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04/09/2013

Le chômage recule à nouveau en Espagne

Le nombre de chômeurs en Espagne a enregistré en août un sixième mois de baisse consécutif qui conforte aux yeux du gouvernement l’espoir d’une embellie économique. Le nombre de personnes inscrites au chômage a très légèrement baissé, de 31 unités, en août par rapport à juillet, selon les statistiques du ministère du Travail. C’est la première fois depuis 2000 que le nombre de chômeurs baisse en août.
04/09/2013

Foncière des Régions se désengage d’Altarea Cogedim

La foncière cède à Crédit Agricole Assurances la totalité de sa participation de 7,65% dans Altarea Cogedim pour 115 millions d’euros. Cette cession illustre la stratégie de Foncière des Régions centrée sur le positionnement bureaux et grands comptes, ainsi que sur la poursuite de la politique de simplification des structures.
04/09/2013

Aberdeen AM mis à l'amende outre-Manche

Le gendarme britannique du secteur financier, la FCA (Financial Conduct Authority), a infligé une amende de 7,2 millions de livres à Aberdeen AM et Aberdeen Fund Management. Elle reproche au gérant de n’avoir pas correctement protégé les avoirs de clients déposés dans des fonds monétaires auprès de tierces parties bancaires entre septembre 2008 et août 2011.
04/09/2013

Décès du prix Nobel d'économie Ronald Coase

Lauréat du prix Nobel en 1991, l'économiste américain Ronald Coase est décédé mardi à Chicago à l'âge de 102 ans. Diplômé de l’Université de Londres et de la London School of Economics, il a mis au point le théorème de Coase qui peut se résumer de la façon suivante : dès que les coûts de transaction sont nuls, une attribution initiale de droits de propriété aboutit toujours à une allocation optimale des ressources.
04/09/2013

Hayman Capital prend une participation de 5,2% chez J.C. Penney

Le fonds d’arbitrage géré par Kyle Bass détient désormais 11,4 millions d’actions, soit 5,2% du capital du distributeur américain en difficulté J.C. Penney. Bill Ackman, gérant de Pershing Square Capital Management, a récemment cédé la totalité de sa participation de 18%, faute d’avoir réussi à infléchir la stratégie de la société.
04/09/2013

Baisse des rémunérations au conseil de Pimco Europe

La rémunération de l’administrateur le mieux payé du pôle européen de Pimco - dont le nom reste inconnu - a reculé de 30% en 2012 à 20,9 millions de livres, malgré une hausse du bénéfice avant impôts de l’activité de 54 % à 22,93 millions de livres, rapporte le média financier.
04/09/2013

Une disposition d'AIFM inquiète la gestion

D’après la Commission, la directive AIFM tout juste transposée ne permet pas aux gestionnaires alternatifs d’utiliser leur passeport européen pour commercialiser des services connexes, comme le conseil en investissement, dans l’ensemble de l’Union. L’AMF et l’AFG s’en inquiètent.
04/09/2013

JPMorgan AM modernise ses systèmes de trading

JPMorgan Asset Management va moderniser ses systèmes de trading, indique Lee Bray, patron du négoce pour l’Asie depuis avril dernier. Après l’examen des systèmes de gestion et d’exécution des ordres, la modernisation des systèmes devrait être réalisée dans le courant de l’année prochaine.
03/09/2013

Les ETF enregistrent une décollecte record en août

Le secteur des produits indiciels cotés (ETP) a enregistré au mois d’août 15 milliards de dollars de retraits nets au niveau mondial, selon les statistiques de BlackRock. Il s’agit d’un record absolu sur un mois. Depuis le début de l’année, la collecte des ETP reste néanmoins positive à hauteur de 128 milliards de dollars, contre 140 milliards à la même période de 2012. Au mois d’août, les ETF actions Etats-Unis et pays émergents, ainsi que les produits indexés sur les obligations longues, ont le plus souffert des arbitrages liés à la perspective d’un durcissement de la Fed et à l’instabilité des émergents.
Les ETF enregistrent une décollecte record en août. Illustration: PHB
03/09/2013

J. Safra Sarasin bank recruits for wealth management team

The Banque J. Safra Sarasin on 3 September announced the recruitment of four experienced specialists as additions to its team of wealth managers. Florian Esterer (who joins from MainFirst, after several years at Swisscanto) is the new head of the wealth management team in the area of equities, and is joined by Thomas Zbinden, senior wealth manager (who also joins from Swisscanto), as well as Christoph Lang, wealth manager, who joins from the Cantonal Bank of Zurich. The German Helmut Kotschwar, head of investment strategy and portfolio analysis at SAM Sustainable Asset Management since 2008, has also been recruited to serve in the newly-created position of head of the investment centre. He will be responsible for developing portfolios for all asset management units.
03/09/2013

