Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
01/12/2011

Dow Jones launches an index of Euro-Asian stock markets

Dow Jones Indexes and the Federation of Euro-Asian Stock Exchanges (FEAS) have launched the first blue-chip index derived from Euro-Asian stock exchanges, the Dow Jones FEAS Titans 50 Equal Weighted Index.An equal-weighted measure of the 50 largest stocks traded on FEAS-member exchanges, the new gauge is designed to serve as the basis for financial products such as funds and structured products.The index universe is defined as all stocks in the Dow Jones FEAS Composite Index. Exchanges represented in the index are: Abu Dhabi (UAE), Almaty (Kazakhastan), Amman (Jordan), Banja Luka (Bosnia and Herzegovina), Belgrade (Serbia), Bucharest (Romania), Cairo (Egypt), Istanbul (Turkey), Karachi (Pakistan), Manama (Kingdom of Bahrain), Muscat (Oman), Nablus (Palestine), Sarajevo (Bosnia and Herzegovina), Skopje (Republic of Macedonia), Sofia (Bulgaria) and Zagreb (Croatia).Separately, Dow Jones Indexes has licensed the new Dow Jones Switzerland Select Dividend 15 Index to UBS to serve as the basis for a structured product, Open End PERLES, listed today on the SIX Swiss Exchange.
01/12/2011

Lyxor lists three more bond ETFs in Paris

NYSE Euronext on 30 November announced that it has admitted three bond ETFs from Lyxor Asset Management (Société Générale group) to trading on its Paris platform. The French-registered products replicate the AAA EuroMTS government bond indices of various maturities. All of the products charge 0.165%.596 ETF funds are now listed 695 times on the European platforms of the NYSE Euronext group. Since the beginning of the year, 158 of these funds have been admitted to trading, of which 128 are primary listings, and 28 are secondary listings.CharacteristicsLYXOR MA13 (FR0011146315) underlying: EuroMTS AAA Government Index (1-3 years) LYXOR MA35 (FR0011146349) underlying: EuroMTS AAA Government Index (3-5 years)LYXOR MA57 (FR0011146356) underlying: EuroMTS AAA Government Index (5-7 years)
01/12/2011

Edgebell Capital to launch a global macro hedge fund

The alternative management firm Edgebell Capital, led by former bankers from Goldman Sachs and Mizuho, is planning to launch a global macro hedge fund in February, Bloomberg reports. The Edgebell Capital Global Macro Strategy fund, which will focus on stock and bond market trends as well as currency markets, will start up with at least JPY2bn, or about USD26m, raised from high net worth Japanese clients. The fund will also be available to outside investors via an offshore fund. The fund, which aims for total annual returns of 10% to 20%, will invest in stock market indices, including options and futures, worldwide, primarily in bond markets of G7 countries, currencies, and commodity ETFs.
01/12/2011

Hedge funds losing momentum

The hedge fund sector suffered redemptions in October of USD10.8bn, or 0.7% of assets, compared with USD2.9bn in September, according to estimates by TrimTabs based on data gathered from 2,902 hedge funds. This would be the largest outflow observed since July 2009. The weak level of returns from hedge funds appears to be the reason for this disaffection.Total assets in the sector are estimated to total USD1.63trn in October, compared with USD1.73trn in September. Assets have thus returned to their lowest levels since January 2010, partly due to the evolution of returns. The Barclay Hedge Fund index gained 3.5% in October, following five consecutive months of declines.However, the sector has seen only six months of outflows in the 22 months since January 2010. They posted inflows of USD54.3bn in first half 2011, their highest levels since 2007. And since the beginning of 2010, inflows have totalled USD102.7bn.Funds of hedge funds, for their part, have seen outflows of USD2.7bn in October, and since January 2010, they have seen outflows of USD20.2bn.
01/12/2011

Mapfre Vida launches its first guaranteed fund

With the Mapfre Puente Garantía 10, Mapfre Vida has launched its first fund which guarantees both capital and returns set at 16% at maturity (12 January 2016).The portfolio will be invested solely in bonds, mostly securities issued by Spanish public authorities.In addition, Mapfre Vida says, the subscriber will have access to liquidity at all times, under advantageous conditions, with an expected withdrawal penalty of only 1%.Subscriptions will be open until 27 December through all of the group’s 3,200 branches.
01/12/2011

BBVA launches a guaranteed bond fund

On 18 November, BBVA Asset Management obtained a sales license in Spain for its new fund BBVA Solidez XIV BP, which guarantees 110.08% of initial net asset value as of 16 January 2012, at maturity on 16 January 2015, corresponding to an annualised rate of return of 3.25%. Minimal subscription is EUR50,000. The portfolio will be composed of government bonds from EU states or autonomous communities, promissory notes from corporates, corporate bonds denominated in euros, mortgage-backed securities, and cash.CharacteristicsName: BBVA Solidez XIV BP, FIISIN code: ES0110015007Front-end fee: 5% from 17 January 2012, or when assets exceed EUR250mManagement commission: 0.40% until 16 January 2012, and 0.85% thereafterWithdrawal penalty: 1%
01/12/2011

