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25/01/2011

Pioneer : l’offre se ferait autour de 1,5 milliard d’euros

Amundi et Natixis sont les deux seuls candidats qui restent pour acheter Pioneer, selon Financial News. Resolution a en effet quitté la compétition. Le journal indique qu’une transaction devrait se faire autour de 1,5 milliard d’euros, soit un niveau bien inférieur à la valorisation de la société de gestion dans les comptes de sa maison mère UniCredit (3 milliards d’euros).
25/01/2011

Le groupe Covea à l'affût d'opportunités à l'international

Selon La Tribune, le groupe Covéa qui rassemble les trois mutuelles Maaf, MMA et GMF a défini l’assurance de personnes et l’assurance santé comme des axes prioritaires de développement pour le groupe et ses maisons. En assurance-vie, la croissance est rapide avec une collecte de 4,4 milliards d’euros en 2010, supérieure à celle du marché (6 %). Cela étant, l’assureur mutualiste se dit également attentif aux opportunités à l’international, avec une approche prudente et pragmatique centrée sur les pays matures.
25/01/2011
Fonds

Franklin Templeton commercialise un fonds d'actions à gestion mondiale

Désormais, le Franklin World Perspectives Fund de Franklin Templeton, lancé le 14 octobre 2008 (44,3 millions de dollars d’encours au 21 janvier 2011) sera commercialisé sur le marché américain, annonce Franklin Templeton Investments. Il s’agit d’un fonds actions qui a très nettement surperformé l’indice de référence (MSCI all country world plus frontier markets) en 2009 (43,2 % contre 35,3 %) et 2010 (14,8 % contre 13,3 %) et qui est géré par le tandem Stephen Dover/Purav Jhaveri. Les «sous-conseillers» de ce fonds sont les équipes locales de gestion de Franklin Templeton au Brésil, au Japon, en Inde et en Corée du Sud, ainsi que les dirigeants des équipes américaine, canadienne et européennes du Franklin Equity Group. Le fonds met en œuvre une allocation régionale interactive.
Fonds
25/01/2011
Fonds

Paulson gagne plus de 1 milliard de dollars grâce à Citi

Paulson & Co a indiqué à ses clients qu’il avait engrangé plus de 1 milliard de dollars grâce à sa participation dans Citigroup ces 18 derniers mois. «Citigroup a gagné 43 % en 2010 et a été notre position bancaire la plus rentable», a affirmé la société de hedge funds dans une lettre aux investisseurs du fonds Advantage. Paulson s’attend à ce que la croissance américaine s’accélère cette année.
Fonds
25/01/2011

Chi-X devient la deuxième Bourse d’Europe

Selon L’Agefi suisse, la plateforme paneuropéenne Chi-X, basée à Londres, a traité l’an dernier 1.580 milliards d’euros de transactions sur actions, passant ainsi devant NYSE Euronext, qui n’a récolté que 1.533 milliards d’euros sur la même période, d’après les statistiques compilées par la Fédération européenne des Bourses.Chi-X Europe, qui n’a été fondée qu’en 2007, et appartient au courtier Instinet et à une douzaine d'établissements financiers (dont BNP Paribas et Société Générale), poursuit ainsi une ascension spectaculaire, qui l’a placée en quelques années sur le podium européen. Chi-X devient ainsi la deuxième Bourse d’Europe en termes de volumes d’échanges, derrière le London Stock Exchange, qui affiche plus de 2.000 milliards de transactions annuelles.
25/01/2011
Fonds

GAM lance deux fonds de fonds coordonnés

Le gestionnaire suisse GAM va lancer deux fonds de fonds conformes au format Ucits III, le GAM Star Composite Global Equity et le GAM Star Composite Equity and Trading, rapporte Hedgeweek. Les fonds seront pilotés par Graham Wainer, responsable de la clientèle privée et gérant de portefeuille.
Fonds
25/01/2011
Fonds

