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11/02/2013

First State enters EMD local currency niche

Helene Williamson, head of the emerging market bond management team at First State, has been made responsible for managing a local currency emerging market debt fund, which will have share classes in pounds sterling and euros. The portfolio will invest both in corporate and government bonds.
11/02/2013

Lombard Odier and Pictet will neither merge nor hold an IPO

Following a change in the structure of the private bank, Lombard Odier will not merge with Pictet, which has made the same decision. The bank does not have any plans to launch an initial public offering either. “If we were considering an IPO, we would have chosen the legal format of limited partnership, and not direct partnership,” says Anne-Marie de Weck, a partner at Lombard Odier, in an interview published in Le Matin Dimanche». The partners remain responsible, liable, for the future firm, and for the financing of the bank.”De Weck admits that in a direct partnership company, the partners would no longer guarantee the firm with their entire net worth, but merely with their capital investment. “That does not play a role in our case. Our private wealth is invested in the bank,” she says.
11/02/2013

Increase of CHF15bn in assets under management at Cantonal bank of Zurich

Assets under management at the Cantonal bank of Zurich (ZKB) rose to CHF14.8bn in the year 2012, at CHF191.4bn, according to statistics released on 8 February. Net inflows last year totalled CHF8.3bn, compared with CHF12.3bn in 2011. The bank has reported profits for the past year of CHF594m, down 23% year on year due to a one-time charge of CHF150m.
11/02/2013

FTSE offers two new series of indices

The British FTSE Group has announced the launch of two ranges of indices, the FTSE Cyclical and FTSE Defensive, with the objective of offering “contrasting degrees of sensitivity to the economic cycle, in order to improve the transparency of market dynamics.” These indices are available in real time, and may serve as the underlying for new investable products.
11/02/2013

China AMC and CSOP to list RQFII ETF in Japan

Asian Investor relays reports in Nihon Keizai Shimbun that the Chinese asset management firms China AMC and CSOP are planning to list physical replication RQFII ETF funds in Japan from 27 February, as depositary receipts. They would be the first products of their type to be listed outside Hong Kong.RQFII ETFs are ETFs which invest directly in Chinese A-class equities. The products concerned will be listed in yen, while in principle they are traded in yuan or Hong Kong dollars.
11/02/2013

Henderson wins mandate

The board of the SVM Global Investment trust has awarded a management mandate to Henderson Global Investors, Investment Week reports.The portfolio, which had hitherto been managed by SVN Asset Management, will be taken over by Ian Barrass, head of private equity funds of funds at Henderson, and Paul Craig, a member of the multi-management team.
11/02/2013

F&C to suppress Thames River name

F&C Investments is planning to discontinue the Thames River brand name, and rename each Thames River fund as F&C, Fundweb reports. The changes will take place on about 6 April. They will affect 20 funds.
11/02/2013

Weinstein and Reservoir support a new hedge fund

Boaz Weinstein, former owners’ equity trader at Deutshe Bank, and Reservoir Capital, the alternative asset management firm led by Dan Stern, are supporting a new hedge fund firm specialised in credit entitled Camares Capital, Financial News reports. The firm was founded by a former protégé of Weinstein.
11/02/2013

M&G, SLI and BNY Mellon lead subscriptions for 2012

According to the most recent Pridham Report from Fundscape, relayed by Investment Week, the top three asset management firms by retail net subscriptions last year on the British market were M&G (GBP2.6376bn), followed by Standard Life Investments (SLI, with GBP2.5351bn) and BNY Mellon, with GBP2.038bn. BlackRock and Threadneedle take fourth and fifth place, respectively, with GBP1.9692bn and GBP1.5694bn. Axa IM is in ninth place, with GBP1.0426bn.
11/02/2013

State Street faces two lawsuits over securities lending

State Street is facing two lawsuits in the United States which argue that it claimed an “exorbitant portion” of revenues from securities lending, which resulted in “massive losses” of “hundreds of millions of dollars” for investors, Financial Times Fund Management reports. The plaintiffs are the Retirees of the Goodyear Tire and Rubber Company Health Care Trust and the Glass Dimensions Inc Profit Sharing Plan and Trust. State Street claims that the accusations are baseless, and has declared that it intends to defend itself against them.
11/02/2013

