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11/05/2012

Frankfurt lists its 970th ETF, from SPDR

On 10 May, the SPDR Citi Asia Local Government Bond ETF (IE00B7GBL799) from State Street Global Advisors (SSgA) became the 970th ETF to be listed on the XTF segment of the Xetra electronic trading platform (Deutsche Börse). The bond fund, which replicates the Citi Asian Government Bond Investable Index, charges fees of 0.50%.
11/05/2012

EDRAM registers Premiumsphere in Germany

The Premiumsphere fund (A share class: FR0010509877) from Edmond de Rothschild Asset Management (EDRAM), managed by Adeline Salat-Baroux and Valérie Guelfi of the international equity team, has been issued a sales license for Germany by BaFin. The fund, which focuses on major global premium brands, posted outperformance as of 29 February 2012 of 113% compared with the MSCI AC World index, EDRAM reports.
11/05/2012

European Court of Justice finds in favour of foreign funds and against France

The European Court of Justice has announced a verdict. On 10 May, the Court announced that “the law of the Union opposes French regulations which impose national withholding taxes on dividends when they are earned by mutual funds domiciled in another EU country, when these dividends are exempt from tax for mutual funds domiciled in France.” Ten Belgian, German, Spanish and United States-domiciled OPCVM funds, which invest largely in shares in French businesses, and which earn dividends on these shares which are subject to withholding tax, had challenged the French regulation, which stipulated that dividends paid to non-French domiciled funds would be subject to a withholding tax of 25%, while the same dividends would not be taxed when paid to a French-domiciled fund. The estimated cost to the French budget is estimated at about EUR4.2bn as of the end of 2011.
11/05/2012

Money market funds boost Swedish inflows in April

Funds on sale in Sweden have recorded net inflows in April of SEK5.2bn (about EUR0.58bn), of which EUR5.1bn went to money market funds, according to the most recent statistics from Fondbolagens Förening, the Swedish investment fund association. Bond funds have also posted inflows, totalling SEK2.6bn (EUR0.3bn). However, after three months of net subscriptions, equity funds had outflows of SEK3bn in April. The heaviest redemptions were to Swedish funds and funds investing in growth markets. Since the beginning of the year, equity funds have posted total inflows of SEK24.1bn (EUR2.7bn), half of which has gone to passive funds, while inflows to funds overall total SEK12bn (EUR1.3bn). Equity funds still account for the majority of investments from Swedish clients to funds, at SEK1.065trn or EUR119bn (54%), out of total assets of SEK1.957trn, or EUR219bn as of the end of April.
11/05/2012

Hennessee hedge fund index down

In line with indices previously published, the Hennessee Hedge Fund Index has posted losses of 0.38% for April. Since the beginning of the year, the index shows gains of 4.02%.
11/05/2012

New chairman of UBS plans to adjust executive bonuses

The new chairman of the board of directors at UBS, Axel Weber, is planning to respond to criticism by some shareholders of the group’s pay policies, by adjusting the bonuses paid to senior executives. At a conference held on Thursday in London, Weber announced that he has commenced talks with the goal of balancing management pay scales and the needs of shareholders in a manner that the latter would consider fair. “From day one, I initiated a broad process with shareholders and our employees.” The objective is to reach a model which would balance the interests of employees and shareholders. Last week, at the firm’s general shareholders’ meeting, many shareholders had lively criticism for the bonuses paid to heads of the firm, and no less than 40% of shareholders voted against a report on pay scales. Last year, 36% voted against it.
11/05/2012

Bad month in April for European ETPs

In April, European ETPs suffered net outflows of USD5bn, according to BlackRock, which reduced net subscriptions in the first four months of this year to USD2.2bn. Of this total, USD4.3bn in net outflows have been from ETFs investing in German equities.In April, the top three providers all suffered net redemptions, totalling USD4.3bn from iShares (BlackRock), USD1.3bn from db x-trackers (Deutsche bank), and USd0.7bn for Lyxor Asset Management (Société Générale). In January-April, iShares has posted net outflows of USD0.4bn, db x-trackers has posted net redemptions of USD0.8bn, and Lyxor has posted net redemptions of USD0.2bn. The heaviest net subscriptions in the first four months of the year were from Source (USD1.5bn) and UBS Global Asset Management (USD1.1bn).However, all the major asset management firms have posted increases in their assets since the beginning of the year, with the largest increases at iShsres (USD8.5bn), db x-trackers (USD3bn), UBS GAM (USD2.4bn) and Lyxor (USD2.2bn).As of the end of April, iShares remains the far-and-away leader by assets under management, with USD114.3bn, followed by db x-trackers (USD46.1bn) and Lyxor (USD40.3bn).
11/05/2012

