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12/10/2011

Stone Tower Capital opens an office in Europe

Stone Tower Capital LLC, a USD20 billion alternative credit asset manager, has announced the creation of Stone Tower Europe Limited, headquartered in Dublin, Ireland, to enable the firm to expand its European operations and serve its growing investor base. The firm also announced the appointment of Tim Richards as managing director to oversee the firm’s European expansion, along with Alan Kelly, as a director.Tim Richards joined from LBBW Asset Management Ireland where he held the role of chief executive officer from 2007 to 2011. Alan Kelly joined Stone Tower in 2011 with responsibility for seeking investment opportunities and marketing Stone Tower’s services in Europe.
12/10/2011

Outflows continue from Swedish funds

In September, investment funds sold in Sweden recorded a total net outflow of SEK 7.3 billion, according to the latest statistics of the Swedish fund association. Equity funds had a net outflow of 14.6 billion whereas money market funds had a net inflow of 5.7 billion. Also bond funds and balanced funds recorded net inflows of SEK 0.8 and 0.6 billion respectively in September. The total fund assets at the end of September amounted to SEK 1,719 billion.So far in 2011, a net outflow of SEK 3.2 billion has been recorded for investment funds. Equity funds have had a net outflow of SEK 66 billion whereas all other fund categories have had net inflows. At the end of year 2010, the total fund assets amounted to SEK 1,964 billion, of which 1,190 billion was invested in equity funds. This means that the total fund assets have decreased by SEK 245 billion (12.5%) during the first three quarters of 2011.
12/10/2011

S&P downgrades 10 Spanish banks; Fitch downgrades six

The ratings agency Standard & Poor’s (S&P) on 11 October announced that it is downgrading the ratings for six Spanish banks, including the Standander and BBVA groups. The ratings agency says it is pessimistic in the light of the “slowdown of the Spanish economy” and a “bear real estate market.” Fitch, for its part, has lowered its ratings for six banks. At S&P, the long-term ratings for Santander and BBVA are lowered from AA to AA-, with a negative outlook. The annoucement comes a few days after two Spanish sovereign debt issues were downgraded by Fitch Ratings. “The correction of imbalances in Spain will continue to negatively affect the financial profiles of Spanish banks in the next 15 to 18 months,” Standard & Poor’s estimates.
12/10/2011

Returns of over 11% for Chinese sovereign fund in 2010

According to the news agency Chine Nouvelle, the China Investment Company (CIC), the sovereign fund of the Chinese government, on Tuesday announced that it earned returns of 11.7% on its portfolio of international investments in 2010. This rate has remained unchanged compared with the 2009 results. Since its inception in 2007, the average return rate for the fund is 6.4%.
12/10/2011

Uram recruits two specialists

The Geneva-based asset management firm Uram, a specialist in commodities and energies, has recruited two people. They are Robert Galuba, who has spent 10 years as a manager and financial analyst at Lombard Odier, Bordier and HSBC, and Pierre Martin, who joins from Deutsche Bank, where he managed natural resource funds. The recruitments come at a time when Uram has recently lost one of its co-founders, Patrick Pittaway, Citywire reports. He co-founded the firm in 2007 with Dominique Casaï.
12/10/2011

Gottex appoints a new head of marketing for Asia Pacific

Gottex Fund Management has appointed Steven Lee Hyungwk as Marketing Director for the Asia Pacific region, Agefi Switzerland reports. Hyungwk previously worked at Wellington Management, where since 2001 he had been a member of the Marketing team. Hyungwk will be based in Hong Kong, and will play an active role in the development of activities in the Asia Pacific region, with priority given to institutional clients.
12/10/2011

Deutsche Bank revises growth outlooks for ETFs downward

Global ETF assets this year will grow by only 5% to 10%, down from the 30% growth predicted at the beginning of the year, Deutsche Bank has announced. In 2010 and 2009, assets incresaed by 27% and 40%, respectively. So far, assets under management as of the end of September totalled USD1.2trn, down 4% since 30 September 2010.Concerns due to the European and United States sovereign debt crises have provoked downward revisions to growth projections and increased uncertainty, an analysis by Christos Constandinides finds, Handelsblatt reports. These problems are slowing growth in the ETF sector in two ways. Firstly, the value of equities and other securities is falling, which reduces the assets managed by ETFs based on them. Secondly, investors have reduced their exposure. In first quarter, net subscriptions may have increased year on year, but they fell by 20% in third quarter.
12/10/2011

