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15/02/2011

Jean-Claude Trichet est relativement optimiste sur la croissance

Interrogé par le quotidien, le président de la BCE estime que l'économie réelle a surpris positivement ces derniers mois, non seulement en l’Allemagne mais dans l’ensemble de la zone euro. «A la BCE, nous n’avons pas partagé les craintes de voir ‘une double récession’, même si nous avons tenu un discours prudent», relève-t-il. Il ajoute qu’il appartient à toute banque centrale d'éviter des effets de « second tour » lors d’un choc de prix sur les matières premières. «Il faut que les différents agents économiques et les partenaires sociaux ne s’imaginent pas que la bonne inflation à prendre en compte est celle qui vient de cette hausse abrupte des prix de l'énergie», ajoute-t-il.
14/02/2011

Recul de la production industrielle dans la zone euro

La production industrielle de la zone euro a reculé de 0,1% en décembre sur un mois, a annoncé lundi le bureau des statistiques de l’Union européenne, Eurostat. Sur un an, la production industrielle a augmenté de 8%.
14/02/2011

Le PIB portugais recule au quatrième trimestre

Le produit intérieur brut portugais a reculé de 0,3% au quatrième trimestre par rapport aux trois mois précédents, conformément aux attentes, mais sa croissance sur l’ensemble de l’année est ressortie légèrement au-dessus des prévisions du gouvernement, montrent lundi des données officielles. L’Institut national de la statistique (INE) portugais a annoncé lundi lors de son estimation flash que le PIB du pays avait augmenté de 1,4% en 2010 après une contraction révisée à 2,5% en 2009. Lisbonne tablait sur une croissance de 1,3%. Malgré le ralentissement de la demande intérieure et le recul des investissements en raison des mesures d’austérité qui ont provoqué cette contraction au quatrième trimestre, le PIB a augmenté de 1,2% par rapport à la même période l’an dernier, a souligné l’INE.
14/02/2011

Poursuite de la reprise selon les indicateurs avancés de l’OCDE

La reprise devrait se poursuivre dans la plupart des grandes économies développées, selon les indicateurs composites avancés pour le mois de décembre 2010, publiés par l’OCDE. L’indicateur composite avancé pour la zone OCDE a progressé de 0,3 point en décembre à 102,8 et s’inscrit en hausse de 2,2 points par rapport à décembre 2009. Pour les Etats-Unis, l’indicateur, à 102,5 a avancé de 0,4 point en un mois et de 3,2 points en un an. L’indicateur pour la zone euro est légèrement remonté à 103,3 après 103,2 en novembre. Il est en hausse de 1,6 point sur un an.
14/02/2011

Christine Lagarde espère un accord du G20 pour mesurer les déséquilibres mondiaux

La ministre française de l’Economie, Christine Lagarde, a dit espérer un accord cette semaine entre membres du G20 sur les instruments de mesure des déséquilibres macro-économiques mondiaux. La mesure de ces déséquilibres est un préalable à des actions permettant de les réduire afin de parvenir à une croissance «forte, équilibrée et durable», objectif prioritaire du Groupe des Vingt.
14/02/2011

iShares, Lyxor and db x-trackers still control over 70% of European ETF market

Assets in European ETFs as of the end of January 2011 totalled USD291.9bn, 1.8% more than at the end of December (USD284bn), compared with USD217.9bn one year previously, according to statistics from BlackRock.The number of ETFs totalled 1,085, listed 3,808 times, compared with 1,071 funds listed 3,699 times as of 31 December, and 896 ETFs listed 2,468 times as of the end of January 2010.The market share for the three largest promoters (iShares, Lyxor Asset Management and db x-trackers) was down to 71% as of the end of January, compared with 71.1% as of the end of December, and 74.4% one year earlier.iShares (BlackRock) remains the leader by far, with 182 ETFs and USD104.9bn, giving it a market share of 35.9% (compared with 35.8% one month earlier (see Newsmanagers of 13 January 2011). Lyxor Asset Management (Société Générale) has seen a marginal decline in its market share to 18.3%, from 18.4% as of the end of December, with 156 products and USD53.5bn in assets under management. Db x-trackers (Deutsche Bank), meanwhile, has a market share of 16.7%, compared with 16.6%, with 153 ETFs and USD48.8bn in assets.According to statistics from BlackRock, iShares made USD1.9bn in net subscriptions in January, out of a total of USD4.4bn, putting it ahead of Source (USD0.9bn), while Lyxor saw the largest net redemptions, at USD0.2bn.
14/02/2011

