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22/04/2011

Le pétrole saoudien mis durablement à contribution

La revue Petroleum Intelligence Weekly avance de sources saoudiennes que l’Arabie Saoudite devra maintenir au cours des prochaines années sa production au-delà de neuf millions de barils quotidiens (8,29 millions le mois dernier). Les capacités de production pourraient être renforcées afin de satisfaire une demande en hausse plus prononcée que prévu antérieurement.
21/04/2011

Le climat des affaires allemand un peu en retrait

Le climat des affaires en Allemagne s’est légèrement détérioré en avril, conformément aux attentes, selon l'étude mensuelle réalisée par l’institut Ifo. L’indice est ressorti à 110,4, un niveau pratiquement conforme au consensus, qui prévoyait 110,5. Il était de 111,1 (confirmé) au mois de mars. L’indice reste toutefois proche des plus hauts atteints ces derniers mois, alors que le ministère des Finances anticipe pour le premier trimestre un doublement de la croissance par rapport au précédent.
21/04/2011

Adjudication de BTF le 26 avril

L’Agence France Trésor annonce l’adjudication, le mardi 26 avril, d’un montant global de 7,5 milliards d’euros de bons du Trésor (BTF). Cette opération portera sur 3,5 milliards d’euros de bons à 12 semaines qui arriveront à échéance le 21 juillet, sur 2 milliards d’euros de bons à 27 semaines, à échéance du 03 novembre, et sur 2 milliards d’euros de bons à 49 semaines, à échéance du 5 avril 2012.
21/04/2011

Rebond inattendu des ventes au détail en Grande-Bretagne

Les ventes au détail ont progressé contre toute attente en mars en Grande-Bretagne, soutenues par les produits alimentaires, montrent des statistiques officielles publiées jeudi. Selon l’Office national de la statistique, les ventes au détail ont augmenté de 0,2% sur un mois en volume, contre un recul de 0,9% (révisé de 0,8%) en février.
21/04/2011

HSBC Trinkaus IM recruits Christian Klein

The Luxembourg asset management firm HSBC Trinkaus Investment Managers has announced that it has recruited Christian Klein from IP Concept Fund Management, to develop its white label fund management activities. His job title is director of the sales department for institutional clients. He will report to the two co-CEOs, Thies Clemenz and Ralf Funk.
21/04/2011

Hedge funds earned 0.33% in March, according to BarclayHedge

On the basis of results for 2,380 funds available as of 20 April, BarclayHedge calculated that hedge funds posted an average gain of 0.33% in March, and 1.94% in first quarter. Seven sub-indices out of 17 finished the month of March in the red, with the heaviest losses for the seven equity short bias funds, at 1.85%, and 1.17% for the 69 Pacific Rim funds. Emerging markets funds (373 funds) posted the strongest returns of the month, with gains of 2.33%.In January-March, equity short bias has lost 5.63%, and global macro (138 funds) has lost 0.39%. All other strategies show gains, with the largest for convertible arbitrage (29 funds) with 4.20%, and 3.58% for distressed securities (43 funds).
21/04/2011

MLP confirms acquisition, Feri management

In a statement released on 20 April, the German financial services provider MLP confirmed that it has acquired the remaining 43.4% of Feri Finance for EUR50.6m. MLP first acquired 56.6% of Feri in autumn 2006.Arnd Thorn, a board member at Feri since 2005 and a member of the executive board at MLP since 2009, has been appointed as vice-chairman of the board, with an extended 5-year term. Next month, he will become chairman of the board, replacing Michael Stammler, who has announced that he wants to retire from day-to-day management of the firm, but will remain as an advisor to the management of Feri.Helmut Knepel, a board member at Feri, will retire in September, but will remain as chairman of the supervisory board at the ratings agency Feri EuroRating.The terms of the board members Heinz-Werner Rapp (asset allocation and investment strategy) and Matthias Klöpper (finance) have also been extended for five years, and “virtually all” partners at Feri have announced that they plan to stay with the company.
21/04/2011

Fitch suggests Deutsche Bank will have to clean up BHF

Now that the sale of BHF-Bank to LGT has fallen through, Deutsche Bank will have a lot of work to do, as it will need to completely restructure the affiliate, Fitch Ratings says, reported by Handelsblatt. On the one hand, Deutsche Bank already has two private banking brands; on the other, BHF also has other divisions and some inefficient structures.The ratings agency estimates, however, that BHF is well-protected within the Deutsche Bank family, as its default risk rating (IDR) has been raised to A, from A- previously.
21/04/2011

Santander Asset Management UK launches two funds

Santander Asset Management UK has announced the launch of two funds. The Global Emerging Equity fund, a fund of funds, will be managed by the multi-management team, led by Tom Caddick. The Dividend Income fund will be managed by Hak Salih, also manager of the Santander Equity Income fund, and will invest as a top priority in UK and European equities.
21/04/2011

