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28/11/2012

IOSCO publishes principles for ABS information

The Board of the International Organization of Securities Commissions (IOSCO) published on November 27 the Final Report on Principles for Ongoing Disclosure for Asset Backed Securities (ABS Ongoing Disclosure Principles), which contains principles designed to provide guidance to securities regulators who are developing or reviewing their regulatory regimes for ongoing disclosure for asset-backed securities (ABS).The objective of the ABS Ongoing Disclosure Principles is to enhance investor protection by facilitating a better understanding of the issues that should be considered by regulators in relation to ongoing disclosure regimes for ABS.
28/11/2012

Regulations threaten growth

The head of the China Investment Corporation (CIC), Jin Liquin, is not mincing his words. The new regulations imposed by the United States and Europe are the largest threat to global growth, according to claims reported by Asian Investor. “Over-regulation and inappropriate interventions are the largest risks to the global recovery, which threaten the effective functioning of the financial system,” he said at an international conference held in Mumbai. “In the United States and Europe, over-regulation is widespread. In every sector, excessive regulation is an obstacle to economic development, in the same way that excessive taxation is destructive.” This increase in regulation will discourage investment, the CIC head says. The fund has assets under management of about USD410bn.
28/11/2012

BlackRock picks up an infrastructure debt team

BlackRock has recruited the team consisting of Philippe Benaroya, Chris Wrenn and Gilles Lengaigne to launch an affiliate in London to invest in European infrastructure debt, Agefi reports. The team will focus initially on the needs of financial sector investors such as insurance groups.
28/11/2012

Petercam plans to launch a local currency emerging market SRI fund

Petercam is preparing to launch an SRI fund of emerging market bonds denominated in local currencies, Yves Huo, head of sales for France and Italy, has announced. The new UCITS-compliant fund, which could be launched in first quarter 2013, would follow a rather strict SRI approach, which would determine the size of stakes in the portfolio. The Belgian asset management firm is responding to growing interest on the part of investors in emerging markets, and once again markets its desire to grant a larger presence to socially responsible management.
28/11/2012

Global emerging market funds lead inflows in UK in October

Global emerging market funds have seen inflows in October totalling a net GBP228m, the best inflows for any month, according to statistics from the British investment management association (IMA). These are followed by UK Equity Income strategies (net inflows of GBP172m), £ Strategic Bond (GBP147m), Mixed Investment Shares 20-60% (GBP146m) and Global Equity Income (GBP132m). Globally, net inflows totalled GBP924m in October, compared with GBP655m the previous month. For the second consecutive month, equities top the asset classes, with net inflows of GBP550m, followed by bonds (GBP336m).
28/11/2012

Skandia integrates eight companies in its low-cost range

Skandia has signed an agreement with eight asset management firms for its low-cost fund range, which will initially be launched under the Select brand name, Fund Web reports. The firms are: Aberdeen, BlackRock, BNY Mellon, Fidelity, Henderson, JP Morgan, Schroders and Threadneedle. Skandia has declined to disclose details about the price terms. Eventually, the range is expected to include 12 asset management firms.
28/11/2012

Overall improvement in results at Deka

Following a 45.5% decline year on year to EUR340.7m in January-September 2011, economic profits (profits according to IFRS accounting standards before taxes, plus the results of valuation of financial instruments) at Deka in the first nine months of 2012 were up 30.6%, to EUR444.9m.The central asset management firm for the German savings banks is predicting a “noticeable’ increase in its profits for the year 2012 overall, following a 58.6% decline to EUR383.1m last year.Due to market appreciation, assets increased to EUR154.3bn as of 30 September, compared with EUR151bn as of the end of December, and EUR142.63bn as of the end of September 2011.Deka has seen net outflows in the first nine months of 2012 of EUR2.188bn, compared with EUR5.338bn in the corresponding period of last year. However, net inflows to real estate funds totalled EUR1.5bn, compared with EUR0.7bn. Securities funds have seen net outflows of EUR3.6bn, compared with EUR6bn, but the wealth-management platform Deka-Vermögenskonzept has seen net inflows of EUR1.2bn, and the Deka-Basisanlage formula, launched this year, attracted EUR200m as of the end of September.
28/11/2012