Strong increase in inflows in 2010 for Cantonal Bank of Zurich

p { margin-bottom: 0.08in; } Assets under management at the Cantonal Bank of Zurich as of the end of December 2010 totalled CHF165.1bn, compared with CHF150.1bn one year earlier. Net inflows represented CHF12bn (of which CHF7.5bn came from institutional clients), while market effects brought in CHF2bn. In addition to this, CHF0.9bn resulted from the integration of the Austrian affiliate Brivatinvest Bank AG for the first time. In 2009, net inflows totalled CHF6.3bn. The bank last year earned net profits of CHF729m, down 3% year on year.
14/02/2011

KBC planning to pull out of KBC Goldstate

p { margin-bottom: 0.08in; } According to market rumours, KBC is currently seeking buyers for its 49% stake in the Chinese management firm KBC Goldstate, whose assets fell 60% in 2010 to USD197m, Z-Ben Advisors reports.The Belgian group is reported to be the first foreign investor to pull out of asset management in China. KBC is also in danger of getting no more than 1-2% of assets for its shares, if the buyer is Chinese, or 4-5% if the buyer is foreign, meaning about USD1m to USD5m, it is speculated, although the firm paid CNY74m, or USD9m, to acquire them.
14/02/2011

Investors concerned by complexity of pay structure

Several institutional investors, including Schroders and Threadneedle, have told the Financial Times that they are concerned about the increasing complexity of how companies calculate management pay. They say that there is a growing trend of companies introducing ways of calculating performance-linked pay packages that are not tied to share price performance, or involve the use of opaque discretionary criteria.
14/02/2011

Institutional investors revolutionize hedge fund management

p { margin-bottom: 0.08in; }a:link { } In 2008, a survey by Preqin found that 45% of assets in hedge funds came from institutional investors. An edition of the study in February 2011 (http://www.preqin.com/docs/newsletters/HF/Preqin_Hedge_Fund_Spotlight_F…), which surveyed 60 hedge fund management firms with assets totalling USD95bn, has found that this percentage has increased to 65%. It also finds that institutional investors tend to prefer larger hedge fund managers (particularly those with assets of over USD10bn).This development has led 46% of managers to set up more rigorous procedures in risk management, and 42% have lowered their commissions.Nearly half of all hedge fund managers surveyed are planning to launch products aimed specifically at institutional investors in the next 12 months. To do this, they are planning to introduce segregated mandates, or to offer UCITS-compliant versions of their funds.
14/02/2011

Credit Suisse turns to investors for capital injection

p { margin-bottom: 0.08in; } Credit Suisse Group AG (CS) on 14 February announced in a statement that it has signed a definitive agreement with Qatar Holding LLC and Olayan Group to issue “Tier 1 Buffer Capital Notes.”The move comes as Basel III regulations increase the regulatory capital requirements for banks. The total volume of the issue is CHF6bn, the group says. In addition to the Tier 1 Capital Notes, the Qatar authorities and Olayan Group will receive significant equity stakes in Credit Suisse Group.
14/02/2011

