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08/01/2013

DWS renames three FoFs managed by ARTS

On 7 January, DWS Investments (Deutsche Bank group) announced that on 21 December it released profiled wealth/diversified funds of funds for sale in Germany whose assets total EUR120m, and which since 2004 have been administered by DWS, but managed by ARTS Asset Management, an affiliate of the Austrian-German firm C-Quadrat. They had been known as RAM Konservativ, RAM Wachstum and RAM Dynamisch, and will now be available as DWS Concept ARTS Conservative, ARTS Balanced ARTS Dynamic. The products deploy a trend-following strategy.CharacteristicsName: DWS Concept ARTS CondervativeISIN code: LU0093745825Front-end fee: 3%Management fee: 1.35%TER: 1.71%Name: DWS Concept ARTS BalancedISIN code: LU0093745825Front-end fee: 4%Management fee: 1.60%TER: 1.90%Name: DWS Concept ARTS DynamicISIN code: LU0093746393Front-end fee: 5%Management fee: 1.85%TER: 2.03%
08/01/2013

Inflows of over USD85bn for iShares ETPs

iShares has posted inflows of USD85.3bn on USD262.7bn in the ETP sector, iShares has announced in a statement released on 7 January.All regions of the world contributed to the growth of inflows at iShares. Inflows to US products represented a record USD61bn, beating a previous record of USD59.1bn set in 2007.In Europe, inflows totalled USD18.3bn, equivalent to 56% of subscriptions to European ETPs.iShares says that ETFs represented a preferred means of access to the bond market. Inflows to fixed income ETFs at iShares totalled USD28.8bn, representing 41% of all subscriptions to bond ETFs.As of 31 December 2012, assets under management at iShares totalled USD758.6bn.
08/01/2013

Coverage rate for pension funds continues to rise in December

The average coverage rate for the liabilities of US corporate pension funds rose 1.9 percentage points in the month of December, to a total of 7.63%, according to BNY Mellon. For the year as a whole, the coverage rate is up 1 percentage point. In the month under review, assets in pension funds rose 0.9% due to the strength of stock markets, while liabilities, for their part, were down 1.7%. The actualisation rate rose 13 basis points to 3.89% for companies rated Aa.
08/01/2013

Mandarine Europe Opportunités fund launched

Mandarine Gestion has announced that it is adding to its “Growth” unit with the launch of the Mandarine Europe Opportunités fund, which invests in European growth shares of all cap sizes. It is managed by Marie-Jeanne Missoffe, who joined the team led by Joëlle Morlet-Selmer and Diane Bruno from SPGP in late 2012 (see NewsManagers of 23 October, 2012). Mandarine Europe Opportunités is actively managed, and fully invested in equities (90% to 100%) without the constraint of a benchmark, sector or cap size. Within an investment universe of 250 shares, 50 to 60 are selected to construct the portfolio. Three perennial drivers of growth have been identified for stock-picking by the manager: innovation, leadership and geographical diversification. The sectoral and geographical structure of the portfolio are then adjusted according to a top-down analysis. The “Growth” unit at Mandarine Gestion now includes three funds specialised in growth equities: France, with Mandarine Opportunités, European Small and Mid caps with Mandarine Unique, and now Europe, with Mandarine Europe Opportunités. Characteristics ISIN code: FR0011351626 (R share class), FR0011352160 (I share class)Currency: EUR Minimal initial subscription: 1 share (R share class), EUR1m (I share class)
08/01/2013

BNY Mellon launches a central securities depository entity

BNY Mellon has received regulatory approval to launch a new Issuer Central Securities Depository (CSD) entity that will offer market participants enhanced interoperability and efficiency in the global post-trade arena.BNY Mellon CSD SA/NV will offer issuer, settlement and safekeeping services for the benefit of all market participants across Europe and the wider global marketplace.Incorporated in Belgium as a non-bank subsidiary of The Bank of New York Mellon Corporation, BNY Mellon CSD will be regulated by the National Bank of Belgium. Chris Prior-Willeard has been appointed CEO of the new entity; he brings over 30 years’ experience in the financial services industry, including a range of executive positions within BNY Mellon.
08/01/2013

Vanguard shatters inflows records

Vanguard last year destroyed the record in the asset management sector for net inflows, with USD141.4bn in 2012, Financial Times Fund Management reports, citing preliminary figures from the asset management firm. The previous record was set by JPMorgan in 2008 with USD129.6bn. Bill McNabb, CEO of Vanguard, admits that the low cost of funds from the firm has been “incredibly important” to the success of the firm, but that the “reputation and consistency” of the manager also counted.
08/01/2013

