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22/10/2013

Travelex vise la Bourse

La chaîne de télévision rapporte que les actionnaires du spécialiste britannique des changes, au premier rang desquels Apax Partners, ont mandaté des banques afin d’organiser une introduction en Bourse de Londres l’an prochain. Rothschild notamment doit mener une revue des options offertes aux actionnaires. Certains privilégieraient une IPO, pour laquelle de nombreuses banques veulent offrir leurs services.
22/10/2013

La CFTC enquête sur le marché des changes

Le quotidien croit savoir de sources proches que le régulateur américain des marchés à terme, la Commodity Futures Trading Commission, a dans le cadre d’une enquête mondiale concernant des soupçons de manipulation de marché, demandé aux principales banques intervenant sur les changes, dont Deutsche Bank et Citigroup, de passer au crible leurs documents internes et de transmettre tout renseignement intéressant.
22/10/2013

Les fonds étrangers fondent sur la Bourse de Paris

«Où sont donc passés les investisseurs français? » s’interroge le quotidien à la lecture des résultats du baromètre réalisé pour son compte par F2iC/FactSet/OpinionWay. Les fonds hexagonaux représentent à fin juin 26% du capital du CAC40 détenu par les fonds, 2 points de moins qu’un an auparavant et 6 de moins qu’en juin 2011. Une évolution qui masque un regain d’intérêt des acteurs étrangers et particulièrement américains (qui représentent 33% des fonds au CAC40), un intérêt qui «s’est nettement renforcé ces derniers mois» à travers l’ensemble de la zone euro. Les investisseurs américains ont investi 65 milliards de dollars en Europe entre janvier et mai, souligne le quotidien.
21/10/2013

Les prix de mise en vente immobilière s'envolent à Londres

Les prix de mise en vente des logements ont bondi de 10,2% entre début septembre et début octobre à Londres, rapporte le site internet Rightmove, une envolée qui laisse craindre la formation d’une bulle spéculative dans la capitale britannique. Cette hausse mensuelle est la plus élevée observée depuis 2002, point de départ du suivi de cette évolution, et porte à 13,8% la hausse des prix de mise en vente en rythme annuel.
21/10/2013

Les reventes de logements marquent le pas aux Etats-Unis

L’Association nationale des agents immobiliers (NAR) a indiqué que les reventes de logements avaient reculé de 1,9% en septembre aux Etats-Unis, à 5,29 millions d’unités en rythme annualisé. Le rythme d’août a quant à lui été révisé en baisse à 5,39 millions contre 5,48 millions annoncés en première estimation. La NAR explique ce recul par la conjonction de prix élevés, d’une quasi-stagnation des salaires et d’une hausse des taux de crédit.
21/10/2013

AEW Europe vend un immeuble parisien à SMABTP

AEW Europe, agissant en tant que gérant du fonds Euroffice, a vendu l’immeuble Colisée II au groupe SMABTP. Cet immeuble de bureaux de 11.500 m² situé au 10 rue Fructidor, Paris (17è) / Saint-Ouen (93) est entièrement loué à la société Sage. Le vendeur était conseillé par l'étude notariale Wargny Katz & Associés et l’acquéreur par l’étude Oudot & Associés, le cabinet Lefèvre Pelletier & Associés et Gecob. La transaction a été réalisée par Cushman & Wakefield dans le cadre d’un mandat de vente co-exclusif avec Jones Lang LaSalle.
21/10/2013

Aletti Gestielle granted a European passport

The Italian asset management firm Aletti Gestielli, an affiliate of the Banco Popolare group, has been issued a license by the Luxembourg financial services commission to manage the Luxembourg-registered Gestielle Investment Sicav, with a European passport issued under the UCITS IV directive. Aletti Gestielle replaced Dexia Asset Management, which had previously been the asset management firm for the Sicav.
21/10/2013

