At a presentation of its results for first half (see article in today’s Newsmanagers), DekaBank announced that it will be stepping up its cooperation with its shareholders, the German savings banks, and that it will be launching a drive entitled “DekaBank vor Ort” (DekaBank goes local). The initiative will involve an initial recruitment of 17 sales staff, who will aim to help local savings banks to increase and improve sales of Deka funds. Initially, the operation will cost EUR2m per year.DekaBank has also announced that since the launch of Deka-Vermögenskonzept, a fund-based wealth management tool, in February 2011, the firm has seen inflows of about EUR500m, which it says is a “respectable” figure given the current environment on the markets.

In first half 2011, DekaBank, the central asset manager for the German savings banks, has posted an economic profit (pre-tax profits according to IFRS accounting standards, plus income from increased valuations of financial instruments) totalling EUR336.6m, compared with EUR337.7m in January-June 2010. One of the remarkable characteristics of the first six months of this year was Deka’s acquisition of its own shares from the Landesbanken for EUR1bn.Total assets under management were down, due to negative market effects and net outflows of EUR3.3bn, compared with net subscriptions of EUR804m in the corresponding period of last year.In detail, assets managed by the AMK unit (securities) as of 30 June totalled EUR127.49bn, compared with EUR132.47bn twelve months previously, due to a decline to EUR97.75bn, from EUR103.89bn, for open-ended funds. Deka also states that these products have undergone further outflows of EUR3.6bn, following previous net outflows of EUR3.24bn in first half 2010. The cost/income ratio for the AMK unit deteriorated to 54%, from 44%. Operating profits at AMK contracted to EUR176.2m, from EUR220.5m.Assets at the AMI unit (real estate asset management) increased slightly, to EUR22.93bn, from EUR22.75bn as of the end of June 2010. Net subscriptions totalled EUR307m, compared with EUR1.12bn, and economic profits for the unit increased to EUR54.2m from EUR51.7m.

For January-June, the Netherlands-based Rabobank announced a net profit up 13% year on year, to over EUR1.85bn, and an increase of 0.5 points in the tier one owners’ equity ratio, to 16.2%.After announcing that charges related to Greek bonds represented EUR104m, the group states that net subscriptions were offset by negative currency and market effects, putting assets under management and custody at a virtually unchanged level of EUR269bn as of the end of June.Robeco manages about half of these assets, and the Swiss firm Sarasin slightly over one quarter of them. The remainder is divided between Schretlen & Co, Rabo Real Estate Group, and local Rabobank entities.

Les responsables suisses de Fidelity, BlackRock, DWS (Deutsche Bank), JP Morgan et Schroders, soit des encours sous gestion totaux de 5000 milliards de dollars, ont lancé une plate-forme d’information destiné aux investisseurs institutionnels. Selon Le Temps, il s’agit du «Fund Experts Forum», qui sera un evènement semestriel où l’on cherche à rassembler les informations et connaissances au service de la place financière et des investisseurs. Le thème choisi se veut structurel et non pas le dernier sujet à la mode sur les marchés. Le prochain se tiendra à Zurich le 15 septembre et portera sur le thème «Repenser les ressources naturelles».

The Groupe Banque Privée Edmond de Rothschild has seen a 1.9% increase in its net profits in first half 2011, to CHF71.8m. Net inflows totalled CHF4bn, compared with CHF4.1bn in first half 2010, the Geneva-based bank says in a statement dated 24 August. Despite falling markets and the negative influence of US dollar and euro exchange rates against the Swiss franc, assets under management remained stable at CHF92.1bn as of the end of June 2011, compared with CHF92.7bn as of 31 December 2010. In second half, the volatility of the markets and the negative influence of forex rates will “weigh heavily on margins,” the bank predicts. International development will continue in all of the bank’s traditional geographical regions, particularly Asia, where the bank will be opening an office in Hong Kong this autumn.

The Chinese management firm HuaAn Asset Management Hong Kong has launched its first hedge fund, the Greater China Thematic Long/Short Fund, which is constructed on the basis of a stock-picking strategy, and composed primarily of shares in businesses listed in Hong Kong, as well as Chinese “A” and “B” shares and Chinese equities listed in the United States, and equities from Singapore and Taiwan. HuaAn AM is also working on a long-only product and on an ETF.

