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14/03/2013

Brevan Howard moves four from London to Geneva

P { margin-bottom: 0.08in; } The hedge fund management firm Brevan Howard has moved four partners from the United Kingdom to Geneva, Finews reports, citing efinancialcareers. Luigi Buttiglione, Alistair Hollingdale, Boris Vladimirov and Laime Ait Said are no longer registered as managers with the UK Financial Services Authority. In 2010, Brevan Howard transferred its headquarters and 50 employees from London to Geneva.
14/03/2013

Sales for Invesco in continental Europe reorganised

P { margin-bottom: 0.08in; } Miguel Rona, who had been appointed as co-head of retail distribution for continental Europe at the same time as Sergio Trezzi (see Newsmanagers of 20 September 2011) is leaving Invesco, while Mark Armour is taking over as director of Invesco for the EMEA region.As a result, Sergio Trezzi has been promoted to become the sole head of sales & client service for crossborder retail in continental Europe. He will be responsible for retail commercial activities of the asset management firm in France, Greece, Italy (which he continues to direct personally), Germany, Austria, Scandinavia, Benelux and the Iberian peninsula.Iñigo Escudero has been promoted to director of retail sales for Spain, Portugal and Latin America, duties which had previously been assumed directly by Rona.
14/03/2013

TIAA-Cref supports agricultural research

P { margin-bottom: 0.08in; }A:link { } The US asset management firm TIAA-Cref will award USD5bn to a new agricultual research centre at the University of Illinois in the next three years, the Financial Times reports. The idea is to transform agriculture into an asset class comparable to real estate. TIAA_Cref has owned agrucltural land since 2007, and has USD4bn in assets under management in agricultural real estate worldwide.
14/03/2013

SEC agrees with major US banks

P { margin-bottom: 0.08in; }A:link { } The SEC has expressed its agreement with the opinion of four major US banks (JPMorgan Chase, Bank of America, Citigroup and Morgan Stanley) who do not want shareholders to be allowed to vote on potential spinoffs of their activities, Agefi reports. The US regulator finds proposals by labour unions and religious associations to require a shareholder vote “vague and poorly defined,” and they therefore will not have to feature on the agenda for general shareholders’ meetings at these major financial establishments.
14/03/2013

In April, four out of five major EM funds will be closed

P { margin-bottom: 0.08in; } According to InvestmentNews, the Oppenheimer Developing Markets Fund (USD33bn) will be closed to new investors in April. This means that out of the five largest emerging market funds, only the second-largest, the American Funds New World Fund (USD20bn) will remain open to subscriptions.The Lazard Emerging Markets Fund (USD16bn) has been closed to new clients since 2010, while since the beginning of this year, Aberdeen and Virtus have also closed subscriptions to their Emerging Markets Fund (USD10bn) and Emerging Markets Opportunities Fund (USD8.3bn).
14/03/2013

Fidelity continues development on ETF market, with the help of BlackRock

P { margin-bottom: 0.08in; } Fidelity Investments is increasingly counting on BlackRock to grow on the ETF market. The number of iShares ETFs which may be traded with no commissions by Fidelity clients is expected to more than double to 65, according to a statement released on 13 March by Fidelity and BlackRock. iShares ETF will be used in managed accounts from Fidelity in the next few months, and BlackRock will help Fidelity to develop ETFs tied to sectoral strategies. In exchange, BlackRock may directly contact a larger number of US retail investors. BlackRock and Fidelity in 2010 agreed to distribute 25 iShares funds to Fidelity clients with no fees. The number of funds increased to 30 one year later. The 65 funds now available with no fees include the ten Core ETF funds from iShares launched in October, and vehicles which invest in other Us and international equities, bonds, and commodities.
14/03/2013

CEO of 1741 AM leaves firm

P { margin-bottom: 0.08in; } Frank Häusler has resigned from his position as CEO and head of portfolio management at the 1741 Asset Manageement company, based in Zurich, Citywire Global reports. He left the asset management firm at the end of January, and his duties as CEO were taken over by Daniel Leveau.
14/03/2013

