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24/07/2012

Templeton Global High Income Bond fund launched

Franklin Templeton Investments has brought together three specialist managers to manage its new fund dedicated to high yield bonds, Citywire reports. The Luxembourg-registered Templeton Global High Income Bond Fund will be managed by Eric Takaha (co-manager of the Templeton Global High Yield and the Franklin Strategic Income), Betsy Hofman (manager of the Franklin High Yield) and Patricia O’Connor (manager of the Templeton Euro High Yield fund).
24/07/2012

Spain and Italy ban short-selling

As Spain had one of its blackest days of market trading on Monday, the Spanish financial market authority (CNMV) announced that short-selling of financial sector stocks will be barred in Spain for three months, La Tribune reports. In Italy, a similar decision has been taken. The Italian market authority Consob has forbidden short-selling of banking and insurance sector shares until the end of this week.
24/07/2012

Jupiter combines fixed income and multi-asset class activities

Jupiter Asset Management has announced the merger of its fixed income and multi-asset class activities. The activity will be led by Miles Geldard. Geldard is manager of the Jupiter Global Convertibles and Jupiter Strategic Total Return funds, with the assistance of Lee Manzi and Joseph Chapman. Jupiter AM says that combining the two strategies will allow the eight portfolio manager/analysts and the two dedicated market operators “to share their ideas and resources more, and promote more specialisation of team members.” Fixed income, convertible and multi-asset class portfolios currently total GBP2bn. John Hamilton, who had been head of the team since 1991, will be leaving the business later this year, and hopes to “gradually retire,” a statement says.
24/07/2012

Adam Cordery leaves Schroders

Adam Cordery, who had previously been head of British and European credit strategies at Schroders, has left the firm to pursue other projects, the British asset management firm says in a statement. Following this departure, Schroders has created a new position for a head of credit management and research for Europe and the United Kingdom. Patrick Vogel has been appointed to this position. He will join Schroders on 27 August, from Legal & General, where he was head of European credit portfolio management.
24/07/2012

Julius Baer and Bank of China sign a commercial partnership

Julius Baer and Bank of China have signed a strategic partnership. Clients of the two banks may have access to the servics of one or the other structure, depending on their needs. The agreement also includes cooperation on marketing, distribution of products, and financial research. Joint conferences and seminars are also a possibility. The activities of Bank of China Switzerland will be combined with those of Bank Julius Baer. In first half, Julius Baer published adjusted net profits up 13% year on year, to CHF221m. Assets under management were up 5% from the end of 2011, to CHF179bn, a record for the firm. Net subscriptions totalled CHF5.5bn.
24/07/2012

S&P GIVI China A-Share index launched

S&P Dow Jones Indices today announced the launch of the S&P GIVIT China A-Share, the first index of its kind in the Chinese market to combine low volatility and an alternative weighting scheme that weights a stock by its calculated intrinsic value, rather than market-capitalization.
24/07/2012

Mirabaud AM strengthens teams and its emerging markets range

Mirabaud Asset Management has recruited Victor Benavides, Charles Walsh and Neville Shaw, three analysts based in London, who will assist Daniel Tubbs in the management of a new investment fund which will invest in emerging equity markets. Benavides worked at Amiral Gestion as a buy-side equity analyst specialised in Latin America, while Walsh had been a manager for South Asia at Hermes, where he was in charge of global emerging market equity portfolios. Shaw joins from Baring asset Management, as a manager for EMEA equities, a statement says. Global Emerging Markets, the Luxembourg fund which Tubbs is reponsible for managing, was launched on 2 July. It aims to outperform the MSCI Total Return Emerging Market index by 3% per year over three years on a rolling basis.
24/07/2012

Gerard Errera appointed chairman of Blackstone in France

Blackstone has announced the appointment of Gérard Errera as chairman of Blackstone in France. He had previously been a special consultant to the firm. Before joining Blackstone in 2009, Errera has served as Secretary General of the Ministry of Foreign Affairs, and served as Ambassador of France to the United Kingdom, as Ambassador of France to NATO, and as Director of Political Affaris at the Ministry of Foreign Affairs.
24/07/2012

