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28/04/2011

La demande de crédit immobilier baisse

Dans la zone euro, surtout en France, la demande de crédit immobilier de la part des particuliers a ralenti, d’après les banques interrogées dans la dernière enquête trimestrielle de la BCE. Celle des entreprises, soutenue par le besoin de financer leurs investissements, est en nette hausse.
27/04/2011

Retour à une croissance modérée en Grande-Bretagne

L'économie britannique a renoué avec la croissance de janvier à mars, affichant une progression de 0,5% par rapport aux trois derniers mois de 2010, selon la première estimation publiée mardi par l’Office national de la statistique (ONS). Elle s'était contractée de 0,5% au dernier trimestre de 2010, pénalisée notamment par les conséquences des chutes de neige. Sur un an, l'économie du pays affiche une hausse de 1,8%. Ces hausses sont toutefois trop faibles pour qu’elles puissent inciter une majorité des membres du comité de politique monétaire de la Banque d’Angleterre à s’exprimer en faveur d’un relèvement du loyer de l’argent, en dépit des tensions inflationnistes. L'économie continue de marquer le pas si on la compare à celles des autres pays développés. Les services et le secteur manufacturier, qui ont montré des progressions respectives de 0,9% et 1,1%, ont soutenu le PIB, contrairement au secteur de la construction qui a reculé de 4,7% sur le trimestre, une chute sans précédent depuis le premier trimestre 2009 quand le pays était en pleine récession.
27/04/2011

Les rendements de la dette grecque affichent de nouveaux records

Le rendement des obligations d’Etat grecques a atteint mercredi un nouveau plus haut depuis la création de l’euro alors que le marché anticipe une restructuration de la dette du pays. Ce sont les rendements de dette de plus courte échéance qui ont progressé le plus. Les rendements de la dette à deux ans augmentaient mercredi de 30 points de base (pdb) à 25,17%, ceux de la dette à cinq ans gagnaient 53 (pdb) à 22,47%. Le rendement de la dette à 10 ans progressait de 29 pdb à 15,86%.
27/04/2011

Hausse des commandes à l'industrie en février dans la zone euro

Les nouvelles commandes à l’industrie ont progressé moins qu’attendu en février dans la zone euro, tandis que celles de janvier ont été revues en hausse, montrent les statistiques communiquées mercredi par Eurostat. D’un mois sur l’autre, les prises de commandes ont augmenté de 0,9%. Sur un an, le chiffre est supérieur de 21,3%.
27/04/2011

Another defendant pleads guilty in Galleon case

Craig Dimal, whose telephone conversations recorded in 2007 allowed the federal prosecutor’s office to launch its investigation of the Galleon insider trading scandal, has pleaded guilty to securities fraud and conspiracy. He faces 7 1/4 years in prison, the Wall Street Journal reports, adding that he becomes the 21st of 26 defendants to plead guilty to charges related to the case.
27/04/2011

BrightScope launches a website for independent financial advisers

The 401(k) program ratings firm BrightScope on 26 April launched a website which will aim to increase information about independent financial advisers. BrightScope will grow out a database of independent financial advisers and registered brokers, providing information about potential conflicts of interest, litigation with clients, assets under management, and in a second phase, performance and fees, Mike Alfred, co-founder and CEO of BrightScope, has told Bloomberg. “Our initiative comes as part of a wider movement towards increased transparency for consumers” of financial services, Alfred says.
27/04/2011

Van Eck launches an ETF based on floating rate corporate bonds

The New York asset management firm Van Eck Global on 26 April announced the launch of the Market Vectors Investment Grade Floating Rate ETF (NYSE Arca acronym: FLTR). The fund will aim to replicate the Market Vectors Investment Grade Floating Rate index, published by 4asset-management GmbH, before commissions, which corresponds to a portfolio of floating rate bonds issued in US dollars by investment grade businesses. The innovation of the product is that it focuses on high quality securities, rather than bank loans.Securities taken into the portfolio must come from issues totalling at least USD500m, with a residual duration of at least 6 months as of each rebalancing date. As of 31 March, the index included 188 securities, of which 94.9% were in the financial sector.Net management commission is set at 0.19%.The FLTR is the 133rd ETF of the Market Vectors brand, and the 7th bond fund in the range.
27/04/2011

HSBC launches eight ETFs

BaFin has recently granted sales licenses for eight new Irish-registered ETF funds launched since 8 December by HSBC Global Asset Management, and these products will soon be available on the XTF segment of the Xetra electronic platform from Deutsche Börse.Except for the HSBC MSCI Canada ETF (IE00B51B7Z02)launched on 24 February (0.35% commission) and the HSBC MSCI World ETF (IE00B4X9L533) launched on 10 December 2010 (0.35%), the new funds are all focused on emerging markets.The other funds are the MSCI China ETF (IE00B44T3H88) launched on 28 January (0.60%), the MSCI South Africa ETF (IE00B57S5Q22) launched on 16 February (0.60%), the HSBC S&P BRIC 40 ETF (IE00B5YLK706) launched on 26 January (0.60%), the HSBC Mexico Capped ETF (IE00B3QMYK80) launched on 4 March (0.60%), the HSBC MSCI Turkey ETF (IE00B5BRQB73) launched on 8 December 2010 (0,60%), and lastly, the HSBC MSCI EM Latin America ETF (IE00B4TS3815) launched on 11 March (0.60%).HSBC GAM plans to have 50 ETFs on sale in Germany by the end of the year.
27/04/2011

