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22/08/2012

Scope rates wealth management funds

The Berlin-based rating agency Scope has issued its first ratings of 78 wealth management funds on sale in Germany. Only theBL Global 75 B Cap receives the near-perfect rating of AA+, while overall Scope rated 11.5% of funds “AA” and 25.6% as “A.” The last fund on the list is PRIMA-Konzept, rated CC. Overall, 64% of the sample receive an “investment grade” rating (AA to BBB). The rankings are based on quantitative data on risk management performance, as well as positioning in the peer group.Scope, which is subsequently hoping to rate all “pertinent” wealth management funds available on the German market, has also included some qualitative aspects in its report.The only French-registered fund on the list from the German agency is the Carmignac Patrimoine A, which receives a rating of A. Only 7 products receive a better rating.
22/08/2012

Generali releases Asian bond fund in Germany

BaFin has issued a sales license for Germany to the Luxembourg-registered bond fund Asian Bond, a sub-fund of the Generali Investment Sicav (see Newsmanagers of 21 May 2012), managed by the Hong Kong affiliate of Generali. In light of the growing popularity of these investments with institutional investors, the asset management firm has released this product, which invests in government and corporate bonds from South Korea, Singapore, Indonesia, Malaysia, Philippines, Thailand, China and Hong Kong, denominated in local currencies. The objective is to generate outperformance of 100 basis points per year over the HSBC Local Bond Index.CharacteristicsName: Generali Investments SICAV – Asian BondISIN code: LU0577419962Management commission: 0.40%
22/08/2012

Axa launches its 2012 employee shareholder operation

The Axa group on 21 August announced that it is launching its annual employee shareholder operation, which gives employees of the group a way to subscribe to a reserved capital increase. The 2012 operation, entitled “Shareplan 2012,” will be held in 40 countries,a nd will involve more than 110,000 employees, who will be offered, in most countries, a “classic” and “leveraged” option. The maximal number of shares that may be issued as part of the operation is 58,951,965 shares, corresponding to a capital increase of a nominal total of nearly EUR135m.
22/08/2012

Rich investors go where pension funds don't dare to tread

In its Property Report, the Wall Street Journal reports that pension funds and other major institutional investors are not taking the risk of subscribing to shares in high-risk real estate funds, but that asset managers have found another source of financing: high net worth private investors.Starwood Capital Group has raised about USD800m out of USD2bn for its real estate, distressed debt and new construction fund.Carlyle Group received about 10% of its USD2.3bn fund from high net worth investors (HNWI), while Lone Star Group attracted more than USD1bn from HNWIs for its USD5.5bn fund closed last year.Even Blackstone Group, which had no trouble in attracting institutional money for its current real estate fund, has turned to private investors to diversify its investor base, and is expected to attract over USD1bn from this source for its USD13bn fund.
22/08/2012

Interest in emerging market equities rebounds

The first half of the month of August confirmed investors’ interest in emerging market equities. EPFR Global-tracked Emerging Markets Equity Funds absorbed another USD873 million during the second week of August as their current inflow streak hit three straight weeks, the longest since a seven week run ended in late February. Once again the bulk of this new money went into the diversified Global Emerging Markets (GEM) Equity Funds, with Asia ex-Japan and EMEA Equity Funds also posting modest inflows while Latin America Equity Funds recorded outflows for the seventh time in the past eight weeks. Equity funds overall finished the week ending August 15 with outflows of USD5.67bn, due to a disaffection with US equity funds. Bond funds posted net inflows of USD4.02bn, while money market funds have taken on net inflows of USD5.49bn.
22/08/2012

NordLB AM launches a Far East tracker fund

Institutional investors have already subscribed to EUR50m in shares in the new open-ended tracker fund NORD/LB AM Aktien Far East ex Japan T, a passive product investing in shares in companies of the Far East excluding Japan, in both developed and emerging countries. The fund aims to replicate the MSCI Far East ex Japan index.The third regional tracker fund from NordLB AM (following funds focused on Europe and North America) was launched on 31 July by NordLB Asset Management (EUR21.7bn in total assets). The firm is also planning to release an open-ended fund which replicates the evolution of the MSCI Pacific index.CharacteristicsName: NORD/LB AM Aktien Far East ex Japan TISN code: DE000A1JJJE1Administration commission: 1 % (currently 0.25%)Management commission: 0.60% (currently 0.15%)Minimal subscription: EUR250,000
22/08/2012

