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18/02/2013

Groupama AM registers G Fund in Spain

The CNMV has issued a sales license for the Luxembourg-registered G Fund from the French firm Groupama Asset Management, founded in December 2010, and which currently has six sub-funds, with the objective of eventually creating 15, Funds People reports, citing s statement from Groupama AM.For now, the firm will only sell the G Fund Alpha Fixed Income sub-fund, managed by Laurent Fabiani Lagarde, in Spain.
18/02/2013

ING IM launches cash equivalent fund

Earlier this year, ING launched the ING (L) Liquid Euribor 3M fund, which so far has assets of EUR207m. These are largely sums invested by investors who were already clients of the firm, as part of their asset allocations. The fund, however is in an active sales phase, and when asked by Newsmanagers, Vincent Juvyns, client portfolio manager at ING IM, says the firm expects assets under management of EUR500m by the end of the year. Due to the presence in the portfolio of papers rated Investment Grae – A3/P3/F3 short term – currently 5% - meaning securities below the rating required by regulations, the fund is not classed as a traditional Money Market Fund, but, says Juvyns, it may be considered a “cash equivalent” fund. This is because for security, for securities with the minimum rating, the exposure of the portfolio cannot exceed 1% per issuer (and 10% per government issuer). ING (L) Liquid Euribor 3M aims to earn returns equal to those of the euribor 3 month over a period of three months. In the range, this product finds its place alongside the flagship money market fund (Short-Term Money Market Funds) from ING IM, ING (L) Liquidi euro, with EUR4.4bn in assets, out of EUR8bn in this asset class overall at the giant. ISIN code: LU0396758384 (A share class) /LU0396758541(B share class) /LU0396758897 (C share class)/LU0396759192 (E share class)
18/02/2013

One business out of three plans to strengthen social networks in 2013

One third of businesses which have developed a presence on social networks (Facebook page, Twitter account, etc.) are planning to step up their efforts in this area, according to a new study by CCM Benchmark of social networks. More than half of these businesses are planning to recruit for conception, moderation and production of content in the next 12 months. But due to a diversification of efforts in Community Management activities, 10% of businesses, primarily the larger ones, are planning to outsource these functions. The production of content appears to be the most relevant means to increase the effectiveness of presences on social networks for 46% of businesses surveyed. “Businesses would like to bring more relevance and reactiveness to their interactions with communities, as well as the production of content dedicated to these resources, particularly with additions to teams dedicated to Community Management,” says Alexandre Voirin, an analyst at CCM Benchmark.
18/02/2013

ABP gets payoff from Merck

To settle a lawsuit, the pension fund for public employees in the Netherlands ABP (EUR291bn), a few days before a hearing scheduled for 4 March before a New Jersey court, obtained an agreement from the US pharmaceuticals company Merck to pay it USD215m, or EUR161m, Fondsnieuws reports.For the past five years, ABP had accused Merck of publishing the results of clinical trials which lasted two years, and which demonstrated that the anti-cholesterol medication Cytorin delivered no statistical advantage in the treatment of arterial sclerosis compared with the generic product Cimvastatin too late. These results lost investors money.The Dutch pension fund led a class action lawsuit in which it teamed up with the Jacksonville Police and Fire Retirement System, the General Retirement System of the City of Detroit and International Fund Management.Overall, the class action lawsuit will cost Merck USD688m, or EUR517m, to settle.
18/02/2013

Appointment at CPR AM

On 15 February, CPR Asset Management announced the recruitment of Hubert Segura as head of sales for real estate via CPR Le Comptoir outlets. Since 2010, Segura had been director of development for Référence Pierre, an IFA brand from Izimmo. Le Comptoir par CPR will include a selection of SCPI funds managed by Amundi Immobilier as part of its “core” product offering, in order to better meet the needs of independent financial advisers and their wealth management clients. In addition to access to well-known SCPI funds (such as Rivoli Avenir Patrimoine or Edissimmo), Segura will participate in the commercial development of new-generation OPCI Funds such as Opcimmo.
18/02/2013