FTC Capital sues six banks for manipulation of the Libor

The Austrian hedge fund FTC Capital has filed a lawsuit in a New York federal court against Bank of America, JP Morgan Chase, Deutsche Bank, WestLB, UBS and Credit Suisse, for manipulation of the Libor rate, the Frankfurter Allgemeine Zeitung reports. FTC claims that the manipulations affected the euro/dollar futures market listed on the Chicago Mercantile Exchange.
27/04/2011

Number of funds launched by single manager funds up by more than 50% in 2010

Assets under management in single manager hedge funds increased 11% last year, to USD1.6trn, according to an annual study by PerTrac, whose estimates are based on information assembled from ten global databases. The number of funds with over USD1bn in assets under management last year came to 280, a very slight increase since the previous year. Taking into account funds of funds, assets under management total USD2.1trn. Assets under management in funds of funds alone last year totalled USD518bn, down 10.5% compared with 2009, and 31% compared with 2008. The number of funds launched by single manager funds last year rose 51% compared with 2009, to 1,184, according to preliminary estimates. Meanwhile, launches from funds of funds rose from 304 in 2009 to 352 last year.
27/04/2011

Threadneedle recruits a wholesale sales team for Asia

Threadneedle has recruited three sales personnel for wholesale clients in Asia: Gerard Clancy (ex BlackRock), Richmond Herrera (ex Standard Chartered Bank), and Kent Ng, formerly of Merrill Lynch Global Wealth Management Group.They will report to Michael Langlois, head of wholesale distribution for Asia Pacific. The mission for the three recruits will be to establish relations with Asian financial establishments locally, as well as global private banks who are present on the continent.
27/04/2011

HSBC Private Bank recruits in Asia

Asian Investor reports that HSBC Private Bank has recruited William Lawton as head of the South East Asia Investment Development Group at the private bank. HSBC Private Bank has also called in Jeffrey Benjamin as head of non-Asian clients resident in Asia in the international wealth management group. Lawton previously worked at RBS Coutts and Standard Chartered Bank, among others. Benjamin, for his part, spent 11 years at Investec in London.
27/04/2011

Standard Life Investments puts the brakes on inflows to fund dedicated to British small caps

Investment Week reports that Standard Life Investments has sent a letter to its clients to indicate its desire to limit access to its fund dedicated to British small caps, the UK Smaller Companies, from the month of June. The change will bring in a 4% front-end fee for new investors. Management fees may also be raised from 1.5% to 1.6% per year. The fund, launched in 1997, has earned returns of 73.7% in the five years to 18 April, compared with an average of 23.5% for small caps, according to Morningstar.
27/04/2011

Axa Framlington UK Mid Cap fund soon to be made available to retail investors

Axa Investment Managers (Axa IM) has announced that it is planning to add a retail asset class to its fund dedicated to British midcaps: the Axa Framlington UK Mid Cap fund, Investment Week reports. The fund was launched on 4 March, and is aimed at institutional investors for a minimal investment of GBP100,000. The fund will be available to retail investors from the end of second quarter, from a minimal investment of GBP1,000. The fund will have a minimal weighting of 70% to shares from the FTSE 250, and a minimum of 15% to companies of the FTSE 100.
27/04/2011

Qatar confirms plans to invest in Spanish savings banks

Ahmed Mohammed Al Sayed, CEO of Qatar Emirates Holding, confirmed at a press conference on 26 April in Madrid that the Qatar sovereign fund is planning to not only to invest EUR300m in the Spanish savings banks, but that the final amount may be even higher than that, Cinco Días reports.
27/04/2011

Schroders recruits an editor from Citywire

Philip Haddon will be leaving Citywire at the end of May to join the bond team at Schroders, Das Investment reports. He will be in charge of editing fund reports and market analyses; in addition, he will handle the relationship between fund managers and press agencies, as well as public relations.
27/04/2011

Regulations liberalised for asset management firms from insurance groups

The China Insurance Regulatory Commission (CIRC) has published a series of directives which will allow management firms from insurance companies to widen their area of activity, including managing third-party assets. In addition, the requirement of eight years of activity has been relaxed, with the Chinese regulator now requiring only 5 years of experience, Z-Ben Advisors reports.In these conditions, at least eight new actors can be expected to enter the market, in addition to the nine which already have an affiliate dedicated to asset management, which will increase competition, particularly in the Chinese institutional segment. Investible insurance assets, according to various estimates, are expected to reach CNY5.7trn (nearly EUR600bn) by the end of this year.
27/04/2011

