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23/06/2011

Le "prime brokerage" aiguise les appétits

JPMorgan passe à la vitesse supérieure dans les services aux hedge funds, rapporte L’Agefi. La banque d’investissement dispose aujourd’hui de l’infrastructure nécessaire pour proposer à ses clients l’ensemble de ses produits cash et synthétiques. Pour ce faire, JPMorgan a musclé son équipe dirigeante en vue de ce déploiement.Cela dit, précise le quotidien, les lignes devraient continuer à bouger. BNP Paribas, qui a repris le prime brokerage de Bank of America aux Etats-Unis en juin 2008, a l’intention de déployer cette activité en Europe et en Asie. L’opération pourrait se faire à partir du second semestre 2011.
23/06/2011

Beijing opens fund distribution to new players

The China Securities Regulatory Commission (CSRC) on Tuesday published a new regulation applicable to investment fund distribution, which will come into force on 1 October. The regulation will allow new actors such as independent financial advisers and foreign banks to enter the market, which is currently dominated by major local banks.The text stipulates that independent financial advisers will be required to have registered capital of at least CNY20m, while foreign banks will be subject to the same requirements as their Chinese counterparts, Z-Ben Advisors reports.
23/06/2011

Rising number of businesses downgraded to speculative category

Since the beginning of the year, the number of businesses which were downgraded to the speculative category by the ratings agency Standard & Poor’s came to 21, which is already a larger number of ‘fallen angels’ than in all of the 2010 fiscal year. Japan’s Tepco has become the most recent, and the largest, issuer to be downgraded to the speculative category. These 21 ‘fallen angels’ represent USD219.4bn (or about EUR152.2bn) in debt. Contrarily, 19 businesses are ‘rising stars,’ which have been upgraded to the investment category, with slightly over USD60bn in debt.
23/06/2011

Asia-Pacific region now has more millionaires than Europe

The Asia-Pacific region now has more high net worth individuals than Europe. According to the 15th edition of the study by Merrill Lynch Wealth Management and Capgemini, Asia-Pacific has 3.3 million millionaires, compared with EUR3.1m in Europe. The number of high net worth individuals in Asian countries rose 9.7% last year, compared with 6.3% in European countries. In Hong Kong, the number of millionaires rose 33.3% in 2010. India, with a 20.8% increase, has made its first entry into the global Top 12 countries with the most millionaires. In France, the number of high net worth individuals has risen by only 3.4%. Although Europe has returned to near its pre-crisis levels, the number of individuals with over USD1m in assets in Asia-Pacific is considerably higher than in 2007, and is exceeded only by the number in North America, where there are 3.4 million millionaires (compared with 3.3 million in 2007, and an increase of 8.7% year on year). Globally, the population of millionaires worldwide rose 8.7% last year, to 10.9 million. Three countries – the United States, Japan, and Germany – still account for 53% of the population of millionaires worldwide, but this percentage is likely to fall. The financial wealth of millionaires, for its part, was up 9.7% to USD42.7trn, following an increase of 18.9% in 2009, putting it above its peak in 2007 (USD40.7trn).
23/06/2011

Man Group launches a multistrategy fund of funds

Man Group has launched the Man GLG Multi-Strategy fund – the first combined UCITS fund to result from Man’s acquisition of GLG Partners, Inc. in 2010.The open-ended fund, which offers daily dealing, has raised more than EUR100m in commitments. It is designed to give both retail and institutional investors access to a complimentary portfolio of 10 to 15 Man-run UCITS funds, including industry-leading GLG and AHL strategies, as well as Man’s Man Systematic Strategies, Man Convertibles and Ore Hill strategies.A dedicated investment team, led by Luke Ellis, chief investment officer of Man’s Multi-Manager division, will actively allocate to the strategies and group them into three core portfolio components – equity long/short strategies (50-80%), risk seeking strategies (10-35%) and diversifying strategies (5-25%) – with risk capital judiciously allocated between them. This latest open-ended fund has a low minimum investment of UER1,000 and no extra layer of management or performance fees beyond the underlying fund fees.
23/06/2011

Departure of a Jupiter fund manager

The manager of the European Income fund from Jupiter, Malcolm Millar, is leaving the firm, and leaving his fund to Cedric de Fonclare, Investment Week reports.
23/06/2011

iShares lists a local currency emerging markets debt fund in London

iShares now has 43 ETF funds listed on the London Stock Exchange, with the addition of the iShares Barclays Capital Emerging Market Local Govt Bond (SEML) fund, an Irish-registered product which closely replicates the Barclays Capital Emerging Markets Local Currency Core Government Index, to trading on 21 June. The fund was launched on 17 June.CharacteristicsName: iShares Barclays Capital Emerging Market Local Govt BondISIN code: IE00B5M4WH52Management commission: 0.5%
23/06/2011

SWIP hires a head from BlackRock

Since 20 June, Michael Lee has joined Scottish Widows Investment Partnership (SWIP) as head of consultant relationships. He will report to Gordon Philips, interim head of institutional sales, and will be in charge of development for UK institutional clients. Lee has recently left BlackRock London, where he was global consultant relationship director in charge of relations with all UK consultants, with a particular emphasis on defined contribution retirement savings plans.
23/06/2011

Alliance Trust poaches a manager from Fidelity

Alliance Trust on 21 June announced the appointment of Ilario Di Bon as head of its international equities unit. Di Bon will start in his new position on 1 July, and will report to Katherine Garrett-Cox, chief executive at Alliance Trust. He previously worked at Fidelity International as head of the Institutional Global Equities unit, where he managed the Global Opportunities fund, whose assets under management went from USD250m to over USD1bn in less than two years.
23/06/2011

