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17/12/2012

IOSCO proposes new rules to improve transparency of market infrastructure

The International Organisation of Securities Commissions (IOSCO) and the Committee on Payment and Settlement Systems (CPSS) on 14 December published a disclosure framework and an evaluation methodology to establish new Principles for Financial Market Infrastructures (PFMI) for financial market infrastructures (FMI). The disclosure framework and methodology were the subject of a consultation launched in April. The dislcosure frameowrk will be used by FMIs to explain their activities and practices in the area of risk management with full transparency. The methodology is aimed more at international external valuators, including the International Monetary Fund and the World Bank, and other national authorities.
17/12/2012

Basel III not in doubt

The failure of the European Union and the United States to respect the deadline of 1 January 2013 to apply new banking solvency rules does not raise doubts about the Basel III agreement, regulators have announced.The Basel commission on 14 December announced, following a two-day meeting, that 11 countries are prepared to begin applying the new rules. “We are expecting regulations to be finalised in other jurisdictions during 2013, and they will join all other interim deadlines, under the initial agreement,” the chairman of the commission, Stefan Ingves, said in a statement. He says that this will be the case even if the parties concerned are not able to implement the rules in early 2013 as planned.“As a result, by the end of 2013, nearly all jurisdictions of the Basel commission will apply Basel III, in line with the calendar defined,” Ingves, who is also governor of the Swedish central bank, adds. “This is an absolutely crucial move to strengthen the global banking system.”
17/12/2012

Fidelity to soft-close a fund

Fidelity Worldwide Investment will be soft-closing its FAT Europe strategies on 2 January, after assets reached EUR2.6bn as of the end of September, Investment Week reports. The fund, managed by Anas Chakra, can adopt long/short positions on European equities.
17/12/2012

Investors predict large return to euro zone

As the holidays near, investors have gained hopes of seeing the euro zone gradually recover from the crisis. In the week to 12 December, European bond and equity funds each took on more than a net USD1bn, according to estimates by EPFR Global. There has also been an increase in interest in China, as some predictions project growth of over 8% in 2013.Equity funds overall have posted net inflows of EUR8.9bn in the week to 12 December, more than half of which went to emerging market funds. Bond funds finished the week with net subscriptions totalling USD5.2bn, which brings inflows since the beginning of the year to over USD460bn. EPFR Global reports that Swedish bond funds attracted over USD1.5bn in net subscriptions in the past 12 weeks, a higher total than cumulative inflows in the past four years. Money market funds, for their part, have seen net outflows of USD3.5bn.
17/12/2012

Ahorro Corporación adds M&G and Pionneer to its platform

The financial group for the Spanish savings banks, Ahorro Corporación, has increased the number of foreign asset management firms available on its Central de Compras fund platform to 16, with the addition of M&G Investments and Pioneer Investments, Funds People reports.The 14 asset management firms already present are Allianz, Amundi, BlackRock, BNP Paribas, BNY Mellon, Carmignac, DWS Investments, Fidelity Worldwide Investments, Franklin Templeton, Invesco, JPMorgan AM, Pictet, Pimco and Schroders.
17/12/2012

Mirabaud recruits for wealth management team in Spain

Due to a strong increase in its assets under management, the Swiss firm Mirabaud has recruited three experienced professionals for its wealth management team in Spain, Funds People reports. They are Remedios Parra, Jaime Medem Mac-Lellan and Marcelino Blanco Garnacho, who will also lead the wealth management advisory team at the firm.
17/12/2012

Fidelity recruits from Amadeus

The US asset management firm is acquiring 1.1% of capital in Amadeus, which brings its stake in the reservation website to 2.11% Cotizalia reports. At market value, the new acquisition is valued at EUR89m, and Fidelity’s total exposure is EUR175m. HSBC has recently sold a 2.7% stake in Amadeus, Fidelity is the seventh-largest shareholder in the Spanish firm, following Air France, the Singapore government, BNP Paribas, Deutsche Lufthansa, BlackRock and MFS Investment.
17/12/2012

Appointments to the board at BNY Mellon

BNY Mellon Chairman and Chief Executive Officer Gerald L. Hassell today announced several executive appointments designed to accelerate the company’s success as the global leader in investment management and investment services.The following appointments will be effective Jan. 1, 2013:Karen B. Peetz will become President of BNY Mellon. Peetz is currently Vice Chairman and Chief Executive Officer of Financial Markets & Treasury Services. As President, Peetz will lead Global Client Management, Regional Management, Treasury Services and Human Resources.Timothy F. Keaney will be named Chief Executive Officer of Investment Services. He is currently Vice Chairman and Executive Officer of Aset ervicing, and will direct Asset Servicing, Corporate Trust, Depository Depositary Receipts, Global Markets, Global Collateral Services, Broker Dealer Services and Pershing. Brian T. Shea becomes President of Investment Services and head of the Global Operations and Technology group. He remains Chief Executive Officer of Pershing. Vice Chairman Curtis Y. Arledge remains Chief Executive Officer for Investment Management. Peetz, Keaney and Arledge will report to Gerald L. Hassell, Chairman and Chief Executive Officer of BNY Mellon.
17/12/2012

LGT acquires a US real estate management firm

The Liechtenstein-based firm LGT Capital Partners has announced that its affiliate, LGT Capital Partners Holding (USA) Inc., has acquired the New York firm Clerestory Capital Advisors, LLC (CCA), an investment and advising firm for real estate investment via funds, co-investments and secondary investments, for an undisclosed amount. The firm was founded by Joanne Douvas and Tommy brown in 2007, when the firm’s first fund of funds was laynched. CCA will now become known as LGT Clerestory.
17/12/2012