Inflows of over CHF19bn for Credit Suisse in first quarter

Credit Suisse on 27 April reported net profits of CHF1.1bn for first quarter, a decline of 45% compared with the first three months of 2010, while net revenues totalled CHF8.2bn, and returns on owners’ equity eligible for dividends to shareholders came to 13.4.% Excluding downward revisions of fair value of CHF617m due to its own debt and individual difficulties related to financing commitments, adjusted pre-tax profits were CHF2.2bn and adjusted net profits were CHF1.6bn.Net profits totalled CHF19.1bn, compared aith CHF13.9bn in fourth quarter 2010, and CHF26bn in first quarter 2010. Capitalisation is “very high,” the bank says, with a base tier 1 ratio of 18.2%.Total assets under management at the group totalled CHF1.2824trn as of the end of first quarter, stable compared with first quarter 2010, and up by CHF29bn or 2.3% compared with fourth quarter 2010.
27/04/2011

Assets up at GAM Holding

As of 31 March, assets under management by the GAM Holding group totalled CHF118.7bn, excluding the CHF17.1bn in funds distributed by Swiss & Global Asset Management, and advised by GAM. The increase in assets in first quarter totalled CHF0.9bn, the to rising markets and a slight gain for the euro against the Swiss franc. Overall, subscriptions and redemptions were neutral.At GAM, assets as of the end of first quarter represented CHF53.3bn, compared with CHF53.6bn as of the end of December, following slight net redemptions related to exits of clients leaving offshore funds of hedge funds.At Swiss & Global Asset Management, assets under management increased by CHF2.1bn in January-March, to CHF82.5bn. The increase was due both to net subscriptions, currency effects, and market effects. Net inflows in the period under review were fed by development of white label fund activities, and to increasing demand for physical precious metals funds and bond funds advised by GAM.
27/04/2011

RBC Dexia IS appoints a head of client relations for Switzerland

Corinne Vitte will be starting in her position on 2 May as head of relationship management in Switzerland for RBC Dexia Investor Services, serving clients in Switzerland and Luxembourg, alongside Andreas Schmid, who was recruited for a similar role earlier this year. She will report to Marco Siero, managing director of RBC Dexia in Switzerland.Vitte spent eight years in positions of responsibility in sales and client relations at Citigroup.
27/04/2011

AGI warns against misuse of its brand name

Allianz Global Investors (AGI) on 26 April issued a warning to its clients and potential investors that its brand name is being used fraudulently by an entity which offers financial services under the name Allianz Global Investors Fund, which offers electronic contacts at the domains allianzglobalinvestorsfund.com, aginvestorsfund.com, and aginvestorfund.com. The telephone number given on these websites does not correspond to any line at AGI.The genuine internet site for AGI is www.allianzglobalinvestors.de, the asset management firm says.
27/04/2011

Carmignac Gestion rethinks its fixed income team

The return of Rose Ouahba, one of the key managers at Carmignac Gestion, from maternity leave, has resulted in a few changes in the organisation of FI-management. Ouahba becomes head of the fixed income team, and once again takes on responsibility for the bond allocation of the Carmignac Patrimione fund, which had been entrusted to Charles Zerah in her absence, since December 2010. Zerah will continue to oversee management of the Carmignac Global Bond fund.The asset management firm is also adding to its fixed income team. Carlos Galvis, who had managed the Carmignac Sécurité fund in Ouahba’s absence since last December will continue to manage the fund from 1 April, in addition to the Carmignac Cash Plus fund. The management process for the Carmignac Sécurité fund, and its objectives, will remain unchanged, a statement says.Meanwhile, Keith Ney, former global analyst at Carmignac Gestion, takes over as head of credit analysis, and Caroline Slama, a former global equities analyst, will join the fixed income team as a credit analyst.
27/04/2011

TA Associates acquires a majority stake in Stadion Money Management

The private equity investor TA Associates (Usd16bn) has acquired a 54.4% stake in the management firm Stadion Money Management (USD6.7bn in assets under management as of the end of March), for an undisclosed amount.This is not the first investment by TA Associates in asset management, as the group already holds stakes in Affiliated Managers Group, AIM management Group (Invesco), Evanston Capital Management, First Eagle Investment Management, Jupiter Fund Management, K2 Advisors, Numeric Investors and Thomson Advisory Group (Pimco).
27/04/2011

Rothschild AM recruits a big name from Lazard AM

Mike Tamasco, who has spent ten years at Lazard Asset Management as head of development for a range of activities, has been recruited by the US firm Rothschild Asset Management as managing director and chief marketing officer, under the direct authority of T. Radey Johnson, CEO.Tamasco will be in charge of accelerating development and to rapidly scaling up the sales team, in a sign that Rothschild AM, an institutional management firm, is planning to launch a mutual fund sub-advisory activity, as he announced to Mutual Fund Wire.

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