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29/05/2013

Santander makes planned sale of AM operation official

P { margin-bottom: 0.08in; } In a filing with the CNMV on 27 May, Santander announced that,» in connection with news that has recently appeared in the press», it is considering the possibility of allowing investors to acquire a stake in its asset management division.The Spanish group states that no final agreement of this nature has been reached with third-party investors. Santander states that it will notify the market at an appropriate time once an agreement has been reached.According to Expansión, an agreement is already said to have been reached with Warburg Pincus and General Atlantic, whose stake in Santander Asset Management would be “significant, but less than 50%.”In Spain, Santander had EUR22.08bn in assets under management in investment funds as of the end of April.
29/05/2013

BlackRock recruits former head of sales from UBS

P { margin-bottom: 0.08in; } BlackRock has recruited Daniel Whitestone as an addition to its team dedicated to British small and midcaps, Investment Week reports.Whitestone, who had previously worked at UBS as head of sales for British small and midcaps, will in initially be assigned to a position as an analyst for the BlackRock UK Emerging Companies hedge fund, whose assets under management total about GBP900m.
29/05/2013

Vontobel launches EMD fund

P { margin-bottom: 0.08in; } The Swiss asset management firm Vontobel Asset Management has launched an emerging market debt fund, Vontobel Fund – Emerging Markets Dent, managed by Luc D’Hooge, who recently joined the firm from Dexia Asset Management (Newsmanagers of 28 March 2013).The new fund, domiciled n Luxembourg, will concentrate on debt denominated in hard currencies. It will start up with assets of about USD160m. The objective is to outperform the JP Morgan EMBI Global Diversified TR index by 125 basis points per year.Vontobel Fund - Emerging Markets Debt B (LU0926439562) Vontobel Fund - Emerging Markets Debt I (LU0926439729)Vontobel Fund - Emerging Markets Debt HI CHF (LU0926440495)Vontobel Fund - Emerging Markets Debt HI EUR (LU0926440222)
29/05/2013

Credit Suisse plans to list its Real Estate Fund Green

P { margin-bottom: 0.08in; } Credit Suisse would like its Real Estate Fund Green Property (REF Green Property) to be listed on the Swiss stock exchange. The listing, planned for fourth quarter 2013, would open the real estate fund to the public, and also make it available to non-qualified investors, the bank announced in a statement on 28 May. The request is currently being examined by the Swiss Federal financial market surveillance authority (Finma). CS REF Green Property is invested in 12 properties. The two construction projects “amRietpark” in Schlieren and “Reusswinkel” in Bremgarten were completed this year, while “Lake Geneva Park” in Tolochenaz and “Alstattwiese” in Wil are still under construction.
29/05/2013

French AM firms emphasize their connections with Switzerland

P { margin-bottom: 0.08in; } The French financial management association (AFG) has emphasized stronger business ties between Switzerland and France in the management of assets and funds, its chairman, Paul-Henri de la Porte du Theil, has declared. About 30 Parisian businesses active in asset management are present in Switzerland, and more than 300 Parisian funds are available on the Swiss market, he says in a statement released on 28 May.In 2000, there were only 50 Parisian funds available in Switzerland .There is a trend for French asset management firms to open locations in Switzerland, the AFG points out in its statement, since an agreement signed between Switzerland and France to recognize national funds. In the other direction, Swiss asset management is “very well” developed in France: “a significant number of asset management businesses are owned by Swiss financial groups,” the statement says.The AFG in its statement highlights the expertise of French asset management firms, which “may benefit Swiss investors.” It points out that French fund management firms manage 19% of assets in Europe, compared with 7.3% for Switzerland. And about 17% of European funds are domiciled in Paris.
29/05/2013

UBS GAM seeks to save its Triton fund

P { margin-bottom: 0.08in; } UBS Global Asset Management is struggling to save its Triton Property fund (GBP680m in assets) from liquidation, Financial News reports. About 40% of investors are seeking redemption of their money due to poor performance. Talks are currently in progress with institutional invetors who may be interested in buying shares in the fund to those who want to sell them, according to a source familiar with the matter.
29/05/2013

