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08/07/2011

Inflows of nearly EUR1bn in first half for DNCA

The French asset management firm DNCA Finance announced in Germany on 7 July that it has posted net subscriptions of EUR943m in the first six months of this year. As of 30 June, its assets totalled EUR5.9bn, or 21.5% more than as of the end of December (EUR4.9bn). About 60% of net inflows went to wealth management type diversified funds, such as DNCA Invest Eurose (ISIN: LU0284394235) and Evolutif (ISIN: LU0284394664), which alone attracted EUR566m. With the defensive fund Eurose, at EUR451m, these represent nearly three quarters of net inflows to diversified funds, while the flexible fund Evolutif attracted EUR115m, says Philippe Chamigneulle, manager of the Eurose fund.DNCA states that the funds are available in France, Germany, Luxembourg, Belgium, Italy, and Switerland, and that they are particularly well-suited to wealth managers and private banks.
08/07/2011

Hedge funds had a “smoking” month in June

“Tobacco bonds” issued by US states are bonds guaranteed by revenues from penalties paid by tobacco companies under settlements reached in the late 1990s. The bonds thus fall into the “municipal bonds” category, which Standard & Poor’s started downgrading in November, the Wall Street Journal reports. That has meant that funds specialised in muni-bonds, which are not allowed to have securities in their portfolios of less than investment grade, have been required to sell off the bonds at heavy losses.Several hedge funds, including Brigade Capital, GoldenTree Asset Management, Venor Capital Management and Foxhill Capital Partners, appeared to buy up the securities at low prices, and tobacco bonds gained 10% in June, and some gained as much as 60% !
08/07/2011

Pimco recruits for municipal bonds

Pimco has announced the recruitment of two former managers at Western Asset management, to take advantage of “multiple opportunities” in the municipal bond sector.Joe Dane will become director of the team specialised in municipal bonds, while Julie Callahan is joining Pimco as an analyst specialised in municipal bonds.
08/07/2011

Mirabaud extends range of onshore services

Agefi Switzerland reports that the Geneva-based private bank Mirabaud is extending its range of services for onshore clients, developing its advising activities and consolidating its team dedicated to financial planning. Mirabaud is planning to extend its base of clients invited to make use of these services, which had previously been limited to ultra high net worth individuals. “We are currently adding to our team of financial planning advisers, so as to offer services to a wider range of clients and meet the needs of onshore clients in Switzerland, as well as in France and Spain,” Cédric Anker, head of domestic clients, explains.
08/07/2011

Swiss government nears taxation agreement with Germany

According to Eveline Widmer-Schlumpf, director of the Swiss federal finance department, Switzerland and Germany are already close to reaching an agreement on the terms of an agreement to normalise wealth which German citizens have stashed in Swiss banks, the Frankfurter Allgemeine Zeitung reports. Almost all political issues are resolved. The legalisation will involve two components: a payment on taxes which were unpaid in the past, and an anonymous, flat withholding tax in the future. According to estimates, recuperation of back taxes could bring in EUR20bn for the German state’s coffers.
08/07/2011

JPMorgan reaches USD228bn settlement with authorities

On 7 July, JPMorgan Chase & Co announced that it has reached a settlement with regulators (SEC, IRS, antitrust division of the Department of Justice, Comptroller of the Currency, the New York Fed and a group of attorneys general from several states), to end suits against several former employees of the municipal bond derivatives desk, an activity which the bank discontinued in September 2008.Under the agreement, the bank will pay a total of USD211.2m, and, according to reports in the press, a gross total of USD228m to settle the legal proceedings, which accused the bank of bid-rigging.
08/07/2011

State Street scales up transition management

Ben Mooney, who had been director & client operations manager for operational and risk attenuation solutions for clients of Wellington Management International for the Europe, Middle East and Africa region (EMEA) has returned to State Street Corporation as vice president and transition manager for the EMEA region. He will report to Rick Boomgaardt, managing director and head of transition management for EMEA. Mooney already served as a transition manager at State Street from 2007 to 2010.
08/07/2011

Deutsche Bank in exclusive talks with Belgium's RHJ International to sell BHF Bank

