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19/12/2012

Record corporate bond issues in 2012

Corporate bond issues worldwide in 2012 totalled a record USD3.9trn, in an environment in which borrowing rates have fallen to their lowest of all time, according to statistics from the news agency Bloomberg. These issues totalled USD3.29trn in 2011, and USD3.23trn in 2010.Corporate issues brought in returns of 11.5% in 2012, following 4.86% in 2011, and profits of 20.5% in 2009, according to statistics from Bank of America Merrill Lynch.
19/12/2012

Investec to merge a European fund into its global fund

Investec will be merging its GBP26m European fund, managed by Ken Hsia, into its Global Franchise range on 4 January, Investment Week reports. The Europe ex United Kingdom category has seen a decline in interest and size in recent years, partly reflecting an unpromising economic context in the region, events in the euro zone and more attractive investment options than can be found elsewhere, the asset management firm says.
19/12/2012

Standard Life launches an emerging market dividend fund

Standard Life Investments has announced the launch of a Global Emerging Markets Income Fund aimed at both retail and institutional investors. Manager of the fund Dr Mark Vincent will invest in a diversified portfolio of 60–100 emerging markets stocks with the objective of delivering a premium and sustainable level of income, targeting a yield of at least 115% of the MSCI Emerging Markets index.
19/12/2012

Threadneedle launches a fund in Italy

Threadneedle has launched the Threadneedle (Lux) Multi Asset Target Alpha fund in Italy, a multi-asset class absolute return sub-fund, Bluerating reports. The product is managed by Toby Nangle, head of multi-asset allocation, with Matthew Cobon, head of fixed income and currencies.
19/12/2012

Cerberus sells its stake in a weapons group

The US private equity firm Cerberus Capital Management, giving in to pressure from public opinion, will sell Freedom group, the arms group which manufactured the rifle used in a massacre in Connecticut on Friday, the Financial Times reports. The move comes after the California State Teachers’ Retirement System, the second-largest pension fund in the United States and one of the largest investors in Cerberus, announced that it was reviewing its investments in the firm following the shooting.
19/12/2012

SocGen CFO hired by World Bank

Société Générale yesterday announced the departure of Bertrand Badré, the group’s CFO, due to his appointment as CEO for Finance at the World Bank the same day. He will begin at the World Bank on 1 March 2013.
19/12/2012

After Newtown shooting, Cerberus liquidates Freedom position

Under pressure from the California pension fund CalSTRS, which has placed USD750m with it, Cerberus Capital Management has announced plans to immediately commence liquidation of its stake in the weapons manufacturer Freedom Group, Die Welt reports. The private equity investor has merged the weapons manufacturer Bushmaster, acquired in 2006, whose AR15 model assault rifle was used in the Newtown shooting, into the group.
19/12/2012

Wells Fargo AM enters capital of a fund of hedge fund firm

Wells Fargo Asset Management has acquired a minority ownership stake of 35% in the US fund of hedge fund firm The Rock Creek Group, which manages about USD7bn. The remaining capital remains in the hands of employees and management, while WFAM, whose assets under management totalled USD450bn as of 30 September, may increase its stake in the firm in the coming years. But for the moment, «this won’t be followed by a 100% acquisition according to the firm’s current plans,» says to a spokesperson. The deal, whose financial terms have not been disclosed, is being completed via the Affiliated Managers division of WFAM, which employs a multi-boutique model, and is headed by Tom Hoops. Under the transaction, the 50-member Rock Creek team will remain independent with no change in its structure, investment philosophy or process, team and investment committee composition, or location. All day-to-day management will reside with the current Rock Creek team, which will continue to be led Afsaneh Beschloss, founder, president and CEO of the firm, The former treasurer and chief investment officer of the World Bank founded Rock Creek in 2002. WFAM will give its investors access to funds of hedge funds from Rock Creek, as well as their own custom portfolios. The two partners will also work to create vehicles for institutional, retail and high net worth clients in the United States and worldwide. The acquisition comes as part of a consolidation in the fund of hedge fund industry, which a few days ago saw the sale of Fauchier Partners to Legg Mason by BNP Paribas Investment Partners.
19/12/2012

Korea's Kimco plans an acquisition in China

The South Korean asset management firm Kimco (Korea Investment Management Company), which has about USD20bn in assets, is planning to buy a 49% stake, the maximum allowed, in a Chinese asset management firm, Asian Investor reports.A spokesperson for Kimco confirmed the plans, but did not wish to identify the target. According to other sources cited by Asian Investor, the firm targetted by Kimco is Soochow Asset Management, whose assets under management total about USD1.6bn.
19/12/2012

Direxion liquidates three ETFs with confidential asset levels

At the recommendation of Rafferty Asset Management, adviser to the trust, the board of trustees at Direxion Shares ETF Trust has decided to liquidate three ETFs which had not succeeded in attracting sufficient subscriptions.Shares in the funds will cease to be traded on the NYSE Arca platform on 18 January 2013, and the liquidation of assets will be completed on 25 January 2013.The following funds will be affected:Direxion Large Cap Insider Sentiment Shares (Nyse ARCA ticker: INSD), USD4.13mDirexion S&P 1500 DRRC Volatility Response Shares (VSPR), USD4.25mDirexion S&P Latin America 40 DRRC Volatility Response Shares (VLAT), USD3.83m
19/12/2012

Citi wins a custodian mandate from Brummer

Citi has won a mandate from Brummer & Partners to serve as custodian bank and prime broker for the new hedge fund from the Swedish asset management firm Carve. The US firm has recently entered the Swedish market.
19/12/2012

