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14/08/2012

Short-sellers target auto makers

Short-selling of shares in European car manufacturers is at its highest level for two years, and the sector is one of the most shorted in Europe, the Financial Times reports. An average of 3.8% of shares in auto makers of the Stoxx 600 were out on loan last week, compared with 2.7% of the European index, according to Markit.
14/08/2012

DekaBank becomes a direct member of LCH

The German firm DekaBank, the central asset management firm for the German savings banks, on 13 August announced that it has become a direct member of the London Clearing House, which provides it with direct access to a central clearing house for derivative transactions. The service is also open free of charge to the German savings banks. With this initiative, DekaBank comes into compliance with the European Market Infrastructure Regulation (EMIR), both for its own investment funds and for over-the-counter (OTC) transactions, and for the transactions of the German savings banks, which have become the shareholders of reference in the firm following the exit from its capital of the Landesbanken.
14/08/2012

Hedge Fund Association opens a chapter in Shanghai

After recently creating a chapter in China under the leadership of Adam Steinberg, the Hedge Fund Association (HFA) has formed a local chapter in Shanghai, headed by Yiming Di, who is principal at China-focused consulting firm Schmittzehe and Partners, after working for the global capital markets division of ABN Amro in Singapore. The new HFA office, whose creation was announced on 13 August, will aim to work with hedge fund managers in the world’s largest city by population to defend their interests and make alternative management better known to the local population.
14/08/2012

Boom in corporate bond issues in July

In the United States, issues of investment-grade rated investment bonds totalled a record USD75bn, the Wall Street Journal reports. For the year as a whole, these issues may total about USD1trn, according to estimates from Thomson Reuters. The average interest rate on bonds offered last month was 3.2%, an all-time low level. Over the past 30 years, the interest rates on corporate bonds have averaged 7.2%. If rates rise again, the prices of these bonds will fall, and investors run the risk of finding themselves with no returns. Many asset managers nonetheless predict that such an increase in interest rates will not come for several years.
14/08/2012

Henderson merges and closes two funds

Henderson Global Investors is entering the last phase in a rationalisation of its product range, Money Marketing reports. The Gartmore Long Term Balanced fund will be merged into the Henderson Diversified Growth fund. The Henderson Income Trust will be merged into the Henderson UK Equity Income. Lastly, the Henderson Japan Absolute return will be closed.
14/08/2012

Ethenea recruits former head of Carmignac Germany

John Korter, who left his position as head of the German market for Carmignac Gestion at the end of last year (see Newsmanagers of 26 and 27 October 2011), has joined the team at Ethenea Independent Investors SA (EUR3bn in assets) as head of the German market. He will report to Luca Pesarini, founder of the Luxembourg firm.Meanwhile, the German branch of Ethenea has moved from Kaufering in Bavaria to Frankfurt.
14/08/2012

Fidelity fully automates account opening

With the new verify-U service, Fidelity Worldwide Investments is now offering investors in Germany a way to open an account without having to go to a post office to verify their personal information. The verify-U system developed by the cybits company allows potential clients to sign up online at fidelity-direkt.de, providing a mobile phone number, an email address, some information from their identity card, and where applicable, bank account information. Fidelity claims it is the first asset management firm to offer such a service in Germany.Accounts of German clients of Fidelity are held at FFB (FIL Fondsbank), which was acquired by Fidelity in October 2009. FFB provides account maintenance for about 8,000 funds from about 200 asset managers, in addition to those from Fidelity.
14/08/2012

France and Germany continue to borrow at negative interest rates

Bond issues on 13 August continued to illustrate the existence of “two Europes” where debt is concerned, Les Echos reports. On the one hand, Italy had to pay a high price to raise money. On the other hand, several countries are taking advantage of their high-quality signature to issue bonds at negative interest rates. France and Germany continued to do so yesterday. This phenomenon has significant negative consequences for investments in money market Sicav funds. Managers have published columns in the press to warn their clients that returns on their funds may become negative.
14/08/2012

