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20/01/2012

Partial settlement between BNY Mellon and courts

The parties in a legal proceeding filed in October by the US Department of Justice against BNY Mellon have reached a partial settlement, the Wall Street Journal reports.The bank, which was accused of overcharging for forex transactions, will be required to publish its method of calculating the way it charges clients who buy or sell foreign securities or who earn dividends from abroad.BNY Mellon has additionally agreed no longer to assure clients that they receive “best execution.”
20/01/2012

Bundesbank sells off a portfolio of Lehman securitisations

The US hedge fund Lone Star is reported to have bought up a portfolio of securitised real estate mortgages which Lehman had pooled together in a portfolio entitled Excalibur, the Frankfurter Allgemeine Zeitung reports.Joachim Niegel, a board member at the German central bank, claims that the operation will ultimately result in minimal or no losses. The nominal value of Excalibur had been USD2.16bn, but since the Lehman bankruptcy, redemptions and interests have already reduced that sum by EUR800m. Lone Star declined to comment on the reports.
20/01/2012

Assets down but profits up at State Street

Assets under management by State Street as of 31 December totalled USD1.86bn, compared with USD1.877bn three months earlier, and USD2.010bn one year previously, but total assets under management and administration have increased to USD21.807bn, from USD21.510bn as of 30 September and USD21.527bn as of the end of 2010, according to the annual report.State Street Corporation reports per-share profits for the 2011 fiscal year of USD3.79, compared with USD3.09 per share the previous year. Net profits available to common shareholders last year totalled USD1.882bn, compared with USD1.540bn in 2010.
20/01/2012

Inflows for UBP's French business in 2011

Despite a “challenging” year, Union Bancaire Gestion Institutionelle, the French arm of the Swiss Union Bancaire Privée group, has recorded net inflows of EUR200m, while inflows to the group were EUR1.7bn, according to Dominique Leprévots, chairman of the board at UBI. Assets for the French structure totalled abtou EUR1.6bn as of the end of the year, a “slight increase” over the previous year. Staff total 13 people, of whom five are in convertible bonds, five in middle office, and three in sales. UBI has seen inflows of EUR65m for convertible bonds, which are managed in Paris, and represent about EUR750m in assets.
20/01/2012

BlackRock had “real” inflows of USD67bn in 2011

For the year 2011, BlackRock has reported net subscriptions of USD67.3bn to long-term products, not taking into account USD28.3bn related to the acquisition of Barclays Global Investors in first half.Assets as of 31 December totalled USD3.5127trn, 1% less than the USD3.561trn twelve months earlier, and 5% more than the USD3.345trn reported at the end of September.As of 12 January 2012, the net subscriptions pipeline totalled USD54.3bn, before including an outflow of USD40bn from bonds, related to a single client choosing to insource its activities.BlackRock, which recruited a net total of 900 people last year, for last year as a whole saw a 5% increase in its net profits, to USD2.239bn, compared with USD2.139bn in 2010.
20/01/2012

Good results for wealth management at Morgan Stanley

Pre-tax profits for wealth management operations at Morgan Stanley in fourth quarter 2011 totalled USD244m, compared with USD390m iin fourth quarter 2010. The pre-tax profit margin for the unit fell to 8%, from 10% in the first nine months of 2011. For the year as a whole, pre-tax profits totalled USD1.3bn, compared with USD1.2bn in 2010.The pre-tax profit margin comes out to 10%. Client assets as of the end of 2011 totalled USD1.6trn, of which USD496bn were in managed accounts, which saw net inflows of USD35.8bn.Asset management activities brought in pre-tax profits of USD78m, compared with USD353m one year previously. For the year 2011 as a whole, the unit has earned pre-tax profits of USD253m, compared with USD718m the previous year. Assets under management as of the end of December totalled USD287bn, compared with USD272bn one year previously. The period ended with net inflows of USD25.8bn, compared with outflows of USD5.7bn in 2010. Money market funds alone attracted about USd18.5bn in assets. Inflows to hedge funds totalled more than USD8bn, but fixed income finished the year with outflows of USD5.5bn. The group has reported losses of USD250m, or 15 cents per share, in fourth quarter, compared with profits of USD836m, or 41 cents per share in fourth quarter.
20/01/2012

