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29/11/2012

Monega releases non-agricultural commodity fund

The Cologne-based Monega KAG, an asset management firm of the DEVK Versicherungen insurance group, has announced the launch of the German-registered fund Monega Rohstoffe, designed mainly for retail clients. As its German name indicates, the product is a commodity fund, which will invest at least 51% of its assets in commodity funds, commodity indices, commodity ETFs and ETCs, and shares in companies whose primary activities are related to commodities. The rules, however, exclude any investment in agricultural commodities.The manager, Dirk Viebahn, may weather periods of economic slump by adopting positions of up to 49% on bonds, bank savings or money market assets.CharacteristicsName: Monega RohstoffeISIN code: DE000A0YJUM2Front-end fee: 4%Management commission: 1.2%Depository banking commission: 0.039%
29/11/2012

DF Deutsche Forfait preparing “trade-finance” fund

Having observed that a growing number of investors is taking an interest in debt related to foreign trade, since government bonds are no longer paying high returns, the Cologne-based DF Deutsche Forfait has announced plans to launch a “trade-finance” fund in 2013, which will offer an attractive risk/return profile.The product will be primarily aimed at “small” institutionals and family offices which do not have the adequate internal expertise to acquire debt related to external commerce directly.DF recruited a specialist team in third quarter 2012, and the first product will be released in second quarter next year.
29/11/2012

ETF Securities to launch non-soft commodity product

Fondsprofessionell reports that ETF Securities has taken into account criticisms of its investments in soft commodities and livestock: on 29 November, the British firm is launching the ETFS Ex-Agriculture and Livestock DJ-UBSCI (acronym: OOEC) on the German market. The UCITS-compliant ETC, which excludes agriculture and livestock, will replicate the DJ-UBSCISM ex-Agriculture and Livestock index via total return swaps.
29/11/2012

Schroders launches Global Macro Bond fund in France

Schroders is launching the Schroder GAIA Global Macro Bond fund in France, its new fund managed by the team led by Bob Jolly, a specialist in global macro fixed income strategies. The global, flexible product “aims to deploy uncorrelated strategies on currency, government and corporate bonds markets. It aims to earn annual returns of Libor +8% in an annual volatility range of 6% to 12%,” a statement released on Wednesday says. Schroder GAIA Global Macro Bond is the latest product on the Schroder GAIA alternative platform, a Sicav specialised in liquid alternative strategies, adapted to the UCITS IV format. The range, launched in November 2009, now has four strategies, with assets under management of EUR1.3bn as of 31 October 2012. Two of these strategies involve external hedge fund managers (Schroder GAIA CQS Credit and Schroder GAIA Egerton Equity), while the other two are based on internal expertise. A fifth fund, launched with Sloane Robinson, was liquidated due to poor returns on the part of the manager. Other funds will be released on the platform in 2013, probably three of them, Eric Bertrand, director of Schroder GAIA, announced a few days ago. It states, however, that the objective is not to launch funds in all directions, but to have a few products which can rapidly achieve large size.
29/11/2012

Mirabaud launches emerging market fund in Spain

Expansión reports that Mirabaud Asset Management has released its Luxembourg-registered emerging market equity fund Mirabaud Equities Global Emerging Markets, founded in July, for sale in Spain.
29/11/2012

SAC to face fraud charges

SAC Capital will face civil charges of fraud from the Securities and Exchange Commission in what authorities are calling the largest insider trading scandal ever, the Financial Times reports. The hedge fund firm, with USD14bn in assets, held a 20-minute telephone conference with its investors on Wednesday. Steven Cohen, founder of the firm, spoke briefly and stated that he was confident that the firm acted appropriately.
29/11/2012

