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04/04/2011

Spanish funds collected a net total of EUR320m in January-March

Last month, net subscriptions to Spanish securities funds totalled EUR712m, the highest amount since March 2006, the Spanish association of management funds Inverco has announced. Since the beginning of the year, net subscriptions have totalled EUR320m, while net inflows in February were the first following 16 consecutive months of net outflows (November 2009-January 2011). Assets as of the end of March totalled slightly over EUR139.95bn, which represents an increase of EUR870m, or 0.6%, in one month. Inverco says that assets under management have increased by more than EUR1.94bn since 1 January. In March, Santander Asset Management and InverCaixa Gestión posted the largest net subscriptions, at EUR511m and EUR506.55m, respectively. However, Ahorro Corporación Gestión and Caixa Catalunya Gestión have seen net outflows of EUR106.94m and EUR181.49m, respectively.
04/04/2011

“Sin fund” with cloven hooves

The Prosperis Mephisto 1 fund, designed by Conrad Mattern, is aimed at investors who do not necessarily want to save the world, and who prefer to pocket comfortable returns. It thus invests in “sinful” investments, such as weapons, gambling, sex shops and luxury goods. However, Handelsblatt calculates, by 2016, when the fund matures, investors will have paid 43% of their input in commissions and various fees. And returns are not at all a foregone conclusion, as the fund is a blind pool.
04/04/2011

Hong Kong removed from Spanish tax haven blacklist

Hong Kong, which receives large volumes of investment from Spain, on Friday signed a double taxation agreement with Spain, which allows it to be removed from the blacklist of countries which do not cooperate with the Spanish finance ministry, Cinco Días reports.The treaty signed by the Spanish finance minister, Elena Salgado, and obtained by Cinco Días, covers personal income tax, company tax, and taxation of non-residents. It stipulates that corporate profits may be taxed in only one of the two countries. Spanish legislation provides for an exemption for dividends earned abroad, which did not apply to Hong Kong when it was considered an offshore tax haven.
04/04/2011

BlackRock recruits a head of institutional management

BlackRock has announced the arrival of Edwin Conway Managing as director of its activities serving institutionals in the United States and Canada. He will be based in New York, and was previuosly managing director and head of investor relations at Blackstone Alternate Asset Management (BAAM).
04/04/2011

Banque Privée 1818 and Rothschild & Cie Banque launch a platform for IFAs

La Banque Privée 1818 and Rothschild & Cie Banque on 1 April announced that they have signed a definitive agreement to create Sélection 1818, a joint platform for independent financial advisers (IFAs), to be created from a merger of Sélection R and 1818 Partenaires. Cyril Chapelle, who was previously CEO of 1818 Partenaires, will become CEO of Sélection 1818 from 31 March 2011. The new group, which will be 66% controlled by Banque Privée 1818 and 34% by Rothschild & Cie Banque, will be known as Sélection 1818, and will be led by Cyril Chapelle, who has been named as CEO effective from 31 March 2011. It will have a hybrid management team, bringing together members of both companies. With combined assets of EUR6bn as of 31 March 2011, Sélection 1818 is a distribution platform offering a large range of investment products (banking, insurance, international, real estate), and a variety of services to assist independent financial advisers with their activities. The range, which uses open architecture, includes a variety of selections from among the best on the market.
04/04/2011

KIA and GIC take control of 4.5% of TPG

The Kuwait sovereign wealth fund Kuwait Investment Authority (USD200bn in assets) and the Government of Singapore Investment Corp (GIC, USD100bn) have acquired about 4.5% of TPG Holdings (USD48bn in assets), in an operation which values the US private equity investor at about USD11bn, the Wall Street Journal reports. This will allow TPG to bring in several hundred million dollars, avoiding a potential IPO.
04/04/2011

Assets up at LVAM

LV= (Liverpool Victoria Friendly Society) on 31 March announced that its profits totalled Gbp21.3m in 2010, compared with losses of GBP172.2m in 2009. In the past year, assets increased by 13%, to GBP8bn as of the end of December, up from GBP7.1bn.
04/04/2011

