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17/04/2012

IOSCO and CPSS publish principles for market infrastructure

The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) on April 16 published three documents that promote global efforts to strengthen financial market infrastructures (FMIs): a report entitled Principles for financial market infrastructures; a consultation paper on an Assessment methodology for these new standards; and a consultation paper on a Disclosure framework for the standards.Comments on these two documents for public consultation should be sent by 15 June 2012. The CPSS and IOSCO, together with the Financial Stability Board, are also working on guidance for designing resolution regimes for FMIs. This work will be published in the coming months.
17/04/2012

MIG bank sets up shop in Hong Kong

The Swiss firm MIG Bank, which offers online trading services to private and institutional clients, is opening a representative office in Hong Kong. The measure is a first step in a growth plan for the bank in Asia, the firm says in a statement published on 16 April. MIG Bank is specialised in online forex trading, contracts for difference (CFD) and trading of precious metals for various private and institutional clients in 120 countries.
17/04/2012

Ping An Russell launches a manager of managers fund

With Bank of Communication International Trust, Ping An Russell will be launching a Manager of Managers fund in China, which will be aimed at institutional investors, holders of QFII licenses, and retail clients, Z-Ben Advisors reports. The team will look for fund managers in continental China, as well specialists in mutual funds as of private funds, brokerage and QFII products.
17/04/2012

Efama defends ISIN codes

The European Fund and Asset Management Association (EFAMA) has pointed out the importance of the EU Commission decision of 15 November 2011 to accept commitments by the ratings agency Standard & Poor’s in relation to billing for international securities identification number (ISIN) codes, in a public statement dated 16 April.The Commission had decided to legally require the ratings agency to honour its commitments, including a commitment to discontinue royalties paid to banks for the use of ISIN codes in the European economic area, and ISIN numbers for securities issued in the United States. In a complaint filed in November 2009, the Commission expressed concern that S&P, the only national ratings agency covering securities issued in the United States, was able to charge excessive fees for the use of ISIN numbers and their dissemination in Europe, in violation of European monopoly and competition regulations.Efama stresses that this decision is a major victory for the European financial services industry which will save approximately USD100m per annum in ISIN license fees going forward. Efama deplores that S&P has failed to cooperate voluntarily with the financial services industry in the EU in the past and still does not want to address valid user concerns. Therefore, EFAMA, and several other entities, including the German financial management association (BVI), the Commission in charge of services and IT systems serving market operators (Cossiom), part of the Forex and bank treasury association (ACI France), the British Information Provider User Group (IPUG), and its Swiss counterpart, SIPUG, have launched a complaint in Switzerland with the relevant competition authority to require Standard & Poor’s to enact its commitments on ISIN numbers in Switzerland also.
17/04/2012

Asian institutionals turn to ETPs

State Street Global Advisors (SSgA) reports that the ETP market in Singapore and the rest of Asia has a bright future. “Surveys of local institutional investors have found that they would like to increase the proportion of their allocations dedicated to ETPs in the near future. A 2011 survey finds that 48% of institutionals surveyed would like to increase their exposure to this type of product, half of them by more than 5%, by 2013,” a statement from State Street says.
17/04/2012

Not all German real estate funds are in trouble

The SEB Immoinvest (EUR6.35bn) and CS Euroreal (EUR6bn) funds from Credit Suisse may be in severe danger of being liquidated as soon as next month after two years of a redemption freeze, but it’s not due to a problem with the quality of management, as surprising as that may be, the Frankfurter Allgemeine Zeitung reports. It appears that the determining factor is whether the asset manager has a captive audience to sell its products. This is the case for RREEF (Deutsche Bank) for its Grundbesitz Europa, at Deka (savings banks) for its Deka ImmoEuropa, and Union Investment (co-operative banks) for its UniImmo: Europa, which have no problems in absorbing the shares redeemed by other branch clients.The newspaper points out that currently, open-ended retail funds which are operating as normal have assets of EUR61.5bn, while frozen funds have EUR13.9bn, and funds in the liquidation process have EUR9.7bn. Open-ended real estate funds have posted net inflows every year since 2008, and they attracted a further EUR1bn in the first two months of this year.
17/04/2012

