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28/04/2011

Lazard conforme aux attentes

La banque d’investissement a vu son résultat d’exploitation reculer de 5% au premier trimestre pour s’établir à 73,4 millions de dollars. La hausse de 11% des revenus liés au conseil en fusions et acquisitions n’a pas été suffisante pour contrer la chute de 65% des revenus de l’activité de restructuration. Durant le trimestre, Lazard a vu une forte progression des commissions de gestion qui ont atteint 206,8 millions de dollars, contre 161,8 millions de dollars un an plus tôt.
27/04/2011

Les rendements de la dette grecque affichent de nouveaux records

Le rendement des obligations d’Etat grecques a atteint mercredi un nouveau plus haut depuis la création de l’euro alors que le marché anticipe une restructuration de la dette du pays. Ce sont les rendements de dette de plus courte échéance qui ont progressé le plus. Les rendements de la dette à deux ans augmentaient mercredi de 30 points de base (pdb) à 25,17%, ceux de la dette à cinq ans gagnaient 53 (pdb) à 22,47%. Le rendement de la dette à 10 ans progressait de 29 pdb à 15,86%.
27/04/2011

Hausse des commandes à l'industrie en février dans la zone euro

Les nouvelles commandes à l’industrie ont progressé moins qu’attendu en février dans la zone euro, tandis que celles de janvier ont été revues en hausse, montrent les statistiques communiquées mercredi par Eurostat. D’un mois sur l’autre, les prises de commandes ont augmenté de 0,9%. Sur un an, le chiffre est supérieur de 21,3%.
27/04/2011

Retour à une croissance modérée en Grande-Bretagne

L'économie britannique a renoué avec la croissance de janvier à mars, affichant une progression de 0,5% par rapport aux trois derniers mois de 2010, selon la première estimation publiée mardi par l’Office national de la statistique (ONS). Elle s'était contractée de 0,5% au dernier trimestre de 2010, pénalisée notamment par les conséquences des chutes de neige. Sur un an, l'économie du pays affiche une hausse de 1,8%. Ces hausses sont toutefois trop faibles pour qu’elles puissent inciter une majorité des membres du comité de politique monétaire de la Banque d’Angleterre à s’exprimer en faveur d’un relèvement du loyer de l’argent, en dépit des tensions inflationnistes. L'économie continue de marquer le pas si on la compare à celles des autres pays développés. Les services et le secteur manufacturier, qui ont montré des progressions respectives de 0,9% et 1,1%, ont soutenu le PIB, contrairement au secteur de la construction qui a reculé de 4,7% sur le trimestre, une chute sans précédent depuis le premier trimestre 2009 quand le pays était en pleine récession.
27/04/2011
Fonds

Nouveau tour de table pour financer le développement de Kepler Capital Markets

Spécialisé dans les activités d’intermédiation actions et fixed income, produits dérivés, corporate finance et conseil en gestion d’actifs, Kepler Capital Markets (KCM) qui est aux mains de ses salariés et de sa direction à la suite d’un «management buy-out» (MBO) réalisé il y a trois ans, a annoncé, mardi 26 avril, l’ouverture de son capital. BlackFin Capital Partners, un fonds d’investissement basé à Paris, la Caisse des Dépôts, la banque d’investissement Gruppo Banca Leonardo et le Crédit Mutuel Arkéa vont porter les fonds propres de la société à plus de 90 millions d’euros après avoir investi 57 millions d’euros. Cet apport donne aux quatre actionnaires 49,9% du capital du groupe, les 50,1% restants entre les mains des salariés et des managers de KCM. Dans un communiqué, Laurent Quirin, PDG et fondateur de Kepler Capital Markets en 1997, a déclaré que l’augmentation de capital sera l’occasion de faire des acquisitions permettant de faire croître l’entreprise. A noter qu’avec l’augmentation de capital, la société de courtage d’actions de Gruppo Banca Leonardo en Italie est mise en commun avec l’activité de courtage existante de KCM à Milan, l’objectif étant ici de créer le premier courtier en Italie.L’entrée de nouveaux actionnaires dans le capital de KCM est soumise à l’approbation réglementaire.
Fonds
27/04/2011
Fonds

