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29/11/2012

BlackRock at a turning point

BlackRock is at a turning point, the Financial Times argues in a long article dedicated to its founder and CEO, Larry Fink. “BlackRock’s size and power has not received much attention from the public or regulators, but that could change. Some analysts suspect that, BlackRock will be considered a “systemically important financial institution” – a designation that brings with it capital requirements and tighter regulatory scrutiny. And after a period of rapid expansion, marked by a number of acquisitions, it appears to many investors that the firm’s growth rate is going to slow,” the FT writes.
29/11/2012

SAC to face fraud charges

SAC Capital will face civil charges of fraud from the Securities and Exchange Commission in what authorities are calling the largest insider trading scandal ever, the Financial Times reports. The hedge fund firm, with USD14bn in assets, held a 20-minute telephone conference with its investors on Wednesday. Steven Cohen, founder of the firm, spoke briefly and stated that he was confident that the firm acted appropriately.
29/11/2012

ECB announces rescheduling of loan-level data reporting requirements

On 6 July 2012 the European Central Bank (ECB) announced the future timeline for the start of the loan-level data reporting requirements for asset-backed securities as part of the Eurosystem’s collateral framework. In order to ensure that all the necessary amendments will have been made to Guideline ECB/2011/14 at the national level, the Governing Council of the ECB has decided to adjust this timeline as follows:For residential mortgage-backed securities, the reporting requirements will be mandatory as of 3 January 2013.For asset-backed securities, where the cash-flow generating assets comprise loans to small and medium-sized enterprises, the reporting requirements will be mandatory as of 3 January 2013.For commercial mortgage-backed securities, the reporting requirements will be mandatory as of 1 March 2013.The nine-month transitional phase for each asset class, starting on the dates indicated above, will also be adjusted accordingly.These slight postponements will allow for the smooth implementation of the necessary amendments.For other asset classes (i.e. auto loans, consumer finance loans and leasing receivables) the date of entry into force remains as originally announced, namely 1 January 2014.
29/11/2012

Legg Mason releases Brandywide fund in Spain

Javier Mallo, co-head of sales at Legg Mason Global AM in Spain, has announced that the group is releasing the bond sub-fund Legg Mason Brandywine Global Opportunistic Fixed Income of the Irish Sicav Legg Mason Global Funds in the country.The product is managed by David Hoffman and Stephen S. Smith at Brandywine Global (USD30bn in assets), an affiliate of Legg Mason based in Philadelphia.
29/11/2012

Liontrust recruits head for its new credit division

Michael Mabbutt of Thames River will be joining Liontrust in January 2013, to head the new credit division of the asset management firm, Investment Week reports. He will also manage the new Global Strategic Bond fund. Mabbutt is a consulting partner at Thames River Capital, and was previously head of the global credit division of Thames River.
29/11/2012

Michel Péretié returns at an alternative management firm

Michel Péretié, the former chief executive of the corporate and investment banking division at Societe Generale, has re-emerged almost a year after leaving the French bank, as partner and joint-CEO of alternative asset manager RiverRock European Capital Partners.“RiverRock is an independent investment firm which provides innovative debt and equity capital solutions to small and medium sized enterprises across Europe”, according to its website. It is led by Prof. Roland Berger (chairman) and Florian Lahnstein (CEO) and was founded in 2009.Michel Péretié’s primary focus will be on developing an advisory and broker/dealer division and supporting the existing team in developing alternative asset transactions.Before Société Générale, Michel Péretié was chairman and CEO of Bear, Stearns International Limited. He started his career at Banque Paribas where he left as global head of fixed income for BNP Paribas.
29/11/2012

Fidelity leaves Indian market

The US Fidelity group has sold its mutual fund activities in India to L&T Finance Ltd., an affiliate of the Larsen & Toubro group, MutualFundWire reports. The Indian activities of Fidelity have continued to run a loss every year since their launch in 2004, according to MutualFundWire. According to an Indian publication, the Business Standard, this is one of the largest recent transactions in the Indian mutual fund sector.
29/11/2012

