P { margin-bottom: 0.08in; } James Rainbow, head of UK marketing at Schroders, will lead a new team responsible for monitoring financial institutions and strategic accounts in the United Kingdom, now that the acquisition of Cazenove has been completed, Fundweb reports. The team will be responsible for developing the group’s relationships with financial advisory firms active throughout the country, banks, insurers, platforms and wraps.Fundweb adds that Rainbow will report to Robin Stoakley, managing director of UK intermediary, and that he will continue to serve as head of marketing for the United Kingdom until September.

P { margin-bottom: 0.08in; } UK-based Tatton Capital (GBP300m), an affiliate of Paradigm, is acquiring Prism Capital Management, another asset management firm, with GBP720m, and assets in four multi-managed funds.Prism was founded in 2009 by Paradigm, Octopus Investments and a group of financial advisers. Octopus will remain as manager of the fund. The CEO of Tatton, Lothar Mentel, is a former Octopus employee.

P { margin-bottom: 0.08in; } With retroactive effect to 1 January, ETFlab Investment GmbH, a wholly-own subsidiary of Deka Deutsche Girozentrale Deutsche Kommunalbank, has been absorbed by Deka Investment GmbH, which now becomes the sole Deka unit for active management of open-ended and institutional funds, Master-KAG mandates (fund administration and accounting) and for the development and management of index-based funds.ETFlab (EUR4.7bn as of end-May) thus officially comes under the authority of Oliver Behrens, a board member resopnsible for institutional clients, investments in securities and capital markets.Nothing will change for clients, except for the names of the manager and its products, which will all adopt the prefix “Deka.” Distribution will continue to be focused on institutional clients.ETFlab employees will all be transferred to Deka Investment, which will retain its Munich premises.Meanwhile, the firm has announced the release of the Deka DAX ex Financial 30 UCITS ETF (ISIN code: DE000 ETF L43 3) which replicates the 30 largest shares of the Dax and the Mdax, excluding financials. The TER is 0.30%.

P { margin-bottom: 0.08in; } The central asset management firm for the German co-operative banks, Union Investment, on 22 July reported record assets of EUR197.7bn as of 30 June, compared with a previous record of EUR191bn as of the end of 2012, and EUR180.8bn twelve months previously. Net subscriptions totalled EUR2.7bn for retail, comapred with EUR0.4bn in January-June 2012, and EUR1.1bn for all of last year, while institutional net inflows totalled EUR4bn, compared with EUR6.2bn in the corresponding period of 2012.For retail, Union is particularly proud of the success of its PrivatFonds range of multi-asset class products, which attracted a net EUR960m in first half, to a total of nearly EUR3bn. The asset management firm also signed up 134,000 net unit-linked savngs contracts in the period under review, with net inflows of EUR570m. Riester-type subsidized retirement savings accounts attracted a net EUR650m.However, newly-launched guaranteed funds attracted EUR400m, but profit-taking and the maturing of some funds resulted in a net outflow from this segment of EUR350m.For open-ended real estate funds, net inflows remained strong at EUR1.5bn.Lastly, Union reports that net subscriptions for its institutional unit (EUR4bn) particuarly concerned covered bonds, emerging market corporate bonds, and high-dividend equity strategies.The asset management firm also announced that in first half it signed up 22 institutional clients, of whom 20 are from outside the sphere of the co-operative companies.

P { margin-bottom: 0.08in; } Allianz Global Investors (AllianzGI) is adding to its range with the creation of an area of expertise in global emerging market debt. To lead the new activity, Greg Saichin will join AllianzGI as head. Saichin had previously served as head of emerging market funds and leveraged financing at Pioneer Investments.AllianzGi believes in the strong potential of this new asset class. “In a context of long-term rebalancing of global growth to the detriment of OECD markets and in favour of emerging markets, emerging market debt is an increasingly important and attractive asset class for long-term investors. Higher growth rates in these countries will be sustained by increased levels of investment, which will be financed primarily with debt,” says Andreas Utermann, Co-Director and Global CEO at AllianzGI. As of 31 March 2013, assets under management at AllianzGI total EUR316bn.

