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25/11/2013

Promotion for Rick Genoni at Vanguard

Rick Genoni, global head of ETF product management, has been promoted to principal, global head of index and ETF product management at Vangaurd, Mutual Fund Wire reports. Genoni joined the US asset management firm twelve years ago.
25/11/2013

US institutionals make increasing use of ETFs

When interviewed by BlackRock in 2013, 88% of 1,414 US institutional clients of iShares ETF said that they use ETFs this year, compared with 70% in 2010.The most frequent uses were to implement tactical decisions (47%), core portfolio allocations (37%) risk management (34%) and rebalancing of the portfolio (32%), about 19% of respondents used ETFs for cash securitisation, while 19% use them for transitions. 11% say that they have never invested in ETFs.Daniel Gamba, head of iShares Americas Institutional Busienss, has emphasized that 42% of respondents are planning to extend the range of asset classes in which they would invest in ETFs. Institutional investors prefer US equity ETFs (78% compared with 70% in 2012), international equities (68% compared with 58%), US bonds (49% compared with 38%).For clients of this type, the two most frequently-cited advantages of ETFs are liquidity (79%), the low commissions (72%), diversification (44%) and transparency (42%).
25/11/2013

Paulson will not invest more in his gold fund

Bloomberg reports that at a general shareholders’ meeting at Paulson & Co (USD19bn) on 20 November, John Paulson announced that he will not personally be investing more in his gold fund, the PFR Gold Fund, launched in early 2009, because he does not know clearly when inflation will accelerate.According to a source close to the case, the fund has lost 63% since the beginning of the year, while assets had fallen to USD370m (most of which is from Paulson himself), compared with USD1bn at the end of 2012.
25/11/2013

Mark Roomans promoted to COO for Europe at Morningstar

In order to better co-ordinate its operation on the Old Continent, Morningstar has created the position of COO for Europe. The position will be occupied by Mark Roomans, who will also retain his position as CEO of Morningstar Switzerland and Morningstar Spain, Funds People reports.
25/11/2013

BNY Mellon renforce ses services de collatéral en EMOA

James Day (ex UBS), Stephen Kiely (ex Citigroup) et Paul Cook (ex Solo Capital) ont été recrutés à Londres par BNY Mellon aux postes respoectivement de head of EMEA securities lending, head of EMEA securities lending sales & business development et head of EMEA secruted finance sales dans le pôle global collateral services (GCS).Les trois arrivants sont subordonnés à Jeannine Lehman, head of EMEA for GCS. Ces recrutements font partie d’une première vague d’embauches destinée à muscler le pôle GCS dans la région, en développant les activités de prêt de titres et de services de financement.
25/11/2013

German funds: more assets, fewer products

As of the end of September in Germany there were 9,116 open-ended funds, compared with 9,209 three months earlier, Lipper reports, relayed by Fondsprofessionell.However, subscriptions in third quarter have totalled nearly EUR2bn, and assets have increased to EUR695bn, which is near the record of EUR731bn set in 2007.Between July and September, Lipper count4ed a total of 129 liquidated and 76 mergers of funds, while there were only 46 launches.
25/11/2013

First cash call for Leading Cities Invest fund from KanAm

On 20 November, KanAM Grund released the first German open-ended real estate fund created since the passage of the new KAGB law, and thus specifying a minimal invetment period of two years, as well as a one-year notice for redemptions, the Leading Cities Invest fund, for sale (see Newsmanagers of 24 September).The asset management firm has launched a cash call to last until the end of January 2014 for the acquisition of the first four properties for the fund, located in central districts of Berlin, London, Paris and Burssels.
25/11/2013

Half of women in the AM industry are subjected to sexism

About one third of women working in the asset management sector have suffered sexual harassment, and more than half have regularly endured sexist comments, the Financial Times claims. According to the results of a survey carried out by FTfm of 340 people employed in asset management, 55% of women say they have been the object of “inappropriate” behaviour at the office.
25/11/2013

