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06/01/2014

DWS launches a fund of funds

DWS Investment has launched a new fund of funds. According to Fondscheck.de, the asset management firm has since 17 December been offering the DWS Multi Opportunities LD (ISIN LU0989117667), in which at least 51% of assets are invested in equity funds. The remainder may be invested in equities, certificates, etc. The asset management team will pay particular attention to geographical diversification, the website says.
06/01/2014

LLB ferme sa filiale suisse et finalise la vente de sa succursale de Lugano

La Liechtensteinische Landesbank (LLB) a annoncé le 3 janvier la fermeture de sa filiale helvétique LLB (Suisse) ainsi que le bouclage de la vente de la succursale de Lugano au tessinois PKB Privatbank. Ces opérations s’inscrivent dans le cadre de la nouvelle stratégie du groupe de Vaduz et pèsent sur les entrées de liquidités."La fermeture de LLB (Suisse) et la vente de la filiale de Lugano marquent une étape importante dans la mise en place de la stratégie de rencentrage de ses activités Focus 2015", a estimé le directeur général (CEO) Roland Matt, cité dans un communiqué. La clôture des activités bancaires de la filiale de LLB en Suisse, annoncée en mars, a été effectuée fin 2013, précise le groupe. Une société spéciale, LLB Verwaltung (Suisse), a été créée pour finaliser la fermeture de la banque.Avec la cession de la filiale de Lugano à PKB, LLB va transférer un volume d’affaires de 2 milliards de francs suisses et 26 employés à l'établissement tessinois. Ces deux opérations ont conduit à une décollecte nette de 2,5 milliards de francs suisses en 2013.Le programme «Focus 2015" prévoit de réduire le nombre d’employés à 840 personnes, contre 1.030 à la mi-mars 2013. LLB a également annoncé en octobre la vente de Jura Trust à la direction de la fiduciaire. La déconsolidation de l’activité pèsera à hauteur de 8 millions de francs suisses sur les résultats 2013 du groupe liechtensteinois.
06/01/2014
Fonds

JPM AM ferme un fonds alternatif matières premières

JP Morgan Asset Management va liquider le 7 février son fonds Ucits alternatif sur les matières premières, suite à une chute des actifs. Le fonds JPM Highbridge Diversified Commodities a cessé d’accepter de nouvelles souscriptions depuis le 12 décembre. Il avait été lancé en mars 2011 et était géré par le pôle alternative de JPM, Highbridge Capital. Selon les données de Lipper IM, le fonds représente aujourd’hui un encours de 3,2 millions de dollars, alors qu’il avait atteint 35,5 millions de dollars en août 2011.
Fonds
06/01/2014

L'or fait plonger les comptes de la Banque nationale de Suisse

La Banque nationale suisse (BNS) a annoncé lundi une perte de 9 milliards de francs suisses au titre de 2013, en raison de la forte dévaluation de ses réserves d’or. La banque centrale a précisé que la perte de 15 milliards de francs suisses sur ses avoirs en or, dont le cours a chuté de 28% en 2013, n’a pu être entièrement compensée par un gain de 3 milliards de ses réserves en devises étrangères et d’un bénéfice de plus de 3 milliards réalisé lors de la vente d’un fonds de stabilisation crée cinq ans auparavant pour sauver UBS.
06/01/2014

Turgot Asset Management et Alienor Capital se rapprochent

Turgot Asset Management et Alienor Capital, sociétés de gestion de portefeuilles entrepreneuriales, viennent de signer une lettre d’engagement visant à rapprocher les deux entités. Sous réserve d’agrément de l’AMF, Turgot AM prendra une participation de 35% dans Alienor Capital à l’occasion d’une augmentation de capital décidée pour le premier trimestre 2014. Le nouveau groupe représentera un total d’actifs sous gestion de plus de 250 millions d’euros, et emploiera 15 salariés dont 7 gérants de portefeuille.
06/01/2014

