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14/04/2011

Le Vietnam augmente ses barrières douanières

Les autorités du Vietnam envisageraient d’augmenter la taxe pesant que les exportations de minerai de fer d’un niveau de 30% actuellement à 40%, indique le quotidien qui cite un document du ministère des finances qu’il a réussi à se procurer.
14/04/2011

Nouvelles mesures immobilières en Chine

La ville située dans le sud de la Chine pourrait annoncer de nouvelles mesures visant à réduire le prix des logements, indique le 21st Century Business Herald qui cite des propos d’un promoteur immobilier. Les autorités pourraient ainsi fixer des seuils de prix maximums sur les ventes de nouveaux logements, ce qui réduirait le prix moyen calculé par le gouvernement.
14/04/2011

Le retour sur les marchés de la Grèce reporté

Le pays a besoin de plus de temps que prévu pour convaincre les investisseurs sur l’efficacité de son programme de réforme et ne sera ainsi pas en mesure de faire son retour sur les marchés l’année prochaine, a admis le ministre des finances, George Papaconstantinou, dans un entretien accordé au quotidien. «Je peux comprendre ceux qui estiment que nous n’aurons plus accès aux marchés» reconnait-il.
14/04/2011

Barack Obama s’attaque au déficit

Le président américain préconise une baisse des dépenses militaires et de santé, ainsi qu’une hausse d’impôts pour les contribuables gagnant plus de 250.000 dollars.
13/04/2011

La France doit revoir sa politique d'approvisionnement en métaux

Jacques Blanc, sénateur de la Lozère (UMP), a présenté mercredi un rapport d’information sur «la sécurité des approvisionnements stratégiques de la France». Jugeant impératif que le pays sécurise ses approvisionnements en métaux et notamment en terres rares où la Chine détient un quasi-monopole, le rapport propose plusieurs pistes: conclusion d’accords bilatéraux, ouverture ou réouverture de mines en France, et développement de solutions de recyclage qui associeraient capitaux publics et privés.
13/04/2011

Allianz relance l'idée d'un rehausseur de crédit européen

Paul Achleitner, le directeur financier d’Allianz, plaide dans le Wall Street Journal pour la création d’une entité européenne qui assurerait la dette émise par les Etats périphériques de la zone euro. Il propose d’utiliser une partie des 500 milliards d’euros du Mécanisme européen de stabilité pour capitaliser cette structure. Celle-ci laisserait 10% de la perte éventuelle à la charge des investisseurs. Son existence permettrait d’abaisser le coût de financement des Etats, qui verseraient en échange à cet assureur une prime. Allianz a présenté l’idée à des officiels allemands et à Bruxelles.
13/04/2011
Fonds

JP Morgan WSS remporte un mandat d'administration d'ETF Morningstar

JP Morgan Worldwide Securities Services (WSS) a annoncé le 12 avril avoir remporté un mandat d’administration de quinze nouveaux Focus Morningstar ETF auprès de la société de conseil en investissement FocusShares, affiliée à la firme d’investissement en ligne Scottrade.Les Focus Morningstar ETF comprennent un US Market ETF, un Small Cap ETF, un Mid Cap ETF et une Large Cap ETF, ainsi que onze ETF sectoriels. Ces produits sont négociés depuis le mars sur Nyse Arca.JP Morgan fournit actuellement des services d’administration pour 138 ETF représentant un encours cumulé de plus de 97 milliards de dollars.
Fonds
13/04/2011
Fonds

Les hedge funds restent un mystère pour les investisseurs

Un récent sondage mené par Thesis Fund Management et dont Hedge Week se fait l’écho révèle que de nombreux Américains ignorent ce que sont les hedge funds. Ainsi, à la question de savoir s’ils savent ce qu’est un hedge fund, 65 % des 1.000 personnes interrogées ayant des niveaux de revenus divers répondent par la négative.
Fonds
13/04/2011
Fonds

Une nouvelle co-gérante pilote le BlackRock World Mining Fund

Catherine Raw a été nommée co-gérante du fonds BGF World Mining Fund, piloté par Evy Hambro chez BlackRock. Depuis son arrivée au sein de la société de gestion américaine en 2003, elle travaillait «en étroite collaboration» avec le gérant star sur deux autres fonds, le BGF World Mining et le BGF World Gold Funds. L’arrivée de Catherine Raw à la co-gestion du BlackRock World Mining Fund ne changera en rien le style ou la philosophie de gestion du portefeuille, précise un communiqué. L'équipe «actions ressources naturelles» de BlackRock, dont Evy Hambro est co-directeur, gère plus de 45 milliards de dollars d’encours.
Fonds
13/04/2011
Fonds

