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09/07/2012

SWIP renforce son équipe commerciale pour les fonds de pension

Peter Marsland a quitté Insight Investment où il était responsable de grands comptes, principalement des mandats de fonds de pension britanniques, a rejoint Scottish Widows Investment Partnership (SWIP) en tant du client director dans l'équipe global client management. Il sera basé à Édimbourg et subordonné à Peter Dorward, head of global client management.Le nouvel arrivant sera plus particulièrement chargé de suivre la clientèle des fonds de pension auxquels SWIP fournit des solutions de désensibilisation de leurs portefeuilles au risque.
09/07/2012

Micky Morrissey a quitté Liontrust

Sans autre commentaire, Liontrust a confirmé que Micky Morrissey, qui était dans l’entreprise depuis mai 2002, a démissionné de son poste de directeur de la distribution et a quitté la société.
09/07/2012

Old Mutual Wealth recrute l’ancien COO de Thames River

Jeremy Charles, qui avait été COO de Thames River, rejoint ce 9 juillet Old Mutual Wealth Management dans les mêmes fonctions. Il sera chargé «d’aligner» toutes les fonctions opérationnelles et les outils technologiques sur l’enesemble des activités de gestion d’actifs et de fortune de Skandia UK, Skandia International, Skandie Investment Group et Old Mutual Asset Managers.
09/07/2012
Gestion d'actifs

Axa rachète à un fonds de pension canadien un portefeuille de participations dans le non coté

Axa Private Equity, filiale de l’assureur Axa spécialisée dans l’investissement dans les sociétés non cotées, va racheter un portefeuille de 850 millions de dollars (674 millions d’euros) à Omers Private Equity, filiale du fonds de pension canadien Omers, selon un communiqué. Ce portefeuille est composé de « 11 fonds de capital-investissement » ainsi que « d’engagements non appelés », est-il précisé dans le communiqué. « C’est une très grosse transaction pour laquelle nous avons une excellente visibilité sur la qualité des actifs, notamment grâce à notre présence en tant qu’investisseurs dans la plupart des fonds », a précisé Benoît Verbrugghe, responsable du bureau américain d’AXA PE, cité dans le communiqué. Axa PE avait racheté un portefeuille de fonds de capital-investissement et de participations pour 1,7 milliard de dollars (1,16 milliard d’euros) à la banque américaine Citigroup en juin 2011.
Gestion d'actifs
09/07/2012
Gestion d'actifs

Agrica ne se désintéresse pas des actions mais de certains secteurs en particulier

Jean-Claude Guimiot, Directeur général délégué d’AGRICA Épargne : L'évolution des prévisions économiques nous conduit à être prudents dans la mise en ??uvre de notre politique de placements. La surprise des marchés est incontestablement la baisse des taux à long terme dans les pays développés les mieux notés. Cette baisse des taux profite aux portefeuilles investis en obligations à long terme mais ne manque pas de poser beaucoup de questions sur la situation des économies qui suscitent une telle faiblesse de la rémunération des fonds placés à long terme. La volonté des Etats de limiter le coût de leur endettement est certes normale mais quelles peuvent être les motivations d’un investisseur qui investit pour 10 ans à 2 % ? A part un grand pessimisme générant une crainte excessive des actifs à risques, nous ne voyons pas d’autres explications. Si cette possibilité est envisageable, elle nous paraît exagérée et les bons résultats des entreprises industrielles et commerciales nous incitent à rester investis en actions, même si nous restons à l'écart de nombre d’entre elles et en particulier du secteur financier, des services publics, utilities, des télécoms et des sociétés trop domestiques. Par ailleurs, l’immobilier qui avait bien résisté risque fort de marquer le pas comme il l’a déjà fait dans de nombreux pays. Quant aux marchés de taux, la raison impose de ne s’intéresser qu’aux obligations qui offrent un couple rendement/risque raisonnable, les emprunts d’Etat des USA, du Royaume-Uni et de l’Allemagne n’entrant pas dans cette catégorie.
Gestion d'actifs
09/07/2012

Criminal investigation into Libor rate-fixing opened

The British Serious Fraud Office (SFO) on 6 July announced its competence to open a criminal investigation into the scandal surrounding manipulation of the inter-bank lending rate, which has led to the resignation of three top directors at Barclays bank.“David Green, director of the SFO, Friday formally decided to agree to launch an investigation into the Libor scandal,” the SFO announced in a very brief statement.Barclays on 27 June announced that it would be paying a total equivalent of GP290m, or about EUR360m, to settle investigations by the British and US regulatory authorities into manipulations of the British Libor and European Euribor inter-bank lending rates between 2005 and 2009.
09/07/2012

