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12/03/2012

US money market funds make a return to euro zone

According to a statement from JPMorgan, relayed by Agefi, US money market funds have increased their portfolio of debt from euro zone banks by 30% in February, bringing their total exposure to USD211bn. This increase follows an increase of USD27bn the previous month.
12/03/2012

Profits and assets under management down for Skandia as it redeploys in Europe

Assets under management by Skandia in the UK as of the end of 2011 totalled GBP33.4bn, down by GBP500m year on year. Operating profits for the fiscal year are down by GBP37m to GBP103m. Skandia UK has also announced plans to extend the range of services available to independent financial advisers, and services available directly to clients of advisers. Skandia has also announced a merger of its wealth management activities in continental Europe, including France and Italy, with Skandia Retail Europe, which includes Germany, Austria, Poland, and Switzerland, to create Wealth Management Europe. The new entity will have 736,000 clients, 800 personnel and over EUR11bn in assets under management.
12/03/2012

Eagle Investment opens an office in Beijing

Eagle Investment Systems LLC, a provider of financial IT services and an affiliate of BNY Mellon, has announced that it has opened a representative office in Beijing. The entity will be led by John Legrand.
12/03/2012

Value Partners acquires 49% of KBC Goldstate

After months of uncertainty, Value Partners has officially announced that the Chinese regulator, the CSRC, has approved the acquisition by Value Partners of a 49% stake in KBC Goldstate, for an officially announced total of CNY40.5m. However, Z-Ben Advisors reports, the question is how much Value Partners really had to pay in total, which would be instructive for the next deals involving valuation of small, loss-making asset management firms.
12/03/2012

CamGestion modifies risk management for CamGestion Active 20

CamGestion, whose prudent flexible fund CamGestion Active 20 posted significant losses in 2011 (-7.94%) despite its prudent design (equities may not exceed 20% of the portfolio), has decided to make some modifications to the ex-ante and ex-post risk management mechanisms for the fund. The objective is to limit the possibility that exceptional movements such as those which occurred last year might impact the performance to such an extent, the firm says. As a result, CamGestion has opted firstly for deployment of a double management of the fund, with the addition of a bond manager and a live share manager to manage the fixed income portfion. Management has also decided to add further elements to the management policy and risk limits for the CamGestion Active 20. The management objective for the CamGestion Active 20 has not been modified. The ranges for exposure to various asset classes remain the same. Equities may vary from 0 to 20%, bonds from 0 to 100%, convertibles from 0 to 100%, sensitivity from -1 to +5, emerging markets from 0 to 10%, and currency risk is limited to 50%.
12/03/2012

Arbitrage fund reopens to clients

The arbitrage fund from the New York-based alternative management firm Water Island Capital will be reopened to all investors from 15 March, Mutual Fund Wire reports. The fund has been closed to new investors since 19 July 2010. Its assets under management currently total USD2.9bn, Morningstar reports.
12/03/2012

Ignis AM recruits a manager from LV=

The British asset management firm Ignis Asset Management has recruited a manager from LV= Asset Management, Graham Ashby, Money Marketing reports. Ashby will manage the income equity fund, Ignis UK Equity income fund, whose assets under management total GBP90.6m. Ashby had been in charge of the UK equity fund at LV=.
12/03/2012

F&C recruits Steve Ilott as head of multi-strategy

The British asset management firm F&C has recruited Steve Ilott as head of multi-strategy investments in its new investment and institutional business (IIB) unit. Ilott previously worked at Alignment Investors, a division of BlueCrest Capital, where he was a partner. He was previously global head of fixed income at Aberdeen Asset Management, until 2007.
12/03/2012

High yield bond ETFs may disappoint

As investors go for high yield bond funds, Financial Times Fund Management predicts that the returns on these products may be far lower than those of high yield bond indices, due to high transaction costs and market inefficiencies. This observation is particularly true for ETFs. Figures from Lipper reveal that in the past five years, the average high yield ETF was 46 basis points below its index on one month, or 552 points per year, which is far higher than the management fees of 40-50 basis points.
12/03/2012

Very good start to the year for hedge funds

Results like this haven’t been seen for twelve years. Hedge funds have posted their best start to the year since 2000. The HFRI Fund Weighted Composite Index has posted gains of 2.14% for February, bringing performance in the first two months of the year to nearly 5%, Hedge Week reports. The largest contribution to the performance of the index came from the HFRI Equity Hedge Index, which gained nearly 7% in the two-month period. However, most strategies did well. The event-driven strategy gained 1.9% in February, and 4.6% since the beginning of the year, while relative value arbitrage gained 1.7% on one month, and 3.6% over two months. The HFRI Macro index shows gains of 1.2% in February, and 2.4% since the beginning of the year, despite losses for most hedge funds concentrated on commodities. There were significant gains for hedge funds investing in emerging markets, of 4.3% in February and 9.3% in the first two months of the year, with special mention for funds investing in Russia and Eastern Europe, which have gained 12.7% in two months.
12/03/2012

