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05/09/2011

Ignis plans to launch several funds

Ignis Asset Management is planning to launch a credit version of its absolute return fund, an emerging market debt fund, and a global equity fund and an emerging market equity fund with a growth strategy, Investment Week reports. The launches come as additions to the range of house funds from the asset management firm.
05/09/2011

Guillaume de Corbiac quitte Axa IM

Guillaume de Corbiac, gérant du fonds AXA WF Framlington Emerging Markets Talents, a quitté la société de gestion. Son fonds a été repris par Charles Firmin-Didot, fondateur et CIO des fonds Talents, a indiqué un porte-parole d’Axa Investment Managers à Newsmanagers.Guillaume de Corbiac avait rejoint l’équipe Talents, dédiée à la fois à la recherche d’entrepreneurs, en mars 2004 après deux années d’expérience professionnelle en France et à Singapour. Il était gérant du fonds AXA WF Framlington Emerging Markets Talents depuis début 2009, après l’avoir suivi en tant que gérant back-up entre sa création en septembre 2005 et fin 2008.
05/09/2011

EdRAM creates a dedicated team for reporting and clients

Edmond de Rothschild Asset Management has recruited Pascal Luccini as head of its newly-created team for reporting and clients. In addition to the director, the team includes six people. The French asset management firm is hoping to strengthen “its ability to assist and the quality of its service to French and international institutional clients.”Luccini joins from Allianz Global Investors, a firm which he joined in 1996, where he became head of client services in 2002.
05/09/2011

US money market funds continue to avoid euro zone banks

US money market funds reduced their exposure to euro zone banks for the second consecutive month in August, the Financial Times reports. Some funds have begun to completely avoid French institutions. Legg Mason says that its money market teams have considerably reduced their exposure to euro zone banks due to headline risks and not credit issues.
05/09/2011

F&C loses its head for France

According to information obtained by Newsmanagers, Michel Bernard is leaving F&C. Bernard, who is based in London, was head of F&C for France, and was responsible for institutional investor clients of the UK asset management firm in particular. He took up the position following the departure of Aurélien Lafaye in late 2010, and was also in charge of other markets, including the Scandinavian countries. When asked about the departure, a spokesperson for F&C states that institutional activities in France “and in other markets where F&C does not have a local presence” are overseen by Julian Lyne, global head of consultants, and his 13-member team. One person dedicated to the French market will be appointed «in due course», the spokesman adds.
05/09/2011

Guillaume de Corbiac leaves Axa IM

Guillaume de Corbiac, manager of the AXA WF Framlington Emerging Markets Talents fund, has left the asset management firm. His fund has been taken over by Charles Firmin-Didot, founder and CIO of the Talents funds, a spokesperson for Axa Investment Managers has told Newsmangers.De Corbiac joined the Talents team, which is dedicated to the search for entrepreneurs, in March 2004, following two years of professional experience in France and Singapore. He had been manager of the AXA WF Framlington Emerging Markets Talents fund since early 2009, following a period in which he was a back-up manager for the fund, from its creation in September 2005 to late 2008.
05/09/2011

First State limits access to five Asian funds

First State Investments has announced that it has decided to limit access by new investors to five funds specialised on Asia-Pacific and emerging markets, in order to protect the interests of existing investors. The funds affected are the First State Asia Pacific (GBP229m), First State Indian Subcontinent (GBP293m), First State Global Emerging Markets Sustainability (GBP161m), First State Latin America (GBP117m), and First State Greater China Growth (GBP623m).
05/09/2011

Generali releases Euro Covered Bonds fund for sale in Spain

The CNMV has recently issued a sales license for Spain to the Euro Covered Bonds (LU0629527333) sub-fund of the General Investments Sicav, Funds People reports.The product, launched on 6 July, has assets of EUR85m. It invests primarily in investment-grade covered bonds denominated in euros, excluding German Pfandbriefe (which reduces the universe to about 500 securities), but the manager, Guido Favaretto, may also adopt tactical positions on other UCITS-compliant funds (up to 10%), interest rate derivatives, currencies, cash, government bonds, money market instruments, or savings accounts, up to a maximum of 30% of assets.Generali Investments manages about EUR24bn in covered bonds. The benchmark index for the fund is the BofA Merrill Lynch Euro Non-Pfandbriefe Covered Bond Index.
05/09/2011

