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31/05/2012

Funds net sales up in April

Funds domiciled in the United Kingdom in April posted net retail subscriptions of GBP2.07bn, compared with GBP1.4bn in March and GBP3.21bn one year previously, according to statistics from the Investment Management Association (IMA). This is the highest amount since April 2011.However, institutional investors in the same period withdrew GBP1.31bn, following net subscriptions of GBP231.7m the previous month, and GBP536.7m in April of last year.Total assets in retail funds domiciled in the United Kingdom, for their part, fell to GBP607.3bn as of 30 April, compared with GBP613.3bn as of the end of March, although it has increased compared with GBP605.2bn twelve months previously.Meanwhile, assets under management by funds domiciled abroad as of the end of April totalled GBP36.8bn, compared with GBP37.1bn one month earlier, and GBP34.7bn as of 30 April 2011. Net subscriptions totalled GBP592.5m, compared with GBP282.4m in April and GBP418.8m in the corresponding month of last year.
31/05/2012

db x-trackers launches 8 ETFs on LSE

The London Stock Exchange (LSE) on 30 May announced that db x-trackers (Deutsche Bank group) has launched eight new fixed income ETFs which replicate Markit CDX North American indices in the investment grade and high yield categories of credit derivatives. The new funds bring the number of newly listed bond ETFs listed since April to 25. Overall, the LSE lists over 100 fixed income ETFs.
31/05/2012

Direct financing by funds gaining momentum

The financial ratings agency Fitch Ratings estimates that fund financing will be likely to grow in size in the future, as debt reduction now being required of the banking sector will favour a strong desintermediation movement. Corporate and real estate loans will be the most highly financed by funds, which will often use debt to increase the returns paid out to pension funds or insurers. Fitch reports that these funds are often incorporated as limited partnerships, closed funds or vehicles with very limited regulations, and invest in private equity, loans, bonds and real estate. These funds, similar in many ways to structured products such as CLOs, nonetheless differ in several points, Fitch remarks, such as legal structure, flexibility of assets, and sources of financing.
31/05/2012

Credit Suisse recruits a big name from Barclays for Asia

Christopher Faddy, Asia head of distribution for the asset management unit at Barclays, has been recruited as head, asset management distribution, for Asia ex Japan (NJA distribution) by Credit Suisse in Hong Kong. He will be responsible for providing investment management services to sovereign wealth funds, institutional investors and third-party distributors.
31/05/2012

Ibercaja/Liberbank merger creates Spain's sixth-largest asset manager

Instead of merging with the asset management firm Unicaja, as had originally appeared planned, Liberbank Gestión will be merging with Ibercaja Gestión (EUR4.43bn in assets under management as of the end of April), which will create Spain’s sixth-largest asset management firm, with assets in funds of EUR5.33bn, Funds People reports, putting it ahead of Ahorro Corporación (EUR4.78bn). Currently, Ibercaja Gestión is the seventh-largest Spanish asset manager, while Liberbank Gestión is 24th. The top five are, in order, Santander AM (EUR20.3bn). BBVA AM (EUR19.45bn), InverCaixa (EUR14.9bn), and Popuylar Gestió (EUR6.19bn).
31/05/2012

Spanish asset managers continued to lose weight in 2011

According to the CNMV annual report, assets at Spanish asset management firms and investment funds as of the end of December totalled EUR132.369bn, 8% less than at the end fo 2010. Of the EUR11.256bn by which assets under management declined, EUR10.853trn were due to net redemptions, and EUR673m to losses on portfolios. Overall, 207 funds ceased operations, of which 204 were absorbed into other funds, As of the end of 2011, the profession had 2,341 funds, 88 less than one year previously. Average assets were down to EUR56m from EUR59m in 2010. Profits at the 114 Spanish asset management firms wree down by 6.5% last year, to EUR194m, compared with EUR207.5m, due to an 8% contraction in management commission revenues, at EUR1.61bn, partly offset by a 3.8% reduction in personnel costs to EUR188.26m.
31/05/2012

Appointments at Investec

Investec Asset Management has recruited Tom Nelson and Charles Whall to manage the global energy fund, Money Marketing reports. They will replace Mark Lacey and Honathan Waghorn, whose departure was announced last month, and who will be leaving the firm in July. Nelson previously worked at Guinness Asset Management, Whall at Newton. They will begin in their new roles in September in the former case, slightly later in the latter.
31/05/2012