BlackRock at a turning point

BlackRock is at a turning point, the Financial Times argues in a long article dedicated to its founder and CEO, Larry Fink. “BlackRock’s size and power has not received much attention from the public or regulators, but that could change. Some analysts suspect that, BlackRock will be considered a “systemically important financial institution” – a designation that brings with it capital requirements and tighter regulatory scrutiny. And after a period of rapid expansion, marked by a number of acquisitions, it appears to many investors that the firm’s growth rate is going to slow,” the FT writes.
29/11/2012

Bankia will not sell its asset management affiliates

The asset sale plan negotiated with the European Union by the Spanish firm Bankia includes EUR90bn in the first five years. But, Funds People states, this does not involve either the asset management firm Bankia Fondos (EUR5.51bn in AUM), nor the pension fund management firm Bankia Pensiones (EUR4.17bn), as these affiliates are considered strategic, as are the private banking and retail banking operations.
29/11/2012

FTSE launches series of “super-liquid” indices

UK-based FTSE Group has announced the launch of a new broad range of 11 equally-weighted indices, calculated in real time on the basis of traded capital, the FTSE Super Liquid Index Series (FLQ). They replicate the characteristics of the major FTSE indices in a smaller, but highly liquid equity universe.The new indices use a new method to determine the size of indices and select the most liquid equities from each underlying industry index. This reduces implementation, maintenance and replication costs, while retaining the sectoral weighting and performance characteristics of the original index.
29/11/2012

Liontrust recruits head for its new credit division

Michael Mabbutt of Thames River will be joining Liontrust in January 2013, to head the new credit division of the asset management firm, Investment Week reports. He will also manage the new Global Strategic Bond fund. Mabbutt is a consulting partner at Thames River Capital, and was previously head of the global credit division of Thames River.
29/11/2012

Michel Péretié returns at an alternative management firm

Michel Péretié, the former chief executive of the corporate and investment banking division at Societe Generale, has re-emerged almost a year after leaving the French bank, as partner and joint-CEO of alternative asset manager RiverRock European Capital Partners.“RiverRock is an independent investment firm which provides innovative debt and equity capital solutions to small and medium sized enterprises across Europe”, according to its website. It is led by Prof. Roland Berger (chairman) and Florian Lahnstein (CEO) and was founded in 2009.Michel Péretié’s primary focus will be on developing an advisory and broker/dealer division and supporting the existing team in developing alternative asset transactions.Before Société Générale, Michel Péretié was chairman and CEO of Bear, Stearns International Limited. He started his career at Banque Paribas where he left as global head of fixed income for BNP Paribas.
29/11/2012

Fidelity leaves Indian market

The US Fidelity group has sold its mutual fund activities in India to L&T Finance Ltd., an affiliate of the Larsen & Toubro group, MutualFundWire reports. The Indian activities of Fidelity have continued to run a loss every year since their launch in 2004, according to MutualFundWire. According to an Indian publication, the Business Standard, this is one of the largest recent transactions in the Indian mutual fund sector.
29/11/2012

Schroders to replace CFO

On 28 November, Schroders announced that Kevin Parry has decided to resign from his role as chief financial officer and director, effective from 5 May 2013, following the completion of the 2012 annual report. The board has selected Richard Keers, who is currently a partner at PricewaterhouseCoopers (PwC) and who was global relationship partner in charge of the Schroders account from 2006 to 2010, to replace him on that date.
29/11/2012

SocGen Private Banking Hambros recruits

Samik Mukherjee, one of the directors of the Coutts office on Fleet Street, has been recruited as a senior private banker by Societe Générale Private Banking Hambros, where he will be responsible for recruiting and assisting high net worth clients based in the City of London.Paul Stappard, who has a level 6 RDR qualification, becomes a senior portfolio manager.Louisa Mannooch, private client solicitor at Speechy bircham for six years, joins the firm as a member of the wealth planning team.
29/11/2012

Two hires at Vanguard in UK

The British firm Vanguard Asset Management on Wednesday announced the recruitment of Carole Costello as head of consultant relationships, and Kerry Drew as consultant relations director, effective immediately.Costello had been a consultant relations manager at Aviva Investors, while Drew had also been a consultant relations manager, but at Legal and General Investment Management (LGIM).
29/11/2012