JP Morgan va lancer un fonds dédié au secteur minier

Selon Fundstrategy, JP Morgan Asset Management devrait lancer un fonds dédié au secteur minier le 1er février prochain, quelques semaines seulement après la fermeture aux nouveaux investisseurs du JPM Global Natural Resources domicilié au Luxembourg.Le nouveau fonds investira en priorité dans des sociétés minières ou dont les activités sont liées au secteur minier. Le nombre de lignes devrait se situer entre 50 et 100, les sociétés pouvant être de toutes tailles.
Fonds
25/01/2011

GAM launches two co-ordinated funds of funds

p { margin-bottom: 0.08in; } The Swiss management firm GAM will launch two funds of funds that comply with UCITS III, entitled GAM Star Composite Global Equity and GAM Star Composite Equity and Trading, Hedgeweek reports.The funds will be managed by Graham Wainer, head of private clients and portfolio manager.
25/01/2011

JP Morgan to launch a fund dedicated to the mining sector

p { margin-bottom: 0.08in; } Fundstrategy reports that JP Morgan Asset Management is to launch a fund dedicated to the mining sector on 1 February, only a few weeks after the closure of the JPM Global Natural Resources fund, domiciled in Luxembourg, to new investors.The new fund will invest in mining companies, or companies whose activities are related to the mining sector, as its top priority. The number of positions will be between 50 and 100, and businesses may be of any size.
25/01/2011

Pimco Source launches its first two ETFs in Frankfurt

p { margin-bottom: 0.08in; } On 24 January, Pimco Source launched its first two Irish-registered ETFs, which are listed exclusively in Frankfurt on the XTF segment of the Xetra platform from Deutsche Börse. These include the PIMCO European Advantage Government Bond Index Source ETF (IE00B5VJLZ27), which charges 0.30%. It replicates the PIMCO European Advantage Government Bond Index, which is weighted according to GDPs, so as not to give excessive weight to countries with high levels of debt, as capitalisation-based indices may do.The other new product is the PIMCO EUR Enhanced Short Maturity Source ETF (IE00B5ZR2157), which is actively managed, and whose benchmark is the Eonia index. This product charges 0.35%, and is aimed at investors who have significant cash positions and who would like to improve performance without losing sight of capital preservation and liquidity. The actively-managed portfolio includes diversified bonds with maturities that may range up to one year.
25/01/2011

Skandia launches a local currencies emerging markets debt fund

p { margin-bottom: 0.08in; } Skandia Investment Group (SIG) on 24 January announced the launch of a local currency emerging market debt fund, the Skandia Local Currency Emerging Market Debt, which will aim to profit from long-term outlooks for emerging market bonds and currencies.SIG has awarded a management mandate for the fund to the fixed income specialist Stone Harbor Investment Partners, to which Skandia had already assigned a mandate for USD60m in September 2008, for the Skandia Emerging Market Debt fund. The fund now has nearly USD500m in assets.The fixed income specialist at SIG, Anthony Gillham, says in a statement that three factors make the fund an attractive investment. Firstly, it offers a good way to capture growth in emerging markets; secondly, local currencies are undervalued; and lastly, the emerging markets in local currencies are three times larger than the emerging markets denominated in US dollars.
25/01/2011

Swiss & Global AM launches an inflation-linked emerging markets bond fund

p { margin-bottom: 0.08in; } On 17 December 2010, Swiss & Global Asset Management launched a UCITS-compliant local currencies emerging markets inflation-linked bond fund, the Emerging Markets Inflation Linked Bond Fund, a sub-fund of the Sicav Julius Baer Multibond.The benchmark index is the Barclays Emerging Markets Government Inflation-Linked Bond Index ex Argentina, ex Colombia, constrained, unhedged USD. The reference currency is the US dollar, but the management firm also offers shares in Euros and Swiss francs, hedged for currency risks. The eligible investment universe totals USD350bn, and includes 10 countries.CharacteristicsName: Julius Baer Multibond - Emerging Markets Inflation Linked Bond FundISIN code: LU0564969805Front-end fee: 3% maximumManagement commission: 1.30%
25/01/2011

