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19/11/2012

Investir avec la famille March avec seulement 10 euros

Dans un article consacré aux Sicav, le véhicule préféré des grandes fortunes espagnoles, Cinco Días souligne que Terranova, celle de la famille March, se distingue parce qu’elle permet à des particuliers externes à la famille de souscrire, avec un plancher de 10 euros.Terranova affiche un encours de 430 millions d’euros et une performance de 5,4 % depuis le début de l’année. Elle n’a perdu qu’une seule fois de l’argent depuis 2002, en 2008, avec une perte de 5,4 %. Sur les dix dernières années, sa performance annuelle moyenne a dépassé les 4 %, avec une volatilité très faible.
19/11/2012

Good inflows for JPMorgan AM in Paris

Since the beginning of this year, the Paris office of JP Morgan Asset Management has posted net subscriptions of about USD1bn, bringing its assets to about USD5.2bn as of the end of October.One third of inflows went to equities, including emerging markets, while two thirds went to bods, largely emerging markets, credit and investment grade, and flexible products, as well as to a fund from the affiliate Highbridge.In a presentation in Paris by Pierre-Yves Bareau, director of the emerging markets debt unit of JPMAM, Bareau stated that assets for his team now include USD29bn, due to net subscriptions of USD9bn, while emerging market debt represents USD3.1bn, of which about USD2bn are from net inflows. The team includes 32 people at several locations worldwide, including 9 corporate bond specialists.
19/11/2012

Seven new members of AFG

The French financial management association (AFG) has seven new members, according to the most recent edition of Info Gestion (November 2012, No. 6). They are Aureo Alpha, BNP Paribas Private Equity, Cedrus Asset Management, Energies Asset Management, GTI Asset Management, Notus Capital and Prevaal Finance. Henderson Global Investors Limited is also joining the professional association as a corresponding member.
19/11/2012

Julien Moutier joins Groupama AM

To replace Dimitri Boismare, manager of the Groupama FP Flexible Allocation fund, who left the business in October, Groupama Asset Management has recruited Julien Moutier, a fund-picker and head of multi-management funds at FundQuest (BNP Paribas group), who will be joining the firm on 3 December, Citywire Global reports. The site also reports the recent departure of the FundQuest CIO for Europe, Christophe Belhomme.
19/11/2012

Morgan Creek builds presence in Asia

The US asset management firm Morgan Creek Capital Management is scaling up its presence in Asia with the recruitment of Anand Prasanna as director, in charge of the global investment team. He will begin in his new role next month, and will be based in Shanghai, where Morgan Creek now has 8 investment professional employees. Prasanna, who had previously worked at the private equity investor Squadron Capital, based in Hong Kong, will concentrate on the Indian market. Assets under management at Morgan Creek total about USD7bn.
19/11/2012

Libra Advisors liquidates a hedge fund

Ranjan Tandon, founder of the hedge fund management firm Libra Advisors, has announced in a letter to investors that the hedge fund will return USD2bn to them by the end of the year, and then to convert into a family office, the Wall Street Journal reports. The fund shows returns of 26% after fees since its inception in 1990, but lost money in 2011, and saw a 15% fall in the first ten months of this year.
19/11/2012

“We are considering launching ETFs based on volatility or certain smart betas”

Gilles Guérin discusses the positioning of Theam, the firm he has been leading since its creation within BNP Paribas IP, with Newsmanagers. Of the various types of expertise it offers, guaranteed products are suffering due to the current low interest rates, and are showing outflows, but flows to systematic active management, and absolute return products, are showing double-digit growth. Index-based management may extend its range of innovative ETFs. THEAM is maintaining its objectives, and plans to strengthen its presence serving institutional investors in particular.
19/11/2012

Principal loses staff and recruits

Following the departure of more than 10 people from the emerging markets team, the CEO for Asia at Principal Global Investors, Andrea Muller, stated that the firm has an integrated approach which will allow it to continue its activities without excessive disruption, Asian Investor reports. “We have an in-house global research platform, which is at the centre of our stock-picking process, and which allows us to continue working even after all these departures. We have more than 60 equity professionals employed worldwide, and we are entirely capable of covering emerging markets,” says Muller. Muller states that of the two emerging market directors who left the firm, only one will be replaced: the head of the Singapore office, Michael Ade. She also confirms that teams in Hong Kong and China will be strengthened in 2013. As of the end of September, assets under management at Principal totalled USD276bn, of which USD5.6bn come from Asia, USD5.6bn from Australia and New Zealand, and USD4.4bn from Japan.
19/11/2012

