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07/08/2012

Head of European high yield bonds leaves Axa IM

Andrew Wilmont, head of the team in charge of European high yield bonds, has left Axa IM “to pursue new opportunities,” according to a letter from the asset management firm sent to clients, and obtained by Newsmanagers. Wilmont will be replaced by James Gledhill, global head of the high yield bond management team, who will take over direct management of the European team. Axa IM points out that its European high yield bond management team has recently gained two new members, Julie Lamirel and Shamin Ahmad, meaning that the European high yield bond team now has four members in London and a fifth in Paris. As of the end of May 2012, Axa IM had EUR17.2bn in assets under management in high yield strategies.
07/08/2012

Fidelity to enter ETF market

Fidelity Investments is preparing to enter the ETF market, according to a source familiar with the matter cited by Bloomberg News. The Boston-based firm is hoping to become the first asset management firm to introduce ETFs managed actively by stock-pickers, with a series of products based on its “Select” sectoral equity range. The unit which would manage the ETFs would be based in Denver, and led by Anthony Rochte, who was recruited from State Street in March.
07/08/2012

Ossiam plans to launch two funds by end 2012

Ossiam, the Natixis affiliate dedicated to ETFs, is planning to launch two new funds, oriented to reducing risk, between the end of September and the end of the year. The firm, which issued its first ETFs one year ago, has seen a 65% increase in its assets, to EUR394m, since the beginning of the year. Six ETFs were launched in July 2011 and listed on Nyse Euronext Paris.
07/08/2012

Aberdeen identifies best opportunities in real estate

Aberdeen’s long-term leading indicator suggests that the best opportunities in Europe for real estate lie in the retail and industrial sectors in France, Germany and the Nordic economies. France and Germany in aggregate are very close to fundamental value.Despite broad overpricing at a country level in the US and Canada as Aberdeen’s long-term leading indicator suggests, favorable investment opportunities exist across US suburban office and apartments as well as warehouse and retail in both countries.In Asia, Aberdeen’s long-term leading indicator suggests the best investment opportunities are located in Australia, while Hong Kong and Korea office remain the most overpriced markets.
07/08/2012

IndexIQ hedge fund indices post gains in July

The IndexIQ company, specialised in index-based alternative solutions, has reported positive performance for six out of seven of its hedge fund indices in the month of July. The IQ Hedge Global Macro Beta Index has posted the best returns of the month, with gains of 3.28%, followed by the IQ Hedge Event-Driven Beta Index, which is up 2.14%. The IQ Hedge Market Neutral Beta Index finished the month down 0.07%.
07/08/2012

ETF assets have gained nearly 14% since the beginning of the year

Assets in ETFs worldwide have increased by 13.9% in the first seven months of the year, to USD1.541trn, from USD1.353trn as of the end of December 2011, according to statistics from ETF GI. In the month of July alone, assets in ETFs rose by 2.4%. Since the beginning of the year, inflows to ETFs have totalled USD123bn, of which USD24bn were in July. In the month under review, the largest subscriptions went to SPDR ETFs (USD5.94bn), followed by iShares (USD5.87bn) and Vanguard (USD4.31bn). In the first seven months of the year, Vanguard retains the top spot for inflows, with a total of USD34.25bn, followed by iShares (USD30.79bn), and SPDR ETFs (slightly over USD16bn). The largest net redemptions were from db x-trackers (USD293m in July and USD1.74bn since the beginning of the year), and Commerzbank (USD211m in July and USD1.08bn in the first seven months of the year). As of the end of July, the European ETF sector had 1,332 ETFs, and assets of USD284bn (a gain of 6.1% since the beginning of the year), from 39 providers, compared with 1,190 ETFs on the US market, with assets of USD1.083trn (a gain of 15.3% since the beginning of the year), from 34 providers, last year.
07/08/2012

