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18/04/2013

Fall in the price of gold cost John Paulson USD1.5bn

P { margin-bottom: 0.08in; } The fall in the price of gold has personally cost John Paulson at least USD1.5bn since the beginning of the year, the Financial Times reports. Since 2009, the billionaire manager had allowed clients of Paulson &Co. to denominate their shares in gold rather than dollars. This is an option which he himself chose. 85% of his personal wealth invested in the firm is linked to the price of gold, according to sources familiar with the matter. Paulson owns slightly over half of the USD18bn managed by the hedge fund.
18/04/2013

Aberdeen AM adds to real estate fund of fund team

P { margin-bottom: 0.08in; } Aberdeen Asset Management has recruited Alek Misev, a real estate manager from Towers Watson, as an addition to the team dedicated to funds of funds. Misev had been in charge of assets from Australian pension funds at his former employer, Citywire reports. The recruitment follows the arrival of Dimme Lucassen as part of the multi-management unit, from Schroders, in January. In his new role, Misev will be responsible for management of real estate mandates and the launch of new products.
18/04/2013

Schroders recruits for equity team

P { margin-bottom: 0.08in; } Schroders on 17 April announced the recruitment of two management specialists, Philip Matthews and Alex Breese, who have joined the equity team. Matthews will manage the Schroder UK Alpha Plus Fund, while Breese will be responsible for the Schroder UK Equity and the Schroder ISF UK Equity. Matthews previously worked at Jupiter, where he had managed the Jupiter Growth & Income Fund. Breese joins from Neptune, where he had been responsible for UK equities and manager of the Neptune Special Situations fund.
18/04/2013

Schroders adds to product range

P { margin-bottom: 0.08in; } Schroders has announced the addition of insurance-linked securities for the first time to its range of products aimed at institutional investors, following the acquisition of a 30% stake in the capital of the Swiss firm Secquaero Advisors, specialised in this market segment.Assets advised by Secquaero total about USD280m.
18/04/2013

BNY Mellon to manage BA pension fund derivatives

P { margin-bottom: 0.08in; } The pension fund for British Airways has awarded a mandate to BNY Mellon for management of over-the-counter derivatives and collateral. The mandate covers two retirement programmes, which have cumulative assets of over GBP15bn as of the end of 2012. BNY Mellon currently provides services on about USD2trn in global collateral.
18/04/2013

RWC launches European equity fund based in the Cayman Islands

P { margin-bottom: 0.08in; } RWC has launched a fund dedicated to European equities, the European Focus Fund, domiciled in the Cayman Islands, with USD145m in assets, RWC has announced in a statement. The fund will be managed by the team which joined RWC from Hermes in October 2012. The fund replicates an existing strategy managed by this team since February 2009.The strategy invests in a concentrated portfoli oof 10 to 20 undervalued shares. The idea is to earn value with a long-term perspective by investing actively in the strategy of selected businesses. The strategy has a capacity of USd1bn, and the fund is a master-feeder vehicle domiciled in the Cayman Islands. Assets under management at RWC currently total about USD5.5bn, of which USD890m are in activist strategies, including the Specialist UK Focus Fund and the Japan Stewardship Fund.
18/04/2013

US mutual funds: subscriptions slow again

P { margin-bottom: 0.08in; } In March, net subscriptions to long-term mutual funds totalled USD44.771bn, according to Morningstar, compared with USD51.9bn in February, and USD87.2bn in March. For first quarter overall, they totalled USD184.325bn, putting assets at a total of USD9.817trn.Money market funds saw net outflows of USD54.080bn in March, and of USD92.808bn in the first three months of the year, on assets under management as of the end of March of USD2.391trn.Excluding money market funds and funds of funds, the strongest net inflows in March went to Vanguard (USD8.190bn) and Pimco (USD5.370bn), followed by Fidelity (USD2.936bn) and T. Rowe Price (USD2.909bn). However, American Funds was the only one of the top ten firms to post net outflows, of USD2.443bn.In first quarter, Vanguard and Pimco lead largely, with respective net subscriptions of USD33.971bn and USD23.042bn, with Fidelity in third place at USD8.862bn.
18/04/2013

