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23/03/2012

Steve Eisman launches a hedge fund

The former manager of FrontPoint Partners, Steve Eisman, who gained fame for betting against sub-prime mortgage debt, has raised USD22.9bn for his new hedge fund, Emrys Onshore Fund, which has been available since 1 March, Bloomberg reports. In 2010, Eisman managed more than USD1bn at FrontPoint, before leaving the firm last year.
23/03/2012

ESMA publishes its first findings on supervision of ratings agencies

The European Securities Markets Authority (ESMA) on 22 March published its first findings on the supervision of ratings agencies, including the results of its first on-side inspections, undertaken in December last year at the three major ratings agencies, Fitch Ratings, Moody’s Investor Services and Standard & Poor’s. ESMA has already identified several areas for improvement, including transparency of ratings methodologies, the presentation of ratings information, control of IT systems, registration of internal decisions and processes, and resources dedicated to internal control functions and analytical activities. ESMA says the publication of the report represents “an important first step in the promotion of quality ratings.” The Authority has not determined whether the observations contained in the report represent infractions of regulations governing ratings agencies. But ESMA will follow up its remarks with risk reduction plans for each of the agencies by the end of first half.
23/03/2012

US money market funds continue to come back to euro zone banks

U.S. prime money market fund (MMF) exposure trends to European banks continued to stabilize in February 2012, according to a Fitch Ratings report. Fitch believes a balance appears to be emerging after the relatively large reductions in allocations to eurozone banks during the second-half of 2011. Exposures to eurozone banks increased by 21%. MMF allocations to French, German and Dutch institutions accounted for this increase. Although MMF exposure to eurozone banks increased in each of the last two months, exposures remain more than 60% below end-May 2011 levels.
23/03/2012

Appointment to Markets Directorate at AMF

The French financial market authority (AMF) on 22 March announced the appointment of Philippe Guilllot as director in the Markets Directorate, effective from 19 March 2012. The Markets Directorate is a new entity created in 2011, to monitor and oversee the markets, infrastructure and market actors. With 40 employees, it is a part of the Asset Management and Markets Directorate, led by Arnaud Oseredczuk.
23/03/2012

M&G wants a place in the top 5 foreign firms in Spain

After six years of being present in the country, M&G Investments has EUR1.2bn in assets in Spain, and can claim to have posted net inflows in 2011, Funds People reports. Ignacio Rodríguez Añino, director of sales for Spain and Portugal, says that the British firm is hoping to become one of the five largest international asset management firms in Spain.
23/03/2012

Mirabaud creates a Sports, Art & Culture unit in Spain

Ferran Martínez Garriga, a former professional basketball player who has recently moved from the UBS private bank to Banco Sabadell, has been hired by Mirabaud as CEO of its new business unit in Spain Mirabaud Sports, Art & Culture unit, which provides personalised private banking for professionals in sports and culture. The decision to set up a new business unit specialised in meeting the needs of professionals in sports and culture is predicated on the unique characteristics of this group, whose earnings potential is restricted to a short period of time.Mirabaud estimates that the Spanish market for professionals in sport and culture is worth nearly EUR 3.9 billion a year, with professional athletes representing 54% and professionals and companies related to art, culture and show business in general accounting for the remaining 46%.
23/03/2012

Asian hedge funds do better than their international rivals

Asian hedge fund managers outside Japan in February outperformed their international rivals, according to statistics from Eurekahedge. The cause of this development was an average performance of 14% for event-driven strategies. Asia ex Japan hedge funds last month earned returns of 4.32%, nearly double the gains for the European competition (2.2%), and far better than the 1.7% performance observed in the United States. In a two-month period, Asian hedge funds have posted returns of 8.79%, compared with 5% for their European counterparts and 4% for their US rivals. Net inflows to Asian hedge funds totalled USD300m in February, compared with over USD11bn for the sector worldwide. Assets under management in the Asian region totalled USD111.5bn at the end of February, compared with USD1.75trn worldwide.
23/03/2012