FSB creates a working group dedicated to information on risks

The Financial Stability Board (FSB) on 10 May announced the creation of a working group dedicated to improving information from financial institutions about exposure to risk and risk management practices, known as the Enhanced Disclosure Task Force (EDTF). The co-chairmen of the working group are Hugo Bänziger, chief risk officer and member of the board of directors at Deutsche Bank, Russell Picot, group general manager and group chief accounting officer at HSBC Holdings, and Christian Stracke, managing director, member of the investment committee and global head of credit research group at Pimco. The working group also includes 25 heads and experts representing financial establishments, analysts, ratings agencies and external auditors. These 25 members also include Gérard Gil, senior adviser at BNP Paribas. The top objectives of the working group are to develop principles to improve published information, including the compatibility of this information, and to identify major information about risk presented in 2011 annual reports. The working group’s recommendations will be published in October 2012.
11/05/2012

Asset management at Axa posts net outflows of EUR5.4bn

In first quarter 2012, earnings from asset management at Axa (Axa IM and AllianceBernstein) have fallen 10% to EUR771m, largely due to a decline in management commission and commissions for institutional research activities at AllianceBernstein, and lower commissions on real estate transactions at AXA IM, a statement says. Assets under management are up by EUR18bn compared with 31 December 2011, and total EUR865bn. Net outflows total EUR5.4bn in first quarter. These outflows included -EUR2.7bn from AllianceBernstein, largely to institutional clients, partly offset by net inflows of EUR2bn for an advising mandate for AXA Japan, and -EUR2.7bn at AXA IM, largely due to the voluntary withdrawal of unprofitable employee shareholding plans (-EUR4bn), and net outflows at Axa Rosenberg (-EUR1bn), partially offset by a positive net inflow at AXA Fixed Income, Axa Private Equity and Axa Framlington. A market effect of +EUR37bn has also been shared by AllianceBernstein and AXA IM.
11/05/2012

Inflows pick up in first quarter at Amundi

Despite a persistently difficult market environment, the savings management professions in the asset management, insurance and private banking unit of Amundi have maintained their total assets under management of nearly EUR1.042trn as of the end of March 2012. This total is a slight decline of 1.9% year on year, but a 3.5% increase compared with the end of December 2011, as inflows have begun to pick up again in first quarter 2012, particularly at Amundi. Excluding assets counted twice, total assets in the unit totalled over EUR836bn as of 31 March 2012.In first quarter 2012, Amundi contiued to post good operational performance, and has also made a one-time capital gain of EUR60m from the sale of a minority stake in the United States. Not counting this one-time gain, net banking proceeds are down 4.4% year on eyar, penalised by a decline in assets in this period, but are up by nearly 7% compared with fourth quarter 2011, largely due to an increase in performance commissions.
11/05/2012

OFI AM to open to alternative multi-management and to Europe

The heads of OFI AM unveiled yesterday major plans for the short to mid-term, which will include additions to its range of asset managemnet products and development internationally and in France. In terms of investments, after pointing out the firm’s three-way approach, with a product range managed either internally, or via multi-management, or through partnerships, Gérard Bourret, CEO, has announced that his asset management firm would soon be offering its institutional clients a range of alternative multi-management products. “To that end, we will in the next few weeks announce a partnership with an English-speaking firm larger in size than ourselves,” Bourret confirmed. Bourret plans to provide a clearer product range for investors, with a segmented range that offers value products that also deliver returns, as well as European growth products and proximity management of investments in growth small and midcaps in France and the euro zone. Another desire expressed by management is to bring more regular and higher performance to these equity products. As the French market offers limited opportunities, the group is now planning to make itself heard elsewhere in Europe. “We are going to hire the services of a third-party marketer (TPM). The fund range will be selective, focused on niche products where the firm has excellence to foreground.” But that’s only a beginning, says Bourret. “In three years, we will be able to say that we have begun.” In terms of inflow objectives, Bourret says that in a closed and virtually saturated French market, OFI AM in 2012 had planned to earn total net inflows of EUR1.5bn to EUR2bn. As of the end of the month of March, assets at the OFI group totalled EUR50.6bn, up 7% compared with the end of last year (EUR47.23bn).
11/05/2012

