p { margin-bottom: 0.08in; } As a part of its struggle against discrimination and promoting diversity, BNP Paribas SA on 5 January announced the appointment of Bernard Villatoux as referent for professional equality. The group thus establishes a nationwide facility for examining individual cases of employees who claim that they have been discriminated against in their professional situation, and whose position is therefore not satisfied, at the discretion of the Human Resources office of the management firm concerned. Villatoux, who was appointed head of Individual Group Careers Management after the merger of BNP Paribas, in 2007 became head of the Human Recources Management, Leadership and Services Group. “The policy of BNP Paribas in relation to diversity within the business is a part of a global desire to play an important role in favour of insertion, equal opportunity and the struggle against all forms of discrimination,” BNP Paribas says in a statement. In France, BNP Paribas signed the Diversity Charter in 2004, and was one of the first seven French businesses to receive the Diversity label in 2009.
p { margin-bottom: 0.08in; } The French financial market authority AMF on 5 January announced the appointment of Patrick Parent as director of accounting affairs, effective 3 January. He succeeds Sophie Baranger, who becomes director of investigations and market surveillance at the AMF. Parent will represent the AMF in the College of the Authority for Accounting Standards (ANC), the High Council of the Account Commissariat (H3C) and in permanent groups which handle accounting standards and audit at ESMA and the OICV. Parent, who entered the COB in 2003, spent four years as director in charge of accounting doctrine. In that role he participated as OICV representative in meetings of the IFRS Interpretation Committee (formerly known as IFRIC, the committee in charge of interpretation of IFRS accounting standards, and the XBRL Advisory Council (XAC),
p { margin-bottom: 0.08in; } BaFin in early January issued a sales license for the Swiss Opportunity sub-fund of the Luxembourg Sicav UBS (Lux) Equity, managed by Stefan Bohren. The portfolio of the conviction-managed fund, launched on 16 November 2010, will include about 20 to 40 positions, with weightings of 2-7%.The fund will invest in a very different manner in the benchmark index, the Swiss Performance Index (SPI), in which Nestlé, Novartis and Roche weigh in at more than 50%. It will be diversified both in terms of sectors, with a current overweight position in industrials and an underweight position in health and consumer goods sectors and capitalisations, with more small and midcaps than in the SPI.The objective of the UBS Global AM fund is to generate outperformance of 400 basis points compared with the SPI over a complete market cycle.CharacteristicsName: UBS (Lux) Equity SICAV – Swiss OpportunityISIN codes: LU0546265769, share class in CHF; LU0546268359, share class in EURTER: 1.50%
p { margin-bottom: 0.08in; } On 1 December, BBVA Asset Management launched two ETFs which inversely reproduce the evolution of the Ibex 35 (ES0105305009) and Markit iBoxx Eurozone 3-5 years Total Return (ES0142446006) indices. The new products were registered by the CNMV on 23 December, making it possible to play falling Spanish and Euro zone sovereign debt markets. They charge fees of 0.40% and 0.14%, respectively, in addition to which there is a depository banking commission of 0.05%. In both cases, tracking error is not to exceed 2%.
p { margin-bottom: 0.08in; } On 30 December 2010, Popular Gestión registered the Eurovalor África y Oriente Medio fund, a Spanish Middle East/Africa/CIS equities fund, which will invest at lesat 75% of its assets in equities, and the remainder in bonds, with the CNMV. The prospectus for the fund states that it will invest up to 100% of its assets in investment funds. The recommended investment duration is 3-4 years.The fund has no benchmark or performance objective. The portfolio will be actively, dynamically and proactively managed, which will result in a high turnover.CharacteristicsName: Eurovalor África y Oriente MedioISIN code: ES0133444002Management commission: 1.35%Performance commission: 9%Minimal subscription: EUR600
Carmignac Gestion has hired Alan Gao as Asian analyst, who will focus on China. Before joining the French asset manager, Gao was a credit analyst at the alterantive management firm CQS, where he was in charge of Asian equity and bond markets.With the arrival of Gao, Carmignac Gestion continues to strengthen its emerging markets equities team, which already includes four people, led by Simon Pickard. In the team, Xavier Hovasse is analyst for Latin American, African and Middle Eastern markets, and will also co-manage the Carmignac Emerging Discovery fund with Simon Pickard. David Park, previously an Asian analyst, will focus on India, Korea and the markets of South-East Asia.Meanwhile, the European equities team will also be strengthened, with Jordan Cvetanovski relinquishing his role as co-manager on the Carmignac Emerging Discovery fund, in order to focus on the European equities range, including management of the Euro-Entrepreneurs fund and co-management of the Carmignac Grande Europe fund, to which Samir Essafri has contributed since his arrival in November.
