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07/12/2010

Transparency offensive at db x-trackers

p { margin-bottom: 0.08in; } Source, Credit Suisse and BlackRock wera the first ones. db x-trackers, the ETF arm of Deutsche Bank, followed suit on 6 December and announced that it is now offering more complete transparency for synthetic replication portfolios of its products.The evolution of the indices which ETFs replicate is generated on the Deutsche Bank website, which is (so far) the only partner for swaps. For each ETF in the range, db x-trackers now publishes the net percentage of swap compared with the net asset value and the composition of the collateral by type of security, by country, by currency and where applicable by sector, in addition to the rating for bonds.These data were previously available on request, but db x-trackers is now taking the initiative to publish them without being asked to do so.The asset management firm, created in January 2007, already has over EUR35bn in assets, while net subscriptions from 1 January to 15 November totalled over EUR7bn.
07/12/2010

db x-trackers launches an Indonesia ETF

p { margin-bottom: 0.08in; } On 6 December, Deutsche Börse announced that it had admitted a 757th ETF to trading on the XTF segment of its Xetra electronic platform. It is the Luxembourg equities fund db x-trackers MSCI Indonesia TRN Index ETF, which as its name indicates, replicates the MSCI country-index for Indonesia, which covers about 85% of the capitalisation of the local market, on the base of total float.CharacteristicsName: db x-trackers MSCI Indonesia TRN Index ETF ISIN code: LU0476289623 TER: 0.65%
07/12/2010

Deutsche Bank launches its first UCITS hedge fund with Paulson

p { margin-bottom: 0.08in; } Four good months after its first rumours of a cooperation between Deutsche Bank and Paulson & Co, the DB Platinum platform is launching a UCITS-compliant hedge fund managed by Paulson, Fondsprofessionell reports.The open-ended fund is entitled DB Platinum IV Paulson Global Fund, and replicates the Advantage Fund from Paulson. Minimal subscription is EUR10,000. Management commission is set at 2.79%, and DB Platinum will also charge a performance commission, Financial Times Deutschland reports.
07/12/2010

Ameriprise Financial adds to its retail product range

p { margin-bottom: 0.08in; } Ameriprise Financial has announced the launch of ETF and high yield portfolios to provide access for retail investors to investment processes which are often reserved for institutional clients. The Active Opportunity ETF Portfolios include a series of twelve portfolios designed to provide high returns in all market environments. The Active Diversified Yield Portfolios are a group of four portfolios which correspond to various return objectives.
07/12/2010

Changes at the top at Lyxor

p { margin-bottom: 0.08in; } Société Générale Corporate & Investment Banking and its affiliate, Lyxor Asset Management, on Monday announced the appointment of the new management team for Exchange Traded Funds (ETF) in Europe, following the announcement of the departure at the end of this year of Isabelle Bourcier, global head of ETFs. Simon Klein is appointed as head of ETFs for Europe, from 1 January. He joins from Deutsche Bank, where he was head of ETF and ETC sales for continental Europe. He will continue to be based in Frankfurt, and will report to David Escoffier, head of Global Equity Flow at Société Générale Corporate & Investment Banking, and Laurent Seyer, CEO of Lyxor Asset Management. Nizan Hamid, former head of the ETF strategy for Europe, the Middle East and Africa (EMEA) at BlackRock/BGI, also joined Lyxor AM on 22 November, as head of ETF strategy and deputy head of ETFs for Europe. He will be based in London, and will report to Klein.
07/12/2010

Schroders to limit access to US midcap strategies

p { margin-bottom: 0.08in; } Fund Strategy reports that Schroders is planning to limit access to its US midcap stratgies in the next 12 months. Assets under management in these strategies, the onshore Schroder US Mid Cap and offshore ISF US Small and Mid Cap Equity funds, total about USD4bn, and may rapidly increase to their optimal levels of about USD4.5bn, above which performance objectives may be more difficult to achieve. Therefore, a provisional closure of the two funds to new investments is expected in the near future. Investors interested in these funds will be redirected to another strategy, the ISF US All Cap Equity, launched in 2006, one third of whose assets are managed with the same approach as the midcap funds.
07/12/2010

Janus launches an emerging markets equities fund

p { margin-bottom: 0.08in; } Janus Capital International Limited, the international division of Janus Capital Group, has launched the Janus Emerging Markets Fund, a sub-fund of the Janus Capital Funds Sicav, based in Dublin. The fund is invested in global emerging markets equities with a bottom-up approach. It will be managed by Wahid Chammas and Matt Hochstetler, two portfolio managers who will work in close collaboration with the risk management division of Janus to actively control macroeconomic risks such as country, sector and currency positions. The portfolio will invest in 80 to 140 positions which will be diversified sectorally and geographically, and its benchmark index is the MSCI Emerging Markets.
07/12/2010

