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13/07/2012

Swiss & Global registers four funds in Portugal

After opening an affiliate in Madrid in October 2010, Swiss & Global Asset Management is extending its activities to the Iberian peninsula, the Portuguese language edition of Funds People reports. This will result in the registration of four bond funds in Portugal: Julius Baer Absolute Return Bond Fund (share classes in euros and Swiss francs), Absolute Return Bond Fund Plus (euros and Swiss francs), Emerging Bond Fund (only euros) and Total Return Bond Fund (euros and Swiss francs).Michele Porro, head of sales and distribution, says that Swiss & Global is planning to register other funds in Portugal in the future.
13/07/2012

OFI AM appoints a director of marketing and strategy

The OFI group has announced the creation of an office of the director of marketing and strategy, which will work to structure the range of products and services for French and international clients. To this end, OFI AM has recruited Vincent Ribuot as head of the new department, and Alejandro Hiniesto, in charge of marketing for Europe. A head of requests for proposals is also being recruited, a statement says.Ribuot had previously been chief investment officer and a member of the board of directors at UMR. He will join OFI AM in early September, and will be a member of the executive board. Ribuot, 49, had since 2003 been a member of the investment board at UMR, and a member of the board of directors.Hiniesto, 38, in 2007 started at JP Morgan Asset Management in London in the position of head of strategic development, and then spent two years as senior consultant at the consulting firm Genil 48 in Dublin, and then at Sagalink Consulting in Paris, before joining OFI AM.
13/07/2012

Philippe Couvrecelle has left Edmond de Rothschild AM

Newsmanagers understands that Philippe Couvrecelle, head of the managing board at Edmond de Rothschild Asset Management (EdRAM), has left the company, as the H24 Finance first reported on Thursday. La Compagnie Financière (LCF) Edmond de Rothschild plans to publish a press release on this Friday afternoon.Couvrecelle’s departure materializes at a time when the market rumors that both asset management affiliates of LCF, EdRAM and Edmond de Rothschild Investement Managers (EdRIM) are in for a closer connection. This being said, we understand that Couvrecelle’s exit doesn’t necessarily mean that EdRIM would take over EdRAM in the proposed merger that would possibly take place this fall. A new head is sought for at EdRAM in the meantime and his successor, who could possibly come from outside the group, hasn’t been found as of yet.
13/07/2012

Allianz reopens its RMB bond fund

Two months after its launch, the Allianz RCM Renminbi Fixed Income had to be soft closed in August 2011, with assets of EUR450m. Now, Investment Week reports, assets have fallen back to EUR368m due to redemptions, and due to these redemptions and more liquidity in the offshore yuan market, the fund will be reopened to subscriptions from 6 August.
13/07/2012

Rise in inflows to UCITS funds in May

Net inflows to long-term UCITS funds (excluding money market funds) have totalled EUR22bn in May, according to figures from the European Fund and Asset Management Association (EFAMA). In April, inflows totalled EUR18bn. Bond funds finished the month under review with inflows of EUR20bn, compared with EUR16bn in April. Equity funds saw further net redemptions, totalling a record EUR12bn, compared with redemptions of EUR7bn in April, EFAMA notes. Diversified funds saw outflows of EUR1bn, following redemptions totalling EUR3bn the previous month. Money market funds posted inflows of EUR13bn, compared with EUR10bn in April. Non-UCITS funds posted inflows of EUR8bn, compared with EUR9bn in April.
13/07/2012

Asset management firms mobilise against AIFM directive

In a letter to European commissioner Michel Barnier, a copy of which has been obtained by the Börsen-Zeitung, the CEOs of 20 asset management firms voice their objections to a proposed application of the AIFM directive in its current form, claiming that the bill represents a threat to the single European market and to investor protections.The proposed legislation would forbid simultaneous outsourcing of portfolio and risk management to countries outside the country of domicile of the product, in order to avoid the development of letterbox companies in a manner similar to that of hedge funds in the Cayman Islands. The problem is that this rule would affect EUR3trn in assets throughout Europe, of which up to EUR300bn are held in German institutional funds (Spezialfonds).
13/07/2012

