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08/07/2013

Deutsche Bank planning to create 1,000 jobs in Dublin in hedge fund services

P { margin-bottom: 0.08in; } Deutsche Bank may create up to 1,000 new jobs in Dublin, where it is in the process of creating a new international centre which will offer hedge fund administration services, the Irish Independent newspaper reports. The newspaper states that Deutsche Bank already has slightly over 300 employees in the Irish capital. Administration services for hedge funds at Deutsche Bank have existed since 1998 in the capital, but in 2011, the firm took off again with the creation of a centre of excellence for hedge funds.
08/07/2013

CS and SG offer the best mobile apps for high net worth clients

P { margin-bottom: 0.08in; } A growing number of wealth managers are entering the mobile app space aimed at high net worth clients. The best products are currently said to be those from Credit Suisse and Société Générale, according to a study undertaken by the website “My PrivateBanking” (“Mobile Apps for Wealth Management.”) On a scale of 60 points, Credit Suisse scores a total of 52, followed by Société Générale (49 points), ABN Amro (48 points, JP Morgan (46 points), and US Trust (46 points). The authors of the study point out the efforts shown by wealth management firms to offer easy-to-use apps. However, integration of content is highly variable according to the app. Social networks are still among the channels that are not yet well taken into account in applications.
08/07/2013

Spanish banks may not call in another round of aid

P { margin-bottom: 0.08in; } Spanish banks at this time may not need additional Euorpean funds, according to a document prepared by the European Commission and the European Central Bank (ECB) which Reuters obtained on Friday.The European Union last year made EUR100m available to the Spanish government, which was used to assist financial establishments hit by five years of virtually uninterrupted recession and the collapse of a real estate bubble.Madrid used only EUR41.3bn of the credit line offered to it. “At this stage, there is no reason to consider other uses of the programme,” the document states. Euorpean funds were used to recapitalise nationalised banks and to provide capital for FROB, the country’s bank bailout fund.According to the document seen by Reuters, a return to profitability in the sector represents a major challenge due to the low interest rates and an increase in non-performing loans. “If these negative trends with respect to jobs, real income and the solvency of businesses extends beyond what is projected, that would increase risks, especially for the most fragile banks,” it says.
08/07/2013

German asset management fears it is at a disadvantage in Europe

P { margin-bottom: 0.08in; } Thomas Richter, CEO of the German BVI association of asset management firms, is concerned that regulatory texts currently under debate by the European Parliament does not treat funds, certificates, home loans and life insurance equally, the Börsen-Zeitung reports.The association is critical of the current form of the IMD 2 directive, since it plans to regulate the distribution of insurance products less strictly than the European Commission proposes.For the PRIPS product information directive, Richter regrets that national governments are attempting to remove capitalisation life insurance from the field of application of the text.Although the BVI approved the Commission’s proposals to create a new ELTIF format for European long-term funds in principle, Richter claims that the formula is not attractive enough to invetors, ELTIF is costly and complicated to launch, and investors are not allowed to withdraw before the end of the fund, which will limit demand, making it no more than a niche product.
08/07/2013

Ellipsis AM and Cedrus AM continue partnership in SRI management

P { margin-bottom: 0.08in; } On the fifth anniversary of the first European SRI equity fund index and its associated funds, Alteane Responsible Fund (ISIN code: FR0010632398), Ellipsis AM (Exane group) and Cedrus AM have opted to discontinue their collaboration, in France and Europe, to actively promote this long-term investment support.Alteane Responsible Fund is 50% invested in Best in Class SRI equity funds, and 50% in equity funds exposed to the bustainable development themes rated best by Cedrus AM. The fund has earned annual returns of +4.64% over a sliding three years.
08/07/2013

Korea's LS AM looks to increase international exposure

P { margin-bottom: 0.08in; } Lee Yun Kyu, the new head of the Korean asset management firm LS Asset Management, would like to increase the firm’s international exposure and exposure to the retail market, Asian Investor reports. LS AM is planning to launch co-branded solutions in partnership with foreign asset management firms. LS AM would also like to increase its international exposure through alternative products, including hedge funds, funds of hedge funds, real estate funds, and private equity funds. In its own market, the firm estimates that it is excessively dependent on institutional clients, and would like to increase its presence on the retail segment with new products, including co-branded vehicles. The firm is hoping to increase its assets under management to USD3.2bn by the end of the year, compared with USD2.6n currently.
08/07/2013

123Venture group raises EUR175m in first half

P { margin-bottom: 0.08in; } Since 1 January, 123Venture has announced inflows of EUR175m, of which EUR65m were for the ISF campaign (TEPA law). The remaining EUR110m were raised for themed private equity funds focused on mezzanine debt, tangible assets and non-renewable energies, a statement says.“This is a historic inflow. We have posted more inflows in the past 6 months than in any complete year since our creation, and for the first time, FCPRs have taken the lead on tax revenues,” says Olivier Goy, chairman of 123Venture. Xavier Anthonioz, deputy CEO, says “This inflow is primarily the fruit of the rise in influence of family offices in private equity. In addition to clients who come for the intrinsic qualities of the asset class we also have a growing number of corporate clients who use our solutions to optimise taxation on capital tains from sales within re-employment and job creation regimes.” The dynamic initiated for first half will allow 123Ventures to top EUR1bn in assets under management by the end of the year. The gorup currently has EUR980m in assets under management.
08/07/2013

