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16/04/2012

Goldman Sachs devra payer une amende de 22 millions de dollars

La Security and Exchange Commission (SEC) a annoncé jeudi 12 avril que Goldman Sachs allait devoir s’acquitter d’une amende de 22 millions de dollars. Cette amende du régulateur américain sanctionne une séparation insuffisante entre ses analystes et ses traders et clients. 11 millions de dollars devront être versés à la SEC et autant à la Financial Industry Regulatory Authority (Finra), précise Hedgeweek.
16/04/2012

JP Morgan décollecte au premier trimestre

Le pôle Asset Management de JP Morgan Chase a accusé sur les trois premiers mois de cette année des rachats nets de 8 milliards de dollars, selon les résultats trimestriels de la banque américaine publiés vendredi. Cela s’explique par des sorties nettes de 25 milliards de dollars subies par les produits monétaires, qui n’ont pas été totalement compensées par les 17 milliards de souscriptions nettes sur les produits dits «de long terme» (hors monétaires). Sur les douze derniers mois, toutefois, la gestion d’actifs de JP Morgan Chase voit entrer en net 45 milliards de dollars.A fin mars, les encours sous gestion de la banque ressortaient à 1.400 milliards de dollars, soit une augmentation de 4 % par rapport à l’année précédente. Les encours sous supervision sont de 2.000 milliards de dollars, une hausse de 6 %. Les revenus nets sont ressortis à 2,4 milliards de dollars, une baisse de 36 millions de dollars, ou 1 %, par rapport à l’année précédente. Le bénéfice net recule de 17 % à 386 millions de dollars.
16/04/2012
Fonds

Plus de 100 milliards de dollars de collecte pour les fonds de long terme au premier trimestre

Les fonds de long terme aux Etats-Unis ont drainé au premier trimestre 106,3 milliards de dollars en net, selon les dernières statistiques sur les mutual funds communiquées par Morningstar.Les fonds d’actions américaines ont toutefois continué de perdre du terrain, avec une décollecte nette sur le trimestre de 20,9 milliards de dollars pour les fonds de grandes capitalisations.En revanche, les fonds d’obligations de moyen terme et d’obligations «high yield» ont enregistré au premier trimestre une collecte nette totale de 314,4 milliards de dollars.Les fonds monétaires ont de leur côté subi des rachats pour un montant de 114 milliards de dollars au premier trimestre, une décollecte jamais vue depuis le deuxième trimestre 2010.
Fonds
16/04/2012

La rémunération du patron de Goldman chute de plus d'un tiers

Lloyd Blankfein, chairman & CEO de Goldman Sachs Group, a vu sa rémunération totale au titre de 2011 chuter de 35,5 % sur l’année précédente à 12 millions de dollars, rapporte The Wall Street Journal. Cependant, selon la notification à la SEC, cette rémunération aurait en fait augmenté de 14,5 % sur 2010 à 16,2 millions de dollars grâce à une prime en numéraire et aux multiples avantages en nature et les prestations liées à la retraite.
16/04/2012

Hausse des actifs sous gestion de Franklin Templeton

Les actifs sous gestion de Franklin Templeton s’inscrivaient fin mars 2012 à 725,7 milliards de dollars contre 727,4 milliards de dollars au 29 février 2012 et 670, 3 milliards de dollars à fin décembre 2011, selon un communiqué publié par la société. A fin mars 2011, les actifs sous gestion atteignaient 703,5 milliards de dollars.Les actifs sous gestion des fonds actions s’élevaient fin mars à 299,9 milliards de dollars contre 270, 2 milliards de dollars fin décembre mais 308,9 milliards de dollars à fin mars 2011.Du côté obligataire, les actifs sous gestion s’établissaient fin mars à 316,5 milliards de dollars contre 297,7 milliards de dollars fin décembre et 275,2 milliards de dollars un an plus tôt.
16/04/2012

