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04/04/2012
Fonds

Nomination d'un vice-président à l'Erafp

L’Établissement de Retraite additionnelle de la Fonction publique (Erafp) a annoncé la nomination, par décret du Président de la République paru au Journal officiel du 22 mars 2012, de Philippe Soubirous en qualité de vice-président de l’Erafp dont il est administrateur depuis 2009.Secrétaire fédéral de la Fédération générale des Fonctionnaires Force Ouvrière (FGF FO) en charge des dossiers retraite et du droit de la fonction publique, Philippe Soubirous est diplômé en droit public de l’université Paris XI.Spécialiste des retraites publiques, il siège au Conseil d’orientation des retraites et est membre du conseil d’administration de la Préfon (caisse nationale de prévoyance des fonctionnaires dont il fut vice-président et président 2008-2011).
Fonds
04/04/2012
Fonds

Le secteur indonésien de la gestion appelé à croître de 10 à 20 %

En cas de reprise de l’économie mondiale, le secteur indonésien de la gestion d’actifs pourrait voir cette année ses encours croître de 15-20 % par rapport à un niveau actuel de 194,4 milliards de roupies (soit 21 milliards de dollars), selon Abiprayadi Riyanto, le président de l’association indonésienne de la gestion d’actifs, interrogé par le Financial Times Fund Management. Si le contexte ne s’améliore pas, il table sur une croissance plus faible, autour de 10 %. Les institutionnels locaux devraient être les moteurs de cette croissance.
Fonds
04/04/2012

Sarasin recrute un responsable du conseil pour l'Asie septentrionale

Le groupe suisse Sarasin vient de recruter Timon Tam Hang, issu de la China Construction Bank, en qualité de managing director, responsable du conseil en investissement pour l’Asie du Nord.Sarasin a par ailleurs embauché cinq chargés de clientèle pour la Grande Chine, dont trois venant de Clariden Leu, un d’UBS et un de Deutsche Bank PWM. D’autres recrutements sont programmés dans les toutes prochaines semaines. Sarasin veut ainsi compenser la perte d’une équipe de huit chargés de clientèle qui ont rejoint Julius Baer.
04/04/2012
Fonds

iShares lance quatre ETF

Le 3 avril, iShares (BlackRock) a lancé sur BATS les ETF iShares Emerging Markets High Yield Bond Fund (acronyme : EMHY) et iShares Global ex USD High Yield Corporate Bond Fund (HYXU) qui seront suivis le 5 avril des fonds iShares Global High Yield Corporate Bond Fund (GHYG) et iShares Morningstar Multi-Asset Income Index Fund (IYLD).Les trois premiers sont des fonds de haut rendement et le dernier un ETF d’ETF iShares.Le iShares Emerging Markets High Yield Bond Fund est chargé à 0,65 % tandis que le iShares Global ex USD High Yield Corporate Bond Fund affiche un TFE de 0,55 %.
Fonds
04/04/2012

Passage au mode de cotation en continu pour Immobilère Dassault

La société Immobilière Dassault, cotée sur le Compartiment C de NYSE Euronext Paris (*) a annoncé qu’à compter du 5 avril 2012, son titre passera à un mode de cotation en continu. «Cette annonce fait suite à la décision de NYSE Euronext du 3 avril 2012, qui a entériné le changement de catégorie de cotation des titres d’Immobilière Dassault sur le Compartiment C de NYSE Euronext Paris», précise un communiqué.A compter du 5 avril 2012, à 9h, la cotation d’Immobilière Dassault sera transférée de la catégorie de cotation fixing à la cotation continue de 9h à 17h30, avec une phase préalable d’accumulation des ordres ouverte dès 7h15. Ce changement de méthode de cotation offrira une meilleure liquidité aux actionnaires.La Société annonce également qu’elle a décidé de porter de 160.000 euros à 240.000 euros le montant affecté au contrat de liquidité de son titre.(*) Code ISIN : FR0000033243
04/04/2012

Markit acquiert Data Explorers

Le capital-investisseur «middle market» Bowmark Capital a vendu Data Explorer, un fournisseur de données mondiales sur le prêt de titres fondé en 2002, à l’agence d’information financière Markit, annonce cette dernière.Le montant de la transaction n’a pas été divulgué.Les bases de Data Explorers couvrent 12.000 milliards de dollars de valeurs dans les programmes de prêts de titre de plus de 20.000 fonds institutionnels. En combinant les données de Data Explorers avec des produits et services, Markit pourra lancer de nouvelles offres permettant à ses clients d’optimiser leur utilisation du collatéral. De plus, Markit compte développer des produits pour les intervenants sur le marché actions dans les domaines des ETF, des prévisions de dividendes et de la recherche quantitative.
04/04/2012

