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13/12/2012

Hong Kong enquête sur la dette "high yield"

L’autorité de régulation monétaire de Hong Kong (HKMA) a envoyé la semaine dernière un questionnaire aux filiales de banques privées des établissements internationaux mais également locaux visant à déterminer le montant de dette d’entreprises «high yield» émise, selon le journal qui cite des sources bancaires locales. Une démarche parallèle à celle déjà menée par la banque centrale.
13/12/2012

Pékin courtise les investisseurs étrangers

Le China Securities Journal croit savoir que la Chine s’apprête à relever les quotas autorisés d’investissement de la part des investisseurs institutionnels étrangers qualifiés, dans le cadre du programme QFII. Cela en conformité au souhait de renforcement de la convertibilité du yuan. Le programme QFII représente moins de 1% des placements sur le marché actions chinois.
13/12/2012

Thomson Reuters garde confiance sur le Libor

Le fournisseur de données responsable de l’administration du taux interbancaire londonien envisage de diriger un nouveau système après avoir reçu l’assurance de la part des régulateurs britanniques qu’il ne sera pas poursuivi pour manipulation de ce taux. Thomson Reuters devrait rejoindre son grand rival Bloomberg parmi les prétendants à la gestion du nouveau système en gestation.
12/12/2012

Berlin et Paris planchent sur le président de l'Eurogroupe

La France et l’Allemagne tentent de parvenir à un accord concernant la présidence de l’Eurogroupe, et un nom pourrait émerger d’ici quelques jours, a annoncé le Premier ministre finlandais, Jyrki Katainen. Pro-européen et ancien ministre des Finances, ce dernier a ajouté qu’il n’avait pas envisagé de prendre la direction de l’Eurogroupe, mais qu’il ne l’excluait pas. La Finlande est l’un des rares pays de la zone euro à avoir conservé son triple A.
12/12/2012

Taïwan tente d'attirer les investisseurs chinois

Afin de stimuler le marché actions local, les autorités taïwanaises ont adopté des mesures encourageant les investissements étrangers et notamment chinois en assouplissant les conditions d’introduction en Bourse d’entreprises étrangère. Les banques chinoises pourraient ainsi être autorisées à investir à la Bourse de Taïwan et le quota d’investissement maximum doublé à un milliard de dollars.
12/12/2012

Threadneedle Investments accueille un nouveau patron

Directeur général depuis 2007 de la société de gestion Threadneedle Investments, Crispin Henderson va devenir vice-président de la division mondiale de gestion d’actifs d’Ameriprise Financial, la maison-mère (Columbia Management, RiverSource). A son poste est nommé Campbell Fleming. Responsable de la distribution depuis 2009 et membre du comité exécutif, il est notamment passé par JPMorgan AM au cours de sa carrière.
12/12/2012

La taxe sur les transactions franchit le Parlement européen

Le Parlement européen a donné son accord à une coopération renforcée entre onze Etats de l’Union européenne pour mettre en place une taxe sur les transactions financières. L’avis du parlement a été adopté par 533 voix contre 91 et 32 abstentions. Cette étape obligée ne préjuge pas de l’issue du processus qui doit encore obtenir une majorité qualifiée au sein du Conseil. Il faut neuf pays pour lancer une coopération renforcée.
12/12/2012

Athènes pourrait se tourner vers les frondeurs du PSI

Faute d’avoir réussi lors de sa dernière opération de rachat obligataire à atteindre les objectifs fixés avec le FMI en matière de réduction de dette, la Grèce pourrait racheter les obligations des créanciers qui avaient refusé de participer à la restructuration de la dette grecque au mois de mars dernier (PSI).
Illustration: Thinkstock
12/12/2012

Ponzi scheme discovered in Italy

Tax investigators in Turin have discovered an organisation based in Switzerland which has defrauded at least 600 savings investors in Northern Italy as part of a Ponzi scheme, Il Sole – 24 Ore reports. More than EUR20m have been raised by the structure with the promise of princely returns of 6-7% per year.
12/12/2012