Schroders to replace CFO

On 28 November, Schroders announced that Kevin Parry has decided to resign from his role as chief financial officer and director, effective from 5 May 2013, following the completion of the 2012 annual report. The board has selected Richard Keers, who is currently a partner at PricewaterhouseCoopers (PwC) and who was global relationship partner in charge of the Schroders account from 2006 to 2010, to replace him on that date.
29/11/2012

SocGen Private Banking Hambros recruits

Samik Mukherjee, one of the directors of the Coutts office on Fleet Street, has been recruited as a senior private banker by Societe Générale Private Banking Hambros, where he will be responsible for recruiting and assisting high net worth clients based in the City of London.Paul Stappard, who has a level 6 RDR qualification, becomes a senior portfolio manager.Louisa Mannooch, private client solicitor at Speechy bircham for six years, joins the firm as a member of the wealth planning team.
29/11/2012

Two hires at Vanguard in UK

The British firm Vanguard Asset Management on Wednesday announced the recruitment of Carole Costello as head of consultant relationships, and Kerry Drew as consultant relations director, effective immediately.Costello had been a consultant relations manager at Aviva Investors, while Drew had also been a consultant relations manager, but at Legal and General Investment Management (LGIM).
29/11/2012

200 “black swans” among US firms

GMI Ratings, which claims to be the global leader in research into environmental, social and governance (ESG) and accounting risks affecting the results of publicly-traded firms, has published its first “list of black swan risks,” which identifies 200 North American firms which are running the highest risk of a significant fall in their share prices in the next six months.Based on a proprietary scientific accounting model from GMI Ratings (AGR), the list includes firms with the lowest ratings and market capitalisations of USD750m to USD100bn. AGR ratings reflect the entirety of financial reports from businesses; the lowest ratings identify firms whose financial reports reveal “highly aggressive” accounting practices which considerably increase investment risks.Among the 50 companies most exposed to a potential accident, the best-known in Europe are AOL, Dynegy, BNY Mellon, Hewlett-Packard, Harley-Davidson, Northern Trust, Caterpillar, Marathon Oil and McCormick.
29/11/2012

Northern Trust recruits a new head for Asia-Pacific

Bo Kratz has joined the Northern Trust group as head of asset management for the Asia-Pacific ex Japan region, Asian Investor reports. Kratz zucceeds Kevin Hardy, who has joined BlackRock. Kratz will be based in Hong Kong, and will lead a team that manages about USD50bn in assets for sovereign funds, pension funds and businesses in the region. Kratz previously worked (until January 2011) for the alternative asset management firm Permal as head of the Hong Kong, Singapore and Tokyo offices.
29/11/2012

BNP Paribas SS recruits in Asia-Pacific

BNP Paribas Securities Services has announced the appointment of Madhu Gayer as head of Investment Reporting and Performance (IRP) for the Asia-Pacific region, a newly-created position in Singapore. Gayer, who had previously worked at Northern Trust, will report to Mostapha Tahiri, head of the asset and fund services unit for Aia, and Nicolas Le Clech, global head of IRP.
29/11/2012

FTSE launches series of “super-liquid” indices

UK-based FTSE Group has announced the launch of a new broad range of 11 equally-weighted indices, calculated in real time on the basis of traded capital, the FTSE Super Liquid Index Series (FLQ). They replicate the characteristics of the major FTSE indices in a smaller, but highly liquid equity universe.The new indices use a new method to determine the size of indices and select the most liquid equities from each underlying industry index. This reduces implementation, maintenance and replication costs, while retaining the sectoral weighting and performance characteristics of the original index.
29/11/2012

Daiwa Global Asset Services becomes SuMi Trust

Sumitomo Mitsui Trust Bank Limited (SMTB) has completed its acquisition of the Global Asset Services division of Daiwa. The activity now acquired by SMTB has been renamed at SuMi Trust Global Asset Services. It includes the fund administration activities of Daiwa, as well as the UCITS fund management firm and the custody, trustee and authorised corporate director entities. The acquisition will allow SMTB to develop its activities in alternative management services.
29/11/2012

