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24/06/2013
Fonds

PowerShares propose un ETF haut rendement court terme

L’américain Invesco PowerShares Capital Management a annoncé le lancement le 20 juin du PowerShares Global Short Term High Yield Bond Portfolio, qui a été admis à la négociation sur NYSE Arca sous l’aconyme PGHY.Ce fonds est chargé à 0,35 % et réplique le DB Global Short Maturity High Yield Bond Index. Le portefeuille est investi en dette court terme à haut rendement libellée en dollars américains émise dans le monde entier par des emprunteurs souverains, quasi gouvernementaux et entreprises.
Fonds
24/06/2013
Fonds

Le Livret A enregistre une collecte modeste au mois de mai

La collecte nette du Livret A a été de 0,29 milliard d’euros et celle du LDD de 0,14 milliard d’euros au mois de mai contre respectivement 3,05 milliards d’euros et 1,56 milliard d’euros au mois d’avril, selon les chiffres communiqués par la Caisse des dépôts. A 0,43 milliard d’euros, la collecte nette des deux produits se retrouve à son plus bas niveau depuis depuis le mois de septembre (0,19 milliard d’euros). Depuis le début de l’année, la collecte nette s'élève à 21,09 milliards d’euros, soit près de deux fois plus par rapport aux cinq premiers mois de 2012 (12 milliards d’euros). L’encours des deux produits a atteint 363,7 milliards d’euros contre 363,3 milliards d’euros au mois de mai, l’encours du Livret A étant de 264,9 milliards d’euros et celui du LDD de 98,8 milliards d’euros. Dans ce contexte, le taux de rémunération du Livret A, qui avait déjà été abaissé de 2,25 % à 1,75 % le 1er février dernier, pourrait reculer à nouveau en août prochain si l’inflation reste modérée. Une baisse qui devrait satisfaire l’agence Standard & Poor’s, dont une étude juge désormais le Livret A pénalisant pour le secteur bancaire français.
Fonds
24/06/2013

Qatar: objectif 10 milliards d'euros d'investissement en France

Dans un entretien au quotidien Qatar Tribune repris par L’Agefi, l’ambassadeur du Qatar en France, Mohamed Jaham al Kuwari, a indiqué que l'émirat entend investir dix milliards d’euros en France. Ces investissements concerneraient des «institutions françaises majeures». Toujours selon L’Agefi, la chaîne télévisée Al Djazira rapporte par ailleurs que l'émir du Qatar, Cheikh Hamad bin Khalifa al Thani, doit rencontrer aujourd’hui les membres de la famille royale et les principaux responsables politiques du pays concernant une éventuelle abdication au profit de son fils, le prince héritier Cheikh Tamim.
24/06/2013
Fonds

Un nouveau fonds de buy-out voit le jour

Sander Levy et Alok Singh, qui ont coopéré il y a huit ans à la création du réassureur Validus Holdings aux Bermudes, se sont à présent associés à l’ancien CEO de la société de logiciels New Mountain, Kevin Parker, pour créer un capital-investisseur spécialiste des «buy-outs», Bridge Growth Partners LLC, rapporte the Wall Street Journal. Selon les proches du dossier, ils visent une levée de fonds d’un milliard de dollars et comptent se focaliser uniquement sur les services financiers et les technologies.
Fonds
24/06/2013

Azimut et le fonds italien d’investissement s’allient dans le capital risque

Le Fondo italiano d’investimento s’allie avec Azimut pour lancer Programma 101, un opérateur de capital risque spécialisé dans les investissements dans les start-ups du secteur numérique, rapporte Il Sole – 24 Ore. La structure part avec environ 35 millions d’euros mais se donne comme objectif 50 millions d’euros. L’engagement financier d’Azimut se monte à 10-15 millions d’euros.
24/06/2013

