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26/12/2012

L'Espagne augmente son appel au marché

En 2013, l’Espagne augmentera son plan de financement pour faire face aux difficultés des régions. Le programme sera publié mi-janvier. Madrid fait déjà office d’exception alors que l’Allemagne, la France et l’Italie ont des besoins en baisse.
24/12/2012
Gestion d'actifs

Swiss Life compte se renforcer dans le financement de projets d'infrastructures

Encore « peu présent » en infrastructures, d’après son directeur des investissements, Thierry Van Rossum, Swiss Life a fait de cette classe d’actifs « une de ses priorités pour trouver des sources de rendement alternatives à l’obligataire ». L’assureur suisse a ainsi constitué une équipe dédiée au niveau européen pour étudier les possibilités d’investissement dans ce domaine. D’après Thierry Van Rossum, Swiss Life souhaiterait investir principalement via des prêts pour financer des projets d’infrastructures. Alors que les besoins en financement sont conséquents sur le Vieux Continent, principal marché mondial en termes d’infrastructures matures, les banques, contraintes par la réglementation Bâle III, cherchent en effet à diversifier leurs sources de financement de ces projets, très consommateurs en dette. D’autres axes de diversification ont été définis par l’assureur comme l’investissement dans de la dette LBO midcap et l’immobilier, une classe d’actifs qui représente déjà 10% de son allocation.
Gestion d'actifs
21/12/2012

Le Livret A et le LDD ont collecté massivement en novembre

La collecte du Livret A et du Livret de développement durable au titre du mois de novembre 2012 a atteint 5,23 milliards d’euros pour l’ensemble des réseaux, indique la Caisse des dépôts. Il s’agit du deuxième mois de collecte le plus élevé de l’année après le record de 21,3 miliards d’euros enregistré en octobre. Le relèvement de 25% du plafond du Livret A au 1er octobre et le doublement de celui du LDD continuent donc à drainer l'épargne des Français. Sur les onze premiers mois de l’année, la collecte s’élève en cumulé à 43,93 milliards d’euros. L’encours total sur les deux produits atteint ainsi 330,8 milliards d’euros à fin novembre 2012. Sauf baisse substantielle du taux de rémunération, aujourd’hui à 2,25%, la collecte devrait continuer à progresser puisqu’un nouveau relèvement du plafond du Livret A, de 19.125 euros à 22.950 euros, est prévu le 11er janvier 2013.
Photo : Fotolia
21/12/2012

AdvisorShares launches a multi-asset class ETF

With the Pring Turner Business Cycle ETF (NYSE Arca ticker: DBIZ), AdvisorShares is offering an ETF with a TER of 1.62%, which may invest in ordinary or preferential shares in US or foreign firms, corporate bonds rated at least BBB, ETNs, ETFs and commodities Index Universe reports. The product is based on a strategy designed by Martin Pring, one of the principals of the California-based Pring Turner Capital Group. It aims to earn returns in all phases of the market cycle.
21/12/2012

ALPS launches four ETFs based on Goldman Sachs indices

Tom Carter, executive vice president of ALPS Holdings, on 20 December announced that ALPS (DST Systems group) is launching four ETFs replicating indices from Goldman Sachs, three of which are based on GS Momentum Builder products, whose objective is to capture exposure to momentum to select asset classes or markets via a risk control mechanism. The ALPS/GS Momentum Builder Growth Markets Equities and U.S. Treasuries Index ETF (acronym on NYSE Arca: GSGO), charges fees of 1.29%, while the ALPS/GS Momentum Builder Multi-Asset Index ETF (GSMA), charges 1.14%, and the ALPS/GS Momentum Builder Asia ex-Japan Equities and U.S. Treasuries Index ETF (GSAX) has a TER of 1.22%. The fourth fund replicates a Goldman Sachs index which reflects a hypothetical portfolio of US equities which are intended to post the highest risk-adjusted returns on the basis of target prices adjusted according to volatility defined by a consensus of sectoral analysts covering equities of the Russell 1000 index. The product, with a TER of 0.55%, is the ALPS/GS Risk-Adjusted Return U.S. Large Cap Index ETF (GSRA).
21/12/2012