Blue Rice IM closes its two strategies

The hedge fund manager Blue Rice Investment Management, based in Singapore, has decided to close its two available strategies, and to reimburse investors by the end of the year, Asian Investor reports. The two strategies concerned are the Asian Credit fund, launched in 2009, and the Brim Asian Short Duration Fund, launched in June this year, with cumulative assets under management of lesss than USD100m. The flagship Asian Credit Fund is said to have been flat since the beginning of this year, after earning returns of 8.5% in 2012. The recently-launched strategy, for its part, shows gains of 1.14% between June and the end of October.
25/11/2013

Patrick McCullagh leaves JP Morgan for Alter Domus

Patrick McCullagh, who for the past five years had served as head of private equity and head of real estate for Europe, the Middle East and Africa at JP Morgan, will be leaving the firm. He will join the Luxemburg-based firm Alter Domus, where he has been appointed as global head of sales, a newly-created position.
25/11/2013

Distribution Technology and iNDEXX Markets launch new indices

The financial planning firm Distribution Technology and the index provider iNDEXX Markets are offering six new investable indices based on Distribution Technology risk profiles. The new indices, entitled Dynamic Planner Goldmans Sachs i-Select Total Return Strategy indices, are provided by iNDEXX Markets, and valued by Goldman Sachs The six indices are multi-asset class indices adapted to asset allcoations and risk profiles from Distribution Technology.
25/11/2013

Saumil Parikh stops managing Pimco's Global Multi-Asset fund

Saumil Parikh has quit managing the Global Multi-Asset fund from Pinco, whose assets under management total nearly USD3bn, Citywire reports.Parikh, based in London, had managed the fund since October 2012 with the co-CIO and CEO Mohamed El-Erian, Curtis Mewbourne and Vineer Bhansali. He will continue, however, to manage the Pimco CIS CommoditiesPlus Strategy.
25/11/2013

Launch of NETFA postponed indefinitely

Adam Patti, founder and CEO of IndexIQ, predicted to become the vice-chairman of the National Exchange-Traded Funds Assocation (NETFA), has announced that the launch of the new group has been postponed to an indefinite later day due to the fact that scarcely more than a smattering of providers have expressed an intention to join it, and that as a result, the association lacks adequate financing, Barron’s reports.The idea was to rival the Investment Company Institute (ICI), but the plans were aborted largely because the three heavyweights of the ETF Sector, BlackRock, Vanguard and State Street, which account for 81% of assets in ETFs on sale in the United States, have decided to remain loyal to the ICI.
25/11/2013

ALPS preparing ETF focused on equal treatment for LGTB

On 15 November, ALPS ETF Trust, an affiliate of ALPS Advisors, filed with the SEC for a license (form N-1A) for the Workplace Equality Fund, an ETF which will be listed on NYSE Arca, with the ticker EQLT, which will invest in equities in businesses that favour equal treatment for lesbian, gay, bisexual and transdengered (LGBT) people. The benchmark index has been developed by Denver Investment Advisors, and incudes 140 US and foreign shares.The ETF will charge fees of 0.75%.
25/11/2013

Canoe Financial launches funds with JP Morgan

The Canadian asset management firm Canoe Financial has signed a partnership with JP Morgan Asset Management (Canada) to launch two new mutual funds, Canow US Equity Income Class and Canoe Globaal Equity Income Class. JP Morgan Asset Management (Canada), a sub-adviser to the two funds, is assisted by JP Morgan Investment Management in New York.
25/11/2013

Allianz GI met en place une équipe dédiée aux placements privés

Damien Guichard, gérant obligataire, et Emmanuel Daull, analyste crédit, ont rejoint Allianz Global Investors pour y développer l’activité de placements privés, a annoncé la société de gestion. Le premier était jusqu'à récemment Directeur au sein de l’équipe de conseil en financement chez Oddo Corporate Finance, le second a fait ses armes chez Moody’s puis Alix Partners. Ils sont basés à Paris, au sein de l’équipe crédit placée sous la responsabilité d’Alexandre Caminade, directeur Europe des investissements crédit.
25/11/2013