Fidelity adds US fund to its FAST range

P { margin-bottom: 0.08in; } According to information obtained by Newsmanagers, Fidelity Worldwide Investment will next month launch an eighth fund as part of its Fidelity Active Strategy (FAST) range, focused on US equities.Investment Week, which received advance information, states that the product, on sale from the end of June, will be managed by Adrian Brass, who is in the process of setting up a team of analysts in the United Kingdom dedicated to US equities, “which will be able to compete with what can be done better in London.”In the past few months, Fidelity Worldwide Investment has decided no longer to rely on analysts at Fidelity Management & Research (FMR) in Boston.
29/05/2013

Aberdeen tops 5% in Romania's BRD

P { margin-bottom: 0.08in; } According to the Bucharest stock exchange, Aberdeen Asset Management has recently become the second-largest shareholder by size in the BRD banking group, following its recent acquisition of the US firm Artio, which had held 2.6% in capital of the bank. The Scottish asset management firm now controls 5.43% of the Romanian business, which represents about EUR70m at current share prices. The largest shareholder in BRD is the French firm Société Générale, with 60%.The share price of BRD has fallen 70% from its peak in 2008, and the bank in 2012 saw its first loss (of EUR74m) since its privatisation, but Romania Insider reports that William Scholes, assistant investment manager at Aberdeen, feels that BRD is a well-managed bank with a quality network and an attractive valuation.
29/05/2013

Tressis converts a hedge fund into a traditional product

P { margin-bottom: 0.08in; } The CNMV has authorised Tressis Gestión to convert its Spanish-registered multi-strategy hedge fund Adriza Global (EUR5.7m) into a traditional fund, Funds People reports.As a result, minimal subscription will be reduced from EUR50,000 to one share, and fees will be lowered to 1.35% for management and 9% for performance, compared with 1.50% and 20%, respectively. The fund is managed by Jacobo Blanquer.According to Funds People, Tressis (EUR114m) may also convert its other two Spanish hedge funds, Adriza Alfa and Adriza Macro, into traditional funds.
29/05/2013

DeAWM registers DWS fund in Spain

P { margin-bottom: 0.08in; } On 24 May, the CNMV issued a sales license for Spain to the DWS Floating Rate Notes fund from Deutsche Asset & Wealth Management (DeAWM). The portfolio is invested in debt with the best ratings with a duration of under 12 months. According to DeAWM, the product offers investors a “conservative” means to invest in bonds which also runs less risk of being negatively affected by a rise in interest rates.
29/05/2013

Last Spanish hedge fund from BBVA & Partners liquidated

P { margin-bottom: 0.08in; } The BBVA & Partners Retorno Absolut, the last Spanish-registered hedge fund from BBVA & Partners, has been absorbed by the Quality Valor fund from BBVA Asset Management. The fund had EUR5m in assets as of the end of December, Funds People reports.There are now only three surviving funds inherited from BBVA & Partners: they are a part of the Luxembourg Sicav from BBVA AM, Durbana International. These products are Augustus Equity, an equity fund, as well as the Dynamic and European Absolute Return funds, two hedge funds. Overall, these three funds have EUR65m in assets.BBVA AM bought the remaining 30% stake which it does not control n BBVA & Partners (founded in 2002) in late June 2011.
29/05/2013

