Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
12/04/2011

Head of Hermes Fund Managers resigns

Glyn Jones, head of Hermes Fund Managers, the management firm for the BT Pension Scheme, has resigned from his job, Responsible Investor reports. Jones took over as head of the firm in 2008. The recruitment of a successor to Jones is underway, Hermes states.
12/04/2011

LV=AM for sale

Investment Week cites reports in the Financial Mail that Liverpool Victoria is looking to sell its management business, LV= Asset Management. Four potential buyers are reported to be interested.
12/04/2011

European electronic shareholder proxy voting platform launched

The European shareholders’ association organisation Euroshareholders has launched EuroVote, a European electronic correspondence voting platform. With this initiative, “shareholders will for the first time be able to exercise their voting rights at the general shareholders’ meetings of the major European companies,” a statement from Euroshareholders says. The platform, which allows shareholders to vote from a different country than the one in which the general shareholders’ meeting is held, currently only extends to the 50 companies of the Stoxx 50 index. Euroshareholders is also publishing its first European recommendations to facilitate proxy voting by shareholders.
12/04/2011

Lyxor Hedge Fund index down in March

The Lyxor Hedge Fund index lost 0.34% in March. In the month, the alternative strategies which performed best were: Lyxor L/S Equity Statistical Arbitrage Index (1.26%); Lyxor Convertible Bonds & Volatility Arbitrage Index (0.81%); Lyxor Equity Market Neutral Index (0.57%), and Lyxor Fixed Income Arbitrage Index (0.31%). The least well-performing strategies were: Lyxor L/S Equity Short Bias Index (-3.02%), Lyxor Special Situation Index (-1.47%) and Lyxor CTA Long Terme Index (-1.18%). From the beginning of the year to the end of March, the global index has gained 0.76%.
12/04/2011

Aviva Investors creates an executive board dedicated to Europe

The CEO of Aviva Investors Europe, Jean-François Boulier, announced on 11 April that he has created an executive board dedicated to the activities of Aviva Investors in Europe (excluding the UK). “The creation of an executive board dedicated to Europe will help us to integrate our management and distribution activities in the region, and to step up development of our activities in our priority markets,” Boulier says in a statement. The European executive board includes: · Jean-François Boulier, CEO of Aviva Investors Europe· Emmanuel Babinet, COO for Europe· Christian Dormeau, CFO and head of human resources for Europe· Shaun Meadows, head of strategy for Aviva Investors· Ted Potter, head of business development for Europe· Marek Przybylski, head of development for central Europe The members of the regional executive board already generally serve in similar roles in their respective areas or countries. Aviva Investors adds that the European executive board has four major missions, which fall into its global strategy: accelerate commercial development in Europe; set up an international operational platform for Aviva Investors; maintain excellent quality investment services by Aviva Europe, and to develop joint activities of Aviva Investors in Europe.
12/04/2011

Stoxx launches ESG indices

The index provider Stoxx on 11 April announced the launch of a series of equities indices which will include ESG (environmental, social and governance) criteria, based on data and research from the Sustainanalytics company. The series will include three specialised indices covering the E, S and G criteria, as well as an overall index. The indices are entitled Stoxx Global ESG Environmental Leaders, Stoxx Global ESG Social Leaders, Stoxx Glboal ESG Governance Leaders and Stoxx Global ESG Leaders. The universe for the indices is the Stoxx Glboal 1800 index. Stoxx says that the innovation of the new family of indices is that ratings of companies in various categories and the methodology used will be made public on the Stoxx website as well as on the new Deutsche Börse site dedicated to sustainable investment.
12/04/2011

Swedish investors pull out of equities funds

In March, Swedish investors continued to pull out of equity funds. After net outflows of SEK9.3bn (about EUR1bn) in February, in March, these products saw SEK5.3bn (nearly EUR600m) in outflows, according to the most recent statistics from Fondbolagens Förening, the Swedish investment funds association. Outflows largely affected funds invested in Swedish equities, Swedish and global equities funds, and Asian equities funds. This brings total net redemptions since the beginning of the year to SEK8.2bn (EUR911m). However, due to money market funds, which saw net subscriptions of SEK7.6bn, the Swedish fund industry finished the month with a positive inflow of SEK3.6bn. Other sectors showed virtually no change, excepting hedge funds, which took on SEK1.2bn. Pia Nilsson of Fondbolagens Förening explains that these transfers from equities funds to money market funds is a result of the international context, in which there are many uncertainties at present, driving investors to seek less risky investments. As of the end of March, assets in funds on sale in Sweden totalled SEK1.946trn (EUR216bn), of which SEK1.158trn are in equity funds.
12/04/2011

