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05/01/2012

Nuveen completes acquisition of 60% stake in Greshman IM

Nuveen Investments, a global provider of investment services to institutions as well as individual investors, in November announced the completion of its acquisition of a 60% stake in New York-based Gresham Investment Management. The transaction, which was previously announced in November of 2011, was completed on December 31, 2011.
05/01/2012

Fed will not increase prime rate before 2014, survey predicts

The US Federal Reserve (Fed) will maintain its prime rate at near zero until 2014, a survey of specialists in government bonds published on 4 January predicts. According to the survey, undertaken by the Fed itself between 2 and 5 December, 60% of the establishments it relies on to deploy its monetary policy estimate that the next increase in interest rates in the United States will take place after 31 December 2013; 15% of respondents predict it will come in first quarter 2014, while 45% say it will come after 31 March that year. This result is drawn from a document summarizing the results of a questionnaire that the Fed sends before each meeting ot its monetary policy committee (last held on 13 December) to 21 banks and brokerage firms which it grants the status of Tresury bond specialist. This is the first time that the Fed has published the results of the survey, following a decision announced in early December, and realising a declared ambition to “increase transparency” in its actions.
05/01/2012

Bradesco AM launches a fund dedicated to small and midcaps

The Brazilian firm Bradesco Asset Mangement has launched a fund dedicated to Brazilian small and midcaps, Citywire reports. The new fund, BGF Brazilian Equities Mid Small Caps, is a Sicav version of the Brazilian fund, managed for the past seven years by Milton Cabral and Jose Alberto Baltieri.
05/01/2012

Spanish asset management industry gradually transforming

Amidst the problems in the Spanish banking industry and the mergers they are provoking, asset management firms controlled by banking firms are also being obliged to merge. On the basis of the operations reported by Funds People since 28 December, the pace of these mergers appears to be picking up. Liberbank Gestión, heir to Cajastur Gestión merged with Caja Cantabria, and has now EUR874m in assets (as of the end of November), of which only EUR84m are from Caja Cantabria.Meanwhile, Caja España Fondos (EUR1.57bn) has already absorbed the 21 funds from Gesduero (EUR547m), but it will soon merge again, and will represent only 30% of the new ensemble it will form with Unicaja Gestión.For their part, the Basque savings banks on 1 January merged as Kuxtabank. The asset management unit of the new entity has EUR5.16bn in assets in 122 funds, of which EUR2.49bn come from BBK Gestión, EUR1.18bn from Kutxagest, EUR820m from Vitalgestión and EUR672m from GIIC Fineco.
05/01/2012

Direxion recruits a former DWS director

Direxion, a US firm specialised in alternative investment solutions, has hired Angelo Pirri as regional director for the Northwestern United States. Pirri will be responsible for sales of Direxion products to independent financial advisers. Pirri joins Direxion from Deutsche Bank DWS US, where he had been senior regional vice president.
05/01/2012

Financial transaction tax: France wants to pick up the pace

Encouraged by a rally in many countries in the euro zone and beyond, France is hoping to speed up the pace of negotiations over a financial transaction tax, with the help of Denmark, which holds the EU presidency from 1 January, and has decided to schedule additional meetings of experts, Les Echos reports. The French government says that the country is hoping to reach an agreement in first quarter this year. This French drive to speed up the process has been cautiously welcomed by the European Commission. “We are naturally open to all contributions by member states on this subject, but a deadline of the end of 2012 appears highly ambitious,” the Commission explains.
05/01/2012

Hedge funds posted net inflows in November

After net outflows of USD2.59bn in September and USD9bn in October, hedge funds posted net subscriptions in November of USD3.6bn, BarclayHedge reports.Assets increased to USD1.710trn as of 30 November, compared with USD1.670trn as of the end of October, the first increase after five months of decline. Sol Walksman, founder and president of BarclayHedge, says all strategies posted net inflows in November, except emerging markets, which saw net outflows of USD1.3bn, and long/short equity, which saw net redemptions of USD1bn.This is a considerable improvement compared with October, when only five strategies out of 14 posted net inflows, while others saw net outflows, according to Leon Mirochnik, an analyst at TrimTabs. The two most popular categories with investors in November were multi-strategy, which attracted USD1.5bn, or 5.75% of its assets, and macro, with USD981m, or 8.5% of assets under management.
05/01/2012

