La confiance des ménages s’améliore en zone euro
Selon la Commission européenne, l’indice mesurant la confiance du consommateur dans les 17 pays qui composent la zone euro a progressé à -23,9 en janvier contre -26,3 (chiffre révisé) en décembre. Le chiffre est meilleur que celui de -26 qu’attendaient les analystes. Dans l’Union européenne, la confiance s’est elle aussi améliorée, l’indice atteignant -21,9 contre -23,9 le mois dernier.
La hausse des taux moins urgente au Canada
Le gouverneur de la Banque du Canada Mark Carney a estimé que la nécessité de relever les taux d’intérêt devenait moins urgente en raison du rythme plus lent pris par l’économie canadienne pour atteindre sa pleine mesure. La Banque du Canada a maintenu son taux benchmark sur les prêts au jour le jour entre banques commerciales à 1%, un niveau affiché depuis septembre 2010. L’inflation devrait s’établir à 0,9% ce trimestre, selon le rapport de politique monétaire.
Le FMI anticipe un rebond en 2014
Une récession persistante en zone euro et une économie fragile au Japon pèseront sur la croissance économique mondiale cette année avant un rebond en 2014, prélude à l’expansion la plus rapide depuis 2010, a annoncé le Fonds monétaire international (FMI) mercredi. Le FMI a revu à la baisse sa prévision de croissance mondiale à 3,5% contre 3,6% dans ses projections d’octobre, mais il dit s’attendre à une croissance de 4,1% en 2014 si l'économie de la zone euro se redresse effectivement. En 2012, la croissance mondiale a été de à 3,2%, selon les données du FMI. Pour ce qui est de la France, le Fonds ne prévoit plus que 0,3% de progression du PIB cette année, soit un demi-point de moins que le gouvernement.
23/01/2013
Nine US businesses achieve excellence in sustainable development
Alcoa, Sonoco Produts, PepsiCo and six other US bisinesses rank among the global leaders in sustainability, according to the Zurich-based sustainable investment firm RobecoSAM, which reports that Europe no longer has an exclusive monopole in social responsibility. Nine US businesses have been distinguished with a gold medal for their business sector in the Sustainability Yearbook 2013, published by RobecoSAM and KPMG International for the World Economic Forum (WEF) in Davos, which is beginning this Wednesday, 23 January. Germany and South Korea take second and third place in the ranking for number of gold medals, with six medals each. Among the firms winning the award are Siemens, SAP and Henkel from Germany, GS Engineering, Amorepacific and SK Telecom from Korea. These countries are followed by the United Kingdom and France with five medals each, including Air France-KLM, Suez Environnement and Sodexo. More than 2000 businesses worldwide were evaluated, in 58 sectors. Overall, 67 received gold medals. On the basis of a detailed study, each one received a rating that might be based on up to 120 ecnomic, financial, environmental, social and governmental criteria in their own business sector. The results allow investors to identify firms which make the most effort to deal with risks and opportunities inherent in sustainabile development, RobecoSAM says. The Netherlands-based Unilever (foods and cosmetics) is the only business to have been named as a leader in its sector in every edition of the study since its inception in 2004. The number of North American firms participating in the sustainability evaluation has virtually doubled since 2004, from 111 to 194 in 2012. In Asia, also, large groups now stand out for sustainable development.
23/01/2013
CSSF issues a warning
The Financial Sector Surveillance Commission (CSSF) on 21 January issued a warning in relation to the activities of an entity known as Kleinwort Finance, which claims to be based at L-24-49 Luxembourg, 26 boulevard Royal (website: www.kleinwort.lu). According to information obtained by the CSSF, the entity offers individuals contacted investment and investment advising services. “The CSSF informs the public that Kleinwort Finance does not have the necessary licenses to provide financial services in or from Luxembourg,” a statement from the CSSF says.
23/01/2013
State Street GA launches two TA funds
In London, State Street Global Advisors (SSgA) on 22 January announced the launch of the SSgA Flexible Asset Allocation Fund and the SSgA Flexible Asset Allocation Plus Fund. The two multi-asset class products may invest in equities, bonds and alternative supports such as commodities, real estate and infrastructure.The dynamic tactical asset allocation funds will use the exclusive Market Regime Indicator (MRI) from SSgA, which allowed for market signals to be converted into indications of market sentiment.The two funds will be managed by the Investment Solutions Group at SSgA, which has some 50 investment professionals in several locations worldwide.
