La spécialiste des ETF Deborah Fuhr doit annoncer dans les prochains jours la création, avec son équipe, d’ETF Global Insight, un bureau de conseil et de recherche indépendant qui se propose de distribuer son expertise sur le secteur des ETF.Les associés fondateurs, Deborah Fuhr, Shane Kelly et Matthew Murray, sont tous des spécialistes des ETF qui ont contribué au développement du secteur grâce à leurs travaux de recherche et leurs manuels d’utilisation. Outre Deborah Fuhr, qui a notamment dirigé la recherche sur les ETF chez BlackRock, l'équipe comprend Shane Kelly, qui a été vice president chez Merrill Lynch et aussi vice president stratégiste chez BlackRock/BGI, ainsi que Matthew Murray, qui a travaillé aux côtés de Deborah Fuhr chez BlackRock en tant qu’analyste. Selon Deborah Fuhr, qui couvre les ETF depuis 1997, alors que le secteur comptait 21 produits représentant 21 milliards de dollars d’actifs sous gestion, «les ETF ont été l’un des produits financiers les plus en vogue au cours des 25 dernières années, apportant aux investisseurs liquidité, diversification et accès peu coûteux à une large palette de classes d’actifs dans le monde». Dans ce contexte de forte croissance, «les régulateurs, les investisseurs, les gérants d’ETF, les brokers, les fournisseurs d’indices et tous les membres de l'écosystème des ETF ont souligné la nécessité d’une formation, d’une recherche et d’une assistance sur mesure indépendante plus importante et de meilleure qualité», poursuit Deborah Fuhr. La nouvelle structure, ETF Global Insight, devrait répondre à ces différents besoins.
En janvier, les hedge funds dans le monde ont vu leurs encours augmenter de 15 milliards de dollars à 1.720 milliards de dollars, selon les dernières statistiques d’Eurekahedge. Et ce, grâce à des souscriptions de 3,7 milliards de dollars et un effet performance de 11,4 milliards de dollars.
Les actifs sous gestion du pôle gestion d’actifs de Royal Bank of Scotland (RBS), pour l’essentiel Coutts, s’inscrivaient fin décembre à 30,9 milliards de livres contre 29,9 milliards de livres au 30 septembre 2011. Les actifs sous gestion accusent toutefois un recul de 9% par rapport à fin décembre 2010.Les rachats ont contribué pour 3% à la baisse de l’encours, le reliquat étant à mettre sur le compte des conditions de marché. Le résultat d’exploitation a malgré tout progressé de 6% par rapport à 2010 à 321 millions de livres.
Le courtier britannique Barclays Stockbrokers s’est associé avec l’américain Fidelity FundsNetwork pour lancer une version améliorée de sa plateforme, rapporte Investment Week.Aux termes de l’accord exclusif conclu entre les deux partenaires, FundsNetwork va fournir des services de transaction, règlement et conservation à destination des investisseurs institutionnels.
Le britannique Barclays Wealth vient d’ouvrir un bureau de conseil à Monaco, rapporte Investment Europe. Le bureau sera dirigé par Simon Morris qui travaille chez Barclays Wealth Advisory depuis sept ans.
Sur les six mois à fin décembre, Ahsmore, société de gestion spécialisée sur les marchés émergents, a vu ses encours chuter de 5,4 milliards de dollars à 60,4 milliards de dollars, selon les résultats semestriels publiés jeudi. Et ce, malgré des souscriptions nettes de 0,7 milliard de dollars. Le bénéfice avant impôt est ressorti à 129,8 millions de livres, en hausse de 2 % par rapport à la période correspondante de l’année passée. Les revenus nets ont augmenté de 4 % à 181 millions de livres.
Dans le deuxième numéro de «Gestion Info» de l’AFG, l’association a indiqué que Verrazano Capital SAS, Edouard 7 Gestion Privée, Ginjer AM, Massena Capital Partners, Openmind Asset Management, Riskelia, Trecento Asset Management et Volvar Asset Management figurent désormais parmi ses adhérents. En outre, Aurexia Conseil et CID Consulting sont, pour leur part, de nouveaux membres correspondants.