FCA holds consultation on information rules for advisers

P { margin-bottom: 0.08in; } The Financial Conduct Authority (FCA) has published a consultation document which proposes an amendment to the rules on information about lawsuits, which, according to the Authority, would cover all reatai ladvising activities. The firms are required to send the FCA a report every six months on potential lawsuits it may have been faced with. But the regulator remarked that some companies had interpreted the regulation as allowing them to exclude some activities offered by their advisers, including advising on equities and derivatives.
08/07/2013

Zebra Capital starts in Europe

P { margin-bottom: 0.08in; } Lorenzo Goldberg is joining Zebra Capital as head of development for Europe and Latin America. He will be based in Madrid, Funds People reports. Goldberg, who had been deputy CEO of the Corporate Finance Boutique, after teaming up with Alpha One Partners and managing director of Russell Investments, is responsible for overseeing the arrival in Europe of Zebra Capital, an asset management firm founded in 2001 by Roger Ibbotson, founder of Ibbotson Associates, which was acquired by Morningstar.The first UCITS-compliant fund is the SIG Zebra Global Equity Fund, a long/short absolute return equity fund managed with a behavioural approach. Net exposure to the market will total 100% to 150% with a beta of 0.
08/07/2013

Pension fund coverage rate improves

P { margin-bottom: 0.08in; } According to Mercer figures, assets at corporate pension funds of the S&P 1500 have 88% of their liabilities covered, the highest coverage ratio since October 2008. It is up by 14 percentage points since the beginning of the year, the Financial Times notes. “These figures prove that pension funds are exposed to high volatility and their situation can evolve rapidly, says Richard McEvor, head of the financial strategy group at Mercer.
08/07/2013

Diapason launches a smart beta investment platform

P { margin-bottom: 0.08in; } The commodity specialist Diapason Commodities Management has launched a smart beta investment platform for commodities, “Virtuoso,” which will be aimed at institutional investors and consultants in the United States and Europe from July 2013, Hedgeweek reports. Virtuoso is present as a completely custom investment platform, designed to generate alpha compared with investments in indices, including the Diapason Commodity Index or other indices such as the Dow Jones-UBS Community Index. The platform aims for returns 4% to 6% above the index selected according to the constraints on the portfolio. It is aimed at pension funds, insurers and other institutional investors who are exposed to the commodity asset class through benchmark indices.
08/07/2013

DeAWM overhauls its passive management product range

P { margin-bottom: 0.08in; } Institutional Money reports that Simon Klein, head of sales ETFs & ETCs for Europe and Asia, has announced that Deutsche Asset & Wealth Management (DeAWM) is adapting its passively-managed product range to current and future demand on the part of investors. This will result in the liquidation of ETFs and ETCs for which inflows have been inadequate, but particularly for the launch of new products in segments which DeAWM feels will sustain major demand from clients. Applications for sales licenses have already been submitted for some of these. Among the future ETFs and ETCs will be currency-hedged products based on equity indices, inflation-linked bonds worldwide, government bonds worldwide and Spanish and Italian government bonds, and lastly on equity indices of some countries and regions. The funds may use physical or synthetic replication.
08/07/2013

BNY Mellon appoints head of distribution for APAC

P { margin-bottom: 0.08in; } Mark Speciale, who is already based in Singapore, where he had been vice president, head of sales & client service, Asia-Pacific ex-Japan at Capital International, is joining BNY Mellon in the same city as head of international distribution, Asia Pacific (APAC).Speciale will report to Alan Harden, CEO of BNY Mellon Investment Management for the APAC region, and PaterPaul Pardi, head of global distribution at BNY Mellon Investment Management in London.
08/07/2013

Legg Mason confirms launch of an income fund

P { margin-bottom: 0.08in; } Legg Mason Global Asset Management has confirmed the launch of the Legg Mason ClearBridge Tactical Dividend Income fund, Fundweb reports.The product is domiciled in Dublin, and is a clone of a fund based in the United States with USD417m in assets. It will be managed by Mark McAllister and Peter Vanderlee.The fund will focus on master limited partnerships (MLPs), equities oriented to energy and high-dividend equities, and will invest in real estate investment trusts, directly or indirectly.
08/07/2013

Odey wants to slow subscriptions to an absolute return fund

P { margin-bottom: 0.08in; } Odey Asset Management will charge front-end fees of 4% from 10 July for all new subscribers to the UK Absolute Return fund with assets of GBP629m, Investment week reports. This is intended to slow investment in the fund, managed by James Hanbury, and to protect performance for current shareholders.
08/07/2013

Fund manager leaves Skagen

Portfolio manager Torkell Eide is departing norwegian asset manager Skagen after 4 years. Lead manager Kristian Falnes remains at the helm of the global equity fund together with portfolio managers Søren Milo Christensen and Chris-Tommy Simonsen. Skagen Global currently has EUR 5.2 billion in assets under management.Torkell Eide is leaving Skagen and will return to former employer Ako Capital, a London-based investment organisation.
08/07/2013

