P { margin-bottom: 0.08in; }A:link { } BNY Mellon has announced that it has been granted three patents on processes developed by the firm, which allow for commodities to be traded via ETFs. The commodities covered by the patents also include silver and other industrial and precious metals. “These patents recognize that BNY Mellon has created an innovative processes which transforms metal or other commodities which are generally an encumbrance into easily-traded securities,” says Joseph Keenan, head of the Global ETF Services unit at BNY Mellon. BNY Mellon acts as a custodian and administrator for about half of all ETFs traded in the United States.

EDHEC-Risk Institute, in a statement published on March 11th, disagrees with the position of the ESMA Securities and Markets Stakeholder Group (SMSG) in its advice to ESMA dated 26 February 2013, which not only makes the assumption that the governance approach and transparency approach are substitutable and that therefore a lack of transparency could be compensated by an improvement in the rules of governance, but also presents the governance approach as the high road and transparency as a fallback solution enabling external monitoring to be carried out in the absence of “sound governance mechanisms.” As an academic institution, EDHEC-Risk Institute wishes to recall that the position of the SMSG is in total contradiction with research results which show clearly that the efficiency and integrity of a market are directly related to the quantity and quality of the information available and not to the goodwill displayed by participants in the market. Edhec also points out that smart beta indices contain exposures to different risk factors than cap-weighted indices and rely on methodologies that obviously present model and parameter estimation risks. It is therefore essential for investors to be able to carry out risk analysis easily and to avail of non-biased information on the quality of track records and the robustness of the performance displayed by index providers. Providing the public with the information required to independently replicate an index for evaluation or research purposes should not be misrepresented as denying index providers the right to protect and enforce their intellectual property rights. There are legal as well as contractual tools (e.g. licenses) to defend index providers against unauthorised uses of their methodologies and data, Edhec concludes.

P { margin-bottom: 0.08in; }A:link { } Major asset management firms such as BlackRock, TCW Group and Pimco are preparing for the day when interest rates begin to rise again, the Wall Street Journal reports. But instead of trying to guess exactly when that time will come, they are making purchases which are intended to pay off when interest rates rise again. That includes buying up debt with floating interest rates, as well as interest rate swaps and inflation-protected bonds. Other investors are protecting themselves against potential bond losses by making negative bets on US Treasury bonds via derivatives.

P { margin-bottom: 0.08in; }A:link { } The Swiss bankers’ association (ASB) has appointed Peter Grünblatt to coordinate its Asset Management initiative, the association announced on 11 March.The project aims to improve overarching conditions in asset management, a sector which the ASB considers capital to the Swiss financial market.Grünblatt, 51, has served since 2001 in positinos of responsibility in the area of investment products at Credit Suisse, including the affiliate Banque Leu, which later became Clariden Leu, a statement from the ASB says.In a 20-page document, the association lays out the top objectives for the asset management sector, which has developed less in recent year than rival centres in London and New York. The reason given for this observtion is that “external” factors are affecting the legal and fiscal framework, which is less competitive, as well as “internal” factors such as a lack of promotion of asset management as a Swiss brand in and of itself.

P { margin-bottom: 0.08in; }A:link { } Vontobel is this week launching an online platform for external asset managers (EAM), according to the website finews. The new resource, entitled Vontobel EAMNet, will be available to all external asset managers with a cooperation agreement with Vontobel. Users will have access to all updated research from Vontobel. Vontobel will compete with Credit Suisse, which has recently announced that it plans to launch an online platform of the same type in the next few weeks for external asset managers (Newsmanagers of 19 February 2013).

P { margin-bottom: 0.08in; }A:link { } US firms such as Pimco, Franklin Templeton and BlackRock were the asset management firms to post the largest inflows in Europe in the past 10 years (excluding money markets and ETFs). Pimco has posted average annual subscriptoins of USD8.668bn over the decade, ahead of Franklin Templeton (EUR7.824bn) and BlackRock (EUR7.797bn). Jn fourth place is one of the only French firms in the top 25, Axa, with EUR5.386bn. The other French firm is Carmignac, which is in sixth place (after M&G), with average annual subscriptions of EUR4.053bn. Lipper notes that the 20 firms in the rankings of best-sellers over the past decade have a different profile. There are independent firms, private banks and affilates of banks.

The International Organization of Securities Commissions (IOSCO) published on March 11 the comment letters on the Consultation Report on Financial Benchmarks that was issued on 11 January 2013. The report sought comments from the public on policy issues arising from the work of its Board Level Task Force on Financial Market Benchmarks. More than 50 responses were received. The conclusions of the roundtable discussions the comment letters and the IOSCO Board deliberations in Sydney 21 – 22 March will inform the drafting of the final recommendations on financial benchmarks, after further public consultation in April.