Outflows from Italian funds in October

Open-ended funds on sale in Italy have posted net redemptions in October of EUR635m, ending several months of inflows, including +EUR1.4bn in September, according to Assogestioni, the Italian asset management association. Outflows were driven by money market funds, which saw outflows of EUR1.3bn. Equity and hedge funds also show outflows, with redemptions totalling EUR446m and EUR339m, respectively. However, bond funds show inflows of EUR1.1bn, flexible funds EUR278m, and balanced funds EUR60m. In terms of domicile, foreign-registered funds have continued to post inflows (EUR280m), while funds based in Italy show outflows (-EUR915m). With the addition of closed funds and mandated management, the Italian asset management industry in October posted net redemptions of EUR1.9bn. As of the end of October, total assets were EUR1.182trn, compared with EUR992bn as of the end of September. This increase of EUR189bn is largely related to the effects of a reorganisation of the asset management firm of the Generali group, Assogestioni states.
29/11/2012

European investors prefer bonds in October

Bond funds posted a net inflows of EUR22.05bn in Europe in October, their highest level of subscriptions in one month since the beginning of the year, according to statistics from Morningstar. For the first ten months of the year, bond funds show net inflows of EUR136.81bn. The most popular bond strategies were high yield funds, private bonds and emerging market funds.Investors appear to be returning to equities, however, but their considerable preference for bonds has limited flows to equities, which remain positive for the second consecutive month. Net inflows totalled EUR1.76bn in October, compared with EUR3.1bn in September. Emerging market equity funds take the prize, with net inflows of nearly EUR2bn.Allocation funds have seen stable inflows, totalling EUR2.76bn. Prudent allocation funds denominated in euros led this category, with inflows of EUR1.21bn in October, followed by flexible allocation funds in euros and pounds sterling.Among the winners from the trend for bonds are Pimco, with inflows of EUR3.91bn, Credit Suisse (EUR1.96bn) and AllianceBernstein (EUR1.81bn). All companies in the top ten for inflows are bond specialists, with the notable exception of BlackRock, which in fourth place, has earned net inflows of EUR1.54bn.It is also of note that BNP Paribas, Santander and Amundi are among the asset management firms which underwent significant redemptions, with totals of EUR2.34bn, EUR1.06bn and EUR654m, respectively.
29/11/2012

Head of DNB AM leaves firm

The head of institutional management at the Swedish firm DNB Asset Management has resigned, Realtid.se reports.
29/11/2012

L'italie se finance à 10 ans au coût le plus bas depuis deux ans

Pour sa dernière adjudication à 10 ans de l’année, le Trésor italien a obtenu le plus faible rendement depuis deux ans. Il a adjugé pour 2,98 milliards d’euros d’obligations à 10 ans, pour un objectif maximal de trois milliards, à un rendement de 4,45%, en baisse de près d’un demi-point sur celui d’une adjudication équivalente fin octobre. L’opération permet à l’italie de combler quasiment ses besoins de financement 2012.
29/11/2012

Le climat des affaires s'améliore en Europe pour la première fois depuis un an

L’indice du sentiment économique a enregistré une hausse inattendue, remontant à 85,7 en novembre contre 84,3 en octobre alors que les économistes prévoyaient une baisse supplémentaire à 84,2. Il s’agit de la première amélioration de l’indice depuis près d’un an. L’enquête de la Commission auprès des industriels montre toutefois que l’investissement dans le secteur devrait reculer de 1% en 2013.
29/11/2012

La justice européenne préserve les secrets de la BCE

Le Tribunal de l’Union européenne a jugé que la BCE avait valablement refusé en 2010 à une journaliste de Bloomberg l’accès à deux documents liés à la situation économique grecque. «Leur divulgation aurait porté atteinte à la protection de l’intérêt public de la politique économique de l’Union et de la Grèce», ont estimé les juges dans cet arrêt publié le 29 novembre. Les deux documents que recherchait Bloomberg détaillaient l’impact des transactions de swaps signées par Athènes pour minorer sa dette.
29/11/2012

