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06/01/2011

Less than 7% of promoters of Riester plans ban cluster bomb manufacturers

p { margin-bottom: 0.08in; } According to a non-representative online survey undertaken by Finanztest, a publication of the consumer protection foundation Stiftung Warentest, about 75% of 3,500 readers responding to the survey are of the opinion that promoters of Riester life insurance plans should immediately divest any shares in companies involved in the production of cluster bonds, which is forbidden by German criminal law since 1 August 2010.The Finanztest survey of promoters of Riester plans finds that 68 out of 86 banks surveyed have no comment on the subject, along with half of insurers.Of the 174 firms which responded to the survey, only 12 had taken measures to avoid such investments. They include Union Invesment (co-operative banks) and DWS (Deutsche Bank). Among insurers who do not allow investors investments of this type are Axa, Debeka, oecocapital and Zurich, as well as AachenMünchener et CosmosDirekt, two affiliates of Generali. Raiffeisenbank Rastede is also on the list. In addition, Ethikbank, the Bank für Kirche and Caritas also forbid any investment in weapons at all.Some management firms says that the do not invest in makers of cluster bombs, but are unable to provide proof of this.Surveys have found shares in makers of cluster-bombs in products from Deka (savings banks) and Allianz Global Investors (AGI). The first says that it decides on investments in shares on a case-by-case basis, while the second had no comment, adding that it no longer offers new Riester unit-linked retirement accounts.
06/01/2011

Carmignac strengthens expertise in emerging markets

Carmignac Gestion has hired Alan Gao as Asian analyst, who will focus on China. Before joining the French asset manager, Gao was a credit analyst at the alterantive management firm CQS, where he was in charge of Asian equity and bond markets.With the arrival of Gao, Carmignac Gestion continues to strengthen its emerging markets equities team, which already includes four people, led by Simon Pickard. In the team, Xavier Hovasse is analyst for Latin American, African and Middle Eastern markets, and will also co-manage the Carmignac Emerging Discovery fund with Simon Pickard. David Park, previously an Asian analyst, will focus on India, Korea and the markets of South-East Asia.Meanwhile, the European equities team will also be strengthened, with Jordan Cvetanovski relinquishing his role as co-manager on the Carmignac Emerging Discovery fund, in order to focus on the European equities range, including management of the Euro-Entrepreneurs fund and co-management of the Carmignac Grande Europe fund, to which Samir Essafri has contributed since his arrival in November.
06/01/2011

Natixis AM creates a unit dedicated to training

p { margin-bottom: 0.08in; } Natixis Asset Management has created an affiliate dedicated to training in financial instruments and markets, entitled Natixis Formation Epargne Financière. The new structure, which is registered as a training organism, is aimed at employees at all entities of the BCPE group, including the networks of the Banque Populaire and savings banks, Natixis, Crédit Foncier and Banque Palatine. It has three objectives, according to a press statement: to verify the knowledge of employees and offer internal personnel a “professional certification as market actors,” which is required by the French market regulator, the AMF, since 1 July 2010; to develop expertise through a program centred on pedagogy focused on the client relationship, as well as on regulatory aspects and knowledge of products; improve the protection of savings investors by ensuring that the clients’ interests are taken as a first priority, by developing exchanges between the businesses of the BPCE group and the control and regulatory powers. Natixis Formation Epargne Financière relies on a team of 10 instructors.
06/01/2011

UBS Global AM launches a Swiss equities fund

p { margin-bottom: 0.08in; } BaFin in early January issued a sales license for the Swiss Opportunity sub-fund of the Luxembourg Sicav UBS (Lux) Equity, managed by Stefan Bohren. The portfolio of the conviction-managed fund, launched on 16 November 2010, will include about 20 to 40 positions, with weightings of 2-7%.The fund will invest in a very different manner in the benchmark index, the Swiss Performance Index (SPI), in which Nestlé, Novartis and Roche weigh in at more than 50%. It will be diversified both in terms of sectors, with a current overweight position in industrials and an underweight position in health and consumer goods sectors and capitalisations, with more small and midcaps than in the SPI.The objective of the UBS Global AM fund is to generate outperformance of 400 basis points compared with the SPI over a complete market cycle.CharacteristicsName: UBS (Lux) Equity SICAV – Swiss OpportunityISIN codes: LU0546265769, share class in CHF; LU0546268359, share class in EURTER: 1.50%
06/01/2011

