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12/06/2012

Five new ETFs from UBS Global AM listed in Frankfurt

Since 11 June, the XTF segment of the Xetra platform (Deutsche Börse) lists 986 ETFs, with the addition to trading of five new Irish-registered products from UBS Global Asset Management, four of which are baseed on the MSCI Canada and Japan indices (two each) and one on the FTSE 100. TER ranges from 0.28% to 0.50%.
12/06/2012

Vanguard authorised to sell ETFs in Germany

The US firm Vanguard has received a sales license from BaFin to sell five ETFs in Germany (based on the FTSE 100, S&P 500, FTSE All World, FTSE Emerging Markets and gilts), which were admitted to trading on the London Stock Exchange (LSE) in late May. It is not yet known, however, if the issuer will apply to list these products on Deutsche Börse, Handelsblatt reportts. Tim Huver, product manager, has not yet indicated how Vanguard is planning to market the products in Germany. For the moment, the US asset management firm has no representative office in the country. Its strategy on the German market will be defined in the next four weeks.
12/06/2012

Amundi signs management partnership with Macquarie IM

Amundi, via the managed account platform Amundi Alternative Investments, has awarded the fixed income and currencies team at Macquarie Investment Management (MIM) a mandate for EUR80m, in order to actively trade G10 currencies (US, Canada, UK, euro region, Switzerland, Sweden, Norway, Japan, Australia and New Zealand).Amundi Alternative Investments has nearly EUR8bn in assets under management, according to a statement, of which EUR1.7bn are on its managed account platform. The firm employs 100 professionals worldwide (Paris, New York, London, Tokyo). Amundi Alternative Investments, designs and structures alternative multi-management product solutions within a European regulatory framework, domiciled in Ireland under the MiFID Directive.For its part, MIM has been managing fixed income and currency portfolios for over 40 years, and now has a team of over 100 professionals based in Sydney, Philadelphia and London. Its assets total over EUR120bn for fixed income and currency products.
12/06/2012

Liontrust changes the names of three funds

The name of the Liontrust funds «CF Walker Crips UK Growth,” «CF Walker Crips Equity Income» and «CF Walker Crips UK Hight Alpha funds» have been changed to «CF Liontrust Macro UK Growth,» «CF Liontrust Macro Equity Income» and «CF Liontrust Macro UK Hight Alpha funds» respectively, a statement announced yesterday. The decision follows the acqusition of Walker Crips Asset Managers Limited (WCAM) by Liontrust Asset Management PLC on 12 April 2012. The funds in question will continue to be managed by Stephen Bailey and Jan Luthman.
12/06/2012

Hedge fund managers turn to TPM

Demand by hedge fund managers for solutions from third party marketers (TPM) is on the rise, according to Agecroft Partners, Investment Europe reports. This development is reportedly related to small and mid-sized hedge funds, which with the financial crisis, have become aware of the importance of distribution and marketing of their product ranges via TPM providers. Between third quarter 2008 and 2010, net inflows in the hedge fund sector have remained concentrated on a small group of actors whose assets under management total over USD5bn. But from 2011, mid-sized structures have managed to drive their brands and compete with major alternative management actors, Agecroft Partners observes.
12/06/2012

Alstom and FSI sign agreement to acquire Translohr

Alstom and the Strategic Investment Fund (FSI) on 11 June announced in a joint statement that they are taking over Translohr, a guided bus manufacturing affiliate of the Alsacian business Lohr, for a total of EUR35m. Alstom and the FSI have announced in a joint statement that they are taking over 51% and 49%, respectively, of capital in Translohr as part of an agreement which will be finalised “at the conclusion of current procedures, information processes and approval by the relevant authorities.” The Lohr grou[, based in Duppingheim (lower Rhine), has a total of 940 employees, and submitted its balance sheet on 4 June. The future of the business, which is facing debts of EUR94m and earnings which have fallen to one third of their 2008 levels since the onset of the economic crisis, is the subject of negotiations with the productivity recovery ministry.
12/06/2012

