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12/11/2012

Nuveen continues to suffer net redemptions

In the first three quarters of 2012, Nuveen Investments has seen net redemptions of USD14.4bn, of which USD74m were in July-September, following USD7.9bn in April-June and USD6.4bn in the first three months of the year.Assets as of 30 September totalled USD220.09bn, compared with USD211.8bn three months earlier, and a peak at USD226.7bn at the end of March. As of 31 December, assets under management totalled USD220.1bn.
12/11/2012

Morgan Stanley poursuit “Chip” Skowron en justice

Après avoir obtenu en mars la condamnation de Joseph «Chip» Skowron III à lui verser 10,2 millions de dollars, Morgan Stanley a déposé le 31 octobre une autre plainte contre l’ancien managing director du gestionnaire alternatif FrontPoint Partners, à l’époque filiale de la banque, pour avoir commis des délits d’initiés, rapporte The Wall Street Journal.Morgan Stanley réclame cette fois plus de 65 millions de dollars supplémentaires parce qu’il a dû verser 33 millions de dollars afin d’obtenir l’arrêt des poursuites par la SEC, en sus des 32 millions de dollars perçus par Chip Skowron à l’époque des faits. Entre-temps, FrontPoint a été revendu à son management pour une fraction de son pris d’achat de 404 millions de dollars ; le gestionnaire alternatif semble avoir depuis lors cessé son activité.
12/11/2012

United States will not implement Basel III in early 2013

The US authorities on 9 November announced that they will be calling off plans to begin to implement the new international standards known as Basel III in the United States from next January. Many banking establishments have expressed concerns about being subjected to definitive regulations of capital levels from 1 January 2013, without having had enough time to understand or change their systems as necessary, a brief statement from the Fed explains. The statement, which was also made on behalf of the other two financial system surveillance agencies, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), adds that the authorities in June published three draft regulations to implement Basel III. But due to the volume of comments received, and the wide variety of opinions expressed in the period defined for this uprpose, the authorities estimate that none of the draft regulations will be in place by 1 January 2013.
12/11/2012

Retrocession fees may present risks for Swiss banks

The repayment of retrocession fees to clients who have an asset management agreement with a bank, if applied retrospectively and to all banks in Switzerland, could lead to significant one-off provisions, Fitch Ratings says.In a test case involving UBS AG, the Zurich High Court decided in January 2012 that banks should reimburse retrocession fees to clients with whom they have an asset management agreement, unless those fees had been received for genuine distribution services. The Swiss Supreme Court confirmed the ruling on 1 November 2012.Although the ramifications are not yet clear, this landmark case could set a precedence for all banks in Switzerland to repay retrocessions relating to discretionary mandates services, bringing the banks’ standards in line with the rules for Swiss independent financial advisors’ and many other jurisdictions, says the rating agency. The amount of fees to be reimbursed to claimants is still being determined by the Zurich High Court. At this stage, the magnitude of the impact is difficult to assess. «We believe it is likely to vary considerably from bank to bank depending on the proportion of funds and other investment products affected», according to Fitch. «Without a long look-back period, client reimbursements should be manageable for the Swiss banks with large private banking operations. To offset some of the lost revenue, we expect the banks to adjust their management fee structures to maintain gross margins broadly similar to current levels, which is around 90bp-110bp of assets under management».
12/11/2012

British managers top European rankings, according to Feri

As of 30 September, Threadneedle, Schroders and Aberdeen have competed for the top rankings for European management established by the German agency Feri EuroRating Services, which take into account the percentage of funds which receive top ratings (A or B) out of the total number of funds on sale in each of the following seven countries: Germany, Austria, France, Italy, the United Kingdom, Sweden and Switzerland.Threadneedle finishes first in Germany, Austria, Italy and the United Kingdom for the “25 funds or more” category, and in Sweden for the 8-24 fund category.Schroders received good rankings for 25+, with four second places in Sweden, Italy, Austria and Germany, and two third places, in France and the United Kingdom, and one fourth place finish in Switzerland. Aberdeen, which is top in France, takes second place in Switzerland and the United Kingdom in over 25 funds, and places well in the 8-24 fund category in Sweden, Italy and Germany.In the 25+ category, the top French firm in France is Covea Finance, in 4th place, while the second is Lazard AM, in nineth place. The top two in the 8-24 category are DNCA Finance and Comgest.
12/11/2012

Marlborough confirms IFSL acquisition

On Friday, UFC Fund Management, the parent company of Marlborough Fund Managers, finally confirmed that it has acquired Investment Fund Services Limited (IFSL) from BNP Paribas Securities Services UK for GBP800m (see Newsmanagers of 8 November). Fundweb states that the agreement states that BNP Paribas will continue to provide fund accounting and middle office services for IFSL funds.
12/11/2012

