La croissance des émergents reste menacée par la crise en zone euro
Les PIB brésilien et indien au second trimestre sont publiés aujourd'hui. Les PMI chinois sont attendus la semaine prochaine
La BCE supervisera tout le secteur bancaire en zone euro
La Commission européenne compte attribuer à la BCE la charge de superviser la totalité du secteur bancaire de la zone euro, selon le quotidien allemand, citant le commissaire au Marché intérieur Michel Barnier. La BCE surveillerait ainsi toutes les banques qui ont eu recours du Mécanisme européen de stabilité (MES) à partir de janvier 2013. Ses prérogatives s’appliqueraient ensuite à tous les autres établissements à partir de juillet 2013 puis de 2014. Les pays en dehors de la zone euro pourront volontairement soumettre leurs banques à la surveillance de la BCE. La Commission doit présenter le 12 septembre des propositions détaillées en ce sens.
Axa investit dans l'immobilier japonais
La filiale immobilière de l’assureur français s’est allié avec son homologue nippon Sumitomo Mitsui Trust Bank en créant un fonds destiné à investir 50 milliards de yens (510 millions d’euros) dans des immeubles commerciaux à Tokyo, selon le journal qui ne cite pas de source. Le fonds, qui devrait être lancé dès aujourd’hui, représente le premier partenariat d’Axa de ce type au Japon.
L'Italie passe avec succès son test obligataire
Le trésor a levé pour 7,3 milliards d’euros d’obligations à 5 et 10 ans à des coûts d’emprunt en baisse profitant des espoirs suscités par la future intervention de la BCE et alors que l’Allemagne a salué les réformes drastiques engagées par le gouvernement de Mario Monti.
Wolfgang Schaeuble établit une règle sur les bonus
Les bonus versés aux banquiers européens ne devraient pas dépasser le montant de leur salaire fixe annuel sous le haut contrôle des actionnaires, a indiqué le ministre de l’économie allemand, Wolfgang Schaeuble, dans un entretien accordé au journal. Et d’ajouter qu'«un superviseur européen véritablement efficace» est nécessaire pour réguler le secteur et assurer «une feuille de route unique solide».
31/08/2012
Assets under management at LLB up in first half
Assets under management at the Liechtensteinische Landesbank (LLB) increased by CHF0.6bn, or 1.2% in first half, to a total of CHF48.7bn, according to a statement released on 30 August. Most of this increase is due to positive market effects, while net inflows in the half totalled only CHF2m. Profits for the group in first half totalled CHF61.6m, compared with CHF34.3m. The cost/income ratio improved to 57.8%, from 75.3% one year previously. In the mid-term, the bank is aiming for a ratio of 55-60%
31/08/2012
Odin recruits a salesperson from BlackRock
The Scandinvian asset management firm Odin Fonder has hired Sofie Zetterlund to become a member of its sales team, the Swedish website Fondbranschen reports. Zetterlund joined from BlackRock and will be based in Oslo, Norway.
31/08/2012
Amber Gold founder in preventive detention
Marcin Plichtra, founder and CEO of the Amber Gold company, was arrested in Gdansk on Wednesday; the court imprisoned him for three months while prosecutors carry out investigations, the Wall Street Journal reports.Plichtra is accused of using his firm, which the financial regulatory authorities placed on a blacklist in 2009, to construct a Ponzi scheme, in which incoming investments from new subscribers were used to pay off existing ones.So far, about 3,000 people have filed claims, bringing the total to PLZ182m or USD55m. Amber Gold entered bankruptcy in early August.
Crédit Agricole Assurances réduit de près de moitié son exposition aux dettes souveraines sur 6 mois
Côté placements, une cession complémentaire de 3 Md€ aux emprunts d’Etat est intervenue au deuxième trimestre 2012. L’exposition brute des sociétés d’assurance du groupe Crédit Agricole aux dettes souveraines périphériques (Grèce, Irlande, Portugal, Italie, Espagne) est réduite à 8,5 Md€ au 30 juin 2012, contre 15,3 Md€ au 31 décembre 2011.
