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13/09/2012

L'union bancaire reste en chantier

Alors que le projet de la Commission a été présenté hier, la question de la compatibilité entre supervision à Dix-Sept et régulation à Vingt-Sept fait débat.
13/09/2012

Les courtiers en ligne américains se tournent vers l’étranger

Charles Schwab a dévoilé une nouvelle plateforme en ligne donnant à ses clients un accès direct à douze marchés non américains, avec la possibilité de réaliser des opérations dans la devise locale. Les investisseurs basés aux Etats-Unis bénéficieront d’une gratuité des commissions de courtage jusqu’à fin mars. Fidelity prévoit d’ajouter huit nouveaux pays à sa plateforme en ligne d’ici la fin de l’année.
13/09/2012

Le trading automatisé dans le collimateur du Sénat américain

Après la récente série de failles technologiques qui ont ébranlé les marchés actions américains, une sous-commission bancaire du Sénat a prévu de tenir «dans un futur proche» une audition sur le trading automatisé, a indiqué mercredi son président Jack Reed.
13/09/2012

La Banque de Corée déçoit

La Banque centrale de Corée du Sud a laissé ses taux directeurs inchangés cette nuit à 3%, alors que les marchés anticipaient une baisse de 25 points de base. «C’est très décevant» estime Frances Cheung, stratégiste chez CA-CIB. Et d’ajouter que «nous ne voyons aucune raison au statu quo, avec une faible demande intérieure et extérieure alors que l’inflation est sous contrôle».
13/09/2012

Le Nigéria se finance auprès d’une banque chinoise

Le pays africain a levé un emprunt de 600 millions de dollars auprès de China’s Export-Import Bank à un taux de 2,5% sur une période de 20 ans. L’argent servira à construire de réseaux ferroviaires autour de la capitale, selon le ministère des Finances.
13/09/2012

La Nouvelle-Zélande imite la Fed

La banque centrale du pays a laissé son principal taux directeur inchangé à son plus faible niveau historique de 2,5% cette nuit. Son gouverneur Alan Bollard a également indiqué que «les taux d’intérêt à court terme resteront à leur niveaux actuels pendant une autre année». De quoi faire baisser le dollar local de 0,5% à 82,01 cents, après avoir gagné 5,6% depuis le début de l’année contre le billet vert.
13/09/2012

Precision Capital acquires KBL epb

Following the finalisation of its acquisition of KBL epb, the private banking network from Precision Capital, a Luxembourg-based entity representing the interests of an investor in Qatar, the new shareholder has announced in a statement that it will support the firm “in the deployment of a large recruitment campaign, which will strengthen the high level of customer service.” In addition, Precision Capital states that it can ensure the organic growth of KBL epb, but that it is also prepared to seize strategic external growth opportunities in Europe. Ties between Precision Capital and the Middle East will accelerate the expansion of KBL epb in this new region. Lastly, Vitis Life, the life insurance affiliate, will also benefit from these opportunities, both on markets where the company is already active, and on markets where it is planning to explore and develop, such as the Middle East and Asia.
13/09/2012

Sparinvest and Haitong International cooperate for commercial development

The asset management firms Sparinvest and Hai Tong Asset Managment (HK) have signed an agreement to develop a joint product range in Europe, Hong Kong, Macau and continental China. The agreement is for an indefinite duration, and does not entail an exchange of capital between the two firms.The two businesses will continue to concentrate on their core activities in asset management, but will dedicate their research capacities to the search for and exploitation of better means to provide a joint product range in Europe, Hong Kong, Macau and continental China, a statement says.Haitong International has been listed on the Hong Kong Stock Exchange since 1996. The group is known for providing quality corporate finance, asset management and brokerage services to international and local clients composed of institutionals, businesses and retail investors.As of the end of June 2012, Sparinvest had EUR9bn in assets under management for private and institutional investors.
13/09/2012

