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11/09/2012

Money market fund consolidation has a silver lining for investors

The financial crisis of 2008 and the evolution of the regulatory environment have accelerated consolidation in the money market fund sector in the past few years, particularly in Europe. Overall, this consolidation trend has positive aspects for investors in money market funds, as it does for managers of the funds, the financial ratings agency Moody’s finds in a study published on 10 September. Moody’s predicts that this consolidation trend will continue as mergers and acquisitions of fund managers continue, due to considerations related to economies of scale, a low interest rate environment which bites into commissions, tougher regulations, and rationalisations of product lines which may lead some players to abandon this segment of activity.
11/09/2012

Aquila Capital and ECPI cooperate in ESG strategies

Aquila Capital has signed a cooperation agreement with the Italian group ECPI, which will provide extra-financial data for its investments in agriculture. The two firms will work together to determine environmental, social and governance (ESG) criteria for products from Aquila Capital and adherence to these criteria.
11/09/2012

Real estate managers steer clear of European periphery

The major real estate asset managers worldwide are increasingly excluding the peripheral European countries from their pan-European funds, the Financial Times reports. Groups like Fidelity Worldwide Investment and Standard Life Investments are creating funds which avoid Spain, Ireland, Italy, Portugal and Greece. The withdrawal of institutional investors will be particularly painful for Spanish and Irish real estate markets, the FT observes.
11/09/2012

Equity funds suffer outflows of nearly USD10bn

With key European Central Bank and US Federal Reserve meeting ahead, investors remained defensive in the first five days of September. EPFR global-tracked equity funds surrendered a net USD9.9 billion during the week ending Sept. 5, with emerging markets equity funds accounting for USD1.8 billion of that total, and US equity funds posted outflows of over USD8bn, due to redemptions from large cap ETFs. Government bond funds underwent redemptions totalling over USD1bn, for all maturities. However, high yield bond funds attracted about USD1.6bn. Bond funds overall poasted inflows of USD3.19bn in the week to 5 September. EPFR Global reports that emerging market bond funds have seen inflows of over USD32bn since the beginning of the year. Money market funds finished the week to 5 September with net inflows of USD4.6bn. Commodity funds posted inflows of over USD1bn for the third consecutive week.
11/09/2012

Popular Gestión absorbs funds from Allianz Gestión

As a part of the strategic alliance signed between Banco Popular and Allianz (see Newsmanagers of 25 March 2011), Popular Gestión (EUR5.885bn in assets as of the end of August) has absorbed the seven funds from Allianz Gestión (EUR52m), Funds People reports.The Allianz Selección Moderado, Allianz Selección Emprendedor, Allianz Selección Bolsa and Allianz Mixtofunds are absorbed into the Cartera Gestión Equilibrada fund from Popular Gestión, while the Allianz Renta Fija Ahorro, Allianz RF Corto Euroland and Allianz Selección Conservadora funds are absorbed into the Eurovalor Conservador Dinámico.
11/09/2012

Trial of former UBS trader begins

The trial of a former UBS trader accused of causing losses of USD2.25bn, Kweku Adoboli, began on Monday with jury selection, the Financial Times reports. The 32-year-old man has pleaded not guilty to charges of unauthorised trading. He faces up to 10 years in prison.
11/09/2012

Strong inflows to ETPs in August

In August, ETF/ETPs worldwide posted net subscriptions of USD12.1bn, compared with USD5.3bn in the corresponding month of last year, according to statistics from the BlackRock Institute, bringing the total in January-August to USD139.9bn, while asstes as of 31 August totalled USD1.763trn. According to ETFGI, the research agency founded by Deborah Fuhr, net inflows in the first eight months of the year and assets under management at the end of the period totalled USD143bn and USD1.762trn, respectively (see Newsmanagers of 7 September).The BlackRock statistics also show that net subscriptions were strongest in the United States (USD5.5bn in August, and USD98bn in January-August), and in Europe (USD4.4bn and USD15.4bn). By product category, net inflows in the first eight months of the year totalled USD50.8bn for bond products, USD54.8bn for equities from developed countries (of which only USD1.7bn went to European equity products), USD22.7bn for emerging market equities, and USD8.7bn for commodity ETPs.The ETPs which posted the strongest net subscriptions in the first eight months of the year were the Vanguard MSCI Emerging Markets fund (USD9.79bn), the iShares iBoxx $ Investment Grade Corporate Bond (USD5.75bn), and the iShares iBoxx $ High Yield Corporate Bond fund (USD4.92bn). The fourth fund is the Huatai-Pinebridge CSI fund (USD3.98bn for January-July).
11/09/2012