La Caixa, Bankinter and Bankia lead subscriptions in February

P { margin-bottom: 0.08in; } According to VDOS Stochastics, Spanish funds posted net inflows of EUR1.6bn in February, of which EUR1.32bn went to the ten largest financial groups. The strongest net subscriptions went to La Caixa (EUR278.4m), Bankinter (EUR269.3m), and Bankia (EUR227.6m). Santander posted inflows of EUR111.1m, while BBVA posted net outflows of EUR60.4m. The strongest net redemptions were from Caja Laboral (EUR125.5m).
14/03/2013

New president for Netherlands independent asset management firm association

P { margin-bottom: 0.08in; } Hans Dubbeldam, one of the three owners of Index Capital, has been elected as president of the Dutch VEOV association of independent asset management firms. He succeeds Rogier Rake, a partner at IBS Asset Management, Fondsnieuws reports.The other two members of the VEOV board are Franke Burink of Castanje Vermogensbeheer (secretary general), and Jos Scholer of Sequoia Vermogensbeheer (treasurer).
14/03/2013

Strong growth in net inflows to long-term UCITS funds in January

Net sales of long-term UCITS (UCITS excluding money market funds) increased substantially to record net inflows of EUR 53 billion, up from EUR 35 billion in December, according to the latest Investment Fund Industry Fact Sheet of the European Fund ans Asset Management Association (EFAMA).Net sales of equity funds continued to rise to reach EUR 21 billion, compared EUR 14 billion in December, while Bond funds recorded net inflows of EUR 19 billion, rising from from EUR 14 billion in December. Balanced funds also saw greater inflows of EUR 11 billion from EUR 7 billion in December.Net outflows from money Market funds fell to EUR 5 billion compared to EUR 33 billion in December. UCITS experienced a jump in net inflows in January to EUR 49 billion, up from EUR 1 billion recorded in December.Total non-UCITS recorded net sales of EUR 17 billion, down from EUR 30 billion of net inflows witnessed in December. Special funds (funds reserved to institutional investors) recorded reduced net inflows amounting to EUR 15 billion, compared to EUR 27 billion in December. Total assets of UCITS stood at EUR 6,395 billion at end January 2013, representing a 0.7 percent increase since end December 2012. Total assets of non-UCITS enjoyed an increase of 0.3 percent in January to stand at EUR 2,557 billion at month end.
14/03/2013

Assets in SWFs may reach USD5.6trn by end-2013

P { margin-bottom: 0.08in; } For the fourth consecutive year, assets in sovereign wealth funds (SWFs) in 2012 increased to a record level of USD5.2trn, three quarters of its in Asia and the Middle East, according to statistics from TheCityUK. The organisation to promote the London financial centre claims that assets in sovereign funds may reach USD5.6trn by the end of 2013. In its most recent report on SWSFs, TheCityUK finds that sovereign funds all diversified their portfolios last year. This development has led to a reduction in the size of transactions, as well as an increase in allocations to emerging markets.Real estate has also benefited from this will to diversify, with a 30% increase in investment in the asset class to USD10bn in the past twelve months. The major beneficiary of the development was London, which has attracted one sixth of all global investment by sovereign funds since 2005.The report also finds that direct investment by SWFs last year fell to their lowest levels in six years, at USD57bn, but the activity rebounded in fourth quarter.
14/03/2013

Deutsche WM As-Pac COO founds his own firm

P { margin-bottom: 0.08in; } Christian Camenzind, currently COO for Wealth Management for Asia Pacific at Deutsche Bank, will be leaving his position in the middle of the year, Finews reports, citing an internal memo from the firm. According to reports in Finews, the Swiss citizen would like to remain in Singapore. He is reported to have founded a firm entitled Crapera Capital, specialised in advisory and management mandates.
14/03/2013

Les actifs des fonds souverains vers de nouveaux records

Les montants gérés par des fonds souverains devraient s'élever à la somme record de 5.600 milliards de dollars d’ici à la fin 2013, montre une étude de TheCityUk, ce qui représente près du double du PIB de la France. La croissance des montants gérés est notamment soutenue par l’entrée en jeu de nouveaux acteurs comme l’Angola, la province d’Australie-Occidentale ou encore du Panama.
14/03/2013