Significant redemptions from hedge funds in July

The hedge fund industry redeemed USD7.4 billion (0.4% of assets) in July, building on outflows of USD4.2 billion in June, according to BarclayHedge and TrimTabs. Based on data from 3,119 funds, the TrimTabs/BarclayHedge Hedge Fund Flow Report estimated that industry assets were USD1.87 trillion in July, down 23.2% from their June 2008 peak of USD2.4 trillion.The industry experienced outflows in seven of the 12 months from August 2011 to July 2012, losing a net USD29.3 billion. From August 2010 to July 2011, the industry gained USD96.2 billion with inflows in 10 out of 12 months.
13/09/2012

Further increase in hedge fund returns in August

August has been a third consecutive month of gains for hedge funds, which were supported by equity hedging and event-driven strategies. The HFRI hedge fund index gained 0.8% in July, and has gained a further 3.5% since the beginning of this year. Equity hedging strategies gained 1.2%, while event-driven gained 1.1%, and relative value strategies, 0.9%. However, macro strategies lost 0.16% overall, with declines of 0.9% for the diversified/CTA index, but a gain of 1% for discretionary macro strategies. The fund of fund index also maintained its positive orientation in August, with gains of 0.64%.
13/09/2012

Stoxx creates new indices in Maximum Dividend range

The Swiss asset management firm Stoxx Limited on 12 September announced the launch of Stoxx Global Maximum Dividend 40, STOXX Asia?Pacific Maximum Dividend 40, STOXX North America Maximum Dividend 40 and STOXX Japan Maximum Dividend 40 indices in its Maximum Dividend Strategy range. The indices may be used as a basis for actively-managed funds, ETFs, or other investable products. The new indices replicate a hypothetical portfolio which aims to optimise dividend yields from the STOXX Global 1800, STOXX AsiaPacific 600, STOXX North America 600 and STOXX Japan 600 indices, by selecting 40 businesses from these indices which have paid the highest dividends historically. To be eligible, shares must belong to Maximum Dividend indices, pay a dividend in the upcoming quarter, have a listed free-float of at least EUR1bn, and an average trading volume of at least EUR4m per day in the three months preceding selection.The composition of the index will be updated on a quarterly basis, following the last trading days in January, April, July and October.
13/09/2012

Deutsche Bank places emphasis on HNWIs and ETFs

Michele Faissola, head of the asset and wealth management (AWM) unit at Deutsche Bank, on Wednesday announced that its affiliate DWS is seeking to increase the number of its funds which receive top ratings by 15-20%. A cost savings programme announced by the bank on Tuesday (single strategy, shared IT and distribution) is expected to generate cost reductions of EUR700m for AWM, Die Welt reports.Growth will come primarily through development of the ultra-high net worth client segment (clients with financial savings of over EUR70m), particularly in Asia, and ETFs. Its affiliate db x-trackers, which has been detached from the investment bank and is now part of the AWM unit, will no longer be limited to Europe, where it has EUR35bn in assets under management, but will release its products worldwide. The US market will significantly contribute to a 50% increase in volume in three years.
13/09/2012

Deka becomes single outlet for savings banks in securities

The board of directors at DekaBank on Wednesday has approved an extension of the firm’s operations. Deka, which is already the central asset management firm for the German savings banks, will now also offer certificates to retail clients of these banks, with the ultimate objective of making Deka the central asset management firm for the savings banks in the whole securities spectrum, says Oliver Behrens, interim chairman of the board. Deka will also rely on the expertise of the Landesbank Berlin in this area.Meanwhile, Deka has confirmed rumours that the management at Deka Investments, the active open-ended fund and institutional fud asset management specialist affiliate, will be reshuffled. Viktor Moftakhar will become co-CEO on 1 October, alongside Thomas Neiße, while Frank Hagenstein, head of fixed income management, will be appointed CIO, and will also be responsible for equity and multi-asset class management.
13/09/2012