Italian funds bet on PIGS

p { margin-bottom: 0.08in; } Between the beginning of September 2009 and the end of October 2010, Italian fund managers oddly increased their exposure to Irish, Spanish, and Portuguese bonds (the first two by over 50% and the last one by nearly 20%), unlike their counterparts in other countries, according to the surprising findings of a Morningstar study undertaken for Plus24, the money supplement of Il Sole – 24 Ore. The newspaper finds that the difference between what is happening in Italy and other countries may be due to the fact that banks, which control most asset management firms in Italy, massively sold their bonds from PIGS countries (Portugal, Italy, Greece, and Spain). Plus24 suggests that it cannot therefore be ruled out that these bonds may have been transferred from the portfolios of banks to those of funds from their asset management firms.
07/12/2010

Former New Star manager launches an Africa fund

Jamie Allsop, former manager of the Heart of Africa fund at New Star, which had to close in 2008 due to liquidity problems, is launching a new fund with frontier markets specialist Insparo Asset Management, the Financial Times Fund Management said. The Insparo African Equity Fund will target institutional investors offering monthly liquidity.
07/12/2010

Source launches ETFs focused on Brazil, India and China

p { margin-bottom: 0.08in; } On 6 December, Source announced the launch of three Irish-registered ETFs replicating total return MSCI country indices for Brazil, India and China, as additions to the MSCI emerging markets and RDX Russia indices. The new products, available in US dollars on the London Stock Exchange, bring the range of ETF and ETC products from Source dedicated to equities and commodities indices to 83.CharacteristicsName: ETF MSCI Brazil Source ISIN code: IE00B4MYWN47Management commission: 0.65%Name: ETF MSCI China SourceISIN code: IE00B4LXWX21Management commission: 0.65%Name: ETF MSCI India SourceISIN code: IE00B4Z17P98Management commission: 0.85%
07/12/2010

Petra Reinhard Keller joins SFA board

p { margin-bottom: 0.08in; } The Swiss Funds Association (SFA) has announced that its board at its 25 November meeting elected Petra Reinhard Keller as a new member, managing director and head fund solutions & clients services, as well as deputy CEO of Credit Suisse Asset Management Funds. In her role as a board member at the SFA, she replaces Raoul-Philip Backmann, who has left Credit Suisse and is also leaving the board of SFA.
07/12/2010

F&C creates an Investment Solutions unit

F&C Investments has created an integrated Investment Solutions business focused on providing multi-asset investment strategies to institutional investors that are sensitive to their future liabilities and regulatory obligations. The new Investment Solutions business comprises F&C’s asset-liability management, multi-asset investment, insurance advisory, fiduciary management, derivative fund management and institutional manager selection teams.Richard Watts has been appointed as head of investment solutions to lead the business. He joined F&C in 2005 after eight years as a derivatives specialist at JP Morgan. Also, F&C has hired Ernst Hagen, currently head of asset management at Pensioenfonds Horeca & Catering, one of the largest Dutch industry pension schemes, to head its Fiduciary Investment desk. Ernst will join F&C on 4 January and will be based in the Amsterdam office. Peter Hill-King joins as head of manager selection from P-Solve Asset Solutions and David White, who previously worked at Aon, will join as director, manager selection.
07/12/2010

BlackRock GF closes two funds for holidays

p { margin-bottom: 0.08in; } The board of directors of the Luxembourg Sicav BlackRock Global Funds (BGF) has announced that, in light of the closure of the London stock exchange, the net asset value of the BGF United Kingdom Fund will not be calculated and shares in the fund will not be traded on 27 and 28 December. The same decision has been taken for the 30 and 31 December as well as the 3 January for the BGF Japan Small & Mid Caps Opportunities Fund and BGF Japan Value Fund.
07/12/2010

Asia may compete with UCITS

Asia’s fund managers are convinced the setting up of an Asia funds passport is critical for the industry’s growth, according to a report by PwC commissioned by Australia’s Financial Services Council. Currently, if Australian investment managers want to launch their products into the Asian markets they have to set up an office in Europe and export Ucits from there, the Financial Times Fund Management wrote.
07/12/2010

PLF 2011 : abandon de l’amendement sur l’assurance-vie

Le rapporteur UMP de la commission des Finances du Sénat, Philippe Marini, a finalement renoncé à mettre au vote un amendement au projet de loi de finances 2011 visant à instaurer un taux d’imposition réduit à 5,5% sur les contrats d’assurance-vie comprenant des actions. Dans le cadre de la réforme en vue de la fiscalité du patrimoine, le Premier ministre a réuni hier une vingtaine de parlementaires de la majorité. Etaient présents le rapporteur général de la commission des Finances de l’Assemblée Gilles Carrez et son homologue du Sénat. Le président de la commission des Finances du Sénat, le centriste Jean Arthuis, a été invité, mais pas son alter ego de l’Assemblée, le PS Jérôme Cahuzac. Cette réforme, pilotée par le ministre du Budget François Baroin devrait être présentée en avril sous la forme d’un projet de loi de finances rectificative qui devrait être soumis en juin au Parlement.
07/12/2010