Le débat se poursuit sur les «contrats» de réforme

Les dirigeants de la zone euro envisagent des prêts bonifiés à des pays du bloc qui mettraient en oeuvre des réformes structurelles améliorant leur situation à moyen terme, selon un document de travail qui doit faire l’objet demain d’une discussion technique. «Les prêts n’impliqueraient que des transferts budgétaires limités entre pays», précise ce document dans la perspective du Conseil européen de décembre.
25/11/2013

Le Luxembourg échoue en matière de transparence fiscale

Selon le Forum mondial sur la transparence et l'échange d’informations à visée fiscale, mis en place par l’OCDE, le Luxembourg, Chypre, la Suisse, les Iles Vierges et les Seychelles ne respectent pas les standards internationaux en la matière. Ces juridictions n’ont pas partagé de données fiscales avec d’autres pays et/ou n’ont pas réuni d’informations sur les détenteurs finaux d’entités enregistrées sur leur territoire.
25/11/2013

Babcock songe à racheter une participation dans Avincis

Le groupe d’ingénierie est en discussions exclusives pour racheter une participation dans le groupe de services de transports héliportés Avincis, a rapporté dimanche Reuters d’une source proche des négociations. Selon le Sunday Times, Babcock pourrait verser 1 milliard de livres en numéraire et prendre à son compte environ 500 millions de crédits souscrits par Avincis.
25/11/2013

La Banque mondiale accroît son soutien aux Philippines

La Banque mondiale a annoncé samedi avoir porté à un milliard de dollars un prêt destiné à aider les efforts de secours et de reconstruction dans le centre des Philippines, à la suite du passage du typhon Haiyan. Les autorités philippines ont porté à 5.209 morts le bilan du typhon du début du mois de novembre. Manille a évalué à 250 milliards de pesos, soit 4,25 milliards d’euros, les coûts de reconstruction.
25/11/2013

Une banque qatarie accorde un prêt à la Tunisie

La Qatar National Bank, qui dépend en partie d’un fonds souverain de l'émirat, a accordé un prêt de 500 millions de dollars à la Tunisie pour alimenter ses réserves de devises étrangères, a annoncé samedi un représentant de la Banque centrale tunisienne, interrogé par Reuters.
25/11/2013

Accord historique sur le nucléaire iranien

L’Iran a conclu dimanche avec les grandes puissances un accord préliminaire sur son programme nucléaire qui prévoit de limiter l’enrichissement d’uranium en échange d’un allégement des sanctions qui pèsent sur la république islamique. Les Etats-Unis estiment que cet allégement va permettre à Téhéran d’accéder à 1,5 milliard de dollars de revenus lié au commerce de l’or et des métaux précieux.
25/11/2013

Pierre Moscovici soutient le directeur du Trésor

En marge d’une réunion de l’Eurogroupe, le ministre de l’Economie et des Finances a apporté un soutien remarqué au directeur du Trésor, Ramon Fernandez, donné sur le départ. «C’est mon éthique personnelle de manifester mon estime et mon respect pour les personnes qui travaillent de façon loyale à mes côtés», a-t-il déclaré.
25/11/2013

Le FMI se montre conciliant avec la Grèce

«Des mesures supplémentaires seront nécessaires pour 2014-2016 mais elles seront à une échelle bien plus petite que par le passé», a déclaré Poul Thomsen, le chef de mission du FMI pour la Grèce, cité par le quotidien Kathimerini. Le ministre allemand des Finances, Wolfgang Schaüble, a salué pour sa part les progrès réalisés par Athènes au cours des 18 derniers mois.

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