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19/06/2012

Les fonds d’arbitrage pris dans la tourmente

Les marchés actions ont connu un mois de mai difficile (-6% pour le S&P 500), de même que certains produits de taux (-4,6% pour les convertibles). Les fonds d’arbitrage n’ont pas vraiment été épargnés, selon les données de l’Edhec Risk Institute. Si les stratégies event-driven (-1,9%) ou equity market neutral (-1,19%) signent des performances en adéquation avec leur exposition dynamique au marché actions, la stratégie long/short equity (-3,7%) enregistre de l’alpha négatif.
19/06/2012

L'UE dément vouloir doubler la durée de ses prêts à l'Irlande

L’Union européenne a démenti envisager de porter de 15 à 30 ans la durée moyenne d’une partie des 85 milliards d’euros de prêts consentis à la République d’Irlande, contrairement à ce qu’a rapporté la chaîne de télévision RTE qui indiquait qu’une telle décision aurait facilité le retour de l’Irlande sur les marchés avant que le plan d’aide de l’UE et du FMI ne soit épuisé, fin 2013.
19/06/2012

La détention de dette japonaise par des étrangers à un record

Les investisseurs étrangers détenaient 8,3% des obligations d’Etat japonaises en circulation à la fin du mois de mars dernier, selon un rapport de la Banque du Japon. Il s’agit d’un niveau record depuis 1979 indiquant une dépendance accrue vis-à-vis de l’extérieur pour le financement de la dette japonaise. Le rendement des obligations à 10 ans baissait de 2 points de base ce matin à 0,82%.
19/06/2012

Londres appelle les banques centrales à l'action

«Nous ne pouvons nous permettre de laisser les banques centrales de la planète rester dans l’expectative si nous voulons atteindre la croissance dont nous avons besoin», devait déclarer le Premier ministre britannique David Cameron au G20. Et d’ajouter: «il est de plus en plus évident que le cœur de la zone euro, la BCE comprise, doit faire davantage pour soutenir la demande et partager le fardeau de l’ajustement».
19/06/2012

L’IIF plaide pour une approche spécifique de la finance parallèle

L’Institute of International Finance estime dans un rapport que «l’industrie et les régulateurs devraient adopter une approche proportionnée, activité par activité, face aux activités non bancaires qui présentent des risques spécifiques pour les investisseurs, la stabilité financière ou l’économie au sens large, tout en cherchant à préserver les bénéfices que la finance non-bancaire peut apporter».
19/06/2012

Léger ralentissement des retraits de dépôts en Grèce

Les retraits de dépôts dans les quatre plus importants établissements du pays auraient légèrement baissé depuis le résultat des élections, après avoir atteint un point haut de 700 millions d’euros par jour, selon Bloomberg qui cite des sources bancaires.
19/06/2012

KKR s’offre Prisma Capital Partners

La société de private equity met la main sur le gérant de fonds de fonds alternatif, pour un montant non divulgué. Fondé par trois anciens associés de Goldman Sachs, Prisma dispose de 7,8 milliards de dollars d’actifs sous gestion, à 90% institutionnels. Il s’agit d’un gage supplémentaire du souhait de diversification des activités de la part des acteurs du private equity.
19/06/2012

TCI calls for conversion of Lloyds cocos

The Children’s Investment Fund has called on regulators to require Lloyds Banking Group to strengthen the bank’s capital reserves, the Financial Times reports. The fund’s CEO, Christopher Hohn, has written to the British Financial Services Authority to call on it to require Lloyds to replace GBP10bn in coco bonds with ordinary shares.
19/06/2012

MFS develops abroad

At a presentation of its new logo on 18 June, CEO Robert Manning has announced that the US asset management firm MFS Investment Management (USD280bn in assets) is planning to open two new fund management centres, one in Hong Kong, and one in São Paulo, Funds People reports. The firm is also planning to open a sales office in Australia.
19/06/2012

S&P cuts ratings for AllianceBernstein

The ratings agency Standard & Poor’s (S&P) on Friday announced that it is lowering the long-term and short-term ratings for AllianceBernstein (USD400bn as of the end of May) to A+ and A-1, respectively, from AA- and A-1+, with a negative outlook.The ratings downgrade is due partly to ongoing net redemptions, which have reduced operating revenues, and on the other hand to distortion of portfolios, with bond assets representing more than half of the total, so that they would be at risk if debt markets were to deteriorate. The negative outlook is due to the disappointing performance of large cap products, which may lead to a continuation of outflows.However, S&P recognizes that the financial risk profile of AllianceBernstein is healthy.
19/06/2012