L'univers des hedge funds est prolifique

Au premier trimestre 2011, 150 hedge funds ont été lancés à travers le monde, selon Eurekahedge. Par ailleurs, sur la période, l’indice Eurekahedge Hedge Fund a progressé de 1,33 % dont 0,20 % en mars.
Fonds
13/04/2011
Fonds

Skandia IG remanie son fonds Equity Income

Skandia Investment Group, la société de gestion de Old Mutual Wealth Management, a élargi l’univers de son fonds Equity Income, ayant pour thème la croissance des dividendes, à l’ensemble des entreprises mondiales. Auparavant, il se limitait aux sociétés britanniques. Le fonds de 66 millions de livres d’encours a été à cette occasion renommé Skandia Global Equity Income. Parallèlement, il abandonne sa structure de fonds de fonds et sera désormais géré par une seule société de gestion, O’Shaughnessy Asset Management (OSAM).
Fonds
13/04/2011

MAM recrute un ancien de Schroders

MAM Funds a recruté Neil Bridge, l’ancien responsable commercial retail de Schroders en tant que responsable du développement, rapporte Investment Week. Mark Harper, ancien marketing manager chez Gartmore, rejoindra aussi MAM le 30 mai en tant que responsable marketing.
13/04/2011
Fonds

F&C réduit l'accès à ses fonds d'obligations convertibles

Le britannique F&C a indiqué le 12 avril, dans un communiqué, qu’il avait décidé de réduire dans l’immédiat la collecte dans ses produits d’obligations convertibles internationales, dont notamment le F&C Global Convertible Bond Fund.En raison de souscriptions nettes significatives dans ces véhicules au cours des douze derniers mois, F&C considère que les actifs de ces fonds ont atteint un niveau maximum compte tenu de l’univers actuel des titres dans lequel il est possible d’investir. Les actifs sous gestion dans ces fonds s'élèvent actuellement à plus de 2 milliards d’euros.
Fonds
13/04/2011

Skandia IG revamps its Equity Income fund

Skandia Investment Group (SIG), the investment management arm of Old Mutual Wealth Management, has handed a GBP66m mandate to O’Shaughnessy Asset Management (OSAM) in an overhaul of its Equity Income fund. The fund has been renamed the Skandia Global Equity Income fund and will give investors access to the growing trend in global dividend growth. Following shareholder approval, SIG has switched the fund from a UK to a global remit. The Skandia Global Equity Income fund is a single manager fund rather than multi-manager like the old Equity Income fund.
13/04/2011

F&C soft closes its convertible bond strategies

F&C has announced that following significant inflows into its global convertible bond products, which include the F&C Global Convertible Bond Fund, it is to restrict new business in the asset class for the foreseeable future. The decision to ‘soft close’ the F&C Global Convertibles Fund reflects the investment manager’s belief that the assets managed by the business have reached an optimum level given the current universe of investible securities. F&C has attracted new inflows from across the globe into global convertibles over the last 12 months. F&C currently manages global convertible bonds in excess of EUR2 billion. These assets are managed in Amsterdam by F&C’s Global Convertible Bond team.
13/04/2011

BP up against institutionals in shareholders' meeting

For the oil giant BP, the general shareholders’ meeting to be held on 14 April in London will be a challenge. Two of the largest US pension funds, CalPERS and SBA (Florida State Board of Administration) have announced that they will not vote to approve the group’s accounts due to a lack of reactivity on environmental and security issues in the wake of the Gulf of Mexico oil leak. The decisions, reported by Responsible Investor, follow an announcement last week by a group of US and European institutional investors not to vote to approve BP’s books. CalPERS points to the lack of information in the firm’s annual reports about “key performance indicators and the reevaluation of the role of the board of directors in overseeing risk management.”
13/04/2011

Financial Stability Board publishes a report on shadow banking system

The Financial Stability Board (FSB) on 12 April published a report on ongoing work to reform the shadow banking system (“Shadow Banking: Scopint the Issues.”) In November 2010, the G20 called on the FSB to formulate recommendations to strengthen regulation of these activities which are developing outside the traditional banking system. Since then, the Board has created a working group, which has approached the perimeter and definition of these shadow activities. The working group will be able to formulate its first conclusions in July this year, and will then make a series of proposals at the G20 summit this autumn. The report will be open for consultation until 16 May.
13/04/2011

