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21/08/2012

GMO recrute chez Invesco

Depuis début août, Marcel B. Salzmann, qui dirigeait Invesco en Suisse, a rejoint le gestionnaire américain GMO comme country head Switzerland, rapporte finews.ch. L’intéressé avait auparavant été formé par UBS Global Asset Management, où il avait été directeur de clientèle pour le suivi de grands comptes institutionnels.
21/08/2012

Credit Suisse renforce son équipe ETF

Credit Suisse a recruté deux personnes pour son activité ETF, rapporte Financial News. Matt Tagliani, un ancien de Citigroup, a été nommé director et James Kingston, de Royal Bank of Scotland, vice-president.
21/08/2012
Fonds

Le marché suisse des fonds s'approche des 700 milliards de francs suisses

Les actifs des fonds de placement suisses se sont inscrits fin juillet à 697,1 milliards de francs suisses, en progression de 20,4 milliards de francs par rapport au mois précédent, selon les statistiques publiées le 20 août par la Swiss Funds Association (SFA). En juin, les actifs avaient augmenté de 5 milliards de francs."Outre la bonne performance réalisée sur les marchés des actions, les influences de taux de change, à savoir un franc suisse fortement affaibli par rapport aux autres monnaies, ont joué un rôle important dans la hausse sensible de la fortune des fonds figurant en francs suisses dans la statistique. Concernant l'évolution dans les fonds stratégiques de placement et Autres fonds, il semble que les investisseurs passent eux-mêmes de manière accrue à l’allocation d’actifs et souhaitent moins s’aligner sur les modèles de risque prescrits par les banques. Les investisseurs préfèrent manifestement les fonds proposant des modèles d’allocation d’actifs plus flexibles aux fonds stratégiques ordinaires avec des quotes-parts rigides d’actions», explique Matthäus Den Otter, directeur de la Swiss Funds Association SFA, cité dans le communiqué. . La collecte nette s’est élevée à 2,4 milliards de francs, dont 2 milliards sont allés dans les fonds obligataires. Les fonds actions ont pour leur part drainé près de 520 millions de francs suisses. Il est à noter que les statistiques de juillet présentent une nouveauté, à savoir que la catégorie Autres fonds est désormais subdivisée en trois catégories, Matières premières, Placements alternatifs et Autres fonds. Les fonds de matières premières ont ainsi réalisé une collecte nette de 117,4 millions de francs alors que les placements alternatifs ont subi des rachats pour un montant net de 33,4 millions de francs.
Fonds
21/08/2012

Apple, nouveau roi de la Bourse

A quelques jours de la présentation très attendue de son iPhone 5, le groupe californien a signé hier un record en affichant à la clôture une valorisation sans précédent de 623,5 milliards de dollars. C’est la plus forte capitalisation boursière jamais atteinte par une entreprise américaine, devant Microsoft et son faste de la fin des années 1990.
21/08/2012

La BCE, une fois de plus, n'active pas le SMP

La Banque centrale européenne n’a pas acheté la moindre obligation souveraine la semaine dernière. La BCE n’a plus activé son Programme pour les marchés de titres (SMP) depuis 23 semaines en dépit d’une intensification de la crise de la zone euro. Aucune tranche d’emprunt n’est arrivée à échéance la semaine passée et en l’absence de tout nouvel achat, le montant de titres rachetés par la BCE dans le cadre du SMP lancé en mai 2010 reste de 211,5 milliards d’euros.
21/08/2012

Singapour convoite des hôtels aux Etats-Unis

Le fonds souverain singapourien GIC a fait une offre de 1,5 milliard de dollars pour un groupe d’hôtels en faillite entre les mains du hedge fund Paulson & Co. Ces actifs incluent notamment l’Arizona Biltmore Resort & Spa et La Quinta Resort & Club (Californie). Paulson avait racheté les hôtels à Morgan Stanley en 2011, les déclarant en faillite un mois plus tard pour les réorganiser. Il a déjà revendu l’un des hôtels à Donald Trump.
21/08/2012