Trian fund acquires 5.1% stake in Lazard bank

The US investment fund Trian Fund Management on 18 June announced that it has amassed a stake of about 5.1% in the French-American bank Lazard, to become one of the bank’s largest shareholders. Trian, which has acquired 6.3 million ordinary shares in Lazard, claims in a statement that the bank is a top-calibre global financial services business with a high-value brand. The Lazard model, based on commissions, is positioned to naturally profit from long-term financial market trends. Trian supports the new strategic plan at Lazard, unveiled on 27 April, which focuses on increasing margins, and estimates that Lazard shares are significantly undervalued.
19/06/2012

KKR acquires Prisma Capital Partners

Agefi reports that the private equity firm KKR is acquiring the fund of hedge fund management firm Prisma Capital Partners, for an undisclosed amount. Prisma CP, founded by three partners from Goldman Sachs, has USD7.8bn in assets under management, 90% of them institutional. The acquisition is a symptom of a larger desire on the part of private equity firms to diversify their activities, the newspaper remarks.
19/06/2012

Swedish asset management firms count cost of funds

Several Swedish asset management firms have decided to calculate the “Normanbeloppet,” or the cost of a fund in Swedish crowns for an investor who saves SEK1,000 per month for ten years, Dagens Industri reports. Amf Fonder, Folksam LO Fond, Handelsbanken Fonder, Nordea Fonder, SEB Fonder and Skandia Fonder have done so. However, East Capital Asset Management and Carnegie Fonder have no plans to do so. The “Normanbeloppet” is intended to provide some transparency about the cost of a fund, and to allow comparison. But many asset management firms think the figure is unuseful and tends to confuse matters.
19/06/2012

Chinese AUM to triple

The Chinese fund industry is set to triple in size, to CNY6.8trn by 2015, whereas assets under management have fallen by 30% since 2007, according to Z-Ben Advisors, cited by Financial Times Fund Management. About 40 foreign firms have established joint ventures in the country since 2002, but seven of the nine largest companies in terms of assets continue to be controlled by national groups.
19/06/2012

BBVA AM gets back Mar Matilla from Efama

After three years as a senior adviser at the European fund and asset management association (EFAMA), Mar Matilla is rejoining the asset management unit of BBVA as head of innovation and product management, in charge of product development for various BBVA fund sales networks, Funds People reports. She previously worked at Quality Funds, a BBVA entity. She now joins the product team led by Maria Taboada Fernandez de Navarrete.
19/06/2012

UBS Global AM lists four more ETFs in Germany

Deutsche Börse has announced that it has admitted four ETFs from UBS Global Asset Management to trading on the XTF segment of its Xetra electronic trading platform, which replicate strategy indices developed by Hedge Fund Research. The Irish-registered products track the Equity Hedge, Event Driven, Macro CTA and Relative Value Arbitrage indices. With these funds, the XTF segment now lists 983 products.Characteristics Name: UBS ETFs plc – HFRX Equity Hedge Index SF (EUR) A-accISIN code: IE00B76VD289TER: 1.50%Name: UBS ETFs plc – HFRX Event Driven Index SF (EUR) A-accISIN code: IE00B76VD396TER: 1.50%Name: UBS ETFs plc – HFRX Macro CTA Index SF (EUR) A-AccISIN code: IE00B76VD404TER: 1.50%Name: UBS ETFs plc – HFRX Relative Value Arbitrage Index SF (EUR) A-AccISIN code: IE00B76VD511TER: 1.50%
19/06/2012

Chinese regulator planning huge wave of liberalisation

The Chinese securities commission (CSRC) has announced that it is planning to liberalise access to Qualified Foreign Institutional Investment (QFII) licenses, which would involve lowering the required operational experience for insurance companies and pension funds with long-term investment plans from five years to two years. According to Z-Ben Advisors, the CSRC is also said to be planning to extend eligibility to the inter-bank bond market, index futures and margin trading.The regulator is also planning to relax the requirements for mutual fund sales licenses; it is planning to restitute sales licenses previously issued to certain firms which no longer are licensed due to administrative sanctions against them in the past three years.The CSRC is planning to launch a consultation with professionals in the sector on reforms to regulations applicable to fund management firms: it is hoping to incite managers to launch more fixed income products, in order to increase the proportion of total assets in the industry in these funds to 50%.
19/06/2012

