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13/10/2011

DLAM renforce son pôle institutionnel

Responsable de la clientèle institutionnelle chez Hauck & Aufhäuser Asset Management, Harald Steiner a été recruté par Delta Lloyd Asset Management (DLAM), filiale de gestion du néerlandais Delta Lloyd, comme responsable de la distribution auprès des institutionnels allemands et autrichiens. Jusqu'à présent, DLAM n'était présente sur ce créneau qu’en Autriche. Le nouvel arrivant est subordonné à Rik Verhoeven, directeur général de Delta Lloyd Asset Management Vertriebs GmbH.
13/10/2011

Peter de Proft becomes vice-president of ESMA's stakeholder group

The Securities and Markets Stakeholder Group (SMSG) of the European Securities Markets Authority (ESMA) on 11 October elected Guillaume Prache as president of the group for a two-year term, ESMA announced in a statement on 12 October. Prache will be assisted by two vice-presidents, who were also elected on 11 October: Judith Hardt, secretary general of the Federation of European Stock Exchanges (FESE) and Peter de Proft, CEO of the European Finance and Asset Management Association (EFAMA). The SMSG has been set up by ESMA to help facilitate consultation with stakeholders in areas relevant to the tasks of ESMA. The Group is made up of 30 representatives of financial market participants, their employees as well as consumers, users of financial services, small and medium enterprises and academics.
13/10/2011

Synthetic ETFs may lose UCITS label

Jean-Claude Trichet on 11 October estimated that the UCITS label may be withdrawn from some complex products such as synthetic ETFs.“Due to the opactity and complexity of some UCITS structured products, for example synthetic ETFs, the European systematic rick committee has proposed considering withdrawing the UCITS label from such structures, which would make it possible to maintain the simplicity of UCITS products,” Trichet said, speaking as chairman of the European Systematic Risk Board (ESRB) in a speech to the European Parliament.
13/10/2011

Lombard Odier boosts institutional sales team in Asia

Lombard Odier has expanded its institutional sales team with the appointment of three new members in Asia-Pacific. Sheau-Yien Wang joins the institutional sales team where she is responsible for key institutional client relationships in South East Asia. Wang was previously with State Street Global Advisors Singapore Limited for over ten years where she was most recently managing director, head of sales Asia (ex Japan). Joanna Wong joins the institutional sales team responsible for developing Lombard Odier’s third-party distribution in Asia. She was previously at AllianceBernstein, where over more than 12 years at the firm she held various leadership roles covering sales and distribution. She worked most recently on strategy and product development. Hyoung Nam Kim joins as director of business development for Korea, where he will be focused on intensifying the firm’s presence in Korea and covering our client base there. Before joining Lombard Odier, he was the executive director, institutional sales for Goldman Sachs Asset Management group in Seoul, South Korea. Sheau-Yien Wang and Joanna Wong are based at Lombard Odier’s Singapore office and Hyoung Nam Kim works at its Hong Kong offices. “Enhancing our institutional sales service and expanding our institutional offering are key elements of our growth plan in Asia,” said Vincent Duhamel, limited partner and regional head of Asia.
13/10/2011

Strategic partnership announced by Julius Baer and Macquarie

Swiss-based Julius Baer Group and the Australia’s Macquarie Group on 13 October announced that they have signed a strategic cooperation agreement in the areas of private and investment banking for North and South-East Asia.Under the agreement, Julius Baer will process investment banking transactions for its clients through Macquarie, while Macquarie will offer its clients Julius Baer private banking services. Macquarie will also offer a wider range of investment banking products to Julius Baer clients in Asia.The activities of the private wealth unit of Macquarie in Asia will be transferred to Julius Baer. The unit has offices in Singapore and Hong Kong, and about USD1bn in assets.
13/10/2011

Assets down at Invesco, Legg Mason, AllianceBernstein and Franklin

The turbulent markets in September led to a fall in assets under management for four big-name US asset management firms, which simultaneously released reports about their asset levels.Franklin Resources as of the end of September had USd659.9bn in assets under management, compared with USD716.4bn one month earlier, following a contraction of USD32.6bn for its equity portfolio, to USD254.2bn.Legg Mason, for its part, has announced assets of USD611.8bn, compared with USD643.4bn at the end of August, while Invesco has fallen below USD600bn, with USD588.4bn, compared with USD629.4bn. This decline of USD31bn is due to a contraction of USD23.2bn for the equity portfolio.AllianceBernstein (Axa group) has posted assets of USD402bn as of the end of September, compared with USD433bn as of the end of August. The equity portfolio has fallen by USD25bn in one month, to USD131bn.
13/10/2011