23/01/2013
ETF Securities lists 28 ETPs on the Swiss stock exchange
After listing its first ETFs on the SIX Swiss Exchange in September 2012, ETF Securities on 22 January added a series of 28 new ETPs, which replicate Dow Jones UBS commodity indices. All of the new products are hedged for currency risks in Swiss francs.
23/01/2013
Assets at Moneta top EUR1bn
Assets under management at Moneta Asset Management were over EUR1bn at the end of 2012, compared with less than EUR800m at the end of December 2011, Patrice Courty, manager of the Moneta Long Short fund announced at a conference on 22 January. Market effects accounted for about 75% of this evolution, as inflows gradually took of in second half. Courty states that despite the rebound, assets under management remain about 10% below their peaks in 2011 (EUR1.15bn). Courty also noted that the fund he manages, the Moneta Long Short, is doing well, with assets of about EUR45m, and average performance over six years of 4.5%, compared with 1.5% for four available French long/short funds. From his point of view, macroeconomic concerns are less severe than last year, and the market is less risky, meaning that “stock-picking will return to the foreground.”
23/01/2013
Assets at Amundi ETF up 37% in 2012
On 22 January, Amundi ETF announced that in 2012 it posted net inflows of EUR1.4bn. Assets under management, for their part, rose 37%, from EUR6.5bn as of the end of December 2011, to EUR8.9bn at the end of 2012. This trend is continuing in early 2013, as assets under management have passed EUR9bn, a statement says.
23/01/2013
Steep decline in UCITS money market fund population since 2011
Since 2011, the number of money market UCITS funds has declined steeply in the euro zone (519 over two years), partly due to their new definition under the ECB/2011/13direcgive, which is better suited to surveillance ends, the European Central Bank has announced, in parallel with the publication of statistics about Monetary Financial Institutions (MFI), of which UCITS-compliant funds are a subsector. The central bank has also observed that the contraction in the UCITS fund subsector continued in 2012, more particularly in Luxembourg (-128) and in France (-84). As of 1 January 2013, the vast majority of MFIs in the euro one consisted of credit establishments (commercial banks, savings banks, postal banks, credit cooperatives, etc.) which represent 85.5% of the total (6,019), while money market UCITS funds represent 14% (987). Central banks (18, including the ECB) and other institutions (35) represent a combined 0.2% of all MFIs in the euro zone.
23/01/2013
Forrmer BlueGold manager founds a hedge fund
Pierre Andurand, co-founder of BlueGold Capital Management, has founded Andurand Capital Management, which already manages a managed acount, and will launch a fund in February, Financial News reports. His hedge fund will specialise in oil derivatives.
23/01/2013
Deka resells a property for a profit
The open-ended real estate fund WestInvest InterSelect from Deka Immobilien has resold a 16,400 square metre warehouse, office and production complex, located at Lindberghstraße 2 in Hallbergmoos (30 minutes from Munich), to a private investor. The entire area is leased to BMW.Deka Immobilien has not disclosed the sale price, but states that the fund made a gain. In addition, this allows the fund to renew its portfolio, as Lindberghstraße 2 was delivered in 1996.
23/01/2013
Natixis AM launches an equity fund dedicated to India
IDFC Asset Management Company, an affiliate of Natixis Global Asset Management (NGAM), on 22 January announced the launch of the IDFC India Equities Fund, an equity fund of all cap sizes belonging to the Natixis International Funds (LUX) I, the UCITS-compliant Luxembourg Sicav of NGAM. The fund (USD14bn in assets under management as of 31 December 2012) uses a strong conviction-based investment strategy for equities of all cap sizes, with the objective of profiting from long-term growth trends in the Indian economy. It will invest in a portfolio of 35 to 45 top calibre equities as well as business in sectors with strong potential for growth in India. The fund identifies major themes and macro trends with a top-down approach coupled with bottom-up stock-picking.