Paulson bounces back

In August, the Gold Fund by John Paulson gained 11%, which has reduced losses since the beginning of the year to 15%, according to Bloomberg, cited by Investment Week. The Paulson Advantage and Paulson Enhanced fund have also gained ground.
11/09/2012

Banif head to lead Santander AM offensive in the US

José Manuel García de Sola, who has spent ten yeas as CEO of the private bank Banif, will be taking over leadership for development at Santander Asset Management in the United States, Funds People reports.
11/09/2012

ETF Securities admitted to SIX Swiss Exchange as a new ETF issuer

SIX Swiss Exchange on 11 September announced that it is integrating ETF Securities as a new issuer of Exchange Traded Funds. The provider of products, founded in 2003, is based in London. That year, it gained international notoriety by creating the first ETP to replicate physical gold worldwide. Since 2008, ETF Securities has also launched ETFs, and is one of the top European issuers of exchange-traded prodcuts (ETP). According to Alain Picard, Head Product Management at SIX Swiss Exchange, “the eight new ETFs traded on SIX Swiss Exchange provide an attractive complement to the existing range of exchange-traded funds. Our ETF segment now includes 880 listed products.”
11/09/2012

SWIP creates a position for head of global aggregate fixed income

Calum Smith, who had most recently been director and senior fixed income strategist at BlackRock, is joining Scottish Widows Investment Partnership (SWIP) in Edinburgh in the newly-created position of head of global aggregate in the fixed income management unit. He will report to Graeme Caughey, global head of rates. He will be in charge of strategy and performance for global aggregate bond products from SWIP aimed at retail and institutional investors.
11/09/2012

ESMA warns against online investment pitfalls

In a document published in 21 languages, the European Securities Markets Authority (ESMA) has issued a warning to retail investors against the pitfalls of online investment over the Internet.ESMA finds that “sometimes high pressure and aggressive selling/marketing techniques are used to entice (...) to invest, or to use particular websites,” and that “Not all firms operating on the internet have permission to offer investments.” Additionally, the agency says, “ESMA, and the authorities in Member States, have observed an increase in investor complaints regarding unauthorised activities by firms on the internet. Although financial regulations apply to advertising, not all the advertising you see complies with these. For example, there may be no, or little, investor information; and sometimes the information provided is misleading.” ESMA’s key messages in the 4-page release are:•Be aware of the potential risks involved in online investing.•Check if the firm is authorised.•Be wary of promises of high returns.•Be aware of software that automatically generates transactions for you.•Take special care when you’re asked to provide your credit card details.•If you do not understand what’s on offer, do not invest.
11/09/2012

Swiss & Global launches an emerging market equity fund

With the Luxembourg-registered fund JB Emerging Markets Corporate Bond Fund, which complies with the UCITS IV directive, Swiss & Global Asset Management on 28 August extended its range of emerging market bond funds with a corporate debt product which offers higher returns and better fundamentals than comparable securities from industrialised countries.The new fund relies on a combination of top-down and bottom-up approaches; it is managed by Enxo Puntillo, head of fixed income emerging markets, and co-manager of the JB Emerging Markets Corporate Bond Fund, Dorthe Fredsgaard Neilsen, and Tania Minella.CharacteristicsName: Julius Baer Multibond – Emerging Markets Corporate Bond FundISIN code: LU0784392382Benchmark index: JPM Corporate Em. Markets Bond Index DiversifiedManagement commission: 1.20%
11/09/2012

Wells Fargo closes fund to new investors

Due to the scale of subscriptions, Wells Fargo Asset Management will be closing its US All Cap Growth fund to new investors in 21 September, since the high volume of inflows limits the effectiveness of allocation by the management team to small caps, Investment Europe reports. The fund has attracted USD550m since the beginning of the year.As a substitute, Wells Fargo AM will be offering clients an opportunity to acquire shares in the US Premier Growth fund, which is managed by the same team, but which is positioned solely on mid and large caps.The two funds are sub-funds of the Luxembourg Sicav from Wells Fargo, Worldwide Fund.
11/09/2012

