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19/12/2012

Libor : UBS settles for CHF1.4bn

On December 19th, UBS announced in a price sensitive information that it agrees to pay approximately CHF1.4bn in fines and disgorgement to US, UK and Swiss authorities to resolve LIBOR-related investigations.As part of a proposed agreement with the US Department of Justice (DoJ), UBS Securities Japan Co. Ltd. (UBSSJ) has agreed to enter a plea to one count of wire fraud relating to the manipulation of certain benchmark interest rates, including Yen LIBOR.UBS believes its fourth quarter net profit attributable to shareholders will show a loss of between CHF2bn and CHF2.5bn, primarily as a result of provisions for litigation and regulatory matters. UBS AG announced today that its Board of Directors has authorized settlements with the US Department of Justice (DoJ) and Commodity Futures Trading Commission (CFTC) in connection with their investigations of benchmark interest rates. The proposed settlement with the CFTC is subject to the Commission’s approval. UBS has reached a settlement with the UK Financial Services Authority (FSA) concerning its investigation. The Swiss Financial Market Supervisory Authority (FINMA) will also issue an order concluding its formal proceedings with respect to UBS. UBS agrees to pay a total of approximately CHF1.4bn in fines and disgorgement. UBS will pay GBP160m in fines to the FSA and CHF59m as disgorgement of estimated profits to FINMA. The Board has authorized a payment of fines totaling USD1.2bn to the DoJ and CFTC.
19/12/2012

Odey AM CEO leaves the firm

The CEO of Odey Asset Management, David Stewart, is leaving the firm to found a company to assist UK firms get a foothold in emerging markets, Financial News reports. Stewart joined Odey, representing USD7bn, in September 2005.
19/12/2012

Record corporate bond issues in 2012

Corporate bond issues worldwide in 2012 totalled a record USD3.9trn, in an environment in which borrowing rates have fallen to their lowest of all time, according to statistics from the news agency Bloomberg. These issues totalled USD3.29trn in 2011, and USD3.23trn in 2010.Corporate issues brought in returns of 11.5% in 2012, following 4.86% in 2011, and profits of 20.5% in 2009, according to statistics from Bank of America Merrill Lynch.
19/12/2012

Former HSBC IT specialist released on bail

Hervé Falciani, the former IT employee of HSBC Geneva accused of stealing bank data which was obtained by the French tax authorities, whose extradition is being sought by Switzerland, has been released on bail, a Spanish judge announced on 18 December. No verdict has been announced so far on his potential extradition.The Spanish national court heard arguments from the defence and the public prosecution, which sought bail due to the fact that examination of the extradition request will not be completed quickly, as other documents are required, according to the verdict of the judge.Switzerland issued an international arrest warrant against Falciani following the theft of confidential bank data from the Geneva affiliate of HSBC bank, which was then used by the French fiscal authorities. Following his arrest in Spain in early July, Switzerland issued an extradition application to the Spanish justice ministry on 5 July.
19/12/2012

Investec to merge a European fund into its global fund

Investec will be merging its GBP26m European fund, managed by Ken Hsia, into its Global Franchise range on 4 January, Investment Week reports. The Europe ex United Kingdom category has seen a decline in interest and size in recent years, partly reflecting an unpromising economic context in the region, events in the euro zone and more attractive investment options than can be found elsewhere, the asset management firm says.
19/12/2012

Standard Life launches an emerging market dividend fund

Standard Life Investments has announced the launch of a Global Emerging Markets Income Fund aimed at both retail and institutional investors. Manager of the fund Dr Mark Vincent will invest in a diversified portfolio of 60–100 emerging markets stocks with the objective of delivering a premium and sustainable level of income, targeting a yield of at least 115% of the MSCI Emerging Markets index.
19/12/2012

Popular Gestión becomes Allianz Popular Asset Management

Following the creation of the holding company Allianz Popular in March 2011, the various firms concerned are changing their names. Eurovida becomes Allianz Popular Vida, Europensiones becomes Allianz Popular Pensiones, and Popular Gestión becomes Allianz Popular Asset Management, with assets of EUR5.84bn in investment funds, of which those from Allianz Gestión, which was absorbed in September. Notwithstanding this point, Allianz Gestión will retain its asset management business license, Funds People reports. Allianz Popular AM is led by Miguel Colombás.Allianz controls 60% of the holding company Allianz Popular, while Banco Popular controls the remaining 40%.
19/12/2012

Old Mutual GI adds to hedge fund unit

Donald Pepper, investment director at the hedge fund division of TT International since 2010, after serving as head of hedge funds at New Star Asset Management (a position which he left when New Star was acquired by Henderson) has been appointed as managing director of alternatives at Old Mutual Global Investors. He will report to Warren Tonkinson, head of distribution. The new arrival is thus clearly in charge of product sales.Fund management in the strict sense for the alternative unit remains under the responsibility of Paul Simpson, head of alternatives.
19/12/2012

