There is a saying that women are less enclined to risk than men in financial investments. But, according to a study by the Berlin-based economic research agency DIW, this attitude has more to do with the fact that women often have less income and wealth than men than it does with women being more prudent. Under equal financial conditions, men and women show the same propensity to make high-risk investments, says Nataliya Barasinka, co-author of the study, which covered 8,000 households, in half of which the woman was the determining decision-maker. DIW estimates that, in order to develop custom financial products for women, banks would do better to design product ranges that correspond to differing levels of wealth.

Robert Frey, who was managing director of the Nova Fund, and then of Renaissance Technologies, between 1992 and 2004, will launch a multi-strategy quantitative fund, to be entitled Frey Quantitative Strategies (FQS) Multi-Strategy fund. He plans to start out with about USD350m in assets, and generate performance of 10-15%. The IT system is operated partly in the United States (Frey is a professor of applied mathematics and statistics at Stony Brook University in New York state), and partly by a team of IT professionals based in London, India, Ireland, Sweden, and France.

Fidelity International announced on Thursday morning that Anthony Bolton will take over management of a portfolio of Chinese and international equities likely to profit from growth in China. The new fund may be on sale by the end of first quarter 2010. The star manager retired at the end of 2007 from day-to-day management to become the “mentor” and strategist for Fidelity, a management firm which opened its Hong Kong offices in 1981, and which has been present in continental China since 2004.

Deutsche Börse announced on Wednesday that it has added seven ETFs denominated in Euros, seven in US dollars, and two in pounds Sterling to trading on the XTF segment of its Xetra electronic platform. These funds belong to the Xmtch range from Credit Suisse (see Newsmanagers of 18 November). This brings the total number of funds listed on XTF to 541. Of the new products, 15 are registered in Ireland, and one in Luxembourg. They are: Name of fund ISIN code Currency Management commission Xmtch (IE) on MSCI UK Large Cap IE00B3VWKZ07 GBP 0.36% Xmtch (IE) on MSCI UK Small Cap IE00B3VWLG82 GBP 0.42% Xmtch (IE) on MSCI USA Large Cap IE00B3VWLJ14 USD 0.22% Xmtch (IE) on MSCI USA Small Cap IE00B3VWM098 USD 0.30% Xmtch (IE) on MSCI Japan Large Cap IE00B3VWM213 EUR 0.36% Xmtch (IE) on MSCI Japan Small Cap IE00B3VWMK93 EUR 0.42% Xmtch (IE) on MSCI EMU Small Cap IE00B3VWMM18 EUR 0.42% Xmtch (IE) on iBoxx USD Govt 1-3 IE00B3VWN179 USD 0.12% Xmtch (IE) on iBoxx USD Govt 3-7 IE00B3VWN393 USD 0.12% Xmtch (IE) on iBoxx USD Govt 7-10 IE00B3VWN518 USD 0.12% Xmtch (IE) on iBoxx EUR Govt 1-3 IE00B3VTMJ91 EUR 0.12% Xmtch (IE) on iBoxx EUR Govt 3-7 IE00B3VTML14 EUR 0.12% Xmtch (IE) on iBoxx EUR Govt 7-10 IE00B3VTN290 EUR 0.12% Xmtch (IE) on iBoxx USD Inflation Linked IE00B3VTPS97 USD 0.16% Xmtch (IE) on iBoxx EUR Inflation Linked IE00B3VTQ640 EUR 0.16% Xmtch (Lux) on MSCI Emerging Markets LU0254097446 USD 0.45%

Deka Immobilien has acquired a 9,000 square metre office and commercial building in Hamburg from Movesta Development and Momeni Projektentwicklung for an undisclosed amount. The tenants of the building in clude the management firms Nordacapital and Natixis Capital Partners. The property will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa (EUR10.32bn in assets as of the end of October).

According to statistics from the Investment Company Institute (ICI), assets in mutual funds in the United States as of the end of October totalled USD10.6883trn, USD144bn or 1.3% less than one month earlier. However, this result remains USD1.0871trn or 11.3% higher than the USD9.6012trn recorded at the and of December 2008. In October, long-term funds posted net subscriptions of USD40.88bn, compared with USD47.87bn in September. But equities funds saw net redemptions of USD7.08bn, compared with USD10.38bn the previous month, due to the fact that funds which invest primarily in the United States saw net outflows of USD14.83bn, compared with USD11.33bnin September. Hybrid and bond funds in October saw respective net inflows of Usd2.94bn and USD45.02bn. But money market funds saw further outflows of USD71.8bn in October, following USD126.91bn in outflows in September.