Pas de crise des prix alimentaires en vue pour le FMI

Le Fonds monétaire international et la Banque mondiale conseillent aux Etats de se préparer à une éventuelle poursuite de la hausse des prix alimentaires au cours des prochains mois mais ils ne prévoient pas de véritable crise comparable à celle de 2007-2008. Pour Thomas Helbling, directeur de division au département de la recherche du FMI, la hausse actuelle des prix des céréales reflète «un choc d’offre classique».
21/08/2012

Le Belize rate un rendez-vous avec ses créanciers

Le pays d’Amérique centrale a indiqué hier être dans l’incapacité d’honorer le versement à ses créanciers obligataires d’environ 23 millions de dollars. Alors que s’ouvre une période de grâce de 30 jours, le gouvernement du Belize a annoncé vouloir ouvrir le plus rapidement possible des discussions avec ses créanciers. Le cabinet Cleary Gottlieb doit l’assister dans cette restructuration.
21/08/2012

Les cours du pétrole finissent en léger repli à New York

Après quatre séances consécutives de hausse, les cours du pétrole ont terminé en légère baisse hier sur le marché new-yorkais Nymex. Les incertitudes sur l'évolution de la politique de la BCE ont pesé sur la tendance au cours d’une séance en dents de scie, mais les tensions affectant la production en mer du Nord et au Moyen-Orient ont limité les pertes. Le contrat septembre sur le brut léger américain (WTI) a fini la journée sur une perte de quatre cents, soit 0,04%, à 95,97 dollars le baril, après avoir oscillé entre 95,02 et 96,53 dollars.
21/08/2012

Le resserrement du crédit inquiète la Fed

La réticence des établissements bancaires à prêter de l’argent à des clients fragiles est en train de peser sur la reprise américaine en empêchant les consommateurs d’emprunter et de dépenser, indique une nouvelle étude de la Réserve fédérale de San Francisco. Elle estime que les responsables politiques devraient non seulement tenter de garder les coûts de financement bas mais aussi trouver de nouveaux moyens pour inciter les banques à prêter.
20/08/2012

Ikano sells funds to Sparinvest

Ikano Fonder, an asset management firm owned by the Swedish Kamprad family, founder of Ikea, will close its asset management boutique and transfer its three Luxembourg-registered funds to the Danish firm Sparinvest. “The funds have become so small that they are no longer viable economically,” Jesper Nielsen, CEO of Ikano Fonder, explains to Privata Affärer. According to the Swedish news service TT, assets at Ikano Fonder total about SEK200m, or EUR22m. Sparinvest will take over the funds on 28 September, and merge them with its own. For example, the global fund from Ikano will be merged into the Sparinvest Global Value fund. The Ikano group has been managing funds since 1999. The three funds of the range were the Global Strategy, European Equity and All Seasons. They were on sale to individual and institutional clients in Luxembourg, Sweden, the Netherlands and Denmark.
20/08/2012

Outflows from hedge funds in June

According to a monthly survey by TrimTabs and BarclayHedge, hedge funds worldwide in June saw net redemptions of USD4.9bn, representing 0.3% of their assets, following net subscriptions of USD1.1bn in May. The 3,012 funds concerned as of 30 June posted assets of USD1.710bn, compared with USD1.730bn as of 31 May (-1.3%). This figure is 29.5% lower than the peak of USD2.4trn recorded at the end of June 2008.The BarclayHedge hedge fund index, meanwhile, on the basis of results released by 1,797 funds as of 17 August, gained 0.80% in July, compared with 0.66% in June. In the first seven months of the year, the index is up 3.13%. Of the 17 sub-indices, only the 51 equity funds of the Asia-Pacific region show losses last month (-0.24%). In January-July, the only strategy that shows losses is equity short bias (-7.33%). The strongest gains in the period were 6.06% for 27 convertible arbitrage funds.
20/08/2012

