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30/01/2012

Only one in four Spanish funds had inflows last year

According to statistics from the Inverco association of asset management firms, 650 funds out of 2,655 funds on sale in Spain posted net subscriptions last year, Funds People reports. That corresponds to a ratio of 25%.Two guaranteed funds from InverCaixa, Foncaixa Estabilidad and Foncaixa Estabilidad Plus, led the rankings with net inflows of EUR2.444bn and EUR514m, respectively. Third place goes to a conservative fund from Santander, the Santander Select Prudente, with EUR437m.Of the top 20 funds by net inflows, 14 are guaranteed funds.Inverco has also announced that average assets in Spanish funds as of the end of December totalled EUR53m. Only eight funds have over EUR1bn in assets, compared with 13 in October 2010. The three largest are the Foncaixa Estabilidad, whose assets have increased 88% to EUR2.533trn, and the Santander Banif Inmobiliario, whose assets under management have fallen 4.6% to EUR2.4tbn (of which 93% are held by Santander), and the BBVA Ahhoro C/P, whose assets have fallen 18% to EUR1.798bn.
30/01/2012

Deutsche Bank preparing a fund to invest in distressed hedge fund assets

The Financial Times reports that Deutsche Bank is preparing a fund to snap up investors’ illiquid or damaged holdings in hedge funds that have failed to recover since the financial crisis..The bank claims that assets of this type may represent up to USD100bn for investors. But they also have good long-term potential, particularly for pension fund investors. The fund would be launched by Deutsche Bank with Rosebrook Capial, and would aim to raise at least USD500m, according to sources familiar with the project.
30/01/2012

British government unveils financial reforms

The British government on 27 January published its Financial Services Bill. Under the new legislation, the FSA will cease to exist, while the Bank of England will inherit extended powers, and will become responsible for strengthening financial stability and supervising banks, Agefi reports. Three new organisations will be created: the Financial Policy Committee, whose role will be to contribute to the stability objectives of the Bank of England and to monitor systemic risks; the Prudential Regulation Authority, which will be the future authority to oversee the British banking system, replacing the FSA; and the Financial Conduct Authority (FCA), which will concentrate on protecting consumers and markets.
30/01/2012

Australia's Ascalon in vests in Asian hedge funds

The Australian fund incubator Ascalon Capital Managers, a specialist in the alternative management sector, has invested in two Asian hedge funds, Asian Investor reports. Earlier this month, Ascalon bought a 30% stake in the Singapore-based firm Singapore Canning Park Capital, which manages a long/short equity fund. In December, Ascalon bought a 355 stake in Athos Capital in Hong Kong, which is planning to launch an event-driven strategy. In Australia, Ascalon has already invested in seven boutiques whose cumulative assets under management total USD4.5bn.
30/01/2012

BlackRock appoints a head of sales

BlackRock has announced the appointment of Jeremy Roberts as head of retail sales for the United Kingdom. He replaces Mark Elliott, who becomes head of strategic retail clients for Europe, the Middle East and Africa. Roberts had previously been head of the sales team for London and the Channel Islands, Investment Week reports.
30/01/2012

Raiffeisen takes over nearly all of Wegelin bank

Despite its repeated denials, Wegelin has ultimately decided to take drastic action. Growing threats to the situation at Wegelin & Co. private bankers in the United States have led management into a radical decision, to transfer the majority of clients and employees to the private bank Notenstein Private Bank Ltd., which Raiffeisen will acquire in its entirety. The transfer will bring lasting reinforcement to the position of Raiffeisen on the Swiss wealth management market. The sale price has not been disclosed.On 27 January 2012, Wegelin bank thus transferred most of its clients and employees to the private bank Notenstein SA. The transfer allows the bank to withdraw from asset management activities which had previously been conducted internally at the bank, and to combine them with Wegelin Fund Management Ltd in a dedicated entity, 1741 Asset Management SA, a wholly-owned subsidiary of Notenstein Private Bank Ltd., the bank says in a statement. The Swiss financial market supervisory authority, Finma, has announced that it will authorise the operation.Wegelin & Co. private bankers will remain active to manage US client contracts to their conclusion, and to participate in talks with the US penal authorities. “As a fully liable party, we will clearly assume our responsibilities,” explains Konrad Hummler, partner and director at the bank. “We wanted to confront the legal debates which await us. But at the same time, we had a duty to offer our clients and employees as much security as possible. All personnel at the bank are unanimous in this position.”
30/01/2012

