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04/04/2011

“Sin fund” with cloven hooves

The Prosperis Mephisto 1 fund, designed by Conrad Mattern, is aimed at investors who do not necessarily want to save the world, and who prefer to pocket comfortable returns. It thus invests in “sinful” investments, such as weapons, gambling, sex shops and luxury goods. However, Handelsblatt calculates, by 2016, when the fund matures, investors will have paid 43% of their input in commissions and various fees. And returns are not at all a foregone conclusion, as the fund is a blind pool.
04/04/2011

Amundi launches four ETFs in Italy

Amundi ETF has celebrated its first year on the Italian market with the launch of 4 new ETFs on Borsa Italiana, Bluerating reports. They are Amundi ETF MSCI Nordic, Amundi ETF MSCI Emerging Markets, Amundi ETF Global Emerging Bond Markit Iboxx and Amundi ETF AAA Govt Bond EuroMTS.
04/04/2011

Hong Kong removed from Spanish tax haven blacklist

Hong Kong, which receives large volumes of investment from Spain, on Friday signed a double taxation agreement with Spain, which allows it to be removed from the blacklist of countries which do not cooperate with the Spanish finance ministry, Cinco Días reports.The treaty signed by the Spanish finance minister, Elena Salgado, and obtained by Cinco Días, covers personal income tax, company tax, and taxation of non-residents. It stipulates that corporate profits may be taxed in only one of the two countries. Spanish legislation provides for an exemption for dividends earned abroad, which did not apply to Hong Kong when it was considered an offshore tax haven.
04/04/2011

Luis Pérez Box promoted at Banif

Following the transfer of José María Martínez-Sanjuán to Santander Asset Management (see Newsmanagers of 16 March), Banif has appointed Luis Pérez Box, who had been a member of the third-party fund analysis team since 2007, as head of fund and alternative investment analysis. He had previously spent his entire career at BBVA Gestión.
04/04/2011

Aviva Investors overweight in equities

At a press conference on Friday, Pascal Heurtault, chief investment officer at Aviva Investors France, announced that compared with a balanced portfolio consisting of 50% equities and 50% bonds and money markets, the asset management firm is currently overweight in equities (58%), after taking some profits (the proportion was previously 63%).This predilection for equities, despite the recent oil crisis and the Japanese disaster, are due to good corporate results and positive surprises in terms of profits and earnings. Margins are at their highest, and crisis management at businesses has proven effective. “The markets are not all that expensive, and they are earning more than Bunds,” says Heurtault. In addition, the context for a recovery in merger and acquitions activity is shaping up.Prime rates are expected to increase slightly, and the manager, which is cautious about German and French long-term rates, still holds some positions in Spain and Italy. The credit market has now reduced many of its spreads, but there is still potential there. Aviva Investors therefore remains positive about the banking sector. In light of continuing low interest rates, the manager is “reserved” about money markets.
04/04/2011

The fund industry is destroying value

The fund management industry is destroying USD1,300bn of value each year, according to an unpublished draft report conducted by IBM and seen by FTfm. This includes USD300bn in excess fees for actively managed long-only funds that fail to beat their benchmark, USD250bn in fees for wealth management and advisory services that fail to deliver above-benchmark performances, and USD51bn in fees for hedge funds that also fail to deliver their targeted returns.
04/04/2011

Assets up at LVAM

LV= (Liverpool Victoria Friendly Society) on 31 March announced that its profits totalled Gbp21.3m in 2010, compared with losses of GBP172.2m in 2009. In the past year, assets increased by 13%, to GBP8bn as of the end of December, up from GBP7.1bn.
04/04/2011

Andrew McCaffery rejoins Aberdeen

Andrew McCaffery, a founding member of Alignment Investors, a division of BlueCrest, is returning to Aberdeen Asset Management, a firm he left in 2008, as head of absolute return strategies. He will return as head of institutional hedge funds, and will belong to the fund of hedge fund management team (over GBP4bn in assets), alongside Graham Duce and Aidan Kearney, the British management firm announced on 31 March. McCaffery will report to Anne Richards, CIO and head of alternative investment strategies.
04/04/2011