Brummer & Partners assists two former Rubicon managers

The Swedish alternative management firm Brummer & Partners has acquired a stake in a new alternative management firm founded by Tim Attias and Santiago Alarco, two former chief investment officers of Rubicon Fund Management. The London-based firm is planning to launch a macro fund, in which Brummer & Partners is planning to invest via its multi-strategy fund.
19/11/2012

ETF assets may triple by 2016, according to Cerulli

According to Alec Papazian, a senior analyst at Cerulli Assocates, assets under management in US ETFs as of the end of 2011 totalled USD1.05trn, and may total USD1.33trn by the end of 2012, InvestmentNews reports. By 2016, they may have virtually tripled to USD3.45trn.
19/11/2012

Basel Committee plans an agreement on liquidity ratios by the end of the year

The Basel Committee hopes to reach an agreement next month on liquidity ratios, including the highly controversial short-term Liquidity Coverage Ratio (LCR), which will come into effect on 2015, and which would require banks to have sufficient asset levels to sell off to enable them survive a 30-day credit shortage. The chairman of the Basel Committee, Stefan Ingves, made statements on the subject in a speech given on Thursday. “Due to the implications and potential costs of not revealing liquidity levels and risk management requirements for banks, we would not be fully exercising our responsibilities if we did not make an effort to finalise these proposals in the near future,” Ingves says. The chairman of the Swedish central bank, Ingves sought to respond to criticisms, citing the example of Sweden, where the liquidity ratio appears to have been accepted by parties, and does not appear to have disrupted the operation of the inter-bank market, as some were concerned would be the case.
19/11/2012

IOSCO publishes recommendations for securitisation regulation

The International Organization of Securities Organizations (IOSCO) published on 16 November a final report on global developments in securitisation regulations (Global Developments in Securitisation Regulation), which proposes a series of recommendations aimed at ensuring securitisation markets develop, but «on a sound and sustainable basis». The efforts of IOSCO come in response to a request by the Financial Stability Board (FSB), which would like to assemble a more precise analysis of certain aspects of securitisation, including risk retention, transparency, and standardisation. The FSB itself is in the process of reviewing reforms of securitisation markets, as part of its ongoing work for the G20 on the shadow banking sector. In a conference organized by the French regulator AMF on 15 November in Paris, the chairman of BNP Paribas, Baudouin Prot, cited the creation now underway of a PCS securitisation label, which would facilitate restarting the European market on a healthy basis. “Securitisations are dead in Europe, although this market is prospering in the United States, the country where all the trouble started,” Prot says, adding that it is important for French banks to bring this market back to life, with a highly demanding label which would introduce guarantees and eligibility conditions, which would make it possible to exclude speculative products in favour of vehicles which aim to help the real economy.
19/11/2012

Regulators launch a consultation on shadow banking

The Financial Stability Board (FSB) on 18 November published a series of recommendations which will be subject to consultation, which aim to strengthen surveillance and regulation of shadow banking activities. Regulators concentrated on five major areas: interactions of banks with the shadow banking system, money market funds, other entities which have banking activities in unregulated environments, securitisation, securities lending, and pensions. All of these subjects are treated in multiple consultation documents, while a general presenttation lays out the philosophy of the FSB in relation to shadow banking, as well as recommendations overall, while a specific report deals with all entities other than money market funds, and another deal with securities lending and pensions. All of these texts are subject to consultation until 14 January 2013, and the Basel Committee may propose recommendations on the interaction of banks with the shadow banking system until mid-2013. The International Organisation of Securities Commissions (IOSCO) has already produced recommendations for money market funds and securitisations just before the weekend (see elsewhere in Newsmanagers). The FSB, which will continue to monitor the efforts of the various working groups, is planning to publish its final recommendations in September 2013.
19/11/2012

Hedge funds may lose out in UPS-TNT talks

Several hedge fund managers will lose hundreds of millions of dollars if the merger of UPS and TNT Express falls through, the Financial Times reports. Merger arbitrage funds bought positions in TNT this year, anticipating gains at a time when the operation was about to be completed. But since then, the European Commission has surprised observers by raising objections.
19/11/2012

