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12/04/2013

Les réserves chinoises repartent à la hausse

Les réserves de change de la Banque populaire de Chine qui avaient eu tendance à se tasser à la fin de 2012 ont bondi à 3.440 milliards de dollars au premier trimestre 2013. La forte croissance du crédit, notamment issu de la finance parallèle, a poussé Fitch à dégrader la note du pays.
12/04/2013

60 milliards d’euros d’actifs pour les fonds de pension chinois

Le quotidien cite le vice-ministre chinois des affaires sociales, Hu Xiaoyi, qui assure que le montant total des actifs gérés par les fonds de pension des entreprises chinoises s’élevait au 31 décembre dernier à quelque 482,1 milliards de yuans, l’équivalent de 59,4 milliards d’euros. Ces fonds ont enregistré une performance de gestion moyenne de 5,68% l’an dernier.
12/04/2013

Les fonds russe et chinois renforcent leur coopération

L’agence cite Kirill Dmitriev, le directeur général du Russian Direct Investment Fund, qui évoque des réunions attendues la semaine prochaine à Pékin avec des représentants du fonds souverain China Investment Corp (CIC) afin de renforcer la coopération. Les deux fonds ont signé en juin un accord pour la création d’un fonds commun de 2 à 4 milliards de dollars.
12/04/2013

Skandia France fait le tri chez ses CGPI

Dans un contexte difficile pour le secteur de l’assurance, Skandia France va privilégier les 200 meilleurs clients avec lesquels il réalise 80% de sa collecte. Cette sélection provoque des grincements de dents chez certains. La filiale vise également la clientèle des banques privées.
12/04/2013

La Bourse japonaise assouplit ses règles sur les JGB

L’opérateur boursier japonais envisage d’assouplir les conditions qui entrainent la suspension automatique des transactions sur le marché à terme des obligations d’Etat japonaises (JGB), selon le journal. Une décision qui serait motivée par l’accroissement de la volatilité qui entraine de multiples suspensions de cotation, suite aux mesures d’assouplissement monétaire historique prises par la Banque du Japon.
12/04/2013
Gestion d'actifs

La Caisse de pension de la Société Générale d'Affichage externalise sa gestion administrative et financière

La Caisse de pension de la Société Générale d’Affichage qui gère 250 millions de francs suisses, a décidé d’externaliser complétement la gestion administrative et financière (auprès d’asset managers donc), suite au passage d’un régime à prestations définies à un système à contributions définies, qui a pris effet au début de l’année 2013.
Gestion d'actifs
12/04/2013
Gestion d'actifs

Sham investit dans des obligations émises par les hôpitaux français

En février 2013, Sham a procédé à une troisième souscription d’emprunts obligataires émis par le groupement des CHU français. Cette nouvelle opération porte à 50 M€ sur quatre ans, le montant total des investissements réalisés par la société d’assurance mutuelle pour soutenir le financement des CHU. Cette somme représente 7,5% du total des fonds levés par le groupement des CHU (655 M€) et 3,4% des placements de Sham en valeur bilan. Principal assureur des établissements de santé publics, Sham entend par ce type de placements contribuer à la modernisation des centres hospitaliers.
Gestion d'actifs
11/04/2013

La justice américaine blanchit OppenheimerFunds

La Cour suprême de l’Etat de New York a rejeté la plainte de créanciers accusant OppenheimerFunds de les avoir poussés à financer un système d’arbitrage baptisé AAArdvark, tout en ayant la connaissance de plusieurs failles. Oppenheimer, filiale de Massachusetts Mutual Life Insurance, fait l’objet de deux autres plaintes similaires, qui pourraient donc connaître le même sort.
11/04/2013

Baisse des inscriptions au chômage aux Etats-Unis

Les inscriptions hebdomadaires au chômage ont diminué plus qu’attendu aux Etats-Unis lors de la semaine au 6 avril, à 346.000 contre 388.000 (révisé) la semaine précédente, a annoncé jeudi le département du Travail. La moyenne mobile sur quatre semaines s'établit à 358.000 contre 355.000 (révisé de 354.250) la semaine précédente.
11/04/2013

Délai de remboursement étendu pour Lisbonne

Les ministres des Finances de la zone euro conviendront sans doute vendredi de donner à l’Irlande et au Portugal sept années de plus pour rembourser les prêts de l’Union européenne, a déclaré jeudi le président de l’Eurogroupe. «L’intention est très positive», a indiqué Jeroen Dijsselbloem lors d’une conférence de presse. «J’espère que nous pourrons finaliser cela demain», a-t-il ajouté.
11/04/2013

