Pour le premier mois de cette année, NYSE Euronext a enregistré 54 introductions de 53 ETF, dont 45 de Credit Suisse à Paris, un d’Amundi à Paris, un d’EasyETF coté à Paris et Amsterdam, quatre iShares à Amsterdam et deux de Lyxor à Paris.Au total, la cote européenne de NYSE Euronext comprend 544 ETF cotés 621 fois et lancés par 17 émetteurs. Ces produits couvrent 353 indices.Le nombre journalier de transactions s’est accru en janvier de 17,7 % par rapport au mois correspondant de l’année dernière tandis que le volume journalier de transactions affichait un gonflement de 37,8 % à 473,4 millions d’euros. Le spread moyen s’est situé à 28,5 points de base.A fin janvier, l’encours total des ETF cotés sur les places européennes de NYSE Euronext représentait 140,8 milliards d’euros, soit 32,8 % de plus qu’un an auparavant.
La société de gestion britannique Hargreaves Lansdown a annoncé le 10 février un résultat imposable de 56,3 millions de livres pour le semestre au 31 décembre, en hausse de 41% par rapport aux six mois à fin 2009.Les actifs sous administration se sont accrus à 22,3 milliards de livres au 31 décembre 2010 contre 17,5 milliards de livres au 30 juin 2010 et 15,6 milliards à fin décembre 2009.
Selon Investment Week, Henderson Global Investors espère lever quelque 150 millions de livres avec le lancement d’un investment trust dédié aux actions internationales.Le Henderson International Income Trust (HINT) sera géré par Ben Lofthouse, qui travaille avec Job Curtis, co-gérant du Global Dividend Income fund. Le trust vise un rendement de 4%, en progression de 5% à 10% par an.
Le groupe américain spécialisé dans l’assurance-vie Prudential Financial a fait état pour l’exercice 2010 d’un bénéfice net de 2,7 milliards de dollars pour l’ensemble de ses activités de services financiers contre 3,4 milliards de dollars pour l’exercice précédent.Les actifs sous gestion s'élevaient au 31 décembre 2010 à 784 milliards de dollars contre 667 milliards un an plus tôt. La collecte nette institutionnelle a totalisé 28,6 milliards de dollars.
Le canadien Manuvie (Manulife) a annoncé que les souscriptions nettes enregistrées par les fonds de sa filiale américaine John Hancock Funds ont progessé en 2010 de 48 % à un record de 9,7 milliards de dollars américains. L’encours a atteint 34 milliards de dollars fin décembre, soit 25 % de plus qu’un an auparavant.
Elliott Associates a trouvé un nouveau combat. Le fonds alternatif américain a écrit aux membres du conseil d’administration de Danisco, dont il détient environ 1,2%, pour leur faire connaître son opposition à l’offre amicale de rachat de 5,8 milliards de dollars formulée par DuPont. Une cession à ce prix serait une trahison des intérêts des actionnaires, selon le gérant d’Elliott Franck Tuil interrogé par le quotidien.
Le rapport Lepetit-Dissaux, remis hier à Christine Lagarde, reprend la position des banques françaises sur la résolution des crises bancaires. Les projets de surcharge systémique et de participation des créanciers seniors aux pertes sont rejetés par les auteurs.
Les inscriptions hebdomadaires au chômage ont diminué plus que prévu aux Etats-Unis lors de la semaine au 5 février, à 383.000 contre 419.000 (révisé) la semaine précédente, tombant à un plus bas de deux ans et demi, a annoncé jeudi le département du Travail.
L’Université Paris-Dauphine et sa fondation ont lancé hier avec Amundi la première chaire française dédiée entièrement à l’Asset Management. Un partenariat exclusif a été signé pour une durée de quatre ans.
Après l’annonce des rapprochements Deutsche Börse-Nyse Euronext et London Stock Exchange-TMX, le Tokyo Stock Exchange n’a pas l’intention de suivre le mouvement. Le directeur général de la Bourse de Tokyo a indiqué «ne discuter avec personne à cet instant».
La société d’investissement a publié un actif net réévalué par action de 74,8 euros à fin 2010, en hausse de 22,4% sur un an. La valorisation des actifs non cotés a pourtant stagné au second semestre. Eurazeo a de nouveau assuré étudier activement des opportunités d’investissement.