La banque privée est devenue moins rentable en Europe

Selon l'étude annuelle du cabinet McKinsey, pas moins de 15 % des banques privées européennes afficheraient des pertes d’exploitation en 2012, rapporte Les Echos. Elles n'étaient que de 2 à 3 % dans cette situation avant la crise financière, et la part augmente d’année en année. Pourtant, dans l’ensemble, les 110 banques examinées par le cabinet ont retrouvé des niveaux de résultats d’avant crise, et les ont même dépassés pour 25 % d’entre elles. Le montant des actifs sous gestion s’est redressé de 8 % sur un an. Mais cette hausse des actifs s’explique plus par l’amélioration des marchés en 2012, que par la collecte, qui n’a progressé que modestement. Enfin, le coefficient d’exploitation oscille depuis 2008 entre 26% et 23% contre 35% avant la crise.
24/06/2013

Man nomme un CEO pour sa filiale australienne

Jamie Douglas, qui a été managing director au sein du chief investment office, chargé des devises et des marchés émergents, chez JPMorgan à Londres, rejoint Man Group comme CEO de Man Investments Australia, à compter du 1er juillet. Il sera subordonné à Emmanuel Roman, CEO de Man Group.Le nouvel arrivant aura pour mission de commercialiser toute la gamme de produits de MAN, dont les stratégies quantitatives d’AHL, les stratégies discrétionnaires long-only et alternatifs de GLG ainsi que les les fonds de hedge funds de FRM.
24/06/2013

HSBC fait le ménage suite au scandale des frères blanchisseurs

HSBC Private Bank (Suisse) a adressé au début du mois de juin un courrier à ses clients du portefeuille «Médis» (Méditerranée et Israël) leur indiquant que leurs comptes seraient fermés. Leurs avoirs leur seront versés sous forme de chèque, indique Le Temps. La banque a indiqué au quotidien suisse avoir décidé de «restructurer» ses activités. Selon une source interne, la fermeture de cette équipe serait liée à un scandale de blanchiment en lien avec un trafic de cannabis dans les banlieues françaises, découvert l’année dernière. Selon Le Temps, le présumé cerveau de cette affaire, Meyer Elmaleh, un gérant de fortune indépendant établi à Genève, a écopé de 6 mois de prison ferme. Deux de ses frères travaillaient au sein de HSBC à Genève à l’époque des faits. L’un, gestionnaire au sein de l’équipe «Médis», a également été condamné dans le cadre de cette affaire.
24/06/2013

Konrad Hummler revient aux affaires

L’ancien homme fort de la banque privée Wegelin reprend du service. L’ex-associé gérant Konrad Hummler, dont les commentaires d’investissement étaient toujours très attendus, a créé une société M1 AG, domiciliée à St-Gall, qui propose des services de conseil en investissement.Dans ce cadre, Konrad Hummler, entouré de trois associés, lance une publication papier ou électronique, «Bergsicht», qui doit sortir au moins six fois dans l’année et qui rappelle les commentaires d’investissement de la période Wegelin.
24/06/2013

Un ancien d'UBS lance sa société de gestion

Selon Finews, Cesar Gueikian, ancien head of special situations d’UBS a créé une société de gestion baptisée Melody Capital Partners. Ses partenaires sont Andres Scaminaci et Omar Jaffrey, également d’anciens d’UBS. Les trois spécialistes lancent un fonds investi dans des crédits garantis aux Etats-Unis et en Europe de l’Ouest. Ils espèrent lever plus de 500 millions d’euros.
24/06/2013

Départ d’un gérant de Skagen

Ross Porter a quitté vendredi la société de gestion nordique Skagen où il a passé 13 ans afin de «relever de nouveaux défis», selon un communiqué de presse. Depuis août 2011, l’intéressé faisait partie de l’équipe du fonds Skagen Kon-Tiki, investi sur les marchés émergents. Il ne sera pas remplacé pour le moment, indique Skagen. Les autres membres de l’équipe sont Kristoffer Stensrud, Knut Harald Nilsson, Cathrine Gether et Erik Landgraff.
24/06/2013

