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20/11/2013

L'entrée en vigueur d'IFRS 9 est reportée

L’IASB vient de terminer une partie de ses travaux sur la norme de comptabilisation des instruments financiers. A défaut de pouvoir être très rapidement finalisée, IFRS 9 ne sera pas obligatoirement applicable en janvier 2015 ce qui laissera plus de temps aux entreprises pour s’adapter.
20/11/2013

Les émissions d’obligations chinoises sous tension

Le resserrement du crédit en Chine aurait pesé sur l’émission obligataire réalisée par China Development Bank, qui n’aurait été servie qu’à hauteur de 40% de son objectif initial de 24 milliards de yuans et pour un rendement de 5,5%, selon le quotidien. Agricultural Development Bank of China aurait par ailleurs dû repousser son émission, à l’instar de China Railway Corporation, BYD et Baidu, suite à une hausse de 100 points de base des rendements d’Etat à 10 ans.
20/11/2013

ICE vise une cotation d'Euronext d'ici à l'été prochain

Une semaine après avoir finalisé le rachat de Nyse Euronext pour 11 milliards de dollars, IntercontinentalExchange (ICE) a annoncé hier son intention d’introduire Euronext en Bourse d’ici à l'été prochain et sa volonté de fermer la filiale de haute technologie du New York Stock Exchange. ICE entend porter à 500 millions de dollars le montant des économies réalisées grâce à cette acquisition, contre 450 millions prévus jusqu’ici. Il compte également ramener les effectifs du nouvel ensemble d’environ 4.100 personnes actuellement à un total compris entre 2.600 et 2.700. Interrogé par Les Echos, le futur directeur général d’Euronext Dominique Cerruti précise de son côté que l’opérateur boursier européen comprendra lors de son IPO environ 800 personnes avec à sa tête un directoire de 7 membres, et qu’Euronext projetait d’extraire Liffe, le marché des dérivés, afin d’intégrer celui-ci dans ICE, pour février 2014.
20/11/2013

La réforme des entreprises publiques en Chine bientôt dévoilée

Pékin devrait annoncer les lignes directrices de son projet de réforme des entreprises publiques, accompagnées d’un calendrier de déploiement des mesures, dès le début de l’an prochain, selon l’Economic Information Daily qui se réfère à une source proche du dossier.
19/11/2013

Credit Suisse met l’accent sur la banque privée grâce au crédit

La banque helvétique souhaite voir les actifs de ses clients fortunés (disposant de plus de 50 millions de dollars) contribuer à hauteur de la moitié de ses actifs sous gestion contre 44% aujourd’hui. C’est ce qu’ont confié à Reuters les codirigeants de la banque privée de Credit Suisse, Robert Shafir et Hans-Ulrich Meister. La banque y voit un moyen de compenser la baisse de rentabilité de sa banque d’investissement. Les dirigeants misent notamment sur une progression des crédits accordés aux clients fortunés.
19/11/2013

Pékin veut accélérer la convertibilité totale du yuan

Le gouverneur de la Banque populaire de Chine Zhou Xiaochuan, s’est déclaré favorable à une accélération des réformes permettant la convertibilité totale du yuan, une évolution réclamée par un grand nombre de partenaires commerciaux du pays. La banque centrale s’est ainsi dite favorable à ce que le yuan devienne «en gros, convertible» d’ici 2015, sans toutefois donner davantage de précisions.
19/11/2013

L'OCDE demande à la BCE de se tenir prête à agir

Le chef économiste de l’OCDE Carlo Padoan a appellé la BCE à déployer un assouplissement quantitatif proche du modèle américain afin d’aider la monnaie unique à éviter une spirale déflationniste à la japonaise. «La BCE doit se montrer très prudente et se préparer à utiliser des mesures même non conventionnelles pour étouffer tout risque de déflation devenant permanent», a-t-il estimé.
19/11/2013

Ossiam tops EUR1bn under management

Ossiam, the specialist ETF asset management firm for smart beta strategies, has announced that it has topped EUR1bn in assets, including EUR789bn in ETFs alone. In december 2012, the firm already had nearly EUR557m in assets under management via its strategy ETFs, a growth of 41.6% in nearly one year.The Natixis Global Asset Management affiliate sells Minimum Variance strategy ETFs and ETFs based on an Equal Weight strategy. This latter family, based on the STOXX Europe 600 universe, has posted the strongest growth in its assets (+164%) in the past twelve months, followed by Ossiam Emerging Markets minimum variance (+131%).
19/11/2013

