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27/11/2012

BNY Mellon overhauls profile of Insight range

Ahead of the introduction of RDR regulations in the United Kingdom, BNY Mellon is proposing to merge several funds of its Insight range (GBP187bn in assets as of 30 September) at the extraordinary general shareholders’ meetings for the products on 21 December. If the mergers are approved, they will be effective from 9 February 2013.The Investment Diversified High Income, Insight Investment Wealth Builder Balanced and Insight Investment Diversified Dynamic Return funds will be merged to create the Insight Global Multi-Strategy fund, which will be managed by Steve Waddington. Waddington will also be manager of the new Insight Global Absolute Return fund, which will absorb the Insight Investment Diversified Target Return fund.The Insight Investment Monthly Income Bond fund will be merged into the new Insight Strategic Bond fund, managed by Adam Mossakowski, with the assistance of Peter Bentley, while the Insight Invetsment Sterling Corporate Bond Fund will be merged into the new Insight Inflation-Linked Corporate Bond Fund, managed by David Hooker and Adam Mossakowski.Tim Rees will be manager of the new Insight Equity Income Booster Fund and Insight Equity Income fund, which will receive the Insight Investment UK Equity Income Booster fund and Insight Investment Monthly Income fund, for the former, and the Insight Investment UK Dynamic Managed fund and Insight Investment Equity High Income fund, for the latter.BNY Mellon also states that, for Absolute Insight (NURS), the authorised corporate director (ACD) will change, from Insight Investment Funds Management Limited to BNY Mellon Fund Managers Limited, which is also the ACD for the BNY Mellon Investment Funds range.
27/11/2012

Henderson planning further staff cuts

Investment Week understands that Henderson Global Investors (GBP63bn in assets) is preparing to announce another round of job cuts by the end of the year. The British asset management firm is also planning to close or merge several funds which are not part of its “core” product range due to the introduction of RDR regulations. The emphasis will be placed on actively-managed funds, including absolute return funds.
27/11/2012

Deutsche Bank launches a dividend fund

db-X funds, Deutsche Bank’s structured funds division, has launched a fund that gives investors US dividend-focused exposure using its proprietary CROCI® stock selection methodology, according to a press released published on November 26. The DB Platinum CROCI® US Dividends Fund provides returns linked to the CROCI® US Dividends-Net Return Index, which aims to identify shares in the S&P 500 with above-average and sustainable dividend yields. The launch comes on the back of the launch of the DB Platinum CROCI® Global Dividends fund, which has amassed USD85m in assets in less than three months.
27/11/2012

Unicaja launches a fund which guarantees 100% of gains on the Ibex

With the Unifond Bolsa Garantizado 2016-I, Unicaja has launched a guaranteed fund maturing on 25 January 2016, which also guarantees 100% of gains on the Spanish Ibex 35 index, or a coupon of 18% if on any day the Ibex reaches or exceeds 150% of its initial value, Expansión reports.Minimal subscription is EUR300.
27/11/2012

Mexico's GBM AM registers its funds in Spain

GBM AM (EUR4.3bn in assets), the asset management affiliate of GBM Grupo Bursátil Mexicano, has for the first time registered investment funds in Spain, Funds People reports. Distribution will be provided in the country by Inversis Banco.The emblematic product of the range is the UCITS-compliant Sicav Mexican Fund, launched in December 2011, which invests primarily in equities and bonds from Mexiccan businesses with solid balance sheets. The fund has gained 19.17% since its launch.
27/11/2012

New ETF from ThinkCapital listed on Euronext Amsterdam

Since 26 November, Euronext Amsterdam has admitted a further ETF from ThinkCapital ETFs NV, bringing the number of funds of this type listed on the European markets of NYSE Euronext to 588.CharacteristicsName: TciAATISIN code: NL0010273801Benchmark index: iBoxx Gov AAA-AA 1-5 IndexTER: 0.15%
27/11/2012

Popular launches a guarantee fund

The CNMV on 23 November granted a sales license for the latest fund from Banco Popular Gestión, Eurovalor Ahorro Garantizado VII, a bond product created on 8 November, which will mature on 21 March 2016.On that date, redemption will be 111.06% of the initial net asset value as of 1 February 2013, for A shares (institutional), an annual return of 3.40%, and 110.6% for B shares, or 3.10% per year.CharacteristicsName: Eurovalur Ahorro Garantizado VIIA shares:Minimal subscription: EUR60,000Front-end fee: 5%Early withdrawal penalty: 5%Management commission: 1.02%B shares:Minimal subscription: EUR600Front-end fee: 5%Early withdrawal penalty: 5%Management commission: 1.32%
27/11/2012

