La peur du « double creux » ressurgit
Craignant un ralentissement mondial, les Bourses s'enfoncent. Le secteur bancaire replonge
La détente des taux suit son cours
L’aversion accrue pour le risque a un avantage: faire baisser les taux des emprunts d’Etat en Europe. Ils bénéficiaient déjà des effets liés au plan de sauvetage de la Grèce annoncé mi-juillet et de la réactivation du programme de rachats de titres par la BCE.
La peur du « double creux » ressurgit
Craignant un ralentissement mondial, les Bourses s'enfoncent. Le secteur bancaire replonge
Le pessimisme des marchés accentue la détente des taux longs européens
Depuis le 4 août, les taux à 10 ans italiens et espagnols se sont détendus de 124 et 133 pb, passant ainsi sous la barre des 5%
La Caisse de Retraite des Sénateurs de Belgique lance une sélection de specialty managers
Mandats de gestion discrétionnaire de portefeuille dans un ou plusieurs thèmes d’investissement spécialisés: énergie (lot 1), agri-food (lot 2), real assets (lot 3), actions européennes large cap (lot 4), actions à haut dividend (lot 5). La valeur de marché (situation au 30.6.2011) de la part du portefeuille sur laquelle porte le présent marché, s'élève à 76 000 000 EUR. L'étendu du marché le nombre de points de base en fonction du patrimoine géré. Durée en mois: 60 (à compter de la date d’attribution du contrat) Pour lire l’avis complet: cliquez ici
18/08/2011
Record net inflows to British funds of funds
Net inflows to British funds of funds in first half totalled GBP3.8bn, of which GBP2bn were in second quarter, according to statistics from the British investment management association (IMA). Assets under management in funds of funds as of the end of June totalled GBP63.5bn, representing 11% of all assets under management. They are up 37% compared with second quarter 2010. Inflows to tracker funds totalled GBP313m in second quarter, down compared with an average of GBP515m in the past four quarters. Assets under management totalled GBP40.5bn as of 30 June, up 33% compared with second quarter 2010. Ethical funds, for their part, posted net inflows of GBP94m, a level not seen since fourth quarter 2007. Assets under management in ethical funds as of the end of June totalled GBP7.1bn, up 23% compared with second quarter 2010.
18/08/2011
LV = AM finalises asset outsourcing project
The British management firm LV=Asset Management has finalised an operation to outsource the management of GBP8.5bn in assets to Threadneedle, under a “long-term” partnership, according to a statement published on 15 August. By the terms of the agreement announced last month, most of the funds transferred will retain their current structure. The transfer will be undertaken at the end of October.
18/08/2011
DJ Credit Suisse hedge fund index up 0.69% in July
The Dow Jones Credit Suisse hedge fund index rose 0.69% in July, according to the most recent estimates, with six sectors posting positive returns. Managed futures earned the best returns of the month, with gains of 4.03%.
18/08/2011
Taiwan's Fubon AM launches a Chinese equities ETF
The Taiwan-based management firm Fubon Asset Management, which a few months ago received an allocation of USD100m as a qualified foreign institutional investor (QFII), will launch an ETF at the end of September which will replicate the Shanghai Stock Exchange (SSE) 180 Index, and will be listed on the Taiwan stock exchange, Asian Investor reports. Fubon hopes to raise TWD3bn, more or less equivalent to the USD100m quota it has received.
18/08/2011
Jupiter scales up distribution in Germany and Austria
The British management boutique Jupiter Asset Management on 17 August announced that it is adding to its distribution team in Germany and Austria, with the recruitment of Bernard Vogel as Sales Manageer, Germany & Austria. Vogel, who was responsible for the acquisition of funds from Axa Lebensversicherung, will report to Martina Günzl, Sales Director, Europe. The recruitment follows the opening of an office in Munich in 2010, which aimed to improve services to existing clients and to develop new opportunities for growth.
18/08/2011
JPMAM Germany recruits two specialists
After three years as a specialised investment adviser at Deutsche Bank, Holger Schröm on 1 August returned as director of sales at JPMorgan Asset Management (JPMAM) in the Distribution Sales Team focused on financial advisers, which is led by Christoph Bergweiler. The press spokesperson for Frankfurt Trust has also joined JPMAM as head of public relations. He will report to Jean Guido Servias, head of marketing for the German-speaking countries (Germany, Austria and Switzerland).
18/08/2011
Barclays Wealth recruits in Singapore
The wealth management division of the Barclays group, Barclays Wealth, has recruited Anne Luke as head of client solutions for Asia, Finance Asia reports. She will be based in Singapore. In her new role, Luke, who previously worked at UBS, will be in charge of organisation, structuring and distribution of solutions aimed at ultra-high net worth (UHNW) clients.
