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09/05/2012

Le groupe OTCex prend 35 % du capital de Hixance AM

Hixance Asset Management a annoncé que l’accord conclu avec le groupe OTCex a été approuvé par l’Autorité des Marchés Financiers. OTCex entre au capital de Hixance AM à hauteur de 35%. Par ailleurs, Hixance AM annonce une modification de ses organes de direction. Frédéric Peyre et Olivier Tugaut, fondateurs historiques de la société sont respectivement président et directeur général et vont continuer à assurer le développement commercial de la société de gestion de portefeuille en France et en Europe.Pour sa part, Jean-Noël Vieille entré en janvier 2012 chez Hixance AM, est nommé directeur de la gestion - après avoir été à la tête de la gestion chez Aurel Leven puis chez KBL Richelieu. En pratique, il reprend la gestion des FCP Hixance Patrimoine et Hixance Dividendes. «Il apporte notamment à la structure sa compétence dans le domaine de la gestion flexible internationale. Il est accompagné de Yann Olivier, gérant bien connu chez Hixance AM, puisqu’il assure historiquement la gestion de Hixance Focus Brazil et le pilotage de la Gestion Privée depuis la création de l’entreprise», précise un communiqué.OTCex, présent auprès d’une clientèle institutionnelle internationale dans le domaine du brokerage, va permettre à Hixance Asset Management de développer des relations plus étroites avec ces investisseurs institutionnels. Pour sa part, Hixance AM compte réaffirmer sa stratégie de développement auprès des conseillers de gestion en patrimoine, des clients privés et institutionnels en développant une offre de gestion collective autour des fonds Hixance Patrimoine, Hixance Dividendes et Hixance Focus Brazil, ainsi qu’une offre diversifiée en gestion sous mandat.
09/05/2012

Oswald Grübel rejoint Mead Park Management

Sept mois après avoir démissionné de son poste de CEO d’UBS (lire Newsmanagers du 26 septembre 2011), Oswald Grübel rejoint comme conseiller la nouvelle structure new yorkaise Mead Park Management, créée par quatre anciens banquiers d’investissement de Credit Suisse, Jack DiMaio, David Moffitt, Chris Ricciardi et Edward Dale, rapporte finews, relayant Asset Backed Alert.Mead Park Management compte investir 2 milliards de dollars dans des sociétés financières en difficulté, voire les acquérir.
09/05/2012

Nomination et adhésions à l'AFG

Thierry Callaut a été remplacé par Isabelle Habasque pour OFI Asset Management au sein du conseil d’administration de l’AFG à compter du 19 avril 2012. Par ailleurs, les sociétés Altimeo AM, Flornoy & Associés Gestion, Montmartre AM et Swell AM sont désormais adhérents de l’association tandis que les sociétés AM Fine Services & Software, Ernst & Young , Société d’Avocats - Lefevre Pelletier & Associés et PCI-Procédures & Contrôle Interne sont devenus membres correspondants de l’AFG.
09/05/2012
Fonds

Arrow lance un ETF répliquant un nouvel indice Dow Jones

Arrow Investment Advisors a fait admettre à la négocation le 8 mai sur la plate-forme NYSE Arca son premier ETF ArrowShares, le Arrow Dow Jones Global Yield ETF (acronyme : GYLD), qui réplique le nouveau Dow Jones Global Composite Yield Index. Cet indice est destiné à réduire le risque de concentration en suivant cinq paniers correspondant chacun à un sous-indice de 30 valeurs censées fournir une exposition équipondérée à des sources de revenus traditionnelles ou alternatives sur plusieurs classes d’actifs. Ce produit est chargé à 0,75 %.Les cinq sous-indices sont : Dow Jones Global Equity Yield Index, Dow Jones Global Real Estate Yield Index, Dow Jones Global Alternative Yield Index ainsi que Credit Suisse Yield Enhanced Global CorporateIndex et Credit Suisse Yield Enhanced Sovereign Index.
Fonds
09/05/2012
Fonds

Louis Gallois va rejoindre le conseil d'administration du FSI

A peine un an après son arrivée au sein du conseil d’administration du Fonds stratégique d’investissement (FSI), Denis Ranque va abandonner son poste d’administrateur indépendant pour mener à bien un projet personnel, rapporte Les Echos. Selon le quotidien, Louis Gallois, directeur général exécutif d’EADS, devrait lui succéder.
Fonds
09/05/2012
Fonds

Van Eck prépare deux ETF sur les actions saoudiennes

Le 3 mai, Van Eck a notifié à la SEC (form N-1 A) son projet de lancer le Market Vectors Saudia Arabia ETF et le Market Vectors Saudi Arabia Small-Cap ETF, des fonds spécialistes des actions saoudiennes et répliquant des indices calculés par Structured Solutions AG. Aucun acronyme et aucun TFE ne sont indiqués.
Fonds
09/05/2012