The largest German bank, Deutsche Bank, on 7 July announced that it is in exclusive negotiations with the Belgian financial services company RHJ International for a sale of its affiliate BHF Bank. Deutsche Bank, which acquired BHF Bank with its acquisition of Sal. Oppenheim in 2009, last year announced that it was no longer planning to sell off the entity, after efforts to sell the firm to Liechtenstein’s LGT failed.Deutsche Bank says in a statement that BHF Bank is “one of the best-known brands in German finance, with a long tradition in asset management, wealth management, financial markets, and business banking.”Deutsche Bank claims that the planned operation would allow the Belgian holding company to add to the offerings from its affiliate Kleinwort Benson. That business, which is active in Great Britain, has similar activities to those of BHF Bank.As of the end of 2010, BHF Bank had about EUR43bn in assets, and employed about 1,500 people worldwide. It is present in Germany especially, and also in Luxembourg and Switzerland. It also has offices in Abu Dhabi, Egypt, and Vietnam.
08/07/2011

Swisscanto Germany recruits an account manager

A few days after announcing the opening of branch offices in Frankfurt and Milan (see Newsmanagers of 27 June), the Swiss asset management firm Swisscanto (CHF57.6bn in assets as of the end of March) on 7 July announced that it has recruited Karsten Marzinzik from 1 August as senior account manager in Frankfurt. He will be in charge of maintaining relationships with and recruiting institutional clients (funds of funds, wealth managers, banks, etc.)Marzinzik had previously been senior sales manager at Fidelity Germany, in charge of maintaining relationships with and recruiting distribution partners.
08/07/2011

Schroders, too, recruits in Frankfurt

Several foreign asset management firms have announced recently that they are recruiting for their sales teams in Germany. The distribution team at the British firm Schroders has become the next to announce recruitments, with the arrival of a director of distribution for retail clients, intermediaries and regional banks at the firm’s German centre. Alexander Wiss joins from the savings bank Südliche Weinstrasse, where he had been in charge of investment advising for high net worth clients. He will report to Melanie Stahl, head of distribution for Schroder Investment Management (Schroders Germany).
08/07/2011

Net inflows of USD3.7bn for Man Group in second quarter

Assets under management at Man Group as of 30 June 2011 totalled USD71bn, compared with USD69.1bn as of 31 March 2011, the group announced in a statement on 7 July.Gross inflows in second quarter totalled a record USD9bn. Redemptions totalled USD5.3bn, a moderate level historically, Man Group observes, while net infllows totalled USD3.7bn.Net inflows to hedge funds totalled USD4.1bn, while long-only funds saw outflows of USD400m (USD1.5bn in subscriptions, and Usd1.9bn in redemptions).Guaranteed products saw their highest inflows in two years, at USD500m, due to the launch of ManIP 220 GLG, the largest FCP vehicle to combine AHL and GLG strategies. Redemptions from guaranteed products totalled USD600m.In terms of performance, difficult market conditions contributed to a negative market effect of USD1.1bn in second quarter. In the GLG range, negative performance impacted positive results, with positive returns for European long/shoirt and European distressed strategies, but negative performance for global macro and other long/short strategies.
08/07/2011

Ignis restructures its team dedicated to UK equities

The British asset management firm Ignis Asset Management has announced a few changes in its team dedicated to British equities.Ignis had recruited Mark Holden as manager for the Ignis UK Focus fund, whose assets under management total GBP112m. Holden, who had previously been a partner at Vestra Wealth, will report to Mark Lovett, chief investment officer at Ignis for the equities unit, who joined the firm in October 2010 from Allianz RCM.Ralph Brook-Fox, currently manager of the UK Focus fund, will take over the Ignis Balanced Growth fund (GBP173m), effective immediately. He will also work on institutional mandates, in collaboration with Lovett.Ignis has also recruited an analyst, Bilal Raja, for the UK equities team. Other analysts will soon join the team.
08/07/2011

Lloyds Banking Group retains majority stake in St James's Place

Following months of speculation, Lloyds Banking Group has announced that it will retain its majority stake of 60% in the management firm St James’s Place, Money Marketing reports. Assets under management at St James’s Place as of 31 March totalled GBP28bn, compared with GBP27bn as of the end of 2010, and GBP21.4bn as of the end of March 2010.
08/07/2011

Senate in call to limit bank commissions from retirement savings plans

The opposition party Partido Popular has obtained support from all other groups in the Senate to propose that the Senate economy and finance commission pass a motion calling on the Spanish government to introduce a limit on commissions charged by banks to retirement savings plans, and to set up a variable commission which would depend on performance, Cinco Días reports. The argument is that banks run no risks with these savings plans.
08/07/2011