Swiss Life overhauls asset management business

Swiss Life would like to «significantly» expand its asset management business and will manage it from now on under the brand «Swiss Life Asset Managers», according to a statement released on 28 November by Swiss Life at its investor day, which lays out the new “Swiss Life 2015” orientations for the Swiss Group. Swiss Life will use its expert knowledge and experience in the field of real estate investment and fixed-interest and asset-allocation-based products to expand the business with the goal of increasing its contribution to earnings by more than 20% by 2015. As part of “Swiss Life 2015,” Swiss Life is strengthening its presence in Germany and Switzerland. From now all production and distribution organisations in each market will be managed under one roof to optimise market development and exploit synergies. In Switzerland, Swiss Life would like to position itself as a provider of complete global retirement and financing solutions. In Germany, its goal is to evolve towards the status of a financial advising and insurance business.
28/11/2012

BBVA sells a Mexican affiliate to Banorte

A 97.3% stake in Mexican-based Afore Bancomer, the pension fund administrator owned by the Spanish firm BBVA, has been sold to Afore XXI from Banorte for USD1.6bn, and even as much as USD1.73bn counting the cash at the business at the completion of the transaction, Funds People and Cinco Días report. Afore Bancomer has EUR13.13bn in assets under management for 4.4 million clients.For BBVA, the deal will bring net capital gains of EUR800m. The Spanish group is also planning to sell its pension fund management affiliates in Chile, Colombia and Peru.
28/11/2012

Vontobel signs a partnership with ANZ

The Swiss group Vontobel would like to strengthen its presence in Asia-Pacific, with the development of target activities. The Zurich-based group has signed a memorandum of understanding (MoU) to this effect with Australia and New Zealand Banking Group Limited (ANZ), including growth markets in Australia, New Zealand, Hong Kong and Singapore, according to a statement released on 27 November. As a part of the co-operation strategy, Vontobel will offer ANZ its expertise, particularly in global investments and structured products, a statement says. The partnership will probably begin in the first half of 2013. The bank is pleased to be able to support ANZ in the development of its activities with private clients due to its expertise in placement and products, Vontobel’s CEO, Zeno Staub, says in the statement.
28/11/2012

German savers hostile to FTT

A survey by the Forsa institute of 700 holders of stocks and/or of shares in investment funds in Germany (31 October-12 November) finds that 52% of respondents are hostile to the introduction of a financial transaction tax (FTT), while 39% are in favour. The opposition is strongest among families with children (62%) and women (60%).The survey was commissioned by Union Investment, the central asset management firm for the German co-operative banks.
28/11/2012

UniCredit raises EUR500m with iShares ETFs

In slightly over six months, UniCredit has taken in over EUR500m for its “Green” wealth management product, which uses iShares ETFs (BlackRock group), Plus, the weekly supplement of Il Sole – 24 Ore reports.
28/11/2012

Investcorp sells FleetPride to TPG

The alternative asset management firm Investcorp has announced that it has signed an agreement to sell FleetPride, a US trailer seller, to the private equity firm TPG. The sale was priced at USD1bn.
28/11/2012

Investors avoid US equities

Going into the Thanksgiving holiday weekend investors continued bailing out of US equity and high yield bond funds as US lawmakers addressed themselves to the so-called fiscal cliff that looms in early 2013, according to EPFR. Although China’s improving story attracted some interest -- and cash -- the week’s biggest inflows were recorded by money market funds, with the cash equivalent vehicles absorbing over USD21 billion.Overall, EPFR global-tracked equity funds posted collective outflows of USD7.74 billion during the week ending Nov. 21 while bond funds took in a net USD4.97 billion. Emerging markets bond and equity funds both took in over USD1 billion.
28/11/2012

State Street investor confidence index stabilises in November

The Global State Street Investor Confidence Index was 81.2 in November, unchanged from the revised October reading. «Underlying the flat reading was a divergence in confidence across the Atlantic,» according to the press release. European institutional investor confidence recouped about half of last month’s loss, rising 5.0 points to 99.9 from October’s revised reading of 94.9. By contrast, confidence among North American institutional investors fell to 6.3 points to a record low of 72.3. Among Asian investors, risk appetite was relatively stable, ticking up 1.4 points from October’s reading of 84.5 to settle at 85.9.“Globally, institutional investor confidence remains quite weak as institutions continue to reallocate away from equities and into fixed income securities,” commented Kenneth Froot, one of the developers of the index. “We did note some signs of stabilization in flows in the latter part of this month’s sample, especially with regard to Europe ex-UK markets, but overall the tone remains quite subdued.”
28/11/2012