Greek bonds prove lucrative for hedge fund Third Point

Third Point, a hedge fund led by the US billionaire Dan Loeb, with USD10bn in assets under management, has made a gain of USD500m on bets that Greece would not be forced to leave the euro zone, the Financial Times reports. As part of a debt restructuring agreement signed by the Greek government on Monday, the fund tendered most of its USD1bn position on Greek government bonds, which it had built one month previously, according to sources familiar with the matter.
19/12/2012

Credit Suisse lays off 150 in Germany

Credit Suisse (CS) is laying off 150 employees out of 500 in Germany at its wealth management activities. The German affiliate of Credit Suisse will close three of its 12 offices in the country, the bank announced to its employees in Germany on 18 December.A spokesperson in Zurich confirmed the news to ats. The branches in Düsseldorf and Cologne will be merged, while the Bielefeld, Braunschweig and Hanover offices will be combined in Hanover.The restructuring comes as part of a refocusing at Credit Suisse on Ultra High Net Worth Individuals in Germany.
19/12/2012

Citi wins a custodian mandate from Brummer

Citi has won a mandate from Brummer & Partners to serve as custodian bank and prime broker for the new hedge fund from the Swedish asset management firm Carve. The US firm has recently entered the Swedish market.
19/12/2012

Investors bet on sustainable recovery of global economy

Confidence in a recovering global economy is extending into 2013 as investor fears surrounding the fiscal cliff eased, according to the BofA Merrill Lynch Fund Manager Survey for December, between 7 and 13 December, of a sample of 255 participants with assets under management totalling USD664bn.A net 40 percent of investors believe the global economy will strengthen in the year ahead, a rise of six percentage points month-on-month and double the reading two months ago. The number of investors viewing the U.S. fiscal cliff as the biggest tail risk has fallen to 47 percent, down from 54 percent in November. Despite this fall, however, the fiscal cliff remains the number one worry.Emerging markets are the preferred region for the panel. Optimism about China’s economy has reached the highest level recorded by this survey. A net 67 percent of the regional survey respondents say China’s economy will strengthen in the coming year, up from a net 51 percent in November. A net 38 percent of asset allocators are overweight emerging market equities, double the level of September’s survey.The number of asset allocators overweight U.S. equities has fallen since November. But allocations to the eurozone are outweighing U.S. allocations for the first time since November 2010. The net percentage of asset allocators overweight eurozone equities has risen to seven, up from a net 1 percent in November.
19/12/2012

Aviva Gestión reconstructs its equity team

José María Díaz Vallejo is returning to Aviva Gestión, where he was a junior manager between 2008 and 2009, as a member of the equity management team, after stints at Renta 4 and Horizon Capital, Funds People reports.The recruitment will allow Aviva Gestión (EUR781m in assets) to add to its equity team, following the departure of its head, Iván Martín, in September, to join Santander AM as CIO for equities. Martín was himself replaced by Pablo Cano, who had been head of European equities.
19/12/2012

Direxion liquidates three ETFs with confidential asset levels

At the recommendation of Rafferty Asset Management, adviser to the trust, the board of trustees at Direxion Shares ETF Trust has decided to liquidate three ETFs which had not succeeded in attracting sufficient subscriptions.Shares in the funds will cease to be traded on the NYSE Arca platform on 18 January 2013, and the liquidation of assets will be completed on 25 January 2013.The following funds will be affected:Direxion Large Cap Insider Sentiment Shares (Nyse ARCA ticker: INSD), USD4.13mDirexion S&P 1500 DRRC Volatility Response Shares (VSPR), USD4.25mDirexion S&P Latin America 40 DRRC Volatility Response Shares (VLAT), USD3.83m
19/12/2012

Dyal CP buys a stake in Pinnacle AM

The private equity firm Dyal Capital Partners (managed by Neuberger Berman), which has recently closed a private equity fund dedicated to minority stakes in alternative asset management firms, with USD1.28bn (see Newsmanagers of 5 December), has not announced that it has acquired a “passive minority stake” in the New York-based Pinnacle Asset Management L.P. The specialist in commodities investment has USD2.3bn in assets.The total size of the stake and the financial terms of the transaction have not been disclosed.
19/12/2012

Sal. Oppenheim extends its range of SOP funds

The product range from Sal. Oppenheim in the area of UCITS-compliant hedge funds has been strengthened with the launch of a third product in the SOP range, the SOP AktienLongShort I. The equity fund follows the process of the SOP AktienMarktNeutral I, with the addition of tactical and beta-related considerations related for long and short positions.CharacteristicsName: Sop Aktien LongShort IISIN code: DE000A1JB0B0Management commission: 0.6%Performance commission: 20% on performance exceeding the hurdle rate Euribor 3 months + 300 bp, with high watermark
19/12/2012