AmpegaGerling renames a bond fund

The asset management firm of the Talanx group, AmpegaGerling, on 2 July changed the name of its bond fund Kapitalfonds Prozins to Gerling Unternehmensanleihenfonds, Fondsprofessionell reports.The change comes as part of a reshuffle of the fixed income fund range, but the fund continues to invest in fixed or variable rate corporate bonds, mostly from European firms. The name change, in German, is primarily intended to improve legibility, as “Unternehmensanleihenfonds” literally means corporate bond fund.
13/07/2012

Noticeable rise in assets in June for four major asset management firms

As of the end of June, assets under management at Legg Mason, Franklin Resources, Invesco and AllianceBernstein had risen by a total of USD49.3bn month on month.The two largest increases were for Franklin Templeton Investments, whose assets totalled USD706.9bn as of 30 June, compared with USD683.5bn as of the end of May, and by Invesco, whose assets under management totalled USD646.6bn, compared with USD632.1bn. At Franklin, USD10.4bn of the increase is due to equities, while USD9.8bn is from bonds, while at Invesco, equity assets increased by USD10.1bn, and bonds increased by USD1.9bn.The increases proved more modest at AllianceBernstein, at USd407bn, compared with USD400bn, and at Legg Mason, at USD631.8bn, compared with USD627.4bn.
13/07/2012

UBS floods Swiss stock exchange with 45 new classes of ETFs

According to a press statement from the SIX Swiss Exhange, “UBS ETF SICAV is launching 45 new ETFs based on equity indices and various forms of debt.” Concretely, the products, for which the market maker is Commerzbank, and which have TERs ranging from 0.15% to 0.65%, correspond to share classes in various currencies in 18 ETF funds.In the range are the first European and Japanese equity ETFs in the infrastructure sector to be listed in Switzerland. Among the other innovations on the list are four ETFs based on MSCI SRI indices.All of the new products use physcial replaication. They can be traded either in their base currencies, or in Swiss francs.
13/07/2012

BBVA AM appoints a new global chief investment officer

Eduardo García Hidalgo has been promoted at BBVA Asset Management, from CIO for Europe to the position of global CIO, replacing Julio Sobrezamas, who becomes the head of equities at the BBVA bank, where he worked for four years before joining the asset management firm, Funds People reports.
13/07/2012

Asians are the most courageous investors

According to a global survey by the Nielsen institute of 28,000 consumers in 56 countries, 73% of Asians have investments in equities, compared with 67% of Americans. Their tolerance to risk is also higher: 57% of Asian investors surveyed say they would accept losses of over 10%, Handelsblatt reports. Another particularity of Asian respondents to the survey is that 40% of them are under 40 years old.
13/07/2012

“Whale” leaves JP Morgan

The Wall Street Journal reports that Bruno Iksil, the “London Whale,” Achilles Macris and Javier Martin-Artajo are no longer part of the personnel of J.P. Morgan Chase in London, as of Thursday this week. The three employees of the Chief Investment Office, responsible for invesing the bank’s excess liquidity, made outrageous bets which cost the firm USD25bn in market value, and over USD5bn in losses in second quarter. They had already been barred from any trading activities when J.P. Morgan discovered the scale of the losses. Despite these losses, the group is expected to announce profits for the April-June quarter this Friday.
13/07/2012

Jason Hollands returns to Bestinvest

In mid-August, Jason Hollands will join Bestinvest, a firm where he worked for a decade, as managing director in charge of development and communication, Fundweb reports. Hollands left F&C in February, where he had been head of corporate affairs.At Bestinvest, Hollands will report directly to CEO Peter Hall.
13/07/2012

European MMFs close to subscriptions

Since the ECB cut the refinancing rate to 0.75% and lowered its deposit rate to zero, half a dozen asset management firms have closed money market funds to new subscriptions, the Wall Street Journal reports. The news concerns products with total assets of USD60bn. Among the asset management firms affected are JPMorgan, BlackRock and Northern Trust.
13/07/2012

Brown Brothers Harriman is the custodian for Vanguard ETFs

Brown Brothers Harriman is the custodian for the ETFs that the US asset management firm Vanguard Funds launched in May on the London stock exchange (see Newsmanagers of 24 May 2012). the firm hopes to meet with the same commercial success as in the United States for its 5 ETFs, it says in a statement.
13/07/2012

