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15/11/2010

Bond funds continue to attract investors

p { margin-bottom: 0.08in; } Investors remained highly cautious in September. Long-term UCITS-compliant funds posted net inflows of EUR10bn, compared with EUR38bn in August, according to the most recent statistics from the European fund and asset management association (EFAMA). Most inflows went to bond funds, totalling a net EUR6bn, compared with EUR23bn the previous month, while diversified funds took in EUR2.3bn compared with EUR7.3bn, and equities funds saw inflows of EUR100m, compared with EUR600m in August. Net inflows to bond funds totalled EUR89.3bn in the first nine months of the year, while diversified funds took in EUR58.3bn. UCITS-compliant funds as a whole posted net outflows of EUR11bn in September, following inflows of EUR54bn in August. This evolution is largely due to net outflows of EUR21.1bn from money market funds, which attracted nearly EUR16bn the previous month. Over nine months, money market funds saw outflows of nearly EUR107bn. Non-UCITS-compliant funds, for their part, posted net inflows of EUR10.5bn, compared with EUR11.1bn in August, largely due to the stability of inflows to dedicated funds (EUR9.7bn, compared with EUR10.8bn). In the first nine months of the year, net inflows to funds as a whole (UCITS and non-UCITS) totalled EUR163.6bn, compared with EUR149bn in the corresponding period of 2009.
15/11/2010

Abu Dhabi sovereign fund looking to invest in Europe

@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } @font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; } Khadem al-Qubaisi, chairman of Aabar, the sovereign fund of Abu Dhabi, told the Financial Times the fund was looking at two infrastructure investments in Europe, each with a value of between EUR500m and EUR1bn. Aabar is also considering buying a “small stake” in a blue-chip telecoms company in Europe or the US.
15/11/2010

Man Group head critical of dissolution of FSA

Speaking to the Financial Times, Peter Clarke, chief executive of Man Group, said that the UK’s bargaining position in Europe has been “impaired” by the decision to abolish the Financial Services Authority. “The FSA has demonstrated over many years successful oversight of the hedge fund industry (… ) ,” he adds.
15/11/2010

International equities in high demand in North America

p { margin-bottom: 0.08in; } In the United States, net inflows to mutual funds in October totalled USD26.8bn, nearly twice as much as in September, according to statistics from Morningstar. With the notable exception of US equities, all asset classes posted positive inflows. International equities and diversified funds posted their best monthly inflows since April, with net totals of USD5.7bn and USD2.3bn, respectively. Outflows continued for money market funds, with net outflows of USD16.6bn in October. Assets in money market funds as a proportion of assets under management in mutual funds fell to 25.7%, compared with 33.7% twelve months previously. For ETFs listed in the United States, net inflows last month totalled USD13.1bn, compared with USD25.5bn in September. Since the beginning of the year, net inflows to ETFs totalled USD80.6bn. Assets in ETFs now total USD944.7bn, up 34% year on year. International equities remain the most popular asset class, with net inflows in October of USD9.2bn, and USD33.2bn since the beginning of the year.
15/11/2010

The bigger the hedge fund, the less good the returns

p { margin-bottom: 0.08in; } The ability of hedge funds to generate alpha declines as they grow bigger, a research by Spring Mountain Capital, cited by the Wall Street Journal, has shown. «It is hard for larger funds to find enough liquid, yet misunderstood, assets to generate alpha. Once a fund grows beyond USD1.5 billion, the only thing that it increases is exposure to generic market beta,» said Haim Mozes, a co-author of the paper and an associate professor of accounting at Fordham University in New York.
15/11/2010

Bernie Madoff's personal effects a hit at auction

p { margin-bottom: 0.08in; } On Saturday the second of three auctions of furniture, accessories and items from the household of Bernard Madoff was held at the Sheraton New York Hotel & Towers, the Wall Street Journal reports. Thousands of items went under the hammer, including pre-worn shoes. An anonymous buyer paid USD550,000 for a 10.5 carat diamond which belonged to the wife of the fraudster. Another anonymous bidder carried off a collection of clothing and footwear for USD6,000. A Steinway piano was sold for USD42,000, six times its reserve price.
15/11/2010

Asian hedge funds doing well

p { margin-bottom: 0.08in; } Asian hedge funds are continuing to perform well. According to data from Hedge Fund Research, the HFRX China index has gained 5.5% in the first nine months of the year, an outperformance of nearly 25% compared with the Shanghai Composite index. In light of these good returns, assets invested in Asian hedge funds have increased by nearly USD4bn, to USD78bn, including net inflows of over USD300m, Hedgeweek reports. Nearly two thirds of capital allocated to hedge funds dedicated to Asia were invested in equities strategies, while overall, the proportion dedicated to equities is less than one third.
15/11/2010

