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15/11/2012

Four departures from bond team at F&C

F&C has reshuffled its bond activity, which has resulted in the departure of manager Fatima Luis and three other members of the team: Han Altink, Mario Hooghiemstra and Leenders Schoenmaker. The reports, which first appeared in Citywire Wealth Manager, have been confirmed to Newsmanagers by a spokesperson for the British asset management firm. The reshuffle will merge the high yield team from F&C and the credit team from Thames River. The integration will be overseen by the head of global credit opportunities, Keith Patton, who joined the multi-strategy team at F&C in May 2012 from UBS Wealth Management. The head of global credit at F&C, Steve Drew, and Brett Golledge, who had been a member of his team, have left the firm, as has Peter Stage, head of credit research at F&C.
15/11/2012

F&C redeploys its bond management

On its website, F&C Investments on 14 November published an article from Wealth Manager which claims that the reorganisation of its bond unit will result in the merger of high yield teams from F&C with credit teams from Thames River. This will result in the departures of fund manager Fatima Luis and three other members of the bond team. Han Altink, Mario Hooghiemstra and Leenders Schoenmaker. Fundweb states that F&C has confirmed the gist of the internal memo obtained by Wealth Manager. The British press is also reporting that Steve Drew, head of global credit at Thames River, has left the group, along with his colleauges Brett Golledge, and Peter Stage, head of credit research from F&C.
15/11/2012

Record sales and assets at M&G

For the first nine months of this year, M&G Investments has posted net subscriptions of GBP11.3bn, compared with GBP2.6bn in the first three quarters of 2011, with record subscriptions of GBP6.4bn in July-September, compared with net outflows of GBP0.3bn in the third quarter of last year. In the nine-month period under review, net subscriptions have set records both for retail (GBP6.1bn compared with GBP2.6bn) and for institutional subscriptions (GBP5.2bn compared with zero).Assets as of 30 September totalled GBP216.9bn, compared with GBP194.4bn one year previously, including a record GBP104.2bn, compared with GBP87.3bn, for clients external to the Prudential group.
15/11/2012

US mutual funds have attracted USD250bn YTD

Despite net outflows of USD8.3bn from US equity funds (and as much as USD19.6bn counting ETFs), long-term open-ended funds in the United States have posted net inflows of USD27.65bn in October, compared with USD16.5bn in September. Morningstar reports that this brings total net inflows in the first ten months of the year to USD249.38bn, also despite net redemptions of USD84.67bn for US equity products.Four asset management firms show net subscriptions of at least about USD20bn since the beginning of the year. Vanguard has posted net inflows of USD81bn in January-October, including USD5.28bn in October, while Pimco (Allianz group) shows net subscriptions of USD50.52bn in the first ten months of the year, of which USD8.1bn were last month; this puts the firm well ahead of DoubleLine, which attracted USD19.9bn, and JPMorgan, with USD21.9bn, of which USD1.97bn were last year.
15/11/2012

Intereffekt lists a fund on Euronext Funds Service

Since 14 November, Euronext Funds Service (EFS) has been listing its 208th investment fund: it is the Intereffekt High Dividend (NL0010278073), whose benchmark index is the MSCI Frontier Markets. The TER for this product is 2.30%.
15/11/2012

Net inflows of EUR3.4bn to equity funds in September

UCITS-compliant equity funds in September posted net inflows of EUR3bn, after several months of outflows, including a total of EUR10.3bn in August, according to statistics from the European fund and asset management association (EFAMA). Since the beginning of this year, equity funds have posted net outflows of EUR28.2bn.Bond funds have posted net inflows that have halved in one month, to EUR8.8bn in September, following EUR17.5bn in August.The same trend may be observed for diversified funds, which have seen a decline in their net subscriptions to EUR1.8bn, from EUR6.1bn in August.Overall, long-term UCITS-compliant funds (excluding money market funds) have posted a highly stable net inflow of EUR13bn, compared with EUR12.9bn in August.Net inflows to non-UCITS funds in September totalled EUR4bn, compared with EUR5bn in August. Dedicated funds finished the month with net inflows of EUR3bn, compared with EUR4bn in August.Net assets in UCITS-compliant funds increased by 0.4% in September, to EUR6.223trn, while net assets in non-UCITS funds were up 0.5% to EUR2.47trn.
15/11/2012

