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12/03/2012

US money market funds make a return to euro zone

According to a statement from JPMorgan, relayed by Agefi, US money market funds have increased their portfolio of debt from euro zone banks by 30% in February, bringing their total exposure to USD211bn. This increase follows an increase of USD27bn the previous month.
12/03/2012

Profits and assets under management down for Skandia as it redeploys in Europe

Assets under management by Skandia in the UK as of the end of 2011 totalled GBP33.4bn, down by GBP500m year on year. Operating profits for the fiscal year are down by GBP37m to GBP103m. Skandia UK has also announced plans to extend the range of services available to independent financial advisers, and services available directly to clients of advisers. Skandia has also announced a merger of its wealth management activities in continental Europe, including France and Italy, with Skandia Retail Europe, which includes Germany, Austria, Poland, and Switzerland, to create Wealth Management Europe. The new entity will have 736,000 clients, 800 personnel and over EUR11bn in assets under management.
12/03/2012

February was a positive month for UCITS hedge funds

The index of UCITS-compliant hedge funds calculated by the Swiss firm Alix Capital, the UCITS Alternative Index Global, has posted returns of 0.87% for February, compared with 1.37% in January, bringing total gains since the beginning of the year to 2.25%.All strategies finished February in positive territory, with emerging markets leading with gains of 2.12% for the month and 6.25% since the beginning of the year.
12/03/2012

European ETPs attracted USD5bn in January-February

According to updated statistics from the BlackRock Institute, European ETPs in February saw net inflows of USD1.7bn, bringing the total for first quarter to USD5bn, and assets at the end of February to USD337.9bn (of which USD301.5bn were for ETF funds), compared with USD323.2bn (of which USD287.8bn as of the end of January were for ETFs, which represented USD266.6bn as of 31 December 2011).Of this USD5bn in net subscriptions in January-February, iShares (BlackRock) took on USD2.4bn, and db x-trackers (Deutsche Bank) took in USd0.2bn. The top three products by net inflow volumes were funds from iShares (MSCI Emerging Markets, with USD661m, Barclays Cap Europ Corporate Bond ex-Financial, with USD535m, and Markit iBoxx Euro Corporate Bond, with USD463m.Though the figures are slightly divergent from one source to another as to the number of ETFs and total assets, BlackRock and ETF Global Insight, the new firm from Deborah Fuhr, agree that Lyxor Asset Management (Société Générale) saw the heaviest net outflows in February, with USD0.4bn.
12/03/2012

Hedge funds show gains in February, according to Hennessee

The Hennessee hedge fund index in February posted gains of 1.72%, following performance of 2.30% in January, bringing total gains of 4.07% since the beginning of the year.The only strategy to show losses is short bias funds, with losses of 5.06% in February, compared with 5.08% in January, and losses of 9.89% for first quarter 2012.Excluding financial and regional strategies, the best performer was event-driven, with gains of 1.66% in February, compared with 3.78% in January and gains of 5.50% for the first two months of the year.
12/03/2012

Universal releases an SRI fund of ETFs

Universal-Investment, a specialist in white-label products, is planning to launch the Responsible Selection Fund UI, a “sustainable development” ETF fund which will invest primarily in ETFs which replicate equity indices such as the Dow Jones Sustainability World Enlarged and the S&P Global Water Index, as well as micro-finance funds, real estate products and forestry funds, for the wealth management firm Dr. Upgang Vermögensberatung.The fund is aimed primarily at IFAs who work on a commission basis, for which reason Universal is not planning to charge any front-end fee or performance commission. In addition, the composition of the portfolio will be viewable at any time, with weighting, on the website www.responsibleselection-fund.de.CharacteristicsName: Responsible Selection Fund UIISIN code: DE000A1JLRD2Management commission: 0.92%
12/03/2012

Eagle Investment opens an office in Beijing

Eagle Investment Systems LLC, a provider of financial IT services and an affiliate of BNY Mellon, has announced that it has opened a representative office in Beijing. The entity will be led by John Legrand.
12/03/2012

Value Partners acquires 49% of KBC Goldstate

After months of uncertainty, Value Partners has officially announced that the Chinese regulator, the CSRC, has approved the acquisition by Value Partners of a 49% stake in KBC Goldstate, for an officially announced total of CNY40.5m. However, Z-Ben Advisors reports, the question is how much Value Partners really had to pay in total, which would be instructive for the next deals involving valuation of small, loss-making asset management firms.
12/03/2012

Germans not doing much to diversify their fund portfolios

Only 13% of Germans who have invested in shares in funds or equities, and among those who invest in funds, 32% have shares in only one product, and 49% hold shares in only two or three funds, according to a survey by GfK on behalf of Gothaer Asset Management (GoAM), undertaken in January 2012.The study finds that Germans prefer safety (60.9% compared with 45% in 2010), and their favourite vehicle is the savings account (47%, compared with 31%), while 24% prefer sight deposits. But 29% say that they are not in a position to save.Also of note is the fact that among motives for savings, the macroeconomic picture, investment in the country’s means of production, plays virtually no role.
12/03/2012

Is Klaus Kaldemorgen pulling out of his slump?