Strong inflows for BlackRock in EMEA

“In retail in the Europe, Middle East, and Africa region, BlackRock has posted net inflows since the beginning of the year of over USD2bn, and assets total about USD140bn,” Alex Hoctor-Duncan, head of retail for Europe, Africa & the Middle East at BlackRock, has told Newsmanagers during a visit to Paris.When asked about the introduction of the Retail Distribution Review at the beginning of 2013 in the United Kingdom, the head of retail distribution at BlackRock claims that “RDR will introduce a dislocation in the distribution chain. The British regulator intended with this regulation to require high-quality advising alongside high transparency of commissions. We will know what the real outcome is at the end of 2013. At any rate, BlackRock is ready for RDR, and we always respect regulations. We have share classes that comply with RDR, and we have already informed our clients about this.”However, personally Hoctor-Duncan is concerned that “with this new regime, British savings investors will ultimately stop savings. Do they know where to go to get advice? We have a role to play to make sure that savings investors meet ‘good’ advisers. Our clients are on a long-term adventure, and they need to be able to build up retirement income using the services of a specialist they trust to do that.”
27/11/2012

European money market funds go for longer-term investments outside banking sector

European money market funds are reallocating their portfolios towards longer-dated assets issued by highly-rated supranationals, government agencies, sovereigns and corporates, while maintaining high overnight liquidity, Fitch Ratings says in its newly-published sector update. However, MMFs’ strong demand for such assets is still far from being satisfied given limited short-term market supply. The average portfolio allocation to quasi-sovereigns reached 10% at end-October, versus less than 2% before August 2011, the most largely held entities being Erste Abwicklungsanstalt, FMS Wertmanagement, KfW, CDC, CADES, ACOSS, the European Investment Bank and the European Financial Stability Facility / European Stability Mechanism. Money market funds still retain a large exposure to the banking sector (77%), albeit slightly reduced from a year before (82%).
27/11/2012

Sovereign funds prefer well-established hedge funds

Scott Kalb, chief investment officer and deputy CEO of the Korean sovereign fund, is primarily interested in large, well-established hedge funds. In an interview with Opalesque TV, Kalb claims that hedge fund firms of a considerable size are better equipped to provide the services sovereign funds demand. “Some think that small hedge fund managers are more agile and can earn better returns, but I think that in the hedge fund universe, it is not just about returns. Returns are a requirement of their own, and that’s the reason you go into hedge funds, but alongside that, there are a lot of points to consider, including the quality of the platform, the teams, infrastructure. To invest in a hedge fund manager, you have to have a solid team you can trust in front of you,” Kalb explains. The head of the Korean fund also estimates that larger hedge funds will have more means to meet the long-term objectives of a sovereign fund, over several decades.
27/11/2012

BlackFin Capital Partners buys a stake in Cyrus

The private equity fund dedicated to financial services BlackFin Capital Partners on 26 November announced that it has acquired a minority stake in the Cirus group, alongside management and employees, and is also continuing to manage the UI Gestion fund, which it began to manage in 2008. The Cyrus group, founded in 1989, is the French leader in independent wealth management advising, with assets of EUR1.7bn in financial assets from 2,300 families. The Cyrus Group, structured around its three complementary operational units (wealth management, real estate, and asset management), and its eight local offices (Paris, Lyon, Dijon, Bourdeaux, Caen, Lille, Reims, Nantes), offers its clients wealth management advising as well as financial and real estate investment solutions to meet their needs.
27/11/2012

French asset manager plans to sell funds in Germany

The French asset management firm OFI Asset Management has formed a partnership with the European third party marketer Accelerando Associates to distribute its funds to institutional investors in Germany and other German-speaking countries. Initially, the French asset management firm will sell two of its funds in the German-speaking countries: OFI Risk Arbitrages and OFI Risk Arb Absolu, UCITS-compliant products whose assets under management are over EUR300m. They are expected to receive sales licenses for Germany in first quarter 2013. Other management themes, such as inflation and convertible bonds, are expected to be highlighted as part of the partnership, a press statement says. The project is part of an international development strategy at OFI AM which was announced by its CEO, Gérard Bourret, in May.
27/11/2012

Assénagon Credit Management cuts its umbilical cord

Assénagon Credit Management, a new affiliate of Assénagon Asset Management founded on 20 January (see Newsmanagers of 7 February), a credit specialist with EUR1.9bn in assets, is changing its name with immediate effect, to become Xaia Investment. The partnership ended in June, by common agreement.The three MDs of the firm, Ulrich von Altenstadt, Jochen Felsenheimer and Wolfgang Klopfer, will remain as heads of the business, in which they are now the full owners. They will retain the nine employees of the business.The three open-ended funds will change names from 1 January 2013, with the prefix Xaia replacing Assénagon, but the funds will continue to be administered by Universal-Investment. The new names will be Xaia Credit Basis (ISIN LU0418282348), Xaia Credit Basis II (LU0462885483) and Xaia Credit Debt Capital (LU0644385733).In the future, Xaia will focus on a cross-asset management approach, and develop market neutral products.
27/11/2012

Paulson controls 4% of Grifols

According to sources familiar with the matter, the US hedge fund management firm Paulson & Co has increased its stake in the Spanish blood derivatives specialist Grifols by 1.3 percentage points to 4% of capital, Cotizalia reports. Its exposure to the business now totals USD390m.
27/11/2012
Gestion d'actifs