Global X launches an aluminium ETF

p { margin-bottom: 0.08in; } As the SEC was notified on 30 April 2010, the New York-based firm Global X Funds (USD1bn in assets) on 5 January 2011 finally launched the first-ever aluminum ETF, the Global X Aluminum ETF (acronym ALUM), which is part of a range of seven ETFs announced in late April. It follows the Global X Copper Miners ETF.The new product replicates the Solactive Global Aluminum Index, which includes the most liquid shares in mining companies in the aluminium sector, of which the largest three are Rio Tinto, Alcoa and Norsk Hydro.Management commission is set at 0.69%.
06/01/2011

ProShares launches two volatility ETFs

p { margin-bottom: 0.08in; } ProShares on Tuesday, 5 January announced the launch on NYSE Arca of two ETFs. The products offer exposure to the VIX index, which measures the volatility of the S&P 500. Management fees for the ProShares VIX Short-Term Futures fund (NYSE Arca VIXY code) and the VIX Mid-Term Futures (VIXM) total 0.85%
06/01/2011

CB Richard Ellis Investors sells Copernic II building in Noisy-Le-Grand

p { margin-bottom: 0.08in; } The real estate investment fund management firm CB Richard Ellis on 5 January announced the sale of the Copernic II office building (30,300 m2) to SCPI Opera Rendement, managed by BNP Paribas Real Estate Investmnt Management (Reim), and the Cardif life insurance company as major shareholder. Copernic II had been held by the CB Richard Ellis Strategic Partners Europe Fund III, a pan-European investment fund managed by CBRE Invesrtors. Copernic II, inaugurated in June last year, is a certified High Quality Environmental (HQE) building, which carries a Very High Energy Performance (THPE) certification. The complex is located on the Boulevard du Mont d’Est in Noisy-Le-Grand (Marne-la-Vallée), in the center of the tertiary unit of the Eastern stretches of Paris. Copernic II is now 85% occupied.
06/01/2011

Galleon trials: phone talks may be used as evidence

Federal prosecutors can use secretly recorded telephone conversations of ex-Galleon Group employee Zvi Goffer and other defendants in the insider-trading case, a federal judge has ruled, The Wall Street Journal writes.Last month, another judge ruled that prosecutors can use recordings of thousands of talks by Galleon founder Raj Rajaratnam in his criminal trial.
06/01/2011

BNP Paribas SA appoints a referent for professional equality

p { margin-bottom: 0.08in; } As a part of its struggle against discrimination and promoting diversity, BNP Paribas SA on 5 January announced the appointment of Bernard Villatoux as referent for professional equality. The group thus establishes a nationwide facility for examining individual cases of employees who claim that they have been discriminated against in their professional situation, and whose position is therefore not satisfied, at the discretion of the Human Resources office of the management firm concerned. Villatoux, who was appointed head of Individual Group Careers Management after the merger of BNP Paribas, in 2007 became head of the Human Recources Management, Leadership and Services Group. “The policy of BNP Paribas in relation to diversity within the business is a part of a global desire to play an important role in favour of insertion, equal opportunity and the struggle against all forms of discrimination,” BNP Paribas says in a statement. In France, BNP Paribas signed the Diversity Charter in 2004, and was one of the first seven French businesses to receive the Diversity label in 2009.
06/01/2011