During the first half of 2011, the Asset management unit of Crédit Agricole, which includes Amundi and the asset management operations of BFT, acquired by Amundi on 1 July 2011, saw its assets under management increase to 712.2 billion euros at 30 June 2011, compared with 710.3 at 31 December 2010. This increase was due to net new inflows of 1.7 billion euros, a positive market effect of 3.4 billion euros and a negative currency impact of 3.2 billion euros. Outflows from money-market products (4.8 billion euros over the first half) were offset by 6.5 billion euros in net new inflows of long-term assets. Inflows moved up driven by institutional investors in France and internationally and by employee saving. Overall, net income Group share jumped by 25.9% year-on-year to 180 million euros in the first half. Revenues proved resilient, with a decline confined to 2.7% in the first half of 2011, owing to a 4% increase in fixed management fees and despite the fall in performance-based commissions owing to market conditions. At the same time, operating expenses registered a substantial 12.7% decline, reflecting the synergy benefits resulting from the merger. The cost/income ratio was excellent at 54.7%, the same as in the first half of 2010 (excluding restructuring costs of 41 million euros in the second quarter of 2010 and of 57 million euros in the first half of 2010).

In first half 2011, the asset management profession at Crédit Agricole, including Amundi and the asset management activities of BFT (acquired on 1 July 2011 by Amundi), has seen an increase in its assets under management to EUR712.2bn as of 30 June 2011, compared with EUR710.3bn as of 31 December 2010. This increase is a result of net subscriptions of EUR1.7bn, a positive market effect of EUR3.4bn, and a negative currency effect of EUR3.2bn. Outflows from money markets, which totalled EUR4.8bn for the half, were offset by inflows to long-term assets of EUR6.5bn. These inflows were driven by institutional clients in France and abroad, and corporate savings, Crédit Agricole said at a presentation of its first-half results. Net profits for the asset management part of the group totalled EUR180m in first half 2011, up 25.9% compared with first half 2010. Net banking proceeds are down 2.7%, but operating costs are down 12.7%, as a result of synergies due to the merger. The cost/income ratio comes out at 54.7%, stable compared with first half 2010 (excluding restructuring costs, which totalled EUR41m in second quarter 2010, and EUR547m for all of first half 2010). Net profits for the part of the group for the entire asset management, insurance and private banking unit are up 6.6% in first half 2011, with net banking proceeds of EUR2.646bn, with a 2.4% reduction in operating costs to EUR1.24bn. Gross operating profits, at EUR1.406bn, are up 16.0%. As of 30 June 2011, assets under management totalled EUR1.066trn (EUR860bn excluding assets counted multiple times), up 3.0% year on year. Net inflows for the half total EUR16.8bn.

The Indian authorities are not allowing foreign investors to hold more than 5% of corporate bonds from Indian businesses, says Steve O’Hanlon, manager of the Ucits ACPI India Fixed Income fund, FundWeb reports. Assets held by foreign investors in Indian government bonds, meanwhile, total about 1%.

Ignis Asset Management will sell off a part of its equity stake in Argonaut Capital Partners, an asset management firm specialised in Euorpean equities, in which it had been a partner since its creation in 2005. The UK asset manager is reducing its stake from 50% to 40%, leaving 60% to the managers of the joint venture, Barry Norris and Oliver Russ. Argonaut, which currently manages assets of GBP1.1bn, will thus become an independent business, whereas the structure had previously focused on asset management, while the remaining functions (marketing, administration, sales) were handled by Ignis AM. As a part of these changes, the firm will expand its investment team and management resource and develop its own UK distribution capability. In addition, in order facilitate the transition to a standalone business, the company will be announcing the appointment of a chief operating officer who will oversee the transition and manage the day-to-day operational functions. Ignis AM, which nonetheless retains a 40% stake in the capital of the firm, will continue to distribute Argonaut’s funds in Continental Europe, including France. The operation, which is described as a natural step in the development of Argonaut, is also a part of a new strategy at Ignis AM. Since the end of 2010, the UK asset management firm, which manages EUR87.8bn in assets, a good part of which are for its shareholder Phoenix, has prioritised its own asset management operations, whereas the hallmark of the group had previously been its network of asset management boutiques in which it held partial stakes and which it helped to develop and grow. As a mark of this change in approach, this July, Ignis AM reduced its stake in the capital of Hexam, an emerging markets management firm, from 50% to 35%. At the same time, it also recruited big-name managers for its own teams, including Chris Fellingham, formerly of Soros, who became chief investment officer, and Mark Lovett, who has been at Allianz RCM, and who became chief investment officer for equities. The recent departure of Jonathan Polin, director of sales and marketing, who contributed to development at the boutiques, may also be viewed as an element of this change in strategy. Ignis AM will retain 35% of Hexam and 40% of Argonaut, a stake in Castle Hill Asset Management and 50% of Cartesian, a management firm specialised in British equities, with these stakes held by Ignis Partners. It remains to be seen how these partnerships will evolve in the future.

Standard Life Investments (SLI) in first half 2011 posted inflows which it says are a “record,” up 104% compared with first half 2010, to GBP1.5bn, from wholesale clients. The strongest subscriptions went to Global Absolute Return Strategies products (GBP1.1bn), UK Smaller Companies (GBP368m) and Global Index Linked Bond (GBP202m).