Les indices PMI en France confirment la contraction dans le secteur privé

L’activité dans le secteur privé français s’est contractée de manière légèrement moins marquée qu’initialement annoncé en décembre mais à un rythme supérieur à celui de novembre, montrent lundi les résultats définitifs de l’indice Markit des directeurs d’achats. L’indice PMI composite, qui combine celui des services et celui de l’industrie manufacturière, s’est replié à 47,3, un niveau un peu supérieur à l’estimation flash de 47,0, après 48,0 en novembre.
06/01/2014

La Chine durcit les règles encadrant la finance parallèle

Le gouvernement chinois a adopté un projet de durcissement des règles encadrant les activités de «shadow banking», selon des sources concordantes. Les nouvelles règles introduisent des restrictions sur la coopération entre banques classiques et sociétés d’investissement, sociétés de courtage et autres intermédiaires. Elles visent également le financement par le biais d’internet, les pratiques de microcrédits ou les prêts informels consentis par des proches. Si le texte adopté par le Conseil d’Etat souligne que le système bancaire parallèle est une conséquence «bénéfique» et «inévitable» du développement de la finance de marché, Pékin s’inquiète des risques induits par la flambée de la dette, qui atteint 218% du PIB selon Fitch, contre 131% en 2008. En outre, l’audit national a révélé que 43% de la dette totale de 17.900 milliards de yuans des collectivités locales chinoises provenait de sources non bancaires.
Shadow banking: la Chine durcit les règles. Photo: PHB
06/01/2014

Carlyle s’ouvre aux investisseurs particuliers

La société américaine de private equity a enregistré auprès de la SEC les documents nécessaires au lancement de ses deux premiers mutual funds à destination de la clientèle de détail, l’un orienté vers les matières premières, l’autre vers un univers plus diversifié passant par les actions, la dette, l’immobilier, les matières premières et les devises, par le biais essentiellement de fonds indiciels cotés (ETF).
06/01/2014

Collecte record pour les fonds actions

Les fonds actions ont enregistré dans le monde une collecte record de 251 milliards de dollars l’an dernier, selon Bank of America Merrill Lynch Global Research, sur fond d’une politique accommodante de la Fed soutenant la hausse des marchés actions. Les fonds actions dédiés aux Etats-Unis ont engrangé 115 milliards, ceux spécialisés sur l’Europe 48 milliards.
03/01/2014

Renaissance AM liquidates a Russian debt fund

The Russian asset management firm Renaissance Asset Managers, a specialist in emerging and frontier markets, has liquidated its Russian debt fund, the Renaissance Russian Debt A USD fund, due to an erosion in assets below the minimal viability level, Citywire reports. The Luxembourg-domiciled fund was launched in November 2010, and was first managed by Adrian Harris and then Elena Kochina, from November 2011. According to data from Lipper, assets under management in the fund totalled USd4m as of 16 December last year, when the fund was closed. Assets peaked at about USD70m in June 2011. The fund has earned returns of 15.7% in US dollars between its launch in November 2010 and its closure on 16 December. In the same period, its benchmark inde, the Micex Corporate Bond Index, has gained 18.74%.
03/01/2014

Main asset classes are overvalued

A growing number of investors and analysts based in the United Kingdom claim that equities in developed countries, as well as sovereign bonds and corporate bonds, are overvalued. The source of this appreciation is highly accommodating monetary policies, which have largely contributed to the inflation of assets. The proprtion of investment professionals based in the United Kingdom who feel that shares in developed markets are considerably overvalued have increased to 44% at the end of 2013, from 37% in third quarter, according to the CFA UK Valuations Index. The percentage of professionals who claim that the asset class is undervalued or considerably undervalued have meanwhile fallen from 27% in third quarter to 22% in fourth quarter. As has already been the case for the past two years, government bonds remain the most overvalued asset class, with 78% of participants in the survey considering them overvalued or very considerably overvalued, a percentage up 5% compared with the previus quarter. Meanwhile, the percentage of investors who perceive undervaluation has declined by 6%. Corporate bonds are also considered overvalued by 66% of the sample, compared with 64% previously.
03/01/2014

