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12/04/2012

BlackRock prepares to short-circuit Wall Street

BlackRock Solutions, a unit of BlackRock, will operating a trading platform on which 46 clients, including sovereign wealth funds and insurers, may make trades between them on corporate bonds, mortgages, and other types of assets. This would mean a loss of significant revenue for Wall Street investment banks, the Wall Street Journal reports. The platform would be authorised to process orders from the various actors present on it, and would charge a considerably lower fee than the stock market.
12/04/2012

Deka to discontinue investment in livestock and grains

Handelsblatt reports that DekaBank, the central asset management firm for the German savings banks, on Wednesday confirmed a decision previously announced by the NGO Foodwatch, no longer to contribute via its funds to speculation on the rising price of basic food products. The Deka-Commodities fund will be reorganised so as no longer to replicate the evolution of wheat, corn, soy or cattle. No further funds of this type will be launched.
12/04/2012

Hedge funds miss high watermarks

According to Absolute Return + Alpha, only 38% of hedge funds last year succeeded in generating performance exceeding their high watermark, compared with 73% in 2010. This has resulted in a significant reduction in the number of funds which were able to earn performance commissions.
12/04/2012

Greek fraud victims threaten to sue Julius Baer

The victims of a Greek fraudster are hoping to sue Julius Baer for damages and interest, Handelszeitung reports. The fraud was committed by a representative of the Zurich-based private bank. The fraudster promised to deposit his clients’ assets safely in Zurich. In fact, he pocketed about EUR15m, In Greece, the man has already been sentenced to seven years in prison. Julius Baer contests the fact that the fraudster represented the bank, but there was a relationship, the newspaper reports. The former Baer affiliate, Swiss & Global, had a business relationship with the fraudster from 2008 until it was discontinued in 2010. The victims claim this is adequate cause to seek reimbursement from the Zurich-based bank.
12/04/2012

Increase in ETF activity in March on NYSE Euronext

Daily on-book trading volumes for ETFs on the European markets of NYSE-Euronext increased to EUR253.3m in March, compared with EUR237.3m in February, but remain 50.3% below their levels in March 2011.Block trades of ETF shares totalled EUR840.9m, compared with EUR992.6m in February, representing 13.1% of total trades on the regulated ETF market of NYSE Euronext in Europe, compared with 16.6% rhe previous month.The number of ETFs listed as of the end f March totalled 695, compared with 693 one months previously, of which 597 were primary listings, compared with 595, with the two new entrants being the Lyxor LVIX and the Ossiam EM Minvar E.Lastly, NYSE Euronext states that the median spread last month was 29.58 basis points, compared with 32.25 in February.
12/04/2012

Skandia IG awards a mandate to Aubrey

On 11 April, Skandia Investment Group (SIG) announced that it has awarded a GBP20m mandate to Andrew Dalrymple at Aubrey Capital Management, from the Skandia Global Dynamic Equity Fund (GBP1bn in assets). The manager will be responsible for investing in companies that are likely to profit from an increase in household consumer spending in Asia, from the thematic allocation of the fund, which is distributed to five funds, the other four being the JPM Global Financials Fund, DWS Invest Global Agribusiness Fund, Dimensional Emerging and Markets Targeted Value Fund.
12/04/2012

Derivatives: London will benefit from new regulations

The City is attracting a large part of the investments brought about by toughening regulations for derivative products accused of having aggravated the crisis, Les Echos reports. The Chicago Mercantile Exchange has announced that it is considering launching a derivatives market in London. The market would probably be an alternative to acquiring the London Metal Exchange (LME), a commodities market on which many derivative products are traded, which is also being wooed by NYSE Euronext, Intercontinental Exchange (ICE) and the Hong Kong stock exchange.
12/04/2012

Hong Kong hedge fund recruits from JP Morgan

Adam Wallace, former head of hedge fund services at JP Morgan for the Asia-Pacific region, has joined the Hong Kong-based hedge fund Factorial Management, as chief operating officer, Asian Investor reports. Factorial Management has confirmed the reports, adding that it plans to offer a platform which meets the needs of institutional investors. The firm earlier this year launched a multi-asset class fund, Factorial Master Fund, with USD25m in assets under management.
12/04/2012

Macquarie IM recruits in Europe

The Australian Macquarie Investment Management (MIM) group has recently announced four recruitments, in a sign of its desire to strengthen its presence in Europe, InvestmentEurope reports. Jerry Devlin, from Castlestone Management, has been appointed as head of British financial institutions, while Richard Guerin, formerly of BlackRock Investment Management, is appointed as head of consultant relations for Europe. Xavier Michel, who had previously worked at Hart Group, will be responsible for Macquarie Fund Solutions, from Vienna, Austria. With these recruitments, the team at MIM in Europe now has 14 members, in London, Munich, Frankfurt, Zurich and Vienna.
12/04/2012