Like Schroders, Legal & General Investment Management (LGIM) now has its own “Matching Plus” platform. The solution is “transparent, flexible and easy to deploy” to optimise liability-driven investments (LDI) for pension funds, the management firm says.Matching Plus allows investors to select products from a complete range of liability-driven funds, in order to reduce exposure to fluctuations in interest rates and/or inflation, in combination with funds which aim to generate positive returns. This allows a way to establish custom management for each pension fund.The platform also provides investors with the flexibility to change investment strategies as their financial situation changes. It is also designed in such a way as to minimise the subsequent impact of changes in regulations and market configurations.

ETFs in the Asia-Pacific region ex Japan have grown by nearly 15% in first half, to a total of USD61.2bn, compared with USD53.3bn as of the end of 2010, according to the most recent sectoral study by BlackRock, Asian Investor reports. This development is largely due to net inflows, as the MSCI AC Asia Pacific index gained only 0.5% in the same period. ETFs worldwide posted growth of 10% to USD1.44trn. Growth in Asia may be on top of a lower baseline, but it is also true that it would have been much higher if it weren’t for the fact that 50% of Asian institutional assets placed in ETFs go to products listed outside the region. Asia has the potential to become the most dynamic ETF market in the world, but to get there, investors will need to be better educated about the attractions of specific products and the integration of those products into an effective portfolio management strategy, and the sector must also develop appropriate products for local investors. State Street Global Advisors and iShares remain the leading providers of ETFs in the Asia-Pacific ex Japan region in terms of assets, with USD12.9bn and USD9.8bn, respectively. But the market share for these providers in the region has fallen to 2.8%, Several management firms, many of them Chinese, launched their own ETFs in first half.

Amundi ETF announced on 24 August that it is modifying the benchmarks for 13 euro bond products of its Amundi ETF range. The ETFs, based on Long and Short indices of the EuroMTS Eurozone Government Broad series, will now aim to more closely replicate a family of EuroMTS Investment Grade Broad indices in both upward and downward evolutions. The bonds included in the new indices must have at least two ratings in Investment Grade from the ratings agencies S&P, Moody’s, and Fitch. The change will take effect from 30 August 2011, and will have no impact on the management fees the funds charge, Amundi says.

The Morningstar MSCI composite hedge fund index, which includes about 1,000 hedge funds, gained 1.1% in the month of July, compared with losses of 2% for the S&P 500 in the month under review. Trend-based strategies earned the best returns in July, while hedge funds dedicated to European equities had the worst results of the month. The Morningstar MSCI Europe Hedge Fund Index lost 8%, but it is true that the MSCI Europe Stock index, for its part, lost 3.4% in July.

The annual rankings from IPE have found that institutional assets from UK asset management firms increased 11% in the twelve months to the end of March, to a total of EUR2.1trn, while the assets at the ten largest management firms increased 11.3% to EUR1.38trn.BlackRock takes the top spot, with EUR331bn in assets under management, followed by LGIM with EUR40bn less, and BNY Mellon with EUR137bn. Aviva Investors is in fourth place, with EUR133bn, putting it ahead of Insight Investment and State Street Global Investors (SSgA, EUR105bn).In seventh place comes Standard Life, followed by Axa Investment Managers, Scottish Widows Investment Partnership (SWIP) and Aberdeen Asset Management.

Agefi reports, citing a study by Société Générale, that short positions on equities markets have reached levels not seen since 2008. On the basis of data from the Commodity Futures Trading Commission (CFTC), the number of contracts betting that the S&P 500 will fall, which totalled nearly zero in July, now number 71,000. At the same time, the newspaper adds, hedge funds have had to buy up their short positions on US bonds, and have closed out their short positions on volatility indices.

La chancelière allemande a hier une fois de plus rejeté le principe des euro-obligations, estimant qu’elles ne seraient d’aucun secours dans la crise actuelle. Elle juge par ailleurs que ces obligations n’incitent ni aux réformes ni à la consolidation des finances publiques. Angela Merkel a de nouveau réclamé des sanctions pour les pays qui font un mauvais usage des fonds structurels, ainsi que l’instauration dans d’autres pays de la zone euro d’une «règle d’or» sur le modèle allemand.

Les commandes de biens durables aux Etats-Unis ont augmenté nettement plus que prévu en juillet. Le département américain du Commerce a rapporté une hausse de 4% (contre 2% attendus) des commandes en mai, après une baisse de 1,3% (révisée de -1,9%) en juin, portées par le secteur aéronautique et automobile. Les commandes d'équipements de transport ont globalement bondi de 14,6%, leur plus forte progression depuis janvier.