Emerging market equity and bond funds popular in early March

In the first week of March, appetite for risk has not decreased, and investors have preferred emerging market bond funds and emerging market equity funds, which have posted over USD1bn in net subscriptions, according to statistics from EPFR Global. As Europe awaited the results of the Greek debt swap, Europeaan funds continued to see limited redemptions. Equity funds overall finished the week ending on 7 March with outfllows of USD4.3bn, while bond funds, for their part, have posted net inflows of USD6.9bn. Money market funds have posted net subscriptions of USD5.9bn. Since the beginning of the year, US money market funds have posted outflows of USD53.8bn, while European money market funds show inflows of USD3.49bn. In North America, US equity funds have seen outflows of over USD5bn, while net subscriptions since the beginning of the year fell under USD1bn. Most redemptions were from small and large cap ETFs. Japanese equity funds saw redemptions of nearly USD450m, as investors were concerned by rising energy costs and a sluggish reconstruction programme. Since the beginning of the year, outflows have totalled USD1.6bn, while Japanese equity funds have posted returns of 12%. Since the beginning of the year, high yield bond funds, still highly popular, posted net inflows of over USD23bn.
12/03/2012

February was a positive month for UCITS hedge funds

The index of UCITS-compliant hedge funds calculated by the Swiss firm Alix Capital, the UCITS Alternative Index Global, has posted returns of 0.87% for February, compared with 1.37% in January, bringing total gains since the beginning of the year to 2.25%.All strategies finished February in positive territory, with emerging markets leading with gains of 2.12% for the month and 6.25% since the beginning of the year.
12/03/2012

European ETPs attracted USD5bn in January-February

According to updated statistics from the BlackRock Institute, European ETPs in February saw net inflows of USD1.7bn, bringing the total for first quarter to USD5bn, and assets at the end of February to USD337.9bn (of which USD301.5bn were for ETF funds), compared with USD323.2bn (of which USD287.8bn as of the end of January were for ETFs, which represented USD266.6bn as of 31 December 2011).Of this USD5bn in net subscriptions in January-February, iShares (BlackRock) took on USD2.4bn, and db x-trackers (Deutsche Bank) took in USd0.2bn. The top three products by net inflow volumes were funds from iShares (MSCI Emerging Markets, with USD661m, Barclays Cap Europ Corporate Bond ex-Financial, with USD535m, and Markit iBoxx Euro Corporate Bond, with USD463m.Though the figures are slightly divergent from one source to another as to the number of ETFs and total assets, BlackRock and ETF Global Insight, the new firm from Deborah Fuhr, agree that Lyxor Asset Management (Société Générale) saw the heaviest net outflows in February, with USD0.4bn.
12/03/2012

BlackRock concludes acquisition of Claymore

BlackRock has closed the acquistion of Canadian-based Claymore Investments (USD7.4bn in assets as of the end of January) from Guggenheim Partners (see Newsmanagers of 13 January) for an undisclosed amount. Claymore will now operate under the iShares name.The Independent Review committee for Canadian ETFs from iShares (USD29bn) will be extended by funds from Claymore, while the Claymore Advisory Board will cease to exist.
12/03/2012

Danish pension fund FSP joins forces with local heavyweight AP Pension

Two of the largest pension funds in Denmark, AP Pension and FSP, have decided to join forces to form a new entity with assets under management totalling DKK77bn, or about EUR10.4bn. The new structure will be known as AP Pension. FSP, the pensoin fund for the financial sector, with DKK22bn in assets under management, has announced that it has decided to merge with AP Pension due to increased competition in the sector and regulations which require increased owners’ equity levels. FSP has been in the spotlight before due to its high cost levels. FSP charges a commission of DKK2,822 per year, compared with only DKK1,355 for AP Pension. The new fund will charge a total annual commission of between DKK1,350 and DKK1,500, with a reduction of up to 10% in the next few years. The merger is expected to be approved at the next combined general shareholders’ meeting of FSP, scheduled for 19 April.
12/03/2012

