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18/02/2011

Net profits at comdirect up 5.3% in 2010

p { margin-bottom: 0.08in; } Last year, comdirect bank posted net profits of EUR59.63bn, compared with EUR56.62bn in 2009, which corresponds to an increase of 5.32%. The number of clients increased by about 108,300, to about 1.56 million, while the number of securities accounts increased by 5.3% to a total of slightly under 740,000. In the B2C segment (comdirect), total assets increased 18.3% to EUR26.32bn, while B2B activities (ebase) grew by 21.6% to EUR16.2bn.
18/02/2011

UniCreidt studying a potential Pioneer-Eurizon merger

p { margin-bottom: 0.08in; } For the first time, the strategy committee at UniCredit on Thursday considered the possibility of an alliance between its affiliate Pioneer and Eurizon, the asset management unit of Intesa-Sanpaolo, Il Sole – 24 Ore reports. The committee is reported to have tasked the management, led by CEO Federico Ghizzoni, to enumerate the potential advantages of a merger with the Intesa Sanpaolo affiliate. The Italian newspaper also reports that the sale process for Pioneer is entering its final phase, and that in early March, BofA-Merrill Lynch, which is advising UniCredit, is awaiting bids from the final three candidates to buy the business, Amundi, Natixis and Resolution.
18/02/2011

Allfunds Bank adds to fund IT platform

p { margin-bottom: 0.08in; } From 21 February, on the basis of information provided by asset management firms connected to its platform, Allfunds Bank will offer its institutional clients access to a more robust range of data on funds, including their allocation by sector, by asset class, by geographical region, and by currency, as well as the largest underlying positions, FondiOnline reports. This new functionality will allow access not only to information for a given moment in the life of a particular fund, but to all information on all funds at any time in the past year.
18/02/2011

Skandia appoints a COO for continental Europe

p { margin-bottom: 0.08in; } Skandia has announced the arrival of Robin Tetlow as chief operational officer for operations in continental Europe (France and Italy). Tetlow, who will be responsible for operations and administrative management of investments, will be based in Italy. A former independent consultant to industry actors in the financial services industry, Tetlow joined Skandia in January 2011.
18/02/2011

Alternative management firm founded in London

p { margin-bottom: 0.08in; } Via Reinet Fund SCA, the investment firm Reinet will participate in the creation of a global alternative management and advising firm, in partnership with William T. Winters, former co-CEO of JP Morgan Investment Bank, and RIT Capital Partners plc, which is led by Lord Jacob Rothschild, Agefi Switzerland reports. The new firm will be known as Renshaw Bay. Winters will be president and CEO of the firm, while Lord Rothschild and Johann Rupert, who controls Reinet, will become directors of Renshaw Bay. Winters will initially own 50% of the new business, while the remainder will be shared between Reinet, which is listed in Luxembourg, and RIT, an investment firm listed in London. Renshaw Bay, which will be based in London, will work with “sophisticated” investors to develop their risk parameters, investments, and trading vehicles.
18/02/2011

Barclays WM France launches an Asian equities fund

p { margin-bottom: 0.08in; } Barclays Wealth Managers France has launched the Barclays Equity Asia fund, a sub-fund of its Luxembourg Sicav, investing in Asian equities. The new fund is advised by Philip Niem, head of discretionary management at Barclays Wealth Asia, based in Hong Kong, and his team. Niem manages USD300m in assets with the same method used for the new fund. The objective for Barclays Equity Asia is to invest in businesses expected to profit from economic growth in China, India, and other surrounding Asian countries (excluding Japan), and to outperform its benchmark index (90% MSCI AC Asia ex Japan 10% cash) by 5% per year. Allocation by country is determined on the basis of the size of the economy, the balance of payments, growth in corporate profits and price/earnings ratio for the market. Niem will then select sectors which he estimates will outperform national GDP growth. Within these sectors, the head of discretionary management will select 40 businesses. Currently, Niem favours the banking sector in India, the consumer sector in China, and commodities. The Barclays Equity Asia fund, which has recently received a sales license from the AMF, now has total assets of USD30m. It will be sold via the Barclays Wealth network, as well as to funds of funds and institutional investors.
18/02/2011