Henderson High Income trust appoints a new manager

Henderson High Income Trust Plc, an affiliate of Henderson Global Investors, has appointed David Smith, from 2 January, as co-manager and head of portfolios at the company, alongside Alex Crooke, who himself has been in the position since 1997. Smith, who joined Henderson 11 years ago, rose through the ranks to become a fund manager in 2008. He has served ass Deputy Portfolio Mnager since January 2013.
03/01/2014

Energy funds in demand from investors again

Energy sector funds look set to post full-year inflows for the first time since 2010 despite the mixed outlook for oil prices and the eroding state support for alternative energy subsidies. Fundamentals, while increasingly supportive, are not the driving force behind this year’s inflows. They real key has been an aggressive rotation – now in its third year -- from traditional funds to those investing in Master Limited Partnerships (MLPs), a vehicle so far confined to the US that allows investors to take tax deferred distributions and, in the case of MLP funds, gives them the option to trade their investment like a stock. Mid-December the energy MLP funds tracked by EPFR Global had attracted a net USD8.73 billion in new inflows, more than offsetting over USD3.5 billion in redemptions from conventional energy sector funds. The interest in Energy MLPs has had the effect over the past three years of concentrating energy sector portfolio capital flows in US ‘mid-stream’ assets such as gas and oil pipelines and storage facilities while Europe-domiciled Energy Sector Funds have seen over USD6 billion redeemed since the beginning of 2012. Assets in MLP vehicles, which currently number slightly over 120, have over USD500bn. There may be more than 200 by the end of the decade, with assets of approximately USD1trn.
03/01/2014

Investor confidence index up by 4.7 points in December

The global investor confidence index published by State Street Global Exchange has increased by 4.7 points in December, to finish the year at 95.9 compared with a level of 91.2 (in corrected data) in November. This improvement is the result of a slight increase in investor confidence in the United States, from 89.2 to 90.2, and a significant rise in confidence in Europe, from 101.0 (corrected figures) last month to 107.1 in December. For tis part, the investor confidence index in Asia is down slightly, to 98.5, from 99.3 in November, as economic growth in the region has been the subject of increased concern. “The ongoing progress of fundamental economic data in the United States, especially in the area of employment, finally appear to have won over investor sentiment concerning the ‘tapering’ policy to gradually reduce bond repurchases by the Fed,” says Harvard professor Ken Froot. “It is not rare for high-risk assets to be negatively affected by good economic data, at a wime when investors are concerned about the future of quantitative easing policies and the beginning of ‘tapering.’ The Us Federal Reserve has finally convinced investors to its own interpretation, by which the economy may recover without such radical support measures. With this in mind, investors are accepting an increase in interest rates as an inevitable but bearable consequence of more solid growth, instead of seeing in it evidence of increased constraints on market liquidity and a looming collapse of growth.”
03/01/2014

ETFs may soon overtake hedge funds

On the basis of market trends, 2014 may see ETFs overtake hedge funds in terms of assets, says Tim Edwards, director and head of Index Investment Strategy at the index provider S&P Dow Jones Indices. Hedge funds continue to promise alpha at particularly high commission levels, at a time when ETFs have increasingly been gaining ground due to their own characteristics: low cost, liquidity and transparency. Edwards admits that it is difficult to advance completely reliable figures for a sector which remains excessively opaque, but on the basis of estimates by BarclayHedge, he predicts that assets in ETFs will very soon excees hedge funds, if they have not already done so.
03/01/2014

