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10/05/2012

Chinese government may become more receptive to hedge funds

Agefi reports that China may authorise hedge funds to buy assets directly on its markets. So far, hedge funds seeking access to the Chinese market have had to pass through brokers who use their own QFII quotas to buy equities and bonds for the funds.
10/05/2012

db x-trackers mergers two "British" ETFs

With effect from 9 May, the German asset management firm db x-trackers (Deutsche Bank group) has merged two of its Luxembourg-registered ETF funds specialised in the British market, the Sonia Total Retuan Index ETF ((LU0321464652, GBP15.74m) and the db x-trackers II Sterling Cash ETF (LU0321464652, GBP22.3m). The merger/absorption aims to “allow for a better economic efficiency for shareholders.”
10/05/2012

Invesco Euro Corporate Bond Fund prefers financial sector

At a meeting in Paris, Paul Read, manager of the Invesco Euro Corporate Bond Fund (LU02343958047), has announced that the six-year-old Luxembourg product (EUR2.45bn, 186 holdings and 109 issuers) has delivered substantial outperformance of the benchmark index (Mstar GIF OS EUR Corporate Bond) with 39.71% over five years to 30 March, compared with 15.76% for the benchmark.“We seek to generate the maximum possible returns, while maintaining the lowest possible duration,” explains Read, while adding that the fund is managed cautiously: “Currently, our cash allocation represents about EUR260m, to which we might add EUR70m in bonds maturing within two months. This high proportion in cash is used to meet potential redemptions, as the fund has daily liquidity, and to buy bonds at bargain prices when the environment becomes difficult.There is still value in the segment, though many managers are facing difficulty. For the Invesco Euro Corporate Bond Fund, “we currently have a marked predilection for banks, which represent slightly over 45% of the portfolio. 27 points of that are senior debt, largely in the 1-3 year range, and 19 points are subordinated debt».
10/05/2012

Feri: Threadneedle leads in seven European countries

The most recent Feri rankings as of 31 March confirm that the British asset management firm Threadneedle remains in pole position in seven European countries in which the German agency maintains rankings of the percentage of funds with top ratings (A or B), out of all funds rated. Threadneedle ranks top in Germany, Austria, Italy, France and the United Kingdom. It is in second place in Switzerland, and among companies with only 8 to 24 funds rated in Sweden.BlackRock, Fidelity and Schroders also place well in at least six of the seven countries considered (BlackRock does not appear in the Swiss rankings).In France, Lazard AM is the only local asset management firm to place in the leading group, in second place.Among companies with 8 to 24 funds rated, Carmignac ranks in the leading group in four countries: it takes second place in France, fifth in Italy, and ninth in Germany and Switzerland.
10/05/2012

ETF providers make some money on the side from securities lending

The proportion of revenues originating from securities lending by ETF operators varies from 5% to 50%, a Financial Times study finds. BlackRock made USD164m with this activity for ETFs listed in the United States by its iShares franchise last year. BlackRock kept USD57m, or 35%, in fees. State Street retains 15% of revenues generated by securities lending by its unit SPDR. Vanguard states that it pays 95% to its investors.
10/05/2012

Hedge fund returns down in April

Hedge funds lost 0.36% in April, according to statistics released on 9 May by Hedge Fund Research (HFR). This decline follows gains of 4.79% in first quarter, the best results since 2006. The Hedge Fund Intelligence Global Composite index lost 0.03% in April, but shows gains of 3.34% for the first four months of the year. Performacne in the month under review have been mixed, with relative value arbitrage, fixed arbitrage, volatility arbitrage making positive contributions to the performance of the index, and equity hedge, macro and event driven strategies pulling it down. Funds of funds lost 0.26% in April, the first monthly losses since the beginning of the year, and the second consecutive month of outperformance of the HFRI FOF index compared with single managers n the HFRI Fund Weighted Composite index.
10/05/2012