Patrick Parent takes charge of accounting affairs at French regulator

p { margin-bottom: 0.08in; } The French financial market authority AMF on 5 January announced the appointment of Patrick Parent as director of accounting affairs, effective 3 January. He succeeds Sophie Baranger, who becomes director of investigations and market surveillance at the AMF. Parent will represent the AMF in the College of the Authority for Accounting Standards (ANC), the High Council of the Account Commissariat (H3C) and in permanent groups which handle accounting standards and audit at ESMA and the OICV. Parent, who entered the COB in 2003, spent four years as director in charge of accounting doctrine. In that role he participated as OICV representative in meetings of the IFRS Interpretation Committee (formerly known as IFRIC, the committee in charge of interpretation of IFRS accounting standards, and the XBRL Advisory Council (XAC),
06/01/2011

Planned accounting standards for rentals may cause development in the market

p { margin-bottom: 0.08in; } Planned IFRS accounting standards for rentals laid out by the architect of international accounting standards, the IASB, of which a final version is expected to be published in mid-2011, could include significant modifications on the rental market, according to a study by Deutsche Bank research published in mid-December. As a part of the accounting for rentals under IFRS standards, there will no longer be a distinction between simple and financial rentals. Lessors will sign a rental agreement which would require that the property not be listed as an asset on the balance sheet, and the tenants also agree to list payments on their balance sheet. Deutsche Bank Research says that the accounting changes could lead to a reduction in the number of transactions. It may also accentuate a trend by which contracts become shorter, which could lead to increased frequency of rental cycles.
06/01/2011

Popular launches a Middle East and Africa fund of funds

p { margin-bottom: 0.08in; } On 30 December 2010, Popular Gestión registered the Eurovalor África y Oriente Medio fund, a Spanish Middle East/Africa/CIS equities fund, which will invest at lesat 75% of its assets in equities, and the remainder in bonds, with the CNMV. The prospectus for the fund states that it will invest up to 100% of its assets in investment funds. The recommended investment duration is 3-4 years.The fund has no benchmark or performance objective. The portfolio will be actively, dynamically and proactively managed, which will result in a high turnover.CharacteristicsName: Eurovalor África y Oriente MedioISIN code: ES0133444002Management commission: 1.35%Performance commission: 9%Minimal subscription: EUR600
06/01/2011

BBVA launches two inverse ETFs

p { margin-bottom: 0.08in; } On 1 December, BBVA Asset Management launched two ETFs which inversely reproduce the evolution of the Ibex 35 (ES0105305009) and Markit iBoxx Eurozone 3-5 years Total Return (ES0142446006) indices. The new products were registered by the CNMV on 23 December, making it possible to play falling Spanish and Euro zone sovereign debt markets. They charge fees of 0.40% and 0.14%, respectively, in addition to which there is a depository banking commission of 0.05%. In both cases, tracking error is not to exceed 2%.
06/01/2011

Swiss & Global AM builds presence in UK

p { margin-bottom: 0.08in; } Money Marketing reports that the affiliate of GAM Holding SA, Swiss & Global Asset Management, has appointed Keith Rumbelow and Hugo Wheeler as a part of its distribution team in the United Kingdom. Keith Rumbelow, who will take over as head of the London team, will concentrate his efforts on multi-managers, funds of funds, insurance companies, and wealth management firms. He was previously at Marlborough Fund Managers. Wheeler, previously of Highland Capital Partners, will promote the firm’s product range to British investors.
06/01/2011

Cazenove reopens the Absolute UK Dynamic Fund

p { margin-bottom: 0.08in; } Cazenove Capital Management on 4 January announced its decision to reopen its Absolute UK Dynamic fund to new subscriptions. The fund, managed by Paul Marriage, was closed only one week after its launch in September 2009. The fund had then attracted GBP123m. The fund will have supplemental capacity of GBP60m. The fund has gained 5.5% since its launch, and is expected to earn returns of over 10% per year. As of 30 November 2010, assets under management at Cazenove totalled GBP4.2bn.
06/01/2011

Fund merger at Henderson

p { margin-bottom: 0.08in; } Henderson Global Investors is planning to merge its British and European opportunistic funds, Money Marketing reports. The British opportunistic fund with GBP87m in assets, will be integrated into the GBP327m British alpha fund, while the European opportunistic fund (GBP209m) will be merged into the GBP755m European growth fund. Henderson, which says that its mergers are subject to the approval of shareholders, will merge other funds as part of its strategy of rationalisation of the range.
06/01/2011