US bank settles out of court with SEC

Morgan Keegan, a Tennessee investment bank, has agreed to pay USD210m to settle civil suits claiming that it defrauded investors in five bond funds, by overstating the value of mortgage securities during the financial crisis, the Financial Times reports. The Securities and Exchange Commission has now collected about USD1.6bn from major institutions over transactions related to the financial crisis. The settlement follows a deal on Tuesday with JP Morgan Chase, which paid USD154m to settle accusations related to CDOs.
23/06/2011

Groupama registers Flexible Allocation fund in Spain

On 21 June, the CNMV registered the French flexible fund of funds Groupama FP Flexible Allocation (see Newsmanagers of 15 June) from Groupama Asset Management. G, I, N and S class shares in the product are now available in Spain from BNP Paribas Securities Services, sucursal en España.The performance objective for the fund is 7% per year over a 5-year horizon, with maximal volatility of 8% and maximal losses of 10%.
23/06/2011

Lombard Odier recruits Ian Clarke

Lombard Odier Investment Managers has appointed Ian Clarke as deputy chief investment officer for its fixed income and currencies business. He will report to Stéphane Monier, chief investment officer of fixed income and currencies and focus on developing the unit’s investment processes. Ian Clarke was most recently head of internal fixed income at Abu Dhabi Investment Authority in Abu Dhabi, where he worked since 2003, including three years with Stéphane Monier. He was also head of fixed income and currencies at the investment authority, and prior to joining that business, worked at Deutsche Asset Management in London, where he was chief investment officer of fixed income (UK). The appointment underscores LOIM’s determination to continue building its London-based expertise; the firm already has more than 20 staff in London.Geneva-based LOIM, a unit of private bank Lombard Odier Darier Hentsch & Cie., managed 35.8 billion Swiss francs on behalf of clients at the end of March, of which 13.6 billion francs was in fixed income strategies.
23/06/2011

Les banques privées reviennent en grâce

Les filiales de gestion de fortune des grandes banques semblent avoir regagné la confiance de leurs clients, écornée par la crise, selon le World Wealth Report.
23/06/2011

Le FMI prévoit des risques baissiers sur l'économie néerlandaise

«En dépit de perspectives encourageantes dans un avenir proche, les administrateurs (du FMI) considèrent que les risques économiques restent biaisés à la baisse», a souligné le Fonds monétaire international lors d’une table ronde de son conseil d’administration sur l'économie néerlandaise.
23/06/2011

La Norvège maintient son taux directeur

La banque centrale norvégienne a maintenu son principal taux directeur à 2,25%, ce qui est conforme aux prévisions, et dit qu’elle relèverait progressivement les taux afin de stabiliser l’inflation. La Norges Bank a souligné la baisse du taux de chômage et l’embellie économique, ajoutant que l’inflation était basse bien qu’elle doive sans doute progressivement augmenter.
23/06/2011

L'AF2I nomme un nouveau président

Jean-Pierre Grimaud, président depuis plus de quatre ans de l’association française des investisseurs institutionnels (AF2I) a laissé hier sa place à Jean Eyraud, chef de la division gestions d’actifs d’EDF. Jean-Pierre Grimaud est par ailleurs président de Swiss Life Asset Management.
23/06/2011

Moody’s finalise sa méthodologie de notation des CLO

L’agence de notation a apporté une touche finale aux modifications portant sur sa méthodologie de notation des obligations adossées à des prêts (CLO). Elle s’attend à ce que ces changements entraînent des relèvements dans la majorité des tranches de CLO existantes.
22/06/2011

La hausse des taux britanniques attendra

Sur les neuf membres du Comité de politique monétaire de la Banque d’Angleterre, sept ont voté pour un statu quo et deux pour une hausse des taux lors de la réunion de début juin, selon les minutes de la BoE publiées mercredi. Ben Broadbent, qui a remplacé le faucon Adam Posen, s’est rangé du côté de la majorité. Autre changement notable, «certains membres» ont envisagé la nécessité de nouveaux rachats d’actifs si les risques baissiers sur l’inflation à moyen terme se matérialisent. L’effet sur les marchés a été immédiat, avec des anticipations de hausse des taux désormais reportées à juillet 2012 et une baisse de 0,6% du sterling face au dollar.
La Banque d'Angleterre. Photo: Simon Dawson/Bloomberg
22/06/2011

Le hedge fund Bridgewater lance un nouveau fonds

Bridgewater Associates, premier hedge fund au monde avec 100 milliards de dollars d’actifs, est sur le point de boucler le lancement d’un nouveau véhicule de 10 milliards, selon le Wall Street Journal. Le nouveau fonds, Pure Alpha Major Markets, a commencé ses activités en novembre avec 2,4 milliards, et les clients de Bridgewater lui ont confié depuis 7,5 milliards, dont la moitié vient des profits réalisés sur le précédent fonds Pure Alpha.
22/06/2011

La Cour des comptes prône d'autres actions contre le déficit

La France devrait tenir son objectif de réduction du déficit cette année mais doit engager des mesures supplémentaires pour y parvenir par la suite, selon un rapport de la Cour des comptes présenté mercredi. «Le déficit public peut être ramené à 5,7% en 2011 comme le prévoit le gouvernement», a dit le premier président de la Cour, Didier Migaud, en présentant le rapport aux commissions des Finances et des Affaires sociales de l’Assemblée nationale. En revanche, «pour les années 2012 à 2014, la trajectoire d'évolution du déficit (...) repose sur un cumul d’hypothèses de croissance du PIB et d'élasticité des recettes qui peut être considéré comme trop favorables».

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