Aquila loses its CIO to Pimco

The Swiss wealth management firm Aquila has lost its chief investment officer, Jürg Furrer, who had also been a member of the executive board at the group, the specialist information website finews reports.After nine years at Aquila, Furrer will on 1 October join the Swiss office of the US group Pimco. The head of Pimco Switzerland, Christian M. Staub, had recently announced that he wished to strengthen his team with the recruitment of professionals with a lot of knowledge of the Swiss market.
03/09/2013

DeAWM recruits director for real estate funds

By the end of September, Jörn Stobbe, a partner at the law firm Clifford Chance, and until the end of August chairman of the German arm of the Royal Institution of Chartered Surveyors, will join RREEF Management GmbH, a real estate fund management affiliate of Deutsche Asset & Wealth Management (DeAWM), as a member of general management. He will have the position of managing director, and will be responsible for asset management activities and trading for the German-speaking countries (Germany, Switzerland, Austria). Stobbe is also a member of the board at the Corporate Governance Initiative (ICG) by the German real estate sector.Pierre Cherki, global head of alternatives & real assets at DeAWM, states that Stubbe will report to Georg Allendorf. He highlights the expertise of the new arrival in the area of “opportunity-driven investment.”
03/09/2013

XTB taken over by Deutsche Bank

Deutsche Bank on 2 September announced that it had completed a transaction by which, in May, it acquired the 51% stake held by its partner, Xchanging plc, in their joint venture, Xchanging Transaction Banking (XTB).As the necessary permission had been obtained from the supervisory authorities and the shareholders in Xchanging the change of ownership took place on 1 September, and XTB will now be known as DB Investment Services GmbH.Holger Wegmann becomes CEO of DB Investment Services, while Catrin Röthe, a member of the executive team at XTB, will serve as chief production officer. The position of COO will go to Thomas Beemelmann.
03/09/2013

New head of fund distribution at Berenberg

With effect from 1 September 2013, Gunther Will has become director of distribution of open-ended funds from Berenberg to wealth managers, funds of funds and IFAs.Will, who for some months was chairman of the board at the brokerage pool Argentos Verwaltungs-AG, served until spring 2012 as head of retail sales at Alceda Fund Management SA, and head of fund distribution for the Aquila Capital group.Will will report to Uwe Schedewsky, head of client management at the asset management business unit of Berenberg. Assets under management by the oldest private bank in Germany total about EUR28bn.
03/09/2013

Deka highlights its institutional management

Currently, institutional assets at Deka, the central asset management firm for the German savings banks, represent EUR85bn, out of a total of EUR177bn. This includes open-ended funds dedicated to institutionals (EUR10bn), institutional funds (Spezialfonds) for EUR62bn, ETFs (EUR4.6bn), and advised assets (EUR8.5bn). The unit will now be placed under the heading “Deka Institutionell” and will allow the firm to offer clients a complete value chain, from strategic analysis to reporting and controlling, without forgetting the selection of appropriate products solutions, and their deployment, says Klaus-Dieter Böhme, director of institutional distribution.Of this total of EUR85bn in institutional assets, about 60% come from businesses and institutions which belong to the galaxy of the savings banks. Deka predicts that net inflows to the institutional unit will total EUR6bn this year.
03/09/2013

Qatari SWF wants to diversify from its highly European assets

Qatar Investment Authority (QIA), the Qatari sovereign wealth fund, is in the process of recruiting experienced bankers to reduce its dependence on Europe, and to diversify its assets, Agefi reports. The newspaper, which relays informed sources quoted by Reuters, states that the fund is seeking opportunities in Asia and the United States, at a time when it is 80% exposed to Europe.Qatar Holding, the investment affiliate of the sovereign fund, has hired Ugo Arzani, among other professionals, a figure from Bank of America Merrill Lynch in London, to direct his investment in the consumer product and retail sectors. Jason Chew, previously head of Chinese operations at Pramerica Real Estate Investos, has been recruited for his knowledge of the real estate market in Asia, etc.The new recruitments will also bring the fund the necessary expertise to make more complex operations, for example, bond issues.
03/09/2013

Record QFII quotas at the end of August

The Chinese State Administration of Foreign Exchange (SAFE) has announced that in August it issued QFII quotas totalling USD1.5bn to twelve firms. This brings the total authorisations to a record USD46.443bn.Z-Ben Advisors points out that it should be remembered that the Hong Kong Monetary Authority (HKMA) has obtained an additional quota of USD500m as part of this process, bringing the total under this quota to USD1.5bn. The HKMA becomes the first operator to pass the USD1bn mark, and it is likely that SAFE will now focus on developing its QFII programme for asset owners, such as pension funds, sovereign funds, monetary authorities and charities rather than asset managers.Among the recipients of quotas issued in August, three are new: Hall Capital Partners LLC, University of Notre Dame du Lac and Greenwoods Asset Management Hong Kong Limited.
03/09/2013

