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10/01/2013

Chief investment officer leaves L&G

The managing director of investments at L&G Investments, Simon Ellis, has left the firm, Investment Week reports. He will be replaced by Simon Pistell, managing director of the L&G RDR programme.
10/01/2013

Gabelli starts out in India with acquisition of Horizon

The London-based asset management firm Gabelli Securities International (GSIL), an affiliate of the US firm Gamco, has announced that it has acquired the Indian alternative asset manager Horizon Research Advisors, based in New Delhi and focused on special situations, for an undisclosed amount.When the transaction is completed, Marc Gabelli, co-CEO of GSIL UK, and Manjit Kalha, managing partner and co-head of Horizon, will be co-CEOs of the Indian firm.
10/01/2013

Oddo AM registers four more funds in Italy

Oddo Asset Management has registered four new sub-funds in Italy, bringing the number of funds available in the country to 14, Bluerating reports. They are Avenir (French midcaps), European Banks (European banking equities), Valeurs Rendement (European high dividend equities) and Obligations Optimum (short-term bonds).
10/01/2013

Lyxor offers a gold mining ETF

On 9 January, Lyxor Asset Management announced the launch of an ETF which replicates te MSCI ACWI Gold with EM DR 18% Group Entity Capped index on NYSE Euronext Paris. The product provides investors with exposure to gold, through investment in equities whose performance is strongly tied to that of the physical gold market. The Luxembourg-registered fund exists in two share classes, one denominated in euros, and the other in US dollars.CharacteristicsName: Lyxor ETF MSCI ACWI Gold C – EurISIN code: LU0854423687Benchmark index: MSCI ACWI Gold with EM DR 18% Group Entity Capped IndexTER: 0.50%Name: Lyxor ETF MSCI ACWI Gold C – USDISIN code: LU0854423927TER: 0.50%
10/01/2013

Hedge funds: Positive results for December and 2012 overall

On the basis of results released on 9 January for 939 funds, Barclay Hedge has calculated that hedge funds made 1.37% in December, and 7.97% for the year as a whole. All strategies finished 2012 in positive territory, except equity short bias (5 funds), which lost 25%. The strongest returns were for 15 distressed securities funds (11.82% and 148 emerging market funds (10.20%).BarclayHedge and TrimTabs state that the 2,935 funds monitored in November posted net subscriptions in 2012 of USD4.7bn, compared with net outflows of USD10.3bn in October.For its part, Hedge Fund Research estimates that hedge funds in December posted returns of 1.26%, bringing total gains in 2012 to 6.16%. Equity short bias shows heavy losses of 17.46%, while distressed has gained 10.34%.
10/01/2013

Deka Immobilien makes major investment in London

The German firm Deka Immobilien has acquired the office property at 5 Aldermanbury Square in London from Scottish Widows and ND Properties (TIAA-CREF group), who had each owned a 50% stake, for EUR290m. The 24,400 square metre property has Fortis Bank (BNP Paribas group, 15,800 square metres) as its largest tenant. It will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa (DE0009809566).
10/01/2013

Two hedge funds face off over Herbalife

The hedge fund by Daniel Loeb on Wednesday announced that it holds an 8.2% stake in the food supplement firm Herbalife, valued at USD350m, the Wall Street Journal reports. At the same time, the fund from William Ackman, Pershing Square Capital Management, has bet more than USD1bn against the firm, short selling its shares. For observers, this could be shaping up to be one of the bloodiest hedge fund battles of all time.
10/01/2013

Morningstar recruits founder of Wall Street on Demand

James Tanner has been appointed as global head of business development & sales at Morningstar Inc., the firm has announced, stating that Tanner is the founder of Wall Street on Demand, a financial website development firm which was acquired by UK-based Markit two years ago. Tanner was most recently vice-chairman of business development at Markit, after serving as head of global distribution.Morningstar also states that its CFO, Scott Cooley, who joined the firm 17 years ago as an equity analyst, is planning to leave the group this year, once a successor has been found.
10/01/2013

Credit Suisse sells ETF business to BlackRock

Credit Suisse on January 10 announced that it has signed an agreement to sell its Exchange Traded Funds (ETF) business to BlackRock. “This is an important strategic step in an industry that requires significant scale, and allows Credit Suisse to realize value in a business successfully built over many years,” the group says in a statement.The sale is part of Credit Suisse’s strategic divestment plans that were announced on July 18, 2012. It comprises Credit Suisse’s ETF business with assets under management of CHF 16.0 billion as of November 30, 2012. The transaction is subject to customary closing conditions, including regulatory approvals and is expected to complete by the end of the second quarter of 2013. The terms of the deal are not being disclosed.
10/01/2013

