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08/08/2011
Fonds

Le FRR lance une procédure de sélection pour le contrôle de la meilleure exécution

Le Fonds de réserve pour les retraites (FRR) a annoncé le 5 août le lancement d’une procédure d’appel d’offres visant à sélectionner un prestataire chargé de l’analyse de la meilleure exécution des transactions effectuées par les sociétés de gestion auxquelles le Fonds a confié la gestion de ses actifs.Cette prestation, conclue pour une durée de 3 ans, s’inscrit dans le cadre de la maîtrise des coûts et du suivi des frais de transaction que le FRR souhaite instaurer en collaboration avec ses gestionnaires. Elle porte sur un contrôle a posteriori de la qualité d’exécution des transactions par les intermédiaires sélectionnés par les gestionnaires. Cette mission devrait ainsi permettre au FRR, de s’assurer de la transparence et de la qualité des performances en matière de négociation des ordres de ses différents prestataires. Le FRR a recours à un prestataire pour le contrôle de la meilleure exécution depuis 2004. La dernière sélection (effectuée en 2007) arrivant à échéance, le Fonds renouvelle aujourd’hui cette mission en procédant à une nouvelle consultation. La présente sélection est effectuée dans le cadre de la procédure dite d’appel d’offres ouvert du Code des marchés publics. Les candidatures devront être remises avant le lundi 19 septembre 2011, 12h00, heure française.
Fonds
08/08/2011

Satisfactory results for wealth management at RBS

The wealth management division of the British RBS group in first half earned operating profits of GBP154m, up 8% compared with first half 2010, the firm announced in a statement on 5 August. Assets under management by the division as of the end of June 2011 totalled GBP34.3bn, compared with GBP32.1bn as of the end of June 2010.
08/08/2011

M&G sees slowdown in inflows but boost in profits

After two successive years of extremely high net sales, M&G had expected that net fund flows would revert to lower levels in 2011. Indeed, total net new business were down 37% to GBP2.9 billion, vs GBP4.7bn. The Retail Business, which is predominantly in the UK and Europe, has achieved net inflows of GBP2.8 billion, a decrease of 17 per cent compared with the position in 2010. Gross sales are 20 per cent higher at GBP10.4 billion over the same period. M&G’s European business was responsible for 32 per cent of the net flows achieved with M&G now ranking 7th out of 46 key cross-border fund groups over the year to 31 May 2011. M&G-managed retail funds under management sourced outside of the UK now account for a record GBP10.1 billion at the end of June 2011, equivalent to 22 per cent of the total retail external funds managed by M&G.Gross first-half inflows of GBP3.0 billion into M&G’s Institutional Business were offset by outflows of GBP2.9 billion, leading to a total net figure of GBP126 million. As expected, a number of segregated clients withdrew money from public debt funds due to asset allocation decisions. However, fee rates on some of the inflows are higher than on the outflows. M&G’s total funds under management at 30 June 2011 stand at a record level of GBP203.0 billion, up 14 per cent on the same point in 2010. External funds under management, also at record levels, are GBP93.4 billion. This is 23 per cent higher than the end of June 2010 with external funds now representing 46 per cent of M&G’s total funds under management.M&G’s IFRS operating profit at the half year rose to GBP172 million, a record level of interim profits. This is an increase of 41 per cent compared with the 2010 position of GBP122 million, a year itself of record full year profits.
08/08/2011

A&G launches a fund

The Spanish multi-management specialist A&G has launched a global fund of funds which will invest in discretionary portfolios, Citywire reports. BSG Promoteo will be managed by Juan Suàrez de Figueroa, chief investment officer at the firm.
08/08/2011

New BRIC ETF from Deutsche Börse

The listings on the XTF segment of the Xetra online trading platform (Deutsche Börse) have gained a new ETF from db x-trackers, fondsweb reports. The MSCI BRIC TRN Index ETF fund provides investors with exposure to the evolution of large and midcap companies in Brazil, Russia, India and China.
08/08/2011

US investigating more Swiss banks

The Financial Times reports that six more Swiss private banks and one bank in Liechtenstein have attracted the attention of US investigators seeking to determine whether Swiss bankers helped rich Americans to evade taxes. The firms are suspected of having knowingly opened accounts for UBS clients after the Swiss bank terminated its activities serving US residents under pressure from the US in 2008. None of the banks involved have yet been named.
08/08/2011

