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17/01/2012

iShares releases a new bond ETF

Since 16 January, the XTF segment of the Xetra electronic trading platform (Deutsche Börse) lists 908 ETFs. The new fund is the iShares Barclays Capital US Aggregate Bond, a German-registered fund which replicates a Barclays index of US bonds (Treasuries, securitisations, corporate bonds), with a residual maturity of one year.The fund (DE000A1JNCQ2) charges fees of 0.25%.
17/01/2012

Deutsche Bank adds to dbSelect platform

Deutsche Bank has added a systematic fund managed by the alternative management firm Fortinbras Asset Management to its dbSelect UCITS platform.The DB Platinum IV Fortinbras Prism Index uses an algorithm to monitor trends on bond markets, interest rates, currencies and commodities. The partnership with Deutsche Bank will allow for distribution of the fund not only in Europe, but also in Asia.dbSelect offers over 150 hedge fund programmes, with total assets under management of over USD5bn.
17/01/2012

Union releases a German equities guaranteed fund

On 30 March, Union Investment (the central asset management firm for the German co-operative banks) will launch the guaranteed fund UniGarantExtra: Deutschland (2019), which will mature on 22 March 2019. Subscriptions are open until 27 March.The product invests in German equities, and guarantees redemption of initial capital at maturity, plus a share of the evolution of the “Aktien Deutschland RC (Risiko Control) -10%” German equities index, with the high watermark for the index during the life of the product captured as a reference. There will be a 2% penalty for early withdrawal. As of the end of October, Union managed EUR16.3bn in 94 guaranteed funds.CharacteristicsName: UniGarantExtra: Deutschland (2019)ISIN code: LU0707763248Front-end fee: 4%Management commission: 0.80% (maximum 1.5%)Depository banking commission: maximum 0.05%
17/01/2012

New head of sales at Prisma

The Italian asset management firm Prisma, specialised in real estate, has appointed Frederico Musso as its head of sales. He had previously worked at Zero Sgr, a firm which was merged into Prisma. In addition to this appointment, the Italian asset management firm has recruited three people: Paolo Rela, as head of real estate management, Alberto Pandolfi, head of administration and finance, and Cristiano Carraroli, head of strategy, development and communication. Prisma has recently launched a real estate fund in partnership with Invesco.
17/01/2012

Sabadell launches a guaranteed fund with 4.4% return

With the Sabadell BA Garantia Fija 10, Banco Sabadell on 13 January registered with the CNMV a fund which guarantees not only initial capital invested on 9 February 2012, but also a return of 4.4% at maturity.The portfolio will be invested in AA- rated bond underwritten by the Kingdom of Spain, with a maturity similar to the guarantee. During the guarantee period, up to 25% of assets may also be invested in high quality public and private bonds, securitisations, and non-publicly traded money market instruments with at least an average rating. CharacteristicsName: Sabadell BS Garantia Fija 10ISIN code: ES0175088006Initial subscription: EUR600Front-end fee (outside subscription period): 5%Total expense ratio: 0.62%Penalty for early withdrawal: 2%
17/01/2012

Credit Suisse pension fund index up

Investments by Swiss pension funds developed positively in fourth quarter 2011, according to an index calculated by Credit Suisse, Agefi Switzerland reports. The index gained 3.12 points in this period, equivalent to 2.57%, and as of 31 December 2011, stood at 124.63 points. The month of October contributed 1.62%, while December contributed 1.15%. However, November brought a decline of 0.21%. The areas of foreign equities (1.41%), Swiss equities (0.75%), bonds denominated in foreign currencies (0.23%) and in Swiss francs (0.14%), and real estate (0.13%), posted positive returns in the period under review.
17/01/2012

Northern Star launches two multi-asset class UCITS funds

The Helsinki-based asset management firm Northern Star has announced the launch of two multi-asset class funds that comply with UCITS regulations. The Global Dynamic Opportunities 10+ fund invests in several asset classes, including bonds, equities and commodities. The other fund, Enhanced Fixed Income 5+ fund, uses a dynamic and flexible approach primarily in the bond universe.“These new vehicles have been designed to respond to increasing demand for allocation with low volatility that is liable to ensure attractive returns and to preserve capital over a complete economic cycle,” says Northern Star’s CEO, Tomi Långström.
17/01/2012