Invesco shuts its Middle East and North Africa ETF

Invesco is in the process of closing its Middle East and North Africa ETF, as the size of the fund has fallen below its initial objective, Citywire reports. According to the website, the PowerShares Middle East North Africa Nasdaq OMX will be liquidated on 1 April, with final settlement scheduled for 11 April 2014. Invesco, whose range of ETFs is on sale under the PowerShares brand, has explained its decision as a result of the fact that “assets under management have fallen below a level at which the fund may no longer be considered viable.” Shares in the fund may be redeemed if its net asset value is below USD350m for a period of 30 consecutive days. Invesco confirms that this value was “significantly below” that level in the past month.
03/01/2014

CNP and Humanis merge their employee savings activities

The CNP Assurances and Humanis groups on 2 January announced that they had received the permission of the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) to merge their respective employee savings affiliates, Fogepar SA and Inter Expansion. The new entity, Inter Expansion-Fongepar, is 65% controlled by Humanis, one of the largest joint social
03/01/2014

CNP and Humanis merge their employee savings activities

CNP Assurances and Humanis have announced on 2 January that they have received approval from Autorité de Contrôle Prudentiel et de Résolution (ACPR), France’s financial services supervisor, and Autorité des Marchés Financiers (AMF), France’s securities regulator, to merge their employee savings plan management companies, Fongepar SA and Inter Expansion. The new entity, called Inter Expansion-Fongepar, is 65% owned by Humanis, one of France’s premier social protection partners, and 35% by CNP Assurances, France’s leading personal insurer. Inter Expansion-Fongepar manages 600,000 savers’ accounts. «The link-up between Inter Expansion and Fongepar strengthens our position in the employee savings market by combining our employee skills and pooling our technical and financial resources,» said Gilles de Margerie, Deputy Chief Executive Officer at Humanis, notably in charge of finance and the savings segment. «It illustrates our goal of optimizing management processes in order to provide the best service at the right cost to each of our clients.» «CNP Assurances and Humanis share the same vision and values in the field of employee savings management,» said Xavier Larnaudie-Eiffel, Deputy Chief Executive Officer at CNP Assurances. «The merger of Inter Expansion and Fongepar is an opportunity to offer an expanded range of products and services.»
03/01/2014

DoubleLine flagship fund faces massive outflows in December

DoubleLine Total Return Bond Fund, the flagship fund from the asset management firm led by Jeffrey Gundlach, has seen outflows totalling USD2.08bn in December, the news agency Reuters reports. The flagship fund from DoubleLine Capital has posted outflows totalling about USD6bn since the beginning of the year, according to data from Morningstar consulted by the news agency.
03/01/2014

BlackRock to wade into Detroit bond battle

BlackRock is preparing to intervene in a battle over the financial future of Detroit, where the treatment of bondholders is posing problems, the Financial Times reports. The asset management firm has filed a delcaration with the courts in which it reserves the right to support those fighting for bondholders to be paid off before pensioners and other creditors. The bankruptcy of Detroit poses a problem for the classification of general bonds.
03/01/2014

Requests for co-operation on the rise for British market regulator

The Financial Conduct Authority (FCA), the financial market watchdog for the United Kingdom, in 2013 posted a spectacular rise in the number of requests for co-operation from counterpart bodies worldwide, in a sign of the increasingly international nature of fraud. With more than 1,000 requests for assistance already on the records, and a flood of requests in the final few days of the year, the FCA may beat its record, set in 2011 (1,023), and has already topped the 2012 level (857) by 17%, according to Agefi.
03/01/2014

Tax conflict: 30 banks in category 2

The resolution of a taxation conflict with the United States has moved into a new phase: about 300 banks active in Switzerland had a deadline of 31 December last year to decide whether or not to file as category 2. According to the Swiss media, 30 firms have chosen to register as category 2, out of 50 which had said they intended to as part of a programme offered to them by the US tax authorities. These include mose of the cantonal banks. The firms which have chosen category 2 are not yet monitored by the US tax authorities, but they claim after initial investigations to have good reasons to believe they have violated US law by contributing to tax evasion, without, however, having encouraged such a practice.

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