New Zealand's SWF divests from nuclear

P { margin-bottom: 0.08in; } The New Zealand Superannuation Fund has announced that it has excluded several operators of nuclear bases from its portfolio, whose assets under management total about USD22bn.Among the exclusions are Babcock & Wilcox, Fluor Corporation, Huntington Ingalls Industries, Jacobs Engineering Group, Serco Group and URS Corporation. The sovereign fund had already excluded Lockheed Martin.As of 31 March 2013, assets of the fund in excluded firms totalled NZD2.2bn. All of these assets have been sold off.The fund has also announced that four previously excluded firms will now be allowed back into the portfolio: General Dynamics, L-3 Communications, Raytheon and Goodrich Corp. These firms have confirmed that they no longer participate in the production of cluster bombs.
24/06/2013

Increase in HF redemptions

P { margin-bottom: 0.08in; } The redemption index calculated by the hedge fund administrator SS&C GlobeOp in June rose to 3.88%, from 3.77% in May, Reuters reports.Hedge funds participated in strong gains on the stock market since last summer, but many investors have been disappointed to find that hedge funds are unable to compete with the returns on equity markets.Since the beginning of this year, hedge funds have posted returns of 3.95%, according to Hedge Fund Research, compared with gains of nearly 13% for the S&P 500 index.
24/06/2013

Pimco funds affected by bond selloff

P { margin-bottom: 0.08in; } The Pimco Total Return fund from Bill Gross (USD285bn) has been one of the bond funds worst affected by the selloff in bonds which has affected the asset class since the Federal Reserve announced that it would begin reducing the scale of its quantitative easing programme, Investment Week reports. According to Bloomberg, the Pimco flagship fund has lost 1.6% since 8-20 June. It has lost 2.8% YTD.
24/06/2013

Resource launches a new real estate fund

P { margin-bottom: 0.08in; } Resource Real Estate, an affiliate of Resource America, has launched a new real estate fund, the Resource Real Estate Diversified Income Fund, Wealth Adviser reports.The fund, which will be managed by Scott Crowe, aims for long-term appreciation and offers low correlation to the equity markets for investors who wish to diversify their allocation. The fund also offers quarterly liquidity.
24/06/2013

PowerShares offers a short-term, high yield ETF

P { margin-bottom: 0.08in; } The US firm Invesco PowerShares Capital Management on 20 June announced the launch of the PowerShares Global Short Term High Yield Bond Portfolio, which has been admitted to trading on NYSE Arca under the ticker PGHY.The fund charges 0.35% and replicates the DB Global Short Maturity High Yield Bond Index. The portfolio is invested in short-term, high yield debt denominated in US dollars, issued worldwide by government, municipal and corporate borrowers.
24/06/2013

Exchange of information: France to introduce blacklist in '16

P { margin-bottom: 0.08in; } Countries which refuse automatic exchange of information for tax purposes will be added to a list of uncooperative states by France from 2016, due to an amendment passed by the government. The date of application for the changes would thus be later than the US automatic information exchange (FATCA) agreement, which is schedued for September 2015.“Such an approach has the advantage that it is dynamic and allows France to concentrate on the genuine challenges of offering incentives in a context marked by a strong engagement to promoting tax transparency,” the government claims in an explanation of its amendment to a proposed law to combat tax fraud, passed on Thursday evening.The countries of the G8 early last week pledged to automatically exchange inforamtion, which is considered a deadly weapon in the war on tax havens, the “new global standard” to combat these flows.
24/06/2013