18/08/2011
Van Eck launches an ETF of mortgage REITs
The New York-based management firm Van Eck Global on 17 August announced the launch of Market Vectors Mortgage REIT Income ETF (acronym on NYSE Arca: MORT), which until 1 May 2013 will charge fees of 0.40%. The fund replicates the performance, before fees, of the Market Vectors Global Mortgage REITs Index, which covered 25 companies as of 31 July.The index includes exclusively firm which earn at least 50% of their revenues from mortgage REITs (Real Estate Investment Trusts), a category which in recent years has generated higher returns than equity REITs. Unlike other ETFs focused on mortgage REITs which are already available on the market, the index used by Van Eck includes no shares in mortgage financing companies or savings associations.Van Eck states that this is its first ETF dedicated to mortgage REITs, its tenth bond ETF, and the 36th ETF in its product range.
18/08/2011
Antonio Viana-Baptista becomes president of Credit Suisse for Iberian peninsula
After ten years in management positions at Telefónica and positions of operational responsibility at Banco Português de Investimento (BPI), Antonio Viana-Baptista has been appointed as CEO at Credit Suisse for the Iberian peninsula, replacing Fernando Abril-Martorell, who resigned in March, but will remain as senior adviser. Abril-Martorell will be based in Madrid, and will report to Fawzil Kyriakos-Saad, CEO of Credit Suisse for Europe, the Middle East and Africa (EMEA).
18/08/2011
FTC Capital recruits Helmut Spitzer (ex-Superfund)
The Austrian management firm FTC Capital GmbH, a specialist in managed futures, has announced the recruitment of Helmut Spitzer, who for a long time was one of the directors of Superfund. Spitzer will become Director Business Development, both for institutional client advising and for development of distribution via partners.
18/08/2011
China Construction Bank awards a custody mandate to BNY Mellon
The US firm BNY Mellon Asset Servicing has been selected by the China Construction Bank (CCB) as international custodian for the QDII (Qualified Domestic Institutional Investor) fund which will be launched in China by Manulife Teda Fund Management Co (Manulife Teda FMC), entitled Manulife New Economic Pattern Fund. Manulife Teda FMC is a joint venture founded in 2002, which already manages 16 funds.
18/08/2011
Inflows of over CHF500m for VZ Holding in first half
The Zurich-based wealth-management firm VZ Holding on 18 August announced inflows of CHF528m in first half 2011. Assets under management as of the end of June totalled CHF8.1bn, compared with CHF7.8bn previously. Net profits at VZ Holding were up 8.4% in first half, to CHF25.1m. In the past few months, the wealth management firm has opened four new locations in Switzerland and Germany, and increased its personnel by 20, to 522.
18/08/2011
Lloyds International Wealth recruits in Geneva
Lloyds International Wealth has announced that it is adding to its executive board, with the appointment of Alex Tsikouras as Head of Customer Management, Agefi Switzerland reports. Tsikouras, who was previously employed at Deutsche Bank, joined Lloyds TSB Private Banking two years ago as Head of International Affluent team. He will be based in Geneva, and will be in charge of setting up a new client management function, and will be responsible for activities to acquire new clients. Chris Gowland becomes Proposition Director. He joins the executive board from the UK Retail Products division of the bank, where he was previously Acquisition Director for the Lloyds Banking Group Mortgages division.
18/08/2011
Assets under management by Harcourt up
As of the end of June, assets under management by the Swiss alternative management firm Harcourt (Vontobel group) totalled USD4.9bn, compared with USD4.8bn as of the end of 2010. The firm says that growth in assets under management has been slowed by adverse market conditions. Harcourt has reported net subscriptions for its two flagship funds, Blevista Commodity and VONDA Ucits, as well as for the Belmont Commodity Trading Fund. Most inflows are coming from institutional clients.
18/08/2011
Assets under management up 3% at BCV in first half
Assets under management at the Banque cantonale vaudoise (BCV) increased by 3%, or about CHF2.4bn, in first half 2011, to a total of CHF78.2bn, the bank announced on 18 August in a statement. The impact of the consolidation of the Banque Franck Galland totalled CHF3bn. Net inflows in first half totalled CHF854m. Net profits rose 6% to CHF154m.
18/08/2011
Swiss Life reduces exposure to equities
The Frankfurter Allgemeine Zeitung reports that Swiss Life has announced that it has reduced the proportion of its investment portfolio (totalling CHF114bn overall) dedicated to equities from 3.1% to 1.1% in first half, in order to invest more in corporate bonds and real estate. This reduction corresponds arithmetically to CHF2.3bn, or CHF2bn. As of 30 June, the equities portfolio was composed 51% of Swiss shares, 35% of French shares, and 16% of German shares. However, Swiss Life faces a considerable currency risk on its corporate bond portfolio, as 50% of it is denominated in euros, and 25% in US dollars.
