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21/09/2009

Les banques des marchés émergents s'intéressent au changement climatique

Alors que s’intensifie le débat sur le changement climatique, un nouveau rapport du Ceres montre que les banques des marchés émergents commencent à intégrer les problématiques climatiques dans leur processus de décision. Malgré cette prise conscience, souligne le rapport, les banques de la zone sont encore trop peu nombreuses à participer à des programmes de financement des énergies propres ou à des projets de trading des émissions de carbone."Les banques des marchés émergents sont plus nombreuses à se rendre compte que le changement climatique est une grosse affaire, mais, jusqu’ici, leurs réponses sont dérisoires et ne touchent que la surface des choses», selon Mindy S. Lubber, président du Ceres, à l’origine du rapport («Addressing Climate Risk : Financial Institutions in Emerging Markets»).
21/09/2009
Fonds

La distribution de fonds coûte plus cher en Europe

Les frais payés aux distributeurs de fonds en Europe pour les fonds actions sont le double de ceux aux Etats-Unis, rapporte le Financial Times, citant une étude de Lipper. Ainsi, les commissions versées aux distributeurs de fonds actions transfrontières en Europe tournent autour de 70 points de base en moyenne, contre 25-35 points de base pour la part équivalente aux Etats-Unis.
Fonds
21/09/2009

Lehman Brothers Europe demande des comptes à sa maison aux Etats-Unis

La Tribune rapporte que l’administrateur de l’ancien siège européen de Lehman Brothers, PricewaterhouseCoopers (PwC), s’apprête à réclamer demain «plus de 120 milliards de dollars» auprès de l’ancienne maison mère aux États-Unis. La demande s’effectue maintenant sachant que la date butoir a été fixée par la justice américaine au 22 septembre pour que les créditeurs présentent leurs créances, précise le quotidien.
21/09/2009

CME et Citadel renoncent à leur plate-forme de CDS

Le CME Group et Citadel ont renoncé vendredi à créer une plate-forme de transactions pour le marché des CDS de 27.000 milliards de dollars, rapporte le Financial Times. La raison de cet abandon est le manque d’intérêt des banques de Wall Street.
21/09/2009

AllianceBernstein se lance dans l'immobilier commercial

AllianceBernstein a annoncé la création d’une division d’investissement immobilier qui sera dirigée par Brahm Cramer et Jay Nydick. Le premier, qui rejoindra la filiale d’Axa au premier trimestre 2010, a été co-head de la real estate principal investment area chez Goldman Sachs Group. Le second est president de iStar Financial depuis 2004.L’offre de produits sera «opportuniste» et se concentrera initialement sur le marché de l’immobilier commercial aux Etats-Unis. La nouvelle division, opérationnelle au milieu de l’an prochain, s’adressera aux particuliers haut de gamme et aux investisseurs institutionnels.
21/09/2009

AllianceBernstein change de patron pour le retail

Harold Hughes, head of private clients d’AllianceBernstein à Londres, a été nommé head of US retail, en remplacement de Brian Gallary, qui était «national sales manager» et qui prendra le poste de «head of sub-advisory», rapport Mutual Fund Wire.
21/09/2009
Fonds

SSgA lance un nouvel ETF

State Street Global Advisors (SSgA) a annoncé le lancement du SPODR Wells Fargo Preferred Stock ETF, qui est coté depuis le 17 septembre sur la plate-forme Arca du NYSE. Le fonds réplique l’indice Wells Fargo Hybrid & Preferred Securities Aggregate qui comprenait fin juillet plus de 160 valeurs. Il s’agit de valeurs mobilières préférentielles non convertibles cotées sur le NYSE ou sur Arco dont la valeur faciale est de 25 dollars. Elles sont notées investment grade par Moody’s ou S&P et leur volume de transactions mensuel a été d’au minimum 250.000 unités pendant les six derniers mois.
Fonds
21/09/2009

Nomination à la Société Générale Corporate & Investment Banking

Christophe Hioco vient d'être nommé Chief Operating Officer à la Société Générale Corporate & Investment Banking.Membre du comité exécutif restreint de la Banque de Financement et d’Investissement (BFI) ainsi que du comité de direction du groupe, il est directement rattaché àMichel Péretié, directeur de la BFI.Sa mission, précise la banque, consistera à «optimiser l’allocation des ressources rares tout en menant à bien la transformation du modèle opérationnel de labanque de financement et d’investissement. Christophe Hioca aura notamment en charge la supervision directe des fonctions Ressources (Opérations, Systèmes d’information, Comptabilité & Finance) et la gestion du risque opérationnel via le département Sécurité des opérations et prévention de la fraude.
21/09/2009