p { margin-bottom: 0.08in; } Natixis Asset Management has created an affiliate dedicated to training in financial instruments and markets, entitled Natixis Formation Epargne Financière. The new structure, which is registered as a training organism, is aimed at employees at all entities of the BCPE group, including the networks of the Banque Populaire and savings banks, Natixis, Crédit Foncier and Banque Palatine. It has three objectives, according to a press statement: to verify the knowledge of employees and offer internal personnel a “professional certification as market actors,” which is required by the French market regulator, the AMF, since 1 July 2010; to develop expertise through a program centred on pedagogy focused on the client relationship, as well as on regulatory aspects and knowledge of products; improve the protection of savings investors by ensuring that the clients’ interests are taken as a first priority, by developing exchanges between the businesses of the BPCE group and the control and regulatory powers. Natixis Formation Epargne Financière relies on a team of 10 instructors.
p { margin-bottom: 0.08in; } Gerold Schmidt, CEO of the affiliate Ökorenta Service GmbH, was on 22 November appointed a member of the board at Ökorenta AG (SRI fund distributor and closed fund manager), from 1 January 2011. He will assist Tjark Goldenstein, founder and sole member of the board, who becomes chairman of the board, and who will remain head of marketing, distribution and external relations.
p { margin-bottom: 0.08in; } German specialised institutional investors (insurers, pension funds, etc.) as well as asset management firms surveyed by the Kommalpha agency of Hanover favour the same five promoters of retirement planning products. The order of the top two actors in the rankings has been reversed, with 53.9% of investors feeling that Allianz Global Investors (AGI) is the leading actor in this area, compared with 46.2% for DWS/DB Advisors (Deutsche Bank group), while 70.5% of providers place DWS/DB Advisors at the top, while only 53% vote for AGI. Clients and providers alike place Union Investment (co-operative banks), Fidelity and Deka (savings banks) next in the rankings.The survey, undertaken in September 2010 by Kommalpha, who spoke to 35 investors and 201 asset managers (management firms, banks, etc.), reveals that 48.5% of respondents estimate that they invest a lot to very much in retirement planning issues: in addition, 46.4% of managers, compared with 39.8% in 2009 say that they offer custom products, while 35.9% say they do not offer them. 9.9% of respondents say that they are planning to launch such products, compared with 21.8% in 2009.The study undertaken by the Hanover-based agency also reveals that institutional investors are betting largely on time savings retirement accounts and contractual trust agreements, while asset managers prefer corporate retirement savings plans and insurance portfolios.
p { margin-bottom: 0.08in; } According to a non-representative online survey undertaken by Finanztest, a publication of the consumer protection foundation Stiftung Warentest, about 75% of 3,500 readers responding to the survey are of the opinion that promoters of Riester life insurance plans should immediately divest any shares in companies involved in the production of cluster bonds, which is forbidden by German criminal law since 1 August 2010.The Finanztest survey of promoters of Riester plans finds that 68 out of 86 banks surveyed have no comment on the subject, along with half of insurers.Of the 174 firms which responded to the survey, only 12 had taken measures to avoid such investments. They include Union Invesment (co-operative banks) and DWS (Deutsche Bank). Among insurers who do not allow investors investments of this type are Axa, Debeka, oecocapital and Zurich, as well as AachenMünchener et CosmosDirekt, two affiliates of Generali. Raiffeisenbank Rastede is also on the list. In addition, Ethikbank, the Bank für Kirche and Caritas also forbid any investment in weapons at all.Some management firms says that the do not invest in makers of cluster bombs, but are unable to provide proof of this.Surveys have found shares in makers of cluster-bombs in products from Deka (savings banks) and Allianz Global Investors (AGI). The first says that it decides on investments in shares on a case-by-case basis, while the second had no comment, adding that it no longer offers new Riester unit-linked retirement accounts.
