Valérie Perez, responsable changes en France chez Deutsche Bank

Matthieu Grouès, directeur des gestions chez Lazard Frères Gestion

Nicolas Forest, responsable de la stratégie taux de Dexia AM

L’institution préconise une meilleure gestion des risques liés au financement et aux actifs et un allongement des échéances des emprunts d’Etat

Marie-Suzanne Mazelier et Thomas Giquel, gérants investment grade chez Amundi

Le secrétaire américain au Trésor, Timothy Geithner, a pressé vendredi les Européens d’utiliser le principe d’un démultiplicateur pour maximiser la puissance de tir du Fonds « zone euro » et éteindre la crise de la dette, indique Reuters. Le Fonds européen de stabilité financière (FESF) dispose actuellement d’une capacité de prêt de 440 milliards d’euros. Signe des inquiétudes croissantes, Timothy Geithner a été invité de manière exceptionnelle à participer à la réunion informelle des ministres européens des Finances à Wroclaw, en Pologne. La rencontre s’est déroulée dans un climat moins tendu que redouté suite à l’intervention concertée des banques centrales européenne, britannique, suisse et japonaise visant à réintroduire des opérations de refinancement à trois mois en dollars. Dans l’attente de décisions à Wroclaw, vers midi, le CAC 40 progressait de 0,2% à 3.051 points, les banques menant toujours le mouvement, notamment Société générale qui s’adjuge 1,85%. Natixis , qui sort du CAC 40 après la clôture de ce soir pour être remplacée par Safran (-1,9%), gagne 0,12%. Jean-Claude Juncker, président de l’Eurogroupe, a annoncé que les contributeurs du plan d’aide à la Grèce décideraient d’un nouveau versement en octobre prochain.

La croissance économique de l’Allemagne sera plus proche cette année de 3% que de 2,5%, a déclaré la chancelière allemande Angela Merkel. Cette déclaration intervient après que la fédération bancaire allemande BdB a réduit mercredi à 2,8% sa prévision de croissance du pays pour 2011, tandis que l’institut RWI a estimé que le risque d’une récession avait augmenté.

La Chine planche actuellement sur une proposition visant à permettre aux banques de titriser leurs actifs afin qu’elles puissent faire face à éventuelle diminution de la liquidité mais aussi à une possible augmentation des mauvaises créances, rapporte un journal officiel, le Shanghai Securities News. La Commission de régulation du secteur bancaire prévoit de travailler sur cette question avec la banque centrale chinoise en vue de soumettre un rapport au gouvernement. Cette idée fait toutefois l’objet de rumeurs récurrentes depuis des années.

La banque centrale de l’Inde a relevé ses taux d’intérêt pour la douzième fois en un an et demi et entend poursuivre sa lutte contre l’inflation malgré les signes de ralentissement de la troisième économie asiatique. Le taux directeur a été relevé d’un quart de point de pourcentage à 8,25%, comme l’attendaient les marchés.

The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published its report on Principles for the Regulation and Supervision of Commodity Derivatives Markets. The report, prepared by the Task Force on Commodity Futures Markets, addresses the G20’s November 2010 request for further work on regulation and supervision of physical commodity derivatives markets.The Principles are aimed at ensuring a globally consistent approach to the oversight of commodity derivatives markets which will deliver effective supervision, combats market manipulation and improves price transparency. They are aimed at contributing to enhanced price discovery in commodity derivative markets as opposed in themselves to addressing absolute price levels or price volatility in an underlying physical commodity.The Task Force continues to work with the International Energy Agency, International Energy Forum and the Organisation of the Petroleum Exporting Countries on a report on how oil spot markets are assessed by Price Reporting Agencies and how this affects the transparency and functioning of oil markets, which was requested by the G20 in its Seoul Summit Leaders Declaration of November 2010.

The Financial Times reports, citing sources familiar with the matter and a letter to clients, that Goldman Sachs is closing the Global Alpha Fund, a major quantitative hedge fund, after the portfolio showed heavy losses, and investors sought to pull out. From the beginning of the year to the end of August, the fund has lost 12%. In its letter to investors, Goldman announced that it has begun to liquidate assets, a process which will be completed by mid-October. About USD1bn in assets remain in the fund.