Direxion launches leveraged ETFs

P { margin-bottom: 0.08in; } Index Universe reports that Direxion has launched two leveraged ETFs (3x) based on Brazil and South Korea on NYSE Arca. The Direxion Daily Brazil Bull 3x Shares (ticker: BRZU) and the Direxion Daily South Korea Bull 3X Shares (KORU) charge fees of 1%. Direxion is also awaiting permission from the SEC to launch four pairs of ETFs (bull and bear 3x) based on Chile, Mexico, Hong Kong and Japan.
11/04/2013

Market Vectors planning to launch an Israel equity ETF

P { margin-bottom: 0.08in; } The arm of Van Eck Global specialised in ETFs, Market Vectors, has submitted an application to the Securities and Exchange Commission (SEC) to launch an equity ETF dedicated to Israel, IndexUniverse reports. The Market Vectors Israel ETF, which will charge 0.59%, will be based on an index created by BlueStar Indexes. At least 80% of assets in the fund will be invested in the index, which as of 1 March 2013 included 94 shares in companies with an average market capitalisation of USD1.9bn. The ETF is the second product dedicated to the Israeli market, following the iShares MSCI Israel Capped Investable Market Index Fund, whose assets under management total USD83.4m.
11/04/2013

Allianz GI makes a foray into Asian debt

P { margin-bottom: 0.08in; } The Luxembourg-registered fund Allianz Flexi Asia Bond from Allianz Global Investors (AGI), launched on 3 July 2012, now has reached USD560m in assets, 80% to 90% of which is from Asian investors, including some pension funds, David Tan, CIO for Asia-Pacific fixed income, said on a visit to Paris on 10 April.The specialist says that investing in Asian bonds allows Western investors to diversify, by avoiding the structural problems of Europe. Asia offers solid fundamentals, high returns and potential for appreciation of currencies.The fund is managed in Singapore by Chee Seng Cheng in Singapore, with an absolute return approach, and the objective of delivering returns for investors of 5.5-6%, with ex ante volatility of 5.5% (it has been under 3% so far). Currently, the portfolio has 93 positions, and returns were 8.30% in US dollars as of 2 April, compared with 6.07% for the benchmark index, the HSBC Asian Local Bond Index (ALBI).The management team currently favours the Philippines, China and Korea. It may invest in high-yield bonds, government bonds in local as well as hard currencies, both investment and speculative grade corporate bonds, inflation-linked and convertible securities, but not in loans. Tan states that the portfolio is currenrtly 38% composed of securities denominated in US dollars, and 44% in securities falling into the high yield category.The CIO for Asia-Pacific fixed income says that for the moment, the capacity limit for the highly flexible fund is about USD5bn.
11/04/2013

Veritas Investment recruits for sales team

P { margin-bottom: 0.08in; } Kerstin Behnke, a member of the board of directors and director of distribution, has announced that Veritas Investment has recently recruited two sales specialists, who will report to her. They are Annabelle Bannach, who joined the firm in mid-March as manager of customer service and assistant to the board of directors, and Marcel Andretzki, who joined the firm in early april as a sales manager in charge of independent distributors, wealth managers, broker pools and fund platforms. Bannach has previously worked at Fidelity and Gartmore with Andretzki, who most recently was a client executive at SEB Asset Management, responsible for independent financial advisers, fund platforms, co-operative banks and savings banks.
11/04/2013

JPMorgan selected as custodian by PGGM

P { margin-bottom: 0.08in; } The Netherlands pension fund PGGM (2.5 million subscribers and EUR133bn in assets) has selected JPMorgan, after several months of due diligence, as its global custodian, while BNY Mellon and Citi were also contenders, FondsNieuws reports.
11/04/2013

BNY Mellon recruits Japanese equity team from ING IM

P { margin-bottom: 0.08in; } BNY Mellon Asset Management has announced that it has recruited a team of Japanese equity specialists (managers, analysts, and one trader) led by Miyuki Kashima, from ING Investment Managers. Ms. Kashima joined ING IM in mid-2009, after working at Merrill Lynch Mercury (which has since become BlackRock).The professionals will report to Shizu Kishimoto, representative director and president of BNY Mellon AM Japan, and the regional CEO, Alan Harden. ING IM calls the changes a “transfer” following a decision no longer to actively manage equity portfolios for external clients in Japan. The team will continue to be sub-advisor to the portfolio it currently manages.BNY Mellon AM had previously had only one Japanese equity fund in its range, the BNY Mellon Japan Equity Value Fund, an Irish-registered product managed by Andrew Jenner and Mike Morris.Douglas L. Hymas, president & CEO of ING Mutual Funds Management Company (Japan) Ltd, says that the strategy of his business is to focus increasingly on distribution of foreign assets to external clients, while Harden says that BNY Mellon is “aggressively” developing its asset management activities in Asia-Pacific with Japan a key element in this strategy.
11/04/2013

