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01/03/2013

Curtis law firm adds to its International Arbitrage team

P { margin-bottom: 0.08in; } The international law firm Malet-Prevost, Colt & Mosle LLP, whose Paris office advises clients of the firm in mergers and acquisitions, private equity, banking and finance, taxation, lawsuits and international trading, have recruited Jean-Claude Najar as International Counsel on its international arbitrage team. He will be based in Paris, and will be responsible for developing commercial arbitrage and compliance activities. Before joining Curtis, Najar was legal director for France & Senior Counsel Europe at General Electric Co (GE).
01/03/2013

Mirabaud AM launches a fund based on dynamic multi-asset allocation strategy

P { margin-bottom: 0.08in; } Mirabaud Asset Management on 10 January announced the launch of a new dynamic multi-asset allocation strategy for asset allocation products and diversified mandates (see Newsmanagers of 11 January 2013). As part of the new strategy, the asset management firm will launch the Mirabaud – Asset Allocation fund, which offers flexible management of all traditional asset classes. The management process is based on indicators of financial, marcoeconomic and price trends. Asset allocation can diversify the benchmark index, so as to offer moderate correlation with traditional financial indices. Mirabaud – Dynamic Allocation is invested exclusively in instruments which “offer very good liquidity and transparency conditions,” a statement says. The special quality of this approach, says Mirabaud, is “the very close collaboration between macro and quantitative specialists” within the investment team. Characteristics Caetgory I ISIN code: LU0862032199 TER: 0.6% including taxes Curreny: euro Investors targeted: institutional investors Category A ISIN code: LU0862031894 Management fees: 1.2% TER Currency: euro Investors targeted: all investors
01/03/2013

State Street integrates Morgan Stanley RE fund administration

P { margin-bottom: 0.08in; } On 28 February, the Alternative Investment Solutions unit of State Street Corporation has announced that it has successfully finalised the integration of fund servicing activities at Morgan Stanley Real Estate, in a process which was initiated in February 2012, and which involved more than 150 people at Morgan Stanley Real Estate Investing (MSREI) specialised in accounting for operations and technical (who have joined State Street), who continue to use the exclusive administration technologies of MSREI for real estate. State Street provides complete account and administration services to MSREI worldwide for investment vehicles representing total assets of USD36bn.
01/03/2013

Bankia rediscovers investment funds

P { margin-bottom: 0.08in; } For 2012, Bankia has declared a loss of EUR19.19bn, but its chairman, José Ignacio Goirigolzarri, on Thursday announced at a press conference to present reults that the bank, which has received government aid, no longer has liquidity problems as it did last year. Bankia will now adopt a new passive capture strategy, moving away from bank savings accounts in favour of investments in shares in investment funds, which will now be more profitable, Funds People reports. In 2012, assets in investment funds at Bankia fell 16.5% to EUR6.46bn, while pension funds fell 12% to EUR4.78bn.
01/03/2013

US money market funds return to euro zone

P { margin-bottom: 0.08in; } Total capital allocated by US money market funds to euro zone banks have reached their highest levels in over a year, in a sign that foreign investors are in the process of modifying their point of view on the region, the Financial Times reports. As of the end of January, the exposure to euro zone banks of the largest US money market funds represented 14.5% of their assets under management, a level not seen since October 2011, and an increase of 90% in dollars since a low point in June 2012. For the seventh consecutive month, money market funds have increased their allocations to French banks.
01/03/2013

Slight decline in assets under management at Cantonal Bank of Basel

P { margin-bottom: 0.08in; } Assets under management at the cantonal bank of Basel (BKB) as of the end of 2012 totalled CHF29.1bn, compared with CHF30bn one year previously, according to a statement released on 28 February. Following a net outflow of CHF2.2bn in first quarter, second quarter brought net outflows of CHF1bn, the bank says. Net profits for the group rose by nearly 24% to CHF255.7m.
01/03/2013

DNCA Finance recruits a bond manager

P { margin-bottom: 0.08in; } The asset management firm DNCA Finance on Thursday, 29 February announced the arrival of Jacques Sudre as a bond specialist, He will aim to assist Philippe Champigneulle in the fixed income management of the diversified fund Eurose, and its clone DNCA Invest Eurose, as well as the bond product range from the firm. When approached by Newsmanagers, the asset management firm explained Sudre’s arrival as a result of the significance bonds have taken on. In terms of assets, these securities now represent 49% of assets at the asset management firm (EUR5.6bn), or EUR2.74bn. The Eurose fund has assets under management of EUR2.235bn. By comparison, in 2007, fixed income products represented 15%, and equities 85% of assets. Sudre, 36, began his career in London at the LBO department of Natexis Banques Popularies. Before joining DNCA, he served as principal manager of bond funds at the asset management firm Anaxis AM. He also directed the credit team, and belonged to the board and the investment committee at the firm.
01/03/2013

