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23/05/2013

Newton adds to its bond unit

P { margin-bottom: 0.08in; } The asset management firm Newton, which is part of BNY Mellon Investment Management, has announced the recruitment of Khuran Sharih to the newly-created position of high yield analyst in the Global Fixed Income team, according to a statement released on 21 May. Sharih will work alongside Sebastien Poulin, who joined the team in February 2012. He will report directly yo Parmeshwar Chadha, who is responsible for more than GBP1bn in assets under management in high yield. Sharih previously worked at Cairn Cpaital as a senior credit analyst.
23/05/2013

Aberdeen completes acquisition of Artio Global Investors

P { margin-bottom: 0.08in; } Aberdeen Asset Management and its affiliates have announced that they have completed the acquisition of Artio Global Investors Inc., a U.S. publicly-listed asset manager, effective as of the close of business on May 21, 2013. Aberdeen has paid consideration of USD179.7 million, based on a price of USD2.75 per share. This represents a premium of USD46.3 million over Artio’s unaudited net asset value as of March 31, 2013. This acquisition will expand Aberdeen’s U.S. business, deepen its distribution network in the region and add to its existing fixed income capabilities. As of May 17, 2013, Artio managed assets of approximately USD10.6 billion.
23/05/2013

Consolidation continues in mutual fund sector

P { margin-bottom: 0.08in; } In first quarter 2013, 435 funds were launched in Europe, whilst a total of 600 funds (396 liquidations and 204 mergers) were withdrawn from the market during the same period, as the industry continues to consolidate its fund ranges, according to Lipper.During the first three months of the year, 435 funds were launched in Europe, the lowest number for Q1 results of the last five years. This reflects a decrease of 46% compared with the peak in Q1 2010 and a decrease of 14% compared to the same period in 2012, when 506 funds were launched.The number of liquidations is also at its lowest Q1 level for the past five years. The 396 liquidations in first quarter 2013 were 30% fewer than the peak of 566 in first quarter 2009. Compared with first quarter 2012, the number of funds decreased by 20%.As at the end of March 2013, there were 31,854 mutual funds registered for sale in Europe, including 8,581 in Luxembourg and 4,907 in France.Equity funds continued to dominate the fund market in Europe, with 37% of the funds available for sale, followed by mixed-asset funds at 25%. Bond funds stood at 22%, whilst money markets represented 5%.
23/05/2013

SRI gains ground in Europe

P { margin-bottom: 0.08in; }A:link { } According to a study by the Luxembourg investment fund association (ALFI) and KPMG, assets in socially responsible funds in Europe increased between the end of 2010 and the end of 2012 by 19%, to EUR237.9bn, in 1,775 products compared with 1,558, which represents an increase of 14%.Cross-sector environmental, social and governance (ESG) funds as of the end of last year had total assets of EUR198.4bn, 83.3% of the total, for 63.9% of funds numerically, outpacing primarily environmental funds, with EUR28.1bn, or 11.8% of total assets and 21.7% of the fund population.By country of domicile, France led with 25.9% of assets, compared with 25.1% for Luxembourg, 7.9% for Norway, 7.6% for Denmark, and 6.6% for Finland.The study also points out that 23% of European SRI funds are available for cross-border sale.
23/05/2013

Tundra to launch Asian equity fund

P { margin-bottom: 0.08in; } The Scandinavian firm Tundra Fonder has launched an Asia ex-Japan equity fund for the former BankInvest emerging market specialist Jon Scheiber, Citywire Global reveals. Scheiber left BankInvest in May 2012, and joined Tundra in early 2013. The fund will have a quantitative approach, and will be entitled Tundra QuAsia fund.
23/05/2013

Eurizon imports umbrella fund to Spain

P { margin-bottom: 0.08in; } The CNMV has issued a sales license for Spain to Eurizon MM Collection, a Luxembourg-registered Sicav umbrella fund from the Italian firm Eurizon Capital, with three sub-funds specialised in Japan, China and Brazil, respectively, Funds People reports. They are Daiwa Equity Japan, managed by Daiwa AM, Itaú Equity Brazil Domestic Dynamics, managed by Itaú Unibanco, and Guosen RMB Fixed Income, managed by Guosen Securities.
23/05/2013