Pacific Securities to found an asset management firm in China

The Chinese regulator, the CSRC, has authorised Pacific Securities to create an asset management firm in China, Z-Ben Advisors reports. Z-Ben Advisors says that at the end of 2011, assets under management by brokerage firms totalled CNY138bn, while mutual funds represented a volume of CNY2trn.
23/03/2012

Christof Kutscher leaves UBS Global AM

Asian Investor reports that Christof Kuscher, CEO for Asia-Pacific at UBS Global Asset Management, a big name in the Asian asset management sector, has resigned. Kutscher joined UBS Global AM in 1995, and took over as director for the Asia-Pacific region in 2004.
23/03/2012

ACPI bets on Indian bonds

The British asset management firm ACPI Investment Managers will launch a bond fund dedicated to Indian government bonds and corporate bonds supported by the Indian government, Investment Europe reports. The ACPI India Fixed Income Ucits fund may hope for a tripple appreciation of high yield, liquidity and currency, says Madilean Coen, head of international distribution for the wealth management unit. Indian government bonds currently offer returns of nearly 8.5%. The long-only fund, which offers daily liquidity and is available on the Skandia platform, charges an annual management commission of 1.5%.
23/03/2012

Sequent Capital launches a managed futures programme

The London-based CTA specialist, Sequent Capital, has announced the launch of a managed futures programme on the dbSelect platform from Deutsche Bank. The programme in question, Sequent CTA – Fundamental Diversified (V12), uses trading systems which are based on pricing factors and fundamental factors for each of 50 macro instruments in the four sectors it covers: currencies, bonds, equity indices, and commodities.
23/03/2012

RMG Wealth launches a multi-asset class fund

Jersey-domiciled asset management boutique RMG Wealth Management has launched a global multi-asset class fund, the RMG Real Return Fund, Fund Web reports.The offshore fund, managed by the chief investment officer of RMG Wealth, Stewart Richardson, initially had GBP13.1m in assets under management.“We estimate that a simplified strategy based on ‘euphoric buying and hysterical selling’ may succeed, as tactical management is the key to this strategy,” Richardson says.
23/03/2012

Lombard Odier enters Australian market

The Swiss firm Lombard Odier has signed a partnership with the Australian wealth management firm JBWere, Investment Europe reports. In Asia-Pacific, the Geneva-based firm had already been present in Hong Kong, Tokyo and Singapore.
23/03/2012

Global head of equities leaves Henderson

Henderson Global Investors has announced the departure of Neil Rogan, its global head of equities, who has resigned to spend more time with his family, Citywire reports. He joined Henderson in April 2011, after its acquisition of Gartmore. He will be replaced by Matthew Beesley, who joins the firm from Trinity Asset Management.
23/03/2012

British LLMA association launches longevity indices

The British Life and Longevity Markets Association (LLMA) has announced the launch of several longevity indices. The indices will be a global reference for the transfer of longevity and mortality risks to investors and other counterparties. The four indices offered by the association include England, Wales, the Netherlands and the United States.
23/03/2012

John Botham leaves Aviva Investors

Aviva Investors has parted with John Botham as part of a restructuring of its European equities desk, Investment Week reports.The fund previously managed by Botham, Aviva Investors European Equity fund, with assets under mamagement of GBP152m, will now be managed by Mark Denham, a member of the desk since 2003.Two other managers from the European equities desk have been dismissed: Rita Dhut and Philip Parker.
23/03/2012

Un économiste de BNP Paribas proposé à la BoJ

Le gouvernement japonais a proposé Ryutaro Kono, chef économiste chez BNP Paribas Securities au Japon, comme candidat pour rejoindre les huit autres gouverneurs qui composent le comité de politique monétaire de la Banque centrale du pays, pour un mandat de cinq ans. L’expiration du mandat de Seiji Nakamura le 4 avril prochain laisse un siège vacant.
Romain Verzier - VINCI CONCESSIONS
23/03/2012