L'économie turque a progressé de 8% en termes réels l’année dernière et les finances publiques du pays sont saines, a déclaré le ministre des Finances Mehmet Simsek lors d’une conférence à Abu Dhabi. Le gouvernement avait prévu une croissance de 6,8% pour 2010, après une baisse de 4,7% en 2009.
La Banque d’Angleterre a maintenu jeudi son taux directeur à son plus bas niveau historique. Depuis près de deux ans, le taux de refinancement de la BoE est fixé à 0,5%. Elle a également maintenu l’enveloppe de 200 milliards de livres allouée à des rachats d’actifs financiers, principalement des obligations d’Etat. La BoE apporte un répit au gouvernement qui espère que la souplesse de la banque centrale permettra d’amortir les effets de sa politique d’austérité en dépit d’une remontée de l’inflation. Celle-ci est restée supérieure en 2010 de plus de 100 points de base à l’objectif de 2% de la BoE. Et elle devrait encore progresser cette année du fait de la hausse des prix des produits pétroliers et des matières premières.
Des sources proches du pouvoir ont démenti à Reuters la rumeur de la mort du roi Abdallah d’Arabie saoudite. La rumeur avait provoqué des tensions sur les marchés financiers de la région en fin de journée.
p { margin-bottom: 0.08in; } According to an annual report from the Spanish Inverco association of asset management firms, assets in Spanish funds fell 15.4% in 2010, while foreign funds on sale in the country gained 49.1%. Spanish funds saw net outflows of EUR23.89bn, while foreign funds posted net subscriptions of EUR0.5bn. Inverco does not foresee a reversal in this trend this year: competition from savings accounts will let up, but that from foreign management firms will not.Inverco predicts that Spanish funds may grow by 5.6% this year, despite an 18.3% decline for real estate funds and thanks to a 6.7% increase for securities funds (+EUR5.7bn). Overall, Spanish funds may attract EUR9bn, while foreign funds will manage to attract EUR7bn – but that represents an increase in assets of 14.6%.
p { margin-bottom: 0.08in; } Between 2007 and the present, assets in German wealth funds have increased from EUR2.5bn to EUR26bn. For this reason, the German association of independent wealth management firms (VuV) is calling for a definition of these products, so that they can be placed in the same specific category by ratings agencies and the BVI association of management firms. At present, they are considered diversified funds. A working group at VuV has established four criteria to determine whether or not a fund falls into the wealth fund category: the fund should be invested in several asset classes, must have a portfolio fund investment, must aim for risk-adjusted returns, and must be managed without conflicts of interest.
The Securities and Exchange Commission is investigating whether Wall Street traders are using ETFs as a means of hiding insider trading, according to the Financial Times. For instance, a trader could learn information about a company, buy an ETF including the company’s stock, and short sell the other shares in the ETF.
p { margin-bottom: 0.08in; } The XTF segment of the Xetra electronic platform from Deutsche Börse now includes 775 funds. UBS ETF Plc has listed four new Irish-registered ETFs, which replicate the US equities indices MSCI USA and S&P 500.The funds include the institutional fund UBS ETFs plc MSCI USA TRN Index (USD) I-acc (IE00B3RJTD64), which charges 0.15%, and the retail fund UBS ETFs plc MSCI USA TRN Index (USD) A-acc, with a management commission of 0.32%UBS ETF has also launched the institutional fund UBS ETFs plc S&P 500 Index (USD) I-acc, with a management commission of 0.05%, and the UBS ETFs plc S&P 500 Index (USD) A-acc, with fees of 0.22%.The funds are denominated in US dollars, a first for the XTF segment.
p { margin-bottom: 0.08in; } BaFin has issued a sales license for Germany to the Tocqueville Gold fund (FR0010653501), which invests in equities in gold mining companies, and which has been managed from New York by John Hathaway since 2008, Das Investment reports. As of the end of January, the fund had assets of EUR82.79m.
p { margin-bottom: 0.08in; } The Luxembourg management firm Berenberg Lux Invest, an affiliate of the Hamburg private bank Berenberg, has announced the recruitment of Doreen Mallon as director of distribution for third party relationship management. After contributing to the creation of Skandia Germany, Mallon became CEO of the German affiliate of GAM.