Jean-Luc Enguéhard steps down as chairman of board at La Banque Postale AM

The wheels are turning at La Banque Postale AM. Jean-Luc Enguéhard will be leaving his position as chairman of the board at La Banque Postale AM, and will become an adviser to Philippe Wahl, chairman of the board at La Banque Postale, the firm announced on 15 February. At the same time, he will become chairman of the supervisory board at La Banque Postale Asset Management (LBPAM).He will be replaced in his position as chairman of the board of LBPAM by Chantal Lory, who becomes a member of the executive board at La Banque Postale.Enguéhard was appointed as chairman of the board at Sogéposte in 1999, which became La Banque Postale Asset Management in 2006. He has been a member of the AMF college since June 2011, and he will retain this position as well as his seats as a member of the strategic committee of the French financial management association (AFG) and the representative of corporate members of LBPAM to EFAMA.Lory, for her part, joined La Banque Postale Financement in March 2009, and was chairman of the board.
18/02/2013

Fundo becomes collective investment management firm

The institutional asset management firm Fundo has been granted a license by the Swiss federal financial market regulator, Finma, to operate as a manager of collective investments, Agefi Switzerland reports. Fundo, based in Lausanne and Zurich, is an institutional asset management firm, which positions itself as a manager of pension funds, in order to help them achieve major objectives, such as capital preservation and payment of benefits. By taking this step in its development, Fundo joins a close circle of 100 wealth management firms which are licensed for this activity in Switzerland.
18/02/2013

Finra investigating dark pools

The Wall Street Journal reports that the Financial Industry Regulatory Authority (Finra) is currently exploiting the responses to requests for information which it sent in late 2012 to operators of dark pools, and that requests will be sent to other operators.The regulator wants to obtain additional information about the way in which these trading systems process orders from clients, and the contents of information provided to clients. It would also like to know if the affiliates of operators of dark pools have access to information about trades made by clients.
18/02/2013

British managers criticise FTT

In the wake of the publication of details of the way that the FTT will function by the European Commission, the British Investment Management Association (IMA) has been critical of the new tax, although the United Kingdom will not directly be involved in the initiative. According to the professional association, British investors will be affected by the tax when they invest in shares which are available in countries that are applying the FTT, or when they make trades with counterparties in those countries. “It is important to ensure that the tax is not applied several times to each transaction when intermediaries are involved,” the IMA says in a statement.
18/02/2013

Daimler stands up to DWS and Union over Formula 1

Jörg Howe, a spokesman for Daimler, on Sunday told the news agency dpa, relayed by Handelsblatt, that the auto maker is refusing to give in to the asset management firms DWS (Deutsche Bank) and Union Investment (co-operative banks), which are asking it to drop out of Formula 1 car racing.The asset management firms claim that Formula 1 is both too costly and counter-productive in terms of image, with Grand Prix races being run in countries that are criticized for their violations of human rights.
18/02/2013

Lombard Odier liquidates Pzena Global Value fund

A spokesperson for Lombard Odier has told Citywire that LO Funds – Pzena Global Value was closed at the beginning of January because the product, launched in May 2007 and managed by the New York asset management boutique Pzena Investment Management, no longer had sufficient assets. The most recent fact sheet indicates that as of the end of September, assets totalled USD40.53m. The performance of the fund over three years to the end of November totalled 9.2% in US dollar, compared with 24.22% for the MSCI World TR USD.
18/02/2013

NYSE Euronext lists five SNS profiled funds

Since 15 February, Euronext Fund Service (EFS) from NYSE Euronext has been listing 179 open-ended funds (non-ETF), following the admission to trading of five Netherlands-registered profiled products from SNS. The funds all charge fees of 0.30%.The products are the SNS Profiel Blauw (NL0010364451), SNS Profiel Geel (NL0010364469), SNS Profiel Oranje (NL0010364477), SNS Profiel Rood (NL0010364485) and SNS Profiel Paars (NL0010364493).
18/02/2013

