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24/07/2013

La SEC démasque une pyramide de Ponzi basée sur Bitcoin

Le gendarme des marchés outre-Atlantique a engagé des poursuites à l’encontre du fondateur de Bitcoin Savings and Trust, Trendon Shavers, soupçonné d’avoir mis en œuvre une pyramide de Ponzi basée sur la célèbre monnaie virtuelle. La SEC a mis en garde le public face aux arnaques que peuvent faire naître les monnaies virtuelles.
24/07/2013

KKR finance un LBO à bon prix

Reuters rapporte de sources bancaires que la société de private equity a obtenu des taux d’intérêt parmi les plus bas jamais observés pour un LBO dans le cadre de son rachat de Denver Gardner pour 3,9 milliards de dollars. KKR, qui n’a pas souhaité réagir, aurait emprunté 2,425 milliards en prêts et 575 millions en dette au taux combiné moyen de 4,8%.
24/07/2013

Le carry trade revient au goût du jour

Les devises à rendement, comme le real brésilien, le dollar australien ou néo-zélandais ou encore la roupie indienne, se sont dépréciées par rapport au dollar en mai et juin après les annonces de la Fed sur le programme d’assouplissement quantitatif. Cependant, le calme retrouvé sur les marchés favorise le retour du carry trade.
24/07/2013

Acofi titrise des prêts aux collectivités

Le gestionnaire a fédéré six institutionnels autour d’un fonds de titrisation de prêts aux collectivités distribués pour l’occasion par le Crédit Mutuel Arkéa. A 120 millions d’euros, l’encours est toutefois inférieur aux 400 millions espérés, du fait notamment de la concurrence bancaire sur le marché du secteur public local.
23/07/2013

PwC underscores the advantages of good regulations

P { margin-bottom: 0.08in; } If the financial services sector were regulated appropriately, it would allow for the creation of 250,000 new jobs by 2020. But according to PwC, a recent report by whom is cited by FundWeb, the current reforms are holding back the financial advising sector as well as the accessibility of products. In the same report, PwC estimates potential growth in GDP by 2020 at 2% to 3%, and new jobs in financial advising alone at 47,000.
23/07/2013

High-frequency trading: 1st fine

P { margin-bottom: 0.08in; } According to Le Figaro, the British Financial Conduct Authority (FCA) has handed down a fine of nearly USD1m (EUR758m) [sic] against Michael Coscia, a market trader based in the United States, for manipulation of British commodity markets. It is the first fine for high-frequency trading offences. The FCA states that the US authorities have also fined Coscia for manipulation of the US markets.
23/07/2013

Schroders reshuffles distribution in United Kingdom

P { margin-bottom: 0.08in; } James Rainbow, head of UK marketing at Schroders, will lead a new team responsible for monitoring financial institutions and strategic accounts in the United Kingdom, now that the acquisition of Cazenove has been completed, Fundweb reports. The team will be responsible for developing the group’s relationships with financial advisory firms active throughout the country, banks, insurers, platforms and wraps.Fundweb adds that Rainbow will report to Robin Stoakley, managing director of UK intermediary, and that he will continue to serve as head of marketing for the United Kingdom until September.
23/07/2013

Tatton Capital acquires Prism CM

P { margin-bottom: 0.08in; } UK-based Tatton Capital (GBP300m), an affiliate of Paradigm, is acquiring Prism Capital Management, another asset management firm, with GBP720m, and assets in four multi-managed funds.Prism was founded in 2009 by Paradigm, Octopus Investments and a group of financial advisers. Octopus will remain as manager of the fund. The CEO of Tatton, Lothar Mentel, is a former Octopus employee.
23/07/2013

Yerlan Syzdykov replaces Greg Saichin at Pioneer

P { margin-bottom: 0.08in; } Yerlan Syzdykov has been appointed as head of emerging market funds and leveraged financing at Pioneer Investments. He remains principal manager of the Emerging Market Debt fund. In his new role, Syzdykov replaces Greag Saichin, who has left the firm for AGI, Investment Europe reports. The new head will see his team enlarged, with the arrival in August of two new managers: Desmond English, from Commerzbank, and Ester Law, from Société Générale.
23/07/2013