Irish fund association opens an office in Brazil

The Irish investment fund association (IFIA) on 27 November announced that it is opening a representative office in Sao Paulo, Brazil. The new location brings the number of IFIA offices worldwide to 12. The professional association has four offices in the United States (New York, Atlanta, Boston and Chicago), five offices in the Asia-Pacific region (Shanghai, Singapore, Tokyo, Hong Kong and Sydney), two offices in Europe (Frankfurt and London) and one in Latin America (Sao Paulo). The development of offices abroad appears to be bearing fruit, as in first half, Ireland attracted nearly half of all inflows to UCITS funds. According to statistics from the European fund and asset management association (EFAMA), Ireland attracted 45% of all inflows to the European market in the first six months of the year, with gains in all asset classes. In 2012, the Irish fund industry reached EUR1trn in assets domiciled locally, and EUR2trn in assets under administration, the statement adds.
28/11/2012

Corporate governance making progress in Asia

Corporate governance is not yet a priority at the major family-owned businesses in Hong Kong, where notable progress is still being made at publicly-traded businesses, Finance Asia reports. According to a study published a few days ago by PwC, more than three quarters of family-owned businesses in Hong Kong will continue to grow in the next three to five years, and more than half have increased their earnings in the past twelve months. These good results are, however, not driving businesses to improve in the area of corporate governance, particularly in the area of management structures or succession plans. A good way for a family business to solve this problem is to consider a listing on a regulated market, which requires better distribution of duties between shareholders and operational management. A recent study by the Hong Kong Institute of Directors and the Baptist University of Hong Kong finds that governance at businesses listed in Hong Kong has noticeably improved since 2009.
28/11/2012

Vontobel signe un partenariat avec ANZ

Le groupe suisse Vontobel souhaite renforcer sa présence en Asie-Pacifique avec le développement d’activités ciblées. Le groupe zurichois a signé un «Memorandum of Understanding» (MoU) dans ce sens avec Australia and New Zealand Banking Group Limited (ANZ), notamment pour les marchés de croissance d’Australie, de Nouvelle-Zélande, de Hong Kong et de Singapour, selon un communiqué publié le 27 novembre.Dans le cadre de sa stratégie de coopération, Vontobel proposera à ANZ son expertise, notamment dans les investissements globaux et les produits structurés, précise le communiqué. Le partenariat devrait probablement démarrer dans le courant du premier semestre 2013.La banque se félicite de pouvoir soutenir ANZ dans le développement de ses activités avec la clientèle privée grâce à ses compétences dans les placements et les produits, a déclaré le CEO de Vontobel, Zeno Staub, cité dans le communiqué.
28/11/2012

UBS GAM nomme un nouveau responsable de l’immobilier

UBS Global Asset Management a nommé Thomas Wels en tant que responsable de son activité immobilière mondiale, rapporte Investment Week. L’intéressé travaille dans la société depuis 2005, dernièrement en tant que COO du comité exécutif. Il remplace Paul Marcuse qui quitte UBS.
28/11/2012

Le BBVA vend une filiale mexicaine à Banorte

Pour 1,6 milliard de dollars, et même 1,73 milliard en comptant les liquidités de l’entreprise au bouclage de la transaction, 97,3 % de l’Afore Bancomer, administrateur de fonds de pension appartenant au BBVA espagnol, ont été vendus à l’Afore XXI de Banorte, rapportent Funds People et Cinco Días. Afore Bancomer gère 13,13 milliards d’euros pour 4,4 millions de comptes.Pour le BBVA, cette opération va se solder par une plus-value nette de 800 millions d’euros. Le groupe espagnol a également l’intention de vendre ses filiales de gestion de fonds de pension au Chili, en Colombie et au Pérou.
28/11/2012
Fonds

Le fonds souverain de Singapour diversifie ses placements en Suisse

Le fonds souverains Government of Singapore Investment Corp (GIC)a racheté 10% du capital supplémentaire de Straumann à son actionnaire principal, Thomas Straumann. Cela porte à 14% la part du capital détenue par le premier fonds d’Etat de Singapour dans le fabricant d’implants dentaires, rapporte Le Temps.On estime à 5100 milliards de dollars les actifs gérés par les fonds souverains à travers le monde, selon des données de Sovereign Wealth Fund.
Fonds
28/11/2012