Private equity investors sell off a lot of shares

P { margin-bottom: 0.08in; } The Wall Street Journal has calculated that in the first three months of the year, private equity investors have sold shares at 50 follow-on offerings totalling USD20.5bn. This is particularly true of Bain Capital, KKR and Apollo Global Management. The number of deals is twice that observed in the corresponding period of 2012, according to Dealogic. The rise in sales of these shares is due to a trend toward funds investments in US equities, and a need on the part of private equity investors to free up cash.
11/04/2013

First State Stewart may limit access to emerging market funds

P { margin-bottom: 0.08in; } The asset management firm First State Steward has announced in a letter to its shareholders that it may be required to soft close 11 of the 13 funds in its offshore range dedicated to emerging markets, due to strong demand from investors, Investment Week reports. Last year, First State Stewart soft closed its Hong Hong Growth and Indian Subcontinent funds. Last month, First State redoubled its efforts to limit inflows to the Asia Pacific Leaders fund, managed by Angus Tulloch, with assets under management of about USD7.4bn, by asking wealth managers to avoid large investments.
11/04/2013

OppenheimerFunds creates a position for a CIO of asset allocation

P { margin-bottom: 0.08in; } Since 8 April 2013, Mark Hamilton has been CIO, asset allocation, at OppenheimerFunds, a newly-created position. He reports to Art Steinmetz, CIO. Hamilton spent 19 years at AllianceBernstein, most recently as investment director in the dynamic asset allocation team.
11/04/2013

BlackRock recruits a former Mexican minister

P { margin-bottom: 0.08in; } Gerardo Rodriguez Regordosa, former Mexican undersecretary of finance, will join BlackRock on 22 April as managing director and senior member of the emerging markets management. He will be based in New York, and will report both to Richard Kushel, senior managing director and head of strategic product management, and Patrick Olsen, managing director and global head of strategy & planning. Emerging market assets at BlackRok total about USD250bn.
11/04/2013

Former head of fixed income at BlackRock joins Mariner Investment

P { margin-bottom: 0.08in; } The alternative management firm Mariner Investment Group has recruited the former head of global rates from BlackRock, Eric Pelliciaro, Citywire reports. The bond market specialist, who left BlackRock in December last year, has taken charge of a macro portfolio, the Alarium Mariner Global Macro fund. Assets under management at Mariner Investment group total about USD10bn, invested in single and multi-strategy hedge funds, funds of funds and alternative investments.
11/04/2013

Alex Denner launches an activist hedge fund

P { margin-bottom: 0.08in; } The former chief investment officer for health care at Carl Icahn, Alex Denner, will be launching an activist health care sector hedge fund, entitled Sarissa Captial Management, the news agency Bloomberg reports. Denner is expected to begin his activities in second quarter, with capital from Meritage Group. He will work with Mayu Sris, a former analyst at Icahn Associates, who will be managing director, and Richard Mulligan, professor of genetics at Harvard Medical School, who will be senior managing director.
11/04/2013

USD35bn in asset increases at Invesco, Franklin, Legg Mason and AllianceBernstein

P { margin-bottom: 0.08in; } As of the end of March, assets under management at the four largest US firms were up by USD35.2bn compared with their levels one month previously.The two largest increases were at Invesco, with USd729.3bn, compared with USD713.8bn at the end of February, and Franklin Templeton, with USD823.7bn, compared with USD818.3bn.The volume at AllianceBernstein was up USD6bn, to USD443bn, while at Legg Mason it was USD664.6bn, compared with USD661bn.
11/04/2013

Inflows to long-term funds near EUR29bn in February

P { margin-bottom: 0.08in; } Long-term funds, meaning all mutual funds not including money market funds, posted a net inflow of EUR28.8bn in Europe n February, down 47% ompared with January, but above the EUR20bn threshold for the seventh consecutive month, according to the most recent Lipper Fund Flash, released on 10 April.Money market funds posted a marginal inflow of EUR240m, as investors pulling out of money market finds denominated in pounds sterling and euros invested in funds denominated in US dollars. Taking into account these movements overall, net inflows total EUR29bn.Diversified funds finished the month of February with inflows of EUR22.2bn (excluding money market funds), down 50% compared with January, but above the monthly average of EUR18.3bn observed in 2012.JP Morgan has returned to the top three distributors in Europe , with inflows of EUR1.6n, behind BlackRock (EUR3.2bn), and Pimco (EUR2bn), but ahead of Aberdeen (EUR1.4bn) and Franklin Templeton (EUR1.3bn).
11/04/2013

FCA releases two papers on behavioural finance

P { margin-bottom: 0.08in; }A:link { } The new Financial Conduct Authority has published two occasional papers on behavioural economics, to explore ways that investors take financial decisions. The first of these focuses on the ways in which consumers select and use financial products, and how behavioural biases may incite businesses to compete in a way that is not in the interests of consumers. The second paper explores better ways to encourage consumers to respond to customer contact letters. The regulator points out that an overabundance of information can sometimes drive consumers to neglect certain important characteristics of investment products, and instead focus on headline rates.

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