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12/01/2011

Antoine de Salins succeeds Romain Boscher at Groupama AM

Groupama Asset Management this morning announced the name of the successor to Romain Boscher, its former chief investment officer. He is Antoine de Salins, who since 2003 had been a board member at the French national pension fund, the Fonds de réserve pour les retraites (FRR), and chairman of its manager selection committee. In addition to being appoints as director of management at Groupama AM, he also becomes deputy CEO and a member of the board of directors. He will begin in his new position on 7 February.Boscher will join Amundi, the asset management affiliate 75% controlled by the Crédit Agricole group and 25% by Société Générale, in mid-January, as global head of equities, a newly-created position, according to several sources.
12/01/2011

Universal launches a sustainable development bond fund for Sarasin

p { margin-bottom: 0.08in; } The German management firm Universal-Investment has announced the launch of a sustainable development bond fund, managed by the Swiss firm Banque Sarasin, the Sarasin-FairInvest-Bond-Universal-Fonds A, on 3 January 2011. The German-registered product invests 80% of its assets in securities denominated in euros, and 20% in bonds denominated in other currencies. Two thirds of the issuers, all of them top-ranked, are from OECD countries, while the remainder is a combination of bonds from international institutions, and to a lesser degree, corporate bonds. Characteristics Name: Sarasin-FairInvest-Bond-Universal-Fonds A ISIN Code: DE000A1C2XF8 Front-end fee: 3.50% Management commission: 0.65% Advising commission: 0.40%
12/01/2011

Brummer & Partners closes a hedge fund

p { margin-bottom: 0.08in; } The Swedish hedge fund firm Brummer & Partners has for the second time in its history been required to close a hedge fund, Dagens Industri reports. The product in question is the firm’s Asia fund, which lost 18.2% between its launch in July 2009 and November 2010. Meanwhile, the fund is launching two new funds, the Swedish newspaper reports.
12/01/2011

Bankinter launches a guaranteed fund

p { margin-bottom: 0.08in; } With the Bankinter Podium Garantizado FI, Bankinter has released a fund which guarantees 100% of initial capital (as of 15 February 2011) after four years, for which the minimal subscription is set at EUR600, Cinco Días reports. Remuneration will be equivalent to a 1-to-1 scale with the appreciation of a basket of three equally-weighted shares (Telefónica, Iberdrola and Santander), up to 65%. If the revualation is more than that, the subscriber will receive the totality of initial net asset value at maturity. Bankinter will not charge a front-end fee for the fund, with a management commission of 0.15%.
12/01/2011

AMF issues new securitisation regulations

p { margin-bottom: 0.08in; } The French financial market regulator, the Autorité des marchés financiers (AMF), on 11 January published modifications to its general regulations, laid out in the announcement dated 5 January 2011, which appeared in the 9 January 2011 issue of the Official Journal, which take on board new rules for securitisation organisms, which will eventually replace common debt funds, and which may take the form of securitisation companies or common securitisation funds. The AMF has also published instruction number 2011-01 of 11 January 2011, which applies articles 421-17-1 to 421-17-18 of the general regulations, which lay out conditions and procedures for the issuance of a visa for the prospectus and sales details for financial securities issued by securitisation organisms, the content and distribution conditions for prospectuses, in keeping with article 212-7 of the general regulations of the AMF, and periodical documents published by the securitisation firm, or in the case of a common securitisation fund, the management firm. The AMF has also published a series of “questions and answers from the AMF related to securitisation organisms” (AMF position no. 2011-12, dated 11 January 2011), which responds to frequently-asked questions on the subject for professionals. The issued discussed there largely are related to the role of the management firm, the role of the depositary, eligible assets, offering to the public or the admission to trading of financial securities, and sales of the financial securities issued.
12/01/2011