Deka to discontinue investment in livestock and grains

Handelsblatt reports that DekaBank, the central asset management firm for the German savings banks, on Wednesday confirmed a decision previously announced by the NGO Foodwatch, no longer to contribute via its funds to speculation on the rising price of basic food products. The Deka-Commodities fund will be reorganised so as no longer to replicate the evolution of wheat, corn, soy or cattle. No further funds of this type will be launched.
12/04/2012

Fund managers miss their best chances

A survey by Feri EuroRatings of 60 fund managers finds that over 80% of respondents credit the popularity of multi-asset class funds and emerging markets funds, but less than one third of them are planning to offer such a fund. About one in five already has such product on offer, and slightly over 10% are planning to offer one this year or in 2013.The ratings agency also states that over three quarters of asset management firms surveyed say there is good or very good potential for sales of German equity funds, although the prospects have deteriorated compared with the survey undertaken in spring 2011. Meanwhile, 90% of managers estimate that emerging market bond funds have good to very good chances of sales this year, which only 64% of respondents predicted for bond funds overall, possibly due to the popularity of high yield bonds. Feri reports, meanwhile, that optimists about European investment grade bond funds have risen to 68%, from 46% one year ago.
12/04/2012

Ignis AM launches a fund in Italy

The British asset management firm Ignis Asset Management has launched the Ignis Absolute Return Government Bond fund in Italy. The product is an absolute return global bond fund, Bluerating reports.
12/04/2012

Profits at Robeco down in 2011

For the fiscal year to the end of December, Robeco has posted net profits of EUR133.8m, compared with EUR181.3m in 2010, while operating profits are down to EUR198.3m from EUR281.3m, and operating costs have dipped somewhat to EUR482m from EUR482.3m.As of the end of December, assts totalled EUR150.3bn, compared with EUR149.6bn twelve months previously, and management and performance commission revenues for 2011 were down to EUR914.2m from EUR932.8m.Net subscriptions totalled EUR7.6bn (of which 2.2bn were for retail and EUR5.4bn for institutional funds), compared with net outflows of EUR3.4bn in 2010 (and net inflows of EUR3.3bn for retail and net outflows of EUR6.7bn for institutional). Market effects were negative to the tune of eUR4.5bn, where 2010 brought positive returns totalling EUR19.6bn.As of 31 December, assets totalled EUR78.2bn in retail and EUR72bn for institutional, compared with EUR80.9bn and EUR68.7bn twelve months previously.Robeco states that AUM as of the end of February were up strongly compared with the end of December, at EUR176bn, compared with EUR150.3bn.
12/04/2012

EFG Financial Products opens an office in Madrid

EFG Financial Products, an affiliate of EFG International, has opened an office in Madrid, led by Michael Hartweg, head of the Spanish and Portuguese markets, Funds People reports. The objective is to reach a volume of EUR250m in collateralised notes, as in Germany.
12/04/2012

Appointment at Investec AM

Investec Asset Management has announced the appointment of Victoria Harling as co-manager of the Investec Emerging Markets Corporate Debt Strategy fund, launched in April 2011, InvestmentEurope reports. Harling will also take control of emerging market corporate debt and emerging market debt denominated in hard currency. Before joining the South African asset management group, Harling was previously worked at Nomura.
12/04/2012

Liechtenstein looks to siphon off Swiss assets

In a confidential study by PricewaterhouseCoopers (PwC), undertaken for the Liechtenstein government and banking association, the rapid adoption by the Principality of European directive 2011/61/EU of 1 July 2011, on managers of alternative investment funds (the text of the transposed regulations were reportedly ready by 22 December) is recommended, with the objective of siphoning off assets from Swiss asset management firms, Handelsblatt reports. The Principality is reportedly hoping to attract as many as 400 Swiss wealth and fund managers, with assets of CHF870bn.
12/04/2012
Gestion d'actifs

Le Fonds de compensation AVS / AI / APG recherche un gérant d'actions suisses small et mid cap

Le Fonds de compensation AVS (assurance-vieillesse et survivants) / AI (assurance-invalidité) / APG (régime des allocations pour perte de gain) recherche un gérant actions suisses small et mid cap pour un mandat de 60 millions de francs suisses. Type de gestion: active Objectif de performance :** 300 points de base en moyenne, nets de frais par an sur une période de 4 ans Tracking error :** au maximum 15 % Benchmark: SPI Small and Middle Companies (SPISMC) Pour en savoir plus et répondre à l’appel d’offres, cliquez ici.
Gestion d'actifs
12/04/2012

L'AMF souhaite boucler l'enquête sur S&P d'ici septembre

L’Autorité des marchés financiers espère boucler d’ici septembre son enquête sur les conditions dans lesquelles l’agence avait annoncé par erreur en novembre le déclassement de la dette souveraine de la France. «Le sujet est de vérifier si la thèse avancée par l’agence de l’erreur est exacte» a rappelé hier Sophie Baranger, secrétaire générale de la direction des enquêtes et des contrôles de l’AMF.
12/04/2012