ESMA analyses transposition of Transparency directive

The European Securities and Markets Authority (ESMA) on 7 July published its conclusions about the application by various regulatory authorities in member states of the union of the Transparency directive (which includes dispositions regarding the publication of financial balance sheets, language of communication, information storage, publication of sanctions, and other areas). Overall, it appears that a vast majority of member states have integrated the added requirements into their respective legislation.
08/07/2011

Alerte des régulateurs sur le marché des changes

L’Autorité de contrôle prudentiel et l’Autorité des marchés financiers ont constaté une forte augmentation des propositions d’investissements sur le marché des changes auprès des particuliers. Cette alerte vise en particulier neuf sites internet pour lesquels aucun prestataire autorisé n’a pu être clairement identifié.
08/07/2011

Désaccord entre Moody’s et S&P sur les « covered bonds » danois

Le marché danois des obligations indexées sur des créances hypothécaires ne devrait pas subir de dégradation de la part de S&P, malgré les alertes de Moody’s sur les risques de refinancement que représentent de tels titres quand ils sont à taux variables. Realkredit, la filiale de Danske Bank, avait écarté Moody’s de la notation de ses émissions de «covered bonds» après que l’agence a menacé la banque de dégradation. Alan Boyce, directeur général de la coentreprise de George Soros, Absalon Project, a indiqué que les exigences de Moody’s étaient «ridicules». «Vous achetez des obligations danoises si vous ne souhaitez aucun risque de crédit et beaucoup de liquidité» a-t-il estimé.
08/07/2011

Warren Buffett reste généreux

L’investisseur a cédé 19,3 millions d’actions de classe B de sa société Berkshire Hathaway pour un montant de 1,5 milliard de dollars au titre de sa contribution annuelle à la fondation caritative de Melinda et Bill Gates, selon un communiqué. Les actions ont clôturé à 77,77 dollars hier à New-York. Le financier entend donner, à terme, 99% de sa fortune à des associations.
08/07/2011

Dexia AM s'étend à l'international

La filiale de gestion de Dexia va ouvrir un bureau de représentation à Londres et un autre à Dubaï, avec la Chine en ligne de mire à plus long terme. Le groupe vise 4 milliards d’euros de collecte nette sur 2011 alors qu’il n’en a gagné que 400 millions au premier trimestre.
08/07/2011

Le trading haute fréquence amplifie les risques

L’apparition du trading de haute fréquence et la course à la réduction du temps de réalisation des transactions accroît la volatilité sur les marchés et crée un risque systémique, selon le quotidien qui cite des propos tenus à Pékin par Andrew Haldane, le dirigeant de la stabilité financière au sein de la Banque d’Angleterre.
08/07/2011

Standard Life Investments augmente les frais

Le gestionnaire d’actifs a envoyé un courrier électronique à ses conseillers financiers pour les informer d’un relèvement au mois de novembre prochain des commissions prélevées sur sept fonds de clientèle privée et deux fonds institutionnels. Les clients devraient en être informés la semaine prochaine par courrier. Une initiative malheureuse et au calendrier inapproprié aux yeux d’un conseiller interrogé par le quotidien.
08/07/2011

Les banques centrales tirent de l’or auprès de la BRI

Les banques centrales ont retiré 635 tonnes d’or auprès de la Banque des règlements internationaux, appelée «la banque des banques centrales», l’année dernière, souligne le quotidien d’après le rapport annuel de la BRI. Il s’agit du montant le plus important jamais retiré depuis plus d’un siècle. Les banques centrales détenaient environ 30.000 tonnes de lingots dans leurs réserves et comptent les utiliser comme une devise.
07/07/2011

Eurex enrichit ses dérivés sur la dette italienne

La Bourse de dérivés Eurex a annoncé le lancement le 19 septembre prochain d’un nouveau contrat sur la dette publique italienne à moyen terme, le Mid-Term Euro BTP Future. Ce future sera basé sur des emprunts de maturités résiduelles allant de 4 à 6 ans et dont la maturité de départ n’excède pas 16 ans. Le contrat aura une valeur nominale de 100.000 euros et portera un coupon de 6%. En septembre 2009 et octobre 2010, Eurex avait lancé des contrats sur les parties longue et courtes de la courbe italienne, et revendique à ce jour 3 millions de contrats traités.
07/07/2011

L'Irlande de retour sur les marchés d'ici fin 2012

L’Irlande pourra de nouveau se financer sur les marchés d’ici la fin de l’année 2012, a dit le ministre irlandais de la Dépense publique, malgré la hausse des rendements de la dette souveraine provoquée par l’abaissement de la note du Portugal.

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