P { margin-bottom: 0.08in; } 58% of hedge fund managers surveyed by the agency Kneip (90 companies in London, Paris and Luxembourg) say they will need to recruit for their back office teams in order to meet the requirements of the AIFM directive which are weighing on the sector, Agefi reports. A majority of asset managers feel that the costs inherent in the directive or the reputation risks associated with being unable to comply with the regulations as essential reasons to add resources.

P { margin-bottom: 0.08in; } According to Investment Week, Royal London Asset Management (RLAM) is preparing to launch three short-duration bond funds. The three funds will each be manage by one of three managers specialised in this asset class: Paul Rayner, Craig Inches and Sajiv Vaid. The launch of the three funds will take place either in third quarter 2013, or at the latest in fourth quarter.

P { margin-bottom: 0.08in; } The private equity firm CVC Capital Partners on 22 July announced that it had raised EUR10.5bn for its most recent investment vehicle, more than the initially targeted EUR9bn. According to Agefi, EUR10.25bn in investments have already been cleared, and the remaining EUR250m have yet to be validated by the end of the quarter. CVC. Capital Partners VI becomes the largest European fund raised since the onset of the financial crisis, according to data from Preqin. Only the US firm Apollo did better in 2010, collecting USD16.2bn (EUR12.9bn).

P { margin-bottom: 0.08in; } In a note distributed to some British media outlets, Schroders claims that it is disapopinted in the “Spot the Dog” rankings of the worst investment funds recently published by Bestinvest (see Newsmangers of 22 July). The manager objects that Bestinvest has included the Shroder QEP Global Active Value fund in its rankings without taking into consideration that the fund is primarily institutional, and that only GBP20m of its GBP3.2bn in assets are held by retail investors.In a response to Schroders from a spokesperson for Money Marketing, Bestinvest remarks that the fund in question is available on several retail platforms such as Cofunds and Fundsnetwork, and clearly has a retail share class. It is thus eligible for inclusion in the rankings.

P { margin-bottom: 0.08in; } If the financial services sector were regulated appropriately, it would allow for the creation of 250,000 new jobs by 2020. But according to PwC, a recent report by whom is cited by FundWeb, the current reforms are holding back the financial advising sector as well as the accessibility of products. In the same report, PwC estimates potential growth in GDP by 2020 at 2% to 3%, and new jobs in financial advising alone at 47,000.

P { margin-bottom: 0.08in; } According to Le Figaro, the British Financial Conduct Authority (FCA) has handed down a fine of nearly USD1m (EUR758m) [sic] against Michael Coscia, a market trader based in the United States, for manipulation of British commodity markets. It is the first fine for high-frequency trading offences. The FCA states that the US authorities have also fined Coscia for manipulation of the US markets.

P { margin-bottom: 0.08in; } Yerlan Syzdykov has been appointed as head of emerging market funds and leveraged financing at Pioneer Investments. He remains principal manager of the Emerging Market Debt fund. In his new role, Syzdykov replaces Greag Saichin, who has left the firm for AGI, Investment Europe reports. The new head will see his team enlarged, with the arrival in August of two new managers: Desmond English, from Commerzbank, and Ester Law, from Société Générale.

P { margin-bottom: 0.08in; } In a 46-page memo to employees, the hedge fund management firm SAC Capital Advisors claims that its CEO, Steve A. Cohen, “did not even read” an email of August 2008 concnerning Dell, on which recent accusations on the part of the SEC (last Friday) are founded. The SEC claims that Cohen failed to take appropriate measures to prevent insider trading offences being committed. Lawyers for SAC Capital claim that the accusations by the SEC are baseless, and that Cohen receives more than 1,000 emails per day, the Wall Street Journal reports.

P { margin-bottom: 0.08in; } The Commodity Futures Trading Commission (CFTC), exercising additional powers newly granted to it by Dodd-Frank legislation for the first time, has fined Panther Energy Trading LLC, a high-frequency trading operator, and its owner, Michael J. Coscia, USD1.4m, for disrupting the markets in 2011, by placing trades to incite other investors to sell and buy dutures contracts on corn, oil and other commodities at totally fictive prices («bogus price levels»), the Wall Street Journal reports. The CFTC is also requiring that Panther Energy reimburse USD1.4m in undue profits to the CFTC.The British Financial Conduct Authority (FCA), for its part, has fined Michael J. Coscia USD903.176 for deliberate manipulation of commodity markets.

