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30/03/2012

Employee savings up 62% in ten years

Assets in employee savings have increased sharply in recent years: they have risen 62% over the decade, according to the Employee Savings Club, which yesterday held its 10th annual conference, Les Echos reports. Assets in employee savings for all personnel combined totalled EUR93.8bn (of which 40% were in employee savings), according to statistics as of 30 June 2011. This represents about 3% of the financial wealth of French citizens. Overall, 246,394 businesses are have employee savings teams, compared with 128, 245 in 2004. But the Savings Club, which includes major businesses with such savings plans, points out that the major challenge is to extend this personnel.
30/03/2012

Scandinavia leads sustainability rankings

The rankings of OECD countries on the basis of 53 sustainability indicators (including areas such as the environment, transparency, health, and education) undertaken by Petercam places Scandinavia and Switzerland at the top of the rankings. Norway has ceded the top place in the sustainability rankings to Sweden due to the latter’s higher score in the areas of health and education. France remains in 13th place in the rankings, with good results in the areas of the environment, carbon emissions and the climate change index. However, in the area of economics, it has relatively weak results in terms of its competitive position, public debt levels and budget deficit, a statement says. Meanwhile, among the various changes in the rankings, Iceland, one of the first victims of the credit crisis, has finished in fourth place. Canada, for its part, has lost three places, due to having withdrawn from the Kyoto Protocol. At the bottom of the rankings, the countries of Southern Europe continue to earn mediocre sustainability ratings. Meanwhile, the “what do you get for your tax money?” index, which calculates how much a taxpayer pays for sustainiability in a given country, places Switzerland at the top of the rankings, with results approaching those of Scandinavian countries in terms of education, the environment, and healthcare, although citizens enjoy a lower rate of taxation.
30/03/2012

UBS restructured services for independent managers in Switzerland

UBS is restructuring its activities serving independent wealth managers, Le Temps reports. About 40 jobs will be cut in the UBS Global FIM banking unit, which includes over 300 employees in Switzerland, the bank announced on Thursday, confirming reports on the website Finews.ch.The number of jobs lost corresponds to a net reduction of about 12% to personnel in the unit in Switzerland, a spokesperson for UBS states. “New positions have also been created, such as investment advisor and risk and processes specialist,” the spokesperson added.In order to confront a changing regulatory environment, independent wealth managers need to use new services. Services aimed at financial intermediaries, or FIM, are now provided by a single team, with about 400 people worldwide. Independent wealth managers who work with UBS manage nearly US75bn, Finews.ch reports.
30/03/2012

Interest in ETFs based on alternative-weighted indices increasing

Demand from European investors for ETFs based on new forms of indices has increased from 29% to 39% over the past year, the new edition of the Edhec European ETF Survey, undertaken in partnership with Amundi, reveals. This indicates growing interest in alternative-weighted indices.In terms of future use, a majority of the 174 European ETF investors surveyed (63%) indicate that they intend to increase their allocation to ETFs in the future. While investors are using ETFs more heavily for dynamic strategies and specific sub-segment exposure than in the past, the main use of ETFs remains long-term buy-and-hold investing in broad market indices. ETFs are mainly used as beta or asset allocation tools. Finally, on the subject of regulations, the study finds that industry communication on the risks of ETFs has led to the counterparty risk of physical ETFs being underestimated. As a result, investors think that full physical replication (a positive score of 2.28 out of 3) is less risky than synthetic replication (1.41 out of 3) in terms of counterparty risk.
30/03/2012

HFR and Morningstar sign a strategic distribution agreement

US-based Hedge Fund Research (HFR) and Morningstar on 28 March signed a strategic distribution agreement by the terms of which subscribers to the institutional investment analysis platform Morningstar Direct will be able to acquire licenses for alternative investment content from HFR, including the HFRX and HFRI hedge fund indices, the hedge fund database and analysis of the alternative management industry.Morningstar Direct includes global data and content from Morningstar on investments, with analysis tools to interpret financial information to optimise investment ideas and communicate clearly and comprehensively. Over 1,700 businesses worldwide subscribe to the service, and the number of users has recently topped 6,000.
30/03/2012

Convictions AM adds to team and product range

Convictions Asset Management is preparing to launch a new fund. Convictions Classic will be a global bonds fund, “investing about 90% in bonds and 10% in equities,” Philippe Delienne, chairman of the French asset management firm, announced on Thursday. An AMF license for the product is pending. Its launch coincides with the creation of a defensive mandate, “Mandat Classic.”The asset management firm has also announced the recruitment of Elodie Deville as head of partner relationships. Before joining Convictions AM, the 29-year old woman had been responsible for partner relationships in the south of France at Alienor Capital.
30/03/2012

