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28/08/2012

ETF: Transparency improving in securities lending – some

Acording to a Morningstar survey, the practice of securities lending by European ETFs gained some transparency last year, as providers are placing more information about these activities on their websites, the Neue Zürcher Zeitung reports. However, new rules by the European Securities and Markets Authority (ESMA) should not be expected to improve the return investors receive. Funds may comply by stating that they transfer 100% of net earnings from securities lending to their clients, while keeping the present share of gross earnings .
28/08/2012

European rules won't eliminate complex UCITS products

New rules by the European Securities and Markets Authority (ESMA) do not represent “an enormous threat” to the UCITS-compliant CTA sector, with assets of GBP3.7bn, sas Georg Reutter, an analyst at Kepler Partners, in an interview with Financial Times Fund Management. The vehicles, based on complex and opaque indices, have been criticised as a potential threat to the UCITS brand.
28/08/2012

UCITS VI may extend the range of assets eligible for retail funds

European funds reserved for retail investors may be authorised to invest in hedge funds, real estate and commodities if the sector is convincing, Financial Times Fund Management suggests. The European Commission has released a consultation document on UCITS VI, asking whether “the range of assets and exposures deemed eligible for UCITS funds” should be reviewed, opening the possibility of discussions which may lead to the inclusion of new asset classes for retail funds.
28/08/2012

Fund launches continue unabated in Spain

Since the beginning of this year, 89 funds have been launched on the Spanish market, one more than in the corresponding period of last year, Funds People reports. Of this total, 47 are guaranteed products, including 39 bond proucts.The most active asset management firms have been BBVA Asset Management and InverCaixa, with nine new funds each, followed by Santander Asset Management (8 funds) and Bankia (5 funds).
28/08/2012

High yield bond funds in high demand

The search for yield remained a key driver for both retail and institutional investors going into the final week of August. High yield bond funds attracted another USD1.8 billion of inflows, according to the latest statistics of EPFR Global.Dividend equity funds took in an additional USD380 million of net inflows; as a result, year-to-date flows into these funds hit USD29.6 billion. Alternative Funds also attracted their biggest weekly inflow in over two years.Overall, net flows into all EPFR global-tracked bond funds totaled USD4.9 billion -- of which 61% flowed into US bond funds. At the same time, USD847 million was pulled from equity funds. Both France and Germany equity funds recorded their fifth consecutive weekly outflows.
28/08/2012

Libor scandal: asset managers consider lawsuits

Mutual Fund Wire relays reports by Bloomberg that the largest fund management firms, including BlackRock, Fidelity and Vanguard, are currently working to determine whether their clients have been victims of the Libor manipulation scandal. They are also studying whether they should themselves be filing suit against banks guilty of fraud.
28/08/2012

Hausse de l'encours des fonds chinois au premier semestre

Les treize sociétés de gestion de fonds chinoises ayant publié au 24 août leurs résultats du premier semestre affichaient un encours total en hausse de 18,5 milliards de yuans pour leurs 184 produits, alors que les actifs gérés avaient chuté de 26,1 milliards de yuans durant la période correspondante de l’an dernier, avant de plonger encore de 88,6 milliards au second semestre.Selon Z-Ben Advisors, ce retournement rapide est attribuable d’une part à la bonne tenue du marché obligataire et de l’autre aux performances des petites et moyennes capitalisations. Néanmoins, l’indice CSI 300 est en baisse depuis juillet et le CSI Aggregate Bond Index s’est lui aussi retourné.
28/08/2012

Chinese fund assets up in first half

The 13 Chinese fund management firms which on 24 August had released their results for first half, have experienced an increase by CNY18.5bn in their 184 products, where assets under management had fallen by CNY26.1bn in the corresponding period of last year, before falling by a further CNY88.6bn in second half.Z-Ben Advisors reports that this rapid bounce back is partly due to good performance on bond markets, and partly to the performance of small and midcaps. However, the CSI 300 index shows losses since July, and the CSI Aggregate Bond Index has also turned down.
28/08/2012

