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17/12/2012

ETF providers seeking new clients

If it wants to continue to grow, the European ETF market will have to attract new investors, Delef Glow, head of Lipper EMEA Research, says in a report on the future of the industry published on Friday. From this point of view, “it is important that ETF promoters make a significant effort to educate clients to ensure they clearly understand how ETFs can be used to help them reach their individual investment targets,” the director writes. Among the new investors, Detlef Glow cites actively managed mutual funds, who may need ETFs for portfolio transitions or portfolio liquidity. Wealth management is another market in which ETF providers could gain market share. High net worth investors are increasingly aware of the costs of products in their portfolios. Lastly, retail investors are also a major target for ETF providers. With this in mind, ETF providers need to open to new distribution channels, such as fund platforms. Detlef Glow predicts that market growth may also be driven by supply. Between 30 September 2011 and 30 September 2012, assets in the European ETF sector increased by EUR46.64bn, or 21%, to EUR267bn.
17/12/2012

France claims largest SRI funds

The largest SRI (socially responsible investment) funds in the world are in France, according to a study by Vigeo and Morningstar reported by Il Sole – 24 Ore. They are the Bnp Paribas Mois (Bnp Paribas AM), Amundi Trèso ISR (Amundi AM) and Fonsicav (Natixis AM). France is also the largest SRI market, according to Vigeo, with 44% of SRI assets. These assets totalled EUR95bn in Europe in June 2012, an increase of 12% in 12 months. Italy is near the bottom of the rankings with EUR2bn in assets.
17/12/2012

IOSCO proposes new rules to improve transparency of market infrastructure

The International Organisation of Securities Commissions (IOSCO) and the Committee on Payment and Settlement Systems (CPSS) on 14 December published a disclosure framework and an evaluation methodology to establish new Principles for Financial Market Infrastructures (PFMI) for financial market infrastructures (FMI). The disclosure framework and methodology were the subject of a consultation launched in April. The dislcosure frameowrk will be used by FMIs to explain their activities and practices in the area of risk management with full transparency. The methodology is aimed more at international external valuators, including the International Monetary Fund and the World Bank, and other national authorities.
17/12/2012

Basel III not in doubt

The failure of the European Union and the United States to respect the deadline of 1 January 2013 to apply new banking solvency rules does not raise doubts about the Basel III agreement, regulators have announced.The Basel commission on 14 December announced, following a two-day meeting, that 11 countries are prepared to begin applying the new rules. “We are expecting regulations to be finalised in other jurisdictions during 2013, and they will join all other interim deadlines, under the initial agreement,” the chairman of the commission, Stefan Ingves, said in a statement. He says that this will be the case even if the parties concerned are not able to implement the rules in early 2013 as planned.“As a result, by the end of 2013, nearly all jurisdictions of the Basel commission will apply Basel III, in line with the calendar defined,” Ingves, who is also governor of the Swedish central bank, adds. “This is an absolutely crucial move to strengthen the global banking system.”
17/12/2012

CalSTRS CEO to chair environmental markets committee of FTSE

FTSE Group announced that Jack Ehnes, CEO of CalSTRS (California State Teachers’ Retirement System) will serve as the new chairman of the FTSE Environmental Markets Committee. The FTSE Environmental Markets Committee is the independent advisory body responsible for setting the rules governing the classification system and the two sets of indices based on it, the FTSE Environmental Technology and FTSE Environmental Opportunities indices. Jack Ehnes replaces Winston Hickox, who is stepping down after five years chairing the Environmental Markets Committee, which is comprised of investment industry practitioners.
17/12/2012

Rules to be toughened for foreign banks

The US Federal Reserve (Fed) on 14 December unveiled a draft directive which could toughen the prudential management requirements applicable to major foreign banks present in the United States. The plans primarily concern banks and non-banking financial establishments whose consolidated global assets total over USD50bn. They would require them to submit to the same stress tests as US banks. The central bank says that the move implements terms of the Wall Street reform law of 2010. According to the text of the bill made public by the Fed, the new standards would come into effect on 1 July 2015, in order to give the establishments concerned time to comply.
17/12/2012

SAC Capital under investigation again

Federal authorities are investigating SAC Capital Advisors, the alternative asset management firm of Steven A. Cohen, The Wall Street Journal reports. They are seeking to establish whether or not insider trading was involved in a transaction on 14 February 2011, when SAC Capital purchased options on shares in Weight Watchers, which rose from USD44.08 to USD65.39 on 17 February after the publication of results which were far higher than expectations.As a result of this deal, SAC Capital probably made gains of USD8m, while its counterparty, Goldman Sachs, would have lost at least USD3m.
17/12/2012