Investors rediscover French equities

After a turbulent beginning to the year, equity funds have continued to attract investors, but at a more modest pace. The remarkable fact of the first few days of February is that investors once again appear to be showing an appetite for French equities, which had become less popular through most of 2012, and which have posted their highest inflows since third quarter 2011, EPFR Global reports.European equity funds overall finished the week to 6 February will outflows, of a modest USD264m, however, according to estimates by EPFR Global. Worldwide, equity funds finished the week to 6 February with net inflows of USD6.56bn.Emerging market equity funds continued to attract significant inflows with a market interest in Chinese and siversified funds, as well as certain niche markets, such as Colombia, the Philippines, and Vietnam.Another centre of investor interest is real estate funds, which continued to attract investors in early February, and which have posted net inflows of nearly USD4bn since the beginning of the year.Bond funds attracted a further USD1.08bn. Diversified bond funds did well, with cumulative net inflows since the beginning of the year of nearly USD6bn.
11/02/2013

Steep decline in default rates in Europe in January

In Europe, the default rate for businesses rated speculative grade came to 1.4% in January, compared with 1.8% in December, and 3.3% in January 2012, according to statistics from the financial ratings agency Moody’s.In the United States, the default rate fell back to 3% in January from 3.3% in December 2012, and 2.3% in January 2012.Worldwide, the default rate for businesses rated speculative grade, which at the end of January stood at 2.5%, may come out to 2.7% by the end of the year, a level which would be well below the average of 4.3% observed since 1983, according to Moody’s.
11/02/2013

New head for Sarasin Germany

Nils Ossenbrink, COO for asset management and the products & sales division, as well as head of products for development and provision of all products from the Swiss group J. Safra Sarasin, has been appointed by the supervisory board as chairman of the board at the German affiliate Bank Sarasin AG.According to a statement from the business, the appointment is a sign of the importance of the German market to the J. Safra Sarasin group.
11/02/2013

Union Investment bets on US real estate

In an interview with the Börsen-Zeitung, managing board member Jens Wilhelm states that in the face of persistent interest on the part of investors in real estate, Union Investment is increasingly taking an interest in properties located abroad, particularly in the United States.The central asset management firm for the German co-operative banks is planning to launch real estate credit funds aimed at institutional inestors, who are currently hungry for products of this type.
11/02/2013

Changes at the top at Fidelity Germany

Until a permanent managing director for Germany and Austria can be appointed, Jon Skillman, managing director, Continental Europe, will serve as head of Fidelity for the interim, replacing Christian Wrede, who has resigned from his position after five years “to take on other professional challenges,” Fonds Professionell reports. Meanwhile, Claude Hellers becomes head of distribution for Germany. Hellers, who has 15 years of experience at Fidelity, most recently served as head of distribution for Benelux.
11/02/2013

Changes at the top at Fidelity Germany

Until a permanent managing director for Germany and Austria can be appointed, Jon Skillman, managing director, Continental Europe, will serve as head of Fidelity for the interim, replacing Christian Wrede, who has resigned from his position after five years “to take on other professional challenges,” Fonds Professionell reports.Meanwhile, Claude Hellers becomes head of distribution for Germany. Hellers, who has 15 years of experience at Fidelity, most recently served as head of distribution for Benelux.
11/02/2013

IOSCO launches consultation on protection of client assets

The International Organisatino of Securities Commissions (IOSCO) on 8 February published a consultation document, which proposes a series of recommendations to protect client assets. The principles proposed by IOSCO include a number of means for regulators to improve supervision of intermediaries who hold assets for clients, clarifying the roles of intermediaries and the regulator in the protection of these assets. The consultation will remain open until 25 March.
11/02/2013

Aberdeen puts the brakes on its emerging market funds

The Scottish firm Aberdeen Asset Management will be introducing front-end fees of 2% for the Aberdeen Global Emerging Markets Fund (USD15.5bn in assets) and Aberdeen Global – Emerging Markets Smaller Companies Fund (USD.27bn) from 11 March 2013, “as the next step to reduce inflows to these funds.”In a context of low interest rates, the interest of institutional and private investors in emerging markets remains high, with new inflows expected to this asset class. Despite the efforts of Aberdeen to limit inflows to its global emerging market equity products, the asset management firm has reported a further increase in sales. In order to prevent future increases, the decision has been made to apply a front-end fee.Front-end fees of 2% will be charged for the funds concerned, which will be paid to all shareholders. Annual management fees for the fund will remain unchanged.
11/02/2013