Insider trading investigation involves three investment firms

The US federal authorities suspect individuals at three major investment firms of insider trading, according to the Wall Street Journal, citing sources familiar with the matter. The investigators are targeting an analyst at Neuberger Berman Group and traders who worked for the hedge funds Diamondback Capital Management and Level Global Investors. These individuals will face charges in mid-December.
01/12/2011

EFAMA denounces cost of proposed financial transaction tax

The European Financial and Asset Management Association (EFAMA) has called recent comments that suggest that a tax on financial transactions sought by some regulatory parties would contribute to the service sector of the economy and to society at large “misleading,” in a statement on 30 November.The association claims that the remarks are misleading since the economic cost of the tax would in practice be borne by the end consumer, including savings investors and pension fund policyholders. The impact of the tax on the fund sector on the long-term savings market would be “significant,” not only because the main taxes would be “relatively high,” but also because the plans in their current form would result in multiple taxation.In the case of investment funds, for example, the tax would apply both to funds (on transactions on assets in their portfolios) and to their investors (on transactions on shares in the funds). The use of financial intermediaries for sales of fund shares is also an example of how the acquisition of shares by a single investor could imply multiple transactions throughout the distribution chain, and thus several places where they might be liable to be taxed.
01/12/2011

HSBC launches frontier markets fund

The British asset management firm HSBC Global Asset Management has announced the launch of the Frontier Markets sub-fund of its Luxembourg Sicav Global Investment Funds (GIF), which will be managed by Andrea Nannini. The new product will absorb the former USD170m New Frontiers Fund, a Specialised Investment Fund (SIF) launched in February 2008, also managed by Nannini.The benchmark index will not change: the new product will also use the MSCI Frontier Markets Capped Index. The management commission will be 1.75% for retail shares, and 1.25% for the institutional share class, while minimal subscription is USD5,000 for the former and USD1m for the latter.
01/12/2011

Morgan Stanley recruits a head from Goldman Sachs

Shirish Godbole, who had worked at Goldman Sachs since 2007, has joined Morgan Stanley Real Estate Investing (MSREI) to take over as head of real estate activities in India, Asian Investor reports. He will report directly to Hoke Slaughter, head of Asia at MSREI, which currently manages USD175bn in assets worldwide. Godbole worked for Morgan Stanley from 1994 to 2007.
01/12/2011

French financial sector: privileged hunting ground for sovereign funds

Sovereign funds have invested as much as USD12.69bn in the past four quarters (only up to the end of November for fourth quarter), according to the SWF Institute database. In the financial sector, a significant proportion has been invested in emerging market financial institutions.In the same period, investments in the energy sector have totalled USD10.84bn, putting them ahead of investments in utilities and infrastructure. Another preferred target is real estate, though figures are not available for this segment.The regional distribution shows that the difficult situation in Europe has not dissuaded sovereign funds from making investments. France leads in the euro zone, with a total of USD11.6bn in the past four quarters, followed by the United Kingdom with USD9.4bn.
01/12/2011

Collective management losing momentum in UK

British investment funds posted a net inflow in the month of October of GBP615m, equivalent to their levels in September, but far below their monthly average of GBP2.2bn in the first six months of the year, according to the most recent monthly statistics from the British Investment Management Association (IMA). In the first six months of the year, net inflows totalled GBP1.6bn, compared with GBP23.8bn in the corresponding period of 2010. Assets under management have increased by 6% compared with September, to GBP577.8bn. In the month under review, bond funds attracted GBP547m, a higher level than the monthly average of GBP358m in the past twelve months. However, equity funds have seen a net outflow of GBP222m in October, the largest since October 2008. Diversified funds, for their part, posted a net inflow of GBP279m. Gross inflows to fund platforms in October totalled GBP3.1bn. Their market share in October totalled 43%, compared with 39% one month earlier. Assets under management by platforms totalled GBP110.1bn in October.
01/12/2011

IMA introduces a sector dedicated to international equities

The British Investment Management Association (IMA) has announced the creation of a sector dedicated to international equities, which will be in operation from 1 January 2012. The new sector will include all funds whose assets are at least 80% invested in international equities. The association is also considering the possibility of creating a segment dedicated to European equities, but considers the number of funds eligible to be included in the sector insufficient for the moment.
01/12/2011