Record assets at C-Quadrat

The Austrian-German asset management firm C-Quadrat on 18 November announced that as of 30 September, it had posted record assets of EUR4.8bn, which represents a 12% increase compared with the end of December.Net profits in third quarter totalled EUR3.5bn, compared with EUR0.6m in the corresponding period (an increase of 529%), while earnings of EUR42.9m were up 31% compared with July-September 2012. 85% of earnings come from management commissions, and 9% from performance commissions.
19/11/2013

Losses down at Nuveen Investments

For the quarter to the end of September, Nuveen Investments has posted losses of USD6m, compared with USD76.7m for the corresponding period of last year, while losses in January-September total USD167.3m, compared with USD525.1m.The Chicago-based asset management firm has reported assets of USD214.86bn as of the end of September, compared with USD216bn as of the end of June, with net outflows of USD5.09bn in June-September. One year previously, assets under management totalled USD220.09bn, after net redemptions of USD74m in third quarter 2012.Nuveen Investments has also announced the recruitment of David R. Wilson, who had been responsible for more than USD9bn in customised mandates at Cutwater Asset Management, as managing director, to lead the new Institutional Solutions Group unit. He will report to Bill Huffman, chairman of Nuveen Asset Management, and will lead a team responsible for designing custom strategies for retirement savings plans, public funds, charities, insurers, and other institutional investors.Lastly, the asset management firm has appointed Maureen Beshar as executive vice president and head of institutional sales, based in New York. She will join in December, and will report to Tom Schreier, vice chairman of wealth management. She had previously been head of institutional sales & consultant relations at Clearbridge Investments.
19/11/2013

Credit arm of Brevan Howard appoints head of development

Jennifer Drake, ex-managing director at Goldman Sachs, has been appointed as head of development at DW Investment Management, the US-based credit division of Brevan Howard, Financial News reports. She will be based in New York and will chair the executive and risk boards at the asset management firm.
19/11/2013

BNY Mellon forecasts doubling of “cat bonds” assets by 2018

Assets in catastrophe bonds (cat bonds) currently total USD19bn, and may reach USD50bn by the end of 2018, according to a report by BNY Mellon (The disaster gap: How insurers and the capital markets can harness big data to close the gap). The compound average growth rate (CAGR) for this asset class is expected to come to 20% for the period under review.In terms of insurance-linked securities (ILS), of which cat bonds form part, assets are expected to reach USD150bn by the end of 2018, with a CAGR of 25%.By comparison, the CAGR for the past 13 years has been 24% for ILS, and 30% for cat bonds over the last 9 years..
19/11/2013

Madoff victims will be able to be reimbursed

Indirect victims of the fraud by Bernard Madoff will now be able to recuperate a part of the money they lost, the Wall Street Journal reports. Previously, only investors who had invested directly with Bernard L. Madoff Investment Securities could claim reimbursement. Investors in feeder funds were excluded from a share of the funds recovered by Irving Picard, legal trustee for the seized assets of Madoff. But since Monday, investors may recover the money from Richard C. Breeden, who has been appointed by the Manhattan prosecutor’s office to distribute USD2.35bn in assets to the victims of Madoff.
19/11/2013

Strong growth in inflows to UCITS equity funds in September

UCITS recorded net outflows of EUR 15 billion in September, compared to net inflows of EUR 15 billion in August, according to the European Fund and Asset Management Association. This turnaround in net sales can be attributed to large net outflows from money market funds. They registered net outflows in September of EUR 24 billion, compared to net inflows in August of EUR 15 billion. Long-term UCITS (UCITS excluding money market funds) registered increased net inflows in September of EUR 9 billion, up from break-even point in August. Net sales of equity funds rose to EUR 14 billion from EUR 2 billion a month earlier, while net sales of balanced funds increased to EUR 5 billion from EUR 3 billion in August. Bond funds registered net outflows of EUR 9 billion, up from EUR 7 billion in August. Total non-UCITS recorded a rise in net sales to EUR 17 billion, up from EUR 9 billion in August. This increase in net sales can be attributed to special funds (funds reserved to institutional investors) which registered net inflows of EUR 16 billion, compared to EUR 5 billion in August. Total net assets of UCITS stood at EUR 6,753 billion at end September 2013, representing a 1.6 percent increase during the month.
19/11/2013

Credit Suisse sets up fixed income unit

The Credit Suisse group is in the process of setting up a new division which will group fixed income, currency and commodity operations, and which will result in staff reductions of 100 people in London and New York, the news agency Bloomberg reports, having obtained an internal memo distributed to personnel.The new division, entitled Global Macro Products, will be led jointly by the global head of fixed income, Joni Kinol, in New York, and the global head of currencies, David Tait in London. A spokesperson for the group in Zurich has confirmed the reports.
19/11/2013