Orix to pay Robeco EUR2.3bn

Funds People relays reports in Reuters that the Japanese firm Orix is to acquire the asset management firm Robeco (EUR188bn in assets) from Rabobank for EUR2.3bn in cash and equity, and that an announcement of the deal may come early this week.
18/02/2013

BBVA AM chief strategist goes solo

Henrik Lumbholdt, who for the past seven years had been chief strategist at BBVA Asset Management, has left the business and founded his own consulting firm, Inside Economics, Funds People reports.The departure of Lumbholdt conincides with a decision by BBVA AM to restructure its asset allocation and strategy division, which will be enlarged, and whose director has not yet been appointed. That person will take over duties previously held by Lumbholdt.
18/02/2013

Bankinter recruits head of sales for private banking

Gonzalo Antón Suanzes, founder of Altae Banco Privado (the private bank of Caja Madrid) and then deputy CEO and head of sales at Bankia Banca Privada, has been recruited as head of sales for the private banking division of Bankinter, Funds People reports.Suanzes will report directly to Adela Martín, CEO of the Bankinter private bank. He will work to make the private banking unit the third-largest player in the Spanish market, bringing in EUR5bn in three years, for a total of EUR20bn in assets.
18/02/2013

Marco De Filippi leaves Azimut

Marco De Filippi has recently left Azimut, where he was head of sales for wealth management, to join Valeur, a Swiss wealth management firm, where he becomes network manager, Bluerating reports.
18/02/2013

JO Hambro preparing fund of non-US small caps

JO Hambro Capital Management is planning to launch a fund of international ex-US small cap equities, which will be managed by Robert Cresci, who has recently joined the firm from Harding Loevner, Investment Week reports. The fund, which will be launched later this year, will have 60 to 80 positions on selected, high quality international small cap equities from both developed and emerging countries.
18/02/2013

More than 100 funds were merged or liquidated last year

Last year in the UK, more than 100 open-ended funds were either merged or liquidated, as many asset management firm took the occasion of the introduction of RDR legislation on 1 January to rationalise their product ranges, Investment Week reports. The vast majority of funds which were merged or liquidated last year fell short of the average returns for funds in their respective sectors over one, three and five years. The average returns for 15 closed funds last year in the “Global” sector of the British Investment Management Association (IMA), for example, was 0.11% over three years, well below the average returns for the sector of 30.11% over the same period, according to Lipper data. Lipper statistics also reveal that some funds were liquidated at a time when they were bringing in sometimes exceptional returns over three years. The Majedie Asset UK Opportunities fund was closed in December last year due to a decline in assets under management below the GBP20m threshold. The fund had earned returns of over 83% over three years, compared with 42.07% for the IMA UK All Companies index of the sector.
18/02/2013

Basel Committee and IOSCO issue near-final proposal on margin requirement

The Basel Committee on Banking Supervision and the International Organization of Securities Commissions (IOSCO) have on February 15 published a second consultative paper which represents a near-final proposal on margin requirements for non- centrally cleared derivatives. Several features of the near-final proposal are intended to manage the liquidity impact of the margin requirements on financial market participants. The proposed requirements would allow for the introduction of a universal initial margin threshold of EUR50 million. The results of a quantitative impact study (QIS) conducted in 2012 indicate that application of the threshold could reduce the total liquidity costs by 56% relative to a margining framework with a zero initial margin threshold, which was initially proposed in the July 2012 consultative paper on margin requirements for non-centrally cleared derivatives. The proposal also envisages a gradual phase-in to provide market participants with sufficient time to adjust to the requirements. The requirement to collect and post initial margin on non-centrally cleared trades is proposed to be phased in over a four year period beginning 2015 and begin with the largest, most active and most systemically risky derivative market participants. Comments on these issues should be submitted by Friday 15 March 2013.
18/02/2013