French regulator requires OTC derivative transactions to be declared

The French financial market regulator, the Autorité des marchés financiers (AMF), on 16 January announced a decision to join a project by the Committee of European Securities Regulators (CESR) to collect information on OTC derivatives, without waiting for the MiFID II directive to come into force, and to apply the European Market Infrastructure Regulation (EMIR). The AMF points out that regulation of derivative markets is one of the top priorities set by the G20.Modifications to the general AMF regulations resulting form this decision were announced in the 20 December 2011 issue of the Official Journal, published on 24 December 2011. Articles 315-46 and 315-47 of the general regulations of the AMF have been modified, as has the CESR recommendation published in October 2004. The rules came into force on a January 2012.The changes extend the requirement to declare transactions made by investment service providers and branches of PSIs registered in the European Economic Area located in France to declare OTC derivative transactions. However, the new extension of the rules does not apply to portfolio management firms. They also affect derivative products traded on over-the-counter equity and underlying mono credit markets, when the underlying is a financial instrument traded on a government-regulated market under the supervision of the European Economic Area, or an organised multilateral trading system.The declaration requirement had previously been limited to financial instruments traded on a regulated market or on an organised multilateral trading system.
17/01/2012

Moody's extends watch on French AAA rating

The ratings agency Moody’s on 16 January announced in a comment on its website that it is maintaining its AAA rating for French sovereign debt, but that it is extending its watch on the rating, currently with a “stable” outlook. Its conclusions will be announced in first quarter.The decision of Moody’s, which announced in October that it would be taking three months to evaluate the outlook on the French rating, is in line with that of Standard & Poor’s, which on 13 January downgraded France from AAA to AA+.Moody’s in its comment welcomes efforts on the part of the French government to control public finances, but estimates that the French AAA rating could be under pressure if the ratio of public debt to GDP continues to degrade, or if the economic and financial were deteriorate further.
17/01/2012

City to become an offshore centre for Chinese yuan

The United Kingdom on 16 January signed an agreement with Hong Kong, which will one day make the City of London an extra-territorial financial centre for trading in yuan, the Chinese currency. London thus cements its place as a leading centre in currency markets, which will mean added revenues and jobs. The British chancellor, George Osborne, on a visit to Asia, and Norman Chan, head of the Monetary Authority of Hong Kong, have created a forum to consider synergies between the two markets in the areas of settlement and clearance and liquidity, and to conceive of new products denominated in renminbi, the official name of the Chinese currency.
17/01/2012

Strong growth for activities at Finesti in 2011

Finesti, the Luxembourg agency for European funds information, reported strong growth in new clients and in its overall fund coverage in 2011. At the end of 2011, the Finesti database contained information on 39,771 share classes of investment funds, an increase of 9% compared to 2010. This growth was from both Luxembourg and non-Luxembourg domiciled funds. There was also a corresponding increase in the number of documents in the database. The number of prospectuses, simplified prospectuses, annual reports and semi-annual reports grew by 22% to 98,279 from 80,743 in 2010. This does not include new Key Investor Information Documents, or KIIDs, which were introduced at the beginning of July 2011. Services related to the collection and dissemination of KIIDs were launched throughout 2011. A part of the UCITS IV requirements, Key Investor Information Documents are being phased in during a transition period until 1 July 2012. Finesti KIID services allow all European-domiciled funds to comply with the obligations for distribution and publication of their KIIDs. These services proved popular with promoters and asset managers and by the end of 2011, there were 19,622 KIIDs in the Finesti database, bringing the total number of documents to 117,901. In conjunction with its notifications and KIID services, it also launched a range of other services focussing primarily on European fund distribution. As at 31 December 2011, Finesti was linked with sixty distribution platforms.
17/01/2012

Dow Jones signs an agreement with Tebyan

Dow Jones Indexes has announced that Tebyan Asset Management has licensed the Dow Jones Islamic Market (DJIM) CHIME Index to benchmark its new fund, the Tebyan CHIME Opportunities Fund, launched on Monday.The DJIM CHIME Index is designed to measure the performance of 100 leading stocks from China, India and the Middle East/North Africa (MENA) region that pass rules-based screens for Shari’ah compliance. Tebyan Asset Management Limited is a partnership between Gulf Mena and Qatar First Investment Bank, providing wealth and asset management services to the Islamic investment community.
17/01/2012

Axa PE table sur l’accroissement du rôle du financement unitranche

Le spécialiste du private equity prévoit l’accroissement du volume de financement unitranche en 2012 pour les entreprises souhaitant poursuivre leur croissance dans un contexte économique instable. Combinant la dette senior et la dette subordonnée dans un seul et même instrument, ce type de financement innovant est une alternative au financement traditionnel.
17/01/2012

La Catalogne veut l’indépendance fiscale

La province la plus riche d’Espagne préparerait un nouveau «pacte fiscal» qu’elle compte présenter au gouvernement de Mariano Rajoy qui la rendrait largement responsable de ses propres impôts et réduirait les transferts annuels à l’Etat central, si l’on en croit les propos du gouverneur de la région, Artur Mas, cité par le journal. «Notre projet à court terme est la souveraineté fiscale» indique-t-il ainsi.
16/01/2012