BoA-ML: increase in asset and wealth management profits

For 2011, Bank of America Merrill Lynch (BoA-ML) has posted net profits for global wealth and investment management (GWIM) of USD1.635bn, compared with USD1.340bn the previous year. The sector recruited a net total of about 1,700 financial advisers last year, of whom more than 200 were recruited in second quarter.As of 31 December, total assets were USD647.1bn, compared with USD643.3bn twelve months previously.Groupwide, net profits for last year totalled USD1.446bn, compared with losses of USD2.238bn in 2010.
20/01/2012

Hedge funds threaten to take Greek government to court

The Frankfurter Allgemeine Zeitung relays reports in the New York Times that several hedge funds are threatening to take the Greek government before the European court of human rights for forcing them to write off debts. They may claim that the Greek government is violating their property rights, as the Greek government has threatened to force private investors to accept a debt write-off by a vote in the legislature. Property rights are guaranteed by the European convention on human rights.According to the chairman of the hedge fund Marathon Asset Management, Bruce Richards, the compromise under consideration would offer lenders a means to exchange their Greek government bonds and give up a part of their claims, for new 20 or 30-year bonds.
20/01/2012

Julius Bär poaches a team from Sarasin in Hong Kong

A few short months after its attempted takeover of Bank Sarain fell through (the bank was ultimately acquired by the Safra group), Julius Bär has recruited four female client advisers from Sarasin in Hong Kong, along with their assistants, Das Investment reports, citing several Swiss media sources. The advisers reportedly managed assets of about USD4bn for their clients.
20/01/2012

Specialist in extreme risks founds a firm

The extreme risk specialist John Liu, formerly of Citigroup, who had been head fo equity derivatives, is preparing to launch his firm, Spartus Capital Management, Absolute Return + Alpha reports.Spartus has developed a long-only volatility strategy, which will aim to benefit from volatility on financial markets, particularly stock market indices.
20/01/2012

BNY Mellon to provide administration for six Market Vector ETFs

The six HLDRS funds from Merrill Lynch which on 20 December 2011 were converted into Market Vector sectoral ETFs by Van Eck Global will use BNY Mellon for custody, accounting and securities lending, BNY Mellon has announced.The funds include a product specialised in oil services (acronym OIH), semiconductors (SMH), pharmaceuticals (PPH), biotech (BBH), retail (RTH) and regional banks (RKH). The HLDRS acronyms have been retained.
20/01/2012

Former Barclays GI manager takes over a Korean pension fund

The Korean pension fund Military Mutual Aid Association (MMAA) has recruited Seok-Hwan Park as its chief investment officer, Asian Investor reports.Park, who has previously worked at Barclays Global Investors in Hong Kong, began at the end of December, following the resignation of his predecessor, Jin Yeong-Ho, who joined BNG Securities as CEO.Park previously worked at Capstone Asset Management in Seoul, where he served in a role similar to the one he now begins in.Assets under management at the Korean pension fund total about USD7.2bn.
20/01/2012

Jim Irvine becomes head of fixed income at Henderson

Henderson Global Investors has named Jim Irvine as head of its EUR16bn fixed income business.Irvine, who currently heads up the fund manager’s structured products and advisory unit, will assume the role on 1 February. He takes over from Mitesh Sheth, who will become director of business innovation.Colin Fleurey, currently head of asset-backed securities (ABS), will take over the management of the renamed Secured Credit business from Irvine.
20/01/2012

Increase in assets and net outflows from Aberdeen in Q4

As of 31 December, assets under management by Aberdeen Asset Management (AAM) totalled GBP173.9bn, 2.4% more than the total of GBP169.9bn as of the end of September. The fourth quarter of the calendar year is the first quarter of the new fiscal year for AAM.Gross subscriptions fell to GBP7.8bn, compared with GBP9.1bn in July-September, while redemptions fell to GBP10.6bn from GBP10.8bn. AAM has seen net outflows in October-December of GBP2.8bn, compared with GBP1.7bn in the previous quarter.Martin Gilbert, CEO, says that subscriptions continued to go to high-margin products, while redemptions came from less profitable products, which will ultimately have a positive impact on commission revenues totalling about GBP10m annualized.
20/01/2012

Net inflows up 10% in 2011 for St James's Place

The British asset management firm St James’s Place has reported a 10% increase in its net inflows in 2011, to GBP3.3bn. Assets under management as of the end of December totalled GBP28.5bn, compared with GBP27bn as of the end of 2010.
20/01/2012

