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20/12/2010

Sino-Life Insurance cleared to create an asset management firm

p { margin-bottom: 0.08in; } The Chinese insurance regulatory commission (CIRC) on 17 December granted permission for Sino-Life Insurance to begin preparations to submit an application for a license to create the 10th management firm in Chnina controlled by an insurer. According to Z-Ben Advisors, it is the first putative authorisation after a gap of five years. The new entity would manage the portfolio of the Sino-Life group, which represented CNY28bn as of the end of 2009. In addition, Sino-Life already has a QDII license with a quota of USD9bn.
20/12/2010

China Merchant Fund launches a product for QDIIs

p { margin-bottom: 0.08in; } The Chinese management firm China Merchant Fund (CMF) is planning to launch a product aimed at qualified domestic institutional investors (QDII) in January, Asian Investor reports. The fund will be listed on the Shenzhen stock exchange after its launch. The Bric Index fund will provide investment in companies of the S&P Bric 40 index, which includes the largest companies of the BRIC countries in the energy, materials, financial and IT sectors, including Baidu, Tencent, Lukoil, Gazprom, Infosys and Reliance.
20/12/2010

Fitch confirms BBB+ rating for Oddo

p { margin-bottom: 0.08in; } Fitch Ratings on 17 December confirmed its long-term Issuer Default Rating (IDR) of BBB+, with stable outlook, for Oddo et Compagnie (Oddo). Fitch also confirmed the other following ratings for Oddo: a short-term IDR rating of F2; intrinsic grade of C; external support rating of 5, and an external support floor rating of ‘No Floor.’ Oddo, which is incorporated as a bank, is the only independent investment firm in France. Its IDR and intrinsic ratings reflect its very solid solvency and liquidity ratios, satisfactory performance for the complete economic cycle, and aversion to risk. They also take into account the small size of the firm and its smaller footprint in brokerage and asset management in Europe (EUR21bn in assets under management). Profits at Oddo were affected by the crisis in 2007 and 2008, but since then they have returned to satiafactory levels, with recurrent annual net profits and a return to owners’ equity levels of about EUR40m and 11%, respectively. Earnings come about equally from finance and investment banking and asset management. Oddo acquired the Banque d’Orsay (IDR: BBB+) in November 2010, and is in exclusive negotiations to acquire Banque Robeco. The acquisitions will allow Oddo to increase its assets under management by EUR4bn, without significantly altering its risk profile.
20/12/2010

Name change for asset management firm from Manulife

p { margin-bottom: 0.08in; } With effect from 15 December, MFC Global Investment Management, or MFCMD (CAD121bn in assets as of 30 September) has changed its name, and is now known as Manulife Asset Management, or Gestion d’actifs Manuvie. Following the change, member companies of the global network of the business, which is present in 17 countries and territories, will now operate under the name Manulife Asset Management. Six of the companies affiliates with the business were already operating under this name in Asia. However, in order to profit from the notoriety of the brand name John Hancock in the United States, Manulife Asset Management will use the name John Hancock Asset Management to provide investment management services for John Hancock products in the United States. Optique CM “adopted” Optique Capital Management has also announced that it has sold its investment management activities to Manulife, and the Optique Fund will now become known as the John Hancock International Value Equity Fund, a mutual fund from John Hancock Investment Management Services (JHIMS), an indirect affiliate of Manulife. Following the “adoption,” JIHMS will be advisor to the fund, and the current team at Optique CM will be transferred to Manulife, where it will be in charge of the day-to-day management of the fund.
20/12/2010

Bertrand Fournier elected president of FIR

p { margin-bottom: 0.08in; } The board of directors of the Forum for Responsible Investment (FIR) on 17 December announced that at its meeting on 15 December, the Forum accepted the resignation of its president, Robin Edme, and on the nomination of its office, elected Bertrand Fournier, previously vice-president, as president, and Paul de Marcellus as vice president, replacing Fournier. The FIR office now includes Bertrand Fournier (chairman of the board at LFP-Sarasin AM) as president, Michel Lemonnier (head of SRI development at Groupama AM) as vice president, Martine Léonard (head of SRI managemetn at CM-CIC AM) as vice president, Paul de Marcellus (Global Product Specialist for SRI at HSBC) as vice president, Michel Laviale (qualified individual) as secretary general and treasurer, Martial Cozette (qualified individual and co-founder of the FIR) as deputy treasurer, and Gilles Maddalena (SRI promotion at Ideam – Amundi Group) as deputy secretary general.
20/12/2010