New QFII quotas set volume records

In the first ten months of this year, the Chinese State Administration of Foreign Exchange (SAFE) has issued Qualified Foreign Institutional Investor (QFII) quotas totalling a record USD33.6bn, Asian Investor reports.In October, SAFE has also issued permission for a record volume of QFII quotas to a total of nine foreign financial institutions, at USD2.75bn, compared with a previous record of USD2.1bn in March.Singappore was particularly favoured, as its sovereign wealth funds GIC and Temasek Fullerton Alpha Investments received extensions of USD600m and USD700m, respectively, in addition to which USD250m was granted to Fullerton Fund Management, another Temasek affiliate.The other firms which received QFII quotas last month were AMP Investors, Société Générale, Barclays Bank, JP Morgan Chase Bank, Fubon Securities Investment Trust and Metzler Asset Management.
15/11/2012

Lyxor launches Italian govies ETF

Lyxor on Wednesday launched the first ETF of Italian government bonds with a maturity of 1 to 3 years on Borsa Italiana, Bluerating reports. The Lyxor ETF MTS BTP 1-3Y Italy Government Bond has a total expense ratio of 0.165% per year. The product reproduces a EuroMTS index composed of 13 government bonds, with a total issue value of over EUR240bn. The ETF provides exposure to a basket of securities characterised by a short duration and returns at maturity of about 2.53%.
15/11/2012

Bankinter launches a new guaranteed fund

Following the guaranteed funds Amber (Ámbar) and Jade, Bankinter on 8 November registered the Cuarzo (Quartz) guaranteed fund with the CNMV, a product with a target date eight months longer than its predecessors, but similar returns of 4.05%. Capital invested will be redeemed on 2 August 2017, at 119.95% of the net asset value recorded on 31 December 2012.CharacteristicsName: Bankinter Renta Fija Cuarzo 2017 Garantizado, FIISIN code: ES0118843004Minimal initial subscription: EUR500Front-end fee: 5%Management commission: 0.3% until 13 December 2012, 0.7% thereafterWithdrawal penalty: 3%
15/11/2012

Muzinich recruits for sales in Germany

Anke Schaks, who had spent ten years at Deutsche Asset Management, most recently as head of distribution for insurance in Germany, has joined Munizich & Co in Cologne as head of institutional sales.She will report to Aiga Romanovsky, CEO of Muzinich Deutschland GmbH, who declined to answer questions from Newsmanagers about assets and subscriptions/redemptions for Muzinich on the German market.
15/11/2012

Regulation and risk aversion hike MMFs' cash positions

Since the financial crisis, modifications to US regulations and continuing aversion to risk have led US money market funds to increase liquidity levels in their portfolios significantly, according to a new study by the financial ratings agency Fitch Ratings, published on 14 November.As of the end of September 2012, liquid asset represented a total of 45% of assets, compared with about 20% as of the end of 2006. The study finds that money market funds have increased their liquidity on three occasions in the past few years: firstly, at the outbreak of the financial crisis, particularly following the tensions of August 2007, which affected dedicated vehicles (SIV) and the asset-backed commercial paper (ABCP) market, then following modifications to regulations initiated by the SEC in 2010, and lastly in mid-2011, when volatility in the euro zone began to increase.The market authorities are highly attentive to the capacity for money market funds to bear market shocks, and to “strong and considerable liquidity to meet redemption demand and maintain confidence during periods of volatility,” says Roger Merritt, managing director and head of the Fund and Asset Manager evaluation group at Fitch. The agency adds that it is unlikely that money market funds will maintain such high liquidity cushions for very long, since they eat into returns. As soon as market volatility declines, money market funds will be likely to look for more lucrative investment opportunities.
15/11/2012

Janus recruits in Italy

Janus Capital International, the international division of the US firm Janus Capital, has recruited Giorgia Rizzati in Italy as client relationship manager, Bluerating reports. Rizzatti has worked at Credit Suisse for 10 years in the asset management division, first in Luxembourg, and then in Milan, where she was responsible for distribution of funds to private banks, retail and professional clients.At Janus, she will be based in Milan, and will report to Andrea Cardone, head for southern Europe.
15/11/2012

