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19/12/2013

Former SAC fund manager found guilty of insider trading

Michael Steinberg, a former portfolio manager at SAC Capital, was found guilty of insider trading on Wednesday, and may be sentenced to up to 20 years imprisonment, the Financial Times reports. The jury has identified five counts of conspiracy and market fraud. Steinberg is accused of making trades on shares in Dell and Nvidia after learning the confidential results for the companies in 2008 and 2009 through an analyst. This allowed SAC to earn profits of over USD1m.
19/12/2013

UCITS funds posted more than EUR21bn in inflows in October

Net sales of UCITS returned to positive territory in October with net inflows of EUR 21 billion, compared to net outflows of EUR 15 billion in September, according to the European Fund and Asset Management Association (EFAMA). This turnaround in net sales can be attributed to a reduction in net outflows from money market funds and increased net inflows to long-term UCITS.Long-term UCITS (excluding money market funds) registered a rise in net inflows to EUR 27 billion, up from EUR 9 billion in September. Equity funds attracted net inflows of EUR 17 billion, up from EUR 14 billion in September, while bond funds registered net outflows of EUR 1 billion, compared to net outflows of EUR 9 billion a month earlier. Net sales of balanced funds amounted to EUR 8 billion, compared to EUR 5 billion in September. Money market funds registered reduced net outflows in October of EUR 5 billion, down from EUR 24 billion in September.Total non-UCITS recorded net sales of EUR 19 billion in October, up from EUR 17 billion in September. This increase in net sales can be attributed to special funds (funds reserved to institutional investors) which registered net inflows of EUR 18 billion, compared to EUR 16 billion in September. Total net assets of UCITS stood at EUR 6,860 billion at end October 2013, representing a 1.6 percent increase during the month.Total net assets of non-UCITS increased in October by 1.7 percent to stand at EUR 2,776 billion at month end.
19/12/2013

BNP Paribas IP adds to its investment solutions team in Asia

BNP Paribas Investment Partners (BNPP IP), the asset management affiliate of the BNP Paribas group, has appointed Pieter Oyens as head of the investment specialists team for the Asia-Pacific region, He will be based in Hong Kong and will aim to represent the Asian investment solutions unit to institutional clients, distributors, and wealth management clients. Before joining BNPP IP, Oyens was managing director for Harvest Global Investments in Hong Kong.
19/12/2013

Goldman Sachs posts USD10bn in inflows to a bond fund

Bond management is doing well at Goldman Sachs. Its investment fund Goldman Sachs Strategic Income Fund has attracted USD9.8bn in inflows in the first 11 months of the year 2013, Bloomberg reveals. This net inflow of money is three times higher than the inflows posted by the New York firm to its previous fund over a calendar year, according to statistics from Morningstar dating back to 1993. Bloomberg emphasizes that the fund has seen its size quintuple in one year. According to data compiled by the press agency, the bond fund with USD12.5bn in assets had earned 5.3% returns as of 13 December 2013, dominating 96% of its rivals.
19/12/2013

OFI AM plans to launch a mini bond fund

OFI AM, which on Monday unveiled its new organization, is planning in March 2014 to launch a bond fund to finance French mid-sized businesses on the model of Novo. The asset management firm hopes to raise EUR200m for the product from institutional investors. In terms of new products, OFI AM is also finalising the creation of a managed accounts fund in partnership with Man Group, which has acquired 20% of its alternative management activity. The asset management firm is planning to extend the universe of its BRICA fund, to include more frontier markets.
19/12/2013

Amundi launches EM Minimum Variance fund

Amundi is adding to its Minimum Variance range, which is already deployed in the Europe and World universes, with the launch of a new investment solution: Amundi Funds Equity Emerging Minimum Variance. The new sub-fund of the Luxembourg Sicav Amundi Funds aims to outperform the MSCI Emerging Markets NR Close on a 5-year investment horizon, while aiming to maintain a lower level of volatility than the benchmark. The sub-fund offers a solution which is appropriate to the needs of investors seeking to limit global risk levels for an equity portfolio. At least two thirds of assets are invested in equities or instruments related to shares in businesses located in emerging countries of Europe, Asia, America and Africa.
19/12/2013

Nordea and iShares register funds in Spain

Funds People reports that Nordea has registered four additional sub-fund of its Nordea 1 Sicav, the Emerging Markets Small Cap Fund, managed by Copper Rock Capital Partners, the Chinese equity Fund, the Unconstrained Bond Fund, managed by MacKay Shields, and the Nordic Corporate Bond Fund (shares hedged in euros). The Spanish regulator has also issued a sales license for the iShares Euro Stoxx 50 ex-Financials UCITS ETF from BlackRock (see Newsmanagers of 17 December). It is the first ETF on the European market with an international (pan-European structure) for securities processing, resulting in a cooperation between BlackRock and Euroclear Bank. Previously, when an ETF had been listed on several European markets, the liquidation occurred at the national central depository corresponding to each market on which the trades were executed.
19/12/2013