Tiger Management soutient l’ex patron du fonds souverain norvégien

Julian Robertson de Tiger Management, va soutenir le nouveau hedge fund géré par Knut Kjær, l’ancien responsable du fonds souverain norvégien, rapporte le Financial Times. L’an passé, ce dernier a acquis Trient, une société de gestion d’actifs, avec Dag Løtveit, l’ancien responsable de l’allocation stratégique de Norges Bank Investment Management. Tiger a investi dans le nouveau fonds de Trient en échange d’une partie des revenus.
16/04/2012

"Les marchés francophones et germanophones ont été notre priorité dès 2006"

Responsable de la société de gestion indépendante Jupiter Asset Management, Edward Bonham-Carter revient pour Newsmanagers sur sa stratégie et ses projets de développement. A la tête de quelque 23 milliards de livres d'actifs sous gestion, Jupiter AM marque sa volonté de poursuivre son développement, mais à son rythme. A côté du marché britannique, où la société souhaite investir une clientèle plus haut de gamme, les deux grandes zones de croissance de Jupiter sont l'Europe continentale et depuis peu, l'Asie
16/04/2012

Tax evasion: preliminary investigation of UBS opened in France

According to Les Echos, judges have recently decided to open an inquiry into UBS in France for “organised financial and banking services to unqualified individuals and money-laundering [tax fraud and funds obtained through illicit means].” These offences are punishable by a sentence of five years in prison and a fine of EUR750,000. In March 2011, the prosecutor’s office opened a preliminary investigation following a notification from the prudential control authority (ACP) about internal actions and control procedures at the bank. The regulator will pay particular attention to the handling of clients in France by sales staff at the bank from Switzerland. The inquiry has been entrusted to Paris investigating judge Guillaume Daieff. Neither the bank nor its advisers had any comment on the reports when contacted.
16/04/2012

Strong growth for UBS private banking in the United States

In March and early April, the Swiss group UBS has recruited 12 brokers from Bank of America Merrill Lynch and Morgan Stanley Smith Barney, Finews reports. These brokers join the firm along with the assets of their clients, totalling about USD2bn. As of the end of 2011, the wealth management unit at UBS was the fourth-largest broker in the United States, with 7,000 advisers and assets under management totalling USD754bn.
16/04/2012

Asset levels at the four major firms diverge in March

As of the end of March, assets under management by Invesco and Legg Mason respectively totalled USD672.8bn and USD643.3bn, compared with USD667.6bn and USD638bn one month earlier, while assets at Franklin Templeton and AllianceBernstein were down to USD725.7bn from USD727.4bn, and to USD419bn from USD424 bn.However, all of the major asset management firms as of the end of first quarter posted a higher level of assets than as of 31 December 2011. The largest increase in absolute terms is USD55.4bn for Franklin Templeton, followed by Invesco (USD47.5bn), Legg Mason (USD16.3bn) and AllianceBernstein (USD13bn).
16/04/2012

Goldman Sachs fined USD22m

The Securities and Exchange Commission (SEC) on Thursday, 12 April announced that Goldman Sachs will be required to pay a fine of USD22m. The fine from the US regulator is for inadequately segregating analysts and traders from clients. USD11m will be payable to the SEC, while the other USD11m will go to the Financial Industry Regulatory Authority (FINRA), Hedgeweek reports.
16/04/2012

Temasek buys a stake in China's UCBC for USD2.5bn

Agefi reports that Temasek is continuing its acquisitions in China. The Singapore sovereign fund will be buying a bloc of 3.55 million shares in the Industrial & Commercial Bank of China (ICBC) traded on the Hong Kong stock exchange from Goldman Sachs for about USD2.5bn (EUR1.9bn).
16/04/2012

Bundesbank sells off Lehman's Excalibur ABS portfolio

The Bundesbank on 13 April announced that it has sold the Exaclibur portfolio of securitisations, which it inherited from Lehman Brothers and had an initial value of EUR2.16bn (senior debt), to the private equity invetor Lone Star. The residual nominal value of the portfolio was EUR1.4bn, and the German central bank has declined to provide other financial details about the transaction.The Bundesbank claims that it is now realistic to suppose that all of the securities taken on board by the Eurosystem in 2008 following the bankruptcy of Lehman Brothers may now be liquidated by the end of this year. Due to a gradual sale policy, the corresponding reserves have been reduced already, from EUR5.7bn as of the end of 2008 to EUR2.2bn as of the end of 2010, and EUR0.95bn as of the end of 2011.
16/04/2012