More than 250 new signatories sign PRI since September 2011

The international network of the United Nations Principles for Responsible Investment (PRI) has published an updated list of signatories to the Principles. As of 9 November 2012, the network had 254 new signatories since 12 September 2011, bringing the total number of signatories to over 1,100, from 50 countries, representing assets under management of over USD32trn. In the same period, 61 signatories were removed from the list for various reasons (voluntarily, failure to pay contributions, or failure to participate in the annual evaluation).
19/11/2012

DJ Credit Suisse hedge fund index down 0.18%

The Dow Jones Credit Suisse hedge fun index finished the month of October down 0.18%, as six out of the 13 strategies of the index posted negative returns. Managed futures strategies fell by 4.64%, after a decline of 1.37% in September.
19/11/2012

Heavy outflows from US equity funds

The second week of November saw investors digesting an unpleasant cocktail of European data, US budget skirmishes, Japanese politics and renewed violence in the Middle East. They responded by pulling over USD7 billion out of US Equity Funds and over USD1 billion from US High Yield Bond Funds while slowing the pace of their commitments to Emerging Markets Equity and Bond Funds. Overall, EPFR Global-tracked Bond Funds took in $5.29 billion during the week ending Nov. 14 while net redemptions from Equity Funds hit their highest level since the week preceding the US Federal Reserve’s announcement of QE3. Money Market Funds recorded outflows of USD7.06 billion and Balanced Funds, which invest in both debt and equities, saw USD1.12 billion taken out.
19/11/2012

Franklin Templeton controls one tenth of Irish debt

Franklin Templeton funds have increased their exposure to Irish bonds by more than one third, to EUR.84bn in third quarter, the Financial Times reports. The US asset management firm holds about one tenth of the total market in Irish government bonds. Most of these bonds are in the hands of funds controlled by Michael Hasenstab, co-director of the international bonds department at Franklin Templeton.
19/11/2012

Fiona Reynolds joins PRI

The international network of the United Nations Principles for Responsible Investment (UN PRI) on 19 November announced the appointment of Fiona Reynolds as managing director. In this newly-created position, Reynolds will be responsible for development of the organisation and its day-to-day activities. She will begin in the position in London in February 2013. Reynolds is currently CEO of the Australian Institute of Superannuation Trustees, an organisation which defends the interests of the Australian pension fund sector.
19/11/2012

London may lose GBP66bn on RBS and Lloyds bailouts

The British government, which in 2008 bailed out the Royal Bank of Scotland (RBS) and Lloyds Banking Group, with an injection of GBP66bn, or about EUR82bn, may never get its money back, it warned a Parliamentary commission on 16 November. The government currently controls 81% of RBS and 39.6% of Lloyds.The Parliamentary commission on public finances has also denounced errors in the government’s management of the Northern Rock bailout in 2007-2008. The Treasury lacked the expertise to understand the situation at Northern Rock. It took too long to nationalise the bank, the commission has found. The Northern Rock bailout is expected to have cost taxpayers about GBP2bn, according to Labour MP Margaret Hodge, chairwoman of the committee.
19/11/2012

Safra joins Sarasin activities

The Safra group will be joining the trading and treasury activities of the Sarasin group, in the corresponding Safra divisions, according to information on the website finews, which has been confirmed by Sarasin. Before initiating the operation, the Structured Products division of Sarasin will in early December be integrated into the Trading & Family Office (TFO) division of Sarasin. The changes will result in the departure of the head of the TFO unit, Peter Wild, by the end of third quarter 2013. Activities with external wealth managers will be integrated into the Institutional Clients & Wholesale unit in early December.
19/11/2012

db x-trackers converts to physical replication

According to financial industry sources, the Börsen-Zeitung reports, db x-trackers (Deutsche Bank), which had focused exclusively on synthetic replication, is now planning to also offer physical replication ETFs, which will be listed in Frankfurt, London and Milan from late 2013/early 2013. Initially, the product range will be concentrated on physical replication version of ETFs based on the Dax, the FTSE 100, the S&P 500, Euro Stoxx 50 and Nikkei 225, in addition to which there will be a new physical replication ETF based on the Euro Stoxx 50 ex Financials. The physical replication ETF product range will gradually be extended over the following months.
19/11/2012

Aberdeen wants to grow in funds of hedge funds

Aberdeen Asset Management is planning to more than double the size of its funds of hedge funds business to USD10bn in the next few years, from USD4bn currently, Financial Times Fund Management reports. The news comes at a time when the alternative multi-management industry is under pressure. Andrew McCaffery, global head of hedge funds at Aberdeen, tells FTfm that the growth may come via acquisitions, or through the winning of new mandates.
19/11/2012