Sunny month in July for hedge funds

The 13 hedge fund strategies regularly monitored by the Edhec Risk Institute in July have posted positive results, with the best result for CTA Global (+3.05%) and global macro (+1.51%). Since the beginning of this year, 12 strategies show gains, including convertible arbitrage (+6%) and fixed income arbitrage (+5.1%). while short selling showed losses of 7.4%.No strategy shows excess returns as compared to risk: all Sharpe ratios are lower than 1. Only distressed securities comes near with 0.96, while short-selling and funds of funds have negative Sharpe ratios of 0.26 and 0.11. The BarclayHedge hedge fund index, meanwhile, on the basis of results released by 1,797 funds as of 17 August, gained 0.80% in July, compared with 0.66% in June. In the first seven months of the year, the index is up 3.13%. Of the 17 sub-indices, only the 51 equity funds of the Asia-Pacific region show losses last month (-0.24%). In January-July, the only strategy that shows losses is equity short bias (-7.33%). The strongest gains in the period were 6.06% for 27 convertible arbitrage funds. According to a monthly survey by TrimTabs and BarclayHedge, hedge funds worldwide in June saw net redemptions of USD4.9bn, representing 0.3% of their assets, following net subscriptions of USD1.1bn in May. The 3,012 funds concerned as of 30 June posted assets of USD1.710bn, compared with USD1.730bn as of 31 May (-1.3%). This figure is 29.5% lower than the peak of USD2.4trn recorded at the end of June 2008.
20/08/2012

Varengold names a chairman for its board

The supervisory board at the German investment bank Varengold Wertpapierhandelsbank, a specialist in asset management (managed futures) and brokerage, has appointed one of its founders and a member of its managing board, yasin Sebastian Qureshi, as its chairman.The managing board remains unchanged in its overall composition, with Steffen Fix, who created a quantitative trading technique, and Mohammad-Hans Dalmatschi (managed futures), who joined the board on 6 March. The three men are founders of Varengold, a stock-exchange filing says.Meanwhile, Willi Müller is stepping down as chairman of the supervisory board, a position which will now be occupied by Hans J. M. Manteuffel. Müller remains a member of the supervisory board, along with Peter Andree.
20/08/2012

New team dedicated to ETFs in Asia at iShares

iShares is setting up a new team in Asia-Pacific specialised in ETFs, which will help clients and distributors to better understand the technical aspects of ETFs (product liquidity, construction of indices, and comparisons between products), Asian Investor reports. The new head of iShares for Asia-Pacific, Jane Leung, who began in the role last month, claims that the recent introduction of ETFs dedicated to A-class shares under RQFII (qualified foreign institutional investors in RMB) quotas are not expected to reduce the popularity of its FTSE A50 China ETF. Assets under management in the FTSE A50 China ETF s of 30 June totalled USD5.73bn. It is the largest A-class equity ETF in the world by asset volume.
20/08/2012

Euro zone mutual fund issues hold stable

Assets in shares issued in 2012 my non-money market mutual funds in the euro zone have remained virtually unchanged compared with those recorded one quarter previusly in March 2012, according to statistics released by the European Central Bak. These results are due to net issues, which were offset by a decline in the value of shares. Assets in shares issued by non-money market mutual funds in the euro zone increased slightly, to EUR6.065trn in June 2012, compared with EUR6.064trn in March 2012. In the same period, assets in shares issued by money market mutual funds in the euro zone increasedc from EUR957bn to EUR969bn. Net subscriptions to shares in non-money market mutual funds in the euro zone totalled EUR36bn in second quarter 2012, while net subscriptions to money market mutual funds were negative by EUR5bn. In terms of ventilation by investment strategy, the annual pace of share issues by bond funds came out to 47% in June 2012, while net subscriptions totalled EUR54bn in second quarter 2012. For equity funds, the figure was -3.3%, and net subscriptions were -EUR15bn in the same period. For mixed funds, the rate of growth was -1.4%, and net subscriptions were -EUR8bn.
20/08/2012

Obama also has support among hedge funds

US president Barack Obama also has the support of influential figures in the world of finance, Financial News reports, citing the blog OpenSecrets.org. Among his financial donors are Jon Corzine, former head of MF Global, Marc Lasry, founder of the hedge fund Avenue Capital, and Mark Gallogly, co-founder and principal manager of the hedge fund Centerbridge Partners.
20/08/2012