p { margin-bottom: 0.08in; } The survey “Anticipating the future of the fund industry in the light of UCITS,” from the German consultancy EGC Eurogroup Consulting AG, announced on 9 February in Bad Homburg and Vienna, which covered 78 management firms which account for 46% of European AUM, and their service providers in ten European countries (Germany, Austria, Belgium, France, Italy, Luxembourg, the Netherlands, Poland, the United Kingdom, and Switzerland), has found that European managers are making only very limited use of the potential offered by the UCITS IV directive. Many of them are still maintaining a wait-and-see attitude.About 70% of respondents say that the profession is not adequately prepared, which presents an obstacle to exploiting the potential of the regulations, while many are waiting to see how their competitors react. In addition, 32% estimate that the legal consequences (for fund mergers in particular) or the impact of the UCITS IV regulations on their business model cannot be anticipated. 80% of respondants find that tax questions have not been adequately addressed, which has also resulted in delays in the application of the possibilities offered by the regulations.As a result, respondents consider that the objective of a nominal increase of 3% in returns for investors is not likely to be achieved, and that there will be no significant increase in cross-border distribution, while only 20% of respondents are planning to make use of this possibility.Eurogroup Consulting reports that service providers will be the big winners out of UCITS IV, particularly those which have European distribution networks.
p { margin-bottom: 0.08in; } According to initial estimates based on 73% of the sample, the Dow Jones Credit Suisse hedge fund index in January earned 0.55% returns, compared with 2.90% in December, and 10.95% for last year as a whole. Six out of ten sectors show positive results; the best strategy was convertibles arbitrage, with a gain of 2.22%. However, emerging markets funds lost an average of 1.70%.
p { margin-bottom: 0.08in; } State Street has hired Giovanni Caricati as COO for its Global Services business in Italy. He will report to Riccardo Lamanna, managing director of State Street Global Services in Italy. Caricati previously was head of the net asset value calculation and fund administration service at Intesa Sanpaolo.
p { margin-bottom: 0.08in; } The Swiss banking group Syz & Co has registered three new sub-funds of its Luxembourg Sicav Oyster in Italy. They are the Oyster LatAm Opportunities, which invests in South American equities, Oyster ForExtra Yield (EUR), which invests in high yield currencies, and Oyster Absolute Return (EUR), a balanced fund which aims for positive returns independently of market conditions. The three new strategies are now available to Italian investors. They will be available from Banca Albertini Syz & C. and other firms.
p { margin-bottom: 0.08in; } The tennis legend Stefan Edberg, through the Swedish management firm Case in which he is a partner, has launched a fund which will invest in corporate bonds, Safe Play, the Swedish newspaper Dagens Industri (di.se) reports. With Kristianstad Sparbank, the player has invested SEK50m in the new fund, Affärsvärlden, another Swedish newspaper, reports.
p { margin-bottom: 0.08in; } For fourth quarter 2010, the Credit Suisse Group has reported an adjusted net profit of CHF1bn, and a net inflow of CHF13.9bn. For the year as a whole, net profits totalled CHF5bn, and net inflows came to CHF69bn. The Private Banking unit in fourth quarter earned pre-tax profits of CHF834m, on net inflows of CHF9.6bn. For the year as a whole, pre-tax profits totalled CHF3.4bn, while net earnings came to CHF11.6bn, and net inflows came to CHF54.6bn. The Asset Management unit posted pre-tax profits in fourth quarter of CHF180m, and a net inflow of CHF4.5bn, of which CHF3.6bn went to alternative investments, largely in real estate, ETFs, and credit strategies. For the year as a whole, pre-tax profits totalled CHF503m, while net earnings came to CHF2.3bn, and net inflows to CHF20.6bn. Total assets under management by the group totalled CHF125.3bn as of the end of fourth quarter 2010, which is stable compared with the end of third quarter and up CHF24bn (2%) since the end of fourth quarter 2009.
p { margin-bottom: 0.08in; } The IFRS Foundation, the organisation which oversees the IASB, on 9 February announced the appointment of Dick Sluimers as trustee at the foundation, with a mandate beginning immediately and expiring on 31 December 2013. Sluimers is chief executive officer at the Dutch APG group, a provider of asset management services and fund administration for pension funds. The APG group manages about 30% of collective retirement programs in the Netherlands, with assets under management of about EUR280bn.
p { margin-bottom: 0.08in; } Pioneer Fund, the third-oldest fund in the United States, has set a new record, Cinco Días reports. From its launch on 13 February 1928 until 31 December 2010, the actively-managed product specialised in large caps has earned returns of 1,073,300%, an unrivalled result according to Morningstar and Lipper. Annualised returns come out to 11.89%. As of 31 December, the fund, which has had four managers since its inception, had assets of USD7bn. Over the past ten years, annual performance was limited to 1.88%.