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28/08/2012

Steep increase in AuA by HSBC INKA

The German asset management firm HSBC INKA, an affiliate of HSBC via the private bank HSBC Trinkaus & Burkhardt, has announced that the volume of assets it administers in open-ended and institutional funds in Germany has now topped EUR100bn, Fondsprofessionell reports. These assets have increased by EUR18.9bn since the beginning of the year, due to inflows from existing clients as well as the acquisition of new clients.
28/08/2012

BNY Mellon reshuffles Investment Services in Germany

In a few weeks, Michelle Grundmann, managing director of BNY Asset Servicing for BNY Mellon in Germany, will be leaving the group to take up a new role in the industry. The direction of the investment services unit will be transferred at that time.Thomas Brand, country executive for Germany and regional executive for the German-speaking countries and Eastern Europe (Central and Southern), has been promoted to head of investment services at BNY Mellon for Germany, in charge of client relationship management and development in Germany, Switzerland and Eastern Europe (Central and Southern). In addition, he becomes a member of the management at the Frankfurt-based branch of Bank of New York Mellon SA/NV. Pending approval by BaFin, he will also join the supervisory board at BNY Mellon Service KAG.Juergen P. Frank becomes chairman of the supervisory board at BNY Mellon Services KAG, and will remain as chairman of the managing board at the Frankfurt arm of Bank of New York Mellon SA/NV and director of integration for asset servicing activities in Germany. He also becomes responsible for human resources, finance and taxation, and asset servicing activities. Before the acquisition by BNY Mellon, he had been CEO of BHF Asset Servicing.Laura Ahto, who joins from Baring Asset Management in London, will begin in October as head of asset servicing operations and service delivery at BNY Mellon in Frankfurt, where she will also be a member of the management for the local branch.Lastly, Christian Allmeyer is appointed as a member of the management of the local branch, in charge of legal affairs and regulation of internal risk and compliance auditing for the region. He becomes managing director and head of BNY Mellon Legal in Frankfurt.
28/08/2012

Aquantum va lancer une activité de gestion d’actifs

Aquantum, un fournisseur d’indices spécialisés et une maison de hedge funds matières premières, va lancer une activité de gestion à part entière avec la création d’un premier fonds coordonné européen au quatrième trimestre de l’année, selon le Financial Times Fund Management. Le fonds sera investi dans environ 50 marchés de futures couvrant toutes les grandes classes d’actifs, hormis les matières premières, et utilisera de multiples stratégies de trading. Aquantum a été créé en 2008 par Thomas Morrow, un ancien de Winton Capital, rappelle le FT fm. La nouvelle activité sera basée à Munich.
28/08/2012

Libor scandal: asset managers consider lawsuits

Mutual Fund Wire relays reports by Bloomberg that the largest fund management firms, including BlackRock, Fidelity and Vanguard, are currently working to determine whether their clients have been victims of the Libor manipulation scandal. They are also studying whether they should themselves be filing suit against banks guilty of fraud.
28/08/2012

ETF: Transparency improving in securities lending – some

Acording to a Morningstar survey, the practice of securities lending by European ETFs gained some transparency last year, as providers are placing more information about these activities on their websites, the Neue Zürcher Zeitung reports. However, new rules by the European Securities and Markets Authority (ESMA) should not be expected to improve the return investors receive. Funds may comply by stating that they transfer 100% of net earnings from securities lending to their clients, while keeping the present share of gross earnings .
28/08/2012

German asset managers fear recruitment problems

The crisis and scandals have tarnished the image of the financial sector. Asset management in Germany so far hasn’t seen as many layoffs as banking: instead, it is gradually reducing excess capacity, and there are still more applicants than job openings. However, Financial Times Deutschland reports, asset management firms are beginning to face difficulties in recruiting new personnel, especially in junior positions. Savings banks and co-operative banks are less affected by this phenomenon, since they have not been affected by scandals like the banks have.
28/08/2012