F&C launches an emerging markets long/short fund

The F&C Group is to launch a UCITS III fund which will bring together its scale and pedigree in emerging market investments with the absolute return expertise of Thames River, the boutique asset manager acquired by F&C in 2010. The Thames River Global Emerging Markets Absolute Return Fund will have daily liquidity, access to the full range of UCITS III investment powers and will contain a mix of long and short positions. The Fund, which is planned to launch on 1 June, will be managed by Kristof Bulkai and Hugo Rogers, co-managers of the Thames River Water & Agriculture Absolute Return Fund and Thames River Isis Fund, a global emerging markets long/short fund. Bulkai and Rogers will join the F&C Emerging Equities team led by Jeff Chowdhry.
21/04/2011

Source and Nomura launch a volatility ETF

Source and Nomura announced on 20 April 2011 that they have launched an ETF, the Nomura Voltage Mid-Term Source. Its objective is to replicate the Nomura Voltage Strategy Mid-Term 30-day USD TR index. The ETF adopts a tactical approach to volatility, in order to gain from peaks in volatility, while attenuating the costs of hedging related to holding a systematically risk-short position. The launch of the new fund brings the number of ETF and ETC products available from Source dedicated to equities, bond and commodities indices to 91. Characteristics ISIN : IE00B3LK4075 Currency of the fund and listing: USD Location of listing: London Stock Exchange Annual management fees: 0.30%
21/04/2011

db X-ETC launches three new ETC funds in pounds sterling hedged for currency risks

Following the recent launch of the db Physical Gold GBP Hedged ETC (see Newsmanagers of 18 April), db X-ETC on 20 April announced that it has listed three more currency-hedged ETCs in pounds sterling on the London Stock Exchange: the db Physical Silver GBP Hedged ETC, db Brent Crude Oil Booster GBP Hedged ETC, and db Agriculture Booster GBP Hedged ETC.The physical gold fund charges 0.69%, while the physical silver fund has a TER of 0.85%, and the oil and agriculture funds, which use synthetic replication, charge fees of 0.45%.Assets in ETCs on the db X-ETC platform as of 19 April totalled EUR1.4bn.
21/04/2011

First State awards a custody mandate to State Street

First State Investments, an affiliate of Colonial First State Global Asset Management, has awarded a mandate to State Street Corporation to provide custody and fund administration services for its British Sicav and its 16 sub-funds (GBP11bn in assets).
21/04/2011

Operating margin up and net profits down at Martin Currie

The Scottish asset management firm Martin Currie has announced that in 2010, before taxes and taking into account the suspension of bonuses in 2009, it earned profits of GBP14.1m, up 25% compared with 2009 (GBP11.3m). Based on these results, the operating margin is up to 17% from 16%. Earnings increased to GBP81.6m, from GBP70.3m. Revenues came 34% from the retail segment (compared with 32% in 2009), 20% from hedge funds (compared with 18%), and 46% from institutional clients (compared with 50%). Geographically, the United States and the United Kingdom respectivelyl generated 31% and 30% of earnings, compared with 26% and 34% the previous year.However, pre-tax profits and net profits, excluding one-time elements, fell to GBP14.1m and GBP8.9m, respectively, compared with GBP20.8m and GbP14.5m in 2009.Assets were down to GBP11.9bn as of the end of December, compared with GBP11.8bn twelve months earlier. The best-performing asset class was Chinese A-class equities, at 28.4%, followed by Chinese small and midcaps (11.11%), and global commodities (6.7%). Losses of 4.1% affected global portfolios outside the United States and EAFE (Europe, Australasia, and the Far East).
21/04/2011

Head leaves F&C

Paul Grice, head of UK and international bonds at F&C Asset Management, has left the firm, Financial News reports. He spent five years at the company.
21/04/2011

Foreign asset management firms highly active in Spanish market

In first quarter, the number of funds launched in Spain by Spanish management firms increased 68%, to 46. 60% of these products are guaranteed funds, according to figures from VDOS Stochastics, reported by Expansión.However, foreign management firms in that time registered 98 funds with the CNMV. They largely added emerging markets bond funds (20), international bonds (18) and emerging markets equities (16) funds to their ranges. The most active were JP Morgan, MFS International, BNP Paribas, Schroders, and UBS.
21/04/2011

M&G to sell 14 retail funds in the Netherlands

On 15 October 2010, the British asset management firm M&G Investments obtained a sales license for the Netherlands for 14 of its open-ended funds (M&G American Fund, M&G Asian Fund, M&G Global Basics Fund, M&G Global Leaders Fund, M&G Global Growth Fund, M&G Japan Smaller Companies Fund, M&G Pan European Fund, M&G European Corporate Bond Fund, M&G Global Convertibles Fund, M&G European Strategic Value Fund, M&G Pan European Dividend Fund, M&G Global Emerging Markets Fund, M&G Global Dividend Fund and M&G Optimal Income Fund). A team of three people based in Frankfurt will now actively distribute the products. The team is led by Volker Buschmann, managing director and head fo Northern Europe sales, assisted by Andrea Below, business development manager, and Helen Oeij, sales support.The targets will be managers of funds of funds, wealth managers, family offices, insurers and banks. Since 2005, M&G has focused on institutional clients in the Netherlands, particularly pension funds.The British asset manager says that of EUR40.8bn in assets in its retail funds. EUR7.96bn, or 19.5%, come from continental Europe.
21/04/2011