Barclays reshuffles European fund range

Barclays has announced an overhaul of its range of European funds, under the UCITS IV directive. French Premier Barclays clients will have an extended range of investments available to them, including all GlobalAccess sub-funds of the Irish SICAV Barclays Multimanagers, and some sub-funds of the Luxemburg Sicav Barclays Funds. Some management expertise will also be grouped together through mergers and absorptions of French-registered funds into sub-funds of the Barclays Funds Luxembourg Sicav, with the objective of offering investors a unified product range throughout Europe, with larger portfolio sizes, mutualising total costs for sub-funds, and authorising better management of them. These operations will proceed from 13 to 20 July 2012.Aside from its range of French-registered funds, developed for local and specific solutions, Barclays is making two international Sicav funds available to its French Premier clients (Global Access, an Irish Sicav, and Barclays Funds, a Luxembourg Sicav), offering 40 sub-funds denominated in GBP, USD, JPY and EUR, which are actively managed and cover the major international asset classes.
19/06/2012

GLG releases a UCITS-compliant financial sector hedge fund

The British firm GLG Partners, an affiliate of Man Group, has obtained a sales license from the Irish central bank to release GLG Financials Alternative, a sub-fund of the Sicav GLG Investments VI plc, launched on 30 March 2012, but which continues a long/short financial sector strategy launched in May 2002 with an absolute return objective and returns of 9.71% per year, at a time when the MSCI World Financials index has lost 2.6%, to retail and institutional clients.The fund is managed by David Sanders, with the assistance of Stephen Holliday and Erkin Adylov. The fund is now also available in Germany and Austria.CharacteristicsName: GLG Financials AlternativeISIN codes:Retail: IE00B73DP106Institutional EUR: IE00B771GJ57Minimal subscription:Retail: EUR1,000Institutional: EUR100,000AMC (retail): 2.75%Performance fee: 20%
19/06/2012

IIF calls for new approach to shadow banking

The Institute of International Finance (IIF) on 18 June issued a report “Shadow Banking”: A Forward-Looking Framework for Effective Policy” calling for a new policy approach to non-bank financial activities sometimes described as “shadow banking”. The IIF focused on the potential benefits and risks of these activities and the most appropriate use of risk mitigation tools. The IIF Report suggests that any policy framework be based on three stages of action: first, the identification of relevant activities and collection of relevant information about them, second, an assessment of whether they could pose systemic risk, and third, if risks are identified, the use of risk mitigation tools.
19/06/2012

Man appoints a new CFO

Kevin Hayes, who joined Man Group plc as finance director in 2007, is leaving the company to pursue other professional and personal interests. Jonathan Sorrell, currently Man’s head of strategy and corporate finance, is taking over as finance director with immediate effect.
19/06/2012

UBS launches first ETF of US infrastructure firms

SIX Swiss Exchange has announced that UBS has become the first Swiss asset management firm to launch an ETF of shares in US infrastructure companies, replicating the MSCI USA Infrastructure index.The Irish-domiciled, physical replication product, whose base currency is the US dollar, is available in an A (retail) distribution share class (US dollars and Swiss francs), and an I (institutional and ultra-high net worth private client) share class in US dollars. The market makers are UBS and Commerzbank.CharacteristicsName:UBS (Irl) ETF plc - MSCI USA Infrastructure (USD) A-disUBS (Irl) ETF plc - MSCI USA Infrastructure (USD) A-disUBS (Irl) ETF plc - MSCI USA Infrastructure (USD) I-dTER: 0.65%
19/06/2012

max.xs recruits three people

The German financial services provider max.xs has announced that it has recruited Christian A. Kratochwil as director of institutional sales. Kratochwil has 13 years of experience in investment banking, largely in financial markets and asset management. He was most recently a partner at IO Capital Partners, in charge of institutional sales, product development, and portfolio management. Dirk Wechmann has also joined max.xs as PR/communications manager; he was previously a public relations consultant for the RedRobin agencies, in charge of Strategic Public Relations and achtung!, and several financial sector budgets.The customer service unit has also been strengthened with the arrival of Romina Jones, previously an assistant at Citigroup and MainFirst.
19/06/2012

Credit Suisse recruits a Wegelin veteran

Sandro Bund, director of institutional sales at the Swiss private bank Wegelin for Germany and Austria, is joining Credit Suisse as director of financial institutions in the asset management unit of Credit Suisse Germany in Frankfurt, Institutional Money reports, relayed by Finews. Bund will report directly to Henning Busch, CEO for asset management at Credit Suisse for Germany and Austria.Before joining Wegelin, Bund was responsible for key accounts in Boston and Munich at State Street Global Advisors (SSgA) from 2001 to 2009.
19/06/2012

Felix Ronner (ex UBS) joins Reuss Private

The independent wealth management firm Reuss Private has announced that Felix B. Ronner, former CEO of UBS, has become a senior partner and head of products at the firm.

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