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16/07/2012

Ersel recruits from Pictet

The Turin-based asset management firm Ersel Gestioni di Patrimoni has recruited Gianluca Oderda as head of quantitative investments, Investment Europe reports. Oderda had previously been head of multi-asset & total return at Pictet Asset Management, where he spent ten years.
16/07/2012

UniCredit creates new structures

The board of directors at UniCredit on 10 July adopted a decentralised structure, discontinuing efforts to create a pan-European division. The private bank, retail bank and SME bank will be organized locally in Itally, Germany, Austria and Poland. However, the COO and asset management division will retain their current prerogatives worldwide.
16/07/2012

Schroders appoints Tony Smedley as head of pan-European real estate

Schroder Property Investment Management has announced the appointment of Tony Smedley to the newly-created position of head of Pan European Fund Management. Smedley will be based in London, where he had previously been head of European Funds at Invista REIM. Smedley will be responsible for the management of the Matrix European Real Estate Trust.
16/07/2012

MEAG invests in wind energy for Munich Re

The asset management firm of the Munich Re group, MEAG, on 13 July announced that it has acquired six wind farms already connected to the grid on behalf of its shareholder. The wind farms, located in North Rhine-Westphalia, Saxony-Anhalt, Brandebnurg and Mecklenburg-West Pomerania, were sold for a total sum “in the tens of millions of euros” by the developer, wpd. The operation is part of the Renewable Energy & New Technologies (RENT) programme, launched by Munich Re in 2010, which will eventually have a total of EUR2.5bn in assets.
16/07/2012

Threadneedle releases Absolute Alpha fund in Italy

Investment Europe reports that the British firm Threadneedle Investment has released its European absolute return equity fund Threadneedle (Lux) Absolute Alpha for sale in Italy. The product is a UCITS version of the long/short hedge fund Threadneedle Apex European Fund, which aims to satisfy Italian investors’ current taste for UCITS-compliant products.
16/07/2012

JP Morgan expects a trading loss of USD7.5bn at most

Les Echos reports that JP Morgan is expecting a trading loss of USD7.5bn at most. At a presentation of results for second quarter, Jamie Dimon, chairman and CEO of JP Morgan, revealed that losses due to bets on credit derivatives by the London-based teams of the Chief Investment Office (CIO) totalled USD4.4bn in second quarter. Overall, trading losses to date total USD5.8bn. According to Les Echos, the bank has “discovered information that casts doubt on the integrity of traders’ ‘marks,’ and which suggests that some individuals may have attempted to falsify the total amount of losses incurred by the portfolio in first quarter.”
16/07/2012

Peregrine: Fraud went on for 20 years

As part of a suicide attempt, Les Echos reports, Russell Wasendorf Sr, founder and CEO of the derivatives broker Peregrine Financial Group, confessed in a suicide note that for nearly 20 years he falsified banking information at the firm. The letter explains the mysterious disappearance of about USD200m, initially detected by the National Futures Association (the voluntary industry watchdog body for the derivative sector in the United States) early last week.
16/07/2012

AdvisorShares offers an ETF managed by YourSource

AdvisorShares is launching its fifteenth ETF, the AdvisorShares Global Alpha & Beta ETF, managed by Your Source. The ETF offers a strategy which bets on equities when the markets are rising, and on short-term bonds when the markets are falling, Mutual Fund Wire states.
16/07/2012

Pyramis (Fidelity) recruits for Scandinavian division

Ulrika Bergman has joined Pyramis Global Advisors (USD180bn as of the end of March), an affiliate of Fidelity Investments specialised in institutional asset management, as senior vice president of Nordic & Benelux sales. She will be based in London. Previously, she also worked in London, at Principal Global Investors as head of institutional sales.
16/07/2012

Peter Herrlin joins SEB London

Peter Herrlin has been appointed as head of the prime brokerage activity at SEB in London. Herrlin, who joined the firm in 2010, succeeds Attila Olesen, who is now head of Enskilda equities in Denmark, also part of SEB, Hedgeweek reports.
16/07/2012

