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20/02/2012

Bankia releases a guaranteed bond fund that returns 4%

On 25 January, Bankia launched the guaranteed bond fund Bankia Garantizado Rentas 2, which will return not only its net asset value as of 27 April 2012 at maturity on 16 February 2017, but also a return corresponding to 4% annually, in 19 quarterly payments. The fund, which will invest primarily in bonds from the Kingdom of Spain and the City of Madrid, was registered on 17 February by the CNMV. It will be on sale from 22 February to 27 April.CharacteristicsName: Bankia Garantizado Rentas 2, FIISIN code: ES0113447009Front-end fee: 5%Management commission: 0.5%Withdrawal penalty: 3%Minimal initial subscription: EUR100
20/02/2012

Harbinger offers no light about LightSquared

On Friday, in a very long telephone conference, Philip Falcone provided investors with no details about how he plans to deal with the failure of LightShared, the Wall Street Journal reports. Funds from Harbinger Capital Partners, the firm led by Falcone, invested billions of dollars in the creation of a new network by LightSquared, but the federal authorities in the US Tuesday forbid the project because of potential interference with GPS systems.
20/02/2012

Muzinich recruits two professionals in New York

Muzinich & Co., a specialist manager in the global corporate credit markets with USD15bn under management, has hired two professionals in its New York office.Mike McEachern has been hired as a senior investment officer and member of the investment policy committee to work closely with the investment team in managing the firm’s array of credit strategies. Sam Zona has joined in the new role of director of business development for North America to increase the firm’s institutional and high-net-worth client base.McEachern joins Muzinich from Seix Investment Advisers, where he spent 14 years, most recently as president and head of the high yield team. Zona was director of client service and marketing at Seix, where he worked for 13 years.
20/02/2012

Pyramis appoints a new CEO

Pyramis Global Advisors, a Fidelity Investments company, has hired Mike Jones as its president and CEO. He will succeed Kevin Uebelein, who is taking on a new role as global head of Solutions Delivery for Pyramis.Mike Jones joins Pyramis from Columbia Management, a subsidiary of Ameriprise Financial, where he served as president of U.S. Asset Management overseeing more than USD326 billion in assets. He will join Pyramis in mid-March and will report to Ronald P. O’Hanley, president of Fidelity Asset Management. He will also serve as chairman of Pyramis.
20/02/2012

Fitch confirms REAM rating for SEB Investment

Fitch Ratings has affirmed SEB Investment GmbH’s (SEB) ‘M2' Real Estate Asset Manager rating. The rating covers the company’s real estate investment operations.The affirmation «reflects SEB’s strong investment management capabilities and its effective asset management», explains the rating agency. «Nonetheless, SEB faces uncertainty regarding its ability to successfully re-open and avoid liquidating its flagship fund, SEB ImmoInvest, no later than May 2012". With EUR6.3bn in (net) assets under management (AUM), this fund represents 53% of the firm’s real estate AUM.In Fitch’s opinion «SEB’s sustainability is not contingent on the re-opening of ImmoInvest. SEB has made progress in diversifying its investor base away from retail investors to institutional and international investors with institutional investors now representing around 48% of gross AUM as of December 2011. Fitch expects these areas of the business to continue growing as SEB places a greater emphasis on this segment, independent of the status of ImmoInvest».Fitch will review SEB’s rating in mid-2012 following the regulatory deadline for the reopening of ImmoInvest.
20/02/2012

State Street recruits a manager from BoA-ML

Dan McNicholas, head of financing sales for global markets financing & futures, Asia Pacific at Bank of America Merrill Lynch in Hong Kong, has been recruited by State Street Corp as head of sales for its alternative investment servicing solutions (AIS) business unit. McNicholas will report to Maria Cantillon, global head of AIS sales, and will be in charge of establishing and deploying sales strategies for State Street’s activities in the Asia-Pacific region in the areas of hedge funds, private equity and real estate.
20/02/2012

AUB gives Aviva Investors a real estate multi-management mandate

Aviva Investors has announced that it has been selected by Ahli United Bank (AU) for a real estate multi-management mandate, initially for USD97m, which will be entrusted to Bart Coenraads, head of real estate multi-management at Aviva Investors Asia-Pacific. The manager will rely on the resources of the Real Estate Multi-management team.AUB is a commercial business bank which offers wealth and investment management services to businesses and retail clients, as well as cash management, offshore financing, and private banking services in the Middle East.The new partnership brings the number of mandates managed by Aviva Investors for AUB to three.
20/02/2012

Six banks manipulated yen libor rate

UBS has reported to the Canadian authorities that there was an illicit understanding between five rival banks (Citigroup, Deutsche Bank, HSBC, J.P. Morgan Chase and Royal Bank of Scotland) to distort the yen libor rate between 2007 and 2010, the Wall Street Journal reports, relayed by the Börsen-Zeitung. The yen libor is calculated on the basis of data provided by six banks.
20/02/2012