Barnstar gives a fund to Charles Fernandez

The new hedge fund management firm Barnstar Funds has assigned its founder and CIO Charles M. Fernandez responsibility for the management of the Barnstar Opportunities Fund, a multi-disciplinary special situations product with a long bias, which was officially launched on 14 November.The portfolio will be entirely invested in the capital structure of US businesses which the managers consider sufficiently undervalued due to financial problems, regulatory difficulties, and/or ongoing legal proceedings.Fernandez was most recently chairman of Fairholme Capital Management. He has invested a large part of his personal wealth in the new fund.
15/11/2012

iShares launches a high yield ETF

With the iShares Global High Yield Bond (acronym AYLD), launched on 13 November, iShares claims that it has become the first provider to offer an ETF based on high yield bonds from the developed world. The product was launched on the London Stock Exchange on 14 November.The fund physically replicates the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index, which aims to cover the glboal high yield bond market in as balanced a manner as possible, including the most liquid issues possible within the constraints of the UCITS directive.The maximal maturity for issues in the portfolio is one and a half years for new securities, and one year for those already belonging to the index, with a total limit of 3% per issuer.CharacteristicsName: iShares Global High Yield BondISIN code: IE00B74DQ490Base currency: USDTER: 0.50%
15/11/2012

Mirabaud plans further recruitments in London

Newsmanagers understands that the asset management unit of Mirabaud, which has posted net inflows of CHF470bn since the beginning of the year, will soon be strengthened with the recruitment of more specialists in the British capital, following the recruitments of Andrew Lake and the emerging market equities team led by Daniel Tubbs (see Newsmanagers of 18 June and 8 November).The Geneva-based firm is planning to launch two funds in parallel with these recruitments, one of them a high yield bond fund, and the other a global equity fund. However, plans for an energy fund remain suspended pending the recruitment of a fund manager.
15/11/2012

FSA launches consultation on AIFMD

On 14 November, the Financial Services Authority published at 232-page consultation paper on its website covering the transposition into British law of the European Alternative Investment Fund Managers Directive (AIFMD). The consultation will conclude on 1 February 2013, while the transposition is slated for 22 July 2013.The document focuses on the prudential regime applicable to all types of alternative fund managers, and to the regimes applicable to depositories. It also concerns the level 1 obligations under the directive for alternative fund managers.
14/11/2012

Olli Rehn salue les efforts espagnols en matière de déficit

L’Espagne a pris des mesures efficaces pour réduire son déficit budgétaire en 2012 et en 2013, a déclaré le commissaire européen aux Affaires économiques et financières, laissant entendre qu’il n’avait pas l’intention de durcir les procédures disciplinaires engagées contre Madrid. Si l’Espagne ne semble pas en mesure d’atteindre les objectifs de déficit nominal fixés, elle respecte les objectifs d’ajustement structurel, a précisé Olli Rehn.
14/11/2012

Les soldes Target2 de l'Espagne diminuent

Pour le deuxième mois consécutif, le passif de l’Espagne vis-à-vis de Target2, devenu l’une des mesures des déséquilibres intra zone euro, s’est réduit en octobre. La baisse atteint désormais 54 milliards d’euros sur deux mois. Les banques espagnoles ont réduit leur recours au guichet de la BCE. Selon JPMorgan, l’amélioration du solde Target2 s’expliquerait pour l’essentiel par un meilleur accès des banques au marché du repo.
14/11/2012

Grèce : l’IIF appelle à adoucir le rythme de l’ajustement budgétaire

Le directeur exécutif de l’Institute of International Finance (IIF), Charles Dallara, a estimé que la Grèce devait bénéficier d’un ralentissement du rythme de l’ajustement budgétaire afin de pouvoir sortir de la crise et abaisser ses conditions de financement. Le responsable du lobby bancaire a toutefois jugé qu’une décote sur les titres de dette du secteur public ne paraissait pas politiquement faisable.
14/11/2012

Un gérant demande d’étudier une scission de Citigroup

La société de gestion d’actifs Trillium Asset Management, agissant pour le compte d’une organisation religieuse (Benedictine Sisters of Mount St. Scholastica) et d’un fonds de pension (Afscme Employees Pension Plan) a déposé une proposition d’actionnaire visant à éventuellement scinder Citigroup. Le gérant souligne que les actions Citigroup se négocient de manière continue en dessous de la valeur comptable depuis la fin 2008.
14/11/2012