31/08/2012
Odin recrute une commerciale de BlackRock
La société de gestion nordique Odin Fonder a recruté Sofie Zetterlund dans son équipe commerciale, rapporte le site suédois Fondbranschen. Elle vient de BlackRock et sera basée à Oslo, en Norvège.
31/08/2012
Federated Investors se renforce en Asie
Le gestionnaire américain Federated Investors est à la recherche de cibles d’acquisition en Asie Pacifique, toujours dans l’objectif de se développer sur le plan mondial, rapporte Asian Investor. Parallèlement, la société de gestion prévoit de monter plusieurs équipes de fixed income dans la région. La société de gestion a récemment recruté Craig Bingham comme le nouveau CEO pour l’Asie Pacifique. Il s’agit de l’ancien CEO de la région d’Aviva. L’intéressé ouvrira à Melbourne en Australie le nouveau bureau principal pour l’Asie de Federated Investors.
Sorties nettes et hausses d'encours pour les fonds espagnols en août
Selon les estimations de VDOS relayées par Funds People, l’encours des fonds espagnols au 23 août, avec 128.165 millions d’euros, affichait une hausse de 1.686 millions d’euros sur fin juillet. Cette augmentation est due à un effet de marché positif de 1.934 millions rogné par 247 millions d’euros de remboursements nets.
La Française AM enregistre un fonds de plus en Espagne
La Française Asset Management a obtenu l’agrément de commercialisation en Espagne pour un fonds supplémentaire, en l’occurrence son LFP Rendement Emergent 2017, un produit obligataire qui affiche actuellement 46 millions d’euros d’encours, rapporte Funds People.
31/08/2012
Italian funds return to inflows
Open-ended funds on sale in Italy recorded net inflows in July of EUR52m, returning to positive territory after net redemptions of EUR1.9bn in June, according to statistics from Assogestioni, the Italian association of asset managers. These inflows were driven by bond funds, which took on EUR3.2bn, and flexible funds, with EUR1.7bn in inflows. However, equity funds saw outflows of EUR986m. But the majority of redemptions were from money market funds, which lost EUR3.3bn. Since the beginning of the year, open-ended funds on sale in Italy have seen outflows of EUR5.1bn. With the addition of closed funds and mandates, the Italian asset management industry has seen net redemptions of EUR1.3bn in July, and EUR11.4bn since the beginning of the year.
31/08/2012
La Française AM registers another fund in Spain
Funds People reports that La Française Asset Management has received a sales license in Spain for a further fund, the LFP Rendement Emergent 2017, a bond product which currently has EUR46m in assets.
31/08/2012
Net outflows and increases in assets for Spanish funds in August
According to estimates by VDOS relayed by Funds People, assets in Spanish funds as of 23 August totalled EUR128.165bn, up by EUR1.686bn since the end of July. This increase is due to a positive market effect of EUR1.934bn, offset by EUR247m in net redemptions.
31/08/2012
“New indices” may underperform originals
A study published by the Edhec-Risk Institute in the Journal of Portfolio Management suggests that the major alternative equity indices are probably superior in terms of long-term perforamnce, but they run the risk of significant relative losses compared with cap size-weighted traditional indices. These “drawdowns” may last for long periods (over two years), and be large in scale (over 13%). These risks are largely due to two causes: More pronounced structural exposure to risk factors which may in some cases negatively influence the performance of indices Any system of weighting, be it qualitative or quantitative, requires a choice of model, and this carries modelling risks. On these grounds, the Edhec-Risk Institute makes three recommendations: Diversify beta investment, since beta is not exposed in the same way to various market conditions, particularly volatility (low and high) and trends (rising or falling). Maintain clear information on tracking error and extreme tracking error compared with cap size-weighted indices Manage this constraint actively, as ultimately that will improve the information and performance-adjusted risk ratios for these new indices. The findings of the study show that with explicit constraints in terms of tracking error the maximal tracking error for a diversified alternative index is reduced by 44%, while the median relative returns are reduced by only 17%. An efficiently diversified portfolio, which combines minimal volatility and stratgies to maximise Sharpe ratios, can improve the maximal relative drawdown compared with single strategies with no relative risk control by 35% and 28.5%, respectively.
