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14/05/2009

Concept Capital recrute un poids lourd du prime brokerage

Selon Hedge Week, le spécialiste du courtage institutionnel vient de recruter Rob Davis en tant que managing director et responsable des Hedge Fund Service Sales. La société envisage de renforcer ses forces de vente d’ici à la fin de l’année.
14/05/2009
Fonds

Les fonds enregistrent encore d'importantes souscriptions nettes

La semaine au 6 mai a été la huitième consécutive de souscriptions nettes pour les mutual funds de long terme, selon l’Investment Company Institute. Les rentrées nettes ont porté sur 13,51 milliards de dollars, ce qui porte le total des huit dernières semaines sous revue à environ 78 milliards de dollars, rapporte The Wall Street Journal. La plus forte hausse a été enregistrée par les fonds d’actions, avec 8,17 milliards de dollars contre 465 millions la semaine précédente.
Fonds
14/05/2009

State Street awarded management mandate by city of Edmonton

State Street Corporation has announced that it has been selected by the city of Edmonton to provide protection of securities and accounting, securities lending and fiduciary services on a portfolio of USD2.2bn in assets.State Street Global Advisors (SSgA), the affiliate of State Street specialised in asset management, has also been selected by the city for an equities management mandate. Edmonton has invested in the 130/30 investment strategy Canadian Alpha Edge.
14/05/2009

UK regulator fines Morgan Stanley

The Financial Services Authority has handed down fines of GBP1.4m for Morgan Stanley, and GBP105.000 for a former trader at the firm for deliberate and frequent irregularities in trades on European CDS. The Wall Street Journal states that the transactions were overvalued by USD120m.
14/05/2009

CFA Institute concentrated Islamic finance and ESG activities in London

Usman Hayat has been appointed by the CFA Institute as director of Islamic Finance and Environmental, Social and Governance (ESG) Investing. He joins the Europe, Middle East, and Africa (EMEA) office of the firm in London; he was previously at the Asia-Pacific office in Hong Kong. His primary mission will be to develop the content of training courses for investment professionals and members of the CTA Institute in the areas of Islamic finance and ESG topics as part of the Life Long Learning program.
14/05/2009

Europe - Record fine for Intel

For abuse of its dominant position between October 2002 and December 2007 in the x86 processor market, and discounts offered by the group and direct payments to computer manufacturers to compel them to choose its products over those of its rival AMD, the European Commission has levelled a record fine of EUR1.06bn against Intel, L’Agefi reports. The EU has given Intel three months to pay the fine. The US group has decided to appeal the decision, and the sun will be placed in escrow in the interim. The European Court of Appeals may lower the fine. According to experts, the real fine will not equal this sum, but will be decided by the appeals court verdict. The Commission has required an immediate cessation of the business practices in question and has warned that it will ?actively monitor respect for the present decision.? Intel will be required to ?go through its commercial relations with a fine-toothed comb.? This also opens the door to civil suits against Intel, with one class action case to be heard in Delaware in 2010. The FTC will also take action in the case. An FTC investigation was launched last June, which comes in addition to other enquiries in Japan and South Korea.
14/05/2009

Funds still showing sizeable net subscriptions

The week to 6 May was the eighth consecutive week of net subscriptions for long-term mutual funds, the Investment Company Institute reports. Net inflows totalled USD13.51bn, bringing the total in the past eight weeks to about USD78bn, the Wall Street Journal reports. The strongest increases were for equities funds, with USD8.17bn, compared with USD465m the previous week.
14/05/2009

Fifth consecutive month of net subscriptions in April

In April, the Swedish association of fund management firms Fondsbolagens Förening has seen net subscriptions of SEK7.5bn, compared with SEK6bn in march. Net inflows have totalled SEK19.7bn since the beginning of the year, compared with SEK12.2bn in first quarter. This makes April the fifth consecutive month of net subscriptions.Due to the rebounding equities market, equities funds have attracted SEK11.7bn in subscriptions, compared with SEK6.4bn in March, bringing the total for the first third of the year to SEK22bn. Diversified funds attracted SEK4bn in investments in April, and SEK5.1bn in January-April, but bond and money market funds have seen net redemptions of SEK0.9bn and SEK7.2bn respectively in April, and SEK1.2bn and SEK6.6bn for the first four months of the year.
14/05/2009