Moody's maintient le Aaa français en observation

L’agence Moody’s a répété qu’elle examinait la perspective stable de la note Aaa de la France et qu’elle actualiserait les notes des pays de l’Union européenne au premier trimestre. Mais l’agence souligne les atouts que conserve la France, en particulier une «soutenabilité» de la dette qui reste «très confortable». Les rendements des dettes italienne et espagnole sont stables lundi en fin de matinée, des professionnels expliquant que les achats d’obligations réalisés par la BCE atténuent les tensions liées aux dégradations de notes de S&P. Les valeurs bancaires européennes, comme l’ensemble des marchés en Europe, étaient quant à elles modérément affectées en Bourse. L’indice sectoriel des banques en Europe recule d’environ 0,6% en milieu de journée. Les banques allemandes résistent. Deutsche Bank ne perd que 0,38% et Commerzbank 0,07%. A Paris, la Société Générale perd 1,65%, le Crédit agricole 1,33%, BNP Paribas perd 1,7%.
Photo: Hamilton/REA
16/01/2012

Taxe Tobin : la Place de Paris plaide sa cause à Bercy

La Place de Paris mobilise contre la taxe Tobin : ce lundi après-midi, elle a rendez-vous avec le ministre de l’Economie et des Finances François Baroin pour demander au gouvernement de renoncer à son intention affichée de créer dans les prochaines semaines, sans attendre nos partenaires européens, une taxe sur les transactions financières. Seront notamment présents à Bercy Gérard Mestrallet, président de l’association Paris Europlace et Pdg de GDF-Suez, Maurice Levy, président de l’Association française des entreprises privées (AFEP) et de Publicis, et Frédéric Oudéa, président de la Fédération bancaire française.
Le ministère des Finances vu de la BnF. Photo: PHB/Agefi
16/01/2012

Hausse des CDS des pays dégradés par S&P

Le coût d’une protection contre un risque de défaut de l’Italie, de l’Espagne, de la France et de plusieurs autres pays s’orientait à la hausse après la dégradation de leurs notes souveraines par l’agence Standard & Poor’s. Les «credit default swaps» (CDS) à cinq ans sur la dette publique italienne étaient en hausse de 27 points de base à 531 points selon la société spécialisée Markit. Les CDS français augmentaient de cinq points de base à 222 points, alors que les allemands limitaient leur hausse à deux points, à 105 points.
16/01/2012

Le sommet Allemagne-France-Italie du 20 janvier reporté

Une rencontre entre le Premier ministre italien, Mario Monti, le président français, Nicolas Sarkozy, et le chancelière allemande, Angela Merkel, prévue le 20 janvier à Rome, a été reportée et aura probablement lieu à la fin du mois de février, a-t-on appris lundi auprès de l’ambassade d’Allemagne à Rome. Une source gouvernementale italienne citée par Reuters a dit que ce sommet avait été annulé pour des raisons de politique intérieure française.
16/01/2012

Taxe Tobin : la Place de Paris plaide sa cause à Bercy

La Place de Paris mobilise contre la taxe Tobin : ce lundi après-midi, elle a rendez-vous avec le ministre de l’Economie et des Finances François Baroin pour demander au gouvernement de renoncer à son intention affichée de créer dans les prochaines semaines, sans attendre nos partenaires européens, une taxe sur les transactions financières. Seront notamment présents à Bercy Gérard Mestrallet, président de l’association Paris Europlace et Pdg de GDF-Suez, Maurice Levy, président de l’Association française des entreprises privées (AFEP) et de Publicis, et Frédéric Oudéa, président de la Fédération bancaire française.
Le ministère des finances vu de la BnF. Photo: PHB/Agefi
16/01/2012
Fonds

Les fonds de valeurs bancaires ont détruit beaucoup d'argent

Les instituts de crédit frappés par la crise de la dette ont entrainé les fonds de valeurs financières dans l’abîme. Seuls quelques rares produits ont pu se soustraire à la tendance générale. Dans l’ensemble, d’après Morningstar, les 22 fonds de cette catégorie ont perdu 18,8 % alors que les fonds plus diversifiés s’en sortaient beaucoup mieux, constate le Financial Times Deutschland. Le MSCI World, pour sa part, a ainsi baissé de seulement 2,4 %.Les deux meilleurs du classement sont l’UOB Global Opportunities d’United Overseas Bank (Singapour) avec une perte de seulement 5,9 % et le RT VIF Versicherung, qui perd 10 %. Mais le premier a en portefeuille des valeurs d’autres secteurs tandis que le second se focalise sur les assureurs.
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