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11/04/2012

NYSE Euronext lists BNPP fund

Since 10 April, the Netherlands-registered emerging markets high yield bond fund BNP Paribas Fund III NV has been admitted to trading on Euronext Fund Services (EFS) from NYSE Euronext. It becomes the 186th investment fund to be listed on that platform.CharacteristicsName: BNP EM HIEF 5Unh)ISIN code: NL0010060604Benchmark: S&P Global Emerging Markets High Income Equity (Euro)TER : 1.6%
11/04/2012

Indices: EDHEC critical of inadequate proposals by ESMA

Although it welcomes the fact that the new ESMA consultation document issued in January 2012 extends its range to a more horizontal approach covering all UCITS-compliant funds, rather than focusing solely on UCITS-compliant ETF funds in a more vertical manner, the EDHEC-Risk Institute expresses regrets in its response to the consultation document that the text does not go further in several key areas.Specialists at EDHEC express regrets that the European regulator did not see fit to propose a definition of passive management which could be associated with an acceptable tracking error level. Meanwhile, they are critical of the fact that the ESMA proposal, although it recommends making information on the performance of indices available for free, does not require that all information on indices be published for free, particularly the composition history of the indices. Furthermore, EDHEC would like to see the quality of governance of indices and a way to audit the decisions of index committees receive more attention from the regulator.
11/04/2012

Hennessee: hedge funds gained 0.59% in March

Last month, the Hennessee Hedge Fund Index posted returns of 0.59%, following gains of 1.68% in February and 2.25% in January, meaning that for first quarter, the average returns come out to 4.59%.Only three strategies saw losses in March: macro (-0.29%), short biased (-1.02%), and emerging markets (-1.28%). In January-March, only short bias shows losses (of 10.81%).
11/04/2012

Regulatory approval for Chinese “A” equities ETF

The Chinese regulator, the CSRC, has announced that it is opening a new CNY50bn allocation for “renminbi qualified foreign institutional investors (RQFII)», who will have no investment restrictions, and will be able to invest their assets wholly in ETFs of equities listed in continental China (A-class shares), Z-Ben Advisors reports.For the first wave, investments by RQII funds in A-class shares had been limited to 20% of assets.
11/04/2012

“Sustainable” funds don't always invest sustainably

According to a study of 10 “sustainable development” equity funds undertaken by the economic journalist Jochen Bettzieche for the Green party’s representation in the German Parliament, nine out of 10 products were directly or indirectly invested in companies that produce weapons, and all ten were invested in firms that produce oil or gas, the Frankfurter Allgemeine Zeitung reports.The Green party financial expert Gerhard Schick says the findings suggest that clear minimal legal advertising standards need to be established for funds which claim to invest sustainably.
11/04/2012

Armin Gudat joins Aquila

After 14 years at AxaRosenberg in London as head of relationship management for institutional clients in Germany, continental Europe and the Middle East, Armin Gudat on 1 April joined the Hamburg-based Aquila Capital Institutional as senior fund manager in the quantitative team. As Roman Rosslenbroich, founder and CEO of Aquila Capital, states, the new recruit will assist in the development of quantitative investment strategies and products.
11/04/2012

Job openings at Swiss banks scarcer

In the Swiss financial sector, the number of job openings as of the end of March was 20.5% lower than its level twelve months previously, with a 35.2% decline for banks and a 4% decline at insurers, finews reports.On the websites of 1,400 banks, insurers and other Swiss financial sector businesses (auditors, IT, consultants, etc.), as of 31 March there were 3,430 jobs announced, compared with 4,312 as of the end of March 2011, according to the Finews-JobDirectory-Index, published in cooperation with the website JobDirectory.ch. Of this total, job openings at banks totalled 1,144, compared with 1,765 one year preivously.However, finews states that there has been some stability since the beginning of the year at the two major banks (UBS and Credit Suisse), but that the decline is more pronounced at cantonal and private banks.
11/04/2012

Deutsche Börse puts carbon footprint information online

In partnership with the Carbon Disclosure Project (CDP), Deutsche Börse has placed climate change information concerning about 1,800 publicly-traded businesses online, free of charge, since the end of last week. The information makes it possible to compare the businesses in terms of their contribution to environmental protection and their transparency in terms of CO2 emissions.The data are available at http://www.boerse-frankfurt.com/.
11/04/2012

Aberdeen Development Capital closes down

The investment firm Aberdeen Development Capital is proposing to discontinue the activities of the company following a redemption of preferential shares to shareholders.Aberdeen Development has scheduled a general shareholders’ meeting for 30 April, in order to fulfil the firm’s final obligations. Shares in the company will be suspended from trading on the London Stock Exchange from 30 April.
11/04/2012