On Wednesday, Rabobank, the World Wildlife Fund, the technical university of Delph and Wageningen University announced the launch of the Dutch Greentech Fund, which will invest in Dutch green startup firms exploiting innovative technologies and processes throughout the basic manufacturing chain through to finished products in the areas of agructulture, food, water, air, and bio-energies. Investment will be limited to EUR2.5m per business, on the condition that it must be equivalent to a minority stake in the business. At launch, assets in the fund will be EUR21m, but they are expected to increase to EUR40m from early 2010. The portfolio will include 15 to 25 positions.

The concept of socially responsible investment (SRI) is dying, according to Jon Williams, a partner at PricewaterhouseCoopers, cited by IPE.com. He admits, though, that negative and positive screening models and engagement may continue to interest some investors. He feels that the future is in sub-themes focused on environmental, social and governance (ESG) criteria, such as water, climate change, and forestry, which are showing strong performance.

According to the proposals of MEP Jean-Paul Gauzès, the European Parliament is recommending that the AIFM directive should apply to all hedge funds and private equity funds, regardless of their size, and that funds should be required to adhere to certain regulatory ratios for all their activities, Handelsblatt reports. The European MP also calls for stricter rules for hedge funds than for private equity funds. However, he does not want to deprive hedge funds of the ability to short-sell, and refuses to require private equity funds to disclose sensitive information about the firms in their portfolios. And he does not demand that venture capitalists undergo regular ratings. Lastly, Gauzès supports proposals by the European Commission that the European passport be restricted to funds domiciled in the European Union, though he would leave member states free to accept funds from outside the Union within their own borders.

Hedge fund and private equity managers have given a lukewarm and cautious reception to proposed amendments to the AIFM directive, the Financial Times reports. They are concerned in particular about the proposal that the European Commission would have the power to impose limits to the levels of leverage a manger may be allowed to use in exceptional circumstances.

The global index of investor confidence calculated by State Street Global Markets in partnership with Harvard University fell 7.6 points in November to 100.8 points, from 108.4 in October. The confidence of investors in Asia fell most sharply, as the regional index fell 4.1 points to 91.2. Other regions show slightly more enthusiasm. North American investors’ appetite for risk has remained virtually unchanged, rising slightly from 101.1 to 102.2 points. European investors were slightly less optimistic, as their confidence level rose 2.7 points to 105.5 points. Ken Froot, one of the people responsible for the index, commented that “the aggregate data conceal disparities between individual countries and regions. This month, for example, institutional investors radically reduced their positions on some markets, such as Australia, while they have continued to increase their positions on emerging markets. Overall, investors are somewhat cautious about the current level of valuations, and they would like to see more evidence of economic activity and real global demand, particularly in the United States, before they increase their positions on equities further.”

“In an environment of limited growth and low returns, investors in 2010 are seeking sustainable and high growth as well as attractive returns,” said Eric Siegloff, head of strategy and tactical asset allocation for ING IM, at a press conference in London. In this environment, “the importance of returns has led us to prefer large caps, high-quality businesses, and high-yield strategies for equities markets, and products with high ratings on bond markets,” he added. “Globally, we expect 2010 to be a good year for equities, in the wake of regular profit growth,” said Patrick Moonen, senior equities strategist at ING IM. ING IM is thus particularly positive on emerging markets equities, as these offer high and sustainable growth. Moonen argues that emerging markets should no longer be considered a simple “bet” on global growth, “but rather as a region unto itself which offers unique opportunities.” ING IM predicts high growth in profits in emerging countries, as well as high returns in terms of returns on owners’ equity (ROE) and operating margins, due to the solidity of balance sheets in a region which also has benefited from rising commodity prices. Of course, against this background, countries which are net exporters of commodities will have an advantage in 2010, while net importers will see an increase in their costs. On bond markets, Valentijn van Nieuwenhuijzen, head for the economy and bond strategy at ING IM, recommends a diversification of risks within portfolios in order to concentrate on the relative solidity of balance sheets. “We are therefore overweighting corporate bonds, mortgage-backed securities, and government bonds (from emerging countries). We are also predicting a slight increase in volatility in 2010. As a result, we are preferring corporate bonds with higher ratings, and we are seeking diversified exposure to healthy macroeconomic fundamentals on emerging markets,” he concludes.

ING IM has finalized a reorganization of its teams, begun in March this year. “We have abandoned organization by asses classes in favour of a system of teams centred around strategies, each in a separate ‘boutique,’ but integrated within the group,” explains Jan Straatman, CIO of ING IM, at a press conference in London. The 14 European teams are now in place, and their heads have been appointed, he adds, and a similar reorganization will be undertaken internationally in the near future. The various boutiques all have their head offices in the Netherlands, but local specialists will be based abroad, where local presence is indispensable. This multi-boutique structure will give asset management teams more freedom in equities management in terms of the investment process, which will allow them to generate more performance, and “each team will have its own goals to achieve,” says Straatman. “These multi-boutiques will function with quasi-entrepreneurial flexibility and liberty, without having the same operational risk, as they will be backed by the infrastructure and means of a large group,” says the chief investment officer. The various internal boutiques will also be able to rely on a global team of 30 equities and fixed income analysts. ING Investment Management (ING IM), which manages EUR400m worldwide, and which now includes the asset management activities of ING in a single unit alongside real estate asset management, will publish combined annual results from 2010. Within the group, ING will continue its internal reorganization program, which began in 2006, and while will eventually lead to a separation of banking and insurance activities, including asset management. “We are still aiming for a return to our roots, which would allow us to better respond to the needs of our clients,” says Michel van Eck, the new CEO for Europe since 23 November. The group’s total restructuring will be completed by the end of 2013, and “until then, we are analysing all possible options,” van Eck conlcludes.

