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24/06/2011

Clive Burstow returns to Barings

Baring Asset Management (Barings) has appointedvClive Burstow to its Global Energy and Materials team as director and resources investment manager.His new role at Barings will include the production of research and stock ideas and assisting with the management of the Barings Global Resources Fund. He reports to Jonathan Blake, head of Global Energy and MaterialsClive Burstow returns to Barings from Blackrock where he was vice president with responsibility for analysis and investment across the mining sector. Prior to this, he was vice president at Alliance Bernstein and before that was an analyst at Barings for three years between 2004 and 2007. Before Barings he spent nine years as an analyst at the Mining Journal and at Metal Bulletin Research.
24/06/2011

Barclays Wealth funds chooses BNY Mellon Asset Servicing again

Once again, Barclays Wealth has selected BNY Mellon Asset Servicing as its provider of custody and clearance and fund accounting services, bringing assets under custody and administration at BNY Mellon AS to GBP17bn. The new contract covers assets domiciled in the United Kingdom, totalling GBP4bn.
24/06/2011

MSCI launches a management platform that complies with ESG criteria

The decision-making tool provider MSCI on 23 June announced the launch of its MSCI ESG Manager platform, a vehicle which offers management firms a range of tools which allow them to manage research, analysis and all deontological aspects related to environmental, social and governance (ESG) crtieria. MSCI is also launching the MSCI ESG Impact Monitor, a product which offers analysis of the environmental and social impact of a business, and the capacity of the business in question to manage that impact.
24/06/2011

Inversis Banco creates a structure to help foreign management boutiques enter Spanish market

On its website, Inversis Banco has announced, along with a reprint of an article from Expansión, that its division Inversis Bank Institutional has created Inversis Boutique, a platform which will aim to welcome small foreign management firms seeking to offer their funds for sale in Spain.The first partner in the project is Swiss-based Bellevue Asset Management (EUR3.3bn in assets), whose seven funds already have sales licenses for Spain.
24/06/2011

Bohai acquires 18% of Orient for a price equivalent to 8.8% of its assets

Following a RFP, Bohai International Trust has acquired an 18% stake in the fund manager Orient from Shanghai Chengton for a price of CNY138m. The initial offer price was CNY39.6m, or 2.7% of assets, and Bohai ultimately paid 8.8%, a 223% markup over the offer price.The transaction highlights that the price of access to the Chinese asset management market is rising steeply, Z-Ben Advisors reports.
24/06/2011

Assets in Swiss funds down

According to estimates by Swiss Fund Data, assets in Swiss funds as of the end of May totalled CHF653.6bn, of which CHF231.2bn were managed by institutional investors. That represents a decline of CHF11.8bn in one month, despite net subscriptions in the month of CHF876.2m.
24/06/2011

Hedge funds will be subject to increased monitoring by SEC

The Securities and Exchange Commission (SEC) on 22 June passed amendments to the Dodd-Franck law which require hedge fund advisers and other private funds to register with the regulatory authority. The new regulations will come into force from 30 March 2012.
24/06/2011

Prim'Finance launches an energy and metal fund

Prim’ Finance, a French asset management firm specialised in commodities, will launch Prim Commodities, a French-registered, UCITS III-compliant FCP fund which invests in energies and metals without reliance on equities from the sector, on 28 June. The product provides investors with access to commodities markets, with active management of exposure to allocation between various commodities. The investment universe for Prim Commodities includes energies (TWI and Brent oil, fuel, petrol, diesel, natural gas), industrial metals (copper, aluminium, zinc and lead), and precious metals (gold, silver, palladium and platinum). Soft commodities are excluded from the allocation. The fund will offer daily liquidity, and is denominated in euros hedged daily against currency risks. It is available to all investors. Prim’Finance has also announced that the names of some products in the commodities range from Prim’ Finance will be changing from 28 June 2011: Prim’ CommodOr will become Prim Gold; Prim’ EssenCiel will become Prim Energies, and Prim’ Kappa Agri became Prim Agriculture on 6 June 2011.
24/06/2011

New fund for Amiral Gestion

French boutique Amiral Gestion has launched Sextant Europe, a fund which invests in European large caps (market value of over EUR500m). The French-registered product is a stock-picking fund. Due to the liquidity levels of the target businesses, the fund will be available for external distribution as well as to institutional clients. Front-end fees have been reduced to 0% for the first year the fund is on sale. The fund will commence its investments on 29 June 2011. Sextant Europe is the sixth fund in the range from Amiral Gestion, which was founded in 2003. Its other products are Sextant PEA (an international equity fund, launched in 2002), Sextant Grand Large (a flexible balanced fund launched in 2003), Sextant Autour du Monde (a global equity fund launched in 2005), Sextant Peak Oil (an energy fund launched in 2007), and Sextant INC. (an alternative fund launched in 2008).
24/06/2011