Zoe Cruz shuts down her hedge fund

The Morgan Stanley director Zoee Cruz has announced to investors that she will be closing the hedge fund Voras Capital Management, which she launched two years ago, due to disappointing returns and a lack of popularity with investors, the Wall Street Journal reports, citing sources familiar with the matter. Her firm, based in New York, never raised more than USD200m.
10/05/2012

Natixis: Money markets responsible for outflows in first quarter 2012

Natixis yesterday evening presented its results for first quarter 2012, with an increase in revenues for the Savings unit of 8% compared with the corresponding period of last year, to EUR512m. Investments in asset management have also results in revenues up 12% (+9% at constant exchange rates), to EUR411m. These good results were driven by strong performance in the United States, the firm says.Assets under management totalled EUR562bn as of 31 March 2012, compared with EUR544bn as of 31 December 2012. Net inflows were negative by -EUR2.2bn. However, excluding net outflows of EUR6.8bn from money market products, net inflows were positive to the tune of EUR4.6bn.In Europe, assets total EUR312bn, up 2% compared with 31 December 2011. Outflows (-EUR5.1bn) have been concentrated on money market instruments, Natixis notes. Excluding money markets, net inflows were positive to the tune of EUR1.6bn.In the United States, assets totalled EUR327bn, up 8% compared with 31 December 2011. Quarterly net inflows totalled EUR3.2bn, largely driven by Loomis and Harris Associates.In private banking, assets under management have been holding out well at EUR19.5bn, driven by the favourable evolution of the stock markets. Earnings are up 3% compared with first quarter 2011, at EUR26m.
10/05/2012

Tesco creates an in-house asset management firm

Tesco and the Pension Fund Trustees are establishing an in-house investment team to manage their pension scheme and increase net returns. Tesco has one of the largest private sector pension schemes in the UK, with over 170,000 employees part of its defined benefit scheme and investment assets worth over GBP6bn. The new in-house investment team will reduce dependence on external providers whilst governance will continue to be provided by the Trustees.A separate company, Tesco Pension Investment, has been set up and is now operational, having been granted FSA approval on 26th March 2012. The Pension Trustees will remain responsible for the long-term investment strategy and management of the Scheme’s assets. The new team will be led by Steven Daniels, Chief Investment Officer, while Tesco’s Group Pensions Director Ruston Smith will oversee the team. Daniels was Group Chief Investment Officer at Liverpool Victoria for 14 years.
10/05/2012

F&C AM posts outflows in Q1

F&C Asset Management has seen net redemptions of GBP1.715bn in first quarter 2012, despite net subscriptions of GBP13m to retail funds. Outflows were driven by strategic partners, who accounted for GBP972m.Despite this, due to positive market effects, the British asset management firm saw an increase in its assets under management of GBP1.7bn, to GBP101.8bn as of 31 March.F&C also states that the results of the second phase of a review of the group’s strategy currently underway will be presented on 15 May.
10/05/2012

Appointment at Man Group

The hedge fund management firm Man Group on 8 May announced the appointment of Douglas Greenig as chief risk officer at AHL, and a member of the board of directors in the quantitative unit specialised in managed futures. Greenig previously worked at RBS Greenwich Capital and Fortress. Matthew Sargaison, currently chief risk officer, has been appointed as chief investment officer at AHL.
10/05/2012

Passive management gains momentum

As taxation and the state of the economy represent the major concerns for clients, passive management is gaining in popularity, to the detriment of active management, whose attractiveness is becoming more questionable, according to a study by Patrimonia Congres, in partnership with Morningstar, of Belgian financial intermediaries. The study was undertaken in April of this year by Morningstar, with the support of key associations in the sector, and covered 201 Belgian financial intermediaries.The attractiveness of genuinely active managers appears to have been called into question, as 35% of those surveyed say they have a preference for actively-managed products with a low tracking error, and 22% say they have a preference for tracker products.The survey finds that financial advisers prefer low risk profile products for their long-term allocations and their clients are primarily oriented to bond and money market as well as emerging market assets.Belgian financial intermediaries also claim that European regulations are having a positive or neutral impact on their profession.
10/05/2012