Cantonal Bank of Zurich takes over market making for 32 investment funds

The Cantonal Bank of Zurich (ZKB) has taken over market making for 32 investment funds on behalf of the Swiss SIX stock exchange, the Swiss stock market announced on 18 November. As a new sponsor and market maker, ZKB is introducing 18 new products for trading on the Zurich market. ZKB is also taking over market making for 14 other products for which the Julius Baer bank is assuming the same role, SIX says in a statement. Overall, about 304 sponsored funds are traded on the Swiss stock market.
19/11/2013

Wealth management: Infidar merges with WMPartners

Julius Baer on 19 November announced that its affiliate Infidar will merge with WM Partners to form one of the largest independent wealth management firms in Switzerland. Infidar Conseils en Investissements SA (Infidar), founded in 1954, with headquarters in Zurich, has 26 employees, and is led by Markus Gonseth since 2007. WMPartners Vermögensverwaltungs AG (WMPartners), also based in Zurich, was founded in 1971, and is managed by three partners: Willi Leimer, Balthasar Meier and Heiner Grüter. The two businesses are currently leaders in independent wealth management in Switzerland.Initially, the Julius Baer group has taken over shares in WMPartners. In a second phase, Infidar will merge with WMPArtners. The conditions of the transaction will not be made public. With a total of about 50 employees and CHF4bn in client assets, the business will be one of the largest independent wealth managers in Switzerland, and will collaborate with 30 depository banks.
19/11/2013

Chinese hedge funds expanding rapidly

Citic Securities Futures, from the Citic Securities group, has created an RMB2bn (USD330m) fund, which will be invested in local hedge funds, the Financial Times reports. The asset management firm Hwabao Securities is launching a similar USD1bn fund in partnership with KKM Capital, a firm which helps Chinese hedge fund firms to establish their activities. This is a sign of the growing interest in hedge funds in China. Six foreign hedge funds have also recently obtained licenses to raise capital from Chinese investors for the first time: Canyon Partners, Citadel, Man Group, Oak Tree, Och-Ziff Capital Management and Winton Capital Management.
19/11/2013

Emerging market hedge funds improve their performance

Hedge funds dedicated to emerging markets have earned good results in third quarter, as the HFRI Emerging Markets Total Index has posted gains of 3% in the quarter, and 2.5% in the month of October alone, while performance since the beginning of the year totals 4.7%, a better result than most equity markets in emerging countries. Capital invested by hedge funds in emerging markets have increased to a record USD161bn. Assets in hedge funds invested in Asia have increased by USD1.8bn in third quarter to a total of USD42.3bn.
19/11/2013

Financial institutions could improve the quality of their information

The European securities markets authority (ESMA) on 18 November published its conclusions on the comparability and quality of financial information published by publicly-traded financial establishments.ESMA, which has studied a sample of 30 major financial institutions for most banks included in the most recent evaluation period of the European banking authority, has laid out a series of recommendations which are expected to improve the transparency of financial information in some key areas, including credit risk, financing and liquidity risks, and the fair valuation of financial instruments. ESMA observed that it was difficult to compare the information published by banks due to disparities in the structure of financial reports, or because the use of derivative financial instruments is not sufficiently documented in financial reports. In light of its conclusions and recommendations, ESMA claims that from 2013, the financial sector will need to offer improved information on exposure to credit risks, means to limit thi exposure (collateral, guarantees or credit default swaps, or CDS), as well as analysis of specific concentrations of credit risk and depreciation strategies in order to allow investors to evaluate overall credit risk. ESMA has also published the final version of its technical standards concerning derivative trades carried out by counterparties not belonging to the European Union.
19/11/2013

Regulators concerned about liquidity

The Financial Conduct Authority in the United Kingdom has expressed doubts about the ability of asset management firms to honours their promises in terms of liquidity, Financial Times fund management reports. This coincides with work at the US Treasury to determine whether asset management firms present a systemic risk and if they need to hold a high specificed minimal level of liquid assets. Asset management firms which have liquidity problems may be required to lock investors in funds, or to introduce high exit penalties. Will Amos, of the FCA, says that one of the changes since the crisis is that the capacity of banks to provide liquidity to funds has fallen.
19/11/2013

