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11/01/2011

Number of ETFs in Europe tripled during the crisis

p { margin-bottom: 0.08in; } At the beginning of 2007, ETFs in Europe had assets under management of EUR103bn. As of the end of September 2010, assets totalled EUR232bn, according to data from Global ETF Research and BlackRock, Expansión reports. In the same period, the number of funds tripled, from 500 to 1,500 products. The three largest operators in Europe are iShares (BlackRock), with a market share of 32.7%, Lyxor Asset Management (Société Générale), with 16.6%, and db x-trackers (Deutsche Bank), with 15.7%.
11/01/2011

Funds managed by banks underperform

Funds managed by banks and insurance companies generally underperform those operated by independent asset managers across Europe, according to data compiled for Financial Times Fund Management by Lipper.However, in some countries, such as France, pure asset managers are over-represented at both extremes of the performance scale, suggesting they are taking more risk than their banking and insurance counterparts.
11/01/2011

Hermès/LVMH: minority shareholder defence organisation will appeal AMF decision

p { margin-bottom: 0.08in; } The French Association for the Defence of Minority Shareholders (ADAM) will appeal a decision by the French financial market regulator, the Autorité des marchés financiers (AMF), to grant a special dispensation to the usual takeover regulations for family shareholders in Hermès defending themselves against LVMH. Colette Neuville, president of ADAM, has told Reuters that she will file the appeal by Monday, 17 January. The appeal does not come as a surprise, as the ADAM president had already stated on several occasions that she opposed any exceptions under the law. “The appeal will be filed within six days, as regulations stipulate,” says Neuville, adding that the six-day period counts from last Thursday, when the AMF granted its clearance to Hermès. Neuville, who challenges the “reclassification” arguments used by the AMF, claims that the case “poses the problem of the value of regulated information” published by the Hermès directors, who had always claimed in the documents they supplied to the regulator and to the market that there were no shareholders who singularly or collectively controlled the capital of the company.
11/01/2011

ICI unveils plan for liquidity bank

The Investment Company Institute presented regulators with a proposal that would form a liquidity bank to help stabilize money-market funds during a market panic, according to The Wall Street Journal. The proposed bank wouldn’t backstop a fund that collapsed on its own. Instead, it would seek to prevent the damage from spreading to other funds.
11/01/2011

SEC charges hedge fund

The Securities and Exchange Commission has filed civil charges against the co-founder of hedge fund Trivium Capital Management and three others persons, accusing them of trading on inside information regarding Google and other companies as part of its investigation into Galleon Group, the Financial Times writes.The US regulator alleged that Trivium, its co-founder Robert Feinblatt and analyst Jeffrey Yokuty made USD15m in profits by trading ahead of Google and Polycom’s earnings reports and before private equity takeovers of Hilton and Kronos were announced.
11/01/2011

Guaranteed funds attracted a net total of EUR2.1bn in 2010

p { margin-bottom: 0.08in; } Despite average losses of 0.9%, according to Ahorro Corporación, Spanish guaranteed funds, with EUR2.1bn, were the only category aside from equities funds (EUR500m), to post net subscriptions in 2010, Cinco Días reports. And of the 124 new funds launched in Spain last year, 61 were guaranteed products.Assets in guaranteed funds increased by EUR1.6bn to total EUR48.5bn as of the end of the year. Meanwhile, assets managed by bond funds fell over the year as a whole by EUR27.5bn (of which EUR20.9bn were net outflows), to a total of EUR52.6bn as of 31 December.
11/01/2011

BNY Mellon AM launches Latin American infrastructure strategy in France

p { margin-bottom: 0.08in; } As reported by Newsmanagers on 29 November 2010, BNY Mellon Asset Management announced on Monday, 10 January that it has launched its BNY Mellon Latin America Infrastructure fund, a sub-fund of the BNY Mellon Global Funds Sicav, managed by the BNY Mellon ARX Investments team based in Rio de Janeiro, in France. BNY Mellon Latin America Infrastructure, which is aimed at retail and institutional investors, will invest in companies active in sectors related to infrastucture, such as equipment, transport, steel, telecommunications and energy, and in the key regions of Brazil, Mexico, Chile and Peru. The fund is composed of a concentrated portfolio of 35-50 equities. Characteristics ISIN code: EUR (A) shares: IE00B45KKV37EUR © shares: IE00B3VB9Y99Management fee: A shares: 2%C shares: 1%Minimal subscription: A shares: EUR5000C shares: EUR5m
11/01/2011

Assets under management at Impax up 44%

p { margin-bottom: 0.08in; } The environmental sector specialist Impax Asset Management Group (a partner of BNP Paribas IP), which is listed on the AIM, announced on 10 January that its assets under management were up 44% in the year to 30 September, to a total of GBP1.82bn. Assets under management have continued to increase in the subsequent months, to a total of GBP2.25bn as of 31 December 2010. Pre-tax profits, which got a boost from the repayment of a loan valued at GBP1m, totalled GBP5.2m, compared with GBP2.5m the previous year. The firm is proposing to pay a dividend of 0.60 pence per share, compared with 0.40 pence per share the previous year. Long-only strategies on publicly-traded equities earned returns of 69.3% in the five years to 31 December, compared with 23.6% for the MSCI World index.
11/01/2011

Profitability of asset management industry rising

p { margin-bottom: 0.08in; } Fundstrategy reports that a study by PriceWaterhouseCoopers and the Confederation of British Industry (CBI) finds that the profitability of the asset management sector has increased significantly in the UK in the past quarter. Average costs have increased, but business volumes have also increased along with fees and commissions.
11/01/2011