Jeff Runnfeldt leaves Citadel

The co-head of the international equity unit at Citadel, Jeff Runnfeldt, will be leaving the firm on 31 August, the news agency Bloomberg reports. Runnfeldt, who joined the alternative asset management firm ten years ago, became co-director of the international equity unit in 2009, with Brandon Haley and Steve Weller, at the launch of the Citadel equity fund. The fund, whose assets under management total USD2.5bn, has earned returns of 10.3% for the year 2012 to mid-August. In the same period, the S&P 500 has gained 13%, while the HFRX Equity Hedge index shows gains of only 2.8%.
28/08/2012

Amundi records EUR13.8bn in net inflows in first half

Amundi recorded net new inflows of 13.8 billion euros in the first half of 2012, according its parent company Crédit Agricole. Net new inflows excluding branch bank networks were 20.9 billion euros in the first half of 2012 with 13.4 billion euros in the institutional and corporate segment, driven by money market inflows, and 2.2 billion euros in the third-party distributor segment, primarily in Europe. Inflows into employee savings management came to 5.3 billion euros, with a 16.6% increase in assets under management in the first half. Outflows from branch bank networks continued (-7.1 billion euros in the first half of 2012), albeit at a slower pace than in the previous semesters. Amundi (including BFT’s asset management operations, acquired on 1 July 2011) saw its assets under management raise by 5.2% to almost 693 billion euros in the first six months of the year. Revenues declined sharply in the first half, by 0.5% on a reported basis, but by 8.4% restated for the gain on disposal registered in the first quarter of 2012. Even so, performance-based commissions increased from 43 million euros in the first half of 2011 to 61 million euros in the first half of 2012. The cost/income ratio in the first half stayed at 55.4%2. Amundi’s net income rose by 3.0% year-on-year to 253 million euros in the first half of 2012 and its contribution to net income Group share was 186 million euros (up 2.8%).
28/08/2012

Investors don't go in for funds managed by women

On average, investment funds managed by women in the United States in the past seven years have attracted 15% less in assets than funds managed by men, a study by two specialists from Germany’s Mannheim University, Alexandra Niessen-Ruenzi and Stefan Ruenzi, entitled “Sex Matters: Gender and Prejudice in the Mutual Fund Industry,” finds. But women stick to more reliable investment styles, and their average performance is the same as for products managed by men.A laboratory study demonstrates that, although it is not possible to rationally locate a statistical discrimination, there is a negative prejudice against women in the financial professions on the part of most respondents. Managers who generate weak subscriptions are not in demand by asset management firms, which explains the low percentage of women in the profession.This does not rule out other explanations, such as the fact that prejudices against women lead to implicit discrimination in recruitment, or the fact that women themselves share these prejudices against women in finance, which may ultimately lead women themselves to choose other professions.The two university researchers raise the provocative question of why, in these conditions, there are nonetheless women managers. On the one hand, it may be interesting for a fund management firm to recruit women to place funds with female investors. On the other, the Dodd-Frank law stipulates that US Federal agencies must maintain business relationships only with businesses “which equitably include women,” meaning that in order to hope to win mandates, they need to employ at least some women managers.
28/08/2012

Mitt Romney reported to have millions of dollars invested in offshore hedge funds

The online magazine Gawker estimates the assets of US Republican presidential candidate Mitt Romney invested in hedge funds and other investment vehicles, on the basis of 2012 declarations, to have been over USD10m in 2011 at the least, and probably much more, as earnings from these assets totalled over USD900,000. The investments are thought largely to be in funds, often based in the Cayman Islands, with ties to Bain Capital, the private equity firm which Romney co-founded in 1984 and left in 1999. Romney is also thought to have invested in Absolute Capital Return Partners, a firm based in Delaware which undertakes tax optimisation via an “equity swapping” technique, the British Guardian newspaper reports.
28/08/2012

BoA calls John Paulson in for a talk

According to sources familiar with the matter, the wealth management unit of Bank of America (Merrill Lynch and US Trust) have arranged a conference with John Paulson this Tuesday, to allow their financial advisers and clients to grill the hedge fund manager, who is currently encountering difficulties. The meeting comes at a time when Citigroup has announced plans to withdraw about USD410m from Paulson & Co hedge funds. Bank of America states that for its part, it has no plans to cut its ties with Paulson & Co or to withdraw assets.
28/08/2012