HSBC lance huit ETF

La BaFin a récemment octroyé son agrément de commercialisation à huit nouveaux ETF de droit irlandais lancés depuis le 8 décembre par HSBC Global Asset Management. Ces produits seront bientôt cotés sur le segment XTF de la plate-forme électronique Xetra de la Deutsche Börse.En dehors du HSBC MSCI Canada ETF (IE00B51B7Z02) lancé le 24 février (0,35 % de commission) et du HSBC MSCI World ETF (IE00B4X9L533) lancé le 10 décembre 2010 (0,35 %), les nouveaux fonds sont tous focalisés sur les marchés émergents.Il s’agit du MSCI China ETF (IE00B44T3H88) lancé le 28 janvier (0,60 %), du MSCI South Africa ETF (IE00B57S5Q22) lancé le 16 février (0,60 %), du HSBC S&P BRIC 40 ETF (IE00B5YLK706) lancé le 26 janvier (0,60 %) , le HSBC Mexico Capped ETF (IE00B3QMYK80) lancé le 4 mars (0,60 %), le HSBC MSCI Turkey ETF (IE00B5BRQB73) lancé le 8 décembre 2010 (0,60 %) et enfin le HSBC MSCI EM Latin America ETF (IE00B4TS3815) lancé le 11 mars (0,60 %). HSBC GAM compte disposer de 50 ETF cotés en Allemagne d’ici à la fin de l’année.
Fonds
27/04/2011

Schroders recrute chez Citywire

Philip Haddon va quitter Citywire fin mai pour rejoindre l'équipe obligataire de Schroders, indique Das Investment. Il sera chargé de la rédaction des rapports de fonds et des analyses de marché ; de plus, il assurera la liaison entre les gérants de fonds et les services de presse ainsi que de relations publiques.
27/04/2011
Fonds

Le fonds Axa Framlington UK Mid Cap bientôt accessible aux particuliers

Axa Investment Managers (Axa IM) a indiqué vouloir ajouter une classe d’actions retail à son fonds dédié aux valeurs moyennes britanniques, Axa Framlington UK Mid Cap, rapporte lnvestment Week.Ce fonds a été lancé le 4 mars dernier à destination des investisseurs institutionnels avec un investissement minimum de 100.000 livres. Le fonds sera ouvert aux particuliers à la fin du deuxième trimestre, avec une part minimale de 1.000 livres. Le fonds doit afficher une pondération minimale de 70% sur les valeurs du FTSE 250 et un maximum de 15% sur celles du FTSE 100.
Fonds
27/04/2011
Fonds

Standard Life Investments freine la collecte d'un de ses fonds

Selon Investment Week, Standard Life Investments vient d’envoyer une lettre à ses clients pour leur signaler sa volonté de limiter l’accès à son fonds dédié aux petites capitalisations britanniques, le UK Smaller Companies, à compter du mois de juin.Dans le détail, cette évolution se traduira par des frais d’entrée de 4% pour les nouveaux investisseurs. Les frais de gestion pourraient également être relevés pour passer de 1,5% à 1,6% par an. Lancé en 1997, le fonds a dégagé un rendement de 73,7% sur les cinq ans au 18 avril, à comparer à un moyenne de 23,5% selon Morningstar pour l’indice de référence des petites capitalisations.
Fonds
27/04/2011
Fonds

Van Eck lance un ETF sur les obligations d'entreprises à taux variable

Le new-yorkais Van Eck Global a annoncé le 26 avril le lancement du Market Vectors Investment Grade Floating Rate ETF (azcronyme sur NYSE Arca : FLTR). Ce fonds s’efforce de répliquer avant commissions et frais l’indice Market Vectors Investment Grade Floating Rate publié par 4asset-management GmbH et qui correspond à un portefeuille d’obligations à taux variables émises en dollars américains par des entreprises catégorie investissement (investment grade). Le caractère innovant de ce produit tient au fait qu’il se focalise sur des valeurs de grande qualité plutôt que des émissions bancaires (bank loans).Les titres pris en compte doivent provenir d'émissions dont l’encours est d’au moins 500 millions de dollars et d’une échéance résiduelle d’au moins 6 mois à chaque date de repondération. Au 31 mars, l’indice comprenait 188 valeurs, dont 94,9 % de financières.Le FLTR est le 33ème ETF de la marque Market Vectors et le 7ème des fonds obligataires de cette gamme. La commission nette est fixée à 0,19 %.
Fonds
27/04/2011