Basel Commitee publishes recommendations on management of currency transactions

The Basel Committee on 15 February published its recommendations on the management of risks related to the settlement of currency transactions. This is an update of a document initially published in 2000. Since then, the market has developed considerably, and although significant progress has bee made to reduce the risks in currency transactions, an update was necessary. The document is particularly focused on issues related to governance in currency transactions, and varius risks inherent in the practice of currency transactions, such as liquidity risks, operational risks and legal risks.
18/02/2013

Qatar sovereign funds interested in Russia's VTB

The Qatar sovereign funds is rumoured to have entered talks with the second-largest player in the Russian banking sector, VTB, which is listed in Russia and London, the Telegraph reports. The Qatari fund would be prepared to invest USD3bn to USD3.5bn in the banking giant.
18/02/2013

Baisse du ratio de créances douteuses espagnoles

Le taux de créances douteuses figurant dans les portefeuilles de prêts des banques espagnoles s’est élevé à 10,4% en décembre, un ratio en recul ainsi après le record de 11,4% du mois précédent, selon des données publiées lundi par la Banque d’Espagne. Ce taux est lié au transfert d’actifs toxiques vers la Sareb, la structure de défeasance espagnole. Le total des créances en situation d’arriérés atteignait 167,4 milliards d’euros en décembre.
18/02/2013

Goldman Sachs coopère avec la SEC sur Heinz

La banque collabore avec le gendarme boursier américain dans le cadre d’une enquête ouverte par ce dernier pour soupçons de délits d’initiés dans le cadre du rachat de Heinz par Berkshire Hathaway et 3G Capital. La SEC a porté plainte contre des courtiers ayant utilisé un compte en Suisse pour acheter des options Heinz avant l’annonce du projet de rachat. La SEC ne mentionne pas Goldman Sachs mais se réfère au compte en Suisse avec la mention «Compte GS».
18/02/2013

Le Sibor sur la sellette

La Banque centrale de Singapour et les banques concernées songent à signer l’acte de disparition du taux interbancaire local en dollar, le Sibor (Singapore interbank offered rate), sur fond de poursuites à travers le monde au sujet de soupçons de manipulation de tels taux.
18/02/2013

Hémorragie des encours chez SAC Capital

Les clients de SAC Capital Advisors auraient fait des démarches pour retirer 1,7 milliard de dollars sur les 6 milliards que gère la société du fait de l’érosion de leur confiance face à l’enquête qui la vise pour délit d’initié, selon le journal qui cite des sources proches. Malgré des rendements moyens de 30% affichés par la société, environ 660 millions d’encours pourraient ainsi être retirés dès le mois prochain.
18/02/2013

Londres tente d'aménager la réforme des salaires des banquiers

Dans le cadre des négociations européennes sur l’encadrement des salaires des banquiers, le Royaume-Uni devrait proposer un compromis avec ses partenaires qui inclut « le principe» d’une rémunération plafond, selon le journal qui cite un document gouvernemental de huit pages dont il se serait procuré une copie. Londres compte également faire pression pour obtenir le retrait de certaines propositions telle que celle d’un niveau de bonus qui ne pourrait pas excéder le montant du salaire fixe. Selon le rapport, cette mesure encouragerait la mise en place d’une politique «de salaires fixes plus importants» qui pénaliseraient la stabilité financière.
18/02/2013

L’heure du grand ménage a sonné chez Man Group

Le quotidien veut croire que l’arrivée effective d’Emmanuel Roman en remplacement de Peter Clarke à la direction générale du gestionnaire alternatif le 28 février, à l’occasion de la présentation des résultats annuels, sera l’occasion d’une refonte de la direction. Le nouveau patron va notamment étendre ses propres pouvoirs et ceux du comité exécutif.

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