Assets under management at VP Bank stable

Assets under management at VP Bank totalled CHF27.6bn as of 30 June, compared with CHF27.4bn as of the end of December 2011, according to a statement released on 28 August. Assets under administration fell 8.7% in first half, to CHF10.5bn as of the end of June, compared with CHF11.5bn as of the end of December 2011. Group profits in first half totalled CHF24.7m, compared with CHF19.4m as of first half 2011.
28/08/2012

Noble Group recruits from Brevan Howard

The commodity specialist Noble Group, based in Hong Kong, is recruiting in the base metals segment (including copper and zinc), with the recruitment of two senior traders, who would allow the firm to develop beyond its native market in Asia, the news agency Reuters reports. Mark Hansen, previously of Brevan Howard, has joined Noble Group to become head of its “global metals” unit, based in London. Paul Wilkes, previously of Macquarie Bank, will be joining the firm next month to head up the proprietary trading desk.
28/08/2012

Discretionary management and fund-picking by advisers on the rise

The percentage of independent financial advisers who use discretionary fund managers has increased by more than 10% in third quarter, to represent 16.9% of total activity by advisers, according to the consulting firm Platforum, Fund Web reports. “Fund picking,” for its part, has increased by nearly 10% to represent nearly one third of the total, according to Platforum, which also states that model portfolio strategies have lost ground, but still represent 32% of the total. Multi-management has also lost momentum, and now represents only 16.9% of the total.
28/08/2012

German asset managers fear recruitment problems

The crisis and scandals have tarnished the image of the financial sector. Asset management in Germany so far hasn’t seen as many layoffs as banking: instead, it is gradually reducing excess capacity, and there are still more applicants than job openings. However, Financial Times Deutschland reports, asset management firms are beginning to face difficulties in recruiting new personnel, especially in junior positions. Savings banks and co-operative banks are less affected by this phenomenon, since they have not been affected by scandals like the banks have.
28/08/2012

German savings: equities and fund shares down

As of 31 December, the financial savings of Germans increased 1.2% year on year, to EUR4.716trn, as the Bundesbank recently announced (see Newsmanagers of 25 May). However, total volume of equities was down by EUR22bn, to EUR222bn (-9.02%). The volume in shares in investment funds was down by EUR40bn (-9.2%) to a total of EUR395bn, figures from the German association of private sector banks reveal in the most recent issue of its magazine Die Bank.On average, at the end of last year, the average financial savings per person in Germany was EUR57,600, of which EUR2,700 were in equities, and EUR4,800 in shares in investment funds.
28/08/2012

CNMV grants licenses for six foreign funds

On 24 August, in addition to registering the Eurovalor Garantizado BRIC II fund from Popular Gestión (ES0133507006, see Newsmanagers of 27 August), the Spanish regulator CNMV issued a sales license for Spain to the DWS Invest II and DWS Short Duration Emerging Markets Fx fund, the LFP Rendement Emergent 2017, the Luxembourg Sicav Matthews Asia Funds, Natixis Souverains Euro, and the Wells Fargo (Lux) Worldwide Fund.
28/08/2012

Former head of ETF sales at HSBC joins Stoxx

Stoxx has recruited Mark Rodino as global head of sales. He joins from HSBC, where he was head of ETF sales. At Stoxx, he will be based in London. Stoxx has also recruited Anthony Da Costa as chief operating officer, in Zurich. He had previously been director of services at FTSE.
28/08/2012

Chinese ratings agency Dagong sets up shop in Milan

Dagong, a Chinese ratings agency, is planning to open a European office in Milan in January 2013, Investment Europe reports. The Milan office will be directed by the former CEO of Fitch Ratings for Italy, Mauro Alfonso, who was recruited as head of strategy for Europe at the creation of Dagond Europe in April 2012. The Milan office will take the form of a joint venture with the Chinese-Italian private equity group Mandarin Capital Partners. The office will initially include 10 analysts, who will cover France, Germany, Italy and Spain. Within five years, Dagong is hoping to increase the number of analysts to 30, with the objective of EUR9m in earnings and a market share of 5% to 10%. Dagong is the largest ratings agency in China, with staff of over 500, six regional centres and 34 affiliates.
28/08/2012

