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21/03/2012

Paris Europlace publishes proposals to restart the economy

Ahead of the presidential elections in France, Paris Europlace has issued a white paper describing the essential role of the financial industry in assisting to finance the economy and the indispensable measures to be taken in 2012-2015, including learning the lessons of the financial crisis.The white paper points to the need to orient French savings to long-term investment, conslolidate existing long-term assets, and make higher-risk invesmtents, particularly in equities, be rewarded by a “more tax-favoured savings clause,” developing collective corporate retirement policies (Perco) and instituting a guarantee of fiscal and social stability for long-term savings.The document also insists on the acceleration of developments in sustainable finance in France and Europe.
21/03/2012

New team in charge of retirement activities at Mercer France

Charles-Antoine Roger has become the new head ot retirement and international activities at Mercer France. Roger has been working at Mercer for 12 years, and has worked at the group’s offices in Paris, New York and Madrid, before moving to Paris three years ago. He is a specialist in assisting multinational companies with a wide range of local and global problems related to retirement regimes and health and retirement planning programmes: evaluating and consolidating social liabilities, establishing retirement regimes, risk governance and management, financing, pooling, mergers and acquisitions. Patrice Plouvier takes over as head of the retirement council in France at Mercer France. Plouvier will report to Roger, head of retirement and international activities at Mercer France. Plouvier joined Mercer in 2011. He is a specialist in retirement regimes (defined contributions, defined benefits, regimes for management), employee savings, and assistance to retirement funds.
21/03/2012

SG Private Banking obtains a certification for its asset allocation method

The firm of independent experts, Associés en Finance, headed by Bertrand Jacquillat, has certified the Dialogue & Asset Allocation method developed by Societe Generale Private Banking. Dialogue & Asset Allocation is an approach created by Societe Generale Private Banking for managing its private clients’ financial and non-financial assets. Inspired by institutional investment techniques, the approach is based on an analysis of how markets have evolved in the past in order to discern their possible future behaviour and thus the potential impact on the yield vs. risk ratio of a portfolio. This method allows private clients to: benefit from decision-making support in the context of the overall management of their investments, and achieve a better understanding of how financial markets evolve, notably under extreme conditions of market behaviour; obtain a complete diagnosis of their portfolios; carry out simulated reallocations to decide, with the help of their adviser, what changes should be made to their portfolio so that it more closely matches their expectations and constraints. Dialogue & Asset Allocation is based on a unique modelling system which takes into account an analysis of the behaviour of almost 500 indices covering every asset class, modelled for 2,000 possible market situations, over one and five years.
21/03/2012

Lazard Frères Gestion leads French Alpha League Table

There have been changes at the top of the Alpha League Table France 2012, which is designed by Europerformance and Edhec, and measures the level of alpha generated by asset management firms. This year, Lazard Frères Gestion leads the pack, with a rating of 2.89%. The firm, in second place last year, has benefited from its high level of alpha, at 4.54%, and a high frequency of alpha of 61.64%, to beat last year’s winner, Rothschild & Cie Gestion. This firm, with a rating of 2.06%, falls back to second place. In third place is Comgest, with a rating of 1.79%, up five places in the rankings. The rankings then feature Oddo Asset Management, Palatine Asset Management, Aviva Investors France, DNCA Finance, Paris Lyon Gestion and Generali Investment France. These three firms make their debut in the top 10. In tenth place is Edmond de Rothschild Asset Management. More generally, the Alpha League Table France reveals that in 2011, French active management continued to stand out with a particularly high alpha level of 2.52%. Meanwhile, the average frequency of alpha has reached 35.2%, its highest level since the first edition of the rankings in 2007. The results of the Alpha League Table 2012 may be consulted in full.
21/03/2012

Lyxor uses a new Dow Jones index for its ETF of the Russian market

The index provider Dow Jones Indexes on 20 March announced the launch the same day of the Dow Jones Russia GDR Index, an index which currently covers 77% of the larger Russian TSM index, and which proposes to measure the performance of the major Russian global depository receipts (GDR) listed on the London Stock Exchange. At the same time, Dow Jones Indexes announced that Lyxor has acquired an operating license for the new index, which will be used as the basis for the Lyxor ETF Russia (Dow Jones Russia GDR Index). The euro-denominated version fo the ETF is listed on NYSE Euronext, Deutsche Börse, Borsa Italiana and Bolsa de Madrid. The US dollar-denominated versions are listed on the Swiss SIX exchange and in Singapore. The Lyxor ETF Russia (Dow Jones Russia GDR) is the largest vehicle of its type listed exclusively in Europe concentrated on Russian securities, with assets under managenent as of 14 March representing about EUR1.1bn. The ETF had previously used the Dow Jones RusIndex Titans 10 index as its underlying. The weightings of companies in the index may not exceed 20% at the time of quarterly revisions (March, June, September and December). As of 29 February, the ten largest components of the index were as follows: Firm Adjusted weight Gazprom OAO AD 19.67% Lukoil Holdings ADS 14.33% Surgutneftegaz JSC ADS 14.21% Sberbank Rossia ADS 11.03% Norilsk Nickel Mining & Metallurgical Co. ADS 7.41% Novatek GDR 7.02% Rosneft GDR 4.74% Uralkali GDR 4.25% Tatneft GDR 3.49% Magnit GDR 2.66%
21/03/2012