AllianzGI creates global EMD team

P { margin-bottom: 0.08in; } Allianz Global Investors (AllianzGI) is adding to its range with the creation of an area of expertise in global emerging market debt. To lead the new activity, Greg Saichin will join AllianzGI as head. Saichin had previously served as head of emerging market funds and leveraged financing at Pioneer Investments.AllianzGi believes in the strong potential of this new asset class. “In a context of long-term rebalancing of global growth to the detriment of OECD markets and in favour of emerging markets, emerging market debt is an increasingly important and attractive asset class for long-term investors. Higher growth rates in these countries will be sustained by increased levels of investment, which will be financed primarily with debt,” says Andreas Utermann, Co-Director and Global CEO at AllianzGI. As of 31 March 2013, assets under management at AllianzGI total EUR316bn.
23/07/2013

BlackRock owns 3% of Ferrovial

P { margin-bottom: 0.08in; } Cinco Días reports that BlackRock has declared to the CNMV that its stake in the capital of the Ferrovial company has passed the 3% threshold. The asset management firm purchased 22.03 million shares, representing 3.004% of capital, for a total of EUR283m. Southeastern Asset Management owns 4.8% of Ferrovial, which is controlled by the Del Pino family, which holds 44.9% of capital.
23/07/2013

Deka absorbs ETFlab

P { margin-bottom: 0.08in; } With retroactive effect to 1 January, ETFlab Investment GmbH, a wholly-own subsidiary of Deka Deutsche Girozentrale Deutsche Kommunalbank, has been absorbed by Deka Investment GmbH, which now becomes the sole Deka unit for active management of open-ended and institutional funds, Master-KAG mandates (fund administration and accounting) and for the development and management of index-based funds.ETFlab (EUR4.7bn as of end-May) thus officially comes under the authority of Oliver Behrens, a board member resopnsible for institutional clients, investments in securities and capital markets.Nothing will change for clients, except for the names of the manager and its products, which will all adopt the prefix “Deka.” Distribution will continue to be focused on institutional clients.ETFlab employees will all be transferred to Deka Investment, which will retain its Munich premises.Meanwhile, the firm has announced the release of the Deka DAX ex Financial 30 UCITS ETF (ISIN code: DE000 ETF L43 3) which replicates the 30 largest shares of the Dax and the Mdax, excluding financials. The TER is 0.30%.
23/07/2013

Record assets and strong net inflows for Union Investment

P { margin-bottom: 0.08in; } The central asset management firm for the German co-operative banks, Union Investment, on 22 July reported record assets of EUR197.7bn as of 30 June, compared with a previous record of EUR191bn as of the end of 2012, and EUR180.8bn twelve months previously. Net subscriptions totalled EUR2.7bn for retail, comapred with EUR0.4bn in January-June 2012, and EUR1.1bn for all of last year, while institutional net inflows totalled EUR4bn, compared with EUR6.2bn in the corresponding period of 2012.For retail, Union is particularly proud of the success of its PrivatFonds range of multi-asset class products, which attracted a net EUR960m in first half, to a total of nearly EUR3bn. The asset management firm also signed up 134,000 net unit-linked savngs contracts in the period under review, with net inflows of EUR570m. Riester-type subsidized retirement savings accounts attracted a net EUR650m.However, newly-launched guaranteed funds attracted EUR400m, but profit-taking and the maturing of some funds resulted in a net outflow from this segment of EUR350m.For open-ended real estate funds, net inflows remained strong at EUR1.5bn.Lastly, Union reports that net subscriptions for its institutional unit (EUR4bn) particuarly concerned covered bonds, emerging market corporate bonds, and high-dividend equity strategies.The asset management firm also announced that in first half it signed up 22 institutional clients, of whom 20 are from outside the sphere of the co-operative companies.
23/07/2013