Royal Bank of Canada acquiert les 50 % de Dexia dans RBC Dexia IS

La banque RBC a conclu mardi 3 avril un accord avec Dexia en vue d’acquérir la participation de 50 % de Dexia dans RBC Dexia Investor Services (RBC Dexia IS), a indiqué l'établissement dans un communiqué. Cette transaction qui devrait être conclue d’ici mi-2012 est soumise aux autorisations réglementaires.
04/04/2012

Assets in OPC vehicles and funds up 2% in February

The overall net assets in collective investment organisms (OPC) and specialised investment funds (SIF) totalled EUR2.203259trn, up from EUR2.157081trn, as of 31 January 2012, an increase of 2.14% in one month, according to statistics from the Financial Sector Surveillance Commission (CSSF). Over the past twelve months, the volume of net assets has fallen 0.23%.The Luxembourg OPC sector posted a positive balance of inflows in the month of February, totalling EUR46.078bn. This increase is due to the favourable impact of financial markets for EUR32.974trn (+1.53%), and positive net issues totalling EUR13.104bn (+0.61%).
04/04/2012

Aberdeen AM adds to Benelux marketing team

Aberdeen Asset Management has recruited Marloes Martis to further strengthen its marketing and business in the Benelux region. As Marketing Manager Benelux, based in the Group’s Luxembourg office, Martis will be responsible for further building Aberdeen’s marketing activities in the Netherlands, Belgium and Luxembourg.Prior to joining Aberdeen, Marloes Martis worked for Internaxx a subsidiary of TD bank responsible for the European Marketing.
04/04/2012

Large fine for a UK hedge fund

The British hedge fund management firm Lewis Chester and its Pentagon Capital Management company have been fined a total of USD92.8m by a court finding in favour of the Securities and Exchange Commission, which accused the firms of market abuse, the Financial Times reports. This is the largest fine ever imposed by the US regulator on a foreign firm. Lewis Chester and Pentagon are accused of profiting from late trading.
04/04/2012

Vice president of ERAFP appointed

The additional retirement institution for public sector employees (ERAFP) has announced the appointment by decree of the president of the Republic of France, as declared in the official journal of 22 March 2012, of Philippe Soubirous as vice president of the ERAFP, which he has directed since 2009.Soubirous, also the federal secretary of the general workers union FGF FO, in charge of retirement issues for public employees, has a degree in public law from the University of Paris XI.Soubirous is a specialist in public pensions, sits on the retirement steering council, and is a member of the board of directors at Préfon (national retirement planning entity for public employees, where he served as vice president and president from 2008-2011).
04/04/2012

Lazard AM adds to its bond range

Lazard Asset Management has released the Lazard Global Fixed Income Portfolio. The fund, dedicated to retail and institutional investors, is managed by Yvette Klevan and Jared Daniels. The portfolio of the product is invested in global bonds, with cautious exposure to currencies.
04/04/2012

Van Eck launches an international high yield ETF

With the International High Yield Bond ETF (acronym IHY), Market Vectors ETF Trust (Van Eck) claims to have launched the first ETF available in the United States to be focused on international (non-US) high yield bonds. The fund aims to replicate the performance of the BofA Merrill Lynch Global Ex-US Issuers High Yield Constrained Index (HXUS) as nearly as possible before fees. The index covers bonds which are not in the investment grade, issued by businesses domiciled outside the United States. But these bonds may be denominated in major currencies (euros, US dollars, Canadian dollars and pounds Sterling). As of 27 March, the index included 1,008 issues from 546 companies in 69 countries (33% of this emerging market debt).In addition to delivering a yield to worst of 8.3%, these securities performed 1.2 percentage points better than those of US high yield bonds in the BofA Merrill Lynch US High Yield Master II index.The new fund, which is the 46th ETF of the Market Vectors brand, has a TER capped to 0.40% until at least 1 September 2013.
04/04/2012

iShares launches four ETF funds

On 3 April, iShares (BlackRock) launched the iShares Emerging Markets High Yield Bond Fund ETF (acronym: EMHY) and the iShares Global ex USD High Yield Corporate Bond Fund (HYXU) on BATS. These funds will be followed on 5 April by the iShares Global High Yield Corporate Bond Fund (GHYG) and iShares Morningstar Multi-Asset Income Index Fund (IYLD).The first three products are high yield funds, while the last is an ETF of iShares ETFs.The iShares Emerging Markets High Yield Bond Fund charges 0.65%, while the iShares Global ex USD High Yield Corporate Bond Fund has a TER of 0.55%.
04/04/2012

