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03/07/2013

Insight makes high yield QIF fund UCITS-compliant

P { margin-bottom: 0.08in; }A:link { } The Irish-registered qualified investor fund (QIF) Insight Short-Dated High Yield Bond Fund, from Insight Investment (USD255bn, a boutique of the BNY Mellon group), has been transformed after three years into a UCITS-compliant fund, and its assets of about GBP200m have been transferred to the new UCITS-compliant structure.The fund, managed by Ulrich Gerhard, invests in high yield bonds with a low remaining time to maturity. Securities in the portfolio as of mid-June had an average remaining time to maturity of 1.1 years, and about 45% of assets were going to mature before the end of 2015.
03/07/2013

LaSalle recruits exec from CBRE

P { margin-bottom: 0.08in; } For its London office, LaSalle Investment Management has recruited Gary Moore, fund manager at CBRE Global Investors, as European head of strategic partnerships. He will join the firm on 15 July, and will report to Jon Zehner, global head of the client capital group, as well as to Simon Marrison, CEO for Europe.
03/07/2013

Assets under management worldwide up 7.3% in Q1

Investment fund assets worldwide increased 7.3 percent during the first quarter to stand at EUR23.78 trillion at the end of March 2013, compared to EUR22.17 trillion at the end of 2012, according to the European Fund ans Management Association. In U.S. dollar terms, worldwide investment fund assets totalled US$30.45 trillion at end March 2013. Worldwide net cash inflows remained at a high level in the first quarter at EUR320 billion, compared to EUR369 billion in the previous quarter. This result can be attributed to record net inflows into long-term funds and large net outflows from money market funds during the quarter.Long-term funds, all funds excluding money market funds, registered record net inflows of EUR402 billion during the first quarter, up from EUR263 billion in the previous quarter.Worldwide equity funds registered their highest level of net inflows since 2006, attracting EUR109 billion, up from EUR14 billion in the previous quarter. Bond funds continued to enjoy net inflows amounting to EUR143 billion, albeit down from EUR163 billion in the previous quarter. Balanced funds more than doubled net sales during the quarter to EUR74 billion, compared to EUR33 billion in the fourth quarter. Money market funds registered net outflows of EUR82 billion during the first quarter, compared to net inflows of EUR106 billion in the fourth quarter of 2012. Large net outflows in the United States of EUR76 billion accounted for much of the worldwide outflows.At the end of the first quarter, assets of equity funds represented 38 percent and bond funds represented 24 percent of all investment fund assets worldwide. The asset share of money market funds was 15 percent and the asset share of balanced/mixed funds was 11 percent.
03/07/2013

DoubleLine opens Floating Rate Fund to retail investors

P { margin-bottom: 0.08in; } The DoubleLine Floating Rate Fund, launched on 1 February, but initially reserved for existing clients of DoubleLine and certain investment vehicles from DoubleLine, has been on sale to retail clients since 1 July, with two share classes that charge no front-end fee. Assets in the product managed by Bonnie Baha and Robert Cohen already total USD145m.The fund invests in bank or leveraged loans and other floating rate instruments, primarily in senior secured debt.Minimal subscriptions for I-class shares (ticker DBFRX) are set at USD100,000 (USD5,000 for individual retirement accounts, or IRAs). The N share class (DLFRX) is available from USD2,000 (USD500 for IRAs), and carries a 12b-1 fee of 0.2%.
03/07/2013

Morgan Stanley AIP raises USD770m for PE fund

P { margin-bottom: 0.08in; } On 1 July, Morgan Stanley Investment Management (MSIM) announed that Morgan Stanley Alternative Investmnt advisers (AIP) has managed to attract investment commitments of USD770m for the Morgan Stanley Global Secondary Opportunities Fund LP II (GSOF II), a fund specialised in the acquisition of shares in private equity funds on the secondary market, especially buyout funds for small and midcaps and special situations vehicles.Initially, AIP’s objective for the fund had been to reach USD600m.The GSIF II is the successor to the GSOF I fund, which was launched in 2009, with USD585m in assets, and an investment programme that was completed in 2012.
03/07/2013

Pimco Total Return to redeem nearly USD10bn in June

P { margin-bottom: 0.08in; }A:link { } The Total Return Fund from Pimco has experienced redemption demands of USD9.9bn in June, the highest redemptions in the history of the fund managed by Bill Gross in the past 26 years, the Financial Times reports. The fund lost 2.9% this year. Overall, assets in the Total Return Fund have fallen from USD285bn as of the end of May to USD268bn.
03/07/2013