MiFID directive: CFA Institute recommends more transparency and fair competition

p { margin-bottom: 0.08in; }a:link { } The CFA Institute on 24 January published a new study of questions related to market transparency and the workings of fair competition in the fragmented European equities trading markets. The study was released as part of a consultation over the MiFID directive to regulate markets for financial instruments, which runs until 2 February 2011, and at a time when the market is increasingly fragmenting.The study (http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2011.n3.1), which reviews the structure of European equities markets as well as the regulatory framework applicable to the various types of trading platforms (bilateral and multilateral), concentrates its analysis on the need for transparency on each platform. The report also empirically demonstrates a correlation between high levels of transparency and low trading spreads, a sign that investors would have a lot to gain from increased transparency in trading.The study also estimates that the quality and unity of post-transaction information could be improved, for example, by shortening the deadlines for the publication of information about transactions, as recommended by the CESR, and by setting up a consolidated tape system to collect market data.
25/01/2011

Nemesis AM registers five funds in Spain

p { margin-bottom: 0.08in; } The British management firm Nemesis Asset Management, which is 100% controlled by its CEO and principal fund manager Pier Alberto Furno, on 21 January registered five of its funds with the CNMV. They are the Nemesis Credit Opportunities, European Value, Global Value, Inflation, and USA Value.The products are on sale in Spain from MCH Investment Strategies, Agencia de Valores, S.A., which was founded in June 2010 by Tasio del Castaño and Alejandro Sarrate with partners from MCH Private Equity, and which has already signed distribution agreements for Spain with Ferox Capital, Fulcrum Asset Management and Odey Asset Management. It targets institutional clients in Spain and Portugal.
25/01/2011

Paulson has made more than USD1bn on Citi

Paulson & Co has made more than USD1bn from its stake in Citigroup over the past 18 months. “Citigroup gained 43 per cent in 2010 and was our most profitable bank position,” the USD36bn hedge fund manager said in a letter sent to investors in his Advantage fund. Paulson & Co expects US growth to accelerate this year.
25/01/2011

BNY Mellon launches a flexible bond fund

p { margin-bottom: 0.08in; } BNY Mellon Asset Management on Monday, 24 January, announced the launch in France of the BNY Mellon Evolution Global Strategic Bond Fund, a sub-fund of the Sicav BNY Mellon Global Funds composed of international bonds, managed flexibly. The product’s management is overseen by David Leduc, chief investment officer, at Standish Mellon Asset Management Company LLC, one of the boutiques from BNY Mellon Asset Management, specialised in bond management.The fund will seek to generate positive returns over a complete investment cycle, by investing in a wide range of sectors, particularly government bonds from developed and emerging countries, inflation-linked bonds, investment grade corporate bonds, high yield bonds, and currencies. In addition to this, there will be active management of duration via derivative products, in order to create value in period of rising bond yields.CharacteristicsISIN code: EUR (A) shares: IE00B4Z6HQ53; EUR © shares: IE00B4Z6LN01Management fees: A shares: 1.40%; C shares: 0.75%Minimal subscription: A shares : EUR5,000; C shares: EUR5m
25/01/2011

Two new ETFs from Lyxor AM

p { margin-bottom: 0.08in; } Lyxor AM announced on Monday, 24 January that it has launched two ETFs, one of high yield bonds in euros, and one of emerging markets government debt in US dollars, on 20 January. The two products are listed on Euronext Paris and the London Stock Exchange. The Lyxor ETF iBoxx € Liquid High Yield 30 replicates the evolution of the Markit iBoxx EUR Liquid High Yield 30 index, composed of 30 high yield corporate bonds denominated in euros. The Lyxor ETF iBoxx $ Liquid Emerging Markets Sovereigns replicates the Markit iBoxx $ Liquid Emerging Markets Sovereigns index, which represents bonds issued in US dollars from governments whose revenues are considered low to moderate by the World Bank.
25/01/2011

db x-trackers launches an ETF based on the S&P 500

p { margin-bottom: 0.08in; } The 764th ETF to be listed on the XTF segment of the Xetra electronic platform from Deutsche Börse is the db x-trackers S&P 500 (EUR) ETF (LU0490619193), which replicates the S&P 500 Total Return Net Index. The fund is hedged for currency risks on the euro/dollar currency pair. TER is 0.30%.
25/01/2011