18/08/2011
Euro zone: assets in mutual funds down in second quarter
As of June 2011, total assets in shares in non-money market OPCVM mutual funds in the euro zone were EUR6bn lower than those recorded in the previous quarter, in March 2011, according to the most recent statistics from the European Central Bank. This decline is due to a fall in the value of shares, which was partially offset by net issues of shares in funds. Assets in shares in non-money market OPCVM mutual funds in the euro zone were down to EUR5.758trn in June 2011, from EUR5.764trn as of March 2011. In the same period, assets in shares in money market OPCVM mutual funds in the euro zone fell from EUR1.077trn to EUR1.050trn. Net subscriptions to non-money market OPCVM mutual funds shares in the euro zone totalled EUR60bn in second quarter 2011, while net subscriptions to money market OPCVM shares totalled -EUR21bn. In terms of ventilation by investment strategy, the annual pace of growth in shares issued by bond funds totalled 5.5% in June 2011, and net subscriptions totalled EUR9bn in second quarter. For equities funds, the annual growth rate totalled 4.9%, and net subscriptions came to EUR24bn. For mixed funds, the growth rate totalled 5.3%, and net subscriptions totalled EUR8bn. For assets in money market OPCVM funds in the euro zone, the annual variation rate for assets other than equities totalled -6.9% in June 2011, and net subscriptions were -EUR35bn in second quarter (within this category, subscriptions to securities from euro zone issuers totalled -EUR30bn).
18/08/2011
Large investors like idea of “eurobonds”
Andrew Bosomworth, at Pimco (Allianz Global Investors), thinks the idea of “eurobonds,” which for the moment are not a part of the official French-German language, is very attractive, as the bonds would form the core of a large European bond market, Financial Times Deutschland reports.Johannes Müller, economist in chief at DWS (Deutsche Bank), estimates that with time, the segment may achieve a volume of EUR5trn, where the market for German federal government bonds (bunds) now represents only EUR1.1trn, or 12% of the US Treasury market.The DWS specialist has calculated that the average returns on all euro zone government bonds now comes to 3.1%, on a total average maturity of 8 to 10 years. In the same period, returns on Bunds are only 1.7% - and German inflation is 2.4%.The potential creation of eurobonds would thus mechanically result in an increase in returns on bonds from the top-rated countries, such as Germany.
18/08/2011
Henderson posts growth in assets thanks to Gartmore
In first half, Henderson underwent total net redemptions of GBP2.86bn, despite GBP575m in net subscriptions to its retail funds. Assets under management have nonetheless increased by GBP12.8bn, or 21%, since 31 December, to a total of GBP74.4bn, This is largely due to the integration of assets from Gartmore, which totalled GBP15.7bn when the acquisition was concluded.The firm has earned underlying pre-tax profits of GBP86.4bn, up 78% compared with first half 2010. But it has seen a pre-tax loss of GBP3.1m, due to one-time elements related to the Gartmore acquisition.
18/08/2011
SWIP recruits for its institutional sales team
Peter Clarke has left the investment advising agency Calimere Point Advisors to join Scottish Widows Investment Partnership (SWIP) as of 8 August, as institutional sales director. He will be specialised in the British market, and will report to Gordon Phillips, Interim Co-Head of Distribution and Client Management.
18/08/2011
Inflows increase further at Liontrust AM
Assets under management by the British management firm Liontrust Asset Management as of 30 June totalled GBP1.31bn, of which GBP414m were from institutional clients. As of 16 August, assets under management totalled GBP1.216bn, down 7.1% compared with 30 June, due largely to market movements. However, Liontrust has continued to attract capital for the fourth consecutive quarter, this time with net inflows of GBP13m. Between 1 July and 15 August, this growth continued, with net inflows of GBP28m.
18/08/2011
Bluefin Wealth Management appoints a new head
The managing director of Bluefin Wealth Management, Suvan de Soysa, left the firm in May 2011 to pursue other interests in the United Kingdom and Australia. He has been replaced by Simon Hellier as head of the Axa group affiliate. Hellier was previously head of Oval Financial Services.
18/08/2011
Fidelity to offer commission-free fund shares
Fidelity is to offer commission-free shares in its generalist funds, in order to prepare itself for the Retail Distribution Review (RDR) reforms, Money Marketing reports. The management firm has recently introduced Y share classes for some funds, which charge fees of 1%, and carry no commissions.
18/08/2011
Jonathin Polin joins Ashcourt Rowan
Jonathan Polin, former director of sales and marketing at Ignis, will join Ashcourt Rowan as CEO, from 2 September, Investment Week reports.
18/08/2011
Commerz Real sells a property in Calgary
The German open-ended real estate fund HausInvest has resold the office building Stampede Station (15,100 square metres) in Calgary, which it acquired for CAD74m two years ago, to Artis REIT for CAD90m. Gains on the sale price thus come to 22%, the management firm, Commerz Real, claims.