CVC Capital Partners recruits a former PAI Partners manager

The investment fund CVC Capital Partners (CVC) has recruited Bertrand Meunier as managing partner and a member of its PE board, effective immediately. He will be based in London, and will have global responsibility, including for the newly-created consumer goods sector. He will also oversee the development of the business in France. Meunier had previously served as chairman of the Partner Committee and head of the sector teams at PAI Partners, where he started in 1982.
30/03/2012

BlackRock recruits a specialist from Axiom

Luiz Soares, who joined Axiom International Investors in 2000, and who had most recently been responsible for about USD1bn in emerging markets assets, has been recruited as managing director of the fundamental emerging markets equities team at BlackRock, which has USD2.5bn in assets under management. In addition, he has been appointed as a portfolio manager for BlackRock Emerging Markets Fund, Inc. (MDDCX).He will be based in New York, and will report to Chris Leavy, CIO fundamental equity (Americas). He will also work in close collaboration with Sam Vecht, head of the EMEA equities team in London, Andrew Saxcan, head of the Asian equities team in Hong Kong, and Will Landers, head of the Latin American equities team, in Princeton.
30/03/2012

Avenir Finance: asset management did well in 2011

Avenir Finance has reported earnings of EUR34.32m in 2011, up more than 27% compared with 2010, and a net profit of EUR0.60m (+114% compared with the previous year). In asset management, earnings totalled EUR21.81m last year, compared with EUR14.61m in 2010 (+49%).Operating profits totalled EUR2.51m, compared with EUR1.24m in 2010 (+102%). The asset management firm, specialised in asset allocation and absolute return, has taken on more than EUR40m in second half 2011, a statement says.Avenir Finance is now aiming for earnings in 2013 of EUR55m, and of EUR88m in 2015, with a 15% profit margin, compared with 3% in 2011.A dividend of EUR0.15 per share will be proposed at the general shareholders’ meeting.
30/03/2012

Record profits at DVAG

The financial services provider Deutsche Vermögensberatung AG (DVAG) on 29 March reported net profits of EUR171.1m for 2011, representing an increase of 14% compared with 2010, and a record amount for the business, which has been in existence for 37 years. DVAG now employs over 37,000 full or part-time advisers.Earnings, for their part, increased 4.3% to EUR1.11bn, and the chairman of the board, Reinhard Pohl, claims that “since the financial crisis, the number of clients has increased by 2 million, and now total over 5.9 million.”The annual report states that DVAG at the end of last year intermediated 5.6% of assets at the asset management firm DWS (Deutsche Bank), whose products it distributes. At the end of 2010, it accounted for 4.9% of these assets.
30/03/2012

Franklin Templeton aims to double assets in Germany

Richard Berben, CEO of Franklin Templeton for Germany, has announced that he is aiming to double the volume of assets under management (EUR14.8bn as of end-January) in fice years, and that he is planning to make the firm one of the top five providers in the country, the Frankfurter Allgemeine Zeitung reports.Currently, Franklin Templeton ranks sixth, far behind BlackRock, with EUR28.3bn in its iShares ETF funds alone, not counting its other funds. Franklin Templeton, which arrived in Germany at the same time as Fidelity, initially lagged behind its US rival, and then outpaced it, as Fidelity fell back to EUR8.9bn in assets.Berben does not plan any absolute return funds, but has not ruled out the possibility that Franklin Templeton may launch wealth management funds.
30/03/2012

Bonnfinanz finds its new head at last

Michael Rentmeister, who left the firm at the end of December to become chairman of the managing board at OVB Holding, replacing Wilfried Kempchen, has at last been replaced in turn as chairman of the board at the financial product distributor Bonnfinanz by Ulrich Mitzlaff. Mitzlaff joins from the Allianz group, where he had most recently been director of the operational management/international distribution department.
30/03/2012

Very good start of the year for hedge funds

After their second worst year ever in 2011, hedge funds had their task set out for them in January: not to miss the rally. This mission appears to have been accomplished, as they are now about to publish record quarterly gains for first quarter, the Financial Times observes. According to Hedge Fund Research, the average fund has gained 5% since the start of the year. Some are doing better, such as the manager Philippe Jabre, whose flagship multi-strategy fund has gained 16% as of mid-March. CQS, from Michael Hintze, has posted returns of 15.5% for his fund.
30/03/2012