Net subscriptions: Vanguard and Pimco lead the pack

In July, US long-term mutual funds posted net subscriptions of USD26.43bn, compared with USD10.8bn in June, and their net inflows in the first seven months of the year have topped USD180.34bn, of which USD64.73bn were for Vanguard, and USD28.25bn for Pimco (excluding money markets and funds of funds).Morningstar, which published the statistics on 13 August, says that money market funds may have taken in USD30.63bn in July, but they underwent net outflows of USD131.53bn in January-July.In terms of net subscriptions to long-term funds, third place goes to JPMorgan, with USD15.16bn in the first seven months of the year, followed by DoubleLine (USD14.4bn) and T. Rowe Price (USD13.06bn).
14/08/2012

New chief investment officer at UMR

UMR has promoted Philippe Rey to the position of chief investment officer, following the departure of Vincent Ribuot for OFI, IPE.com reports. Rey had previously been vice-CIO, and joined UMR in 2006.
14/08/2012

Nuveen sees net redemptions in first half

Following net outflows of USD6.41bn in first half, Nuveen Investments has reported net redemptions in April-June of over USD7.91bn, meaning that in first half, funds and managed accounts from the US firm underwent net outflows of USD14.32bn.As of 30 June, total assets were USD211.8bn, compared with USD226.72bn as of the end of March, and USD220.1bn as of 31 December 2011. Although assets in mutual funds are up to USD46.27bn as of the end of June, compared with USD43.87bn as of the end of December, accounts also reveal that equity-based products have seen a significant erosion in their assets, to USD79.6bn, compared with USD98.48bn six months previously.
14/08/2012

Assets at Franklin and Legg Mason increased in July

In July, assets under management by Franklin Resources (Franklin Templeton Investments) and Legg Mason increased by USD15.6bn.Most of this increase, USD11.6bn, is due to Franklin Templeton, whose assets as of 31 July totalled USD718.7bn, including an increase of USD2.7bn for equities to USD281.3bn, and an increase of USD6.4bn, to USD325.9bn, for fixed income. As of the end of December, total assets in Franklin Templeton funds were USD670.3bn. Assets at Legg Mason as of the end of July totalled USD635.8bn, compared with USD831.8bn as of the end of June, due to an increase of USD4.3bn, to USD364.9bn for fixed income. In the first seven months of the year, assets at Legg Mason increased by USD8.8bn.
14/08/2012

BBVA releases a new version of Revalorización Europa

With BBVA Revalorización II, BBVA Asset Management has launched a guaranteed, variable return fund with a horizon of three years and one month (5 November 2015), with returns that will depend on the evolution of the Eurostoxx 50 price index, Cinco Días reports. The asset management firm guarantees 100% of net asset value as of 8 October 2012, plus 75% of gains for the benchmark index.
14/08/2012

Bankinter offers a guaranty fund that pays 4.31% per year

Expansión reports that Bankinter has released the Bankinter Ranta Fija Aguamarina Garantizado fund for sale until 3 September. The product guarantees initial capital after three years and five months, plus a return of 15.50%, or 4.31% per year.
14/08/2012

BNY Mellon continues development in Asia

The head of asset management activities at BNY Mellon for Asia-Pacific, Alan Harden, has told Asian Investor that he may recruit up to four senior heads by the end of the year. Harden explains that BNY Mellon has so far completed only 25% of its development plan in the region. BNY Mellon would like to recruit more portfolio managers specialised in equities and bonds. The team of managers, which currently includes 15 people, may double in the next twelve months.
14/08/2012

UniCredit launches its family office

UniCredit has created an internal boutique to more closely assist the most high net worth clients, including the families of entrepreneurs, Il Sole – 24 Ore reports. The structure will be known as Cordusio sim advisory & family office.
14/08/2012

Lippo IM launches a real estate index

The Hong Kong asset management firm Lippo Investment Management on 13 August released an index which tracks real estate assets in China and Hong Kong on the basis of a fundamental indexing methodology.The Lippo Select Hong Kong & Mainland Property Index has the potential to outperform existing real estate indices, insofar as stock-picking is based on a series of fundamental factors, such as evolution of dividends, growth in earnings, growth in investment spending, and debt to owners’ equity ratios.
14/08/2012