BNP Paribas planning to sell asset management activities

BNP Paribas is in the process of studying alternatives for its asset management activities, according to Financial News, citing several sources. Fauchier Partners, a fund of hedge fund firm with USD7bn in assets under management, is considered a clear candidate for sale, due to its relative indepenndence. Fischer Francis Trees & Watts, a bond management firm owned wholly by BNP Paribas, is also seen as an attrractive candidate for sale by investment bankers.
12/06/2012

Geneviève Werner leaves Efigest

“Due to differences of opinion about the management of the business,” Geneviève Werner on 8 June 2012 resigned from her positions as deputy CEO and director of the asset management firm Efigest Asset Management, which she joined in late August 2011 from IT Asset Management. According to reports received by Newsmanagers, Werner is now considering other projects, and has not ruled out founding her own firm.Efigest for its part, claims it has been a victim of unfair competition from Geneviève Werner.
12/06/2012

Swedish investors pull out of equity funds

In May, equity funds on sale in Sweden for the second consecutive month have recorded net outflows, totalling SEK9.7bn, or EUR1.09bn, according to the most recent statistics from Fondbolagens Förening, the Swedish investment fund association. Outflows form equities profited bond and money market funds, which posted net inflows of SEK4bn (EUR0.45bn) and SEK4.6bn (EUR0.52bn), respectively. Balanced funds, meanwhile, have seen inflows of SEK1.1bn (EUR0.12bn). These inflows, however, were not enough to compensate for overall redemptions, as funds on sale in Sweden saw outflows of SEK0.7bn (EUR0.08bn). As of the end of May, Swedish funds managed a total of SEK1.892trn (EUR213bn), of which SEK998bn (EUR112.4bn) were in equity funds.
12/06/2012

High net worth retail investors have about 10% of their assets in precious metals

About 10% of the total wealth of high net worth retail investors are held in the form of precious metals, according to a study published on 11 June in Geneva in the Barclays Wealth Insights series. This figure is 18% for high net worth invetors in the United Arab Emirates.In Brazil, China and Singapore, precious objects represent an average of one sixth of total wealth, while the percentage is lower in Switzerland (6%), the United Kingdom (7%) and India (3%). For its survey, the bank spoke to 2000 high net worth retail clients worldwide. One third of them have confirmed that they currently have a larger range of precious objects than five years ago.Despite growing public interest in collectible objects and record prices at auctions, the report finds that investors are more likely to buy assets for sentimental than financial reasons. 62% of precious objects owned by respondents worldwide were bought for pleasure, compared with 60% in Switzerland, as much as 79% in Monaco and 75% in the United Arab Emirates.Greg Davies, head of the department dedicated to behavioural finance at Barclays, remarks that “it is a good idea to be prudent before considering assets as a direct alternative to traditional asset classes, given that they carry numerous risks, ranging from insurance and maintenance costs to the subjective nature of markets.”
12/06/2012

S&P Capital IQ launches an advising service

With Global Markets Intelligence (GMI), S&P Capital IQ has created an advisory operation which provides asset managers with risk-based, non-discretionary services for equity and fixed portfolio strategies, asset allocation and fund review. Currently, GMI advises assets totalling USD18bn. The new service is distributed by S&P Investment Advisory Services in the United States, and by McGraw Hill Research Europe Ltd in the United Kingdom and Western Europe, relying on the proprietary resources of S&P Captial IQ in data, analysis and research. The characteristic of GMI is that its methodologies integrate risk mitigation as a core element, and not as a separate overlay, a statement released on 11 June states.
12/06/2012