EC adopts implementing rules for the Directive on Alternative Investment Fund Managers

The European Commission has acted to solidly underpin the new rules for Alternative Investment Fund Managers (AIFM) by adopting a Delegated Regulation supplementing the Directive on Alternative Investment Fund Managers (AIFMD)(see MEMO/10/572).The AIFMD is part of the Union’s response to the financial crisis, and aims to create a comprehensive and effective regulatory and supervisory environment for alternative investment fund managers in Europe. The Delegated Regulation is a precondition for the application of the AIFMD in EU countries and was adopted to supplement certain elements of the AIFMD. These rules concern the:•conditions and procedure for the determination and authorisation of AIFMs, including the capital requirements applicable to AIFMs;•operating conditions for AIFMs, including rules on remuneration, conflicts of interest, risk management, liquidity management, investment in securitisation positions, organisational requirements, rules on valuation;•conditions for delegation;•rules on depositaries, including the depositary’s tasks and liability;•reporting requirements and leverage calculation;•rules for cooperation arrangements.The Delegated Regulation adopted on Wednesday is subject to a three-month scrutiny period by the European Parliament and the Council and will enter into force, provided that neither co-legislator objects, at the end of this period and the day following publication in the Official Journal.
21/12/2012

Dexia AM registers Diversified Futures fund in Spain

Funds People reports that as of 5 December, the CNMV has awarded a sales license for Spain to the Dexia Diversified Futures fund, which is a UCITS-compliant version of the Dexia Systemat, a hedge fund which deploys a CTA strategy.
21/12/2012

UBS targeted by HKMA

The Hong Kong Monetary Authority (HKMA) on Thursday announced that it is investigating suspicions that UBS may have behaved inappropriately in the process of determining the Hong Kong Interbank Offered Rate (Hibor) and other benchmark interest rates in the region, Handelsblatt reports. Information of this nature was provided to foreign regulators, the Hong Kong monetary authority says.At any rate, the Monetary Authority of Singapore (MAS) is also investigating banks, including UBS, which participate in determining local benchmark rates.
21/12/2012

March Gestión targets Latin America and United Kingdom

The Spanish firm March Gestión is to begin to offer its funds in Latin America, Citywire reports. The firm is already working with several institutions in Chile and Colombia. March Gestión will also enter the United Kingdom, where it is in the process of registering funds, Citywire reports.
21/12/2012

All-time record subscriptions at Vanguard

In a statement released by email, Vanguard has announced that in the first eleven months of this year, it has posted net subscriptions of USD130.4bn, beating the all-time record set by JP Morgan in 2008, with USD129.6bn, Mutual Fund Wire reports.Of total net inflows, ETFs drew USD46.6bn. By asset class, Vanguard attracted USD72.3bn for equity funds, USD6.3bn for balanced funds and USD54.4bn for bond funds. However, money market funds underwent net outflows of USD2.5bn.
21/12/2012

Azerbaijan buys 8 Place Vendôme

AXA Real Estate Investment Managers, with over EUR43 billion of assets under management as of September 2012, has announced that on behalf of clients, it has reached an agreement to sell the prime office and retail property 8 Place Vendôme to a wholly owned indirect subsidiary of the State Oil Fund of Azerbaijan (‘SOFAZ’) for EUR135 million.8 Place Vendôme, is located in one of the most prestigious squares in Paris and offers office, retail and residential space within an iconic 18th century mansion as well as an office building from the 1950’s. The mansion element of the asset, which comprises 3,160 sqm of office, retail and residential space, is let to several high profile tenants with first rate covenants with luxury jewellers occupying the majority of its retail space. The separate 1950’s building comprises 2,240 sqm of office space which is fully let to various renowned financial services and legal firms.
21/12/2012

