franklin Templeton recorded net inflows in Italy of EUR1.056bn, putting it in the top 3 asset management firms for inflows last month, after Generali and Intesa, which had a home field advantage, according to figures from Assogestioni, the Italian association of asset managers. The US asset management firm had already stood out in previous months, with inflows of EUR1.041bn in March, EUR786.3m in February, and EUR720.9m in January. As of the end of March, Franklin Temlpeton had EUR27.4bn in assets under management in Italy, according to the most recent available statistics. The asset management firm has also recently opened three offices in Italy, in Rome, Florence, and Padua. These local offices come in addition to the one in Milan.
29/05/2013

Inflows to Italian funds continue

P { margin-bottom: 0.08in; } Open-ended funds on sale in Italy in April recorded net inflows of EUR5.4bn, the same level as in March, the Italian asset management association Assogestioni reports. Since the beginning of the year, they have earned a total of EUR19.3bn. Inflows in April were driven by bond funds (EUR3bn) and flexible funds (EUR2.8bn). Balanced funds also attracted EUR985m. However, the other categories of funds show gains. Equity funds have seen outflows of EUR68m. Since the beginning of the year, bond and flexible funds have also boosted equities. As of the end of April, assets in funds totalled EUR516.9bn. With the addition of closed funds and mandated management, the asset management industry in Italy has posted net subscriptions of EUR6.9bn in April, and EUR27.1bn in the first four months of the year. Total assets are EUR1.256trn.
29/05/2013

Inflows to Italian funds continue

P { margin-bottom: 0.08in; } Open-ended funds on sale in Italy in April posted net subscriptionns of EUR5.4bn, the same level as in March, the Italian asset management association Assogestioni reports. Since the beginning of the year, they have earned a total of EUR19.3bn. Inflows in April were driven by bond funds (EUR3bn) and flexible funds (EUR2.8bn). Diversified funds also attracted EUR985m. However, the other categories of funds show gains. Equity funds have seen outflows of EUR68m. Since the beginning of the year, bond and flexible funds have also boosted equities. As of the end of April, assets in funds totalled EUR516.9bn. With the addition of closed funds and mandated management, the asset management sector has posted net subscriptions of EUR6.9bn in April, and EUR27.1bn in the first four months of the year. Total assets are EUR1.256trn.
29/05/2013

ESMA investigates Petercam fund in Luxembourg

P { margin-bottom: 0.08in; } The European securities markets authority (ESMA) has launched an investigation in Luxembourg following claims that the Luxembourg Commission de surveillance du secteur financier (CSSF) did not correctly help investors in a bond fund managed by Petercam, the Financial Times reports. The move comes despite the fact that the Luxembourg regulator has admitted that the fund infringed local fund regulations. Investors in the Petercam L Bonds Eur Medium fund lost 26.67% in 2008, while the Morningstar Global bond-Euro biased index gained 0.33% in the same period.
29/05/2013

L'OCDE revoit la croissance mondiale à la baisse en 2013

L’OCDE n’anticipe plus dans ses perspectives de printemps qu’une hausse du produit intérieur brut (PIB) global de 3,1% en 2013 et de 4% en 2014, soit respectivement 0,3 et 0,2 point de moins que dans ses prévisions de l’automne dernier. Toutefois, les Etats-Unis mèneraient la reprise des autres économies avancées avec un PIB en hausse de 1,9% cette année puis, en 2014, de 2,8%, le chiffre le plus élevé depuis 2005. L’organisation n’escompte plus qu’une hausse de 7,8% en 2013 du PIB chinois contre 8,5%. La zone euro connaîtrait en 2013 une contraction de son économie revue à 0,6% contre 0,1% précédemment, avant de renouer avec une croissance de 1,1% l’an prochain. L’OCDE se dit préoccupée par le risque de voir les Européens tentés de baisser la garde après des années d’austérité alors qu’ils ne sont pas encore tirés d’affaires. A noter que l'économie française connaîtra une légère récession en 2013 et ne devrait se redresser que lentement en 2014, avec pour conséquence un taux de chômage qui progresserait à 10,7% cette année puis de 11,1% en moyenne en 2014, avec un pic à 11,5% à la fin de l’an prochain. Le taux d’inflation demeurerait autour de 1% en 2014.
Devant le siège de l'OCDE. Photo: PHB
29/05/2013