Continental Europe at the core of Ignis' strategy

P { margin-bottom: 0.08in; } Philip Goldsmith, managing director Europe at the asset management firm Ignis Asset Management, does not conceal his ambitions. Continental Europe is now at the centre of the stratgy of Ignis, a wholly-owned subsidiary of the Phoenix insurance group, which until 2009 had been focused exclusively on the British market. Since then, the management has been completely replaced, and Ignis has new ambitions.The asset management firm now has 10 employees in Europe, distributed between Italy (2 people in Milan), Spain (1 in Madrid), Switzerland (1 in Zurich), and Brussels, where one employee covers Benelux. A support team of four people is based in London, This is a good starting-point, but Ignis does not plan to stop there. Goldsmith, on a recent visit to Paris, and who handles Europe from his office in Lausanne, has told Newsmanagers that he is planning to open an office in Germany this year, and that he may subsequently, perhaps next year, open an office in Paris.Meanwhile, assets under management by Ignis total about EUR84bn, of which EUR65bn are in bond products. Ignis, a recognized speicalist in bond strategies, is now planning to add to the equity unit, which now has about EUR13bn. Two specialists have recently been recruits, one for emerging markets, and the other for British equities.Ignis is also continuing to cultivate its bond expertise. The firm is currently preparing an absolute return and emerging market debt strategy, which may be made available in Europe this summer.
18/04/2013

Petercam registers EM Sustainable fund in several European countries

P { margin-bottom: 0.08in; } The SRI Emerging MarketsSustainable sub-fund of the Luxembourg Sicav Petercam L Bonds (see Newsmanagers of 21 January and 25 March) now has assets of about EUR20m. The SRI product of government bonds is now registered in Luxembourg, since 18 March, in Belgium and Spain since 5 April, in the Netherlands since 9 April, in Germany since 11 April, and in France since 15 April. The application process is also already underway in Switzerland.
18/04/2013

Federated Investors proposes EMD fund

P { margin-bottom: 0.08in; } Via its Irish affiliate Federated International Funds plc, the US firm Federated Investors has launched an emerging market debt fund aimed at European investors, primarily institutionals. It is a product which may invest in government bonds as well as emerging market corporate bonds of investment or speculative grade. It is available in shares denominated in US dollars or euros hedged for currency risks.CharacteristicsName: Federated Emerging Markets Global Debt FundISIN code: IE00B88Y0Q53Management commission: 0.95%
18/04/2013

CS veteran launches Asian currencies macro fund

P { margin-bottom: 0.08in; } Yip Kay-Hay, a former currency trader at Credit Suisse, who previously worked at SAC Capital, has founded the asset management firm Bright Steam Capital Management in Hong Kong, which will manage a macro fund, Handelsblatt reports. Yip is investing USD25m of his own money in the venture.It is aiming for returns 10 to 15 percentage points higher than the Libor. The fund will invest only up to 30% in equity indices, while the remainder is distributed between fixed income and currencies. The fund will not invest in single securities.
18/04/2013

Michael Poole becomes lead manager of European high yield fund from Threadneedle

P { margin-bottom: 0.08in; } Threadneedle has entrusted responsibility for the management of the European High Yield Bond fund, whose assets under management total GBP790m, to Michael Poole, who for the past two years has been co-manager of the fund, alongside Barrie Whitman, who becomes deputy manager of the strategy, Investment Week reports. Whitman will continue to manage other strategies, such as the Strategic Bond fund, whose assets under management total nearly GBP400m. The European High Yield Bond fund has earned returns of 16.7% in the past twelve months, compared with returns of 10% on average for the Global Bonds sector of the British Investment Management Association (IMA).
18/04/2013

Inflows for Hargreaves Lansdown

P { margin-bottom: 0.08in; } Assets under administration at Hargreaves Lansdown as of the end of March 2013 totalled GBP35.1bn, up 35% compared with the end of March 2012, according to an interim report published on 17 April by the firm. Assets were up by GBP4.7bn compared with the end of December 2012. Net inflows in first quarter totalled a record GBP1.8bn, compared with GBP1bn in first quarter 2012. This development is reported to be partly due to the implementation of RDR regulations, according to Hargreaves Landsown. Net inflows in the first nine months of the 2012-2013 fiscal year totalled GBP3.44bn, compared with GBP2.17bn in the corresponding period of the previous year.
18/04/2013

Alceda to launch Miller/Howard and Clark Capital in Europe

P { margin-bottom: 0.08in; } The Luxembourg-based firm Alceda Fund Managemnet, which currently administers about EUR5.4bn in assets, on 17 April announced that it will be opening the European UCITS-compliant fund market up to two US asset management firms, Miller/Howard Investments, of Woodstock, New York, and Clark Capital Management Group, of Philadelphia, on the Alceda Ucits Platform (AUP).Miller/Howard (USD5.3bn) is a specialist in the selection of high-dividend equities, while Clark Capital (USD3bn) focuses on tactical allocations to fixed income.The launch of UCITS-compliant products will allow the two asset management firms to reach a vast audience of investors not only in Europe, but also in Asia and Latin America.
18/04/2013

