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06/02/2012

Capital increase at Wisdom Tree

The ETF management firm Wisdom Tree (47 ETFs, USD13.9bn in assets) on 3 february set the price of its public share offering of over 14.36 million shares at USD5.61 per share, for a total of USD80.6m. The offer includes 1 million shares offered by the firm, and 13.36 million shares owned by current shareholders, among them CEO Jonathan Steinberg and chairman Michael Steinhardt.A greenshoe option for over 2.15 million shares held by current shareholders has also been provided for a period of 30 days.
06/02/2012

M&G assets in France top EUR1.6bn

Brice Anger, director of development at M&G Investments in France, has told Investment Europe that assets at the British asset management firm in France total over EUR1.6bn (the same level as eight months ago; see Newsmanagers of 5 May 2011). The Paris team now has seven members, and M&G offers 26 funds in France.
06/02/2012

Marie-Jeanne Missoffe leaves SPGP

Marie-Jeanne Missoffe is leaving SPGP. The Cap Grande Europe fund which she manages will be entrusted to Philippe Joly, who is already manager of the Sélection Action Rendement fund, which invests in European large caps. Missoffe’s fund, which was hit by its high exposure to the countries of Eastern Europe and now has only EUR3.3m in assets, will be absorbed into Joly’s fund, whose net assets under management are EUR25.5m.
06/02/2012

EFG International appoints CEO for South-East Asia

EFG Bank, an affiliate of EFG International in Asia, has appointed Kong Eng Huat as chief executive officer for activities in Singapore and South-East Asia. Be will be based in Singapre, and will also be a member of the board of directors at EFG Bank in Asia. Kong was previously director of Wealth Management activities for the South and South-East Asian regions at Merrill Lynch International Bank.
06/02/2012

British pension funds increase emergency reserves by 20%

The use of backup assets, or liquid assets which could be used in case of need to weather a bankruptcy of the corporate sponsor or an insufficient coverage level, by British pension funds increased 20% in the year 2011-2012, and are now used by about 900 funds, up from 750 previously, according to statistics from the Pension Protection Fund (PPF).The PPF statistics also show that pension funds in the UK are tending to pull back from British equities somewhat in favour of international equities. The proportion of portfolios invested in UK equities now totals 52.7%, while exposure to international equities has risen by 7 percentage points since 2008 to 46.2%.Pension funds are clearly showing a growing interest in private equity; the percentage investing in private equity has risen from 0.7% two years ago to 1.2%.
06/02/2012

State Street GM recruits a head for EMEA portfolio solutions

John Minderides, who had been managing director and global head of transition management at JP Morgan, has joined State Street Global Markets as head of portfolio solutions for Europe, the Middle East and Africa. He will be based in London, and will report to Nicholas Bonn, executive vice president, who for his part becomes global head of portfolio solutions, an activity which includes transition management and equity trading.
06/02/2012

Church of England doubles investments in hedge funds

The Church of England has more than doubled its exposure to hedge funds in the past two years, according to reports in the Financial Times. About 10% of its GBP5.5bn portfolio is invested in hedge funds, compared with 4% at the beginning of 2009.
06/02/2012

Banking association critical of a macabre Deutsche Bank fund

The mediator for the German banking association is asking courts to determine whether the db Kompass Life 3 fund from Deutsche Bank is compatible with the values German banks claim to defend, Der Spiegel reports. The fund does not buy second-hand individual life insurance policies, but does offer subscribers a way to speculate on the life expectancy of a sample of 500 US citizens aged 72 to 85. The product is based on a complex mathematical insurance algorithm, but the system is simple: the sooner the people in the sample group die off, the higher the profits for the investor.
06/02/2012

Oppenheimer launches a multi-strategy fund

OppenheimerFunds has announced the launch of the Oppenheimer Global Multi Strategies fund. The multi-strategy fund is based on a quantitative and fundamental approach, in order to generate returns by isolating market performance (market neutral) which is uncorrelated to more traditional strategies. The product is managed by Caleb Wong.
06/02/2012

Heavy losses for main Harbinger fund in 2011

Due to a depreciation of nearly 60% for an investment in LightSquared, the main hedge fund from Harbinger Capital Partners saw losses of 47% last year, the Wall Street Journal reports. This loss resulted in a decline in total assets at the management firm to USD4bn as of the end of 2011, compared with a peak of USD26bn at the end of 2008.
06/02/2012

iShares preparing two emerging markets bond ETFs

BlackRock has notified the SEC that it plans to launch two iShares ETF funds of emerging market bonds, one of them corporate bonds, the iShares Emerging Market Corporate Bond Fund, and the other high yield bonds, the iShares Emerging Markets High Yield Bond Fund, the Börsen-Zeitung reports. The two funds physically replicate Morningstar indices.
06/02/2012

iShares offers five ETFs of commodity producers

On 2 February, the NYSE-Arca platform admitted five more ETFs from iShares (BlackRock) to trading. They are equity products replicating MSCI indices covering producers of commodities worldwide. All of them charge 0.30%.The funds are as follows:- iShares MSCI Global Agriculture Producers Fund (acronyme NYSEArca: VEGI)- iShares MSCI Global Energy Producers Fund (FILL)- iShares MSCI Global Select Metals & Mining Producers Fund (PICK)- iShares MSCI Global Gold Miners Fund (RING) and- iShares MSCI Global Silver Miners Fund (SLVP)
06/02/2012