German savings: equities and fund shares down

As of 31 December, the financial savings of Germans increased 1.2% year on year, to EUR4.716trn, as the Bundesbank recently announced (see Newsmanagers of 25 May). However, total volume of equities was down by EUR22bn, to EUR222bn (-9.02%). The volume in shares in investment funds was down by EUR40bn (-9.2%) to a total of EUR395bn, figures from the German association of private sector banks reveal in the most recent issue of its magazine Die Bank.On average, at the end of last year, the average financial savings per person in Germany was EUR57,600, of which EUR2,700 were in equities, and EUR4,800 in shares in investment funds.
28/08/2012

Jeff Runnfeldt leaves Citadel

The co-head of the international equity unit at Citadel, Jeff Runnfeldt, will be leaving the firm on 31 August, the news agency Bloomberg reports. Runnfeldt, who joined the alternative asset management firm ten years ago, became co-director of the international equity unit in 2009, with Brandon Haley and Steve Weller, at the launch of the Citadel equity fund. The fund, whose assets under management total USD2.5bn, has earned returns of 10.3% for the year 2012 to mid-August. In the same period, the S&P 500 has gained 13%, while the HFRX Equity Hedge index shows gains of only 2.8%.
28/08/2012

Amundi records EUR13.8bn in net inflows in first half

Amundi recorded net new inflows of 13.8 billion euros in the first half of 2012, according its parent company Crédit Agricole. Net new inflows excluding branch bank networks were 20.9 billion euros in the first half of 2012 with 13.4 billion euros in the institutional and corporate segment, driven by money market inflows, and 2.2 billion euros in the third-party distributor segment, primarily in Europe. Inflows into employee savings management came to 5.3 billion euros, with a 16.6% increase in assets under management in the first half. Outflows from branch bank networks continued (-7.1 billion euros in the first half of 2012), albeit at a slower pace than in the previous semesters. Amundi (including BFT’s asset management operations, acquired on 1 July 2011) saw its assets under management raise by 5.2% to almost 693 billion euros in the first six months of the year. Revenues declined sharply in the first half, by 0.5% on a reported basis, but by 8.4% restated for the gain on disposal registered in the first quarter of 2012. Even so, performance-based commissions increased from 43 million euros in the first half of 2011 to 61 million euros in the first half of 2012. The cost/income ratio in the first half stayed at 55.4%2. Amundi’s net income rose by 3.0% year-on-year to 253 million euros in the first half of 2012 and its contribution to net income Group share was 186 million euros (up 2.8%).
28/08/2012

Investors don't go in for funds managed by women

On average, investment funds managed by women in the United States in the past seven years have attracted 15% less in assets than funds managed by men, a study by two specialists from Germany’s Mannheim University, Alexandra Niessen-Ruenzi and Stefan Ruenzi, entitled “Sex Matters: Gender and Prejudice in the Mutual Fund Industry,” finds. But women stick to more reliable investment styles, and their average performance is the same as for products managed by men.A laboratory study demonstrates that, although it is not possible to rationally locate a statistical discrimination, there is a negative prejudice against women in the financial professions on the part of most respondents. Managers who generate weak subscriptions are not in demand by asset management firms, which explains the low percentage of women in the profession.This does not rule out other explanations, such as the fact that prejudices against women lead to implicit discrimination in recruitment, or the fact that women themselves share these prejudices against women in finance, which may ultimately lead women themselves to choose other professions.The two university researchers raise the provocative question of why, in these conditions, there are nonetheless women managers. On the one hand, it may be interesting for a fund management firm to recruit women to place funds with female investors. On the other, the Dodd-Frank law stipulates that US Federal agencies must maintain business relationships only with businesses “which equitably include women,” meaning that in order to hope to win mandates, they need to employ at least some women managers.
28/08/2012

Mitt Romney reported to have millions of dollars invested in offshore hedge funds