Heavy outflows form equity funds in early April

High-risk asset classes faced uncertainty about growth worldwide and in the euro zone in the week to 11 April. High yield bond funds finished the week in the red for the first time in nearly five months, according to statistics from EPFR Global. Equity funds have posted a net outflows of USD9.26bn, while bond funds have attracted only EUR2bn. Money market funds have finished the week with net outflows of USD1.7bn, with net redemptions in the United States easily cancelling out subscriptions in Europe.
17/04/2012

Axa IM transforms Immoresidential fund into a Spezialfonds, in a German first

Axa Investment Managers Germany on 1 March successfully transformed the open-ended real estate fund Axa Immoresidential into a Spezialfonds type institutional fund. It is the first time such a conversion has been undertaken in Germany.The Immoresidential fund was launched in 2009 as an open-ended fund available exclusively to institutional investors. Modifications to investor protection regulations have come since, so that insurers, one of the major target audiences for the product, may not invest in shares in this fund from their real estate allocations. With the adaptation of the fund’s format and its conversion into an institutional fund, the Immoresidential fund becomes eligible once again for investment from the real estate allocations of target clients, and all shareholders have agreed to the changes.Since the conversion, the fund has already seen an inflow of EUR10m from a German credit institute. The minimal subscription is EUR3m.As of the end of February, assets in the Immoresidential fund totalled EUR120m, and Axa IM estimates that it is possible the fund may reach EUR500m by the end of 2013. So far, the fund has acquired or is in the process of acquiring assets valued at a total of about EUR164m.
17/04/2012

Universal “dircom” takes on sales duties as well

Henning Stegmayer, director of marketing and communications at Universal-Investment, has been additionally appointed as a member of the board at the distribution affiliate Universal-Vertriebs-Services GmbH (UVS), alongside Christian Rauner, director of the private label funds & services unit.The marriage of marketing and sales aims to promote sales of white label products to new partners, and sales in non-German-speaking countries.As of the end of March, Universal-Investment managed 406 open-ended funds with total assets of EUR14.4bn, 80 more funds and EUR2bn more than two years previously.
17/04/2012

La Mondiale Europartner plans to start up on British market

The French AG2R La Mondiale group is reportedly soon to enter the British market via its international wealth management unit, La Mondiale Europartner (LMEP), a firm listed in Luxembourg, Investment Europe reports. Assets under management at LMEP, which is 65% controlled by La Mondiale and 35% by Aegon, total over EUR4bn.
17/04/2012

Skybridge Capital adds to sales teams

The hedge fund management firm Skybridge Capital, whose assets under management and advising total about USD6.2bn (as of the end of February 2012), has recruited five people for its distribution teams in the United States and Europe, Hedgeweek reports. In addition to four people in the United States, Skybridge Capital has recruited Henrik P Molin as director of marketing for European activities of the firm. Molin, who will be based in Zurich, has previously worked at businesses including Systeia Capital Management.
17/04/2012

CalPERS creates a position for a head of risk, deontology and ethics

The Californian pension fund CalPERS has announced the appointment of Kathleen Webb to the newly-created position of chief officer for risk, deontology and ethics. In her new role, Webb will be in charge of offering independent evaluation of all types of risk likely to affect the pension fund, including financial, legal, operational, political, strategic, and other risks. She will also act as an adviser and independent consultant on the CalPERS risk committee. Webb will report to Russ Fong, chief financial officer of CalPERS. She will begin on 23 April. Webb previously worked in the California state health department, where she was in charge of risk management.
17/04/2012

