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11/07/2011

KBC releases three more funds

Germany’s BaFin and the Austrian FMA have issued sales licenses for Germany and Austria for three Belgian-registered funds from KBC Asset Management, which will be at least 75% exposed to the segments indicated by their names.Two of the funds, which will have no benchmarkets, will be available for retail as well as institutional investors. The KBC Equity Fund Euro Non Cyclicals, EUR (BE6215122415 and BE6215123421) invests in defensive shares (utilities, health, food), while the KBC Equity Fund Industrials & Infrastructure, EUR (BE6216682490 and BE6216680478) specialises in businesses which contribute to the construction and development of infrastructure (engineering and transportation).The KBC Equity Fund SRI Equity Institutional Shares, EUR (BE6218517413), an SRI product, has a hybrid benchmark (50% MSCI Mord and 50% MSCI Emu), and will be available exclusively to institutional investors.
11/07/2011

Hedge funds are not systemic institutions, says AIMA

The Alternative Investment Management Association (AIMA), an association of hedge fund managers, announced at the end of last week in a statement that no hedge funds were qualified to be labelled as financial institutions that are relevant to the financial system. That designation would of course imply increased surveillance by regulatory authorities. In the United States, the Financial Stability Oversight Council will soon announce a decision as to the criteria which will determine the systemic character of non-banking financial establishments.“We estimate that no hedge fund is currently important, leveraged, complex or interconnected enough that its bankruptcy or a situation of financial stress would lead to a disturbance in the market capable of destabilising the financial system,” the AIMA president, Todd Groome, says, adding that the British FSA has recently undertaken a study of hedge funds which found that the levels of leverage used were “relatively low,” suggesting “a limited level of risk.”The professional association comments that in 2008, more than 1,400 hedge funds were closed or liquidated without particular impact on the stability of the financial system as a whole.The AIMA reiterates its support for registration of hedge fund managers with the Securities & Exchange Commission (SEC) or other national authorities.
11/07/2011

ETF provider profit margins four times higher than mutual fund management firms

According to a study by Deutsche Bank, reported by FTfm, the profit margins for ETF providers last year was 55.5 basis points on the basis of assets under management, four times higher than the 12.5 points estimates by McKinsey for the industry as a whole.The German bank estimates that profits for European ETF management firms in 2010 totalled EUR1.2bn, on assets under management of EUR216.6bn. In other words, if the figures are correct, the ETF sector, which represents just 2.8% of total assets in European fund management, generated 13% of total profits of EUR9bn, as estimated by McKinsey.The figures could explain by the popularity of ETF funds: 139 have been launched since the beginning of 2011, and there are now a total of 1,185 funds.
11/07/2011

Dow Jones Credit Suisse index down 1.95% in June

According to the most recent estimates, the Dow Jones Credit Suisse index fell 1.95% in the month of June, with most sectors showing negative performance, Hedgeweek reports.Global macro strategies fell most steeply, with a decline of 3.12% for the month, while fixed income arbitrage gained 0.20% last month, and has risen 2.38% in the first six months of the year.
11/07/2011

Morgan Stanley launches a UCITS-compliant hedge fund with Cohen & Steers

Morgan Stanley has released a new sub-fund of its Irish Sicav FundLogic Alternatives Plc entitled MS Cohen & Steers Global Real Estate L/S Fund, which deploys a long/short strategy for listed real estate. The UCITS-compliant hedge fund will be managed by Todd Voigt at Cohen & Steers Capital Management Inc (USD40bn in assets). According to the manager, 95% of the portfolio, which complies with the UCITS III directive, exactly reproduces the corresponding offshore product. The minor difference of 5% is the result of adaptation to European standards.
11/07/2011

Henderson increases TER for 14 Gartmore funds

Henderson has decided to ratchet up the total expense ratio (TER) for 14 Gartmore funds which have been meaintained in the product range following the acquisition of the group in March this year, Investment Week reports.The TER will be raised by 11 basis points for several of the 14 funds, including the European Selected Opportunities fund and the China Opportunities fund. These increases will bring fees for the funds of the range into line with Henderson funds, which range from 1 basis point to 13 basis points.
11/07/2011

Martin Currie plans to launch an emerging markets fund

FundWeb reports that Martin Currie is planning to launch a fund dedicated to emerging markets, as an addition to its UCITS-compliant fund range.The Martin Currie GF Global Emerging Markets Fund will be managed by Kim Catechis, head of emerging markets, who leads a team of seven specialists in these markets.The fund will include 40 to 60 positions on these assets, without geographical or sectoral constraints.
11/07/2011

Manulife AM plans to double Asian assets

The CEO of the Toronto-based management firm Manulife Asset Management, Jean-François Courville, is hoping to double its assets under management to about USD80bn in the next five years, Asian Investor reports.With this in mind, Manulife AM has recruited a product manager to handle distribution and sales to institutionals, Mahesh Fonseka, who will be based in Hong Kong. He previously worked for Perpetual Investments.As of 31 March, the Asia-Pacific region represented about 20% of total assets under management, which came to USD217bn, of which about USD60bn were for multi-asset class funds.
11/07/2011

