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06/03/2009

Monde - Matières premières : l'OICV veut plus de transparence boursière

Selon l’Agefi, l’Organisation internationale des commissions de valeur (OICV) demande aux régulateurs nationaux d’améliorer leur compréhension des marchés de matières premières sans pour autant fixer de délai précis. Les autorités devront, par exemple, «pouvoir accéder aux positions d’un trader à la fois sur les marchés physiques et de futures, afin de leur permettre d’identifier «les concentrations de positions et la composition générale du marché»", indique notamment le quotidien numérique.
06/03/2009

Suisse - Secret bancaire/UDC : il ne faut rien lâcher

Dans un entretien à L"Agefi suisse, Jean-François Rime, conseiller national UDC (Union démocratique du centre), estime que «si certains veulent soudainement changer les règles du jeu, alors tout le monde devra s"y plier. Si le secret bancaire devait tomber, au moins que cela soit le cas partout. Je pense que la Suisse ne doit rien lâcher maintenant. Ce n"est pas le moment d"agir dans la précipitation et d"abandonner des avantages qu"on regrettera dans six mois». «Au lieu de paniquer», explique le conseiller national au quotidien, «il faut rappeler certains principes. Nous avons conclu, que ce soit avec l"Union européenne ou avec les Etats-Unis par exemple, des accords internationaux qui sont toujours en vigueur. Ces accords doivent être respectés par tout le monde. Certes, on peut trouver quelques lacunes à la taxation à la source prévue dans la directive sur la fiscalité de l"épargne. Mais ce système choisi, négocié et signé entre Bruxelles et Berne dure jusqu"en 2013. Il faudra, j"en conviens, le préciser sur certains points. Mais nous avons le temps de l"améliorer».
06/03/2009

Allemagne - Les fonds de bons de jouissance souffrent

Surtout depuis la faillite de Lehman, le marché des bons de jouissance est devenu totalement illiquide. La dizaine de fonds spécialistes de ces titres hybrides entre actions et obligations sont une spécialité allemande et l’on estime l’encours total à quelque 800 millions, dont 550 millions pour les trois fonds de DWS (Deutsche Bank), rapporte la Frankfurter Allgemeine Zeitung. Si chez DWS on affirme ne pas avoir besoin d’intervenir, cominvest (AGI) a dû rembourser 130 millions d’euros sur l’un de ses deux fonds, Cominvest Genussscheinfonds, dont les souscriptions et les rachats ont été gelés, ce qui touche surtout des particuliers ayant investi 115 millions d’euros. L’autre fonds, Genussschein Plus A, n’est pour l’instant pas impacté. Pour sa part, HSBC Trinkaus & Burkhardt a suspendu les remboursements sur son fonds de bons de jouissance depuis fin septembre.
06/03/2009

Allemagne - Irrégularités chez Deka ?

Le gestionnaire d’actifs des caisses d'épargne, DekaBank, a annoncé avoir suspendus deux de ses opérateurs sur valeurs mobilières qui ont pratiqué des transactions irrégulières et provoqué des frais de courtage inutilies de 0,1-0,25 million d’euros, indique la Frankfurter Allgemeine Zeitung. Die Welt rapporte que selon certains proches du dossier, il y aurait eu enrichissement personnel.Par ailleurs, deux commissions de contrôle, l’une de Deloitte & Touche, l’autre de PwC, enquêtent sur les transactions de la banque. Celle de PWC cherche à vérifier le fondement des soupçons de la Bundesbank concernant d'éventuelles irrégularités portant au total sur un portefeuille de 1,6 milliard d’euros. Pour l’heure sans résultat ; le rapport devrait être prêt d’ici à la conférence de presse annuelle du 25 mars. Par précaution, Deka a déjà révisé à la baisse d’environ 100 millions d’euros son «bénéfice économique» de 2008.
06/03/2009