Threadneedle tops the most recent Pridham Report

The top place for retail inflows in the UK in third quarter goes to Threadneedle, according to the most recent rankings by Pridham. Better outlooks on the part of investors for Europe favoured a regain of interest in European equity funds, particularly from Threadneedle. Net inflows at Threadneedle in third quarter totalled GBP643.5m, according to the Pridham Report, followed by Standard Life Investments (GBP568.1m) and BNY Mellon (GBP416m). They are followed by M&G with net inflows of GBP411.5m, Kames (GBP381.8m) and Axa IM (GBP345.1m).
12/11/2012

Sam Mettrick returns to Henderson Global Investors

The current director of strategic allicances at Artemis, Sam Mettrick, will in January rejoin his former company Henderson Global Investors as head of partnerships. He will be responsible for relationships with life insurance platforms. He left HGI in 2009, at a time when he was sales director for partnerships at Henderson New Star.
12/11/2012

Former UBS head joins Old Mutual Global Investors

The former head of UK discretionary sales at UBS Global Asset Management, John Shepherd, will join the sales team at Old Mutual Global Investors, Fundweb reports. He left the Swiss bank last month, after 10 years there.
12/11/2012

GSAM recruits a veteran of Aviva Investors

Goldman Sachs Asset Management has recruited Malcolm Mackenzie, former head of strategic alliances at Aviva Investors, as its head of advised sales, Fundweb.co.uk reports. He will join the firm in January.
12/11/2012

Another director leaves F&C

Ed Morse, head of development for trust activities at F&C Investments, has left the firm to pursue other opportunities in the sector, Investment Week reports. He is the second director to leave F&C Thames River this year, since the activity shareholder and new chairman Edward Bramson has taken over the activity. The others who left the group are Mike Warren, Charlie Porter and Jeremy Charles.
12/11/2012

State Street adds to its defined contributions unit in the United Kingdom

As part of a development of its defined contribution retirement savings plans in the United Kingdom, State Street Global Advisors (SSgA) has recruited Nigel Aston as managing director and head of UK defined contribution. He will report both to Susan Raynes, senior managing director and head of UK, Middle East and Africa, and Fredrik Axsater, managing director and global head of refined contribution. Aston had previously been business development director at the data provider DCisions, in charge of sales, marketing, monitoring of long-term commercial relationships, and provision of products and services. SSgA states that its global assets in the area of defined contributions total USD235bn.
12/11/2012

Barclays reviews AM operation

Investment Week reports that Barclays has recruited Rory Tobin, the former head of iShares International, to work with David Semaya, former head of wealth management for the United Kingdom and Ireland at the British bank, to undertake a strategic reexamination of the remaining asset management unit. The two managers will be responsible for determining whether Barclays should retain, merge, or close it. Tobin left iShares in 2010 when Barclays Global Investors was acquired by BlackRock.
12/11/2012

GSAM recruits a big name from Aviva Investors

Malcolm Mackenzie, who has recently left Aviva Investors, where he was head of strategic alliances, is joining Goldman Sachs Asset Management as head of advisory sales, Fundweb reports. He will join his new employer in January, to lead a team of nine people, and to develop third-party distribution in the United Kingdom, under the leadership of Richard Pursglove.
12/11/2012

Global ETF market remains highly concentrated

As of the end of October, iShares (BlackRock), with USD695.42bn, accounted for 42% of the global ETF market, with USD58.74bn in net subscriptions since the beginning of the year, the ETFGI agency led by Deborah Fuhr finds.Counting the USD245.66bn and a 14.8% market share for SPDR ETF (State Street Global Advisors), which had inflows of USD15.87bn, and USD232.87bn at Vanguard (for 14.1% of the market) and USD30.44bn in net inflows, the top three providers account for 70.9% of the global market.In other words, the 183 other issuers share the remaining 39.1% of the market, and none has a share of more than 4%. The fourth-largest player is PowerShares (Invesco) with USD59.88bn and 3.6% of the market, followed by db x-trackers (Deutsche Bank) with USD45.7bn and 2.8%, despite net outflows of USD189bn. Lyxor (Société Générale) is in sixth place, with USD37.44bn and a market share of 2.3%, partly thanks to USD155m in net subscriptions.The global ETF market as of 31 October represented a volume of USD1.655trn, in 3,313 ETFs listed 7,546 times on 54 stock markets, issued by 176 providers. Including other ETFs, total assets came to USD1.852trn. By comparison, the respective values as of 31 December 2011 were USD1.355trn and USD1.526trn.
09/11/2012

La Grèce va adjuger 3,125 milliards d'euros de bons du Trésor

La Grèce adjugera le 13 novembre pour un milliard d’euros de bons du Trésor à trois mois et pour 2,125 milliards d’euros de bons à quatre semaines afin de refinancer du papier arrivant à échéance, a annoncé vendredi la PDMA, l’agence de gestion de la dette publique. Le règlement sera le 16 novembre. Les adjudications seront réservées aux seuls SVT. Aucune commission ne sera versée.
09/11/2012