Pour le premier trimestre de l’exercice au 31 octobre, Eaton Vance déclare un bénéfice net aux normes GAAP de 47,27 millions de dollars contre 46,62 millions pour les trois mois précédents et 37,53 millions pour novembre 2010-janvier 2011.Au 31 janvier, l’encours se situait à 191,71 milliards de dollars contre 188,2 milliards fin octobre et 191,74 milliards un an auparavant. Eaton Vance a enregistré durant la période sous revue des sorties nettes sur ses fonds long terme et ses mandats de 1,12 milliard de dollars contre 2,73 milliards pour le trimestre précédent et des souscriptions nettes de 1,85 milliard pour la période correspondante de l’exercice 2010-2011.
Alors que la saison des publications du CAC 40 est bien avancée, la trentaine de sociétés de l’indice phare ayant déjà communiqué sur l’exercice 2011 affichent un bénéfice net agrégé de 67,3milliards d’euros, selon les calculs de Ricol Lasteyrie, rapporte Les Echos. Soit un recul de 9% par rapport au même échantillon en 2010. Mais cette baisse est à nuancer par des résultats 2010 «gonflés» par la présence «d'éléments exceptionnels non récurrents, par exemple une plus-value liée à Endered pour Accor et à Volvo pour Renault, explique Alban Eyssette, associé du cabinet Ricol Lasteyrie. Dans l’ensemble, les résultats d’exploitation sont plutôt solides, compte tenu du contexte.»
Gibraltar has launched a campaign to win over hedge fund managers with a loosening of fund administration regulations, Hedge Funds Review reports. In other words, hedge funds will no longer be required to use exclusively local fund administrators, the minister for financial services, Gilbert Licudi, a member of the new Labour government for the territory which has been in place since December last year, says. The new regulations, which will be passed in the next few days, include a reference list which may be added to according to demand.
The SEC and the attorney general of Massachusetts have been investigating since at least last autumn a private equity fund owned by Oppenheimer Holdings, and have been issuing several subpoenas, including one to Oppenheimer Asset Management, the Wall Street Journal reports. It appears that the Oppenheimer Global Resource Private Equity Fund LP (USD140m), which has been spun out since 1 January 2012 under the hame of Roc Resources LLC, in autumn 2009 valued an investment by the Cartesian A fund in the Romanian firm Fondul at 33 cents per share, when the shares were actually trading at 7 cents.
The Securities and Exchange Commission (SEC) has announced that it has charged two Chinese corporate directors of misleading US investors by telling them that they were investing in a Chinese mining company, when in reality they were investing in an empty shell company in New York. The two directors are said to have taken more than USD100m.
A study of the identity of and changes to the management at businesses of the SBF 120 index between 1998 and the end of 2010 has found several consistent trends, including a trend in the number of women represented, as well as several changes. There has been a decline in the number of directorship positions held by directors outside their own firms, according to the study, published by the AMF in its Lettre Economique et Financière for winder 2011. In 2010, 43.71% of directors had positions as a director at other publicly-traded firms, in France or abroad, compared with 50.91% in 2000. The average number of positions held by these directors was 1.77 in 2010, compared with 2.27 in 2000. Another development identified by the study is that there has been a rise in the frequency of changes in management since 2005. In addition, the number of disciplinary dismissals was higher than the number of non-disciplinary dismissals in 2004 and 2005, and in 2008, 2009 and 2010. Over the full period under study, there have been 210 changes of directors at 131 firms. Between 1998 and 2010, 60.65% of businesses had at least one change in management. Eight businesses (3.70%) have had four changes in management, and five CEOs, while 39.35% of businesses have retained the same director over the period under study.
The ETF specialist Deborah Fuhr will soon announce the formation, together with her team, of ETF Global Insight, an independent research and consulting firm aimed at providing services to the global Exchange-Traded Fund (ETF) industry.The founding partners, Fuhr, Shane Kelly and Matthew Murray, are all ETF specialists who helped to develop the sector with their research and instruction manuals. In addition to Fuhr, who was head of ETF research at BlackRock, the team includes Kelly, who was vice president at Merrill Lynch and also former vice president and investment strategist at BlackRock/BGI, and Murray, who worked alongside Fuhr at BlackRock as an analyst.Fuhr, who has been covering the ETF sector since 1997, when the sector had 21 products with USD21bn in assets under management, says “I believe that ETFs have been one of the most successful financial products of the past 25 years, bringing investors liquidity, diversification and low-cost access to a wide range of asset classes around the world.”In this context of strong growth, “regulators, investors, ETF managers, brokers, index providers and all of the members of the ETF eco-system have been citing the need for more and better independent education, research and customised assistance to investors seeking to navigate the vast array of products. ETF Global Insight has been set up to provide this service across the globe,” Fuhr continues.