Allianz and Templeton funds on the Italian market

Franklin Templeton and Allianz Global Invetors have registered one fund each in Italy, Bluerating reports. In the case of Franklin Templeton, the fund is the FTIF Templeton Emerging Markets Balanced, a fund which invests in equities and bonds from emerging markets. Allianz Global Investors, for its part, has registered the Allianz RCM Renminbi Currency fund, which allows investors to benefit from a rising renminbi against the US dollar.
10/05/2012

Pioneer launches bond funds

The Pioneer Fondi Italia range has gained three new bond sub-funds with half-yearly distribution, Bluerating reports. The Pioneer Euro Covernativo Medio Termine invests primarily in bond and money market securities issued by European governments with a duration of over 2 years, while the Pioneer Obbligazionario Corporate America concentrates primarily on US corporate bonds with an investment grade rating. Pioneer Obbligazionario Globale High Yield is composed of bond issued by international businesses and governments with a rating below investment grade. Meanwhile, Pioneer is launching the Pioneer Obbligazionario Sistema Italia, a fund specialised in Italian government and corporate bonds.
10/05/2012

M&G leads asset management firms in first quarter

The M&G group infirst quarter became the top British asset management firm in termsof assets under management, overtaking Perpetual, according to themost recent Pridham report published by Fundscape.Assets under managementat M&G totalled GBP41bn, as the firm continued to benefit fromits expertise in bonds to attract new inflows.M&G has postedgross inflows in first quarter of GBP3.15bn, putting it ahead ofBlackRock, with subscriptions totalling GBP1.87bn. Net inlfows at M&Gtotalled GBP1.38bn, putting it far ahead of Standard LifeInvestments.GroupGross retail sales (£m)M&G3,153.50BlackRock1,876.50Invesco Perpetual1,716.50Fidelity1,235.40Threadneedle1,179.10Standard Life1,146.20BNY Mellon1,131.00Jupiter915.3Schroders839.5HSBC732.Top ten managers by net retail sales in Q1 (£m)GroupNet retail sales (£m) M&G1,386.40Standard Life 483.5Threadneedle472.1BNY Mellon469BlackRock314.2Kames306HSBC273.2Cazenove271.2Investec200.8AXA 196.8
10/05/2012

CNH savings fund from Allianz GI posts strong inflows

Helen Lam, senior portfolio manager, announced in Paris on 9 May that asstes in the Allianz RCM Renminbi Currency fund (see Newsmanagers of 7 December) have already topped USD200m. The Luxembourg-registered fund, specialised in savings in Hong Kong yuan (CNH) has sold well to wealth managers, distributors and funds of funds, says Holger Wehner, product specialist. Lam says that savings deposits at 10 banks (rated at least single A) must have a maturity of over 90 days, and the objective is to keep them within a 1-2 month range. Since the fund was unveiled in France in early December (when the fund had USD80m in asstes), sales arguments have balanced out: the “currency gain” component has lost its charm, but the returns portion has become more convincing.
10/05/2012

Groupama registers Risk Premium fund in Spain

Funds People reports that Groupama Asset Management has received a license from the CNMV to release its dynamic asset allocation fund Groupama Risk Premium (formerly known as DPA Gestion Privée, see Newsmanagers of 28 November 2011) in Spain. The asset management firm states that in the first four months of the year, the fund has generated returns of 4.%, with volatility of 9.05%, while the MSCI EMU index has gained 4.1% with volatility of 15.46%.
10/05/2012

Amundi lists another ETF in Frankfurt

On 9 May, Amundi (Société Générale group) listed the Amundi ETF S&P 500 EUR Hedged Daily fund (ISIN code: FR0011133644) for trading on the XTF Segment of the Xetra platform from Deutsche Börse, a new product which charges fees of 0.28%. The fund replicates the S&P 500 EUR Daily Hedged Strategy Index.It is the 969th ETF to be listed on the XTF segment.
10/05/2012