Barclays Wealth adopts a regressive RDR fee structure

The wealth management firm Barclays Wealth has unveiled the structure of the fees it will be adopting in the RDR regulatory environment, Fundweb reports. Management commission will be 0.75% for the first GBP1m, and then 0.6% for accounts with GBP1-3m, and 0.5% for the GBP3-7m category, and 0.25% thereafter.Execution fees for structured products will be set at 0.7% up to GBP100,000, and then 0.4% for higher amounts. In the same classes, fees will be 1% and 0.65% for equities, while clients who rely on the services of a dedicated portfolio manager may be 1.25% up to GBP5m, and then 1% for the next category from GBP5-10m.Barclays Wealth has set the minimum investment for new clients at GBP3m, and is planning to introduce a minimal charge of GBP37,500. Clients to whom a portfolio manager is assigned must pay a financial planning fee of 2% on the first GBP250,000, while the fee will be reduced to 1% above that amount.
19/11/2012

Funds struggle to outperform deposits

On the basis of statistics provided by the Spanish Inverco association of asset management firms, Cotizalia has found that no money market funds can compete with the returns from bank savings.In the current environment of a “war for deposits,” only 6.95% of short-term bond funds, or 16 productss out of a total of 230, have posted returns of over 5% in the twelve months to the end of October, compared with 57% of long-term bond funds, which are more risky. The Leaseten RF Corto and Eurovalor Bonos Corporativos show respective returns of 10.4% and 10%, putting them ahead of the foncaixa RF Corporative with 9.39%. Of diversified funds with a predominant exposure to bonds, only 13% beat savings deposits.However, 39.7% of guaranteed bond funds (146 out of 368) show returns of over 5%.
19/11/2012

Henderson recruits at Challenger in Australia

Matt Gaden, CEO in charge of institutional clients and strategic alliances at Challenger Limited, has been recruited as director of distribution at Henderson Global Investors (HGI) for Australia, Funds People reports. He will report directly to Rob Adams, the new executive chairman of HGI Australia. He will be responsible for both retail and institutional clients.
19/11/2012
Gestion d'actifs

Le GMPA envisage de placer deux à trois millions d'euros dans des OPCI

Le Général Patrick Felten, secrétaire général du Groupement Militaire de Prévoyance des Armées (GMPA), à la rédaction de www.institinvest.com : Nous avons évoqué en comité de placements la possibilité de faire passer nos actifs en gestion déléguée mais nous avons finalement choisi de les conserver en gestion directe. En terme de produits, nous envisageons de placer deux à trois millions d’euros dans des OPCI proposées par BNP Paribas ou A Plus Finance. Même si nous n’avons pas à proprement parler de besoin de diversification, nous étudions attentivement cette proposition.
Gestion d'actifs
16/11/2012

Le président de la Buba n’exclut pas un effacement de la dette grecque

La Grèce aura peut-être besoin d’un nouvel effacement de sa dette mais une telle mesure ne doit être envisagée qu’une fois qu’Athènes aura mené les réformes structurelles nécessaires, a déclaré vendredi le président de la Bundesbank, Jens Weidmann. «Je considère le besoin d’un nouvel effacement de la dette comme une question ouverte», a-t-il dit lors d’une conférence organisée par le Süddeutsche Zeitung. Jens Weidmann a précisé « qu’un effacement de la dette seule ne résoudra rien. Je peux effacer les dettes et me retrouver dans 10 ans au même point qu’aujourd’hui ? La Grèce doit se réformer de fond en comble ».
Jens Weidmann, président de la Bundesbank. Photo: Chris Ratcliffe/Bloomberg
16/11/2012

L’Afic et l’AFG demandent aux députés de revoir leur copie

L’AFG (Association française de la gestion financière) et l’Afic (Association française des investisseurs pour la croissance) regrettent que l’amendement sur les FIP et les FCPI, adopté en commission des finances à l’Assemblée nationale, ait finalement été vidé de sa substance lors de la séance publique du jeudi 15 novembre. Cet amendement proposait de loger les FIP et les FCPI dans une enveloppe de défiscalisation plus souple (plafond de 18.000 euros, 4% du revenu imposable) aux côtés des investissements en outre-mer. La réintégration dans le plafond de 10.000 euros va accentuer la baisse de la collecte des FIP et des FCPI, souligne le communiqué.

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