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27/10/2010

La Banque d'Angleterre peut temporiser

La publication d’une croissance de 0,8 % du PIB britannique au troisième trimestre, deux fois supérieure aux attentes, rend désormais peu probable l’hypothèse d’une deuxième phase d’assouplissement quantitatif dès novembre. Celle-ci reste cependant d’actualité pour début 2011.
27/10/2010

Macquarie réduit la voilure dans les infrastructures

La banque australienne devrait supprimer 60 postes dans sa filiale d’investissement dans les infrastructures, soit un dixième de son personnel, a indiquéle quotidien qui ne cite pas ses sources. Macquarie vient de clôturer l’appel aux investisseurs pour son troisième fonds d’infrastructure européen avec 1,2 milliard d’euros, soit moins d’un quart de l’objectif initial.
26/10/2010

S&P relève la perspective de la Grande-Bretagne à stable

Standard & Poor’s a annoncé réviser la perspective du Royaume-Uni de négative à stable, tout en confirmant les notes à long et court terme AAA/A-1+. L’agence estime que l'économie britannique est saine et diversifiée, que le pays fait preuve de souplesse en matière de politique monétaire et budgétaire et que les marchés des biens et du travail disposent d’une relative capacité d’adaptation.
26/10/2010

Le PIB britannique surprend à la hausse

L'économie britannique a enregistré une croissance de 0,8 % au troisième trimestre, soit deux fois la prévision moyenne des analystes, selon la première estimation publiée mardi matin. Sur un an, la croissance du produit intérieur brut est de 2,8 %. Le chiffre, susceptible d'être révisé, doit cependant être pris avec des pincettes. La vigueur de l'économie au troisième trimestre s’explique en grande partie par le secteur de la construction, en croissance de 4%, un rythme intenable. Le plan d’austérité décidé outre-Manche devrait ralentir la croissance dans les trimestres à venir. Pour les économistes de RBS, cette publication n’est donc pas de nature à faire évoluer fondamentalement le débat sur une éventuelle nouvelle phase d’assouplissement quantitatif de la Banque d’Angleterre.
26/10/2010

Ex-Goldman Polytechnique graduate launches a hedge fund

p { margin-bottom: 0.08in; } Pierre-Henri Flamand, former co-head of the Principal Strategies trading team at Goldman Sachs, will next week launch his own hedge fund in London. The Polytechnique alumnus is said by sources familiar with the matter to have already received commitments for over USD1bn from institutional investors, the Wall Street Journal reports. The other former co-head of Principal Strategies, Morgan Sze, is also preparing to launch a hedge fund early next year, but in Hong Kong; it will be a fund specialised in Asia. 13 other former Principal Strategies employees are said to be going with him.
26/10/2010

Polar to launch an emerging markets fund

Polar Capital is going to add an income fund to its recently launched global emerging markets range, says Investment Week. The fund will be run by the three managers the firm poached from Axa Framlington in July: William Calvert, Ming Kemp and Neil Denman.
26/10/2010

Azimut launches a green private equity fund

p { margin-bottom: 0.08in; } The Italian independent asset management firm Azimut has made its debut in private equity with the launch of a renewable energies private equity fund, Il Sole – 24 Ore reports. The fund will initially have EUR100-150m in dedicated investments from professional investors. For the project, Azimut will create an ad-hoc company, which will be 60% controlled by a group of private equity managers.
26/10/2010

Amundi launches its first absolute return UCITS III product

Amundi has announced the launch of Amundi Funds Multimanagers Long/Short Equity, a sub-fund of the Luxembourg SICAV Amundi Funds. The sub-fund invests in UCITS III funds using long/short and/or equities arbitrage strategies, as well as volatility management. Amundi wanted to offer investors access to these sophisticated management strategies, which had previously been the reserve of hedge funds, from within a product compliant with the European UCITS III directive. Amundi Funds Multimanagers Long/Short Equity aims to offer absolute returns equivalent to the Eonia+5% per year, with an annualised ex-post volatility objective of less than 8%.Amundi Funds Multimanagers Long/Short Equity is managed by Amundi Alternative Investments according to a disciplined and rigorous process.Main characteristics Class (C) Class (I) Class S* (S)Management firm Amundi Luxembourg S.A.Management objective Eonia + 5% minus management feesMinimum investment duration 4 yearsISIN codes LU0487547670 (Capitalisation) LU0487547753 (Distribution)Minimal subscription none USD500,000 noneMaximum front-end fee 4.50% 2.50% 3%Maximum annual management commission 1.30% 0.99% 1.50%Maximal indirect management commission 2.65% 2.65% 2.65% Maximum annual administrative commission 0.30% 0.15% 0.30%Performance commission 20% above Eonia +5% per year minus commissionMaximum conversion commission 1%Maximum redemption commission none
26/10/2010