Wells Fargo AM wants to grow in Asia

P { margin-bottom: 0.08in; } The US asset management firm Wells Fargo Asset is planning to scale up its sales team in Hong Kong in order to promote its product range for institutionals and private banks, Asian Investor reports. Wells Fargo is hoping to double its assets under management in the next few years to USD920bn by 2020, compared with USD460bn currently. The firm has recruited Priscilla Phoon as director of sales, responsible for Hong Kong, Singapore and India. She previously worked at Value Partners.
03/07/2013

Asset management: European parliament divided over bonus limits

P { margin-bottom: 0.08in; }A:link { } A final vote will be held today in Strasbourg, which may cast the position adopted in March to strictly limit bonuses in the asset management sector, similarly to the limits that have already been imposed on bankers, into doubt, Les Echos reports.The Parliamentary committee on economic affairs decided that the variable portion of remuneration may not exceed the fixed portion, the same as the rule imposed on banks.An additional rule was added to take the specificities of asset management into account: performance commissions were disallowed, when a UCITS fund is open to retail investors. For funds restricted to professional investors, commissions would continue to be allowed, but could become maluses in the case of negative performance.
03/07/2013

European Savings Institute responds to EU consultation on long-term financing

P { margin-bottom: 0.08in; }A:link { } At its general assembly, held on 13 June 2013, the European Savings Institute (OEE) responded to a consultation by the European Commission on long-term financing for the European economy.The OEE is placing the emphasis on the fact that the primary source of savings is households. To allow for financing in the right economic conditions, it is therefore necessary to put oneself in the place of savings investors, and avoid distortions in taxation or regulations getting in the way of the top priorities in Europe: “preparing for retirement, and protecting themselves against the risks of dependency in old age; diversify portfolios via investments in equities, in all their forms: corporate savings, direct purchases and via intermediated products,” a statement released on 2 July says.The test of the response is available here.
03/07/2013

Fortune SG under investigation in Shanghai

P { margin-bottom: 0.08in; }A:link { } Z-Ben Advisors reports that the Chinese asset management firm Fortune SG, a joint venture of Société Générale and Bao Steel, on 28 June received notice that it is under invetigation by the Shanghai inspector’s office in a matter concerning one of its funds. The manager of the fund since 2010, Guo Pengfei, has been suspended and replaced. The activity of all Fortune AG funds is normal, the asset management firm says.The investigation concerns trades of shares in Anhui Shengyun Machinery by the Fortune SG New Industries Equity Fund in February 2011. According to the notice, one of the trades was carried out in violation of the Securities Law, although it led to no losses for shareholders.
03/07/2013

Swisscanto appoints head of services to cantobanks

P { margin-bottom: 0.08in; }A:link { } Christophe Racine, who has worked for Credit Suisse and UBS for the past eight years, “particularly as regional head of the Private Banking North and North-West sectors of Switzerland,” according to a statement, has been appointed as head of the distribution division for the complete range of products and services from Swisscanto (CHF53.1bn in assets) available to the cantonal banks. He will begin on 1 September 2013.
03/07/2013

PGGM excludes WalMart from its list of eligible investments

P { margin-bottom: 0.08in; } The Netherlands pension fund PGGM (EUR140bn in assets) has announced that it has added the US retail group WalMart to its exclusion list.The decision comes fro two reasons. Firstly, WalMart has refused to take the concerns expressed by PGGM concerning its tense relationships with personnel on the domestic market into account, particularly the fact that the group limits employees’ opportunities to organise. WalMart has also refused to respond to repeated questions from PGGM concerning a corruption scandal at its affiliate WalMex.Secondly, the board at WalMart did not want to participate in a fruitful dialogue with shareholders.
03/07/2013

Urdang (BNY Mellon) becomes CenterSquare IM

P { margin-bottom: 0.08in; } BNY Mellon has announced that its real estate management unit Urdang Capital Management has been renamed as CenterSquare Investment Management. The change in name reflects both a 44% increase in assets over the past three years, to USD9bn, and the advent of new management, more marked development on international markets, and “significant investtment in world-class talent for public & private market management teams,” a statement says. E. Todd Briddell, CEO and CIO, points out that Urdang was founded in 1987 as an institutional real estate management firm: it is one of about 20 boutiques at BNY Mellon Investment Management. Currently, CenterSquare IM Inc manages assets totalling about USD6.7bn in publicly-traded securities, while CenterSquare IM Holdings Inc has assets of USD2.2bn in bonds and real estate private equity.
03/07/2013