A new fund from DNCA Finance

DNCA Finance (Gruppo Banca Leonardo) has announced that it has released DNCA Convertibles, a sub-fund for which Jean-Charles Mériaux, Philippe Champigneulle and Igor de Maak have provided the management since the end of 2008, which will be housed in the Luxembourg Sicav Leonardo Invest. The management firm states that the launch of DNCA Convertibles comes at a favourable time in light of the recent fall on the equities and credit markets, etc, which have worked to the detriment of these asset classes. In a fragile banking environment, the managers believe in the potential for these shares to rebound, and point to the success of recent issues such as the offerings from Arcélor Mittal and Cap Gemini. In practice, the sub-fund’s portfolio adopts a defensive profile. It is composed at least half of convertible or tradable bonds from the European Union, a maximum of 10% of which may be from outside the Euro zone. At least 50% of shares are investment grade-rated. Money market products may also occupy up to half of the portfolio. Mnaagement fees for the DNCA Convertible fund are 1.60% (A-class shares) and 0.90% (I-class shares). Shares are denominated in increments of EUR100, with a minimum investment of EUR100,000 for I-class shares. The benchmark index is the Exane Eurozone Convertibles Index.
14/05/2009

Strong growth in Islamic finance, according to State Street

In its most recent ?Vision? report, State Street estimates that the total volume of assets managed by Islamic financial institutions now comes to over USD600bn. ?The principles of Islamic finance - low leverage, transparency, and the absence of speculation - make it an attractive investment option regardless of the market, and particularly in the current context,? says Rod Ringrow, senior vice president of State Street in Doha, Qatar. State Street points out that the Islamic finance market has been growing at a pace of nearly 20% per year since 2003.
14/05/2009

Government wants to regulate derivatives trading

Federal regulators have set out proposals to regulate the derivatives market, the Wall Street Journal reports. These regulators may be given the power to require that several OTC derivatives be traded on regulated markets or electronic trading platforms. Businesses with a high exposure to derivatives or which trade in the most complex types of derivatives will be required to do so through clearing houses, which will guarantee the transactions and amortise the impact of a major financial institution collapsing. To avoid market manipulations, the regulators will also be granted the power to limit positions on derivatives if they run a risk of having a significant impact on the market.Timothy Geithner has also announced that the Department of the Treasury will soon unveil another bill, which will clarify the areas of responsibility of the various agencies in the surveillance of the financial markets.
14/05/2009

Sarasin Alén licensed in Spain

The ?securities agency? Sarasin Alén founded by the Swiss bank Sarasin and Alén Gestión Patrimonial, may place 28 sub-funds of the Sarasin Sicav fund on sale in Spain, after being granted a licenses by the CNMV as a collective investment institution, Cinco Días reports.
14/05/2009

Robeco releases Infrastructure Equities fund

Robeco on 5 May released the Luxembourg-registered fund Robeco Infrastructure Equities for sale in Germany. The fund is managed by Steef Bergakker with a global approach and portfolio concentrated on 35 to 50 shares, largely in businesses that construct infrastructure. The fund is not benchmarked, complies with UCITS III, and will focus on four themes: communication, transport, water and sewage treatment, and energy, with distinction due to cap size. Front-end fees are set at a maximum of 5%. Management fees and service commissions are set at 1.50% and 0.12%. Assets currently total EUR25.18m.
14/05/2009

Germany - DAB Bank sells FondsServicaBank to Fondsdepot Bank

DAB Bank (UniCredit group, via HypoVereinsbank, or HVB) is selling its affiliate FondsServiceBank (FSB) to Fondsdepot Bank, a joint venture from Xchanging and Allianz Global Investors. The transfer will take place at the latest in second quarter 2010. The sale will allow DAB Bank to increase its profits by more than EUR1m per year, and improve its cost/income ratio by about three percentage points. In addition, the transaction will generate a positive effect of EUR4m on the books of the HVB direct bank.
14/05/2009

Rob Bernstein joins Fortis Investments

Rob Bernstein, managing director for development at AG Asset Management, has been recruited by Fortis Investments as head of US Sales. He will report to Tom Leavitt, global head of institutional sales. As his title indicates, he will be responsible for the development of the institutional client base, particularly in the areas of defined benefits, endowments and charities, subadvisory, and consultancy. He will also have a role in customer service. Bernstein will be based in London.
14/05/2009

