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03/03/2011

Trial of “German Madoff” begins

p { margin-bottom: 0.08in; } On Wednesday, the trial of Helmut Kiener, the “German Madoff,” began in Wurzburg, the Frankfurter Allgemeine Zeitung reports. Kiener, who has been in preventive custody since October 2009, is accused of orchestrating a Ponzi pyramid scheme which allowed him to defraud 5,000 retail investors and two banks of EUR345m.
03/03/2011

Arca SGR launches three bond funds

p { margin-bottom: 0.08in; } The asset management firm Arca SGR, an affiliate of 12 Italian cooperative banks, is launching three bond funds: Arca Cedola Bond Globale Euro III, Arca Cedola Bond Paesi Emergenti, and Arca Bond Paesi Emergenti Valuta Locale. The first two are funds with quarterly distribution, the first of which is invested primarily in Euro zone government bonds, as well as in investment grade corporate bonds denominated in euros, while the second is invested in emerging markets government and corporate bonds. The third fund is an international bond product oriented to government bonds from emerging markets and countries that are net exporters of commodities.
03/03/2011

Assets up by more than 16% at HSBC Trinkhaus

p { margin-bottom: 0.08in; } The German management firm HSBC Trinkhaus has posted the highest pre-tax profits in its 225-year history for 2010, totalling EUR210m, up from EUR163.7m in 2009, an increase of 28.3%. Net profits increased 27.7%, to total EUR139.4m. The cost/income ratio improved to 66.9% from 68.3%. As of 31 December, assets under management and administration totalled EUR115.3bn, compared with EUR99.1bn. Pre-tax profits for the institutional segment (investment banking, equities investments) were up 7.7%, to EUR72.3m, while the high net worth private client segment was up 2.1%, to EUR29.7m, due to an increase in revenues from asset management and securities transactions.
03/03/2011

Nomura AM signs up to PRI

p { margin-bottom: 0.08in; } Nomura Asset Management has signed the United Nations Principles for Responsible Investment (UN PRI). Among other recent signatories of the principles are AllianzGI Investments Europe, Santander Empelados Pensiones and Allegro Private Equity. Assets under management at Nomura Asset Management total about EUR212bn.
03/03/2011

Aviva Investors recruits an FFTW veteran

Aviva Investors has appointed Dan James as head of global aggregate portfolio management. In this role, Dan will be responsible for implementing strategies and asset allocation across all global aggregate portfolios. He will also be responsible for promoting Aviva Investors global aggregate products and developing high-margin absolute return solutionsStarting on 1 March, Dan James will be based in Aviva Investors London office and will report to Shahid Ikram, deputy CIO of fixed income. Dan James will be joining Aviva Investors from Fischer Francis Trees and Watts where he was most recently head of short duration and absolute return. Prior to this, he was CIO aggregate and absolute return at Fortis Investments.
03/03/2011

Invesco gives shares to new employees

p { margin-bottom: 0.08in; } Following its acquisition of the Asian fund and asset management activities of AIG Global Real Estate Investment, Invesco has announced that it will distribute stakes in the firm (totalling 50,664 shares) to 10 new employees.
03/03/2011

Aberdeen AM wins a real estate mandate in Sweden

Aberdeen Asset Management has been appointed to manage a Danish-owned property portfolio in Sweden to a value of EUR300 million on behalf of Provinsfastigheter AB. Provinsfastigheter was previously part of the now restructured Allokton group, the current majority owner is a consortium of several Danish financial institutions. The portfolio is dispersed across Sweden, however with most of the properties in and around Stockholm and with an equal share of offices and residential properties. A significant proportion of the properties will require active management to reach their full potential. Consequently, in addition to the mandate to manage and optimise the total property portfolio, Aberdeen will also manage the financial administration reporting directly to the board of directors, until the portfolio is ready to be sold.
03/03/2011

GLG Partners recruits in Hong Kong

p { margin-bottom: 0.08in; } Andrew Thatcher, who previously worked in Europe for GLG Partners, has moved to Asia, and will be based in Hong Kong, where he will develop the alternative management firm’s Asian activities, Asian Investor reports. As executive director, Thatcher will report directly to Tim Rainsford, managing director of Man Investments in Asia, and will be in charge of relations with high net worth and institutional investors, as well as family offices and fund of hedge fund managers.
03/03/2011

