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19/12/2012

Third Point tire parti de la crise grecque

Le hedge fund new-yorkais serait l’un des rares à avoir profité de la crise de la dette souveraine en zone euro, en faisant le pari que la Grèce ne serait pas contrainte de quitter le bord. En apportant hier une part majoritaire de sa position d’un milliard de dollars en titres grecs, dans le cadre du plan de rachat, Third Point aurait engrangé un gain net de 500 millions.
19/12/2012
Gestion d'actifs

La Caisse d'Epargne Aquitaine Poitou Charentes a investi dans des fonds global macro et dans quelques OPCVM de gestion diversifiée

Pierre Fabre, gérant actions à la Caisse d’Epargne Aquitaine Poitou Charentes à la rédaction de www.institinvest.com : La Caisse d’Epargne Aquitaine Poitou Charentes est essentiellement investi en obligations et prêts monétaires. « Pour remplir l’objectif d’atteindre le ratio LCR, nous avons l’obligation d’investir dans des obligations notées double A au minimum et nous avons donc cessé d’alimenter notre portefeuille d’obligations Triple B, que nous gérons de manière exctintive » explique Pierre Fabre. « C’est regrettable car les besoins en fonds propres des entreprises locales dont nous assurions le financement ne sont pas négligeables » continue-t-il. Qui déplore aussi que les caisses régionales aient désormais l’interdiction de transformer les obligations et soient donc contraintes de les déléguer. Concernant les obligations souveraines, la CEAPC s’est délesté des titres des pays périphériques de la zone euro pour les mêmes raisons de notation. Seule source de diversification dans la gestion c??ur de la caisse régionale, l’alternatif avec « des investissements dans des fonds global macro et dans quelques OPCVM de gestion diversifiée ». « L’investissement dans des OPCVM Infrastructures a été envisagé mais la crise a tout freiné » explique Pierre Fabre.
Gestion d'actifs
18/12/2012

Gunvor va tester pour la première fois le marché obligataire

Le courtier en énergie se prépare à lancer sa première émission obligataire en début d’année prochaine afin de diversifier ses sources de financement de long terme et accroître sa transparence auprès des investisseurs. L’obligation libellée en dollar devrait être d’une maturité de cinq ans. Le groupe a par ailleurs obtenu hier un financement de 100 millions de dollars pour financer l’acquisition d’un raffineur allemand en difficulté.
18/12/2012

State Street n'est plus intéressé par les ETF de Credit Suisse

Selon des sources proches du dossier citées par Reuters, State Street Global Advisors n’est plus dans la course pour racheter le portefeuille de fonds indiciels cotés (ETF) européen de Credit Suisse. BlackRock serait en revanche toujours en lice. Credit Suisse dispose de 58 ETF représentant un total de 17,34 milliards de dollars, ce qui le classe au quatrième rang en Europe avec une part de marché de 5,5% au 30 novembre, selon ETFGI.
18/12/2012

Les républicains préparent leur loi sur les baisses d'impôts

Tout en continuant de négocier avec la Maison blanche, le président républicain de la Chambre des représentants John Boehner prépare une loi se bornant à reprendre la proposition de son parti sur les impôts. Selon un assistant du Congrès, John Boehner a présenté aux élus républicains un projet prolongeant après le 31 décembre toutes les déductions fiscales pour les foyers gagnant moins d’un million de dollars par an. Barack Obama proposerait de son côté un seuil de 400.000 dollars.
18/12/2012

BlackRock reprend des fonds britanniques de RREEF

La filiale de Deutsche Bank spécialisée dans l’investissement immobilier a cédé au gérant américain 27 fonds dont la valeur totalise plus de 335 millions de livres. Les fonds de bureaux, industriels et de commerces sont inclus dans la transaction. Les termes financiers de l’accord n’ont pas été précisés. UK Property Fund, le fonds britannique de BlackRock, a dégagé une performance de 8,8% par an sur les vingt dernières années.
18/12/2012

Le déficit courant américain en diminution

Selon le département du Commerce, le déficit courant représente 107,5 milliards de dollars, au plus bas depuis le quatrième trimestre 2010, contre 118,1 milliards au deuxième trimestre. Il représente 2,7% du PIB, pourcentage le plus faible depuis le deuxième trimestre 2009, contre 3,0% au deuxième trimestre. Le déficit des échanges de biens et de services a diminué à 124,5 milliards de dollars contre 137,4 milliards le trimestre précédent.
18/12/2012

