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26/10/2011

Axa IM planning to launch a fund of funds dedicated to extreme risk

Axa Investment Managers is planning to launch a fund of hedge funds dedicated to extreme risk, Financial News reports. Axa has already set up similar strategies for a small number of investors since last November. Axa is planning to offer the strategy to a wider public by the end of this year. Fund of hedge fund activities at Axa total about EUR5bn in assets under management.
26/10/2011

Hedge fund managers' pay scales fell sharply this year

In general, employees of hedge funds with any level of qualifiation, this year saw an average decline of 10% to their pay compared with 2010, according to the Glocap Hedge Fund Compensation Report 2012. For senior hedge fund managers, there is more disparity, ranging from stable levels compared with last year to a decline of 30%.In the mid- to junior levels, pay has evolved in a range from +7% to -10%. Pay for operations specialists (marketing, client services, accounting and compliance) have remained stable or have shown slight gains.
26/10/2011

State Street investor confidence index up

In the month of October, the State Street Investor Confidence Index has risen from a corrected level of 90.0 in September to 96.7 points.In North America and Europe, investor confidence rose most sharply, with the North American confidence index up 6.6 points, from a corrected level fo 85.1 in September to 91.7 in October, while the European index rose by 3.4 points, from a corrected level of 95.9 in September to 99.3 this month.In Asia, the trend was the opposite, with the confidence index down slightly, by 1.8 points to 98.7, compared with a corrected level of 100.5 in the previous month.
26/10/2011

Inflows to emerging market ETFs stall

ETFs invested in emerging market equities have seen a net outflow of USD1.9bn in September, bringing investment flows since the beginning of the year in this category to USD394m, Agefi reports. These shares are paying the price for an increase in investor aversion to risk.
26/10/2011

Carmignac Gestion loses its head for Germany

John Korter has decided to leave Carmignac Gestion. He had previously been based in Luxembourg, as country head for Germany at the Paris-based asset management firm, where he had been since late 2006, but decided not to follow his team to Germany, according to sources familiar with the matter cited by the website fondsprofessionell.de (in German). By the end of this year, the firm, based in the place Vendôme in Paris, is planning to open an office in Frankfurt with staff of seven (see Newsmanagers of 3 June 2011), which John Korter was supposed to head.Carmignac Gestion had no comment on the reports to Newsmanagers.Before beginning in his position as country head for Germany, Korter had been head of sales for Carmignac Gesion in Switzerland. In total, he will have spent nearly seven years at the asset management firm.
26/10/2011

German institutional investors favour safety

The portfolios of German institutional investors are 84% composed of bonds or money market shares, 9% of equities, 5% of real estate and 1% of private equity, Union Investment has found in its annual study of the behaviour of this category of actors.The 2011 edition of the survey, which has been undertaken since 2005 by the central asset management firm of the German co-operative banks, also reveals that returns have become the determining criterion for 12% of respondents, up from only 7% in 2010. Despite this increase, the two most decisive criteria remain safety of the investment (for more than two thirds of the 42 investors surveyed), and the liquidity of investments (19%).Geographically, German institutional investors remain highly focused on Europe, with 81% of equity investments and 93% of bond investments made in Europe.
26/10/2011

MEAG continues to invest in renewable energies

The asset management firm of the Munich Re group, MEAG Munich Ergo, on 26 October announced that acquisition of a solar pannel farm in the Canary Islands. The property has been purchased from the renewable energy portfolio of Banco Santander.Although the acquisition price has not been disclosed, MEAG says that the investment comes as part of the Renewable Energy and New Technologies (RENT) programme at Munich Re, which has a budget of EUR2.5bn, and was launched in 2010. MEAG had already invested EUR500m overall on behalf of its shareholder. The asset management firm bought a wind farm earlier this year, and solar energy farms in Spain and Italy.MEAG manages a total of EUR203bn, largely on behalf of Munich Re.
26/10/2011

Hedge funds post increasingly disparate returns

In September, the performance of hedge funds was more divergent than ever, the head of the multi-management unit at Man Group, Luke Ellis, has told Investment Week. According to Ellis, about one third of the most high-profile managers have earned gains of over 5% or of less than 5%. An analysis by FundWizard suggests that the divergences are even wider over the past twelve months. Out of a sample of 1,640 long/short managers, returns over the past twelve months to the end of September varied by 78 percentage points, between the best and the worst performers.
26/10/2011

Anti-tax evasion initiatives have brought in roughtly EUR14bn

Nearly EUR14bn in supplementary tax revenue have been recuperated in the past two years in 20 countries due to international agreements to combat tax evasion, the Organisation for Economic Cooperation and Development (OECD) announced on 25 October. “There is much more in the works,” the OECD promised at the opening of its fourth global forum on transparency and information exchange for fiscal purposes. The OECD says these added revenues make “a substantial contribution to budgetary consolidation without increasing tax rates” in many countries which are under fiscal pressure due to the crisis. The OECD states that measures enacted to combat tax evasion have brought in more than EUR1bn in France, EUR1.8bn in Germany, EUR1.4bn in the United States, EUR150m in Australia, and EUR260m in Spain and the United Kingdom. More than 100,000 taxpayers have disclosed their holdings, including 30,000 in the United States, 1,350 in the United Kingdom, 4,700 in France, and 25,000 in Germany.
26/10/2011