Bill Gross in strategy about-face

Bill Gross has taken a 90-degree turn with the strategy of his USD242bn fund, in the wake of underperformance, the Financial Times reports. Though Gross had pulled out of US bonds in February, due to inflationary concerns, the Pimco manager reinvested in the assets over the summer. More recently, he has made a big bet on long-term interest rates which represents a major change in the composition of his fund.
13/10/2011

Van Eck offers an ETF of Chinese bonds

The New York-based Van Eck Global has announced the launch of the Market Vectors Renminbi Bond ETF (acronym on NYSE-Arca: CHLC), which offers investors exposure to bonds denominated in Chinese yuan (or renminbi). The ETF seeks to replicate the evolution and performance of the Market Vectors Renminbi Bond Index (acronym: MVCHLC), before fees. The index focuses on investment grade bonds from issuers in and outside of China denominated in yuan.The product is the 37th in the ETF Market Vectors range, and management commission is capped to 0.39% until 1 May 2013. It is the third Market Vectors ETF to offer exposure to assets denominated in yuan.
13/10/2011

Warren Buffett proves that he pays too little in taxes

Warren Buffett, chairman & CEO of Berkshire Hathaway, has explained his campaign to raise taxes for the rich in a letter to Congressman Tim Huelskamp, a Republican from Kansas, the Wall Street Journal reports. Buffett says that he made USD62.85m in 2010, but paid less than USD7m in taxes, which represents an effective tax rate of only 17.4%. That is lower than the 18.2% paid by taxpayers with incomes of USD103,000 to USD163,000.
13/10/2011

Mike Kimelman sentenced to two and a half years in prison

The hedge fund manager Michael Kimelman, co-founder of Incremental Capital, was sentenced on Wednesday to two and a half years in prison, Kimelman was found guilty in June of complicity in an insider trading case involving Avi Goffer, a former trader at Galleon Group, and his brother, Emanuel Goffer.
13/10/2011

Courts have gotten tougher on insider trading

The Wall Street Journal has determined that New York federal judges have sentenced those found guilty of insider trading to an average of two and a half years behind bars, in 108 cases over the last two years. The average sentence was 18 months in the last decade, and 11 and a half months between 1993 and 1999.
13/10/2011

Long-term mutual funds post inflows in September

For the first time in three months, long-term mutual funds in September posted net subscriptions of USD3.8bn. However, redemptions were “tepid” in most asset classes, and US equity funds saw net outflows of USD6.9bn, according to Morningstar. In addition, outflows from money market funds appear not to have been redirected to long-term mutual funds.In the first nine months of the year, investors have withdrawn USD70bn from money market funds which were not reinvested in long-term funds. The difference in September came to USD14.1bn.US ETF funds, which have seen only one month of net outflows in the past 12 months, posted net subscriptions of USD4.1bn in September. Total assets under management in the ETF sector fell below USD1trn as of the end of September, for the first time since December 2010.
13/10/2011

Pimco adds to emerging markets equities team

On October 11, Pimco announced it has has expanded its emerging markets team with five hires in London, New York and Singapore. John Longhurst, previously at Capital International Research, joins Pimco as head of research for emerging markets equities. He will be based in London. Andrew Pyne, formerly of Goldman Sachs AM, will be based in New York as product manager for emerging markets equities. Richard Flax and Laura Schlockman also join from Goldman Sachs. Flax will be based in London as an emerging markets equities analyst, while Schlockman will be based in New York as equities product manager. Raymond Goh, previously of Capstone Investment Advisors, joins Pimco in Singapore as an equities trader.
13/10/2011

European money market funds beef up defences

Agefi reports that Fitch yesterday at a press conference announced a significant reduction in the exposure of European money market funds to Italy and Spain, accompanied by a shortening of the corresponding maturities. This summer, the average geographical allocation of money market funds rated AAA by Fitch privileged the United Kingdom (20%) and France (19%), followed by Germany (13%), the Netherlands and the United States (10% each). In the overall composition of portfolios, very short maturities with daily liquidity in September represented more than 30% “ of assets in the money market fund universe rated by the agency, up from 20% in May.
13/10/2011

Russell Investments launches another fund in Italy

Russell Investments is extending its product range on the Italian market with the RIC Global Bond Fund, a multi-management fund with assets of EUR1.6bn. The product invests primarily in government bonds, investment grade corporate bonds, and bonds in well-rated non-government sectors.
13/10/2011