S&P concerned about size of an M&G fund

The financial ratings agency Standard & Poor’s has expressed concerns about the size of the M&G optimal income fund, whose assets under management total GBP5.5bn, Money Marketing reports. In the past twelve months, the fund has doubled in size, topping GBP5bn in July. In normal periods, such a size is not a problem, but the manager of the fund, Richard Woolnough, has said that it is difficult to modify more than 10% of the fund at a time, despite the support of a large team and the use of derivatives. S&P has maintained the fund’s AAA rating, however, due to the excellent reputation of Woolnough and the bond team at M&G.
01/12/2011

Danish pension funds increase exposure to real estate

The volatility of the markets is driving Danish pension funds to increase their exposure to real estate, the website IP Real Estate reports.Exposure of Danish funds to real estate typically hovers around 10%, but the current market turbulence is driving funds to increase their exposure to this asset class, largely due to its lower volatility compared with other asset classes.
01/12/2011

Syz & Co launches another fund for Eric Bendahan

The Swiss banking group Syz & Co has announced the launch of Oyster European Selection, a new sub-fund of its Oyster Luxembourg UCITS SICAV managed by Eric Bendahan, who also manages the Oyster European Opportunities fund. The new fund adopts the same essence and philosophy as that of the Oyster European Opportunities strategy but has a longer-term approach and is thus adapted to the needs of the institutional client base. «The focus of the strategy is on European stocks with strong growth potential over the next 5 years. This time horizonallows Eric Bendahan to focus on longer-term stories, hence leading to an increased selectivity in stocks (i.e. 40 – 50 stocks for Oyster European Selection vs 70 – 90 stocks in Oyster European Opportunities)», according to Syz & Co. The turnover of the new fund is also expected to be lower (50-60% vs 80-130%) than that of the Oyster European Opportunities strategy.Oyster European Selection’s investment positioning favours companies that are related to the thriving emerging market economies, quality growth stocks and undervalued positions. The fund will be registered shortly in several countries in Europe and Asia.Administrative information:Legal structure: UCITS compliant, Luxembourg SICAVFund manager: SYZ & CO Asset Management LLP1Liquidity: DailyRecommended investment horizon: 5-7 yearsMinimum investment: EUR/CHF 1 millionISIN Codes:OYSTER European Selection I EUR : LU0688633170OYSTER European Selection I CHF-hedged : LU0688633337
01/12/2011

Getco rachète la tenue de marché de BoA sur le Nyse

Le teneur de marché vient de racheter l’activité de market making de Bank of America sur le Nyse, devenant le numéro deux du marché en termes de volume de titres traités. Les conditions financières de l’opération n’ont pas été précisées. Getco sera le teneur de marché désigné pour environ 650 sociétés et 800 titres sur le Nyse.
01/12/2011

Forte hausse du volume de transactions pour BNP Paribas REIM

La société de gestion BNP Paribas Real Estate Investment Managementa enregistré sur les onze premiers mois de l’année 2011 un volume de transactions de 522,9 millions d’euros pour le compte des fonds gérés, en progression de près de 75% par rapport à la période comparable de l’année 2010.
01/12/2011

BoA abandonne la banque privée au Brésil

Reuters rapporte de source proche du dossier que Bank of America a fermé son activité de banque privée au Brésil, du fait d’une rentabilité insuffisante alors que le nombre de millionnaires progresse dans le pays.
01/12/2011

Le CME pose pied en Chine

Phupinder Gill, président du CME, a confié au quotidien être en négociations avec le régulateur chinois en vue de faire son entrée sur le marché national des produits dérivés. La Chine a fermé le marché des contrats à terme étrangers il y a dix-sept sur fond de spéculation. Un projet pilote pourrait être mis en œuvre permettant à des courtiers chinois de négocier des futures sur le marché à terme de Chicago. Le CME est l’opérateur du Chicago Mercantile Exchange, du Chicago Board of Trade et du New York Mercantile Exchange. Le groupe entend bien créer une chambre de compensation en Asie et renforcer ses équipes dans la région.
01/12/2011

La Fed favorise la liquidité en dollar

Les grandes banques centrales ont prolongé leur action coordonnée de refinancement en dollar, et abaissé son coût, à la grande satisfaction des marchés.
30/11/2011

Rome annonce un nouveau système d'intervention sur le marché monétaire

Le Trésor italien a annoncé un nouveau système d’intervention sur le marché monétaire, en vigueur dès ce jour, via des adjudications de prêts ou d’emprunts de liquidités, utilisant son compte sur la Banque d’Italie. Ce nouveau système de gestion de la liquidité via des adjudications permettra de prêter ou d’emprunter «des montants potentiellement significatifs de cash sur le marché monétaire», a précisé le Trésor.

Sujets d'actualité

Tous les sujets