Julius Baer under investigation by US Justice department

Two former advisors at the Julius Baer bank are under investigation by the US Department of Justice. The New York prosecutor has made accusations, obtained by the news agency AWP, that the two ex-bankers assisted US taxpayers to dodge taxes. The Zurich bank has told AWP that it intends to cooperate with the US authorities. The two advisors are alleged to have helped US taxpayers and others to conceal USD600m in offshore accounts, which allowed them to avoid taxes, according to the US prosecutor.
12/10/2011

Asset management firms are recruiting

According to a survey by Financial News, Old Mutual Asset Managers, Ignis Asset Management, Russell Investments and Investec Asset Management are all recruiting staff. Other firms say they are not enclined to reduce staff but rather to hire at present.
12/10/2011

BlackRock and Pimco lead on German market

According to statisics published on 11 October by the German BVI association of asset management firms, open-ended securities funds in the first eight months of the year underwent net outflows of EUR5.65bn. But this result conceals a considerable dispersion in results. The largest net inflows went to BlackRock, for iShares ETFs, for over EUR7.25bn, followed by Pimco Europe (AllianzGI), with nearly EUR6.42bn, and ETF funds from db x-trackers (Deutsche Bank), which took on about EUR1.55bn. However, ETFlab (Deka), an ETF specialist, has seen net redemptions of EUR1.03bn. Thanks to Pimco, Allianz GI is the only group to post net subscriptions in January-August, totalling EUR2.45bn. Deka (savings banks) has seen net outflows of over EUR6.82bn, while DWS/SB Advisors (Deutsche Bank) has posted net redemptions of EUR2.31bn. Lastly, Union Investment (co-operative banks) has posted net redemptions of EUR1.3bn.
12/10/2011

ETFs are the big winners in euro crisis

Die Welt reports that although the Dax index lost 20% in August, investors subscribed for a net total of EUR1.4bn in shares in the iShares Dax fund, and EUR500m in shares in the Dax-ETF from db x-trackers.The two products represent total assets of over EUR10bn, and are by far the preferred ETFs for subscribers this year. The newspaper also reveals that overall, German open-ended funds underwent net outflows of EUR5.4bn in August.
12/10/2011

Reform of derivative markets is behind schedule

The Financial Stability Board (FSB) has expressed concern about the delays in many countries in implementing reforms to over-the-counter derivative markets. In a progress report published on 11 October, the international organisation points out that the G20 had set the end fo 2012 as the deadline to set up a new regulatory framework in this area. According to the FSB, the United States is currently the only country in a position to meet that deadline. The Dodd-Frank law, passed in mid-2010, will soon be brought into force by the two market regulatory agencies in the US, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), the FSB states. In Europe, the two draft derivative market legislative measures (the MiFID II and Emir directives) have not yet taken the form of final proposals by the European Commission.
12/10/2011
Gestion d'actifs

Le Parlement Européen a sélectionné un partenaire pour la constitution et le financement d'une société immobilière

Constitution et financement d’une société immobilière au profit de la construction et de la remise à niveau du complexe immobilier Konrad Adenauer situé à Luxembourg. L’attributaire du marché devra constituer cette société immobilière et lui fournir les fonds nécessaires pour financer la construction en collaboration avec la Banque européenne d’investissement. Le budget des travaux est de l’ordre de 300 000 000 EUR hors TVA (1re phase) et de 120 000 000 EUR hors TVA (2e phase), soit un coût total à financer avec intérêt intercalaire estimé à 345 000 000 EUR (1re phase) et à 126 000 000 EUR (2e phase). Le partenaire retenu par le Parlement Européen à l’issue de l’appel d’offres est le suivant: BGL BNP Paribas 50, boulevard J.F. Kennedy 2951 Luxembourg LUXEMBOURG Pour lire l’avis complet: cliquez ici
Gestion d'actifs
12/10/2011
Gestion d'actifs