The ratings agency Moody’s has modified its valuation methodology for preferential and subordinate securities issued by financial sector institutions, as it considers the risk these securities present to be higher than it had previously estimated, Expansión reports. The change will affect 170 banks worldwide, and the total value of the securities concerned is approximately EUR300bn. In Spain alone, the change will affect 15 firms and EUR27.7bn in debts. The two banks most affected by a potential downgrade are Santander and BBVA, for amounts totalling EUR9.08bn and EUR5.08bn, respectively.

«Male traders, like animals in the wild, take more risk when their testosterone levels rise», says John Coates, a research fellow in neuroscience and finance at Cambridge university in the Financial Times. Research by himself and his colleagues found that moderately elevated levels of this hormone increased the profits of high-frequency traders. But at higher levels it can cause overconfidence and risky behaviour. They could not say, however, was whether testosterone was having its beneficial effects by increasing the trader’s skill or merely by increasing his appetite for risk.

David Houston, former manager of the European small caps fund at Bank Vontobel, has joined Euronova Asset management, the firm he co-founded in 2000, Citywire reports. He previously managed the Vontobel Fund European M&S Cap at Berenberg Bank.

The central management firm of the Icelandic savings banks, DekaBank, has announced that it is filing suit against the Icelandic government, accusing it of treating foreign lenders less well than local investors, the Börsen-Zeitung reports. The Frankfurt-based firm is suing for a reimbursement of a figure “in the hundreds of millions of Euros.” Deka’s exposure to Iceland totals about EUR500m.

La Tribune note que, pour la première fois, la cour d’appel de Luxembourg a ordonné à UBS (Lux) de fournir des documents, dont l’autorisation de gestion, à un Espagnol investi dans la Sicav Castalia Ahorro.

Des créanciers internationaux sont concernés par le gel des échéances de Dubaï World

La comparaison avec la période postérieure à la bulle TMT plaide pour une accalmie des volatilités réalisées et implicites

La BCE est visiblement de plus en plus mal à l’aise avec le degré d’accommodation de ses mesures non conventionnelles d’assouplissement du crédit. Les interventions verbales préparant le marché à leur extinction se multiplient. Le risque est donc plus grand aujourd’hui d’une «sortie» prématurée plutôt que tardive. Avec des conséquences pourtant bien plus dommageables pour l’économie réelle.

La crise n’a pas constitué un frein pour le secteur des ETF. Bien au contraire. Les investisseurs, beaucoup plus vigilants sur leur risque de contrepartie, les exigences accrues en matière de transparence, les problèmes de liquidité, le recours aux dérivés et aux produits structurés, se sont tout naturellement tournés vers les ETF. Selon un commentaire publié par Barclays Global Investors sur la base de données rassemblées par Thomson Reuters, les ventes nettes d’ETF se sont élevées à un peu plus de 270 milliards de dollars, alors que les fonds communs de placements (les mutual funds hors ETF) ont dégagé un solde net négatif de 117,1 milliards de dollars.L’an dernier, on comptait 2.926 établissements ayant eu recours à un ou plusieurs ETF. Les principaux utilisateurs, Etats-Unis, Royaume-Uni, Canada, Espagne et Suisse, représentent 83% du total. Depuis 1997, le nombre des établissements utilisant des ETF a fait un bond de 1.673%, soit un taux de croissance annualisé de près de 30%. Les conseillers en investissement (investment advisers), c’est-à-dire dans la terminologie de BGI, tous les établissements qui gèrent des actifs pour le compte de clients privés ou d'établissements, sont les plus gros utilisateurs d’ETF, représentant 73,5% de tous les utilisateurs institutionnels, largement devant les hedge funds (15%) qui affichent toutefois un taux de croissance annualisé de plus de 42% contre 31,1% pour les investment advisers. L’utilisation des ETF reste concentré aux Etats-Unis avec plus de 2.000 établissements détenant de tels produits, devant le Royaume-Uni, avec 120 institutions faisant état d’avoirs en ETF, le Canada et la Suisse.