In response to a consultation announced by the European Securities Markets Authority (ESMA) on proposals for level 2 of the AIFM directive, the Alternative Investment Management Association (AIMA) claims that many of the Authority’s proposals are “moderate,” but that many points need to be amended.In a document of over 100 pages, the trade body sought to measure the economic impact of the directive, and also offers a detailed legal analysis.In its analysis of the impact of the directive on depositories, the AIMA estimates the total cost to hedge funds of the strictest measures included in the proposed directive at USD6bn. This particularly high sum is due to the steep increase in commissions which depositories will be required to impose in order to meet their requirements to cover potential losses at unaffiliated sub-depositories. The AIMA claims that these coses will “inevitably” be passed on to investors such as pension funds and insurers.According to the CEO of the AIMA, Andrew Baker, proposals relative to depositories are welcome, but “some of the options proposed are so extreme that the resulting regime would be not only inapplicable, but also potentially dangerous, as it would increase systemic risks by a considerable amount.”

According to reports in Funds People, the BBVA has decided to reposition its asset management activities, which will be transferred from the global division (wholesale banking) to the retail banking division. The move will not involve any change to the asset management organisational chart, except for one point: institutional management, led by Julián Ide, will be discontinued.BBVA Asset Management, led by María Luisa Gómez Bravo, will now report to José María García Meyer-Doher, global head of retail banking. The products line (Sergio Fernandez Pacheco), the Quality Funds platform (García Hidalgo) and investment funds (Julio Sobremazas) will be transferred as a whole to the retail bank.Geographically, BBVA asset management will continue to be divided into three regions: Europe, led by Paloma Piqueras, Mexico, led by Jaime Álvarez Meyer, and the rest of Latin America.Institutional clients will now be served by local affiliates.

Funds People reports that its director of marketing and community manager, a former head of sales at Bestinver, has joined the independent management firm EDM as head of institutional clients and development for Latin America. He will be based in Madrid, and will also be in charge of communications and marketing.

The Netherlands-based pension fund Vervoer, whose assets under management total about EUR11bn, on 15 September announced that it has awarded a mandate to Robeco, from 1 January 2012, to manage the entirety of its assets on an integrated basis. Robeco will be responsible for the selection and supervision of external managers for the Pensionenfonds Vervoer. It may also contribute to strategy and operational asset management architecture. Robeco succeeds Goldman Sachs Asset Management (GSAM), which in June 2010 completed a four-year mandate from Vervoer; the pension fund was not satisfied with its performance. As of the end of August, the coverage rate for Vervoer was 98.6%.

The board of directors at ABP on 15 September elected Henk Brouwer as chairman (bestuursvoorzitter) for the pension fund for Dutch public employees ABP (Stichting pensioenfonds ABP, EUR242bn in assets), from 1 January 2012. Brouwer, who at 65 has left the Netherlands central bank (De Nederlandsche Bank or DNB), has in the past two years been a director in charge of supervision of the banking sector and general surveillance (he joined DNB as a “directeur” in 1997), and previously served as general treasurer at the Finance ministry, until 1998. Brouwer succeeds Ed Nijpels, who resigned in February 2010 following the collapse of DSB Bank, where he had been director (see Newsmanagers of 23 February 2010).

Old Mutual Asset Managers is to launch a UK equities long/short fund, managed by Simon Murphy, Investment Week reports. The Dublin-domiciled fund, UK Opportunities Fund, will be released in fourth quarter.

Total assets under management as of 31 August at Franklin Resources, Invesco and Legg Mason fell by USD66.2bn in one month, a contraction largely imputable to a decline of USD63.5bn in assets in equity products.The largest decline in assets under management recorded in August was at Franklin Resources, where assets fell by USD30.8bn, to USD716.4bn as of the end of the month, while the decline for the equities portfolio alone totalled USD26.5bn.At Legg Mason, total assets fell by USD12bn in August (and USD13.6bn for equities), to a total of USD643.4bn.For Invesco, assets fell by USD23.4bn (which corresponds exactly to the decline for the equities portfolio), to a total of USD629.4bn.