Union Investment closes six anemic funds

On 18 December, the central asset management firm for the German co-operative banks, Union Investment, announced that as part of regular maintenance of its product ranges, on 28 June 2013 it will be closing six funds, whose assets are insufficient or which are redundant in light of other products.The funds include the UniBalancePlus (EUR19bn in assets as of the end of November), UniEuroBond (EUR70m), UniEuroRenta Absolute Return (EUR68m), UniReits (EUR7m), UniTrend: Global (EUR6m) and UniTrend: Global -net- (EUR7m).
19/12/2012

Eaton Vance closes smidcaps fund to new subscribers

At the end of the trading day on 15 January 2013, Eaton Vance Atlanta Capital SMID-Cap Fund will be closed to new investors. Shares in the fund will then only be available for purchase by investors who already hold an investment in the product, and retirement savings plans. Assets as of 30 November totalled USD3.3bn, and the asset management firm estimates that the particl closure of subscriptions will protect the interests of existing clients.
19/12/2012

Threadneedle launches a fund in Italy

Threadneedle has launched the Threadneedle (Lux) Multi Asset Target Alpha fund in Italy, a multi-asset class absolute return sub-fund, Bluerating reports. The product is managed by Toby Nangle, head of multi-asset allocation, with Matthew Cobon, head of fixed income and currencies.
19/12/2012

Only two German asset management firms place in Feri top 10

Die Welt reports that, in the Feri Euro Rating Services rankings of the best managers of funds on sale in Germany as of 30 November, only Union Investment (co-operative banks) and Allianz Global Investors place on the leader board. Union is in fourth place, with 44% of products rated A or B (it had been 2nd, with 58%, as of the end of 2011), and AGI is in tenth place, with 41.03% of funds receiving good ratings (it had been 8th at the end of 2011, before Pimco went on its own footing).In the rankings, Deka gains five places to 19th (with 33.33%), and DWS falls from 15th to 22nd, with 31.37%.Feri puts Threadneedle, with 62.75% of A and B funds, ahead of Schroders (58%) and Lyxor (46.15%).
19/12/2012

Le FESF et le MES lancent leur programme pour 2013

Le Fonds européen de stabilité financière (FESF) a annoncé son intention de lever en 2013, 58 milliards d’euros de financements à long terme destinés à l’Irlande, au Portugal et à la Grèce. De son côté, le Mécanisme européen de stabilité (MES) prévoit de lancer en janvier un nouveau programme d'émissions à court terme et au second semestre une première émission obligataire. Les deux fonds de soutien financier de la zone euro ont précisé que le MES financerait l’année prochaine le «rollover» de deux émissions d’un montant total de 8,97 milliards d’euros lancées au début du mois et destinées à la recapitalisation du secteur bancaire espagnol. «Le MES sera également responsable du financement des futurs programmes d’assistance macroéconomiques», ajoutent les deux fonds dans un communiqué. «Le programme d'émissions du MES devrait couvrir les besoins de financement pour le premier semestre de l’année et une première émission obligataire est prévue par le MES au second semestre.»
Photo: PHB/Agefi
19/12/2012

Le plafond du livret A à nouveau relevé le 1er janvier

Le plafond du Livret A sera de nouveau relevé de 25% au 1er janvier pour atteindre 22.950 euros, a annoncé le ministre de l’Economie et des Finances. Pierre Moscovici, qui s’exprimait à la sortie du conseil des ministres, a indiqué sans autre précision que cette hausse serait suivie dans les semaines qui viennent d’une réforme des paramètres de l'épargne réglementée «pour faire en sorte que ce soit l'épargnant qui soit protégé mais aussi le financement du mouvement HLM et du logement social qui soit assuré».
19/12/2012

Tim Geithner dans le bourbier du Libor

Citant un échange de courriers électroniques, le quotidien avance que celui qui était alors en mai 2008 président de la Fed de New York était bien conscient des soupçons pesant sur certaines banques de manipulation des taux interbancaire afin de plaire aux collègues du trading sur dérivés.
19/12/2012

Third Point tire parti de la crise grecque

Le hedge fund new-yorkais serait l’un des rares à avoir profité de la crise de la dette souveraine en zone euro, en faisant le pari que la Grèce ne serait pas contrainte de quitter le bord. En apportant hier une part majoritaire de sa position d’un milliard de dollars en titres grecs, dans le cadre du plan de rachat, Third Point aurait engrangé un gain net de 500 millions.

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