31/08/2012
Stanford: SEC to file further charges
In the next few days, according to sources familiar with the matter, the SEC will file civil charges against several executives in the empire of R. Allen Stanford, the Wall Street Journal reports. The regulator is expected to sue the former chairman of Stanford Group, Danny Bogar, and the former head of compliance, Bernerd Young.Stanford was sentenced in June to 110 years in Federal prison for a Ponzi-type fraud totalling USD7bn.
31/08/2012
Pimco overtakes Crédit Mutuel for subscriptions in July
The asset management firm which posted the largest net inflows in Europe in July was Pimco, with EUR3.9bn, of which EUR1.3bn went to the Pimco GIS Total Return Bond Fund, a clone of the fund managed by Bill Gross, Morningstar reports. The Allianz affiliate overtook Crédit Mutuel (EUR2.5bn in net subscriptions), Deutsche Bank (EUR2.1bn), Morgan Stanley (EUR2bn) and BlackRock (EUR1.6bn).According to FundWeb, the agency points out that EUR546m flowed out of the Templeton Global Bond Fund managed by Michael Hasentab in July, though the fund remains the largest in Europe with EUR33.5bn in assets, followed by the Carmignac Patrimoine (EUR28.1bn), the Pimco GIS Total Return Bond Fund (EUR22.3bn), the Templeton Global Return Fund (EUR19.9bn), and the AB Global High Yield Portfolio (EUR16.9bn).
31/08/2012
Morningstar launches a platform dedicated to commodities
The financial services provider Morningstar on 29 August announced that it is launching a platform for trading desks and risk specialists which offers data on energy and commodity makets. Further information about the new platform, entitled Morningstar Markets Commodities Edition, is available at the following address: http://www.morningstarcommodity.com/
31/08/2012
Carmignac and Threadneedle launch RDR-compatible share classes
As M&G and Aberdeen have done recently, Threadneedle has decided to launch a Z share class in October, which will be compliant with the Retail Distribution Review (RDR), and which will be available via platforms. The shares will carry a commission of 0.75% for most equity funds, Fundweb and Investment Week report. The formula will be used for 52 OEIC type funds, while I shares reserved for institutionals will be used for a limited number of products.Typically, I and R (retail) shares carry commissions of 1% and 1.5% for equity funds.Carmignac Gestion has also decided to offer RDR (Retail Distribution Review) ready share classes ahead of the full implementation of the new regulation.In addition to the current existing share classes, Carmignac Gestion will be offering its UK based clients both accumulating and distributing clean shares denominated in GBP.For units denominated in GBP, currency risk vis-à-vis the euro is systematically hedged. •Carmignac Investissement (A) EUR / acc•Carmignac Investissement (E) EUR / acc•Carmignac Investissement (I) GBP/ acc•Carmignac Investissement (D) GBP / inc•Carmignac Emergents (A) EUR / acc•Carmignac Emergents (I) GBP/ acc•Carmignac Emergents (D) GBP / inc•Carmignac Patrimoine (A) EUR / acc•Carmignac Patrimoine (I) GBP/ acc•Carmignac Patrimoine (D) GBP / inc•Carmignac Euro-Patrimoine (I) GBP/ acc•Carmignac Euro-Patrimoine (D) GBP / inc
31/08/2012
Regulator publishes an explanatory leaflet on RDR
The Financial Services Authority (FSA) has placed a six-page brochure online, entitled Financial Advice Changes 1–2–3, aimed at consumers, to inform them about changes which are taking place with the introduction of the Retail Distriution Review (RDR) on 31 December 2012. The document includes three main sections: know how much advice will cost; know what you are paying for; get improved professional standards.