L’indice NAHB au plus haut depuis avril 2006

Le moral des promoteurs immobiliers aux Etats-Unis s’est amélioré, comme prévu, en décembre, pour atteindre son plus haut niveau depuis avril 2006, montre l’enquête mensuelle de la fédération professionnelle NAHB. L’indice NAHB/Wells Fargo du sentiment des promoteurs a progressé de deux points par rapport au mois de novembre, à 47, son meilleur niveau depuis avril 2006. La hausse de décembre constitue un signe supplémentaire de la lente reprise du marché immobilier américain.
18/12/2012

Vanguard AM launches an educational ETF website

Vanguard Asset Management has launched a new educational ETF microsite - Vanguardlearning.co.uk - designed to help advisers develop their knowledge of the exchange traded fund (ETF) market ahead of December’s RDR deadline. As of December 31st 2012, all investment advisers are required by the FSA to complete at least 21 hours of structured Continuing Professional Development (CPD) each year.Ands adviser businesses look for ways to keep client costs down and increase investment control, many will increase client exposure to low-cost passive products, including ETFs, according to Vanguard.
18/12/2012

Ashcourt Rowan appoints a head

The British firm Ashcourt Rowan has appointed Emily Morris as head of marketing for the group, Fundweb reports. Morris previously worked at Rathbone Brothers.
18/12/2012

Lansdowne Partners wins an asset management mandate

The British investment trust Witan has awarded an asset management mandate to the alternative asset mangement specialist Lansdowne Partners, Investment Week reports. Lansdowne will be responsible for a GBOP30m mandate, initially to manage a portfolio of international equities. Lansdowne will apply a long-only strategy to the portfolio, which has recently been deployed for developed markets.
18/12/2012

Fidelity recruits a US equity manager

Fidelity Worldwide Investment has announced the appointment of Peter Kaye as US Equity portfolio manager. He will join the company during the first quarter of 2013 from Dalton Strategic Partnership LLP, where he currently manages two North American equity funds. On arrival Peter Kaye will take over the management of the USD1.6 billion Fidelity Investment Funds (FIF) American Fund from Aris Vatis, the current manager who has resigned and will leave the company on 21 December. In the interim, the FIF American Fund will be managed by Adrian Brass pending the arrival of Peter Kaye. Adrian Brass will continue to run the Fidelity Funds America Fund; however he will hand over responsibility for FIF American Special Situations to Angel Agudo. This will allow Adrian Brass to launch a new US equity fund during the first half of 2013. In addition, in a further expansion of the US equity portfolio management team, Aditya Khowala will take responsibility for the Fidelity Funds American Growth Fund, currently managed by Aris Vatis.
18/12/2012

Lyxor lists two more ETFs in Frankfurt

Since 17 December, the listings on the XTF segment of the Xetra electronic platform (Deutsche Börse) includes 1,006 ETFs, where it had had 1,009 as of 28 November. The new total reflects the admission to trading of two Luxembourg-registered ETFs from Lyxor Asset Management (Société Générale group), one of them an equity fund, the other a volatility product.CharacteristicsName: Lyxor ETF SG Global Quality Income NTR Share Class D-EURISIN code: LU0832436512Benchmark index: SG Global Income NTR IndexTotal expense ratio: 0.45%Name: Lyxor ETF S&P 500 VIX Futures Enhanced RollISIN code: LU0832436512Benchmark index: S&P 500 VIX Futures Enhanced Roll IndexTotal expense ratio: 0.60%
18/12/2012

Union acquires a Barceló hotel in Hamburg

Union Investment Real Estate (UIRE) has acquired the Barceló Hamburg hotel, which will join the EUR1.6bn hotel property portfolio of the German asset management firm. The total purchase price has not been disclosed.The Barceló Hamburg hotel was completed in March 2012; it has 15 squites and 179 rooms, a restaurant, a conference centre and parking spaces. The UniImmo: Deutschland fund already owns a Mariott and a Scandic hotel in the important Hanseatic city. UIRE is preparing to acquire the Barceló Raval hotel in Barcelons in March; it will be added to the portfolio of the open-ended real estate fund UniImmo: Europe, and will be the first Spanish hotel investment for the fund. The total purchase price has not been disclosed.
18/12/2012