Crédit Agricole SA doit se renforcer dans l'immobilier

Crédit Agricole SA (Casa), entité cotée du groupe Crédit Agricole, doit se renforcer dans l’immobilier afin d’accroître sa puissance et ainsi consolider le groupe dans son ensemble, a déclaré mardi 12 octobre 2011, le secrétaire général de la Fédération nationale de la banque verte. «Vis-à-vis de Casa, nous pensons qu’il faut conforter encore notre tête de réseau, accroître sa puissance et son effet d’entraînement», a souligné Philippe Brassac, dans un entretien au quotidien économique Les Echos. «La Fédération et les caisses régionales ne peuvent pas être fortes si l’ensemble du groupe ne l’est pas», a-t-il relevé. «Cette consolidation devrait ainsi passer par un renforcement de Casa dans l’activité immobilière», a estimé le secrétaire général de la FNCA, l’instance politique représentant les sociétaires du groupe mutualiste. «A l’image de ce que nous avons fait avec les métiers de l’assurance, nous voulons intégrer les métiers de l’immobilier dans Casa dans toute leur palette», a-t-il précisé. Crédit Agricole SA, coté depuis fin 2001, détient 25% du capital des caisses régionales ainsi que les filiales du groupe en banque de détail (LCL en France, Emporiki en Grèce, Cariparma FriuAdria en Italie, ...), en métiers financiers spécialisés (gestion d’actifs, assurances, banque privée, crédit à la consommation, crédit-bail, affacturage) ainsi que la banque de financement et d’investissement, selon le site internet du groupe.
Gestion d'actifs
12/10/2011

L'Opep anticipe un ralentissement de la demande de pétrole

L’organisation des pays exportateurs de pétrole (Opep) a abaissé hier de 180.000 barils par jour pour 2011, soit la capacité d’une raffinerie de taille moyenne, sa prévision de croissance mondiale de la demande de pétrole, et ce pour le quatrième mois consécutif. L’Opep a notamment mis en cause le ralentissement économique dans les pays développés.
12/10/2011

Emergence d’un nouveau fonds sino-russe

Le fonds souverain chinois CIC s’est engagé à apporter un milliard de dollars à un nouveau fond sino-russe. Son homologue Russian Direct Investment Fund (RDIF) contribuera à la même hauteur et compte trouver 2 milliards d’euros supplémentaires auprès d’autres investisseurs chinois. Ce fonds sera principalement géré par RDIF et réalisera au moins 70% de ses investissements en Russie, au Kazakhstan et au Bélarus.
12/10/2011

Démission du ministre égyptien des Finances

Le ministre égyptien des Finances, Hazem el Beblaoui, nommé par le Conseil suprême des forces armées à la suite de manifestations en juillet, a remis sa démission. Il négociait avec les pays arabes du Golfe une aide financière pour soutenir le budget de l’Etat égyptien, qui a considérablement augmenté en conséquence des troubles politiques du début de l’année.
12/10/2011

Les Etats-Unis sanctionnent deux banquiers suisses

Le procureur fédéral américain du district de Manhattan à New-York a accusé deux anciens banquiers suisses chez Julius Baer d’avoir favorisé l’évasion fiscale des 180 riches ménages américains pour un montant total de la fraude de 600 millions de dollars.
12/10/2011

L’Italie face au risque politique

Le gouvernement de Silvio Berlusconi a perdu d’une voix un vote clé au parlement italien concernant les dépenses de l’Etat en 2010, incitant des membres de la coalition à réclamer un nouveau vote de confiance. La suite de la séance a été remise à aujourd’hui sur décision du président de la chambre basse, Gianfranco Fini, pour qui ce vote avait «des implications politiques évidentes». «Je pense que le gouvernement doit être ouvert au débat et voir s’il y a bien un consensus politique» a même indiquéFabrizio Cicchito, le chef de file des députés de la majorité.
12/10/2011

Rebond des commandes de machines au Japon

Les commandes de machines sous-jacentes japonaises, indicateur avancé de l’investissement des entreprises, ont rebondi de 11% au mois d’août. Un chiffre nettement supérieur au consensus Reuters qui tablait sur une hausse de 4,9% après une chute de 8,2% en juillet.
12/10/2011

BlackRock en quête de compétences

Le gérant ne prévoit pas d’acquisition d’envergure mais préfère cibler des compétences particulières, indique à L’Agefi James Charrington, PDG pour la zone EMEA.

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