Head of marketing at Ignis joins Ardevora

The head of marketing at Ignis Asset Management, Rob Page, is leaving the firm to join his former colleagues at Liontrust, Jeremy Lang and William Pattison, at Ardevora Asset Management. He will be a partner at the firm, which was launched in January 2010. James Senior, assistant head of marketing at Ignis, will replace Page.
04/04/2011

Blackstone scinde son fonds mondial d’infrastructures

La société de private equity américaine envisage la scission de son fonds mondial d’infrastructures, selon le quotidien qui cite des sources proches du projet. Blackstone a levé par l’intermédiaire de ce fonds 350 millions de dollars au cours des deux dernières années, contre un objectif initial de 2 milliards de dollars.
04/04/2011

Le FMI active le fonds de crise

Le Fonds monétaire international a activé vendredi comme prévu un fonds de crise de 581 milliards de dollars avec le soutien des Etats membres. Ces nouveaux accords d’emprunt (NAE) avaient été développés en 2009 après un appel du G20. «Les montants disponibles pour le FMI via les mécanismes multilatéraux d’emprunt ont été multipliés au total par dix depuis 2009 (...)», a précisé le ministère français de l’Economie et des Finances.
04/04/2011

Le Portugal s'offre une petite bouffée d'air

Lisbonne a placé vendredi 1,645 milliard d’euros d’obligations à court terme mais a dû proposer un taux de 5,79%, soit 2,5 points de plus que lors des adjudications similaires l’an passé. Selon le marché, cette opération ne sera pas suffisante. Fitch a abaissé vendredi la note du Portugal de «A-» à «BBB-». L’agence craint que le pays ne reçoive pas un soutien extérieur en temps et en heure compte tenu des élections législatives fixées au 5 juin.
04/04/2011

L'EFSF «prêt» si le Portugal demande de l'aide

Le Fonds européen de stabilité financière (EFSF) est prêt à venir en aide au Portugal si celui-ci le demande, assure son président, Klaus Regling, dans un entretien accordé à La Tribune. Le Portugal, dont le Premier ministre a démissionné faute de pouvoir faire adopter au parlement un nouveau programme d’austérité, est considéré par les marchés comme le prochain pays susceptible de devoir faire appel à une aide financière extérieure, après la Grèce et l’Irlande.
04/04/2011

Athènes exclut une restructuration de la dette grecque

«Une restructuration de la dette grecque est absolument exclue», a déclaré le ministre grec des Finances, George Papaconstantinou, à Reuters, en réponse à un article de l’hebdomadaire Der Spiegel selon lequel le Fonds monétaire international pousserait pour une restructuration rapide de la dette d’Athènes. «Ceux (qui parlent de restructuration) ne parviennent pas à comprendre que les coûts excéderaient largement les bénéfices», a expliqué George Papaconstantinou.
04/04/2011

L'AMF alerte sur les émissions obligataires destinées au grand public

Le régulateur attire l’attention des investisseurs non professionnels sur les risques liés aux émissions obligataires de PME. L’AMF rappelle que la rémunération «qui peut sembler attractive» doit être rapprochée du risque de crédit, et invite à surveiller le risque de très faible liquidité de l’obligation.
01/04/2011

Le gouvernement planche sur les prix de l'énergie

La question des hausses des prix de l'énergie sera au cœur d’une réunion ministérielle ce vendredi à Matignon. Seront examinés cet après-midi, les prix du gaz, de l'électricité et des hydrocarbures, sans confirmer qu’un gel des tarifs du gaz jusqu'à l'élection présidentielle de 2012 est à l'étude, comme l'écrit Les Echos.
01/04/2011

L’AFT annonce une adjudication d’OAT jeudi 7 mars

L’Agence France Trésor annonce l’adjudication, le jeudi 7 mars, d’un montant compris entre 8,0 et 9,5 milliards d’euros d’obligations assimilables du Trésor (OAT). Cette opération portera sur les lignes 2,50% octobre 2020, 4,25% octobre 2023, 3,50% avril 2026 et 4,50% avril 2041. La date de règlement est fixée au 12 avril 2011 pour toutes les lignes.

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