Comgest registers six equity funds in Italy

Fineco and Allfunds will distribute in Italy six Luxembourg-registered funds from the French firm Comgest: Comgest Growth Europe, Comgest Growth Emerging Markets, Comgest Grwoth GEM Promising Companies, Comgest Growth Latin America, Comgest Growth America, Comgest Growth India, Investment Europe reports.The development of the Italian market will be entrusted to Gabriella Berglund.
13/07/2012

Investment funds hold little attraction for Germans

Only 26% of Germans say they have shares in investment funds in their portfolios, and these types of vehicles place fifth among their preferences, far behind savings accounts (58%), life insurance (44%), home buyer’s savings plans (43%) and sight deposits (33%). The findings are the result of a survey of 2,000 people by the Forsa institute on behalf of the German BVI association of asset management firms.When asked how they would invest an additional monthly income, 35% would prefer sight deposits and 33% savings accounts. Unit-linked savings plans finish sixth, with only 11% voting for them.
13/07/2012

Synthetic ETFs are not better than physical replication ones

A study by Christian Meinhardt, Sigrid Müller, and Stefan Schöne of the Institute of Finance at Humboldt University in Berlin, of 68 integral physical replication ETFs and 218 synthetic replication ETFs, all of them listed in Frankfurt, has demonstrated empirically that synthetic replication is not better than physical replication, the Frankfurter Allgemeine Zeitung reports. It also carries more risk, as a result of counterparty risks.However, synthetic replication ETFs bring better results than physical replication ETFs in fixed income. But, the scholars point out, in both formats, there is significant divergence from the index.
13/07/2012

Comgest fait enregistrer six fonds d'actions en Italie

Fineco et Allfunds vont distribuer en Italie six fonds luxembourgeois du français Comgest: Comgest Growth Europe, Comgest Growth Emerging Markets, Comgest Growth GEM Promising Companies, Comgest Growth Latin America, Comgest Growth America, Comgest Growth India, rapporte Investment Europe.Le développement du marché italien serait confié à Gabriella Berglund.
12/07/2012

La visite de la troïka à Chypre reportée d'une semaine

Les émissaires de l’Union européenne et du Fonds monétaire international ont reporté leur mission d'évaluation à Chypre prévue la semaine prochaine pour se donner le temps d'étudier en détail la situation financière de l'île, a annoncé jeudi le ministère chypriote des Finances. Nicosie a sollicité le 25 juin un plan de sauvetage international pour renflouer ses banques exposées à la crise grecque.
12/07/2012

Le chômage atteint un niveau record en Grèce

Le chômage a atteint un niveau record en avril en Grèce et pourrait poursuivre sa hausse, la fréquentation touristique estivale ne semblant pas en mesure d’apporter davantage qu’un maigre réconfort à une économie en pleine récession. Le taux de chômage s’est élevé à 22,5%, contre 22% en mars montrent les données de l’agence nationale de la statistique publiées jeudi. Un an plus tôt, en avril 2011, il était de 16,2%.
12/07/2012

Le Sénat italien ratifie le Mécanisme européen de stabilité

Les sénateurs italiens ont approuvé jeudi le projet de loi de ratification du Mécanisme européen de stabilité (MES), le fonds de secours permanent dont se sont dotés les pays de la zone euro. La chambre haute du Parlement italien a également adopté le Pacte budgétaire européen qui établit de nouvelles règles budgétaires. Les deux projets de loi vont à présent être examinés par les députés avec l’objectif de conclure le processus de ratification parlementaire d’ici au 20 juillet.
12/07/2012

Les prix américains à l'import chutent avec le pétrole

Selon le département du Travail, les prix à l’importation aux Etats-Unis ont enregistré en juin leur plus forte baisse en plus de trois ans en raison d’une chute des prix du pétrole importé, qui suggèrent des pressions inflationnistes modérées. Ces prix ont reculé de 2,7% (consensus: -1,7%). Ils signent leur troisième mois consécutif de baisse et leur déclin le plus marqué depuis décembre 2008. Les prix du pétrole importé ont plongé de 10,5%.
12/07/2012