Baisse du déficit budgétaire américain en février

Le département du Trésor a fait état d’une réduction du déficit budgétaire des Etats-Unis au mois de février en base annuelle, en raison d’une baisse des crédits d’impôts et d’une diminution des dépenses de défense. Le déficit s’est établi le mois dernier à 204 milliards de dollars (157 milliards d’euros environ) contre 232 milliards de dollars un an plus tôt.
14/03/2013

La CFTC se penche sur les cotations de l'or et de l'argent

L’organe de régulation des marchés de dérivés américains examine divers aspects des cotations quotidiennes de l’or et de l’argent à Londres pour déterminer si elles courent le risque d'être exposées à des manipulations, écrit le Wall Street Journal. La CFTC n’a toutefois pas encore ouvert d’enquête officielle.
14/03/2013

S&P abaisse la note de Nyse Euronext à «A»

L’agence de notation a ramené la note de l’opérateur boursier transatlantique de «A» + à «A». L’émetteur reste sous surveillance avec implication négative, dans l’attente de son rachat par IntercontinentalExchange. L’agence de notation justifie cette décision par le profil de crédit dégradé du groupe.
14/03/2013

L'austérité entretiendra la récession en 2014 aux Pays-Bas

Les nouvelles mesures d’austérité prévues par le gouvernement néerlandais pour 2014 pèseront sur la croissance des Pays-Bas et entretiendront probablement la récession, a prévenu mercredi le président de l’agence gouvernementale chargée des prévisions économiques. Coen Teulings, a prévenu que ces mesures auraient «un effet négatif sur le PIB».
14/03/2013

Le Portugal s’accroche à l'ajustement budgétaire

Lisbonne ne peut pas dévier de l’ajustement budgétaire prévu au terme du plan de sauvetage international et tant qu’il maintient son effort il peut compter sur le soutien de l’Europe, a estimé mercredi le Premier ministre, Pedro Passos Coelho. Il s’est exprimé au moment où les bailleurs de fonds du Portugal sont à Lisbonne pour analyser le plan de sauvetage.
14/03/2013

L’inflation, sujet prioritaire pour la Chine

La Chine devrait être en état d’«alerte élevée» en ce qui concerne l’inflation après des données de février supérieures au consensus (3,2%), a indiqué le gouverneur de la banque centrale Zhou Xiaochuan. La politique monétaire «n’est plus relâchée» et elle est «relativement neutre», a-t-il ajouté.
14/03/2013

Berlin cherche à préserver les revenus modestes

Le ministre des finances allemand indique dans un entretien accordé au Passauer Neue Zeitung que le gouvernement d’Angela Markel prévoit d’introduire dans le budget des mesures supplémentaires visant à empêcher les foyers aux revenus les plus modestes de se retrouver propulsés dans des tranches d’impôts supérieurs du fait d’une hausse des prix.
14/03/2013

Baisse de la TVA en vue sur le logement social

A une semaine de la divulgation du plan d’urgence sur le logement, l’exécutif serait prêt à accéder à la demande des professionnels du secteur, de la ministre Cécile Duflot et des parlementaires socialistes qui réclament une baisse de la TVA sur le logement social à 5%, indique le journal. «La première priorité en ce moment, c’est la construction de logements» avait indiqué lundi François Hollande.
14/03/2013

Le Qatar cherche à asseoir sa présence au Royaume-Uni

Les élus et officiels du Qatar auraient entamé des négociations avec le gouvernement britannique dans le but d’investir un montant total de quelque 10 milliards de livres dans des projets d’infrastructures au Royaume-Uni, rapporte le journal qui ne cite pas de sources. Un fonds spécial pourrait même être créé par le Qatar afin de prendre notamment une participation au projet de construction d’un réacteur nucléaire à Hinkley Point par EDF, suite au retrait il y a un mois de son partenaire Centrica. D’autres investissements dans des projets dans des constructions d’usines énergétiques, de routes ou de rails seraient également ciblés.
14/03/2013

Chypre proche d'un accord avec la Troïka

Le gouvernement chypriote et les bailleurs de fonds internationaux chercheraient des moyens de réduire la taille du plan de sauvetage au pays, d’un montant total évoqué jusqu’ici de 17 milliards d’euros à seulement 10 milliards d’euros, indique le journal qui cite des sources officielles. Un accord en ce sens entre la Troïka et Nicosie pourrait même être annoncé d’ici la fin de cette semaine.

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