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27/04/2011

Double creux pour l’immobilier américain

Les prix de l’ancien sont retombés au point bas du printemps 2009, d’après l’indice S&P / Case-Shiller. L’indice a baissé de 3,3 % sur un an en février en l’absence de facteurs de soutien. Ainsi, les ventes dans l’ancien sont encore faibles malgré une légère progression.
27/04/2011

Les déficits grec et portugais dérapent

Les statistiques de l’office européen Eurostat publiées mardi révèlent des déficits grec et portugais en décalage avec les objectifs gouvernementaux. Dans ce contexte, Berlin a évoqué la perspective d’une restructuration de la dette grecque sans toutefois la soutenir.
27/04/2011

Le trading haute fréquence fait main basse sur le CAC 40

«La Bourse de Paris se mécanise à vive allure» clame le quotidien, qui évoque une étude confidentielle de l’Autorité des marchés financiers indiquant que la moitié des ordres émis sur les titres des sociétés de l’indice phare de la place parisienne sont générés par «trois professionnels du trading de haute fréquence» «à l’identité préservée». Cette technique représente 50 à 60% des ordres aux Etats-Unis, et sans doute 40% en Europe cette année. «De quoi relancer», selon le quotidien, «les débats entre régulateurs face aux risques d’instabilité posés par des outils de négoce qui marchent en roue libre».
27/04/2011

Leçon de pragmatisme pour Nyse Euronext

Dans un entretien, le directeur général de Nyse Euronext Duncan Niederauer indique qu’il existe de nombreux moyens d’améliorer l’offre avec son partenaire Deutsche Börse. Les termes de l’offre pourraient bien être améliorés avant l’assemblée générale de juillet. Ce qui pourrait permettre de combler un retard face à l’offre concurrente du Nasdaq. Le dirigeant veut faire preuve de pragmatisme pour convaincre ses actionnaires.
26/04/2011

Le déficit 2010 de la Grèce dépasse les attentes

Le déficit budgétaire de la Grèce a atteint 10,5% du PIB en 2010, selon les statistiques d’Eurostat publiées pour l’ensemble de la zone euro. C’est plus que la dernière estimation (9,6%) de l’Union européenne et du FMI, et bien au-delà de l’objectif initial de 8% que s'était fixé le gouvernement. Même chose pour le déficit portugais, publié à 9,1% au lieu des 8,6% annoncés. Eurostat relève par ailleurs que la crise financière a coûté 43,8 milliards d’euros en 2010 aux Etats de la zone euro, soit 0,48% de leur PIB cumulé.
26/04/2011

Le taux Euribor 3 mois à un sommet de deux ans

Le taux Euribor 3 mois a été publié mardi à 1,361%, contre 1,356% la veille. Il retrouve ainsi ses niveaux d’avril 2009, à la faveur de la récente hausse des taux directeurs de la Banque centrale européenne.
26/04/2011

Montagu Private Equity lève un fonds de 2,5 milliards d’euros

Montagu Private Equity, annonce le succès de la clôture de sa quatrième levée de fonds (Montagu IV) pour un montant de 2,5 milliards d’euros. Montagu IV rassemble des investisseurs de types et d’origines géographiques très diversifiés. Les fonds de pension, compagnies d’assurances et fonds souverains en provenance des Etats Unis, d’Europe, du Moyen Orient et d’Asie ont notamment augmenté leurs engagements.
26/04/2011

Strong rise in pay for CAC 40 heads in 2010

According to the 2011 rankings of the salaries of heads of CAC 40 businesses established by Les Echos, total salaries for CAC chiefs this year came to over EUR98.3m, an average of EUR2.46m per head, and 24% higher than in 2009 (at non-comparable perimeter). The first of the three managers of Michelin, Michel Rollier, takes the top spot in the 2011 rankings, with EUR4.5m in pay for 2010. Second and third place go to Frank Riboud, chairman and CEO of Danone, with about EUR4.4m in remuneration, and Bernard Arnault, chairman and CEO of LVMH, with EUR3.9m in total pay.
26/04/2011

Neuberger Berman preparing two equities funds

In a notification to the SEC (form N-1A) dated 15 April, Neuberger Berman has announced plans to launch two equities funds by third quarter: the Neuberger Berman Global Equity Fund, which will charge 1.51% (A class shares), and the Berman Global Thematic Opportnities Fund (1.61% Ter for A shares). The highly diversified Global Equity Fund will be managed by Benjamin Segal, and will invest primarily in global large caps, with at least 80% invested in equities under normal conditions. Anthony Gleason, Alexandra Pomeroy, William Hunter and Richard Levine will manage the Global Thematic Fund, and will first select promising themes, and then undervalued shares likely to profit from those themes.
26/04/2011