According to reports received by Newsmanagers, Christophe Valette is joining UBI, the French structure of the Swiss bank Union Bancaire Privée. Like many others who have recently joined the Swiss bank, Valette is a veteran of Fortis Investments. He was previously head of institutional investor relations at BNP Paribas Investment Partners, who then joined Fortis Investments.

BNP Paribas Securities Services on 15 September announced that it is extending its European clearing activities, to become “the first player able to provide third-party clearing services on bond markets in France, Spain, and Italy.” For settlement of bond products on these markets, operators had previously been required to become direct members of a central clearing house. By becoming members of LCH.Cearnet SA and CC&G for bond markets, BNP Paribas now offers a complete range of solutions to optimise post-execution processing and liquidity requirements. “Bond markets are returning to the good graces of investors, and a growing number of our clients are turning to clearance flows to reduce counterparty risks, as opposed to bilateral transaction settlement,” says Philippe Ruault, head for clearing, settlement and custody services at BNP Paribas Securities Services. “Meanwhile, legislation such as EMIR and Dodd Frank are bringing new instruments into play in standardised clearing infrastructures. The combination of these factors is leading to a real increase in demand,” Ruault continues. “Last year, the nominal value of repurchase operations and transactions on European government bonds cleared by LCH.Clearnet rose by about 30%, and that figure is likely to increase further between now and 2013,” Ruault concludes. The bank is also planning to become a member of other central counterparty clearing houses, in order to meet rising demand and volumes from its clients.

The Swiss banking group UBS announced on 15 September in a brief statement that a broker at the investment bank inolved in unauthorised trading had generated losses estimated at about USD2bn. Though the investigation is ongoing, UBS declares in the statement that no client positions have been affected, but adds that the problem may lead to a loss in third quarter. The news comes at a time when the Swiss national council has voted 115 to 45 to reject “Too Big to Fail” legislation proposed by the Federal council.

280 hedge funds were launched in second quarter 2011, a slight decline compared with the 298 funds created in first quarter, according to statistics from Hedge Fund Research. In the first six months of the year, the number of jobs created totalled 578, a level not seen since first half 2007. Assets managed by hedge funds set a new record at USD2.04trn. According to the president of HFR, Kenneth J. Heinz, first half was particularly favourable for hedge fund creations, and the sector is well on the way to beating the 2007 record of 1,200 hedge funds launched. Investors have preferred single manager vehicles, with 245 new funds created in second quarter, a level not seen since second quarter 2007, compared with only 35 new funds of funds. He number of funds liquidated increased slightly from first to second quarter, from 181 to 191. Management fees and performance commissions were down from one quarter to the next. Management fees have fallen to a low of 1.57%, while fees for funds of funds remain unchanged at 1.3%. Performance commissions have fallen to an average of 18.81% on average in second quarter, compared with 18.95% one quarter earlier, while the average in the previous twelve months was 17.56%, its lowest since 2005.

Lars Walter on 1 October will rejoin the distribution team at Threadneedle Investments as sales director for southern Germany, and for a selection of key accounts. He had previously worked for the firm until 2005, before joining cominvest (Commerzbank), and subsequently Fidelity Investment Managers, where he was director in charge of relations with private banks, asset managers, and family offices. He will now report to Werner Kolitsch, head of Germany and Austria.

Société Générale Securities Services (SGSS) has appointed Jochen Meyers as head of sales for Germany and Austria. He will report to Mathieu Maurier, head of sales at SGSS. SGSS Deutschland (KAG) mbH, led by Frédéric Barroyer, country head for Germany at SGSS, has doubled the volume of its asstes under management since 2007, for a total of EUR69bn (as of 30 June 2011), with 562 funds (as of 30 June 2011) administered for various businesses, a statement says.

Stefan Mülheim, who had been head of marketing at Bridge Asset Management in London, has been appointed as Senior Managing Director at Sciens Fund of Funds Management Holdings, an affiliate of Sciens Capital Management Group.Mülheim, who will report to Stavros Siokos, president of fund of hedge funds and of the managed accounts platform, will be in charge of development for institutional clients in German-speaking countries.The position is newly created, and will aim to serve German insurers in particular, who are facing the implementation of Solvency II legislation.