UBS registers an Islamic fund with CNMV

p { margin-bottom: 0.08in; } On 21 January, UBS Global Asset Management registered the Global Equities UBS (Lux) Islamic Fund (LU0108058487), a product with 30-60 positions launched on 19 May 2000, with assets as of the end of December of USD33.27m, with the CNMV. The benchmark index for the product is the Dow Jones Islamix Market 100 Titans. The average annual performance of the product in the past five years was 2.18% in US dollars; in euros, the fund has lost an average of 0.42%.
25/01/2011

British firm Manifest to enter US market

p { margin-bottom: 0.08in; } The British governance research and proxy voting firm Manifest Information Services is planning to enter the US market, Responsible Investor reports.The US partner of Manifest, Proxy Governance International (PGI), pulled out of the market last year. Sarah Wilson, chief executive at Manifest, says that the sales of its North American product range will begin in the near future.The move takes the firm into a rapidly-growing market, where new SEC rules on proxy voting are under debate, and the field is in the process of a transformation. In addition to the withdrawal of PGI, the index provider MSCI has taken control of the largest player in this segment, Institutional Shareholder Services (ISS), as a part of its acquisition of RiskMetrics last year, while the Corporate Library and eGovernanceMetrics International announced their merger last July.
25/01/2011

Chi-X becomes Europe's second largest stock market

p { margin-bottom: 0.08in; } Agefi Switzerland reports that the pan-European platform Chi-X, based in London, last year processed EUR1.58trn in equities trades, putting it ahead of NYSE Euronext, which handled approximately EUR1.533trn in the same period, according to statistics compiled by the European stock market federation. Chi-X Europe, which was founded in 2007, and which is owned by Instinet and a dozen financial institutions (including BNP Paribas and Société Générale), has had a spectacular rise, making it a top player in Europe in a few short years. Chi-X has also become the second-largest stock market in Europe in terms of trading volumes, after the London Stock Exchange, which is host to more than 2 trillion trades a year.
25/01/2011

Berenberg enters UK private banking market

p { margin-bottom: 0.08in; } The German bank Berenberg on 24 January announced that it would like to develop a private banking activity on the British market. The firm has already been present in the UK since 2003 in investment banking, with 100 research and sales staff.Berenberg says in a statement that it hopes to have a team specialised in private banking by the end of the year, with 10 members. The new unit will be led by Ross Elder and Fred Hervey, both of whom join from Barclays Wealth.The bank estimates that there is high demand in the United Kingdom for high net worth advising from independent firms. Berenberg states that it has a leading position in strategic asset allocation, and that it is not seeking to push products on clients, but that it is in the service of the client with custom solutions.Assets under management at the bank total over EUR25bn, with about 1,000 employees.
25/01/2011

Altira hires an Africa specialist from DWS

p { margin-bottom: 0.08in; } The independent asset management firm Altira Group on 24 January announced that it has recruited the Swiss Jens Schleuniger, who was manager of the DWS Invest Afrika fund (EUR340m). Schleuniger was also manager of the DWS GO Frontier Markets fund, and co-manager of the DWS Türkei.With the future African equities fund, Altira would be adding to a range which already includes a private equity fund, African Development Corporation, founded in 2007. In addition, Schleuniger may collaborate with experts in commodities and shares in commodity businesses at the group, who manage EUR110m in assets.
25/01/2011

