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17/04/2012

One out of two institutionals votes against Botín at Santander

At the general shareholders’ meeting on 30 March, Emilio Botín’s re-election as chairman of Santander received a «no» vote from 24.27% of those present, all institutional investors. This means that slightly over 42% of institutional investors, who control 57% of capital in the firm, voted against the re-election of a chairman who has been in place for 26 yeasr, Cotizalia reports. As the bank’s annual accounts were approved with a majority larger than 95%, the conclusion is that institutionals would like to see changes at the top of the group.
17/04/2012

Thomson Reuters launches a credit risk evaluation model

The solution provider Thomson Reuters on 16 April launched its credit risk evaluation model, the StarMine SmartRatios Credit Risk Model. The new model takes into account various accounting ratios covering five areas: profitability, coverage, leverage, liquidity and growth, on scales of 1 to 100, so as to rapidly identify strengths and weaknesses of a business on the credit risk front.
17/04/2012

Strong increase in net subscriptions for Polar Capital

The asset management firm Polar Capital on 16 April announced that its assets under management had topped USD5bn as of 31 March 2012, with a total of USD5.083bn, compared with USD4.24bn as of the end of December 2011 and USD3.88bn at the end of March 2011. Assets in long-only funds as of the end of March totalled USD4.36bn, while hedge funds had USD718m. Polar capital says in a market statement that in the twelve months to the end of March, net inflows have totalled USD1.11bn for long-only funds, while hedge funds have seen outflows of USD67m in the same period. Market and forex effects represent a positive balance of USD164m, of which USD150m is for long-only funds.
17/04/2012

Hedge funds desert Mayfair neighbourhood of London

Hedge funds have begun to desert the fashionable Mayfair neighbourhood of London for more modest areas in the British capital, the Financial Times reports. Due to the difficult market environment, toughening regulations and rising taxes, fewer and fewer hedge fund managers are able to rent offices in Mayfair and St James. Half of all managers based in London are now located in these two areas, compared with 70% two years ago, according to statistics from Cushman and Wakefield.
17/04/2012

Efama defends ISIN codes

The European Fund and Asset Management Association (EFAMA) has pointed out the importance of the EU Commission decision of 15 November 2011 to accept commitments by the ratings agency Standard & Poor’s in relation to billing for international securities identification number (ISIN) codes, in a public statement dated 16 April.The Commission had decided to legally require the ratings agency to honour its commitments, including a commitment to discontinue royalties paid to banks for the use of ISIN codes in the European economic area, and ISIN numbers for securities issued in the United States. In a complaint filed in November 2009, the Commission expressed concern that S&P, the only national ratings agency covering securities issued in the United States, was able to charge excessive fees for the use of ISIN numbers and their dissemination in Europe, in violation of European monopoly and competition regulations.Efama stresses that this decision is a major victory for the European financial services industry which will save approximately USD100m per annum in ISIN license fees going forward. Efama deplores that S&P has failed to cooperate voluntarily with the financial services industry in the EU in the past and still does not want to address valid user concerns. Therefore, EFAMA, and several other entities, including the German financial management association (BVI), the Commission in charge of services and IT systems serving market operators (Cossiom), part of the Forex and bank treasury association (ACI France), the British Information Provider User Group (IPUG), and its Swiss counterpart, SIPUG, have launched a complaint in Switzerland with the relevant competition authority to require Standard & Poor’s to enact its commitments on ISIN numbers in Switzerland also.
17/04/2012

Anthony Bolton to continue to manage China fund until 2014

Anthony Bolton will be extending his minimal tenure as portfolio manager for the Fidelity China Special Situations fund for one year, until April 2014, according to a statement released to the London Stock Exchange, where the product is listed.The star manager had initially planned to remain until April 2013.The Fidelity China Special Situations fund, which raised GBP460m at its launch in 2010, has so far delivered disappointing performance. In December 2011, it had lost 38% since its creation.
17/04/2012

La Mondiale Europartner plans to start up on British market

The French AG2R La Mondiale group is reportedly soon to enter the British market via its international wealth management unit, La Mondiale Europartner (LMEP), a firm listed in Luxembourg, Investment Europe reports. Assets under management at LMEP, which is 65% controlled by La Mondiale and 35% by Aegon, total over EUR4bn.
17/04/2012