Alfredo Gysi appointed as chairman of the board at BSI

An extraordinary general shareholders’ meeting has appointed Alfredo Gysi as a new member of the board of directors at BSI (Assicurazioni Generali), BSI announced on 4 January. At the same time, the board of directors at BSI has appointed Gysi as its chairman from 1 January 2012. The appointment of Gysi as chairman was approved sooner than the previously planned date of April 2012, following the sudden decease of his predecessor, Giorgio Ghiringhelli. Also from 1 January 2012, as previously planned, Stefano Coduri has begun his term as CEO of the bank. “These two appointments provide a guarantee of continuity in the management of the BSI Group at a historic moment marked by major changes in the macroeconomic context and for the Private Banking sector,” the bank says in a statement. Gysi, who joined BSI in 1975, had been CEO since 1994. After 18 years, he left his operational responsibilities at the group at the end of 2011, having reached retirement age. In addition to his new role as chairman of BSI, Gysi will also have other major institutional responsibilities. He has been president of the Association of foreign banks in Switzerland (ABES) since 1999, and is a member of the Banking Council at the Swiss National Bank (BNS) and a member of the board of directors and the advising committee at the Swiss Bankers’ Association (ASB).
05/01/2012

Hong Kong authorises new products

The Hong Kong market authority, the Securities and Futures Commission (SFC), has approved several products denominated in RMB as part of a program dedicated to qualified foreign institutional investors (RQFII). Affiliates of Chinese asset management firms with affiliates based in Hong Kong will be allowed to invest in the onshore market, Asian Investor reports. Unlike the QQFII program, which provides access to the relatively tight Chinese bond market with monthly liquidity, the RQFII programme allows investors to participate in the Chinese inter-bank bond market, and allows subscriptions and redemptions on a daily basis. The products concerned are the RMB Bondplus product from China Universal AM Hong Hong, the Shen Zhou RMB fund from CSOP Asset Management, the RMB fixed income fund from Da Cheng International AM, and the Great Dragon China Fixed Income fund from Guotai Junan Assets (Asia). As part of the RQFII investment quota programme, totalling RMB20bn, the Chinese administration has authorised new investment quotas totalling RMB10.7bn, or USD1.7bn, to 10 RQFII license holders. China AMC Hong Kong received the largest quota, totalling RMB1.2bn. Quotas of RMB1.1bn each went to Harvers Global Investors, Da Cheng International, China Universal AM, CSOP Asset Management, HFT Investment Management Hong Kong, Bosera International, and Hua An AM.
05/01/2012

Creation of 0-35% Shares fund sector put off by IMA

The British Investment Management Association (IMA) has announced that it will be delaying the launch of the 0-35% Shares flexible funds sector, due to the limited number of funds in this category, FundWeb reports. The sector currently has less than ten funds. The IMA will create the sector only when there is a quorum of at least 10 funds. The other three sectors of flexible funds have already been created: IMA Mixed Investment 20-60% Shares, IMA Mixed Investment 40-85% Shares, and IMA Flexible Investment.
05/01/2012

Hong Kong affiliate of HFT preparing a Chinese yuan fund

On 21 December, the China Securities Regulatory Commission (CSRC) issued HFT HK, the Kong Kong-based affiliate of HFT Investment Management (formerly Fortis Haitong) with an RQFII (RMB Qualified Foreign Institutional Investor) license. Following the rules laid out by the CSRC, the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) on 16 December, funds denominated in yuan raised in Hong Kong will be required to invest at least 80% of their assets in bond vehicles, and cannot allocate more than 20% to equities.HFT IM is a joint venture controlled 51% by Haitong Securities Co and 49% by BNP Paribas Investment Partners (BNPP IP). HFT HK, which was founded on 25 November 2010, is now planning to apply to SAFE for a quota corresponding to its RQFII license.
05/01/2012

