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07/02/2013

Safe awards USD1.2bn in QFII quotas

In January, the Chinese State Administration of Foreign Exchange (SAFE) issued qualified foreign institutional investor (QFII) quotas for an additional USD500m and USD700m, respectively, to the sovereign wealth funds Abu Dhabi Investment Authority (ADIA) and the Kuwait Investment Authority (KIA). This brings their total quotas to USD1bn each, Asian Investor notes.Meanwhile, SAFE has also awarded “primo-quotas” of USD300m to ABS Asset Management and Hillhouse Capital Management, USD200m to CDH Investment and Genesis Asset Managers, USD150m to JP Morgan Asset Management Taiwan, USD100m to EFG Bank, USD60m to Public Mutual, and USD50m to Uni-president Assets Management Corp.
07/02/2013

Jupiter adds to Merlin product range

Jupiter is adding to its Merlin product range with the launch of the Merlin Real Return, a fund domiciled in Luxembourg. The portfolio is primarily invested in international equities and bonds, via a fund of fund structure, Investment Week states. The minimal investment for the product, which is aimed at institutional investors, is GBP10m. Management fees total 0.75%. The currency of the fund is the euro, but Jupiter is also offering shares denominated in US dollars and pounds sterling.
07/02/2013

Hedge funds made 1.61% in January

For last month, the hedge funds that make up the Dow Jones Credit Suisse Core Hedge Fund Index posted average returns of 1.61%, compared with 0.99% in December.All seven strategies showed gains, with the best two being long/short equity (+2.14%) and event-driven (+2.05%).
07/02/2013

ETF assets remain over USD2trn

Both the BlackRock Institute and the ETFGI agency founded by Deborah Fuhr on 5 February estimated that global assets in ETPs as of the end of January totalled a record of USD2.045trn and USD2.050trn, respectively, above the USD2trn threshold, which was passed on 18 January (see Newsmanagers of 28 January).Net subscriptions in January totalled USD40.2bn according to BlackRock, and USD37.3bn, according to ETFGI, compared with USD37.8bn (for both houses) in December, and USD33.5bn or USD34.5bn in the corresponding month of 2012.According to BlackRock, net subscriptions in Europe in January reached an 18-month high of USD6.6bn.ETFGI finds that iShares at the end of January remained the top ETP provider in the world, with USD798.5bn in assets, or a market share of 39%, followed by SPDR ETF (State Street Global Advisors), with USD347.3bn and 16.9% of the market, and Vanguard, with USD265.5bn, and a market share of 13%. This means that the three firms had a total of USD1.41trn in assets under management as of the end of January, or 68.9% of the total. In other words, the other 206 providers each have a market share of less than 4%.
07/02/2013

Mergers and acquisitions in China at their lowest level in five years

In 2012, mergers and acquisitions in China reached their highest levels in five years. According to the most recent statistics released by PwC, they fell by 28% in value and 23% in volume. However, the value of Chinese investments abroad reached a record of USD65.2bn. As in 2011, Japan remains the most active foreign investor in the area of mergers and acquisitions in China, despite a decline of 30%, exacerbated by the Daioyu/Senkaku islands crisis. The United States and Europe, however, continue to be the source of the largest transactions in terms of value.
07/02/2013

Raiffeisen Capital Management registers two funds in Switzerland

Raiffeisen Capital Management is now offering two additional funds to Swiss investors. The Austrian asset management firm has received a sales licence for the Raiffeisen-Europa-HighYield fund (ISIN code AT0000796529) and the Raiffeisen 337 – Strategic Allocation Master I, a tactical risk allocation product (ISIN code: AT0000A090G0).
07/02/2013

HSBC Emerging Markets index goes monthly

On the basis of the GDP of the 16 largest emerging markets (Saudi Arabia, Brazil, China, South Korea, Egypt, United Arab Emirates, Hong Kong, India, Indonesia, Mexico, Poland, Czech Republic, Russia, Taiwan, Turkey and Vietnam), the HSBC Emerging Markets index (HSBC EMI) will move to a monthly, rather than quarterly, frequency, HSBC has announced. In January, the index rose to 53.9, from 53 in December. “This is the highest level since February 2012, which is a sign of real acceleration in growth in emerging markets,” the firm has stated, adding that the growth is particularly strong in the manufacturing sector, and in China, where the EMI growth rate is the most dynamic it has been for 2 years.
07/02/2013

Henderson appoints a chairman of board of directors

Henderson Group on February 6 announced the appointment of Richard Gillingwater as a non-executive director and chairman designate of the Henderson Group Board with immediate effect. He will become chairman following the annual general meeting in May 2013.He will replace Rupert Pennant-Rea who will stand down from the board after the AGM. Richard Gillingwater is the non-executive chairman of CDC Group plc, senior independent director of Hiscox Ltd, Helical Bar plc and SSE plc. He was, until recently, dean of Cass Business School. Prior to this he spent 10 years at Kleinwort Benson, before moving to BZW, and, in due course, becoming joint head of corporate Finance and then latterly chairman of European investment banking at Credit Suisse First Boston. He was chief executive and later chairman of the Shareholder Executive and has also been a non-executive director of P&O, Debenhams, Tomkins, Qinetiq Group and Kidde.
07/02/2013