Le fonds souverain chinois s’intéresse à GDF Suez

Selon les Echos, des cadres du China Investment Corp. ont rencontré, à leur demande, le PDG de GDF Suez, Gérard Mestrallet, en juillet dernier à Paris pour évoquer le futur des différentes activités du groupe français et de sa filiale Suez Environnement. Si le CIC n’a pour l’instant formulé aucune offre concrète et se contente d’amasser les informations, il s’intéresserait de près, depuis quelques semaines, à plusieurs groupes français et européens du secteur de l'énergie.
21/09/2009

US government announces bond issue

L’Agefi reports that USD112bn in government bonds, with maturity dates ranging from 2 to 7 years, will be put on the market this week in the United States. The last issue of this kind was in late August, when the US Treasury issued USD109bn in bonds in the space of a few days. Previously, indirect actors, including foreign central banks, had been involved in the process, the newspaper notes. The US Treasury will raise USD1.9trn for the 2009 fiscal year (which ends on 30 September), and then USD2.5trn the following year, according to projections from Barclays Capital. In 2011 and 2012, issues are expected to total USD2trn.
21/09/2009

Number of IFAs expected to fall

According to a report by Ernst & Young cited by the Financial Times, of the existing 35,000 independent financial advisers in the United Kingdom, only 10,000 will remain in three years’ time. A further 10,000 will switch to giving restricted advice. This will be the result of new rules which ban the commission-based system of remunerations and which requires more qualifications.
21/09/2009

Elliott & Page acquires Markland

Elliott & Page Ltd, an affiliate of Manulife Financial Corporation, has bought all shares in the Canadian firm Markland Street Asset Management Inc, as well as the retail fund activities of AIC Ltd, a unit of Markland. The price of the acquisition, which will be concluded on 30 September, has not been disclosed. Via Elliott & Page, Manulife becomes the manager of the Oil Sands Sector Fund and the Markland AGF Precious Metal Corp. Markland, a specialist in structured financial products, had assets as of 31 August of USD114m. The fund management team at Markland will remain in place “for the moment.”
21/09/2009

FTSE: Malaysia well positioned to graduate to "advanced emerging" class

Malaysia has joined a list of candidate countries to be promoted by the index provider FTSE to the status of “advanced emerging” countries, Asian Investor reports. A-class shares in China and Taiwan, meanwhile, remain under watch for potential promotion to “emerging” and “developed,” respectively. The changes follow an annual re-evaluation of country classifications for the Global Equity Index Series (GEIS). South Korea will join the group of developed countries on 21 September.
21/09/2009

AllianceBernstein changes head of US retail

Harold Hughes, head of private clients at AllianceBernstein in London, has been appointed head of US retail, replacing Brian Gallary, who was national sales manager, and who will now become head of sub-advisory, Mutual Fund Wire reports.
21/09/2009

AllianceBernstein announces commercial real estate division

AllianceBernstein has announced the creation of a real estate investment division, which will be led by Brahm Cramer and Jay Nydick. Cramer, who will join the Axa affiliate in first quarter 2010, was co-head of real estate principal investment at Goldman Sachs Group. Nydick has been president of iStar Financial since 2004. The product range will be “opportunistic,” and will initially focus on the commercial real estate market in the United States. The new division, which will be operational from the middle of next year, will be aimed at high net worth private clients and institutional investors.
21/09/2009

BBVA to distribute funds via Allfunds

BBVA Asset Management has been making its funds available to institutional investors for several months via Allfunds Bank, the joint platform from Santander and Intesa Sanpaolo. This week, Expansión has learned, the agreement will be extended to include clients of the approximately 200 branches of the private bank, who will also gain access to BBVA funds. Currently, external distribution accounts for only 3% of assets under management at BBVA. The new agreement with Allfunds will increase this percentage.
21/09/2009

Changing of the guard at Credit Suisse

Bruno Aguilar has been relieved of his duties as CEO for management at Credit Suisse Asset Management for Spain, as part of a reshuffle following the acquisition of Aberdeen Asset Management for GBP250m, Funds People reports. The new head of management for Spain, Portugal and Latin America is Pedro Domenech, who created the asset management activities of Lehman Brothers in Spain. The appointment will have no impact on the locally-registered asset management affiliate, Credit Suisse Gestión, whose assets total EUR1bn in Sicav funds and EUR850m in regular funds.
21/09/2009

Thomson Reuters buys Hugin from NYSE Euronext

In a release published on Monday morning, Thomson Reuters announced that it has acquired the business information service Hugin Group BV from NYSE Euronext. In addition, Thomson Reuters and NYSE Euronext are planning to develop their strategic partnership, to offer added value services to issuers. The financial details of the transaction, which will be concluded during fourth quarter 2009, were not revealed. Hugin Group was founded in 1995 in Oslo.
21/09/2009