Assets in retail funds up 20% in 2010

p { margin-bottom: 0.08in; } According to a survey by Fund Strategy, retail assets at the 96 largest fund management firms in Britain increased from GBP294bn at the beginning of 2010 to GBP353bn at the end of December, an increase of 20%, while the FTSE 100 index gained only 6%. The largest 30 management firms which scored particular success if they promoted top-rated aggressive equity or emerging market products under a well-known banner. However, only 13 of the 30 largest management firms posted a higher-than-average increase to their assets. Invesco Perpetual had only a 12% increase, despite having the most prominent equity income franchise int eh industry and one of the best names in bonds. The 13 fastest-growing management firms were First State, Investec, HSBC, Neptune, M&G, Fidelity, St James’s Place, Schroders, BlackRock, Axa, Aviva Investors, BNY Mellon and Capita.
06/01/2011

BaFin investigates role of Southeastern in ACS takeover bid for Hochtief

p { margin-bottom: 0.08in; } According to Handelsblatt, the “last hope” for Hochtief is that the German regulator, BaFin, will refuse permission for a takeover bid by the Spanish firm ACS, Cotizalia reports.BaFin has announced that it has opened an enquiry into the role of the US management firm Southeastern Asset Management in the deal. It is a shareholder in both ACS and Hochtief, and played a decisive role in accepting to sell a 2.6% of capital in the German construction group to ACS.
06/01/2011

La banque centrale chinoise craint les pressions inflationnistes

Le gouverneur de la banque centrale chinoise a mis en garde contre la hausse de l’inflation et jugé que de nouvelles mesures pourraient être prises pour contrôler la masse monétaire. Dans une interview publiée par le magazine de la Banque populaire de Chine, Zhou Xiaochuan a exprimé sa confiance sur les perspectives de croissance économique de la Chine, mais s’est montré plus prudent sur l’inflation, dont le rythme actuel est sans précédent depuis deux ans.
06/01/2011

Turenne Capital s’associe à Salés Sucrés

La société de capital investissement injecte 2,5 millions d’euros dans Salés Sucrés, spécialiste des « produits gourmands » haut de gamme frais et surgelés, pour l’accompagner dans son développement après la récente acquisition de Brindélices. Le groupe réalise près de 25 millions d’euros de chiffre d’affaires.
06/01/2011

Santander se finance au prix fort comme BBVA

Les émissions de covered bonds se sont encore multipliées mercredi. Alors que l’accès au marché est délicat pour les banques espagnoles compte tenu de la hausse du risque souverain, Santander a émis pour un milliard d’euros de covered bonds à cinq ans avec une prime de 225 points de base. C’est le prix qu’avait dû offrir la veille BBVA pour ses covered bonds à trois ans. ABN Amro, Compagnie de Financement Foncier, le Crédit Agricole, Barclays Capital et UniCredit sont également venus solliciter les investisseurs, mais pour des coûts bien inférieurs. Le rythme des émissions d’obligations sécurisées devrait rester soutenu puisque Banco Popolare, Lloyds TSB, Dexia Kommunalbank, RBS, Eurohypo et BPCE prévoient aussi des émissions. Le marché primaire des obligations seniors non garanties s’est également réveillé avec les opérations de Société Générale, à taux variable sur deux ans, de Rabobank, de Pohjola Bank et d’Intesa Sanpaolo. Cette dernière a émis sur cinq ans à 175 pb.
06/01/2011

Les prix alimentaires au sommet

Les prix alimentaires mondiaux ont atteint un nouveau record en décembre, selon l’Organisation des Nations unies pour l’alimentation et l’agriculture (FAO). Son indice mensuel s’est établi à 214,7 points le mois dernier, contre 206 en novembre et au-dessus de son précédent record de 213,5 en juin 2008. « Les prix peuvent encore beaucoup augmenter» a prévenu l’économiste de la FAO Abdolreza Abbassian.
06/01/2011