Fidelity Investments extends its product range with iShares ETFs

p { margin-bottom: 0.08in; } The online broker Fidelity Investments has celebrated the first anniversary of its partnership with BlackRock in ETFs, and increased the number of iShares ETFs available for free trading from 25 to 30.The five ETFs available to investors for free are the iBoxx High Yield Corporate Bond Fund (HYG), iShares Dow Jones Select Dividend Index Fund (DVY), iShares Dow Jones International Select Dividend Fund (IDV), iShares Dow Jones US Real Estate Index Fund (IYR) and iShares MSCI ACWI ex US Index Fund (ACWX).
18/02/2011

Janus launches five funds in Italy

p { margin-bottom: 0.08in; } Janus Capital International Limited, the international division of Janus Capital Group, has added to its range of products on sale to retail clients in Italy. The Italian market authority, Consob, has granted a license for sale to retail investors of five funds from the Denver-based asset management firm, including three equities funds – Janus US Fund, Perkins Global Value Fund, and Emerging Market Fund – and two bond funds – Janus Global Investment Grade and Janus Global High-Yield Fund. “The launch of these five funds in Italy confirms our commercial strategy, which is increasingly oriented to the retail distribution segment, which since January has access to a wider range of funds,” says Andrea Cardone, director of sales for southern Europe at Janus Capital Group. “Though for many years we have offered products on the Italian market which were focused in the United States exclusively, the time has come to also offer our expertise on global markets,” he adds.
18/02/2011

Netherlands' APG picks up a new head of corporate governance

p { margin-bottom: 0.08in; } APG Asset Management, the management firm for the pension fund for public employees in the Netherlands, has appointed Claudia Kruse as head of corporate governance. Kruse, who joined APG in 2009 as a senior specialist in sustainable development and governance, succeeds to Paul Trentrop, who left the business at the end of 2010 to found his own firm.
18/02/2011

Jordi Padilla becomes CEO of Popular Gestión Privada

p { margin-bottom: 0.08in; } Following the departure at the end of December of Guillermo Santos Aramburo, who has become director and head of strategy at Icapital, Jordi Padilla has been appointed CEO of Popular Gestión Privada, Funds People reports. Padilla, who joined the firm in 2008, was previously CIO for equities, and directly managed the PBP Gestión Flexible and PBP Cartera Fexible funds.
18/02/2011

Banco Popular sells its asset management affiliate to Allianz

p { margin-bottom: 0.08in; } According to sources familiar with the matter, Banco Popular is in the process of completing a sale of 60% of its asset management affiliate Popular Gestión to Allianz for about EUR100m. According to Expansión, the German insurer may also acquire Popular Gestión Privada, the asset management arm ou the private banking unit of the group, to replace Dexia, which would sell its 40% stake in the capital of the business.The agreement over Popular Gestión would specify that Popular will continue to distribute funds from Popular Gestión via its network; in addition, the bank would pledge to maintain a minimal level of investment in products from Popular Gestión.
18/02/2011

Le risque de sous-performance réapparaît

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois de janvier 2011. Ces performances sont mises en perspective par le calcul de la volatilité et du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.
18/02/2011

La rotation sectorielle apporte peu

Le graphique ci-contre montre la variété des performances des secteurs européens, mesurée par la dispersion de leurs rentabilités trimestrielles.
18/02/2011