Hedge fund managers recruit to comply with AIFM directive

P { margin-bottom: 0.08in; } 58% of hedge fund managers surveyed by the agency Kneip (90 companies in London, Paris and Luxembourg) say they will need to recruit for their back office teams in order to meet the requirements of the AIFM directive which are weighing on the sector, Agefi reports. A majority of asset managers feel that the costs inherent in the directive or the reputation risks associated with being unable to comply with the regulations as essential reasons to add resources.
23/07/2013

UBS settles lawsuit with US FHFA

P { margin-bottom: 0.08in; } The Swiss UBS group on 22 July announced that it has signed a memorandum of understanding with the US Federal Housing Finance Agency (FHFA) concerning lawsuits filed primarily on behalf of Fannie Mae and Freddie Mac, related to residential mortgage-backed securities (RMBS) in the years 2004 to 2007.The agreement, which has yet to be finalised, counts among the approximately CHF865m in one-time charges written down by the bank for second quarter, which cover both lawsuits and other impairments, of which CHF700m were for “corporate center-non-core & legacy portfolio,” and CHF100m for the wealth management unit, due to the tax agreement between Switzerland and the United States.This will not prevent UBS from posting pre-tax operating profits for second quarter of approximately CHF1.020bn, while net profits distributable as dividends will total approximately CHF690m.At an official presentation of results for April-June on 30 July, UBS is expected to report net subscriptions of CHF10.1bn for its asset management unit, and CHF2.7bn for the Wealth Management Americas division, while the global asset management unit posted net outflows of CHF2bn.
23/07/2013

RLAM preparing three bond funds

P { margin-bottom: 0.08in; } According to Investment Week, Royal London Asset Management (RLAM) is preparing to launch three short-duration bond funds. The three funds will each be manage by one of three managers specialised in this asset class: Paul Rayner, Craig Inches and Sajiv Vaid. The launch of the three funds will take place either in third quarter 2013, or at the latest in fourth quarter.
23/07/2013

CVC stands out with the largest European LBO fundraising round since 2008

P { margin-bottom: 0.08in; } The private equity firm CVC Capital Partners on 22 July announced that it had raised EUR10.5bn for its most recent investment vehicle, more than the initially targeted EUR9bn. According to Agefi, EUR10.25bn in investments have already been cleared, and the remaining EUR250m have yet to be validated by the end of the quarter. CVC. Capital Partners VI becomes the largest European fund raised since the onset of the financial crisis, according to data from Preqin. Only the US firm Apollo did better in 2010, collecting USD16.2bn (EUR12.9bn).
23/07/2013

Schroders replies to Bestinvest “spot the dog” rankings

P { margin-bottom: 0.08in; } In a note distributed to some British media outlets, Schroders claims that it is disapopinted in the “Spot the Dog” rankings of the worst investment funds recently published by Bestinvest (see Newsmangers of 22 July). The manager objects that Bestinvest has included the Shroder QEP Global Active Value fund in its rankings without taking into consideration that the fund is primarily institutional, and that only GBP20m of its GBP3.2bn in assets are held by retail investors.In a response to Schroders from a spokesperson for Money Marketing, Bestinvest remarks that the fund in question is available on several retail platforms such as Cofunds and Fundsnetwork, and clearly has a retail share class. It is thus eligible for inclusion in the rankings.
23/07/2013

SAC Capital defends its CEO

P { margin-bottom: 0.08in; } In a 46-page memo to employees, the hedge fund management firm SAC Capital Advisors claims that its CEO, Steve A. Cohen, “did not even read” an email of August 2008 concnerning Dell, on which recent accusations on the part of the SEC (last Friday) are founded. The SEC claims that Cohen failed to take appropriate measures to prevent insider trading offences being committed. Lawyers for SAC Capital claim that the accusations by the SEC are baseless, and that Cohen receives more than 1,000 emails per day, the Wall Street Journal reports.
23/07/2013