Hong Kong: proposed stock market regulation alarms banks

The Hong Kong stock market regulatory authority yesterday unveiled proposed reforms which would significantly toughen sanctions against business banks which were underwritten for an initial public offering (IPO) by a firm which falsifies its accounts, Les Echos reports. By the proposed regulations, which have been submitted for consultation for a two-month period before being debated by Parliament, various actors supporting the IPO process for Hong Kong businesses may not only be subject to civil, but also to criminal charges. Individuals who recommend an IPO which turns oiut to be fraudulent may face up to three years in prison. This would bring local legislation into line with regulations in place in the United States, but would put the Hong Kong stock market ahead of its major rival, the Singapore stock exchange.
11/05/2012

FSA fines Martin Currie GBP3.5m

The Financial Services Authority (FSA) has announced that it has sentenced Martin Currie Investment Management Limited and Martin Currie Inc (Martin Currie) to pay fines of GBP3.5m. The regulator accuses Martin Currie of failing to resolve a conflict of interest between two of its clients. Martin Currie advised one of its clients to invest in a fund from another client, which rescued this client from «serious liquidity concerns», a statement from the British regulator says.
11/05/2012

Paul Abberley appointed as interim CEO of Aviva Investors

Aviva Investors on May 10 announced the appointment of Paul Abberley as interim chief executive of Aviva Investors following the departure of Alain Dromer. Currently chief executive of Aviva Investors London and Global Investment Solutions, he will assume responsibility for the global business immediately and will join the Aviva group executive committee.Paul Abberley joined Aviva Investors on its launch in September 2008 as chief executive of Aviva Investors London (AIL). Patrick Regan chairman, Aviva Investors and chief financial officer, Aviva said: "(...) his interim appointment will facilitate a smooth transition following the departure of Alain Dromer»."Over the coming months we will be working through the process of recruiting a permanent CEO and will be considering both internal and external candidates for this role,» he added.
11/05/2012
Gestion d'actifs

Le FRR s'intéresse beaucoup aux Cats Bonds

Parmi les actifs alternatifs, les Cats Bonds, nous intéressent beaucoup, ils pourraient être une voie de diversification, ils seraient logés dans la poche de performance. Il n’est pas exclu que nous en fassions dans le futur, selon l’analyse de Philippe Aurain, à Next Finance, peu de temps avant son départ. Nous voulons comprendre ce que nous achetons. Nous souhaitons augmenter lentement notre périmètre d’investissement, mais surtout, nous voulons à chaque fois bien maîtriser ce que nous prenons en portefeuille, avoir les inventaires, regarder ligne par ligne. Nous voulons bien prendre des risques, mais nous souhaitons avant tout comprendre les risques que nous prenons. Si nous investissons un jour dans des Cats Bonds, nous aurons besoin d’une totale transparence.
Gestion d'actifs
11/05/2012
Gestion d'actifs

Le fonds de pension de Total en Belgique a sélectionné un gérant sur les convertibles

Le fonds de pension de Total en Belgique a retenu Union Bancaire Privée (UBP) pour un mandat de 20 millions d’euros sur les convertibles avec un style de gestion passive. Le fonds de pension s’est appuyé sur le consultant bfinance. A terme, le mandat pourrait compter jusqu'à 30 millions d’euros, en arbitrant au détriment des actions et certains segments obligataires. L’allocation d’actifs (400 millions d’euros au total) est la suivante : 57% en obligations, 33% en actions et 10% en immobilier. Total Belgique a retenu BNP Paribas IP sur les actions et les taux, Aberdeen AM uniquement sur les taux, PIMCO sur les obligations d’entreprises, Dexia AM sur les actions, Blackfriars AM sur les actions émergentes, en particulier sur l’Asie et Petercam sur l’immobilier.
Gestion d'actifs
11/05/2012

Manulife AM se développe en Asie

Manulife Asset Management vient de recruter Sarah Lu pour occuper le poste nouvellement créé de responsable de l’allocation d’actifs pour l’Asie, rapporte Asian Investor.Sarah Lu, qui sera basée à Hong Kong, travaillait précédemment chez Axa Rosenberg Investment Management Asia-Pacific.
11/05/2012
Fonds