Steep fall in defaults in 2010

After a year 2009 marked by succeeding records in corporate defaults, the year 2010 was characterised by a reversal of that spectacular trend. Defaults of corporate debt issuers worldwide last year totalled 81, compared with a record 265 in 2009, according to annual statistics compiled by Standard & Poor’s (“2010 Annual Global Corporate Default Study and Rating Transitions.”) None of the 81 defaulting companies began the year 2010 with investment-grade ratings, while 87.3% of them were rated B- or lower as of the beginning of the year. Alongside the fall in defaults, an improvement in credit quality has also been observed. There have been 1.36 upward ratings revisions for every 1 downward revision, while the percentage of unchanged ratings is 72.7%, a level not seen in six years. As of the end of 2010, the default rate for speculative category issuers was down to 3.27% in the United States, compared with 1.03% in Europe, and 1.23% in emerging markets. The global default rate came to 1.14% in 2010, compared with 4.04% the previous year.
12/04/2011

CalPERS helped to create 1 million jobs in California

The Californian pension fund CalPERS on 11 April announced that it has invested over USD17bn in companies based in California, which helped to create nearly 1 million jobs in the state of California in the 2009-2010 fiscal year. These investments represented 8.5% of the USD200.5bn total portfolio of the fund as of 30 June 2010, CalPERS says, adding that it plans to continue its investment efforts in capital investment and infrastructure, particularly in the renewable energies sector, as well as in real estate.
12/04/2011

UBS hit with a fine and ordered to reimburse US funds

One of the United States financial regulatory bodies, Finra, announced on 11 April that the UBS group will be required to pay a total of USD10.75m, of which USD2.5m is fines, and USD8.25m are restitution, for misinforming clients about products with ties to Lehman Brothers. “Between March and June 2008, when the credit crisis was at its height, UBS promoted … structured securities such as protected investments on a principal, without mentioning that these were non-securitised bonds of (the business bank) Lehman Brothers, which ultimately collapsed in September 2008,” FINRA explains in a statement. “In some cases, financial advisers at UBS did not themselves understand the complex products they were selling, and they thus failed to reveal the necessary information to investors,” in a way that might have made them able to understand the magnitude of the potential losses, a Finra chief, Brad Bennett, added. UBS neither confirmed nor denied the accusations, but agreed to the proposed settlement, Finra says in its statement.
12/04/2011

Major UK banking reforms in the works

The Independent Commission on Banking (ICB) on 11 April published its interim report on the British banking system, at the request of the government. The commission, led by the economist Sir John Vickers, recommends a separation of retail banking and investment banking activities in a document of over 200 pages, without making any definitive statements about the details of the separation. Rather than a structural radicalism, which would require the universal banking model to be dismantled, or a laisser-faire policy which would require much higher levels of owners’ equity at banks, the Commission estimates that “the most effective policy is probably a combination of more moderate measures in terms of absorption of risks or structures.” The report recommends increasing the owners’ equity ratio from 7% currently to 10% for banks which present systemic risks, and for major British retail banks. In structural terms, the report suggests that an entity protected by taxpayer money should be created, distinct from the larger entity, and with its own share of owners’ equity. The report will now be submitted to a period of consultation of several months, which will likely be very active. The Commission will submit its final report to the government in September.
12/04/2011

Tong Yang AM looks to develop in Asia

The Korean management firm Tong Yang Asset Management is seeking to strengthen its presence in several countries of south-east Asia, and is in talks with several potential clients in Japan, Asian Investor reports. Assets under management in the Korean asset management sector represent about USD267bn, of which 20% come from abroad. This percentage is expected to increase strongly, says Paik Chang-ki, CEO of Tong Yang AM.
12/04/2011