Bonds still favoured by investors

The combined forces of disappointing employment data in the US and another week of no clear policy consensus in Europe, along with the fear that Chinese economic growth is slowing faster than previously thought, rattled global markets and encouraged investors to stay on course with the current bond buying spree while continuing to dump equities.In the week ending June 6 EPFR global tracked fixed income funds absorbed another USD3.4 billion of inflows, their 31st consecutive weekly inflow and extending YTD total inflows to about USD190 billion, a pace that is set to break the full year inflow record set in 2010.Investors were retreating from the perceived higher risk of equities as they made net withdrawals of USD7.6 billion from Equity Funds during the week, the second strongest weekly outflow this year.Meanwhile, money market Funds attracted nearly USD9 billion of net inflows, but it was only European based investors feeling the love for this cash equivalent and ultra-low yielding fund vehicle, pumping in nearly USD13 billion of net inflows while US domiciled Money Market Funds saw another week of substantial withdrawals. So far this year Europe domiciled funds have taken in about USD38 billion of net inflows while the US domiciled funds have seen USD107 billion of redemptions.
12/06/2012

India may be the first BRIC country to lose its investment grade rating

India may be the first of the BRIC countries (Brazil, Russia, India and China) to lose its status as an investment grade country (BBB-) Standard & Poor’s announced on 11 June, two months after putting the rating on a negative watch. “The slowdown in GDP growth and political obstacles to economic decisions are among the factors which are increasing risk, and may see India lost its investment grade rating,” the ratings agency says. Growth in Indian GDP totalled 5.3% in first quarter, the lowest level in nine years, and “inability to more extensively liberalise the economy may reduce long-term growth potential for India, and thus affect its sovereign rating,” Standard & Poor’s indicates.
12/06/2012
Gestion d'actifs

EDF étudie la possibilité d'investir en immobilier et souhaite donner davantage de place aux émergents

Fin 2011, les encours sous gestion s'élevaient à 26,7 milliards d’euros, dont 15,7 milliards d’euros d’actifs liés au démantèlement de sites nucléaires, 7,3 milliards d’euros d'épargne retraite. L’allocation d’actifs retenue depuis 2007 pour le portefeuille dédié à la couverture des engagements nucléaires est de 50% en actions et 50% en obligations. La décision de faire évoluer cette répartition est prise directement par la division de la gestion d’actifs qui en délègue ensuite la gestion. Bernard Descreux, directeur de la division gestion d’actifs chez EDF dans un entretien paru dans Option Finance numéro 1175: Dans le cadre de la retraite, nous sélectionnons les assureurs et les sociétés de gestion. Les premiers mettent en place les contrats de retraite tandis que les secondes s’occupent de l’allocation d’actifs, qui est composée en moyenne de 70% d’obligations et de 30% d’actions. Nous travaillons avec une dizaine d’assureurs et de sociétés de gestion, ce qui nous permet de bien répartir les risques et de diversifier le portefeuille car nous sélectionnons des gérants avec des approches de gestion différentes. Pour ce qui est de notre allocation d’actifs, nous comptons ouvrir davantage nos investissements dans les pays émergents, et nous étudions également la possibilité d’investir en immobilier, même si nous ne sommes pas exposés pour le moment à cette classe d’actifs.
Gestion d'actifs
12/06/2012

Le patrimoine des ménages américains a fondu

D’après une étude de la Réserve fédérale, la famille américaine moyenne a perdu 38,8% de sa richesse entre 2007 et 2010, les pertes les plus importantes affectant les ménages avec le plus d’actifs liés à l’immobilier. Le patrimoine médian net a ainsi décliné de 126.400 dollars en 2007 à 77.300 dollars en 2010.
12/06/2012

Les régulateurs s’inquiètent de la mise en œuvre européenne de Bâle 3

Dans un rapport qui sera présenté ce mois-ci au G20, le Comité de Bâle (CESB) indique vouloir résoudre des problèmes de «cohérence» dans l’application des normes dites Bâle 3 en Europe. «Les conclusions de cette étude sont préliminaires. Néanmoins, il est possible que la mise en œuvre nationale soit plus faible dans certains domaines que les standards conclus au niveau mondial», souligne le rapport. «L’examen initial a identifié un grand nombre d’éléments dans les propositions actuelles de l’Union européenne sur Bâle 3 qui nécessiteront un approfondissement supplémentaire», ajoute-t-il. Les inquiétudes du Comité concernent notamment la définition du capital par l’UE ou encore la capacité de certains instruments à pleinement absorber les pertes. En revanche, le CESB estime que l’approche du Japon, par exemple, «suggère une forte cohérence» avec l’essentiel de Bâle 3.
12/06/2012