Three promotions at Edmond de Rothschild Capital Partners

The Edmond de Rothschild Capital Partners company on Monday, 16 April announced three promotions in its team. Sylvie Verges is appointed as a partner, while Bertrand Demesse and Louis-Antoine Roullier are both appointed as managing partner at the firm. Edmond de Rothschild Capital Partners has EUR530m in assets under management in three funds, dedicated to growth LBOs in the French midcap segment.
17/04/2012

Bank Zweiplus refocuses on B to B

Bank Zweiplus is planning to refocus its activities on core activities in the future, including activities dedicated to financial services providers, wealth managers and insurers. In other words, the firm is planning to position itself as a preferred B to B banking partner, able to offer solutions adapted to its business clients. As a result, the retail clients unit will be managed by the Cash online platform, effective immediately, the firm controlled by Sarasin bank (57.5%) and Falcon PrivateBank (42.5%) announced on 16 April. Zweiplus claims that the market appears to be showing a need for an independent product and development platform for qualified financial service providers, wealth managers and insurers. The bank is planning to respond to this development by making a clear separation between accounts in its two major units of activity, namely business and retail clients. For retail clients, the Cash online platform, with Zweiplus, has created Cash Zweiplus AG, 50% controlled by Ringier and 50% by Zweiplus. Ringier is contributing the “Cash” brand and the platform of the same name, already used by 170,000 users. As of the end of 2011, assets under management at Zweiplus bank totalled CHF4.8bn.
17/04/2012

Swiss Wealth Management launches its first UCITS-compliant fund of funds

Swiss Wealth Management has launched its first UCITS-compliant hedge fund in order to avoid direct replications of offshore funds, Citywire reports. The CB-Accent Alternative Alpha Evolution fund is managed by Gabriele Gentile. EIM will serve as an adviser to the fund for the first twelve months. The fund, which invests in about 25 UCITS-compliant hedge funds, aims primarily at funds designed from the ground up to fit the UCITS mold. The fund of fund is 30% exposed to long/short equity, 25% to arbitrage strategies, and 25% to directional strategies, with 10% reserved for credit strategies. The remaining 10% is the cash allocation.
17/04/2012

Deka Immobilien sells a property in Vienna

The office and commercial property La Stafa in Vienna, Austria, has been sold by Deka Immobilien for an undisclosed sum to an Austrian investor. The 11,600 square metre property was acquired in 2003 for the open-ended real estate fund WestInvest InterSelect. The sale offers the fund an opportunity to refresh its portfolio under good conditions, Deka states.
17/04/2012

Lazard Frères Gestion launches Objectif Oblig Emergentes 2018

Lazard Frères Gestion is launching Objectif Oblig Emergentes 2018, a horizon FCP fund (maturing in 2018) which invests in emerging market corporate bonds. The fund aims for a gross actuarial rate of return of 7% (not guaranteed). The manager of the fund, Lionel Clément, allocates a preponderant proportion of the portfolio to Latin America, which is complemented by investments in Asia and Central Europe. The current economic context appears particularly favourable to the theme of the fund. “The attraction of this asset class resides in the fact that all emerging countries have a particularly favourable macroeconoimc environment, particularly with a higher growth rate than in the euro zone and a positive trade balance. Despite this promising context, it also presents a significant risk premium. At equivalent ratings, returns on a business in an emerging market are higher than for a European company,” the asset management firm points out. The subscription period extends from 16 April until 29 June 2012, inclusive. Characteristics ISIN code: C shares: FR0011223098; D shares: FR0011228568 Date of issue of fund license: 30 March 2012 Recommended investment duration: 6 1/2 years Management fees: 1.25% of assets, including all taxes, excluding OPCVM fees Front-end fees not paid to the FCP fund: maximum 2%, including all tax Early withdrawal fees: none
17/04/2012