RBC GAM offers four bond products on the US market

RBC Dexia Asset Management on 2 February announced that it is launching four bond funds, sub-advised by BlueBay Asset Management. The products (one of which is based on emerging markets corporate debt, one on emerging markets bonds, one on convertibles, and one on high yield), will be available to institutional investors and high net worth private clients in the United States. The minimal investment is USD1m.
06/02/2012

15% of asset management firms are in the process of merging

Since the absorption of Gesduero by Caja España Fondos, the number of fund management firms in Spain has fallen by 114. Of this total, 15% are currently in the process of merging, Funds People reports. Most of these candidates for mergers are logically affiliates of savings banks (cajas de ahorro).Currently, 55% of asset management firms are owned by financial institutions (banks and savings banks), 38% are independent, and 7% are owned by insurance companies.
06/02/2012

“Frontier markets represent only 0.2% of investments in equity funds”

The asset management firm Silk Invest, founded in 2008, is specialised in investment in frontier markets. Currently, the structure managers about EUR100m, of which 55% are for institutionals, and 45% for private investors. Zin Bekkali, CEO and CIO of Silk Invest, explains to Newsmanagers what the attraction of investing in frontier markets is.
06/02/2012

Net subscriptions to ETPs in January

According to statistics from Deutsche Bank, European ETPs (ETFs, ETNs and ETCs) have taken on a net total of USD3.3bn, or EUR2.5bn in January 2012, the Börsen-Zeitung reports.Due to market effects, assets in these funds have increased in the space of one month to USD290.1bn (EUR219.1bn), compared with USD269.9bn. As of the end of the fourth week of January, assets in ETFs alone represented USD221.5bn, or EUR167.2bn. The two largest net inflows were for iShares, with USD1.2bn, and db x-trackers/db ETC with USD643m.
06/02/2012

Aberdeen soft-closes two emerging markets funds

Several British media sources are reporting that Aberdeen Asset Management has asked IFAs to remove its offshore (GBP6bn) and onshore (GBP2.7bn) emerging markets funds from their lists of recommendations and to cease promoting these funds from 1 April. The asset management firm is also considering further measures, such as increasing commissions, or discontinuing subscriptions to some share classes.Net subscriptions are already frozen for segregated accounts, and the size of these accounts has been capped.Aberdeen says it is hoping to avoid to completely suspending subscriptions, but emphasizes that the objective is to protect performance and prevent the funds from confronting liquidity problems with some of their investments.
06/02/2012

Binary options trading: AMF updates list of unauthorised websites

The French financial market regulator, the Autorité des marchés financiers (AMF), on 3 February published an update to its list of unauthorised websites offering trading of binary options, for which no licensed investment services provider could be clearly identified. The AMF in May 2011 published a statement warning savings investors about aggressive publicity campaigns on the internet promoting binary options trading, and promising high returns in very short periods of time. Here is the new complete list which replaces the previous list of 11 May 2011: www.24option.com www.optionrange.com www.anyoption.com www.options365.com www.binaryoptions.asia/options/ www.optionsbravo.com www.binarywinner.com www.optionsclick.com www.binoa.com www.optionxp.com www.bocapital.com www.royaloption.com www.brokersfeed.com www.startoptions.com www.bulloption.com www.tradeopties.nl/options/ www.cititrader.com www.trader711.com/options/ www.ebinaires.com www.trader369.com2 www.euoptions.com www.tradereasy.com www.excitingmarkets.com www.traderxp.com www.eztrader.com www.tradesmarter.com www.finopex.com www.ufxbank.com www.ikkotrader.com2 www.vipbinary.com www.ioption.com www.winoptions.com www.leaderoption.com www.xpmarkets.com www.marketpunter.com www.option10.com www.optionbit.com www.optionfair.com www.optionfire.com www.optionrally.com www.optionet.com
06/02/2012

Fund assets and subscriptions down in 2011

As of the end of December, assets in British-registered funds fell to GBP571bn, from GBP586.5bn twelve months previously. Retail net subscriptions last year fell to GBP18bn, comapred with GBP29.3bn in 2010. Subscriptions originating from Individual Savings Accounts (ISAs), for their part, have fallen to GBP2.9bn, compared with GBP4.2bn, the Investment Management Association (IMA) reports.Richard Saunders, CEO of the IMA, says that investors were highly prudent in second half, with outflows from equity funds and larger inflows to bond and diversified funds. Meanwhile, funds domiciled abroad in 2011 posted record net subscriptions, with GBP1.7bn for retail, compared with GBP1.4bn the previous year. As of the end of December, their assets totalled GBP32.3bn, compared with GBP27.5bn as of the end of 2010. Their market share represented 5.4%, though it was only 3.7% four years earlier.Institutional funds, for their part, have posted net subscriptions of over GBP1.78bn in 2011, compared with net outflows of GBP2.11bn the previous year.
06/02/2012

La Banque du Japon sous pression

Le yen continue à monter face aux principales devises, s’approchant face au dollar du niveau qui pourrait déclencher une nouvelle intervention de la BoJ.
06/02/2012

Négociations sur le devenir de Dexia

Le quotidien évoque des discussions ce week-end entre le gouvernement français, la CDC et la La Banque Postale afin de parvenir à la création d’un nouveau prêteur dédié aux collectivités locales. Mais les missions exactes et la valorisation de Dexma posent problème, tout comme le sort des salariés. L’Etat pourrait accorder une concession sur le prix en contrepartie de prêts aux hôpitaux ou dans le domaine de la distribution d’eau.

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