Gavin Launder promu chez LGIM

Le britannique LGIM vient de promouvoir Gavin Launder, jusqu’ici gérant d’actions européennes, au poste de responsable des actions européennes pour le groupe.Dans ses nouvelles fonctions, Gavin Launder remplace Ian King, qui a quitté LGIM le mois dernier pour donner un nouveau tour à sa carrière.
09/05/2012

Le patron d'Aviva poussé à la démission

Andrew Moss, le directeur général de l’assureur britannique Aviva, est devenu hier la troisième victime outre-Manche de la colère d’actionnaires, mécontents que la rémunération des dirigeants ne soit pas alignée avec la performance de leur groupe, rapporte Les Echos. Son départ intervient alors que près de 6 actionnaires sur 10 du numéro deux britannique du secteur avaient rejeté le plan de rémunération du management présenté jeudi dernier lors de son assemblée générale. Andrew Moss rejoint Sly Bailey et David Brennan, respectivement de Trinity Mirror et du géant pharmaceutique AstraZeneca, poussés vers la porte par leurs actionnaires
09/05/2012

Election of François Hollande will not have an immediate impact on France's credit rating, says S&P

The financial ratings agency Standard & Poor’s, which in January withdrew France’s maximal credit rating of AAA, on 7 May announced that the election of François Hollande as president of the country will not have an “immediate impact” on the country’s credit rating or its outlook. “Standard & Poor’s does not take a political position on individual candidates or the outcomes of any elections as such,” the ratings agency says in a statement. France’s credit rating, currently AA+ for its long-term debt, has a negative outlook, which means that there is a “one in three chance” that the rating will be lowered this year or in 2013. The agency states that “the policy of a government has a direct impact on its credibility in terms of debt.” “Our sovereign (credit) ratings thus take into account our opinion of the likely consequences of policies chosen by elected political leaders on the structure of sovereign debt.” “We will analyse the political decisions of the president-elect of France and the new government, and take into account the results of the legislative elections in June,” Standard & Poor’s states.
09/05/2012

Louis Gallois to join board at FSI

Barely one year after joining the board of directors at the strategic investment fund (FSI), Denis Ranque will be leaving his job as an independent administrator to undertake a personal project, Les Echos reports. The newspaper states that Louis Gallois, executive CEO of EADS, will succeed him.
09/05/2012

Arrow launches an ETF replicating a new Dow Jones index

Arrow Investment Advisors on 8 May admitted its first ArrowShares ETF to trading on the NYSE Arca platform. The Arrow Dow Jones Global Yield ETF (acronym: GYLD) replicates the new Dow Jones Global Composite Yield index. The index aims to reduce concentration risks by following five baskets of investments, each of which corresponds to an index of 30 shares which aim to provide an evenly-balanced exposure to traditional or alternative sources of revenues from several asset classes. The five sub-indices are: Dow Jones Global Equity Yield Index, Dow Jones Global Real Estate Yield Index, Dow Jones Global Alternative Yield Index, Credit Suisse Yield Enhanced Global CorporateIndex and Credit Suisse Yield Enhanced Sovereign Index.
09/05/2012

Van Eck preparing two ETFs of Saudi shares

On 3 May, van Eck filed with the SEC in a form N-1A its plans to launch the Market Vectors Saudi Arabia ETF and Market Vectors Saudia Arabia Small-Cap ETFs, funds specialised in Saudi equities which will replicate indices calculated by Structured Solutions AG. No acronym nor TER have yet been announced for the products.
09/05/2012

Most asset management firms are inefficient

38% of asset management firms have spare capacity, according to a survey by Investit of 37 players representing GBP4trn in assets under management, cited by Financial Times Fund Management. This spare capacity estimate is based on announcements by managers of asset management firms, who say that they could manage 38% more assets on their current platforms and with current staff. Only 28% of asset management firms are efficient, which is to say that they have a cost/income ratio of less than 55%, the study finds.
09/05/2012

MSCI and Barclays offer ESG bond indices

The index provider MSCI has teamed up with Barclays to offer a series of co-branded ESG (environmental, social and governanc) bond indices. The indices are co-branded and distributed independently by the two firms. Institutional clients may use them to create tracker products such as ETFs, managed accounts, or structured products. MSCI and Barclays will launch a consultation to determine the most relevant ESG strategies for investors, and to define the methodologies for the new indices.
09/05/2012

iShares expects to benefit from RDR

iShares (BlackRock) is planning to gain added market share in the British fund market following the retail distribution review (RDR), which will forbid payments of fees to independent financial advisers from 2013, says Joe Linhares, head of the EMEA region, in an interview with Financial Times Fund Management. He estimates that this type of reform will eventually be adopted in other countries in Europe.
09/05/2012