La banque suisse Mirabaud vient de signer un accord pour prendre une participation minoritaire dans Venture Finanzas, une société espagnole spécialisée dans le brokerage, l’analyse, la gestion et la diffusion de fonds. Cette entrée au capital, dont la taille n’a pas été dévoilée, permet à l'établissement helvétique de prendre pied en Espagne. «L’Espagne est un important marché européen pour nos activités stratégiques», a déclaré Thierry Fauchier-Magnan, associé et président du comité exécutif de Mirabaud. «Nos priorités de développement pour les 5 ans à venir sont notamment la clientèle privée domestique, l’institutionnel, l’intermédiation (brokerage et corporate finance), et la distribution de produits», ajoute-t-il.Cette prise de participation minoritaire n’est qu’une première étape, Mirabaud ayant bien l’intention de monter au capital jusqu'à devenir majoritaire d’ici à la mi-2010. L’objectif étant d’intégrer l’offre de Venture Finanzas (qui se compose notamment de plusieurs fonds et Sicav). «Notre but est que les activités de Venture se fassent sous la marque Mirabaud dès le milieu de l’année prochaine», précise Antonio Palma, associé commanditaire et membre du comité exécutif de l'établissement suisse. Implanté à Madrid, Barcelone et Valence, Venture Finanzaz compte à ce jour 93 collaborateurs. Ses activités principales sont le brokerage, l’analyse actions et obligations ainsi que la gestion de fonds en actions et obligations sur le marché espagnol. Le groupe Venture Finanzas propose également à des clients locaux une gestion personnalisée dans un univers d’investissement spécialisé sur les marchés financiers espagnols.

Sur la base des statistiques fournies par la CNMV, Funds People constate que depuis le début de l’année, le BBVA et le Santander sont les deux gestionnaires plaçant chacun trois fonds dans le groupe des cinq premiers produits pour les souscriptions nettes depuis le début de l’année, le premier pour les fonds obligataires et le second pour les fonds diversifiés. Cela permet aussi de noter que les fonds d’actions sont laissés pour compte par les investisseurs, puisque la meilleure rentrée nette, celle du Mutuafondo bolsa, se limite à un peu moins de 80 millions d’euros.De fait, les cinq fonds d’actions figurant en tête du palmarès enregistrent des souscriptions nettes de 263,6 millions d’euros, alors que les cinq premiers fonds obligataires arrivent presque à 2,89 milliards d’euros et les cinq premiers fonds diversifiés environ 2,44 milliards d’euros. Le produit ayant attiré le plus de souscriptions nettes a été le fonds obligataire BBVA Dinero IV (872,8 millions), suivi par le Banesto MX RF 90/10 du Santander avec 853 millions d’euros.

Moins d’un mois après avoir battu un premier record avec la fusion de 12 fonds en une seule fois (lire notre dépêche du 27 octobre), Ahorro Corporación a fait absorber seize fonds de six caisses d'épargne différentes par le fonds obligataire Cajastur Renta Fija.

Selon Investment Week, l’ex-président de l’autorité des marchés britannique (FSA) Sir Callum McCarthy, a rejoint le groupe spécialisé dans le capital investissement JC Flowers en tant que président pour l’Europe.Callum McCarthy a quitté ses fonctions à la tête de la FSA en septembre dernier pour céder la place à Lord Adair Turner.Le groupe américain dirigé par Christopher Flowers a également recruté David Morgan, ancien chief executive de la banque australienne Westpac, en tant que managing director pour l’Europe et la zone Asie-Pacifique.

Kelly Capital vient de lancer les premiers ETF avec un effet de levier de 100, le Daily Nasdaq 100 Bull 100x Shares (Soar) et le Daily Nasdaq 100 Bear 100x Shares (Sink), rapporte la Börsen-Zeitung.

Selon Asian Investor, le spécialiste du négoce électronique Tom Daniel, précédemment chez le groupe australien Macquarie, a rejoint CLSA Asia-Pacific Markets la semaine dernière en tant que responsable de négoce électronique à Hong Kong, en remplacement de Bruce Benson. Sa mission sera de déployer la plate-forme de négoce algorithmique dans toute la région.

La Commission bancaire, financière et des assurances a émis une mise en garde contre les propositions d’investissement émanant de GreenIndex International Ltd. (http://www.greenindex-international.com/), qui prétend avoir son siège à l’adresse suivante : avenue Louise 149/24, 1050 Bruxelles.L’autorité de tutelle belge précise dans son communiqué que GreenIndex International Ltd. ne dispose pas de l’agrément requis pour pouvoir proposer des services d’investissement en Belgique ou à partir du territoire belge. En outre, GreenIndex International Ltd. n’est pas établi à l’adresse précitée. Enfin, la Commission déconseille au public de donner suite aux propositions d’investissement émanant de GreenIndex International Ltd. et d’effectuer tout versement sur un compte renseigné par GreenIndex International Ltd.