Bellevue Group returns to profitability

According to initial estimates, Bellevue Group in 2012 made total net profits of CHF6m to CHF7m, compared with losses of CHF48m, following one-time write-downs for 2011.Bank am Bellevue and Bellevue Asset Management both posted operating profits last year.
10/01/2013

ETF trading volume down on Euronext Europe

In December, the average daily trading volume for on-book trades of ETFs on the European markets of NYSE Euronext fell 8.22% compared with EUR210.4m the previous month. It contracted by 28.13% compared with the corresponding month of 2011, at EUR193.1m.The total volume of on-book trades in December was EUR4.06bn, compared with EUR4.63bn in November (down 12.40%), and down 28.13% compared with December of the previous year.However, total block trades last month came to EUR1.2bn, compared with EUR663m in November, and EUR740.1m in October. Block trades represented 29.91% of total trading volume on regulated ETF markets of NYSE Euronext in December, compared with 14.32% the previous month.The median spread in December was 31.6 basis points, compared with 35.7 basis points in November.
10/01/2013

Bond inflows set records in Hong Kong

Gross inflows to bond funds totalled 67.7% of total inflows to retail clients in the first eleven months of the year, compared with only 18.6% inflows to equity funds, according to figures from the Hong Kong professional management association (HKIFA), cited by Asian Investor. In 2007, inflows to equity funds represented over 84% of the total, while bond funds accounted for only 6.3%. As of 30 November, gross and net inflows totalled USD51.4bn and USD13.6bn, respectively. Gross inflows are expected to total over USD55bn for the year as a whole. The association predicts a slight slowdown in inflows in 2013.
10/01/2013

Launches of independent asset management firms continued in 2012

Creations of independent asset management firms continued last year offsetting retirements in a sector which is marked by a mushroom-shaped age pyramid, Agefi Switzerland reports.New independent firms are arming themselves for a tougher regulatory environment. This trend accelerated last year, according to the various self-regulatory organisations to fight money-laundering (OAR): managers who are going independent currently are placing the emphasis on the solidity of their organisations, for example, through the use of independent directors or subcontracting.With 65 new members last year, the Swiss wealth management association (ASG) has more than 1,000 members, at a precise total of 1,034. 78 of these are passive members (banks or law firms). Five to six membership applications are currently being processed. Evolution is stable compared with previous years.
10/01/2013

T. Rowe Price is cleared to launch actively-managed ETFs

Under a number of traditional conditions about the size of issues and the availability of shares for trading on secondary markets, T. Rowe Price has been granted permission by the Securities and Exchange Commission (SEC) to launch actively-managed ETFs. Mutual Fund Wire states that the issuance of the license will ultimately have taken three years, as the first request was submitted on 4 December, 2009.
10/01/2013

BNP Paribas CFO indicted in Belgium

The CFO of the BNP Paribas group, Lars Machenil, has been indicted in Belgium as part of the scandal surrounding the Dutch-Belgian banking and insurance firm Fortis, the Belgian economic newspapers L’Echo and De Tijd are reporting on 9 January. Machenil, who was appointed as CFO of BNP Paribas n March 2012, served in that role at Fortis in 2008.Machenil becomes the sixth Fortis executive to face charges in the case, which has been underway for four years, and seeks to determine who was responsible for the group’s downfall. L’Echo reports that a seventh person has been indicted. The Belgian prosecutor’s office had no comment on the case.The other executives who have been named in the are the former chairman of the board of directors at Fortis, Maurice Lippens, its former CEO, Herman Verwilst, and three other heads, Jean-Paul Votron, Gilbert Mittler and Filip Dierckx. The latter is currently vice-chairman of the board of directors at BNP Paribas Fortis. They are accused of share price manipulation, fraud and false statements in writing. L’Echo does not state what crimes Machenil is accused of.
10/01/2013

Politiques monétaires inchangées pour la BCE et la BoE

La Banque centrale européenne (BCE) a laissé ses taux d’intérêt inchangés à l’occasion de sa première réunion de l’année, en dépit de la récession et d’un niveau de chômage record en zone euro. Le taux de refinancement reste donc de 0,75%, le taux de facilité de dépôt nul et le taux de prêt marginal de 1,0%. Ces trois taux n’ont plus bougé depuis le 5 juillet dernier. De même, la Banque d’Angleterre (BoE) s’est abstenue de prendre de nouvelles mesures de soutien à l’activité et a maintenu son taux directeur à 0,5%, le niveau auquel il est fixé depuis mars 2009. La banque centrale britannique a également annoncé qu’elle maintenait le montant total de ses rachats d’actifs à 375 milliards de livres.
10/01/2013