Total assets in ETFs worldwide up by USD23.3bn in January

p { margin-bottom: 0.08in; } As of the end of January, according to BlackRock, the 2,501 ETF funds listed 5,701 times throughout the world had assets of USD1.3346trn, compared with USD1.3113trn as of the end of December, and USD9.784trn twelve months earlier. The number of products was 2,459 as of the end of December, and 2,055 as of the end of January 2010, from 138 providers, compared with 136 one month earlier, and 114 one year earlier.As of the end of January, there were plans underway to launch 1,033 ETFs.The top three providers remain unchanged: iShares has USD579.7bn in 474 products, giving it a market share of 43.4%, compared with 44.1% in December. State Street Global Advisors (SSgA) is in second place, with 116 ETF funds, and USD199.3bn in assets, for a market share of 14.9% (compared with 14.5%), while Vanguard is in third place, with 66 ETF funds and USD152.9bn in assets, for a market share of 11.5%, compared with 11.3%.
14/02/2011

Thai pension fund GPF revises its investment programme

p { margin-bottom: 0.08in; } Asian Investor reports that the Thai government pension fund GPF (about USD13bn in assets under management) is seeking to invest more of its capital in foreign assets, and has selected Towers Watson as advisor for selection of managers and portfolio allocation. Russell Investments previously served in this role, with its multi-management structure.
14/02/2011

Haitong International AMC soon to launch two hedge funds

p { margin-bottom: 0.08in; } Asian Investor reports that Haitong Investment AMC, the international affiliate of the Chinese management firm Haitong International Securities Group, is planning to launch two hedge funds this year, and is also seeking to raise funds with private equity actors. 10 Chinese management firms currently have international development plans in the alternative management sector.
14/02/2011

New CEO for AIMA in Hong Kong

p { margin-bottom: 0.08in; } The Alternative Investment Management Association (AIMA) has appointed a new CEO in Hong Kong, in the person of Glyn Treasure, who was co-founder and chief operating officer at Nine Masts Capital until July 2010. Treasure replaces Jo Orgill, who last year left the position to join Samsung Securities.
14/02/2011

3i sells off fund administration firm Butterfield Fulcrum

p { margin-bottom: 0.08in; } The two management specialists Glenn Henderson and Tim Calveley have announced that they have teamed up with the private equity firm BV Investment Partners to acquire the fund administration firm Butterfield Fulcrum from the 3i group and a bank, the Bank of N.T. Butterfield & Son Limited. The details of the deal have not been disclosed. Butterfield Fulcrum and FORS, a provider of administration and reporting services for wealth management and family offices, which Butterfield acquired last year, will be merged into a parent company, whose headquarters will be in Bermuda. The transaction will be completed in first quarter 2011.
14/02/2011

M&G recruits a sales manager from ökoworld

p { margin-bottom: 0.08in; } The Vienna office of M&G Investments on 1 February recruited Christian Lörincz as senior sales manager in charge of distribution to banks in Austria. He will report to Karola Gröger, director of distribution. He previously spent three years in sales at ökoworld, after eight years spent at the Deutsche Bank group.
14/02/2011

Assets under management at US firm Och Ziff up

p { margin-bottom: 0.08in; } Assets under management at the New York-based management firm Och-Ziff as of the end of December 2010 totalled USD27.6bn, up 5% compared with 1 October 2010, and 17% compared with 1 January 2010. As of 1 February, assets under management totalled about USD28.4bn, an increase of USD800m, due to a positive market effect of USD500m, and a net inflow of USD300m.
14/02/2011

January 2011: assets at Invesco up, while Legg Mason assets are stable

p { margin-bottom: 0.08in; } As of 31 January, assets at Invesco Ltd totalled USD624.3bn, compared with USD616.5bn one month earlier. The manager has increased its assets under management since the end of October 2010, when they totalled USD621.2bn. Of total assets under management at Invesco, assets in funds excluding ETF, UIT and passive management products totalled USD537.8bn, compared with USD535.7bn, of which USD79.9bn, compared with USD78.7bn, were in alternative assets. ETFs, UITs and passive products totalled USD86.5bn as of the end of January, compared with USD80.8bn as of the end of December. Legg Mason Inc, for its part, has announced assets of USD671.8bn as of the end of January, a level which remains unchanged from the end of December. This is the result of an increase of USD1.3bn, to USD185.6bn, for equities products, a decline of USD2.9bn, to USD352.9bn, for bonds, and an increase of USD1.5bn, to USD133.3bn, for money markets.
14/02/2011