Tiedemann Wealth Management opens an office in San Francisco

The New York boutique Tiedemann Wealth Management, a specialist in wealth management, has announced the opening of an office in San Francisco. The new office wil lahve a team of processionals, led by Michael Yelverton, managing director and partner at Tiedemann Wealth Management. The firm advises over USD8bn in assets.
19/12/2013

Fidelity recruits head of sales from Delaware Investments

Fidelity has recruited ill Presutte as senior vice president and director of division, Mutual Fund Wire reveals. For three years, Presutti had been responsible for distribution and the entire division which includes the eastern United States for Delaware Investments, a member of the Macquarie gorup, where he had overseen 15 regional directors and two consultants.
19/12/2013

AllianceBernstein adds to alternative management unit

AllianceBernstein, an affiliate of the Axa group, has recruited Christine Johnson for the newly-created position of head of alternative product management, and granting her the title of senior vice president. Her arrival confirms the ambitions of the asset management firm in the area of alternative management, with an ambition to accelerate the growth of this activity. Today, AllianceBernstein has USD13bn in assets under alternative management. The first mission for Johnson, who has more than 20 years of experience in asset management, will be to develop a strategic commercial and strategic mission for the alternative management platform, focus the efforts of the team dedicated to key opportunities, and lastly, to form partnerships with distribution channels. Before joining AllianceBernstein, Johnson served at Deutsche Asset Management as head of the retirement and multi-asset activity for all clients in the Americas, after serving as director of alternative management and asset allocation strategy at the German firm.
19/12/2013

Generali Investments Europe recruits a head of fixed income management in France

Generali Invesments Europe, the asset management affiliate of the insurer Generali, has hired Antoinette Valraud as head of fixed income in France. Valraud, who has been in the position since 16 December, and who reports to the head of fixed income management, is at the head of a team of five managers and analysts. The fixed income management team, based in Paris, has EUR63bn in assets under management, out of a total of EUR330bn for Generali Investments Europe.Valraud, formerly of Fortis Investment and Société Générale Asset Management, was previously head of fixed income capital markets for EMEA (Europe, Middle East, Africa) at Deutsche Bank Private Wealth Management in Geneva since 2011.
19/12/2013

Assets under management in Swiss funds steady in November

Assets in investment funds monitored by Swiss Fund Data and Lipper totalled about CHF755bn in November, down slightly by 0.3%, or CHF2bn, compared with the previous month. Net inflows in the month under review totalled barely CHF700m. In the month under review, bond funds attracted CHF907.6m, compared with a net inflows of CHF165.6m for equity funds. However, commodity funds finished the month with outflows of CHF264.4m, and money market funds saw redemptions totalling CHF116.5m.
19/12/2013

CheBanca! Launches an asset management platform

CheBanca!, the retail bank of Mediobanca, is launching its “Risparmio Gestisto” asset management platform, which aims for net inflows of EUR600m by 2014, and EUR2bn by the end of June 2016, Bluerating reports. So far, the bank has no plans to make use of a network of financial advisers. It will rely on 100 people whom it has trained for assistance. On this platform, clients of CheBanca! will have access to a selection of 1,800 funds. ‘There will be a single cost, the management fees,” says the CEO of CheBanca!, Roberto Ferrari. CheBanca! currently has 500,000 clients.
19/12/2013

Allianz GI to merge two multi-asset funds

Allianz Global Investors (AGI) is planning to merge its multi-asset Dynamic Growth fund, which has GBP12bn in assets, with its AllianzRiskMaster Moderate, which has GBP14m, Fund Web reports. The asset management firm explains that the decision is a result of the fact that the Dynamic Growth fund has too small a size to be economically viable, after posting an 82% decline in its assets under management between 3 March 2012 and 16 December 2013, according to data from FE Analytics. The merger of the two funds is subject to approval by 75% of shareholders at an extraordinary general shareholders’ meeting.
19/12/2013