First investments by the French strategic fund

P { margin-bottom: 0.08in; }A:link { } On 3 July, the French strategic holdings fund (Fonds Stratégique de Participations, or FSP), and its founders, BNP Paribas Cardif, CNP Assurances, Crédit Agricole Assurances (via its affiliate Predica), and Sogécap (Société Générale group), have announced the first significant investments by the FSP in two French businesses, leaders in their sectors, Arkema and the SEB group.“So far, the FSP, structured and managed by the Edmond de Rothschild group, controls 6.05% in Arkema and 5.25% in the capital of SEB SA,” a statement says.
03/07/2013

Financial situation improves at Ashcourt Rowan

P { margin-bottom: 0.08in; }A:link { } Although pre-tax losses as of 31 March remained unchanged in 2011-2012 at GBP2.5m, pre-tax profit at the British asset management firm Ashcourt Rowan before interest, taxes, debt and amortisations totalled GBP2.8m, compared with GBP0.3m.CEO Jonathan Polin emphasises that the goals of the cost reduction programme were reached before the planned date and that operating margins improved significantly in the second half of the business year.Assets “under management or influence” as of 31 March totalled GBP3.7bn, compared with GBP4.1bn one year previously, while discretionary assets under management remain stable at GBP1.6bn.The CEO has also emphasized the solidity of the balance sheet, as Ashcourt Rowan has no debt and has GBP8m in liquidity.
03/07/2013

Standard Life Investments recruits head of commercial RE lending

Standard Life Investments has recruited Neil Odom-Haslett as its head of commercial real estate lending. Reporting to David Paine, head of real estate investments, Neil Odom-Haslett, who will join at the end of August, will be based in London and will lead Standard Life Investments’ entry into this market in the UK. Standard Life Investments will be building on over 50 years of commercial real estate lending experience in Canada established by Standard Life, complementing existing capabilities in commercial real estate and fixed income investing.Neil Odom-Haslett joins from Deutsche Pfandbrief Bank.
03/07/2013

Former Morgan Stanley manager to launch hedge fund

P { margin-bottom: 0.08in; }A:link { } George Kounelakis, former head of proprietary trading at Morgan Stanley in Europe, is preparing to launch an event-driven hedge fund to capitalise on dislocations in the region, according to Financial News, citing sources familiar with the matter. He has assembled a team of 20 people for the initiative.
03/07/2013

Movements at M&G

P { margin-bottom: 0.08in; } Graham French, a portfolio manager at M&G Investments, has handed management of the M&G Managed Growth fund, whose assets under management total GBP1.3bn, to his co-manager Randeep Somel, Money Marketing reports. French also manages the M&G Global Basics fund, whose assets under management total GBP4.9bn. Alex Odd, manager of the M&G Dividend fund (GBP1.4bn in assets), is leaving the firm. His duties will be taken over by Phil Cliff.
03/07/2013

Miton acquires Psigma AM

P { margin-bottom: 0.08in; } The asset management group Miton, listed on the AIM, on 2 July announced the acquisition of Psigma AM for a total of about GBP13m.
03/07/2013

UBS stores gold in Singapore

P { margin-bottom: 0.08in; }A:link { } finews reports that UBS has opened a storage facility for its private clients based in Singapore and Hong Hong to hold physical gold in the free port of Singapore. The Swiss website says that Deutsche Bank and JPMorgan already offer such a service to their clients, also in Singapore.
03/07/2013

La Banque centrale de Suède maintient ses taux

La banque centrale de Suède (Riksbank) n’a pas modifié ses taux directeurs mercredi et confirmé qu’une hausse progressive de son taux de refinancement, maintenu à 1%, devrait s’amorcer au second semestre 2014. La croissance économique du pays a été étonnamment dynamique au premier trimestre, après un ralentissement fin 2012, tandis que la confiance des ménages et des entreprises s’améliore et que le chômage se tasse.
03/07/2013