Un pas de plus vers la convertibilité du yuan

La banque centrale d’Australie et la Banque Populaire de Chine ont annoncé avoir signé un accord de swap de change de 30 milliards de dollars australiens ou 200 milliards de yuan (24 milliards d’euros) pour une durée initiale de trois ans. «Le but principal de cet accord d’échange est de soutenir les échanges commerciaux et les investissements entre la Chine et l’Australie, particulièrement en monnaies locales, et de renforcer la coopération bilatérale financière» indique la RBA.
23/03/2012

BATS Global en bas de fourchette

L’opérateur boursier américain a selon Reuters, de source bancaire, établi le prix de son introduction en Bourse à 16 dollars pour chacun des 6,3 millions de titres proposés, au point bas d’une fourchette indicative qui montait jusqu’à 18 dollars. La valorisation de BATS Global Markets, qui n’émet aucune nouvelle action à cette occasion, ressort ainsi à 760 millions.
23/03/2012

Activité stable pour Viel & Cie

La société a dégagé en 2011 un chiffre d’affaires consolidé des filiales opérationnelles de 900,2 millions d’euros, en baisse de 0,2 % à cours de change courants. Le résultat d’exploitation consolidé s’élève à 47,5 millions d’euros, contre 58,1 millions. Le résultat des sociétés mises en équivalence atteint seulement 1,3 million d’euros et le résultat net ressort à 16,2 millions d’euros, contre 38,4 millions en 2010.
23/03/2012

Hawkpoint Partners rejoint Cannacord

La banque d’affaires a annoncé le succès de l’offre publique d’achat amicale du groupe canadien de services financiers Canaccord sur sa maison mère Collins Stewart. Ce rapprochement offre, selon ses acteurs, une complémentarité, à la fois géographique, sectorielle et « produits ». Via ses enseignes Canaccord et Genuity, le groupe Canaccord revendique notamment une expertise dans les secteurs liés aux ressources naturelles.
23/03/2012

Nomination à la direction des marchés de l'AMF

Philippe Guillot a été nommé à la tête de la direction des marchés. Sa prise de poste a été effective le 19 mars. La direction des marchés est une nouvelle entité créée en 2011 pour le suivi et la surveillance des marchés, des infrastructures et des acteurs du marché. Forte d’une quarantaine de collaborateurs, elle est rattachée à la direction de la gestion d’actifs et des marchés pilotée par Arnaud Oseredczuk.
23/03/2012

Les fonds monétaires américains stabilisent leur exposition en euro

Selon un rapport de l’agence Fitch, l’exposition des fonds monétaires américains aux banques de la zone euro a continué à se stabiliser en février. Fitch estime qu’un équilibre semble émerger. L’exposition globale de ces fonds aux banques européennes a décliné de 4%, tandis que celle aux établissements de la zone euro a augmenté de 21%. Les banques françaises, allemandes et néerlandaises ont été particulièrement entourées. Bien que les expositions aux banques de la zone euro s’affichent en hausse sur les deux derniers mois, elles restent encore inférieures de plus de 60% aux niveaux de la fin mai 2011. «Même si l’attitude des fonds monétaires vis-à-vis des banques de la zone euro continue à s’améliorer, ces banques pourraient être moins enclines à dépendre des fonds comme source de financement en dollar à court terme », souligne Martin Hansen, directeur senior chez Fitch.
23/03/2012

Nyse Euronext ne s’opposera pas au veto de Bruxelles

L’opérateur boursier a annoncé qu’il ne contesterait pas la décision de la Commission européenne d’empêcher sa fusion avec Deutsche Börse. L’exécutif communautaire avait annoncé le 1er février bloquer ce projet de rapprochement, en arguant du risque de voir émerger un «quasi-monopole» pour les transactions sur les produits dérivés. Deutsche Börse a fait part de son intention de porter plainte.

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