A new CIO for Asia at HSBC

Bill Maldonaldo, head of international investment strategy for equities, will move to Hong Kong next month to take up a position as CIO of HSBC for the Asia-Pacific region, Asian Investor reports.In his new role, Maldonaldo will replace Ayaz Ebrahim, who left HSBC in May of this year to join Amundi.Assets under management at the Chinese-British firm in Asia total about USD72bn.
11/07/2011

Primonial adds to management team

The Primonial group on 8 July announced the recruitment of Jean Orgonasi as deputy CEO, in charge of the group’s key accounts and web operations; he will report to Patrick Petitjean. Orgonasi will oversee the operational committee, and will also define organic growth strategy in cooperation with top management.Orgonasi in July 2009 became global head of distribution and strategic partnerships at BNP Paribas Cardif.
11/07/2011

Laffitte Capital Management adds to management team

As Laffitte Capital had recently told Newsmanagers (see article on 01/07/2011), the asset management firm has this year recruited Matthieu Raimbault as a manager in charge of managing the special situations allocation for the Laffittee Equity Arbitrage fund.Before joining Laffitte Capital, the manager spent more than 10 years using his expertise in operations of this type, particularly in the mining sector. Raimbault was manager of the Long/Short Catalyst strategy at Copperneff AM, an affiliate of BNP Paribas, a statement says.
11/07/2011

Talence recruits staff

In the past three months, assets at Talence Gestion have increasd 14.3% (to EUR160m as of the end of June, up from EUR140m; see Newsmanagers of 28 March), of which EUR40m are in the Optimal fund, EUR12m in the Opportunités fund, and EUR25m in the Midcaps fund, Didier Demeestère, chairman of the management firm, says. Mandates represent about EUR65m.Since the firm’s launch in June 2010, funds have outperformed their benchmark indices by an average of 700 basis points, with lower volatility than the benchmarks, the president said at an event to celebrate the first birthday of Talence, founded by himself, Régis Lefort and Cathy Jeffrey.Staff now totals nine people, but the firm is planning to recruit two specialists for private management and mandates, Demeestère says.However, there are still no plans to have an internal sales force, as the directors of Talence would like to focus on targeted growth for the moment, based on a word-of-mouth reputation for very good service and strong performance.
11/07/2011

L'affaissement de l'emploi américain inquiète

Comme en mai, les créations d’emplois ont été très faibles en juin et le taux de chômage poursuit sa remontée, ce qui fait planer des doutes sur la conjoncture aux Etats-Unis. Faisant office de valeur refuge, les Treasuries ont vu leur rendement se rapprocher de 3 % vendredi.
08/07/2011

Lancement du Baromètre Solvabilité 2 L'Agefi - Ofi AM

Tous les acteurs du monde de l’assurance n’attendent pas avec le même degré d’anxiété la mise en œuvre début 2012 de Solvabilité 2. L’Agefi, en partenariat avec Ofi AM, lance un baromètre de l’état de préparation des institutions soumises à cette directive. Sa première édition fait apparaître que près d’un tiers d’entre eux n’en mesure pas encore aujourd’hui les «impacts réels». Du fait de la diversité de leurs profils, près de la moitié estiment d’ailleurs que Solvabilité 2 n’est pas «de nature à modifier l’organisation de (leurs) placements». Pour accéder à l’article et à l'étude CLIQUEZ ICI
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08/07/2011

Silvio Berlusconi ne briguera pas un nouveau mandat en 2013

Silvio Berlusconi affirme dans un entretien publié vendredi au quotidien de gauche La Repubblica qu’il s’effacera lors des prochaines élections législatives italiennes en 2013 et désigne le ministre de la Justice Angelino Alfano comme son successeur pour mener la droite à la victoire.
08/07/2011

La banque centrale chinoise vise la croissance et les prix

Le gouverneur de la banque centrale chinoise, Zhou Xiaochuan, a souligné vendredi que la politique monétaire de la Chine avait à la fois pour objectif de soutenir la croissance économique et de contrôler l’inflation. Le gouverneur, qui s’exprimait lors d’un forum à Pékin, a toutefois précisé que la Chine n'était pas prête à adopter un objectif d’inflation en bonne et due forme pour sa politique monétaire.
08/07/2011

La Banque de France abaisse à 0,2% sa prévision de croissance

La Banque de France a revu en baisse sa prévision de croissance pour le deuxième trimestre à 0,2%, contre 0,4% précédemment et 0,5% en première estimation, au vu de l'évolution de l’activité dont fait état son enquête de conjoncture de juin. Celle-ci montre un recul de l’activité industrielle et un ralentissement sensible de la progression de l’activité dans les services, explique la BdF.

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