Assogestioni plans to lower ratings criteria for money market funds

The Italian asset management association, Assogestioni, is studying the possibility of lowering the minimal rating required for sovereign debt held by money market funds. The limit would be lowered to investment grade.The Italian association made the announcement in a statement. The decision would prevent managers from being required to divest the funds due to recent and future downgrades of the credit ratings of some governments on the part of ratings agencies.Assogestioni points out that by its rules, money market funds may hold bonds with a rating of at least A2 (Moody’s) or A (S&P).
30/01/2012
Gestion d'actifs

Le RSI a sélectionné son partenaire en charge de la gestion d'un FCP dédié sur les obligations d'entreprises

A l’issue d’une mise en concurrence restreinte initiée en 2011, le RSI a sélectionné Natixis AM pour gérer un FCP dédié de 250 millions d’euros dont le dépositaire, valorisateur et conservateur unique est Caceis. Il s’agit d’une gestion obligataire d’entreprises émettant dans des pays de l’OCDE, avec une notation minimum de Baa3/BBB-, ayant pour indice I box 1-5 ans et une sensibilité comprise entre 0 et 5. Contacté à ce sujet, Natixis AM n’a pas souhaité confirmer, ni commenter cette information.
Gestion d'actifs
30/01/2012

Apollo lorgne une filiale d’El Paso

La société d’investissement, qui s’est associée pour l’occasion à Riverstone Holdings, mène des discussions avancées en vue du rachat de l’activité d’exploration pétrolière d’El Paso, a relayé le Wall Street Journal. Le montant d’une éventuelle transaction pourrait atteindre 7 milliards de dollars.
30/01/2012

La SEC enquête sur un CDO de Deutsche Bank

Le gendarme américain des marchés s’intéresse à une transaction autour d’un CDO pour lequel Deutsche Bank a autorisé le fonds d’arbitrage Paulson & Co à sélectionner des titres adossés à des créances hypothécaires, a rapporté Der Spiegel. Toujours selon le magazine, la banque allemande a par ailleurs reçu des régulateurs l’injonction de produire un rapport sur les possibles conséquences financières des procédures en cours aux Etats-Unis.
30/01/2012

IASB et FASB veulent converger sur les instruments financiers

Les normalisateurs comptables IASB (International accounting standards board) et FASB (Financial accounting standards board) ont fait vœu dans un communiqué commun de travailler ensemble pour «réduire les différences» dans leur classification et leurs modèles d’évaluation des instruments financiers.
30/01/2012

La croissance américaine reste fragile

La progression de 2,8% du PIB américain au quatrième trimestre est surtout due à un effet stocks, ce qui rend les économistes prudents sur la reprise.
30/01/2012

Les fonds chinois réduisent leurs pertes

Le China Securities Journal indique, en citant des données de TX Investment Consulting, que les pertes cumulées par les 872 fonds d’investissement collectifs en Chine (investis à 78,5% en actions) s’élèvent au quatrième trimestre à 124 milliards de yuans, soit près de 15 milliards d’euros, en repli tout de même de 50% par rapport au trimestre précédent.
30/01/2012

HgCapital cherche à céder SHL

HgCapital a mandaté Morgan Stanley pour étudier la mise en vente de SHL. Le montant de la transaction pourrait s’élever à 700 millions de dollars, selon le quotidien.SHL fournit des services de recrutement à 80% des sociétés membres de l’indice FTSE 100 et 50% de celles du Fortune Global 500, rappelle le quotidien.
30/01/2012

Deutsche Bank cherche une gestion alternative pour les actifs toxiques

La banque allemande songe à lancer un fonds en collaboration avec le new-yorkais Rosebrook Capital au sein duquel seraient logés des actifs illiquides ou toxiques de ses clients dans des hedge funds. Le nouveau fonds cherche à lever 500 millions de dollars, souligne le quotidien qui cite des personnes proches du projet.

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