Aberdeen Asset Management Deutschland annonce voir vendu à une filiale de Starwood Capital Group, pour un montant légèrement inférieur à la dernière valeur d’expertise le complexe The Park de douze immeubles de bureaux de 116.000 mètres carrés situé à Prague. Quatre des immeubles figuraient dans le portefeuille du fonds immobilier offert au public DEGI Europa (DE0009807800), sept dans celui du DEGI International (DE0008007998) et le dernier dans celui du DEGI Global Business (DE000A0ETSR6). Cette transaction, la plus importante jamais réalisée sur le marché pragois de l’immobilier de bureaux, selon Aberdeen Allemagne, permet aux fonds de DEGI, en liquidation, de se procurer du numéraire.

Cinco Días rapporte que BlackRock a déclaré à la CNMV avoir franchi le seuil de 3 % au capital de la société Ferrovial. Le gestionnaire a acheté 22,03 millions d’actions, ce qui représente 3,004 % du capital et un montant de 283 millions d’euros.Southeastern Asset Management détient 4,8 % de Ferrovial, qui est contrôlé par la famille del Pino, laquelle possède 44,9 % du capital.

Le marché a pour objet la fourniture de services de gestion de portefeuilles (actions et obligations) pour compte du Fonds de compensation commun au régime général de pension (FDC) qui a créé à cet effet en 2007 une société d’investissement à capital variable-fonds d’investissement spécialisé (SICAV-FIS) à compartiments multiples. Le marché est divisé en 4 lots, chaque lot correspondant à un type de gestion (gestion passive ou gestion active) sur une classe d’actifs spécifique. Lot nº: 1 - Intitulé: Actions Global Small Cap - Indexé BlackRock Investment Managers (UK) Limited Le lot nº 1 porte sur la gestion passive d’un portefeuille d’actions investissant dans des actions et titres assimilés à des actions de sociétés à petite capitalisation des pays développés inclus dans l’indice de référence. Indice de référence: MSCI Daily TR Net Small Cap World USD (converti en EUR). Montant indicatif du mandat: EUR 140 millions Lot nº: 2 - Intitulé: Actions Global Small Cap - Actif Allianz Global Investors Europe GmbH (UK Branch) Le lot nº 2 porte sur la gestion active d’un portefeuille d’actions investissant dans des actions et titres assimilés à des actions de sociétés à petite capitalisation des pays développés inclus dans l’indice de référence. Indice de référence: MSCI Daily TR Net Small Cap World USD (converti en EUR). Montant indicatif du mandat: EUR 140 millions Lot nº: 3 - Intitulé: Obligations Emerging Markets (local currency) - Indexé UBS Global Asset Management (UK) Limited Le lot nº 3 porte sur la gestion passive d’un portefeuille d’obligations et titres assimilés à des obligations des marchés émergents inclus dans l’indice de référence. Indice de référence: JPMorgan GBI-EM Global Diversified Composite Unhedged USD (converti en EUR). Montant indicatif du mandat: EUR 140 millions Lot nº: 4 - Intitulé: Obligations Emerging Markets (local currency) - Actif Pictet Asset Management Limited Le lot nº 4 porte sur la gestion active d’un portefeuille d’obligations et titres assimilés à des obligations des marchés émergents inclus dans l’indice de référence. Indice de référence: JPMorgan GBI-EM Global Diversified Composite Unhedged USD (converti en EUR). Bloomberg Ticker: JGENVUUG Index Montant indicatif du mandat: EUR 140 millions Pour lire l’avis complet : cliquez ici

Les sociétés de gestion entrepreneuriales ne veulent pas être «les derniers pigeons oubliés». Tel est le cri lancé par les membres du groupe de réflexion New City Initiative au gouvernement qui n’a pas jugé bon de les inclure au menu de l’amendement pigeon. Le temps est venu de réparer cette «injustice» afin de pouvoir selon le think-tank «préserver les PME financières indépendantes et ainsi la compétitivité de la place parisienne».

La plate-forme de négociations de dérivés filiale de Deutsche Börse proposera à compter du 10 septembre des options sur les contrats à terme basés sur les Obligations assimilables du Trésor d’une maturité restante de 8,5 à 10,5 ans. Eurex indique répondre à une forte demande, plus de 48.000 de ces contrats ayant été échangés en moyenne par jour au premier semestre contre 7.500 l’an passé.