Gartmore studying layoffs

p { margin-bottom: 0.08in; } Citywire reports that all managers and other employees at Gartmore have been officially informed by management that they will be consulted concerning layoffs. At the beginning of the week, the management firm announced a GBP10m cost reduction program.
15/11/2010

Chilean management firms may pull out of Ireland

The announcement on October 6 by Fitch to downgrade Ireland’s debt from double-A to A-plus automatically triggered a provision in Chile’s regulations that meant Ireland’s entire funds industry being placed on watch list, writes the Financial Times. It means that Chilean fund managers will have to pull out of Ireland.Chile’s Risk Classification Commission, the body regulating pension fund investments, is expected to meet on November 30. Irish officials hope they will invoke a loophole in the regulations to avoid a withdrawal.@font-face { font-family: «Arial"; }@font-face { font-family: «Cambria"; }p.MsoNormal, li.MsoNormal, div.MsoNormal { margin: 0cm 0cm 0.0001pt; font-size: 12pt; font-family: «Times New Roman"; }div.Section1 { page: Section1; }
15/11/2010

Apollo reprend Citi Property Investors

La société de private equity a racheté la branche d’investissement immobilier de Citigroup afin de la combiner avec sa propre division immobilière. Aucun détail financier n’a été fourni concernant cette transaction. Citi Property Investor disposait de plus de 3 milliards de dollars d’actifs sous gestion au 30 juin.
15/11/2010

Deka étudie un projet de fusion

Le gérant de fonds allemand réfléchit à une transaction avec ses actionnaires qui pourrait ouvrir la voie à une possible fusion avec les deux banques régionales allemandes en difficulté WestLB et Helaba, ont confié plusieurs sources à Reuters.
15/11/2010

Warner Music convoite EMI

La major réfléchit, selon le quotidien britannique, à une offre de rachat de quelque 750 millions de dollars, l’équivalent de 548 millions d’euros, sur le pôle musique d’EMI et pourrait faire une proposition à la société de capital-investissement Terra Firma d’ici quelques semaines.
12/11/2010

Ralentissement de la croissance du PIB dans la zone euro

Le PIB de la zone euro a augmenté de 0,4% entre le deuxième et le troisième trimestre, et de 1,9% en rythme annuel. La croissance marque un ralentissement par rapport au deuxième trimestre, où elle avait atteint 1%. La croissance de la France a ralenti au troisième trimestre, à 0,4% contre 0,7% sur les trois mois précédents, la bonne tenue de la consommation des ménages n’ayant pas suffi à compenser la faiblesse persistante du commerce extérieur. L'économie grecque s’est contractée de 1,1% au troisième trimestre, une baisse cependant moins forte qu’attendu.
12/11/2010

Adjudication de BTAN et d’OATei le 18 novembre

L’Agence France Trésor annonce l’adjudication, le jeudi 18 novembre, d’un montant compris entre 7 et 8 milliards d’euros de bons du Trésor à intérêts annuels (BTAN) L’opération à taux fixe portera sur les lignes de BTAN 3,75% janvier 2013, 3,0% juillet 2014 et 2,0% juillet 2015. L’AFT adjugera le même jour entre 1,1 et 1,6 milliard d’obligations assimilables du Trésor indexées sur l’inflation de la zone euro (OATei). L’opération portera sur les lignes d’OATei 1,1% juillet 2022 et 1,8% juillet 2040.
12/11/2010

Les Européens calment le jeu sur l'Irlande

Les ministres des Finances de la France, de l’Allemagne, de la Grande-Bretagne, de l’Italie et de l’Espagne ont publié vendredi un communiqué en marge du sommet du G20 destiné à calmer les tensions sur les dette périphériques. S’agissant du futur mécanisme permanent de résolution de crise d’un Etat et de la participation éventuelle du secteur privé, «il est clair pour nous que ceci ne s’appliquera à aucun encours de dette existant et à aucun programme dans le cadre des instruments actuels», rappelle le communiqué. «Nous considérons que le rôle du secteur privé dans un mécanisme futur pourrait comprendre un ensemble de différentes possibilités telles que des engagements volontaires des investisseurs institutionnels de maintenir leurs expositions, un engagement des créanciers privés de renouveler leurs encours ou l’inclusion de clauses d’action collective dans les futures émissions obligataires des Etats membres de la zone euro», poursuivent les ministres. L’annonce a permis une détente des rendements irlandais et portugais de 55 et 20 pb respectivement vers midi. Le taux à 10 irlandais atteint tout de même 8,10%.
12/11/2010

Séoul étudie plusieurs façons de réduire les afflux de capitaux

La Corée du Sud étudie plusieurs façons de limiter les variations excessives de flux de capitaux transfrontaliers, comme la mise en place d’une taxe sur les placements en dette libellée en devise étrangère, a déclaré vendredi un conseiller de la présidence coréenne.

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