Assets in ETFs based on FTSE EPRA/Nareit up 90% in one year

Footsie announces that the global assets in exchange traded funds (ETFs) linked to benchmark FTSE EPRA/NAREIT real estate stock indices have jumped by over 90% in the past year to USD 7.1 billion. Investors have been attracted into these tracker funds by high yields, quality diversified real estate exposure in a tradable form and the outperformance oflisted real estate relative to general equities indices. ETFs tracing the index series are currently available via HSBC, Blackrock iShares, Deutsche Bank,Lyxor, First Trust and EasyETF.Since October 2011, the FTSE EPRA/NAREIT Global Total Return Index of developed market real estate stocks has rallied 26% in euro terms (17% in US dollars).
29/11/2012

Outflows from Italian funds in October

Open-ended funds on sale in Italy have posted net redemptions in October of EUR635m, ending several months of inflows, including +EUR1.4bn in September, according to Assogestioni, the Italian asset management association. Outflows were driven by money market funds, which saw outflows of EUR1.3bn. Equity and hedge funds also show outflows, with redemptions totalling EUR446m and EUR339m, respectively. However, bond funds show inflows of EUR1.1bn, flexible funds EUR278m, and balanced funds EUR60m. In terms of domicile, foreign-registered funds have continued to post inflows (EUR280m), while funds based in Italy show outflows (-EUR915m). With the addition of closed funds and mandated management, the Italian asset management industry in October posted net redemptions of EUR1.9bn. As of the end of October, total assets were EUR1.182trn, compared with EUR992bn as of the end of September. This increase of EUR189bn is largely related to the effects of a reorganisation of the asset management firm of the Generali group, Assogestioni states.
29/11/2012

ECB announces rescheduling of loan-level data reporting requirements

On 6 July 2012 the European Central Bank (ECB) announced the future timeline for the start of the loan-level data reporting requirements for asset-backed securities as part of the Eurosystem’s collateral framework. In order to ensure that all the necessary amendments will have been made to Guideline ECB/2011/14 at the national level, the Governing Council of the ECB has decided to adjust this timeline as follows:For residential mortgage-backed securities, the reporting requirements will be mandatory as of 3 January 2013.For asset-backed securities, where the cash-flow generating assets comprise loans to small and medium-sized enterprises, the reporting requirements will be mandatory as of 3 January 2013.For commercial mortgage-backed securities, the reporting requirements will be mandatory as of 1 March 2013.The nine-month transitional phase for each asset class, starting on the dates indicated above, will also be adjusted accordingly.These slight postponements will allow for the smooth implementation of the necessary amendments.For other asset classes (i.e. auto loans, consumer finance loans and leasing receivables) the date of entry into force remains as originally announced, namely 1 January 2014.
29/11/2012

Legg Mason releases Brandywide fund in Spain

Javier Mallo, co-head of sales at Legg Mason Global AM in Spain, has announced that the group is releasing the bond sub-fund Legg Mason Brandywine Global Opportunistic Fixed Income of the Irish Sicav Legg Mason Global Funds in the country.The product is managed by David Hoffman and Stephen S. Smith at Brandywine Global (USD30bn in assets), an affiliate of Legg Mason based in Philadelphia.
29/11/2012

L'italie se finance à 10 ans au coût le plus bas depuis deux ans

Pour sa dernière adjudication à 10 ans de l’année, le Trésor italien a obtenu le plus faible rendement depuis deux ans. Il a adjugé pour 2,98 milliards d’euros d’obligations à 10 ans, pour un objectif maximal de trois milliards, à un rendement de 4,45%, en baisse de près d’un demi-point sur celui d’une adjudication équivalente fin octobre. L’opération permet à l’italie de combler quasiment ses besoins de financement 2012.
29/11/2012