MLP announces decline in assets

As of the end of March, assets under management by MLP totalled EUR11.2bn, compared with EUR11.4bn at the end of December, despite the falling markets. Revenues for ongoing activities have contracted by 19%, to EUR125.5m, and net profits have fallen to EUR0.3m, compared with EUR8.7m. In total, MLP has lost EUR1.2m due to activities in Austria and the Netherlands, which it will be selling off.Due to the entry of Swiss Life into the firm’s capital, MLP has spent EUR3.3m for legal and financial advising. Excluding this one-time expense, the firm’s EBIT came to EUR6.8m rather than EUR3.4m, compared with EUR25.1m.
14/05/2009

Lehman prepares to sell off assets

Lamco, short for Legacy Asset Management Co, is the current name for the portion of Lehman Brothers Holdings which, eight months after its bankruptcy, may be spun off as a living company. It will be offered to investors willing to make a bet on capital gains when the economy recovers, the Wall Street Journal reports. Lamco will consist of three divisions: real estate, banking (consumer credit and commercial bank loans), and private equity. Assets are estimated at a fair value of Usd45bn, which represents a 50% decrease compared with September, At non-?distressed? prices, these assets are valued by Lehman at about EUR400bn.
14/05/2009

Hedge funds gained nearly 5% in April, according to Barclays

Of 1,210 funds which have reported results as of the end of April, the average performance of the Barclays index comes out at 4.99% in April and 5.42% since the beginning of the year. Only two strategies are in the red for the month under review: equity market neutral (62 funds), with losses of 1.02%, and equity short bias (7 funds), which has lost 7.68%.The best monthly performance was for emerging markets (197 funds), at 9.37%, and event-driven strategies (146 funds), with gains of 7.91%.Of the three strategies that show losses in the first four months of the year, the heaviest losses are for equity short bias, with 6.17%, while convertible arbitrage strategies (13 funds) and event-driven strategies show performance of 14.79% and 10.19%, respectively.
14/05/2009

CAAM veut développer ses activités au Canada

Credit Agricole Asset Management Group veut poursuivre son développement au Canada en étendant sa présence au Québec, en Ontario, en Colombie Britannique ainsi qu’en Alberta. CAAM Canada Inc. via son équipe, vise à développer ses relations commerciales avec la clientèle institutionnelle ainsi que les distributeurs canadiens. #Le marché canadien connait une demande croissante pour des produits innovants bénéficiant d"une solide maîtrise des risques#, indique un communiqué de CAAM. Grâce à son expertise dans l"obligataire international, le crédit, les actions émergentes et globales, la gestion active de devises et la performance absolue, CAAM Canada Inc. bénéficie des meilleurs atouts pour répondre aux spécificités de ce marché et ce, par le biais de solutions innovantes et originales. Selon le PDG de CAAM Canada, Louis Fortin, #le développement de sa présence au Canada souligne l"engagement du groupe envers ce pays ainsi que sa confiance dans le secteur de la gestion d"actifs locale#.
14/05/2009

State Street obtient un mandat de gestion par la ville d'Edmonton

State Street Corporation annonce avoir été choisi par la ville canadienne d"Edmonton pour fournir des services de garde de valeurs et de comptabilité, de prêt de titres et des services fiduciaires portant sur un portefeuille de 2,2 milliards de dollars canadiens d"actifs. Par ailleurs, State Street Global Advisors (SSgA), filiale de State Street spécialisée dans la gestion d"actifs, a été sélectionnée par la ville pour un mandat de gestion d"actions. Edmonton a investi dans la stratégie d"investissement 130/30 Canadian Alpha Edge.
14/05/2009
Fonds

Selon Barclays, les hedge funds ont gagné presque 5 % en avril

Sur 1.210 fonds ayant fourni leurs résultats à fin avril, la performance moyenne calculée par l’indice Barclay ressort à 4,99 % pour avrio et à 5,42 % depuis le début de l’année. Seules deux stratégies sont dans le rouge pour le mois sous revue : equity market neutral (62 fonds), avec une perte de 1,02 % et equity short bias (7 fonds), qui chute de 7,68 %.Les meilleures performances mensuelles ont été celles des marchés émergents (197 fonds), avec 9,37 % et la stratégie événementielle (event-driven, 146 fonds) avec un gain de 7,91 %.Sur les trois stratégies en pertes pour les quatre premiers mois, la plus forte chute est celle de l’equity short bias avec 6,17 %, tandis que les stratégies arbitrage de convertibles (13 fonds) et event-driven enregistrent des performances respectives de 14,79 % et 10,19 %
Fonds
14/05/2009

Des banques portent plainte contre MBIA

Bank of America, Citigroup, JPMorgan et 15 autres banques ont déposé une plainte contre le réhausseur de crédit MBIA, qu’ils accusent d’avoir réduit sa capacité de remboursement en scindant ses activités en deux parties, indique le Financial Times.
14/05/2009

