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21/02/2012

FSA fines Santander GBP1.5m

The British Financial Services Authority (FSA) on 20 February announced that it has fined the Spanish banking group Santander GBP1.5m, for failure to provide information on structured products. Santander failed to inform clients about the coverage details of its structured products during a period of turbulence and financial uncertainty. The bank sold about GBP2.7bn worth of the structured products between the end of 2008 and the beginning of 2010, of which GBP1.2bn were after June 2009; only in January 2010 did the bank disclose the coverage limitations of the products.
21/02/2012

Assogetioni overhauls money market fund category

Assogestioni, the Italian association of asset managers, has renamed its money market fund category, and modified the investment limits for the products, in order to bring them into line with CESR guidelines. The “fondi di liquidità” category will now be known as “fondi di mercato monetario” (money market funds). In terms of new limits, for instruments issued by sovereign issuers, an investment grade rating will be sufficient. Asset management firms will be required to comply with the new criteria by 31 December 2012.
21/02/2012

Sweden's AP1 adjusts equity allocation

The equity portfolio of the Swedish pension fund AP1 (Första AP-fonden) fell 9.8% in 2011, while total assets under management, SEK213.3bn (about EUR24bn), finished the year down 1.7% (or 1.9% after costs), according to the fund’s annual report, the website IPE reports. The fund says that it is working to reduce the volatility of its equity portfolio, by increasing geographical diversification. The current portfolio includes only Swedish and European shares. In the past twelve months, equity allocations fell from over 60% to less than 50% (most recently 49.2% at the end of 2011), in favour of bonds (40.9% as of the end of December 2011) and alternative management (9.3% as of the end of December).
21/02/2012

Investec AM recruits a former IMF director

Investec Asset Management has announced the appointment of Leslie Lipschitz, former director of the IMF Institute, as visiting strategist. Based in Cape Town, he will work closely with the fixed income and multi-asset teams in formulating their macroeconomic and thematic views.In a career spanning almost 40 years at the IMF, Lipschitz held increasingly senior positions in three area departments (Asian and Pacific, African and European) and in the Policy Development and Review Department.
21/02/2012

Canadian pension fund looks to accelerate its growth in Asia

The second-largest Canadian pension fund, the Canadian Pension Plan Investment Board, has recruited a former Goldman Sachs chief, Mark Machin, as regional head for Asia, a newly-created position, Asian Investor reports. Machin, who will be based in Hong Kong, will begin in his new position on 19 March. He will work to develop the pension fund’s activities in China. The Chinese portfolio of the fund now totals CAD3.5bn. As of 31 December, assets under management in the Asia-Pacific region totalled CAD13.1bn, about 8.5% of total assets under management.
21/02/2012

Nomura and Tradition launch a platform dedicated to ETFs

The multilateral trading facility (MTF) Navesis-ETF was opened on 20 February by the Swiss-listed firm Compagnie Financière Tradition and Nomura. It is a fully electronic platform for the transparent and efficient trading of ETFs, increasing liquidity and reducing fees, all in an environment in perfect compliance with current regulations.Navesis-ETF allows actors (institutional investors, sell-side banks and market makers) to make intra-day trades and to execute orders at net asset value in real time. The promoters say the open architecture platform is the first to offer such functionality. It uses proprietary Tradition technology and Nomura’s expertise as a top-calibre actor in the primary ETF market, and the largest investment bank to have created an MTF dark pool.
21/02/2012

Green real estate: investors don't have reliable yardsticks

A survey by the German asset management firm Union Investment Real Estate (UIRE) of 167 German, French and British investors finds that only 20% of respondents say they have reliable criteria to measure the sustainability of real estate properties in which they may invest. 25% said they were in this position in the survey published in early 2011.Consumption of primary energy is considered the most important element to measure the sustainability of properties in the portfolio by a vast majority of heads surveyed (83%). Meanwhile, 67% of respondents, up from 58% in 2011, find that costs over the full life cycle of the property is important. This is followed by waste tonnage per year (62%), water consumption (55%), carbon footprint (47%) and the percentage of consumption from renewable sources (43%).UIRE also notes that 60% of investors, mainly insurers and pension funds, are planning to considerable increase their investments in sustainable properties.
21/02/2012

Nearly all hedge fund strategies show gains in January

The hedge fund indices calculated by the Edhec-Risk Institute have nearly all finished the month of January in positive territory, with the notable but not altogether surprising exception of the short-selling strategy, which has lost 6.85% for the month. The emerging markets strategy shows the best returns for January, with gains of 4.55%, where it had finished last year with losses of 10.8%. Other winning strategies for the month include long/short equity (3.36%), distressed securities (3.28%), event-driven (2.95%), convertibles arbitrage (2.22%), and bond arbitrage (1.33%). After an annus horribilis last year, funds of funds have started the year on a positive note, with gains of 1.65%.
21/02/2012

Invesco Perpetual launches a range of diversified funds in the UK

The asset management firm Invesco Perpetual has announced the launch of multi-asset class funds with higher or lower levels of risk on the British market.The group already manages a quantitative strategy whose assets under management total USD12.2bn, for US and European clients. It is now offering this strategy on the British market, due to strong demand from clients for products that manage volatility transparently.In the event, the funds offered in the UK are the Invesco Perpetual Balanced Risk 6, 8 and 10, according to the level of volatility desired. The Invesco Perpetual Balanced Risk 8, for example, aims for an average volatility of 8% over a full cycle. Exposure of the fund to equities, bonds and commodities may vary form a maximum of 50% to a minimum of 16%. Minimal investment in the funds is GBP500. Front-end fees have been set at 5%, while management fees are 1.25% per year.
21/02/2012