Wolfgang Schäuble voudrait une étude économique sur la France

Selon Reuters, le ministre allemand des Finances Wolfgang Schäuble aurait demandé au Conseil des experts économiques, les «Sages», de réfléchir à des propositions de réformes économiques pour la France, craignant un décrochage de la deuxième économie de la zone euro dont l’Allemagne serait la première à pâtir. Depuis sa création, il y a 49 ans, dans le but de conseiller sur les questions économiques le gouvernement fédéral et le Parlement allemands, le conseil des experts économiques n’a jamais publié d'étude sur d’autres pays que l’Allemagne. Berlin s’inquiète notamment des rigidités du marché du travail en France. Les cinq Sages ont démenti en fin d’après-midi avoir été sollicités en ce sens.
09/11/2012

Les prix à l'importation ont augmenté plus que prévu aux Etats-Unis

Les prix à l’importation ont augmenté plus que prévu en octobre aux Etats-Unis mais le mouvement d’augmentation des prix des importations de pétrole a lui ralenti, attestation de pressions inflationnistes seulement modérées. Les prix à l’importation ont augmenté de 0,5% le mois dernier, a fait savoir le département du Travail.
09/11/2012

La Banque d'Angleterre renfloue le Trésor britannique

Le gouverneur de la Banque d’Angleterre a écrit vendredi au chancelier de l’Echiquier pour lui annoncer que les revenus dégagés grâce au programme d’assouplissement quantitatif de la banque centrale seraient désormais reversés au Trésor. Ce dernier utilisera cette manne, évaluée à 35 milliards de livres à horizon début 2013, pour réduire le stock de dette du pays. Les besoins de financement de la Grande-Bretagne pour l’exercice 2012/2013 devraient ainsi être revus en baisse.
09/11/2012

Les adjudications de l'AFT la semaine prochaine

L’Agence France Trésor a annoncé l’adjudication, le lundi 12 novembre, d’un montant global compris entre 5,6 et 6,8 milliards d’euros de bons du Trésor (BTF). Par ailleurs elle procédera à une adjudication, le jeudi 15 novembre, d’un montant compris entre 6,5 et 7,5 milliards d’euros de bons du Trésor à intérêts annuels (BTAN) et d’obligations assimilables du Trésor (OAT).
09/11/2012

L’AMF épingle Fival

La Commission des sanctions de l’autorité des marchés financiers a infligé des amendes d’un montant total de 110.000 euros au gestionnaire de portefeuilles et à ses dirigeants pour avoir notamment laissé les fonds propres en dessous du seuil réglementaire requis. La société a écopé d’une amende de 30.000 euros, quatre dirigeants étant condamnés à des amendes individuelles allant de 10.000 à 30.000 euros.
09/11/2012

Le CME se rebelle contre le régulateur

L’opérateur boursier américain a lancé une offensive à l’encontre de la CFTC (Commodity Futures Trading Commission), le régulateur des marchés à terme outre-Atlantique. Il s’agit pour le CME d’obtenir la suspension de l’entrée en vigueur, prévue le 13 novembre, de nouvelles règles concernant le marché des swaps.
09/11/2012

La FSA japonaise prépare un nouveau plan anti-crise

Le gendarme nippon des marchés financiers, la Financial Services Agency, peaufine selon la chaîne télévisée les détails d’un nouveau plan de réponse à une crise éventuelle. Ce projet concerne les banques, courtiers et assureurs d’importance systémique. En cas de faillite, une entité provisoire serait notamment mise en œuvre pour assurer les obligations de la société en déroute.
09/11/2012

Natixis AM grandit à Hong Kong

Le South China Morning Post cite le patron des activités de Natixis aux Etats-Unis et en Asie, John Hailer, qui met en lumière l’ouverture la semaine passée d’un bureau de Natixis Asset Management à Hong Kong, destiné à la distribution de produits liés à la gestion de fortune. Cette activité doit constituer un pont vers la Chine continentale, selon le dirigeant.
09/11/2012

Carl Icahn à l’affût sur Netflix

L’investisseur américain fait monter la pression sur sa cible pressentie. Interrogé sur la chaîne télévisée, il a indiqué avoir songé à lancer une offre hostile sur Netflix, dont il détient pour l’heure 10%. Carl Icahn indique ne pas être tout à fait certain de ses chances de l’emporter, notamment parce qu’il ne serait pas susceptible d’offrir autant qu’un acheteur pouvant prétendre à la mise en œuvre d’importantes synergies en mettant la main sur la société de services internet par streaming. Pourtant la partie n’est pas achevée. «Je dois admettre que j’y pense, mais nous n’avons pas encore pris de décision», avance l’investisseur.
09/11/2012

L'ACP sévit contre une banque privée

L’Autorité de contrôle prudentiel a infligé une sanction de 500.000 euros à un établissement non identifié, pour des carences dans son dispositif de conformité et de lutte antiblanchiment. Des indices convergents semblent désigner la Société Générale, qui était visée par une procédure.

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