L'IASB amende la norme comptable IFRS 9

Le normalisateur comptable international a proposé mercredi des «changements limités» à la norme IFRS 9 sur les instruments financiers. L’IASB introduit la notion de «fair value through other comprehensive income» pour certains instruments de dette. L’objectif est de rapprocher IFRS 9 des normes américaines US GAAP.
29/11/2012

La France place la moitié de sa dette en Asie et au Moyen-Orient

La part des acheteurs de dette souveraine française venant d’Asie et du Moyen-Orient atteint cette année le niveau record de 50%, a déclaré à Reuters Philippe Mills, directeur général de l’Agence France Trésor. «Ce flux représentait jusqu’alors de 20% à 40% des acheteurs nets de dette française ». Philippe Mills a en revanche réfuté des informations selon lesquelles la Banque nationale suisse aurait augmenté ses achats d’emprunts d’Etat français. Les investisseurs non résidents détiennent 63% de la dette négociable de la France, dont l’encours atteint 1.380 milliards d’euros. Si les banques centrales recherchent habituellement des titres de maturités moyennes ou courtes, elles sont allées plus loin sur la courbe des taux cette année « parce qu'évidemment elles recherchent aussi un peu de rendement ». « On les a vues étendre leurs maturités à partir de 2012. Clairement au-delà de 5 ans, on est même au-delà de 7 ans », a constaté Philippe Mills.
29/11/2012

La Grèce mandate ses banques pour son rachat de dette

Athènes a désigné Deutsche Bank, comme lead manager, et Morgan Stanley, pour diriger l’offre de rachat de dette décidée par les gouvernements européens le 26 novembre, indique Reuters en citant une source officielle. L’offre, qui fait partie du nouveau plan d’allègement de la dette grecque, sera volontaire.
29/11/2012

Clearstream prend pied à Dublin

La filiale de Deutsche Börse prévoit d’ouvrir une chambre de compensation à Dublin pour les règlements d’opérations réalisées par les hedge funds internationaux. Une initiative qui représenterait un investissement de 15 millions d’euros et 15 personnes auraient déjà été embauchées avec pour objectif final une équipe de 60 personnes, selon le Financial Times. Christian Westerhold, responsable des services de fonds d’investissement chez Clearstream, dirigera les opérations à Dublin.
29/11/2012

Getco et Virtu se disputent Knight Capital

Les gestionnaires Getco Holdings et Virtu Financial ont émis deux offres concurrentes visant Knight Capital Group. Le premier prétendant propose 1,4 milliard de dollars en titres et numéraire pour donner naissance à une société cotée, le second un minimum de 1,1 milliard en numéraire pour former une société non cotée.
29/11/2012

Louis Dreyfus contre-attaque

Louis Dreyfus Commodities, poursuivi en justice aux Etats-Unis pour manipulation des cours du coton, a estimé dans un document remis à la justice destiné à mettre un terme à l’affaire, que les plaignants, parmi lesquels l’ancien cadre de Glencore Mark Allen, n’avaient fourni aucune preuve et qu’ils tentaient en réalité de masquer leurs propres erreurs de gestion.
29/11/2012

L'économie américaine reste en zone d'incertitude

L'économie américaine a continué à progresser à un rythme modeste au cours des dernières semaines, le nombre d’embauches étant resté limité, selon le «Beige book» publié hier soir par la Réserve fédérale américaine qui ne devrait guère apaiser les inquiétudes concernant l'état de santé des Etats-Unis. La consommation des ménages a crû modérément, ce qui peut confirmer les premiers signes d’une bonne saison des fêtes pour les détaillants. Le rapport de la Fed recense par ailleurs peu de signes de pressions inflationnistes, ce qui devrait conforter la Fed dans le maintien de son programme de rachats d’actifs sur l’année 2013. L’autorité s’est également inquiétée hier du mur budgétaire, indiquant qu’ «un certain nombre d’entreprises dans les différentes régions ont exprimé leur incertitude concernant les conditions d’activité pur les prochains mois», dans l’attente d’un compromis budgétaire.

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