Nedgroup Investments recruits a former Schroders exec

According to reports in Money Marketing, Nedgroup Investments, an affiliate of Old Mutual based on the Isle of Man, has recruited Andrew Yeadon, who had been fired from his previous position as head of multi-manager at Schroders last year following the merger of the multi-asset class and multi-management teams, as its CIO. Currently, Nedgroup Investments offers nine funds, including three multi-management products and six funds outsourced to external managers.
05/01/2012

Investors buy record amounts of gilts

International investors bought up GBP28.87bn in British government bonds in October and November, the highest level since 1982, when data was first collected, the Financial Times reports. Demand has been supported by a quantitative easing program at the Bank of England and the status of the United Kingdom as a haven from the troubled euro zone.
05/01/2012

Sesame Bankhall Group to develop wealth management activities

The Sesame Ban khall group on 4 January announced the appointment of Pan Andreas as head of the new team specialised in wealth management. Andreas previously worked at Axa Wealth. Andreas will be primarily in charge of developing portfolio analysis and risk management tools, managing relations with the provider of Iress wealth management technologies and with Optimum Investment Management, a joint venture with Henderson Global Investors. Sesame is planning to launch a new management system for clients in 2012 in partnership with Iress. The joint venture with Henderson will allow advisers to create custom investment solutions for clients.
05/01/2012

Fidelity FundsNetwork opens to third-party managers

The British platform Fidelity FundsNetwork has admitted Hawksmoor Investment Management as the first regional discretionary manager for its discretionary management service, Fundweb reports.FundsNetwork has also included Ingenious and VestraWealth in its proposition.
05/01/2012

Aberdeen strenghtens multi-manager team

Sonja Tilly, who had been responsible for fixed income manager research and selection at Broadstone Pensions & Investments, has joined the multi-manager team at Aberdeen Asset Management as an analyst. She will report to Graham Duce, co-head multi-manager funds. In her new role, she will assist in managing the team’s range of pooled funds, specifically focusing on fixed income funds. The multi-manager team at Aberdeen now includes 10 people, and manages over GBP8bn in assets.
05/01/2012

M&G appoints a deputy manager for two funds

M&G Investments has appointed Colm D’Olier as deputy fund manager on the M&G Global Emerging Markets Fund and the M&G Asian Fund. Both funds, worth GBP548 million and GBP419 million respectively, will continue to be co-managed by Michael Godfrey and Matthew Vaight.The move is a natural progression for Colm D’Olier who has been closely supporting Michael Godfrey and Matthew Vaight since joining M&G in 2007.
05/01/2012

China encourages short-selling

China will from this quarter create a new entity known as the Centralised Securities Lending Exchange, to facilitate short-selling activities, the Financial Times reports. The market regulator, the China Securities Regulatory Commission, will be the major shareholder in the structure. The initiative should encourage the development of the hedge fund industry in China.
05/01/2012
Gestion d'actifs

L'Agirc Arrco ne croit pas vraiment aux vertus de la gestion flexible

« On peut déléguer l’intégralité de l’allocation tactique » a affirmé Philippe Goubeault, directeur financier de l’Agirc Arrco, à l’occasion du Pension Fund Forum organisé à Paris le 13 décembre 2011. Pour ce qui est de l’allocation stratégique, Philippe Goubeault reste plus circonspect. En effet, il en va de « l’entière responsabilité des régimes de gérer leur allocation stratégique » pour laquelle « déléguer la totalité des encours à un, deux ou trois gérants » constitue une prise de risque importante. Toutefois, à l’instar des fonds de l’Agirc Arrco dont la gestion est déléguée « à 95% sous différentes formes, toute l’allocation tactique peut être gérée par un tiers ». Pour exemple, « le recours à un OPCVM ouvert est déjà une forme de délégation », selon le directeur financier et dans le cadre de ces délégations, la gestion flexible peut tout à fait s’appliquer. Cependant, Philippe Goubeault reste prudent : « il est impossible de dire que la gestion flexible est la solution à nos problèmes » au regard de ses performances qui manquent de clarté. Déjà existante par le passé, « la gestion active n’a pas toujours apporté les résultats escomptés ». Il s’agit donc d’un mode de gestion concevable en troisième classe d’actif ou en élément de diversification dans un portefeuille.
Gestion d'actifs
05/01/2012