Indian firm IDFC and Natixis Global AM sign an asset management partnership

p { margin-bottom: 0.08in; } The Indian infrastructure specialist financial group IDFC and Natixis Global Asset Management (NGAM) on 17 December announced that they have signed a strategic partnership for their collective asset management activities. The partnership will allow IDFC Asset Management Company (IDFC AMC) to considerably extend its international distribution, and gain access to global investors who would like to profit from the growth of the Indian economy by investing in Indian stock markets. It will also strengthen the global presence of NGAM, which has a significant presence in Asia, especially Japan, Taiwan, Singapore, and China. The new NGAM initiative is a sign of the firm’s ambitions to diversify its global activities. The partnership will also allow IDFC AMC to offer national investors access to international investment opportunities, through asset management products managed by NGAM. As a part of the agreement, NGAM will acquire a minority stake of 25% in the capital of IDFC AMC and its fiduciary company. Assets under management at IDFC as of 30 September totalled Usd4.4bn. Pierre Servant, CEO of NGAM, says “this partnership with IDFC AMC will allow us to offer our multi-boutique investment product range to a new market of investors. We feel that our extended range of products is particularly well-suited to this market, composed of a rapidly growing middle class. This agreement also gives us a way to strengthen our activities in Asia, and represents an important step towards realising our objectives of greater international diversification of our activities.”
20/12/2010

GlobeOp announces record assets under administration

p { margin-bottom: 0.08in; } GlobeOp, a British-American independent provider of administration services, specialised in middle and back offices and integrated risk reporting, aimed primarily at hedge funds and management firms as well as pension funds, corporate treasurers, insurers and banks, is in good shape. In the period from 30 June to 30 November, assets under administration increased 24% to USD148bn, Hedgeweek reports.
20/12/2010

Mubadala invests EUR500m in Carlyle

p { margin-bottom: 0.08in; } The Abu Dhabi sovereign fund, Mubadala, on 17 December announced that it has increased its stake in the Carlyle Group with an investment of USD500m in subordinated convertible bonds and new equities. The precise financial details of the operation have not been disclosed. In September 2007, Mubadala acquired 7.5% of the US private equity investor for USD1.36bn.
20/12/2010

FSA published revised remuneration code

p { margin-bottom: 0.08in; } The British Financial Services Authority (FSA) on 17 December published the revised text of its Remuneration Code, which takes on board changes required by the CRD 3 remunerations directive, passed by the European Parliament on 7 July. The new rules require payment of at least 50% of variable remuneration, whether distinct or not, in the form of equities, and the publication of details of individual pay for directors with seats on the board.
20/12/2010

Henderson makes bid for Gartmore

In response to press speculation, Gartmore has confirmed that it has entered into negotiations with Henderson Group about a conditional offer by Henderson to acquire the entire share capital of the fund management company. These negotiations are on the basis of a proposal at a slight discount to the Gartmore share price at the close of trading on December 16, 2010 (98.75p). According to the Financial Times, Henderson has made a 95p per share offer. Following Gartmore’s announcement, Henderson Group has also confirmed that it is in discussions regarding a potential acquisition of Gartmore.At this stage there can be no certainty that these discussions will result in a formal offer being made for Gartmore either on these or on any other terms.
20/12/2010

Liontrust CFO agrees to 18% pay cut

p { margin-bottom: 0.08in; } As Liontrust is going to hold a meeting of the management on 13 January to discuss ways to convince higher-paid employees to accept a cut in their base salaries, the chief financial officer of the management firm, Vinay Abrol, voluntarily agreed to an 18% cut in his salary. The management will also consider potential forms of payment other than cash, such as shares in the firm, Fundstrategy reports.
20/12/2010