Allemagne - Forte expansion du marché des CFD

D’après le Steinbeis Center for Financial Services, le volume traité sur le marché allemand des CFD a gonflé de 50 % l’an dernier à près de 500 milliards d’euros tandis que le nombre de transactions opérait un bond en avant de 116 % à 19,4 millions et que celui des investisseurs s’accroissait de 66 % à 36.000, rapporte la Frankfurter Allgemeine Zeitung. Les trois principaux opérateurs, CMC Markets, RBS et IG Markets, qui représentent environ 85 % du marché, viennent de créer une association professionnelle.
06/03/2009

Allemagne - Fidelity, Franklin Templeton et Pioneer ont souffert en 2008

En 2008, les gestionnaires étrangers très spécialisés sur les actions ont été particulièrement éprouvés par la chute des marchés, constate le Handelsblatt. Ainsi, Fidelity a accusé une chute record de 44 % de son encours en Allemagne à pratiquement 7 milliards d’euros. Chez Fidelity plus de 85 % de l’encours sont placés en actions ; les institutionnels ont permis d’améliorer le résultat d’ensemble et les souscriptions nettes ont représenté 60 millions. C’est aussi le cas pour Franklin Templeton et Pioneer. Le premier a accusé une baisse de presque la moitié de ses actifs sous gestion à 8 milliards d’euros, les retraits nets ne représentant que 1,3 milliard. Chez Pioneer, l’encours a chuté de 38 % à 20,17 milliards d’euros, l’effet de marché contribuant pour presque les deux tiers à cette contraction.Au total, l’encours des sociétés de gestion membres du BVI a diminué d’environ 14 %.
06/03/2009

Etats-Unis - Wall Street replonge

Comme la plupart des marchés européens, Wall Street a terminé la séance du jeudi 5 mars sur un fort repli de 4%, le Nasdaq reculant pour sa part de plus de 3,5%.
06/03/2009

Etats-Unis - Quasi disparition des entreprises US notées AAA

Selon La Tribune, il ne reste que 5 sociétés américaines bénéficiant toujours de la meilleure notation financière (AAA) mais General Electric pourrait perdre son statut, notamment du fait d’inquiétudes sur la situation de sa filiale de services financiers, GECC. Les quatre autres entreprises américaines (hors institutions financières) disposant d’un « triple A » sont : Automatic Data Processing, Exxon Mobil, Johnson & Johnson et Microsoft, précise le quotidien économique et financier.
06/03/2009

Etats-Unis - Moody's envisage de dégrader JP Morgan, Wells Fargo et BoA

Cinco Días rapporte que Moody’s envisage de faire passer de stable à négative la perspective adjointe à la note de JP Morgan , tout en reconnaissant que l'établissement dirigé par Jamie Damon va perdre moins d’argent que d’autres, mais va être plombé par Washington Mutual. L’agence prévoit aussi d’abaisser les notes de Wells Fargo et de Bank of America. Pour cette dernière, que S&P a dégradée la semaine dernière, Moody’s apprécie la solidité du capital mais craint des provisions plus importantes que prévu pour couvrir les pertes sur le portefeuille de crédit et l’exposition aux marchés internationaux. En attendant, Citigroup cote moins d’un dollar et se classe 184ème capitalisation boursière mondiale, derrière une société de Malaisie.
05/03/2009

Germany - Asset levels slide at Axa IM

Assets under management at Axa Investment Managers in Germany totalled EUR49.6bn in 2009, compared with EUR60bn one year earlier, Handelsblatt reports. Most of the decline has involved assets managed on behalf of the group, while assets under management for external clients have fallen by EUR3bn, to a total of EUR7.6bn, solely due to falling markets: the manager has in fact registered net subscriptions from external clients of EUR203m.
05/03/2009

Spain - Banif Inmobiliario to concentrate asset sales in 2010

Santander Real Estate on Wednesday notified the CNMV that the Santander Banif Inmobiliario fund is planning to undertake most of its property sales in the second half of 2010, and the regulator has officially authorised the suspension of redemptions until February 2011, Cinco Días reports. Subscribers have asked the real estate fund to pay out slightly over EUR3.05bn, or 96.8% of total assets, to them. Santander itself has applied for a redemption corresponding to 3.42% of total assets.
05/03/2009