Standish signs UN-PRI

BNY Mellon Investment Management (USD1.4trn in assets) has announced that its bond specialist affiliate Standish Mellon Asset Management Company (USD104bn) has signed the United Nations Principles for Responsible Investment (UN PRI). This is a sign of its commitment to incorporate environmental, social and governance (ESG) considerations into its credit and investment processes.Currently, Standish has USD9.6bn in assets under management in SRI and ESG mandates.Other BNY Mellon Investment affiliates are already signatories to the Principles: these include Newton Investment Management, Insight Investmennt, and the new Meriten Investment Management (ex WestLB Mellon AM).
21/12/2012

Head of Ahorro Corporación Gestión resigns

After only eight months on the job, Enrique Sánchez del Villar has left his position as head of Ahorro Corporación Gestión (EUR3.64bn in assets), to return to Analistas Financieros Internacionales (AFI), where he was a partner until 2008, Funds People reports.Financial sector sources point out that this is a voluntary departure, which is said not to be related to the fact that assets under management have fallen by 25% since the beginning of the year. Sánchez del Villar’s replacement has not yet been named.
21/12/2012

Brother of Madoff sentenced to 10 years in prison

The brother of Bernard Madoff, Peter, will serve a sentence of 10 years in prison for his role in his brother’s fraud, a US judge ruled on Thursday, the Financial Times reports. Peter Madoff, 67, pleaded guilty in June to charges of conspiracy, fraud and falsification. Mr. Madoff, a lawyer, was director of compliance and senior managing director at the Bernard L. Madoff Investment Securities company.
21/12/2012

Morgan Stanley AM launches LGBT initiative

Douglas J. Ketterer, head of U.S. Field Management, has announced that Morgan Stanley Wealth Management has launched an “LGBT initiative” to provide financial advisers with wealth planning, business development and marketing resources aimed specifically at prospective clients in the gay, lesbian, bisexual and transgender comunities.Due to tranformations in the financial and legal environments, it is important for LGBT couples to be able to speak with a wealth management specialist who has the necessary resources to meet their specific needs, Morgan Stanley WM states.Gay marriage is already legal in Iowa, Massachusetts, Connecticut, Vermont, New Hampshire, New York, Washington and Washington DC, while universal marriage measures has been passed in Maine and Maryland. Other states have other marriage laws for same-sex couples, while some states have no civil union laws. This variety causes much complication in the area of wealth management for the LGBT community, the statement says.
21/12/2012

Santander may become top Spanish player in Sicavs

With the absorption of Banif Gestión and Banesto Banca Privada Gestión, Santander Asset Management has an opportunity to become a leader in the market for sicavs, the preferred investment vehicles of Spanish high net worth families, Funds People reports. The three firms manage a total of 542 Sicavs with assets of EUR3.832bn, which would mean that a merged ensemble would overtake the historic leader in the sector, BBVA Patrimonios, which has 279 sicavs with total assets of EUR2.629bn.
21/12/2012

Mirabaud opens its third Spanish location in Valencia

The Swiss firm Mirabaud has announced that it has opened an office in Valencia specialised in private management, as an addition to its locations in Madrid and Barcelona. Spain is the only country outside Switzerland in which Mirabaud has multiple locations.The new office, which is aimed particularly at clients in the eastern part of Spain, will be staffed by Javier Lucas Pérez, director of sales, Luis Fernando Capilla Dejoz, director of Valencia, José González Cabrera, assistant director, and Sonia Yllera Calatayud, sales assistant.
21/12/2012

Strong demand for private real estate from Partners Group

The Swiss asset management firm Partners Group (EUR27bn in assets), a specialist in private equity investment, on 20 December announced that in fourth quarter 2012 it closed its Direct Real Estate 2011 and Asia-Pacific Real Estate 2011 programmes, after inflows of over USD500m.
21/12/2012

Manulife AM adds to team in Tokyo

Manulife Asset Management (Japan) recruited two sales staff in Tokyo in May and October, bringing the number of team members to five, Asian Investor reports. The firm is planning to increase its sales efforts in Japan. It plans to take advantage of a growing interest in new types of investment such as Asian bonds and alternative investments on the part of local pension funds.
21/12/2012