ETF trades on S&P 500 to exceed trading on S&P 500

Trading volumes on ETFs which replicate the Standard & Poor’s 500 index are for the first time set to exceed the value of trades ont the benchmark index of US equities, the news agency Bloomberg reports. Trading volume for the SPDR S&P 500 ETF Trust, iShares S&P 500 Fund and Vanguard S&P 500 ETF last month reached an average trading volume over twelve months of USD28bn per day, equivalent to 98% of transactions on companies in the benchmark index, according to statistics compiled by Bloomberg. Pessimists claim that the growth of ETFs shows that investors are moving away from stock-picking as a way of finding value, and are preferring to rely on automated strategies which can damage the integrity of the market when they fail. Optimists counter that the trend in favour of these products shows that retail and institutional investors want to own shares, but don’t want to pay high commissions when returns are unlikely. According to statistics from BlackRock, ETFs dedicated to North American equities have seen USD29.3bn in inflows since the beginning of the year, compared with cumulative inflows of USD103bn in the past three years. Statistics published by EPFR Global reveal that US funds which invest in US equities have seen net outflows of USD18bn since the beginning of the year, following cumulative redemptions of USD257bn between 2008 and 2011. Open-ended equity funds from developed countries have seen outflows of about USD52bn since the beginning of the year, following cumulative redemptions of USD491bn in the previous four years.
07/08/2012

United Arab Emirates toughens fund regulations

The United Arab Emirates has introduced new, tougher regulations for funds on sale in the country, regardless of their country of origin, the Financial Times reports. The new rules include a transfer of authority over the funds from the central bank to the Emirates market watchdog authority. All foreign funds on sale in the Emirates will be required to be approved by this regulatory authority, and must be sold via a licensed local placement agent.
07/08/2012

UBS recruits a head of wholesale for the United Kingdom

UBS Global Asset Management has recruited Stephen Hutton as head of wholesale in the United Kingdom, Investment Week reports. Hutton joins from Zurich Intermediary Group. At UBS, wholesale activities represent GBP2.3bn, and 8 team members.
07/08/2012

Goldman Sachs AM sued

A Netherlands pension fund, Vervoer, has filed a lawsuit in the United Kingdom against Goldman Sachs Asset Management, seeking EUR250m for negligence, according to reports in Financial News. The EUR11bn pension fund accuses the asset management firm of advising it to invest in sub-prime MBS in mid-2007, at a time when it already knew that the proprietary trading desk was short-selling the same MBS to make gains from their falling price.
07/08/2012

Julius Baer in talks to acquire Merrill Lynch division

The Zurich-based private bank Julius Baer is moving forward in negotiations with Bank of America to acquire the wealth management activities of Merrill Lynch outside the United States, Le Matin reports. “Julius Baer is firmly determined to buy the non-US wealth management division of Merrill Lynch,” a source close to the bank says. The wealth management division at Merrill Lynch has about USD90bn in assets under management, largely in Asia, Latin America and Europe. The portion outside the United States is located in regions where Julius Baer is planning to grow. In Switzerland, Merrill Ynch has CHF11.4bn in ssets. The acquisition price is estimates at USD1.5bn to USD2bn.
07/08/2012

UBS reportedly interested in BHF-Bank acquisition

The Swiss group UBS is reported ot be interested in an acquisition of BHF-Bank, the private wealth management affiliate of Deutsche Bank, finews reports, citing the most recent newsletter from Bank Gutenberg. The newsletter states that UBS and Deutsche Bank have both declined to comment on the reports.
07/08/2012

Partners Group invests in a Hong Kong hotel

The wealth management firm Partners Group has invested in a hotel located in one of the major commercial arteries of the city of Hong Kong. Partners Group says in a statement released on 7 August that the property was purchased jointly with Gaw Capital Partners and CSI Properties.
07/08/2012

Assets in Luxembourg OPC vehicles up 0.56% in June

As of 30 June 2012, the overall assets in collective investment organisms and specialised investment funds totalled EUR2.224479trn, compared with EUR2.212027trn as of 31 May 2012, an increase of 0.56% year on year, according to statistics from the Luxembourg financial sector surveillance commission (CSSF). Over the past twelve-month period, net asset volumes have increased 1.81%. The Luxembourg OPC industry has this posted a positive variation in the month of June measuring EUR12.452bn. This increase is equivalent to the balance of negative net issues of EUR2.081bn (-0.10%) and a favourable evolution of financial markets totalling EUR14.533bn (+0.66%).
07/08/2012

Le rebond de l'euro devrait se tasser

Les principales places boursières européennes ont continué de rebondir hier, les investisseurs prenant pour acquis une future intervention de la BCE. Les taux d’emprunt des périphériques poursuivent leur détente sous le seuil des 7%. L’euro rebondit mais reste sous pression. Les analystes anticipent déjà une nouvelle dépréciation d’ici à la fin de l’année.
07/08/2012