New directors for Putnam bond team

p { margin-bottom: 0.08in; } Putnam has announced the arrival of three people to direct its bond management team, which was previously overseen by Rob Bloemker, who has decided to leave the firm. The three specialists are D. William Kohli, Michael V. Salm, and Paul D. Scanlon, former heads of portfolio construction and global strategies, liquid markets, and US high yield.
03/03/2011

“$20 billion club” has a USD121bn hole in its coverage

p { margin-bottom: 0.08in; } In 2010, retirement liabilities on the books of the 16 publicly-traded US companies with liabilities of over USD20bn, known as the “$20 billion club,” increased to USD740bn, from USD700bn the previous year, according to a study by Russell Investments.Meanwhile, the value of assets owned by these businesses increased yo USD619bn, from USD578bn.Bob Collie, chief research strategist at Russell, points out that the $20 billion club accounts for nearly 40% of total pensions for US publicly-traded businesses. Their coverage deficit of about USD121bn is likely to trigger substantial increases in contribution charges, in order to catch up in the next few years, due to increased requirements in the Pension Protection Act of 2006.The study finds that these businesses contributed USD21bn last year, as in 2009, which is more than double the total paid into pensions in 2008.
03/03/2011

First ETF for corporate bank loans launched

The first ETF for corporate bank loans begins to trade on Thursday, the Financial Times said. Invesco PowerShares Capital Management will manage the ETF, which will be based on the S&P/LSTA US Leveraged Loan 100 Index.
03/03/2011

KKR recruits for European special situations unit

p { margin-bottom: 0.08in; } Mubashir Mukadam, who was managing director of the multi-strategy hedge fund York Capital Management (USD14bn), has been appointed as European head of special situations for KKR Asset Management LLC (KAM), the asset management platform from Kohlberg Kravis Roberts (KKR), which manages USD14.8bn. He will report to Nat Zilkha and Jamie Weinstein, co-heads of special situations.
03/03/2011

Skandia releases its Spectrum range on several platforms

p { margin-bottom: 0.08in; } Skandia Investment Group (SIG) has announced that its Spectrum range, managed with volatility objectives, is now available on the FundZone, Wrap, International Bond and SIPP platforms. The range, launched in 2008, had total assets as of 31 January 2011 of GBP843m.
03/03/2011

JOHCM launches a European equities fund capped at GBP2bn

p { margin-bottom: 0.08in; } Two former fund managers from Fidelity Investments and then Thames River Capital who joined JO Hambro Capital Management (JOHCM) in January as senior fund manager and fund manager, respectively Trygve Toraasen and Carlos Mureno, have been assigned to manage the new JOHCM All Europe Dynamic Growth Fund, launched on 28 February. The capacity of the new sub-fund of the Irish Sicav is limited to GBP2bn.Minimal subscription is set at GBP1,000 for retail and GBP125,000 for institutional investors.The two managers will apply the qualitative stock-picking methodology which brought them success at Fidelity and then at Thames River. The strategy is to invest in undervalued businesses using both growth and value strategies, but with a growth bias. The portfolio will be concentrated, with 40 to 50 positions in all cap sizes. The investment universe is all of Europe, including Eastern Europe. Initially, about 80% of the positions in the portfolio will be the same as those of the Thames River European Dynamic Growth Fund.CharacteristicsName: JOHCM All Europe Dynamic Growth FundBenchmark index: MSCI Europe (net dividends reinvested)ISIN codes:Retail GBP IE00B41H8D62 Retail EUR IE00B4R51P79Institutional GBP IE00B3ZL4730Institutional EUR IE00B4KJFH62Front-end fee: 5% maximumManagement commission: 1.50% (retail shares)0.75% (institutional shares)Performance commission: 15% of performance exceeding the index
03/03/2011

Chi-X se prépare à conquérir l’Australie

La plate-forme d’échanges sera le premier opérateur étranger à pouvoir exercer en Australie. Le régulateur boursier national a publié hier un calendrier pour l’octroi de licences aux concurrents d’ASX. Chi-X Global, maison-mère des filiales régionales Chi-x Australia et Chi-X Japan, est détenue par Instinet, lui-même dans le giron du groupe nippon Nomura Holdings.
03/03/2011

