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13/03/2013

Transamerica awards administration of its funds to State Street

P { margin-bottom: 0.08in; } State Street Corporation and Boston Financial Data Services (Boston Financial), a joint venture of State Street and DST Systems, have been retained by Transamerica Asset Mangement (an affiliate of Aegon NV) to provide a complete range of investment services on assets totalling USD55.5bn.The contract covers fund administration (financial reporting, expense administration, compliance monitoring) by State Street, which already has a relatively longstanding relationship with Transamerica. State Street is already custodian and accounting services provider to mutual funds from Transamerica.For Boston Financial, which, for its part, is a new partner of Transamerica, for shareholder recordkeeping, investor & intermediary servicing and compliance services.
13/03/2013

Recruitment agency for AM execs created

P { margin-bottom: 0.08in; } Derek Braddok and Bill Matthews, who had been partners at the recruitment agency specialised in executive search for the asset management and the financial servies sector HigdonBraddockMatthews, have joined forces to create a similar firm, BraddockMatthews LLC, which will initially have offices in New York and Boston.They plan to serve a client base of asset management firms, hedge funds, private equity firms, investment banks, brokerage firms, charities, and retail investors.BraddockMatthews will start up with a team of five other people, four of whom are former colleagues, and Crosby Haynes, who joins from Raines International.
13/03/2013

Managers may also have their bonuses capped

P { margin-bottom: 0.08in; } So far, portfolio managers are only concerned spectators in the debate on bonus limits, Financial Times Fund Management reports. But observers of the sector agree that regulators will be likely to copy proposals to limit the size of bonuses as compared with salaries to a proportion of 1:2 and 2:2 with forthcoming reforms. The fear is that prohibition of bonuses which exceed salaries may be enshrined into law when the UCITS V directive comes into effect in 2015, FTfm reports.
13/03/2013

Promotion for Tilman Hickl at UBS

P { margin-bottom: 0.08in; } Tilman Hickl, CEO of UBS Real Estate KAG in Munich, has been promoted to head global real estate – Europe at UBS Global Asset Management, a newly-created position, effective 15 March, fondsprofessionell.de reports. Hickl, who takes command of the real estate unit for all of Europe except Switzerland, temporarily remains a member of the board at UBS Real Estate KAG.His successor as CEO will be Christian Paul. The new head of global real estate – Germany and CEO will be Christine Bernhofer, currently CFO.
13/03/2013

New manager for UK Equity High Alpha fund from Standard Life

P { margin-bottom: 0.08in; } Equity analyst Henry Flockhart has replaced Ed Leggets as manager of the Standard Life Investments UK Equity High Alpha fund, Fund Web reports. Flockhart joined the asset management firm in 2010. Leggets will continue to manage the SLI UK Equity Unconstrained fund.
13/03/2013

Skandia IM funds rebrand as Old Mutual

P { margin-bottom: 0.08in; } Since 11 March, British-registered funds managed by Skandia Investment Management Ltd will all adopt the Old Mutual prefix, Old Mutual Global Investors (OMGI) has announced, the change follows a name change for Skandia IM, which has become Old Mutual Investment Management Ltd.A list of affected funds is available as an attachment.
13/03/2013

JP Morgan Am owns more than 2% of Azimut

P { margin-bottom: 0.08in; } JP Morgan Asset Management controls 2.051% of the Italian asset management firm Azimut Holding, Bluerating reports, citing information from Consob, the Italian securities commission.
13/03/2013

Natixis AM wins mandate from Italian PF

P { margin-bottom: 0.08in; } Natixis Asset Management has received a management mandate for EUR50m from the Previp pension fund, for its balanced bond allocation, Bluerating reports. The allocation is 75% invested in bonds denominated in euros, and 25% in global equities. The mandate will be managed by the Institutional & Network Solutions team.The Previp pension fund as of the end of 2012 had assets of EUR1.4bn under management in 4 allocations.
13/03/2013

Tyndall AM launches a corporate bank loan fund

P { margin-bottom: 0.08in; } The Sydney-based asset management firm Tyndall AM has launched a fund of bank loans issued to Australian businesses rated investment grade, Asian Investor reports. The fund will be dedicated largely to Japanese clients, due to the weak yen. Tyndall AM was acquired two years ago by Nikko Asset Management, for a total of USD80m, As of the end of 2012, its assets under management totalled AUD23bn, or slightly over EUR18bn.
13/03/2013

State Street launches two ETFs for Australian clients

P { margin-bottom: 0.08in; } With the SPDR S&P® World ex-Australia (aconym on ASX: WXOZ) and the SPDR S&P World ex-Australia (Hedged) Fund (WXHG), State Street Global Advisors (SSgA) is offering Australian investors exposure to international equities. The first fund will be listed on the ASX in a few weeks, while the second will follow shortly.SSgA currently (as of 28 February) has over AUD3bn in the form of ETFs on the Australian market.
13/03/2013