Head of marketing at Ignis joins Ardevora

The head of marketing at Ignis Asset Management, Rob Page, is leaving the firm to join his former colleagues at Liontrust, Jeremy Lang and William Pattison, at Ardevora Asset Management. He will be a partner at the firm, which was launched in January 2010. James Senior, assistant head of marketing at Ignis, will replace Page.
04/04/2011

Andrew McCaffery rejoins Aberdeen

Andrew McCaffery, a founding member of Alignment Investors, a division of BlueCrest, is returning to Aberdeen Asset Management, a firm he left in 2008, as head of absolute return strategies. He will return as head of institutional hedge funds, and will belong to the fund of hedge fund management team (over GBP4bn in assets), alongside Graham Duce and Aidan Kearney, the British management firm announced on 31 March. McCaffery will report to Anne Richards, CIO and head of alternative investment strategies.
04/04/2011

Luis Pérez Box promoted at Banif

Following the transfer of José María Martínez-Sanjuán to Santander Asset Management (see Newsmanagers of 16 March), Banif has appointed Luis Pérez Box, who had been a member of the third-party fund analysis team since 2007, as head of fund and alternative investment analysis. He had previously spent his entire career at BBVA Gestión.
04/04/2011

Le FMI active le fonds de crise

Le Fonds monétaire international a activé vendredi comme prévu un fonds de crise de 581 milliards de dollars avec le soutien des Etats membres. Ces nouveaux accords d’emprunt (NAE) avaient été développés en 2009 après un appel du G20. «Les montants disponibles pour le FMI via les mécanismes multilatéraux d’emprunt ont été multipliés au total par dix depuis 2009 (...)», a précisé le ministère français de l’Economie et des Finances.
04/04/2011

L'AMF alerte sur les émissions obligataires destinées au grand public

Le régulateur attire l’attention des investisseurs non professionnels sur les risques liés aux émissions obligataires de PME. L’AMF rappelle que la rémunération «qui peut sembler attractive» doit être rapprochée du risque de crédit, et invite à surveiller le risque de très faible liquidité de l’obligation.
04/04/2011

Le Portugal s'offre une petite bouffée d'air

Lisbonne a placé vendredi 1,645 milliard d’euros d’obligations à court terme mais a dû proposer un taux de 5,79%, soit 2,5 points de plus que lors des adjudications similaires l’an passé. Selon le marché, cette opération ne sera pas suffisante. Fitch a abaissé vendredi la note du Portugal de «A-» à «BBB-». L’agence craint que le pays ne reçoive pas un soutien extérieur en temps et en heure compte tenu des élections législatives fixées au 5 juin.
04/04/2011

L'EFSF «prêt» si le Portugal demande de l'aide

Le Fonds européen de stabilité financière (EFSF) est prêt à venir en aide au Portugal si celui-ci le demande, assure son président, Klaus Regling, dans un entretien accordé à La Tribune. Le Portugal, dont le Premier ministre a démissionné faute de pouvoir faire adopter au parlement un nouveau programme d’austérité, est considéré par les marchés comme le prochain pays susceptible de devoir faire appel à une aide financière extérieure, après la Grèce et l’Irlande.
04/04/2011

Athènes exclut une restructuration de la dette grecque

«Une restructuration de la dette grecque est absolument exclue», a déclaré le ministre grec des Finances, George Papaconstantinou, à Reuters, en réponse à un article de l’hebdomadaire Der Spiegel selon lequel le Fonds monétaire international pousserait pour une restructuration rapide de la dette d’Athènes. «Ceux (qui parlent de restructuration) ne parviennent pas à comprendre que les coûts excéderaient largement les bénéfices», a expliqué George Papaconstantinou.
04/04/2011

Blackstone scinde son fonds mondial d’infrastructures

La société de private equity américaine envisage la scission de son fonds mondial d’infrastructures, selon le quotidien qui cite des sources proches du projet. Blackstone a levé par l’intermédiaire de ce fonds 350 millions de dollars au cours des deux dernières années, contre un objectif initial de 2 milliards de dollars.

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