Less than half of Italian fund managers beat their benchmark

45.7% of Italian-registered funds beat their benchmarks in 2012, Plus, the weekly supplement of Il Sole – 24 Ore, reports. This result is higher than in 2009, when 43% of managers did better than their benchmarks. In other years, the percentage of funds beating the index has varied from 10% to 25%. Italian-registered funds are better on their home field: 90% of managers beat the index when they are investing in the Milan stock exchange. For European equities, the percentage of winners is 26-36%. But the further away from Europe you get, the lower this number gets.
08/01/2013

amLeague: market rally works to the advantage of active management

The behaviour of the financial markets in December will once again benefit active management. More precisely, asset management firms whose portfolios are most exposed to the markets have earned the highest returns. Within the euro zone equity mandate, six companies performed better than the benchmark Eurostoxx Net Return (2.44%): the first three of these, ING IM, Mandarine Gestion and Invesco AM have betas higher than 1 for the past three months. Their respective gains are 4.49%, 3.76% and 3.74%. The choice of shares also played a role, particularly in the portfolios of Mandarine Gestion and AllianceBernstein (3.35%).History is repeating itself in the area of Europe equity mandates: In the eight portfolios from 20 rivals which outperformed the Stoxx 600 Net Return (1.48%), the top three – Bestinver (4.69%), Mandarine Gestion (3.67%) and AllianceBernstein (2.24%) - do not all have a beta of higher than 1 for the past three months. However, stock-picking did have a predominant role, particularly at Bestinver.For competitors for the Global Equities prize, in which seven asset management firms out of 13 outperformed the Stoxx 1800 Net Return (0.60%), the results were slightly different: of the top three, AllianceBernstein is the only firm whose portfolio has posted both an overexposure to the equity markets for the past three months and a largely positive pick of stocks. The next two, Ecofi Investissements and Petercam, with gains of 1.48% and 1.21%, respectively, stand out with low beta but a positive stock pick.
08/01/2013

Ignis AM launches a new fund in Italy

Ignis Asset Management has rececived a sales license in Italy for its absolute return bond fund, Ignis Absolute Return Credit, Bluerating reports. The fund is managed by Chris Bowie. Ignis AM offers six other funds in Italy.
08/01/2013

Azimut targets Latin America

The Italian independent asset management firm Azimut is preparing to start up in South America, its leader, Pietro Giuliani, has told Milano Finanza. The director also says that the firm is expected to have finished the year 2012 with net profits of over USD140m, Bluerating reports.
08/01/2013

Three new members of AFG

The French financial management association AFG has announced in the most recent issue of its newsletter Gestion Info (December 2012, no. 7) that three firms have joined the professional association. They are Gemways Assets, Generali Investments Opéra and Tikehau Investment Management. The law firm Taj is joining the association as a corresponding member.
08/01/2013

BofA pays USD11.6bn to settle a lawsuit by Fannie Mae

Fannie Mae on January 7 announced a comprehensive resolution with Bank of America, including a USD10.3 billion agreement on existing and prospective repurchase requests on a specified population of loans and an additional payment of USD1.3 billion to address servicing issues. The agreement covers current and future repurchase obligations related to loans with an outstanding unpaid principal balance of USD297 billion as of November 30, 2012 that were originated between January 1, 2000 and December 31, 2008. As part of the agreement, Bank of America will make a cash payment to Fannie Mae of USD3.55 billion. In addition, Bank of America will repurchase approximately 30,000 loans, which have the potential to cause significant future losses to Fannie Mae, paying par plus accrued interest, for an additional approximately USD6.75 billion, subject to certain adjustments. As a result of this resolution, the amount of Fannie Mae’s outstanding repurchase requests will decrease substantially in the first quarter of 2013.
08/01/2013

GIC to get a new chief investment officer in February

Lim Chow Kiat, deputy shop chief investment officer, will be promoted to group CIO of the Government of Singapore Investment Corporation (GIC) sovereign wealth fund, replacing Ng Kok Song, who will be retiring after 42 years as manager of the currency reserves of the city-state, on 1 February 2013. He had been group CIO since 2007.The new group CIO ill retain his responsibilities as chairman of GIC Asset Management until further notice.
08/01/2013

L'Espagne émettra 121 milliards d'euros cette année

Le Trésor espagnol a annoncé mardi matin que son programme d'émissions brutes à moyen long terme s'élèvera à 121,3 milliards d’euros cette année, soit une hausse de 7,6%. En 2012, l’Espagne a placé 97 milliards d’obligations sur le marché et levé 16 milliards à travers des placements privés, pour un total de 113 milliards, largement supérieur à son objectif originel de 86 milliards. Le montant exclut le financement de 39 milliards d’euros reçu des partenaires européens pour restructurer le système bancaire. Net des tombées, le volume émis sera de 59 milliards. L’Espagne est le seul des grands émetteurs de la zone euro à accroître son programme de financement pour 2013, basé sur un objectif de déficit à 4,5% du PIB.
08/01/2013