Good month in February for hedge funds

In February, the hedge fund indices calculated by the Edhec-Risk Institute virtually all finished the month in positive territory, as in January, with the exception of the short-selling strateegy, which lost 5.59%, after losses of 6,85% in January.The best-performing strategy was emerging markets, with gains of 3.33% in February and 7.4% since the beginning of the year.There were good returns for long/short equity, which gained 2.63% in February and 6% in the first two months of the year, distressed securities, with gains of 1.95% and 5.2%, respectively, and event driven, with gains of 1.76% and 4.7%.Convertibles arbitrage, which profited from its exposure to bonds, gained 2.03% for the month, and 4.4% since the beginning of the year.Funds of funds earned returns of 1.46% in February, and 3% since the beginning of the year.
21/03/2012

State Street imports SPDR S&P 500 to Europe

The US firm State Street Global Advisors (SSgA) has obtained permission from the German authorities to list a European version of its SPDR S&P 500 ETF ( IE00B6YX5C33). The original equity product in the United States has assets of nearly USD95bn.The UCITS version has been listed since 20 March on the XTF segment of Xetra, and has obtained a sales license for the United Kingdom, the Netherlands, France, Ireland, and Italy. Other countries in continental Europe will follow. The TER totals 0.15%, compared with 0.10% for the US ETF.
21/03/2012

Invesco launches retail funds in China

Invesco Asset Management is for the first time offering Chinese retail investors two “A” class equity funds with its third quota, totalling USD100m as a qualified foreign institutional investor (QFII), Asian Investor reports. The first, Invesco China Opportunity Fund III, will invest at least 70% of its assets in “A” class shares, while the second, Invesco PRC Dynamic Equity Fund, will invest in shares of various categories, including “A,” “B,” and “H,” as well as in collective investment vehicles.
21/03/2012

Primonial AM takes over management of two funds of funds from Allianz GI

Primonial Asset Management on Monday made its acquisition of two funds of funds from Allianz Global Investors official. According to reports in Citywire, confirmed to Newsmanagers by Primonial Am, they are the Allianz Multi Actions Or et Ressources Naturelles and Allianz Multi Emergents.The two products will now be known as Primonial Or et Primonial Multi Emergents. Primonial Or will be managed by Alexis Bienvenu, while the new manager of emerging markets fund of funds has yet to be announced.The acquisition of the two products follows the acqusition of W Finance, an affiliate of Allianz France, by Primonial in 2011.
21/03/2012

TIG Advisors closes a hedge fund dedicated to emerging markets

The alternative management firm TIG Advisors is liquidating its hedge fund dedicated to emerging markets, TIG Global Emerging Markets, according to a letter to investors which the Reuters news agency has obtained.Assets in the long/short equities hedge funds, which peaked at about USD1.5bn in 2008, then fell back to USD750m in April 2009, and most recently stood at USD210m.The hedge fund lost nearly 11% last year, a result only slightly better than the Eurekahedge Emerging Markets Long Short Equities index, which in the same period lost 13.6%, after gains of 9.7% in 2010 and 6% in 2009, below the gains of the index (+10.4% and +44.4%, respectively).As of the end of February, TIG Advisors managed about USD1.1bn in four other strategies.
21/03/2012

Aliénor preparing a global macro hedge fund

Aliénor Capital is preparing a global macro fund “We would like to move to a hedge fund product range, with a global macro product investing in equities, fixed income and currencies,” Arnaud Raimon, chairman of the French asset management firm, announced at a press conference. The product would be made available in two versions, one with high and one with low volatility. The firm has not yet set at timetable for the launch, which is still in the planning phases.Aliénor Capital has EUR250m under management in five funds and several mandates.
21/03/2012

Mutuactivos retains JPMAM to manage a convertible bond fund

The mandate for the first convertible bond fund from Mutuactivos, the Mutuafondo Bonos Convertibles, has been awarded to JPMorgan Asset Management, Funds People reports. The product aims to acquire a portfolio of bonds which will be retained until maturity. Subscriptions will remain open until 4 April.Minimal subscription is set at EUR100, and management commission at 1.9% (D share class).
21/03/2012

Deka acquires a 4-star property in Amsterdam

Germany’s Deka Immobilien has acquired the American Hotel in Amsterdam as part of a sale & lease-back deal, from Hampshire Hospitality, for an undisclosed amount. The property, with 175 rooms and 8,000 square metres, will be added to the open-ended sectoral real estate fund WestInvest TargetSelect Hotel.
21/03/2012