Threadneedle adds to emerging markets equities personnel

p { margin-bottom: 0.08in; }Threadneedle has annouced the appointment of Irina Miklavchich to the position of fund manager, Global Emerging Markets Equities. She will join the Asia (ex Japan) and Global Emerging Markets Equities team of seven headed by Vanessa Donegan and will manage a number of global emerging markets funds. Ms Miklavchich joins Threadneedle from Goldman Sachs where she was an executive director in the Principal Strategies Group since 2006, with responsibility for managing the EMEA equity long-short portfolio. Prior to that Ms Miklavchich worked at Goldman Sachs Asset Management as an executive director in the Emerging Markets and Global Financial teams.
11/01/2011

Acacia Inversión granted fund management firm license

p { margin-bottom: 0.08in; } Acacia Inversión, founded in 1997 as a portfolio management firm, has become the first operator to be issued a fund management license in 2011, Funds People reports. It already offers its high net worth private clients four profiled funds: Acacia Bonomix (75% bonds, 25% equities), Globalmix Mixto Renta Variable (50/50), Reinverplus Renta Variable (100% equities) and Acacia Premium Renta Variable Global (100% global equities).
11/01/2011

Le Japon au chevet de l’Europe

Le Premier ministre japonais, Yoshihiko Noda, a annoncé ce matin que le gouvernement prévoyait d’acheter de la dette émise par le Fonds de stabilité européen. Il a également indiqué que le Japon comptait se servir d’une partie de ses réserves de change en euros pour réaliser ces opérations.
11/01/2011

Del Monte Foods s’en tient à KKR

Au terme d’une période de «go-shop», le groupe agroalimentaire a indiqué n’avoir reçu aucune offre de rachat supérieure à celle de 4 milliards de dollars (hors dette) formulée par KKR en novembre. Del Monte s’attend à ce que l’opération soit finalisée d’ici la fin mars.
11/01/2011

SG Private Banking cible les Etats-Unis

La Société Générale lancera prochainement à New York une plate-forme de gestion privée pour la clientèle domestique, en s’appuyant sur sa BFI.
11/01/2011

Bats songerait à s'introduire en bourse

Selon des sources proches du dossier relayées par le « Wall Street Journal », la société aurait déjà trouvé plusieurs souscripteurs pour une IPO
11/01/2011

Le sentiment change autour de la BoE

Au vu de l’accroissement des pressions inflationnistes outre-Manche, après, notamment, la hausse mardi de la TVA à 20%, BNP Paribas et SG CIB, qui ne voyaient pas la Banque d’Angleterre durcir sa politique de taux en 2011, croient désormais à ce scénario dès le troisième trimestre.
11/01/2011

Lawrence Clark se lance en solitaire

Lawrence Clark a selon le quotidien américain quitté Harbinger Capital pour créer son propre fonds alternatif. Une nouvelle aventure parmi tant d’autres de nouveaux entrepreneurs tentés par la création de hedge funds. Lawrence Clark espère bien voir naître effectivement son fonds, dont le nom n’a pas été choisi, dans un délai de six mois.
11/01/2011

Deuxième cession de titres China Pacific Insurance pour Carlyle

La société d’investissement aurait vendu, selon le quotidien qui cite des personnes proches du dossier, une deuxième salve de 415,5 millions d’actions dans la société d’assurance chinoise à 33,45 dollars de Hong Kong par titre, soit un montant total de 1,79 milliard de dollars. Fairholme Capital Management ferait en outre parti des acheteurs de ces parts.
10/01/2011

La BCE rachète de la dette portugaise

Selon des traders, la Banque centrale européenne est intervenue lundi sur les marchés pour racheter des emprunts d’Etat portugais à 5 ans et 10 ans. Vers 13 heures, les rendements portugais sur ces deux maturités se détendaient d’ailleurs respectivement de 12 points de base et 5 pb, à 5,99% et 7,01%. La flambée des coûts de financement du souverain, qui devrait encore se vérifier mercredi lors de deux adjudications prévues sur des lignes à 4 et 9 ans, rend cependant probable un recours du Portugal à l’aide européenne. La Commission européenne a nié lundi discuter d’une aide d’urgence au pays, un discours déjà entendu en novembre dans le cas de l’Irlande avec le résultat que l’on connaît.
10/01/2011

L'Espagne relance la titrisation des déficits d'électricité

L’Espagne a lancé l'émission d’obligations garanties par les créances que détiennent plusieurs groupes espagnols d'énergie sur l’Etat. Les obligations, à 3 ans, pourraient être placées à un rendement de 80 points de base au-dessus des emprunts d’Etat espagnols et sont émises par une structure ad hoc, le Fade. BBVA, BNP Paribas, CA CIB, Deutsche Bank, Goldman Sachs et Santander dirigent l’opération, prévue à l’origine fin novembre mais repoussée en raison de la crise irlandaise. Elle permettra à Iberdrola ou encore Endesa de monétiser leurs créances sur l’Etat, qui s’est engagé à couvrir le manque à gagner entre leurs coûts de production et les tarifs réglementés de l'électricité.
10/01/2011

Rebond de la production industrielle française

La production industrielle française a augmenté de 2,3% en novembre par rapport à octobre, mois durant lequel elle avait décliné en raison des grèves contre la réforme des retraites et dans les raffineries de pétrole. Sur trois mois par rapport aux trois mois précédents, la hausse est de 0,6%. La production industrielle reste néanmoins 9,5 points en-dessous de son niveau d’octobre 2008.

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