Le Portugal revient sur le radar des marchés

Les taux portugais à 10 ans s'écartaient de 75 points de base vers midi, à 7,25%, après avoir approché les 8% en début de matinée. Le risque de chute de la coalition au pouvoir à Lisbonne, qui fait suite à la démission du ministre des finances lundi soir et à celle, refusée, du chef du parti junior de la coalition, a fait décaler les rendements. L’hypothèse d’un retour du Portugal sur les marchés s'éloigne tandis que celle d’un nouveau plan d’aide pourrait gagner en vigueur en cas d’aggravation de la situation. Les valeurs bancaires européennes accusent de ce fait mercredi matin la plus forte baisse sectorielle en Bourse. Dans ce contexte la conférence de presse de Mario Draghi, le président de la Banque centrale européenne (BCE), sera particulièrement suivie jeudi.
Une rue de Lisbonne en juin 2013. Photo: Mario Proenca/Bloomberg
03/07/2013

L'économie de la zone euro paraît en mesure de se stabiliser

L’indice PMI composite de la zone euro - qui regroupe industrie et services - définitif est ressorti en juin au plus haut depuis mars 2012, à 48,7 contre 47,7 en mai, alors que l’estimation flash le donnait à 48,9. L’indice PMI des services a également progressé à 48,3 contre 47,2 en mai (48,6 en estimation flash). Le secteur des services allemand a renoué avec la croissance en juin, l’indice PMI remontant à 50,4 contre 49,7 en mai. L’activité dans le secteur privé en France s’est contractée en juin au rythme le moins fort depuis 10 mois, renforçant l’hypothèse d’une future sortie de récession de la France. L’indice PMI composite a progressé à 47,4 contre 44,6 en mai, atteignant son plus haut niveau depuis dix mois.
03/07/2013

Le Parlement européen accepte in fine un gel de droits à polluer

Le Parlement européen a finalement accepté, en l’encadrant, le retrait d’une partie des quotas de CO2 disponibles sur le marché des droits d'émissions pour en faire remonter le cours. Tombé à un niveau historiquement bas, le prix de la tonne de carbone ne constitue plus une incitation pour les grands pollueurs à réduire leurs émissions. Le gel d’une partie des quotas doit encore être approuvé par les gouvernements des Vingt-Huit.
03/07/2013

Cotation prochaine des contrats à terme sur la dette souveraine chinoise

La cotation de contrats à terme sur les obligations d’Etat chinoises pourrait débuter dès septembre prochain, indique le China Securities Journal. La Commission de régulation des marchés fixera une date précise après aval du Conseil sur ce projet. ChinaBond estime le montant des obligations d’Etat chinoises en circulation à 8.100 milliards de yuans (1.000 milliards d’euros) à la fin du mois de mars dernier, soit 76% de plus qu’il y a cinq ans.
03/07/2013

Le Mexique investit dans de nouvelles centrales électriques

CFE, la compagnie publique d’électricité mexicaine a indiqué hier que huit nouvelles centrales éclectiques, actuellement en cours de construction et d’une valeur totale de 4,6 milliards de dollars, seront soumises à appel d’offres d’ici la fin de l’année, afin de répondre à une demande domestique croissante.
03/07/2013

L'économie américaine a encore besoin du soutien de la Fed

Jerome Powell, membre du comité de politique monétaire de la Réserve fédérale américaine, a indiqué hier dans un discours prononcé à l’occasion de la nomination d’un nouveau représentant des bureaux de la Bundesbank allemande à New-York, que la politique d’assouplissement quantitative mise en place par l’autorité monétaire américaine serait encore indispensable pour « un certain temps ».
03/07/2013

La BoE pour une application immédiate du ratio de levier

Les gouverneurs délégués de la Banque d’Angleterre, Paul Tucker et Andrew Bailey, estiment qu’il serait adéquat que les régulateurs britanniques imposent immédiatement un ratio de levier de 3% sur le total des engagements des banques, cinq ans plus tôt que dans le projet conclu avec les régulateurs mondiaux.
03/07/2013

La justice américaine rejette une nouvelle règle pour les minières

Camouflet pour les régulateurs américains et les défenseurs des droits de l’homme. Un tribunal de district américain a rejeté une nouvelle règle qui demandait aux groupes énergétiques et miniers de déclarer les paiements qu’ils font à des gouvernements étrangers. La justice estime que dans cette affaire la SEC abuse de son mandat.
03/07/2013

Le secteur industriel américain en voie de stabilisation

Les commandes à l’industrie ont augmenté en mai pour le deuxième mois consécutif, un nouveau signe qui suggère une stabilisation du secteur industriel après son récent ralentissement. Ces nouvelles commandes ont augmenté de 2,1%, a annoncé le département du Commerce, après une hausse de 1,3% en avril.

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