Barings scales up distribution in Europe and Germany

p { margin-bottom: 0.08in; } Oliver Morath, CEO of Baring Asset Management Deutschland, has been appointed head of Europe & MENA, effective immediately. He will continue to be based in Frankfurt, and will report to George Harvey, head of sales, client service & business development.His successor as head of sales at Barings Germany will be Howard Luder, who was previously director of business development, asset servicing, Germany, at RBC Dexia.Barings has also created positions for a head of Switzerland and a head of Northern Europe; the appointments will be made at a later date.
25/01/2011

Azimut to enter Asia

p { margin-bottom: 0.08in; } The Italian sset management firm Azimut, which manages EUR14bn in assets, is planning to enter Asia, Il Sole – 24 Ore reports. Its Asian unit will be operational by the end of the year. The management firm is currently awaiting the necessary licenses to open its new activities. The group will transfer three of its managers currently based in Luxembourg to China, where they will join four local partners. Azimut’s plans for expansion don’t stop in Asia: “we would like to have managers not only in Europe but throughout the world. In four years, one employee our of three will be working abroad,” says Pietro Guiliani, head of Azimut. The firm is primarily looking at Brazil and Turkey. The firm may also make acquisitions, and in this connection, it is in contact with a company in a country close to Italy.
25/01/2011

Pioneer: Bids will be in the EUR1.5bn range

p { margin-bottom: 0.08in; } Amundi and Natixis are the only two remaining candidates to acquire Pioneer, Financial News reports. Resolution has pulled out of the running. The newspaper reports that a deal will eventually fall in the EUR1.5bn price range, well below the valuation of the asset management firm on the books of its parent company UniCredit (EUR3bn).
25/01/2011

Pioneer: Bids will be in the EUR1.5bn range

p { margin-bottom: 0.08in; } Amundi and Natixis are the only two remaining candidates to acquire Pioneer, Financial News reports. Resolution has pulled out of the running. The newspaper reports that a deal will eventually fall in the EUR1.5bn price range, well below the valuation of the management firm on the books of its parent company UniCredit (EUR3bn).
25/01/2011

AGI Europe pledges not to invest in cluster bombs and land mines

p { margin-bottom: 0.08in; } On 24 January Allianz Global Investors made an implicit reply to the consumer defence association Stiftung Warentest (see Newsmanagers of 6 January 2011), with the announcement that its open-ended funds would not invest in businesses which are involved in the production of cluster bombs or land mines. In addition, the management firm has put in place the necessary procedures to avoid any investment in businesses of this type. For this, AGI Europe has set up a blacklist of businesses off limits to its open-ended funds. The list is updated regularly, to include the most recent information available on the subject.
25/01/2011

US equities popular with investors

p { margin-bottom: 0.08in; } In the week to 19 January, investors steered clear of US municipal bond funds, while European bonds were also not on the agenda due to the government debt crises still raging there, according to the most recent statistics from EPFR Global. The week to 19 January ended with outflows of USD1.7bn.Outflows from US municipal bond funds totalled a record USD3.6bn. Since 11 November, investors have pulled USD17.6bn out of these funds.Inflows to equities funds, meanwhile, totalled USD10.1bn, of which USD6.9bn went to US equities funds. In other words, it was a sixth consecutive week of inflows for US equities funds, which have attracted USD17.3bn since the beginning of December, largely for large cap funds.Emerging market equities funds had total inflows of USD1.7bn for the week, while money market funds lost a further USD30bn.
25/01/2011

Capital flows to emerging markets spiked in 2010

p { margin-bottom: 0.08in; } According to initial estimates from the Institute of International Finance (IIF) about capital flows towards emerging markets in 2010, presented on Monday, USD908bn in private capital were injected into emerging economies and their markets, of which USD227bn went to China, La Tribune reports. These flows are expected to reach USD960bn in 2011, and USD1.009trn in 2012.As of the end of 2009, emerging market equities accounted for 13% of the MSCI all-country World index, compared with 4.5% in 2003, the newspaper reports.

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