FSB seeks to domesticate appetite for risk

The Financial Stability Board (FSB) on 18 November published documents which are intended to help supervisers to strengthen risk management practices at financial institutions. The first of these documents is a final version of principles intended to regulate appetite for risk; the second is a consultation document which proposes a series of recommendations for the management of the culture of risk in the financial sector. In both cases, the proposals aim to better regulate systemic establishments (SIFIs). The consultation is open until 31 Janary 2014.
19/11/2013

Achmea awards major mandate to Syntrus Achmea

The Netherlands insurer Achmea has selected its own asset management firm, Syntrus Achmea, to manage a EUR8bn bond portfolio, Fonds Nieuws reports. The website stresses that Achmea (which has EUR4.26bn in assets under management) is still seeking a manager for a value equity portfolio.Robeco and F&C Asset Management are the two main asset managers for Achmea.
19/11/2013

UBS Wealth recruits from Deutsche Bank

UBS Wealth Management has recruited a team of six people, who previously worked at Deutsche Bank, Investment Week reports. The team of experts will join the unit dedicated to strategic partnerships, in order to help the group to meet growing demand for financial planning services. Financial planners will help investors to place assets on platforms.
19/11/2013

BNP Paribas reportedly only contender to acquire IP&ED unit of RBS

According to De Telegraaf, relayed by Fund Nieuws, Royal Bank of Scotland has entered exclusive negotiations with BNP Paribas to sell its European structured investment product activities to the French group, including the famous “turbos” taken over from ABN Amro.For its part, fundweb reports that RBS has confirmed that it is currently in talks “with a potential outside buyer” for its investor product & equity derivatives (IP&ED) operation.
19/11/2013

F&C Investments appoints head of retail distribution

F&C Investments has announced the appointment of Robet Thorpe as head of consumer. He will join the firm in December from Sarasin & Partners, where he had been head of retail, after serving as head of UK retail for nine years at Cazenove Capital. At F&C Investments, Thorpe will be responsible for sales and distribution to retail clients and investment trusts.
19/11/2013

Graham French leaves M&G

M&G Investments in 18 November announced that one of its best-known managers, Graham French, is retiring. He will now hand the management of the M&G Global Basics fund to his deputy, Randeep Somel, who has been working alongside him for more than five years. “After nearly 25 years at M&G, the time has come to pass the baton to another generation of portfolio managers. I am retiring knowing that I am leaving the shareholders in the Global Basics fund in very good hands,” saysa French in a statement.The deputy manager of the M&G Global Basics fund since 2010, Somel was trained in international equity management internally at M&G, as was Matthew Vaight, manager of the M&G Global Emerging Markets Fund (EUR1.4bn as of 30 September 20130, and the M&G Asian Fund (EUR576m as of the same date) and Stuart Rhodes, manager of the M&G Global Dividend Fund (EUR9bn, also as of 30 September). He has been a member of the international team since he began at M&G nearly nine years ago.There will be no changes to the investment approach of the M&G Global Basics fund, whose assets as of the end of September totalled EUR5.1bn, the statement sayas. The philosophy and investment principles of the fund will remain unchanged: management will continue to be oriented around a conviction portfolio without benchmark constraints and composed of about 60 positions.The only dark spot in the picture is that the M&G Global Basic shows returns of only 4.7% in the past three years, compared with gains of more than 33% for the corresponding benchmark index. According to Citywire, French has recently apologised to investors for the underperformance of the fund, whose assets under management peaked at GBP6.6bn in June 2011.
19/11/2013

Pimco to recruit for its equity unit

Pimco will launch a wave of recruitments of managers, traders and analysts at the beginning of next year, in order to build up its equity unit, Financial News reports. The process will be led by Virginie Maisonneuve, who will join the firm from Schroders in January.
19/11/2013

Aberdeen AM acquires SWIP

Aberdeen Asset Management on 18 November announced that it has signed a final agreement with Lloyds Banking Group to construct a long-term strategic alliance, which will include the acquisition of Scottish Widows Investment Partnership (SWIP) by Aberdeen, as well as its private equity fund management and infrastructure fund management operations.The announcement confirms reports in the British press (Newsmanagers of 18 November). The cost of the transaction totals about GBP550m, with an additional payment over five years of up to GBP100m, depending on the performance recorded. Assets under management and activities acquired by Aberdeen total about GBP136bn.Aberdeen has also published its results for the period to 30 September, which include an increase of 7% to its assets under management, to GBP200.4bn, compared with GBP187.2bn one year previously. The year finished with outflows of GBP2.5bn, however.Pre-tax profits were up 39%, to GBP482.7m, compared with GBP347.8m.

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