CA Immo sells Berlin Mercedes-Benz HQ to Union

The Austrian firm CA Immo (EUR5.4bn) has sold the property which is home to the headquarters of the distribution firm for Germany for Mercedes Benz (MVBD), with a floor area fo 28,000 square metres, in the Friedrichshain-Kreuzberg district of Berlin, to the German firm Union Investment Real Estate.The property, wholly occupied by MBVD, with 1,200 employees, is leased for 10 years to the Daimler affiliate, which is responsible for sales of Mercedes-Benz, smart and Fuso vehicles. The transaction totalled EUR88m, and the property will be added to the portfolio of the open-ended real estate fund UniImmo: Deutschland.UIRE has about EUR23bn in assets under management in open-ended funds and institutional RE funds.
19/12/2013

WisdomTree launches six ETFs

The New York-based asset management firm WisdomTree (USD33.6bn) on 18 December announced the launch of five bond ETFs on NYSE Arca, four of which aim to calm the fears of investors in the face of rising interest rates, which may be related to a slowdown and stop to repurchases of securities by the Federal Reserve, and a fund which aims to take advantage of a potential rise in interest rates in Japan. The sixth is a bet on a rising US dollar in against a basket of developed and emerging currencies.The funds are as follows:WisdomTree BofA Merrill Lynch High Yield Bond Negative Duration Fund (ticker: HYND), fees of 0.48%,WisdomTree Barclays U.S. Aggregate Bond Zero Duration Fund (AGZD), fees of 0.23%,WisdomTree Barclays U.S. Aggregate Bond Negative Duration Fund (AGND), fees of 0.28%,WisdomTree BofA Merrill Lynch High Yield Bond Zero Duration Fund (HYZD), fees of 0.43%,WisdomTree Japan Interest Rate Strategy Fund (JGBB) with a TER of 0.50%, andWisdomTree Bloomberg U.S. Dollar Bullish Fund (USDU), also with a TER of 0.50%.
19/12/2013

Hansainvest releases dividend fund

With another Hamburg asset management firm, Aramea Asset Management, Hansainvest on 16 December launched the German-registered fund HANSAdividende, managed by Christian Thormann. The product has 60 to 100 positions, selected from a universe of 400/600 securities, which will be focused on higher-than-average dividends and outlooks for stable profits.In order to stand out from other dividend funds, the Hansa product will invest in companies from throughout the developed world, without hedging for currency risks, and in companies which are not necessarily large caps. Currently, Europe represents about 50% of positions, compared with 25% for the Americas and 25% for Asia/Oceania.CharacteristicsName: HANSAdividendeISIN code: DE000A1J67V4Benchmark index: Stoxx Global 1800Front-end fee: 5%Management commission: 1.5%
19/12/2013

L'excédent courant de la zone euro atteint des sommets

L’excédent courant de la zone euro a atteint 21,8 milliards d’euros au mois d’octobre, en raison notamment de la contraction des importations. En cumul sur 12 mois, l’excédent courant dépasse pour la première fois les 200 milliards d’euros, à 208,3 milliards d’euros, soit 2,2% du PIB de la région, quasiment le double qu'à la même période l’an dernier (1,2% du PIB).
19/12/2013

L'AFT annule la dernière adjudication de bons du Trésor de 2013

L’Agence France Trésor (AFT) a annoncé jeudi l’annulation, comme les années précédentes, de la dernière adjudication de bons du Trésor (BTF) de l’année qui était prévue le 30 décembre. Dans un communiqué, l’AFT ajoute que la première adjudication de BTF de 2014 aura lieu le 6 janvier.
19/12/2013

Les Bourses montent après le «tapering» de la Fed

Les indices actions européens s’adjugent plus de 1% de hausse jeudi midi, au lendemain de l’annonce par la Réserve fédérale américaine du début du ralentissement de ses racahts d’actifs. Bien que son président Ben Bernanke ait annoncé que la Fed diminuera de 10 milliards de dollars, à 75 milliards, ses achats mensuels, le mouvement avait été bien anticipé par les marchés. Sur l’obligataire, les rendements à 10 ans européens restent d’ailleurs stables jeudi, tandis que le 10 ans américain évolue entre 2,88% et 2,90%. Les analystes retiennent aussi des annonces de la Fed le renforcement de la «forward guidance» sur le niveau des taux directeurs, qui resteront à zéro bien après que le taux de chômage aux Etats-Unis sera revenu à moins de 6,5%.
Ben Bernanke le 18 décembre 2013. Photo: Andrew Harrer/Bloomberg
19/12/2013

L'AMF précise ses attentes sur la meilleure exécution

L’AMF a formulé des positions et des recommandations à destination des prestataires de services d’investissement. Regroupées dans un projet de guide, celles-ci visent à préciser les attentes du régulateur en matière de meilleure exécution des ordres des investisseurs. Une consultation est ouverte sur ce guide jusqu’au 31 janvier 2014.
19/12/2013