Nomura AM déploie la technologie d'Eagle

Eagle Investment Systems LLC, l’un des principaux prestataires de technologie de services financiers et filiale de The Bank of New York Mellon, a annoncé que Nomura Asset Management (NAM), le plus grand gestionnaire d’actifs du Japon, a déployé avec succès la solution de gestion de données d’Eagle. Ce projet constitue la première étape du plan en plusieurs phases de NAM visant à moderniser sa plate-forme mondiale d’investissement.
14/05/2009

Bankinter augmente son capital pour acheter LDA

Bankinter a annoncé mercredi une augmentation de capital de 361 millions d’euros destinée à financer une bonne partie des 426 millions d’euros correspondant à l’achat auprès de royal Bank of Scotland (RBS) des 50 % qu’il ne détenait pas encore dans Línea Directa Aseguradora (LDA, indique Cinco Días). Le montant de la transaction sera minoré à 336 millions d’euros car Bankinter va percevoir un dividende exceptionnel de 180 millions d’euros provenant des réserves excédentaires de LDA. L’augmentation de capital, avec droit de souscription préférentiel, s’effectuera sur la base d’une nouvelle pour six anciennes à 5,35 euros, soit une décote brute de 33,8 % sur le cours de clôture de mercredi. L’appel au marché sera inférieur à la moitié, puisque tous les membres du conseil et le français Crédit Agricole (qui détient 23 %du capital) ont indiqué qu’ils suivront l’augmentation de capital.
14/05/2009
Fonds

Gesmadrid lance deux fonds actions garantis

Gesmadrid lance deux fonds garantis investis en actions, dont le sous-jacent est l’indice DJ Euro Stoxx 50. Les deux fonds garantissent 100% du capital investi à l'échéance de cinq ans, plus 40% de la revalorisation de l’indice sur la période. La commercialisation est ouverte jusqu’au 22 mai, avec des frais d’entrée de 0,05% et une commission de gestion de 0,85%.
Fonds
14/05/2009
Fonds

Un nouveau fonds obligataire corporate chez Sabadell

Selon Funds People, Banco Sabadell va lancer un nouveau fonds investi en obligations privées. Le fonds Sabadell BS Rentabilidad Objetivo 1 sera investi en obligations de crédit de 25 émetteurs diversifiés, avec un horizon d’investissement de cinq ans. L’objectif de rentabilité, non garanti, s'élève à 4% ou 4,5% par an. Les frais d’entrée s'élèvent à 5% et la commission de gestion annuelle à 0,95%.
Fonds
14/05/2009

Sarasin Alén se fait enregistrer

L’"agence de valeurs» Sarasin Alén, créée par le suisse Banque Sarasin et Alén Gestión Patrimonial, peut commercialiser en Espagne les 28 compartiments de la Sicav Sarasin car elle a obtenu de la CNMV son agrément en tant qu’institution d’investissement collectif, rapporte Cinco Días.
14/05/2009

Une nouvelle responsable de le gestion de taux chez Taylor Young

Selon Investment Week, Taylor Young Investment Management vient de nommer Efi Ontopoulou responsable de sa gestion de taux. Elle était précédemment chez BNP Paribas depuis 1996 où elle gérait quatre fonds obligataires et monétaires en tant que gérante senior.
14/05/2009

Le CFA Institute concentre à Londres son activité finance islamique et ESG

Usman Hayat a été nommé par le CFA Institute director of Islamic finance and Environmental, Social, & Governance (ESG) Investing. Il rejoint le bureau Europe, Moyen-Orient Afrique (EMEA) de Londres, alors qu’il était précédemment au bureau Asie-Pacifique à Hong-Kong. Sa mission principale sera de développer des contenus de formation pour les professionnels de l’investissement et les membres du CFA Institute dans les domaines de la finance islamique et des thèmes ESG dans le cadre du programme Life Long Learning.
14/05/2009

Fortune Fund Services veut se développer en Europe

Selon Fonds professionell, Fortune Fund Services a porté son capital de 500.000 à 1,35 million de francs suisses avec l’objectif de muscler son offre de services à l’industrie de la gestion et de poursuivre son expansion géographique au-delà des quatre pays déjà couverts, Suisse, Luxembourg, Allemagne et Autriche. Quatre autres pays seraient visés sur lesquels des précisions seront données d’ici à l'été.

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