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03/09/2012
Fonds

Une société de gestion ferme tous ses fonds Ucits

Matrix Group, société de gestion basée à Londres, va fermer sa gamme de fonds Ucits, lancée en mai 2010 à Dublin, après avoir effectué une revue stratégique de ses activités, rapporte Citywire. Cette décision est liée au fait que la société n’est pas parvenue à réaliser des économies d’échelle nécessaires par rapport à ses concurrents. Les fonds seront fermés le 7 septembre.
Fonds
03/09/2012

Progression des actifs sous gestion de la Banque cantonale de Zurich au premier semestre

Les actifs sous gestion de la Banque cantonale de Zurich se sont accrus au premier semestre de 3,2 milliards de francs suisses pour s'établir à 180 milliards de francs suisses, selon un communiqué publié le 31 août. Cette évolution est liée à une collecte nette de 0,7 milliard de francs et à un effet marché positif de 2,5 milliards de francs. Le coefficient d’exploitation s’est amélioré à 63,5% contre 64,6% au premier semestre 2011.
03/09/2012
Fonds

UBS commercialise deux ETF sur les lettres de gage suisses

Depuis le 30 août, SIX Swiss Exchange a admis à la négociation les deux premiers ETF répliquant des indices de lettres de gage suisses (Pfandbriefe) qui sont lancés par UBS Global Asset Management. Il s’agit de deux fonds de droit helvétique à réplication physique.Les indices sous-jacents sont constitués de titres notés AAA et génèrent des rémunérations supérieures en moyenne de 25 à 55 points de base au rendement des obligations de la Confédération. Le teneur de marché pour ces deux ETF est la Commerzbank.CaractéristiquesDénomination : UBS IS - SBI® Domestic Pfandbrief 1-5 ETF (CHF) AIndice de référence : Swiss Bond Index® Domestic Pfandbrief 1-5Code Isin : CH0184305016TFE : 0,16 %Dénomination : UBS-IS SBI Domestic Pfandbrief 5-10 ETF (CHF) AIndice de référence : Swiss Bond Index® Domestic Pfandbrief 5-10Code Isin : CH0184308952TFE : 0,16 %
Fonds
03/09/2012

Deux fonds singapouriens lorgnent sur la banque privée suisse de Generali

BSI, la banque privée suisse de Generali, qui a engagé une révision de son portefeuille d’activités, aurait suscité des marques d’intérêt de la part de deux fonds souverains singapouriens, Temasek Government of Singapore Investment Corporation (GIC), rapporte L’Agefi citant la presse italienne. L’assureur italien espérerait retirer environ deux milliards d’euros pour BSI, un montant jugé optimiste dans le monde bancaire. Selon plusieurs analystes, l’assureur italien aurait besoin de quelque 5,5 milliards d’euros en vue de se conformer aux exigences réglementaires de Solvabilité 2.
03/09/2012

Un nouveau responsable chez Pictet à Bâle

Le groupe Pictet a annoncé le 31 août la nomination de Michael Bächle en tant que responsable de la succursale de Pictet à Bâle à compter du 1er septembre 2012. Précédemment responsable de l’antenne de Clariden Leu à Bâle, Michael Bächle succède à Thomas Vonaesch qui a développé les activités de la banque privée à Bâle depuis 2008, et qui restera chez Pictet jusqu'à sa retraite.
03/09/2012

La Banque Syz mise sous surveillance négative par Moody's

L’agence d'évaluation financière Moody’s a annoncé le 31 août qu’elle avait la note à long terme (A3) de la Banque Syz sous surveillance avec implication négative.L’agence explique dans un communiqué que cette décision est notamment liée à l'érosion progressive des actifs sous gestion depuis 2010 et à des résultats médiocres au premier semestre 2012.
03/09/2012

Vontobel ouvre sa plate-forme Veritrade à de nouveaux émetteurs

Le groupe suisse Vontobel a confirmé des informations de l’agence finews selon lesquelles la plate-forme dédiée aux produits structurés Veritrade pourrait être ouverte à des nouveaux émetteurs.Société Générale et Morgan Stanley figurent parmi les premiers participants potentiels de cette plate-forme désormais multi-émetteurs. Avec cette nouvelle initiative, Vontobel espère consolider sa position d’acteur de tout premier plan dans le domaine de la distribution de produits structurés.
03/09/2012