Schroders planning two new bond funds

On a visit to Paris on Tuesday, Bob Jolly (formerly of UBS GAM), head of global macro and manager of the Strategic Bond sub-fund of the Luxembourg Sicav Schroder International Selection Fund (ISF), announced that his team is preparing to launch two new products, though no date has yet been set. The first of these funds will be a higher-risk version of the Strategic Bond fund, which he manages with Gareth Isaac (formerly of GLG), and the second will be a selection of best ideas in the area of fixed income, a go-anywhere fund.Jolly says of the Strategic Bond (USD1.15bn) fund that in the currently prevailing adverse environment for bonds, “alpha is made up of a mosaic of betas.” The manager does not hesitate to remodel the portfolio often, with a portfolio of nearly 240 positions, while keeping an eye on transaction costs.Currently, the portfolio is short on duration; the managers are positive about high yield and credit, but slightly less overweight than at the end of last year. They are also seeking to withdraw risk while being more aggressive about mispricings. In currencies, Jolly and Isaac favour the euro and the pound over the Australian dollar.
21/03/2012

Profits down at LGT

In 2011, net profits at LGT Group fell 52%, to CHF70.3m, or EUR58m, after the sale in May of the German activities of ABN Amro, in an operation which resulted in a one-time charge of CHF50m, Handelsblatt reports.However, net subscriptions increased to CHF8.6bn, from CHF3.1bn in 2010, and assets as of the end of December totalled CHF86.9bn.
21/03/2012

Man CEO gets USD7m

The CEO of Man Group, Peter Clarke, has received pay of USD7m for 2011, even though the firm suffered net redemptions and its share price fell over the period, the Financial Times reports. Although this amount makes Clarke one of the best-paid directors in the FTSE index, his pay is below that of other hedge fund directors in London, the City newspaper adds.
21/03/2012

RBS sells some of its asset management activities to RBC

The British Royal Bank of Scotland (RBS) on 20 March announced the intended sale by Coutts, its Wealth Management Division, of its Latin American, Caribbean and African private banking business to Royal Bank of Canada (RBC Wealth Management). The business manages approximately GBP1.5 billion of assets (or about EUR1.8bn) on behalf of clients located across the three regions, RBS says in a statement. The total price of the sale has not been disclosed. The activities will be integrated into RBC Wealth Management, the specialised affiliate of the Canadian bank. The operation will be completed towards the end of second quarter 2012. This intended sale is in line with Coutts’ strategy to focus its growth on key geographies which include the UK, Switzerland, Russia/CIS, the Middle East and selected markets in Asia. For the Canadian group, the acquisition will be an opportunity to strengthen its activities in the regions concerned serving ultra-high net worth clients.
21/03/2012

Rumours of an acquisition swirling at Henderson

Henderson Global Investors on Tuesday saw its share price leap in a falling market, for the second consecutive day, after rumours of an acquisition, Investment Week reports. According to the rumours, an international financial services giant is said to be in the process of building a stake in the British asset management firm, with the intention of launching a cash offer of over GBP2 per share.
21/03/2012

Le bénéfice net de Jefferies se replie

Le courtier américain a dégagé au titre du premier trimestre, clos le 29 février, un bénéfice net de 77 millions de dollars contre 87 millions le trimestre précédent. Le chiffre d’affaires net a atteint 780 millions de dollars, avec une hausse de 20% des revenus de banque d’investissement. Dans les produits de taux, les revenus se sont élevés à 339 millions de dollars.
21/03/2012

Défection de poids pour le CBOE

Le quotidien indique que la responsable de la réglementation au sein du Chicago Board Options Exchange, Linda Gerdes, a quitté le groupe, à l’initiative de ce dernier, après 5 années passées à ce poste. Il s’agit souligne le quotidien du second départ dans le domaine de la compliance au sein du CBOE sur fond d’enquête du gendarme américain des marchés, la SEC.
21/03/2012

Le budget britannique sous surveillance

Le chancelier de l’Echiquier George Osborne présente aujourd’hui son budget pour 2012-2013, après que Moody’s et Fitch ont abaissé leurs perspectives sur la note du Royaume-Uni. Il n’aura donc pas de marge de manœuvre malgré un déficit sur 2011-2012 plus bas que prévu.
21/03/2012

L’Amérique Latine reste un eldorado pour les investisseurs

Citant des données de l’association régionale de private equity et de venture capital, le quotidien souligne que les levées de fonds dans ces secteurs ont atteint l’an passé en Amérique Latine un record de 10,3 milliards de dollars. Un montant en hausse de 27%, avec notamment le voyage et la technologie en vedette. Le Brésil se taille la part du lion, avec des fonds dédiés pour 8,1 milliards.
20/03/2012

Berlin et Paris ne comptent pas libérer de stocks de pétrole

Ni la France ni l’Allemagne n’ont l’intention de se joindre à une éventuelle initiative anglo-américaine de libérer des réserves pétrolières d’urgence afin d'éviter que la cherté du carburant n’entrave la reprise économique, ont rapporté mardi des sources officielles des deux côtés du Rhin citées par Reuters. Barack Obama et David Cameron ont évoqué la semaine dernière la possibilité de puiser dans les stocks stratégiques.

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