Credit Suisse Euroreal follows in footsteps of SEB ImmoInvest

Between 9 and 18 May, the German asset management firm Credit Suisse Asset Management (CSAM) Immobilien is collecting redemption orders for shares in its open-ended real estate fund CS Euroreal (EUR6bn as of 31 March), as a redemption freeze will be lifted on 18 May after two years. On 21 May, if redemptions do no exceed available liquidity (sales of assets in the past two years have generated EUR1.5bn, or 25% of assets), the orders will be executed. If not, no orders will be executed and the fund will be liquidated. This solution has been approved by the German financial services watchdog, BaFin.Credit Suisse is thus following the same procedure chosen by SEB Asset management for its ImmoInvest fund. Like SEB AM, CSAM Immobilien says that if redemption demands do not exceed available liquidity, the fund may continue its activities, but under the new Anlegerschutz- und Funktionsverbesserungsgesetz (AnsFuG) investor protection laws, which allow only one liquidity window per year, instead of daily liquidity. CS EUROREAL EUR ISIN: DE0009805002 CS EUROREAL CHF ISIN: DE0009751404
10/05/2012
Gestion d'actifs

Le FDC du Luxembourg annonce les résultats de son appel d'offres de gestion active actions et obligations

Appel d’offres en vue de l’attribution de plusieurs mandats de gérants de portefeuille pour le compte de la SICAV-FIS du FDC Le Fonds de compensation a lancé en date du 30 septembre 2011 un appel d’offres en vue de l’attribution de plusieurs mandats obligataires et d’actions à gestion active. Suite à la décision d’adjudication par le conseil d’administration du Fonds de compensation lors de sa séance du 25 avril 2012, ledit marché est attribué : pour le lot 1 FDC SICAV Obligations Monde - Actif 3 («hedged»), 2 mandats (1 mandat portant sur un montant indicatif d’actifs d’EUR 375 000 000 et 1 mandat de réserve): Wellington Management International Limited et Natixis Asset Management (mandat de réserve); pour le lot 2 FDC SICAV Actions EMMA - Actif, 3 mandats (2 mandats portant sur un montant indicatif d’actifs d’EUR 112 500 000 chacun et 1 mandat de réserve): Dimensional Fund Advisors Limited, Alliance Bernstein Limited et Baring Asset Management Limited (mandat de réserve); pour le lot 3 FDC SICAV Actions Monde - Actif 3, 2 mandats (1 mandat portant sur un montant indicatif d’actifs d’EUR 400 000 000 et 1 mandat de réserve): ING Investment Management B.V. et Kleinwort Benson Investors Limited (mandat de réserve).
Gestion d'actifs
10/05/2012
Gestion d'actifs

La CDC Fonds d'épargne devrait accroître ses investissements en obligations indexées à l'inflation

Le doublement du plafond du Livret A de 15.300 à 30.600 euros proposé par le nouveau président français, pourrait accroître la demande pour les emprunts d’Etat indexés sur l’inflation, rapporte L’Agefi. La rémunération du Livret A étant fonction de l’inflation française, pour se couvrir, les fonds d'épargne qui gèrent la majorité de la collecte au sein de la Caisse des dépôts, ainsi que les banques, ont intérêt à acheter des OATi, la dette indexée sur l’inflation française. Selon une hypothèse prudente de Barclays Capital, dans une note publiée le 4 mai, cette mesure serait à l’origine d’une collecte de 41 milliards d’euros, précise le quotidien. Et pour BarCap, l’OATi 2017 est la mieux placée pour bénéficier du doublement du plafond.
Gestion d'actifs
10/05/2012