La France se finance à 5 ans à un taux historiquement bas

La France a émis jeudi 7,91 milliards d’euros d’obligations assimilables du Trésor (OAT) à deux et cinq ans, le taux moyen de l’OAT à 5 ans étant ressorti à 0,73%, soit un plus bas record à l’adjudication sur une telle maturité. Le montant adjugé se situe dans le haut des objectifs annoncé (7 à 8 milliards) et le ratio de couverture (demande sur montant alloué) est ressorti confortablement à 2,24. L’Agence France Trésor, qui gère la dette de l’Etat, a adjugé 4,33 milliards d’OAT 0,25% novembre 2015 au taux moyen de 0,24% contre 0,32% le mois dernier, et 3,58 milliards d’euros d’OAT 1,0% mai 2018, le taux moyen de 0,73% se situant 16 points de base en dessous de celui du mois dernier (0,89%).
18/04/2013

Le rendement du 10 ans espagnol à son plus bas depuis trois ans

L’Espagne a emprunté jeudi 4,71 milliards d’euros à moyen et long termes, dépassant ainsi son objectif initial grâce à une demande soutenue, et le rendement de l’emprunt à 10 ans est revenu à son plus bas niveau depuis trois ans. Madrid prévoyait d'émettre entre 3,5 et 4,5 milliards d’euros lors de cette triple adjudication. Le Trésor a adjugé pour 1,29 milliard d’obligations à 10 ans offrant un rendement moyen de 4,612%, contre 4,898% lors de la dernière adjudication comparable, le 21 mars. La demande a été 2,6 fois supérieure à l’offre. Il a également adjugé pour 1,381 milliard d’euros d’obligations à trois ans à un rendement moyen de 2,792%, contre 3,019% au début du mois. Il a enfin émis pour 2,043 milliards de titres à cinq ans à un rendement moyen de 3,257%, contre 3,557% précédemment.
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18/04/2013

La Slovénie lève plus de fonds que prévu

La Slovénie a levé hier deux fois plus de fonds que prévu lors d’une adjudication de bons du Trésor, ce qui apporte un répit temporaire aux difficultés budgétaires du pays, menacé de devenir le prochain pays de l’Union européenne à recevoir une aide internationale après Chypre. Le ministère des Finances a adjugé 1,1 milliard d’euros de bons à 18 mois, à un rendement de 4,15%, contre 500 millions initialement visés.
18/04/2013

La Banque du Canada maintient ses taux

La Banque du Canada (BoC) a revu à la baisse sa prévision de croissance 2013 mais a laissé ses taux d’intérêt inchangés et répété qu’elle durcirait probablement sa politique monétaire dans le futur. La BoC table désormais sur une croissance de 1,5% cette année, contre 2% selon les prévisions établies en janvier. Elle table en revanche sur 2,8% de hausse du PIB en 2014, contre 2,7% auparavant.
18/04/2013

Jens Weidmann laisse espérer une baisse de taux

La Banque centrale européenne pourrait abaisser davantage ses taux d’intérêt si les données économiques le justifiaient, a déclaré mercredi le président de la Bundesbank, Jens Weidmann, cité par le Wall Street Journal. Ses propos ont fait tomber l’euro à un plus bas du jour de 1,3046 dollar, en repli d’environ 1%, alors que les futures sur les Bunds allemands montaient en flèche. «Nous pourrions ajuster (le taux de refinancement) en réponse à de nouvelles informations», tout en ajoutant ne pas penser que la position de la BCE en matière de taux «soit la question principale». Les économistes attendent en mai ou juin une baisse du refi, aujourd’hui à 0,75%, alors que l’inflation est tombée à 1,7%. Jens Weidmann a par ailleurs estimé que la Banque européenne d’investissement (BEI) dispose de meilleurs outils que la BCE pour restaurer le canal du crédit aux PME. Il juge enfin qu’il faudra une décennie à la zone euro pour surmonter la crise.
18/04/2013

Bercy promet un effort à 20 milliards

Le gouvernement s’engage dans son programme de stabilité à ramener le déficit à 2,9% du PIB en 2014. Un effort censé être réalisé à 70% via des économies.
18/04/2013

KKR fait preuve d’ambition pour Sandro et Maje

Le quotidien rapporte que la société américaine de private equity a signé hier l’acquisition de 65% du capital de SMPC, qui regroupe les trois griffes françaises Sandro, Maje et Claudie Pierlot. «C’est une consécration de travailler avec KKR, la rolls des fonds d’investissement», indique Frédéric Biousse, directeur général de SMPC. L’opération valorise cette dernière à 650 millions d’euros.

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