Newton overhauls UK equity range

Newton Investment Management (GBP49bn of AUM) is introducing changes related to its UK equities team. Richard Wilmot (Investment Leader, UK Equities) has been named the new lead manager of the Newton Higher Income Fund. He also manages the Newton UK Equity Fund. Wilmot replaces Tineke Frikkee, who is in discussion with the company about her role at the firm.Newton also intends to make changes to the way it manages the Newton Higher Income Fund. It is to broaden the buy and sell discipline of the fund from buying at 115% of market yield and selling at the market yield, to buying at 75% of the market yield and selling at 50% of the market yield. Secondly, the firm intends to reduce the fund’s yield progressively over the next 18 months, with the aim of meeting at least a 10% premium per annum to the FTSE All Share yield over rolling three year periods.Newton also plans to make a number of changes to a range of its investment strategies that are sub-scale and non-viable in the longer term. Subject to shareholder and regulatory approval, the Newton Cautious Managed Fund will be merged into the Newton Managed Income Fund. The firm will also, subject to regulatory approval, close several small funds as follows: the Newton Discovery Fund, Newton Pan-European Fund and the Dublin-domiciled BNY Mellon UK Equity, BNY Mellon Sterling Bond and BNY Mellon Continental European Funds.
12/12/2012

Karina Litvack will not be replaced at F&C

Karina Litvack, who is leaving her position as head of governance and sustainable investment at F&C Asset Management at the end of this month, will not be replaced, the Financial Times reports. “My position no longer exists,” she wrote in a goodbye letter, attributing the changes to restructuring brought in by Edward Bramson, the American activist shareholders who became executive chairman last October. Her responsibilities will be redistributed to several people.
12/12/2012

RLAM recruits Rob Williams as head of distribution

Royal London Asset Management (RLAM) on 11 December announced the appointment of Rob Williams as head of distribution. Williams, who will begin in his new role on 7 January 2013, will report to Andy Carter, CEO of RLAM. He will work to develop distribution and promotion strategies for the Royal London product range targeting wholesale and institutional clients. Williams previously worked at Skandia Investment Group, where he was responsible for distribution and marketing activities worldwide.
12/12/2012

Newton remanie sa gamme de fonds actions UK

Newton Investment Management, qui gère 49 milliards de livres à Londres, a remanié sa gamme de fonds actions britanniques, rapporte Financial News. Six petits fonds seront fermés et fusionnés. Dans ce cadre, la gérante Tineke Frikkee est en négociations avec la société au sujet de son avenir.
12/12/2012

Skandia adds managers to its low-cost range

Skandia has added Invesco Perpetual and Artemis to the list of asset management firms available as part of its Select fund range, which is expected to be launched next year, fundweb reports. The other firms are: Aberdeen, BlackRock, BNY Mellon, Fidelity, Henderson, JP Morgan, Schroders and Threadneedle. The new range will include 50 funds, which will cover all the major asset classes.
12/12/2012

Invesco salesperson leaves firm

Craig Newman, director of sales at Invesco Perpetual for Northern England, and Simon Dale, sales manager, have both left the firm, fundweb reports.
12/12/2012

Pension funds to become major real estate players

Pension funds have EUR38trn in assets, equivalent to 63% of global GDP, IEIF reports. Their potential is particularly strong in real estate investment. “Considering the long-term portfolio reallocation trends for pension funds and the growth of their assets, the investment volumes expected in real estate are about EUR380bn in the next five years,” the IEIF study predicts. Even after 15 years, “the proportion of real estate properties in pension funds will continue to increase,” the study adds. The weight of real estate in pension fund portfolios has increased from 4.9% in 1996 to 7.3% in 2011.In real estate portfolios held by pension funds, office properties represent 27% of total properties, while commercial properties total 19%.
12/12/2012

Henderson German Logistics Fund extends its portfolio

Henderson Global Investors has acquired a 19,000 square metre property in Bad Dürkheim (Rhineland-Palatinate) for its German Logistics Fund. The sale price has not been disclosed. The logistical complex is leased to Uniwheels.The fund, an institutional product, is the result of a partnership between the real estate division of HGI and Palmira Capital Partner. The performance objective is 8.5% with maximal leverage of 40%.
12/12/2012