Libor scandal: US courts consider criminal charges

Agefi cites reports in the New York Times that the US Federal prosecutor is considering criminal charges against several banks involved in the Libor rate-fixing scandal. Some traders at Barclays are said to be concerned. Agefi suggests that these impending charges may provide added impetus to the banks to settle out of court. In Europe, the newspaper points out, Deutsche Bank has signed a cooperation agreement with the European Commission to minimise any potential economic impact on the bank. The Bank of England, for its part, has released emails which confirm that its governor, Mervyn King, in 2008 supported proposals by Timothy Geithner, then chairman of the Federal Reserve in New York, to reform the way in which the Libor rate is calculated.
16/07/2012

Fund commissions down in 2011

According to a Morningstar study, of nearly 38,000 products, the total expense ratio for investment funds increased steadily between 2007 and 2010, from 1.52% to 1.64%, but fell for the first time in 2011, to 1.58%, the Börsen-Zeitung reports. This is also true for funds which charge no performance commissions, which fell to 1.9% from 2.17% in 2010 (compared with 1.78% in 2007). The most costly funds were equity products, with 1.79% in 2011, after two successive double-digit declines in 2009 and 2010.
16/07/2012

Investors continue to avoid European equities

In the week to 11 July, bond funds have posted net subscriptions of USD4.87bn, the strongest inflows in eight weeks, bringing net subscriptions since the beginning of the year to USD200bn, EPFR Global reports. Meanwhile, equity funds have posted net outflows of USD327m in the week under review, while money market funds have posted their best weekly results since the beginning of the year, due to USD20bn for US products. According to EPFR, European equity funds have seen modest outflows for the sixth time in the past eight weeks, and net redemptions since the beginning of the year total USD21.7bn, compared with net subscriptions of USD1.4bn in the twelfth consecutive week and the twenty-sixth week of the first 28 weeks of the year.
16/07/2012

Approval imminent for QDLP programme

In the next few days, the Qualified Domestic Limited Partner (QDLP) programme will officially be launched to allow foreign hedge funds with more than USD10bn in assets to register in China and to apply for licenses in Shanghai, Z-Ben Advisors reports. QDLP will allow Chinese institutional investors and high net worth private clients access to alternative strategies which are still lacking on the local market. The initial concession for QDLP will be only USD5bn, and it is expected that only a few asset management firms will get involved in the first series of licenses.
16/07/2012

DoubleLine is number one for inflows in United States

According to Morningstar statistics relayed by Bloomberg, the Total Return Bond Fund from DoubleLine Capital was the fund with the highest net subscriptions in the United States in first quarter, at USD11.5bn. Mutual Fund Wire reports that the number two fund was the Total International Stock Index Fund from Vanguard, with USD8.9bn. Overall, net subscriptions to taxable bond funds in the United States totalled USD106bn in January-June, compared with USD34bn for US equity funds, and USD20bn for international equity funds.
16/07/2012

Outflows from Swedish funds in June

After net outflows in May of SEK0.7bn, Swedish funds in June say further net redemptions of SEK0.3bn. However, the Fondsbolagens Förening association of asset management firms reports, first half ended with net subscriptions of SEK11.8bn, while assets as of 30 June totalled SEK1.895bn. In June, outflows affected equity funds especially, with net outflows of SEK10.6bn, and to a lesser extent, hedge funds (USD0.3bn), In the first six months of the year, however, equity funds posted inflows of SEK3.6bn, and diversified funds posted USD5.6bn in inflows, and bond funds attracted SEK9.6bn. But money market funds and hedge funds underwent respective net outflows of SEK3.3bn and SEK3.5bn.
16/07/2012
Gestion d'actifs

L'UFF projette de retenir un gérant de FCPR sur des actifs réels à la rentrée

Thierry Guérillot, responsable gestion OPCVM à l’Union Financière de France (UFF) dans une interview accordée à Newsmanagers : Nous pensons développer notre offre sur les actifs réels, pour leurs vertus diversifiantes et leur rentabilité. Nous allons probablement utiliser beaucoup plus la carte du non-coté via des FCPR. Outre leur avantage fiscal pour le moment préservé, cette structure permet de mettre en perspective l’investissement en actions à une échéance donnée, avec une fréquence de valorisation étalée dans le temps, et donc moins anxiogène (trimestrielle ou semestrielle, et non pas quotidienne ou hebdomadaire comme pour les OPCVM classiques). Nous sortirons très probablement un FCPR à la rentrée... Nous procédons par appel d’offres, avec une consultation préalable de place, des rencontres et des mises en concurrence avec, pour notre part, des ajustements possibles.
Gestion d'actifs
16/07/2012