La Française AM opens an office in Italy

As previously announced, La Française AM has opened a representative office in Italy, in Milan, at 14 Via Dante. For the moment, the office is manned by Marco Peri, country head, who will be joined in the next few days by one other person, Newsmanagers has learnt. The French asset management firm is also continuing to register funds in Italy. The retail shares of two French domiciled funds have just obtained approval from the Consob and the Bank of Italy for distribution in Italy: LFP Money Market (LFP Trésorerie in French) and LFP EM Impact Europe (LFP Europe Impact Emergent). The firm had already registered three other funds: LFP Convertible Dynamique, LFP Obligations Emergentes and LFP Protectaux.
13/10/2011

Investor morale at an all-time low

The situation has not been so tense since the crisis of 2008, according to a survey by GfK on behalf of JPMAM, which finds that 44.7% German investors who were predicting a fall on the stock markets between 2 and 16 September, compared with 23.3% in July. The investor confidence index comes out at 02.6% for September, compared with +1.0 in July. In September, the falling markets led 35.3% of respondents to consider an investment, compared with 30.3% in July.
13/10/2011

Julius Baer reportedly interested in acquiring Sarasin from Rabobank

The Börsen-Zeitung reports that the Zurich-based firm Julius Baer neither confirms nor denies rumours that it has expressed interest in acquiring Basel-based Banque Sarasin from Netherlands-based Rabobank Group, which controls 46.6% of capital and 69% of voting rights.However, the potential buyer is reportedly offering to pay with shares in Julius Baer, which may not suit Rabobank, as Julius Baer is embroiled in a tax scandal in the United States.In addition, the board of directors at Sarasin claims that the share trade would be disadvantageous for minority shareholders.
13/10/2011

Hedge fund assets return to 2006 levels

Assets in hedge funds have risen 6.7% in first half, to a total of USD2.16trn, according to figures from HedgeFund Intelligence. The sector now manages a higher level of total assets than in 2006, but lower than its pre-crisis peak in 2007, at USD2.6trn. According to HedgeFund Intelligence, this growth has profited the largest managers in the sector most of all. Funds with more than USD1bn in assets under management have seen growth in their assets of USd150bn in first half, to USD1.85trn. The 345 largest firms now manage 82% of assets in the sector.
13/10/2011

Hedge fund managers disappointed in returns

Only 11% of institutional hedge fund managers consider the performance of their investments to have been higher than expected in the past 12 months. The percentage of investors who estimate that the performance of their investments in hedge funds were higher or in line with expectations has fallen by 11 points since 2010, to 60%, says Preqin.However, 50% of hedge fund clients say that there is a need for more transparency on the part of funds; 48% think that improvements are needed in the area of performance commissions, and 43% would like to see some improvement in management commissions. 37% also think that asset managers should be less greedy with withdrawal fees.However, 44% also say that there has been some improvement in transparency in the past 12 months.Lastly, 35% of investors estimate that conditions have improved in the past twelve months. The study also finds that 29% of managers use the usual 2/20 fee structure, with 2% management commission and a 20% performance commission. On average, these commissions are 1.6% and 19.2%, respectively.
13/10/2011

DLAM adds to institutional unit

Harald Steiner, head of institutional clients at Hauck & Aufhäuser Asset Management, has been recruited by Delta Lloyd Asset Management (DLAM), an affiliate of the Netherlands-based asset management firm Delta Lloyd, as head of distribution to German and Austrian institutional investors. DLAM had previously been present in this niche only in Austria. Steiner will report to Rik Verhoeven, CEO of Delta Lloyd Asset Management Vertriebs GmbH.
13/10/2011

UBS: Ten executives dismissed over Adoboli scandal

UBS appears to be cleaning house in London, following the discovery in mid-September of fraud by one of its traders, Kweku Adoboli, which lost the bank USD2.3bn, Handelszeitung reports. Ten top executives have either left the bank, been suspended or fired. A spokesperson for UBS confirms the reports.Last week, UBS announced the departure of two co-heads of global equity trading, François Gouws and Yassine Bouhara. According to the HandelsZeitung, Bouhara’s deputy, Chief Operations Officer Niraj Gudka, has also since left the firm, as has Gouws’ second in command, Sethu Palaniappan.
13/10/2011
Gestion d'actifs

Groupe Pasteur Mutualité s'intéresse à une hausse possible des convertibles dans son allocation

