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23/02/2012

NGAM releases a US equity fund from Harris in Germany

BaFin has granted permission for the sale of the Concentrated U.S. Value fund, based on fundamentals for US firms. The product is from Natixis Global Asset Management and managed by Harris Associates. It invests in a concentrated portfolio of about 20 US large and midcaps. The fund is a sub-fund of the UCITS-compliant Sicav Natixis International Funds (Lux) I; it has already been available in the UK and Switzerland since the beginning of January.
23/02/2012

Deutsche Bank offers to liquidate a controversial fund

On Wednesday, Deutsche Bank announced that due to controversy and public outcry provoked by an article in Der Spiegel, it will soon be offering subscribers to the db Kompass Life 3 fund a means to rapidly redeem their shares, without dividends earned since investment. The synthetic product, launched in 2007, which had risen to a peak of EUR700m in assets according to Der Spiegel, pays returns depending on the life expectancy of a sample of 500 Americans aged 72 to 85. Due to its hypothetical structure, the fund has no relation with real life insurance policies, the bank says (see Newsmanagers of 6 February).
23/02/2012

UBS creates a wealth management operation in Tel Aviv

Kaspar Villiger, CEO of UBS, and Kobi Feigenbaum, CEO of UBS Wealth Management Israel, on 22 February announced the launch of UBS Wealth Management Investment House in Tel Aviv, which will be the first affiliate of a foreign bank in Israel to offer investment management services in shekels, with a team that speaks Hebrew, and investment management abroad, all of it in fully open architecture.The choice of Israel as a strategic market comes in the wake of an in-depth study which found that the country is one of the three top markets, along with Brazil and Russia, in terms of growth in the assets of retail investors, and opportunities to develop wealth management activities. In the rankings, Israel comes ahead of Mexico, Turkey and one of the largest Gulf countries, a statement says.
23/02/2012

Eaton Vance targets Asian institutionals

The US asset management firm Eaton Vance Asset Management International has announced that its affiliate Eaton Vance Management International Asia, based in Singapore, has received a license from the local financial regulator. It will offer institutional clients a range of funds and wealth management products. The entity is led by Robert White, and will serve in the future as a beachhead for development for the management firm in other Asian markets.
23/02/2012

Oddo AM closes Oddo Rendement 2017 to new investors

As specified in the prospectus, Oddo Asset Management will be closing the Oddo Rendement 2017 fund, launched in September last year (see Newsmanagers of 30 September 2011) to new subscribers at the end of March. The fund, which invests in a range of convertible and private bonds, has attracted nearly EUR450m in investment since its launch. The fund is currently earning 6.3%, with its largest allocations to France (35%), Portugal (11%), Germany (10%), Spain (10%), and Italy (also 10%).
23/02/2012

La Française AM releases a product to compete with euro-denominated funds

La Française AM has released a fund which the asset management firm is presenting as “an alternative solution to funds in euros.” The LFP Rendement 4x4 fund, which is eligible for investment from life insurance policies, is largely invested in fixed-income instruments. The objective is to outperform April 2016 OATs, over a renewable period of four years, through dynamic management of a diversified portfolio of bonds (with maturities simplar to the investment period, until April 2016). Characteristics: ISIN code: FR0011111137 Front-end fees: Maximum 3% including taxes, not paid into the fund Exit fees: none Management fee: 0.6% including taxes Minimal initial subscription: none Management objective: outperform April 2016 OATs Smallest unit: thousandths of one share
23/02/2012

State Street preparing a "5B" credit ETF

In an SEC filing obtained by ETF Daily News, State Street has announced the forthcoming launch of a crossover ETF fund which will use sampling to replicate the BofA Merrill Lynch US Diversified Crossover Corporate Index.The SPDR BofA Merrill Lynch Crossover Corporate Bond ETF, whose acronym on NYSE Arca will be XOVR, will invest in corporate bonds from US businesses denominated in US dollars, and rated an average of BBB1 to BB3 by Moody’s S&P and Fitch.Management commission levels have not yet been announced.
23/02/2012

Commerzbank lists 12 leveraged ETNs

Since Monday, 12 new ETNs from Commerzbank, all of them registered in Germany with fees of 0.50%, have been added to trading on the Xetra electronic platform from Deutsche Börse, bringing the number of these instruments listed in Frankfurt to 123.The ETNs replicate the evolution of DJIA Index Futures, NASDAQ-100 Futures and S&P 500 Futures incides, either long or short, with triple or quadruple leverage.
23/02/2012