p { margin-bottom: 0.08in; } Agefi Switzerland reports that Morgan Stanley, which last year recruited 41 new employees, will continue the campaign this year. With CHF12bn to CHF15bn in assets under management by 170 employees in Geneva (with 50) and Zurich, the private bank is also preparing two moves in 2011. The Geneva office will soon be moving from its location on the place de la Fusterie to a new office space twice as large, also located in the centre of Geneva. In Zurich, growth will also require a move to a larger space.
p { margin-bottom: 0.08in; } Hedgeweek reports that the currencies specialist management firm Insch Capital Management has moved a large part of its activities to Lugano in Zug, where it has opened a new office. Wealth management and asset management services will also be moved to Zug. Insch Quantrend, the group’s quantitative and research analysis entity, will remain in Lugano.
p { margin-bottom: 0.08in; } Agefi Switzerland reports that Lloyds Private Banking, which has been in a cost reduction phase for two years, will move all of its back office, now based in Geneva, to a new office location near Nyon. The front office will remain in Geneva. The gradual transfer of support functions will be completed in 2012. “The transfer of the back office remains good news for the financial markets in Geneva, as these activities will continue to develop in the French-speaking Swiss region. The natural attractiveness of the Geneva market remains for private banking, trading, and hedge funds,” says Steve Bernard, of Genève Place Financière.
p { margin-bottom: 0.08in; } Effective from 1 January, Rudolf Apenbrink has been appointed chairman of the executive board at HSBC Global Asset Management (Deutschland), where he will report to Carola, Countess von Schmettow, a member of the board at HSBC Trinkhaus & Burkhardt (global markets and asset management). In addition, he becomes CEO for the global asset management division of the HSBC group for Europe, the Middle East and Africa.Apenbrink, who joined the bank in 1993, was since 2007 CEO of Asia-Pacific at HSBC Global Asset Mangement (Hong Kong). HSBC Trinkhaus & Burkhardt currently has EUR110bn in assets under management or administration.Christiane Lindenschmidt has also recently been appointed chief technology and services officer at HSBC Trinkhaus & Burkhardt, where she will report to Paul Hagen, a member of the board in charge of accounting, controlling, personnel, credit, operation, business process development and IT. In addition, she also becomes head of HSBC Securities Services Germany. Until October 2010, Lindenschmidt was chairwoman of the executive board of the asset management affiliate INKA Internationale Kapitalanlagegeselleschaft mbH, where she becomes a member of the supervisory board.
p { margin-bottom: 0.08in; } Citywire reports that global statistics from the research and consulting firm Strategic Insight reveal that most of long-term flows, amounting to nearly USD800bn, were invested in only 350 products, out of a total of about 60,000 funds available worldwide. 95% of flows last year went to only 0.5% of funds. Among the most popular vehicles with investors are the Pimco Total Return, Templeton Global Bond, Carmignac Patrimoine, Pictet Local Emerging Market, and Schroders ISF Euro Corporate Bond. According to Strategic Insight, the decision on the part of distributors to reduce the number of managers and funds with which it works has resulted in a phenomenon of concentration over the past few years, which accelerated in the wake of the financial crisis. The best-selling strategies in 2010 were international strategies, emerging markets, Asia-Pacific, diversified, and absolute return funds. Since the financial crisis, however, three quarters of flows have gone to bonds. Strategic Insight estimates that demand will now concentrate on flexible solutions which combine security and returns, with a prudent return to equities.
