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22/08/2011

CBT asset volumes remain above EUR100m

Christian Bito, chairman of CBT Gestion, has told Newsmanagers that since 14 July, all of its portfolios have been reducing their allocations, so as to arrive their lowest permitted legal levels as of 5 August (the date on which the United States credit rating was downgraded by S&P). However, despite market effects, and thanks to ongoing net subscriptions, total assets have fallen only to EUR102m, as of 19 August, from EUR115m as of the beginning of July.
22/08/2011

Ameriprise Financial sells Securities America

The financial securities group Ameriprise Financial has announced that it has signed a final agreement ot sell its broker-dealer Securities America Financial Corporation and its affiliates to Ladenburg Thalman Financial Services. The sale price totals USD150m; the transaction will be concluded by the end of this year.
22/08/2011

Strong demand for gold ETFs

In second quarter 2011, demand for gold generated by ETF funds totalled 51.7 tonnes, compared with an average of 41.4 tonnes in the past twelve quarters (excluding two record quarters in January-March 2009 and April-June 2010), the global gold council states in its report Gold Demand Trends. Global demand for gold in the period under review totalled 919.8 tonnes. The total recorded in April-June this year was considerably lower than in the corresponding period of 2010 (291.6 tonnes), affected by the debt crisis in Europe. This year, demand has been concentrated in Europe, once again due to concerns about the stability of the euro zone and the risk of contagion of potential default in Greece, and in India, where ETFs are rapidly gaining popularity.
22/08/2011

Cairn Capital predicts that France and Germany will both lose their AAA ratings

Graham Neilson, chief strategist at the London-based alternative management firm Cairn Capital, estimates that the high cost of bailing out Greece, Portugal and Ireland may cost France and Germany their AAA ratings, Expansión reports. If the European bailout fund has to be abandoned, debt in these countries will total 120-125% of GDP, which does not qualify them for AAA ratings.
22/08/2011

Elliott CA increases stake in Demag Cranes

At the conclusion of its takeover bid in late July, the US firm Terex announced that it controlled 81.8% of capital in the German firm Demag Cranes.Demag Cranes on 19 August announced to Deutsche Börse that on 15 August it received notification from Paul E. Singer that the alternative management firm Elliott Capital Advisors, with its affiliates, had passed the 10% threshold, and controlled 10.08% of voting rights.It is likely that Elliott is expecting to make money if Terex succeeds in exercising a squeeze-out clause.
22/08/2011

Aquila Capital releases Spectrum Fund

The German asset management firm Aquila Capital (EUR2.8bn) has received a sales license from the German regulator, BaFin, and the Austrian regulator, the FMA, for its Luxembourg-registered product AC Spectrum Fund (LU0614925856), a fund that complies with the European UCITS III directive, and offers daily liquidity.The product combines a trend-based strategy with carry and correlation indicators. The fund is based on a concept developed primarily by professor Harry M. Kat. It is managed by Jan Auspurg and the quantitative team at Aquila Capital.The Spectrum fund aims for 15% volatility, and a low or negative correlation with traditional markets. Management commission is 1.75%.
22/08/2011

Performance of lower-risk funds rebounds in July

Money market funds and bond funds were the only categories of funds on sale in France whose performance increased in July, according to data from Lipper, an affiliate of Thomson Reuters, the Reuters news agency reports. The trend, which was driven by increased aversion to risk on the part of investors, has been accentuated since the beginning of August, in the wake of drops on the equities markets in the United States, fears that the euro zone debt crisis will spread, concerns about a potential global economic slowdown, and a variety of rumours. Money market funds had gained 0.06% year on year as of the end of July, and bond managers saw their annual returns reach 1.09%, despite a fall in returns from European high yield corporate bond funds. Equities funds had gained 6.2% year on year as of the end of July, compared with an annual gain of 10.3% as of the end of June, and all funds registered for sale in France had gained 3.6% (+5.7% as of the end of June). At the same time, the annual performance of the SBF 120 was down, to 3.2% as of the end of last month, compared with +17.5% as of the end of June.
22/08/2011

QS Investors plans to launch an inflation protection fund

The management firm QS Investors, which until last year was owned by the institutional management unit of Deutsche Bank, and which was subsequently bought out by its employees, is planning to launch an inflation protection fund with USD1bn in assets by the end of the year, the Wall Street Journal reports. The firm, based in New York, with assets under management of USD13.4bn, says that the fund, the Liquid Alpha Fund, will be a UCITS-compliant vehicle, with daily liquidity.
22/08/2011