Nicolas Sarkozy ne fait pas plier la Chine

L’idée du président français, qui assure la présidence du G20, de lancer un premier «séminaire de devises» fin mars en Chine réunissant ministres des finances, banquiers centraux, et officiels internationaux afin de mettre la pression sur les autorités chinoises pour une réévaluation du yuan, tournerait court, indique le journal qui cite des sources proches. La Chine aurait en effet refusé lors de cette occasion de discuter du niveau des taux de change. Et le gouverneur de la banque centrale de Chine, Zhou Xiaochuan de rappeler hier que la Chine décidera elle-même du rythme d’appréciation du yuan, sans tenir compte des pressions étrangères.
18/02/2011

Bernard Madoff profite aussi aux avocats et conseils

L’armada d’avocats et de consultants qui ont participé au recouvrement des 19,6 milliards de dollars de fonds frauduleux de Bernard Madoff auraient touché plus de 1,3 milliard de dollars d’honoraires, selon le journal qui cite des chiffres officiels. C’est Baker Hostetler, où Irving Picard est associé, qui a le plus bénéficié de cette manne en touchant 128 millions de dollars.
18/02/2011

La Chine pointée du doigt par l’OMC

L’Organisation Mondiale du Commerce devrait rendre public aujourd’hui un rapport indiquant que la Chine n’a aucun droit légal d’imposer des restrictions à l’exportation de neuf matières premières, indique le journal qui cite des sources diplomatiques et d’avocats proches du dossier. La Chine impose en effet des quotas sur le zinc, la coke entre autres qui sont sources de tensions avec ses partenaires commerciaux.
18/02/2011

Discussions avancées entre Nasdaq et ICE

Les opérateurs de marché Nasdaq OMX et IntercontinentalExchange pourraient forger un partenariat, et les discussions entre les deux groupes sont à un «stade critique», a rapporté la chaîne Fox Business. L’opérateur du Nasdaq a engagé Bank of America pour étudier les possibilités d’accord.
18/02/2011

Mise en garde de Timothy Geithner sur les limites de la dette

Le secrétaire au Trésor américain Timothy Geithner a estimé que les Etats-Unis devaient ramener leur déficit budgétaire à moins de 3% du PIB afin de réduire la dette nationale. «Le test minimal est de ramener les déficits bien en deçà de 3% du PIB pendant une période prolongée».
18/02/2011

Hausse des prix à la consommation aux Etats-Unis

Le département du Travail a indiqué jeudi que l’indice «core» PCI avait crû de 0,2%, sa plus forte hausse depuis octobre 2009, contre 0,1% en décembre. Cette avancée est principalement due à la hausse des coûts de l’habillement, du logement et du transport aérien. Le scénario d’une inflation toujours mesurée est maintenu en raison de la hausse des inscriptions au chômage la semaine dernière, limitant la croissance des salaires.
18/02/2011

Pékin se méfie des agences de notation

Selon une directive publiée jeudi par la Commission chinoise de régulation bancaire, les établissements financiers doivent se servir de leurs propres notations internes pour les gros investissements, que ce soit pour acheter des obligations ou des dérivés. «Ces règles visent à empêcher les banques de faire face à des risques systémiques qui pourraient provenir d’ajustement possibles de notations extérieures», a déclaré le régulateur.
18/02/2011

Les indicateurs avancés américains déçoivent

Le Conférence Board a annoncé que son indice avait augmenté de 0,1% le mois dernier, à 112,3, après une progression révisée à la baisse de 0,8% en décembre. Les économistes attendaient une hausse de 0,2%.
18/02/2011

L’indice Philly Fed à un plus haut de sept ans

L’indice de l’activité manufacturière de la Réserve fédérale de Philadelphie a largement battu le consensus en février pour s'établir à 35,9 contre 19,3 en janvier, un plus haut depuis janvier 2004. Les économistes interrogés attendaient une quasi-stabilité à 20,9. La composante des nouvelles commandes a progressé à 23,7 en janvier contre 23,6 en décembre. Celle de l’emploi s’est établie à 23,6 ce mois-ci, après 17,6 le mois dernier.

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