After one of their most disappointing years, hedge fund managers are hoping for a better 2011 with less macroeconomic volatility and more corporate events, such as takeovers, the Financial Times writes.As of the end of November, the average hedge fund had gained just over 7 per cent for the year, according to Hedge Fund Research.
p { margin-bottom: 0.08in; } After passing the USD1trn asset threshold in the United States in 2010 in assets under management, and pulling close up on USD300bn in Europe, ETFs are expected to grow by 20% in 2011 and maybe in subsequent years, says Deborah Fuhr, global head of ETF research at BlackRock, cited by Il Sole – 24 Ore. She explains that use of ETFs is expanding for large funds, institutional investors and smaller clients.
p { margin-bottom: 0.08in; } According to the estimates of Z-Ben Advisors,total assets in Chinese investment funds as of 31 December 2010 will total about CNY2.49trn, which represents a 4.49% increase over the end of September. This increase is largely due to market appreciation, with the CSI 300 index up 6.56% in fourth quarter.Not counting the impact of the traditional increase in assets in money market funds at the end of the year for window dressing purposes, assets probably fell by 0.98% in fourth quarter, due to redemptions from already established products, while new funds continued to attract new investments.For the year as a whole, assets under management fell by 6.58%, while net subscriptions to new funds (CNY310bn) were also more than offset by net outflows from existing products.The largest actor in the sector remains China AMC, with a market share of 9.01%, followed by Harvest (a partnership with Deutsche Bank), which accounts for 6.43%, and E-Fund, in third place with 5.83%. However, for the year, China AMC, an affiliate of Citic Securities, has seen a steep erosion of its market share, due to the regulator (CSRC) forbidding it until further notice from new product launches, until it has brought itself into compliance with the law (see Newsmanagers of 18 October).The three asset management firms which gained market share in 2010 were Haushang (1.17%), Harvest (0.57%), and Yinhua (0.63%).
p { margin-bottom: 0.08in; } Cazenove Capital Management on 4 January announced its decision to reopen its Absolute UK Dynamic fund to new subscriptions. The fund, managed by Paul Marriage, was closed only one week after its launch in September 2009. The fund had then attracted GBP123m. The fund will have supplemental capacity of GBP60m. The fund has gained 5.5% since its launch, and is expected to earn returns of over 10% per year. As of 30 November 2010, assets under management at Cazenove totalled GBP4.2bn.
p { margin-bottom: 0.08in; } Henderson Global Investors is planning to merge its British and European opportunistic funds, Money Marketing reports. The British opportunistic fund with GBP87m in assets, will be integrated into the GBP327m British alpha fund, while the European opportunistic fund (GBP209m) will be merged into the GBP755m European growth fund. Henderson, which says that its mergers are subject to the approval of shareholders, will merge other funds as part of its strategy of rationalisation of the range.
p { margin-bottom: 0.08in; } According to a survey by Fund Strategy, retail assets at the 96 largest fund management firms in Britain increased from GBP294bn at the beginning of 2010 to GBP353bn at the end of December, an increase of 20%, while the FTSE 100 index gained only 6%. The largest 30 management firms which scored particular success if they promoted top-rated aggressive equity or emerging market products under a well-known banner. However, only 13 of the 30 largest management firms posted a higher-than-average increase to their assets. Invesco Perpetual had only a 12% increase, despite having the most prominent equity income franchise int eh industry and one of the best names in bonds. The 13 fastest-growing management firms were First State, Investec, HSBC, Neptune, M&G, Fidelity, St James’s Place, Schroders, BlackRock, Axa, Aviva Investors, BNY Mellon and Capita.
p { margin-bottom: 0.08in; } Money Marketing reports that the affiliate of GAM Holding SA, Swiss & Global Asset Management, has appointed Keith Rumbelow and Hugo Wheeler as a part of its distribution team in the United Kingdom. Keith Rumbelow, who will take over as head of the London team, will concentrate his efforts on multi-managers, funds of funds, insurance companies, and wealth management firms. He was previously at Marlborough Fund Managers. Wheeler, previously of Highland Capital Partners, will promote the firm’s product range to British investors.
Le gouverneur de la banque centrale chinoise a mis en garde contre la hausse de l’inflation et jugé que de nouvelles mesures pourraient être prises pour contrôler la masse monétaire. Dans une interview publiée par le magazine de la Banque populaire de Chine, Zhou Xiaochuan a exprimé sa confiance sur les perspectives de croissance économique de la Chine, mais s’est montré plus prudent sur l’inflation, dont le rythme actuel est sans précédent depuis deux ans.