Skybridge Capital adds to sales teams

The hedge fund management firm Skybridge Capital, whose assets under management and advising total about USD6.2bn (as of the end of February 2012), has recruited five people for its distribution teams in the United States and Europe, Hedgeweek reports. In addition to four people in the United States, Skybridge Capital has recruited Henrik P Molin as director of marketing for European activities of the firm. Molin, who will be based in Zurich, has previously worked at businesses including Systeia Capital Management.
17/04/2012

CalPERS creates a position for a head of risk, deontology and ethics

The Californian pension fund CalPERS has announced the appointment of Kathleen Webb to the newly-created position of chief officer for risk, deontology and ethics. In her new role, Webb will be in charge of offering independent evaluation of all types of risk likely to affect the pension fund, including financial, legal, operational, political, strategic, and other risks. She will also act as an adviser and independent consultant on the CalPERS risk committee. Webb will report to Russ Fong, chief financial officer of CalPERS. She will begin on 23 April. Webb previously worked in the California state health department, where she was in charge of risk management.
17/04/2012

Three promotions at Edmond de Rothschild Capital Partners

The Edmond de Rothschild Capital Partners company on Monday, 16 April announced three promotions in its team. Sylvie Verges is appointed as a partner, while Bertrand Demesse and Louis-Antoine Roullier are both appointed as managing partner at the firm. Edmond de Rothschild Capital Partners has EUR530m in assets under management in three funds, dedicated to growth LBOs in the French midcap segment.
17/04/2012

MIG bank sets up shop in Hong Kong

The Swiss firm MIG Bank, which offers online trading services to private and institutional clients, is opening a representative office in Hong Kong. The measure is a first step in a growth plan for the bank in Asia, the firm says in a statement published on 16 April. MIG Bank is specialised in online forex trading, contracts for difference (CFD) and trading of precious metals for various private and institutional clients in 120 countries.
17/04/2012

Ping An Russell launches a manager of managers fund

With Bank of Communication International Trust, Ping An Russell will be launching a Manager of Managers fund in China, which will be aimed at institutional investors, holders of QFII licenses, and retail clients, Z-Ben Advisors reports. The team will look for fund managers in continental China, as well specialists in mutual funds as of private funds, brokerage and QFII products.
17/04/2012

Universal “dircom” takes on sales duties as well

Henning Stegmayer, director of marketing and communications at Universal-Investment, has been additionally appointed as a member of the board at the distribution affiliate Universal-Vertriebs-Services GmbH (UVS), alongside Christian Rauner, director of the private label funds & services unit.The marriage of marketing and sales aims to promote sales of white label products to new partners, and sales in non-German-speaking countries.As of the end of March, Universal-Investment managed 406 open-ended funds with total assets of EUR14.4bn, 80 more funds and EUR2bn more than two years previously.
17/04/2012

Asian institutionals turn to ETPs

State Street Global Advisors (SSgA) reports that the ETP market in Singapore and the rest of Asia has a bright future. “Surveys of local institutional investors have found that they would like to increase the proportion of their allocations dedicated to ETPs in the near future. A 2011 survey finds that 48% of institutionals surveyed would like to increase their exposure to this type of product, half of them by more than 5%, by 2013,” a statement from State Street says.
17/04/2012

IOSCO and CPSS publish principles for market infrastructure

The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) on April 16 published three documents that promote global efforts to strengthen financial market infrastructures (FMIs): a report entitled Principles for financial market infrastructures; a consultation paper on an Assessment methodology for these new standards; and a consultation paper on a Disclosure framework for the standards.Comments on these two documents for public consultation should be sent by 15 June 2012. The CPSS and IOSCO, together with the Financial Stability Board, are also working on guidance for designing resolution regimes for FMIs. This work will be published in the coming months.
17/04/2012