Paulson flagship fund loses 21.6%

Paulson & Co, the hedge fund firm which made billions on bets against MBS during the financial crisis, has seen losses of 21.6% for its flagship fund, Paulson Advantage Plus, since the beginning of the year. In July, the fund lost a further 4.6%, the Financial Times reports, citing a source close to the firm. The Paulson Advantage Fund, which uses the same strategy without leverage, has lost 15% since the beginning of the year.
08/08/2011

FRR launches a best execution selection process

The French FRR launched on August 5 an RFP in order to select a service provider who will analyze the best execution of transactions completed by the companies to which the Fund has entrusted the management of its assets. Commissioned for a period of three years, this mandate is part of the FRR’s broader efforts to institute a collaborative system with its asset managers, the aim of which is to contain costs and monitor transaction fees. It entails the ex-post facto analysis of the quality of the execution of transactions by the transition broker or by broker/dealers selected by the asset managers. In awarding this mandate, the FRR seeks to work in total transparency with its various service providers towards the goal of optimizing performances in terms of trading and order execution quality. The FRR has used the services of a service provider for the monitoring and analysis of the quality of the best execution for its mandates since 2004. The last mandate for this service (selected in 2007) is now due for renewal; the FRR has therefore initiated the procedure to select the service provider for the next three year period. The selection process is an open one as the term is defined under the French government procurement code. Interested applicants must respond to the RFP by September 19, 2011 at 12 noon (French time).
08/08/2011

US money market funds will be watched by investors

US money market funds will be closely monitored by investors and banks this week, following a downgrade of the US sovereign debt rating by S&P, the Financial Times predicts. The industry, which weighs in at USD2.7trn, plays a key role in short-term financing for banks and businesses, and a wave of redemptions in 2008 dried up the liquidity in the financial system. Nonetheless, the short-term quality of United States credit has remained the same, which means that money market funds will not need to sell off assets in response to the downgrade.
08/08/2011

United States loses AAA rating as market tension rises

The ratings agency Standard & Poor’s (S&P) on 5 August, after the close of the trading day on Wall Street, announced that it is downgrading its sovereign credit rating for the United States to AA+. The country is losing its AAA rating for the first time in history. The ratings agency has also left the possibility open of a further downgrade within the next year. In its analysis, S&P explains that the downgrade is due to an inadequate budget consolidation plan passed by the Congress, and inability on the part of Democrats and Republicans to govern together. Following a week of panic on financial markets alarmed by the scale of public debts, directors and treasurers of the world’s largest economies were mobilising through Sunday night and Monday morning to prevent a global market crash.
08/08/2011

Asset management assets up at Allianz

The asset management unit of Allianz has seen a 5.4% increase in its profits to EUR1.508trn as of 30 June 2011, compared with EUR1.430trn as of 30 June 2010. Assets under management for third parties totalled EUR1.151trn. Allianz Global Investors has posted net subscriptions of EUR21.1bn in second quarter 2011, compared with EUR22.6bn in the corresponding period of 2010. In first quarter, subscriptions totalled EUR13.6bn. Operating profits came to EUR528m in second quarter, 2.3% higher than one year ago. The cost/income ratio came out at 59.5%, compared with 56.6% one year earlier.
08/08/2011

Bank Sarasin appoints a director

From 1 October, Uwe Müller has been appointed as director of Bank Sarasin in Nuremberg, Germany. He will be in charge of developing the private bank’s activities in the region. Müller has previously been head of the Nuremberg and Stuttgart offices of Credit Suisse.
08/08/2011

Berkshire Hathaway profits leap by more than 70% in second quarter

The holding company of Warren Buffett, Berkshire Hathaway, in second quarter reported net profits of USD3.42bn, compared with slightly less than USD2bn in second quarter 2010. for the first half of the year, net profits totalled USD4.93bn, compared with USD5.6bn in first half 2010. In a statement released on 6 August, the firm states that transactions on derivative products in second quarter brought a limited loss of USD120m, compared with USD1.42bn in second quarter 2010. However, sales and redemptions totalled USD833m, compared with USD308m last year.
08/08/2011

Foreign asset managers stand out in Italy

In July, funds on sale in Italy posted net outflows of EUR2.4bn, following redemptions of EUR2.9bn in June, and EUR12.4bn since the beginning of the year, according to the most recent statistics from Assogestioni, the Italian association of asset managers. In terms of asset classes, all categories of funds are in the red for July, beginning with money market funds (-EUR739m) and equities funds (-EUR747m). In fact, the only funds to have done well in July are foreign-registered products sold by companies based outside the country, which had total net subscriptions of EUR396m. Among the companies which stand out in terms of inflows in July is BNP Paribas, with net subscriptions of EUR393.5m, as well as State Street Advisors, with +EUR91.4bn, and Amundi, with +EUR37.3bn. There are also Italian firms in the list of firms with the largest inflows, such as Banco Popolare (+EUR208.2m) and Mediolanum (+EUR188.6m). At the other end of the spectrum, the two largest Italian groups in terms of assets are the ones which have seen the largest net outflows in July: -EUR1.04bn for Pioneer, and -EUR475.5bn for the Intesa group. As of the end of July, assets in mutual funds on sale in Italy totalled EUR436bn, down from EUR441bn in June.
08/08/2011
Fonds