La CNBF retient trois gérants sur le lot portant sur la multigestion

Selon nos informations, la CNBF a retenu trois gérants d’OPCVM toutes classes d’actifs (actions, obligations, diversifié, performance absolue, alternatif), afin d’améliorer le rendement de la gestion adossée au passif. Le montant global du mandat est estimé à 400 millions d’euros environ. Les trois lauréats sont : Generali Investments Europe Natixis Multimanager Rothschild & Cie Gestion (stand by)
Gestion d'actifs
26/11/2012

La réforme bancaire renforcera les pouvoirs de l’AMF

Le projet de réforme bancaire, qu’a pu consulter L’Agefi, prévoit que l’AMF sera mieux armée juridiquement pour exiger des professionnels qu’ils lui transmettent des informations rapidement. Un nouveau manquement sanctionnant l’obstruction aux investigations sera créé. Enquêteurs et contrôleurs seraient explicitement autorisés à recueillir les explications des personnes lors des visites sur place. Les enquêteurs pourraient aussi accéder aux locaux professionnels et aux domiciles des personnes pour la recherche de manquement commis sur d’autres marchés que le marché réglementé et dans le cadre de la commercialisation de produits financiers.
L'AMF Autorité des marchés financiers
26/11/2012

Mark Carney, prochain gouverneur de la BoE

A la surprise générale, l’actuel gouverneur de la Banque du Canada et président du Conseil de stabilité financière, le canadien Mark Carney, remplacera Mervyn King à la tête de la Banque d’Angleterre à compter du 1er juillet prochain. C’est le chancelier de l’Echiquier, George Osborne, qui en a fait l’annonce devant les parlementaires britanniques. «Il est reconnu comme le banquier central le plus remarquable de sa génération», a-t-il souligné.
26/11/2012

Madrid demandera environ 40 milliards d’euros pour ses banques

L’Espagne demandera environ 40 milliards d’euros d’aide financière à l’Europe pour ses banques en difficulté, a confirmé le ministre de l’Economie Luis De Guindos. «Pour les banques nationalisées (...) le montant sera de 37 milliards d’euros environ. Au total, il s’agit d’environ 40 milliards d’euros, qui est le chiffre que nous avons toujours eu en tête, environ 3,5% du PIB», a-t-il déclaré à la presse en marge du sommet de l’Eurogroupe à Bruxelles.
26/11/2012

Mary Schapiro quittera la SEC le mois prochain

La présidente de la Securities and Exchange Commission (SEC), Mary Schapiro, a annoncé son intention de démissionner de son poste à compter du 14 décembre prochain. Les rumeurs avaient enflé au cours des derniers mois concernant un éventuel départ dans le sillage de l’élection présidentielle de novembre. «Depuis quatre ans nous avons engagé un nombre record d’actions, connu l’une des périodes les plus chargées en matière de réglementation et obtenu du Congrès plus d’autorité pour mieux remplir notre mission», écrit-elle dans le communiqué annonçant son départ. Le président Barack Obama a nommé Elisse Walter à la tête de l’agence de régulation.
26/11/2012

Warren Buffett relance le débat sur la fiscalité

Dans une libre opinion publiée lundi dans le New York Times, Warren Buffett suggère que le Congrès adopte immédiatement un taux minimum de 30% pour les revenus annuels situés entre 1 et 10 millions de dollars, et un taux de 35% ensuite. «Oublions l’idée que les riches et les ultrariches puissent se mettre en grève et cacher leurs fonds imposants sous leur matelas si - j’en suffoque à l’avance - on augmente les taux sur le capital et le revenu», ironise-t-il.
26/11/2012

OFI AM conclut un partenariat pour le marché allemand

OFI Asset Management a conclu un partenariat pour le marché allemand avec Accelerando Associates. Dans un premier temps, les produits mis en avant seront deux fonds phares d’OFI Asset Management particulièrement adaptés aux besoins des investisseurs institutionnels : OFI Risk Arbitrages et OFI Risk Arb Absolu, fonds UCITS dont les actifs sous gestion sont supérieurs à 300 millions d’euros.
26/11/2012

BlackFin Capital Partners prend une participation dans le Groupe Cyrus

BlackFin Capital Partners, fonds de Private Equity dédié aux services financiers, annonce l’acquisition d’une participation minoritaire dans le Groupe Cyrus au côté des managers et des salariés, et prend ainsi la suite du fonds UI Gestion rentré en 2008. Créé en 1989, le Groupe Cyrus est spécialiste du conseil en gestion de patrimoine indépendant gérant un encours de 1,7 milliard d’euros d’actifs financiers pour le compte de 2 300 familles.
26/11/2012

L'Europe est à nouveau au chevet de la Grèce

Après l'échec de leurs négociations la semaine dernière, les ministres des Finances de la zone euro se retrouvent aujourd’hui pour trouver un accord sur le programme de redressement budgétaire et la soutenabilité de la dette grecque. Le FMI pourrait faire des concessions sur ce point.
26/11/2012

Les indépendantistes catalans perdent des points

Si les quatre formations réclamant un référendum sur l’indépendance obtiennent deux tiers des 135 sièges du parlement de Catalogne lors des élections régionales qui se sont déroulées hier, leurs divergences risquent d’entraver l’organisation d’un éventuel scrutin.

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