Average size of funds of hedge funds down sharply

According to the most recent statistics from Preqin, the average size of funds of hedge funds currently comes to USD2.18bn. In 2010, the average was Usd2.75bn, while in 2009 it was USD4.78bn.Assets in funds of hedge funds saw their largest decline between 2008 and 2009 (-24%), the study notes. Prepin observes that funds of hedge funds with 2 to 5 billion dollars in assets are now rarer.However, funds of hedge funds with less than USD250m in assets in 2001 represent 35% of the total, compared with 28% at the beginning of 2010.
21/04/2011

First Trust increases number of dynamic ETFs from 16 to 29

The New York-based First Trust Advisors, which already manages USD2.8bn in 16 dynamic ETFs of the AlphaDEX range, has announced the launch of 13 new products in the line on NYSE Arca, including nine international funds (FPA First Trust Asia Pacific Ex-Japan AlphaDEX Fund, FEP First Trust Europe AlphaDEX Fund, FLN First Trust Latin America AlphaDEX Fund , FBZ First Trust Brazil AlphaDEX Fund, FCA First Trust China AlphaDEX Fund, FJP First Trust Japan AlphaDEX Fund, FKO First Trust South Korea AlphaDEX Fund, FDT First Trust Developed Markets Ex-US AlphaDEX Fund and FEM First Trust Emerging Markets AlphaDEX Fund). The asset management firm has also listed four ETFs of US small and midcaps (two growth and two value): FNY First Trust Mid Cap Growth AlphaDEX Fund, FNK First Trust Mid Cap Value AlphaDEX Fund, FYC First Trust Small Cap Growth AlphaDEX Fund and FYT First Trust Small Cap Value AlphaDEX Fund. As of 31 March, the range of ETFs from First Trust represented assets of USD7.4bn.
21/04/2011

Retail investors withdrew EUR965.3m from Austrian funds in first quarter

According to statistics from the Austrian VÖIG association of asset management firms, retail investors withdrew EUR593.3m from open-ended securities funds in January-March, while high net worth private clients redeemed nearly EUR372m from “Großanlegerfonds.” However, institutional investors subscribed for EUR917.8m in shares in Speziafonds, so that the balance for businesses in the industry overall (24 asset management firms) is negative for first quarter to the tune of EUR47.7m.According to recent statements by Hans Bednar, president of the VÖIG association, reported by Wirtschaftblatt, there are several causes for these net redemptions: the disaster in Japan, the debt crisis in the European region, revolutions in Arab countries,and outlooks for an increase in capital gains tax (KESt). However, Gerhard Aigner, a board member at RCM estimates that a considerable proportion of the redemptions are due to profit-taking.Total assets, for their part, have fallen to EUR143.9m as of 31 March, compared with EUR145.1m as of the end of February. They totalled EUR145bn as of 31 December 2010. The top four actors as of the end of first quarter were Raiffeisen Capital Management (RCM), with EUR29.06bn (20.2% market share), followed by Erste Sparinvest (EUR26.19bn and 18.2%), Pioneer Investments Austria (EUR18.94bn and 13.7%), and Allianz Invest (EUR10.73bn and 7.5%).
21/04/2011

New Pimco ETF will be focused on US debt

Bill Gross will manage a new actively-managed ETF for Pimco, the Financial Times reports. The fund, entitled Total Return ETF, will invest at least 65% of its assets in US government debt and corporate bonds. It may invest up to 10% in high yield debt, and up to one fifth of assets may be denominated in foreign currencies.
21/04/2011

HSBC Global AM Germany launches a multi-asset class fund

With the Luxembourg-registered, UCITS-compliant HSBC GIF Flex Allocation fund (LU0558996145), HSBC Global Asset Management (Deutschland) has launched a new fund which is authorised to invest in bonds, equities and currencies from developed and emerging countries. The manager, Gaël de la Fouchardière, and his team may allocate 50% to 100% of assets to bonds or money market products, and will focus on government bonds or European investment grade corporate bonds. They may also invest in high yield bonds or bonds from emerging markets. Allocation to equities may not exceed 50%. This allocation will be largely dedicated to shares in companies from industrialised countries, but these may be complemented by emerging markets equities.
21/04/2011

Institutional investors plan to redeploy portfolios

Among the 150 European institutional investors with EUR926.1bn in assets in total who responded to a survey by Allianz Global Investors in March and April, 96% estimate that the increase in interest rates presents a risk to achieving their financial objectives, and nearly one quarter estimate that in the next 12 months risk will be highest. The survey was conducted before the recent increase in the interest rate by the European Central Bank last week.Insofar as a long duration in such an environment does not guarantee a satisfactory return, investment strategies need to be adapted. According to respondents to the survey, this will require more active management, with a shorter duration, and investments in equities and in commodities and real estate, says Thomas Wiesemann, chief market officer at Allianz Global Investors Europe Holding GmbH.

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