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02/11/2012

Record fine for Nomura from Tokyo stock exchange

The Tokyo Stock Exchange on 31 October announced that it has levelled a record EUR2m fine against the financial services group Nomura, for divulging confidential information that resulted in insider trading. Nomura will be required to pay JPY20m (about EUR2m). This is the largest fine ever leveled by the Tokyo Stock Exchange against a business, the Japanese media are reporting. Nomura employees were this spring accused of being responsible for a leak of confidential information to investors in 2010. At the time, the brokerage firm Nomura was organizing capital increases for the energy firm Inpex, the Mihuho Financial Group bank and the electricity company Tokyo Electric Power (Tepco). The information leaked allowed the beneficiaries to make undue profits. After an internal investigation proved that employees of the group were responsible, the chairman and CEO of Nomura, Kenichi Watanabe, and his number two, Takumi Shibata, resigned over the scandal.
02/11/2012

Ireland prepares for AIFM directive

The Irish central bank on 31 October launched a consultation on the introduction of significant improvements to its non-UCITS regime under the AIFM directive, the Irish fund investment association (IFIA) has announced. The directive will bring in substantial changes for the non-UCITS fund sector, the professional association notes. The current “Qualifying Investor Fund” (QIF) regime will be replaced with a new “Qualifying Investor Alternative Investment Fund” (QIAIF) regime, and a regime dedicated to retail investors will be created at this time. All annexed non-UCITS documents published by the central bank will be replaced with a single booklet covering all aspects of the regulations.
02/11/2012

Regulators need to step up the pace of reforms to OTC derivative markets

The Financial Stability Board (FSB) has called on regulators worldwide to accelerate their efforts to co-ordinate reforms of over-the-counter (OTC) derivative markets. In a progress report published on 1 November, the FSB states that efforts are progressing, particularly in the major markets concerned, but that it would be advisable to intensify efforts on all fronts toward a complete implementation of the reforms called for by the G20.
02/11/2012

Regulators publish an updated list of banks that present systemic risks

The Financial Stability Board (FSB) on 1 November published an updated list of banks which are of “systemic” importance, meaning that by their size, they represent a danger to the entire economy in case of bankruptcy. These banks will be subject to stricter regulatory measures to support them. The FSB, which has been mandated by the countries of the G20 to strengthen legislation in the banking sector, on Thursday unveiled the list, which now includes 28 banks, down from 29 last year. The FSB then said that the list was not final, but that it would be updated each year and published in the month of November. Of the 29 banks initially listed, the French-Belgian firm dexia, the German Commerzbank and the British Lloyds Banking Group were removed from the list, while two new establishments join the group: the Spanish BBVA and the British Standard Chartered.
02/11/2012

Assets up at Henderson despite redemptions

The British asset management firm Henderson has reported net outflows in third quarter of GBP1.1bn, of which GBP585m were from institutional investors. However, assets under management were up GBP1.2bn in the quarter, to GBP64.bn, due to positive market and currency effects totalling GBP2.3bn. Henderson reports that its real estate unit, has performed well, with GBP50m in outflows more than offset by subscriptions of nearly GBP200m.
02/11/2012

Daniel Godfrey to become IMA president in one month

Richard Saunders will be leaving the Investment Management Association (IMA) at the end of this year, but he will be replaced from 1 December as CEO by Daniel Godfrey. Godfrey has spent three years at Phoenix Group, and for eleven years was director general of the Association of Investment Companies (AIC). The IMA board has thanked Saunders for the excellent work he has done in the past decade.
02/11/2012

SWIP recruits a head of wholesale from Mirae

Francis Ghiloni, director of distritbution & client management at Scottish Widows Investment Partnership (SWIP), has announced the recruitment of Martyn Gilbey, who will report to him as head of wholesale. Gilbey will begin on 12 November. Gilbey had been managing director at Mirae Asset Management in London, after serving as chief marketing officer in Hong Kong.
02/11/2012

GBP3.2bn in inflows over nine months for Standard Life Investments

Assets under management at the activity dedicated to clients from outside the Standard Life Investments group as of the end of September totalled GBP78.8bn, compared with GBP71.8bn at the beginning of the year, according to an interim report published on 31 October. Net inflows totalled GBP3.2bn in the first nine months of the year, while market effects totalled GBP3.8bn. In the United Kingdom, risk-based funds of the My Folio series had GBP1.9bn in assets as of the end of September, with net inflows of GBP0.8bn. Assets under management in British open-ended funds totalled GBP13bn, due to net inflows of GBP1.5bn. Also, assets under management in absolute return funds notably topped GBP19bn. Assets under administration as of the end of September totalled GBP211.9bn, compared with GBP198.4bn as of the end of December 2011.
02/11/2012

