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17/12/2012

France claims largest SRI funds

The largest SRI (socially responsible investment) funds in the world are in France, according to a study by Vigeo and Morningstar reported by Il Sole – 24 Ore. They are the Bnp Paribas Mois (Bnp Paribas AM), Amundi Trèso ISR (Amundi AM) and Fonsicav (Natixis AM). France is also the largest SRI market, according to Vigeo, with 44% of SRI assets. These assets totalled EUR95bn in Europe in June 2012, an increase of 12% in 12 months. Italy is near the bottom of the rankings with EUR2bn in assets.
17/12/2012

IOSCO proposes new rules to improve transparency of market infrastructure

The International Organisation of Securities Commissions (IOSCO) and the Committee on Payment and Settlement Systems (CPSS) on 14 December published a disclosure framework and an evaluation methodology to establish new Principles for Financial Market Infrastructures (PFMI) for financial market infrastructures (FMI). The disclosure framework and methodology were the subject of a consultation launched in April. The dislcosure frameowrk will be used by FMIs to explain their activities and practices in the area of risk management with full transparency. The methodology is aimed more at international external valuators, including the International Monetary Fund and the World Bank, and other national authorities.
17/12/2012

Basel III not in doubt

The failure of the European Union and the United States to respect the deadline of 1 January 2013 to apply new banking solvency rules does not raise doubts about the Basel III agreement, regulators have announced.The Basel commission on 14 December announced, following a two-day meeting, that 11 countries are prepared to begin applying the new rules. “We are expecting regulations to be finalised in other jurisdictions during 2013, and they will join all other interim deadlines, under the initial agreement,” the chairman of the commission, Stefan Ingves, said in a statement. He says that this will be the case even if the parties concerned are not able to implement the rules in early 2013 as planned.“As a result, by the end of 2013, nearly all jurisdictions of the Basel commission will apply Basel III, in line with the calendar defined,” Ingves, who is also governor of the Swedish central bank, adds. “This is an absolutely crucial move to strengthen the global banking system.”
17/12/2012

Pall Mall IM opens a distribution office in Frankfurt

The asset management firm Pall Mall Investment Management GmbH (PMIM), based in Hamburg, earlier this month opened a distribution office in Frankfurt, at the offices of Veritas Investment GmbH, an affiliate of the Augur group.Currently, assets total EUR2bn, exclusively for institutional invetors, although the firm has recently launched an open-ended multi-asset class fund which uses the Risk@Work process and is administered by LBB Invest, the PMIM-MultiAsset-LBB-InvesT (DE000A1CXYQ0).
17/12/2012

Sal. Oppenheim wealth management gets a new head

Gregor Broschinski decided to quit on 31 December the board of Sal. Oppenheim (Deutsche Bank group), where he had been responsible for wealth management. On 1 January, 2013, he will be replaced by Nicolas von Loeper, who since 2009 has been head of the private wealth management operation of Deutsche Bank Cologne for the Cologne/Bonn/Aachen region.
17/12/2012

Head of bonds leaves Berenberg

According to reports in Citywire, Dirk Springer, CIO of Berenberg for bonds and manager of several funds at Berenberg, has left the firm.
17/12/2012

Head of bonds leaves Berenberg

Dirk Springer, head of bonds at Berenberg Bank, based in Hamburg, has left the firm, Citywire Global reports. The circumstances of his departure remain unknown, and it is not yet known if he will be joining another asset management firm.
17/12/2012

Partnership in the family office sector

The Singapore-based firm Oclaner Asset Management, which assists family office and high net worth clients, has formed partnership with the Monaco-based private investment firm Codima, Asian Investor reports. Under the terms of the agreement, Oclaner will become the asset management arm of Codima, or the Compagnie d’Investissements Monaco-Asie. Meanwhile, Oclaner becomes the unit dedicated to direct investment of Codima, which will allow the Singapore firm to offer a wider range of private assets in Asia and Europe.
17/12/2012

CPPIB pension fund grows in Asia

The Canadian pension fund Canada Pension Plan Investment Board (CPPIB) has set up two new units in Asia, as part of a process to increase personnel in the region, Asian Investor reports. The pension fund has set up a private debt desk, which will invest directly in leveraged loans, high yield bonds and debt structures including mezzanine. It will participate in event-driven operations (acquisitions, refinancing, restructuring and recapitalisation). CPPIB Has recruited Nina Tao as head of the private debt desk in Hong Kong. The pension fund has also set up a public equity private investment activity in Hong Kong. Assets under management by the pension fund not total about CAD170bn, nearly CAD20bn of which is in the Asia-Pacific region.
17/12/2012