UBS fined in United States

One of the US regulatory agencies, FINRA, on 25 October announced that it has sentenced UBS bank to pay a fine of USD12m for speculating that the prices of millions of securities would fall, violating rules imposed to limit short-selling. According to a statement from the Financial Industry Regulatory Authority, UBS Securities did not establish the necessary supervision for these market operations. The regulator claims that the supervision of these sales “presented significant shortcomings,” which led to “significant lacks … in its equity trading activities overall.” The result of these violations was that millions of short-selling orders were made on the market, without the bank having “reasonable grounds to believe that these shares could be lent” and thus effectively sold, FINRA explains. The authority finds that UBS sold shares which were notoriously difficult to obtain, and did not store the orders in its system as required, with some sales of financial assets classes as not short (and thus as “long”), although they were actually short positions.
26/10/2011

TD Ameritrade subit l’impact du marché

Le courtier en ligne a dégagé un bénéfice net plus faible qu’attendu au quatrième trimestre de son exercice fiscal (clos au 30 septembre), l’augmentation des ordres des clients ayant été compensée par un environnement de marché défavorable. Le résultat net s’établit à 163,7 millions de dollars (29 cents par action), contre 114 millions (20 cents) un an plus tôt.
26/10/2011

KKR vise l’Asie

De source proche, Bloomberg croit savoir que la société de private equity américaine cherche à lever pas moins de 6 milliards de dollars pour son deuxième fonds dédié à l’Asie. KKR avait récolté 4 milliards pour le premier en 2007. Les investisseurs pourraient être mobilisés mi-2012.
26/10/2011

La Bourse brésilienne demande pitié

A l’occasion d’un entretien au quotidien, Edemir Pinto, directeur général de la Bourse de Sao Paulo (BM&FBovespa), en appelle au gouvernement pour qu’il atténue le contrôle sur les capitaux, qui pèse sur les valorisations boursières. Les capitaux étrangers manquent en effet aux groupes brésiliens du fait des mesures instaurées depuis 2009 par Brasilia afin d’endiguer l’appréciation du real.
26/10/2011

Findus promis à une vente par appartement

Lion Capital «en est réduit à vendre Findus par appartement» croit savoir le quotidien, citant des salariés français suite à une réunion avec des représentants du fonds britannique la semaine passé. Le groupe scandinave avait été acquis pour 1,2 milliard d’euros en 2008. Permira «est bien l’un des premiers intéressés» selon un salarié de Findus. Le groupe a été divisé en trois zones constituant autant de lots à vendre.
25/10/2011

Les mises en chantier en hausse de 18,1% sur un an en France

Les mises en chantier de logements neufs en France étaient en hausse de 18,1% sur un an fin septembre, à 392.426, mais en progression de 11% seulement sur les trois derniers mois, à 91.122. Le nombre de permis de construire délivrés pour des logements affiche parallèlement une hausse de 10,3% sur les 12 derniers mois à 495.846 et une accélération de 11,4% sur juillet-septembre, à 136.837.
25/10/2011

Hausse surprise du moral des consommateurs allemands

Contre toute attente, le sentiment des consommateurs allemands pour novembre est légèrement en hausse grâce à la solidité du marché du travail, qui a dopé les anticipations de revenus malgré la morosité des perspectives économiques, a annoncé l’institut GfK. Cet indicateur avancé ressort à 5,3 pour novembre, contre un niveau de 5,1 attendu par les économistes après 5,2 (chiffre confirmé) en octobre.
25/10/2011

Forte hausse des coûts d'emprunt à court terme de l’Espagne

Les coûts d’emprunt à court terme de l’Espagne ont grimpé à leur plus haut niveau depuis 2008 lors d’une adjudication mardi. Le Trésor espagnol a émis 1,39 milliard d’euros à trois mois et 2,1 milliards à six mois. Mais Madrid a dû concéder des rendements dépassant de plus d’un demi-point de pourcentage ceux pratiqués lors de la précédente émission de ce type, le mois dernier. Le rendement moyen du papier à trois mois atteint 2,292%, contre 1,692% en septembre, et celui des titres à six mois est ressorti à 3,302% après 2,665%.
25/10/2011

La FSA met Credit Suisse à l'amende

Le gendarme britannique des marchés a infligé une amende de 5,95 millions de livres à Credit Suisse. La banque suisse est accusée d’avoir vendu, entre janvier 2007 et décembre 2009, pour un milliard de livres de produits structurés complexes (baptisés Scarp) à sa clientèle de gestion privée sans s'être assurée que le risque de ces instruments convenait à tous les clients. En reconnaissant ses torts, Credit Suisse a réduit son amende de 30%.
25/10/2011

L'indice de confiance des ménages en France en hausse

La confiance des ménages français a progressé en octobre, inversement aux attentes des économistes, montre une enquête mensuelle de l’Insee publiée mardi. L’indicateur synthétique de la confiance des ménages ressort à 82, en hausse de deux points par rapport à septembre.
25/10/2011

Deux sociétés de gestion britanniques sur le point de s'installer en Asie

M&G Investments (200 milliards de livres d’actifs sous gestion) serait sur le point d’ouvrir un bureau en Asie, probablement à Hong Kong, croit savoir Asian Investor. Un responsable de Prudential, la société mère de M&G, a confirmé des transferts d’effectifs en Asie, sans toutefois donner de précisions sur l’ampleur du mouvement ou le calendrier prévu.Legal & General Investment Management (320 milliards de livres d’actifs sous gestion) aurait également des projets d’implantation en Asie mais n’aurait pas encore arrêté son choix sur Hong Kong ou Singapour. Des responsables des deux sociétés ont en tout cas séjourné à Hong Kong et Singapour ces dernières semaines pour évoquer justement les modalités d’entrée sur le marché asiatique.

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