Alma Capital offers equity fund outsourced to DoubleLine

The Luxembourg-registered UCITS IV Sicav Alma Capital Investment Funds (an affiliate of the French firm Alma Capital) on Friday was issued a license by the CSSF for a second sub-fund outsourced to the US firm DoubleLine. After the AlmaDoubleLine Core Plus Bond, the firm is now creating an equity fund, Alma DoubleLIne US Small Cap Growth Equity Fund, which will be managed by a new affiliate of DoubleLine Group (USD57bn), founded by Jeffrey Gundlach, entitled DoubleLine Euqity LP, founded in January 2013 by Husam Nazer and Brendt Stallings. The new fund is a clone of the DoubleLine Small Cap Growth Equity fund, launched on 1 April 2013, which has since then far outperformed its benchmark.The portfolio, which is focused on US growth small caps, will as a general rule include 60 to 80 positions, and will use the Russell 2000 Growth index as its benchmark. The ex-ante turnover rate will be 50% to 80% per year, and the average market capitalisation of the fund totals USD1.98bn, compared with USD1.83bn for the benchmark.The objective is to select growth shares whose postential for free cash flow (FCF) in the next 3 to 5 years has not been integrated into its stock price. The management team is convinced that market prices follow distributable FCF over a 3- to 5-year investment horizon.Management commissions are set at 1.25% for institutional shares (I) available from EUR/USD/GBP250,000, and 1.75% for retail shares (R) available with a minimal initial subscriptino of EUR/USD/GBP1,000.
21/10/2013

Alquity Africa arrives on Generali platform

The emerging market specialist Alquity has launched the Alquity Africa fund on the Generali International investment platform, Citywire Global reports. The fund, dimiciled in Luxembourg, was first launched in the United Kingdom in June 2010, and is already registered for sale in Hong Kong and Singapore.
21/10/2013

"La gestion de fonds de dette est une activité rentable mais il faut une taille critique dès le départ"

Une classe d'actifs décorrélante, des rendements supérieurs à ceux de l'obligataire traditionnel, une absence de volatilité, des cash-flow récurrents... Le succès des fonds de dette auprès des investisseurs institutionnels s'explique sans doute ainsi. Et justifie que La Banque Postale AM ait récemment créé pour ses clients une activité de cette nature. A sa tête, René Kassis revient pour Newsmanagers sur les caractéristiques des compartiments infrastructures et immobiliers qu'il gère. Non sans rappeler que si cette activité est rentable, elle n'en impose pas moins des moyens importants...
21/10/2013

“The management of loan funds is a profitable activity but needs critical mass from the outset”

A decorrelated asset class, returns higher than traditional bonds, an absence of volatility, recurrent cash flows: the success of loan funds with institutional investors is undoubtedly due to these factors, and justifies the recent creation by La Banque Postale AM for its clients of an activity of this nature. At its helm, René Kassis discusses the characteristics of the infrastructure and real estate sub-funds he manages with Newsmanagers. He does not fail to mention that although the activity is profitable, it imposes needs for resources which are no less significant.
21/10/2013

AMF: EUR180,000 settlement for Hottinguer & Cie Gestion privée

The French financial regulator, the Autorité des marchés financiers (AMF), on Friday, 18 October published an agreement on its website concluded on 11 July 2013 with the company Hottinguer & Cie - Gestion Privée. The asset management firm has agreed to pay EUR180,000 following a control at the conclusion of which several charges were laid. Firstly, by allowing two significant investors in the Crystal Scav to directly or indirectly participate in the management decisions for the fund, the asset managemet firm did not act independently in the management of the mutual fund. It also did not establish or operationally maintain a mechanism to preserve the confidentiality of information concerning investment decisions. A second complaint concerns inadequate risk control mechanisms at the firm, with respect to mandated management, collective management and the implementation of valuation systems. As part of the agreement, the firm has agreed to disallow investors in a SICAV from being involved in the management decisions for the SICAV, and to this end, has set up a procedure to allow for adherence with the prohibition to be controlled, and concerning collective management, to control adherence with certain mutual fund regulations and statutes for funds which it manages independently of their depositories.
21/10/2013

iShares releases two short-term bond ETFs

In the United States, iShares on 17 October launched the short term bond ETFs iShares 0-5 Year Investment Grade Corporate Bond ETF (ticker: SLQD) for investment-grade securities, and the iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) for high yield bonds, on NYSE Arca.The funds are short-term and shorter duration versions of the bond funds iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). They aim to allow for returns offered by corporate bonds to be captured while reducing exposure to rising interest rates.The SLQD fund replicates a Markit index including 1,183 issues, with an average duration og 2.56 years, and charges 0.15%, while the SHYG replicates a Markit index covering 354 securities, with an average duration of 2.2 years. The product has a total expense ratio of 0.50%.
21/10/2013