Darty rachète Mistergooddeal à M6

Le groupe M6 cède à la filiale française de Darty la totalité du capital de Mistergooddeal.com, l’un des principaux sites de e-commerce hexagonaux. Sur l’exercice 2012, Mistergooddeal.com a enregistré un chiffre d’affaires de 128,1 millions d’euros et disposait d’un actif de 32,4 millions d’euros au 31 décembre. L’opération reste conditionnée à la consultation des instances du personnel et au feu vert de l’Autorité de la concurrence.
19/12/2013

La SEC veut faciliter les cotations de start-up

L’autorité boursière américaine a publié mercredi une nouvelle règle, liée au Jobs Act de 2012, destinée à favoriser l’introduction en Bourse de start-up. Connue sous le nom de «Regulation A plus», cette mesure permettra aux entreprises de lever jusqu'à 50 millions de dollars en échappant à des formalités jugées aujourd’hui très lourdes, comme le visa de chaque Etat fédéré dans lequel les titres sont proposés au public.
19/12/2013

Berlin diminuera ses émissions de dette en 2014

L’Allemagne prévoit pour 2014 un montant d'émissions de titres de dette fédéraux au plus bas depuis 2007, a indiqué mercredi l’agence de la dette du pays. Hors obligations souveraines indexées sur l’inflation, la Finanzagentur prévoit de mettre sur le marché 205 milliards d’euros de titres de dette en 2014 contre 247 milliards cette année. Sur ce total, les emprunts d’Etat à moyen et long terme représenteront 161 milliards d’euros et les bons du Trésor 44 milliards. Les émissions à moyen long terme nettes des tombées se limiteront à 6 milliards d’euros - au plus bas depuis 40 ans - contre 25 milliards cette année. Il faut cependant y ajouter en 2014 entre 10 et 14 milliards d’euros d’obligations indexées sur l’inflation. La Finanzagentur se réserve la possibilité d'émettre d’autres instruments financiers en cas de nécessité. Côté français, l’Agence France Trésor publiera demain son programme révisé d'émissions à moyen et long terme pour l’année prochaine.
19/12/2013

Offre commune des candidats à la reprise de Kem One

Le tribunal de commerce de Lyon a accepté mercredi la fusion des deux offres définitives de reprise du groupe pétrochimique Kem One avec le soutien financier de l’Etat. Il statuera demain sur cette proposition désormais portée par le fonds Open Gate et Alain de Krassny, à la tête du groupe autrichien Donau Chemie.
19/12/2013

Le sénateur américain Baucus nommé ambassadeur en Chine

Le sénateur du Montana Max Baucus, qui préside actuellement la commission des finances du Sénat, sera nommé par le président Obama pour devenir le prochain ambassadeur en Chine. Il avait annoncé courant 2013 son intention de démissionner de son poste de sénateur en 2014.
19/12/2013

La hausse de la TVA aura un impact limité sur l'inflation

La hausse de la TVA au 1er janvier en France pourrait avoir un impact de 0,4 à 0,5 point de pourcentage sur le taux d’inflation, concentré sur le seul mois de janvier, estiment des économistes de la Banque de France. Dans une étude publiée dans le bulletin mensuel, ils soulignent que, «dans le contexte actuel d’inflation modérée (proche de 1%), l’effet de ces changements de TVA ne présenterait pas de risque majeur pour la stabilité des prix».
19/12/2013

La réforme des retraites définitivement adoptée

Le Parlement français a définitivement adopté mercredi le projet de loi réformant les retraites. La réforme prévoit un allongement de la durée de cotisation dans les secteurs privé et public à 43 ans à l’horizon 2035 ainsi qu’une hausse générale de 0,3 point en quatre ans des cotisations salariales et patronales.
19/12/2013

Le Sénat américain vote le compromis budgétaire

Le Sénat américain a voté mercredi l’accord budgétaire conclu la semaine dernière afin d'éviter pendant deux ans de nouvelles fermetures («shutdown») des agences fédérales américaines. Le texte, qui avait été adopté jeudi dernier à une très large majorité par la Chambre des représentants, va être envoyé au président Barack Obama pour signature.
19/12/2013

Fitch confirme la note «AA+» du Royaume-Uni

L’agence de notation a confirmé la note AA+ attribuée à la dette souveraine du Royaume-Uni, avec une perspective stable. Fitch note une amélioration, essentiellement cyclique, de l'économie britannique depuis son dernier examen de la dette en avril 2013, portée par la consommation des ménages et les investissements immobiliers.

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