BlackRock to slash commissions for some ETFs

At the Barclays Global Financal Services Conference, Laurence Fink, CEO of BlackRock, has announced that commissions for some large and liquid core portfolio ETFs will be cut during, and probably early in, fourth quarter, Mutual Fund Wire reports.The move is thought to be a response to price cuts by Vanguard, which has gained market share from BlackRock and its iShares brand ETFs.However, these price cuts will not be across the board, as there is no competitive pressure on smaller and less liquid products.
11/09/2012

La Française AM launches cross-border master-feeder fund

La Française AM and La Française AM International have received permission from the Luxembourg (CSSF) and French authorities (AMF) to launch a cross-border master-feeder fund, which they claim will be the first UCITS IV-compliant product of this kind in France. The fund will be operational from 2 October 2012.The firm plans to establish a Luxembourg-registered master fund, which will be associated with a French-registered feeder fund. This move will allow the firm “to adapt the product range to the constraints and needs of investors, depending on their country of domicile,” a statement says.LFP Trend Opportunities, the master fund domiciled in Luxembourg, will be aimed at international institutional clients, while the LFP Multi Trends feeder fund, domiciled in France, will be aimed both at institutional and retail clients, primarily in France. As a part of the deal, LFP Multi Trends, formerly a fund of funds, would become a directly-managed fund as a feeder of the equity fund LFP Trend Opportunities, a Luxembourg-registered fund specialised in themes associated with new challenges related to globalisation.Patrick Rivière, CEO of La Française AM, says in a statement that “Luxembourg is a base for international development.” Other projects are under study.Primary characteristics of LFP Multi Trends:French-registered LFP fundMinimal initial subscription: noneSubscription commissions: Maximum 4% including taxes, not reinvested in the fundWithdrawal penalties: noneOther fees: 3.65% total including taxesISIN code: FR0010834390
11/09/2012

Claire Rodrigue joins Montségur Finance

Claire Rodrigue, a former manager at Comgest, who left that firm at the end of June, according to information obtained by Newsmanagers, has joined Montségur Finance, apparently as CIO. She is expected to present at a conference on 19 September in Aix-en-Provence, organised by Finaveo et Associés, with three asset management firms, on the subject of “management of European growth equity funds.”
11/09/2012

East Capital signs a distribution agreement in Italy

The Swedish asset management firm East Capital has signed a distribution agreement with the Italian platform FinecoBank, an affiliate of UniCredit, the Italian website Bluerating reports. The agreement specifies that FinecoBank will distribute two equity funds from the Scandinavian asset management firm: East Capital (Lux) Russian Fund and East Capital (Lux) Eastern European Fund.
10/09/2012

La Chine veut investir massivement dans le logement

Pékin est bien parti pour atteindre ses objectifs ambitieux de construction de logements publics cette année, a indiqué le gouvernement. A fin août, les autorités avaient investi 820 milliards de yuans (101 milliards d’euros) pour 6,5 millions de mises en chantier de logements, tandis que 4,2 millions d’unités d’habitation ont été achevées, selon des chiffres communiqués par le ministère du Logement et du Développement urbain-rural.
10/09/2012

Discussions ardues entre la Grèce et la troïka

La Grèce a reconnu lundi avoir du mal à convaincre ses créanciers internationaux (FMI, BCE, UE) d’avaliser son plan d’austérité de près de 12 milliards d’euros sur deux ans, sur lequel elle compte pour obtenir une nouvelle tranche d’aide. «C’est une discussion difficile», a concédé le ministre des Finances Yannis Stournaras à l’issue de la rencontre. «Nous essayons de les convaincre de la solidité de nos positions».
10/09/2012

Les ETP obligataires enregistrent des flux records

Le segment obligataire des fonds ou produits indiciels cotés (ETF, ETP) est le champion de l’industrie mondiale des ETP en 2012 avec une progression de 94% des flux entrants au cours des sept premiers mois par rapport à la même période en 2011, selon les dernières données publiées par BlackRock. De janvier à fin juillet, leur part dans le marché des ETP a atteint 18% contre 7% en 2009, les ETP sur actions conservant 57% des actifs gérés.
10/09/2012

Rome estime ne pas avoir besoin de plus d’austérité

Les mauvaises performances de l'économie italienne au premier semestre ne remettent pas en cause les objectifs de réformes structurelles que s’est fixés le gouvernement et celui-ci n’a pas besoin de réviser ses prévisions budgétaires, a déclaré lundi le ministre italien des Finances, Vittorio Grilli. L'économie italienne s’est contractée de 0,8% au deuxième trimestre par rapport au premier et le recul du PIB atteint 2,6% sur un an.
10/09/2012