Hedge funds face custody risk

Hedge funds are not adequately transparent about restitution of assets under custody in the event of default by a custodial establishment, the website prohedge reports. Many fund managers are not adequately informed on the subject, often under the assumption that custodians represent no risk, the chairman of Odey Asset Management, David Fletcher, claims. “Even though the custody model is more safe than the traditional prime brokerage model, it is not completely solid, for reasons of fraud or problems emanating from other departments at the custodian. For example, think about assets under custody for clients at Legman, Peregrine Financial and MF Global,” says Fletcher. Segregated client assets have often been used by banks as collateral during times of crisis, and asset lending also represents a serious challenge for managers who would like to recuperate their money in times of stress. “Not having access to these assets for several months would be destructive for most hedge funds. The largest counterparty risk we have is to our custodian, but at the same time, that’s where problems have the most likelihood of appearing,” Fletcher says. Fletcher also claims that fund managers and custodians need to work together more closely to better protect client assets under custody agreements. If it is not possible to discontinue these agreements, supervisory authorities should prepare to make a clear response in the event of a default of a custodian, and not to leave problems for liquidators to handle alone.
18/12/2012

Asset management firm CEOs in danger of being personally sued

The CEOs of UK asset management firms operating in the UK face increased risk of personal lawsuits for activities they are not aware of, says Simon Morris, a specialist lawyer cited in Financial Times Fund Management. The claims follow a “Dear CEO” letter sent by the British regulator, the Financial Services Authority, demanding that directors personally attest that their business manages conflicts of interest in compliance with FSA regulations.
18/12/2012

BlackRock lays out proposals for money market funds

BlackRock has sent regulators a letter laying out its proposals for reforms to money market funds, the news agency Bloomberg reports. In its report to the Financial Stability Oversight Council, BlackRock claims that a floating net asset value will not protect investors in the event of massive demands for redemption, and that the requirement for additional capital would destroy the product. BlackRock proposes a commission of 1% on withdrawals during periods when liquidity falls below a certain level.
18/12/2012

Two hedge fund managers found guilty of insider trading

Two former hedge fund managers have been found guilty of insider trading in the United States, the Financial Times reports. Anthony Chiasson, co-foundel of Level Global, and Todd Newman, a former manager at Diamondback Capital, are accused ot trading shares in Dell and Nvidia after obtaining insider information about results at these businesses through a circle of friends. They become the 70th and 71st individuals to be found guilty of insider trading since October 2009 in the US.
18/12/2012

Nine new firms granted QFII licenses

Harvest Global Investments (HGI) is one of nine firms which last month were granted the status of Qualified Foreign Institutional Investor (QFII) by the China Securities Regulatory Commission (CSRC), Asian Investor reports. The increase is part of a move to ease regulations, including barriers to entry for asset management firms. The oher financial establishments which were granted QFII status last month are: APS Asset Managaement, JP Morgan Asset Management Taiwan; Aegon USA Investment Management; CDH Investment Advisory; Skandinaviska Enskilda Banken AB; Greystone Managed Investments; Uni-President Asset Management Corporation; and Daiwa SB Investments. As of the end of November, the CSRC had awarded 201 QFII licenses. Overall, USD36bn in QFII quotas have been awarded to 165 license holders.
18/12/2012

CalSTRS reduces investment in arms following gun spree in US

The Californian teachers’ pension fund CalSTRS has decided to revise a USD500m investment in Cerberus Capital Management, since the latter owns a weapons manufacturer whose weapons were used in a gun spree in Newton, Connecticut, Remington Outdoor, the Wall Street Journal reports. CalSTRS has invested USD461m thus far of its USD500m commitment to the Cerberus fund which owns the weapons manufacturer.
18/12/2012

Outflows continue from US equity funds

Outflows from U.S.-stock funds are on pace to surpass 2008’s record outflow of USD96.7 billion, according to the most recent estimates by Morningstar. The asset class shed another USD14.1 billion in November, with particularly strong outflows from growth-oriented offerings. Meanwhile, investors continued to shift assets to fixed-income funds, as open-end taxable-bond funds and municipal-bond funds collected USD17.9 billion and USD5.2 billion, respectively. Investors redeemed USD3.6 billion from high-yield bond funds in November, a category that has seen inflows of USD24.4 billion year to date Although inflows to emerging-markets bond funds slowed to USD882 million in November, the category has taken in USD20.0 billion for the year to date in 2012, an impressive sum considering that it began the year with assets of just USD46.3 billion. In the month under review, PIMCO took in USD6.7 billion to top all fund families in terms of November inflows, but Vanguard, with inflows of USD86.2 billion, leads in the year-to-date tally behind the strength of its index fund lineup.
18/12/2012