Barings nabs big name from NGAM

P { margin-bottom: 0.08in; } Cora Gibbons, head of the international product group at Natixis Global Asset Managment (NGAM), will be joining Baring Asset Management with immediate effect as head of product & fund development. She will be based in London, and will report to David Stevenson, head of product & business development.Before joining NGAM to become head of all product activities of the firm worldwide outside the United States, Gibbons became head of product sales support at Allianz Global Investors in Frankfurt, after serving as lead account manager. She had previously been manager, global products at Invesco, also in Frankfurt.
13/03/2013

VP Bank's AUM up by nearly 4%

P { margin-bottom: 0.08in; } Assets under management at the Liechtenstein bank VP Bnak as of the end of December 2012 totalled CHF28.5bn, compared with CHF27.4bn at the end of 2011, an increase of 3.9% year on year, according to a statement released on 12 March. Assets under conservation fell to CHF8.8bn from CHF11.5bn at the end of 2011.The bank finished the year 2012 with outflows of CHF192m, of which CHF127m are related to the acquisition of a loan signed in June 2007. VP Bank has also reported a positive market effect of CHF1.3bn. In 2011, VP Bank registered a net inflow of nearly CHF1bn.Profits at the group, as previously announced, totalled CHF47.2m, compared with CHF5.3m in 2011.
13/03/2013

Tracker funds cost more than actively-managed funds

P { margin-bottom: 0.08in; } British tracker funds, which have assets of over GBP6bn, have very uncompetitive annual fees, according to a study undertaken by Bestinvest, MoneyMarketing reports. Bestinvest finds that the annual fees for the major British tracker funds fell in a total range of 0.15% to 1.5%. The two largest British retail tracker funds are the Virgin UK Index tracking fund (GBP2.4bn in assets), whose annual fees total 1%, and the Legal & General (N) Tracker Trust fund (GBp1.2bn), whose annual fees are 1.15%. Bestinvest cites several other tracker funds, whose total annual fees range from 0.8% to 1.5%. Bestinvest estimates that such fee levels are excessively high and unnecessary. According to Ben Seager-Scott, a senior analyst at Bestinvest, “there is no reason to pay more than 0.4% per year in fees for a tracker or an ETF. What our research clearly shows is that despite the fact that these strategies are passive, it remains highly important to be active in the selection of funds when choosing a tracker fund.”
13/03/2013

Assets under management up at Henderson Property

P { margin-bottom: 0.08in; } Assets under management at Henderson Property last year rose by GBP100m to a total of GBP12.5bn, according to statistics released by the firm on 12 March. Transactions over the year as a whole represented a cumulative total of GBP1.7bn. As of 31 December 2012, client engagements totalled GBP0.9bn. Investment projects currently represent an overall total of about GBP1bn. In France, following the acquisition of Horizon Investment Management France SAS, assets under management increased from EUR570m to over EUR1bn.
13/03/2013

Lloyds Banking Group nets about GBP520m from of SJP sale

P { margin-bottom: 0.08in; } The sale of a part of the stake in St James’s Place by Lloyds Banking group is expected to bring in gross proceeds of about GBP520m, according to a statement from the British banking group published on 12 March.Lloyds Banking states that it has placed 101,703.070 shares, at a price of GBP5.10 each, which corresponds to a total of about GBP520m.Following the conclusion of the operation, which is expected to occur on 15 March, Lloyds Banking Group will control about 37% of capital in St James’s Place.Lloyds Banking Group has agreed not to further reduce its stake in St James’s Place for a period of one year.
13/03/2013

Assets under management at Close Brothers up 6%

P { margin-bottom: 0.08in; } Assets under management at the asset management unit of Close Brothers rose 6% in the six months to the end of February, to GBP8.9bn, according to a statement released on 12 March. The increase is largely due to positive market effects, while subscriptions were offset by redemptions. The asset management unit finished the half with operating profits of GBP1.1bn, where the corresponding period of the previous fiscal year brought a loss of GBP2.6m. The group has also reported an operating profit of GBP77.3m for the half, compared wih GBP66.8m previously.
13/03/2013

Skandia loses its head of investment marketing

P { margin-bottom: 0.08in; } Michelle Andrews, marketing director, will take over the functions of the head of investment marketing, which will be left vacant at the end of this month following the departure of Graham Bentley, Fundweb reports. Relationships with fund management groups, which Bentley had also directed, will be transferred to the investment solutions team led by James Millard.
13/03/2013

Hausse de ses provisions pour risque de la Bundesbank

Labanque centrale allemandea accru ses réserves pour risques de 6,7 milliards d’euros à 14,4 milliards, si bien que ses bénéfices transférés au gouvernement se sont montés à 664 millions, contre 643 millions en 2011. Un bénéfice inférieur de moitié à ce qu’escomptait Berlin. La Buba ne cache pas son désaccord avec les mesures prises par la BCE pour aider le secteur bancaire, ce qui l’expose à des pertes potentiellement plus importantes en cas de défaut d’une banque.
13/03/2013