P { margin-bottom: 0.08in; }A:link { } On 11 March, Aberdeen Asset Management (GBP193bn as of the end of December) released a British-registered OEIC fund, the Aberdeen Strategic Bond Fund, which is managed with a bottom-up, bond-picking style by the team led by Oliver Boulind, head of global credit & global high yield.The portfolio will be invested worldwide in investment-grade and/or speculative debt instruments, and bonds from governments, corporations, government agencies and supranational organisations. Asset allocation will be dynamic.Management commission is 0.5%, and minimal subscription is GBP500.

P { margin-bottom: 0.08in; }A:link { } Total British wealth management assets set a record at GBP527bn in fourth quarter 2012, despite concerns about RDR regulations, which might have slowed inflows, according to statistics from ComPeer, reported by Investment Week. Inflows rose 9.2% in fourth quarter compared with the end of December 2011, and 3% compared with third quarter 2012. The average asset manager succeeded in reducing its costs by 3%, which may be surprising given the increases in spending related to the introduction og RDR regulations on 1 January.

P { margin-bottom: 0.08in; }A:link { } Investment Week reports that Threadneedle is preparing to partially close the Pan-European Smaller Companies Fund, managed by Philip Dicken, with assets which have risen from EUR500m in early 2012 to EUR1bn currently, to subscriptions.

P { margin-bottom: 0.08in; }A:link { } In February, funds on sale in Sweden recorded net inflows totalling SEK14.6bn (EUR1.9bn), according to the most recent report from the Swedish investment fund association, Fondbolagens Förening. This is the highest level since Otober 2009. Inflows went largely to equity funds (SEK8bn) and balanced funds (SEK7.6bn). Money market funds also attracted SEK3.9bn. For equity funds, Swedish products took the lion’s share of inflows, with SEK6.2bn. However, bond funds have seen outflows of SEK3.8bn. Since the beginning of the year, funds on sale in Sweden have posted net inflows of SEK22.8bn, of which SEK16.7bn went to equity funds. As of the end of February, assets in funds on sale in Sweden totalled SEK2.153trn, a record level, Of this total, 54% are managed in equity funds.

P { margin-bottom: 0.08in; } Although most Spanish funds were hurt by the financial crisis, which led to a fall on the markets and an exodus of subscribers, some original products, so-called “author funds,” have already made it through this difficult period, Cotizalia notes.The Pegasus fund from Renta4 (managed by Miguel Jiménez), has seen its assets which rise since 2007 from EUR14m to EUR60m, while the net asset value has increased by nearly 40%.Bestinvest, with the Bestinfond fund managed by García Paramés, Álvaro Guzmán and Fernando Bernad, has seen an increase in its NAV of 27% since 2007, as has the EDM Ahorro, managed by Karina Sirkia. The Cartesio X fund, managed by Cayetano Cornet and the BK Kilimanjaro by Vicente López, now has a NAV 20% and 9.7% higher than in 2007, respecitvely.The situation is, of course, more difficult for funds specialised in Spanish equities exclusively, since the Ibex index has lost a total of more than 40%. Even the BPA Fondo Ibérico Acciones, by Gonzalo Lardiés, has a NAV 21% lower than its pre-crisis levels.

P { margin-bottom: 0.08in; }A:link { } The London Employment Monitor at the recruitment firm Morgan McKinley has reported a monthly increase of 11% in February 2013 in the availability of positions in the financial sector in London, to 2,583, compared with 2,331 in January. However, this result is 15% lower than the toal of 3,056 jobs, observed in February 2012.Morgan McKinley reports that the number of professionals who entered the labour market in February increased 4% compared with January, but is 13% down compared with the corresponding month of last year.Nonetheless, the rising trend in remunerations has continued, although not at such a fast pace as in January. In February, the increase was 10%, compared with 24% in January, and 7% in December.

P { margin-bottom: 0.08in; }A:link { } The Future Fund, which manages AUD80bn in assets (EUR62.5bn) in public employee pensions, at the end of February announced that it would be pulling its capita out of all makers of of tobacco worldwide, Les Echos reports. That represents about AUD222m (EUR174.2m, or 0.3% of assets), invested in 14 tobacco producers, including the global leaders Philip Morris and Imperial Tobacco. The decision follows a review of responsible management policies.

Les intervenants sur le marché des matières premières agricoles craignaient une position dominante après le rachat de Nyse Euronext

Si leur sous-valorisation n’est plus criante, ces monnaies devraient encore bénéficier de plusieurs facteurs de soutien

Après le ralentissement observé en février, les émetteurs reviennent sur le marché de la dette en euros depuis le début du mois de mars

La devise hongroise est au plus bas depuis dixmois face à l'euro. Le vote d'une réforme constitutionnelle controversée renforce les inquiétudes

Auditionnée par la commission bancaire du Sénat, l'ancienne avocate entend s'attaquer aux dérives du trading haute fréquence

En visite à Clermont Ferrand, le ministre de l’Economie Pierre Moscovici a signé les premières conventions de préfinancement de ce CICE, accessible dès cette année aux PME et TPE dans la limite de 4% de leur masse salariale. Ce préfinancement prend la forme d’avances de la Banque publique d’investissement ou des banques traditionnelles avec une garantie de cette même BPI.