Fund distribution more expensive in Europe

Fees paid to mutual fund distributors in Europe for equity funds are double those in the US, according to a study by Lipper quoted by the Financial Times. Commission paid to distributors of cross-border equity funds in Europe averages 70 basis points, compared with 25-35 bps for the equivalent share class in the US.
21/09/2009

TMW to gradually turn its Weltfonds 'green'

In order to keep up with the growing importance of sustainable development in the real estate sector, TMW Pramerica has decided t oconvert its open-ended real estate fund TMW Immobilien Weltfonds into the first product in its category with a sustainable development orientation, using a best-in-class approach. To achieve this, TMW Pramerica has teamed up with Ökorenta, one of the pioneers of SRI, which will contribute its expertise in fund design and will also mobilise its sales force. The first contacts with major investors have shown that the project has received a good reception from investors, to the extent that some redemption demands have been cancelled and replaced by subscription pledges (the fund has been closed to new subscriptions since the end of October 2008). The fund will be able to continue to acquire properties following economic criteria, but not only according to a sustainable development concept, as a subsequent ‘ecological’ transformation of the properties is planned. This means that the TMW Immobilien Weltfonds will not become a ‘green’ fund overnight.
21/09/2009

German equities funds are relatively expensive

According to Lipper, the total expense ratio (TER) for German equities funds averages 1.6%, compared with 1.2% for US funds, the Frankfurter Allgemeine Zeitung reports. When the statistics are weighted according to the size of the fund, German products show a cost of 1.4%, compared with 0.9% for US funds. For bond funds, the TER is 0.9% in Germany, and 0.8% in the United States.
21/09/2009

Equities funds post strong subscriptions

Wolfgang Mansfeld, chairman of the German BVI association of asset management firms, on Friday announced that in the first seven months of the year, equities funds had net inflows of EUR7.4bn, of which about 50% were for ETF funds.
21/09/2009

Lehman Brothers Europe submits request for repayments from US parent company

La Tribune reports that the liquidator of the former European headquarters of Lehman Brothers, PricewaterhouseCoopers (PwC) is preparing to demand “more than USD120bn” from the former parent company of the European outfit in the United States. The request is being made now due to the fact that the US Department of Justice has set a deadline of 22 September for creditors to submit their claims, the newspaper states.
21/09/2009

CME and Citadel call off plans for CDS platform

The CME Group and Citadel on Friday abandoned efforts to establish a trading platform for the USD27,000bn credit default swap market, says the Financial Times. They conceded that they could not attract any interest from the Wall Street banks.
21/09/2009

Fitch confirms M2+ rating for ECM

On Friday, Fitch Ratings withdrew the London-based activities of the management firm European Credit Management Ltd (ECM) from its Rating Watch Evolving list, confirming the agency’s M2+ rating for the asset management firm. The move follows a clarification of ECM’s status following the integration of the management firm into the asset management activities of Wells Capital, after the acquisition of Wachovia by Wells Fargo in late 2008. Fitch emphasizes that Wells Capital has shown an intention to preserve the operational independence of ECM as a European credit management specialist within its multi-boutique framework. The agency also notes that activities at ECM (EUR12bn in assets as of the end of July), while they were affected by the turbulence on the credit markets last year, have withstood these difficult times relatively well compared to their competitors.
21/09/2009

Henderson New Star appoints a co-manager

Ainslie McLennan has been appointed co-manager of the New Star UK Property Unit Trust. McLennan will collaborate with Marcus Langlands Pearse, who joined Henderson after working for New Star. McLennan joined Henderson Global Investors in 2002. She was head of the European and British commercial real estate portfolio for institutional investors.
21/09/2009

Blackstone reduces stake in Cineworld and acquires 50% of Broadgate

Blackstone has announced that as part of a secondary placement, it has sold off 57% of its stake in the Cineworld chain of movie theatres for GBP62.9m, the Times reports. The private equity investor now holds a 20% stake in Cineworld. Meanwhile, Blackstone has confirmed its acquisition of a 50% stake in the Broadgate complex in the City of London from British Land for GBP77m. In addition, the private equity investor is taking over half of British Land’s debt, which totals GBP1.97bn.
21/09/2009

Paul Reichmann leaves Canary Wharf

The Canadian developed Paul Reichmann has sold his stake in Canary Wharf Group to Songbird Estates, the Sunday Times reports. Songbird now controls a 69.3% stake in Canary Wharf. Its affiliate Songbird Finance last week bought 54 million shares in Canary Wharf from Commerzbank for GBP112.5m.

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