FRR launches a call for proposals for bond mandates

p { margin-bottom: 0.08in; } The FRR on 17 December launched a call for proposals to select new managers for mandates to invest in bonds in developed countries in the investment category. The call for proposals aims to ensure the coherence of the FRR”s portfolio with the details of the retirement financing reforms (14 annual payments of EUR2.1bn by the FRR to Cades from 2011 until 2024). The impact of these details on the global investment strategy of the Fund will be the subject of a subsequent communication early next year. For this market, the public market procedure selected is that of a restricted call for proposals consisting of two rounds: Mandates for liability-driven investments in French treasury bonds (OAT) with “buy & hold” type management. Passive “multi-compartment” management investing in bonds from developed countries in the “investment” category. The procedure selected is that of a restricted call for proposals. Interested management firms will have until 31 January 2011, at noon (Paris time) to respond to the FRR within the conditions specified by the consultation rules.
20/12/2010

Jay Hooley to combine roles of CEO and chairman at State Street

p { margin-bottom: 0.08in; } On 16 December, State Street Corporation announced that, following the retirement of Ronald E. Logue, Joseph “Jay” Hooley will combine his current position as CEO, which he has held since March, with the position of chairman. The appointment by the board of directors will be effective from 1 January 2011.
20/12/2010

IT Asset Management: assets up by two thirds in 2010

p { margin-bottom: 0.08in; } As of 17 December, assets at the independent management firm IT Asset Management were over EUR200m, in a total of six French and Luxembourg-registered funds. This represents an increase of two thirds compared with EUR120m in assets as of the beginning of January, with one third of the increase due to market effects, and two thirds due to net subscriptions.
20/12/2010

L'encours d'IT Asset Management a progressé des deux tiers en 2010

Au 17 décembre, l’encours du gestionnaire indépendant IT Asset Management a franchi la barre des 200 millions d’euros répartis sur un total de six fonds de droit français ou luxembourgeois. Cela représente un accroissement des deux tiers par rapport aux 120 millions de début janvier, l’accroissement étant attribuable pour un tiers à l’effet de marché et pour deux tiers aux souscriptions nettes.Par ailleurs, cet encours pourrait continuer de croître à brève échéance, le fonds luxembourgeois IT Funds Info Tech de la société de gestion indépendante française IT Asset Management ayant obtenu l’agrément de la CNMV pour sa commercialisation en Espagne. Dans les faits, précise IT AM, ce fonds était déjà distribué auprès de certains investisseurs institutionnels espagnols depuis 2006. Mais le fonds a été enregistré en Espagne afin d’en élargir la commercialisation au marché «retail» via la plate-forme Inversis qui en assurera la distribution dès janvier 2011.
20/12/2010

Bertrand Fournier est élu président du FIR

Le conseil d’administration du Forum pour l’investissement responsable (FIR) a annoncé le 17 décembre avoir pris acte, lors de sa réunion du 15 décembre, de la démission de son président, Robin Edme et a élu, sur proposition du bureau, Bertrand Fournier (auparavant vice-président) en qualité de président et Paul de Marcellus en qualité de vice-président, en remplacement de Bertrand Fournier.Le bureau du FIR est désormais constitué de Bertrand Fournier (président du Directoire de LFP-Sarasin AM) président, Michel Lemonnier (Responsable développement ISR - Groupama AM) vice-président, Martine Léonard (responsable de la gestion ISR - CM-CIC AM) vice-présidente, Paul de Marcellus (Global Product Specialist for SRI - HSBC) vice-président, Michel Laviale (personnalité qualifiée) secrétaire général – trésorier, Martial Cozette (personnalité qualifiée, co-fondateur du FIR) trésorier adjoint, Gilles Maddalena (Promotion de l’ISR - Ideam - Groupe Amundi) secrétaire général adjoint.
20/12/2010
Fonds

JPMAM et GIC achètent l'OpernTurm de Francfort

Pour un montant non divulgué, un fonds institutionnel conseillé par J.P. Morgan Asset Management (JPMAM) et une filiale de GIC Real Estate, la division immobilière du fonds souverain Government of Singapore Investment Corporation ou GIC) ont annoncé le 17 décembre avoir acquis le gratte-ciel de 42 étages OpernTurm à Francfort (67.200 mètres carrés) auprès d’un fonds conseillé par Tishman Speyer et de l’UBS.Cet actif a été achevé en 2009. L’immeuble abrite notamment UBS, qui en occupe 28.000 mètres carrés et le cabinet Allen & Overy, qui loue 9.000 mètres carrés.
Fonds
20/12/2010
Fonds