Libor: Deutsche Bank reportedly preparing for a one-time write-down for fines

According to reports in Handelsblatt, the board at Deutsche Bank is preparing to announce a one-time write-down of USD300m to USD1bn, to finance potential fines due to the bank’s involvement in manipulation of Libor. The announcement may have a very severe effect on quarterly results for the banking group, which will be released on 31 July.
24/07/2012

Assets up at Union Investment

Union Investment has posted net subscriptions in first half of EUR6.6bn, bringing assets under management to EUR170.3bn, up 6.2% compared with the end of 2011. Institutional clients contributed EUR6.2bn in net subscriptions, of which one third came from foreign clients, a statement says. Retail clients represented EUR0.4bn in net inflows.
24/07/2012

Hermes Fund Managers appoints a director of development for Europe

Hermes Fund Managers has recruited Paul Voûte as director of development for Europe. He will report to Harriet Steele, global head of development. Steele will be responsible for development of institutional clients in Benelux and Northern Europe. Voûte was previously director of sales to GE Asset Management.
24/07/2012

Two former directors of Anglo Irish charged

The former CFO of Anglo Irish, Willie McAteer, and the former CEO in charge of Ireland, Pat Whelan, yesterday became the first to be charged over an investigation of large-scale fraud which in 2008 led to the collapse of the Irish banking sector, Agefi reports. They have been charged in connection with lending to a group of ten high net worth clients, to buy stakes in the bank.
24/07/2012

BinckBank announces net profits despite a decline in activity

BinckBank has announced adjusted net profits for first half 2012 of EUR27.9bn, of which EUR12.2bn were in second quarter 2012, despite a number of executed orders of 2.1 million, compared with 2.4 million in first quarter. An instalment of EUR0.17 per share will be paid out on dividends. Binck France, for its part, has posted an increase in the number of new brokerage accounts in second quarter of 4% (32.59% more accounts than in second quarter 2011), at 41,804 accounts as of 30 June 2012. However, a decline in the number of transactions between second quarter 2012 and last year was 8%, to 327,804 from 357,481. Compared with first quarter 2012, the decline is 26%. Average net proceeds from commissions per transaction in France were EUR5.22 in second quarter, compared with EUR4.10 in the first six months of the year, a statement says.
24/07/2012

High yield faces major redemption deadlines in the short term

According to a study published by Moody’s, issuers of high yield debt will need to meet large payment deadlines in the next two years, Agefi reports. The study takes into consideration 272 non-financial sector companies with USD663bn in banking sector debt and bonds, of which 55% will need to be paid off between 2013 and 2016. Nearly USD180bn (EUR150bn) in debt from speculative grade businesses will mature in 2013 and 2014 in the Europe, Middle East, and Africa (EMEA) region, and nearly usd96bn in debt will mature in 2014. Refinancing needs for 2013 total USD84bn, the newspaper reports.
24/07/2012

BATS vise de nouveau la Bourse

BATS Global Markets va faire une nouvelle tentative d’entrée en Bourse, après avoir essuyé un échec en mars. C’est ce qu’a confié au Handelsblatt le directeur général de BATS Chi-X Europe, Mark Hemsley. «Nous voulons accroître notre trésor de guerre pour d'éventuelles acquisitions», avance le dirigeant. Une porte-parole de BATS a précisé que l’IPO pourrait avoir lieu dans les douze prochains mois.
24/07/2012

Blackstone France se renforce

Le groupe a annoncé la nomination de Gérard Errera, jusqu’à présent special adviser, comme président en France. Le bureau parisien se concentrera sur le conseil auprès des institutions financières européennes. Blackstone a épaulé le comité des créanciers privés de la Grèce lors de la restructuration de la dette du pays.
24/07/2012

Goldman Sachs optimiste pour l’immobilier américain

Les analystes de la banque estiment que les promoteurs immobiliers américains constituent une bonne opportunité d’investissement, le marché entamant à leurs yeux un rétablissement vigoureux. Cela sur la base d’une «longue liste de facteurs positifs», comme la hausse des prix, la croissance de l’emploi ou le soutien des autorités.
24/07/2012

John Paulson mise sur un éclatement de la zone euro

Le fondateur du gestionnaire alternatif Paulson & Co a indiqué selon Reuters, qui cite un investisseur ayant pris part à une conférence téléphonique avec le gérant renommé pour ses paris osés, qu’il estimait à 50% la probabilité de voir un éclatement de la zone euro.
24/07/2012