Les dirigeants de SAC vont répondre aux inquiétudes des investisseurs

SAC Capital va tenir une conférence téléphonique avec ses investisseurs mercredi afin de répondre aux inquiétudes relatives aux liens du hedge fund avec ce que les autorités américaines qualifient de plus grosse affaire de délit d’initié, rapporte le Financial Times, citant des sources proches du dossier.Les autorités américaines indiquent que SAC a évité 194 millions de dollars de pertes et dégagé un gain de 83 millions de dollars en pariant contre les cours des sociétés pharmaceutiques Wyeth et Elan avant les résultats de l’essai d’un médicament contre la maladie d’Alzheimer. La conférence aura lieu avant l’ouverture des marchés américains.
28/11/2012

Teresa Watkins quitte Comgest

Teresa Watkins a quitté Comgest où elle a passé près de dix ans, révèle Citywire Global. Elle gérait le Comgest Growth Mid Caps Europe, un fonds de 22,6 millions d’euros.
28/11/2012

L'encours d'Acropole AM s'est accru d'un cinquième cette année

Au 31 octobre, Acropole Asset Management affiche un encours de l’ordre de 750 millions d’euros, dont environ 150 millions dans des mandats. Les actifs gérés ont gonflé d’environ 20 % depuis le début de l’année, pour moitié grâce à l’effet de marché et pour moitié du fait de souscriptions nettes, a indiqué mardi Emmanuel Martin, le CIO.Le FCP Acropole Global High Yield (150 noms) lancé le 13 juillet 2010, qui est présentement investi à 57 % en obligations convertibles à haut rendement, affiche un encours de 51 millions d’euros et a collecté quelque 10 millions d’euros depuis le début de 2012.
28/11/2012

Ciloger recrute et reorganise sa direction du développement

Ciloger, la société de gestion spécialisée dans l’immobilier, vient d’annoncer l’arrivée de Lawrence Delahaye en qualité de directeur du développement Institutionnel.Il sera en charge des relations avec les investisseurs institutionnels et du développement de l’activité dédiée à cette clientèle d’investisseurs, précise un communiqué.Âgé de 36 ans, l’impétrant travaillait depuis février 2007 au sein de l’équipe «Corporate Finance - Immobilier» de BNP Paribas Corporate & Investment Banking après être resté six ans chez Atisreal Auguste-Thouard à la direction des Grands Clients puis au département Investissements.Pour sa part, Chantaline Bialas, directeur du développement et de l’animation commerciale des réseaux bancaires, des CGPI, des plateformes et des clients directs, prend désormais en charge directement la relation avec les CGPI et les plateformes.Lawrence Delahaye et Chantaline Bialas sont membres du comité de direction de la société.
28/11/2012

Bob Doll revient déjà… chez Nuveen AM

A peine Russ Koesterich nommé chief investment strategist de BlackRock, Nuveen Investments (220 milliards de dollars d’encours au 30 septembre) annonce que sa filiale Nuveen Asset Management (117 milliards de dollars) a recruté le prédécesseur de Russ Koesterich, Bob Doll comme chief equity strategist et gérant de portefeuilles senior avec effet au 26 novembre.L’impétrant, qui avait annoncé son départ de chez BlackRock en juin, est subordonné à David Chalupnik, responsable des actions de Nuveen Asset Management. Il va renforcer les capacités de Nuveen AM dans le domaine du multi-classes d’actifs.
28/11/2012

Investcorp vend FleetPride à TPG

Le gestionnaire alternatif Investcorp annonce avoir signé la vente de FleetPride, distributeur américain de pièces détachées pour camions, à la société de private equity TPG. Le montant de la vente est d’un milliard de dollars.
28/11/2012
Fonds

Henderson Global Investors rachète deux centres commerciaux

Henderson Global Investors a acquis deux centres commerciaux en France pour un montant total de 151 millions d’euros pour le compte de sa joint-venture allemande Warburg-Henderson.Ces acquisitions concernent la «Grande Galerie commerciale» située à Quétigny dans la banlieue de Dijon et «L’île Napoléon» de Mulhouse-Illzach. Ces actifs totalisent plus de 23.000 m² au total. Ils viennent compléter le portefeuille d’actifs de commerce de Henderson Property France. Klépierre est le vendeur de ces deux actifs immobiliers.
Fonds
28/11/2012

Lehman Brothers Holdings va céder sa foncière Archstone

Lehman Brothers Holdings va céder sa foncière Archstone à deux sociétés immobilières pour environ 6,5 milliards de dollars (5,02 milliards d’euros), selon l’agence Reuters. Les deux repreneurs, Equity Residential et AvalonBay Communities, se partageront les actifs à 60-40, avec reprise de dette (9,5 milliards de dollars). L’opération valorise la société foncière américaine à 16 milliards de dollars.

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