Swedish investors continue to prefer equity funds

In February, Swedish fund overall posted net inflows of SEK5.4bn, with net subscriptions of SEK12.4bn for equity funds more than offsetting net redemptions of SEK7.4bn from money market funds, the Swedish investment fund association (Fondbolagens förening) reports. Diversified funds, for their part, posted net inflows of SEK1.2bn.For the first two months of the year, net subscriptions totalled SEK6.9bn, thanks to SEK25.7bn which went to equity funds, while money market funds lost SEK14.9bn and bond funds had net outflows of SEK3.6bn, and hedge funds for their part had redemptions of SEK2bn.As of 29 February, total assets in Swedish funds totalled SEK1.958trn, SEK62bn more than at the end of January. That marks the highest amount since a peak of SEK1.970trn in May 2011.Of this total, equity funds represent 55%, at SEK1.077trn, while Swedish equity products total SEK298.6bn, and international equities account for SEK247.52bn.
12/03/2012
Gestion d'actifs

La région Limousin sélectionne une société de gestion pour un fonds de co-investissement

Seuls deux candidats ont répondu à l’appel d’offres mené par la Région Limousin pour une prestation de gestion d’un fonds de co-investissement. Les missions du gestionnaire du fonds sont les suivantes: ??? Les missions réglementaires liées FEDER, ??? L’assistance à la Gestion courante de la société, ??? La mise en oeuvre de la stratégie et du plan d’investissement de la société. Le lauréat est Sigefi - Siparex Ingénierie et Finance Pour lire l’avis complet: cliquez ici
Gestion d'actifs
12/03/2012
Gestion d'actifs

Spirica privilégie les obligations émises par des entreprises industrielles et les obligations foncières

Le portefeuille obligataire, source de revenus réguliers, représente 70% de l’actif général (872 millions d’euros) à fin décembre 2011, tandis que la part de l’immobilier s'établit à 15% contre 24% au 31 décembre 2010. Les actifs de diversification ont été renforcés au cours de l’année 2011. Cette poche représente 9% du portefeuille à fin décembre. Parmi les actifs de diversification, les OPCVM de multigestion alternative et les fonds flexibles ont bien résisté au cours de l’année 2011. Dans le cadre de la poche de diversification, la sélection des titres vifs a porté sur des valeurs de rendement. En effet une telle stratégie, lorsqu’elle est réalisée de manière ciblée, permet de bénéficier des revenus grâce aux dividendes en cas de baisse des marchés tout en profitant d’un potentiel de hausse en cas de rebond. La trésorerie, investie dès que possible tout au long de l’année afin d’optimiser le rendement de l’actif, représentait 6% de l’actif en instantané au 31 décembre 2011. Parmi les grandes orientations de gestion appliquées au portefeuille obligataire au cours de l’année 2011, notons une augmentation des acquisitions d’obligations émises par des entreprises privées, solides financièrement, avec un intérêt plus fort pour les maturités 5-10 ans. La part des obligations émises par des entreprises (« corporate ») est ainsi passée de 52% du portefeuille obligataire à fin décembre 2010, à 61% au 31 décembre 2011. Les principales acquisitions ont porté sur des obligations émises par des entreprises industrielles ainsi que sur des obligations foncières émises par des établissements financiers.
Gestion d'actifs
12/03/2012

Les terres rares chinoises visent la Bourse de Londres

Le quotidien relève que le groupe chinois Rare Earth Global souhaite réaliser son introduction sur le marché alternatif outre-Manche, l’Alternative Investment Market (AIM). Le groupe pourrait récolter 50 millions de dollars et voir sa valorisation atteindre 270 millions. De quoi refléter selon le quotidien un attrait retrouvé du marché londonien auprès des jeunes sociétés de matières premières.
12/03/2012

Les opérateurs boursiers suspectés de favoritisme

La SEC a selon le quotidien entamé une grande enquête visant des opérateurs boursiers suspectés d’accorder des conditions plus favorables aux grands courtiers face aux acteurs de taille modeste. Cette enquête ferait suite à une étude sur la gestion des conflits d’intérêt entre hedge funds, spécialistes du trading à haute fréquence, banques et autres gestionnaires d’actifs.
12/03/2012

Berlin ne respecte pas son objectif de réductions budgétaires

Le gouvernement allemand n’aurait réalisé que 4,7 milliards d’euros d’économies budgétaires sur son objectif total de 11,2 milliards d’euros fixé pour l’année 2011, selon le journal allemand qui cite des calculs de l’institut économique IW. Par ailleurs, moins de la moitié des quelque 19,1 milliards d’économies prévues pour l’année fiscale 2012 auraient jusqu’ici été réalisés.
12/03/2012

Le LSE adopte le modèle en silo

L’opérateur boursier lance une offre sur 50 à 60 % du capital de la chambre de compensation LCH.Clearnet. Nyse Euronext ne dit pas s’il apportera ses titres.
12/03/2012

Les banques européennes replient la toile

Le rapport trimestriel de la Banque des règlements internationaux, publié dimanche soir, montre, chiffres à l’appui, à quel point les prêteurs européens ont réduit leur production fin 2011 dans des métiers de dimension mondiale comme le financement export ou aéronautique.

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