Handelsbanken acquires Heartwood

For an undisclosed amount, the Swedish firm Handelsbank is acquiring the wealth and asset management firm Heartwood Wealth Group (London and Tunbridge Wells), with assets totalling about SEK15bn, or GBP1.5bn. The transaction is pending clearance by the British FSA. Anders Bouvin, CEO of Handelsbanken UK, emphasized in a statement that the group already has 147 branches in the United Kingdom, the market in which the Swedish firm is experiencing its greatest growth. The transaction was approved in advance by a majority of shareholders in Heartwood, and Simon Lough, CEO, will continue to lead the firm after it becomes a wholly-owned subsidiary of Handelsbanken.
07/02/2013

30% increase in pre-tax profits for the half at Hargreaves

The wealth management platform Hargreaves Lansdown has reported pre-tax profits for the half year ending on 31 December of GBP93m, up 30% compared with profits for the corresponding half of 2011, according to a statement released on 6 February. Hargreaves attributes the increase to a trend for clients to invest directly, as a result of RDR regulations which were introduced on 1 January this year. Hargreaves notes in its statement that the number of financial advisers has fallen 4% in the past 18 months to 31 December, without citing sources. Assets under administration increased by 16% in the half, to GBP30.4bn.
07/02/2013

Libor: RBS finds money for USD615m in fines

Following Barclays and UBS, the British bank Royal Bank of Scotland (RBS) has set aside provisions to cover large penalties due to its role in the libor inter-bank lending rate manipulation scandal. It will pay a total of USD615m (CHF359m), according to a statement released on 6 February.In detail, GBP87.5m will go to the British Financial Services Authority (FSA), USD325m will go to its US counterpart (CFTC), and USD150m will go to the US Department of Justice, to “settle enquiries,” RBS states.From 2006 to 2010 at the latest, brokers at RBS in London, Singapore and Tokyo participates in manipulations of the money market benchmark rate. These actions continued even after they learned that an initial investigation was underway.The manipulations, primarily in Japanese yen and Swiss francs, were carried out by 21 RBS employees, all of whom have left the group or been subjected to idsciplinary measures.RBS, which is 81% controlled by the British government since a GBP45.5bn bailout during the financial crisis of 2008, has decided to finance the fines by reducing the bonuses paid to RBS personnel. RBS on 6 February states that reductions or cancellations of bonuses had allowed it to save about GBP300m.
07/02/2013

Handelsbanken acquires a UK wealth management firm

Sw Sweden’s Handelsbanken on February 6 announced the acquisition of British wealth and investment management company Heartwood whose assets under management total GBP1.5bn at the end of January 2013. The agreement will see Heartwood become a wholly-owned subsidiary of Handelsbanken, forming the foundation of its UK wealth management offering. The bank has also reported net profits for 2012 of SEK14.5bn, or about EUR1.7bn, up 18% over the previous year.
07/02/2013

Rumours of restructuring boost share price of Man Group

Agefi reports that the share price for the asset management firm Man Group rose 4.8% to 95.1 pence per share after UBS announced that its new CEO would be announcing significant strategic changes at a presentation of annual results on 28 February. A sale of the firm remains a possibility, UBS adds.
07/02/2013

NYSE Euronext agitates for more transparency

In the interests of greater transparency on the financial markets and improvements to governance, the market operator NYSE Euronext has called on the SEC to shorten the deadline for announcement of stakes in companies for investors with over USD100m in assets to two days, from 45 currently.
07/02/2013

Commodity hedge funds have lost 20% of their assets

Commodity hedge funds lost at least 20% of their assets last year, due to significant redemptions from investors in the wake of poor returns, the Financial Times reports. On average, commodity hedge funds lost 3.7% in 2012, according to a Newedge index. It is the largest decline since the creation of the index 10 years ago.
07/02/2013

Coverage rate for pension funds continues to rise

The average coverage rate for the liabilities of US corporate pension funds rose by 4.9 percentage points in the month of January, to a total of 81.2%, its highest level since March 2012, according to BNY Mellon. In the month under review, assets in pension funds increased by 3%, due to the strength of the stock markets, which gained more than 5% in the United States and other international developed markets. Liabilities fell by 3.2%, as the discount rate increased by 24 basis points to 4.13% for businesses rated Aa.
07/02/2013