23/01/2013
LBPAM releases crossover bond fund
On 6 December, La Banque Postale Asset Management (LBPAM) launched the French-registered FCP fund LBPAM Obli Crossover, which has already passed EUR120m in assets, without cannibalising its elder sibling, LBPAM Obli Crédit, whose assets now total over EUR400m, said Samir Bederr, head of credit and convertible management. The fund has already been well-received by institutionals, multi-managers and private managers.The portfolio is at least 50% invested in securities denominated in euros rated investment grade, and up to 50% in junk (BB) bonds, with an extension limited strictly to 10% for single B-rated securities. The average rating is BBB-, and CIO Vincent Cornet insisted at a press conference on 22 January that the management team will be required not to raise risk excessively. With this in mind, allocation to triple-B rated securities is limited to 5-year maturities, while double-B securities are limited to three years.For the fund, LBPAM has increased its “5B,” or crossover, management capacities, with the recruitment of a specialist manager (Arnaud Colombel), and an analyst focused on high yield. The firm has created a universe of 280 private issuers for up to EUR650bn.The objective is to outperform a benchmark composed 50% of the Barclays Euro Aggregate 500 MM corporate BBB 1-5 year, and 50% of the Barclay Euro High Yield BB 1-3 year, by 0.50%, after management fees.CharacteristicsName: LBPAM Obli CrossoverISIN code: FR0011350685Initial net asset value: EUR10,000Real internal and external management fees: 0.50% (I share class)Minimal initial subscription: EUR1mMinimal recommended investment duration: 3 years
23/01/2013
Private banking: inflows continue to rise, but profits under pressure
Private banks in Switzerland have continued to post inflows in recent year, but at a much more modest pace, and their profits are not what they once were, according to a survey by the agency PwC, Agefi Switzerland reports. Since 2007, earnings for private banks in Switzerland have declined sharply, largely due to a decline of an average of about 20% in assets under management from their peak in 2007 to the end of 2011. With considerably lower trading volumes and rising mistrust on the part of clients of overly complicated investment products, gross margins on assets under management are far lower (122 points in 2007, 104 in 2010 and 101 in 2011). The Swiss private banking market is increasingly under tax pressure. In this context, average income per employee has fallen 40%, from CHF656,000 in 2007 to CHF395,000 in 2011, PwC reports. A collapse in assets under management since 2007 is also a cause of negative investment performance in 2008 (-22.9%), 2010 -6.1%) and 2011 (-6.3%). Annual growth in net assets did not exceed an average of 1.4% from 2009 to 2011.
23/01/2013
UBS develops Global Family Office activities
UBS is developing its Global Family Office (Gfo) activities in the Americas. GFO activities take the form of a joint venture between the Investment Bank and Wealth Management. The development strategy for GFO activities on three continents (Europe, Asia, and the Americas) has been completed, UBS announced on 22 January. UBS has GFO hubs in Zurich, Geneva, London, Hong Kong, Singapoore, Sydney and New York. GFO activities are managed in a manner similar to those serving institutional investors. Assets under management by these activities currently total USD50bn.
23/01/2013
Former head of wealth management at Vontobel joins BlueOrchard
Peter Fanconi, former head of wealth management at Vontobel, is joining the microfinance specialist BlueOrchard as CEO, according to a statement released on 22 January by the Swiss firm. Fanconi will begin in his new role on Wednesday, 23 January. The current CEO, Wolfgang Landl, has decided to return to his advising activities. He will continue to be associated with BlueOrchard as an adviser for marketing and sales.
23/01/2013
Balfidor hires big wheels
The cantonal bank of Zurich (ZKB) has announced that due to new challenges in fund management, administration and accounting, the board of directors at its Basel affiliate Balfidor Fonsleitung AG has been extended with the addition of Professor Peter Meier from the University of Winterthur, a specialist in collective management and real estate funds. Peter Bäumli has also been elected as a director representative of ZKB.ZKB board member Bruno Schranz will take over from 1 February as director of Balfidor Fondsleitung AG, as CEO. He will be assisted by Thomas Wiggli, who had previously managing director.Balfidor as of the end of December had assets of CHF38bn, in 96 funds and 4 ETFs. In 2007, assets under management totalled CHF15bn. Assets under administrration total CHF57bn. Balfidor has 76 employees.
23/01/2013
Muzinich recruits a Schroders veteran
Muzinich & Co has recruited the emerging market debt manager Warren Hyland in London, Citywire reports. He joins from Schroders, where he had worked since 2001.
23/01/2013
Schroders trader arrested
An equity trader at Schroders, reported to be Damian Frank Clarke, and four others, were arrested on Tuesday morning as part of an investigation into insider trading by the Financial Services Authority, the Financial Times reports. The asset management firm confirmed the arrest, and stated that it has immediately suspended the individual. It adds that the FSA had told it that “the allegations relate entirely to this individual’s personal actions. Schroders is not subject to any investigation. There is no indication of any detrimental impact on our clients or financial results.”