Le climat des affaires s'améliore en Europe pour la première fois depuis un an

L’indice du sentiment économique a enregistré une hausse inattendue, remontant à 85,7 en novembre contre 84,3 en octobre alors que les économistes prévoyaient une baisse supplémentaire à 84,2. Il s’agit de la première amélioration de l’indice depuis près d’un an. L’enquête de la Commission auprès des industriels montre toutefois que l’investissement dans le secteur devrait reculer de 1% en 2013.
29/11/2012

La justice européenne préserve les secrets de la BCE

Le Tribunal de l’Union européenne a jugé que la BCE avait valablement refusé en 2010 à une journaliste de Bloomberg l’accès à deux documents liés à la situation économique grecque. «Leur divulgation aurait porté atteinte à la protection de l’intérêt public de la politique économique de l’Union et de la Grèce», ont estimé les juges dans cet arrêt publié le 29 novembre. Les deux documents que recherchait Bloomberg détaillaient l’impact des transactions de swaps signées par Athènes pour minorer sa dette.
29/11/2012

La Grèce mandate ses banques pour son rachat de dette

Athènes a désigné Deutsche Bank, comme lead manager, et Morgan Stanley, pour diriger l’offre de rachat de dette décidée par les gouvernements européens le 26 novembre, indique Reuters en citant une source officielle. L’offre, qui fait partie du nouveau plan d’allègement de la dette grecque, sera volontaire.
29/11/2012

L'IASB amende la norme comptable IFRS 9

Le normalisateur comptable international a proposé mercredi des «changements limités» à la norme IFRS 9 sur les instruments financiers. L’IASB introduit la notion de «fair value through other comprehensive income» pour certains instruments de dette. L’objectif est de rapprocher IFRS 9 des normes américaines US GAAP.
29/11/2012

La France place la moitié de sa dette en Asie et au Moyen-Orient

La part des acheteurs de dette souveraine française venant d’Asie et du Moyen-Orient atteint cette année le niveau record de 50%, a déclaré à Reuters Philippe Mills, directeur général de l’Agence France Trésor. «Ce flux représentait jusqu’alors de 20% à 40% des acheteurs nets de dette française ». Philippe Mills a en revanche réfuté des informations selon lesquelles la Banque nationale suisse aurait augmenté ses achats d’emprunts d’Etat français. Les investisseurs non résidents détiennent 63% de la dette négociable de la France, dont l’encours atteint 1.380 milliards d’euros. Si les banques centrales recherchent habituellement des titres de maturités moyennes ou courtes, elles sont allées plus loin sur la courbe des taux cette année « parce qu'évidemment elles recherchent aussi un peu de rendement ». « On les a vues étendre leurs maturités à partir de 2012. Clairement au-delà de 5 ans, on est même au-delà de 7 ans », a constaté Philippe Mills.
29/11/2012

La réforme de l'Euribor se précise

Répondant à la consultation de la Commission sur les indices, l’Euribor-EBF qui gère le taux, propose de mieux encadrer les contributions des banques avec l’aide des autorités européennes des banques et des marchés. Une réforme de la gouvernance est aussi sur la table.
29/11/2012

La BCE doit-elle encore baisser les taux ?

Les positions divergent quant à l’utilité d’une nouvelle baisse de taux par la BCE. Pour les opposants aux baisses, la banque centrale ne doit plus faire de concessions aux autorités fiscales alors que l’union bancaire, la réduction des déficits et la mise en œuvre des réformes structurelles prennent du retard.
29/11/2012

Pékin vise une croissance stable

La politique macroéconomique menée par les autorités chinoises l’année prochaine va continuer à poursuivre l’objectif du maintien d’une «croissance stable», selon l’agence qui cite Zhang Liqun, chercheur au Centre de recherche et de développement de l’Etat central. La croissance pourrait être comprise entre 7,5% et 8% cette année et viser un rythme de 7,5% en 2013, comme en 2012.

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