Percos continue to take off in 2011

Collective retirement savings plans, or Perco plans, last year continued to grow, with assets as of the end of December of EUR5bn, a 25% increase over 31 December 2010, according to statistics from the French financial management association (AFG). Over the past year, the number of businesses equipped to offer Percos increased by 20%. As of the end of December 2011, nearly 148,000 businesses of all sized offered access to these retirement savings vehicles to their employees. Of 3.4 million employees covered, more than 960,000 have already made contributions, an increase of 39% in one year. Inflows to Perco plans last year totalled EUR1.4bn, up by nearly 18% in one year, with 23% coming from participation, 16% from profit-sharing, and 21% from voluntary employee contributions, while the contribution of the business totals 40%. Redemptions totalled EUR240m, with the remaining subscriptions totalling EUR1.18bn, an increase of 15% compared with 2010. Average assets held by each beneficiary total EUR5,187. One third of employees have put in place piloted management of their Perco, meaning financial management based on a gradual movement of the asset allocation to less risky investments as retirement approaches.
17/04/2012

French inflows driven by money market funds

The French collective management market has posted net subscriptions in first quarter of EUR14.534bn, according to the most recent statistics from EuroPerformance. These inflows were driven by money market funds, which have seen net inflows of EUR18.974bn, due to a return of investors to short-term assets, and to a lesser extent, by bond funds (+EUR2.148bn). All other categories of funds show a negative balance, particularly equity funds, which have seen total net outflows of EUR3.16bn. In detail, Americas and Asia funds show a quarterly outflow, of -EUR39m and -EUR25m, respectively. Meanwhile, invetors have continues to steer clear of the France, euro and European equities categories: these categories show outflows of -EUR3.4bn. For the quarter, only international equities and emerging markets equities show net inflows (+EUR676m). Among the various categories of sector equity funds (-EUR322m in net redemptions for the quarter), only the finance equities fund category shows significant investment flows (+EUR125m). Diversified funds, guaranteed or formula mutual funds, and hedge funds show net outflows, respectively, of EUR1.715bn, EUR1.297bn, and EUR416m. Overall, with the addition of a positive market effect of EUR26.141bn for the first three years of the year, assets in the French collective management sector have increased 6% compared with the previous quarter, to EUR770.650trn.
17/04/2012

JPMorgan preparing a physical copper ETF

J.P. Morgan Commodity ETF Services LLP has filed to the SEC for a license to list a fund investing in physical copper stored by the Henry Bath Group, another J.P. Morgan affiliate. The new product would be listed by June on NYSE Euronext, and does not yet have an acronym or TER level. The filing states that the fund would not be actively managed. 6.18 million shares would initially be offered.
17/04/2012

Shareholders call for dual governance at Société Générale

The asset management firm Phitrust, which in a shareholder activist campaign was able to ensure the support of 0.595% of shareholder votes, will be placing a question on the agenda of the general shareholders’ meeting at Société Générale on 22 May about dual governance, Les Echos reports. Shareholders will vote on a resolution which proposes to “change the administrative and management structure of the firm into a firm with a supervisory board and a board of directors,” through a modification of its statutes. Société Générale is currently the only French bank where the positions of chairman of the board and CEO are combined.
17/04/2012

Moody's sees no reason to change France's credit rating on 12 May

The financial ratings agency Moody’s has “no particular reason” to take any action or release any statements about France’s credit rating on 12 May, a spokesperson announced on 16 April, as François Hollande announced that the ratings agency would deliver a decision on that date. The three major ratings agencies have placed France’s credit rating on a negative watch. Standard & Poor’s was the first to lower its rating from AAA to AA+ in January, meaning that further downgrades are possible in the short term. The placement of a rating on negative watch by Moody’s does not necessarily imply that a decision will be taken within 90 days, unlike an announcement that the rating will be reviewed for downgrade.
17/04/2012

ETF providers may be allowed to pay off market makers

ETF providers may in the near future be permitted to pay off market makers for giving their new ETFs a boost on the exchange, Mutual Fund Wire reports. Nasdaq is proposing to create a programme which would allow ETF providers to pay a market maker USD50,000 to USD100,000 per year to assure a certain minimum level of activity for certain ETFs.
17/04/2012