Assets in Chinese funds down 12.5% in first half

P { margin-bottom: 0.08in; } Assets under management by Chinese funds as of 30 June totalled CNY2.440trn, which represents a constraction of CNY350bn (or USD57bn) compared with the end of December, Z-Ben Advisors reports. This is the largest half yearly contraction in three years. It comes due to the volatility of equity markets and a steep contraction in liquidity.The top 10 players, China AMC, Harvest, E-Fund, Southern, Bosera, GF, ICBC Credit Suisse, Full Goal, Hua An and Dacheng, control a 49% market share.
08/07/2013

L’immobilier de bureaux francilien décroche

Immostat vient de dévoiler les chiffres de la demande placée de bureaux franciliens. Elle s’élève à 407.500 m² au deuxème trimestre 2013 soit une chute de 20 % sur un an. L’activité du premier semestre 2013 atteint ainsi 832 900 m² placés, en recul annuel de - 19 %, indiquent les statistiques du GIE, qui regroupe les conseils BNP Paribas Real Estate, CBRE, DTZ et Jones Lang LaSalle. La demande placée en entrepôts de plus de 5 000 m² en Ile-de-France (partie sud de l’Oise incluse) chute de 43 % au 1er semestre 2013, en baisse de 43 % par rapport au 1er semestre 2012, à 177 700 m². A l’échelle nationale, la demande placée en entrepôts de plus de 10 000 m² s’élève à 771 400 m² au premier semestre 2013, en progression de 15 % par rapport au 1er semestre 2012. Toutefois Roman Coste, directeur général chez CRBE rajoute que «sur le créneau des petites surfaces (inférieur à 1 000 m²), qui font généralement preuve de résistance, la baisse est en phase avec la moyenne régionale». «Sur la base de ces six premiers mois et de la connaissance des dossiers aujourd’hui en cours, nous anticipons un atterrissage de la demande placée d’ici la fin de l’année à un niveau à peu près équivalent à celui de 2012 soit, malheureusement, un niveau assez bas », estime pour sa part Didier Malherbe, directeur général adjoint de CRBE.
Façade de bureaux. Photo: PHB
08/07/2013

Livret A : Jean-Pierre Jouyet évoque un taux compris entre 1% et 1,25%

Le directeur général de la Caisse des dépôts évoque dans un entretien au Journal du Dimanche un taux de rémunération du Livret A, actuellement fixé à 1,75%, compris entre 1% et 1,25%. Le gouverneur de la Banque de France, Christian Noyer, a estimé en juin que la rémunération du livret devrait baisser en raison du net ralentissement de l’inflation.
08/07/2013

Les propriétaires de ProSiebenSat.1 ne trouvent pas d'acheteur

Selon Der Spiegel, KKR et Permira n’ont pas encore trouvé de solution pour leur sortie du groupe de médias, soit via le placement d’actions sur le marché soit par la vente de leur participation à un autre groupe de médias, entre autres possibilités. «Aucun acquéreur stratégique n’est en vue», a dit Götz Maüser, un des directeurs de Permira.
08/07/2013

La TTF menace le forex

Le rapport d’une association de représentation du secteur financier, la Global Financial Markets Association (GFMA), dénonce ce matin l’impact néfaste de l’instauration d’une taxe sur les transactions sur les dérivés de changes. La TTF, «frein à la croissance», aurait de quoi décourager des activités pourtant cruciales de couverture en relevant leur coût de 700% pour les entreprises.
08/07/2013

4 milliards d’euros de valorisation pour la filiale française de TDF

Les propriétaires de l’opérateur de télédiffusion, parmi lesquels figurent TPG Capital, Axa Private Equity, Charterhouse Capital Partners et le FSI, réclament plus de 4 milliards d’euros pour la filiale française, sur la base d’une valorisation de onze fois l’Ebitda pour 2013. Les offres de premier tour devraient être reçues le mois prochain, selon Bloomberg qui se base sur des sources proches du dossier.
08/07/2013

Compromis au Portugal entre les partis de la coalition

Le Premier ministre portugais, Pedro Passos Coelho, a conclu un accord avec le CDS-PP pour résoudre le désaccord qui menaçait la majorité parlementaire. Paulo Portas, le chef de file du CDS-PP, a été promu vice-Premier ministre et assurera la coordination de la politique économique et des négociations avec la «troïka». Ce dernier avait démissionné la semaine dernière de son poste de ministre des Affaires étrangères, dans le sillage de son collègue de l’Economie. Le président la République Anibal Cavaco Silva, qui va rencontrer aujourd’hui et demain l’ensemble des formations politiques du pays, doit donner son feu vert à l’accord. S&P a abaissé la perspective de la dette souveraine «BB» du Portugal de stable à négative, estimant «que l’incertitude politique croissante pourrait affecter les émissions à venir du Portugal et sa sortie espérée en 2014 du programme d’assistance soutenu par la troïka».

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