Standard Life Investments opens its doors in Switzerland

Standard Life Investments announced on April 3 that it has registered its SICAV range of funds in Switzerland. This allows Swiss investors to access the GARS SICAV (Global Absolute Return Strategies), European Corporate Bond SICAV, Global Inflation-Linked Bond SICAV, Global High Yield Bond SICAV and other Standard Life Investments funds.The new registration widens the Standard Life Investments distribution footprint in the European markets. Standard Life Investments’ SICAV funds already have public distribution status in Denmark, Finland, Sweden, Germany, Netherlands, Ireland, Luxembourg, Norway, the UK and Spain. It also distributed in Hong Kong. Toby Rockingham, investment director for Europe, said:"In recent months we have seen growing interest in Switzerland for multi-asset investment solutions, as volatility is of increasing concern. (...)». «Much of our SICAV range, which demonstrates expertise across equities, bonds and real estate, should appeal to Swiss retail and institutional investors, intermediaries and platform providers alike (…)», he adds.
04/04/2012

Deka offers profiled wealth management solutions

From May, 2012, DekaBank, seeking to win back at least some of the ground it has lost (see article in today’s Newsmanagers), is offering retail clients of Deka-BasisAnlage a combination of profiled unit-linked wealth management with ease of use and minimal subscription fees. The Deka-BasisAnlage A20 product will be 20% invested in equity funds, while the A40 will invest up to 40% in equities, the A60 up to 60%, and the VL, 60% to 100%. The universe includes about 1,000 investment funds (equities, bonds and money markets).For the first three variants, the central asset management firm for the German savings banks is aiming for capital preservation over a pre-defined horizon excluding front-end fees, with 4 years for the A20, 6 years for the A40 and 8 years for the A60. For the VL fund, there is no guarantee of capital preservation. The system includes a high watermark which retains the highest levels reached by each portfolio, regardless of the date of subscription.The various products are available in the form of savings plans from EUR25 per month, or with a single initial payment of EUR50.Front-end fees depend on the proportion of the fund invested in equities, with 2% for the A20 version, 3% for the A40, 4% for the A60 and 5% for the VL version, with management commissions of 0.50% (a20), 0.60% (A40), 0.75% (A60) and 0.90% (VL). All versions charge a fee of 0.10%.
04/04/2012

Wellington offers a UCITS-compliant long/short govies fund

The US management firm Wellington Management in January released a UCITS-compliant long/short fund of government bonds, the Government Relative Value Portfolio. The German-registered product invests in US, European, Japanese, Canadian and Australian securities, with the objective of identifying market inefficiencies. Long and short positions are achieved with futures.Wellington is aiming for 5-7 percentage points of outperformance exceeding the Eonia, with long-term volatility of 5-7%. The currency of reference for the product is the euro.CharacteristicsName: Government Relative Value PortfolioISIN code: DE000A1JE550TER: 0.64%Outperformance commission: 20%, with high watermarkHurdle rate: Eonia (cap: 4%)
04/04/2012

Commerzbank lists 12 new ETCs in Frankfurt

Since 3 April, the specialist segment of the Deutsche Börse has listed 12 new German-registered ETC funds from Commerzbank, with total expense ratios of 0.40% to 0.60%. The products are based on platinum, palladium and gas oil, in long and short versions, and a version of each fund with leverage of 2. The new ETCs bring the number of ETCs listed in Frankfurt to 276.
04/04/2012

BlackRock releases two 130/30 funds in Germany

The US firm BlackRock has received a sales license for Germany for two new long/short sub-funds, known as 130/30 funds, from its Luxembourg Sicav BlackRock Strategic Fund (BSF), the Asia Extension Fund and the Emerging Markets Extension Fund (see Newsmanagers of 29 March).
04/04/2012

BlackRock recruits a team from BNP Paribas IP

The US firm BlackRock has recruited a team of seven managers from BNP Paribas Investment Partners, specialised in emerging market debt, Money Marketing reports. The chief investment officer for emerging market bonds at BNP Paribas IP, Sergio Trigo Paz, will become director of the team dedicated to emerging market debt at BlackRock in London. The other members of the team are Raphael Marechal, Chris Kelly, Laurent Develay, Michel Aubenas, Jane Yu and Ernesto Bettoni. They will all begin in their new positions this summer. Paz had been manager of GBP3.8bn in emerging market assets at BNP Paribas IP. The emerging markets team at BlackRock currently manages about GBP2.6bn in its Luxembourg-domiciled emerging market bond funds.
04/04/2012

Aberdeen AM a candidate to manage Alliance Trust

The CEO of the British asset management firm Aberdeen Asset Management, Martin Gilbert, reportedly wants Katherine Garrett-Cox, manager of the Alliance Trust, whose assets under management of GBP2.1bn, being dropped in favour of Aberdeen, Investment Week reports, citing information in the Telegraph newspaper.Aberdeen cites its track record in management of trusts, and adds that putting the trust in the hands of Aberdeen would also be a good occasion to reduce its total expense ratio, currently 0.98%.
04/04/2012