Asset management unit of Barclays adds to range of services in Asia

Barclays Capital Fund Solutions, the asset management unit of the British Barclays froup, will this week commence activities serving investors in Asia, Asian Investor reports. The new range of services, which is already well-developed in Europe and the United States, provides a way for institutional investors to outsource operations such as execution and risk management, particularly for non-traditional asset classes such as commodities, emerging markets, and derivatives. Barclays is aiming particularly at pension funds, sovereign funds and private banks.
17/04/2012

London remains a major hedge fund centre

London remains the largest centre for hedge fund managers outside the United States, with 57 firms managing at least USD1bn each (not counting the London offices of the 100 main US hedge fund firms), Financial Times Fund Management reports, citing figures from HedgeFundIntelligence. An increase in taxes and regulations does not appear to have driven hedge fund managers away.
17/04/2012

Charles Schwab subit une baisse des commissions de gestion

Le courtier a vu son bénéfice fondre de 20% au premier trimestre à 195 millions de dollars. Les revenus ont reculé de 1% à 1,19 milliard de dollars. Les commissions de gestion ont baissé pour leur part de 4% à 484 millions de dollars, tandis que les dépenses liées aux rémunérations ont augmenté de 6% à 465 millions de dollars.
17/04/2012

Les Perco ont poursuivi leur progression en 2011

L’encours total géré dans les Perco (Plan d’Epargne pour la Retraite Collectif) s’établit au 31 décembre 2011 à 5 milliards d’euros, en hausse de près de 25 % par rapport au 31 décembre 2010, indique l’AFG, l’association française de la gestion financière. Fin 2011, ils bénéficient à près de 1 million de salariés actifs dans près de 150.000 entreprises. Au cours de l’année 2011, le nombre d’entreprises équipées a augmenté de 20 %.
17/04/2012

Moody's ne voit pas de raison d'agir sur la note française le 12 mai

L’agence de notation n’a «pas de raison particulière» d’agir ou de communiquer sur la note souveraine de la France le 12 mai, a déclaré lundi une porte-parole. Moody’s a ainsi réagi à des propos de François Hollande, le candidat socialiste à la présidentielle, qui avait dit s’attendre à une décision de l’agence de notation à cette date. Le placement sous perspective négative d’une note de crédit par Moody’s n’entraîne pas nécessairement de décision sous 90 jours, contrairement à l’annonce d’un examen de la note en vue de sa dégradation.
17/04/2012

Le contrat à terme sur OAT démarre mollement

Démarrage timide hier pour le contrat à terme sur la dette française sur Eurex, avec un volume d'échange limité, selon des professionnels. En fin d’après-midi, l’Euro-OAT-Futures échéance juin perdait 0,6% à 125,26. Sur le marché au comptant, l’OAT de référence à 10 ans subissait à la fois le retour des craintes entourant les dettes souveraines en zone euro et l’approche du premier tour de l'élection présidentielle.
17/04/2012

Bras de fer pour le contrôle de la SNCM

Veolia demande selon le site internet une modification du pacte d’actionnaires au sein de la SNCM afin de lui permettre de céder sa participation de 66% à l’Etat. Ce dernier s’oppose à cette initiative et demande une vision à long terme sur l’avenir de la SNCM. De quoi menacer à nouveau l’avenir de la société de transport maritime.
17/04/2012

Le LME fait une place au yuan

Le London Metal Exchange s’apprête à faire preuve de réalisme économique. Après 135 années d’existence, le marché à terme sur les métaux londonien songe à offrir aux opérateurs la possibilité de compenser leurs contrats en yuan. En parallèle, le LME pourrait abandonner la livre. Le contrat de référence resterait libellé en dollars. Ce projet, qui n’en serait qu’à un stade préliminaire, mettrait en lumière le nouvel ordre mondial sur les marchés, la Chine représentant désormais plus de 40% de la demande mondiale pour la plupart des métaux et une part en forte croissance de l’activité du LME. «Je n’ai pas négocié de contrat en livres depuis cinq ans» reconnaît un courtier.
17/04/2012

L'Espagne passe un test périlleux

Le pays doit émettre jeudi des emprunts à trois et dix ans alors que ses taux longs sont repassés hier au-dessus de 6%. Aucune détente n’est anticipée.

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