TA Associates prend la majorité chez Stadion Money Management

Pour un montant non divulgué, le capital-investisseur TA Associates (16 milliards de dollars) a acquis 54,4 % de la société de gestion Stadion Money Management (6,7 milliards de dollars d’encours fin mars).Ce n’est pas le premier investissement de TA Associates dans la gestion d’actifs, puisque le groupe détient des participations dans Affiliated Managers Group, AIM management Group (Invesco); Evanston Capital Management, First Eagle Investment Management, Jupiter Fund Management, K2 Advisors, Numeric Investors et Thomson Advisory Group (Pimco).
27/04/2011

Rothschild AM recrute une pointure de Lazard AM

Mike Tamasco, qui vient de passer dix ans chez Lazard Asset Management comme responsable du développement de diverses activités, a été recruté par l’américain Rothschild Asset Management comme managing director et chief marketing officer sous l’autorité directe de T. Radey Johnson, le CEO.Il sera chargé d’accélérer le développement et de renforcer assez rapidement l'équipe de vente, ce qui signifie que Rothschild AM, gestionnaire institutionnel, compte lancer dans une activité de conseil de mutual funds, comme l’a indiqué l’intéressé à Mutual Fund Wire
27/04/2011

Qatar confirms plans to invest in Spanish savings banks

Ahmed Mohammed Al Sayed, CEO of Qatar Emirates Holding, confirmed at a press conference on 26 April in Madrid that the Qatar sovereign fund is planning to not only to invest EUR300m in the Spanish savings banks, but that the final amount may be even higher than that, Cinco Días reports.
27/04/2011

Number of funds launched by single manager funds up by more than 50% in 2010

Assets under management in single manager hedge funds increased 11% last year, to USD1.6trn, according to an annual study by PerTrac, whose estimates are based on information assembled from ten global databases. The number of funds with over USD1bn in assets under management last year came to 280, a very slight increase since the previous year. Taking into account funds of funds, assets under management total USD2.1trn. Assets under management in funds of funds alone last year totalled USD518bn, down 10.5% compared with 2009, and 31% compared with 2008. The number of funds launched by single manager funds last year rose 51% compared with 2009, to 1,184, according to preliminary estimates. Meanwhile, launches from funds of funds rose from 304 in 2009 to 352 last year.
27/04/2011

FTC Capital sues six banks for manipulation of the Libor

The Austrian hedge fund FTC Capital has filed a lawsuit in a New York federal court against Bank of America, JP Morgan Chase, Deutsche Bank, WestLB, UBS and Credit Suisse, for manipulation of the Libor rate, the Frankfurter Allgemeine Zeitung reports. FTC claims that the manipulations affected the euro/dollar futures market listed on the Chicago Mercantile Exchange.
27/04/2011

Threadneedle recruits a wholesale sales team for Asia

Threadneedle has recruited three sales personnel for wholesale clients in Asia: Gerard Clancy (ex BlackRock), Richmond Herrera (ex Standard Chartered Bank), and Kent Ng, formerly of Merrill Lynch Global Wealth Management Group.They will report to Michael Langlois, head of wholesale distribution for Asia Pacific. The mission for the three recruits will be to establish relations with Asian financial establishments locally, as well as global private banks who are present on the continent.
27/04/2011

HSBC Private Bank recruits in Asia

Asian Investor reports that HSBC Private Bank has recruited William Lawton as head of the South East Asia Investment Development Group at the private bank. HSBC Private Bank has also called in Jeffrey Benjamin as head of non-Asian clients resident in Asia in the international wealth management group. Lawton previously worked at RBS Coutts and Standard Chartered Bank, among others. Benjamin, for his part, spent 11 years at Investec in London.
27/04/2011