BNY Mellon promotes Chong Jin Leow

Chong Jin Leow, head of Asia-Pacific at BNY Mellon Asset Servicing, has been appointed additionally as country executive and general manager for Singapore. He will continue to report to Tim Keaney, vice chairman of BNY Mellon and CEO of BNY Mellon Asset Servicing, but will also report to Steve Lackey, chairman of Asia-Pacific.In his new role as head for Singapore, Chong succeeds Jai Arya, who has been promoted to the position of head of the global sovereign institutions group at BNY Mellon. Arya will be in charge of coordinating services of the group to sovereign funds, sovereign pension funds, central banks and monetary authorities as well as government entities.
11/04/2012

CVC looking for USD2bn for its stake in F1

The British private equity investor CVC Capital Partners is hoping to make USD2bn for a sale of its 20% stake in the organiser of Formula 1 automotive races at its IPO, Cotizalia reports. According to Bloomberg, the IPO is to be held in Singapore, which could also be the case of the Manchester United football club.
11/04/2012

Fund managers outperform their benchmarks less and less often

According to a study by Standard & Poor’s *S&P), only 16% of active fund managers in 2011 managed to beat the S&P Composite 1500 index, the poorest result since statistics began in 2002, Handelsblatt reports. In 2010 and 2009, the percentage of “outperformers” was 42% and 59%, respectively. This failure to outperform extends to large caps as well as small caps. The statistics will fuel current controversies about the added value that actively-managed funds offer compared to ETFs.
11/04/2012

Newedge appoints a new head of marketing and communication

The broker Newedge has announced the appointment of Peter Ward as global head of marketing communications, based in the firm’s New York offices. In his new role, Ward will be responsible for Newedge’s marketing activities worldwide. He will report directly to Kevin Russell, global head, brand & communications. Ward had previously been an independent consultant in marketing and communications. He also spent six years at Greenwich Capital Markets and Royal Bank of Scotland.
11/04/2012

Assets at insurers and pension funds up in fourth quarter

Total financial assets of euro zone insurance companies and pension funds in fourth quarter 2011 increased to EUR6.980trn from EUR6.919trn the previous quarter, according to statistics from the European Central Bank (ECB). In the same period, mandated insurance reserves, the major measure of liabilities for insurance companies and pension funds, have increased, from EUR6.113trn to EUR6.131trn. This increase is due in nearly equal proportions to positive transactions and valuation effects. In relation to ventilation of assets on the aggregate balance sheets of insurance companies and pension funds in the euro zone, assets in securities other than equities as of the end of December 2011 represented 39% of total financial assets in the sector. Shares in mutual funds represented the second largest exposure, with 23% of total financial assets. Lastly, equities and other participations represented 12% of the total.
11/04/2012

SLI recruits a big name from Union

According to reports in Citywire, Felix Freund, star manager at Union Investment (German co-operative banks), has been recruited as director of credit for Europe at Standard Life Investments (SLI).Investment Week reports, meanwhile, that SLI has recruited Mark Kedar as sterling credit investment director. Kedar had previously been fixed income investment manager at Kames.
11/04/2012

BNP Paribas IP names a new EMD CIO

BNP Paribas Investment Partners has appointed Guy Williams, CIO FFTW, as head of BNPP IP’s Global Emerging Fixed Income team after the departure at BlackRock of Sergio Trigo Paz with a six person team. He will assume responsibility for the management of its worldwide EMD strategies managed out of London.BNPP IP also says that «its priority is now to rapidly strengthen its emerging market fixed income resources with the required investment talent, a process that has already begun». BNP Paribas IP manages over EUR 4.5 billion of emerging market fixed income (EMD) assets.
11/04/2012
Gestion d'actifs

Le Fonds de dotation du Louvre recherche de la gestion active sur les actions émergentes

Thierry Brevet, directeur du Fonds de dotation du Louvre: Actuellement, nous étudions le remplacement d’une partie des fonds indiciels en actions émergentes par de la gestion active. En l'état actuel de nos réflexions, notre choix devrait se porter sur deux gérants satellites autour d’un c??ur qui demeurerait indiciel : un gérant français très spécialisé sur cette classe d’actifs et un gérant anglo-saxon avec un processus d’investissement original.
Gestion d'actifs
11/04/2012
Gestion d'actifs

La Cameic travaille avec deux partenaires de gestion

La Caisse d’assurance mutuelle des entreprises industrielles (Cameic) délègue l’intégralité de sa gestion financière à deux partenaires, soit 12 millions d’euros d’encours. Bruno Périssé, directeur du développement de la Cameic dans Option Finance numéro 1167: Notre préoccupation en tant qu’assureur n’est pas de dégager du rendement financier, mais de sécuriser nos placements. Notre métier est d’assurer nos clients, nous avons donc dès le départ fait le choix de confier notre gestion financière à des spécialistes en l’occurrence, la banque privée Saint Olive ainsi que plus marginalement à la société de gestion Darius Finance.
Gestion d'actifs
11/04/2012