Swisscanto renforce son équipe haut rendement

Analyste financière chez Lombard Odier, Ju Lee rejoint l'équipe haut rendement d’Omar Saeed et Roland Hausheer chez Swisscanto, rapporte Das Investment. Elle sera responsable des fonds Swisscanto Institutional Bond Fund Global High Yield et Swisscanto Bond Invest Global High Yield.
03/09/2012

Estate of Peregrine head will be sold off at auction

Michael Eidelman, court-appointed trustee for the Peregrine Financial Group, is planning to auction off the estate of Russell Wasendorf Senior, CEO of the firm, at auction, the Wall Street Journal reports.Peregrine, which entered bankruptcy protection on 10 July, left a hole in its finances estimated at USD215mThe trustee has already recuperated USD1m from a life insurance policy. He will now be selling off Wasendorf’s property at internet auction, including a wine cellar containing thousands of bottles at Opus One, an Italian restaurant in Cedar Falls, a Patek Philippe watch, jewelry, and several SUVs.It now remains to be determined whether the Peregrine CEO also had accounts abroad, in addition to his stake in a Romanian business.
03/09/2012

Laffitte CM releases a third arbitrage fund

Laffitte Capital Management is planning to launch an arbitrage fund based on indices. The fund, entitled Laffitte Index Arbitrage, will be a UCITS-compliant European product, and will aim to detect arbitrage opportunities on the global stock markets on the basis of indices. It will have complementary drivers of performance: arbitrage of index re-balancing, arbitrage on dividends, and also securities trading arbitrage.“With this fund, we return to one of our first loves. From 1990 to 2006, we used index-based arbitrage for proprietary trading at Crédit Mutuel-CIC,” explains Eric Robbe, co-founder and chairman of Laffittee CM. “But it had previously been difficult to realise this activity within a regulated and liquid fund, since many products were traded over the counter. In addition, there was disparate fiscal treatment of dividends throughout Europe. These obstacles have been removed today. As many banks are withdrawing from this profession, we also have expertise on the market,” he continues. Laffitte has recruited Gregory Meyappen for the fund; he had previously directed operations of this type for proprietary trading at Crédit Agricole. He will co-manage the fund with two colleagues from Laffitte CM. The fund has a capacity of up to EUR1bn. With daily liquidity, it will be on sale to clients of all types, and will have an institutional and a retail share class to this end. It will also be listed on life insurance platforms. With the Laffitte Index Arbitrage, the firm diversifies its range, which now consists of two merger and acquisition arbitrage funds. This may help the firm to reach its objective of EUR500bn. Five years after its launch, the firm currently has slightly under EUR300bn in assets under management, and 10 employees.
03/09/2012

US prosecutors suspect investment funds of tax fraud

The New York state prosecutor has named more than a dozen funds which are accused of defrauding the tax authorities by modifying the type of management commissions paid by investors, the New York Times reports, relayed by Les Echos. The practice involves exonerating investors of the management commission (generally 1% to 2% of the total invested) in exchange for a reinvestment in funds from the asset management firm on the firm’s behalf. As investments, these amounts are then taxed as financial products, at rates of about 15%, though the tax on ordinary revenues would be about 35%. In addition to Bain Capital, TPG, KKR, Sun Capiatl, Apollo and Silver Lake are said to have saved hundreds of millions of dollars in taxes. The practice is common in the sector, but experts are divided over its legality.
03/09/2012

Asset management firm closes its UCITS funds

Matrix Group, an asset management firm based in London, will be shutting down its range of UCITS funds, launched in Dublin in May 2010, following a strategic review of its activities, Citywire reports. The decision is related to the fact that the firm is not able to realise the necessary economies of scale compared with its rivals. The funds will be closed on 7 September.
03/09/2012