HSBC launches eight ETFs

BaFin has recently granted sales licenses for eight new Irish-registered ETF funds launched since 8 December by HSBC Global Asset Management, and these products will soon be available on the XTF segment of the Xetra electronic platform from Deutsche Börse.Except for the HSBC MSCI Canada ETF (IE00B51B7Z02)launched on 24 February (0.35% commission) and the HSBC MSCI World ETF (IE00B4X9L533) launched on 10 December 2010 (0.35%), the new funds are all focused on emerging markets.The other funds are the MSCI China ETF (IE00B44T3H88) launched on 28 January (0.60%), the MSCI South Africa ETF (IE00B57S5Q22) launched on 16 February (0.60%), the HSBC S&P BRIC 40 ETF (IE00B5YLK706) launched on 26 January (0.60%), the HSBC Mexico Capped ETF (IE00B3QMYK80) launched on 4 March (0.60%), the HSBC MSCI Turkey ETF (IE00B5BRQB73) launched on 8 December 2010 (0,60%), and lastly, the HSBC MSCI EM Latin America ETF (IE00B4TS3815) launched on 11 March (0.60%).HSBC GAM plans to have 50 ETFs on sale in Germany by the end of the year.
27/04/2011

Another defendant pleads guilty in Galleon case

Craig Dimal, whose telephone conversations recorded in 2007 allowed the federal prosecutor’s office to launch its investigation of the Galleon insider trading scandal, has pleaded guilty to securities fraud and conspiracy. He faces 7 1/4 years in prison, the Wall Street Journal reports, adding that he becomes the 21st of 26 defendants to plead guilty to charges related to the case.
27/04/2011

BrightScope launches a website for independent financial advisers

The 401(k) program ratings firm BrightScope on 26 April launched a website which will aim to increase information about independent financial advisers. BrightScope will grow out a database of independent financial advisers and registered brokers, providing information about potential conflicts of interest, litigation with clients, assets under management, and in a second phase, performance and fees, Mike Alfred, co-founder and CEO of BrightScope, has told Bloomberg. “Our initiative comes as part of a wider movement towards increased transparency for consumers” of financial services, Alfred says.
27/04/2011

Van Eck launches an ETF based on floating rate corporate bonds

The New York asset management firm Van Eck Global on 26 April announced the launch of the Market Vectors Investment Grade Floating Rate ETF (NYSE Arca acronym: FLTR). The fund will aim to replicate the Market Vectors Investment Grade Floating Rate index, published by 4asset-management GmbH, before commissions, which corresponds to a portfolio of floating rate bonds issued in US dollars by investment grade businesses. The innovation of the product is that it focuses on high quality securities, rather than bank loans.Securities taken into the portfolio must come from issues totalling at least USD500m, with a residual duration of at least 6 months as of each rebalancing date. As of 31 March, the index included 188 securities, of which 94.9% were in the financial sector.Net management commission is set at 0.19%.The FLTR is the 133rd ETF of the Market Vectors brand, and the 7th bond fund in the range.
27/04/2011

Axa Framlington UK Mid Cap fund soon to be made available to retail investors

Axa Investment Managers (Axa IM) has announced that it is planning to add a retail asset class to its fund dedicated to British midcaps: the Axa Framlington UK Mid Cap fund, Investment Week reports. The fund was launched on 4 March, and is aimed at institutional investors for a minimal investment of GBP100,000. The fund will be available to retail investors from the end of second quarter, from a minimal investment of GBP1,000. The fund will have a minimal weighting of 70% to shares from the FTSE 250, and a minimum of 15% to companies of the FTSE 100.
27/04/2011

Standard Life Investments puts the brakes on inflows to fund dedicated to British small caps

Investment Week reports that Standard Life Investments has sent a letter to its clients to indicate its desire to limit access to its fund dedicated to British small caps, the UK Smaller Companies, from the month of June. The change will bring in a 4% front-end fee for new investors. Management fees may also be raised from 1.5% to 1.6% per year. The fund, launched in 1997, has earned returns of 73.7% in the five years to 18 April, compared with an average of 23.5% for small caps, according to Morningstar.
27/04/2011

Carmignac Gestion rethinks its fixed income team

The return of Rose Ouahba, one of the key managers at Carmignac Gestion, from maternity leave, has resulted in a few changes in the organisation of FI-management. Ouahba becomes head of the fixed income team, and once again takes on responsibility for the bond allocation of the Carmignac Patrimione fund, which had been entrusted to Charles Zerah in her absence, since December 2010. Zerah will continue to oversee management of the Carmignac Global Bond fund.The asset management firm is also adding to its fixed income team. Carlos Galvis, who had managed the Carmignac Sécurité fund in Ouahba’s absence since last December will continue to manage the fund from 1 April, in addition to the Carmignac Cash Plus fund. The management process for the Carmignac Sécurité fund, and its objectives, will remain unchanged, a statement says.Meanwhile, Keith Ney, former global analyst at Carmignac Gestion, takes over as head of credit analysis, and Caroline Slama, a former global equities analyst, will join the fixed income team as a credit analyst.
27/04/2011