L'Espagne place sa dette à des rendements en hausse

L’Espagne a adjugé jeudi 4,611 milliards d’euros de dette à moyen et long terme, un montant supérieur à l’objectif annoncé de 4,5 milliards, avec des rendements moyens en hausse. Madrid a émis 1,948 milliard d’obligations à échéance du 31 mars 2015, avec un rendement moyen de 2,823%, en hausse par rapport aux 2,476% à la dernière adjudication du 10 janvier. Le ratio de couverture a été de 2,2 contre 2,1 le mois dernier. Le Trésor espagnol a vendu 2,070 milliards d’obligations au 31 janvier 2018, avec un rendement moyen de 4,123% contre 3,77% lors de la dernière adjudication du 17 janvier. Le ratio de couverture a été de 2,2 contre 2,3 le mois dernier. Il a adjugé 593 millions d’euros de titres à plus terme, échéance du 31 janvier 2029, dont la dernière adjudication remonte à 2010, avec un rendement moyen de 5,787% contre 4,849%. Le ratio de couverture a été de 2,0 contre 2,2 il y a trois ans.
Photo: PHB
07/02/2013

La BoE et la BCE maintiennent leur politique monétaire

La Banque d’Angleterre (BoE) s’est abstenue jeudi de prendre de nouvelles mesures de soutien à l’activité et a maintenu son taux directeur à 0,5%, le niveau auquel il est fixé depuis mars 2009. La banque centrale, qui également a annoncé qu’elle maintenait le montant total de ses rachats d’actifs à 375 milliards de livres, a toutefois ajouté qu’elle se tenait prête à prendre d’autres mesures si nécessaire. La BoE souligne que la reprise de l'économie du pays serait remise en cause si elle mettait un terme à son programme de soutien à l’activité, estimant que l’inflation devrait augmenter à court terme et rester au-dessus de la barre de 2% pour les deux prochaines années. Sans surprise également la Banque centrale européenne à maintenu ses taux directeurs sans changement. Le taux de refi reste à 0,75%, le taux de prêt marginal à 1,5% et le taux de facilité de dépôt à 0%.
07/02/2013

SocGen finalise la cession de TCW

La Société Générale a annoncé avoir finalisé la cession du gestionnaire d’actifs californien à Carlyle. Une opération annoncée en août dernier, dont les conditions financières ne sont pas dévoilées. La banque indique que cette cession entraîne l’amélioration de son ratio Core Tier 1 de 17 points de base sous Bâle 2.5 et de 14 pb sous Bâle 3.
07/02/2013

Le FMI incite l’Inde au statu quo monétaire

La banque centrale indienne ne devrait plus baisser ses taux directeurs tant que l’inflation n’est pas sous contrôle, indique le FMI dans un communiqué publié hier. «Avec un espace politique restreint à cause du déficit budgétaire et de l’inflation élevés, l’économie est dans une situation plus affaiblie qu’avant la crise financière globale» ajoute le Fonds.
07/02/2013

La région Bretagne obtient la note AA par Fitch

Dans le but de préparer une émission obligataire visant à financer des investissements importants tels que la LGV qui nécessitera de mobiliser un milliard d’euros dont 415 et 300 millions ont déjà été sécurisés par la CDC et la BEI, le conseil régional de Bretagne s’est vu attribué une note de AA par Fitch assortie d’une perspective stable. Une note qui repose «sur des performances budgétaires solides, un faible endettement, une gestion sophistiquée et un profil socio-économique favorable» indique l’agence.
07/02/2013

L’inflation fait son retour dans les préoccupations chinoises

Dans son rapport trimestriel, la Banque Populaire de Chine indique qu’«une attention spéciale doit être accordée aux effets du changements des anticipations sur l’évolution des prix» dans la mesure où elle estime «l’économie en phase de transition vers une autre étape de la croissance». L’inflation est également soutenue par la hausse des prix immobiliers et la hausse des salaires.
07/02/2013

Nyse Euronext réclame plus de transparence

Dans un souci de plus grande transparence sur les marchés financiers et d’une amélioration de la gouvernance, l’opérateur a demandé à la SEC de raccourcir à deux jours, au lieu de 45 actuellement, le délai de communication sur les détentions d’actions des sociétés pour les investisseurs détenant plus de 100 millions de dollars d’actifs.
07/02/2013

Man Group dopé par des rumeurs de restructuration

Le cours du gestionnaire d’actifs s’est envolé de 4,8% pour atteindre 95,1 pence après qu’UBS a indiqué que le nouveau directeur général de Man Group devrait annoncer des «changements stratégiques importants» lors de la publication de ses résultats annuels le 28 février prochain. «Nous estimons également qu’une cession de la société est toujours d’actualité» ajoutait UBS.
07/02/2013

Les émissions de dette hybride au plus haut

Les émissions de dette hybride par les sociétés ont atteint un montant de 14 milliards de dollars sur le seul mois de janvier, soit un record historique quatre fois plus élevé que le précédent, selon le journal qui cite des chiffres fournis par Dealogic. «La liquidité sur les obligations hybrides s’est améliorée et se rapporche de celle du marché senior non sécurisé» estime Tom Mondelaers, gérant chez BlackRock.
07/02/2013

S&P joue gros aux Etats-Unis

Alors que les Etats-Unis attaquent le groupe, un nouveau règlement non rétroactif engage aussi, depuis cette année, la responsabilité civile des agences en Europe.

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