China increases quotas for foreign investors

China has virtually tripled the amount that foreign firms may invest in capital markets, the Financial Times reports. The Chinese regulator announced on Tuesday that managers of international funds would be allowed to invest a cumulative total of USD80bn on Chinese capital markets, up from USD30bn previously, under the qualified foreign institutional investor (QFII) programme. China has also increased the total amount of renminbi which foreign investors are allowed to raise in Hong Kong for investments in mainland China to RNB70bn.
04/04/2012

Sarasin recruits a head of advising for northern Asia

The Swiss Sarasin group has recruited Timon Tam Hang, from China Construction Bank, as head of investment consulting for North Asia. Sarasin has also recruited five relationship managers for Greater China, including three from Clariden Leu, one from UBS and one from Deutsche Bank PWM. Other recruitments are planned in the next few weeks. Sarasin is hoping to compensate for the loss of a team of eight client representatives who moved to Julius Baer.
04/04/2012

Carlyle may float 10% of its capital on stock market

Agefi reports that the private equity firm Carlyle (USD147bn in assets under management) may float 10% of its capital at its upcoming initial public offering, a regulatory document submitted yesterday indicates. Carlyle has been announcing that the IPO will run to USD100m.
04/04/2012

Parvus AM acquires 16.58% of Havas

The French financial market authority (AMF) on 3 April announced that Parvus Asset Management has acquired a 16.58% stake in the capital and voting rights of Havas.Parvus Asset Management states, however, that it has no plans to take full control of Havas. The firm no longer works in collaboration with other actors, and is not planning to seek a seat on the board of directors of Havas.
04/04/2012

Markit acquires Data Explorers

The middle market private equity investor Bowmark Capital has sold Data Explorers, a provider of global data on securities lending founded in 2002, to the financial information agency Markit, the latter has announced.The sale price has not been disclosed.Data Explorers databases cover USD12trn in shares in securities lending programmes by more than 20,000 institutional funds.Combining the Data Explorers data with the products and services of Markit will open the way to new offerings which will allow clients to optimise their use of collateral. In addition, Markit is planning to develop products for participants on equity markets in the areas of ETFs, dividend forecasting and quantitative research.
04/04/2012

Investor confidence rebounds in first quarter

The investor confidence index calculated by John Hancock Financial Services has risen 21 points in first quarter, falling an incrase of 15 points in fourth quarter 2011, for the largest increase since the launch of the index at the start of 2011.More than half of investors are optimistic about equities (56%) and diversified funds (54%). However, opinion is divided on bonds and negative on short-term products.
04/04/2012

Steep fall in profits at Deka

DekaBank, which has recently been decapitated as the chairman of its board, Franz S. Waas, was dismissed on 2 April, has posted an “economic profit” (pre-tax profit by IFRS accounting standards, plus the results of a valuation of financial instruments) in free-fall in 2011, down 58.6% to EUR383.1m, and net redemptions of EUR5.861bn, compared with net subscriptions of EUR908m, Oliver Behrens, interim chairman of the board, has announced.Real estate funds had net subscriptions of EUR965m (and EUR650m in first quarter 2012), while securities funds saw net outflows of EUR6.8bn, compared with EUR793m in 2010.The central asset management firm for the German savings bank is planning to react to these outflows from its open-ended funds firstly by accelerating its Vermögenskonzept structured products programme, which has already attracted EUR870m in assets since 2007, and secondly by extending its custom product ranges, with the help of the savings banks network, which now controls all of the capital in Deka, previously 50% owned by the Landesbanken.
04/04/2012

Deutsche Bank: Sale of AM operation to be completed soon

Handelsblatt reports that, according to several sources familiar with the matter cited by Reuters, Guggenheim Partners and Deutsche Bank are new very close to an agreement to sell all asset management activities (excluding DWS in Europe and Asia) from Deutsche Bank to Guggenheim for an estimated total nearer to EUR1.5bn than to EUR2bn.The legal terms of the separation need to be ironed out, and financing needs to be finalised for the acquisition of the unit, with EUR400bn in assets. It appears that Deutsche Bank will agree to make payments to the buyer if revenues are not as high as expected.Kevin Parker, head of the division, who will be leaving Deutsche Bank in June, has had a determining role in the negotiations, and is hoping to be kept on by Guggenheim after the acquisition.
04/04/2012

M&G appoints a co-manager for Managed Growth fund

The British asset management firm M&G has promoted Randeep Somel to the position of co-manager of the Managed Growth Fund, whose assets under management total GBP1.2bn, Investment Week reports.Somel, who had previously been deputy manager of the Managed Growth fund, will manage the fund alongside Graham French, who has managed the fund since 1996. Somel has been employed at M&G since 2005.

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