Klaus Kaldemorgen, an icon in German asset management, has admitted with irritation that he has been too defensive over the past two years, and that his cash allocation was in euros when it should have been in US dollars or in Swiss francs, Die Welt reports. His wealth management fund Vermögensbildungsfonds I from DWS (which still has EUR5.1bn in assets) lost 11% in 2011, 9 points more than the MSCI World index, and it made only 11% in 2010, again 9 points below the index.But the first weeks of 2012 are behind us and the fund has gained two points over its benchmark. The bet of increasing exposure to the financial sector paid off. And Kaldemorgen is also betting more on oil, gas, and commodities. It remains to be seen if this will be enough to hold onto a three-star rating from Morningstar.
12/03/2012

Ignis AM recruits a manager from LV=

The British asset management firm Ignis Asset Management has recruited a manager from LV= Asset Management, Graham Ashby, Money Marketing reports. Ashby will manage the income equity fund, Ignis UK Equity income fund, whose assets under management total GBP90.6m. Ashby had been in charge of the UK equity fund at LV=.
12/03/2012

F&C recruits Steve Ilott as head of multi-strategy

The British asset management firm F&C has recruited Steve Ilott as head of multi-strategy investments in its new investment and institutional business (IIB) unit. Ilott previously worked at Alignment Investors, a division of BlueCrest Capital, where he was a partner. He was previously global head of fixed income at Aberdeen Asset Management, until 2007.
12/03/2012

BlackRock concludes acquisition of Claymore

BlackRock has closed the acquistion of Canadian-based Claymore Investments (USD7.4bn in assets as of the end of January) from Guggenheim Partners (see Newsmanagers of 13 January) for an undisclosed amount. Claymore will now operate under the iShares name.The Independent Review committee for Canadian ETFs from iShares (USD29bn) will be extended by funds from Claymore, while the Claymore Advisory Board will cease to exist.
12/03/2012

Danish pension fund FSP joins forces with local heavyweight AP Pension

Two of the largest pension funds in Denmark, AP Pension and FSP, have decided to join forces to form a new entity with assets under management totalling DKK77bn, or about EUR10.4bn. The new structure will be known as AP Pension. FSP, the pensoin fund for the financial sector, with DKK22bn in assets under management, has announced that it has decided to merge with AP Pension due to increased competition in the sector and regulations which require increased owners’ equity levels. FSP has been in the spotlight before due to its high cost levels. FSP charges a commission of DKK2,822 per year, compared with only DKK1,355 for AP Pension. The new fund will charge a total annual commission of between DKK1,350 and DKK1,500, with a reduction of up to 10% in the next few years. The merger is expected to be approved at the next combined general shareholders’ meeting of FSP, scheduled for 19 April.
12/03/2012

Les banques européennes replient la toile

Le rapport trimestriel de la Banque des règlements internationaux, publié dimanche soir, montre, chiffres à l’appui, à quel point les prêteurs européens ont réduit leur production fin 2011 dans des métiers de dimension mondiale comme le financement export ou aéronautique.
12/03/2012

Les terres rares chinoises visent la Bourse de Londres

Le quotidien relève que le groupe chinois Rare Earth Global souhaite réaliser son introduction sur le marché alternatif outre-Manche, l’Alternative Investment Market (AIM). Le groupe pourrait récolter 50 millions de dollars et voir sa valorisation atteindre 270 millions. De quoi refléter selon le quotidien un attrait retrouvé du marché londonien auprès des jeunes sociétés de matières premières.
12/03/2012

Les opérateurs boursiers suspectés de favoritisme

La SEC a selon le quotidien entamé une grande enquête visant des opérateurs boursiers suspectés d’accorder des conditions plus favorables aux grands courtiers face aux acteurs de taille modeste. Cette enquête ferait suite à une étude sur la gestion des conflits d’intérêt entre hedge funds, spécialistes du trading à haute fréquence, banques et autres gestionnaires d’actifs.
12/03/2012

Berlin ne respecte pas son objectif de réductions budgétaires

Le gouvernement allemand n’aurait réalisé que 4,7 milliards d’euros d’économies budgétaires sur son objectif total de 11,2 milliards d’euros fixé pour l’année 2011, selon le journal allemand qui cite des calculs de l’institut économique IW. Par ailleurs, moins de la moitié des quelque 19,1 milliards d’économies prévues pour l’année fiscale 2012 auraient jusqu’ici été réalisés.

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