Aviva Gestión reconstructs its equity team

José María Díaz Vallejo is returning to Aviva Gestión, where he was a junior manager between 2008 and 2009, as a member of the equity management team, after stints at Renta 4 and Horizon Capital, Funds People reports.The recruitment will allow Aviva Gestión (EUR781m in assets) to add to its equity team, following the departure of its head, Iván Martín, in September, to join Santander AM as CIO for equities. Martín was himself replaced by Pablo Cano, who had been head of European equities.
19/12/2012

Investors bet on sustainable recovery of global economy

Confidence in a recovering global economy is extending into 2013 as investor fears surrounding the fiscal cliff eased, according to the BofA Merrill Lynch Fund Manager Survey for December, between 7 and 13 December, of a sample of 255 participants with assets under management totalling USD664bn.A net 40 percent of investors believe the global economy will strengthen in the year ahead, a rise of six percentage points month-on-month and double the reading two months ago. The number of investors viewing the U.S. fiscal cliff as the biggest tail risk has fallen to 47 percent, down from 54 percent in November. Despite this fall, however, the fiscal cliff remains the number one worry.Emerging markets are the preferred region for the panel. Optimism about China’s economy has reached the highest level recorded by this survey. A net 67 percent of the regional survey respondents say China’s economy will strengthen in the coming year, up from a net 51 percent in November. A net 38 percent of asset allocators are overweight emerging market equities, double the level of September’s survey.The number of asset allocators overweight U.S. equities has fallen since November. But allocations to the eurozone are outweighing U.S. allocations for the first time since November 2010. The net percentage of asset allocators overweight eurozone equities has risen to seven, up from a net 1 percent in November.
19/12/2012

Le FESF et le MES lancent leur programme pour 2013

Le Fonds européen de stabilité financière (FESF) a annoncé son intention de lever en 2013, 58 milliards d’euros de financements à long terme destinés à l’Irlande, au Portugal et à la Grèce. De son côté, le Mécanisme européen de stabilité (MES) prévoit de lancer en janvier un nouveau programme d'émissions à court terme et au second semestre une première émission obligataire. Les deux fonds de soutien financier de la zone euro ont précisé que le MES financerait l’année prochaine le «rollover» de deux émissions d’un montant total de 8,97 milliards d’euros lancées au début du mois et destinées à la recapitalisation du secteur bancaire espagnol. «Le MES sera également responsable du financement des futurs programmes d’assistance macroéconomiques», ajoutent les deux fonds dans un communiqué. «Le programme d'émissions du MES devrait couvrir les besoins de financement pour le premier semestre de l’année et une première émission obligataire est prévue par le MES au second semestre.»
Photo: PHB/Agefi
19/12/2012

Le plafond du livret A à nouveau relevé le 1er janvier

Le plafond du Livret A sera de nouveau relevé de 25% au 1er janvier pour atteindre 22.950 euros, a annoncé le ministre de l’Economie et des Finances. Pierre Moscovici, qui s’exprimait à la sortie du conseil des ministres, a indiqué sans autre précision que cette hausse serait suivie dans les semaines qui viennent d’une réforme des paramètres de l'épargne réglementée «pour faire en sorte que ce soit l'épargnant qui soit protégé mais aussi le financement du mouvement HLM et du logement social qui soit assuré».
19/12/2012

Tim Geithner dans le bourbier du Libor

Citant un échange de courriers électroniques, le quotidien avance que celui qui était alors en mai 2008 président de la Fed de New York était bien conscient des soupçons pesant sur certaines banques de manipulation des taux interbancaire afin de plaire aux collègues du trading sur dérivés.
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

Natixis place une titrisation originale

L’opération de 1,15 milliard d’euros permet de refinancer des créances commerciales courtes de la filiale d’affacturage de BPCE, Natixis Factor, sur le marché obligataire et non pas via des conduits ABCP. Elle pourrait inspirer d’autres factors filiales de banques françaises.
19/12/2012

L’AMF publie un guide des gestions

«Dans une optique de clarification de sa réglementation et afin de faciliter les démarches des sociétés de gestion de portefeuille», l’Autorité des marchés financiers a annoncé hier la publication d’un guide pour les aider à élaborer leur programme d’activité. Ce guide reprend également certains éléments de doctrine contenus dans l’instruction n°2008-03.
19/12/2012

Pékin fixe un objectif d'inflation de 3,5% en 2013

La Chine a fixé un objectif d’inflation d’environ 3,5% pour 2013, légèrement inférieur à celui de 4% retenu pour 2012, selon le China Securities Journal. Ce choix montre que Pékin est suffisamment confiant dans le niveau des prix à la consommation pour tolérer une inflation modérée. La politique monétaire devrait rester stable avec la possibilité d’un léger assouplissement. En novembre, l’inflation restait faible à 2%.
19/12/2012

Nouveau ratio de liquidités en janvier pour les banques

Les banques françaises auront connaissance le mois prochain du nouveau ratio de liquidités auquel elles pourront prétendre dans le cadre de l’accord de Bâle 3, a déclaré hier Christian Noyer, gouverneur de la Banque de France, sur la radio BFM. «Le ratio de liquidités avait été fait un peu vite, il n'était pas très bien calibré. On est en train de finaliser une réforme de ce ratio», a-t-il expliqué.
19/12/2012

Wells Fargo se renforce en gestion alternative

Le responsable de la gestion d’actifs au sein de la banque américaine, Mike Niedermeyer, a confié à Bloomberg que le groupe avait fait l’acquisition d’une part de 35% au capital du hedge fund RockCreek. Ce dernier gère environ 7 milliards de dollars en fonds de fonds alternatifs.
19/12/2012

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 européen de fonds indiciels cotés 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.

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