East Capital Explorer liquidates its Russian utilities fund

The investment firm East Capital Explorer, listed in Stockholm, will be liquidating the East Capital Power Utilities Fund, in which it had been invested, and from which it expects to recuperate EUR14.2m, as announced. The remaining assets will be distributed in early 2013. The participation of East Capital Explorer in the fund represented EUR25.4m, which corresponds to 9% of the firm’s net asset value. East Capital Power Utilities Fund aimed to benefit from concentration and liberalisation in the Russian utility sector. But the sector has not developed as expected, East Capital Explorer explains. Investment in the fund also resulted in annual pre-tax losses of 2.6% between December 2007 and 30 November 2012.
17/12/2012

EIOPA concerned about declining turnover rate for pension funds

The European insurance and occupational pensions authority (EIOPA) has issued an alert about declining coverage levels for defined-benefit pension plans in the United Kingdom and the Netherlands. In its semiannual report on financial stability, EIOPA says that coverage rates in the United Kingdom are now under 80%. In this environment, “a clear and realistic timetable for the establishment of Solvency II would represent a significant contribution to financial stability efforts in Europe,” the Authority says in a statement.
17/12/2012

Klaus Kaldemorgen to step back from management

The Börsen-Zeitung reports that according to financial industry sources, Klaus Kaldemorgen is to step back from the management of two flagship funds from DWS, Vermögensbildungsfonds I (DE0008476524), with EUR5bn in assets, and DWS Akkumula Fonds (DE0008474024), with assets of EUR2.9bn. He will hand off to André Köttner, the star manager from Union Investment who had been responsible for the UniGlobal fund (DE0008491051) with EUR7.26bn in assets. Köttner left his former employer at the end of September (see Newsmanagers of 28 September), and was replaced by Gunther Krammert.
17/12/2012

Banca MPS recruits 100 private bankers

Banca Monte dei Paschi di Siena will recruit 100 private bankers from early 2013, as an addition to the 400 already present on the bank’s network. Currently, the network includes 82 private and 11 family office centres. In the next few weeks, it will open six new private centres.
17/12/2012

Invesco Perpetual replaces manager of its global fund

Invesco Perpetual has assigned its Global Opportunities fund (GBP53m) to the British manager Stephen Anness as part of a review of its equities division, Investment Week reports. He will also join the global equity team. The fund had previously been managed by the managers of the firm’s Global Equity Group. The firm has also announced that its director of marketing, Rick White, in October left the firm after twelve years. Invesco Perpetual has also lost its director of sales, Craig Newman, and its sales manager, Simon Dale. White and Newman will be replaced early next year.
17/12/2012

First physical replication ETFs from db x-trackers listed on LSE

On 14 December, db x-trackers (Deutsche Bank group) admitted its first three physical replication ETFs to trading on the London Stock Exchange. They are Luxembourg-registered funds which track the FTSE 100 and the Euro Stoxx 50, as well as the first ETF to replicate the Euro Stoxx 50 ex Financials index, the firm claims. The products are also expected to be released on the XTF segment of the German Xetra platform (Deutsche Börse) on 19 December.Meanwhile, the asset management firm says that it has listed its two existing synthetic replication ETFs db x-trackers FTSE 100 ETF and db x-trackers Euro Stoxx 50 in London.A list of the new products is attached.
17/12/2012

Ashmore looks to liquidate a special situations fund

The emerging markets specialist emerging market asset management firm Ashmore Investment Management is proposing to close its special situations fund, Ashmore Global Opportjnities Limited, which invests primarily in private equity and distressed debt, Financial News reports. The fund, which is listed in London, is trading about 31% below its net asset value.
17/12/2012

Banca MPS recrute 100 banquiers privés

Banca Monte dei Paschi di Siena va recruter 100 banquiers privés à partir de début 2013, lesquels viendront s’ajouter aux 400 déjà présents dans le réseau de la banque.Aujourd’hui, ce réseau s’organise autour de 82 centres “private” et 11 centres “family office”. Dans les prochaines semaines, six nouveaux centres “private” seront ouverts.
17/12/2012

Nominations à la direction de BNY Mellon

Le groupe BNY Mellon annonce plusieurs promotions au sein de sa direction, qui prendront toutes effet le premier janvier 2013. Karen B. Peetz, actuellement Vice Chairman et Chief Executive Officer de Financial Markets & Treasury Services devient president de BNY Mellon. Timothy F. Keaney a été nommé chief executive officer of Investment Services. Actuellement vice chairman and chief executive officer d’Asset Servicing, il dirigera les unités Asset Servicing, Corporate Trust, Depositary Receipts, Global Markets, Global Collateral Services, Broker Dealer Services et Pershing. Brian T. Shea devient president de l’Investment Services et head du groupe Global Operations and Technology. Il demeure chief executive officer de Pershing. Le vice chairman Curtis Y. Arledge garde son poste de chief executive officer pour l’Investment Management. Karen Peetz, Timothy F. Keaney et Curtis Y. Arledge travailleront sous la supervision de Gerald L. Hassell, chairman et chief executive officer de BNY Mellon.
17/12/2012