La BNS défendra le cours plancher de 1,20 franc par euro

La Banque nationale suisse a cherché à rassurer sur sa capacité à maintenir son cours plancher de 1,20 franc pour un euro, son directeur général par intérim soulignant que la banque centrale pouvait négocier des centaines de milliards d’euros par jour. Jeudi dernier, le franc s’est brièvement traité à 1,1990 pour un euro, sous la barre de 1,20 fixée en septembre. Thomas Jordan a précisé que le franc était ensuite très vite reparti à la baisse grâce aux activités d’arbitrage.
11/04/2012

Un nouveau LTRO de la BCE n'est pas d'actualité

Un troisième LTRO (opération de refinancement à long terme) ne s’impose pas pour le moment mais rien ne dit qu’il n’en ira pas autrement à l’avenir, selon Ewald Nowotny, membre du Conseil des gouverneurs de la BCE. «Je ne peux l’exclure mais je n’en vois pas la nécessité à présent». Ewald Nowotny a également dit qu’il n'était pas inquiet pour l’Espagne, le pays faisant ce qu’il faut pour remettre de l’ordre dans ses finances publiques.
11/04/2012

La croissance devrait être nulle en France au premier trimestre

La croissance économique devrait être nulle en France au premier trimestre 2012, confirme la Banque de France dans sa troisième estimation fondée sur son enquête mensuelle de conjoncture publiée hier. L’indicateur du climat des affaires dans l’industrie est stable en mars à 95. Dans les services, l’indicateur est stable d’un mois sur l’autre à 93.
11/04/2012

444 millions d'euros d’OAT supplémentaires servis

L’Agence France Trésor a annoncé avoir servi hier 444 millions d’euros de soumissions non compétitives supplémentaires à l’issue de son adjudication d’OAT du 5 avril. Le montant total des OAT émises dans le cadre de cette opération s'élève à 8,883 milliards d’euros. Ce volume se répartit en 1,310 milliard d’euros d’OAT 4,25% 2017, 4,669 milliards d’euros d’OAT 3,00% 2022, 1,669 milliard d’euros d’OAT 3,50% 2026 et 1,235 milliard d’euros d’OAT 4,50% 2041.
11/04/2012

Fannie Mae and Freddie Mac incités à renoncer à certaines créances

Edward DeMarco, responsable de la Federal Housing Finance agency a indiqué au Financial Times que Fannie Mae and Freddie Mac pourraient économiser environ 1,7 milliard de dollars en abandonnant certaines créances plutôt que de repousser leur échéance. «Les pertes des entreprises seraient réduites et les prix des maisons se stabiliseraient plus rapidement, ce qui engendrerait des benéfices pour l’ensemble des participants du marché» a-t-il estimé.
11/04/2012

La CDC est le premier prêteur des collectivités

Selon l‘observatoire de la dette des collectivités publié par Finance Active, la Caisse des dépôts et consignations se hisse au premier rang des prêteurs avec 22,1% du montant des prêts accordés aux collectivités en 2011. Devant BPCE, qui a totalisé 19,5% du flux. Les collectivités ont diversifié leurs sources de financement avec un peu plus d’un tiers des emprunts levés via des financements alternatifs. Les financements éligibles de la BEI et de la CDC représentant respectivement 5,9% et 22,1% des emprunts nouveaux, quand la proportion des émissions obligataires a atteint 7,7%.
11/04/2012

Man Group sous pression

La plus grosse société de gestion d’actifs alternative cotée a été placée sous revue en vue d’une possible dégradation de sa note par Moody’s qui évoque des pressions qui pèsent sur les résultats. La dette senior de Man Group est actuellement notée Baa2 par Moody’s, soit deux crans au-dessus de la catégorie spéculative. L’agence met également en avant la «sous-performance continue des principaux fonds ».
11/04/2012

Le marché actions corrige sans volume

Tout comme le rally de début d’année, la correction se fait elle aussi dans des volumes limités. Les investisseurs restent prudents sur la classe d’actifs.
11/04/2012

Les ETF séduisent les conseilleurs financiers américains

«Parmi tous les produits que les conseillers financiers introduisent dans leur sac à malices, la croissance enregistrée par les ETF est la plus significative», a confié au quotidien John Meunier de Cogent Research. Ce dernier a mené une étude reflétant le succès grandissant des fonds indiciels cotés auprès des conseillers outre-Atlantique. Leur taux d’utilisation a progressé de 20 points de 2007 à 2011 à 66%.
11/04/2012

La Chine assure le financement de son parc Disney

Le gestionnaire du financement de la construction du parc Disney dans la ville de Shanghai aurait obtenu une garantie de prêt syndiqué de quelque 12,9 milliards de yuans (1,6 milliard d’euros), selon le Shanghai Securities News. La construction du parc devrait coûter environ 24,5 milliards de yuans, auxquels s’ajoutent 4,5 milliards d’aménagements et hôtels afférents au parc.

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