Aquantum founds an asset management firm

Aquantum S.à r.l, the Luxembourg-based provider of systematic investment indices to issuers of structured investment products set up by Thomas Morrow, ex Winton Capital Management senior scientist, is establishing of a full-scale asset management business, Aquantum AG. The new firm will provide systematic managed futures funds and managed accounts. It plans to launch its first UCITS-compliant fund in the fourth quarter.“Given the popularity of our indices, the establishment of a full-scale asset management business to directly harness Aquantum’s unique quantitative trading expertise is a natural next step,” said Morrow. Aquantum has a licensing agreement with Royal Bank of Scotland (RBS) which has led to the launch of a series of Aquantum index-based products, which to date have attracted more than USD1 billion of investment notional. Other key members of the Aquantum team include Moritz Seibert, previously responsible for RBS’s equity structuring business in the Americas, as well as Dr Jochen Mirth, Mr Christian Schneider and Mr Oliver Grimm (all former partners of Assenagon Group, the Luxembourg-based fund manager with over EUR10 billion in assets under management). Together with Dr Oliver Podobrin, a former CERN scientist and leading derivatives expert, they bring significant financial engineering and operational expertise to the team. Aquantum’s approach involves applying advanced mathematical models to various forms of data in order to systematically exploit market inefficiencies, with all models tested against large number sets, thereby exposing them to a wide range of market, economic, and political changes.
28/08/2012
Gestion d'actifs

La CAPSSA estime avoir trop de monétaire

Jean Pierre Mottura, directeur général de la CAPSSA : « Je pense que les marchés actions réagissent en terme macro-économique, c’est pourquoi dès que l’environnement économique redeviendra favorable, nous réinvestirons sur les actions. Cette réallocation se fera en faveur des grandes capitalisation européennes. » Jean Pierre Mottura nuance en affirmant que sa forte exposition au marché monétaire lui a permis de passer toutes les crises successives, depuis mi 2007, en préservant ses actifs. Depuis 2004, la progression de du portefeuille est de +22,9% au 28 juin 2012 tandis que le CAC 40 sur la même période s’est replié de 5,1%. « La baisse du taux de rendement des fonds monétaires ne nous inquiète pas tant que le rendement reste positif. C’est au gérant de réduire ses frais de gestion pour obtenir de la performance nette. » Pour rappel, le portefeuille de la CAPSSA se ventile de la manière suivante : 80,8% de monétaire, 6,9% d’obligation, 5,5% d’action, 2,3% de diversifié, le reste étant investi en immobilier et non coté.
Gestion d'actifs
28/08/2012

Stabilité des actifs sous gestion pour VP Bank

Les actifs sous gestion de VP Bank se sont inscrits à 27,6 milliards de francs suisses au 30 juin contre 27,4 milliards de francs à fin décembre 2011, selon un communiqué publié le 28 août.Les actifs sous administration ont diminué de 8,7% au premier semestre, à 10,5 milliards de francs à fin juin contre 11,5 milliards de francs à fin décembre 2011. Le bénéfice du groupe s’est élevé au premier semestre à 24,7 millions de francs contre 19,4 millions au premier semestre 2011.
28/08/2012

Douglas passerait sous le contrôle d’Advent

Le capital-investisseur américain Advent s’est mis d’accord avec deux actionnaires de référence du groupe allemand de parfumeries Douglas Holding, à savoir Erwin Müller (qui détient directement et indirectement 25,81 % du capital) et le groupe Oetker (qui en contrôle lui aussi 25,81 %), croit savoir le Financial Times Deutschland.Le prix proposé serait de 38 à 40 euros par action, ce qui valoriserait Douglas entre 1,5 milliard et 1,6 milliard d’euros. Douglas réalise avec 24.000 personnes un chiffre d’affaires de 3,4 milliards d’euros. Lundi, l’action Douglas a clôturé à 33,75 euros.
28/08/2012