New EasyETF in Paris

NYSE Euronext on 18 December announced that it is admitting the ETF Volatility Arbitrage US (EVAUS), from EasyETF, to trading on the Paris exchange. The fund replicates the BNP Volatility Arbitrage US ER index, and charges 0.70%.
21/10/2013

Vanguard extends access to low cost Admiral shares

In order to open access to low-cost Admiral shares in index-based funds more broadly to retail investors, advisers and institutional investors, Vanguard on 16 Octoebr announced that it will be opening that class of shares to retail investors in eight funds, by converting Signal shares reserved for institutional investors and advisers. Additionally, the Valley Forge-based manager is removing a minimal subscription requirement of USD10,000 for Admiral shares in 24 index-based funds, as well as 17 index-based funds whose Signal shares have been conerted into Admiral shares.83 funds from Vanguard, including 49 tracker funds, are now available in Admiral shares, some of which charge only 0.05%, which also directly competes with the company’s own ETFs. The asset management firm is also planning to gradually phase out Signal shares which had been created before 2006.Bill McNabb, CEO, says that overall, Admiral shares represent over USD700bn in assets, nearly one third of total Vanguard assets, which total USD3.4trn (including USD300bn in ETFs).Vanguard is also planning to issue Admiral shares in December for the Vanguard Dividend Appreciation Index Fund (USD20bn), with a commission of 0.10%.The asset management firm has lastly announced that transaction fees will be lowered for three of its funds (see attached table).
21/10/2013

Vietnam launches its first open-ended fund

After years of talking and hestitation, Vietcombank Fund Management, partly controlled by Franklin Templeton Investments, will soon launch a diversified, open-ended mutual fund, which will be the first of its kind in Vietnam, Asian Investor reports. The VCBF Tactical Balanced Fund marks an important step in the development of the financial sector, as the launch of open-ended funds has been suspended since 2008/2009 due to the financial crisis.
21/10/2013

A volley of new ETF funds in Frankfurt

iShares on Friday released four new bond ETFs to trading on the XTF segment of the Xetra electronic platform from Deutsche Börse, two of which are in ultra-short term bonds. On the same say, db x-trackers has listed two other bond ETFs. In total, the listings on the XTF segment now include 1,042 ETFs.CharacteristicsName: iShares $ Short Duration Corporate Bond UCITS ETFBenchmark index: Markit iBoxx USD Liquid Investment Grade 0-5 IndexISIN code: DE000A1W4WC9Total expense ratio: 0.20% Name: iShares $ Short Duration High Yield Corporate Bond UCITS ETFBenchmark index: Markit iBoxx USD Liquid High Yield 0-5 Capped IndexISIN code: DE000A1W4WD7Total expense ratio: 0.45%Name: iShares $ Ultrashort Bond UCITS ETFBenchmark index: Markit iBoxx USD Liquid Investment Grade Ultrashort IndexISIN code: DE000A1W4WE5Total expense ratio: 0.20%Name: iShares Euro Ultrashort Bond UCITS ETFBenchmark index: Markit iBoxx EUR Liquid Investment Grade Ultrashort IndexISIN code: DE000A1W4WF2Total expense ratio: 0.20%Name: db X-trackers II Australia SSA Bonds UCITS ETFBenchmark index: DB Australia SSA Bonds Total Return IndexISIN code: LU0494592974Taux de frais sur encours: 0,25 %Dénomination : db X-trackers EUR Liquid Corporate 12.5 UCITS ETFIndice de référence: DB Euro Liquid Corporate 12.5 IndexCode Isin: IE00B3Z66S39Total expense ratio: 0.35%
21/10/2013

CS hedge fund index gained 1.27% in September

The Credit Suisse hedge fund index in September gained 1.27%, as eight strategies of the index finished the month in positive territory. The long/short equity strategy tops the rankings of perforamnce for the month, with gains of 2.64%, compared with gains of 1.4% for event-driven, 1.42% for multi-strategy, and 1.28% for emerging markets.
21/10/2013