RDR regulation favours ETFs

A British law forbidding kickback commissions to independent financial advisers planned to come into effect in 2013 with the passage of the Retail Distribution Review (RDR) is now boosting sales of ETFs, according to BlackRock, Investment Europe reports. Assets in iShares funds subscribed over ETF platforms rose 34% in 2011, to a total of GBP746m. Since first quarter 2010, the increase totals 175%. “With the law against commissions to independent financial advisers, ETFs are treated in the same way as other investment products. This development, coupled with the the low cost of ETFs and their easy availability on many markets, is a sign that the use of ETFs by independent financial advisers and discretionary managers will be likely to continue to increase,” the head of iShares UK, Davis Bower, says.
23/02/2012

Inflows up 10% last year at St James's Place

The wealth management firm St James’s Place has reported pre-tax profits of GBP109.7bn, compared with GBP84.2bn the previous year. Net inflows totalled GBP3.3bn, up 10% compared with the previous year. Assets under mangement in 2011 totalled GBP28.5bn, compared with GBP27bn as of the end of December 2010. As of the end of January, assets under management totalled GBP29.5bn, St James’s Place says in a statement.
23/02/2012

Skandia recruits from UBS

Skandia Investment Group has hired Warren Tonkinson as head of sales for the United Kingdom, Money Marketing reports. Tonkinson replaced Andrew Blair, who left the firm in September last year to join Mirabaud Investment Management, as co-head of sales and marketing. Tonkinson had previously worked at UBS, where he was head of strategic partnerships.
23/02/2012

Merchant Capital enters wealth management business

Merchant Capital has launched Merchant Wealth, its new private management affiliate. The entity will be led by Tom Evans, and will serve as a distribution channel for structured products and house funds from Merchant Capital, Investment Week reports.
23/02/2012

Thomson Reuters seeks to predict manager's equity picks

With the Smart Holdings model from StarMine, Thomson Reuters has put a product online which can predict what shares fund managers will be likely to add to their portfolios, and what shares they will be likely to sell. Based on the behaviour of institutional investors, Smart Holdings can identify shares which will gain or lose attractiveness for these managers in the following quarter. The model relies on various Thomson Reuters content dealing with shareholder structure, financial results at businesses, and an exclusive predictive system to measure revisions of analysts’ outlooks, entitled SmartEstimates. Smart Holdings is based on the premise that fund managers will tend to buy shares in businesses which have certain fundamental characteristics (price/earnings ratio, revisions to outlooks, price momentum). The model selected from among 25 widely-tracked factors are the ones which are most important for a given investor, which allows for the creation of a buyer profile for each fund, and this profile is then applied to about 40,000 equities worldwide. Backtesting over 15 years has shown that Smart Holdings produces stable results over the long term.
23/02/2012

db x-trackers launches an ETF fund with SCM Private

With SCM Private, which will determine the allocation on at least a monthly basis, db x-trackers (Deutsche Bank) has launched the ETF fund db x-trackers SCM Multi Asset ETF fund, which will rely on a total return strategy and may invest in most ETF or ETC funds from db x-trackers, Fundweb reports. The product will charge fees of 0.89%.
23/02/2012

Nicolas Sarkozy propose l'interdiction des retraites-chapeau

Le chef de l’Etat et candidat à un second mandat a proposé hier que les rémunérations des plus hauts dirigeants soient désormais votées par l’assemblée générale des actionnaires. Il s’est également prononcé pour l’interdiction des retraites-chapeau et des parachutes dorés. Concernant les salaires compris entre 1 et 1,2 fois le smic, il a plaidé pour une suppression de la part salariale des cotisations sociales. Chiffrée à 4 milliards d’euros, la mesure serait financée par un redéploiement de la prime pour l’emploi (2,5 milliards) et une hausse de la fiscalité sur les dividendes des entreprises (1,5 milliard).
23/02/2012