Gottex appoints a head of marketing for Asia/Pacific

Gottex Fund Management has appointed Marc Fisher to the position of director of Marketing for the Asia/Paicific regon. The appointment comes after the acquisition of Penjin Asset Management, an alternative wealth management firm which is already well-established on these markets, earlier this year, Gottex says in a statement on 1 November. Fisher will be based in Hong Kong, and will work closely with CEO for Asia Max Gottschalk and CIO Ronnie Wu. Fisher previously worked at FRM as head for Asia-Pacific (excluding Japan and Korea) and a member of the board of directors.
02/11/2012

Appointment at Altin

The Swiss alternative asset management firm Altin, which is listed on the London and Swiss stock exchanges, on 31 October announced the appointment of José Galeano as Head Investor Relations Manager. Marc T. Clapasson will assist him in this role. The responsibilities previously held by Galeano at his asset management firm as an alternative management expert will be assumed by Michaël Malquarti. The two appointments are effective from 1 November 2012.
02/11/2012

Lyxor drops MSCI for two ETFs

Lyxor Asset Management has dropped MSCI for two of its funds, in favour of FTSE: the Lyxor ETF MSCI World Real Estae – D EUR and Lyxor ETF MSCI World Real Estate – D USD, which become the Lyxor ETF FTSE EPRA/NAREIT Global Developed and Lyxor ETF FTSE EPRA/NAREIT Global Developed, respectively. The reports, published in Financial News, have been confirmed by a Lyxor spokesperson. Two other ETFs in the real estate range have already changed index to FTSE, the most representative in the real estate market, the spokesperson says. This is not a move to “low cost” indices as at Vanguard, the spokesman says. The spokesman adds that this is a “non-event,” as the range of four funds has only EUR50m in assets.
02/11/2012

Two more investigations into Barclays in the United States

The British bank Barclays on 31 October announced that it is being investigated as part of two more regulatory enquiries in the United States, which may complicate restoring its reputation after a series of scandals, including the Libor scandal this summer in particular, which have tarnished its reputation. The bank has stated that it is co-operationg with the United States Department of Justice (DoJ) and the securities and exchange commission (SEC) in an investigation into a potential infraction of the corruption of foreign heads law, as part of a case which is already under investigation in the United Kingdom. The Financial Services Authority (FSA) and the British Serious Fraud Office (SFO) are investigating the financial conditions of fundraising at Barclays from Middle Eastern investors, who allowed the bank to avoid seeking government aid in 2008, at the height of the financial crisis. Barclays on Wednesday announced another investigation, this time into its energy brokerage activity in the Western United States between late 2006 and 2008. The group says that it plans to “vigorously” defend itself in this case. “We have a lot to do to restore trust,” CEO Antony Jenkins, who was appointed in late August to succeed Bob Diamond following the Libor manipulation scandal, admits. The scandal broke in late June, when Barclays revealed that it would pay GBP290m to settle an investigation by British and American regulators into manipulations of the British Libor and European Euribor inter-bank lending rates between 2005 and 2009.
02/11/2012

Natixis GAM opens in Hong Kong

The French asset management firm Natixis Global Asset Management opened an office in Hong Kong on 31 October, under the leadership of Michael Chang, managing director of NGAM Hong Kong Limited, who will report to John Hailer, Asia CEO, based in Boston. Chang had been based in Taipei, where he had been country head for Taiwan. He will be replaced in that position. The implantation includes a network in Beijing, Singapore, Taipei and Tokyo, with over 50 people. Asia-Pacific assets at the group total USD22.7bn (as of the end of March, +66% in two years), out of a total of USD711bn, or EUR560bn, as of 30 June. The Hong Kong office will be responsible for operations and sales, but management will continue to be undertaken by specialist affiliates of Natixis AM and GAM, including Absolute Asia, AEW (USD45.5bn), Harris Associates, Loomis Sayles, Hansberger Global Investors (USD7.4bn) and Ossiam.
02/11/2012