Inflows of EUR2.3bn for CPR AM in 2012

P { margin-bottom: 0.08in; } CPR Asset Management last year posted net inflows of EUR2.3bn, the ECO of CPR AM, Jean-Eric Mercier, announced on 28 February, adding that all areas of expertise contributed to these good results. Inflows to money markets represented EUR1.1bn, and inflows to mid- to long-term totalled EUR1.2bn. The contribution of asset allocation totalled EUR700m, while fixed income and credit brought in about EUR400m, and equities, EUR100m. Assets under management rose 20% last year to EUR20.6bn, of which 51% are in dedicated funds. CPR AM won 9 mandates and dedicated funds in 2011 and 2012. CPR AM has also released a new study of the advantages of diversified management and the practices of French institutionals in this area.
01/03/2013

Profits bound at MLP

P { margin-bottom: 0.08in; } The German financial service provider MLP on Thursday announced pre-tax profits and financial charges (EBIT) of EUR74.1m for 2012, compared with EUR17.3m the previous year. Excluding one-time charges in 2011, the increase is 46% on earnings up 3%, to EUR544.6m; total inflows increased by 4%, to EUR568m. Net profits for the fiscal eyar total EUR53.7m, compared with EUR11.5m the previous year. The improvement in profits is largely due to fourth quarter, when inflows to retirement planning increased 9%, while wealth management inflows increased 55%. Overall, about 64% of EBIT came between October and December.
01/03/2013

Institutionals prefer corporate bonds

P { margin-bottom: 0.08in; } A survey by TNS Infratest for Aquila Capital has shown that one fifth of 255 Geman, Swiss, Spanish, French, Italian, Dutch, British and Scandinavian institutional investors say they are planning to reduce their portfolios’ exposure to government bonds. Nearly 40% of those who are already invested in government bonds are planning to increase their exposure to corporate bonds, while 42% of those who are already invested in corporate bonds are planning to increase their allocation to securities of this type. The survey found significant disparities in terms of reduction of exposure to government bonds: while 4% of Spanish and British institutionals surveyed are planning to reduce their allocations to government bonds, 36% of Scandinavian and 48% of Swiss investors are planning to reduce their exposure to govies. Another finding is that institutional investors in southern European countries are much more confident in government bonds from their country than those of other countries. Currently, for example, 84% of respondents surveyed in Italy are inclined to buy bonds from their own country, and this percentage is 68% for their Spanish counterparts. Aquila Capital says that it is planning to launch a risk parity bond strategy in second quarter, covering government bonds, corproate bonds, emerging markets, and inflation-linked bonds.
01/03/2013

BNP Paribas Real Estate continues to develop in all directions

P { margin-bottom: 0.08in; } Despite a “difficult and morose” environment, BNP Paribas Real Estate is continuing its development all over the globe. After recruiting 50 brokers in the UK in 2012, to strengthen its positions in transactions in London, the firm has launched two platforms in Asia, and is planning to launch a third in the Middle East, in Dubai, in second quarter, the chairman of the board, Philippe Zivkovic, has announced a presentation of the firm’s annual results. In both cases, the objective is to offer all of the expertise of BNP Paribas Real Estate to major investors, family office and sovereign fund clients, who are increasingly present in the three major European markets (France, Germany and the United Kingdom), and which in the current context are more likely to make bug purchases. The firm is also considering developing its asset management and property management activities in Germany.
01/03/2013

Paulson opposes MetroPCS/T-Mobile USA merger

P { margin-bottom: 0.08in; } John Paulson, whose hedge fund is the largest shareholder in MetroPCS, has announced that he intends to vote against plans to merge the telecommunications operator with T-Mobile USA, controlled by Deutsche Telekom, the Financial Times reports. Paulson & Co, which controls a 9.9% stake in MetroPCS, is supporting Peter Schoenfeld, another hedge fund manager who has raised questions about the debt levels involved in the operation.
01/03/2013

Pioneer recruits a big name from JPMorgan

P { margin-bottom: 0.08in; } Tom Swaney, head of alternative credit at JP Morgan, has been recruited by Pioneer Investments, whose Boston offices he joined at the end of January Citywire reports. At his new employer, Swaney has taken the position of director of alternative fixed income.
01/03/2013

First Trust launches a long/short bond ETF

P { margin-bottom: 0.08in; } With the First Trust High Yield Long/Short ETF, First Trust is releasing a 130/30 type actively invested strategy investing in speculative grade US and non-US bonds, bank loans and convertible securities, while the short portion is composed primarily of US Treasury and investment and/or specualtive grade bonds, Invex Universe reports. The TER For the fund, whose acronym on Nasdaq is HYLS, is 1.19%. The objective is to outperform the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index, with short positions focused on securities which First Trust expects to underperform the index. The average duration will be about 5 years.
01/03/2013