Signal encourageant sur le marché de l’emploi américain

Les dernières inscriptions hebdomadaires au chômage aux Etats-Unis ont reculé à leur plus bas niveau depuis quatre ans, montrent des statistiques officielles publiées jeudi. Elles ont reflué de 26.000 lors de la semaine au 7 juillet pour s’établir à 350.000, un plus bas depuis mars 2008, a indiqué le département du Travail. Les économistes attendaient en moyenne 372.000 inscriptions au chômage.
12/07/2012

La stratégie de placement du FRR remise en question

Dans son rapport sur l’Etat et le financement de l'économie, publié ce jeudi, la Cour des Comptes estime que le Fonds de réserve des retraites (FRR) devrait adapter sa stratégie de placement qui était majoritairement orientée à l’origine, vers les actions. «Si les pouvoirs publics continuent de lui assigner la mission de financer la Caisse d’amortissement de la dette sociale (CADES), la cohérence financière devrait conduire le Fonds de réserve des retraites à choisir très majoritairement des placements en obligations», souligne l’institution de la rue Cambon. Avantage : cette réorientation rendrait inutile une gestion coûteuse et compliquée via des sociétés mandataires. La Caisse des dépôts et consignations pourrait alors se voir confier la gestion financière des titres du FRR.
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12/07/2012

Le taux zéro de la BCE a fortement réduit les dépôts des banques

Les chiffres publiés jeudi par la BCE pour la journée de mercredi, la première concernée par l’abaissement à zéro du taux de sa facilité de dépôt, montrent que les dépôts au jour le jour des banques ont été ramenés à 325 milliards d’euros contre un peu plus de 800 milliards mardi et 700 milliards environ au même point de la période de maintenance de juin. Cela ne signifie pas que ces montants ont été réinjectés dans l'économie.
12/07/2012

L'Irlande envisage d'émettre à 10 ans d'ici mars

L’Irlande pourrait emprunter à dix ans d’ici mars 2013 et même plus tôt si les négociations sur l’assouplissement des conditions du sauvetage de ses banques aboutissent, écrit jeudi le Financial Times, citant le ministre des Finances Michael Noonan. «D’ici janvier, février ou mars 2013, je pense que si tout va bien, nous pourrons lancer une adjudication d’obligations à neuf ou dix ans. Mais si les négociations qui culmineront en octobre se passent bien, la NTMA (l’agence de la dette irlandaise, ndlr) pourrait avoir un programme plus ambitieux», explique le ministre.
12/07/2012

L'Italie se finance avec des rendements en baisse

L’Italie a émis jeudi 7,5 milliards d’euros de bons du Trésor (BOT) à un an, avec un rendement moyen en baisse par rapport à la précédente adjudication. Rome a adjugé son emprunt à échéance juillet 2013 à un taux de rendement de 2,697%, contre 3,972% lors de son adjudication de mi-juin, avec un ratio de couverture 1,546, en très léger recul par rapport au mois dernier.
12/07/2012

La taxe de 3% épargnerait les dividendes en actions

La taxe de 3% sur les dividendes annoncée par le gouvernement français ne s’appliquera pas aux versements en actions mais uniquement aux distributions en liquide, selon un amendement au projet de loi de finances rectificative pour 2012voté par la commission des Finances de l’Assemblée nationale. Cet amendement du rapporteur général de la commission, Christian Eckert (PS), va dans le sens souhaité par la présidente de l’organisation patronale Medef, Laurence Parisot. La discussion à l’Assemblée du collectif budgétaire démarre le 16 juillet.
12/07/2012

Bruxelles évalue l'offre Thomson Reuters sur les codes financiers

La Commission européenne a annoncé jeudi qu’elle allait soumettre aux utilisateurs et aux concurrents de Thomson Reuters la réponse apportée par la société aux remarques des autorités de la concurrence sur les codes utilisés dans ses systèmes informatiques pour identifier les données financières. Thomson Reuters est propriétaire des Reuters Instrument Code (RIC) qui permettent d’identifier les Bourses, les obligations et d’autres outils financiers utilisés par les traders à travers le monde. Selon ses concurrents, ce système porte atteinte à la concurrence sur le marché des donnés financières.

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