CNMV approves acquisition of Nordkapp by Banco Madrid

The CNMV has granted Banco Madrid (an affiliate of the Andorran BPA) permission to acquire Nordkapp from Banco Valencia, as announced in early August, Funds People reports (see Newsmanagers of 3 August). This will bring an increase in assets of EUR2bn for Banco Madrid. Nordkapp controls a brokerage firm and an asset management firm, and operate a network of branches in Valencia, Pamplona and Madrid, with about 40 employees. Banco Madrid is planning to merge its affiliate Banco Madrid Gestión de Activos with Nordkapp Gestión.
02/11/2012

Strong inflows for AMG

In third quarter 2012, Affiliated Managers Group (AMG) has posted net subscriptions of USD10.9bn, bringing the total in the first nine months of the year to over USD25bn. As of the end of September, assets totalled USD416bn. Net profits in July-September totalled USD54.9m, compared with USD40.1m in third quarter 2011, while in January-September, they were down to USD98.9m from USD124.6m.
02/11/2012

Fidelity recruits in Vienna

Andreas Lessmann, who had been director of distribution for Austria, Benelux and German-speaking Switzerland at Tiberius Asset Management, after serving as institutional executive director asset management and head of mutual funds Austria at Sal. Oppenheim, which became Deutsche Bank Austria, is joining Fidelity Worldwide Investment in Vienna. He will be sales director, responsible for relationship management for institutional and banking clients in Austria, and will report to Adam Lessing, head of Austria & Eastern Europe.
02/11/2012

Alix capital unveils a new bond index

The Geneva-based firm Alix Capital, the provider of the UCITS Alternatives range of indices, on 31 October announced the launched of the UAIX Fixed Income Global Index, an investable UCITS-compliant bond fund index whose portfolios are invested both in developed and emerging markets. It is composed of 10 to 15 UCITS-compliant bond hedge funds, with an allocation limited to 40% to emerging market funds.
02/11/2012

Edoma hedge fund to close

Pierre-Henri Flamand, former head of Goldman Sachs’ European proprietary trading desk, has had to announce the liquidation of Edoma Partners, the London-based hedge fund he launched only two years ago. According to Agefi, the process may take three to four months. The event-driven hedge fund was no longer popular with investors, who multiple sources say withdrew as much as USD1bn in assets this year. Its assets under management are now estimated at USD850m.
02/11/2012

TT International launches a global macro fund

The London-based group TT International has signed a partnership with Deutsche Bank to launch a global macro fund on its German banking alternative platform, Citywire reports. The UCITS-compliant fund, DB Platinum TT International, will be managed by the founder of the British group, Tim Tacchi. The fund includes an allocation largely invested in European equities, with an allocation to bond and currency global macro. Assets under management at TT International total over USD9bn in macro, long/short equity and long-only equity strategies.
02/11/2012

Assets under management at St James's Place up 15% in nine months

St James’s Place hs reported a 15% increase in its assets under management in nine months, to GBP32.8bn as of the end of September, according to an interim report published on 31 October. Net inflows in the first nine months of the year totalled GBP2.26bn.
02/11/2012

Few asset management firms stay among the best

Investors who select an active fund manager because he has a good track record will be more likely to pick a loser than a winner, a Vanguard study cited by Financial Times Fund Management has found. Vanguard ranked 384 actively-managed British equity funds into five quintiles according to their risk-adjusted returns over five years to the end of 2006, and then monitored their performance over the following five years. Only 15.6% remained in the top quintile over both five-year periods, ending in 2006 and in 2011. But 23.4% fell from the first to the last. And 23.4% were either liquidated or merged due to poor performance.
02/11/2012

Dividend taxation: BVI satisfied

The German BVI association of asset management firms on 31 October declared itself satisfied that the German federal government is planning to put foreign shareholders on an even footing with regard to taxation of dividends paid to shareholders who hold a stake in the capital. The German government has largely followed the recommendations of the BVI, to refund the withholding tax on capital gains which is paid by foreign companies in Germany even in cases where the tax would not be payable outside Germany. The German government has actually transposed a verdict of the European Court of Justice, without penalising German companies. One year ago, the Court found that foreign companies were disadvantaged against their German competitors when they held less than 10% in a German publicly-traded company. Foreign companies with a stake in a German company were subject to a 15% tax on their capital gains as German dividends, which German companies were not. German companies remained exempt to company tax on dividends. That prevented multiple taxation, since the company paying the dividend had already paid company tax. This also works to the advantage of equity funds which hold stakes in capital. They remain attractive for these businesses, which also does not work to the disadvantage of corporate retirement savings.
02/11/2012