Allianz closes its large small caps value fund for a little longer

Since April 2009, the Allianz NFJ Small Cap Value Fund has been closed to new investors, the Wall Street Journal reports. Since the fund is continuing to grow, and now has USD8.2bn in assets, making it the largest value small caps fund, Allianz Global Investors Distributors has notified the SEC that it plans to close the fund as soon as possible to subscriptions from retirement savings plans (401(k), 457s, 403(b), profit-sharing schemes, defined contribution plans, and 529s).The fund has earned returns of nearly 20% in the 12 months to 21 April, compared with an average of 14.3% for value small caps funds, according to Morningstar. And in the five years to 21 April, the fund has generated returns of nearly 7% per year, compared with 3% for others in its class.
26/04/2011

ETFs based on silver to be used with caution

Since the beginning of this year, the four major physical silver ETFs, iShares Silver Trust, Sprott Physical Silver Trust, ETFS Physical Silver Shares and PowerShares DB Silver Fund, have posted total returns of 50% to 59%. The iShares product has tripled its volume in the past 12 months, to USD16.6bn, and controls about one third of all supplies of the metal on Earth, the Wall Street Journal reports.Investors following in the wake of a booming price for the metal (+160% in one year) are in danger of neglecting some major risks and particularities associated with these products. For example, the fund from the Canadian management firm Sprott, a closed fund of funds which is trading at a 22% markup over the price of silver, has the advantage that its metal is held in ingots stored in the vaults of the Royal Canadian Mint, so that its shares may be redeemed in physical metal, and the tax rate for capital gains may be limited to 15%, if the investor has 8621 status from the IRS.Sprott has already notified the SEC that it may sell the 10% of shares which were been locked in in November 2010, and that redemption in physical metal will only be possible for investors with the equivalent of USD600,000 or more in shares. The preferential tax regime is applicable only to investors who have obtained the 8621 application. For iShares and PowerShares products, the tax rate for capital gains is 28% and 23%, respectively.
26/04/2011

ETC inflows set records this year

In the space of one year, exchange-traded commodities (ETC) have doubled in volume to USD174bn as of the end of March; these products attracted Usd3.5bn in net subscriptions in first quarter 2011, Expansión reports. The phenomenon is due to the fact that investors use ETC funds to protect themselves against inflation and to profit from speculative movements such as those which have been driven by the crises in North Africa and the Middle East.
26/04/2011

Edhec outsources its indices and benchmarks activities

Hedge Week reports that the Edhec-Risk Institute has spun off its Indices & Benchmark activities, with the aim of becoming one of the major designers of beta intelligent indices for the asset management sector. The operation will have offices in London, New York, Nice and Singapore. Two experienced specialists have been recruited to develop the activity in Europe and North America. The new structure will house the existing range of indices and benchmarks from the Edhec-Risk Institute, including the FTSE EDHEC-Risk Efficient Index, EDHEC-Risk Alternative Indexes and EDHEC IEIF Commercial Property (France) Index.
26/04/2011

Hedge funds had strong inflows in February, according to Morningstar

The Morningstar index of 1,000 hedge funds in March shows an 0.1% increase, which brings its returns to 2.1% in first quarter, while funds of hedge funds gained 0.3% in March and 1.6% in January-March.The US agency announced on 25 April that hedge funds in its database in February posted net subscriptions of USD5.2bn, their highest levels since August 2009. Most of these subscriptions went to European equities hedge funds (USD872m), US equities (USD1.1bn), and global trend funds (USD1.6bn).Funds of hedge funds posted net inflows of USD669m in February, after five consecutive months of significant net outflows.
26/04/2011

CNMV approves a volley of French-registered funds

On 19 April, the CNMV registered seven funds and 14 classes of shares in French-registered products, all of which are from Allfunds Bank. They are the Elan Convertibles Europe, Elan Euro Valeurs, Elan Midcap Euro, Neuflize Ambition and Neuflize Optimum funds, as well as R Convertibles and R Obligations privées.
26/04/2011

Haitong preparing a Yuan offshore high yield bond fund

Asian Investor reports that following the Haitong Global RMB Fixed Income Fund, which was launched in August, and a private placement in December, Haitong International Asset Management is now preparing a private placement of a new offshore high yield bond fund, denominated in Chinese yuan, which will pay quarterly dividends, to professional investors in Hong Kong and internationally.Joseph Lau, managing director, says that the fund invests in high yield bonds denominated in Hong Kong dollars, in synthetic bonds, bond denominated in dollars issued by Chinese businesses, and convertible bonds.The new fund has two share classes, one of them in Chinese yuan, for Hong Kong investors, and one in US dollars, for foreign investors. The objective is annual returns of 7-8%, which would result in dividends of about 1.5% per quarter.Assets already total HKD18bn (USD2.8bn), and Haitong’s objective for the product is to reach HKD50bn in assets.
26/04/2011