Skandia IG to serve the Netherlands from Paris

Bogdan Popescu, head of distribution in France for Skandia Investment Group, will now serve the Netherlands, in addition to Monaco and France. The firm was not previously represented in the Netherlands. It will offer sub-funds of the Skandia Global Funds Sicav, which are already available in France. These will be aimed primarily at the major financial institutions based or present in the Netherlands, as well as family offices and institutional investors. Popescu will continue to be based in Paris.
12/04/2011

Wealth management: IT investments in North America continue

Following the rebound observed last year, investments by North American wealth managers in IT industries are expected to increase further this year, the research and consulting firm Celent says in a new report (“The Financial Planning Market,” April 2011). Celent finds that spending may increase by 7.6% in 2011, to about USD1.6bn. Front office (45%) will absorb a considerable part of that spending, followed by back office (30%) and middle office (25%).
12/04/2011

Financière de l’Echiquier adds to sales team for Germany

Financière de l’Echiquier, having recently received a sales license on the German market for its diversified fund Arty (see Newsmanagers of 06/04/2011), is now stepping up its development in Germany further, with an addition to its German sales team. The French asset management boutique has recruited Csaba Dani, formerly of Eurogroup Consulting. The Austrian Dani will assist Sébastien Guedy in developing sales of funds on the German market, where the management firm led by Didier La Menestrel has been present since 2006. With this recruitment, the sales team at Financière de l’Echiquier dedicated to international sales now includes 15 people, a statement says. The management firm, which is planning to triple its assets to EUR15bn by 2015 (see Newsmanagers of 21/01/2011), posted net subscriptions in 2010 of EUR700m, of which 36% came from clients outside France. Since the beginning of the year, inflows have totalled EUR400m.
12/04/2011

Credit Suisse launches a bond fund in Italy

Credit Suisse has launched the Credit Suisse (Lux) Fixed Income Cycle Invest fund, a dynamically-managed bond fund, in Italy. The fund may invest in government or corporate bonds of any rating. Allocation is defined as a function of the economic context.
12/04/2011

State Street recruits an ETF specialist in Italy

State Street Global Advisors has appointed Francesco Lomartire as an ETF specialist, Bluerating reports. He will also belong to the IBG (Intermediary Business Groups) team, and will report to Danilo Verdecanna, managing director of SSgA Italia. Lomartire joins from Morgan Stanley Capital International.
12/04/2011

Two Canadian pension funds acquire a forest operator

The Canadian pension funds British Columbia Investment Management and Public Sector Pension Investment Board will acquire the forest operator TimberWest Forest for CAD1.03bn (EUR910m), including debt, Agefi Switzerland reports. The funds are offering CAD6.48 per share, in cash, which represents a premium of 25% over the share price over a 20-day period up to Friday, 8 April. The forest operator has changed the date of its general shareholders’ meeting, which was initially scheduled for 28 April, in order to allow shareholders to vote on the proposed acquisition.
12/04/2011

Investec AM to launch two emerging market debt funds

Investec Asset Management is going to launch two further funds to complement its range of investment strategies within emerging market fixed income. The two Luxembourg domiciled Funds both launch on 15 April 2011. The Investec GSF Emerging Markets Corporate Debt Fund will exploit opportunities across the emerging market corporate debt market. It is co-managed by Theo Stamos, Co-Head of Credit, with the support of the Investec Global Credit team. The second fund, the Investec GSF Emerging Markets Hard Currency Debt Fund, is managed by Peter Eerdmans and the Investec Global Emerging Markets Debt team. It will invest primarily in emerging markets sovereign bonds primarily denominated in US dollars. The fund will typically hold between 15 and 25 active long and short positions.
12/04/2011

Mario Draghi a le soutien de Berlin

Le scénario d’une nomination de Mario Draghi à la tête de la BCE gagne en crédibilité alors que Berlin s’y est dit favorable. «Je pense qu’en Europe, nous sommes au-delà du point où les qualifications d’une personne sont vues principalement au travers du prisme de sa nationalité», a déclaré à Reuters un haut représentant du gouvernement allemand. «Nous ne pouvons pas pousser un candidat simplement parce qu’il est allemand. Et un autre candidat ne serait pas mauvais juste parce qu’il est italien», a-t-il ajouté.
12/04/2011