Union acquires a shopping centre in Lodz

The German asset management firm Union Investment has invested EUR390m in the leisure and shopping centre Manufaktura in Lodz, Poland (112,500 square metres), for its open-ended real estate fund UniImmo: Deutschland. The complex, located in a former textile factory, is wholly leased. The vendors are the French Foncière Euris et Rallye and the developed Apsys, which retains responsibility for the management of the centre.
02/11/2012

MSCI takes over IPD

MSCI Ltd has acquired IPD Group Limited, the holding company of the IPD group, a provider of benchmark indices for real estate, investment, risk management tools, and real estate market analysis, for USD125m, or GBP78m in cash. In first half 2012, IPD earned revenues of USD26.4m, or GBP16.7m. The deal will be completed by the end of this year.
31/10/2012

La BCE arrête ses rachats de covered bonds

La Banque centrale européenne a officialisé l’arrêt, au 31 octobre, de son programme d’achat de covered bonds qui avait commencé en novembre 2011. Le montant des rachats s’est élevé à 16,4 milliards d’euros en un an. La BCE avait ralenti ses interventions dès le mois d’avril en raison d’une baisse de l’offre de la part des banques et de la forte demande des investisseurs, qui rendaient inutile un soutien public au marché.
31/10/2012

La Norvège diffère ses hausses de taux

La Norvège a maintenu son taux d’intérêt directeur à 1,5% et fait savoir que sa prochaine hausse serait légèrement retardée en raison de la crise de la zone euro. Le pays résiste bien à la crise avec un taux de chômage de 3% et une prévision de croissance, excluant le lucratif secteur pétrolier, à 3% pour 2013. Des hausses de taux auraient pour conséquence de renforcer le mouvement d’appréciation de la couronne norvégienne, au détriment de la compétitivité.
31/10/2012

La Banque nationale de Suisse recycle ses euros

La part de la monnaie unique dans les réserves de la Banque nationale de Suisse est retombée à 48,4% fin septembre. Elle était montée à près de 60% au deuxième trimestre en raison des interventions massives de la banque centrale pour protéger son taux plancher de 1,20 franc pour un euro, menacé par le regain de tensions en zone euro. Cette baisse montre que la BNS a recyclé sur le marché les euros qu’elle avait achetés, au profit des autres devises les plus liquides. La part du dollar grimpe ainsi de 22% à 28% et celle de la livre sterling fait plus que doubler, de 3,2% à 6,7%.
31/10/2012

Contraction surprise du PIB canadien en août

Le produit intérieur brut du Canada s’est contracté de 0,1% en août par rapport à juillet, confirmant les craintes d’un ralentissement de l'économie au troisième trimestre. Cette contraction d’un mois sur l’autre, la première depuis février, a surpris les économistes qui tablaient en moyenne sur une progression de 0,2%. En juillet, le PIB avait augmenté de 0,2%.
31/10/2012

Berlin adjuge 1,7 milliard de Bund à 30 ans

Berlin a vendu 1,7 milliard d’euros d’obligations à très long terme lors d’une adjudication qui a attiré une forte demande des investisseurs pour cet actif à faible risque, dans un climat de prudence face à la crise de la dette en zone euro. Le taux de rendement moyen de 2,50% est en hausse par rapport aux 2,17% de la précédente adjudication comparable, a annoncé la Bundesbank. Ce taux reste néanmoins très inférieur à ses niveaux historiques.
31/10/2012

Le budget grec prévoit 5,2% de déficit et 189,1% de dette en 2013

La version définitive du projet de budget 2013 présentée mercredi prévoit une récession plus forte qu’anticipé initialement. Le déficit budgétaire de l’Etat devrait représenter 5,2% du PIB l’année prochaine, soit 1% de plus que prévu au début de ce mois. L'économie grecque devrait se contracter de 4,5% en 2013 et non de 3,8% comme anticipé jusqu'à présent. La dette publique atteindrait 189,1% du PIB, près de 10 points de plus que le chiffre de 179,3% évoqué il y quelques semaines.

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