Strong growth in assets under management at Raiffeisen

P { margin-bottom: 0.08in; } Assets under management at the Raiffeisen group last year increased by CHF27.8bn, or 18.6% to CHF173.15bn, according to a statement released on 1 March. The development is largely due to the acquisition of Notenstein Banque Privée SA last year, into which non-US assets of the Wegelin private bank acquired by Raiffeisen have been transferred. Assets under management by Notenstein totalled CHF21bn in 2012. The group has also reported an increase of 6.6% in its profits to CHF634.8m.
01/03/2013

Man Group posts deep losses

P { margin-bottom: 0.08in; } For 2012, Man Group has announced a “statutory” pre-tax loss of USD745m, commpared with profits of USD193m the previous year. Goodwill at GLG totals USD746m, in addition to USD233m written down at the end of June (USD91m for GLG and USD142m for Man Multi-manager). However, adjusted pre-tax profits increased to USD278m, from USD262m, of which USD223m are related to net management commissions, and USD55m are from net performance commissions. As of 25 February 2013l assets totalled USD55bn, compared with USD57bn in December 2012, and USD58.4bn at the end of 2011. Oc this total, assets managed by AHL represented USD14.4bn at the end of December, compared with USD21bn one year previously. For GLG Alternatives, assets total USD15.2bn, fown from USD15.5bn, Long-only assets represented USD11.4bn, compared with USD10.7bn, and FRM (acquired on 17 July 2012) had USD16bn, compared with USD11.2bn. Man Group has posted net outflows for 2012 of USD7.3bn.
01/03/2013

Strong increase in assets under management at Jupiter

P { margin-bottom: 0.08in; } The British asset management firm Jupiter has reported an increase in its assets under management in 2012 of GBP3.5bn, to GBP26.3bn as of the end of December, compared with GBP22.8bn as of the end of 2011, according to a statement released on 28 February. Net profits in the fiscal year totalled GBP73.6m, compared with GBP71.3m in 2011.
01/03/2013

Strong increase in profits at St. James's Place

P { margin-bottom: 0.08in; } In 2012, St. James’s Place has announced pre-tax IFRS profits up 23%, to GBP134.6m, and net profits of GBP91.7bn, which represents an increase of 37% over GBP67m in 2011. For the third consecutive year, the British asset management firm will increase its dividend by 33%, to 10.64 pence, from 8 pence, and CEO Davia Bellamy predicts a similar increase in 2013. Assets increased by 22% last year, to GBP34.8bn, and net subscriptions totalled GBP3.35bn, compared with GBP3.21bn.
01/03/2013

Adjudications de BTF et d’OAT la semaine prochaine

L’Agence France Trésor annonce l’adjudication le lundi 4 mars de bons du Trésor (BTF). Cette opération portera sur des montants compris entre 3,6 et 4 milliards d’euros de bons à 13 semaines qui arriveront à échéance le 6 juin entre 1,4 milliard et 1,7 milliard d’euros de bons à 22 semaines à échéance du 8 août et entre 1,4 et 1,7 milliard d’euros de bons à 48 semaines à échéance du 6 février 2014. L’AFT annonce aussi l’adjudication, le jeudi 7 mars, d’un montant compris entre 6,5 et 7,5 milliards d’euros d’obligations assimilables du Trésor (OAT) qui portera sur les lignes 4,25% octobre 2018, 2,25% octobre 2022 et 2,75% octobre 2027.
Ambiance
01/03/2013

La CFTC pour un assouplissement des règles

Dans une note confidentielle, Mark Wetjen, commissaire au sein du régulateur des marchés à terme outre-Atlantique, recommande que la CFTC propose un abaissement de cinq à deux du nombre minimum de courtiers que les investisseurs doivent obligatoirement solliciter. Le quotidien cite des sources anonymes ayant eu connaissance de la note interne à la CFTC.
Dîner de gala
01/03/2013

La Chine va assouplir son programme RQFII

Les autorités chinoises devraient annoncer prochainement un nouvel assouplissement de son programme sur les quotas pour les investisseurs étrangers qualifiés en renminbi, en autorisant les sociétés de gestion d’actifs localisés à Hong Kong à participer au programme, indique le Hong Kong Economic Times. Les ratios d’investissements pourraient également être assouplis.
Panel: Real assets
01/03/2013

Bruxelles va sanctionner Microsoft

La Commission européenne prévoit selon Reuters d’infliger à Microsoft une amende avant la fin mars pour n’avoir pas respecté une décision réglementaire prise en 2009 l’enjoignant de proposer aux internautes un choix de navigateurs, a-t-on appris jeudi auprès de deux sources au fait du dossier. Le montant de l’amende pourrait être élevé car c’est la deuxième fois que le groupe américain ne respecte pas une décision de l’UE.
01/03/2013

La Bourse de Mexico s’offre une part de celle de Lima

La Bourse de Mexico a convenu d’acquérir une part modeste de 5,9% de celle de Lima dans le cadre d’un partenariat stratégique visant à lier les marchés de capitaux mexicains et péruviens. Le montant de la transaction n’a pas été dévoilé.

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