The British broker Barclays Stockbrokers has teamed up with the US firm Fidelity FundsNetwork to launch an improved version of its platform, Investment Week reports. By the terms of the exclusive agreement between the two partners, FundsNetwork will provide transaction, settlement and custody services to institutional investors.
In the six months to the end of December, Ashmore, an asset management firm specialised in emerging markets, has seen a decline in its assets of USD5.4bn to USD60.4bn, according to half-yearly results published on Thursday. This comes despite net inflows of USD0.7bn. Pre-tax profits totalled GBP129.8m, up 2% compared with the corresponding period of last year. Net revenues increased 4% to GBP181m.
Assets under management by the asset management unit of Royal Bank of Scotland (RBS), primarily at Coutts, as of the end of December totalled GBP30.9bn, compared with GBP29.9bn as of 30 September 2011. Assets under management have fallen 9% compared with the end of December 2010, however. Redemptions contributed 3% to asset increases, while the remainder was due to market conditions. Operating profits nonetheless rose 6% compared with 2010, to GBP321bn.
The British firm Barclays Wealth has opened an advising office in Monaco, Investment Europe reports. The office will be directed by Simon Morris, who has been working at Barclays Wealth Advisory for seven years.
Suspected fraud by a former manager at Threadneedle Asset Management totalling USD150m was related to an order for more than a billion Argentine warrants, issued by Otkritie, a Russian financial services group, some of whose employees are facing charges, the Financial Times reports. The name of the Threadneedle trader is Vladimir Gersamia, the newspaper reports. He had worked as an emerging markets bond fund manager.
The index provider S&P Indices on 23 February announced a new addition to its “high beta” family of indices, with the launch of the S&P BMI International Developed High Beta Index and the S&P BMI Emerging Markets High Beta Index. These indices measure the performance of 200 shares in their respective markets which are highly sensitive to market movements. They may also be used as a benchmark for investors seeking to benefit from market volatility. S&P Indices says that Invesco Powershares has acquired a license to launch ETFs based on the new indices. The asset management firm also wasted no time in announcing the launch on 24 February of the PowerShares S&P Emerging Markets High Beta Portfolio (acronym EEHB) and PowerShares S&P 500 International Developed High Beta Portfolio (IDHB) funds on NYSE-Arca. The ETF funds include the two high beta and low volatility ETFs launched on 5 May 2011 (USd1.3bn in assets) and the two global low volatility funds launched on 13 January 2012. The new products will invest at least 90% of their assets in shares from each index.
For the first quarter of its fiscal year ending on 31 October, Eaton Vance has announced net profits by GAAP accounting standards of USD47.27m, compared with USD46.62m in the previous three months, and USD37.53m in November 2010-January 2011.As of 31 January, assets totalled USD191.71bn, compared with USD188.2bn as of the end of October, and USD191.74bn one year previously. Eaton Vance has posted net outflows in the period under review from long-term funds and seggregated accounts of USD1.1bn, compared with USD2.73bn in the previous quarter, and net subscriptions of USD1.85bn in the corresponding period of the 2010-2011 fiscal year.
In the second issue of “Gestion Info” from the AFG, the association says that Verazano Capital SAS, Edouard 7 Gestion Privée, Ginjer AM, Massena Capital Partners, Openmind Asset Management, Riskelia, Trecento Asset Management and Volvar Asset Management have become members. Aurexia Conseil and CID Consulting, meanwhile, have become new correspondent members.
US prime money market funds have increased their exposure to euro zone banks by 15% in US dollars since the end of December, according to the most recent Fitch report on the subject, dated 23 February. This is a reversal of the trend after several months of reductions. This increase in interest has worked to the benefit of French banks, to which exposure has increased by 150%. US money market funds now have 11% of their assets invested in euro zone banks, which is far below the 31% they had invested there as of the end of May. This reduction has been primarily driven by aversion to risk, as these vehicles traditionally allocate more than 30% to euro zone banks, according to Fitch data from 2006 to mid-2011.