Barclays WM launches a closed bond fund

On 3 March, Barclays Wealth Managers España launched the Barclays Renta 2015 fund, a bond fund which was registered with the CNMV on 19 April, and for which the management firm is aiming for non-guaranteed annual returns of about 3.5% for subscriptions until 27 May 2011 which remain in the fund until 31 August 2015.At launch, all assets, which are rated at least A- by S&P, will have an approximate average duration of 4.2 years; they will be retained until 31 August 2015, and then sold. The product will invest in repos of Spanish public debt, money market instruments and checking deposits of at least one year with EU or OECD credit institutions subject to prudential controls. The portfolio will contain no securitisations or currency risks.CharacteristicsName: Barclays Renta 2015ISIN code: ES011398400Minimal subscription: EUR600Front-end fee: 5%Management commission: 1%Depository banking commission (Barclays Bank SA): 0.1%Penalty for early withdrawal before 31/08/2015: 3%
26/04/2011

Jefferies to release sub-funds of its Luxembourg Sicav in Spain

On 8 April, the CNMV issued licenses for two sub-finds of the Luxembourg Sicav Jefferies Umbrella Fund (JUF, USD1.05bn in assets), managed by the Swiss affiliate of the US Jefferies group. The JUF Global Convertible Bonds and JUF Europe Convertible Bonds funds will both be available for Allfunds Bank. So far, Jefferies has not applied for licenses for Japanese and Asian bond funds which are also sub-funds of the Sicav.
26/04/2011

Lloyds TSB Private Banking fills a gap in international personnel

The Lloyds TSG private bank has announced the recruitment of five specialists in Miami and Switzerland. The recruitments will allow the firm to compensate for five recent departures of employees to Barclays Wealth. In Florida, the British group has recruited Ricardo Morean (ex Wells Fargo) as director of strategy and business development for Latin America, and Armando González, who has left Bank of America Merrill Lynch in order to become chairman and senior international advisor. In Geneva, Lloyds TSB Private Banking has recruited the managing director for Scandinavia and the United Kingdom from UBS, Urs Emmenegger, as director of strategic development. In Zurich, the team will gain two members, with the arrival of Mark Wizenrised (ex Arab Bank) as director of the Saudi Arabia and Egypt team, and Daniel Steiner (ex RBS Coutts) as senior relationship manager.
26/04/2011

Independent wealth managers' association opens up to family offices

At its general shareholders’ meeting on 15 April, the German VuV association of independent wealth managers voted to agree to accept memberships from family offices. Family offices will receive the status of extraordinary members, and will have no voting rights, and no power to influence the association’s strategy. Currently, the VuV has about 200 members, about half of whom are independent wealth management firms in the country. Its managers have about EUR60bn in assets under management.
26/04/2011

Botín family internationalises its real estate portfolio

Cotizalia reports that according to the specialist press, the Spanish firm Luresa Inmobiliaria has mandated the consultants Gresham Down and Knight Frank to advise it on the management of its assets in the United Kingdom. This corresponds in reality of the strategy of the GlanEuro Property fund, which is listed in Dublin and will be renamed Luri 5 UK Property Fund. Assets total EUR74m, and the fund owns 21 commercial properties throughout the United Kingdom.Luresa (La Unión Resiñera Española) is a management firm controlled by Santander, whose major subscribers are the members of the Botín family. There are already four other Luri funds, one of which bought the Astro tower in Brussels for EUR90m in 2008.
26/04/2011

At the end of 2010, 7.4% of Spanish fund assets had “reduced liquidity”

According to the CNMV bulletin for first quarter 2011, Spanish funds as of the end of December had EUR10.65bn in “reduced liquidity” assets, which represents about 7.4% of their total assets of EUR144bn, Cinco Días reports.Of these reduced liquidity assets, securitisations represented EUR3.26bn, compared with EUR4.71bn six months earlier, while surprisingly, AA or AAA-rated bonds falling into this category came to over EUR4.37bn, EUR650m more than at the end of June 2010.
26/04/2011

Ahorro Corporación recruits a partner from AFI

Sebastián Larraza, who was previously a partner at Analistas Financieros Internacionales (Afi), has been appointed director of alternative management at Ahorro Corporación Gestión, replacing Concepción Fernández, Funds People reports.Larraza will work with three others to oversee management of the VaR fund range and to put Ahorro Corporación’s plans in multi-management into action, as well as the plans of banking groups which have recently become shareholders in the firm.

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