SWIP adds to pension fund sales team

Peter Marsland has left Insight Investment, where he had been responsible for key accounts, largely British pension fund mandates. He has joined Scottish Widows Investment Partnership (SWIP) as client director in the global client management team. He will be based in Edinburgh, and will report to Peter Dorward, head of global client management.The new recruit will be responsible for monitoring pension fund clients to whom SWIP will provide de-risking solutions to their portfolios.
09/07/2012

Micky Morrissey leaves Liontrust

Liontrust has confirmed, with no additional comments, that Micky Morrisey, who had been at the business since May 2002, has resigned from his position as director of distribution, and has left the company.
09/07/2012

Old Mutual Wealth recruits former Thames River COO

Jeremy Charles, who had been COO of Thames River, on 9 July joined Old Mutual Wealth Management in the same role. He will be responsible for bringing all operational functions and technological resources “into line,” at all asset and wealth management activities at Skandia UK, Skandia International, Skandia Investment Group and Old Mutual Asset Managers.
09/07/2012

UBS closes an absolute return bond fund

The Swiss UBS group has closes its Absolute Return Bond fund, whose assets under management had fallen to GBP15m, Investment Week reports. Since its launch in April 2005, the fund had seen losses as of 4 July of 32.12%, compared with gains of nearly 62% over the same period for the corresponding sector according to the British Investment Management Association (IMA).
09/07/2012

LRI Invest granted a passport for Germany

The Luxembourg-based firm LRI Invest SA on 6 July announced that it has been granted a European management company passport by the German regulator, BaFin, for administration of UCITS funds in Germany, pursuant to the requirements of the UCITS IV directive.
09/07/2012

Goldman Sachs AM closes target-date funds

Goldman Sachs Asset Management (GSAM) has announced that it has decided to close a series of six target-date funds which had not posted sufficient gains, and had not posted convincing returns, MutualFundWire reports.The closure of GSAM funds will be effective from 27 July. Two other firms, Columbia Funds and Oppenheimer Funds, have already taken similar decisions.Goldman Sachs emphasizes its commitment to retirement solutions, which represent over USD53bn in assets under management.
09/07/2012

ETPs growing less quickly than straight ETFs

Combining ETFs, ETCs and ETNs in the single category of exchange-traded products (ETP), the consulting firm ETFGI, led by Deborah Fuhr, has counted 4,684 products listed 9,443 times worldwide as of the end of June, of which 3,309 and 7,353, respectively, are ETFs. Overall, there are 202 issuers of ETPs on 54 stock markets, including 171 issuers of ETFs on 50 stock markets.Assets in ETPs increased 10.2% in first half, to USD1.682trn, while assets in ETFs alone increased 11.1%, to USD1.503rn. Net subscriptions totalled USD106.94bn, of which EUR99.8bn were in ETFs.
09/07/2012

db x-trackers, ComStage and Lyxor were global losers in ETFs for H1

As of the end of June, 3,309 ETF funds, listed 7,353 times worldwide, posted assets of USD1.503trn, an increase of 4.4% in one month (USD1.445trn as of the end of May), and of 11% in first half (USD1.353trn as of the end of December), according to statistics from the consulting firm ETFGI, led by Deborah Fuhr. This increase in assets of USD150bn is due to net subscriptions of USD99.8bn in the first six months of the year.Vanguard was the leader for net inflows, alone accounting for USD29.92bn, putting it ahead of iShares (USD24.93bn) and SPDR (State Street) with USD10.11bn.On the other hand, db x-trackers has seen the heaviest net outflows, with nearly USD1.43bn, followed by ComStage (Commerzbank) with USD875m, and Lyxor Asset Management (Société Générale) with USD857m.
09/07/2012

Investors remain expectant

In the first few days of July, those holding out hopes for European government bonds and of interest rate cuts in Europe and China were awash in profit warnings and mediocre economic outlooks.Bond funds finished the week ending on 4 July with inflows over five months and the largest weekly inflows since the beginning of the year, according to estimates from EPFR Global. High yield bond funds attracted over USD1.5bn, and emerging market bond funds also finished the week with strong inflows.Equity funds posted net inflows of nearly USD9bn, but this was largely due to inflows to US ETFs.Money market funds underwent redemptions totalling USD21.54bn, largely under the effect of outflows from European money market funds.
09/07/2012

Pension fund coverage rates rebound in June

The average coverage rate for liabilities of US corporate pension funds in June increased 1.8 percentage points to 71.6%, following significant declines in April and May, according to estimates from BNY Mellon. This improvement is due to the good performance of the US equity markets, which gained 3.9% in June, and stock markets elsewhere in the world, which have posted gains of 7%. Assets in pension funds have thus increased by 2.7% in June, while in the same period liabilities increased by only 0.1%, and the discount rate for business rated Aa remains unchanged at 3.98%.
09/07/2012