The online magazine Gawker estimates the assets of US Republican presidential candidate Mitt Romney invested in hedge funds and other investment vehicles, on the basis of 2012 declarations, to have been over USD10m in 2011 at the least, and probably much more, as earnings from these assets totalled over USD900,000. The investments are thought largely to be in funds, often based in the Cayman Islands, with ties to Bain Capital, the private equity firm which Romney co-founded in 1984 and left in 1999. Romney is also thought to have invested in Absolute Capital Return Partners, a firm based in Delaware which undertakes tax optimisation via an “equity swapping” technique, the British Guardian newspaper reports.
28/08/2012

BoA calls John Paulson in for a talk

According to sources familiar with the matter, the wealth management unit of Bank of America (Merrill Lynch and US Trust) have arranged a conference with John Paulson this Tuesday, to allow their financial advisers and clients to grill the hedge fund manager, who is currently encountering difficulties. The meeting comes at a time when Citigroup has announced plans to withdraw about USD410m from Paulson & Co hedge funds. Bank of America states that for its part, it has no plans to cut its ties with Paulson & Co or to withdraw assets.
28/08/2012

CNMV grants licenses for six foreign funds

On 24 August, in addition to registering the Eurovalor Garantizado BRIC II fund from Popular Gestión (ES0133507006, see Newsmanagers of 27 August), the Spanish regulator CNMV issued a sales license for Spain to the DWS Invest II and DWS Short Duration Emerging Markets Fx fund, the LFP Rendement Emergent 2017, the Luxembourg Sicav Matthews Asia Funds, Natixis Souverains Euro, and the Wells Fargo (Lux) Worldwide Fund.
28/08/2012

Fund launches continue unabated in Spain

Since the beginning of this year, 89 funds have been launched on the Spanish market, one more than in the corresponding period of last year, Funds People reports. Of this total, 47 are guaranteed products, including 39 bond proucts.The most active asset management firms have been BBVA Asset Management and InverCaixa, with nine new funds each, followed by Santander Asset Management (8 funds) and Bankia (5 funds).
28/08/2012
Gestion d'actifs

La CAPSSA estime avoir trop de monétaire

Jean Pierre Mottura, directeur général de la CAPSSA : « Je pense que les marchés actions réagissent en terme macro-économique, c’est pourquoi dès que l’environnement économique redeviendra favorable, nous réinvestirons sur les actions. Cette réallocation se fera en faveur des grandes capitalisation européennes. » Jean Pierre Mottura nuance en affirmant que sa forte exposition au marché monétaire lui a permis de passer toutes les crises successives, depuis mi 2007, en préservant ses actifs. Depuis 2004, la progression de du portefeuille est de +22,9% au 28 juin 2012 tandis que le CAC 40 sur la même période s’est replié de 5,1%. « La baisse du taux de rendement des fonds monétaires ne nous inquiète pas tant que le rendement reste positif. C’est au gérant de réduire ses frais de gestion pour obtenir de la performance nette. » Pour rappel, le portefeuille de la CAPSSA se ventile de la manière suivante : 80,8% de monétaire, 6,9% d’obligation, 5,5% d’action, 2,3% de diversifié, le reste étant investi en immobilier et non coté.
Gestion d'actifs
27/08/2012

La qualité de crédit des gros prêts s’est améliorée

D’après un rapport des régulateurs bancaires américains (Réserve fédérale, OCC et FDIC), la qualité de crédit des engagements financiers de plus de 20 millions de dollars et partagés par aux moins trois sociétés s’est accrue en 2012. Une meilleure performance des emprunteurs, la restructuration obligataire, des résolutions de faillite et un accès aux marchés actions et obligataires ont contribué à cette amélioration.
27/08/2012

La BCE maintient le gel de ses achats de dette

La Banque centrale européenne n’a procédé à aucun rachat d’obligations d’Etat de la zone euro la semaine dernière, maintenant le gel de son programme de soutien aux marchés obligataires à l’approche du lancement attendu d’un nouveau plan d’aide aux pays en difficulté. La BCE a mis en sommeil son «programme pour les marchés de titres» (SMP) il y a plus de cinq mois maintenant. Elle détient encore dans ce cadre pour 208,5 milliards d’euros d’obligations.
27/08/2012