L’AMF publie une recommandation sur les engagements hors bilan

Cette recommandation relative aux engagements hors bilan annule et remplace l’interprétation n°1 sur les engagements hors bilan publiée le 30 janvier 2006. Elle prend en compte notamment la mise en œuvre d’IFRS 7 et repose sur un rappel du cadre normatif et réglementaire applicable en matière de présentation des engagements hors bilan.
07/12/2010

Nouvelle levée pour BNP Paribas Clean Energy Partners

La structure spécialisée dans les actifs liés à la construction et aux infrastructures opérationnelles d’énergie verte a levé au total 437 millions d’euros pour son fonds Clean Energy auprès de divers investisseurs institutionnels, au-delà de son objectif initial de 350 millions d’euros. Un premier appel de fonds avait permis de récolter 250 millions d’euros en septembre 2009 puis 187 millions ont été levés plus récemment.
07/12/2010

Carlyle songe plus fermement à la Bourse

William Conway, fondateur et dirigeant de la société d’investissement, l’a confié à Bloomberg: une introduction en Bourse pourrait intervenir en 2011. Des sources proches du dossier ont précisé le calendrier envisagé, avec un dépôt du projet en fin d’année prochaine pour une cotation en 2012. Une étape que la société étudie depuis au moins juin 2007 et déjà franchie par ses rivaux Blackstone et KKR. «Il y aura des avantages importants à disposer de davantage de capitaux», a déclaré le dirigeant. Dans cette perspective, Carlyle multiplie les investissements liquides. La société a fait part lundi de l’achat d’une participation de 55% au capital de Claren Road Asset Management, un fonds d’arbitrage long-short de 4,5 milliards de dollars. Citigroup et Goldman Sachs, via Petershill Fund, qui ont investi respectivement en 2006 et 2008 cèderont leurs participations. Les quatre fondateurs continueront d’assurer la gestion au jour le jour.
07/12/2010

Aprionis adhère aux PRI

Le groupe devient le premier acteur paritaire de l’économie sociale et solidaire en France à signer les PRI (principles for responsible investment) ou principes de l’investissement responsable, lancés à l’initiative des Nations Unies et de grands investisseurs institutionnels.
07/12/2010

La FSA lance une alerte sur les dérivés

L’autorité britannique des marchés financiers s’inquiète du fait que les risques liés au trading des produits dérivés ne soient pas correctement supervisés par certaines sociétés de gestion d’actifs. Dans un rapport de consultation, la FSA juge qu’elles devraient disposer d’une documentation «montrant une connaissance adéquate des risques à la fois dans les fonctions support et investissement».
07/12/2010

Citi met en vente Biofarma

Citigroup Venture Capital International (CVCI) et deux co-investisseurs ont lancé le processus de vente de Biofarma, un fabricant turc de médicaments génériques, a relayé Reuters. JPMorgan est en charge du pilotage de l’opération. CVCI et Partners in Life Sciences ont acquis la société en 2007 pour 200 millions de dollars avant d’en revendre une partie à Global Finance, un capital investisseur grec.
07/12/2010

Bonne affaire pour Hellman & Friedman

Le fonds californien est, selon Bloomberg, en pourparlers avec le japonais Daikin pour lui céder le spécialiste de la climatisation Goodman Global, après avoir rejeté une précédente offre de 300 milliards de yens (2,7 milliards d’euros). Hellman & Friedman a acquis ce groupe en 2007 pour 1,8 milliard.
07/12/2010

Un fonds propose de soutenir Borders

William Ackman, gérant du fonds d’arbitrage Pershing Square Capital, a proposé son aide financière à la chaîne américaine de librairies Borders Group dans sa tentative de racheter son concurrent Barnes & Noble pour 964 millions de dollars.
07/12/2010

TD Bank vise Chrysler Financial

Bloomberg avance que Toronto Dominion Bank est en négociations avec Cerberus Capital Management pour le rachat de Chrysler Financial. Des discussions qui pourraient aboutir cette semaine, pour un montant qui pourrait aller jusqu’à 6 ou 7 milliards de dollars.
07/12/2010

Le plan de sauvetage de l'Irlande se met en place

La première émission d’environ 5 milliards d’euros destinée à abonder le plan de soutien à l’Irlande sera réalisée dans la deuxième moitié de janvier, alors que l’Eurogroupe compte sur la rigueur budgétaire pour éteindre les «feux de broussaille» au Portugal et en Espagne.

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