Actively-managed bond funds are overpriced

According to a study by Vanguard based on statistics from Morningstar covering the past 20 years, two thirds of actively-managed bond funds in the United States have underperformed the bond markets, the Wall Street Journal reports. 20 years ago, according to the Investment Company Institute, a bond fund cost an average of USD100 for every USD10,000 invested, and that amount would have generated an average annual revenue of USD825, if it were invested in 10-year US Treasury bonds, and USD1,050 if it were invested in corporate bonds rated Baa by Moody’s. In 2010, the average commission charged by bond funds was USD70 for every USD10,000 invested. But the same amount invested in 10-year US Treasury bonds or Baa-rated corporate bonds would now generate only USD330 and USD540 in annual revenue, respectively. However, the Wall Street Journal observes, investors can find better deals by subscribing to bond ETFs. Investors who subscribe to products such as the Vanguard Total Bond Market ETF, the iShares Barlays Aggregate Bond Fund or the SPDR Barclays Capital Aggregate Bond ETF will pay only USD11 to USD22 per year for every USD10,000 invested.
05/09/2011

BlackRock applies for a license for partially “opaque” actively-managed ETFs

BlackRock Fund Advisors, Spruce ETF Trust and BlackRock Investments submitted a joint application to the SEC on 1 September, seeking an exemption from the Investment Company Act of 1940 to be allowed to launch a range of 13 actively-managed ETFs, which would be “non-transparent,” meaning that they would not publish the composition of their portfolio on a daily basis.The range would include the Large Cap Fund, Large Cap Value Fund, Large Cap Growth Fund, Large/Mid Cap Fund, Large/Mid Cap Value Fund, Large/Mid Cap Growth Fund, Large Cap Long-Short Fund, Large Cap Value Long-Short Fund, Large Cap Growth Long-Short Fund, Large/Mid Cap Long-Short Fund, Large/Mid Cap Value Long-Short Fund, Large/Mid Cap Growth Long-Short Fund et Large Cap Growth Active Insights Fund. Indicative intraday value for the funds would be published in real time, but shares would be tradeable at their net asset value only once a day. This formula would avoid significant divergences between the buy and sell prices for the shares and the net asset value.BlackRock claims that the format of the funds would not pose new regulatory problems, but on the contrary, would limit front-running and free-riding risks which other actively-managed ETFs which publish the composition of their portfolios are exposed to.Each of the non-transparent ETFs would invest in or take short positions mainly on the 1,200 largest US caps, as defined by the Frank Russell Company.
05/09/2011

US managers sell more funds in Europe

Funds sold by US asset management firms took 70% of total net subscriptions in Europe in the first six months of this year, equivalent to EUR63bn out of a total of EUR90.7bn, up from only 40% in 2010, Financial Times Fund Management reports, citing Lipper. Sales of global bond ETFs are the cause of the increase. Franklin Templeton (EUR16bn in net subscriptions) has been the most successful US asset manager in Europe, followed by BlackRock (EUR14.6bn) and Pimco (EUR7.5bn).
05/09/2011

RiverCrest preparing two equity funds

Hedge Week relays reports in Financial News that RiverCrest Cfapital, a new London-based absolute return specialist, is planning to launch the Global Equity Fund (long/short, top-down), managed by Alastair McLeod and Peter Simon, two former Lansdowne managers, in October.The firm is also planning the European Equity Alpha Fund (market neutral, bottom-up), managed by Giles Worthington and Tim Short, from M&G Investments, for launch by the end of this year.
05/09/2011

SEC charges a hedge fund manager with insider trading

Hedge Week reports that the SEC has filed charges in the US District Court of New Jersey against James F. Turner II, his hedge fund management firm, Clay Capital Management, his brother-in-law, one of his friends, and a neighbour for illegally making USD3.9m off the use of insider information about the Moldflow Corporation, Autodesk and Salesforces.
05/09/2011

“In Europe, valuations and returns of equities are highly attractive”

The head of multi-management at Invesco AM discusses the causes of the crisis on the financial markets, and the outlooks for the most severely affected asset classes. Bernard Aybran notes in this regard that the equities markets of the euro zone are now much more attractive, both in terms of valuations and returns. Hence his reconstitution of positions on equities markets, via futures on the Eurostoxx 50 index and arbitrage bets on small and midcaps.
05/09/2011
Gestion d'actifs