Apax et JMI s’offrent Paradigm

Les acquéreurs ont convenu de verser environ un milliard de dollars en numéraire pour acquérir l’éditeur de logiciels, dont la technologie aide les compagnies pétrolières et gazières à analyser les perspectives de forage. Paradigm a appartenu au cours des dix dernières années au fonds américain Fox Paine, ce dernier multipliant par dix son investissement.
12/06/2012

Hausse modeste des nouveaux prêts bancaires en Chine

Au mois de mai, les nouveaux prêts octroyés par les banques chinoises ont atteint 793,2 milliards de yuans, contre 681,8 milliards en avril. La proportion de prêts à moyen et long terme est passée de 28% en avril à 34% en mai, indiquant que les crédits «ont probablement un impact légèrement meilleur sur l'économie» selon Frances Cheung, économiste chez CA-CIB.
12/06/2012

La CDC réaffirme l’importance du FSI

Alors que la structure de la future Banque publique d’investissement sera précisée fin juillet, le pilier du financement en fonds propres «reposera sur le FSI et CDC Entreprises» a assuré hier une source proche de la Caisse des dépôts à L’Agefi. «Les entreprises ont besoin d’un outil du type Fonds stratégique d’investissement», poursuit-on rue de Lille. La Caisse des dépôts entend être l’actionnaire, avec l’Etat, de la holding qui coiffera la future banque publique (L’Agefi du 11 juin).
12/06/2012

Le FMI met en garde le Japon

Le gouvernement japonais doit impérativement faire voter la loi sur l’augmentation de la TVA dans le cadre de son plan de réforme fiscal afin de démontrer sa volonté de respecter ses engagements en matière budgétaire, a estimé le FMI dans un rapport rendu public ce matin. Et l’institution d’ajouter que la crise européenne devrait entrainer une appréciation du yen à un niveau qui menace les perspectives de croissance.
12/06/2012

La BoJ prône une flexibilité des changes en Asie

Le gouverneur de la Banque du Japon, Masaaki Shirakawa, a indiqué qu’il était «impératif que chaque économie influente d’Asie maintienne un niveau suffisant de flexibilité de son taux de change». Un manque de flexibilité pouvant conduire à de forts mouvements dans les flux de capitaux.
12/06/2012

Bercy souhaite taxer à la source l’ensemble des OPCVM

Le quotidien souligne que l’AFG, Association française de la gestion financière, «est reçue cet après-midi à Bercy pour discuter des différentes options sur la table». En jeu, les règles d’imposition des dividendes perçus par les OPCVM. Condamné par la Cour de justice européenne pour inégalité de traitement des fonds français et étrangers, «le gouvernement ne peut pas se permettre d’attendre davantage» et envisage une retenue à la source généralisée.
12/06/2012

José Manuel Barroso plaide pour des décisions concertées

Dans un entretien accordé au journal, le président de la Commission européenne prône un accord entre les pays européens sur la nécessité de solutions communes. «Il y a aujourd’hui une conscience plus aigue parmi les Etats membres européens du besoin d’avancer en termes d’intégration, particulièrement dans la zone euro. C’est une des leçons de la crise» indique-t-il.
12/06/2012

Apax et Bain visent Genpact

Les sociétés de private equity Apax Partners et Bain Capital sont en course pour acquérir auprès d’Oak Hill Capital et de General Atlantic Partners une participation de 41% au capital de la société indienne de services technologiques, selon le quotidien. Carlyle aurait ainsi jeté l’éponge. L’offre des prétendants, qui pourrait solliciter des alliées, valoriserait la cible à quelque 3,4 milliards de dollars.

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