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22/10/2013

AP1 awarded damages from BNY Mellon

The Commercial Court in London has handed down a verdict in favour of The Swedish pension fund Första AP-fonden (AP1), which filed a suit in 2008 against BNY Mellon for reimbursement of losses occasioned by securities lending undertaken by BNY Mellon on behalf of the fund. The total damages were set at USD33.7m, or SEK219m, while the exact amount of the settlement remains to be determined. In addition, BNY Mellon will be required to reimburse AP1 for most of its legal costs related to the lawsuit.However, the US bank may still appeal.As the damages were entirely provisioned for in the annual accounts for AP1 in 2008, the damages and compensation for legal and interest expenses will have a positive impact on net investment income when the ruling goes into force.
22/10/2013

Asset management firms fight for their bonuses

Asset management firms are vigorously combatting proposed restrictions on their bonuses, according to a document obtained by FTfm. EFAMA proposes that managers should be able to receive three quarters of their bonuses in the year they were awarded, rather than only 60%, as suggested by the European Commission. The Efama amendment will be studied at a meeting of the European Council working group on UCITS V, scheduled for Monday.
22/10/2013

E Fund to launch an RQFII ETF

E Fund Management will list a cross-market ETF in Hong Kong, which may be traded in Hong Kong dollars or in Chinese renminbi, Asian Investor reports. The RQFII (renmibi denominated qualified foreign institutional investor) will track the CES China 120 index, composed of A and H shares listed in Hong Kong, Shanghai and Shenzhen.
22/10/2013

Former UBS banker may be extradited to the United States

Raoul Weil, a major Swiss asset manager, may be extradited to the United States, following his arrest on holiday in Italy, the Financial Times reports. He is accused of helping US clients with USD20bn in assets to evade US taxes, when he was working at UBS. Weil, 53, now openly worked in the Swiss asset management sector as CEO of Reuss Private Group, which has over CHF4bn in assets.
22/10/2013

UBS releases four new ETFs on Deutsche Börse

Since 21 October, the listings on the XTF segment of the Xetra electronic platform (Deutsche Börse) includes 1,046 entries, as the UBS ETF Sicav and UBS (irl) Plc have listed three euro-hedged country equity ETFS (United Kingdom, Canada and Japan) in the former case, and one actively-managed, multi-asset class ETF in the latter.CharacteristicsName: UBS ETF - MSCI United Kingdom 100% hedged to EUR UCITS ETF (EUR) A-accBenchmark index: MSCI United Kingdom 100% hedged to EURISIN code: LU0950671239Total expense ratio: 0.40%Name: UBS ETF - MSCI Canada 100% hedged to EUR UCITS ETF (EUR) A-accBenchmark index: MSCI Canada 100% hedged to EURISIN code: LU0950673284Total expense ratio: 0.55%Name: UBS ETF - MSCI Japan 100% hedged to EUR UCITS ETF (EUR) A-accBenchmark index: MSCI Japan 100% Hedged to EURISIN code: LU0950672476Total expense ratio: 0.45%Name: UBS ETFs plc - MAP Balanced 7 UCITS ETF SF (USD) A-accBenchmark index: UBS Multi Asset Portfolio IndexISIN code: IE00B95FFX04Total expense ratio: 0.75%
22/10/2013

New ETC from ETF Securities in Frankfurt

On 21 October, UK-based ETF Securities launched a German-registered ETC on the German stock exchange, the ETFS EUR Daily Hedged Energy DJ-UBS EDSM. It is a new prpduct which is hedged on a daily basis for risks in euros, which limits the effects of currencies on the portfolios of investors, by limiting exposure to the US dollar.The ETFS EUR Daily Hedged Energy DJ-UBS EDSM is issued by ETFS Hedged Commodity Securities Limited, based in Jersey, and aims to offer investors complete exposure to returns on futures contracts on energy with daily protection against the movement of euro/dollar currency rates, replicating the Dow Jones-UBS Energy Sub-Index EUR Hedged DailySM, and offering additional returns. The index reflects the price movements on futures contracts on commodities used in the Dow Jones-UBS Commodity IndexSM, including the WTI Crude Oil, Natural Gas, Brent Crude, Unleaded Gasoline and Heating Oil.Deutsche Börse states for its part that this is the 242nd ETC to be listed on the ETC segment of its Xetra electronic platform.CharacteristicsName: ETFS EUR Daily Hedged Energy DJ-UBS EDSMISIN code: DE000A1Y7Y36Total expense ratio: 0.49%
22/10/2013

DeAWM renames one of its sustainable development funds

Effective from 21 October, the German-registered fund DWS Klimawandel (DE000DWS0DT1), or “climate change,” has become known as the DWS Water Sustainability Fund, Deutsche Asset & Wealth Management (DeAWM) has announced.The investment strategy will now focus on equities in companies throughout the value chain in the water sector. Aside from financial criteria, the management team will take into account environmental, social and governance (ESG) criteria.
22/10/2013