La société de capital investissement injecte 2,5 millions d’euros dans Salés Sucrés, spécialiste des « produits gourmands » haut de gamme frais et surgelés, pour l’accompagner dans son développement après la récente acquisition de Brindélices. Le groupe réalise près de 25 millions d’euros de chiffre d’affaires.
Les émissions de covered bonds se sont encore multipliées mercredi. Alors que l’accès au marché est délicat pour les banques espagnoles compte tenu de la hausse du risque souverain, Santander a émis pour un milliard d’euros de covered bonds à cinq ans avec une prime de 225 points de base. C’est le prix qu’avait dû offrir la veille BBVA pour ses covered bonds à trois ans. ABN Amro, Compagnie de Financement Foncier, le Crédit Agricole, Barclays Capital et UniCredit sont également venus solliciter les investisseurs, mais pour des coûts bien inférieurs. Le rythme des émissions d’obligations sécurisées devrait rester soutenu puisque Banco Popolare, Lloyds TSB, Dexia Kommunalbank, RBS, Eurohypo et BPCE prévoient aussi des émissions. Le marché primaire des obligations seniors non garanties s’est également réveillé avec les opérations de Société Générale, à taux variable sur deux ans, de Rabobank, de Pohjola Bank et d’Intesa Sanpaolo. Cette dernière a émis sur cinq ans à 175 pb.
Le président américain dévoilera vendredi la composition de sa nouvelle équipe de conseillers économiques, selon la Maison blanche. Gene Sperling est pressenti pour succéder à Larry Summers à la tête du conseil économique national. Par ailleurs, l’ancien président de la Fed Paul Volcker prévoit de quitter prochainement le Conseil pour la reconstruction économique dont il occupe la direction, selon des sources citées par Reuters.
La banque centrale brésilienne a indiqué que les sorties de dollars du pays ont totalisé 1,91 milliard de dollars au mois de décembre. Mais sur la totalité de 2010, les afflux ont atteint 24,35 milliards de dollars, les investisseurs pariant sur l’une des économies les plus dynamiques au monde. Ce phénomène a fait grimper le real de 4,6% l’an dernier.
La hausse marquée et inattendue de l’emploi annoncée mercredi pour le secteur privé américain constitue l’un des signaux les plus marquants des derniers mois quant à un redressement de l'économie américaine. Le secteur privé a créé 297.000 emplois en décembre, soit presque trois fois ce que les analystes attendaient, et bien plus que les 92.000 postes supplémentaires du mois de novembre, montre l’enquête mensuelle ADP. Depuis la première édition de cette enquête en 2000, jamais le chiffre des créations d’emploi dans le secteur privé n’avait affiché une telle hausse mensuelle. Autre signe tangible d’amélioration, la croissance de l’activité dans le secteur des services aux Etats-Unis a accéléré plus que prévu en décembre, selon l’enquête mensuelle de l’institut ISM. L’indice d’activité des directeurs d’achat du secteur s’est établi à 57,1 le mois dernier, soit un plus haut depuis mai 2006, alors que le consensus Reuters anticipait un indice à 55,6.
Le fournisseur de fonds indiciels cotés (exchange traded funds) a lancé le premier ETF sur l’aluminium, évoquant une demande croissante pour le métal, notamment de la part de la Chine et de l’Inde. Le Global X Aluminum ETF réplique le Solactive Global Aluminum Index, qui vise à refléter la performance des principales sociétés présentes dans l’extraction d’aluminium.
Les prix alimentaires mondiaux ont atteint un nouveau record en décembre, selon l’Organisation des Nations unies pour l’alimentation et l’agriculture (FAO). Son indice mensuel s’est établi à 214,7 points le mois dernier, contre 206 en novembre et au-dessus de son précédent record de 213,5 en juin 2008. « Les prix peuvent encore beaucoup augmenter» a prévenu l’économiste de la FAO Abdolreza Abbassian.