BarCap launches a UCITS-compliant hedge fund

p { margin-bottom: 0.08in; } Hedge Week reports that Barclays Capital has decided to launch a UCITS III format hedge fund, the Hedge Fund Replicator Fund, which offers transparent exposure to hedge fund strategies. The benchmark index is the Long Barclays Alternatives Replicator (LBAR). The SICAV fund, domiciled in Luxembourg, will be managed by Barclays Capital Fund Solutions.
26/10/2010

Man launches a fund of funds in Italy

Man Investments has been granted a sales license in Italy for the Man Long/Short Europe, a new UCITS III-compliant fund of funds which focuses on long/short equities strategy.The fund allows Italian investors access to European managers specialised in this alternative strategy, within a UCITS III-compliant vehicle. The portfolio, managed by the Man long/short equities team, is composed of 8 to 12 managers, selected from a total universe of over 300 funds.Minimal investment for retail shares is EUR1,000.
26/10/2010

La Commerzbank lance un fonds sur le marché chinois

Selon Fund Strategy, Commerzbank Corporates & Markets (C&M) a lancé un fonds d’actions chinoises par le biais d’une co-entreprise avec la société de gestion basée à Pékin China Asset Management (ChinaAMC).Géré par Michael Wen et Edward Wang, le Commerzbank China Volatility fund est une sicav luxembourgeoise conforme au format Ucits qui investit dans trente à soixante sociétés chinoises. ChinaAMC est l’un des grands groupes chinois de gestion d’actifs, avec des actifs sous gestion de 45 milliards de dollars.
26/10/2010

Javier Mazzaredo takes over as head of Santander private bank

p { margin-bottom: 0.08in; } The director for international affairs at Santander Asset Management, Javier Mazzaredo, has been appointed as director of the private bank for the Santander network in Spain. He will report to Alberto Ridaura, head of the Patrimonios division. Private banking activities are aimed at clients with financial savings of over EUR500,000. It now has over 26,700 clients, while Santander Wealth aims at the client segment with over EUR10m.
26/10/2010

Funds are unpopular with German savers

p { margin-bottom: 0.08in; } According to a survey of a representative sample by the Emnid institute on behalf of Deutsche Postbank, 41.1% of Germans say they would be able to regularly set aside some savings, but 16% say they are unable to save. Among the most significant findings of the study, traditional savings accounts are the preferred support for 49.1% of respondents, ahead of housing savings plans (35%) and life insurance (31.2%). Shares in investment funds and equities are in last place, at 21.9% (and only 14.8% in the new Länder).
26/10/2010

Emerging markets funds gain ground

p { margin-bottom: 0.08in; } On the German market, funds specialised in equities and bonds of emerging markets as of the end of August had assets of EUR30.3bn, compared with EUR24bn as of the end of December 2009. In other words, the Kommalpha agency reports, assets under management in these funds increased by EUR6.3bn, which represents 22.4% of total growth of EUR28.2bn to total assets in securities funds in the period under review. In the space of eight months, the market share for emerging market funds has increased from 3.7% to 4.5%, while the number of funds in this category has increased by 5%, or 19 funds. The EUR2.7bn in net subscriptions in January-August to emerging markets funds corresponded to 17.9% of total subscriptions, while EUR3.6bn in market effects was equivalent to 27.7% of the total.
26/10/2010

Management reshuffle at comdirect

p { margin-bottom: 0.08in; } On 1 November, the comdirect board members Michael Mandel (marketing and distribution, product and treasury management) and Carsten Strauß (investment advising and residential property financing) will take over the responsibilities of Alexander Boldyreff, director of distribution. Boldyreff was appointed on 25 October as chairman of the board at TeamBank (the new name of easyCredit), effective from 1 January 2011, replacing Theophil Graband, who will be joining VR-Leasing as chairman of the board.
26/10/2010

Pimco has nearly doubled its market share in bond funds

p { margin-bottom: 0.08in; } Diversified funds, and especially bond funds, are the big winners in terms of net subscriptions on the German market in the first eight months of the year. According to the Kommalpha agency, assets in bond funds increased by EUR11.1bn in the period under review, of which EUR1.8bn was due to market effects. Pimco Europe alone managed to attract over EUR11.75bn, which gives it a market share of 18%, virtually double what it had at the end of 2009.In the rankings of net inflows for all categories combined in January-August, the next three after Pimco Europe are db x-trackers (the ETF specialist firm of the Deutsche Bank group) with EUR1.89bn, Franklin Templeton IF, with EUR1.75bn, and Allianz Global Investors, with EUR1.69bn.
26/10/2010

db x-trackers launches two corporate bond funds in Frankfurt

p { margin-bottom: 0.08in; } The XTF segment of the Xetra electronic trading platform now includes 739 ETF funds, as db x-trackers on 25 October listed two new Luxembourg-registered products: the db x-trackers II iBoxx® € Liquid Corporate 100 Financials Sub-Index Total Return ETF (LU0484968812) and the db x-trackers II iBoxx® € Liquid Corporate 100 Non-Financials Sub-Index Total Return ETF (LU0484968655). They are corporate bond funds, with fees of 0.20% each.
26/10/2010