SEC puts off rules on hedge fund advertising

The Securities and Exchange Commission is postponing regulations which would allow hedge funds to more broadly solicit investors, the Wall Street Journal reports. The decision is a victory for those who claim that excessively rapid changes to the advertising rules could increase fraud. The chairwoman of the SEC, Mary Shapiro, had planned to pass the rules this Wednesday, but on Thursday announced that she intended to hear comments on the new rules before finalising them.
20/08/2012

Thanks to UBS, Frankfurt nears 1,000 listed ETFs

With the institutional (I) and retail (A) share classes in its newly-listed equity fund replicating the MSCI Brazil index, UBS Global Asset Management has given the XTF segment of the Xetra electronic trading platform its 998th and 999th listed ETFs. They are Luxembourg-registered products, which track an index that includes 78 Brazilian mid- and large caps, which collectively represent 84% of the floating capital on the Sao Paulo stock exchange. As for the other ETFs from UBS Global AM, the market maker is Commerzbank.Characteristics:Name: UBS (Irl) ETF plc – MSCI Brazil (USD) I-disISIN code: IE00B7VZ2C84TER: 0.43%Name: UBS (Irl) ETF plc – MSCI Brazil (USD) A-disISIN code: IE00B6SBCY47TER: 0.60%
20/08/2012

Rothschild to launch a fund to finance SMEs

The business bank Rothschild will be launching a fund in September dedicated to financing European SMEs, Agefi reports, citing statements form a director of the bank on Friday. The fund, with EUR400m to EUR500m in assets, will specialise in high yield and mezzanine debt.
20/08/2012

Russell launches new strategies

Russell Investments on 15 August announced the launch of two new funds, the Russell Multi-Strategy Alternative Fund and the Russell U.S. Strategic Equity Fund, as well as an update to the US equity allocaiton for several portfolios. Among the changes introduced are modifications to strategies, currencies and benchmark indices for the Russell U.S. Growth Fund and the Russell U.S. Quantitative Equity Fund. The two funds become the Russell U.S. Defensive Equity Fund and the Russell U.S. Dynamic Equity Fund, respectively.
20/08/2012

Jon Corzine plans to launch a hedge fund

Jon Corzine, the former head of MF Global, is planning to launch a hedge fund to engage his passion for trading, MarketWatch reports, citing the New York Times. “If Corzine can show a few years of decent returns he just may be able to salvage his ability to walk into a Wall Street cocktail party without people looking away and snickering,” the website quips.
20/08/2012

2012 bonuses lower than expected on Wall Street

Variable pay for employees of investment banks and asset management firms are expected to increase less than expected in the month of May, according to statistics compiled by the New York research form Johnson Partners, Les Echos reports. Overall, bonuses are expected to vary from stable to “moderate” growth of no more than 20% in the bast case, and not 25% as previously estimated. According to projections by Johnson Partners, the professions of consulting, equity primary and debt will be the worst-hit, with increases of no more than 5% to bonuses, and potential declines of up to -10%. Bonuses in the asset management profession, for their part, will range from stable to 10% growth.
20/08/2012

Jean-Pierre Salles (Aviva Investors France) retires

Citywire reports that Jean-Pierre Salles has retired from Aviva Investors France. Paul Gagey has taken over management of the Aviva Oblig International, Aviva Interoblig and Aviva Convertibles funds while Alban Tourra will take over Aviva Signatures Europe, and Jean-François Chambon takes charge of the Aviva Japon and Aviva Investors Japon funds. Management of the UFF Diversifié fund will be shared by Paul Gagey and Françoise Labbé.
20/08/2012

Adveq opens an office in Hong Kong

Following openings in Beijing in 2008 and Shanghai in 2011, the Swiss asset management firm Adveq, a specialist in private equity fund of funds (USD4.5bn), has opened an office in Hong Kong. The office will be led by David Seex, a specialist in alternative investments in Asia. He had previously been CEO of RAB Capital for Asia, after serving as head of alternative investments for Asia at Citigroup.

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