Barack Obama présentera demain sa nouvelle équipe économique

Le président américain dévoilera vendredi la composition de sa nouvelle équipe de conseillers économiques, selon la Maison blanche. Gene Sperling est pressenti pour succéder à Larry Summers à la tête du conseil économique national. Par ailleurs, l’ancien président de la Fed Paul Volcker prévoit de quitter prochainement le Conseil pour la reconstruction économique dont il occupe la direction, selon des sources citées par Reuters.
06/01/2011

Le Brésil a croulé sous les devises en 2010

La banque centrale brésilienne a indiqué que les sorties de dollars du pays ont totalisé 1,91 milliard de dollars au mois de décembre. Mais sur la totalité de 2010, les afflux ont atteint 24,35 milliards de dollars, les investisseurs pariant sur l’une des économies les plus dynamiques au monde. Ce phénomène a fait grimper le real de 4,6% l’an dernier.
06/01/2011

L’embellie se confirme aux Etats-Unis

La hausse marquée et inattendue de l’emploi annoncée mercredi pour le secteur privé américain constitue l’un des signaux les plus marquants des derniers mois quant à un redressement de l'économie américaine. Le secteur privé a créé 297.000 emplois en décembre, soit presque trois fois ce que les analystes attendaient, et bien plus que les 92.000 postes supplémentaires du mois de novembre, montre l’enquête mensuelle ADP. Depuis la première édition de cette enquête en 2000, jamais le chiffre des créations d’emploi dans le secteur privé n’avait affiché une telle hausse mensuelle. Autre signe tangible d’amélioration, la croissance de l’activité dans le secteur des services aux Etats-Unis a accéléré plus que prévu en décembre, selon l’enquête mensuelle de l’institut ISM. L’indice d’activité des directeurs d’achat du secteur s’est établi à 57,1 le mois dernier, soit un plus haut depuis mai 2006, alors que le consensus Reuters anticipait un indice à 55,6.
06/01/2011

Global X Funds lance un ETF sur l’aluminium

Le fournisseur de fonds indiciels cotés (exchange traded funds) a lancé le premier ETF sur l’aluminium, évoquant une demande croissante pour le métal, notamment de la part de la Chine et de l’Inde. Le Global X Aluminum ETF réplique le Solactive Global Aluminum Index, qui vise à refléter la performance des principales sociétés présentes dans l’extraction d’aluminium.
06/01/2011

Eurazeo ouvre le dossier Europcar

Le quotidien indique que la société d’investissement a mandaté la banque Lazard pour «réfléchir à l’avenir» du loueur automobile. «Une cotation est évoquée d’ici à 2013» avance le quotidien, une sortie dans le cadre d’un nouveau LBO n’étant toutefois pas formellement écartée. Une journée investisseurs est prévue à Hambourg le 26 janvier afin de «mieux faire connaître la valeur de l’actif au marché», même si le processus reste «très en amont». Le quotidien évoque par ailleurs une «accélération» de la sortie d’Accor (dont Eurazeo est actionnaire de référence) de Groupe Lucien Barrière, «un accord pouvant être conclu en janvier. Fonds d’investissement et véhicules patrimoniaux sont sur les rangs.
06/01/2011

La Chine souple sur ses exigences de prêts bancaires

Le journal Shanghai Securities News, qui cite des sources officielles, rapporte que les autorités chinoises ne devraient pas fixer d’objectif chiffré en termes de prêts bancaires. Elles se baseront plutôt sur l’évolution des indicateurs de croissance et d’inflation pour ajuster leurs exigences auprès des établissements de prêts bancaires du pays.
06/01/2011

Le Japon va investir dans le vert

Le quotidien indique sans citer ses sources qu’un fonds affilié au gouvernement nippon devrait investir quelque 130 milliards de yens (1,2 milliard d’euros) dans des projets écologiques auxquels participent des entreprises japonaises à l’étranger. Le fonds devrait en outre investir 10 milliards de yens dans un projet de «smart city» à Gujarat en Inde réalisé par les sociétés Mitsubishi Heavy Industries, Mitsubishi et Electric Power Development.

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