Outflows from emerging markets, inflows to frontier markets

P { margin-bottom: 0.08in; } Ahead of a meeting of the Federal Reserve, investors do not appear worried. They bought fewer bonds and invested more in US, Japanese and European equity funds. However, their defiance with respect to emerging market funds remains tenacious, and outflows totalled more than USD3bn in the week to 19 June, a level not seen for nearly two years, according to statistics released by EPFR Global.Despite their circumspection with respect to most of the major emerging markets, such as China Brazil, Russia and South Africa, investors retain a marked appetite for smaller markets, which are riskier but also more dynamic. Funds dedicated to frontier markets have been posting inflows since mid-March and have also attracted more than USD2.5bn since the beginning of this year.Overall, equity funds have posted a net inflow of USD4.81bn in the week to 19 June, while bond funds have seen redemptions totalling USD7.48bn. Money market fund have seen outflows of over USD25bn in the week to 19 June, the highest level since the third week of February.
24/06/2013

Konrad Hummler gets back to business

P { margin-bottom: 0.08in; } The former heavyweight in private banking at Wegelin, Konrad Hummler, is returning to the industry. Hummler, whose investment columns were always highly popular, has founded the M1 AG company, domiciled in St. Gall, which offers investment advisory services.Hummler, with three partners, is launching a paper or electronic publication, “Bergsicht,” which will be released at least six times per year, and which will resemble the investment columns of the Wegelin period.
24/06/2013

Former UBS manager launches an asset management firm

P { margin-bottom: 0.08in; } According to Finews, Cesar Gueikian, former head of special situations at UBS, has founded an asset management firm entitled Melody Capital Partners. His partners are Andres Scaminaci and Omar Jaffrey, also formerly of UBS. The three specialists are launching a fund to invest in guaranteed credit in the United States and Western Europe. They are hoping to raise more than EUR500m.
24/06/2013

Dalton Strategic Partnership arrives in Spain

P { margin-bottom: 0.08in; } Although it had already been selling its products as private investments in Spain, the British asset management firm Balton Strategic Partnership has now officially entered the Spanish market, with the registration of its Luxembourg Sicav, Melchior Selected Trust, with the CNMV. The Sicav has five sub-funds and assets of EUR540m, Funds People reports.The firm becomes the sixth foreign asset management firm to enter Spain since the beginning of the year, following J. Chahine Capital, Ellipsis AM, Oaks Field Patenrs, LarrainVial and Wellington Management.
24/06/2013

“We now have a shared sales team 40 times larger than before”

Deutsche Bank in mid-June unveiled its new division, Deutsche Asset & Wealth Management (DeAWM), including the 23 asset management, wealth management and market activity brands. After serving as managing director and global head of RREEF Real Estate, Pierre Cherki, who is head of the new alternative/real asset management profession, discusses the size of his unit, its composition and its plans, now that it has a sales team 40 times larger than previously.
24/06/2013

Versiko offers SRI retirement savings

P { margin-bottom: 0.08in; } The German sustainable investment advising firm versiko has announced the launch of a unit-linked retirement savings plan, ökoViola, whose portfolio will be invested exclusively in shares in the ökovision Classic fund, launched by the firm’s Luxembourg affiliate ökoworld, while the insurance portion of the policy is contracted to Continentale.versiko says that the formula allows subscribers to be sure that their savings will be invested ethically, with the exclusion of weapons, nuclear technology, chlorine chemistry, and child labour.As of 31 May, the ökovision Classic fund had assets of EUR361.8m for C shares (LU0061928585) and EUR15.8m for A shares (LU0551476806).
24/06/2013

Yuan: UK signs swap deal with China

P { margin-bottom: 0.08in; } In the competition amongst European financial centres to become the preferred offshore platform for the Chinese yuan in Europe, the British capital scored a point this weekend, Les Echos reports. The governor of the Bank of England (BoE), Mervyn King, has signed a currency exchange, or swap, agreement with a Chinese counterpart, Zhou Xiaochuan, which will allow the London market to have liquidity in yuan under all circumstances.The agreement covers an amount of up to CNY200bn (or RMB200bn), for the BoE, or up to GBP20bn for the People’s Bank of China (PBOC). In other words, slightly over USD30bn which can be mobilised on the market on both sides in order to meet the needs of businesses. Beijing has already signed numerous swap agreements, but so far only with emerging markets. This is the first time that a member of the group of seven most industrialized nations has achieved such a relationship with China.
24/06/2013