Spain - Transfers represent nearly half of gross subscriptions

According to statistics from the Spanish Inverco association of management firms, gross subscriptions last year represented EUR120.9bn. Of this total, transfers from other funds represented 43.8%, compared with about one third in previous years. Meanwhile, gross redemptions totalled EUR175bn, of which 30.1% were transferred to other funds. In total, transfers totalled EUR52.9bn, with the two most active months being January (EUR7bn) and October (EUR6.1bn).
05/03/2009

France - EUR17bn in new bond issues in Paris

L’Agefi reports, citing L’Agence France Trésor, French government bond issues are expected to increase by EUR17bn, or 10%, this year. France is planning to issue ?EUR155bn in BTAN and OAT [government bonds and coupons based on them], up from EUR145bn, and EUR37bn in treasury bonds (BTF), up from EUR30bn,? the online news source reports.
05/03/2009

United Kingdom - Tim Steer leaves New Star for Artemis

Tim Steer, one of the best-rated managers at New Star, will be leaving the firm, the Telegraph reports in its 3 March edition. The reports have since been relayed by several news sources. ?His departure is a setback for Henderson,? the management firm which will acquire New Star, the British newspaper comments.The manager of the UK Alpha Fund is joining Artemis, where he will contribute to the development of hedge fund activities. His colleague at New Star, Stephen Yiu, will also move to Artemis.
05/03/2009

France - GLG loses an appeal against the AMF

GLG Partners has lost an appeal against a EUR1.5m fine levelled against it by the French market regulator, the Autorité des marchés financiers (AMF), for insider trading of Vivendi shares, the Financial Times reports. The hedge fund firm has also appealed the decision to the Conseil d’Etat.
05/03/2009

United States - More bad news in store for institutionals

Major US investors such as pension funds and charities have another year of losses ahead of them, the Wall Street Journal estimates. Many of them invested in private equity, to which some allocated 10% of their assets or more. In the next few weeks, private equity firms will publish results that will show losses of 15-50% in fourth quarter.
05/03/2009

Singapore - Sovereign fund invested in banks too soon

At a bankers’ forum sponsored by Thomson Reuters, Lee Kuan Yew, chairman of the Government of Singapore Investment Corp (GIC), one of the largest sovereign funds in the world, has admitted that the fund invested ?too soon? in Citigroup and UBS, the Financial Times reports. GIC invested in the banks in early 2008.
05/03/2009

United Kingdom - Old Mutual plans to simplify structure

Julian Roberts, the new CEO of Old Mutual, has announced a ?simplification? of the group ?as soon as the financial environment will allow it,? the Financial Times reports. Some investors would like to see the firm dismantled, and particularly a separation of South African and international activities, the newspaper observes.
05/03/2009

United States - Tracker funds outperformed active management in 2008

On average, equities tracker funds lost 39.1% last year, while actively-managed equities funds lost 40.5%, according to Morningstar. The Wall Street Journal reports that, according to Lipper, actively managed funds suffered net outflows of USD221.8bn, while tracker funds posted net subscriptions of USD17.6bn. The big winners were ETFs. According to the Investment Company Institute, assets in equities ETFs rose from USD15.6bn at the end of 1998 to USD473.8bn at the end of 2008.
05/03/2009

Germany - C-Quadrat will be listed only in Frankfurt

C-Quadrat has announced that it is planning to withdraw its shares from trading on the Vienna stock exchange. The German management firm will then be listed only in Frankfurt. Shares in the firm began to be traded on the Austrian market in May 2008.
05/03/2009

World - Fitch to provide more details with ratings

Fitch Ratings is modifying the definitions of its various levels of AAA ratings, and will now supply more details in explanations of its ratings of debt and bond issuers, and of default risk ratings.
05/03/2009