Lower-than-expected inflows for Asian hedge funds

Hedge funds in Asia ex Japan have posted net inflows for the month of May of USD1.6bn, according to statistics from the data provider Eurekahedge, Asian Investor reports. Assets under management in hedge funds as of the end of May totalled USD134.3bn. However, inflows were lower than expected in comparison to the number of new fund launches, and consequently Eurekahedge has revised its asset estimates for the year downward. Assets under management for the sector in Asia ex Japan may reach only USD150bn, compared with an initial estimate of USD180bn. In Japan, net inflows totalled USD200m in May, bringing total assets under management to USD16bn, compared with USD22.6bn in January 2008, and a peak of USD39bn in 2006. Japanese hedge funds lost 0.41% in May, and the Eurekahedge Japan hedge fund index was down 2.62% for the three months to the end of May. However, at the same time, the Nikkei index lost .876%.
24/06/2011

Azimut launches a UCITS-compliant fund exposed to Chinese currency

The Italian management firm Azimut is launching what it says is the first European UCITS III fund to offer exposure to the Chinese currency, the Renminbi, Asian Investor reports. The Renminbi Opportunities fund targets European companies with industrial and commercial relationships with China, which will be able to offer debt instruments denominated in RMB. The fund also offers a means for diversification into a currency which is underrepresented in portfolios currently.
24/06/2011

Pioneer releases an absolute return equity fund

On 21 June, Pioneer Investments launched the Pioneer Absolute Return Equity (PARE), a UCITS-compliant absolute return fund, whose maximal net exposure may vary from -20% to +40%. The product is managed mainly via CFDs on long and short positions, as well as swaps and baskets of equities and sectors, and other derivatives such as futures and publicly-traded options. The management of the cash allocation will largely be undertaken with money market instruments and government bonds, by the internal government bond desk. Pioneer says on this subject that the portfolio includes exclusively government bonds in euros, with a minimal rating of A1/PI (thus, no Greek, Irish or Portuguese bonds). The maximal duration will be three months.CharacteristicsName: Pioneer Absolute Return EquityISIN code: LU0551348047 (A class shares)Front-end fee: maximum 5%Management commission: 2%Distribution commission: maximum 0.15%
24/06/2011

Vanguard launches a range of index funds of funds

Vanguard has launched a range of index-based funds of funds entitled LifeStrategy, Investment Week reports. The funds, which will be based on existing Vanguard products, will include a selection of international equities and British bonds, with exposure to equities ranging from 20% to 100%. Annual commissions will vary from 0.29% to 0.33%.
24/06/2011

French funds represent a diminishing percentage of investment in CAC 40

French funds have only a slight presence in CAC 40 businesses. This is one of the major findings of a study by FactSet and OpinionWay on behalf of the Pro-Actions institute, published exclusively by Les Echos, about investments held by open-ended funds in major indices. French funds represent about one third (33.7%) of investment by international funds in the CAC 40. By comparison, domestic funds have a much larger presence in the Dow Jones index (87.1% US funds) and the FTSE (41.5% British funds). Compared with the 2007 edition of the study, the percentage of CAC 40 capitalisation held by French funds has fallen by 2 percentage points. German funds have also lost ground: their stake in the CAC 40 has been cut to one third of its former level, from 13% in 2007, to 4.2% as of 2011. Meanwhile, US funds have increased their presence in the French index since 2007, up from 22.5% four years ago to 29.8%.
24/06/2011

EGA receives a license for 8 Titans emerging markets indices from Dow Jones

On 23 June, Dow Jones Indexes announced that it has granted a license for the use of eight more indices of the Dow Jones Emerging Markets Sector Titans Indexes to Emerging Global Advisors LLC (EGA), a management firm based in Ridgewood, New Jersey, which advises the EGShares brand ETFs. EGA already uses three Dow Jones EM Titans indices for ETFs of the Global Emerging Market Sectors (“GEMS”) range. The new EGA products are the following: • EGShares Basic Materials GEMS ETF• EGShares Consumer Goods GEMS ETF• EGShares Consumer Services GEMS ETF• EGShares Health Care GEMS ETF• EGShares Industrials GEMS ETF• EGShares Technology GEMS ETF• EGShares Telecom GEMS ETF• EGShares Utilities GEMS ETF
24/06/2011