French government launches consultation on modernisation of UCITS IV directive

p { margin-bottom: 0.08in; } The French minister of the economy, Christine Lagarde, on 11 January announced that a proposed bill to modernise the legal framework for asset management, in order to strengthen protections for investors and savers as well as the competitiveness of products and actors at the time that UCITS IV legislation is transposed into French law, has been submitted to public consultation. In addition to the legal requirements, the consultation aims to fulfil “a market strategy to develop the French asset management industry, set out by the High Committee” on 15 October 2010, the minister says in a statement. In addition to the proposed legislation, the ministry has also submitted for consultation a draft bill which lays out the details of taxation for sales of shares in Sicav funds to non-resident shareholders. These details aim to ensure a competitive tax regime for the Paris industry as host to European master funds. Responses to the present consultation are due by 11 February. The consultation will be followed by a second consultation which will focus on funds which do not fall under UCITS IV, and other French-registered collective investment organisms. It will begin in February, the French government says.
12/01/2011

Deka invests in Marseille

p { margin-bottom: 0.08in; } For its institutional retail fund Deka S-PropertyFund No. 2, the German management firm Deka Immobilien has acquired the Marseille building Le Patio (8,900 square metres), located in the Prado district, and leased to the Caisse Primaire Centrale d’Assurance-Maladie (CPCAM) and an affiliate of Electricité de France, for EUR26m. It is the first institutional investment for Deka in the southern French city. The vendor of the property is the management firm Custom House Capital.
12/01/2011

Two new heads at Swiss Life AM

p { margin-bottom: 0.08in; } Swiss Life Asset Management (France) announced on Tuesday, 11 January that new members have joined the management firm: Gilles Frisch, head of the Asset Opportunities management unit, and Anne-Frédérique Cabasset Doyer, head of institutional clients. From 2 November 2010, Frisch, 41, who previously held the position of director of credit arbitrage management at Dexia Asset Management, is appointed to the Fixed Income Europe management department at Swiss Life AM. Doyer, 42, previously worked in the Exane group, where, a statement says, she was active in every step of the sales process for financial products, including management of calls for bids, design of sales assistance tools, adaptation of product offerings to local regulatory contexts, and creation of funds. At Swiss Life AM, she joins the sales team, and will report to Alain Konrad, director of business development.
12/01/2011

BlackRock France scales up distribution

p { margin-bottom: 0.08in; } The team led by Eric Wohleber, CEO of BlackRock in France, has gained the addition of David Disneur, as head of development for distribution clients (funds of funds, private banks, platforms). He will assist Gad Amar, head of the segment since September 2010.Disneur joined the iShares marketing team in London in 2008, before BGI was acquired by BlackRock, an acquisition which took effect in December 2009. There, he developed various strategic campaigns.Sylvain Favre-Gilly is promoted to managing director. He was previously director, in charge of relations with institutional clients.Samiye Dumaz, vice president in charge of the business support team, is appointed director.
12/01/2011

Guillaume Ménabé joins Finisterre Capital

p { margin-bottom: 0.08in; } Guillaume Ménabé has joined the US management firm Finisterre Capital, as junior portfolio manager of the Global Oopportunity Fund, Hedgeweek reports. He will also participate in the management of the Foreign Exchange and Commodities portfolio. Ménabé previously worked at JP Morgan in London.
12/01/2011

The time for feeling sorry is over, says Barclays

p { margin-bottom: 0.08in; } Bob Diamond, president and CEO of the British bank Barclays, promised that his bank would show in the future that it had learned its lessons, Les Echos reports. But he also warned on 11 January before the finance commission of the British parliament that “the time for remorse and apologies will end” soon for the banking sector. He refused to say whether he would forgo his bonus, as he has done in the past two years. His pay totalled GBP21m in 2007.
12/01/2011

Michel Barnier promet aux banques des tests rigoureux

Le Commissaire européen indique souhaiter «lancer l’exercice» des prochains tests de résistance «enfévrier-mars». Il reconnaît l’impérieuse nécessité d’une «méthode européenne», afin que les tests «soient d’une égale rigueur pour chaque pays et pour chaque banque». La «primauté» à ce sujet revient à la nouvelle autorité de supervision des banques.
12/01/2011