Moulinvest réussit son entrée sur Alternext

Le spécialiste de la transformation du bois a fait part hier du succès de sa levée de fonds suivie de son admission sur Nyse Alternext Paris. 5,2 millions d’euros ont été levés dans le cadre d’un placement privé réalisé auprès d’investisseurs qualifiés.
12/04/2011

La Fed reste dans son schéma

«La hausse des prix des matières premières au cours de l’année écoulée semble être largement attribuable à une combinaison entre une demande mondiale en progression et des perturbations dans l’approvisionnement», a déclaré hier la vice-présidente de la Fed, Janet Yellen. «Ces évolutions ne paraissent pas devoir avoir des effets durables sur l’inflation ou faire dérailler la reprise économique et par la-même, de mon point de vue, ne justifient pas un changement dans l’appréciation de la politique monétaire».
12/04/2011

Pour l’Ifo, la dette grecque doit être restructurée

La Grèce est insolvable et a besoin d’une restructuration de son énorme dette pour retrouver des marges de manoeuvre, a déclaré hier à Reuters Hans-Werner Sinn, président de l’institut d'études allemand Ifo. Il a estimé que les mesures européennes visant à aider le pays n’ont guère eu d’effets au cours de l’année écoulée, ajoutant que les créanciers d’Athènes devaient se préparer à une restructuration de la dette.
12/04/2011

Le FMI abaisse sa prévision de croissance pour les Etats-Unis

La flambée des prix du pétrole et l’inflation dans les pays émergents risquent de menacer l'économie mondiale, a déclaré lundi le Fonds monétaire international (FMI). Le FMI a abaissé sa prévision de croissance aux Etats-Unis à 2,8% en 2011 (3% précédemment), mais l’a relevée à 2,9% pour 2012 (contre 2,7%). Dans la zone euro, le Fonds prévoit une expansion de 1,6% cette année, contre 1,5% précédemment, et de 1,8% l’an prochain (révisé de 1,7%). «La perspective va dans le sens d’un maintien de la croissance progressive et inégale en Europe», selon le rapport. Contre toute attente, l’institution de Washington juge que le séisme, le tsunami et la crise nucléaire qui ont frappé le Japon n’auront pas d’impact durable. Le FMI a revu en légère baisse sa prévision de croissance nippone en 2011, à 1,4% contre 1,6% précédemment, et a relevé sa prévision pour 2012, à 2,1% contre 1,8%.
12/04/2011

Réforme en vue de la banque centrale hongroise

La majorité au pouvoir en Hongrie s’est mise d’accord sur des changements constitutionnels portant sur la banque centrale et proposera une loi à ce sujet d’ici la fin de l’année, a déclaré un responsable du parti Fidesz. Le parti au pouvoir à Budapest est en conflit avec l’actuel gouverneur, Andras Simor, mais ne peut rien faire pour le démettre avant 2013 et souhaite réformer son mode de nomination dans le but d’influer sur la politique monétaire à long terme.
12/04/2011

La réforme de la fiscalité présentée le 11 mai

Selon des sources parlementaires citées par Reuters, la réforme de la fiscalité du patrimoine devrait être présentée le 11 mai en conseil des ministres et définitivement adoptée par le Parlement avant la mi-juillet. Le Premier ministre a confirmé début mars que le bouclier fiscal serait supprimé à cette occasion, le choix concernant l’impôt de solidarité sur la fortune n'étant pas tranché entre suppression ou aménagement.
12/04/2011

L'Algérie investit pour développer un champ gazier

La société publique algérienne d’hydrocarbures Sonatrach et ses partenaires BP et Statoil ont signé un contrat de 1,185 milliard de dollars avec Petrofac pour développer la deuxième phase de l’exploitation du site de gaz naturel d’In Salah. Le contrat prévoit l’ouverture d’une usine qui produira 17 millions de mètres cube de gaz naturel par jour et le forage de 33 puits dans la région d’In Salah.
12/04/2011

Pause dans le resserrement monétaire en Corée

La banque centrale de Corée du sud a décidé aujourd’hui de laisser ses taux directeurs inchangés à 3%, après deux hausses de 25 points de base en janvier et mars dernier. Des tours de vis supplémentaires sont néanmoins attendus, l’inflation ayant dépassé à 4,7% au mois de mars l’objectif de 4% fixé par la banque centrale.

Sujets d'actualité

Tous les sujets