Steep drop in earnings on structured products

Earnings on structured products on the Scoach derivatives markets fell sharply in April compared with the previous month, to a total of CHF2.12bn, compared with CHF3.21bn in March. All categories of products showed a net decline, according to statistics published on 7 May by the Swiss structured products association (SVSP).
09/05/2012

ETP subscriptions in Europe are somewhat dispersed

European ETP finished the month of March with assets of EUR247bn, compared with EUR248bn in February, and have posted net inflows in each of the first three months of the year, for a total of EUR5.38bn. This put total assets up 9.4% in first quarter, Lyxor Asset Management (Société Générale group) stated in its publication “European ETP Asset Flow Trends.”While 2011 brought a strong concentration of subscriptions on a small number of exposures, largely to German and US equities and precious metals (particularly gold), the first inflows in 2012 were largely to different asset classes. Although regional equities dominated with nearly EUR1.7bn, these flows went largely to emerging markets overall, with more limited inflows to developed markets. Lyxor also reports that there have been net outflows from funds focused on European countries, pan-European equities, and from European sectoral ETFs.In the area of bonds, flows have gone largely to higher yields (corporate bond and high yield indices). Another major trend is that investors have been preferring commodity products (particularly energy and gold).Lyxor also states that as of the end of March, physical replication ETFs represented 47.74% of total assets in European ETPs, compared with 47.5% as of the end of December.
09/05/2012

Chinese government opens brokerage sector to foreign firms

Effective immediately, the Chinese regulator has increased the limit from 33% to 49% for the stake which foreign firms are allowed to hold in joint ventures in the brokerage industry. These joint ventures will soon be authorised to sell futures on commodities and financial products in China.Z-Ben Advisors reports that Morgan Stanley and JPMorgan are expected to be among the first firms to take advantage of this liberalisation, by increasing their stakes in joint ventures in China.
09/05/2012

Foreign investors increase stake in DAX index

Companies listed on the DAX index are now mostly owned by foreign investors, Les Echos reports. The proportion of shares held by non-resident investors in 30 blue chip Frankfurt stocks totals 55%, according to the consultant Ernst & Young. The percentage has increased by 14 points in seven years. The study finds that a majority of shares in a total of 17 groups are held by foreigners. Adidas, Munich Re, Allianz et Bayer are at the top of the rankings, with more than two thirds in foreign hands. However, the proportion of non-resident shareholders has declined at BASF, Deutsche Börse, Fresenius Medical Care and MAN.
09/05/2012

AFG releases a standardised request fro proposal questionnaire

The French financial management association (AFG) has released a standardised questionnaire designed as a reference tool for requests for proposals, the association has recently announced. The questionnaire was developed by an AFG working group in the commercialisation commission. French as well as foreign investors, especially institutionals, are incrasingly frequently asking asset management firms to present their activities in a questionnaire that treats the firm itself and/or the fund or its management expertise, the AFG explains. This is generally an advance investment audit procedure or an update to information for relationship management. The practice is particularly formal in the case of requests for proposals. Most of the information necessary for an investor to appraise an asset management firm is included, and possible additional questions are limited and much more targeted.
09/05/2012

Oswald Grübel joins Mead Park Management

Seven months after resigning from his position as CEO of UBS (see Newsmanagers of 26 September 2011), Oswald Grübel is joining the new New Yokr-based firm Mead Park Management, founded by four former investment bankers from Credit Suisse, Jack DiMaio, David Moffitt, Chriss Ricciardi, and Edward Dale, finews reports, relaying reports in Asset Backed Alert.Mead Park Management plans to invest up to USD2bn in troubled financial sector businesses, or to acquire them.
09/05/2012

Assets under management at Dexia AM up

As of 31 March 2012, assets under management at Dexia Asset Management totalled EUR79.3bn, compared with EUR78bn at the end of 2011. Assets under management enjoyed positive market effects totalling EUR3.1bn in first quarter 2012, and positive cash inflows from institutional mandates and third parties, retail and private banking (excluding a planned outlfows of EUR2.6bn from an affiliate sold in 2010). Investor Services activities show an increase in assets under administration of 4% compared with fourth quarter 2011, to EUR2.148trn. This increase, which was sligthly slowed by unfavourable currency effects, is related to organic growth, the acquisition of new clients, and the evolution of major financial markets in which RBC Dexia Investor Services operates. The number of funds under administration, for its part, increased by nearly 3% in the same period.
09/05/2012

New members at French association of asset managers

Thierry Callaut has been replaced by Isabelle Habasque of OFI Asset Management on the board of directors of the French association of asset managers AFG from 19 April 2012. The companies Altimeo AM, Flornoy & Associés Gestion, Montmartre AM and Swell AM have also joined the association, while the companies AM Fine Services & Software, Ernst & Young, Société d’Avocats - Lefevre Pelletier & Associés and PCI-Procédures & Contrôle Interne have become correspondent members of the AFG.
09/05/2012