Assets in Spanish funds down by EUR1.18bn in July

According to estimates by Ahorro Corporación, assets under management by Spanish funds as of the end of July totalled EUR125.92bn, EUR1.18bn less than at the end of June. This is the lowest level since the beginning of 1997, Cinco Días reports. Net redemptions totalled EUR1.11bn last month.Since the beginning of 2012, assets in funds have fallen by EUR6.23bn, or 5%.
14/08/2012

ETF Securities and Reyl register funds in Spain

The CNMV has issued sales licenses for 11 funds from the British asset management firm ETF Securities, all of them sub-funds of the ETFX Fund Company Sicav, Funds People reports. The products are seven themed ETFs (ETFX DAXglobal Gold Mining Fund, ETFX DAXglobal Shipping Fund, ETFX DAXglobal Alternative Energy Fund, ETFX S-Net ITG Global Agri Business Fund, ETFX DAXglobal Coal Mining Fund, ETFX WNA Global Nuclear Energy Fund and ETFX Dow Jones Global Select Dividend Fund), one commodity fund (ETFX DJ-UBS All Commodities 3 Month Forward Fund), one US equity fund (ETFX Russell 2000 US Small Cap Fund) and two leveraged products (ETFX DAX® 2x Long Fund y ETFX DAX® 2x Short Fund).Meanwhile, the Swiss firm Reyl Asset Management has registered the Luxembourg Sicav Reyl (Lux) Tactical Allocations fund, mnaged by Stéphane Decrauzat. The CNMV had previously granted approval two years ago to the Luxembourg Sicav Reyl (Lux) Global Funds, which has six sub-funds.
14/08/2012

Santander AM outsources multi-management to Santander AM UK

Funds People reports that the Spanish firm Santander Asset Management has transferred the management of the funds of funds Banif Cartera Emergente, Santander Selección RV Norteamericana, Santander Selección RV Japón and Santander Selección RV Asia to the multi-management team from its British affiliate Santander AM UK. The London-based multi-management team, led by Tom Caddick, has five members and now manages EUR8.6bn.The objective is to gradually transfer the management of all funds of funds of the group to Santander AM UK. Selection of eligible funds will continue to be provided by the team led by José María Martínez-Sanjuán in Spain. Currently, the list includes 125 funds and 43 asset managers, and the objective is to increase this to 170. On average, asset management firms with which Santander AM works in multi-management have assets of EUR200bn.
14/08/2012

Banco Madrid acquires Nordkapp

The Spanish affiliate of the Andorran BPA group, Banco Madrid, has acquired the asset management and brokerage firm Nordkapp, whose assets total EUR650m, for an undisclosed amount, from Banco Valencia, Funds People reports. The acquisition brings total assets for BPA in Spain to about EUR2bn, of which EUR108bn are for investment funds from Banco Madrid.Banco Valencia was bailed out by the Bank of Spain in late 2011.
14/08/2012

Saltus Fund Management acquires Montague Capital

The British asset management firm Saltus Fund Management, a specialist in partnership with independent financial advisers, has aquired the discretionary asset management firm Montague Capital, Money Marketing reports. Saltus will initially offer management services under an interim agreement, during which Montague clients will be invited to join Saltus.
14/08/2012
Gestion d'actifs

Groupama SA détient désormais moins de 10% d'actions en portefeuilles

A l’occasion de la présentation des résultats du premier semestre 2012, Groupama a réaffirmé sa priorité en termes de réduction de l’exposition aux actions et de diversification des placements. Durant les six premiers mois de l’année, Groupama a cédé pour 1,6Md d’euros d’actions et abaissé la part des actions dans son portefeuille d’actifs de 12,8% à 9,9%. « Nous sommes déjà beaucoup moins sensibles que nous ne l'étions auparavant aux fluctuations des marchés financiers », a affirmé le directeur général délégué de Groupama SA, Christian Collin. Quant au portefeuille obligataire, « nous avons une exposition à la dette des pays périphériques qui est équivalente à celle de nos concurrents », a ajouté le directeur général délégué, précisant que le groupe s’est totalement désengagé de la dette grecque au cours de la période.
Gestion d'actifs
14/08/2012