SFA: ETFs have a future in retail market

P { margin-bottom: 0.08in; } According to the Swiss Fund Association (SFA), which held a press conference on the subject in Zurich on 28 May, ETFs “represent a steadily-growing segment of fund volumes traded in Switzerland.” They are thought to be wideapread among institutional investors, but “they should be expected to find increased popularity in the future with private investors.”These products “combine the advantages of funds and ordinary equities. Private investors are also becoming increasingly aware in the future and will include ETFs in their portfolios. In our opinion, new distribution channels will contribute to their spread. European financial advisors will increasingly offer advising models based on commissions, which will tend to profit products which are worth the price and deliver good performance such as ETFs. This change has been driven by regulation, in Switzerland among other places,” says Christian Gast, managing director and head of iShares.Currently, eight members of the SFA are promoters of ETFs in Switzerland or members of the ETF expert commission at the SFA. They are BlackRock AM Schweiz, Commerzbank, Zurich branch, Deutsche Bank, SIX Swiss Exchange, Société Générale, Zurich branch, Swiss & Global AM, UBS Global AM and the Cantonal bank of Zurich.
29/05/2013

Credit Suisse chairman wants to resolve tax dispute with United States

P { margin-bottom: 0.08in; } The chairman of the board of directors at Credit Suisse, Urs Rohner, is calling for a resolution to the tax crisis with the United States. “The question needs to receive a global response, there is no doubt, since UBS has already reached an agreement with the US authorities,” the banker explains in the Neue Zürcher Zeitung newspaper. Rohner estimates that reaching a painful solution for everyone will always be preferable to remaining stuck in the past. “It is unrealistic to think that banks can continue to avoid the problem in the long term and that it will eventually solve itself,” the chief administrator of Credit Suisse says. In addition to the aspect of conflict between the Swiss banks and Washington, Rohner points to a real rise in awareness in the sector. “Tolerance of tax crimes has taken a fundamental turn. The business model of accepting undeclared money is now economically senseless and morally unacceptable,” he added. In the event that it is impossible to reach a global solution, the chairman of Credit Suisse would not advise his colleagues to reach case-by-case agreements. “but the idea, which remains popular, that the problem is limited to 13 establishments and that the others are only marginally concerned is simply false,” he pointed out.
29/05/2013

US tax authority demands client data from Julius Baer

P { margin-bottom: 0.08in; } The US tax authorities are requiring private client data from Julius Bär, under an administrative assistance request. The clients have been informed by the bank that the tax authority, the IRS, has requested administrative assistance, the Swiss newspaper Neue Zürcher Zeitung reports. The bank has confirmed receipt of the request. The request came from the Asset Forfeiture Coordinator (AFC) and affects clients of Julius Bär suspected by the IRS of “tax fraud.” Nearly 100 clients are reportedly affected by the move, the newspaper reports. After the case of UBS and the request for administrative assistance made to Credit Suisse last year, this is the third group request from the United States.
29/05/2013

L'OCDE revoit la croissance mondiale à la baisse en 2013

L’OCDE n’anticipe plus dans ses perspectives de printemps qu’une hausse du produit intérieur brut (PIB) global de 3,1% en 2013 et de 4% en 2014, soit respectivement 0,3 et 0,2 point de moins que dans ses prévisions de l’automne dernier. Toutefois, les Etats-Unis mèneraient la reprise des autres économies avancées avec un PIB en hausse de 1,9% cette année puis, en 2014, de 2,8%, le chiffre le plus élevé depuis 2005. L’organisation n’escompte plus qu’une hausse de 7,8% en 2013 du PIB chinois contre 8,5%. La zone euro connaîtrait en 2013 une contraction de son économie revue à 0,6% contre 0,1% précédemment, avant de renouer avec une croissance de 1,1% l’an prochain. L’OCDE se dit préoccupée par le risque de voir les Européens tentés de baisser la garde après des années d’austérité alors qu’ils ne sont pas encore tirés d’affaires. A noter que l'économie française connaîtra une légère récession en 2013 et ne devrait se redresser que lentement en 2014, avec pour conséquence un taux de chômage qui progresserait à 10,7% cette année puis de 11,1% en moyenne en 2014, avec un pic à 11,5% à la fin de l’an prochain. Le taux d’inflation demeurerait autour de 1% en 2014.
Devant le siège de l'OCDE. Photo: PHB
29/05/2013