La France économise 2,4 milliards d'euros de coûts d'emprunt

Le projet de loi de finances rectificative 2012 intègre une diminution de la charge de la dette de 2,4 milliards d’euros par rapport à la loi de finances initiale, «compte tenu des conditions favorables d’emprunt dont bénéficie la France.» Cette baisse de la charge de la dette a été intégralement utilisée pour réduire le déficit budgétaire.
14/11/2012

Bruxelles sonne l'alarme sur le marché du CO2

La Commission européenne a appelé les pays membres de l’Union à conclure avant la fin de l’année un accord permettant d'éviter un effondrement du marché des permis d'émissions de dioxyde de carbone (CO2). La proposition formulée lundi par la Commission consisterait à reporter la mise aux enchères de quotas prévus pour la période 2013-2015, qui correspond aux trois premières années de la nouvelle phase du système d'échange de quotas d'émission (SEQE).
14/11/2012

Fitch durcit le ton face à la justice italienne

Mise en cause en début de semaine en Italie par le parquet de Trani, qui l’accuse de manipulation de marché, Fitch a décidé de réagir. L’agence de notation a annoncé mercredi qu’elle restreignait ses communications relatives au marché italien. Elle suspend ainsi toutes ses conférences et téléconférences dans le pays et toute manifestation du même type destinée à discuter d’entités italiennes. «Si Fitch ne reçoit pas l’assurance que ce type d’incident ne se répétera pas, nous pourrions reconsidérer l’avenir de nos activités en Italie», menace l’agence.
14/11/2012

Recul surprise des prix à la production outre-Atlantique

En repli de 0,2% sur un mois en octobre, alors que les économistes anticipaient en moyenne une hausse de même ampleur, l’indice des prix à la production (PPI) aux Etats-Unis affiche sa première baisse depuis mai, et la plus forte depuis juillet 2009. Le recul des prix de l’énergie et de l’automobile expliquent cette évolution. Le département du Travail a précisé que le passage de l’ouragan Sandy sur le nord-est du pays à la fin du mois n’a pas eu d’impact sur ces statistiques.
14/11/2012

Les ventes au détail hors automobiles stables aux Etats-Unis

Selon les chiffres publiés par le département du Commerce, les ventes au détail aux Etats-Unis ont accusé en octobre leur première baisse depuis le mois de juin, sous l’effet de l’ouragan Sandy qui a freiné les ventes de voitures sur la côte Est. Elles ont diminué de 0,3%, un recul un peu plus prononcé que celui du consensus. Hors automobile, elles sont restées stables alors que le consensus donnait une hausse de 0,2%.
14/11/2012

Janet Yellen place son empreinte au sein de la Fed

La vice-présidente de la Réserve fédérale américaine, pressentie pour devenir présidente de l’autorité au terme du mandat de Ben Bernanke le 31 janvier 2014, s’est prononcée hier soir en faveur d’une politique monétaire de taux zéro liée à l’atteinte des objectifs en termes d’inflation et de chômage, plutôt que de la placer, comme c’est le cas aujourd’hui, dans un horizon temporel déterminé.
14/11/2012

Bureau Veritas et Stahl ont soutenu Wendel

La société d’investissement a dégagé un chiffre d’affaires de 1,72 milliard d’euros au troisième trimestre, portant à 4,98 milliards (+5,1%) les ventes de ses filiales sur neuf mois. Bureau Veritas, dont les ventes trimestrielles ont crû de 8%, va engager une restructuration de ses activités en Espagne. Stahl, spécialiste des produits de finition pour le cuir, a vu ses ventes progresser de 8,5%.
14/11/2012

Le CME obtient un délai

L’opérateur boursier obtenu un délai jusqu’au 4 décembre de la part de la CFTC, le régulateur américain des marchés à terme, pour se conformer aux nouvelles exigences relatives à la transmission des détails des transactions à une base de données indépendante. Le CME a récemment engagé des poursuites à l’encontre de la CFTC pour pouvoir utiliser sa propre base de référence.
14/11/2012

Raymond James ferme des activités au Brésil

Le courtier et banque d’investissement a décidé de fermer ses activités de recherche actions à Sao Paulo en raison de barrières fiscales et réglementaires. Des employés affectés à des fonctions support perdront par ailleurs leurs postes à New York et Londres. La société conservera ses opérations en Argentine et en Uruguay.

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