A l’occasion d’un débat dans le cadre du Forum de la Gestion d’actifs de l’Agefi, Jean-Pierre Cave, Trésorier Général du Groupe Pasteur Mutualité est revenu sur sa politique d’investissement sur les obligations convertibles. Le Groupe Pasteur Mutualité traite la convertible comme une classe d’actifs à part entière, ce qui signifie qu’elle n’est pas assimilée à la poche taux ou action. De plus, le Groupe n’investit pas dans des obligations convertibles synthétiques. La part investie en obligations convertibles s'élève à 7% des encours globaux qui représentent 1.3 milliards d’euros. Jean-Pierre Cave a étudié le différentiel de performances entre d’une part les fonds d’obligations convertibles et d’autre part, les fonds actions qu’il détient dans son portefeuille. Les résultats sont les suivants: - Sur 1 an: +11% en faveur des convertibles - Sur 3 ans: +12% en faveur des convertibles - Sur 5 an: +30% en faveur des convertibles - Sur 10 ans: +20% en faveur des convertibles En poussant l’analyse plus loin encore, le Trésorier Général parvient à une surperformance de +40% depuis 2004 et +50% depuis 2000. Ce qui explique que le Groupe Pasteur Mutualité ne prévoit pas de réduire son exposition à la classe d’actifs convertibles. Au contraire, il est possible que la part investie soit révisée à la hausse prochainement.
Gestion d'actifs
13/10/2011

Edifice Capital bâtit deux nouveaux fonds

La société annoncera lors des Conférences Internationales sur les Partenariats Public-Privéle lancement de deux nouveaux fonds d’infrastructures en PPP. Edifice Infra Euro, dont le premier closing a eu lieu fin septembre pour une taille cible de 300 millions d’euros, est actif sur la zone euro. Le deuxième fonds, Edifice Infra Maroc, a effectué un premier closing en avril dernier avec une taille cible de 1,5 milliard de dirhams.
13/10/2011

Le Parlement slovaque votera sur l’EFSF d'ici demain

Le gouvernement slovaque démissionnaire et le principal parti d’opposition se sont entendus hier pour soutenir un renforcement du Fonds européen de stabilité financière (EFSF) à l’occasion d’un nouveau vote au Parlement d’ici à demain. Les dirigeants de trois des quatre partis de la coalition gouvernementale se sont entretenus avec le chef du Smer, au lendemain du rejet par les députés du texte de réforme de l’EFSF et de la démission du gouvernement d’Iveta Radicova, qui avait engagé sa responsabilité sur le vote. La Slovaquie est le dernier Etat membre de la zone euro à ne pas avoir ratifié le plan, qui renforce les prérogatives de l’EFSF afin de lutter contre la crise de la dette. La ratification par l’ensemble des 17 pays membres est requise pour son entrée en vigueur. L’augmentation de la capacité de prêts de l’EFSF à 440 milliards d’euros représente une contribution de 7,7 milliards d’euros pour la Slovaquie.
13/10/2011

La Belgique va lever 4 milliards d'euros supplémentaires

Pour financer la reprise de la branche belge de Dexia, la Belgique va lever quatre milliards d’euros supplémentaires en 2011, selon l’agence nationale de gestion de la dette. Trois milliards seront levés en obligations linéaires (Olo) et un milliard en papier à court terme, précise le communiqué. La Belgique a pour l’instant levé 35,36 milliards d’euros de dette à long terme.
13/10/2011

L’EIA ajuste à la marge ses prévisions

L’Agence américaine d’information sur l'énergie (EIA), qui a déjà fortement réduit le mois dernier ses prévisions, a procédé hier à un modeste ajustement avec une prévision de croissance revue en baisse de 50.000 barils par jour (bpj). L’organisme prédit désormais une progression de la demande de 1,32 million de bpj à 88,4 millions de bpj cette année et une hausse de 1,44 million de bpj en 2012.
13/10/2011

Ralentissement des excédents commerciaux de la Chine

L’excédent de la balance commerciale de la Chine a ralenti à 14,5 milliards de dollars en septembre, contre 17,8 milliards en août et 31,5 milliards en juillet. Les exportations se sont accrues de 17,1% par rapport à septembre 2010 et les importations ont progressé de 20,9% contre 30,2% en août, selon les données diffusées ce matin par l’office des douanes.
13/10/2011

3i croit en la suprématie des marchés émergents

Dans un discours qu’il doit selon le quotidien prononcer aujourd’hui à l’occasion de la réunion de la British Venture Capital Association, le directeur général de 3i, Michael Queen, va mettre en avant le rôle moteur des marchés émergents dans le secteur du private equity. A tel point que le marché au sein des sept principaux pourrait dépasser celui du G7 d’ici 5 ans.
13/10/2011

Berlin milite pour un changement du traité européen

Le ministre allemand des Affaires étrangères, Guido Westerwelle, juge nécessaire de modifier dans les deux ans à venir les traités fondateurs de l’Union européenne. «Nous devons développer l’Europe comme une union de stabilité. Quiconque enfreint les règles doit savoir qu'à l’avenir, des sanctions suivront: pas seulement en théorie, mais dans la pratique» précise Guido Westerwelle au quotidien.

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