Faber to advise mandates from a Zurich firm

The Zurich-based asset management firm Premium Strategy Partners has recruited Marc Faber, who is known as Dr. Doom, to advise its mandates, Citywire Global reports. He will advise the three managers at the firm, including the co-founders Dieter Lüscher and Otto Koller, on investment decisions.
22/10/2013

FundLogic admits long/short fund from Broadmark

Morgan Stanley on 14 October launched the MS Broadmark Tactical Plus UCITS Fund on the FundLogic Alternatives plc platform. The fund is managed by Broadmark Asset Management LLC, which aims for returns higher than the risk-adjusted average will lower volatility than the S&P 500, regardless of the position in the market cycle. To do that, the management team can take long and short positions on equity markets, investing primarily in futures on US equities, ETFs, and options.CharacteristicsName: MS Broadmark Tactical Plus UCITS FundISIN code: IE00BC1JD990Ticker: FLBTB1U:IDSales licenses: France, Italy, United Kingdom, Spain; in progress: Germany and Switzerland
22/10/2013

Euro-hedged share class in STHY ETF from Pimco/Source created

The two asset management firms Pimco (Allianz group) and Source on 21 October announced the creation of a share class hedged for currency risks in euros for their ETF PIMCO Short-Term High Yield Corporate Bond Index Source (ticker: STHY), a fund whose benchmark currency is the US dollar, and which has already reached USD550m in assets, though it was launched only in March 2012.The fund, listed on the London Stock Exchange, replicates the BofA Merrill Lynch 0-5 Year US High Yield Constrained Index, a broad benchmark covering more than 800 corporate bonds denominated in US dollars. The euro-hedged shares carry a total expense ratio of 0.60%, compared with 0.55% for shares in US dollars.
22/10/2013

Schroders adds cat bonds fund to its GAIA platform

Daniel Ineichen, manager of the NGAR Secquaero ILS Fund since May 2011, will manage the new Schroder GAIA Cat Bond Fund, which joins the UCITS-compliant hedge fund platform GAIA (Global Alternative Invesment Access).The new product, which on 21 October merged with the NGAR Secquaero ILS Fund from Secquaero Advisors, will invest at least 80% of its assets in catastrophe bonds and insurance-linked securities (ILS). Schroders states that the portfolio will be primarily exposed to regions with a high concentration of high net worth insurance clients, such as the United States, western Europe and Japan.The objective is to outperform the Libor 3-month in US dollars by 600 basis points per year, after fees. Schroders states that the NGAR Secquaero ILS Fund has a track record of 7.27% per year since its launch on 15 August 2011.The GAIA platform currently has asets of EUR2.5bn. It will soon have seven funds, of which five are external (Schroder GAIA CQS Credit, Schroder GAIA Egerton Equity, Schroder GAIA Sirios US Equity, Schroder GAIA Avoca Credit (which is expected to be launched on 7 November) and the Schroder GAIA Cat Bond) and two in-house funds (Schroder GAIA Global Macro Bond and Schroder GAIA QEP Global Absolute).
22/10/2013

UK pension funds waste billions on active management

UK pension funds “waste” more than GBP6bn per year by investing in actively-managed equity, bond and real estate funds, rather than passive funds which cost less and post better returns, according to a study by Evercore Pan Asset, cited by Financial Times fund management. The study of the 14 most popular asset classes with UK pension funds finds that the median passive fund outperforms the median active fund in 13 cases over the past five years. The average difference between the passive and active funds was 6.5 over five years, which is greater than the difference in price alone, which was an average of 60 basis points per year for active funds and 20 points per year for passive funds.
22/10/2013

Jupiter AM recrutis a director of marketing

Jupiter AM on Monday, 21 October announced the recruitment of Richard Wilson as head of marketing. He will join the asset management firm on 6 November this year, and will be responsible for developing and implementing the global marketing strategy of the firm. Wilson previously worked at HSBC Global Asset Management, Henderson Global Investors and New Star Asset Management, where he was director of marketing. Earlier in his career, Wilson served in a variety of positions related to marketing at Aberdeen Asset Management, Prolific Unit Trust Managers and Save&Prosper.
22/10/2013

Aberdeen and Macquarie reportedly the final suitors for SWIP

The three groups concerned have declined to comment on reports in Investment Week that only Aberdeen Asset Management and Macquarie Group remain in the running to acquire Scottish Widows Investment Partnership (SWIP, GBP146bn) from Lloyds Banking Group.
22/10/2013

GSAM acquires money market funds from RBS

Goldman Sachs Asset Management (GSAM) will acquire the range of money market funds from RBS, Investment Week reports. The transaction will be completed in first quarter 2014. GSAM states that there will be no change in the way that accounts are managed during the transitional period, and that investors will not pay any fees. GSAM manages USd195bn in money market funds, of which 33% are in Europe. The acquisition will double the size of its product range denominated in pounds sterling, and will strengthen its presence in Europe.
22/10/2013