With Mirabaud Australia, Mirabaud Securities, an affiliate of the Swiss firm Mirabaud, is extending its intermediation activities in Australia, with the opening of a representative office in Perth, and a new brokerage platform. The new office extends Mirabaud’s international range of services with execution and advisory, as additions to the brokerage activities already in place in London, Madrid, Geneva, Dubai and Hong Kong.The new office will be led by Stephen Dobson, ex Merrill Lynch Asia, who will aim to create a team “in the near future.”The new platform “will also create new channels on Australian markets for international institutional clients of Mirabaud,” the group says. Mirabaud Australia will work in close collaboration with the London office, which will execute client transactions.

Hedge Week reports that Citigroup has recruited David Murphy, co-head of the prime finance operation at Deutsche Bank, to direct his own prime finance activity in the Asia-Pacific region. Murphy, who will join the firm in December, will report to Nick Roe, global head of prime finance & futures, based in London, and Rodrigo Zorilla, head of markets for Asia-Pacific.Hannah Goodwin, who is currently head of prime finance activities for Asia, will remain in that position until Murphy’s arrival, and will then report to him. She will then become head of prime brokerage for Asia Pacific, and will manage all client-facing business.

Schroders, which has now reached assets of USD3.6bn under management in the country (as of the end of May), with the help of Celfin Capital, with whom it has been working since 2003, has now decided to open its own office in Chile.The new Latin American location, following offices opened in the 1990s in Brazil, Argentina and Mexico, will initially have a staff of three, led by Alex Toledo, head of distribution, who joins from Pioneer Investments, and who will report to Gonzalo Binello, head of distribution Latin America ex Brazil.Now that Schroders is opening its own office, its cooperation with Celfin will cease, and the two businesses will cooperate to ensure a smooth transition for existing activities to the new structure.

The CEO of Legg Mason, Mark Fetting, has announced that the group is planning to increase its alternative management manpower, and to develop its activities in Asia, Asian Investor reports.Among the companies of the Legg Mason galaxy, whose assets under management total about USD655bn, are the fund of fund specialist Permal (USD23bn in assets under management), which brings in 16% of the group’s earnings. Fetting estimates that the group needs to develop new areas of alternative management expertise, either through the acquisition of new teams which would join Permal, or through the creation of new structures within the group, in all areas (single hedge funds, private equity funds, funds of funds, private equity funds of funds, real estate, commodities, and infrastructure).Another area of development for the group is Asia, which represents slightly under 15% of assets under management for the group. There is talk of opening a representative office in Beijing. Staff in the region, who currently number about 200 in Japan and 80 in Asia ex Japan, will also be sized up.

Following warnings in Spring 2001 from the Financial Stability Board, the Bank for International Settlements and the International Monetary Fund, providers of ETF funds are increasingly improving their transparency. “Until the end of 2010, the level of transaparency for synthetic ETFs was low,” a Morningstar research of synthetic ETFs presented on 15 September, entitled “Synthetic ETFs Under the Microscope,” observes. The composition of collateral and substitution asset baskets was only disclosed once or twice per year, and often only at the demand of investors. “Real progress has been made in this area, largely due to pressure from investors on ETF providers,” the study funds. Some synthetic ETF providers are now publishing data on the composition of asset baskets on a daily basis, and several players have recently announced that they are also planning to do the same. This is a sign of goodwill which will be bound to improve or revive investor confidence in an environment of widespread suspicion, as the regulatory authorities lag behind common practice. However, “there is still room for improvement in transparency,” the study finds, suggesting several areas, including generalisation of the daily publication of asset basket composition. “Daily updates are all the more pertinent in periods of high volatility on the markets, and in the wake of events such as the Lehman bankruptcy or the recent earthquake in Japan.” The authors of the study also estimate that daily information should not be limited to the composition of a single basket, but might also include sector allocation, country allocation, exposure to currency risks, and credit ratings for bonds. The study also calls for increased transparency about the cost of swaps, which are often not included in the total expense ratio (TER).