La Chine réforme son modèle de croissance

La Chine devrait recentrer ses priorités économiques vers le développement de la demande intérieure afin d’équilibrer son modèle de croissance plutôt que de se focaliser sur les outils monétaires pour combattre l’inflation, a indiqué Yi Gang, membre de la banque centrale chinoise, dans un entretien au Shanghai Securities News. Et de préciser que l’effet des politiques monétaires devrait être limité par l’excès de liquidités sur les marchés.
12/01/2011

L'Assemblée durcit le contrôle du patrimoine des députés

Les députés qui auront omis sciemment de déclarer leur patrimoine ou mentiraient sur son évaluation devant la Commission pour la transparence financière de la vie politique (CTFVP) pourront être sévèrement punis. Les députés ont adopté trois projets de loi et notamment une disposition objet d'âpres débats qui prévoient que ces infractions pourront être punies de 30.000 euros d’amende et de la privation des droits civiques.
12/01/2011

Le LSE fixe le calendrier de migration de sa plate-forme

L’opérateur boursier londonien prévoit de lancer en février le processus de migration vers un nouveau système de cotation. Les clients auront accès à la nouvelle plate-forme du 24 janvier au 11 février afin de tester leur connectivité et il y aura deux tests grandeur nature le 29 janvier et le 5 février. Le système sera pleinement effectif le 14 février. Le LSE a indiqué que les perturbations ayant affecté sa plate-forme Turquoise l’an passé étaient dues à une «erreur humaine».
12/01/2011

Une modification des règles du FESF envisagée

La capacité de prêt du FESF «doit être renforcée et le champ de ses activités étendu» a indiqué Olli Rehn, le commissaire aux affaires économique de l’UE dans un entretien au Financial Times. Une question que les ministres des Finances de la zone euro devraient évoquer la semaine prochaine. La réflexion portera notamment sur un relèvement à son maximum de la capacité de prêt du FESF, soit 440 milliards d’euros contre environ 250 milliards actuellement.
12/01/2011

Cantor a soif de croissance européenne

Le spécialiste du trading obligataire envisage d’acquérir des courtiers en Espagne et en Irlande. «Là où les autres partent, nous y allons», a déclaré à Reuters Shawn Matthews, PDG du groupe. Cantor, qui prévoit de doubler ses effectifs en Europe pour les porter à environ 400 collaborateurs, cherche de petits acteurs indépendants ou des divisions scindées de grands établissements bancaires.
12/01/2011

Schwab passe un accord avec la SEC

Le courtier américain a accepté de verser 118,9 millions de dollars afin de solder une enquête des autorités de régulation américaines lui reprochant d’avoir trompé les investisseurs sur l’exposition de son fonds obligataire YieldPlus au risque hypothécaire.
12/01/2011

ISAM va faire son marché chez Man Group

La société d’investissement londonienne dirigée par Stanley Fink a débauché deux responsables de son concurrent Man Group. Alexander Lowe, ancien directeur général des stratégies globales chez Man, a ainsi pris la fonction de directeur du développement chez ISAM, alors que Riva Waller occupera la fonction de responsable des opérations.
12/01/2011

Le discours sur l’état de l’Union le 25 janvier

Le président américain Barack Obama prononcera le 25 janvier le traditionnel discours annuel sur l'état de l’Union dans lequel il exposera les priorités législatives de l’année. Avec une Chambre aux mains des républicains, le discours du président devrait être axé sur la relance de l'économie et la création d’emplois.
12/01/2011

L’ESMA devient opérationnelle

Après la mise en service le 1er janvier de l’Autorité européenne des marchés (European Securities and Markets Authority, ESMA), son conseil de surveillance a officiellement tenu sa première réunion de travail hier. Séance durant laquelle Carlos Tavares, président de la commission de marchés portugaise, a été élu vice-président de l’institution.

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