French regulator publishes 2010 report on ratings agencies

The French financial market regulator, the Autorité des marchés financiers (AMF) on 19 August published its seventh annual report on ratings agencies, which covers international regulatory developments, registration procedures for agencies, and credit ratings. In terms of registration of agencies, the report notes that on 7 September 2010, the deadline for submission of registration applications for existing agencies, 45 entities had submitted an application in Europe. So far, five agencies have been registered: four by the German regulator, and one by the Bulgarian regulator. The AMF is currently participating in sessions of the college of regulators on the subject of the three major ratings agencies, Standard & Poor’s, Moody’s, and Fitch Rating, as part of a registration procedure for the French affiliates of these agencies. The AMF also issued a certification to the Japanese agency Japan Credit Rating Agency (JCRA) on 6 Ajnuary 2011. The French authority was the only competent authority to do so under the certification procedure, as the only member of the college of regulators at JCRA. The AMF says that with the passage and entry into force of the revised Agencies regulations, the European securities markets authority (ESMA) will take on ratings agencies as a primary area of supervision. Its powers will be considerably extended, and gradually, the AMF, along with the other national authorities, will be relieved of its direct responsibility, once the current registratoins are completed, as these powers will be transferred to the AMF. The transfer of responsibility has already come into effect from 1 July for agencies which are already registered or certified, and for all new applications for registration from that date onward.
22/08/2011

UBS Gestión launches an international fund of funds

On 11 August, UBS Gestión notified the CNMV of the launch of the international fund of funds Global Diversification Fund, with a recommended investment duration of at least three years. In normal conditions, exposure to other UBS funds will range from 5% to 10%; it is limited to 30%. The management team has complete latitude to invest in equity or bond funds, but the portfolio may not exceed 35% emerging markets equities. The composite benchmark index is composed 65% of the EFFA 1-3 years, 15% of the Repo Dia ,10% S&P 500 EUR, 8% Eurostoxx 50, and 2% MSCI Free Ex Japan. Characteristics Name: Global Diversification Fund, FI ISIN code: ES0142459009 Direct management commission: 1% Indirect management commission: 2.5%
22/08/2011

State Street hopes to develop fund administration activities in Asia

State Street has recruited John Sin as head of sales and development of activities for the group in Northern Asia (excluding China), Asian Investor reports. Sin will be based in Hong Kong, and will be responsible for Hong Kong, South Korea and Taiwan. Sin previously worked at BNY Mellon in Hong Kong, but began his career at State Street. State Street is also planning to scale up its workforce in find administration activities in Asia in pursuit of its objective to doubling earnings outside the United States by the end of 2014.
22/08/2011

UBS appoints a head of philanthropy for Asia-Pacific

The Swiss UBS group has appointed David Hayward Evans as head of philanthropy and responsible investment for the Asia-Pacific region, Wealthbriefing reports. Hayward-Evans will be based in Singapore, and will work in close collaboration with Christina Tung and Jenny Santi, heads of philanthropic activities in Hong Kong and Singapore, respectively. Hayward-Evans previously worked at the United Nations, for the Global Fund to Fight AIDS.
22/08/2011

Hedge funds betting that markets will fall further

The International Strategy & Investment Group index, which measures the positions held by 35 hedge funds with assets under management of about USD84bn, on 16 August fell to 45.8, compared with a 2011 high of 54.2 in February, the Frankfurter Allgemeine Zeitung reports. This means, concretely, that short positions have reached their highest level in two years, and that hedge funds worldwide are expecting the stock markets to continue to fall.
22/08/2011

Invista retains Schroders to manage a portfolio

Fundweb reports that Invista Foundation Property Trust has transferred management of its portfolio Invista Real Estate Investment Management (IREIM) to Schroder Property Investment Management, effective from October. Invista also announces that on 29 July it received an offer to buy the portfolio from Picton Property Income, formerly known as ING UK Real Estate Income Trust Limited.
22/08/2011

Jupiter increases assets

In first half 2011, Jupiter had net inflows of GBP700m, a slowdown compared with the GBP800m recorded in the corresponding period of last year, and of GBP1.5bn in second half 2010. Those subscriptions, however, allowed the British asset management firm to increase its assets under management to GBP24.8bn as of 30 June 2011, a 3% increase compared with 31 December 2010. One year earlier, assets totalled GBP19.8bn. Jupiter’s EBITDA increased 18% compared with the first six months of 2010, to GBP71m, while earnings increased from GBP111.7m to GBP128.3m. Pre-tax profits totalled GBP37.3m, compared with GBP15.6m one year earlier. In this context, Jupiter has announced an interim dividend of 2.5 pence per share. The asset management firm has also announced that it has registered its Sicav in Belgium, in addition to the Netherlands and Portugal, as part of a development drive in continental Europe.
22/08/2011

Doute sur la décision du Parlement suisse

Il se pourrait que le Parlement suisse n’entérine pas le projet du gouvernement de consacrer deux milliards de francs suisses (1,8 milliard d’euros) à amortir les retombées de la vigueur du franc suisse, selon le TagesAnzeiger paru samedi. Berne a proposé ce mois-ci de stimuler la recherche et l’innovation, d’abaisser provisoirement les cotisations de sécurité sociale et de soutenir les secteurs du tourisme et de l’exportation, particulièrement touchés par le franc fort.
22/08/2011