Valartis sells its shares in EPH

The Swiss Valartis group on 20 December announced that it has sold its 40% stake in Eastern Property Holdings (EPH) for USD110m in cash to the Liechtenstein-based Aurora Value Fund, managed by CAIAC Fund Management AG. The Baar-based group will now continue the strategy it began in 2009 of concentrating its activities in private banking and institutional clients.EPH is a real estate development firm listed on the SIX Swiss Exchange, and focused on Russia. It has thus far belonged to the portfolio of the affiliate Valartis International.The sale price “largely” corresponds to the value at which the stake in EPH was on the books of Valartis at the end of 2011, a statement says.
21/12/2012

Klaus Kaldemorgen to concentrate on multi-asset class

DWS Investment has officially confirmed that from February 2013, André Köttner, who recently left Union Investment, where he had been manager of the UniGlobal fund, will take over management of the flagship funds from the Deutsche Bank affiliate, DWS Vermögensbildungsfonds I and DWS Akkumula, which had been managed by the star manager Klaus Kaldemorgen.Kaldemorgen, a statement says, will now be able to concentrate on his role as chief strategist equities for the multi-asset class product range. He will also continue to manage the DWS Concept Kaldemorgen fund.
21/12/2012

SEB AM loses two fund selectors

The fund selectors Jens Kummer and Damian Krzizok have confirmed that they have left SEB Asset Management in Frankfurt, Citywire Global reports, having viewed their departing email message. The two men had belonged to a three-member multi-management team also composed of Andreas Bichler. The two fund selectors did not say where they were going.
21/12/2012

Lombard Odier recruits a new CEO in Singapore

Lombard Odier has recruited Vincent Magnenat as the successor to Richard Wee as CEO of its firm in Singapore. He joins from Société Générale, where he had most recently been regional head of sales and marketing in Hong Kong. Magnenat succeeds Wee, who has recently been appointed as vice-chairman of the board of directors, to oversee regional strategy, a newly-created position. He will report to Vincent Duhamel, head of the Swiss bank for Asia.
21/12/2012

Invesco loses two global equity managers

Paul Boyne and Doug McGrow, global equity managers from Invesco Perpetual, have left the firm, Fund Web reports. The two had managed the Invesco Global Equity Income fund, with GBP300m in assets. Nick Mustoe will take over the management of the fund, until a manager can be recruited in 2013.
21/12/2012

Norwegian fund invests in industrial real estate

The Norwegian Government Pension Fund Global will through a joint venture with Prologis buy 50 percent of a portfolio of logistic properties for 1.2 billion euros, or about 8.9 billion kroner.The seller is Prologis, which will retain the remaining 50 percent of the portfolio and manage the properties on behalf of the partnership. The purchase price includes existing bank debt of 0.1 billion euros.The portfolio consists of 195 properties in 11 European countries including France, the UK, Spain, Poland and Italy. The properties comprise 4.5 million square metres of lettable space and are used mainly as distribution facilities by about 300 tenants from a range of industries. The transaction, agreed on by the parties on Thursday, is expected to be completed in the first quarter of 2013.The joint venture has an initial term of 15 years that may be extended. The venture intends to repay the existing bank debt by the first quarter of 2014. As part of the transaction, the fund will receive warrants to buy 6 million Prologis common shares for 35.64 dollars apiece.“The agreement marks the fund’s first investment in industrial real estate and is in line with our strategy to build a high-quality portfolio that’s spread over different countries and sectors,” says Karsten Kallevig, chief investment officer for real estate at Norges Bank Investment Management (NBIM), manager of the fund.
21/12/2012

JP Morgan revises its definition of emerging markets

JP Morgan is in the process of revising its definition of emerging markets, which will affect the calculation of emerging market bond indices, Asian Investor reports. The changes will be announced in early 2013. The bank’s motivation is said to be preventing the composition of indices from changing by keeping countries in the emerging markets category which would otherwise be promoted to the status of developed markets.

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