A&G lance un fonds

Le spécialiste de la multigestion espagnol A&G vient de lancer un fonds de fonds monde qui sera investi dans des portefeuilles discrétionnaires, rapporte Citywire. BSG Promoteo sera géré par Juan Suàrez de Figueroa, le directeur des investissements de la société.
Fonds
08/08/2011

S&P met ses menaces à exécution

Pour la première fois depuis 1941, l’agence a retiré la note «AAA» à la dette américaine avec une perspective négative, relançant la polémique entre les Etats et les agences de notation. Le Trésor a mis en cause «la crédibilité et l’intégrité» de S&P.
08/08/2011

S&P maintient l’Irlande dans la catégorie investissement

Standard & Poor’s a confirmé la note BBB+ de l’Irlande, assortie d’une perspective stable, alors que sa concurrente Moody’s l’a récemment abaissée à spéculative. L’agence estime que l’Etat irlandais devrait revenir sur le marché de la dette d’ici à 2014. «Nous estimons que la solvabilité de l’Irlande est confortée par un fort consensus politique en faveur de l’assainissement budgétaire», déclare S&P. Elle estime que le coût marginal de financement du pays sera de 6% au maximum d’ici à janvier 2014, contre plus de 10% aujourd’hui. La dette devrait atteindre 110% du produit intérieur brut (PIB) en 2013 avant de tomber à 103% en 2015.
08/08/2011

Chypre change de gouvernement

L'économiste Kikis Kazamias a été nommé nouveau ministre des Finances de Chypre, à la suite de la démission il y a dix jours du gouvernement. Kikis Kazamias pourrait avoir la tâche de négocier avec les institutions européennes alors que Chypre pourrait devenir le quatrième pays de la zone euro à demander à rejoindre le mécanisme de soutien de l’Union européenne.
08/08/2011

Dix de chute pour le CAC 40

La Bourse de Paris a essuyé vendredi sa dixième séance de baisse consécutive. Tombé à 3.278,56 points, le CAC 40 a chuté de 14,68% en dix jours. Un krach rampant d’une longueur jamais vue, même au plus fort de la crise Lehman Brothers ou post-11 Septembre. En septembre 2002, l’indice avait perdu 19% en neuf séances de baisse consécutives.
08/08/2011

Les Bourses de Tel Aviv et Dubaï dévissent

Les premières réponses du marché actions à la dégradation de la note américaine par S&P ne sont guères encourageantes. Après une suspension des échanges de 45 minutes suite à l’importante baisse enregistrée à l’ouverture, l’indice TA-100 des cent premières valeurs de la Bourse de Tel-Aviv a finalement clôturé sur une chute de près de 7%. Plus tôt, l’indice de la Bourse de Dubaï a terminé en baisse de 3,69 % après avoir ouvert sur un recul de 4,5 % pour son premier jour de cotation de la semaine.
08/08/2011

Tokyo est prêt pour de nouvelles interventions sur le change

Suite à l’intervention de la Banque centrale du Japon la semaine dernière, le vice-ministre des Finances du pays, Fumihiko Igarashi, a indiqué que le gouvernement se tenait prêt à mener une nouvelle opération de vente de sa devise sur le marché des changes afin «d’avertir ceux qui font fluctuer anormalement» les cours. Plus tôt, l’ancien ministre des Finances, Eisuke Sakakibara, s'était inquiété de l’inefficacité de telles politiques, anticipant même une appréciation de la devise à 73 yens pour un dollar d’ici à la fin de l’année.
08/08/2011

Timothy Geithner reste à son poste

Timothy Geithner a averti le président Barack Obama qu’il entendait rester à son poste de secrétaire au Trésor, selon un communiqué transmis hier par le Trésor américain. «Le secrétaire Geithner a fait savoir au président qu’il comptait rester à son poste au Trésor», a déclaré la secrétaire-adjointe au Trésor Jenni LeCompte. Timothy Geithner veut «s’occuper des défis que l'économie américaine doit surmonter», poursuit le communiqué.

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