Emerging market hedge funds continue to post inflows in first quarter

P { margin-bottom: 0.08in; } In first quarter 2013, hedge funds dedicated to emerging markets posted net inflows of USD1.8bn, according to the most recent edition of the HFR Emerging Markets Hedge Fund Industry Report. Inflows totalled USD3bn in fourth quarter 2012. Assets under management by emerging market hedge funds set a new record at over USD151bn, up by USD12bn compared with the end of December 2012. The HFRX Multi-Emerging Markets index gained 5.9% in the first four months of the year. Despite declines for the Chinese (Shanghai Composite) and Korean (Kospi) stock market indices, the HFR China and HFRX Korea indices have posted respective gains of 8.8% and 10%.
23/05/2013

Private banking profits down at ABN Amro

P { margin-bottom: 0.08in; } In first quarter 2013, net profits for the private banking unit at ABN Amro totalled EUR35m, compared with EUR57m in the corresponding period of last year, which was marked by significant one-time profits. In addition, the decline is due to a slight decline in margins and a higher level of pension costs.As of 31 March, assets in the private banking unit totalled EUR165.1bn, compared with EUR163.1bn three months previously, with inflows and outflows evenly balanced.
23/05/2013

WisdomTree launches high dividend equity ETF

P { margin-bottom: 0.08in; } The range of WisdomTree high dividend equity ETFs on 22 May gained an additional reference, in the WisdomTree U.S. Dividend Growth Fund (NasdaqGM ticker: DGRW).The product aims to replicate the fundamental weighting index WTDGI, which covers about 300 companies which pay dividends and combine the best characteristics for growth and quality as measured by long-term growth outlooks and returns on owners’ equity.The total expense ratio is 0.28%.
23/05/2013

Two new ETFs from Lyxor listed in Paris

P { margin-bottom: 0.08in; } NYSE Euronext has announced that on 22 May, two ETFs from Lyxor Asset Management were admitted to trading on the Paris stock exchange, bringing the total number of ETFs listed on European markets of NYSE Euronext to 660, of which 576 are primary listings.The products, both of which charge fees of 0.40%, are the LYX Unlev VIX EUR (ticker: ULVO), which replicates the S&P VIX Futures Enhanced Roll, and the LYX Unlev VIX USD (ULVX), which uses the same index.
23/05/2013

Balderton invests over USD10m in social networks

P { margin-bottom: 0.08in; }A:link { } The London-based fund Balderton Capital has invested USD10.7m in a startup based in Lausanne, Urturn (formerly known as Webdoc), which develops a social network complementary to Facebook and Twitter. Urturn has raised a record total of USD13.4m, according to a statement from Balderton released on 22 May.
23/05/2013

Temasek acquires 10% of Markit

P { margin-bottom: 0.08in; }A:link { } The Singapore sovereign fund Temasek has bought a stake of about 10% in the London-based firm Markit, specialised in financial data and services, Les Echos reports. The operation, totalling about EUR500m, values Markit at about USD5bn. Three years ago, an investment by the private equity firm General Atlantic Partners valued Markit at USD3bn.
23/05/2013

Oliver Fischer leaves FPM for Charlemagne Capital

P { margin-bottom: 0.08in; } The head of distribution to professionals at FPM Frankfurt Performance Management, Oliver Fischer, will on 3 June join Charlemagne Capital as head of Germany/Austria, the German media is reporting. Fischer will replace Davut Deletioglu, who has decided to leave the company after 10 years.
23/05/2013

Lyxor moves seven ETFs to physical replication

P { margin-bottom: 0.08in; }A:link { } Seven French-registered, UCITS-compliant ETFs replicating EuroMTS investment grade bond category indices have been moved by Lyxor Asset Management from a synthetic replication formula to a physical replication formula, fondsweb.de reports.The products are the following:LYXOR ETF EUROMTS 1-3Y INVESTMENT GRADE (FR0010222224)LYXOR ETF EUROMTS 3-5Y INVESTMENT GRADE (FR0010037234)LYXOR ETF EUROMTS 5-7Y INVESTMENT GRADE (FR0010411413)LYXOR ETF EUROMTS 7-10Y INVESTMENT GRADE (FR0010411439)LYXOR ETF EUROMTS 10-15Y INVESTMENT GRADE (FR0010037242)LYXOR ETF EUROMTS 15+ Y INVESTMENT GRADE (FR0010481093) andLYXOR ETF EUROMTS GLOBAL INVESTMENT GRADE (FR0010028860)
23/05/2013