Fund managers seduced by Facebook

At least 160 mutual funds and ETFs domiciled in the United States in May invested in shares in the social network Facebook, including products from Fidelity, Morgan Stanley, and Oppenheimer Funds, according to the findings of a compilation of monthly filings for June and July, collected by Morningstar and the Wall Street Journal.Some funds would not ordinarily have been permitted to invest in shares in Facebook, which is a high growth tech company. For example, demand came from funds which focused on companies which pay a dividend, such as the Fidelity Dividend Growth, or which may be considered undervalued, or value, such as the Principal LargeCap Value fund or the JPMorgan Intrepid Value fund, even though Facebook does not fall into either of these categories.About 55% of funds which hold shares in Facebook are invested in by defined contribution savings plans, such as 401(k) plans, the analyst BrightScope reports.This demonstrates the latitude which fund managers may have, and should serve as a reminder to investors that managers are not free of gregarious instincts, analysts point out.
09/07/2012

Allianz and Union alone show serious inflows in Germany

In the first five months of the year, open-ended securities funds attracted a total of EUR2.5664bn in net subscriptions, Only two firms had posted truly significant inflows: Allianz Asset Management, which (counting Pimco) singlehandedly attracted EUR7.8963bn, and Union Investment (co-operative banks), whose funds attracted EUR1.7816bn: These two players have posted net subscriptions nearly four times higher than the industry as a whole.However, BlackRock, with its iShares ETFs, has posted net outflows of EUR1.5826bn, while ComStage (Commerzbank ETFs) redeemed a net total of UR396.7m. At Deka (savings banks), net outflows ran to EUR2.6092bn, while at Deutsche Bank, they totalled EUR2.1481m, of which EUR1.2751m for db x-trackers brand ETPs.However, ETFlab (Deka ETFs) have attracted EUR204.6m.
09/07/2012

January-May: Inflows to German funds have doubled

In May, German funds posted net subscriptions of EUR3.63bn, compared with GBP496.8m in April, and a net outflow of EUR418.1m in the corresponding month of the previous year. This brings the total in the first five months of the year to over EUR24.53bn, compared with EUR12.78bn in January-May 2011.The German BVI association of asset management firms notes that the iShares DAX ETF, which in April underwent net outflows of EUR3.8bn, in May saw a reallocation of EUR3.6bn, which explans the fact that in May, equity funds showed net subscriptions of EUR1.21bn, while without that inflow, they would have seen outflows of EUR2.4bn.In January-May, open-ended funds attracted a net EUR4.04bn, compared with net redemptions of EUR3.55bn in the corresponding period of last year, while institutional funds showed inflows of EUR19.87bn, compared with EUR13.02bn; institutional mandates took on EUR638.3m in net, compared with EUR3.31bn, but they saw net outflows of EUR2.68bn in May, compared with net inflows of EUR2.84bn in April.
09/07/2012

Fidelity reshuffles German-language communication

Ellen Posch in early July began in her role as head of continental European marketing at Fidelity Worldwide Investment in Luxembourg. She had previously been a member of the executive committee, in charge of marketing for Fidelity Germany. In her new role, she will report directly to Jon Skillman, managing director, continental Europe.Posch’s transfer to Luxembourg is accompanied by a reshuffle at Fidelity in Germany, where the firm has added a new product strategy & product marketing unit, which will be led by Daniel Reitz, previously head of investment & product focus.Meanwhile, internal communications, press relations, brand development and client relationships in Germany and Austria, for Fidelity and its affiliate FFB (fund platform) will be incorporated into a new corporate & marketing communications unit, which will be led by Marion Dreßler, head of communications in Germany and Austria since 2009.Daniel Reitz and Dreßler will report directly to Christian Wrede, CEO of Fidelity Worldwide Investment for Germany and Austria.
09/07/2012

US funds get a new watchdog

Eileen Rominger is retiring, and is replaced from 9 July by Norm Champ as director of the investment management division of the Securities and Exchange Commission (SEC). Since June 2010, Champ has been deputy director of the Office of Compliance Inspections and Examinations (OCIE). A lawyer by training, he joined the SEC in early 2010, after serving as a member of the executive board and a partner at Chilton Investment Company.
09/07/2012

JPMAM freezes subscriptions to five money market funds due to prime rate cut

The Luxembourg-based firm JPMorgan Asset Management (Europe) SARL has advised shareholders in five of its funds:JPMorgan Liquidity Funds – Euro Liquidity FundJPMorgan Liquidity Funds – Euro Government Liquidity FundJPMorgan Funds – Euro Money Market FundJPMorgan Investment Funds – Euro Liquid Market Fundand JPMorgan Series II Funds – EURthat “in their interest,” the firm will no longer be accepting subscriptions or switch in these products. The decision follows a decision by the European Central Bank (ECB) to lower its prime rates, which may result in negative returns for the money market funds concerned.However, JPMAM is imposing no restriction on redemptions or switch out to other funds.
09/07/2012