Morgan Stanley prépare un grand fonds immobilier

Morgan Stanley Real Estate Funds, la filiale d’investissements immobiliers de la banque américaine, prévoit de lever entre 1 et 3 milliards de dollars pour son nouveau fonds immobilier mondial, indique le journal citant des sources proches. Les dirigeants de Morgan Stanley auraient ainsi entamé des discussions avec des investisseurs potentiels, tels que des fonds de retraite, et espèrent même que le fonds souverain China Investment Corp (CIC) devienne un investisseur de référence de ce fonds. D’ailleurs, CIC détient une participation de 6,4% dans Morgan Stanley. Les fonds de retraite se montraient néanmoins réticents à ce type de fonds.
29/05/2013

VTB séduit le fonds souverain norvégien

Norges Bank Investment Management, le fonds souverain norvégien, est désormais selon le quotidien le deuxième actionnaire au capital de VTB derrière l’Etat russe. A l’occasion de la cession de titres par ce dernier (de 75 à 61% du capital), le fonds norvégien a acquis une part de 3,74% pour 700 millions de dollars. Des fonds souverains du Qatar et d’Azerbaïdjan ont consacré chacun 500 millions à l’opération.
29/05/2013

Bruxelles lâche du lest sur l’austérité

Dans son rapport budgétaire sur les 27 pays membres de l’Union qui sera publié aujourd’hui, la Commission européenne prévoit d’accorder des concessions sur l’objectif de réduction des déficits budgétaires à 3% pour la France, l’Espagne, les Pays-Bas et l’Italie, selon le journal. Une concession qui serait néanmoins conditionnée à une réforme en profondeur du marché du travail.
29/05/2013

Reprise imminente des IPO en Chine

Les autorités chinoises devraient reprendre dès le mois d’août le processus d’introduction en Bourse, le régulateur souhaitant passer en revue les comptes de sociétés du premier semestre avant de leur accorder le droit d’entrer en Bourse, indique le 21st Century Business Herald. Les autorités devraient également annoncé une série de mesures pour encadrer les IPO avant leur reprise.
29/05/2013

L’Esma enquête au Luxembourg

L’Autorité européenne des marchés financiers aurait lancé une enquête suite à des plaintes provenant d’un groupe d’investisseurs qui estiment que la Commission de Surveillance du Secteur Financier (CSSF) luxembourgeoise ne leur aurait pas apporté le soutien nécessaire face à un fonds obligataire détenu par le courtier belge Petercam qui aurait violé les règles locales d’investissement, indique le journal.
29/05/2013

L'excès de cash diminue en zone euro

L’excédent de liquidité dans le système bancaire reflue rapidement vers le seuil des 200 milliards d’euros à partir duquel le taux Eonia pourrait remonter.
29/05/2013

TTF : Bercy veut aller «vite et fort»

Lors de la séance des questions au gouvernement, le ministre de l’Economie Pierre Moscovici a fait part de la volonté de l’exécutif d’aller «vite et fort» dans la mise en place d’une taxe sur les transactions financières. Un projet soutenu par onze pays européens. Cette taxe devrait dégager des recettes comprises entre 30 et 35 milliards d’euros par an, d’après la Commission européenne.
29/05/2013

Tikehau pourrait investir dans Duke Street

Selon Bloomberg, la société de capital investissement britannique pourrait céder une part de 35% de son capital à Tikehau Group. Le montant de l’opération pourrait atteindre 30 millions d’euros. Duke Street espère lancer un nouveau fonds cette année et utilisera le produit de la cession à cette fin après avoir renoncé à un fonds de 850 millions de dollars en février 2012.
29/05/2013

Washington s’attaque à une devise digitale

La justice américaine accuse Liberty Reserve, un système de paiement en ligne recourant à une monnaie virtuelle, d’avoir organisé un vaste réseau de blanchiment. Les fonds incriminés s’élèveraient à 6 milliards de dollars. Le ministère public qui a procédé à l’arrestation de cinq individus, dont le fondateur Arthur Budovsky, évoque une «banque de choix pour la pègre».

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