HSBC releases GIF Global Macro II in Germany

p { margin-bottom: 0.08in; } HSBC Global Asset Management (Deutschland) on 25 October announced that it has released its daily liqudity newcits fund GIF Global Macro II (see Newsmanagers of 6 October) in Germany. The fund aims for returns 1,200 basis points higher than the Euribor 1 month, with maximal volatility of 15%, double that of the fund launched in June 2007, the GIF Global Macro.
26/10/2010

Net profits of CHF1.66bn for UBS in third quarter

UBS has reported net profits of CHF1.664bn for third quarter, compared with CHF2bn in second quarter, and losses of CHF564m in third quarter 2009, the bank announced on 26 October in a statement. In the nine months of 2010, UBS has earned net profits of CHF5.871bn, following losses of CHF3.94bn between January and September of last year.Pre-tax profits for the Wealth Management unit totalled CHF492m, compared with losses of CHF67m in second quarter. Net inflows to Wealth Management & Swiss Bank totalled CHF0.9bn, following outflows of CHF5.5bn one quarter previously.Pre-tax profits for Wealth Management Americas totalled CHF47m, compared with losses of CHF67m in second quarter. Net inflows totalled CHF0.3bn, following outflows of CHF2.6bn.Pre-tax profits for Global Asset Management totalled CHF114m, compared with CHF117m in second quarter. Earnings totalled CHF473m, compared with CHF533m in second quarter, due to a decline in management commissions due to a deline in average invested assets and a reduction in commissions for Global Real Estate. Net inflows were zero in third quarter, after inflows of CHF3.4bn in second quarter.
26/10/2010

SEC questions Warren Buffett

p { margin-bottom: 0.08in; } L’Echo reports that the Securities and Exchange Commission (SEC) in second quarter questioned Berkshire Hathaway in order to establish why Warren Buffett’s holding company had not reported significant depreciations of its stakes in Kraft and US Bancorp (EUR1.33bn) on its books for over one year.
26/10/2010

Sarasin opens a representative office in Abu Dhabi

p { margin-bottom: 0.08in; } Bank Sarasin-Alpen (ME) Limited, an affiliate of the Basel-based Banque Sarasin & Cie SA (Rabobank group), announced on 25 October that it has opened a representative office in Abu Dhabi, under the name Bank Sarasin-Alpen (ME) Limited Abu Dhabi, after receiving a corresponding license from the central bank of the United Arab Emirates. The license will allow the firm to offer private clients the complete range of wealth management services from the Sarasin group. Sarasin is already present in the Middle East and in India via its affiliate Sarasin-Alpen, in Dubai, Doha, Manama, Mascate, Mumbai and New Delhi.
26/10/2010

Strong growth for UCITS funds in third quarter

UCITS funds in third quarter earned returns of 1.09%, according to the most recent statistics compiled by the UCITS Alternative Index (Nara Capital).The best returns in third quarter were for emerging markets (3.43%) and event-driven (3.11%) strategies. Since the beginning of the year, these strategies have earned 1.21% and 3.47%, respectively.The best-performing strategy of the year remains fixed income, with gains of 3.75% since the beginning of the year, and assets under management equivalent to 29% of the overall total. At the other end of the spectrum, commodities have lost 6.76%.
26/10/2010

Russell launches a new international index

p { margin-bottom: 0.08in; } Russell Investments has launched a new international index, which offers institutional investors increased flexibility in the management of their mandates. The Russell World Cap Index brings together the Russell 3000 and Russell Global indices, excluding US large caps. It currently includes 5,193 equities, about 93% of which are drawn from the Russell Global Index. In a growing global economy, institutional investors are seeking wider exposure to new investment opportunties worldwide.
26/10/2010

Are sustainable development funds really sustainable?

A recent, but as yet unpublished, research by the University of Zurich measured the sustainability of large sustainable funds with the help of the RepRisk-Index (RRI), and compared their RRI scores with those of traditional equity funds, writes the Financial Times Fund Management. The scores of both categories are almost identical, showing that sustainable funds are not more sustainable than any other equity fund.

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