L’AMF transpose le document d’information clé de la directive OPCVM 4

L’arrêté du 22 février 2011 portant sur l’homologation de modifications du règlement général de l’Autorité des marchés financiers, traitant notamment de la transposition de la directive OPCVM 4, a été publié hier au Journal Officiel. Il concerne le passage anticipé au «document d’information clé» pour l’investisseur, qui tient lieu de prospectus simplifié pour les OPCVM ne bénéficiant pas de la procédure de reconnaissance mutuelle des agréments.
03/03/2011

Naxicap Partners absorbe Actem Partners

L’opérateur français en capital développement a intégré au 1er janvier l’équipe d’Actem Partners, spécialisée dans les opérations de transmission de PME (LBO Small Caps). Naxicap Partners compte désormais 35 professionnels, un portefeuille de 240 participations et 825 millions d’euros de capitaux sous gestion.
03/03/2011

CME n’envisage pas d’acquisitions

Interrogé lors d’un sommet sur l’avenir de la finance organisé par Reuters sur d’éventuelles intentions de lancer une contre-offre sur Nyse Euronext, le cas échéant avec Nasdaq OMX, le directeur général de l’opérateur boursier, Craig Donohue, ne s’est guère montré enthousiaste en répondant que : «nous sommes focalisés sur notre stratégie, de faire croître nos activités».
03/03/2011

Bill Gross s’inquiète des rendements des Treasuries

Le gérant vedette de Pimco estime dans son dernier «Investment Outlook» que les rendements des emprunts d’Etat américains pourraient être trop faibles pour soutenir la demande en Treasuries alors que la Fed approche de la fin du QE2. Les rendements sont trop bas de 150 points de base lorsqu’ils sont examinés dans un contexte historique et comparés avec une prévision de croissance de 5% du PIB nominal.
03/03/2011

Les cours du pétrole au-dessus des 100 dollars à New York

Le pétrole brut léger américain a terminé en hausse de plus de 2,5% mercredi sur le marché new-yorkais, clôturant au-dessus de la barre des 100 dollars le baril pour la première fois depuis septembre 2008 en raison d’une apparente intensification des combats en Libye. Le contrat avril a fini sur un gain de 2,60 dollars, soit 2,61%, à 102,23 dollars le baril.
03/03/2011

Les eurodéputés hostiles aux CDS à nu sur dette souveraine

Les parlementaires européens demanderont lundi une interdiction des Credit Default Swaps (CDS) à nu sur dette souveraine à partir de 2012, a rapporté Reuters mercredi citant des sources proches des négociations. Parmi les autres mesures envisagées, figure notamment la notification des positions courtes aux régulateurs compétents à la fin de chaque journée d'échanges.
03/03/2011

Croissance modérée en début d’année aux Etats-Unis

L’activité économique américaine a continué à progresser à un rythme modéré au cours des premières semaines de 2011, qui ont vu les manufacturiers et les détaillants tenter de relever leurs prix, a déclaré la Fed dans son Livre Beige. «La région de Chicago a certes fait état d’une croissance mais qui n’est pas aussi soutenue que lors de la précédente période étudiée», a précisé la Fed. Les perspectives en matière d’emploi se sont «légèrement améliorées à travers le pays», même si, dans certains cas, les entreprises prévoient d’avoir recours au travail temporaire plutôt que de créer des emplois. Parlant hier devant la Chambre des représentants, le président de la Fed, Ben Bernanke, a précisé que les coupes budgétaires, représentant quelque 60 milliards de dollars, projetées par la majorité républicaine de la Chambre, étaient susceptibles de se traduire par 200.000 destructions d’emplois.
03/03/2011

Les chiffres de l’emploi surprennent aux Etats-Unis

Les créations d’emplois dans le secteur privé américain ont été supérieures aux attentes en février, selon les résultats de l’enquête mensuelle ADP publiés mercredi. Quelque 217.000 postes ont été créés en février, alors que les économistes interrogés par Reuters attendaient 175.000 créations. Le chiffre de janvier a été révisé en hausse à 189.000 contre 187.000.
03/03/2011

Les taux brésiliens toujours plus haut

Hantée par l’hyperinflation, la Banque centrale du Brésil a relevé une nouvelle fois ses taux directeurs de 50 points de base à 11,75%. A 7,5% en 2010, la croissance du pays est dynamique, mais la hausse du prix des matières premières a tiré l’inflation à 6,08% en février. L’objectif de la Banque centrale est de 4,5% avec une marge de plus ou moins 2 points.

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