L'Italie réfléchit à son tour à une taxe sur les sodas

A l’instar de la France, le ministre italien de la Santé envisage la création d’une taxe sur des boissons considérées comme nocives à la santé, a rapporté Reuters d’un conseiller du ministère. Ce nouveau prélèvement pourrait être d’un montant de 3 centimes d’euro par canette, avec l’objectif de générer 250 millions d’euros de recettes supplémentaires pour l’Etat destinées au financement de la santé. Il pourrait être inscrit dans une proposition de loi examinée cette semaine en conseil des ministres.
27/08/2012

Les chiffres du PIB espagnol révisés à la baisse en 2010 et 2011

L'économie espagnole s’est contractée davantage que précédemment estimé en 2010 et a cru moins qu’annoncé en 2011, montrent des chiffres révisés de l’Institut national de la statistique publiés lundi. Selon ces statistiques, le produit intérieur brut (PIB) s’est contracté de 0,3% en 2010, contre une estimation précédente de -0,1%, et n’a augmenté que de 0,4% l’an dernier, alors que la hausse était jusqu’alors évaluée à +0,7%.
27/08/2012

La BCE envisage d'intervenir sans fixer de seuil explicite

Certains membres de la banque centrale européenne envisageraient des mesures permettant de limiter la hausse des rendements des obligations souveraines des membres les plus vulnérables de la zone, sans pour autant fixer un seuil explicite d’intervention qui remettrait en cause non seulement son bilan mais également son indépendance, selon le journal qui cite des sources proches du dossier.
27/08/2012

La Chine devrait réformer son modèle économique

Face au ralentissement de sa croissance, la Chine devrait saisir les nouvelles opportunités qui se présentent pour transformer son modèle économique, notamment par l’amélioration de la qualité de ses services et par le développement des industries à haute valeur technologique, a indiqué Liu Shijin, directeur du centre de recherche et de développement de l’autorité centrale, au journal.
27/08/2012

Ben Bernanke entrouvre la porte à des mesures de soutien

«Il y a une marge suffisante pour que la Fed prenne de nouvelles mesures pour apaiser le climat financier, pour renforcer l'économie», écrit Ben Bernanke dans la lettre adressée à Darrell Issa, qui préside un comité de la Chambre des Représentants. Ben Bernanke prononcera un discours très attendu lors de la réunion annuelle des principaux banquiers centraux de la planète en fin de semaine prochaine à Jackson Hole (Wyoming).
27/08/2012

Les réserves de l'AIE bientôt sollicitées

Les principaux pays consommateurs de pétrole pourraient puiser dès le début du mois de septembre dans leurs réserves stratégiques car l’Agence internationale de l'énergie (AIE) ne s’oppose plus à un projet dans ce sens promu par les Etats-Unis, a rapporté vendredi la publication spécialisée Petroleum Economist en citant des sources non identifiées.
27/08/2012

Angela Merkel met en garde ses alliés sur la Grèce

Dans un entretien accordé à la chaîne de télévision allemande ARD, la chancelière allemande a exhorté ceux-ci à peser leurs mots avec attention sur la situation grecque, tout particulièrement s’agissant d’une sortie du pays de la zone euro. Elle a également apporté son soutien au président de la Bundesbank, Jens Weidmann, qui a déclaré hier que l’arme du rachat d’obligations par la BCE comportait des risques d’addictions en réitérant son opposition.
27/08/2012

RBS se rapproche d'un accord amiable sur le Libor

Royal Bank of Scotland (RBS) devrait conclure d’ici deux mois un accord amiable avec les autorités américaines et britanniques qui enquêtent sur son rôle dans le scandale à grande échelle de manipulation de taux d’intérêt, a rapporté Reuters de plusieurs sources proches du dossier.

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