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27/02/2012

“I am convinced that 'intelligent' indices will develop”

Alain Dubois, chairman of Lyxor AM, in the frontlines on the debate over ETFs and their modes of replication, gives a detailed analysis of the proposals of the European Securities Markets Authority (ESMA) for ETF regulations, and discusses what could still be improved. Dubois also talks about the good health of his own asset management firm and about product developments. He is focused on a single conviction: a bright future awaits intelligent indices.
27/02/2012

Regulator suspends activities of a “Japanese Madoff”

On Friday, the Japanese regulator ordered the asset management firm AIJ Investment Advisors Co., which had lost most of the JPY183bn (USD2.3bn) in pension assets entrusted to it, to cease its operations, the Wall Street Journal reports. Since 2009, the Rating & Investment Information Inc agency had been issuing warnings about “unnaturally stable returns” at AIJ in a falling market.
27/02/2012

Japan to investigate asset management firms

The Japanese financial regulatory will investigate the 263 asset management firms in the country, after one of them, AIJ Investment Advisors, revealed that it had lost JPY200bn (about USD2.5bn) in assets entrusted to it. The asset management firm admitted that it could not explain to investors what had happened to their money. The regulator has ordered AIJ, which managed the pension assets of over 100 businesses, to cease its activities for a month, while the country’s surveillance commission continued its investigation of the structure.
27/02/2012

Nikko AM recruits a head from Fidelity

Joyce Koh has joined Nikko Asset Management Asia as head of marketing for the South-East Asia region, Investment Europe reports. Koh had previously worked at Fidelity in Singapore, where she worked in marketing.
27/02/2012

Net subscriptions up at Catella

The Scandianvian financial services group Catella has recorded net inflows in 2011 of SEK794m, compared with SEK273m in 2010. Pre-tax profits totalled SEK21m, down slightly compared with SEK25m in 2010. In asset management, Catella states that it founded a wealth management affiliate in Sweden last year. Meanwhile, a review of Swedish fund activities was launched, in order to renovate the fund product range and working methods. In Germany, several real estate funds have been launched. Catella has also acquired a minority stake in Informed Portfolio Management.
27/02/2012

Heavy losses for Bellevue Group in 2011

Bellevue Group has reported a loss of CHF64.7m for the 2011 fiscal year, after profits of CHF1.52m in 2010, according to a statement published on 27 February. The asset management unit, Bellevue Asset Management, finished the year with a net loss of CHF31.5m.Assets under management at the group as of the end of December totalled CHF3.2bn, compared with CHF4.1bn one year earlier. Net outflows totalled CHF330m.The group has also announced the appointment of Urs Baumann as CEO of Bellevue Group, effective from 1 March, replacing Martin Bisang, also a co-founder of the firm.
27/02/2012

Sale of BHF to RHJ is not yet completed

The private equity investor RHJ, BlackRock and Deutsche Bank had no comment on reports that, on the one hand, RHJ had not yet either officially or unofficially sought permission from BaFin to acquire BHF-Bank from Deutsche bank, and on the other hand, that BlackRock has agreed to help RHJ finance the acquisition, Handelsblatt reports.The transaction would be worth about EUR500m. BaFin requires about two months to determine whether the buyer has the financial resources to conclude the operation, before it eventually gives its approval.
27/02/2012

Baillie Gifford may close an emerging markets fund

The British asset management firm Baillie Gifford has announced that it is planning to close its GBP421m fund dedicated to emerging market large caps to new investors if it tops GBP10m in the next twelve months, Money Marketing reports. Baillie Gifford has already closed an emerging markets gorwth fund in 2011, when it passed GBP1bn in assets.
27/02/2012

FSA orders internal inquiry at Threadneedle

Threadneedle, the asset management firm at the centre of a suspected USD150m fraud, has been ordered by the Financial Services Authority to undertake an internal enquiry into its own controls and systems, according to reports in the Daily Telegraph. The injunction comes as the asset management firm has been working with police investigating an attempt at a fraudulent transaction last year. One man has been arrested and another, Vladimir Gersamia, has been fired, the British newspaper continues. The transaction concerned orders for Argentine warrants by former employees of the Russian Otkritie group.
27/02/2012

Major managers are divided on emerging market debt

Western Asset Management (Legg Mason) and AllianceBernstein are reducing the exposure of their bond funds to emerging markets (USD39bn for the former, USD19bn for the latter). Pimco was a step ahead of them in January, doing the same for its Total Return Fund (USD250.5bn), whose emerging market debt allocation was reduced to 9% from 10%, the Wall Street Journal reports. They estimate that the euro zone crisis will last years, weigh down global growth, and ruin investors’ appetite for higher-risk assets such as emerging market debt.However, Michael Hasenstab has bought South Korean, Malaysian and Australian government bonds for his Templeton Global Bond Fund (USD59.6bn), and the securities join Polish government bonds as the four largest positions for the fund.In 2009-2011, net subscriptions to emerging market bond funds totalled USD29bn, of which USD12.5bn were last year, according to Morningstar. Year to date, EM debt funds earned 6.5%.
27/02/2012