Trimestre mitigé pour les gérants français

BNP Paribas Asset Management et Natixis Global Asset Management enregistrent des décollectes notables. Les filiales des institutionnels français exposées au dollar et au marché de taux ont en général tiré leur épingle du jeu.
07/08/2012

Benoît Coeuré souhaite une intervention ciblée de la BCE

Benoît Cœuré, membre du directoire de la BCE, a émis le souhait dans un entretien accordé à un journal slovaque, de voir les opérations de financement de la banque centrale «ciblées vers le financement de l'économie réelle, en particulier les PME». Et d’ajouter que «tous les moyens de diriger les liquidités de la BCE vers ceux qui en ont le plus besoin, c’est-à-dire les ménages et les entreprises, méritent considération.»
07/08/2012

Chypre en grande difficulté

L'économie chypriote est dans «un état pire que prévu», ont jugé les représentants de la Troïka (BCE, FMI et UE), selon Reuters. «Ce que nous avons vu, c’est que votre système budgétaire est pire que prévu (...) les perspectives de croissance sont plus faibles que ce que nous attendions, et, en conséquence, il y a un gros écart entre vos recettes et vos dépenses», aurait déclaré Maarten Verwey, représentant de la Commission européenne.
07/08/2012

«Stop and go» de la Bourse de Madrid

Les échanges ont été interrompus hier à la Bourse de Madrid peu après l’ouverture alors que l’indice Ibex 35 progressait de 0,25% à 6.772 points du fait d’une panne technique. Ils ont ensuite repris en début d’après-midi en nette hausse, l’Ibex 35 progressant de 2,19% à 6.907,0 points, dopé par le rebond des valeurs bancaires.
07/08/2012

Hausse des prêts bancaires aux Etats-Unis

Les emprunts contractés auprès des banques américaines par les particuliers et les entreprises du pays ont progressé à 7.100 milliards de dollars durant la semaine achevée le 25 juillet, revenant ainsi à seulement 2,9% de leur plus haut atteint en octobre 2008, selon les chiffres publiés hier par la Fed. Les nouveaux prêts automobiles ont atteint 134,3 milliards sur les quatre premiers de l’année, en hausse de 56% par rapport à 2009.
07/08/2012

Le dollar australien s’envole

Juste avant l’annonce de la décision de la Banque centrale (RBA) qui devrait laisser aujourd’hui ses taux inchangés à 3,5%, la devise australienne a atteint 1,0593 contre le billet vert hier à New York, son niveau le plus fort depuis le 20 mars dernier.
06/08/2012

Pioneer décollecte au premier semestre

Le pôle gestion d’actifs d’UniCredit, représenté par Pioneer, a accusé des rachats nets de près de 4 milliards d’euros au premier semestre 2012. Ses encours ont ainsi baissé de 10,8 % sur un an à 154 milliards d’euros à fin juin. Sur ce total, la part des encours gérés pour le compte du groupe s’élève à 53 %, en recul par rapport à l’année précédente où elle ressortait à 60 %. En termes géographiques, l’Italie reste prépondérante dans les encours, à 75 milliards d’euros, mais en repli de 13,8 % sur un an, devant les Etats-Unis, qui voient leur participation augmenter de 6,2 % à 37 milliards.Dans ce contexte, le bénéfice d’exploitation a reculé sur un an de 31,6 % à 115 millions d’euros. Le bénéfice avant impôts se tasse de 34,1 % à 111 millions.
06/08/2012
Fonds

Les fonds d'actions émergentes reviennent sur le devant de la scène

Les fonds d’actions émergentes ont enregistré sur la semaine se terminant le 1er août leurs plus fortes souscriptions depuis la mi-février, à 1,5 milliard de dollars, selon les données d’EPFR. Des flux qui s’expliquent par les anticipations, par les investisseurs, de davantage de mesures d’assouplissement quantitatif.Cela a également soutenu les flux dans les fonds obligataires supposés offrir les plus forts rendements. Ainsi, les fonds obligataires à haut rendement ont engrangé plus de 1 milliard de dollars pour la septième semaine consécutive. Et les fonds de dette émergente ont depuis le début de l’année enregistré des souscriptions nettes de 28 milliards de dollars. Au total, la collecte dans les fonds actions est ressortie à 6,5 milliards de dollars, tandis que les fonds obligataires absorbaient 5,84 milliards. Les fonds monétaires ont vu sortir 11,72 milliards de dollars dont 90 % ont concerné les fonds monétaires européens.
Fonds

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