Jamie Broderick reappears at top of UBS WM UK & Jersey

Pending the necessary regulatory approval, the former head of asset management at J.P. Morgan for Europe, the Middle East and Africa, James (Jamie) B. Broderick, will on 7 January 2013 become CEO Wealth Management for the United Kingdom and Jersey at UBS, the Swiss group announced on 11 December. Broderick will be based in London, and will report to Jakob Stott, CEO Wealth Management Europe. His departure from JPMAM was announced nine months ago (see Newsmanagers of 14 March).Broderick replaces Andre Cronje, “who has decided to take on a new challenge at UBS,” and who served in the role for four years.
12/12/2012

Japan plans to facilitate fund mergers

The Japanese market authorities are planning to facilitate the fund merger process in order to reduce the number of products with low asset levels, Financial Times Fund Mnagement report. The article initially appeared in Ignites Asia, FTfm says. More than 4,000 funds are currently on sale to retail investors in Japan, but many are inactive. The large number of funds is largely due to the lack of a licensing system for fund launches. In Japan, to merge two funds, an asset management firm is required to obtain the consent of the majority of investors (50% or two thirds). The FSA is planning to abolish this requirement.
12/12/2012

FSA investigates rise of outsourcing at fund management firms

The British Financial Services Authority (FSA) on 11 December sent a letter to asset management firms to warn them anout the risks of outsourcing operational activities, Money Marketing reports. Despite the increasing use of outsourcing operations, the asset management sector has not set up effective resolution and recovery plans for potential default of outsourced service providers. The FSA therefore calls on all sectors to take the necessary measures and to conduct all due diligence operations to ensure that operations contracted out to external providers are conducted appropriately.
12/12/2012

SEC makes an appointment in investment management

Jennifer B. McHugh, who since 2009 had been senior advisor to outgoing Securities and Exchange Commission (SEC) chairwoman Mary L. Schapiro, and who had served as interim director of the investment management division of the Commission, on 11 December was appointed as senior adviser to Norm Champ, director of the investment management division for questions concerning mutual funds and investment advisers. She will begin in this position on 17 December.McHugh began at the SEC in 1999.
12/12/2012

Philippe Fidaire appointed as director of institutional clients at ING IM

ING IM on 11 December announced the recruitment of Philippe Fidaire as director of institutional clients. Fidaire, a specialist in investment solutions for institutional investors who has spent his entire career at Allianz Global Investors, began in his new role on 3 December 2012.Fidaire’s expertise in investment solutions will allow ING IM to develop its solid expertise on the French market. ING IM has “historic” expertise as the asset management firm of the ING insurance group, which includes leading strategies such as emerging market debt, corporate or government, denominated in local or strong currencies. The ING IM Investment Solutions unit now has 116 employees.
12/12/2012

Hedge fund association focuses on high net worth investors

The Hedge Fund Association today announced that it has created a new High Net Worth Advisory Board focused on developing educational programs and networking events globally for HNW investors. Its chairperson will be April J. Rudin, who has over 20 years of marketing experience in both corporate and financial services settings. In a separate move, the HFA promoted Ryan Mitchell to HFA West Coast Chapter Regional Director.“The Hedge Fund Journal calculates that around 40% of total worldwide investment in hedge funds comes from high net worth individuals,” observed April Rudin.
12/12/2012

Deutsche Bank to absorb Sal. Oppenheim Switzerland

According to reports from finews, Deutsche Bank (Switzerland) will absorb the Swiss activities of Sal. Oppenheim to bring its wealth management and institutional management activities under a single roof. Pending the necessary regulatory approval, legal and operational integration will be completed by the end of 2013. Clients may retain their advisers.
12/12/2012

Fisch AM recruits a quantitative analysis specialist

The convertibles specialist Fisch Asset Management on 11 December announced the recruitment of Oliver Schmid as a new specialist for its investment team from 1 December. The firm recruited the doctor of economics in order to continue to develop the drivr of recovery which is quantitative analysis, an important component of the investment process. Schmid was previously CIO of AIM Capital, and has also worked at Julius Baer and Quantica Capital. Fisch Asset Management is hoping to take advantage of its expertise in development and implementation of quantitative strategies. It will also recruit for the management team for the Trend Navigator Program, which exploits signs of trends to invest in futures worldwide. Assets under management at Fisch AM in September this year totalled slightly over CHF7bn.

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