Financial Stability Board considers risks related to ETFs

As part of its mandate to monitor market developments, the Financial Stability Board (FSB) on 12 April published a report on potential risks related to the rapid growth of ETFs (“Potential Financial Stability Issues Arising from Recent Trends in Exchange-Traded Funds.”) In addition to its rapid growth, the ETF market, which still consists largely of simple products, has diversified its range, with complex products in some cases. The report aims to improve understanding of financial stability issues related to these developments, and to encourage the financial sector to adapt its risk management and information practices to the pace of innovation in the market.
13/04/2011

Why European funds are better than American ones

Robert C Pozen, senior lecturer at Harvard Business School and senior fellow at Brookings, explains in the Financial Times why European mutual funds are outgunning US rivals, while the US fund indistry is still the largest in the world in assets. «In short, Ucits are winning the global contest for mutual funds primarily because of more favourable tax rules, and secondarily because of greater investment flexibility. (…) At the same time, Europe needs to bolster the superiority of Ucits by lowering their expense ratios. This means reducing the number of new funds started each year, and increasing competition among seasoned funds through more open architecture», he writes.
13/04/2011

150 new hedge funds

Strong launch activity was witnessed in the first quarter of 2011, with more than 150 hedge funds launched globally, says Eurekahedge. The Eurekahedge Hedge Fund Index was up 0.20%1 in March, with the year-to-date return at 1.33%.
13/04/2011

High yield bond funds on a roll

High yield bond funds have started the year with an unprecedented level of activity, as net sales of EUR11bn in the first two months of 2011 dwarf those achieved over the same period last year (EUR3.9bn, itself a record), says Lipper in its latest Fund Flash. This boost has come as a several bond and equity sectors suffered in February, leaving net sales for the former asset class at EUR160m and the latter at EUR4.6bn (a 5-month low). In both cases outflows from emerging market funds dragged down sales totals: global emerging debt funds saw net withdrawals of EUR1bn (the worst total in two years), while emerging market equities (Global, BRIC and Latin American funds) suffered redemptions of EUR5.8bn, with nearly 90% of this coming from actively managed funds. It was left to some of the smaller sectors to bolster the European industry, with net inflows of over EUR1bn each into commodity (EUR 1.3bn), convertible bond (EUR 1.7bn) and guaranteed funds (EUR 1bn), writes Lipper. But above these three stands asset allocation funds with net sales of EUR2.7bn.In total, European inflows hit EUR15.7bn in February (excluding money market funds). With money market activity included, total industry sales rose to EUR18bn.BlackRock moved to the top of the leader board in terms of group sales, with EUR3.6bn, underpinned by flows into equity funds of EUR2.6bn. Robeco and Henderson were in second and third place for equity sales, each with just over EUR530m.Franklin Templeton was the most successful group for bond fund sales, attracting EUR1.4bn.
13/04/2011

Good returns for Alken European Opportunities fund

As of 31 March, the Alken European Opportunities fund showed outperformance of 22.07% compared with the Stoxx 600 (reinvested) since its launch in 2006. Performance in the month of March was -1.36%, compared with -3.44% for the benchmark index. Assets under management in the fund as of the end of March totalled nearly EUR2.46bn, compared with EUR2.18bn at the end of 2010. Assets under management in the Alken Fund Absolute Return Europe fund, launched at the end of January 2011, totalled about EUR64.45m as of the end of January 2011. The fund was up 0.51% since its launch as of 31 March.
13/04/2011

MAM recruits a former Schroders head

MAM Funds has recruited Neil Bridge, former head of retail sales at Schroders, as head of development, Investment Week reports. Mark Harper, former marketing manager at Gartmore, will also join MAM on 30 May as head of marketing.
13/04/2011

BlackRock World Mining Fund gets a new co-manager

Catherine Raw has been appointed as co-manager of the BGF World Mining Fund, managed by Evy Hambro at BlackRock. Since her arrival at the US management firm in 2003, Raw has been working “in close collaboration” with the star manager on two other funds, the BGF World Mining and the BGF World Gold Funds. The arrival of Raw as co-manager of the BlackRock World Mining Fund will not affect the style or management philosophy of the portfolio, a statement says. The “natural resources equities” team at BlackRock, of which Hambro is co-director, manages over USD45bn in assets.
13/04/2011

JP Morgan WSS wins an ETF administration mandate from Morningstar

JP Morgan Worldwide Securities Services (WSS) on 12 April announced that it has won an administration mandate for 15 new Focus Morningstar ETF funds from the investment advising firm FocusShares, an affiliate of the online investment firm Scottrade. The Focus Morningstar ETF line includes a US Market ETF, a Small Cap ETF, a Mid Cap ETF and a Large Cap ETF, as well as 11 sectoral ETF funds. The products have been available since March on NYSE Arca. JP Morgan currently provides administration services for 138 ETFs, with cumulative assets of over USD97bn.

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