Commodities: high and increasingly unstable prices

The 26th edition fo the CyclOpe report on commodities, which appears this Wednesday, highlights problems of instability, Les Echos, a partner of the publication, reports. The year 2011 was marked by considerable efforts to regulate these markets, with the G20 making an effort in April, making the volatility of commodities a core subject for debate. But all attempts to organise and regulate these markets have failed. In this environment, commodity prices are expected to remain high this year, although, barring geopolitical events in the case of energies and climate hazards in the case of agriculture, prices are not expected to exceed those of last year.
09/05/2012

Inflows to German institutional funds continue

As of the end of March, institutional funds posted net subscriptions of EUR4.1bn in Germany, while open-ended funds saw further net redemptions of EUR0.1bn. Mandates, for their part, saw net outflows of EUR2.2bn, the German BVI association of asset management firms reports.Among open-ended funds, products specialised in bonds denominated in Euros saw net outflows of EUR1.4bn, while funds focused on emerging markets and corporate bonds had respective net outflows of EUR0.8bn and EUR0.6bn.The BVI emphasizes that, since the beginning of 2007, Euro fixed income funds have seen net outflows of EUR43bn, while corporate bond, emerging market bond and US bond funds have seen net inflows of EUR8bn, EUR5bn and EUR16bn, respectively.Meanwhile, open-ended retail funds have seen net subscriptions in March of EUR0.4bn, while equity funds have seen net redemptions of EUR1.6bn. Lastly, diversified funds have attracted EUR0.3bn, while money market funds have seen outflows of EUR0.5bn.
09/05/2012

Source releases an Exchange Traded Certificate on Brent

Source is launching the Source Brent Crude Exhanced T-ETC (acronym: BOIL), which the issuer says allows investors to adopt “optimised exposure to Brent crude oil,” via the S&P GSCITM Brent Crude Enhanced Total Return index.The Source Brent Crude Enhanced T-ETC is secured with money market instruments including US Treasury bonds. It is listed on the SIX Swiss Exchange, in US dollars. It is authorised for sale in Switzerland, Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy (only for institutional investors), Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden and the United Kingdom.CharacteristicsName: Source Brent Crude Enhanced T-ETCISIN code: XS0766094972Domicile: IrelandBase and trading currency: USD/USDManagement commission: 0.49%
09/05/2012

Aviva head forced to resign

Andrew Moss, CEO of the British insurer Aviva, yesterday became the third UK victim of shareholder discontent at management pay scales not in line with the performance of their groups, Les Echos reports. His departure came as nearly 6 out of 10 shareholders in the second-largest British insurer rejected management pay scales proposed last Thursday at the firm’s general shareholders’ meeting. Moss joins Sly Bailey and David Brennan, of Trinity Mirror and the pharmaceutical giant AstraZeneca, on the sidelines; all of them were seen to the exit by shareholders.
09/05/2012

Gavin Launder promoted at LGIM

The British asset management firm LGIM has promoted Gavin Launder, who had previously been a European equity manager, to the position of head of European equities for the group. In his new role, Launder is replacing Ian King, who left LGIM last month to take a new step in his career.
09/05/2012

Investors require SEB Am to liquidate ImmoInvest

The open-ended real estate fund SEB ImmoInvest (DE0009802306), whose redemptions had been frozen for nearly two years, will be liquidated by 30 April 2017, in accordance with BaFin requirements, the German asset management firm SEB Asset Management announced on Monday. Redemption demands which had accumulated since 25 April exceeded available liquidity, and the corresponding orders were therefore not processed (see Newsmanagers of 2 May). Shareholders have thus voted with their feet in favour of a closure of the product, as the management firm had clearly given them a choice between a liquidation and a transition to protection under the new investor protection regime.SEB AM has announced that it will make half-yearly redemption payments, with the first, corresponding to 20% of assets (EUR6.35bn as of the most recent report) to be made in June 2012. Total subsequent payments will depend on liquid proceeds from sales of assets.The asset management firm states that the portfolio includes 132 properties in 18 countries and 64 cities. The performance of the fund since its launch in May 1989 was 219.7%, or 5.2% per year.
09/05/2012

Stoxx launches a range of minimum variance indices with Axioma

On 8 May, Stoxx Limited launched a range of 14 Stoxx+ minimum variance indices, each available in a constrained and an unconstrained version, developed on the basis of larger Stoxx regional or country indices, applying the Markowitz theory to construct a hypothetical portfolio with optimised risk. The model used to calculate the re-weighting of portfolios is provided by Axioma. The constrained versions are rebalanced once per quarter, while the unconstrained versions are rebalanced once per month.

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