ESMA publishes final recommendations to improve investor protection

The European Securities and Markets Authority (ESMA) on 6 July published two sets of recommendations related to the deployment of the MiFID directive, with the objective of improving investor protection.The recommendations laid out by ESMA, which cover advising and compliance functions, will promote convergence of interpretations surrounding these issues, on the part of users and supervisory authorities.
06/07/2012

L'emploi américain fait baisser les marchés

L'économie américaine a créé moins d’emplois que prévu en juin, augmentant d’autant la pression sur la Réserve fédérale pour qu’elle prenne des initiatives propres à relancer la croissance, par exemple un troisième assouplissement quantitatif (QE3). Le département du Travail a annoncé vendredi 80.000 créations d’emplois le mois dernier, alors que le consensus des économistes en attendait 100.000, après 77.000 emplois créés en mai (69.000 en première estimation). Le taux de chômage n’a pas bougé, ressortant à 8,2% en juin, comme en mai et comme prévu par les économistes. La nouvelle a accentué les pertes des indices boursiers européens, tandis que le S&P 500 cédait environ 1% à l’ouverture.
Chercheurs d'emploi à New York en mai 2012. Photo: Victor J. Blue/Bloomberg News
06/07/2012

L'Italie décale la hausse de la TVA

Le conseil des ministres italien a approuvé un plan d'économies de 4,5 milliards d’euros cette année, qui passera par la baisse des dépenses de santé et du nombre de fonctionnaires. L’effet en année pleine sera de 10,5 milliards en 2013 et 11 milliards en 2014. Ces mesures visent à compenser le décalage dans le temps de la hausse de la TVA, qui figurait dans le plan d’austérité présenté par Mario Monti en décembre, mais dont l’application a été reportée d’octobre 2012 à juillet 2013.
06/07/2012

Le rendement espagnol repasse la barre des 7%

Les coûts d’emprunt de l’Espagne ont repassé vendredi la barre de 7%, jugée intenable sur une durée prolongée, les investisseurs recommençant à se défaire d’actifs jugés risqués en raison de leurs interrogations sur l’efficacité des outils anti-crise utilisés ces derniers jours. Vers 12h30, le rendement de l’emprunt espagnol à dix ans progressait de 21 points de base, à 7%. Le rendement des obligations italiennes à dix ans augmentait de son côté de cinq points de base à 6,04%.
06/07/2012

Le déficit commercial de la France recule en mai

Le déficit commercial de la France s’est amélioré d’environ 500 millions d’euros en mai à 5,325 milliards d’euros, un chiffre meilleur que les prévisions, après -5,768 en avril, ont annoncé vendredi les Douanes. Le déficit depuis début janvier atteint 28,462 milliards d’euros à fin mai contre 32,702 sur la même période de 2011 (chiffres CVS/CJO, comme les chiffres mensuels). Sur les 12 derniers mois, le déficit atteint 67,559 milliards d’euros. Il avait été de 70,799 sur l’ensemble de 2011, un record. Les exportations ont augmenté à 37,440 milliards d’euros en mai contre 36,969 milliards en avril (chiffres FAB, CVS/CJO). Les importations sont stables à 42,765 milliards d’euros après 42,737 milliards un mois plus tôt.
06/07/2012

La production industrielle allemande plus élevée que prévu

La production industrielle a augmenté bien plus que prévu en mai, selon des données publiées vendredi par le ministère de l’Economie, qui suggèrent la capacité de résistance de la première économie de la zone euro malgré la crise de la dette qui l’entoure. Cette production a augmenté de 1,6% en mai, tirée par une hausse de 3,8% de la production de biens de consommation courante et une progression de 3,1% de l’activité de construction. Les économistes avaient tablé sur une hausse de 0,1%.
06/07/2012

L'AFT adjugera entre 6,6 et 7,8 milliards de BTF lundi

L’Agence France Trésor annonce l’adjudication, le lundi 9 juillet, d’un montant compris entre 6,6 et 7,8 milliards d’euros de bons du Trésor (BTF). Cette opération portera sur des montants compris entre 3,6 et 4 milliards d’euros de bons à 13 semaines qui arriveront à échéance le 11 octobre , entre 1,6 et 2 milliards de bons à 24 semaines, à échéance du 27 décembre et entre 1,4 et 1,8 milliard de bons à 50 semaines, à échéance du 27 juin 2013.
06/07/2012

Le FMI va abaisser certaines de ses prévisions

Christine Lagarde, la directrice générale du Fonds monétaire international (FMI) a constaté vendredi une détérioration de l'économie mondiale, ajoutant «qu’au cours des derniers mois, les perspectives mondiales sont devenues plus inquiétantes pour l’Europe, les Etats-Unis et certains grands pays émergents», a déclaré Christine Lagarde lors d’un discours prononcé à Tokyo.

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