FSA oversees implementation of RDR

The British Financial Services Authority (FSA) in the seventh issue of its newsletter on RDR regulations draws the attention of the finance community to the distinction between product cost and the cost of advising.RDR regulations require the largest firms, such offer both advising on products and products, to introduce “reasonably representative” advising fees for services offered. This, the FSA says, forbids these firms from hiding these advising costs with profits from other areas of their activities.The FSA is concerned that firms will apply too restrictive a vision of what should be included in the cost of advising, excluding, for example, IT costs, marketing budgets or costs related to the development of the activity.The case will remain at the centre of the FSA’s concerns until the end of the year, the FSA adds, adding that firms need to test their new pricing models.
03/09/2012

FATCA: Ernst & Young warns platforms

The auditing and consulting firm Ernst & Young has issued a warning to platforms that are planning to cease to accept operations from US taxpayers based in the United Kingdom on the pretext that the reporting required by the FATCA law is too costly, Money Marketing reports. According to Ernst & Young, the FATCA legislation will require platforms to set up new procedures for opening accounts, in order to more easily serve potential US taxpayer customers. In other words, it will be difficult for platforms to restrict itself to complying only with the requirements of this many-tentacled regulation. Dan Hall, a partner at Ernst & Young specialised in advising on financial services, says “platforms have manifestly been under multiple pressures recently, largely due to changes related to RDR regulations,” which come into effect on 1 January 2013. But there is still time to comply with requirements related to to the FATCA law, which also comes into effect in 2013.
03/09/2012

Syz Bank rating under negative watch by Moody's

The financial ratings agency Moody’s on 31 August announced that it has placed its long-term rating for Banque Syz (A3) on a watch with negative implications. The agency explains in a statement that the decision is related to a gradual erosion of assets under management at the firm since 2010, and mediocre results for first half 2012.
03/09/2012

Vontobel opens its Veritrade platform to new issuers

The Swiss Vontobel group has confirmed reports by the agency finews that the platform dedicated to structured products Veritrade may be opened to new issuers. Société Générale and Morgan Stanley are on the list of the first potential new participants in the platform soon to become multi-issuer. With this new initiative, Vontobel hopes to consolidate its position as a leading actor in the area of distribution of structured products.
03/09/2012

Swisscanto recruits for high yield team

Ju Lee, a financial analyst from Lombard Odier, is joining the high yield team led by Omar Saeed and Roland Hausheer at Swisscanto, Das Investment reports. She will be responsible for the Swisscanto Institutional Bond Fund Global High Yield and the Swisscanto Bond Invest Global High Yield funds.
03/09/2012

Assets under management up at Cantonal Bank of Zurich in first half

Assets under management at the Cantonal Bank of Zurich increased in first half by CHF3.2bn, to a total of CHF180bn, according to a statement published on 31 August. The development is related to a net inflow of CHF0.7bn, and a positive market effect of CHF2.5bn. The operating ratio improved to 63.65% from 64.6% in first half 2011.
03/09/2012

Pictet appoints head of Basel branch

The Pictet group on 31 August announced the appointment of Michael Bächle has head of the Pictet branch in Basel, from 1 September 2012. Bächle, who had previously been head of the Clariden Leu office in Basel, succeeds thomas Vonaesch, who had developed the activities of the private bank in Basel since 2008, and who will remain at Pictet until his retirement.
03/09/2012

Two Singapore funds eye Swiss private banking activities of Generali

BSI, the Swiss private bank belonging to the Generali group, is reported to have received expressions of interest from two Singapore sovereign funds, Temasek and Government of Singapore Investment Corporation (GIC), Agefi reports, citing the Italian press.The Italian insurer had been hoping to make about USD2bn for BSI, which was considered optimistic in the banking world. According to several analysts, the Italian insurer needs about EUR5.5bn to comply with Solvency 2 regulations.
03/09/2012

Guy Monson withdraws from management of two funds from Sarasin

Guy Monson, managing partner and CIO of Sarasin, has withdrawn from the management of the Global Equity Income and International Equity Income funds, Investment Week reveals. The funds will now be managed by Mark Whitehead, who was already their co-manager, with Darryl Lucas.
03/09/2012

Kai Sotorp returns to UBS GAM

The CEO of UBS Global Asset Management, John Fraser, has convinced Kai Sotorp, former head for Asia-Pacific, to return to work for the firm, and to return to his former position, Financial News reports. Sotorp had been head for Asia-Pacific at UBS GAM Between 2002 and 2004 He left the group in 2010.
03/09/2012