TA Associates acquires a majority stake in Stadion Money Management

The private equity investor TA Associates (Usd16bn) has acquired a 54.4% stake in the management firm Stadion Money Management (USD6.7bn in assets under management as of the end of March), for an undisclosed amount.This is not the first investment by TA Associates in asset management, as the group already holds stakes in Affiliated Managers Group, AIM management Group (Invesco), Evanston Capital Management, First Eagle Investment Management, Jupiter Fund Management, K2 Advisors, Numeric Investors and Thomson Advisory Group (Pimco).
27/04/2011

Rothschild AM recruits a big name from Lazard AM

Mike Tamasco, who has spent ten years at Lazard Asset Management as head of development for a range of activities, has been recruited by the US firm Rothschild Asset Management as managing director and chief marketing officer, under the direct authority of T. Radey Johnson, CEO.Tamasco will be in charge of accelerating development and to rapidly scaling up the sales team, in a sign that Rothschild AM, an institutional management firm, is planning to launch a mutual fund sub-advisory activity, as he announced to Mutual Fund Wire.
27/04/2011

US investors avoiding equities markets

Fewer Americans are holding investments in equities: currently, 54% have investments in shares either directly or indirectly (via investment organisms, retirement savings plans, or pension funds), according to a survey undertaken by the Gallup institute, Les Echos reports. The decline has been constant since the beginning of the subprime crisis: the percentage has fallen from 65% in April 2007, to 57% in 2009, and 54% this month. Retail investors’ lack of love for stock markets is even more visible in France. According to the most recent quarterly barometer by TNS Sofres for Les Echos and La Banque Postale, only 4% of French respondents say they would be prepared to invest in equities in December, a level not seen since at least 2001.
27/04/2011

Good annual and quarterly results for OFI PEC

Alongside an operation with Eurazeo announced the same day (Newsmanagers of 26 April), OFI Private Equity Capital (OFI PEC) has reported an increase in its earnings in 2010 of 11%, to EUR339m, and an operating margin of EUR56m, an increase of 18%, representing 16.5% of earnings. Net profits after the restructuring of the debt of the HEI-Fondis totalled EUR13.9bn, and EUR4.9bn for the group. Without these elements, net profits are down EUR16.5m (EUR8.1m for the part of the group), compared with net profits of EUR6.3m (EUR8.7m) in the 2009 fiscal year. Difficulties encountered by the stake in HEI resulted in a depreciation of incorporal assets of EUR31.1m for the 2010 fiscal year. The supervisory board will propose a dividend at the general shareholders’ meeting to be held on 14 June 2011 of EUR0.50 per share for the 2010 fiscal year, paid in cash beginning on 20 June 2011. Dividends paid in 2009 totalled EUR0.27 per share.
27/04/2011

Schroders reorganises its sales teams in Paris

Following the departure of David Bemussa, who was previously deputy director and head of distribution for Schroders in France, the management firm has announced a reshuffle of its Paris office.Nuno Teixeira will retain his position as deputy CEO, and will conrtinue to report to Philippe Lecomte, CEO of the firm. Teixeira will now be in charge of development for all Schroders clients in France, where previously, he had concentrated primarily on institutional clients.Alexandre Gabus, currently head of institutional clients and multi-management, becomes director of all distribution for Schroders in France (institutional and retail clients), and will report to Teixeira.Mustapha Bouheraoua, who also reports to Teixeira, becomes director fo institutional clients at the British management firm.Gabus and Mouheraoua’s teams will soon receive one new sales agent each.
27/04/2011

AGI warns against misuse of its brand name

Allianz Global Investors (AGI) on 26 April issued a warning to its clients and potential investors that its brand name is being used fraudulently by an entity which offers financial services under the name Allianz Global Investors Fund, which offers electronic contacts at the domains allianzglobalinvestorsfund.com, aginvestorsfund.com, and aginvestorfund.com. The telephone number given on these websites does not correspond to any line at AGI.The genuine internet site for AGI is www.allianzglobalinvestors.de, the asset management firm says.

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