Deutsche Bank planning to redeploy its asset management activities

According to sources familiar with the matter cited by Financial Times Deutschland, Anshu Jain, future co-chairman of the board at Deutsche Bank from May, is planning to reshuffle the bank, merging the remaining asset management unit into the investment bank. Asset management last year missed its pre-tax profit target of EUR1bn by EUR233m. Once non-DWS activities in Germany and Europe have been sold off, assets will drop to EUR165bn, from EUR540bn. The premise of the investment banking/asset management merger is the appointment of the investment banker Michele Faissola as head of asset management, and the transfer of db x-trackers (ETFs) from investment banking to asset management.
16/04/2012

Former EIM chairman returns

Jan Frogg, former chairman of the executive board at the fund of fund firm SIM, has returned at a new company, Sayan Capital, where he will aim to raise money for hedge funds, according to reports in Financial News.
16/04/2012

Assets in US ETFs up

According to State Street Global Advisors (SSgA), assets under management by ETFs domiciled in the United States as of the end of March totalled USD1.9trn, 14% more than as of the end of December, the Wall Street Journal reports. Bond ETFs have attracted one third of the USD52.1bn in net subscriptions.
16/04/2012

Outflows from JP Morgan in first quarter

The Asset Management unit at JP Morgan Chase has seen net redemptions in the first three months of this year of USD8bn, according to quarterly results from the US bank published on Friday. This is due to net outflows of USD25bn from money market products, which were not wholly offset by USD17bn in net subscriptions to long-term products (i.e. excluding money markets).In the past twelve moths, however, asset management at JP Morgan Chase has seen net inflows of USD45bn.As of the end of March, assets under management at the bank totalled USD1.4trn, an increase of 4% compared with the previous year. Assets under administration total USD2trn, an increase of 6%.Net earnings totalled USD2.4bn, a decline of USD36m, or 1%, compared with the previous year. Net profits are down 17% to USD386m.
16/04/2012

Paris-based asset management firm fined by AMF

The reporter for the AMF College has fined the GSD Gestion company EUR500,000, its chairman and CEO, Jacques Gautier EUR100,000, and its CEO, Thierry Gautier, EUR50,000, Agefi reports. The fine also carries a reprimand. The parties are accused of failing to respect their professional obligations in the sale of EMTN, whose value collapsed when the Icelandic bank Landsbanki went bankrupt in 2008.
16/04/2012

Over USD100bn in inflows to long-term products in first quarter

Long-term funds in the United States in first quarter attracted a net total of USD106.3bn, according to the most recent mutual fund statistics from Morningstar.US equity funds continued to lose ground, with net outflows in the quarter of USD20.9bn for large cap funds.However, mid-term bond funds and high yield bond funds in first quarter posted total net inflows of USD304.4bn.Money market funds, for their part, have posted net redemptions totalling USD114bn in first quarter, a level not seen since second quarter 2010.
16/04/2012

Hausse des actifs sous gestion de Franklin Templeton

Les actifs sous gestion de Franklin Templeton s’inscrivaient fin mars 2012 à 725,7 milliards de dollars contre 727,4 milliards de dollars au 29 février 2012 et 670, 3 milliards de dollars à fin décembre 2011, selon un communiqué publié par la société. A fin mars 2011, les actifs sous gestion atteignaient 703,5 milliards de dollars.Les actifs sous gestion des fonds actions s’élevaient fin mars à 299,9 milliards de dollars contre 270, 2 milliards de dollars fin décembre mais 308,9 milliards de dollars à fin mars 2011.Du côté obligataire, les actifs sous gestion s’établissaient fin mars à 316,5 milliards de dollars contre 297,7 milliards de dollars fin décembre et 275,2 milliards de dollars un an plus tôt.
16/04/2012