L’Australie souhaite réguler le trading automatique

La Commission des opérations boursières australienne (Asic) a proposé hier de mettre en œuvre de nouvelles règles destinées à encadrer les ordres automatiques de trading passés sur les marchés afin de ne pas renouveler l’erreur commise par Knight Capital. «Les événements récents nous rappellent la rapidité et l’automatisation des marchés et l’importance de contrôles robustes sur ces systèmes», a indiqué Belinda Gibson, vice-présidente de l’Asic.
14/08/2012

Hausse des pressions inflationnistes au Brésil

Selon l’enquête hebdomadaire de la banque centrale brésilienne, l’inflation devrait atteindre 5,11% fin 2012. Il s’agit de la cinquième semaine consécutive de révision à la hausse des prévisions d’inflation. Les économistes interrogés ont également révisé à la baisse leur prévision moyenne de croissance à 1,81%, contre 1,85% la semaine précédente. Les anticipations de politique monétaire demeurent inchangées avec deux nouvelles baisses des taux directeurs anticipées d’ici à la fin de l’année.
14/08/2012

La BNS vise la bulle immobilière

Le gouverneur de la Banque Nationale Suisse (BNS), Thomas Jordan, ne souhaite plus limiter son intervention à la parité des changes, mais compte également prendre des mesures visant à enrayer la hausse des prix immobiliers dans le pays qui «pose un risque significatif aux prêteurs du pays». Les prêts immobiliers ont augmenté de près de 300 milliards de francs (250 milliards d’euros) en dix ans et de 5,2% l’année dernière pour atteindre 797,8 milliards.
14/08/2012

Pékin garde un œil sur les risques immobiliers

L’autorité chinoise de régulation des marchés (CBRC) a indiqué que les titres indexés sur des investissements immobiliers arrivant à maturité en 2012 et 2013 étaient estimés respectivement à 71 et 184,3 milliards de yuans (soit 32,5 milliards d’euros au total). Des montants qui, s’ils mettent en lumière les risques associés aux investissements immobiliers individuels dans le pays, ne sont pas de nature à déclencher des risques régionaux et systémiques, selon la CBRC.
14/08/2012

La récession grecque se poursuit

Le PIB de la Grèce s’est contracté de 6,2% sur un an au deuxième trimestre, après un recul de 6,5% au premier trimestre, sous l’effet de la poursuite de la politique d’austérité, compliquant la tâche du gouvernement grec qui cherche à convaincre la Troïka de poursuivre son aide. Il s’agit du neuvième trimestre récessif de rang. «On s’attend à une contraction du PIB de 7,1% en 2012 et de 2,4% en 2013, conséquence d’une nouvelle baisse significative du pouvoir d’achat, de la hausse du chômage et d’une chute des investissements», estime Theodore Stamatiou, économiste chez Eurobank. Les banques grecques se sont moins tournées vers la BCE avec une chute des demandes de financements de 49,67 milliards d’euros en juillet, alors que les demandes de financements auprès de la banque centrale du pays ont augmenté de 44,37 milliards. Une conséquence directe de la décision de la BCE de ne plus accepter les titres grecs comme collatéral.
14/08/2012

Angela Merkel tient bon sur l’évasion fiscale

La chancelière allemande continue de soutenir l’accord germano-suisse sur l'évasion fiscale conclu cette année, en dépit du refus de l’opposition sociale-démocrate (SPD) de le valider, a déclaré hier le porte-parole du gouvernement, Steffen Seibert. L’Allemagne et la Suisse ont signé en avril un amendement à leur accord fiscal de 2011, qui prévoit une taxation accrue des avoirs allemands dans la confédération helvétique, en dépit des menaces de blocage du SPD qui juge le projet trop timoré.

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