31/08/2012
Veterans leave Berenberg
Das Investment reports that four private bankers from Berenberg Bank have announced their departures to become independent. They include Sven Albrecht (24 years at the firm), one of the 50 directors of the firm, and Andreas Kitta (15 years at the firm), who had been director of the wealth managers department. Also departing are Holger Knaup, head of the private banking department (12 years at the firm) and Carsten Riehemann (who joined the firm in October 1998).
31/08/2012
Pioneer adds to multi-asset class team
Nicholas Pothier, who left HSBC Global Asset Management to move to South Africa (see Newsmanagers of 29 March 2010), is joining Pioneer Investments in Dublin as co-manager of a multi-asset class global thematic fund of funds, alongside Bertrand Paquot, Fundweb reports. The new arrival will report to John O’Tolle, head of multi-asset fund solutions.
31/08/2012
Barclays appoints a successor to Bob Diamond
Following the resignation of Bob Diamond in late July over the Libor rate manipulation scandal, the British bank Barclays on Thursday announced the appointment of Antony Jenkins as its CEO, La Tribune reports. Jenkins had previously been head of the retail and business banking activities of the group.
31/08/2012
Resignation from Lighthouse Group
Lighthouse Group announced on 30 August the resignation of David Hickey, who had been executive chairman of the firm, following a vote of shareholders against a plan to withdraw the company from the AIM stock exchange, which had been unanimously passed by the board of directors. Hickey, who has worked at Lighthouse for 10 years, claims that in his position as head of shareholder relations, he was obliged to resign, due to his opposition, which he shares with other members of the board, to continued listing of the firm on the AIM exchange.
31/08/2012
SWIP continues recruiting managers
Scottish Widows Investment Partnership (SWIP, GBP1.38bn in assets as of the end of June) has announced that it has kicked off its 2013 recruitment campaign, electing four young graduates as interns in its Trainee Investment Manager Graduate Programme. The four will join SWIP (Lloyds Banknig Group) in September 2013, one for each investment unit (equities, bonds, real estate, investment solutions), for a period of two years, with the potential to become investment managers in their specialised fields. The eight graduates recruited in the Graduate Programme for 2011 have been successful in their first year of training.
31/08/2012
Axa and SuMi launch a real estate fund in Japan
Axa Real Estate has teamed up with the Japanese firm Sumitomo Mitsui Trust Bank to create a fund which will invest JPY50bn in office properties in Tokyo, the Financial Times reports. The fund will be launched this Friday. SuMi Trust will be responsible for asset management of the portfolio.
31/08/2012
Federated Investors growing in Asia
The US asset management firm Federated Investors is seeking acquisition targets in Asia Pacific, with the objective of growing globally, Asian Investor reports. Meanwhile, the asset management firm is planning to establish several fixed income teams in the region. The asset management firm has recently recruited Craig Bingham as its new CEO for Asia-Pacific. Bingham is the former CEO for the region for Aviva. He will be based in Melbourne, Australia, at the new main office of Federated Investors for Asia.
31/08/2012
Swiss asset management firms resist attacks on banking confidentiality
Repeated assaults on Swiss banking confidentiality do not appear to be discouraging investors who have previously trusted Swiss managers, Investment Europe reports. According to statistics disclosed by the US firm SNL Financial, Credit Suisse has even reversed the trend of eroding assets under management, with a 2.4% increase in first half, to CHF1.210trn, which was facilitated by a 2.11% increase in the value of assets. Bank Corp has also posted an increase in its assets under management of 4.17% in first half 2012, largely aided by market effects. EFG International, however, did not reverse the trend, but still had a limited downward movement in assets under management of 2.62%, compared with more than 8% last year.