Tiger Management supports former head of Norwegian sovereign fund

Julian Robertson of Tiger Management will support the new hedge fund managed by Knut Kjær former head of the Norwegian sovereign fund, the Financial Times reports. Last year, the hedge fund acquired Trient, an asset management firm, with Dag Løtveit, former head of strategic allocation for Norges Bank Investment Management. Tiger has invested in the capital of the new Trient fund in exchange for a share in the revenues.
16/04/2012

New ETFs in Italy

The ETF platform from State Street Global Advisors has launched 15 new physical replication products on the Milan Stock Exchange, Bluerating rpeorts. Among these are the SPDR S&P 500 ETF, the SPDR S&P Euro Dividend Aristocrats ETF, and the SPDR S&P US Dividend Aristocrats ETF.Lyxor on 16 April also launched the Lyxor ETF S&P500 VIX Futures Enhanced Roll, an ETF which provides exposure to volatility, Bluerating adds.
16/04/2012

Investec drops Williams de Broë brand

Following the acquisition by Investec Group of Evolution Securities, which owned the Williams de Broë brand, the wealth management firm founded in 1869 will be changing names. Williams de Broë will be known as Investec Wealth and Investment from August, Investment Europe reports.
16/04/2012

Lazard recruits a big name from Sabadell

Sergio Miguez, chief investment officer for absolute returns at BanSabadell Inversión, is joining the Spanish team of the British firm Lazard, led by Manuel Sas Salvador (formerly CEO of Banco Urquijo), as director of wealth management, Funds People reports.This is the third recruitment of a high-level employee since the beginning of 2012 at Lazard, following those of Borja Fernández-Galiano (formerly director of third-part fund sales at N+1 Syz) and Francisco Quintano (former head of equities at BNP Paribas Spain).
16/04/2012

Banesto sells receivable debts at a profit

In first quarter, Banesto sold personal and consumer credit worth EUR1.2bn and EUR216m, respectively, to an investment fund and a bank whose names have not been disclosed, for a gain of EUR128m, Funds People reports. The gain has been set aside for provisions, as required by the minister of the economy.
16/04/2012

Saxo Bank founds a Sicav in Spain

The Danish Saxo Bank has registered the creation of Saxo Invest, a Luxembourg Sicav which will allow for sales of funds from the group’s for asset management boutiques, Sirius Kapitalforvaltning, CPH Capital, Global Evolution and Capital Four, to Spanish investors, with the CNMV, Funds People reports.
16/04/2012

Assets in sovereign funds continue increase unabated

According to estimates from the Preqin consultancy, assets under management by sovereign funds as of the end of March totalled about USD4.62trn, compared with USD3.98trn one year earlier, USD3.59trn as of the end of March 2010, USD3.22trn as of the end of March 2009, and USD3.05trn as of the end of March 2008.The most recent Preqin newsletter finds that 57% of sovereign funds invest in private equity, 46% in the form of investment commitments to funds and 11% via direct investments.The study also finds that propensity to invest in private equity clearly increases with size: 83% of funds with assets of over USD250bn have already invested in private equity, while only 55% of those with total assets of USD10bn to USD49bn have done so, and 25% of those with under USD1bn.The five sovereign funds which invest most in private equity funds have total assets of over USD2.2trn. The largest of these is the Abu Dhabi Investment Authority (ADIA) with USD627bn, of which 2% to 8% are invested in private equity. The Kuwait Investment Authority (USD296bn) has an allocation to private equity of 10%.
16/04/2012

Improving economic outlooks bring a smile to managers' faces

Managers are highly optimistic due to signs of an improvement in conjuncture, according to a recent survey by SEI. The majority of managers responding to the survey (78%) are optimistic about their growth outlooks in the next three years, and show a level of confidence unprecedented since the financial crisis. The reasons for managers’ prevalent optimism include the strength of the brand they are defending (32%, up from 19%), positive market outlooks (24%), good levels of resources, and the strength of their development strategies (21%).
16/04/2012

KKR plans to buy and merge diamond operations of Rio Tinto and BHP

According to reports in the Sunday Times relayed by Handelsblatt, a spokesperson for KKR on Sunday declined to comment on reports that the private equity firm is planning to acquire and merge the diamond operations of Rio Tinto and BHP Billiton, and that it has already retained a consultant in connection with the plans.

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