Former Morgan Stanley manager launches an Asian hedge fund

Ranodeb Roy, former head of fixed income for the Asia-Pacific region at Morgan Stanley, will be launching a hedge fund dedicated to Asia, which will invest in fixed income, credit and currencies. Reuters reports that the asset management firm owned by Roy, RV Capital Management, will be based in Singapore. The new fund will be launched in April or May.
20/02/2012

Macquarie offers new services to hedge funds

The Australian Macquarie group is now offering capital search assistance services to hedge funds seeknig to outsource this function, Hedge Week reports. The Alternative Investment Strategies (AIS) unit at Macquarie, which will be based in New York, will aim to help hedge funds with a track-record of at least three years and at least USD500m in assets, with an asset objective of USD1.5bn. The new service will be led by Scott Brandewiede in North America, Mubin Sadikot in Europe, and Jennifer Page in Asia.
20/02/2012

Employee arrested at Legal & General IM

An employee at the British asset management firm Legal & General Investment Management (LGIM) was arrested by the British Financial Services Authority (FSA) as part of an investigation into an insider trading case. The asset management firm has confirmed that one of its employees was arrested on 16 February and released on bail. Legal & General adds in a statement that it is not aware of the precise extent of damages that may have affected some clients or the impact of the case on the firm’s financial results.
20/02/2012

iShares launches several innovative bond ETFs

On 16 February, iShares launched seven bond ETFs to trading on NYSEArca, of which six become the first funds to offer exposure to their designated segments or to specific credit qualities. The products were launched to meet significant demand from clients, BlackRock states.Four of these new ETF funds provide access to market segments. The iShares Aaa – A Rated Corporate Bond Fund (acronym on NYSEArca: QLTA) is the first ETF to allow investment in securities from top-rated issuers of corporate bonds in a wide range of sectors and durations. It replicates the Barclays Captial U.S. Corporate Aaa – A Capped Index.The iShares Barclays U.S. Treasury Bond Fund (GOVT) allows exposure to a wide range of US Treasury securities with maturities ranging from 1 to 30 years; it replicates the Barclays Capital U.S. Treasury Bond Index.With the iShares Barclays CMBS Bond Fund (CMBS), investors have access to the first ETF focused on investment grade commercial mortgage-backed securities.The first ETF providing exposure to a diversified portfolio of mortgage-backed securities (MBS) issued by the Government National Mortgage Association (GNMA) is the iShares Barclays GNMA Bond Fund (GNMA).iShares is also launching the first three sectoral bond ETFs: iShares Financials Sector Bond Fund (MONY), iShares Industrials Sector Bond Fund (ENGN), and iShares Utilities Sector Bond Fund (AMPS).
20/02/2012

iShares to launch sectoral bond ETFs

iShares (BlackRock group) is preparing to launch the first sectoral ETFs of highly-rated US corporate bond issues, MutualFundWire.com reports. Three ETFs will be released folllowing the launch of indices by Barclays focusing on the financial sector, utilities, and industrials.
20/02/2012

Global X liquidates eight ETF funds

As a result of insufficient asset levels, eight ETF funds from Global X are in the process of liquidation, and their last day of trading was 16 February, Mutual Fund Wire reports. They are the Global X Farming (acronym BARN), Fishing Industry (FISN), Food (EATX), Mexico Small-Cap (MEXS), Oil Equities (XOIL), Russell Emerging Markets Growth (EMGX), Russell Emerging Markets Value, and Waste Management. Overall, 38 ETFs were liquidated last year in the United States.
20/02/2012

Strong inflows to ETFs since the beginning of this year

As of 10 February, net subscriptions to ETP funds since the beginning of 2012 totalled USd38.3bn, or EUR29.2bn, according to a Deutsche Bank study cited by the Börsen-Zeitung. Demand has been particularly strong for ETFs focused on emerging markets: the iShares MSCI Emerging Markets and the db x-trackers MSCI Emerging Markets have seen respective net inflows of USD462m and USD231m, respectively. Overall, iShares (BlackRock) has attracted USD2.2bn, while db x-trackers (Deutsche Bank) has attracted USD1.2bn.
20/02/2012

Le risque pétrole revient sur les radars

Le cours du Brent a pris plus de 10% depuis fin décembre sur fond de tensions géopolitiques. Si elle se prolongeait, la hausse pourrait nuire à la croissance.
20/02/2012

TransUnion repris par Advent et Goldman

Le groupe spécialisé dans la gestion du risque crédit a donné son accord à son rachat par Advent International et une filiale de Goldman Sachs pour 3 milliards de dollars (2,27 milliards d’euros). L’accord doit être finalisé à la fin du premier trimestre ou au deuxième trimestre. Le directeur général de TransUnion Bobby Mehta restera dans le groupe.
20/02/2012

Première contraction de l’économie thaïlandaise en deux ans

Le PIB thaïlandais s’est contracté de 9% au dernier trimestre 2011 après une hausse de 3,7% au trimestre précédent. Une contraction plus forte que prévu, le consensus Bloomberg tablant sur une chute de 5%. En 2011, le PIB a quasi stagné à +0,1% malgré les inondations ayant ravagé le pays.

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