Le chômage au plus bas en Australie

Le taux de chômage australien a chuté de 5,2% en mars à 4,9% au mois d’avril, son plus faible niveau depuis le mois de décembre 2008, selon les chiffres publiés ce matin par le bureau des statistiques de Sydney. Une baisse surprise puisque le consensus Bloomberg tablait sur une hausse du chômage à 5,3%.
10/05/2012

Le Japon confirme le retour à un excédent de ses comptes courants

Le Japon a enregistré pour le deuxième mois consécutif un excédent de ses comptes courants en mars, à 1.590 milliards de yens (15,4 milliards d’euros) contre 1.430 milliards anticipés par le consensus. Un niveau qui reste qui reste cependant 8,6% moins élevé que celui enregistré un an plus tôt.
10/05/2012

Rebond en trompe-l'œil de l’excédent extérieur chinois

L’excédent commercial de la Chine a bondi à 18,4 milliards de dollars au mois d’avril, contre 9,9 milliards prévu par le consensus. Cette hausse cache cependant une hausse modeste des exportations de 4,9% sur un an (contre 8,5% prévu par le consensus) et une atonie des importations, en hausse de seulement 0,3%, contre 10,9% prévu par le consensus.
10/05/2012

L’AMF sanctionne GSD Gestion

La Commission des sanctions de l’Autorité des marchés financiers a annoncé mercredi avoir infligé une amende de 150.000 euros et un blâme à l’encontre de GSD Gestion pour divers manquements à l’égard des investisseurs, notamment dans la communication d’informations. Les PDG et directeur général délégué de la société, Jacques et Thierry Gauthier, écopent également d’un blâme.
10/05/2012

News Corp double son programme de rachat d’actions

Le groupe de média américain a doublé de 5 à 10 milliards de dollars la taille de son programme de rachat d’actions annoncé l’été dernier. Le groupe a indiqué hier avoir passé une charge de 63 millions de dollar, soit 0,02 dollar par action, en raison des coûts liés à l’enquête toujours en cours sur les écoutes téléphoniques illégales pratiquées pendant des années par le tabloïd News of The World. Ce qui porte à 257 millions le total des charges passées à cause de l’enquête. Le groupe a dégagé un résultat net du groupe de 937 millions de dollars, soit 0,38 dollar par action, sur le troisième trimestre de l’exercice 2011-2012 contre 639 millions un an plus tôt. Chase Carey, le directeur général du groupe, a en outre démenti tout projet de scission des activités de publications et n’a pas donné d’orientation précise sur l’avenir de BSkyB. L’action grimpait de 3,5% dans les échanges après Bourse, à 20 dollars.
10/05/2012

Pékin pourrait se montrer plus accueillant avec les hegde funds

La Chine, qui encourageait jusqu’ici l’investissement direct en actions et obligations des investisseurs étrangers dans le cadre de la réforme de son secteur financier, pourrait faire un pas de plus et autoriser les fonds alternatifs à acheter en direct sur ses marchés. Pour l’instant, les hedge funds souhaitant accéder au marché chinois passent par leur courtier qui utilise ses propres quotas QFII pour acheter actions et obligations pour leur compte.
10/05/2012

La valeur de marché brute des dérivés OTC en hausse

Selon un rapport de la Banque des règlements internationaux (BRI), le montant notionnel total des dérivés de gré à gré (OTC) en circulation sur le marché a décliné au deuxième semestre 2011, pour se positionner à 648.000 milliards de dollars. Dans le même temps, la valeur de marché brute, qui mesure le coût de remplacement des contrats existants, a grimpé à 27.000 milliards de dollars. A noter que sur la période concernée, la population des dealers sous revue a augmenté.
10/05/2012

Lisbonne veut s’en tenir à la consolidation budgétaire

«Soyons bien clair, il n’y a pas de croissance économique sans consolidation budgétaire», a déclaré mercredi le Premier ministre portugais Pedro Passos Coelho, à l’issue d’un sommet avec son homologue espagnol, Mariano Rajoy. Ce dernier a estimé que seule une Europe unie pourrait surmonter les difficultés actuelles.

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