Prime Office IPO cancelled

The Munich-based real estate firm Prime Office AG was obliged to call off its IPO as a German REIT, just before the end of subscriptions on Wednesday evening, the Frankfurter Allgemeine Zeitung reports. Reservations for shares at that time totalled only slightly under EUR300m, at the low end of the price range for the offering (EUR7-9.50 per share; see Newsmanagers of 9 June).
24/06/2011

Le poids des non-résidents dans le CAC40 se réduit

La capitalisation boursière des 37 entreprises françaises du CAC 40 était détenue à 42,4% par des non-résidents fin 2010, soit 2,2 points de moins qu’en 2009, selon la Banque de France. Cette baisse s’explique pour 1,4 point par des ventes d’actions, 0,4 par un effet prix (baisse des cours de certaines actions) et 0,4 par un changement dans la composition du CAC 40.
24/06/2011

S&P dégrade la note de Legg Mason

L’agence a abaissé la note de crédit de la société de gestion de «BBB+» à «BBB». La perspective est stable. S&P estime qu’une décollecte continue au cours des trois derniers exercices fiscaux a affecté la position de la société sur le marché ainsi que ses indicateurs financiers. Sur une période de douze trimestres close au 31 mars, la décollecte a atteint 302,1 milliards de dollars.
24/06/2011

Le plan d'austérité grec validé par la troïka

Le gouvernement grec et des représentants de la troïka (FMI, UE, BCE) ont trouvé hier soir un accord concernant le programme d’austérité à cinq ans, qui doit être soumis au Parlement le 28 juin. Des mesures additionnelles ont été présentées afin de combler un déficit de financement.
23/06/2011

Reprise marquée de la collecte sur le livret A

Selon le Rapport de l’Observatoire de l’épargne réglementée 2010 présenté ce matin par le gouverneur de la Banque de France, Christian Noyer, les encours de Livret A ont crû de 10,1 milliards d’euros à 193 milliards fin 2010. Son taux ayant été porté à 2% en janvier 2011, l’encours a atteint 203 milliards fin avril, soit 8,4% en glissement annuel. La nouvelle collecte a été essentiellement réalisée par les nouveaux distributeurs dont la part de marché s’élève à 23% (46,4 milliards) contre 77% pour les réseaux historiques (156,2 milliards).
23/06/2011

Papandreou doute de la validation des réformes

Le Premier ministre grec a exprimé de sérieux doutes sur le vote par le parlement du plan d’austérité réclamé par les créanciers internationaux, a déclaré jeudi le Premier ministre slovaque Iveta Radicova à la commission parlementaire slovaque chargée des Affaires européennes. «Le Premier ministre lui même ne peut pas garantir que les propositions qu’il soumettra trouveront le soutien du parlement.»
23/06/2011

Dexia prêt à un «rollover» sur ses 5,4 milliards de dette grecque

Dexia est prêt à accepter de manière volontaire un accord de reconduction («rollover») de ses 5,4 milliards d’euros d’exposition à la dette grecque, rapporte Reuters. Le groupe bancaire franco-belge a pris part à des discussions avec la banque centrale belge à ce sujet. Le journal De Tijd a rapporté que l’assureur belge Ageas et la banque KBC étaient également présents lors de ces discussions.
23/06/2011

Le secteur industriel chinois quasi stagnant en juin

La croissance du secteur manufacturier a quasiment stagné en juin en dépit d’un relâchement de la pression sur les prix, selon l’indice PMI flash publié par HSBC, ressorti à 50,1 (après 51,6 en valeur définitive en mai et 51,8 en avril et en mars).
23/06/2011

Le G20 agricole adopte un plan d'action contre la volatilité des cours

Les pays du G20 ont adopté à Paris un plan d’action pour lutter contre la forte volatilité des cours des produits agricoles, a annoncé le ministre français de l’Agriculture Bruno Le Maire. Les ministres de l’Agriculture sont convenus de «mesures concrètes, précises et ambitieuses» sur des sujets comme l’augmentation de la production agricole mondiale, la transparence des marchés physiques ou la gestion des crises alimentaires. Ils ont en outre appelé de leur vœux un renforcement de la régulation des marchés à terme et dérivés de produits agricoles, qui est à l'étude par les ministres des Finances du G20, en recourant à des outils comme «la fixation de limites de position ex ante», a encore indiqué Bruno Le Maire.

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