23/01/2013
Invesco Perpetual instigates a coup at Stobart
The Times reports that Invesco Perpetual has led an investor coup, which has replaced the longstanding chairman at the transport firm Stobart, Rodney Baker-Bates, with Avril Palmer-Naunack, former CEO of Autologic. Palmer-Baunack becomes full-time executive chairman, and now runs the firm with CEO Andrew Tinkler.Stobart one week ago announced a profit warning and that its chilled distribution activities would be discontinued.Invesco Perpetual holds 37% of capital in the firm, whose non-executive chairman, David Beever, is also leaving his job.
23/01/2013
David Barron leaves JPMorgan AM
Investment Week reports that David Barron, head of investment trusts, has left J.P. Morgan Asset Management, where he had been responsible for 21 products, with assets of GBP6.6bn. His successor will be named “in due course,” says Jasper Berens, head of UK funds.
23/01/2013
Métropole Gestion hires exec in Germany
Bianca Salzer, who had been institutional business director for Germany at Allianz Global Investors, is joining the distribution team at Métropole Gestion in the country as director for institutional clients. She will report directly to Markus Hampel, country head.
23/01/2013
Laransa founds a wealth management affiliate
The Berlin-based asset management firm Laransa AG on 22 January announced the creation of Laransa Private Wealth Management GmbH, an independent wealth management firm aimed at high net worth clients with at least EUR500,000 in savings to invest.The new affiliate will aim to provide complete and personalised service according to the propensity of each client to risk. It will also assist clients with the selection of external advisers.Laransa PWM will charge 0.9% plus VAT on the average assets of the client, while all fees and kickbacks will be reimbursed or transferred to the client.
23/01/2013
New head for real estate unit of Lloyd Fonds
Timo Wolf, who for the past four years has been CEO of Polares Real Est Asset Management GmbH and a board member at TAG Gewerbeimmobilien AG, will on 1 March join Lloyd Fonds Real Estate Asset Management GmbH as CEO. He succeeds Hanno Weiß, who had been director of the real estate unit since 2006 and is retiring. The Hamburg-based Lloyd Fonds has 11 closed real estate funds, whose properties are all wholly leased.
23/01/2013
BlackRock's stake in Linde falls below 5%
The German Linde group announced in a statement to the market on 22 January that on 18 January, it received a notification from BlackRock Advisors Holdings that the US asst management firm had on 14 January fallen below the 5% threshold in the capital of Linde AG, and that its stake on that date totalled 4.996%.
23/01/2013
Carmignac Gestion: Switzerland and institutionals on the agenda in 2013
Eric Helderlé, CEO of Carmignac Gestion, on Tuesday, 22 January at a press conference in Paris discussed the asset management firm’s plans for 2013. Internationally, the firm is planning to create a physical presence in Switzerland, in the form of a branch office in Zurich. Developing institutional clients is also one of the firm’s top priorities, which it is planning to make a core area of development, via its specialised funds. The head also states that Carmignac Gestion, which has 200 employees, is expected to recruit 20 more people in first quarter. Helderlé also provided detailed information about inflows to the asset management firm and their distribution. The director welcomed the news that of EUR4.5bn in net subscriptions, Carmignac Patrimoine, the flagship fund of the range, with EUR2bn, represented than 50% of the total. For its part, Carmignac Emerging Patrimoine has seen net inflows of EUR1.5bn, he also announced. Helderlé also expressed satisfaction that the Feri 2012 distribution rankings for Europe place Carmignac Gestion in eighth place for flows, and in tenth place by assets under management.
23/01/2013
BNP Paribas RE teams up with a real estate service provider in Hungary
BNP Paribas Real Estate has formed an alliance with the Robertson company to extend its range of services in Hungary. Robertson is one of the largest providers of real estate services in Hungary, able to assist clients throughout the territory. The new partnership includes Transaction, Consulting and Expertise in the areas of office and commercial property, a statement says.
23/01/2013
JP Morgan AM adds to its product range in Italy
JP Morgan Asset Management has launched share classes which pay a periodical coupon (of a predefined amount in euros) for three of its products: JPM Global Strategic Fund, JPM Italy Flexible Bond Fund, and JPM Income Opportunity Fund, Bluerating reports. The coupon will be distributed on a quarterly basis.