Five strategy indices for UCITS-compliant hedge funds at Alix

Geneva-based Alix Capital, which already publishes the UCITS Alternative Index, on 21 February launched five strategy indices of the new UAIX range for UCITS-compliant hedge funds. The indices include UAIX Commodities, CTA, Fixed Income, Long/Short Equity and Volatility. The objective is to outperform the corresponding UCITS Alternative indices. Each index is composed of 6 to 15 UCITS-compliant hedge funds. The indices are rebalanced once per quarter.Among the major criteria a fund must meet to be included in the UAIX indices, they must belong to the larger universe of the UCITS Alternative Index, have at least EUR30m in assets, and be accepting new investments.The UAIX indices use a methodology which is compatible with the UCITS directive. They are designed to be investable, and offer weekly pricing.
27/02/2012
Gestion d'actifs

La MAIF devrait déléguer la totalité de sa gestion de private equity

Selon l’Argus de l’Assurance, la MAIF, qui a fait le choix de gérer ses actifs en interne, vient de décider de confier sa gestion de private equity à OFI AM. Contacté à ce sujet, Benoit Jullien, Directeur technique, investissements et placements a confirmé que des réflexions sont toujours en cours sur l’optimisation de la gestion des placements sachant que le non coté ne représente que 0.3% du total des actifs gérés par la MAIF. La mutuelle n’a pas investi sur le private equity depuis 2009, mais envisage à l’avenir de revenir progressivement, pour quelques millions d’euros chaque année, avec l’aide d’un partenaire qui se verra confier la gestion de cette classe d’actifs. OFI est un prétendant de choix qui gère déjà 11% des actifs totaux de la MAIF, mais selon Benoit Jullien, d’autres sociétés de gestion telles que Pictet ou Amundi ont une part de marché plus importante sur l’ensemble des classes d’actifs privilégiées par la mutuelle. Pour rappel, la MAIF gère 97% de sa poche obligataire euro en interne et délègue l’essentiel de la gestion actions à des sociétés de gestion externes. 14 personnes sont en charge de la gestion financière au sein de la mutuelle.
Gestion d'actifs
27/02/2012

La Chine planifie sa libéralisation financière

La Banque populaire de Chine se donne trois ans pour assouplir le contrôle des investissements directs étrangers. Dans 5 à 10 ans, le pays pourrait progressivement ouvrir aux investisseurs étrangers les opérations de trading sur les marchés immobiliers, des actions et des obligations.
27/02/2012

Les pays émergents retrouvent de l’appétit pour l’euro

Les banques centrales et les investisseurs des pays émergents auraient été acheteurs nets d’euros à mi-février pour la première fois depuis novembre dernier, selon le journal qui cite une étude réalisée par Bank of America Merrill Lynch. La banque prévoit une demande forte pour les 2 à 3 milliards d’euros d’obligations de dette européenne à 20 ans qui doivent être émise cette semaine.
27/02/2012

Des fonds de pension financent des projets d’infrastructures

Un groupement de fonds de pension serait sur le point de lancer un véhicule d’investissement en projets d’infrastructures dans le traitement de l’eau ou la construction publique, selon le quotidien qui cite des personnes faisant parti du projet. Ce véhicule aurait une capacité limitée à 4 milliards de livres (4,7 milliards d’euros), dont la moitié en dette.
27/02/2012

Warren Buffett a faim d’acquisitions

Le PDG de Berkshire Hathaway se dit dans sa traditionnelle lettre aux actionnaires «en quête» d’acquisitions d’envergure, alors que le trésor de guerre de la société d’investissement a atteint 37,3 milliards de dollars fin décembre 2011. Depuis la fin de 2009, Berkshire a dépensé plus de 35 milliards de dollars en numéraire et en titres pour différentes opérations, dont les rachats de Burlington Northern Santa Fe et de Lubrizol. Au quatrième trimestre, le résultat net a reculéde 30%, à 3,05 milliards de dollars, en raison de gains moins élevés sur les dérivés. Sur l’ensemble de l’exercice, le bénéfice net ressort à 10,3 milliards de dollars, contre 13 milliards en 2010, alors que les profits tirés des activités d’assurance ont fondu de 88% à 154 millions de dollars. Le sage d’Omaha, à la tête de Berkshire depuis 1970, a par ailleurs indiqué que le conseil d’administration avait statué sur le nom de son successeur.
27/02/2012

Le gouverneur de la banque de Hongrie prêt à réduire son salaire

En Hongrie, le gouverneur de la banque centrale a proposé de réduire son salaire à un montant symbolique jusqu'à la fin de son mandat l’année prochaine si le législateur revient sur une réduction unilatérale des rémunérations au sein de la banque centrale, un différend qui compromet une éventuelle aide financière internationale à la Hongrie.

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