Métropole Gestion registers Sélection fund in Spain

Franch-based Métropole Gestion, whose Luxembourg international Sicav has been registered in Spain since 2007, has received a license from the CNMV for its flagship equity fund, Métropole Sélection, Funds People reports.
11/02/2013

Green Light Capital files lawsuits against Apple

The activist hedge fund Green Light Capital has asked the US giant Apple to distribute its enormous liquidity mattress to investors. The firm’s cash reserves have risen from USD98bn as of March last year to USD137bn, Investment Europe reports. The head of the hedge fund, David Einhorn, has told the television network CNMB that the Apple group has a “Great Depression-era mentality” to save.
11/02/2013

Spanish funds post net inflows in January

Assets in Spanish funds as of 31 January totalled EUR129.210bn, according to VDOS, compared with EUR126.805bn at the end of December. EUR1.0463bn of the 1.9%, or EUR2.4048bn, increase was due to net subscriptions, while EUR1.3585bn were due to market effects.At the major asset management firms, Santander posted an increase of 1.28% in one month to its assets under management, to EUR21.4124bn, due in part to EUR87.6m in net subscriptions, while BBVA posted an increase of 0.8% to its assets, to EUR19.3146bn, but with net outflows of nearly EUR7.6m. At CaixaBank, volume increased 2.4% compared with the end of December, to EUR17.5593bn, with EUR211.9m in net inflows.
11/02/2013

Eurex lance un nouveau contrat sur la dette française

Eurex récidive. La Bourse des dérivés allemande a annoncé lundi le lancement d’un deuxième contrat future sur la dette française, sur le point à 5 ans de la courbe, basé sur les OAT de maturité résiduelle 4,5 à 5,5 ans. Les premiers contrats, d’une valeur notionnelle de 100.000 euros et de coupon 6%, seront traités le 11 mars. Banca IMI, Morgan Stanley et Natixis en seront les principaux teneurs de marché. En avril 2012, le lancement du premier contrat d’Eurex sur l’OAT 10 ans en pleine campagne présidentielle avait suscité une polémique autour d’une supposée «spéculation» sur la dette française. Depuis, 5 millions de futures ont été traités et les positions ouvertes sont de 200.000 contrats.
Première cotation du FOAT en avril 2012. photo: Eric Tschaen/REA
11/02/2013

La Suisse blanchirait Jérôme Cahuzac

Les autorités fiscales suisses excluent que le ministre français du Budget ait eu un compte bancaire ouvert à la banque UBS «à son nom ou à celui d’une société» depuis 2006, affirme le Journal du Dimanche, qui cite une source dans l’entourage du ministre de l’Economie Pierre Moscovici. Le journal en ligne Mediapart a toutefois maintenu ses accusations.
11/02/2013

Cantor Fitzgerald acquiert des activités de Seymour Pierce

La banque d’investissement a mis la main sur «certains actifs et activités» du broker britannique spécialisé dans les valeurs moyennes et les small-caps. La société de Bourse était à la recherche de fonds depuis que la FSA avait bloqué il y a plusieurs mois un financement qui devait provenir de l’homme d’affaires ukrainien Denis Gorbounenko.
11/02/2013

Lion Capital reprend GHD

La société de private equity a conclu le rachat, pour un montant non révélé, du fabricant britannique de produits capillaires GHD. Le vendeur, Montagu Private Equity, avait lui-même mis la main sur l’entreprise en 2007 pour 160 millions de livres (189 millions d’euros). Selon Sky News et Reuters, le montant consenti par Lion Capital serait deux fois supérieur.
11/02/2013

L’ASX maintient son monopole en Australie

Le ministre australien des Finances, Wayne Swan, a indiqué que l’opérateur principal régissant la Bourse du pays maintiendra sa situation monopolistique sur le règlement et la compensation des transactions sur le marché actions pour une durée d’au moins deux ans, en rejetant sur ce laps de temps tout projet de licence permettant l’entrée d’un nouvel opérateur qui viendrait concurrencer l’ASX.

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