Allianz and Union attract strong subscriptions

In the first seven months of the year, German open-ended security funds have posted net inflows of EUR5.58bn. However, several asset management firms have seen net redemptions, including the Deka group (EUR3.14bn) and Deutsche Bank (EUR4.52bn). However, Allianz (with Pimco) has managed to attract EUR13.08bn, and Union Investment has posted net inflows of EUR2.11bn, the German BVI association of asset management firms reports.ETF promoters are not doing well either, with the exception of ETFlab (Deka), which has attracted EUR325m in seven months. BlackRock, with its iShares ETFs, has seen net outflows of EUR927m, while net redemptions totalled EUR797m for ComStage (Commerzbank). db x-trackers (Deutsche Bank) has posted redemptions of EUR1.73bn.
13/09/2012

Institutional funds continue to attract most inflows

In January-July, German funds and mandates posted net inflows almost three times higher than in the first seven months of 2011, at EUR44.36bn, compared with EUR15.17bn. Of this total, institutional funds (Spezialfonds) attracted EUR36.44bn, while open-ended funds attracted EUR7.99bn (of which EUR2.41bn were for real estate funds), and mandates underwent net outflows of EUR70.5m.As of 31 July, assets totalled EUR1.926trn, of which EUR925bn were in Spezialfonds, EUR701bn in open-ended funds (including EUR82.9bn in real estate funds), and EUR300bn in mandates.The German BVI association of asset management firms states that 57% of assets in institutional funds are managed by external managers, compared with 37% at the end of 2005.
13/09/2012

BBVA AM outsources management of a fund to Bancomer

BBVA Asset Management has registered the bond fund BBVA Bonos Internacional Flexible, which will be managed by BBVA Bancomer Gestión, in Spain. This is the first time that the Spanish asset management firm has outsourced the management of a fund to its Mexican affiliate, Funds People says.The portfolio will be invested directly in equities, or in shares in mutual funds which will in turn invest 80% in global debt and 20% in Latin American bonds. This allocation in particular will be managed by Bancomer Gestión (EUR28.7bn in assets, 73 funds), including Bancomer’s Renta Fija Latam fund, which is already registered for sale in Luxembourg.The new product will charge a direct management commission of 1%, and a commission of 15% over the benchmark index. Minimal subscription is EUR600. Indirect commissions are 2% for management and 17% on outperformance.
13/09/2012

Bankinter offers guaranteed fund which pays more than 4%

On 7 September, the CNMV registered a new guaranteed bond fund from Bankinter, the Bankinter Renta Fija Ambar Garantizado which promises a redemption at maturity (23 May 2016) of 115.45% of the initial net asset value as of 9 October 2012. That corresponds to an effective annual return of 4.05% over less than four years. The portfolio will be primarily composed of Spanish government debt, acquired a few weeks ago.CharacteristicsName: Bankinter Renta Fija Ambar GarantizadoISIN code: ES0130356001Front-end fee: 5% from 9 October, or assets of EUR30mManagement commission: 0.3% until 9 October0.9% after 9 OctoberPenalty for early withdrawal: 3%
13/09/2012

Bond funds post record inflows in July

Bond funds enjoyed inflows of EUR21.7bn in July, the largest one month total in more than ten years, according to Lipper. This takes net sales for the asset class in 2012 over the EUR100bn mark (EUR107bn).Underpinning the broad move into bonds was renewed appetite for high yield and emerging market funds. The former saw record-breaking inflows of EUR7.1bn, while inflows for the latter reached EUR3.5bn (of which local currency funds accounted for EUR1.1bn). The emerging market theme was also reflected on the equity side, with global emerging markets easily the most popular equity sector (EUR550m) this month.While equity funds suffered redemptions for the fourth consecutive month, this total did improve in July, albeit to -EUR4.2bn. As a result long-term fund sales (ie excluding money market funds) reached a 4-month high of EUR14.9bn in Europe. Significant volumes moving out of money market funds (-EUR12.5bn) again looked to have helped long-term funds and suggest the most concerted move out of this asset class since the first half of 2010.The best-selling groups this month were PIMCO (EUR3.2bn), AXA (EUR2bn), BlackRock (EUR1.2bn), Pictet (EUR960m) and Carmignac (EUR910m).
13/09/2012