Le SPF FIN Trésorerie lance un appel d'offres sur la gestion de titres dormants

Appel d’offres général pour la gestion des titres provenant notamment des fonds dormants, pour le compte du SPF Finance, Caisse des dépôts et consignations de Belgique. Gestion des titres dormants déposés à la Caisse des dépôts et consignations en exécution du chapitre V de la loi du 24.7.2008 portant des dispositions diverses (I) (M.B. 7.8.2008, p. 41.191). Pour lire l’avis complet: cliquez ici
Gestion d'actifs
05/09/2011

Les crédits aux entreprises demeurent dynamiques

Selon la Banque de France, les crédits aux entreprises (mobilisés et mobilisables) ont enregistré une hausse de 4,7% en glissement annuel en juillet, après un gain de 4,9% fin juin. Les crédits aux PME (+ 5,9 %) et l’immobilier (+ 8 %) signent les plus fortes progressions.
05/09/2011

Le CDS français plus traité que l’italien

Les volumes notionnels nets traités sur le CDS de la France ont plus que doublé en un an et dépassaient à fin août ceux de l’Italie, à 25,7 milliards de dollars. Le CDS français est le plus élevé des émetteurs souverains AAA.
05/09/2011

BlackRock crée une filiale pour les ETF

Le géant américain a demandé l’autorisation aux autorités de régulation de mettre sur pied une nouvelle filiale, Spruce ETF Trust, ayant pour mission la gestion active de treize fonds indiciels cotés (ETF) dont les participations ne seraient révélées que sur une base trimestrielle.
05/09/2011

La DGA prône des rapprochements dans la défense

Dans un entretien publié samedi dans Le Monde, le délégué général pour l’armement, Laurent Collet-Billon, prône des rapprochements entre industriels français de la défense pour mieux affronter la concurrence et répondre aux besoins d’investissement. Il cite les activités d’optronique et de systèmes de navigation de Thales et Safran, dont la «rationalisation» doit selon lui se faire.
05/09/2011

La Commission veut réformer l'accès aux chambres de compensation

Selon un document circulant à Bruxelles et consulté par Reuters, la Commission européenne prévoit des «améliorations ambitieuses» à sa directive concernant les marchés d’instruments financiers (MiFID). Bruxelles propose d’abattre les barrières qui empêchent les banques et les investisseurs de pouvoir décider vers quelles structures se tourner pour jouer le rôle de chambres de compensation.
05/09/2011

Les Etats-Unis fixent un ultimatum à la Suisse

Selon le Sonntagszeitung, Washington a fixé un ultimatum à la Suisse pour qu’elle lui communique des informations sur tous les clients américains ayant disposé de comptes d’au moins 50.000 dollars entre 2002 et 2010 chez Credit Suisse, Julius Baer et Wegelin ainsi que dans des banques cantonales à Zurich et Bâle.
05/09/2011

La croissance brésilienne a ralenti au deuxième trimestre

Selon les chiffres publiés vendredi par l’agence des statistiques IBGE, la croissance économique brésilienne a ralenti au deuxième trimestre, à 3,1% l’an contre un rythme de 4,2% au premier trimestre, en raison d’une moindre performance des secteurs agricole et industriel.
05/09/2011

La perte du triple A français coûterait 5 milliards d’euros par an

Une dégradation de la note souveraine de la France coûterait cinq milliards d’euros par an à l’Etat, a déclaré samedi la ministre du Budget Valérie Pécresse. «5 milliards d’euros par an, c’est le budget du ministère de la Justice (...) Donc je crois vraiment qu’il faut qu’on fasse attention», a-t-elle ajouté.
05/09/2011

Le FMI débloque une tranche d’aide à l’Irlande

Le Fonds monétaire international a annoncé vendredi avoir approuvé un débours de 2,11 milliards de dollars (1,5 milliard d’euros) dans le cadre du plan d’aide à l’Irlande. Selon le FMI, le gouvernement irlandais a poursuivi une «mise en œuvre résolue» de son programme d’austérité.
05/09/2011

Le LSE plébiscite le modèle en silo

L’opérateur boursier veut prendre le contrôle de LCH.Clearnet pour rivaliser avec Deutsche Börse et profiter de la croissance de la compensation des dérivés.
05/09/2011

Grèce : l'Europe cible le verrou finlandais

Directeurs du Trésor des Vingt-Sept et banquiers centraux se réunissent aujourd’hui à Bruxelles pour concrétiser les décisions prises le 21 juillet. Une solution devrait être trouvée pour éviter de privilégier la Finlande dans le cadre du deuxième plan d’aide à Athènes.

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