JPMorgan AM appoints a new country head for Italy

JPMorgan Asset Management has appointed Lorenzo Alfieri as its new country head for Italy.Alfieri succeeds Massimo Greco, who has been promoted to the position of European head of the new Global Funds Management division in London, following the announcement of the departure of Jamie Broderick.Alfieri joined JPMorgan AM in 1999, and has been head of sales since 2001.
30/03/2012

Les derniers pans de la régulation des agences de notation en danger

L’opposition à la règle de rotation, dernier maillon sujet à controverse du projet de régulation des agences de notation mené par Michel Barnier, serait si forte que les ministres des finances européens auraient décidé de rayer purement et simplement le sujet de leurs agendas lors de leur réunion qui se tient aujourd’hui à Copenhague, selon le quotidien qui cite des sources diplomatiques. Le projet contraint les investisseurs à mener leurs propres évaluations, ainsi qu'à une rotation de ces notations ou à une prise en compte simultanée de plusieurs notes afin d'éviter toute décision automatique d’investissement lorsqu’une note est abaissée.
30/03/2012

Le déficit français meilleur qu'attendu en 2011

Le déficit public français serait tombé à 5,2% du PIB en 2011, contre un objectif inscrit dans la loi de finances de 5,7% et une estimation du gouvernement de 5,3%, selon le quotidien qui ne cite pas de sources. La première estimation du déficit doit être publiée par l’Insee ce matin. Le gouvernement s’est engagé à le réduire à 4,5% du PIB fin 2012 et 3% fin 2013.
30/03/2012

La taille des pare-feu européens en débat

Les discussions sur la capacité totale du pare-feu pour stopper la contagion de la crise dans la zone euro s’annoncent serrées lors de l’Eurogroupe d’aujourd’hui à Copenhague. Alors que la France milite pour 1.000 milliards d’euros, Berlin n’est prêt à monter que jusqu'à 800 millions.
30/03/2012

BATS prend peur pour les cotations en son sein

Le quotidien américain souligne les inquiétudes de l’opérateur boursier concernant les introductions sur sa plateforme de cotation électronique après avoir du renoncer à sa propre IPO. BATS Global Markets devrait suspendre ses efforts afin de recruter de nouveaux venus sur sa plateforme avance le quotidien de sources proches.
30/03/2012

Le Trésor américain en perte sur la cession de titres bancaires

Le Trésor américain a enregistré une perte de 50 millions de dollars sur la revente d’actions préférentielles qu’il détenait dans petits établissements du pays, jetant le trouble sur les conditions de revente des titres qu’il détient encore dans 350 institutions financières. Selon Matt Anderson, porte-parole du Trésor cité par le journal, le département a reçu 88 cents par dollar sur les 411 millions investis dans les six banques.
30/03/2012

La gestion collective chinoise en perte

Les 873 fonds de gestion collective chinois gérés par 64 sociétés dans le pays, en excluant les fonds sur devises et de capitaux garantis, ont concédé une perte combinée de 500 milliards de yuans (60 milliards d’euros) sur l’année 2011, selon le China Securities Journal qui se réfère aux données publiées par la société de recherche financière TX Investment Consulting.
30/03/2012

Le Brésil lâche du lest sur l’inflation

Selon le rapport trimestriel de la banque centrale, l’inflation devrait ralentir à 4,5%, conforme à son objectif, d’ici la fin de l’année 2012. Le rythme de hausse des prix devrait néanmoins ensuite rebondir à 5,3% en 2013, dans le scénario de taux directeurs à 9% cette année et remontés à 10% en 2013. Depuis août, les taux directeurs ont été baissés de 275 points de base à 9,75% pour relancer la croissance.
30/03/2012

La croissance américaine confirmée

Le département du Commerce a confirmé la croissance du PIB américain au quatrième trimestre 2011 à 3,0% en rythme annuel, son taux le plus élevé depuis le deuxième trimestre 2010. Ces données définitives sont caractérisées par une révision en nette hausse des revenus des ménages.
30/03/2012

L’Allemagne connaîtra une croissance molle jusqu'à la fin 2013

Selon trois instituts d'études européens, l’Allemagne connaîtra une croissance limitée à 0,3% cette année et à 0,7% en 2013, les mesures de rigueur affectant la demande extérieure. L'économie allemande a subi une contraction de 0,2% au quatrième trimestre 2011 mais il semble qu’elle se soit un peu redressée au premier trimestre 2012.

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