Pékin encourage l’investissement étranger

Le Financial Times indique que les autorités chinoises vont réduire jusqu’à 50% l’imposition des bénéfices que les sociétés étrangères souhaitent rapatrier dans leur pays, afin de favoriser l’investissement en Chine. Le projet concerne également les dividendes versés par les groupes chinois cotés aux actionnaires étrangers dans le cadre du programme d’investisseurs qualifiés QFII. Sous réserve d’existence d’accord de double imposition, ce qui exclut les entités américaines.
16/07/2012

L'immeuble Praetorium à La Défense a été vendu

La cession de l’immeuble Praetorium a été signée le 13 juillet, a indiqué le Crédit Foncier, qui a financé le promoteur du bien, Capital et Continental. Depuis sa livraison il y a trois ans, l’immeuble n’avait pas trouvé de locataires en raison d’un loyer trop élevé. Le Crédit Foncier a démenti vendredi dans un mail avoir «forcé» cette vente.
16/07/2012

Singapour envoie un signal inquiétant pour l'Asie

L'économie de Singapour, très dépendante de l'évolution du commerce international, s’est contractée de 1,1% au deuxième trimestre après une croissance soutenue sur les trois premiers mois de l’année, un retournement de tendance qui illustre l’impact du ralentissement des pays occidentaux sur l’activité en Asie.
16/07/2012

La France adjugera un nouveau BTAN le 19 juillet

L’Agence France Trésor a annoncé vendredi l’adjudication, le jeudi 19 juillet, d’un montant compris entre 8 et 9 milliards d’euros de bons du Trésor à intérêts annuels (BTAN), dont pour la première fois, un nouveau BTAN de référence à 5 ans. L’AFT adjugera le même jour entre 1 et 1,5 milliard d’euros d’obligations assimilables du Trésor indexées sur l’inflation de la zone euro (OATei) et sur l’inflation française (OATi).
16/07/2012

L’IPO de Direct Line remise en cause

Le Sunday Times croit savoir que deux consortiums (Blackstone et Bain Capital d’un côté, KKR, Apax Partners et BC Partners de l’autre) préparent pour la fin du mois des offres susceptibles de remettre en cause l’introduction en Bourse de l’assureur détenu par Royal Bank of Scotland. La banque britannique a fait vœu pour l’heure de réaliser l’IPO au quatrième trimestre et a pour ce faire selon Reuters mandaté vendredi huit nouvelles banques.
16/07/2012

Jean-Pierre Jouyet conseille son successeur

Le président sortant de l’AMF regrette dans un entretien aux Echos le partage avec l’ACP de la régulation et du contrôle de la commercialisation des produits d’épargne et «suggère» à son successeur Gérard Rameix «d’être plus offensif sur l’encadrement des métiers du conseil». «On ne peut pas laisser des milliers de CIF être aussi peu encadrés», plaide Jean-Pierre Jouyet. Il en appelle par ailleurs à l’instauration d’un «pouvoir contraignant» pour l’autorité européenne des marchés, l’Esma, dont «le fonctionnement est trop lent à l’heure actuelle».
16/07/2012

Les PME sont au cœur des débats sur Bâle 3

Les discussions se poursuivent à l'échelon européen sur CRD4 en vue d’une adoption à l’automne. Pour ne pas pénaliser le financement de PME, l’idée d’un plafonnement, voire d’un rabais, sur les exigences en capital, circule. Les négociations tripartite pourraient aussi donner de la latitude à Bruxelles dans la définition des ratios de liquidité.
16/07/2012

Edmond de Rothschild fusionne ses gestions

Les deux principales filiales de gestion du groupe en France, Edram et Edrim, vont être rapprochées. Christophe Boulanger succède à Philippe Couvrecelle à la présidence du directoire d’Edram et conduira le projet au côté de Guillaume Poli.

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