La gestion d’actifs allemande se fait du souci pour sa relève

La crise et les scandales ont terni l’image du secteur financier. Pour l’instant, la gestion d’actifs, en Allemagne, n’a pas licencié massivement comme la banque : elle se contente de réduire progressivement les surcapacités, et il y a toujours plus de candidats que de postes à pourvoir. Toutefois, rapporte le Financial Times Deutschland, les sociétés de gestion commencent à connaître des difficultés pour recruter des débutants. Les caisses d’épargne et les banques populaires sont moins affectées par ce phénomène, parce qu’elles n’ont pas souffert des scandales qui ont touché les banques.
28/08/2012

En serrant la vis sur les bonus, Deutsche Bank pourrait faire école

Deutsche Bank se réserve, depuis début 2012, le droit de récupérer une partie des bonus reçus par ses collaborateurs de la part de l’ancien employeur, rappelle Le Temps. La première banque d’Allemagne ne lie donc plus seulement les résultats comptables d’un collaborateur à sa rémunération future mais également au montant dépensé pour le débaucher.Révélée lundi par le Financial Times, l’information a été confirmée par un porte-parole de l’établissement. «Nous avons changé en début d’année la règle concernant les actions détenues en propre par les cadres», a-t-il expliqué. Jusqu’à présent, les actions reçues à titre de compensation par un employé débauché étaient considérées comme intouchables. «Ce ne sera plus le cas à l’avenir», a précisé le porte-parole.Michel Roche, associé d’ESA Partners, société genevoise active dans la recherche de dirigeants et de talents, observe «depuis deux ou trois ans que les établissements de la place, sans parler des banques cotées, ont mis en place des systèmes de rémunération qui étalent le paiement des bonus dans le temps», afin de rendre les hauts cadres responsables de leurs actes.
28/08/2012
Fonds

Les fonds obligataires high yield très recherchés

Tant les investisseurs retail que les institutionnels ont misé sur les actifs offrant un fort potentiel de rendement durant la deuxième quinzaine d’août. Les fonds obligataires high yield ont ainsi terminé la semaine au 22 août sur une collecte nette de 1,8 milliard de dollars, selon les statistiques communiquées par EPFR Global.Les fonds d’actions à dividende ont de leur côté drainé un montant net de 380 millions de dollars durant la semaine sous revue, ce qui porte la collecte nette depuis le début de l’année à 29,6 milliards de dollars. Les fonds alternatifs ont également enregistré leurs plus fortes souscriptions depuis plus de deux ans. Les fonds obligataires dans leur ensemble ont enregistré une collecte nette de 4,9 milliards de dollars durant la semaine au 22 août, dont 61% sont allés dans les fonds obligataires américains. Les fonds actions ont subi de leur côté une décollecte nette de 847 millions de dollars. A noter que les fonds d’actions allemandes et françaises ont enregistré leur cinquième semaine consécutive de rachats.
Fonds
28/08/2012
Fonds

La CNMV donne son agrément à six fonds étrangers

Le 24 août, en plus de l’enregistrement du fonds garanti Eurovalor Garantizado BRIC II de Popular Gestión (ES0133507006, lire Newsmanagers du 27 août), le régulateur espagnol CNMV a délivré son agrément de commercialisation en Espagne aux fonds DWS Invest II et DWS Short Duration Emerging Markets Fx, au LFP Rendement Emergent 2017, à la sicav luxembourgeoise Matthews Asia Funds, au Natixis Souverains Euro et à Wells Fargo (Lux) Worldwide Fund.
Fonds
28/08/2012
Fonds

Hausse de l'encours des fonds chinois au premier semestre

Les treize sociétés de gestion de fonds chinoises ayant publié au 24 août leurs résultats du premier semestre affichaient un encours total en hausse de 18,5 milliards de yuans pour leurs 184 produits, alors que les actifs gérés avaient chuté de 26,1 milliards de yuans durant la période correspondante de l’an dernier, avant de plonger encore de 88,6 milliards au second semestre.Selon Z-Ben Advisors, ce retournement rapide est attribuable d’une part à la bonne tenue du marché obligataire et de l’autre aux performances des petites et moyennes capitalisations. Néanmoins, l’indice CSI 300 est en baisse depuis juillet et le CSI Aggregate Bond Index s’est lui aussi retourné.
Fonds

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