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20/02/2012

Harbinger offers no light about LightSquared

On Friday, in a very long telephone conference, Philip Falcone provided investors with no details about how he plans to deal with the failure of LightShared, the Wall Street Journal reports. Funds from Harbinger Capital Partners, the firm led by Falcone, invested billions of dollars in the creation of a new network by LightSquared, but the federal authorities in the US Tuesday forbid the project because of potential interference with GPS systems.
20/02/2012

Muzinich recruits two professionals in New York

Muzinich & Co., a specialist manager in the global corporate credit markets with USD15bn under management, has hired two professionals in its New York office.Mike McEachern has been hired as a senior investment officer and member of the investment policy committee to work closely with the investment team in managing the firm’s array of credit strategies. Sam Zona has joined in the new role of director of business development for North America to increase the firm’s institutional and high-net-worth client base.McEachern joins Muzinich from Seix Investment Advisers, where he spent 14 years, most recently as president and head of the high yield team. Zona was director of client service and marketing at Seix, where he worked for 13 years.
20/02/2012

Pyramis appoints a new CEO

Pyramis Global Advisors, a Fidelity Investments company, has hired Mike Jones as its president and CEO. He will succeed Kevin Uebelein, who is taking on a new role as global head of Solutions Delivery for Pyramis.Mike Jones joins Pyramis from Columbia Management, a subsidiary of Ameriprise Financial, where he served as president of U.S. Asset Management overseeing more than USD326 billion in assets. He will join Pyramis in mid-March and will report to Ronald P. O’Hanley, president of Fidelity Asset Management. He will also serve as chairman of Pyramis.
20/02/2012

Bankia releases a guaranteed bond fund that returns 4%

On 25 January, Bankia launched the guaranteed bond fund Bankia Garantizado Rentas 2, which will return not only its net asset value as of 27 April 2012 at maturity on 16 February 2017, but also a return corresponding to 4% annually, in 19 quarterly payments. The fund, which will invest primarily in bonds from the Kingdom of Spain and the City of Madrid, was registered on 17 February by the CNMV. It will be on sale from 22 February to 27 April.CharacteristicsName: Bankia Garantizado Rentas 2, FIISIN code: ES0113447009Front-end fee: 5%Management commission: 0.5%Withdrawal penalty: 3%Minimal initial subscription: EUR100
20/02/2012

Six banks manipulated yen libor rate

UBS has reported to the Canadian authorities that there was an illicit understanding between five rival banks (Citigroup, Deutsche Bank, HSBC, J.P. Morgan Chase and Royal Bank of Scotland) to distort the yen libor rate between 2007 and 2010, the Wall Street Journal reports, relayed by the Börsen-Zeitung. The yen libor is calculated on the basis of data provided by six banks.
20/02/2012

Schroders recruits a manager from Western Asset

Julia Ho has left Western Asset Management, where she had been a senior manager, to join Schroder Investment Management, according to reports in AsianInvestor. Ho began in her new role last week in London, where she reports to Bob Jolly, head of global macro.
20/02/2012

iShares launches several innovative bond ETFs

On 16 February, iShares launched seven bond ETFs to trading on NYSEArca, of which six become the first funds to offer exposure to their designated segments or to specific credit qualities. The products were launched to meet significant demand from clients, BlackRock states.Four of these new ETF funds provide access to market segments. The iShares Aaa – A Rated Corporate Bond Fund (acronym on NYSEArca: QLTA) is the first ETF to allow investment in securities from top-rated issuers of corporate bonds in a wide range of sectors and durations. It replicates the Barclays Captial U.S. Corporate Aaa – A Capped Index.The iShares Barclays U.S. Treasury Bond Fund (GOVT) allows exposure to a wide range of US Treasury securities with maturities ranging from 1 to 30 years; it replicates the Barclays Capital U.S. Treasury Bond Index.With the iShares Barclays CMBS Bond Fund (CMBS), investors have access to the first ETF focused on investment grade commercial mortgage-backed securities.The first ETF providing exposure to a diversified portfolio of mortgage-backed securities (MBS) issued by the Government National Mortgage Association (GNMA) is the iShares Barclays GNMA Bond Fund (GNMA).iShares is also launching the first three sectoral bond ETFs: iShares Financials Sector Bond Fund (MONY), iShares Industrials Sector Bond Fund (ENGN), and iShares Utilities Sector Bond Fund (AMPS).
20/02/2012

iShares to launch sectoral bond ETFs

iShares (BlackRock group) is preparing to launch the first sectoral ETFs of highly-rated US corporate bond issues, MutualFundWire.com reports. Three ETFs will be released folllowing the launch of indices by Barclays focusing on the financial sector, utilities, and industrials.
20/02/2012

Global X liquidates eight ETF funds

As a result of insufficient asset levels, eight ETF funds from Global X are in the process of liquidation, and their last day of trading was 16 February, Mutual Fund Wire reports. They are the Global X Farming (acronym BARN), Fishing Industry (FISN), Food (EATX), Mexico Small-Cap (MEXS), Oil Equities (XOIL), Russell Emerging Markets Growth (EMGX), Russell Emerging Markets Value, and Waste Management. Overall, 38 ETFs were liquidated last year in the United States.
20/02/2012

Former Morgan Stanley manager launches an Asian hedge fund

Ranodeb Roy, former head of fixed income for the Asia-Pacific region at Morgan Stanley, will be launching a hedge fund dedicated to Asia, which will invest in fixed income, credit and currencies. Reuters reports that the asset management firm owned by Roy, RV Capital Management, will be based in Singapore. The new fund will be launched in April or May.
20/02/2012