Inflows to higher-risk assets down

Uncertainty about Greece and tensions in the Middle East have recently dampened investors’ appetite for risk. In the week ending on 15 February, emerging markets equity funds took in less than half their previous weeks total and emerging markets bond funds less than a third while Europe bond funds posted outflows for the first time in six weeks, according to estimates by EPFR Global. Overall, EPFR global-tracked equity funds recorded collective outflows during the week ending February 15 of USD1.7 billion -- their worst showing since the first week of January -- as redemptions from developed market equity funds more than offset the USD2.2 billion committed to emerging markets equity funds. Flows into bond funds totaled USD7.03 billion while USD6.3 billion flowed out of money market funds.As of 15 February, inflows to high yield, US, emerging markets and global bond funds totalled 190%, 57%, 27%, and 20% of total net subscriptions registered in 2011, respectively.
21/02/2012

Many new signatories for Carbon Disclosure Project

Since the beginning of this year, the Carbon Disclosure Project (CDP) initiative has registered about 60 new members (see attached list), including banks such as Santander, BBVA, Banesto, Westpac, Monte dei Pashi, and Lloyds Banking Group. The new members also include asset management firms such as Union Investment Privatfonds, Neuberger Berman, Henderson Global Investors, Investec, Jupiter Am and Erste AM.Rabobank, Axa IM and Aviva Investors are among the largest new members in 2011.The CDP started in 2002 with the support of 35 institutional investors. Now, the initiative has more than 655 signatories, with total assets of about USD78trn.
21/02/2012

Fund managers unable to make money in their own industry

Portfolio managers are not able to make money, even when they invest in the industry they know best: their own, according to a university study cited by Financial Times Fund Management (Squandering Home Field Advantage? Financial Institutions’ Investing in their Own Industries). David Stolin, one of the authors of the study, says this apparent inability for managers to profit from their sectoral proximity may be due to overconfidence, or merely to an inability to step back and take a global view of things.
21/02/2012

Borsa Italiana plans to tax high-frequency trading

Financial Times Deutschland understands that Borsa Italiana is planning to introduce a new charge applicable to high-frequency dealers who place a large number of orders and cancel them before execution. The stock market company decision is in line with a recommendation by the Italian regulator, Consob, which is seeking to forestall large price fluctuations. Borsa Italiana declined to comment.
21/02/2012

Le FSI bientôt au capital du volailler Doux

Le quotidien croit savoir que le Fonds stratégique d’investissement pourrait faire son entrée au capital du spécialiste finistérien de la volaille, numéro un européen en la matière. Détenu à 80% par la famille Doux et avec un chiffre d’affaires de 1,4 milliard d’euros en 2010, le groupe ne fait pas mystère de discussions avec un certain nombre d’investisseurs afin de renforcer ses fonds propres.
21/02/2012

Borsa Italiana veut décourager les ordres excessifs

Le marché boursier transalpin, détenu par le London Stock Exchange, devrait introduite de nouveaux frais afin de décourager les traders d’envoyer des ordres excessifs, alors que les régulateurs européens tentent de répondre au trading à haute fréquence. Selon Bloomberg, la nouvelle grille tarifaire devrait être dévoilée d’ici la fin du mois.
21/02/2012

Viveris REIM constitue l’OPCI dédié du Groupement Système U

La société spécialisée dans la gestion d’actifs immobiliers a constitué une SPPICAV RFA EL pour le compte du Groupement Système U. Elle est destinée aux entités du groupement et à ses associés afin, principalement, d’accompagner l’expansion du réseau pour l’acquisition de nouveaux emplacements et magasins.
21/02/2012

Addax & Oryx négocie avec Emerging Capital Partners

Le courtier en pétrole genevois est entré en discussions exclusives avec la société américaine de private equity Addax & Oryx Group en vue de la cession de ses activités aval (approvisionnement, stockage et distribution) en Afrique.
21/02/2012

L'embargo européen sur le pétrole iranien s’organise

La Belgique, les Pays-Bas et la République tchèque ont cessé d’importer du pétrole en provenance d’Iran tandis que la Grèce, l’Espagne et l’Italie ont réduit leurs achats, a annoncé la Commission européenne. L’embargo voté le mois dernier par les Vingt-Sept doit entrer en vigueur le 1er juillet, un délai permettant de trouver des solutions d’approvisionnement alternatives.
20/02/2012

L'embargo européen sur le pétrole iranien s’organise

La Belgique, les Pays-Bas et la République tchèque ont cessé d’importer du pétrole en provenance d’Iran tandis que la Grèce, l’Espagne et l’Italie ont réduit leurs achats, a annoncé la Commission européenne. L’embargo voté le mois dernier par les Vingt-Sept doit entrer en vigueur le 1er juillet, un délai permettant de trouver des solutions d’approvisionnement alternatives.
20/02/2012

Finlande et Grèce s’entendent sur le collatéral

Les ministres des Finances de la Grèce et de la Finlande ont signé aujourd’hui à Bruxelles un accord de collatéral, a rapporté la radiotélévision finlandaise YLE. Cet accord, dont la Finlande avait fait un préalable à sa participation à un deuxième plan d’aide à la Grèce, stipule que les banques grecques fourniront des garanties en numéraire et en actifs très bien notés. Les Pays-Bas ont indiqué de leur côté qu’ils refuseraient d’approuver ce deuxième plan tant qu’Athènes n’aurait pas respecté toutes ses obligations.
20/02/2012

L’endettement portugais conforme aux prévisions du FMI

La dette publique du Portugal a atteint 107,2% du PIB du pays à la fin 2011 contre 93,4% un an auparavant, conformément aux prévisions du Fonds monétaire international, selon des données publiées par la Banque du Portugal. Le FMI s’attend à ce que la dette culmine à 118% du PIB en 2013.

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