CDC Entreprises investit dans la griffe Bouchra Jarrar

Le fonds de CDC Entreprises spécialisé dans la mode et le luxe va investir dans la jeune griffe de prêt-à-porter de luxe Bouchra Jarrar. Ni le montant de l’investissement ni le chiffre d’affaires de l’entreprise n’ont été communiqués. Le fonds Mode et Finance vise des entreprises dont le chiffre d’affaires dépasse 500.000 euros et qui présentent un fort potentiel de développement.
05/01/2012

Wenzhou serre la vis des prêts bancaires

La ville chinoise qui est devenue le symbole de la finance de l’ombre a pris des mesures visant à imposer des règles plus strictes à la distribution de crédit dans le but d’enrayer les financements illégaux, selon le journal qui cite des documents officiels.
05/01/2012

Paris fait pression pour l’introduction rapide de la Taxe Tobin

Le président français de la République entend bien donner un coup d’accélérateur à l’introduction d’une taxe sur les transactions financières en Europe, quitte à ce que la France l’adopte avant ses partenaires dès le mois prochain, si l’on en croit le quotidien. Nicolas Sarkozy compte d’ailleurs évoquer le sujet dès lundi lors de son entretien prévu avec la chancelière allemande à Berlin en préparation du sommet européen. Selon le des propos du ministre des affaires européennes, Jean Leonetti, cités par le quotidien, Paris compte faire pression sur Berlin pour que la taxe soit adoptée par les membres de l’Union européenne avant la fin de l’année.
05/01/2012

Une fenêtre s'ouvre dans la dette senior

Nordea, Rabobank et ABN Amro ont rouvert hier le marché de la dette senior non sécurisée après plusieurs semaines de disette. Ces établissements épargnés par les agences de notation ont dû y mettre le prix en raison des incertitudes qui continuent d’entourer les investisseurs.
05/01/2012

Pékin donne un coup d’accélérateur aux ventes à découvert

Le gouvernement central chinois prévoit de créer dès le trimestre en cours une entité, le «Centralised Securities Lending Exchange», destinée à faciliter les activités de vente à découvert et développer ainsi le marché des fonds alternatifs en Chine, selon le quotidien qui cite des sources officielles et des gérants. L’autorité de régulation des marchés devrait être le principal actionnaire de cette nouvelle entité.
05/01/2012

Les agences mises sous pression au sujet de MF Global

Le quotidien croit savoir que le président du Comité des services financiers de la Chambre des Représentants du Congrès des Etats-Unis, Randy Neugebauer, a adressé le 27 décembre un courrier au directeur général de Moody’s Raymond McDaniel et au président de Standard & Poor’s Douglas Peterson. Un courrier destiné à obtenir des informations détaillées quant à leurs procédures visant à évaluer la qualité de crédit de MF Global.
05/01/2012

La déconstruction financière de la zone euro a démarré

Les banques européennes achèteront-elles des titres de dettes publiques après que la BCE les a noyées sous 489 milliards d’euros de liquidités à 1% sur trois ans ? La réponse est au mieux mitigée. Il est possible qu’elles se laissent séduire par ces carry trades d’un genre nouveau; c’est le pari que fait la BCE pour justifier son refus de prêter directement aux Etats. Il est surtout possible qu’elles remboursent les dettes qui arrivent à maturité : l’opération serait des plus rentables vu l’explosion des coûts de refinancement pour les dettes seniors bancaires depuis un an (de 100 à 500 pb selon les pays), voire nécessaire pour assainir les bilans.

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