GSAM launches range of funds replicating GIVI indices

S&P Dow Jones Indices on 12 September announced the launch of a new family of equity indices within the S&P GIVI range. The new product is the S&P GIVI Global Growth Markets tilt Index, which combines growth and value characteristics with a macro-economic factor. It is composed of the base S&P GIVI index and S&P GIVI Weighted indices, which provide lower volatility.Goldman Sachs Asset Management (GSAM), for its part, has launched a range of UCITS-compliant funds based on the GIVI concept, which replicates the performance of the various GIVI sub-indices.The three products registered for sale in Germany are:- Goldman Sachs GIVI Growth & Emerging Markets Equity Portfolio- Goldman Sachs GIVI Europe Equity Portfolio- Goldman Sachs GIVI Global Equity – Growth Markets Tilt Portfolio
13/09/2012

ECB to play a key role in supervision of euro zone banks

The European Commission on 12 September laid out its proposals to create a a single supervisory mechanism (SSM) for banks in the euro area. As a part of the new single mechanism, the European Central Bank will be ultimately responsible for specific surveillance activities concerning financial stability of all euro zone banks. The national supervisory authorities will continue to play an important role in ongoing surveillance of banks, as well as developing and applying ECB decisions. The Commission has also proposed that the European banking authority (EBA) should create a Single Supervisory Handbook to preserve the integrity of the single market and to ensure coherent bank surveillance in the 27 EU countries. The Commission calls on the Council and European Parliament to adopt the proposed regulations by the end of 2012, together with the other three components of an integrated «banking union» – the single rulebook in the form of capital requirements, harmonized deposit protection schemes, and a single European recovery and resolution framework.
13/09/2012

EFAMA defends UCITS brand

The European asset management association (EFAMA) claims that a consultation launched in July this year on the proposed UCITS VI directive, which will treat eligibility of asset classes for UCITS fund status, may endanger the UCITS brand, Citywire reports.“We are very closely studying the question of eligibility of our assets. We estimate that UCITS funds are attractive insofar as funds which carry the UCITS label follow the same rules, and this characteristic should me maintained,” the president of EFAMA, Claude Kremer, said at a press conference in London.Comments by the professional association, which claims that the consultation may result in a reduction or increase in UCITS-branded funds, also responds to concerns on the part of some foreign investors, such as the Hong Kong asset managers’ association, which had expressed a desire to see UCITS funds become more transparent and less complex.
13/09/2012

Three Italian bond ETFs listed in Frankfurt

db x-trackers (Deutsche Bank) on 12 September listed three new Luxembourg-registered ETFs on the XTF segment of the Xetra electronic platform (Deutsche Börse). All three are products which replicate MTS indices of Italian bonds denominated in euros.With these three additions, the number of ETFs listed in Frankfurt now comes to 1,003, down from 1,004 on 22 August.CharacteristicsName: db x-trackers II MTS Ex-Bank of Italy BTP ETFISIN code: LU0613540185Benchmark index: MTS Italy BTP - Ex-Bank of Italy IndexTER: 0.20%Name: db x-trackers II MTS Ex-Bank of Italy BOT ETFISIN code: LU0613540268Benchmark index: MTS Italy BOT – Ex-Bank of Italy IndexTER: 0.15%Name: db x-trackers II MTS Ex-Bank of Italy Aggregate ETFISIN code: LU0613540698Benchmark index: MTS Italy Aggregate - Ex-Bank of Italy IndexTER: 0.20%
13/09/2012

Metzler cuts commissions on a money market fund

From 1 October, commissions on the money market fund Metzler Geldmarkt (EUR226m) will be reduced, the Börsen-Zeitung reports. Depository banking commission is reduced to 0.025% from 0.05%, and the management commission to 0.05%, from 0.10%.

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