Le moral des entreprises allemandes a affiché en août son plongeon le plus marqué depuis la crise de 2008, ravivant les craintes entourant la santé économique de la zone euro sur fond de crise de la dette. L’indice du climat des affaires calculé par l’institut munichois Ifo auprès de quelque 7.000 entreprises est tombé à 108,7 en août, contre 112,9 en juillet, au plus bas depuis juin 2010 et bien en-deçà du consensus Reuters (111,0).

L’Allemagne a émis une nouvelle souche d’obligations d’Etat à 10 ans dont le faible rendement a limité la demande, mais la fuite des investisseurs vers les actifs de qualité a permis à l’adjudication de se dérouler dans des conditions correctes, estiment les analystes. Le Trésor allemand a en effet placé 4,86 milliards d’euros à 10 ans alors qu’il visait 6 milliards. Le ratio de couverture s’est établi à 1,4 - en dessous de la moyenne de l’année à 1,66 - et la Bundesbank a retenu un montant plus élevé que d’habitude. Le rendement moyen est ressorti à 2,15%, soit au plus bas niveau depuis au moins 1999 selon des données IFR, un service de Thomson Reuters. Le coupon avait été fixé à 2,25%, au plus bas depuis le lancement de l’euro pour du papier allemand à 10 ans. La précédente émission à 10 ans portait un coupon plus élevé de 100 points de base, soit 3,25%.

Après avoir atteint en début de semaine un record historique, les contrats à terme sur l’or pour une livraison en décembre ont chuté hier de 5,6% à 1.757,3 dollar l’once à New York sur des espoirs de stabilisation des marchés financiers. Ce repli est le plus important enregistré en une séance depuis mars 2008.

La Suisse et la Grande-Bretagne ont conclu hier un accord permettant à Londres de taxer les comptes détenus en secret par des citoyens britanniques sur des comptes ouverts dans la Confédération. Selon les termes de cet accord annoncé par le ministère suisse des Finances, les personnes domiciliées en Grande-Bretagne devront s’acquitter d’un impôt forfaitaire représentant entre 19% et 34% du capital placé dans les banques helvétiques. S’ils veulent échapper à cet impôt, les détenteurs de comptes concernés devront en dévoiler l’existence aux autorités fiscales britanniques. L’accord, qui pourrait entrer en vigueur début 2013, prévoit en outre un impôt libératoire sur les bénéfices futurs compris entre 27% et 48%. Les banques helvétiques devront en outre verser par anticipation 500 millions de francs suisses (435 millions d’euros) au Trésor britannique. Le texte doit encore être adopté par les Parlements des deux pays.

La facilité de financement en dollar de la Banque centrale européenne (BCE) n’a pas été sollicitée hier, apaisant les inquiétudes sur de possibles difficultés des banques de la zone euro à accéder aux marchés monétaires américains. L’opération hebdomadaire de la BCE, généralement plus chère que le marché pour les établissements financiers, avait été utilisée la semaine dernière pour la première fois depuis février, signe de tensions sur le marché monétaire.

Le plafonnement de la dette publique sera inscrit dans la constitution espagnole conformément aux directives actuelles de l’Union européenne, mais il n’est pas nécessaire de faire figurer un objectif chiffré, a déclaré hier la ministre de l’Economie Elena Salgado.

Le gouvernement danois a présenté hier un projet de budget tablant sur un bond de 24% du déficit public en 2012, en défendant sa politique de relance face au risque de retournement de l’économie. Le gouvernement de centre-droit a indiqué que le déficit public devrait atteindre 4,6% du produit intérieur brut (PIB) en 2012, après 3,8% cette année. En mai, sa prévision de déficit était de 4,1% pour 2011 et de 4,3% pour 2012.

Le gouvernement chypriote a présenté hier de nouvelles mesures budgétaires pour éviter un nouvel abaissement de sa note souveraine mais des députés les ont jugées insuffisantes. Avec un plan d’austérité de 750 millions d’euros mis sur la table, Chypre s’efforce d’assainir ses finances afin de ne pas devenir le quatrième pays de la zone euro à demander une aide financière internationale.

Le président allemand Christian Wulff a mis en doute la légalité du programme de rachat d’obligations souveraines de la Banque centrale européenne (BCE), pointant la forte opposition que rencontre cette mesure en Allemagne. «Je considère l’acquisition massive d’obligations d’Etats par le biais de la Banque centrale européenne comme étant légalement contestable», a-t-il déclaré lors d’une conférence d'économistes en Bavière.

Les marchés sont partagés sur les mesures de soutien à l’économie américaine que pourrait annoncer Ben Bernanke, lors de la conférence de Jackson Hole demain. Selon une étude de BNP Paribas réalisée auprès de ses clients, seulement 16% d’entre eux croient au QE3.

Les efforts fiscaux de 12 milliards d'euros annoncés ne régleront pas le problème de la dette