J.P. Morgan to sell funds in China

J. P. Morgan has obtained authorisation from the Chinese authorities to sell local funds in China, the Wall Street Journal reports. The bank will begin by offering a money market fund denominated in renminbi to Chinese institutionals and businesses.
21/10/2013

T. Rowe Price recruits from Invesco

Rolf Hans Elsener, who had been director of the customer service management team at Invesco Asset Management (Switzerland), in early October joined the team at T. Rowe Price in Zurich as relationship manager, finews.ch reports.
21/10/2013

Reassured, investors return to US equities

In the week to 16 October, equity funds worldwide monitored by EPFR Global posted net subscriptions of USD17.2bn, of which more than USD10bn went to US equity funds, as the Congress of the largest economy in the world reached an agreement to postpone questions over the Federal budget and debt ceiling, putting them off until first quarter 2014.The last-minute agreement did not have an immediate effect on the exodus which has continued to penalise US money market funds or the acceleration of flows in the direction of funds focused on Europe and China. Money market funds have undergone a considerable outflow of USD69.7bn, while bond funds have seen net outflows of USD3.25bn.However, the quest for markets which have less political drama has led to funds flowing towards Japanese, Chinese and European equiies, as net subscriptions in the two latter categories reached their highest levels in 36 and 111 weeks, respectively.
21/10/2013

Former UBS executive wanted in the United States arrested

According to Le Temps, the former head of wealth management at UBS, Raoul Weil, who is subject to an international arrest warrant, has been arrested by the Italian police in Bologna. From 2002 to 2007 he oversaw the foreign department at UBS, which has about 20,000 US clients. The US courts accuse him of organizing tax fraud totalling USD20bn, and is seeking his extradition.
21/10/2013

Good performance for TCI in 2013

The activist hedge fund TCI, created by Christopher Hohn, has been one of the best-performing hedge funds in 2013. According to Institutional Investor, the flagship fund from the firm, The Children’s Investment Master Fund, has posted returns of 8.81% in September. This makes for a return in the first nine months of the year of 32.48%. TCI has beaten its record set in 2012, when the fund posted returns of 30%.
21/10/2013

Assets in UK funds of funds up 9% this year

From the beginning of the year to the end of August, assets under management in funds of funds in the United Kingdom gained about 9%, to about GBP83bn, according to statistics released by the British investment management association (IMA). In the past 10 years, assets under management have risen by over 600%, according to estimates from Money Marketing. Demand has accelerated over the years, with the only decline in assets at the time of the financial crisis, between 2007 and 2008. In 2003, funds of funds barely accounted for 5% of assets. According to the most recent available statistics as of the end of August, assets in funds now represent over 11% of the total.
21/10/2013

Nobel foundation may have to call for donations

The performance of the investments of the Nobel foundation fell from 8.6% per year in the 1990s to 1.1% since 2000, which appears to be due to alternative investments, which as of the end of 2012 represented about 33% of assets totalling SEK3.1bn, according to figures from Bloomberg relayed by the Frankfurter Allgemeine Zeitung.Since then, the unit Nobel prize has been reduced to SEK8bn from SEK10bn, and the amount spent on the official banquet in honour of the laureates has been reduced. The Foundation is now considering seeking donations in the next few years, but a decision has not yet been taken.
21/10/2013

Appetite for real estate at exceptional levels in Sweden

The real estate debt index (CREDI) offered by the Swedish firm Catella in thid quarter rose 4.4 point t a record 69.3. In other words, the trend remains very positively oriented for the next few months. During the summer, real estate activities on the Swedish market showed good growth, led by an improvement in the financial environment.
21/10/2013

State Street develops fund administration activities in Asia

The alternative investment solutions (AIS) division of State Street Global Services will open an office in Shanghai next month, following the recruitment of Eric Chow, who will lead development of fund administration activities as head of customer relationship management at AIS< Asian Investor reports. Chow, who joined the firm last month, will oversee the Shanghai office from Hong Kong, and will develop the product range at AIS in China and northern Asia.

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