L'encours des fonds de pension aurait baissé de plus de 3 % en novembre

Selon les estimations de VDOS Stochastics, l’encours des fonds de pension individuels en Espagne aurait accusé pour novembre une baisse de presque 1,58 milliard d’euros ou de 3,03 % sur octobre, dont 1,31 milliard d’effet de marché et 266 millions de remboursements nets, pour revenir à 50,56 milliards d’euros.Depuis le début de l’année, les fonds de pension ont accusé une perte de 2,49 % en moyenne.
Fonds
20/12/2010
Fonds

Moor Park CP revend à Amancio Ortega cinq succursales du Sabadell

La société de portefeuille Pontegadea d’Amancio Ortego, le principal actionnaire d’Inditex, a acheté pour 55 millions d’euros cinq succursales du Banco Sabadell auprès de ISC Freshwater Investment, filiale du gestionnaire britannique Moor Park Capital Partners, rapporte Expansión. Moor Park avait acheté en mars pour 403 millions d’euros 378 agences du Sabadell, qui les loue pour 25 ans (lire notre dépêche du 29 mars).
Fonds
20/12/2010
Fonds

IT Asset Management fait enregistrer un fonds par la CNMV

Le fonds luxembourgeois IT Funds Info Tech de la société de gestion indépendante française IT Asset Management a obtenu l’agrément de la CNMV pour sa commercialisation en Espagne. De fait, précise IT AM, ce fonds était déjà distribué auprès de certains investisseurs institutionnels espagnols depuis 2006. Afin d’en élargir la commercialisation au marché retail, le fonds a été enregistré en Espagne où il sera distribué par la plate-forme Inversis dès janvier 2011.
Fonds
20/12/2010

La BCE intronise le CERS

La Banque centrale européenne a annoncé vendredi l’entrée en vigueur de la législation instituant le Conseil européen du risque systémique (CERS). Cet organisme communautaire indépendant est chargé de la surveillance macroprudentielle du système financier au sein de l’Union. Son siège se situe à Francfort et son secrétariat est assuré par la BCE.
20/12/2010

Promulgation de la loi de compromis sur les réductions d'impôts

Barack Obama a promulgué vendredi la loi prolongeant les réductions d’impôts de la période de son prédécesseur George W. Bush, qui a pu être votée grâce à un compromis conclu avec l’opposition républicaine. D’autre part, les présidents des partis démocrate et républicain ont trouvé un compromis de financement à court terme pour permettre au gouvernement de fonctionner jusqu'à fin mars, a annoncé dimanche sur CNN le président du groupe républicain au Sénat Mitch McConnell.
20/12/2010

La Grèce va recevoir une rallonge du FMI

Le Fonds monétaire international a annoncé vendredi soir que la Grèce allait recevoir 2,5 milliards d’euros de plus. Le FMI dit avoir achevé une étude de la performance économique de la Grèce. Il estime que les autorités grecques restent déterminées à mettre en œuvre les réformes et que des progrès sont réalisés.
20/12/2010

Décès de l’un des pères fondateurs de l’euro

L’ex-ministre italien des Finances Tommaso Padoa Schioppa, considéré comme l’un des pères fondateurs de l’euro, est décédé samedi à Rome. Le président du Conseil européen Herman Van Rompuy a estimé qu’il avait été «un moteur dans l’intégration de l’Europe et la création de l’euro».
20/12/2010

Nouveau record de l'indice américain des indicateurs avancés

L'économie américaine gagne en puissance en cette fin d’année, au vu des chiffres communiqués vendredi par le Conference Board. L’indice des indicateurs avancés de l’organisation patronale a gagné 1,1% en novembre, son gain le plus élevé depuis mars et sa cinquième hausse mensuelle.
20/12/2010

Un Sommet européen en demi-teinte

Les chefs d’Etat et de gouvernement des Vingt-Sept réunis jeudi et vendredi dernier en sommet ont posé la première pierre du mécanisme de résolution des crises de dette souveraine après mi-2013. Mais ces engagements ne règlent en rien les tensions actuelles sur la dette des Etats périphériques, et laissent logiquement les investisseurs sur leur faim.

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