Les élections grecques auront lieu le 6 mai

Les élections législatives anticipées en Grèce auront lieu le 6 mai prochain. «Les choix qu’on va faire (...) vont définir l’avenir du pays pour les prochaines décennies» a indiqué le premier ministre, Lucas Papadémos, dans un message télévisé. Et de préciser que le pays devrait «choisir la voie, qui lui assure sa position au sein de l’Union européenne et la zone euro».
12/04/2012

La MGEN et Ofivalmo s'associent

La MGEN et Ofivalmo, actionnaires majoritaires respectivement d’Egamo et d’OFI Mandats, annoncent avoir conclu un accord. Celui-ci prendra la forme d’une participation croisée avec d’une part, l’entrée de la mutuelle étudiante à hauteur de 10 % au capital d’Ofivalmo Partenaires (actionnaire d’OFI AM et d’OFI Mandats), et d’autre part, une prise de participation par Ofivalmo Partenaires de 20 % du capital d’Egamo.
12/04/2012

Le Sénat lance une consultation sur les agences de notation

La mission commune d’information du Sénat sur le fonctionnement, la méthodologie et la crédibilité des agences de notation, présidée par Frédérique Espagnac, lance une consultation en ligne en direction des investisseurs, des émetteurs et des analystes des agences à l’adresse http://blogs.senat.fr/agences_de_notation/. Le rapport «Espagnac-Montesquiou» devrait être publié à l’été 2012.
12/04/2012

La Chine envisage de poursuivre la libéralisation du yuan

Les autorités chinoises envisageraient d’octroyer la possibilité aux sociétés du pays d’emprunter des fonds libellés en yuan en dehors de ses frontières dans le but de les rapatrier sur le territoire chinois, selon le Wall Street Journal qui cite des sources proches du dossier. Jusqu’à présent, Pékin autorisait les entreprises non financières du pays à vendre des obligations libellées en yuan uniquement sur le marché hongkongais, mais restreignait fortement la capacité des sociétés chinoises à emprunter des titres en yuans directement auprès d’établissements étrangers à des fins locales. Un système de quotas pourrait ainsi être mis en place. Li Dongrong, le vice-président de la Banque populaire de Chine (PBOC), avait indiqué au mois de janvier la volonté de la banque centrale de poursuivre le développement des échanges transfrontaliers en renminbi avec une extension des canaux de distribution.
12/04/2012

TD Ameritrade abandonne le Nasdaq pour Nyse Euronext

La société de courtage a annoncé son intention de transférer la cotation de ses actions ordinaires de Nasdaq OMX vers Nyse Euronext. Le changement devrait être effectif dès le 25 avril prochain. TD Ameritrade explique que «compte tenu notre relation actuelle avec Nyse et les nombreux efforts issus de notre collaboration sur plusieurs années, le temps était venu de réaliser ce changement».
12/04/2012

Accélération de l’activité des pays émergents

L’indice synthétique du secteur manufacturier et des services HSBC des pays émergents (HSBC EMI), basé sur les indices PMI nationaux a progressé d’un point à 53,4 au premier trimestre 2012 par rapport au trimestre précédent.
12/04/2012

Tokyo durcit le ton

Le ministre des finances japonais, Jun Azumi, a indiqué regarder «avec la plus grande attention» le niveau du change. Il a également exhorté la BoJ à prendre des mesures supplémentaires pour atteindre l’objectif d’inflation à 1%. Son gouverneur, Masaaki Shirakawa, a indiqué ce matin qu"il comptait poursuivre les mesures d’assouplissement, faisant repartir le yen à la baisse, à 81,01 contre dollar.
12/04/2012

Fitch confirme la note de la Chine

L’agence de notation a confirmé hier la note A+ de la dette en devise étrangère de la Chine avec une perspective stable, et la note AA- en devise locale assortie d’une perspective négative. «Fitch s’attend à ce qu’un surcroît de dette alourdisse le bilan souverain de la Chine dans la mesure où l'économie subit le contrecoup de l’envolée du crédit entre 2009 et 2011» précise l’agence.
12/04/2012

Hausse des recettes fiscales aux Etats-Unis

Le Trésor américain a indiqué hier avoir récolté quelque 171 milliards de dollars d’impôts le mois dernier. D’octobre 2011 à mars 2012, l’impôt sur le revenu des ménages a rapporté 484,1 milliards (contre 475,6 milliards un an plus tôt), et l’impôt sur les sociétés 84,5 milliards (contre 55,1 milliards un an plus tôt). Des recettes qui ont permis de réduire le déficit public de 50 milliards à 778,8 milliards sur les six derniers mois.
12/04/2012

Les investisseurs nippons se détournent des obligations étrangères

Les ventes nettes d’obligations étrangères de la part des investisseurs nippons ont atteint 23,6 milliards de dollars la semaine passée, leur plus haut niveau depuis octobre dernier. Dans le même temps, les investisseurs ont également été vendeurs nets d’obligations japonaises à hauteur 1,3 milliard de dollars.

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