UBS releases two ETFs on Swiss covered bonds

Since 30 August, SIX Swiss Exchange has added the first two ETFs replicating Swiss mortgage, or covered, bonds (Pfandbriefe) to trading. The funds are launched by UBS Global Asset Management. They are both Swiss-registered, physical replication funds.The underlying indices are constructed out of AAA-rated securities, which generate average returns 25 to 55 basis points higher than the returns for Swiss federal bonds.The market maker for the two ETFs is Commerzbank.CharacteristicsName: UBS IS - SBI® Domestic Pfandbrief 1-5 ETF (CHF) ABenchmark index: Swiss Bond Index® Domestic Pfandbrief 1-5ISIN code: CH0184305016TER: 0.16%Name: UBS-IS SBI Domestic Pfandbrief 5-10 ETF (CHF) ABenchmark index: Swiss Bond Index® Domestic Pfandbrief 5-10ISIN code: CH0184308952TER: 0.16%
03/09/2012

Hedge funds prefer Singapore

The status of London as a top destination for hedge funds appears to be under threat, according to a survey undertaken by the recruitment firm Astbury Marsden, FINalternatives reports. When asked about the preferred location for their activities, 462 British bankers and hedge fund managers placed Singapore on top, with 31% of votes, followed by New York (20%) and London (19%). The British capital comes only slightly ahead of Hong Kong (16%) and Dubai (15%).
03/09/2012

Credit Suisse recruits a head for ultra-high net worth clients

On 20 November, Matthew Haines will become the head of services to ultra-high net worth (UHNW) clients in the United Kingdom/International at Credit Suisse, Wealth Briefing reports. He had previously been UK head of family office solutions at JP Morgan Private Bank.Haimes replaces Ian Dembinski who has been appointed head of UK domestic clients, and takes over a position left facant by Paul Sarosy when he left in May to go on to become head of investment solutions at Coutts.Haines will report to Blake Shorthouse, head of UNHW EMEA, and Eric Pfister, head of market area UK/International.
03/09/2012

Viability of US ETFs in question

More than one quarter of ETFs and certificates listed in the United States which have been open for over six months have not attracted enough in assets to be economically viable, according to statistics compiled by the Financial Times. That represents an increase from 14.5% at the end of 2010, according to Invest with an Edge. The 377 products in question had no more than USD25m in assets in the past two months, or trading averaged under 100,000 shares per day. The average fund generates only USD35,000 per year in revenue.
03/09/2012

BNY Mellon suggests that sovereign funds adapt their strategy

At a round table discussion organised by the sovereign institutions group at BNY Mellon, Rumi Masih, senior investment strategist in te investment strategy & solutions group (ISSG) reported that participants agree on the fact that sovereign wealth funds (SWFs) have much to gain from heeding warning signs such as rising commodity prices to reduce the risk in their portfolios, before market shocks occur.That may appear counter-intuitive, but a sovereign fund with sensitivity to fluctuations in commodity prices should start with positions on more liquid assets at a time when these prices are peaking, rather than waiting for them to start to fall. Of course, these warning signs should be adapted to the driving factors for the economy of each SWF’s country.
03/09/2012

Strong demand for platinum ETFs

The Marikana platinum mine (Lonmin group) remains closed two weeks after tragic events caused 44 deaths, 34 of them strikers. Investors are predicting a shortage. The price of the metal has already increased 13%, and ETF providers are predicting that the trend will continue, Handelsblatt reports. The four groups which offer ETFs monitored by Reuters in August posted net inflows of 88,821 ounces, which represents USD133.2m, with the largest subscriptions going to ETF Securities.
03/09/2012

Caceis selected by a German asset management firm specialised in real estate

Caceis this summer became the depository bank for the asset management firm Patrizia GewerbeInvest KAG, for its real estate poortfolios. The mandate concerns the real estate fund sector dedicated to institutional investors under the German investment law, and represents over EUR1.3bn in assets, which were transferred in July 2012. Assets under custody for German asset management firms specialised in real estate at Caceis now total over EUR19bn.

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