Axa IM to retain Rosenberg name

p { margin-bottom: 0.08in; } In an interview with Les Echos, the CEO of Axa Investment Managers, Dominique Carrel-Billiard, discusses the Rosenberg affair, and says that assets at Axa Rosenberg have fallen by USD70bn, to USD32bn today. “Aside from this fall in inflows, which alone has overshadowed the performance of the rest of Axa IM, there has been no noticeable movement of outflows at the other activities of Axa Investment Managers, as a result of this unique industrial accident,” Carel-Billiard says, adding that the firm has no plans to dispense with the Rosenberg name. “It would be a shame to put the quality of the management firm, which retains a certain aura on the market, in doubt, merely due to an accident caused by a few individuals.”
14/02/2011

High net worth families control over half of capital in Ibex businesses

p { margin-bottom: 0.08in; } Expansión reports that several high net worth family groups, such as the Entrecanales, Villar Mir, and Del Pino families, and individuals such as Amancio Ortega and the Koplowitz sisters, own more than EUR217bn in shares in companies of the Ibex index, which has a total market capitalisation of EUR500bn.However, several custodians, and asset management firms such as BlackRock, Fidelity and Capital Research also rank among the largest shareholders in Spanish businesses.
14/02/2011

State Street to launch 20 to 30 new ETFs in 2011

p { margin-bottom: 0.08in; } The US market remains the largest one for State Street Global Advisors (SSgA), which has a much more limited presence in Europe. “We are a little bit behind in Europe, where we offer only 13 products, representing USD1.1bn in assets under management,” admits Scott Ebner, global head of ETF development at State Street Global Advisors. To change this situation, “we need to enlarge our product range, and offer equities and bond products which replicate broader indices,” he tells La Tribune. 20 to 30 Irish-registered products will be launched in 2011.
14/02/2011

M&G recrute chez ökoworld

Le bureau viennois de M&G Investments a recruté au 1er février Christian Lörincz comme senior sales manager chargé de la distribution auprès des banques en Autriche. Il est subordonné à Karola Gröger, directrice de la distribution. Il vient de passer trois ans dans la distribution chez ökoworld, après huit ans dans le groupe Deutsche Bank.
14/02/2011

"L’arrivée de Sébastien Barbe ne bouleverse en rien notre organisation"

Mercredi, on apprenait dans l’Agefi que Federal Finance venait de nommer Sébastien Barbe, l’ancien responsable du pôle obligataire, convertible et structurés de Rothschild & Cie Gestion, en tant que directeur général délégué au sein de Schelcher Prince Gestion. Cette société de gestion spécialisée dans le crédit et les convertibles est détenue à 34 % par Federal Finance depuis juin 2010 - une participation qui devrait monter à 51 % en juillet prochain. Dans un entretien à Newsmanagers, Christian Prince, le président directeur général de Schelcher Prince Gestion, explique la logique de cette ar
14/02/2011
Fonds

African Alliance prépare une version coordonnée du Africa Pioneer

John Kirkham, consultant d’African Alliance Group, a indiqué que le gestionnaire envisage de lancer d’ici trois à quatre mois une version coordonnée de son fonds vedette Africa Pioneer Fund (42,6 millions de dollars) enregistré aux îles Caïman, rapporte Fund Strategy.Le gérant Paul Clark, basé à Johannesburg, peut investir en actions, obligations, monétaire et private equity de tous les pays d’Afrique hormis l’Afrique du Sud. Il s’appuie sur des gérants et des analystes basés dans ces pays. Le problème majeur de la mise en conformité avec la directive OPCVM III tient au fait que la liquidité du fonds original n’est pas journalière.
Fonds

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