Barclays launches synthetic index of EM bonds

Barclays has recently launched a synthetic index replicating the performance of emerging market bonds in local currencies, Asian Investor reports, stating that according to the British bank, it is the first index of its type. The index is entitled EM Local Currency Bond Synthetic Replication, and will allow the bank to offer its clients liquid exposure to an asset class for which demand is increasing steadily, Asian Investor states.
22/10/2013

L'immobilier flambe dans les grandes villes de Chine

Le prix moyen des nouveaux logements dans les 70 plus importantes villes du pays a augmenté de 9,1% sur un an le mois dernier, selon des calculs faits par Reuters à partir de données du Bureau national des statistiques publiées mardi. Les prix immobiliers ont ainsi enregistré en septembre leur hausse la plus marquée en près de trois ans.
22/10/2013

Les fonds étrangers fondent sur la Bourse de Paris

«Où sont donc passés les investisseurs français? » s’interroge le quotidien à la lecture des résultats du baromètre réalisé pour son compte par F2iC/FactSet/OpinionWay. Les fonds hexagonaux représentent à fin juin 26% du capital du CAC40 détenu par les fonds, 2 points de moins qu’un an auparavant et 6 de moins qu’en juin 2011. Une évolution qui masque un regain d’intérêt des acteurs étrangers et particulièrement américains (qui représentent 33% des fonds au CAC40), un intérêt qui «s’est nettement renforcé ces derniers mois» à travers l’ensemble de la zone euro. Les investisseurs américains ont investi 65 milliards de dollars en Europe entre janvier et mai, souligne le quotidien.
22/10/2013

Travelex vise la Bourse

La chaîne de télévision rapporte que les actionnaires du spécialiste britannique des changes, au premier rang desquels Apax Partners, ont mandaté des banques afin d’organiser une introduction en Bourse de Londres l’an prochain. Rothschild notamment doit mener une revue des options offertes aux actionnaires. Certains privilégieraient une IPO, pour laquelle de nombreuses banques veulent offrir leurs services.
22/10/2013

La CFTC enquête sur le marché des changes

Le quotidien croit savoir de sources proches que le régulateur américain des marchés à terme, la Commodity Futures Trading Commission, a dans le cadre d’une enquête mondiale concernant des soupçons de manipulation de marché, demandé aux principales banques intervenant sur les changes, dont Deutsche Bank et Citigroup, de passer au crible leurs documents internes et de transmettre tout renseignement intéressant.
22/10/2013

KKR se renforce dans les fonds de dette

La société de private equity a annoncé vendredi mettre la main sur Avoca Capital, gestionnaire de 8 milliards de dollars d’actifs dans le crédit européen. KKR indique disposer de 28 milliards de dollars sous gestion dont 11 milliards en Europe lorsque la transaction sera finalisée au premier trimestre 2014. «Le secteur du crédit européen représente une opportunité majeure», selon les cofondateurs et codirigeants de KKR Henry Kravis et George Roberts.
22/10/2013

Les prix des mises en vente immobilières s'envolent à Londres

Les prix des mises en vente de logements ont bondi de 10,2% entre début septembre et début octobre à Londres, rapporte le site internet Rightmove, une envolée qui laisse craindre la formation d’une bulle spéculative dans la capitale britannique. Cette hausse mensuelle est la plus élevée observée depuis 2002, point de départ du suivi de cette évolution, et porte à 13,8% la hausse des prix de mise en vente en rythme annuel.
21/10/2013

Les prix de mise en vente immobilière s'envolent à Londres

Les prix de mise en vente des logements ont bondi de 10,2% entre début septembre et début octobre à Londres, rapporte le site internet Rightmove, une envolée qui laisse craindre la formation d’une bulle spéculative dans la capitale britannique. Cette hausse mensuelle est la plus élevée observée depuis 2002, point de départ du suivi de cette évolution, et porte à 13,8% la hausse des prix de mise en vente en rythme annuel.
21/10/2013

Les reventes de logements marquent le pas aux Etats-Unis

L’Association nationale des agents immobiliers (NAR) a indiqué que les reventes de logements avaient reculé de 1,9% en septembre aux Etats-Unis, à 5,29 millions d’unités en rythme annualisé. Le rythme d’août a quant à lui été révisé en baisse à 5,39 millions contre 5,48 millions annoncés en première estimation. La NAR explique ce recul par la conjonction de prix élevés, d’une quasi-stagnation des salaires et d’une hausse des taux de crédit.
21/10/2013

AEW Europe vend un immeuble parisien à SMABTP

AEW Europe, agissant en tant que gérant du fonds Euroffice, a vendu l’immeuble Colisée II au groupe SMABTP. Cet immeuble de bureaux de 11.500 m² situé au 10 rue Fructidor, Paris (17è) / Saint-Ouen (93) est entièrement loué à la société Sage. Le vendeur était conseillé par l'étude notariale Wargny Katz & Associés et l’acquéreur par l’étude Oudot & Associés, le cabinet Lefèvre Pelletier & Associés et Gecob. La transaction a été réalisée par Cushman & Wakefield dans le cadre d’un mandat de vente co-exclusif avec Jones Lang LaSalle.

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