Taux d'inflation confirmé à 1,5% en Allemagne

Les prix à la consommation ont augmenté de 0,6% en février, avec un taux d’inflation de 1,5% sur un an, a annoncé l’Office fédéral de la statistique en confirmant son estimation préliminaire du 28 février. L’indice des prix à la consommation harmonisé aux normes européennes (IPCH) a quant à lui été confirmé à +1,8% sur un an, avec une hausse mensuelle de 0,8%.
13/03/2013

Forte baisse de la production manufacturière britannique

La production manufacturière britannique a connu en janvier sa plus forte baisse depuis juin 2012. Les chiffres publiés par l’Office national de la statistique montrent en effet que la production manufacturière a baissé en janvier de 1,5% par rapport au mois précédent. L’ensemble de la production industrielle, qui inclut l'énergie et les mines, a décliné de 1,2%, après une hausse de 1,1% en décembre.
13/03/2013

Hausse du déficit des comptes courants de la France

Le déficit des paiements courants de la France s’est élevé à 5 milliards d’euros en janvier contre un chiffre définitif de 3,8 milliards un mois plus tôt, selon les chiffres publiés hier par la Banque de France. En janvier, le déficit des échanges de biens s’est légèrement creusé à 6,7 milliards, alors que le compte des services a dégagé un excédent en baisse à 2,7 milliards, contre 3,3 milliards en décembre.
13/03/2013

L'Espagne émettra demain sur des maturités longues

Le Trésor espagnol a indiqué hier qu’il procédera demain à une adjudication non prévue dans son calendrier de trois obligations d’échéances respectives à fin janvier 2029, fin juillet 2040 et fin juillet 2041. Les obligations seront assorties de coupons de 6%, 4,9% et 4,7%. Le département du Trésor avait prévenu en janvier qu’il se réservait le droit d’émettre d’autres titres en dehors de son calendrier officiel.
13/03/2013

Les défauts resteront élevés en Europe dans le high yield

Le taux de défaut des émetteurs de dette notés en catégorie spéculative (high yield, HY) va rester élevé en Europe dans les 12 prochains mois malgré un léger mieux, estime dans une étude l’agence de crédit Standard & Poor’s. Elle indique que le nombre de défauts dans l’Europe des 30 a atteint 45 en 2012 contre 33 en 2011, soit le chiffre le plus élevé depuis le record de l’année 2009 qui avait enregistré 103 défauts parmi les émetteurs de cette catégorie. Sur les 45 défauts HY constatés en 2012, elle constate que 9 émetteurs ont fait appel à l'épargne publique et 36 étaient financés par des canaux privés. Le taux de défaut cumulé sur 12 mois au quatrième trimestre 2012 des entreprises HY publiques et privées s’est établi à 6,3% contre 4,6% fin de 2011. S&P prévoit que ce taux cumulé sur 12 mois s’élève à 6,1% à l’horizon mars 2014. Quant au taux de défaut des entreprises françaises notées HY, il est passé de 0,8% en 2011 à 8,7% en 2012, contre 14,2% en 2009.
13/03/2013

L’Irlande prépare sa première émission à 10 ans depuis 2010

L’Agence irlandaise du Trésor a indiqué avoir engagé 6 banques coordinatrices afin de monter sa première émission obligataire à 10 ans (échéance mars 2023) depuis le sauvetage financier du pays en 2010. Le placement, susceptible d’atteindre 3 milliards d’euros, pourrait être lancé dès aujourd’hui, selon Bloomberg qui se réfère à une source proche du dossier.
13/03/2013

Lodestone Natural Resources dans le viseur de la Justice

Un fondateur associé du fonds d’arbitrage Lodestone Natural Resources, Carl Axel Linderum, ferait parti des trois professionnels de la City de Londres arrêtés le mois dernier dans le cadre d’une vaste enquête sur un délit d’initiés, indique le journal. Un deuxième employé de Lodestone aurait également été arrêté. La société a été créée en 2011 avec seulement 100 millions de dollars d’actifs sous gestion.
13/03/2013

Les Philippines envisagent la création d’un fonds souverain

Selon le journal qui se réfère aux propos du gouverneur de la Banque centrale Amando Tetangco et du Ministre des Finances Cesar Purisima, le pays étudie la création d’un fonds souverain. Il précise néanmoins que la réflexion sur le sujet en est encore au stade préliminaire.
13/03/2013

La Chine met en garde contre les émissions obligataires provinciales

La Commission chinoise de régulation bancaire a conseillé aux investisseurs la plus grande prudence dans la détention des obligations émises par les gouvernements locaux, rapporte le 21st Century Business Herald qui s’appuie sur les propos d’un responsable de la Commission. Celle-ci a publié un guide de gestion des risques conseillant aux banques de centraliser les achats de ce type de titres au niveau de leur siège social. Elle précise que certains gouvernements locaux ont emprunté de façon illégale auprès d’institutions non-bancaires à travers des véhicules de financement, ce qui pourrait avoir un impact négatif sur leur taux de défaut.

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