Collateral Secured Instruments (COSI) whose guarantors are based in the UK may now be traded on the SIX Swiss Excchange, the Swiss stock market announced on 24 February. The move aims to internationalise the innovative COSI services, which provide a way to reduce default risks related to an issuer of structured products. The products are listed exclusively on Scoach Zurich and Frankfurt. The service, developed in the wake of the financial crisis, is based on a process which ensures that the debt owed to the investor by the issuer of the structured product has all the necessary guarantees at all times. “Several European and Asian markets have shown a growing interest in this Swiss guarantee mechanism. The SIX Swiss Exchange is now in a position to meet a large part of this demand: for the first time, it is possible to offer the service to issuers whose guarantors are based abroad also,” the Swiss stock market says in a statement.
Allianz on Thursday announced net profits for 2011 down 46.2% to EUR2.804bn. In the same period, the asset management unit has generated net profits up 38.7% compared with 2010, to EUR1.312bn, which corresponds to 46.8% of total profits for the group.Total assets as of the end of December were up 9.2% to EUR1.657trn, of which EUR1.281trn (+10%) are managed for third parties. Net subscriptions to Allianz Global Investors from third parties fell to EUR39.3bn from EUR112.7bn in 2010, and EUR82.8bn in 2009, while 2008 saw net outflows of EUR0.3bn. Net inflows to bond products and third-party products totalled EUR44.8bn, compared with EUR113.7bn the previous year. However, equity products saw net outflows of EUR5.1bn, compared with EUR0.4bn in 2010.Operating profits for the asset management unit increased 9.5% to EUR2.3bn, and 14% if currency effects are set aside. In addition, the cost/income ratio remained stable, at 59%, compared with 58.7% the previous year, well below the 65% limit set for it (it had been 62% in 2009).Net revenues from commissions increased 11% to EUR5.47bn, despite currency effects of EUR215m; they increased 15.3%, excluding currency effects. Performance commissions, in this environment, fell to EUR455m from EUR514m.
The Hamburg-based independent asset management firm Aquila Capital (which owns the Luxemburg-based Alceda Fund Management) has announced that it has recruited Pascale-Céline Cadix as director of retail sales in Frankfurt. She will be in charge of developing the client base of direct banks, wealth managers and private banks in Germany. Cadix had previously been head of distribution for Threadneedle in Frankfurt.Meanwhile, the Zurich-absed affiliate AQ Advisors has recruited a new director of sales, Mauro Gerli, who had most recently been at Credit Suisse Private Banking, after serving at several alternative management firms.
Since the CNMV lifted its ban on short-selling financial sector shares on 16 February, all share prices in the sector have fallen, a sign that hedge funds have returned to the market, Cinco Días reports. There may be other causes, such as the Greek crisis and the overvaluation of Spanish banks in the current economic environment, but the fact is that, for example, Sabadell has lost 11%, Banco Popular 10%, and CaixaBank 8%.
In January, hedge funds worldwide have seen an increase in their assets of USD15bn, to USD1.72trn, according to the most recent statistics from Eurekahedge. This comes due to subscriptions of USD3.7bn, and performance effects of USD11.4bn.
Funds People has announced that Edmond de Rothschild Asset Management (EdRAM) has received a license from the CNMV for its new Euro Conviction fund (C share class: FR0011158641; I share class: FR0011171438), managed by Olivier Huet, launched on 27 December. The fund is already on sale in France and Germany (see Newsmanagers of 12 January and 17 February).
The savings bank Unnim, born out of a merger of three other Catalan savings banks, has launched the Garantit 8 fund, which at maturity (16 April 2015) offers a minimum return of 112.48% of initial capital, an annual return of 4%. The CMNV registered the product on 4 February. At this level, the product competes directly with bank savings accounts, including accounts at Unnim which are currently available via its network.The portfolio is 51.3% invested in bonds from the Kingdom of Spain, 18.5% in bonds from autonomous communities, 20% in corporate bonds, and 10.15% in mortgage-backed bonds (cedulas hipotecarias).CharacteristicsName: Unnim Garantit 8, FIISIN code: ES0125133001Front-end fee: 5% from 16 AprilWithdrawal penalty: 5%Management commission: 0.4%Depository banking commission: 0.05%Minimal subscription: EUR1,000