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07/09/2011

Hedge funds highly pessimistic about US equities

Hedge fund managers are now extremely pessimistic about US equities. According to the most recent survey from BarclayHedge/Trim Tabs Investment Research, pessimistic outlooks on the part of hedge fund managers about the evolution of the S&P 500 rose to 42% in the month of August, compared with 27% in July. Only 27% of managers now predict that the market will rise, compared with 43% one month earlier. This is a highly marked evolution month on month, which is probably related to two factors: on the one hand, the S&P 500 fell by 16.8% between 22 July and 8 August, and on the other hand, the Federal Reserve announced on 9 August that it will be maintaining its low interest rate policy until mid-2013, due to less encouraging economic outlooks. In terms of the evolution of the US dollar, managers have become slightly more pessimistic in August, with an increase in pessimistic opinions to 34% in August, from 30% in July, while only 24% of managers have an optimistic outlook, compared with 33% previously. Managers also remain pessimistic about long-term interest rates, with 32% pessimistic compared with 15% optimistic.
07/09/2011

OFI group creates a structure dedicated to IFAs

The OFI group on 6 September announced the creation of an affiliate dedicated to independent financial advisers (IFAs), OFI Premium, which will offer wealth management professionals the full range of products and services from the group, via dedicated and personalised solutions. Annie Riaud, director of development at OFI Premium, says that “IFAs have become undeniably powerful actors in savings in France. That’s the reason we wanted to create a structure dedicated to them, which offers products, advice and personalised solutions. IFAs will receive an adapted and reactive service.” The range from OFI Premium will rely on all the expertise of the group: collective management, asset allcoation advising, mandated management, special products, and associated services. In order to assist IFAs in their considerations and investment choices, IFO Premium makes analysis and research available, via specific tools: newsletters, whose titles translate as “Between Us,” “Product Info,” and “Flash VL Weekly,” as well as training, events in cooperation with platforms, iPhone and iPad apps, and a new website. OFI Premium has a team of 10 people. The range of offerings from OFI Premium will be unveiled at the Patrimonia convention at the end of September in Lyon.
07/09/2011

Strong net subscriptions for TCW

Chuck Baldiswieler, president and CO of TCW Funds, and director of MetWestFunds (Société Générale and Amundi), has announced that the MetWest Total Return Bond Fund topped USD15bn in assets in August (and has thus more than doubled in size since the acquisition of MetWest by TCW two years ago), and that the TCW Emerging Markets Income Fund has nearly reached USD3bn in assets under management, Mutual Fund Wire reports.Overall, the two asset managers have posted net subscriptions since the beginning of the year of USD4.6bn, which will allow them to recruit for the sales team.
07/09/2011

Carlyle seeks listing on New York stock exchange

The US private equity firm Carlyle on 6 September resolved to submit an application to the SEC, as part of plans that have been under consideration for several months, to offer its shares on the New York Stock Exchange, where it would join its major rivals KKR and Blackstone, Les Echos reports. Carlyle is planning to issue USD1bn in shares, even though several planned IPOs on NYSE totalling USD3.4bn have had to be revised in the past three months, Bloomberg reports.
07/09/2011

Sallie Krawcheck leaves Bank of America in management reshuffle

The banking group Bank of America, which is facing major difficulties, on 6 September announced a reshuffle of its management team, with the appointment of two new chief operations officers, David Darnell and Tom Montag, both internal promotions. Meanwhile, the current head of the banking services to individual and small business clients division, Joe Price, and the head of the wealth management and investment divisions, Sallie Krawcheck, a Wall Street star, will be “leaving the firm” the establishment says in a statement. The bank says the most aims to “align the operational units of the business with its three major groups of clients: individuals, businesses, and institutional investors.” Darnell becomes head of the divisions in charge of individual clients, while Montag will oversee the divisions in charge of medium to large businesses and institutional investors. The move marks “an important step in the transformation” of the business, says chairman and CEO Brian Moynihan, cited in a statement. “Removing a level in operations management” and “simplifying the organisation” will allow for “a significant reduction in costs,” among other measures, Bank of America states.
07/09/2011

Goldman Sachs preparing an equities ETF

Handelsblatt reports that Goldman Sachs has submitted an application to the SEC for its first US-registered ETF fund. It would be an equity product, which would replicate an index, weighted according to the book value and ROE or dividends, not to market cap. Goldman Sachs is also planning bond and wealth-management type ETFs.
07/09/2011