High-frequency trading: Panther fined

P { margin-bottom: 0.08in; } The Commodity Futures Trading Commission (CFTC), exercising additional powers newly granted to it by Dodd-Frank legislation for the first time, has fined Panther Energy Trading LLC, a high-frequency trading operator, and its owner, Michael J. Coscia, USD1.4m, for disrupting the markets in 2011, by placing trades to incite other investors to sell and buy dutures contracts on corn, oil and other commodities at totally fictive prices («bogus price levels»), the Wall Street Journal reports. The CFTC is also requiring that Panther Energy reimburse USD1.4m in undue profits to the CFTC.The British Financial Conduct Authority (FCA), for its part, has fined Michael J. Coscia USD903.176 for deliberate manipulation of commodity markets.
23/07/2013

IIA publishes best practices

P { margin-bottom: 0.08in; } The Index Industry Association (“IIA”), the global organisation for index providers and the index industry, has launched a set of standards which define Best Practices for index providers globally. The IIA Best Practices are designed to ensure the highest quality and integrity of indices administered, maintained, or calculated by index providers. The IIA also announced today that CRSP, Research Affiliates LLC and STOXX have all joined the Association, bringing the total number of index providers represented by the IIA to 10, including many of the largest in the industry.
23/07/2013

DEGI sells a real estate portfolio in Prague for a slight loss

P { margin-bottom: 0.08in; } Aberdeen Asset Management Deutschland has announced that it has sold The Park, a complex of 12 office properties with a total of 116,000 square metres in Prague, to an affiliate of Starwood Capital Group, for a total amount slightly below its most recent expert valuation.Four of the properties had belonged to the portfolio of the open-ended real estate fund DEGI Europa (DE0009807800), seven of them in the portfolio of DEGI International (DE0008007998), while the last one belonged to DEGI Global Business (DE000A0ETSR6). The transaction, the largest ever made on the Prague office real estate market, according to Aberdeen Germany, allows the DEGI funds, which are in the liquidation process, to procure cash.
23/07/2013

Yerlan Syzdykov remplace Greg Saichin chez Pioneer Investments

Yerlan Syzdykov a été nommé responsable des fonds de dette émergente et de financement à effet de levier chez Pioneer Investments. Il demeure gérant principal du fonds Emerging Market Debt. Yerlan Syzdykov remplace à son nouveau poste Greg Saichin, qui a quitté la société, souligne Investment Europe. Le nouveau responsable verra son équipe renforcée, avec l’arrivée en août de deux nouveaux gérants : Desmond English, en provenance de Commerzbank et Ester Law, de Société Générale.
23/07/2013

AllianzGI lance une expertise en dette émergente mondiale

Allianz Global Investors (AllianzGI) étoffe son offre et lance une expertise en dette émergente mondiale. Pour piloter cette nouvelle activité, Greg Saichin rejoindra AllianzGI en qualité de responsable. L’intéressé a occupé précédemment le poste de responsable des fonds de dette émergente et de financement à effet de levier chez Pioneer Investments. AllianzGI croît au fort potentiel de cette nouvelle classe d’actifs. «Dans un contexte de rééquilibrage à long terme de la croissance mondiale au détriment des marchés de l’OCDE et en faveur des pays émergents, la dette émergente est une classe d’actifs de plus en plus importante et attrayante pour les investisseurs de long terme. Les taux de croissance plus élevés de ces pays seront soutenus par des niveaux d’investissement accrus, dont le financement sera assuré principalement par la dette», souligne Andreas Utermann, Co-Directeur et CIO Monde d’AllianzGI. Au 31 mars 2013, les actifs sous gestion d’AllianzGI s’élevaient à 316 milliards d’euros.
23/07/2013

BlackRock détient 3 % de Ferrovial

Cinco Días rapporte que BlackRock a déclaré à la CNMV avoir franchi le seuil de 3 % au capital de la société Ferrovial. Le gestionnaire a acheté 22,03 millions d’actions, ce qui représente 3,004 % du capital et un montant de 283 millions d’euros.Southeastern Asset Management détient 4,8 % de Ferrovial, qui est contrôlé par la famille del Pino, laquelle possède 44,9 % du capital.

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