Les fonds monétaires dopent la collecte d’avril en Suède

Les fonds commercialisés en Suède ont enregistré en avril des souscriptions nettes de 5,2 milliards de couronnes suédoises (environ 0,58 milliard d’euros), dont 5,1 milliards pour les fonds monétaires, selon les dernières statistiques de Fondbolagens Förening, l’association suédoise des fonds d’investissement. Les fonds obligataires ont également collecté, à hauteur de 2,6 milliards de couronnes (0,3 milliard d’euros). En revanche, après trois mois de souscriptions nettes, les fonds actions ont vu sortir 3 milliards de couronnes suédoises en avril. Les plus forts remboursements ont concerné les fonds suédois et les fonds investis sur les marchés de croissance.Depuis le début de l’année, les fonds actions recueillent néanmoins un montant net de 24,1 milliards de couronnes suédoises (2,7 milliards d’euros), dont la moitié est allée vers des fonds indiciels, alors que la collecte des fonds dans son ensemble s’élève à 12 milliards de couronnes (1,3 milliard d’euros).Les fonds actions représentent aussi toujours la majorité des placements des investisseurs suédois dans les fonds, à 1.065 milliards de couronnes ou 119 milliards d’euros (soit 54 %), sur un encours total de 1.957 milliards de couronnes suédoises ou 219 milliards d’euros à fin avril.
Fonds
11/05/2012

AmpegaGerling et C-Quadrat regroupent leur distribution institutionnelle

Le gestionnaire austro-allemand C-Quadrat Investment et son actionnaire de référence, l’allemand AmpegaGerling Investment ont annoncé le 10 mai le démarrage au 1er juin d’Ampega-C-Quadrat Fondsmarketing GmbH, une co-entreprise à 50/50 qui se focalisera sur la distribution des produits des deux société auprès de la clientèle institutionnelle. La nouvelle joint-venture aura son siège à Francfort et sera dirigée par Winfried Stürzbecher et Jörg Bernd Hudemann, qui sont déjà les responsables de la distribution institutionnelle respectivement chez AmpegaGerling et chez C-Quadrat.
11/05/2012
Fonds

EDRAM enregistre le Premiumsphere en Allemagne

Lancé depuis plus de quatre ans, le fonds Premiumsphere* d’Edmond de Rothschild Asset Management (EDRAM), géré par Adeline Salat-Baroux et Valérie Guelfi de l'équipe actions internationales, vient d’obtenir de la BaFin l’agrément de commercialisation en Allemagne. Ce fonds, qui se focalise sur les grandes marques «premium» mondiales, affiche au 29 février 2012 une surperformance de 113 % par rapport au MSCI AC World, indique EDRAM.* part A : FR0010509877
Fonds
11/05/2012

Foule de prétendants pour Birds Eye Iglo

Le quotidien croit savoir qu’au moins quatre offres ont été présentées à Permira hier soir, date limite dé réception, concernant le rachat de l’activité de surgelés Birds Eye Iglo, propriété de la société de private equity depuis cinq ans à la suite de son acquisition auprès d’Unilever. La valorisation de la cible, dont le chiffre d’affaires a dépassé 1,1 milliard d’euros l’an passé, pourrait selon le quotidien approcher 3 milliards (précisément de 2,6 à 2,9 milliards, dont une dette nette de 1,4 milliard). Sont en lice Blackstone, Bain Capital, BC Partners et Clayton Dubilier & Rice, dont l’associé pour l’occasion, Vindi Banga, est un ancien cadre d’Unilever.
11/05/2012

Guy Hands contribue de sa propre poche

Le quotidien assure que le patron de Terra Firma a versé quelque 20 millions de livres,un cinquième de sa fortune personnelle, à sa sociétéde private equity. Cela afin de garantir le versement de bonus confortables à certains salariés dont le dirigeant ne souhaite nullement se séparer. Les équipes d’investissement ont été réduites de 70% au cours des dernières années.
11/05/2012

Le Qatar vise Xstrata

Qatar Holdings, bras armé de Qatar Investment Authority, souhaite selon le quotidien s’emparer d’une participation de plus de 10% au capital du groupe minier. Le fonds visait précédemment une participation au sein de Glencore. De quoi selon le quotidien apporter un «soutien crucial» au projet de fusion des deux groupes.

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