Columbia preparing 17 actively-managed ETFs

In two SEC filings dated 16 August, Columbia Management Investment Advisors, an affiliate of Ameriprise Financial, has applied for a license from the regulator to launch a total of 17 actively-managed ETFs, which may be admitted to trading on the NYSE Arca platform.The funds are:Columbia Emerging Markets Bond ETF,Columbia European Equity ETF,Columbia International Equity ETF,Columbia Limited Duration Credit ETF,Columbia Short Term Bond ETF,Columbia Small/Mid Cap Value ETF,Columbia U.S. Government Mortgage ETF,Columbia Dividend Income ETF,Columbia Emerging Markets ETF,Columbia Pacific/Asia ETF,Columbia SMID Growth ETFColumbia Tax-Exempt ETFand the Columbia Muni Target 2015, 2016, 2017, 2018 and 2019 ETFs.
22/08/2012

BNY Mellon recruits for wholesale distribution

Ahead of the introduction of the Retail Distribution Review (RDR) regime in the United Kingdom, which will require prime brokers to provide more meaningful support to IFAs, BNY Mellon has decided to scale up its distribution with the recruitment of three people.They are Adrian Gough, head of investment management at RSM Tenon, who will be joining the firm in Sptember, Russell Bignall (ex Standard Life), who will become head of national network & bank distribution, and will begin by the end of the month, and Anita Rennie (ex Schroders), who becomes head of the advisory telephone sales team.The three recruits will report to Scott Goodsir, head of UK wholesale.
22/08/2012

L&G recruits from Aviva

Ross Anderson, RDR implementation manager since January 2011, will be leaving Aviva on 7 September to join Legal & General as head of strategy & change delivery on 22 October, Money Marketing reports.
22/08/2012

Mike Spinks leaves Schroders

Mike Spinks, a multi-asset class manager at Schroders, will be leaving the firm, and Remi Ajewole will replace him as co-manager of the Schroder Diversified Growth fund. Martin Blank becomes co-manager of the Diversified Completion fund, alongside Carr.
22/08/2012

Several hedge funds authorised to operate in India

The Indian market authority (SEBI) has approved the release of seven hedge funds on the Indian market in the past month, FINalterantives reports. Under new regulations for alternative investment funds introduced in March this year, the first trading license for the Indian market was issued on 23 July; others followed in the month of August. China and South Korea have already taken similar measures. The Indian regulator says that publicly-traded companies will be able to sell up to 10% of their shares to alternative investment funds under the rules. Hedge funds now permitted to operate on the Indian market are: -India Alternative Credit Opportunities Fund (KKR) -IFCI Syncamore India Infrastructure Fund, -Utthishta Yekum Fund, -Indiaquotient Investment Trust, -Forefront Alternate Investment Trust, -Excedo Realty Fund, -Sabre Partners Trust.
22/08/2012

New principal manager for a fund from BNY Mellon AM

BNY Mellon Asset Management has appointed Nick Clay as lead manager of the BNY Mellon Global Equity Higher Income fund, replacing James Harries, fundweb reports. Harries becomes the alternate manager for the fund, while Ian Clark remains as assistant manager.
22/08/2012

FRM CIO leaves the firm

The chief investment officer at FRM, John Beech, left the fund of fund management firm in May, shortly after its acquisition by Man Group, according to reports in Financial News. His responsibilities have been taken over by Keith Haydon.
22/08/2012

Man Group downgraded by Moody's

The financial ratings agency Moody’s on 21 August announced that it has downgraded the senior debt of Man Group from Baa2 to Baa3, with a negative outlook.Moody’s explains in a statement that the agency’s decision is due to several factors which threaten the alternative group’s core activities: persistent declines in assets under management, performance below benchmark indices, rising commissions, and highly modest profit outlooks.
22/08/2012

Further resignation from SWIP equity unit

Jeremy Charles, manager of the Scottish Widows UK Growth Fund, whose assets under management total GBP1.3bn, has left the firm, Investment Week reports. Charles had previously worked at Aviva Investors as a senior portfolio manager. The departure follows a decision on the part of SWIP, announced in April, to set up quantitative equity management strategies, which have GBP54m in assets under management. SWIP announced at the time that this development would lead to 23 layoffs.
22/08/2012

Goldman Sachs and two hedge funds take over Travelodge

With the New York hedge funds Avencue Capital and Golden Tree Asset Management, Goldman Sachs has invested GBP75m to take control of the low-cost hotel chain Travelodge, which had been owned by Dubai International Capital, as part of a debt-for-equity swap, the Telegraph reports. Lenders have agreed to cancel GBP720m in debt.
22/08/2012