Oddo launches a fund in Italy

Oddo has launched the Oddo Rendement 2017 fund, which was created in late September 2011, in Italy, Bluerating reports. The fund seeks to profit from the high returns currently to be had on European bond markets through a selection of convertible and private bonds drawn from a flexible investment universe.
20/01/2012

Realstone fund acquires a property from Vontobel

The real estate fund Realstone Swiss Property, launched in June 2008 and listed on the SIX Swiss Exchange since Febryary 2010, has acquired the building housing the Geneva offices of the bank Vontobel for CHF32m, Agefi Switzerland reports, confirming reports that had appeared in Bilan.
20/01/2012

IDeA Fimit appoints a new chairman

Antonio Mastrapasqua has been appointed as chairman of IdeA Fimit Sgr, an Italian asset management firm specialised in real estate. He succeeds Paolo Crescimbeni. IdeA Fimit has EUR8.9bn in assets under management.
20/01/2012

Anima Sgr gets a new head of sales

Davide Gatti will become head of the sales division at Anima Sgr, the result of a merger between Anima and Prima Sgr, Bluerating reports. Gatti, from Anima, will lead a team of 30 people, under the direction of Marco Carceri, CEO.
20/01/2012

Inflows of GBP746m in 2011 for Jupiter

Jupiter has recorded net inflows of GBP746m in 2011. The British asset management firm has nonetheless seen a decline in its assets for the year, from GBP24.078bn as of the end of 2010 to GBP22.807bn as of the end of 2011.In the fourth quarter, the fund manager experienced net outflows of GBP225 million due to the loss of a single segregated mandate from an institutional client following a strategic asset allocation change, and the poor environment for retail sales. Jupiter will be closing its offices in Bermuda in 2012. “Bermuda has played a significant role in our business for many years but, with the reduced scale of our hedge funds, the local work required is insufficient to justify maintaining an office on the island. This decision will result in a charge of approximately GBP1 million being made in the 2011 full year results,” Jupiter explains in a statement. Hedge funds had assets of only GBP25m as of the end of 2011, compared with GBP182m as of the end of 2010.
20/01/2012

Investors pull money out of hedge funds

According to Hedge Fund Research, the hedge fund industry, which has about USD2trn in assets, saw net outflows in fourth quarter 2011 of about USD127m, the Wall Street Journal reports. This is the first quarter of net outflows since April-June 2009. Although the outflows represent only 0.007% of total assets, it is also a sign that investors are losing their patience, as the average performance of hedge funds has consistently been lower than those of the equity indices in the past three years. The HFRI Fund Weighted Composite Index has posted average annualized returns of 7.9% over the past three years, while the S&P 500 has earned 14.1%.
20/01/2012

Un risque de sous-performance qui se réduit

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois de décembre 2011 (du 2 décembre au 30 décembre).
20/01/2012

Madrid profite du bol d'air de la BCE

L’injection à 3 ans de la Banque fin 2011 a fait retomber la tension d’un cran. L’Espagne a placé 6,6 milliards d’euros d’obligations, plus que prévu.
20/01/2012

Le Japon souhaite tirer profit du yen fort

Quitte à avoir une monnaie forte, autant en profiter. «Nous devrions nous servir de la force du yen pour investir et acheter, pour être aussi proactif que possible». C’est le message véhiculé par le ministre des finances japonais, Yukio Edano, dans un entretien accordé au quotidien. «Le Japon est court en ressources, nous avons donc besoin d’utiliser cette opportunité pour obtenir fermement des ressources énergétiques et de matières premières». Et d’inciter le secteur privé à se mobiliser en ajoutant que «ça n’est pas seulement de la bureaucratie: c’est quelquechose que j’encourage le secteur privé à faire de manière vigoureuse… Nous devons passer à l’offensive».
20/01/2012

L’Espagne n'atteindra pas son objectif budgétaire

Le gouvernement ne devrait pas pouvoir être en mesure de réduire son déficit à 4,4% du PIB cette année, a indiqué le ministre du budget, Cristobal Montoro, dans un entretien au quotidien. L’objectif a été fixé avec une prévision de croissance de 2,3% qui n’est pas aujourd’hui réaliste. Cristobal Montoro précise qu’il faudra deux ans pour retrouver une croissance suffisante pour créer des emplois.

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