Les Pays-Bas émettent des obligations dotées d'une clause d'action collective

Les Pays-Bas sont le premier pays de la zone euro à procéder à une émission de titres de dette assortie d’une clause d’action collective (CAC), le Trésor néerlandais levant 3,2 milliards d’euros d’obligations à trois ans. Depuis le 1er janvier, conformément au traité sur le Mécanisme européen de stabilité (MES), les emprunts d’Etat nouvellement émis en zone euro sont obligatoirement assortis d’une CAC, qui permet à une majorité qualifiée de créanciers de décider de la restructuration de la dette d’un Etat.
08/01/2013

Le Néerlandais Dijsselbloem devrait présider l'Eurogroupe

Le ministre néerlandais des Finances, Jeroen Dijsselbloem, devrait être désigné le 21 janvier président de l’Eurogroupe en remplacement du Luxembourgeois Jean-Claude Juncker, ont déclaré mardi des responsables européens. Âgé de 46 ans, Jeroen Dijsselbloem effectue actuellement une tournée des capitales européennes. Il a rencontré lundi ses homologues de Belgique et du Luxembourg ainsi que le président du Conseil européen, Herman Van Rompuy. Il est attendu à Rome ce mardi puis à Paris mercredi.
08/01/2013

BDO se rapproche de PKF au Royaume-Uni

BDO, cinquième réseau mondial d’audit et de conseil, annonce le rapprochement de son représentant anglais BDO LLP avec un autre leader du marché , PKF. L’opération donnera naissance à un cabinet d’audit, de conseil et d’expertise comptable qui regroupera près de 3500 collaborateurs pour un chiffre d’affaires proche de 400 millions de livres (soit près de 500 millions d’euros).
08/01/2013

Hong Kong poursuit ses injections de liquidités

Les autorités de Hong Kong vont adjuger l'équivalent de 16 milliards d’euros supplémentaires d’obligations échangeables à court terme sur le mois de janvier. Quelque 85 milliards ont déjà été injectés ces derniers mois afin de maintenir les taux à un faible niveau.
08/01/2013

Philippe Loiseau devient COO d'Edmond de Rothschild

Selon des sources concordantes, Philippe Loiseau est depuis hier chief operating officer (COO) du groupe Edmond de Rothschild. Il était depuis cinq ans directeur des ressources de Société Générale Private Banking, après sept ans chez PwC comme consultant puis huit ans à la banque privée de BNP Paribas. Sa nomination fait suite à la réorganisation menée par Christophe de Backer, patron du groupe Edmond de Rothschild depuis février dernier. Basé au siège de La Compagnie Financière Edmond de Rothschild, l’entité française, Philippe Loiseau supervisera les opérations et les systèmes d’information de l’ensemble du groupe franco-suisse. Il devra s’atteler à la mutualisation ou coordination des moyens (notamment les back-offices, les middle-offices et l’informatique) prévue dans le plan stratégique à horizon 2016 dévoilé le mois dernier.
08/01/2013

EnergySolutions repris par un fonds

La société américaine de traitement des déchets nucléaires va être rachetée par une filiale du fonds de private Energy Capital Partners pour 338,5 millions de dollars en numéraire. L’opération représente une valeur d’entreprise de 1,1 milliard. La prime offerte aux actionnaires d’Energy Solutions s’élève à 9% par rapport au cours de clôture de vendredi.
08/01/2013

SG Private Banking poursuit sa mue

La banque privée de la Société Générale nomme deux nouveaux patrons pays. Dix mois après l’arrivée de son nouveau responsable, elle continue sa réorganisation.
08/01/2013

L’actionnariat individuel se réduit comme peau de chagrin

Selon le baromètre TNS Sofres réalisé pour le quotidien et la Banque Postale, «les actionnaires individuels se font de plus en plus rares». A fin 2012, la Bourse de Paris a ainsi perdu en quatre ans pas moins de 2,4 millions d’investisseurs. «L’exode des particuliers est continu et régulier mais s’accélère depuis 2010», indique le quotidien. Dans un contexte de «désaffection pour la Bourse», dont les produits «sont perçus comme particulièrement risqués» (les obligations faisant particulièrement les frais de ce sentiment cette année), «le Livret A reste le produit privilégié», sur lequel un Français sur trois a épargné au cours des six derniers mois.
08/01/2013

TD Ameritrade lance un indice de confiance

TD Ameritrade Holding Corp devrait lancer dès aujourd’hui un indice de confiance mensuel des investisseurs, nommé Investor Movement Index (IMX), en mettant en balance les achats et les ventes de titres réalisés par ses clients, selon le journal qui ne cite pas ses sources. Les échanges réalisés par l’intermédiaire du courtier atteigne 340.000 en moyenne par jour.

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