Imbroglio autour de la prime de l'ex-patron d'Air France-KLM

La polémique autour de la prime de non-concurrence de 400.000 euros versée à l’ex-patron d’Air France-KLM pourrait bien se transformer en casse-tête juridique, voire même en crise de gouvernance pour l’entreprise, rapporte Les Echos. Car, même si la majorité des actionnaires, réunis demain en assemblée générale à Paris, se rangeait derrière la décision de l’Etat actionnaire de voter contre, la convention prise en octobre dernier entre Pierre-Henri Gourgeon et son ancienne entreprise ne sera pas annulée pour autant. Quel que soit le vote des actionnaires, ce contrat d’une durée de trois ans, dont l’exécution a déjà commencé puisque les 400.000 euros ont déjà été versés à Pierre-Henri Gourgeon, resterait en effet parfaitement valide et rien n’obligerait ce dernier à rembourser, selon les juristes d’Air France-KLM.
31/05/2012

French regulator issues a warning

The French financial market regulator, the Autorité des marchés financiers (AMF) yesterday issued a warning in relation to unlicensed web guides to high yield investment programmes (HYIP). The AMF has found that there are a number of websites which contain information on supposed high yield investment programmes (HYIP), which offer web surfers what claims to be advice about the quality of these HYIP> the websites rank or categorise the HYIPs on the basis of selected qualitative or quantitative criteria. The AMF warning is particularly in relation to the following sites, for which no authorised provider was clearly identified: www.hyip-france.com www.hyip-top-monitor.com www.hyip.com www.top-placements-hyip.com As a result, the AMF recommends that investors disregard advice from these sites, and not redistribute it to third parties in any form.
31/05/2012

US hedge funds increasingly crossing the Atlantic

The Wall Street Journal cites the examples of P. Schoefeld Asset Management, Marathon Asset Management, Octavian Advisors and Strategic Value Partners, as signs that a growting number of US alternative management firms are “hopping the pond,“ i.e., crossing the Atlantic to invest or open offices in Europe at a time when high yield investments are becoming scarcer in the United States. Some hedge fund managers think that banks will be required to sell assets at fire sale prices, while others are looking for shares which have been driven too low, or corporate debt which will need to be restructured in times of crisis.
31/05/2012

BNY Mellon recruits for outsourcing team

BNY Melllon has announced the recruitment of two people for its team dedicated to outsourcing. Paul Gately has been appointed as head of global outsourcing business. He will report to John Lehner, who has also recently been appointed.
31/05/2012

Suitors for Dexia AM line up

According to Agefi, citing information from Reuters, Affiliated Managers Group, Federated Investors, New York Life Insurance and Permira are planning to make bids for Dexia AM. Macquarie is also reportedly in the process of evaluating the asset management firm. Dexia is hoping to sell off its asset management division, which as of the end of December had EUR78bn in assets, for about EUR750m.
31/05/2012

Nikko AM developing fund selection activities

The asset management group Nikko Asset Management has appointed Aoifinn Devill has head of the World Series Fund Platform, to direct and develop manager selection activities, first in Japan, and then in Europe and other parts of Asia, Hedge Week reports. Funds from the platform distributed under the Nikko AM brand name are currently sub-advised by more than 40 fund managers worldwide, including Pimco, Wellington, JP Morgan AM, Ashmore, Blue Bay and Franklin Templeton, and are distributed to retail and institutional investors throughout Asia. The platform currently has over USD29bn in products from third-party managers distributed in Japan, Australia and Singapore.
31/05/2012

Foreign banks in Switzerland hold out better in crisis

Foreign banks in Switzerland are surviving the crisis better than expected. Their cumulative net profits have increased 4%, to CHF2.04bn in 2011, the Association of foreign banks in Switzerland (ABES) reported on 30 May. Added value and personnel in the sector have both fallen by 1%. The number of businesses operating in Swiss territory fell last year, from 154 to 145 as of the end of December 2011. Foreign banks nonetheless employ about 20,000 people in Switzerland. The movement of consolidation means that there are now only 141 businesses as of the end of April 2012, which corresponds to about 45% of all banks in Switzerland. As last year, no new licenses were issued in 2011. This decline should nonetheless be viewed in perspective, due to the current economic and political turbulence, the Association notes. Assets under management have fallen 5% to CHF860bn, compared with CHF910bn one year previously. The largest foreign wealth manager is HSBC Private Bank (Suisse SA), followed yb Banque Sarasin & Cie SA, BSI SA, Crédit Agricole (Suisse) SA and Coutts Bank SA. The association also claims that Switzerland will soon be offering solutions to strengthen the attraction of the financial market. It defends withholding taxes, which “remain the only option, and which unite regularisation of wealth, future taxation, and protection of privacy.” In addition, “although self-declaration is considered an adequate proposal, Switzerland will offer it as an international standard at the OECD, and introduce it as such. Switzerland will call off plans to adopt more transparent standards which are not internationally recognized.”
31/05/2012