L’Irlande détaillera à l’automne son budget triennal

Le gouvernement irlandais annoncera «cet automne» le détail des mesures budgétaires comprenant des hausses d’impôts et des baisses de dépenses pour les trois prochaines années, selon le Sunday Business Post qui ne cite pas ses sources jugées proches du dossier.
22/08/2011

La justice américaine pourrait relaxer Dominique Strauss-Khan

Selon plusieurs sources de presse, une grande partie, voire l’intégralité des charges retenues contre l’ex-directeur du FMI pourrait être abandonnée demain mardi. Le procureur Cyrus Vance s’apprêterait à déposer une motion de recommandation de rejet auprès du juge, arguant du fait que ces charges ne peuvent être prouvées au-delà du doute raisonnable.
22/08/2011

CVC Capital va acquérir 51% de Virgin Active

CVC Capital va acquérir la majorité du groupe de salles de sport détenu par l’homme d’affaires britannique Richard Branson qui gardera 49% du capital à l’issue de la transaction. L’objectif est d’aider l’expansion à l’international de Virgin Active valorisé environ 900 millions de livres, soit un peu plus d’un milliard d’euros.
22/08/2011

L’Inde veut accélérer son rythme de croissance

L’Inde ambitionne d’atteindre une croissance annuelle de 9% en moyenne au cours des cinq prochaines années afin de réduire la pauvreté dans la troisième économie asiatique, a déclaré le Premier ministre Manmohan Singh. Ce niveau, qui est supérieur à l’expansion moyenne de 8,6% réalisée entre 2006 et 2011, nécessitera d’investir l’équivalent de 700 milliards d’euros dans les infrastructures portuaires, routières et énergétiques du pays.
22/08/2011

La BoJ prête à assouplir encore sa politique monétaire

La Banque du Japon (BoJ) envisage d’assouplir encore sa politique monétaire, peut-être lors d’une session d’urgence avant la réunion monétaire du mois prochain, si la hausse du yen affecte suffisamment la Bourse de Tokyo pour détériorer le sentiment des entreprises, indique Reuters de source gouvernementale. La prochaine réunion de la BoJ se tiendra les 6 et 7 septembre. Le Japon pourrait également de nouveau intervenir de façon unilatérale sur le marché des changes pour affaiblir le yen.
22/08/2011

Le stress des marchés s'enracine

Nourri par la fuite vers la qualité, l’aplatissement de la courbe des taux américains a atteint la semaine dernière son paroxysme avec des taux à 10 ans qui ont touché les 1,97%, tandis que la défiance entre banques européennes sur le marché interbancaire ne s’est pas atténuée.
19/08/2011
Fonds

Les actifs sous gestion des fonds de placement suisses en baisse de 5% en juillet

En juillet 2011, les actifs sous gestion des fonds de placement en Suisse s’inscrivaient à 620 milliards de francs, ce qui correspond à une baisse de 5% en glissement mensuel, rapporte L’Agefi suisse. Sur ce total, 222,5 milliards concernent des fonds suisses destinés aux investisseurs institutionnels , selon la SFA (Swiss Fund Association), sur la base des statistiques de la Swiss Fund Data SA et Lipper. La baisse a touché toutes les classes d’actifs. Malgré les perspectives mitigées, le marché suisse des fonds a encore réalisé en juillet une collecte nette de 545 millons de francs suisses.
Fonds
19/08/2011

Remaniement à la tête de la banque privée du Credit Suisse

En poste depuis quelques semaines seulement, Hans-Ulrich Meister, le nouveau CEO de la division banque privée du groupe Credit Suisse annonce qu’il va mettre en œuvre des mesures pour améliorer l’efficacité de l’exploitation. En attendant début septembre, où les mesures concrètes seront fixées dans le détail, il a aussi organisé une valse des dirigeants de sa division, rapporte le Handelsblatt, citant une note interne obtenue par Reuters.Ainsi, au 1er septembre, Rolf Bögli devient COO en remplacement de Christoph Brunner, qui va remplacer Hanspeter Kurzmeyer comme patron de «private clients Suisse». Le «private banking Suisse» est confié désormais à Arthur Vayloyan. Quant à Nicole Pauli, elle est nommée à la tête de la branche investment services & products.
19/08/2011
Fonds

Bonnes performances des hedge funds en juillet

Dans des conditions de marché difficiles, les stratégies des hedge funds ont enregistré de bonnes performances en juillet 2011 et ont surperformé les marchés d’actions, selon les statistiques communiquées par Edhec-Risk.La stratégie CTA Global a notamment réalisé un gain de 2,70% au mois de juillet après deux mois de pertes. La stratégie Global Macro a de son côté dégagé un gain de 1,49%.En revanche, l’arbitrage de convertibles a terminé le mois sur un recul de 0,37% alors que la stratégie Equity market neutral est demeurée stable avec une avance de 0,04%.Pour leur part, les fonds de fonds ont dégagé un gain de 1,01% en juillet, surperformant le S&P 500 de plus de 3 points de pourcentage.
Fonds

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