Inflows of CHF1.6bn to Swiss Life AM in first quarter

P { margin-bottom: 0.08in; }A:link { } Swiss Life Asset Managers has posted net inflows in first quarter of CHF1.6bn, according to figures released on 23 May by the insurance group Swiss Life.The firm has continued its growth in the area of wealth management serving external clients, thanks to additional mandates.The group has posted net returns for non-annualised investments of 1.4% between January and March, compared with 0.9% in the corresponding period of 2012.
23/05/2013

GLG makes capital gains by shorting Bankia

P { margin-bottom: 0.08in; }A:link { } Cinco Días reports that, since the close of trading on 29 April, Bankia shares have lost 87.6% of their value. Although retail investors were not able to play on this decline by selling shares as there were no more shares available to be lent, the British hedge fund management firm GLG Partners on 17 April declared a short position representing 0.52% of capital in Bankia, or 103,700 shares.Without any leverage, shares which were worth EUR12 and have now fallen to EUR1.40 will have brought GLG capital gains of EUR1.1m in slightly over one month.
23/05/2013

Conroversy over revisions to Assogestioni statutes

P { margin-bottom: 0.08in; }A:link { } Alberto Giovannini, responsible for carrying out revisions to the statutes of Assogestioni, the Italian association of asset managers, has not garnered unanimous support from the members of the association, Bluerating reports. Some fault him for having been senior advisor to Long Term Capital Management, and that he is a shareholder and deputy director of Unifortune, a firm which is not an Assogestioni member. Others point out that he was investigated in connection with the Cirio junk bond crash.
23/05/2013

Les marchés japonais dévissent

L’indice Nikkei a clôturé la séance en forte baisse de 7,32% à 14.483,98 points ce matin dans des volumes très importants,après la publication de l’indice HSBC traduisant les mouvements de l’activité manufacturière en Chine qui est tombé sous le seuil de contraction à 49,6 points pour le mois de mai, après 50,4 en avril. L’indice Topix plus large cédait de son côté 6,87% à 1.188,34 points.
Indices boursiers dans une rue de Tokyo, le 23 mai 2013. Photo: Tomohiro Oshumi/Bloomberg
23/05/2013

Lyxor va lancer un fonds de prêts LBO

La filiale de la Société Générale, déjà présente sur le marché avec des CLO, espère collecter 200 millions d’euros sur un fonds de loans qui sera lancé en juillet, rejoignant ainsi Axa IM, Amundi ou BNP Paribas. Il comportera une poche destinée aux investisseurs institutionnels français.
23/05/2013

Le stock de dette bancaire se contracte

Sur un an, les émissions nettes de dette par les résidents de la zone euro sont négatives. Cette première, depuis que la Banque centrale européenne a commencé à publier ces données il y a vingt ans, reflète le mouvement de réduction drastique du bilan des banques européennes.
23/05/2013

Les agences de notation une nouvelle fois contestées

Après avoir été critiquées pour avoir sous-estimé l’impact des titres de créances adossés aux crédits hypothécaires (mortgage backed securities, MBS) avant la crise, les agences de notation sont une nouvelle fois sous le feu des critiques pour ne pas déceler correctement l’impact du rebond du marché immobilier américain qui pourrait permettre à certains MBS de revenir en catégorie investissement, indique le journal. Un retour qui permettrait aux fonds colectifs ou aux fonds de pension d’être en mesure d’acheter à nouveau ces titres. «Vous allez constater des milliers de hausse de notes dans les deux prochaines années», prédit ainsi Kyle Bass, de Hayman Capital.
23/05/2013

L'Europe cherche des moyens de taxer les transactions à Londres

Les principales économies de la zone euro cherchent à centraliser la collecte de l’impôt sur les transactions financières par le biais des infrastructures de marché européennes afin de s’assurer qu’elle réussisse également à capturer les transactions effectuées à la City de Londres, indique le journal qui cite un document confidentiel de la Commission européenne qu’il s’est procuré.

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