Hauck & Aufhäuser launches FoF advised by performance IMC

The Luxembourg affiliate of the German private bank Hauck & Aufhäuser (H&A) on 6 September announced the launch of the fund of wealth-management fund Diversified Strategic Asset Allocation Funds Saphir, a multi-strategy and multi-manager product whose currency of reference is the euro. The advisor for the product is the independent wealth manager performance IMC, based in Mannheim.The performance objective for the fund, which aims for a 60/40 balance between equities and bonds, is 4%. The portfolio may invest in equity and bond funds (corporate bonds, high yield) as well as UCITS-compliant absolute return funds and hedge funds.CharacteristicsName: Diversified Strategic Asset Allocation Funds SaphirISIN code: LU0635707374Front-end fee: maximum 4%Management commission: maximum 1.25%Depository banking commission: 0.08% maximumPerformance commission: 20% of performance exceeding 4%, with high watermark
07/09/2011

Nordea reopens European High Yield Bond fund to subscribers

After nearly a year in soft closing, subscriptions to the European High Yield Bond Fund, a sub-fund of the Luxembourg Sicav Nordea 1, were reopened on 5 September. Officially, the fund (LU0141799097), with EUR1.15bn in assets, is now no longer constrained by its size, due to the enlargement of the European high yield bond market due to a record number of issues. In practice, it also appears that assets have somewhat declined, which leaves more room for the fund to accept new subscriptions.Nordea observes that concerns about the solvency of some Western countries, and anticipation of a slowdown in global growth have provoked a sharp increase in spreads on the high yield bond market. The external management team, led by Henrik Østergaard, points out that in August, the Option Adjusted Spread (OAS) widened by 237 basis points, to 852 points. This spread level theoretically makes it possible to offset a default rate of over 10%, though the default rate is currently only 2%.
07/09/2011

Old Mutual AM recruits a manager from Royal London AM

The manager of the European Growth fund (GBP641m in assets) at Royal London Asset Management (RLAM), Kevin Lilley, will be joining Old Mutual Asset Management (OMAM). Lilley will begin in his new role next month. He will be manager of the European Equity fund, whose assets under management total GBP71m. Lilley, who practices a conviction-based management, will also assist the group to develop its range of equity funds. The European Growth fund, which Lilley has managed since July 2001, has earned annualised returns of 5% over ten years. In the same period, the European Equity fund, launched in 1998, earned annualised returns of 4.4%.
07/09/2011

HSBC launches a fund dedicated to consumer spending in China

HSBC Global Asset Management is launching the HSBC Global Investment Funds-China Consumer Opportunities, which it describes as the first international equity fund in Hong Kong to invest both in local and international companies that profit from growth in consumer spending in China, Asian Investor reports. According to estimates by HSBC, consumer spending in China is expected to exceed US consumer spending by 2020, when the Chinese middle class will have expanded to include 700 people, up from 400 million currently. The fund will invest in mid and large caps in a wide range of sectors, including automotive, electronics, fashion, general retail, and jewellery. 50% to 70% of the assets in the portfolio will be invested in luxury brands, with a 30% to 50% proportion invested in less high-end local and international brands.
07/09/2011

Janus launches an Asia fund

Janus Capital International Limited, the international arm of Janus Capital Group Inc., has launched the Janus Asia Fund, part of its Dublin-domiciled Janus Capital Funds plc range. The Fund’s investment objective is long-term growth of capital by investing at least 80% of its assets in emerging and developed markets in Asia – with the exception of Japan and uses the MSCI All Country Asia ex-Japan Index as its benchmark. It will consist of between 60-100 holdings and will have a tracking error range to benchmark of between 3-7%. The fund which was launched on 31 August, 2011 will be managed by Singapore-based Janus portfolio manager, Hiroshi Yoh.
07/09/2011

SEC investigates leveraged ETFs

The Securities and Exchange Commission is seeking to determine if ETFs amplified the volatility on the markets in August, according to the Wall Street Journal, citing sources familiar with the matter. It is concentrating on leveraged ETFs, which amplify investors’ bets, often through the use of derivatives. ETFs now generate 35% to 40% of market volumes, according to Morningstar. In the first two weeks of August, leveraged ETFs represented about 13% of total ETF volumes.
07/09/2011

Euro zone bailout would cost less than dismantling it

The cost of a Euro break-up would be extremely high, and far higher than the price of bailing it out, a recent research from UBS Investment Research shows.The cost of a weak country leaving the Euro is significant. Consequences include sovereign default, corporate default, collapse of the banking system and collapse of international trade. UBS estimate that a weak Euro country leaving the Euro would incur a cost of around EUR9,500 to EUR11,500 per person in the exiting country during the first year.That cost would then probably amount to EUR3,000 to EUR4,000 per person per year over subsequent years. That equates to a range of 40% to 50% of GDP in the first year. If Germany were to leave, UBS believe the cost to be around EUR6,000 to EUR8,000 for every German adult and child in the first year, and a range of EUR3,500 to EUR4,500 per person per year thereafter. That is the equivalent of 20% to 25% of GDP in the first year. In comparison, the cost of bailing out Greece, Ireland and Portugal entirely in the wake of the default of those countries would be a little over EUR1,000 per person, in a single hit.
07/09/2011