Hedge funds to be allowed to advertise

Hedge fund managers will be allowed to talk more publicly about their strategies and returns, and may even be allowed to advertise, which has been forbidden hitherto, the Wall Street Journal reports.A new law, the JOBS Act, signed by the US president on 5 April, gives the Securities and Exchange Commission 90 days to revise its 80-year-old rules which forbid advertising and any form of communications by hedge funds and private equity firms. The new rules will establish exactly how funds are allowed to woo clients, the US newspaper reports.
17/04/2012

Peak debt levels expected in several countries, according to IMF

The International Monetary Fund (IMF) on 17 April estimated that peak levels of public debt will soon be reached in most of its member states. “debt ratios [to gross domestic product] are rising, but peaks are still ahead of us,” the IMF states in its semi-annual “Public Finance Monitor.”“By 2015, we predict that the debt ratio will have stabilised or begun to fall in 85% of countries surveyed” (a total of 60 countries) according to the IMF’s projections for the next five years. This is the case in France, where the peak is expected to be 90.8% in 2013, and in Italy, where levels will peak at 123.8% in the same year, but not in the United States and Japan, where public debt may set new records in 2017 (113.0% and 256.6%, respectively).“However, in many cases, this is based on the assumption of continued highly favourable interest rates and growth in the next few years in most countries, despite high levels of debt,” IMF economists warn. They say that “in many advanced economies, including France, Italy and the United Kingdom, even small shocks … could prevent stabilisation in the mid-term.”Japan announced on Tuesday, 17 April that it will be providing a further USD60bn to the IMF to help it fight the debt crisis in Europe.
17/04/2012

Thomson Reuters launches a credit risk evaluation model

The solution provider Thomson Reuters on 16 April launched its credit risk evaluation model, the StarMine SmartRatios Credit Risk Model. The new model takes into account various accounting ratios covering five areas: profitability, coverage, leverage, liquidity and growth, on scales of 1 to 100, so as to rapidly identify strengths and weaknesses of a business on the credit risk front.
17/04/2012

London remains a major hedge fund centre

London remains the largest centre for hedge fund managers outside the United States, with 57 firms managing at least USD1bn each (not counting the London offices of the 100 main US hedge fund firms), Financial Times Fund Management reports, citing figures from HedgeFundIntelligence. An increase in taxes and regulations does not appear to have driven hedge fund managers away.
17/04/2012

Asset management unit of Barclays adds to range of services in Asia

Barclays Capital Fund Solutions, the asset management unit of the British Barclays froup, will this week commence activities serving investors in Asia, Asian Investor reports. The new range of services, which is already well-developed in Europe and the United States, provides a way for institutional investors to outsource operations such as execution and risk management, particularly for non-traditional asset classes such as commodities, emerging markets, and derivatives. Barclays is aiming particularly at pension funds, sovereign funds and private banks.
17/04/2012

One out of two institutionals votes against Botín at Santander

At the general shareholders’ meeting on 30 March, Emilio Botín’s re-election as chairman of Santander received a «no» vote from 24.27% of those present, all institutional investors. This means that slightly over 42% of institutional investors, who control 57% of capital in the firm, voted against the re-election of a chairman who has been in place for 26 yeasr, Cotizalia reports. As the bank’s annual accounts were approved with a majority larger than 95%, the conclusion is that institutionals would like to see changes at the top of the group.
17/04/2012

Strong increase in net subscriptions for Polar Capital

The asset management firm Polar Capital on 16 April announced that its assets under management had topped USD5bn as of 31 March 2012, with a total of USD5.083bn, compared with USD4.24bn as of the end of December 2011 and USD3.88bn at the end of March 2011. Assets in long-only funds as of the end of March totalled USD4.36bn, while hedge funds had USD718m. Polar capital says in a market statement that in the twelve months to the end of March, net inflows have totalled USD1.11bn for long-only funds, while hedge funds have seen outflows of USD67m in the same period. Market and forex effects represent a positive balance of USD164m, of which USD150m is for long-only funds.

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