Pall Mall IM opens a distribution office in Frankfurt

The asset management firm Pall Mall Investment Management GmbH (PMIM), based in Hamburg, earlier this month opened a distribution office in Frankfurt, at the offices of Veritas Investment GmbH, an affiliate of the Augur group.Currently, assets total EUR2bn, exclusively for institutional invetors, although the firm has recently launched an open-ended multi-asset class fund which uses the Risk@Work process and is administered by LBB Invest, the PMIM-MultiAsset-LBB-InvesT (DE000A1CXYQ0).
17/12/2012

Sal. Oppenheim wealth management gets a new head

Gregor Broschinski decided to quit on 31 December the board of Sal. Oppenheim (Deutsche Bank group), where he had been responsible for wealth management. On 1 January, 2013, he will be replaced by Nicolas von Loeper, who since 2009 has been head of the private wealth management operation of Deutsche Bank Cologne for the Cologne/Bonn/Aachen region.
17/12/2012

Head of bonds leaves Berenberg

According to reports in Citywire, Dirk Springer, CIO of Berenberg for bonds and manager of several funds at Berenberg, has left the firm.
17/12/2012

Head of bonds leaves Berenberg

Dirk Springer, head of bonds at Berenberg Bank, based in Hamburg, has left the firm, Citywire Global reports. The circumstances of his departure remain unknown, and it is not yet known if he will be joining another asset management firm.
17/12/2012

Partnership in the family office sector

The Singapore-based firm Oclaner Asset Management, which assists family office and high net worth clients, has formed partnership with the Monaco-based private investment firm Codima, Asian Investor reports. Under the terms of the agreement, Oclaner will become the asset management arm of Codima, or the Compagnie d’Investissements Monaco-Asie. Meanwhile, Oclaner becomes the unit dedicated to direct investment of Codima, which will allow the Singapore firm to offer a wider range of private assets in Asia and Europe.
17/12/2012

CPPIB pension fund grows in Asia

The Canadian pension fund Canada Pension Plan Investment Board (CPPIB) has set up two new units in Asia, as part of a process to increase personnel in the region, Asian Investor reports. The pension fund has set up a private debt desk, which will invest directly in leveraged loans, high yield bonds and debt structures including mezzanine. It will participate in event-driven operations (acquisitions, refinancing, restructuring and recapitalisation). CPPIB Has recruited Nina Tao as head of the private debt desk in Hong Kong. The pension fund has also set up a public equity private investment activity in Hong Kong. Assets under management by the pension fund not total about CAD170bn, nearly CAD20bn of which is in the Asia-Pacific region.
17/12/2012

Le marché monétaire se contracte encore en zone euro

Au deuxième trimestre 2012, le volume d’instruments traités sur le marché monétaire se contractait de 14% sur un an, selon la dernière enquête de la Banque centrale européenne publiée ce matin. A cela deux raisons majeures: l’accroissement des tensions en zone euro entre juin 2011 et juin 2012, et les injections massives de liquidités réalisées par la BCE entre ces deux dates, qui ont détourné les banques du marché interbancaire.
17/12/2012

S&P fait tomber la Croatie en « junk »

L’agence de notation a abaissé en catégorie spéculative («junk») la note de la Croatie, à BB+ contre BBB-, estimant que les réformes mises en oeuvre par le gouvernement ne sont pas suffisantes pour stimuler la croissance et placer les finances publiques sur une trajectoire plus soutenable. La perspective assortie à la note est stable.
17/12/2012

Fitch confirme la note A- de l’Italie

L’agence a décidé de maintenir la note à long terme A- de l’Italie, assortie d’une perspective négative. Cette confirmation s’explique notamment par la consolidation budgétaire et les réformes structurelles qui ont été globalement conformes aux attentes de l’agence en 2012. La perspective négative reflète en particulier les risques d’instabilité après les élections anticipées de l’an prochain et d’incertitude quant à la poursuite du programme de réformes économiques et budgétaires.
17/12/2012

Une petite société épinglée par l’AMF

Le représentant du Collège de l’Autorité a requis 60.000 euros d’amende à l’encontre de la société de gestion de portefeuille La Nouvelle Finance qui n’a plus d’agrément depuis 2011. Il a aussi demandé 30.000 euros contre ses deux dirigeants. Il leur reproche de n’avoir pas respecté leur programme d’activité, en termes de moyens humains et de gestion financière d’un FIP. Il leur reproche également d’avoir manqué de diligence lors de la commercialisation de deux OPCVM.
17/12/2012

Quatre offres fermes pour ANA

Les autorités portugaises ont reçu quatre offres fermes pour la privatisation de l’exploitant d’aéroports ANA, une opération qui pourrait rapporter plus de 2,5 milliards d’euros à Lisbonne. L’agence de gestion des actifs publics Parpublica n’a publié que le nombre des offres dans un communiqué, sans plus de précision.
17/12/2012

L'Europe et les Etats-Unis achoppent encore sur Bâle 3

Les banques américaines n’auraient réussi à détenir que 700 des 1.500 milliards de dollars d’actifs liquides nécessaires au respect des exigences de Bâle 3. De quoi pousser à des nouveaux assouplissements selon le journal, qui cite Bob Chakravorti, chef économiste chez Clearing House, qui représente les onze plus grosses banques commerciales américaines. Parallèlement, le président du Comité de Bâle, Stefan Ingves, a indiqué que malgré l'échec de l’Union européenne et des Etats-Unis à respecter la date du 1er janvier 2013 pour commencer à appliquer les nouvelles règles, «presque toutes les juridictions du comité de Bâle appliqueront Bâle 3 conformément au calendrier prévu» d’ici la fin 2013.

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