BlackRock va racheter l'activité ETF de Credit Suisse

Le gérant d’actifs américain BlackRock va racheter l’activité de fonds négociés en Bourse (exchange-traded funds ou ETF) de Credit Suisse pour un montant non dévoilé. Les deux groupes s’attendent à ce que l’opération soit bouclée d’ici au mois de juin. Credit Suisse a mis en vente en juillet son activité ETF, qui gère 16 milliards de francs suisses (13,2 milliards d’euros) dans le cadre de son plan de renforcement de son bilan de 15,3 milliards de francs, qui inclut également une émission d’obligations convertibles et la cession d’une activité immobilière à Zurich, ainsi que d’autres actifs.
10/01/2013

L’ERAFP rejoint deux initiatives liées aux changements climatiques

Afin d’accroître son efficacité dans l’application des PRI dont il est signataire, le conseil d’administration de l’Etablissement de retraite additionnelle de la fonction publique (ERAFP) a fait le choix de rejoindre deux initiatives internationales, la première pour la transparence dans les industries extractives ; il rejoint pour la seconde le Groupe des investisseurs institutionnels sur le changement climatique.
10/01/2013

La baisse de l'inflation plaide pour un taux du Livret A à 1,50%

La hausse de l’indice des prix en France est ressortie à 1,3% fin décembre, son plus bas niveau depuis février 2010, selon les statistiques publiées ce jeudi. L’application de la formule de calcul du taux du Livret A plaide donc pour un abaissement de 75 points de base de la rémunération du produit, de 2,25% à 1,5%. Le ministre de l’Economie devra prendre sa décision après proposition du gouverneur de la Banque de France.
10/01/2013

Le rendement de l'emprunt espagnol à 10 ans tombe sous les 5%

Le rendement de l’emprunt espagnol à 10 ans est retombé jeudi sous la barre des 5% sur le marché secondaire, pour la première fois depuis mars 2012, à la suite d’une adjudication du Trésor qui a rencontré une demande soutenue. Vers 11h45, le taux de rendement de la dette espagnole sur cette échéance s’affiche à 4,993% contre 5,140% la veille en fin de journée, sur la plate-forme de transactions Tradeweb. Madrid a placé dans la matinée 5,82 milliards d’euros d’obligations à moyen et long terme, nettement plus que son objectif de quatre à cinq milliards d’euros, lors de sa première adjudication de l’année. Le Trésor espagnol a adjugé 1,95 milliard d’euros d’obligations 4,5%, échéance 31 janvier 2018, avec un rendement de 3,988% contre 4,680% auparavant. Madrid a aussi adjugé 3,397 milliards d’euros d’obligations à échéance du 31 mars 2015, avec un rendement de 2,476%. Sur la plus longue échéance, au 30 juillet 2026, coupon 5,9%, le Trésor a adjugé 470 millions d’euros, avec un rendement de 5,555% contre 6,191% en juillet 2011. Des analystes cité par Reuters ont déclaré que la demande avait été forte chez les investisseurs espagnols comme étrangers, un élément clé susceptible de réduire la pression sur Madrid.
Photo: Bloomberg News
10/01/2013

Credit Suisse cède ses ETF à BlackRock

La banque suisse a annoncé ce jeudi matin avoir signé un accord pour la vente au gestionnaire d’actifs américain de son activité de fonds indiciels cotés (ETF, Exchange-traded funds). Il s’agit aux yeux de Credit Suisse d’une «étape stratégique importante» au sein d’un secteur «qui nécessite une taille significative». La transaction fait partie du programme stratégique de désinvestissements dévoilé par la banque en juillet dernier. Le prix n’en a pas été dévoilé, l’opération portant sur un montant d’actifs sous gestion de 16 milliards de francs suisses (13,2 milliards d’euros) au 30 novembre dernier, précise la banque.
Photo: Gianluca Colla/Bloomberg
10/01/2013

Lyxor acquiert une société de gestion à Londres

Le gestionnaire d’actifs absorbe Egret Management, filiale de sa maison mère Société Générale CIB, et prépare un fonds de dette LBO pour continuer sa diversification dans la gestion active et obligataire. Son bureau londonien va recruter dix professionnels de la vente et de l’analyse.
10/01/2013

L'immobilier de bureaux francilien recule

Le marché de l’immobilier de bureaux en Ile-de-France s’est inscrit à la baisse en 2012 tant du point de vue de la demande placée que des volumes investis. La crise économique et les incertitudes dans la zone euro ont pesé mais les grandes transactions ont toutefois soutenu le marché.

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