Strong inflows to ETFs since the beginning of this year

As of 10 February, net subscriptions to ETP funds since the beginning of 2012 totalled USd38.3bn, or EUR29.2bn, according to a Deutsche Bank study cited by the Börsen-Zeitung. Demand has been particularly strong for ETFs focused on emerging markets: the iShares MSCI Emerging Markets and the db x-trackers MSCI Emerging Markets have seen respective net inflows of USD462m and USD231m, respectively. Overall, iShares (BlackRock) has attracted USD2.2bn, while db x-trackers (Deutsche Bank) has attracted USD1.2bn.
20/02/2012

“We are now directly targeting French investors”

The French real estate unit of Henderson Global Investor, which has been present in France since 2001, has previously concentrated its efforts on international clients seeking to invest in the French commercial, office and logistical real estate markets. Now, with 10 years of experience on a market which it considers “passionate,” Chris Linney, director of real estate for France, would like to more directly approach French institutional investors, in order to bring them the pan-European expertise of HGI.
20/02/2012

HSFB toughens international standards

The Hedge Fund Standards Board (HSFB) has decided to subject its members to stricter governance criteria by 1 September, particularly in cases where hedge funds have no independent directors, Hedge Week reports.New members have also been recruited, with Towers Watson as core supporter, while Goldman Sachs Hedge Fund Strategies, Grosvenor Capital Management and Cantor Fitzgerald Investment Advisors join the Investor Chapter and Candlewood Investment Group has signed up to the HSFB principles.
20/02/2012

HNWIs increase exposure to public debt

In 2011, according to CNMV filings, Sicavs increased their investments in Spanish government bonds by 14.2%, to EUR143m as of the end of December, Cinco Días reports. The percentage of these assets in the portfolios of these investment vehicles preferred by wealthy Spanish investors varies from 2.1% to 22%. Although it has fallen by 3.8% to EUR88.56m, the Spanish government bond allocation from the Sicav of the Del Pino family is the largest, followed by the one of Alicia Koplowitz’s Sicav, which has quadrupled to EUR40m.
20/02/2012

Israel to create a sovereign wealth fund

Israel has unveiled plans to create a sovereign wealth fund, which will aim to manage revenue flows from a series of natural gas fields discovered off the coast, the Financial Times reports. The fund would have at least USD80bn in assets under management by 2040.
20/02/2012

Emerging markets invest in French blue chips

In the past few months, many Middle Eastern and Chinese investors have taken the occasion of an exit by British and American funds to buy up shares in major French companies, Les Echos reports. Alongside sovereign funds, private asset management firms are also positioning themselves on the market. These actors aim to make money with the abundant savings of wealthy families in emerging markets, and their financial investments in Europe are only beginning. In a sign of the times, a delegation of managers from Bahrain visited Paris last autumn, with the overt objective of identifying future market investments.
20/02/2012

HSBC opens fund to HNWs and institutional investors

HSBC has created classes of shares in the HSBC Next Generation Fund for high net worth private clients (from USD25,000 or EUR25,000), and for institutional investors (from EUR2.5m). The fund of hedge funds, which offers monthly liquidity, was launched in September, and already has USD100m in assets. The portfolio is concentrated on 10 to 15 emerging managers, and aims for annualised performance of 12-15%, with volatility of 8-10%.
20/02/2012
Gestion d'actifs

Axa ne focalise plus qu';un quart de ses achats à du souverain

L’assureur français Axa ne consacre plus qu’un quart de ses achats d’obligations à des titres d’Etat, a indiqué jeudi le directeur général délégué, Denis Duverne, alors que les obligations souveraines pesaient encore plus de la moitié de son portefeuille obligataire fin 2011. Le solde des achats, soit 75% du total, va aux obligations d’entreprises ainsi qu’aux obligations de banques adossées à des actifs, a précisé M. Duverne. A fin 2011, l’actif général des compagnies d’assurance du groupe, destiné à faire face à leurs engagements, atteignait 467Mds d’euros, dont 82% investis en obligations. Au sein de ce sous-ensemble, les obligations d’Etat et assimilés pesaient 54% et les titres d’entreprises 39% environ. Toujours fin 2011, le portefeuille d’obligations d’Etat était en plus-value latente globale de 3,1Mds d’euros, dont 900M pour la France et 800M sur le Japon. Les pays dits périphériques de la zone euro affichaient eux une moins-value latente de 700M d’euros. Axa a procédé au deuxième semestre à des dépréciations sur la valeur de ses titres grecs dont l’impact net se monte à 295M d’euros. Sur l’ensemble de l’année 2011, la charge nette est de 387M d’euros.
Gestion d'actifs
20/02/2012

Première contraction de l’économie thaïlandaise en deux ans

Le PIB thaïlandais s’est contracté de 9% au dernier trimestre 2011 après une hausse de 3,7% au trimestre précédent. Une contraction plus forte que prévu, le consensus Bloomberg tablant sur une chute de 5%. En 2011, le PIB a quasi stagné à +0,1% malgré les inondations ayant ravagé le pays.
20/02/2012

TransUnion repris par Advent et Goldman

Le groupe spécialisé dans la gestion du risque crédit a donné son accord à son rachat par Advent International et une filiale de Goldman Sachs pour 3 milliards de dollars (2,27 milliards d’euros). L’accord doit être finalisé à la fin du premier trimestre ou au deuxième trimestre. Le directeur général de TransUnion Bobby Mehta restera dans le groupe.
20/02/2012

Le risque pétrole revient sur les radars

Le cours du Brent a pris plus de 10% depuis fin décembre sur fond de tensions géopolitiques. Si elle se prolongeait, la hausse pourrait nuire à la croissance.

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