La BoJ réussit son pari

Le yen est tombé cette nuit à son plus bas niveau en sept mois contre dollar, à 80,29, portant la baisse à 3,7% depuis l’intervention de la Banque du Japon le 14 février dernier. Les positions nettes acheteuses sur le yen sont tombées de 55.171 à 29.459 en une semaine. Parallèlement, l’indice des PME à Tokyo a enregistré hier sa vingt-septième séance de hausse consécutive, un record depuis 1961.
23/02/2012

Rendement en hausse sur l’adjudication chinoise

La Banque populaire de Chine a dû consentir un rendement de 6,8% lors d’une adjudication de 30 milliards de yuans de titres à 6 mois, contre 6,0% lors de la précédente émission de même caractéristiques menée en novembre dernier. De quoi faire grimper le taux monétaire à 7 jours de 31 points de base à 5,42%.
23/02/2012

LCH.Clearnet réduit les appels de marge pour la dette irlandaise

La chambre de compensation européenne a décidé de ramener de 25% à 15% les appels de marge sur les obligations gouvernementales irlandaises en réponse au différentiel de rendement entre la dette à 10 ans et un benchmark AAA. Cet abaissement concerne les positions longues sur la dette souveraine irlandaise.
23/02/2012

Le G20 de Mexico ne devrait pas aboutir sur les ressources du FMI

Les ministres des Finances du G20 ne devraient pas prendre de décision sur l’augmentation des ressources du FMI lors de leur réunion à Mexico les 24 et 25 février, puisque les dirigeants de la zone euro doivent encore discuter début mars du renforcement éventuel de leurs propres pare-feux, selon une source proche du dossier. Les Etats-Unis, notamment, sont toujours réticents. De toute façon, la question n’est plus aussi «vitale» qu’au sommet de Cannes en novembre, en raison de l’amélioration de la situation en Europe. «Le FMI continue de penser que c’est utile», ajoute toutefois la même source. L’idée serait d’aboutir d’ici aux réunions de Washington en avril. Par ailleurs, le sommet doit passer en revue les autres dossiers (cadre pour la croissance, régulation financière, énergie et matières premières, etc.), mais il semble que la présidence mexicaine n’ait pas d’objectifs très ambitieux.
23/02/2012

Obama s'attaque à la fiscalité des entreprises

Le président américain propose de baisser l’impôt sur les sociétés de 35% à 28%. Ce coup de pouce serait compensé par un grand coup de rabot sur l’ensemble des niches fiscales. Cette mesure serait au bout du compte positive pour le Trésor en termes de rentrées fiscales.
23/02/2012

La menace grecque s'est réduite pour les banques

Les groupes bancaires européens seraient peu touchés par un débouclage des CDS sur le souverain. Les banques ont aussi fortement allégé leur exposition à la dette grecque. Toutefois, un événement de crédit pourrait avoir des conséquences inattendues, avec un risque de contagion.
23/02/2012

La contribution japonaise au FMI se précise

Le Japon envisage de contribuer à hauteur de 50 milliards de dollars (37,7 milliards d’euros) à l’accroissement des ressources Fonds monétaire international (FMI) pour lui permettre de faire face à la crise de la dette, selon le journal. Tokyo souhaite néanmoins tout d’abord avoir une idée des contributions des autres Etats avant de faire son annonce officiellement, précise le journal.
23/02/2012

Bats envisage de coter ses actions sur son propre marché

Bats Global Markets, le troisième opérateur boursier américain, pourrait lancer son introduction en Bourse dès le mois de mars en cotant ses actions sur son propre marché, selon le quotidien qui cite des sources proches du dossier. Il s’agirait d’une première pour un opérateur boursier. Bats, qui a accaparé 11% des volumes traités sur les marchés actions américains et 26% sur les marchés actions européens le mois dernier, avait enregistré les documents réglementaires en vue de lancer son IPO en mai dernier afin de s’aligner sur ses principaux concurrents tels que NYSE Euronext, Nasdaq OMX ou encore le London Stock Exchange.
23/02/2012

Hausse des émissions des collectivités chinoises

Les collectivités locales chinoises pourraient lever quelque 250 milliards de yuans sur l’année 2012, selon le quotidien qui ne cite pas ses sources. Elles étaient en moyenne de 200 milliards chaque année entre 2009 et 2011. D’autres collectivités que Shanghai, Shenzhen, Zhejiang et Guangdong pourraient également être autorisées à émettre des obligations sur le marché.

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