Rules to be toughened for foreign banks

The US Federal Reserve (Fed) on 14 December unveiled a draft directive which could toughen the prudential management requirements applicable to major foreign banks present in the United States. The plans primarily concern banks and non-banking financial establishments whose consolidated global assets total over USD50bn. They would require them to submit to the same stress tests as US banks. The central bank says that the move implements terms of the Wall Street reform law of 2010. According to the text of the bill made public by the Fed, the new standards would come into effect on 1 July 2015, in order to give the establishments concerned time to comply.
17/12/2012

SAC Capital under investigation again

Federal authorities are investigating SAC Capital Advisors, the alternative asset management firm of Steven A. Cohen, The Wall Street Journal reports. They are seeking to establish whether or not insider trading was involved in a transaction on 14 February 2011, when SAC Capital purchased options on shares in Weight Watchers, which rose from USD44.08 to USD65.39 on 17 February after the publication of results which were far higher than expectations.As a result of this deal, SAC Capital probably made gains of USD8m, while its counterparty, Goldman Sachs, would have lost at least USD3m.
17/12/2012

East Capital Explorer liquidates its Russian utilities fund

The investment firm East Capital Explorer, listed in Stockholm, will be liquidating the East Capital Power Utilities Fund, in which it had been invested, and from which it expects to recuperate EUR14.2m, as announced. The remaining assets will be distributed in early 2013. The participation of East Capital Explorer in the fund represented EUR25.4m, which corresponds to 9% of the firm’s net asset value. East Capital Power Utilities Fund aimed to benefit from concentration and liberalisation in the Russian utility sector. But the sector has not developed as expected, East Capital Explorer explains. Investment in the fund also resulted in annual pre-tax losses of 2.6% between December 2007 and 30 November 2012.
17/12/2012

Invesco Perpetual replaces manager of its global fund

Invesco Perpetual has assigned its Global Opportunities fund (GBP53m) to the British manager Stephen Anness as part of a review of its equities division, Investment Week reports. He will also join the global equity team. The fund had previously been managed by the managers of the firm’s Global Equity Group. The firm has also announced that its director of marketing, Rick White, in October left the firm after twelve years. Invesco Perpetual has also lost its director of sales, Craig Newman, and its sales manager, Simon Dale. White and Newman will be replaced early next year.
17/12/2012

First physical replication ETFs from db x-trackers listed on LSE

On 14 December, db x-trackers (Deutsche Bank group) admitted its first three physical replication ETFs to trading on the London Stock Exchange. They are Luxembourg-registered funds which track the FTSE 100 and the Euro Stoxx 50, as well as the first ETF to replicate the Euro Stoxx 50 ex Financials index, the firm claims. The products are also expected to be released on the XTF segment of the German Xetra platform (Deutsche Börse) on 19 December.Meanwhile, the asset management firm says that it has listed its two existing synthetic replication ETFs db x-trackers FTSE 100 ETF and db x-trackers Euro Stoxx 50 in London.A list of the new products is attached.
17/12/2012

Le marché monétaire se contracte encore en zone euro

Au deuxième trimestre 2012, le volume d’instruments traités sur le marché monétaire se contractait de 14% sur un an, selon la dernière enquête de la Banque centrale européenne publiée ce matin. A cela deux raisons majeures: l’accroissement des tensions en zone euro entre juin 2011 et juin 2012, et les injections massives de liquidités réalisées par la BCE entre ces deux dates, qui ont détourné les banques du marché interbancaire.
17/12/2012

L'Europe et les Etats-Unis achoppent encore sur Bâle 3

Les banques américaines n’auraient réussi à détenir que 700 des 1.500 milliards de dollars d’actifs liquides nécessaires au respect des exigences de Bâle 3. De quoi pousser à des nouveaux assouplissements selon le journal, qui cite Bob Chakravorti, chef économiste chez Clearing House, qui représente les onze plus grosses banques commerciales américaines. Parallèlement, le président du Comité de Bâle, Stefan Ingves, a indiqué que malgré l'échec de l’Union européenne et des Etats-Unis à respecter la date du 1er janvier 2013 pour commencer à appliquer les nouvelles règles, «presque toutes les juridictions du comité de Bâle appliqueront Bâle 3 conformément au calendrier prévu» d’ici la fin 2013.
17/12/2012

Une petite société épinglée par l’AMF

Le représentant du Collège de l’Autorité a requis 60.000 euros d’amende à l’encontre de la société de gestion de portefeuille La Nouvelle Finance qui n’a plus d’agrément depuis 2011. Il a aussi demandé 30.000 euros contre ses deux dirigeants. Il leur reproche de n’avoir pas respecté leur programme d’activité, en termes de moyens humains et de gestion financière d’un FIP. Il leur reproche également d’avoir manqué de diligence lors de la commercialisation de deux OPCVM.

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