SPDR ETF launches three tracker funds on the LSE

SPDR ETF, the tracker platform from State Street Global Advisers, on 2 September announced the launch on the London stock exchange of three new short-term bond ETFs. The three new ETFs are also listed on Deutsche Börse (see Newsmanagers of 30 August).The three new physical replication ETFs come as additions to the SPDR ETF bond tracker range, which offers exposure to a variety of indices – Global, US, Europe, United Kingdom, Emerging Markets, High Yield and inflation-linked bonds. Due to the recent volatility observed on the markets and rising interest rates, the maturity of securities is again attracting the attention of invetors, as a major risk in their bond portfolios. One way to circumvent these risks related to maturity is to invest in short-term bonds, which could improve risk-adjusted returns and reduce the general sensitivity of a portfolio to changes in interest rates.
03/09/2013

Milton planning to launch L/S equity fund

The British firm Milton is planning to launch a long/short equity fund dedicated to British equities, Fundweb reports. George Godber, who joined Milton earlier this year, may become manager of the new strategy, the specialist website reports. Assets under management at Milton totalled slightly over GBP2bn as of the end of June. Since then, Milton has acquired Psigma AM, whose assets under management total about GBP750m.
03/09/2013

Basel Committtee and IOSCO publish final framework for margin requirements

The Basel Committee on Banking Supervision and the International Organization of Securities Commissions (IOSCO) released on September 2 the final framework for margin requirements for non-centrally cleared derivatives.Under the globally agreed standards published yesterday, all financial firms and systemically important non-financial entities that engage in non-centrally cleared derivatives will have to exchange initial and variation margin commensurate with the counterparty risks arising from such transactions.The final requirements have been developed taking into account feedback from two rounds of consultation (a July 2012 consultative paper and a February 2013 near-final proposal) as well as a quantitative impact study that helped inform the policy deliberations.The requirement to collect and post initial margin on non-centrally cleared trades will be phased in over a four-year period, beginning in December 2015 with the largest, most active and most systemically important derivatives market participants.
03/09/2013

Schroders adds to its energy unit

Mark Lacey will join Schroders as a co-fund manager on Schroder ISF Global Energy and Schroder ISF Small Cap Energy. He joins on 9th September from commodities trader Mercuria Global Energy Solutions and brings with him more than 17 years’ of investment experience in the global energy sector.Mark Lacey will work alongside the funds’ existing manager John Coyle ; the investment objective of both funds remains unchanged. He will report to Peter Harrison, Global Head of Equities and will work alongside the Global and International Equities team providing specialist energy analysis and stock recommendations.Ben Wicks, an existing equity analyst within the Global and International Equities team, will assume the role of Global Sector Specialist - Energy.
03/09/2013

Chinese securities commission levels severe fines against former Everbright Securities executives

The Chinese Securities Regulatory Commission (CSRC) has fined Everbright Securities RMB523m, or USD85.5m, for insider trading on 16 August (Newsmanagers of 30 August). The CSRC has also temporarily barred the firm from proprietary trading services, except for bond transactions. Four heads at the firm, including former chairman Xu Haoming and head of investmetn Yang Jianbp have also been fined a combined total of RMB2.4m, and are now barred from practising in the financial sector.
03/09/2013

Citigroup selling off its alternative management bit by bit

Citigroup has sold assets from private equity and hedge funds in the past few months for USD6bn, in order to comply with new laws that limit the stakes that banks may hold in alternative investments, the Wall Street Journal reports. Last week, the US group sold a USD4.3bn private equity fund, Citi Venture Capital International, to Rohatyn Group, a private equity fund. On 9 August, it sold an emerging market hedge fund with USD1.9bn to the managers of the fund. Ciigroup had once been a major player in alternative investment. In February 2012, the group had USD18.6bn in assets under management in hedge funds and private equity at its affilate Citi Capital Advisors. But after the recent operations, the structure has only one fund left, the Metalmark Capital fund, with USD2.5bn in assets, which the bank is seeking to sell.
03/09/2013

Carnegie closes Swedish equity fund to new investors

The Swedish asset management firm Carnegie is closing the Carnegie Sverige Select fund, an unconstrained Swedish equity fund, to new investors. “In order to preserve our freedom, we must close the fund before it becomes too large,” explains Simon Blecher, manager of the fund. The fund, launched on 28 September 2007, now has SEK1.6bnin assets, or EUR180m. Carnegie Sverige Select, highly concentrated, has about 15 positions in its portfolio, and one single share can represent about 30% of the fund.
03/09/2013

Temasek sets up shop in London and New York

One of the Singapore sovereign wealth funds, Temasek, announced before the weekend that it had selected locations for its offices in London and New York, with the objective of being operational before the end of the year, according to a statement.The New York office will be located at 375 Park Avenue, in the business district of Manhattan. The London office will be at 23 King Street, in St James’s, near a highly valued hedge fund area.The offices come in addtion to the SWF’s network of foreign locations, with nine offices in Asia and two in Latin America.

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