58% des gestionnaires alternatifs interrogés par le cabinet Kneip (90 sociétés à Londres, Paris et Luxembourg) indiquent devoir renforcer leurs équipes de back-office afin de faire face aux défis de la directive européenne pesant sur le secteur. Une majorité des gestionnaires considèrent les coûts inhérents à cette directive ou le risque de réputation à ne pas pouvoir s’y conformer comme les sujets essentiels du projet.

Les autorités de régulation britanniques et américaines ont infligé des amendes représentant un total de près de six millions de dollars à la société de courtage Panther et à son propriétaire Michael Coscia pour manipulation des marchés de matières premières. Les régulateurs punissent ainsi pour la première fois une pratique de trading à haute fréquence.

La banque suisse a indiqué que le coût d’intégration d’IWM, activité de gestion de fortune internationale de Merrill Lynch, devrait avoisiner 455 millions de francs (370 millions d’euros) et non pas 400 millions comme estimé précédemment. Julius Baer n’en a pas moins publié un bénéfice net ajusté en hausse de 26% au premier semestre, grâce à un niveau relevé d’activité de sa clientèle.

Le fonds activiste a annoncé hier avoir conclu un accord pour revendre à Yahoo les deux tiers de sa participation au prix de 29,11 dollars par action, soit le cours de clôture du portail internet vendredi. L’accord précise que trois administrateurs nommés par Third Point, dont son patron Daniel Loeb, démissionneront du conseil. Le fonds conservera environ 20 millions d’actions ordinaires, soit moins de 2% du capital.

Le gouvernement envisage de demander une ligne de crédit de précaution pour pouvoir bénéficier éventuellement de l'aide de la BCE

Le Président a annoncé que la coalition de centre-droit resterait au pouvoir jusqu'en 2015

Le Président a annoncé que la coalition de centre-droit resterait au pouvoir jusqu'en 2015

P { margin-bottom: 0.08in; }A:link { } Deutsche Bank has applied to the SEC for a license to sell 130/30 and plain long/short ETFs. It has also applied for a license to create its own indices for long/short funds and to use the master/feeder fund structure, IndexUniverse reports.Currently, Deutsche Bank manages 12 db x-trackers branded ETFs directly, with assets totalling USD421m.

P { margin-bottom: 0.08in; }A:link { } The Guggenheim Investments division of Guggenheim Partners (USD150bn) on 17 July announced the launch of two new target-date ETFs in its BulletShares range, the Guggenheim BulletShares 2021 Corporate Bond ETF (acronym on NYSE Arca: BSCL) and the Gugenheim BulletShares 2022 Corporate Bond ETF (BSCM).The BulletShares range, whose assets rose by 133% in 2012, as of 30 June had total assets of USD967bn, 56% more than six months previously. It now includes 16 products, including target date ETFs of corporate bonds and high yield corporate bonds. Each fund replicates indices including 70 to 90 securities wich maturity dates corresponding to those of the funds.The MSCL and BSCM funds charge a net 0.24%.

P { margin-bottom: 0.08in; }A:link { } With the iShares MSCI USA Quality Factor (acronym QUAL), BlackRock has listed a fourth product of its ETF Factor range on NYSE Arca, along with the Momentum (MTUM), Size (SIZE) and Value (VLUE) funds. The new fund charges 0.15%, like the others, and includes 125 positions on mid- to large caps.The iSahres MSCI Factor ETF were designed for institutional investors such as the Arizona State Retirement System (ASRS), which provided the seed capital for the four products.The QUAL is an ETF which replicates an index of equities identified on the basis of three fundamental criteria: high returns on owners’ equity, persistent growth in profits, and a low debt to owners’ equity ratio. They are growth and value shares with the best results for these three variables.

P { margin-bottom: 0.08in; }A:link { } The Securities and Exchange Commission (SEC) on Friday filed a civil-enforcement action against Steven A. Cohen, CEO of the hedge fund management firm SAC Capital. It is seeking a lifetime professional ban against him for ignoring clear evidence of insider trading at his business.The Wall Street Journal states that the SEC is using the least dangerous weapon in its arsenal, and that it is avoiding filing a criminal case, whose courtworthiness would have had to be reviewed by a jury in a Federal court.The accusation of failure to oversee his employees is not an accusation of insider trading or any other form of fraud under securities trading laws.