BNP Paribas Aqua awarded Lux FLAG label

The socially responsible investment promotion agency LuxFLAG on 17 December announced that the BNP Paribas Aqua fund has received a LuxFLAG environmental label, certifying that assets in the fund are related to environmental and socially responsible sectors. Six environmental funds have so far been awarded the LuxFLAG label, totalling about USD558m in assets under management. They are the BNP Paribas Aqua, Green for Growth Fund, Southeast Europe SA, Living Planet Fund – Global Environment, Lux-Equity Eco Global, Parvest Environmental Opportunities and Parvest Global Environment. LuxFLAG has also awarded its microfinance label to 21 microfinance investment vehicles with cumulative assets under management of USD3.83bn.
18/12/2012

Carlyle may get bogged down in TCW acquisition

According to a document intended for bank lenders to TCW, which Reuters has seen, an acquisition of 60% of TCW may be less lucrative for Carlyle, due to the fact that a considerable part of the asset management firm’s earnings may escape, casting the financial balance of the transaction in doubt, writes L’Agefi. EIG Global Energy Partners, a private equity lender specialised in energies, founded a joint venture with TCW, managed by EIG. The joint venture pays commissions back to TCW. The two partners have been in conflict since the announcement that the Société Générale affiliate will be sold to Carlyle. TCW has signed a non-competition agreement with EIG in energies, as Carlyle has funds dedicated to this sector. EIG is thus threatening to block the sale. The 16% loss in profitability would noticeably affect TCW’s ability to bring in returns to cover Carlyle’s proposed LBO acquisition.
18/12/2012

Santander to absorb Banesto and Banif

On 17 December, the CNMV suspended trading of shares in Santander for a few hours, following the announcement that the group is planning to absorb its affiliates Banesto (corporate banking) and Banif (private banking) by May 2013, Funds People reports.In detail, Santander, which is offering minority shareholders in Banesto a premium of 24.9% over the closing share price as of 14 December, via an exchange of shares originating from Santander holdings of its own shares.The group is planning to close 700 branches, to reduce the total network to 4,000 locations. The objective is to reduce staff as painlessly as possible, with reclassifications of other affiliates of the Santander group in Spain and abroad, using natural attrition and paying severance aid. Synergies after the third year are expected to total EUR520m. Banif has EUR36.9bn in assets under management, and Banesto directly administers EUR4.22bn in Sicav funds, but shares the management capacities of Red Santander (EUR14.89bn) with Santander. Banif funds are managed directly by Santander Asset Management (EUR19.02bn as of the end of October).
18/12/2012

Bankinter buys license from Van Lanschot Luxembourg

The Spanish firm Bankinter, which has ambitions to improve the quality of its services to Spanish high net worth clients, has acquired the infrastructure and banking license of the Luxembourg affiliate of the Netherlands firm Van Lanschot, Funds People reports.Private banking assets at Bankinter currently total EUR11bn, which represents a 6% share of the private banking market in Spain. The objective is to increase this share to 8% in two years.
18/12/2012

Assets under management up 21% at top 100 hedge funds

Assets under management at the top 100 hedge funds, measured by US equity assets, increased by nearly USD43bn in third quarter, or slightly over 8%, according to the Top 100 U.S. Equity Hedge Fund rankings by HedgeTracker. In the first nine months of the year, assets at these funds increased by 21% to a total of USD571bn. 21 hedge funds included in the rankings have seen increases in their assets of over USD1bn in the quarter. 47 hedge funds with assets of USD100m to USD1bn posted increases in their assets. Among the top gainers in the quarter were AQR Capital Management, with an increase in assets of USD2.75bn, Och-Ziff Capital Management, with USD2.42bn, and Soros Fund Management, with USD2.38bn. Dominant strategies included long/short equity and multi-strategy, with assets of USD84bn and USD139bn, respectively. Value hedge funds have USD66bn under management, while event-driven, deep value and distressed value strategies have a total of USD43.5bn.
18/12/2012

Vanguard has already cut TER for 40 ETFs

The US asset management firm Vanguard has announced that it reduced total expense ratios for 40 of its ETF funds between December 2011 and 29 May 2012, while the rates for eight other funds were raised in December 2011 (see attached list). Vanguard insists that, unlike some of its competitors, its TER reductions are neither a marketing ploy nor a loss-leader to stimulate sales of other products.
18/12/2012

SEC approves JPMorgan copper ETF

The Securities and Exchange Commission has approved an ETF by JPMorgan backed by physical copper, despite vocal opposition from users of the metal and some politicians, the Financial Times reports. Senator Carl Levin argues that the ETF will lead to an increase in copper prices and volatility. A copper ETF from iShares (BlackRock) is also expected to be licensed soon.

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