Germany - Lyxor, Avana, and SGSS launch active management based on ETFs

?Active solutions with passive ETFs? and strict risk management is the theme around which a cooperation agreement officially signed on Wednesday by Lyxor Asset Management, Avana Investment, and Société Générale Securities Services KAG, is organized. The common point between the firms is that they are all led by former directors from Indexchange and Pioneer, from the time when both firms were owned by HypoVereinsbank (HVB). The objective is to adapt the ETF product range, beyond simple products, to include genuine asset allocation and effective risk management, which is a concept of interest to a growing number of investors. This area forms the particular niche fo the new management firm Avana (see Newsmanagers of 6 February), which uses a trend-monitoring model applicable to all asset classes for which ETFs are available.Each partner will bring its own expertise to the the announced partnership: Lyxor AM (Société Générale group) is one of the foremost European issuers of ETFs, while Avana is an asset manager and risk manager, and SGSS Germany will provide its expertise in the area of fund administration; it currently administers 550 funds with assets of EUR55bn.
05/03/2009

France - ETF Securities debuts on French ETF market

ETF Securities, a specialist in Exchange Traded Commodities (ETC), has announced the launch in France of an ETF platform which replicates the performance of sectoral indices of shares in companies active in the commodities sector. 13 new ETFs will be listed on NextTrack, the segment of NYSE-Euronext dedicated to ETFs.
05/03/2009

Spain - Santander avoided closure of Banif Inmobiliario in November

It is now apparent that there were troubles at the Bantander Banif Inmobiliario fund as early as November 2008. Expansión reports that Santander has admitted that at that time, it injected EUR160m, or 3.42% of assets in the fund, to avoid freezing the fund after it received redemption demands totalling EUR500m at the end of its last redemption window in 2008. The bank covered all the redemption demands it could with available cash, totalling about EUR400m, and invested its own equity in the fund to make up the difference and keep up with redemption demands. It has since submitted its own redemption demand, and will recuperate its own money at the same time as other subscribers. Santander also announced on Wednesday that it is planning to take onto its own books some of the shares which will be redeemed to clients on 9 May.
05/03/2009

World - Emerging markets outperform developed markets in February

In February, emerging markets suffered less than equities markets in developed countries. The Russell Emerging Markets Index posted a loss of 5.6% for the month, compared with -10.1% for the Russell Developed Index. Among emerging countries, the Chinese and Brazilian countries performed particularly well.
05/03/2009

Germany - Positive month for fund management in January

In January, net subscriptions to funds on sale in Germany totalled EUR13.92bn, the best results of the past six years, except in 2007 (EUR15.4bn). This total compares to only EUR5.3bn in December, and EUR9.76bn in January 2008. Of this total, open-ended funds attracted EUR78.36bn, compared with EUR3.97bn the previous month, and EUR7.12bn one year previously. All categories of products within securities funds posted net inflows in January, except guaranteed funds (-EUR141.6m). The strongest net subscriptions were to equities funds, with EUR4.04bn, and bond funds, with nearly EUR1.5bn.
05/03/2009

Europe - Record subscriptions to gold funds in 2008

In 2008, gold funds posted net subscriptions in Europe of EUR2bn, more than 17 times their levels in 2007, according to Lipper FMI.The increased demand for the funds comes in the context of a global ?gold rush.? According to the World Gold Council, demand for investments in gold, including ETFs, ingots, and coins, was 64% higher last year than in 2007. In the first months of this year, demand has grown even stronger, which has driven the price of gold above the psychologically significant threshold of USD1,000 per ounce.Management firms have sought to catch this wave, with 11 new funds launched in 2008, bringing the total number of products available to 62. Assets nonetheless declined slightly to slightly under EUR10bn, due to falling equities markets.Last year, the largest fund invested in physical gold, which has been the subject of a major rebound in interest, was released in Germany by Hansainvest. The fund allows investors to redeem their investment in the form of gold ingots.Aside from this originality, the majority of funds are products invested in shares in gold mines, Lipper states. A minority of funds are commodities products.The five most popular funds last year were the ZKB Gold ETF, which posted net subscriptions of EUR1.4bn, BlackRock Gold & General, LCL Actions Or Monde, Julius Baer Precious Metals ? Physical Gold, and BlackRock Global ? World Gold. In terms of assets, the dominant management firm in this area was BlackRock, with 50.3% of assets un 2008, followed by Swisscanto in distant second place (21.8%).

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