Le chinois Cnooc fait une offre au Canada

Le groupe chinois propose 15,1 milliards de dollars en cash, soit une prime de 61% sur le cours de Bourse, pour acheter Nexen, producteur de pétrole et de gaz basé à Calgary. Afin d’obtenir l’aval d’Ottawa, qui avait refusé le rachat de Potash par BHP Billiton il y a deux ans, il offre des garanties en termes d’emploi et d’investissement.
24/07/2012

Rome et Madrid attendent le soutien de la BCE

Le taux d’emprunt espagnol à 10 ans est passé hier au dessus des 7,55%, et l’Espagne et l’Italie ont été obligées hier de réactiver l’interdiction des ventes à découvert sur les valeurs financières. Mais seule une reprise du programme de rachat d’obligations de la BCE, toujours gelé, serait vraiment efficace pour soulager les tensions.
23/07/2012
Fonds

Schroders propose trois nouveaux fonds d'obligations émergentes

Schroders vient de lancer trois fonds afin de développer son savoir faire dans la dette émergente de performance relative. Les trois produits sont logés dans la sicav luxembourgeoise Schroder SISF. Le Schroder SISF Emerging Market Sovereign Bond aura pour indice de référence le JPM GBI-EM Global Diversified et sera investi principalement dans les obligations souveraines émergentes. Le Schroder SISF Emerging Markets Bond Fund propose un portefeuille d’obligations souveraines en monnaie locale et monnaies fortes ainsi que des obligations corporate émergentes. Ces deux produits seront gérés par l'équipe de spécialistes de la dette émergente basée aux Etats-Unis, recrutée en mai par Schroders (lire Newsmanagers du 03/05/2012).Le troisième fonds Schroder SISF Emerging Market Corporate Bond se spécialise sur les obligations d’entreprises émergentes avec comme indice de référence le JPM CEMBI Broad Diversified. Il est piloté par Rajeev de Mello de l'équipe singapourienne de Schroders.
Fonds
23/07/2012

Trente emplois menacés par la fusion Old Mutual/Skandia IG

La fusion entre Old Mutual Asset Managers (UK) et Skandia Investment Group pourrait entrainer la suppression de 30 postes pour cause de doublons, a confirmé un porte parole de Skandia. Il n’a cependant pas précisé dans quelles activités les emplois sont menacés, indique Money Marketing.
23/07/2012

Le nouveau président de Barclays devra venir de l'extérieur

Selon le Financial Times, le nouveau président du directoire de Barclays devrait être une personne extérieure à la banque. Des investisseurs font pression sur l'établissement pour choisir une personne «neutre», et Sir Michael Rake, déjà membre du directoire de Barclays, a dû retirer sa candidature à la demande de plusieurs actionnaires. Marcus Agius, le président sortant, et Bob Diamond, CEO, ont été obligé de démissionner suite à l’implication de la banque britannique dans le scandale de la manipulation du Libor.
23/07/2012
Fonds

AXA IM lance un fonds d'obligations indexées sur l'inflation

AXA Investment Managers (AXA IM) a annoncé vendredi le lancement d’ AXA WF Universal Inflation Bonds, un fonds de droit luxembourgeois d’obligations internationales indexées sur l’inflation. Le compartiment qui n’est pas pour l’instant commercialisé en France cherche à tirer profit des opportunités se présentant aussi bien dans les économies développées que dans les pays émergents. La gestion sans contrainte d’indice et non couverte contre le risque de change est assurée par Jonathan Baltora qui évolue au sein d’une équipe dédiée aux stratégies liées à l’inflation gérant plus de 20 milliards de dollars. En pratique, la composition du portefeuille fin mai accordait 25 % à des titres américains, 13 % à des titres allemands, 10 % à des valeurs britanniques et 9 % à des titres français. Caractéristiques : Code ISIN (pour institutionnels) : LU0800576281(Capitalisation) EUR/LU0800576364 (CFH)/LU0800576109 (Capitalisation) (USD)/LU0800576448 (GBP) Frais de gestion : 0,4% max. Montant minimum à la souscription : 5 000 000
Fonds

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