Zagreb devrait pouvoir adhérer comme prévu à l’Union européenne le 1er juillet après la signature lundi d’un accord avec la Slovénie qui met fin à un contentieux bancaire datant de l'époque de la dislocation de la Yougoslavie. Il concernait la Ljubljanska Banka et la dette de cet établissement slovène envers des déposants croates.

Madrid n’a pas l’intention de fusionner les trois banques espagnoles nationalisées, a déclaré lundi le ministre de l’Economie Luis de Guindos, alors que l’Union européenne impose au gouvernement de les privatiser d’ici 2017. Selon Reuters, l’Espagne envisageait une fusion, partielle ou totale, entre Bankia et Catalunya Banc à la suite de l'échec d’une procédure de vente de cette dernière.

L’investisseur américain, dont la fortune est estimée par le magazine Forbes à 11,2 milliards de dollars, a envisagé de renoncer sa nationalité américaine à la faveur d’un exil vers Porto Rico pour échapper à la loi fiscale des Etats-Unis, selon des sources concordantes. Bloomberg avance que 10 milliardaires américains auraient déjà franchi le pas, alors que 40 autres seraient en voie de le faire.

Rome risque de ne pas être en mesure de respecter la date limite de la fin avril pour la soumission de son programme de stabilité aux autorités européennes en raison de l’impasse politique depuis les élections parlementaires, a déclaré lundi un diplomate italien. Le Parlement nouvellement élu se réunira pour la première fois vendredi.

Nairobi entend placer un Eurobond d’environ 1 milliard de dollars en septembre après la conclusion pacifique d’un scrutin dans la plus grande économie d’Afrique de l’est, a indiqué le ministre des Finances kenyan Robinson Githae. Inculpé par la CPI, Uhuru Kenyatta a été élu à la présidence au premier tour du scrutin du 4 mars. La Zambie prépare également un Eurobond d’ici la fin de l’année.

Le Parlement français a adopté définitivement cette nuit la proposition de loi socialiste sur l'énergie qui prévoit la mise en place au 1er janvier 2015 d’un mécanisme de bonus-malus sur les factures d'électricité, destiné à inciter les consommateurs à réduire leur consommation d'énergie. La proposition de loi avait été rejetée en octobre par le Sénat avec les voix des élus de droite et du Front de gauche.

Dans un article publié par l’Agefi, Philippe Rey, responsable des investissements de l’UMR déclare que l’institution a placé 15 millions d’euros dans un fonds investissant exclusivement dans des obligations émises par des PME, en partie garanti par Oséo et géré par Twenty First Capital. Cette garantie est une pièce essentielle du dispositif. La garantie couvre au maximum 70% des investissements (hors coupon) sur les entreprises de moins de 5 ans d’existence et 50% pour les autres, plafonnés à 30% de l’encours total. Chaque émission doit être validée par Oséo. Ce dispositif permet aux investisseurs soumis à Solvabilité 2 de limiter le capital requis (SCR). La valorisation du fonds étant peu volatile (les sous-jacents ne sont pas cotés) et le fonds offrant une garantie partielle, le SCR spread serait compris entre 7,5 et 10,5%, selon les estimations de Twenty First Capital. De plus, le fonds négocie, au cas par cas, des sûretés avec les entreprises qu’elle finance. Autre sécurité pour l’investisseur, Twenty First Capital vient en cofinancement avec un autre partenaire (généralement Boost & Co ou Entrepreneur Venture).

Zagreb devrait pouvoir adhérer comme prévu à l’Union européenne le 1er juillet après la signature lundi d’un accord avec la Slovénie qui met fin à un contentieux bancaire datant de l'époque de la dislocation de la Yougoslavie. Il concernait la Ljubljanska Banka et la dette de cet établissement slovène envers des déposants croates.

Le coût horaire du travail harmonisé à l'échelle européenne a reculé de 3,1% au quatrième trimestre 2012 en Espagne par rapport à la période correspondante un an auparavant, selon des données publiées lundi. Cette évolution s’explique par les baisses des traitements dans la fonction publique dans le cadre du plan d’austérité mis en œuvre par Madrid.

Le Haut conseil de la famille estime qu’il faudra réduire de 2,2 milliards d’euros les prestations familiales d’ici 2016 pour redresser les comptes de la branche famille de la sécurité sociale, écrit lundi le journal Les Echos sur son site internet. Le déficit de la branche famille devrait atteindre 1,7 milliard d’euros en 2016, auxquels il faut ajouter les hausses de prestations annoncées en décembre pour lutter contre la pauvreté et qui coûteraient 400 à 500 millions d’euros à cette date.