Mercer adds to its wealth management product range

P { margin-bottom: 0.08in; } Financial advisers and wealth managers may in the future avail themselves of an addition to the product range from the consultant Mercer, which is now offering High Volume Research (HVR) and High Volume Monitoring (HVM) services, to address all potential questions raised by the funds in which their clients invest.HVR is a concise, high level tool (as opposed to complete research reports on managers), aimed at wealth managers, to help them to identify issues which may concern funds in which they may invest their clients’ money. For its part, HVM is a regular monitoring service, with which Mercer aims to identify concrete changes in a fund which may have an impact on the end result for clients.HVR and HVM allow investment advisers and wealth managers access to a quality of service which had previously been reserved for institutional investors and pension funds.
24/06/2013

Hermes Real Estate appoints head of RE debt

Hermes Real Estate Investment Management Limited (HREIML), with over GBP5.8 billion assets under management, has announced the appointment of Marcus Palmer as head of real estate debt. Based at the company’s headquarters in London, he will report into Ben Sanderson, Director of International Investment, HREIML. He will be responsible for managing the real estate debt programme. Prior to joining HREIML, Marcus was a Partner at Chalkhill Partners LLP.
24/06/2013

Polar Capital increases investment in healthcare

P { margin-bottom: 0.08in; } The British firm Polar Capital has recruited two investment professionals, Deane Donnigan and David Pinniger, who will serve in the healthcare unit at the asset management firm, Fundweb reports.Donnigan previously worked at Axa Framlington, while Pinniger has for more than 12 years worked in the healthcare sector.Polar Capital offers two healthcare strategies: the Polar Capital Healthcare Opportunities fund (GBP478.4m), and the Polar Capital Global Healthcare Growth and Income trust (GBP152.6m).
24/06/2013

Investors have bought up GBP2.3bn in equities in the past six months

P { margin-bottom: 0.08in; } Private investors continued to buy equities in the six months to the end of May, according to statistics released by Capita Registrars in its Private Investor Watch.Investors in the United Kingdom added GBP2.3bn to their portfolios, bringing their total assets to GBP222.2bn, the equivalent in value of 11% of the British equity market.Since the beginning of the rising market cycle in 2009, investors have added GBP6.1bn to their equity assets, of which BP3.6bn have been in the past 12 months.Between December 2012 and May 2013 investors traded about GBP45bn in equities, the most active period in the past two years.However, investors did not anticipate the fall on the market which began in June, and therefore did not take profits. They even continued to invest until the end of May. As of 18 June, they had lost GBP11.5bn, and their assets were down to GBP210.7bn.
24/06/2013

Schroders wants to grow in the United States

P { margin-bottom: 0.08in; } UK-based Schroders wants to grow and is not hiding it. “We have GBP580m in cash,” its executive vice president, Massimo Tosato, tells Les Echos. This money “could be used both for acquisitions of local companies for international development and fo investments in organic growth,” he continues.Growth is proving more timid in Europe, its favourite market, and Schroders is turning to Asia and the United States.In the latter country, which can be hyper-competitive and closed off to foreigners, it is expecting to double in size in the next five years. As of 31 March 2013, assets under management in the United States already totalled GBP42bn, of which GBP7bn were at STW, a bond asset management firm acquired in December.
24/06/2013

Assets at Mainstay Marketfield Fund quintuple in twelve months

P { margin-bottom: 0.08in; } Handelsblatt reports that assets under management by the contrarian fund Mainstay Marketfield Fund now total USD9.5bn, compared with USD1.7bn as of the end of May 2012. The product is managed by an amateur poet, Michael Aronstein, and a doctor of philosophy, Michael Shaoul.The strategy is simple: invest against the grain. The managers currently consider German, Italian and Irish equities to be attractive, they see banks recovering and they stress that refinancing costs are almost 0%.

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