LGT acquiert un gestionnaire immobilier américain

Le liechtensteinois LGT Capital Partners a annoncé que sa filiale LGT Capital Partners Holding (USA) Inc. a acheté pour un montant non divulgué la société new-yorkaise Clerestory Capital Advisors, LLC (CCA), une entreprise d’investissement et de conseil dans le domaine de l’immobilier au travers de fonds, de co-investissements et d’investissements secondaires.La société a été créée par Joanne Douvas et Tommy Brown en 2007, année où a été lancé le premier fonds de fonds de la société.CCA prendra désormais le nom de LGT Clerestory.
17/12/2012
Fonds

East Capital Explorer liquide son fonds utilities russes

La société d’investissement East Capital Explorer, cotée à Stockholm, va liquider de manière anticipée le fonds East Capital Power Utilities Fund dans lequel elle était investie et devrait à ce titre récupérer 14,2 millions d’euros. Le reste sera distribué début 2013. La participation d’East Capital Explorer dans le fonds représente 25,4 millions d’euros, ce qui correspond à 9 % de la valeur liquidative de la société.L’East Capital Power Utilities Fund avait comme objectif de profiter de la concentration et de la libéralisation du secteur des utilities en Russie. Mais ce dernier ne s’est pas développé comme prévu, indique East Capital Explorer. D’ailleurs, l’investissement dans ce fonds a conduit à une perte annualisée avant impôts de 2,6 % entre décembre 2007 et le 30 novembre 2012.
Fonds
17/12/2012

Le marché monétaire se contracte encore en zone euro

Au deuxième trimestre 2012, le volume d’instruments traités sur le marché monétaire se contractait de 14% sur un an, selon la dernière enquête de la Banque centrale européenne publiée ce matin. A cela deux raisons majeures: l’accroissement des tensions en zone euro entre juin 2011 et juin 2012, et les injections massives de liquidités réalisées par la BCE entre ces deux dates, qui ont détourné les banques du marché interbancaire.
17/12/2012

Une petite société épinglée par l’AMF

Le représentant du Collège de l’Autorité a requis 60.000 euros d’amende à l’encontre de la société de gestion de portefeuille La Nouvelle Finance qui n’a plus d’agrément depuis 2011. Il a aussi demandé 30.000 euros contre ses deux dirigeants. Il leur reproche de n’avoir pas respecté leur programme d’activité, en termes de moyens humains et de gestion financière d’un FIP. Il leur reproche également d’avoir manqué de diligence lors de la commercialisation de deux OPCVM.
17/12/2012

Quatre offres fermes pour ANA

Les autorités portugaises ont reçu quatre offres fermes pour la privatisation de l’exploitant d’aéroports ANA, une opération qui pourrait rapporter plus de 2,5 milliards d’euros à Lisbonne. L’agence de gestion des actifs publics Parpublica n’a publié que le nombre des offres dans un communiqué, sans plus de précision.
17/12/2012

S&P fait tomber la Croatie en « junk »

L’agence de notation a abaissé en catégorie spéculative («junk») la note de la Croatie, à BB+ contre BBB-, estimant que les réformes mises en oeuvre par le gouvernement ne sont pas suffisantes pour stimuler la croissance et placer les finances publiques sur une trajectoire plus soutenable. La perspective assortie à la note est stable.
17/12/2012

Fitch confirme la note A- de l’Italie

L’agence a décidé de maintenir la note à long terme A- de l’Italie, assortie d’une perspective négative. Cette confirmation s’explique notamment par la consolidation budgétaire et les réformes structurelles qui ont été globalement conformes aux attentes de l’agence en 2012. La perspective négative reflète en particulier les risques d’instabilité après les élections anticipées de l’an prochain et d’incertitude quant à la poursuite du programme de réformes économiques et budgétaires.
17/12/2012

L'Europe et les Etats-Unis achoppent encore sur Bâle 3

Les banques américaines n’auraient réussi à détenir que 700 des 1.500 milliards de dollars d’actifs liquides nécessaires au respect des exigences de Bâle 3. De quoi pousser à des nouveaux assouplissements selon le journal, qui cite Bob Chakravorti, chef économiste chez Clearing House, qui représente les onze plus grosses banques commerciales américaines. Parallèlement, le président du Comité de Bâle, Stefan Ingves, a indiqué que malgré l'échec de l’Union européenne et des Etats-Unis à respecter la date du 1er janvier 2013 pour commencer à appliquer les nouvelles règles, «presque toutes les juridictions du comité de Bâle appliqueront Bâle 3 conformément au calendrier prévu» d’ici la fin 2013.

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