High frequency trading: German government

The Börsen-Zeitung has obtained a copy of proposed legislation to govern high frequency trading, which the German federal finance ministry has completed much earlier than expected. The proposals would require high-frequency traders to register with BaFin, and would subject them to banking and securities laws. In addition, BaFin would have the power to demand information including details of algorithmic trades and the systems used as well as their strategies, parameters and trading limits. The proposals could be passed by the Cabinet and put before Parliament for a first debate even before the summer break.
31/05/2012

Greek banks will have to restructure in three months

The four major Greek banks, currently in the process of being recapitalised, will have to unveil restructuring plans in the next three months, including layoffs or closures of branches, the Hellenic financial stability fund announced on 30 May. The Greek national bank, the largest bank in the country, Alpha Bank, Eurobank and the Bank of Piraeus will have to lay out restructuring plans within three months, Anastasios Gagalis, vice-president of the Hellenic financial stability fund, said at a press conference. The chairman of the Fund, Panayiotis Thomopoulos, has confirmed that some job losses will be a part of this phenomenon. The requirement to restructure came on Monday as the four banks received EUR18bn from the European financial stability fund (EFSF) to recapitalise them, as provided for in the second phase of the support plan agreed in March by Greece and its creditors, the EU and the IMF. The amounts are part of an allocation of EUR25bn paid by the EFSF to the Hellenic Financial Stability fund to recapitalise Greek banks following losses of about EUR28bn, caused by a debt restructuring operation in March. Overall, the money handed out to Greek banks under the second phase of the support plan total EUR50bn.
31/05/2012

BoA-ML welcomes an emerging markets fund from Rohatyn

The Bank of America Merrill Lynch UCITS-compliant fund platform has admitted another alternative management firm, The Rohatyn Group. The group has launched the MLIS TRG Global Emerging Markets UCITS Fund, which invests in equities as well as bonds in local currencies from emerging markets, using directional strategies, relative value and pair trades.CharacteristicsName: MLIS TRG Global Emerging Markets UCITS FundISIN code: LU0717846496Management commission: 2% (currently 1%)Performance commission: 20% with high watermark (currently 10%)Minimal subscription: EUR1m
31/05/2012
Gestion d'actifs

Le FRR vient de valider la phase de candidatures pour l'appel d'offres gestion active ISR

Selon nos informations, le FRR vient de terminer la phase des candidatures pour l’appel d’offres marché public portant sur le renouvellement des mandats « Actions Europe ISR » constitués en 2006 et arrivés à échéance en décembre 2011. Le FRR a retenu 10 candidats pour le lot 1 (mandats de fonds collectifs thématiques pour 150 millions d’euros) et 6 candidats pour le lot 2 (mandats de gestion active Actions Europe, nouvelle croissance durable pour 200 millions d’euros). La prochaine étape consistera à envoyer les documents d’offres (questionnaires) aux candidats, vraisemblablement début juillet, ce qui permettra ensuite de réduire le nombre de sociétés de gestion à rencontrer dans le cadre d’une due diligence.
Gestion d'actifs
31/05/2012

Bain Capital prépare un nouveau fonds

Le groupe de private equity compte lever 6 milliards de dollars pour son nouveau fonds Bain Capital Fund XI, dont le lancement est attendu d’ici la fin juin. Le précédent fonds a atteint 10,7 milliards de dollars. L’environnement reste difficile pour le monde du private equity, avec 23 fonds ayant levé 18,5 milliards de dollars au premier trimestre, selon les données de Preqin.
31/05/2012

Plusieurs candidats en lice pour Dexia AM

Affiliated Managers Group, Federated Investors, New York Life Insurance et Permira envisagent de déposer une offre sur Dexia AM, selon Reuters. Macquarie est également en train d'évaluer le gestionnaire d’actifs. Dexia espère céder sa division de gestions d’actifs, qui gérait à fin décembre 78 milliards d’euros d’encours, pour environ 750 millions.
31/05/2012

La Banque d'Espagne en plein tumulte

Critiqué pour sa gestion de la crise du système financier espagnol, le gouverneur démissionnaire de la Banque d’Espagne veut donner sa version des faits.
31/05/2012

L’immobilier londonien sensible au sort de la zone euro

Les prix de l’immobilier à Londres dans les quartiers les plus prisés, tels que Mayfair ou Belgravia, pourraient chuter de 50% dans le cas d’un effondrement de la zone euro, selon une étude du cabinet de conseil économique Fathom Consulting citée par le quotidien. La hausse vertigineuse des prix dans ces quartiers, six fois supérieurs au prix moyen national, n’est pas soutenable selon l’étude.

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