TTF : Bercy veut aller «vite et fort»

Lors de la séance des questions au gouvernement, le ministre de l’Economie Pierre Moscovici a fait part de la volonté de l’exécutif d’aller «vite et fort» dans la mise en place d’une taxe sur les transactions financières. Un projet soutenu par onze pays européens. Cette taxe devrait dégager des recettes comprises entre 30 et 35 milliards d’euros par an, d’après la Commission européenne.
29/05/2013

Tikehau pourrait investir dans Duke Street

Selon Bloomberg, la société de capital investissement britannique pourrait céder une part de 35% de son capital à Tikehau Group. Le montant de l’opération pourrait atteindre 30 millions d’euros. Duke Street espère lancer un nouveau fonds cette année et utilisera le produit de la cession à cette fin après avoir renoncé à un fonds de 850 millions de dollars en février 2012.
29/05/2013

Washington s’attaque à une devise digitale

La justice américaine accuse Liberty Reserve, un système de paiement en ligne recourant à une monnaie virtuelle, d’avoir organisé un vaste réseau de blanchiment. Les fonds incriminés s’élèveraient à 6 milliards de dollars. Le ministère public qui a procédé à l’arrestation de cinq individus, dont le fondateur Arthur Budovsky, évoque une «banque de choix pour la pègre».
29/05/2013

Hausse de la confiance du consommateur américain

L’enquête mensuelle du Conference Board montre un indice de confiance du consommateur américain à 76,2 en mai contre 69 en avril, dépassant les prévisions des économistes. L’indicateur remonte ainsi à son plus haut niveau depuis février 2008 malgré un contexte défavorable de restrictions budgétaires.
29/05/2013

Hausse des émissions d’obligations en yuan

Moody’s indique que les émissions d’obligations libellées en yuan sur le marché offshore (dim sum) ont été tirées à la hausse par le marché immobilier au mois de mai pour atteindre un milliard de dollars. «La hausse des émissions en renminbi a été en partie due à une forte demande provoquée par des anticipations d’appréciation du renminbi», explique Franco Leung, analyste chez Moody’s.
29/05/2013

Bruxelles réclame davantage à Google

La Commission européenne va certainement demander de nouvelles concessions à Google, malgré les propositions du géant américain pour régler à l’amiable une série de contentieux, a indiqué Joaquin Almunia, commissaire à la Concurrence. La CE prendra sa décision après avoir examiné les réactions de la dizaine d’entreprises plaignantes, parmi lesquelles figure Microsoft.
29/05/2013

FNF développe ses services de crédit hypothécaire

Fidelity National Financial a soumis une offre d’achat de Lender Processing Services (LPS) pour environ 2,9 milliards de dollars en numéraire et en titres. Le groupe entend fusionner LPS avec son activité Service Link puis céder une part de 19% de l’entité combinée à Thomas H. Lee Partners pour 381 millions de dollars.
29/05/2013

Le FMI réduit les prévisions de croissance en Chine

David Lipton, premier directeur adjoint du FMI, a indiqué hier qu’il s’attendait à une croissance de l’économie chinoise de 7,75% en 2013 et 2014. En avril dernier, le Fonds prévoyait 8% de croissance en Chine cette année et 8,2% l’année prochaine.
29/05/2013

Sal. Oppenheim taille dans ses effectifs

La filiale de gestion de fortune de Deutsche Bank va licencier plus d’un tiers de ses salariés pour s’adapter à l'évolution du marché, soit jusqu’à 330 postes sur un total de 870 d’ici la fin de 2014. Sal. Oppenheim avait déjà engagé en octobre un plan de réduction de ses coûts et de réorganisation de ses activités prévoyant un partage accru d’infrastructures et de ressources avec sa maison mère.
29/05/2013

L'excès de cash diminue en zone euro

L’excédent de liquidité dans le système bancaire reflue rapidement vers le seuil des 200 milliards d’euros à partir duquel le taux Eonia pourrait remonter.

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