High frequency trading targeted by BVI

The German asset management association (BVI) is in favour of increased regulation of high-frequency trading. In a statement released on 21 August, the professional association claims that experts in high frequency trading, who had been seeking primarily to increase volume, should be required to complete at least one quarter of the market orders they issue. High-frequency trading should also be subject to a minimal time delay of 1 to 2 seconds, for example, in order to ensure that the issuer of the transaction call is interested in completing the transaction. The professional association claims, however, that initiatives on the part of the Federal government to regulate high-frequency trading are premature, in that the updated version of the MiFID directive calls for unified European regulation in this area. In this context, the German effort to charge into the breach is “completely superfluous,” the association claims.
22/08/2012

M&G recruits two for Nordic market

M&G Investments has hired two people for its distribution team in the Nordic market, according to reports in the British press. Robert Heany was recruited in July, after seven years at RBS in Stockholm, where he had been working in the Nordic Equity Capital Markets team. He will focus on developing M&G’s activities serving institutional investors in Sweden, Norway and Denmark. Billyana Kuncheva has also joined M&G. She will be based in Helsinki, and will deal with Finnish institutional investors and Danish retirement groups, corporate pension funds and local authorities. She previously worked at Aktia Invest, where she had been responsible for fixed income and selection of alternative managers.
22/08/2012

Succès pour l’offre d’échange obligataire de Cemex

Le cimentier a d’ores et déjà obtenu un taux d’acceptation de plus de 90% à son offre d’échange obligataire, visant à prolonger jusqu’en 2017 les maturités de 7,25 milliards de dollars de titres. Par ailleurs, des créanciers représentant 1,5% de la dette se sont engagés à souscrire à l’offre qui doit s’achever le 7 septembre. Le groupe a décidé de ramener le taux d’acceptation nécessaire à la finalisation de la transaction de 95% à 91%.
22/08/2012

La production mondiale d'acier a rebondi en juillet

D’après les statistiques publiées hier par la fédération industrielle Worldsteel, la production mondiale d’acier brut a augmenté de 2% par rapport à juillet 2011 pour atteindre 130 millions de tonnes, l’essentiel de cette progression étant à inscrire au crédit de la Chine, dont les tonnages produits s’affichent en hausse de 4,2% sur un an, à 61,7 millions de tonnes. Cette hausse fait suite à une légère baisse le mois précédent.
22/08/2012

2,12 milliards d’euros de collecte pour le Livret A en juillet

La collecte du Livret A s’est élevée à 2,12 milliards d’euros en juillet, portant la collecte nette sur ce livret d'épargne à 13,29 milliards sur les sept premiers mois de l’année, a indiqué hier la Caisse des dépôts (CDC). L’encours global du Livret A se monte désormais à 230,2 milliards d’euros contre 216,9 milliards fin 2011. Le sujet du relèvement du plafond de ce produit d’épargne doit être débattu aujourd’hui au Conseil des ministres.
22/08/2012

Temasek a vendu sa part de Tiger Beer à Heineken

Le fonds souverain de Singapour, Temasek, a vendu à Heineken sa participation d’environ 1,4% dans Asia Pacific Breweries (APB), dépositaire de la marque Tiger Beer, a rapporté hier Reuters de plusieurs sources, ce qui pourrait assurer le succès de l’offre de rachat formulée par le groupe néerlandais, contestée par un concurrent thaïlandais. Une porte-parole de Temasek a confirmé la vente de la participation du fonds dans APB mais a refusé de préciser l’identité de l’acquéreur.
22/08/2012

La Grèce devra économiser 2 milliards d'euros de plus

Athènes va devoir économiser deux milliards d’euros de plus au cours des deux prochaines années afin de se conformer aux objectifs fixés dans le cadre du plan d’aide consenti par l’Union européenne et le Fonds monétaire international, a confié hier à Reuters un haut responsable du ministère des Finances. Pour arriver à une baisse nette des dépenses de 11,5 milliards d’euros, le gouvernement estime qu’il devra prendre des mesures budgétaires représentant une valeur nominale de 13,5 milliards d’euros.
22/08/2012

L'Argentine déposera plainte contre les Etats-Unis

Buenos Aires va déposer une plainte contre les Etats-Unis devant l’Organisation mondiale du Commerce (OMC) sur les importations américaines de citron et de bœuf, a annoncé hier le ministère argentin des Affaires étrangères. Cette décision intervient peu de temps après des plaintes déposées contre l’Argentine par le Japon et les Etats-Unis qui reprochent au pays d’Amérique latine sa politique en matière d’octroi de licences d’importations qu’ils jugent discriminante.
22/08/2012

La donne se complique en Grande-Bretagne

Le plan d’austérité britannique afin de redresser les finances publiques peine à convaincre de son efficacité. Le gouvernement a emprunté en juillet près de 0,6 milliard de livres. Un déficit inattendu qui met en danger les objectifs annuels.

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