La facture grecque risque d'enfler

Une décote des titres de l’ordre de 50%, supérieure à celle de 21 % prévue dans le plan d’aide de juillet, devient plus probable aux yeux des économistes.
07/09/2011

La SEC scrute les ETF

Citant des sources proches des discussions, le quotidien avance que des responsables du gendarme américain des marchés mène actuellement une enquête auprès des gestionnaires de fonds indiciels cotés (Exchange-traded funds, ETF) pour évaluer leur impact sur la volatilité des marchés le mois dernier.
07/09/2011

Première acquisition en vue pour Vallares

Le quotidien britannique croit savoir que l’ancien directeur général du groupe pétrolier BP, Tony Hayward, s’apprête à diriger pour environ deux milliards de dollars la première acquisition de son nouveau véhicule d’investissement, coté à Londres depuis juin dernier. La cible est Genel Energy, un groupe indépendant spécialisé dans l’exploration pétrolière en Irak.
06/09/2011

Baisse marquée des commandes à l'industrie en Allemagne

Les commandes à l’industrie ont reculé plus que prévu en juillet par rapport à juin, selon les données officielles. Ces commandes ont baissé de 2,8%. Les commandes en provenance d’Allemagne ont augmenté de 3,6% mais celles venant de l'étranger ont baissé de 7,4%.
06/09/2011

La Banque Nationale Suisse fixe un cours plancher de 1,20 franc pour un euro

La BNS annoncé qu’elle fixait un cours plancher de 1,20 franc pour un euro afin de répondre à la surévaluation actuelle de la devise suisse qu’elle juge «extrême». A la suite de cette décision, le franc chutait massivement sur le marché des changes, perdant plus de 7% face aux principales devises. Face à l’euro, il se traitait vers 11 heures à 1,2039 franc contre un cours de clôture de 1,1091 lundi (-8,5%). Sur la Bourse suisse, le SMI bondit de près de 4%, entraînant dans son sillage les autres places européennes, qui profitent également d’un rebond technique après le plongeon de la veille. L’or, l’autre valeur refuge traditionnelle à côté du franc suisse par temps d’incertitude, perdait de son côté plus de 2% à la suite de la décision de la BNS après avoir atteint dans la matinée un nouveau record en raison des inquiétudes sur la crise de la dette dans la zone euro. Selon la banque centrale suisse, l’envolée du franc «constitue une grave menace pour l'économie suisse et recèle le risque de développements déflationnistes». La BNS précise d’ailleurs que «même à 1,20 franc pour un euro, la monnaie helvétique reste à un niveau élevé» et que «si les perspectives économiques et les risques de déflation l’exigent, la Banque nationale prendra des mesures supplémentaires».
Le fronton de la Banque nationale suisse. Photo: Bloomberg
06/09/2011

La Suisse va livrer des données clients aux Etats-Unis

La Suisse va se soumettre en partie à l’ultimatum que lui ont adressé les Etats-Unis et dévoiler l’identité de certains détenteurs de comptes, affirme le TagesAnzeiger dans son édition de mardi, citant des sources anonymes. Le quotidien précise que la Suisse livrera des informations que la FINMA a récolté ces derniers mois auprès des banques sur des comptes détenus par des citoyens américains et dépassant 50.000 dollars. «Selon des estimations non-confirmées, cela représentent entre 20 et 30 milliards de dollars de la part de dizaines de milliers de clients», ajoute le TagesAnzeiger.
06/09/2011

La gestion d’actifs d’Allianz met en place une nouvelle organisation

Allianz Asset Management annonce la mise en place d’une nouvelle organisation qui vise à donner une meilleure visibilité aux deux entités distinctes de gestion d’actifs PIMCO et Allianz Global Investors. Allianz Global Investors fondera son développement sur ses fortes structures actuelles, désormais placées sous un commandement et une stratégie uniques. PIMCO va poursuivre son évolution en tant que fournisseur mondial d’une gamme complète de solutions d’investissement couvrant les différentes classes d’actifs et prend désormais la seule responsabilité de la distribution mondiale de ses produits et de ses fonds d’investissement.
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