Dublin doit encore fournir des efforts

Selon le dernier rapport du FMI sur la situation de l’Irlande, l’institution de Washington admet qu’une consolidation budgétaire importante a déjà été mise en œuvre mais souligne que des efforts significatifs sont encore nécessaires pour amener le déficit sous la barre des 3% du PIB d’ici 2015. Elle plaide en faveur de mesures bénéfiques pour la croissance et d’un meilleur ciblage des dépenses, en particulier sur la retraite des fonctionnaires.
10/09/2012

La BCE met fin au programme SMP

La Banque centrale européenne a annoncé lundi n’avoir racheté aucune obligation souveraine la semaine dernière dans le cadre de son «programme pour les marchés de titres» (SMP), un mécanisme d’aide aux Etats de la zone euro en difficulté désormais caduc. Le président de l’institution, Mario Draghi, a confirmé jeudi dernier la fin du SMP, appelé à être remplacé par les «opérations monétaires sur titres» (OMT).
10/09/2012

Décès du ministre japonais des Services financiers

Tadahiro Matsushita, ministre japonais de la Réforme postale et des services financiers, est décédé à son domicile de Tokyo à l'âge de 73 ans, rapporte la chaîne NHK. NHK, s’appuyant sur des sources policières, a indiqué qu’une enquête était en cours pour déterminer les causes de la mort mais l’agence de presse Jiji, citant aussi une source policière, a évoqué l’hypothèse d’un suicide.
10/09/2012

L'action de groupe dans le projet de loi sur la protection du consommateur

Le rapport du Conseil d’analyse économique (CAE) sur la protection du consommateur, présenté à la presse ce matin, constitue «la première étape dans la construction du futur projet de loi, programmé pour le printemps 2013», a indiqué Pierre Moscovici, ministre de l’Economie et des Finances. Parmi les six propositions des rapporteurs figure l’action de groupe. Celle-ci sera dévolue aux litiges relevant du droit civil – excluant les préjudices immatériels. Afin d’éviter certaines dérives, le rapport suggère notamment la possibilité de constituer des associations ad-hoc, et préconise un mécanisme qui garantisse un faible coût de participation pour les plaignants. Benoît Hamon, ministre délégué à l’économie sociale et solidaire, a indiqué que les instances représentant les entreprises, comme le Medef, et les associations de défense des consommateurs seraient consultées dans le cadre de l’élaboration du projet de loi.
10/09/2012

Hausse moins marquée que prévu du PIB turc

L'économie turque a enregistré une croissance de 2,90% sur un an au deuxième trimestre alors que les économistes interrogés par Reuters avaient anticipé une augmentation du produit intérieur brut (PIB) de 3,25%. D’un trimestre sur l’autre, le PIB a progressé de 1,8% sur une base ajustée, précise l’institut de statistiques turc. La croissance du premier trimestre a été revue en hausse, à 3,3% contre une estimation de 3,2% fournie en juillet. La croissance sur 2011 a été confirmée à 8,5%, un chiffre qui distingue nettement la Turquie de ses voisins européens.
10/09/2012

Hausse inattendue de l'indice Sentix dans la zone euro

L’indice Sentix du moral des investisseurs a augmenté en septembre pour la première fois depuis mars, à la faveur essentiellement du nouveau programme de rachats d’obligations souveraines défini par Banque centrale européenne (BCE) pour endiguer la crise de la dette de la zone euro. Le cabinet d'études Sentix a ainsi fait état d’un indice de -23,2 pour le mois en cours, contre -30,3 en août et un niveau de -30,7 attendu par les économistes.
10/09/2012

Le PIB italien a reculé plus qu'initialement prévu

L'économie italienne s’est contractée de 0,8% au deuxième trimestre par rapport au premier, soit davantage que ce qui avait été initialement estimé, et le recul du produit intérieur brut (PIB) sur un an est de 2,6%. Istat, l’institut des statistiques nationales du pays, avait dans un premier temps dit que le PIB avait baissé de 0,7% d’un trimestre sur l’autre et de 2,5% d’une année sur l’autre. L'évolution sur un an du PIB du premier trimestre a également été révisé à la baisse, à -1,5% contre -1,4% en première estimation, le repli trimestriel étant confirmé à 0,8% sur la période.

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