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15/06/2012

Statu quo pour l'Opep

L’Organisation des pays exportateurs de pétrole a décidé de maintenir son plafond de production à 30 millions de barils par jour (bpj) pour le second semestre de l’année, a annoncé un délégué du cartel pétrolier. Actuellement, la production de l’Opep se situe à environ 31,6 millions de bpj.
15/06/2012

TCW dans le viseur de plusieurs fonds

Clayton Dubilier & Rice et deux autres fonds de capital investissement au moins ont soumis ces dernières semaines des offres sur TCW Group, filiale américaine de gestion d’actifs de la Société Générale, ont confié à Reuters des sources proches du dossier. Une procédure d’enchères est en cours pour vendre TCW, basé à Los Angeles et qui gère autour de 128 milliards de dollars d’actifs, selon ces sources, qui ajoutent que la cession se ferait pour 700 millions de dollars environ. La direction de TCW poursuit les discussions avec la Société Générale et devrait prendre une participation au terme de l’opération. TCW, la Société Générale et Clayton Dubilier & Rice se sont abstenus de tout commentaire. TCW est une cible devenue plus attractive puisque ses actifs sous gestion ont progressé l’an dernier avec la volonté des investisseurs de trouver refuge dans des actifs de qualité comme les obligations.
15/06/2012

New Dehli se penche sur les dérivés de matières premières

L’Inde, premier importateur mondial d’or et l’un des principaux consommateurs de sucre, pourrait autorises ses banques à traiter des contrats à terme sur les matières premières afin d’accroître la participation et la liquidité sur le marché. Le dossier est actuellement sur la table du ministre des Finances.
15/06/2012

Le financier Allen Stanford condamné à 110 ans de prison

L’ancien financier texan Allen Stanford, reconnu coupable d’escroquerie par le biais d’une «pyramide de Ponzi» d’un montant de 7 milliard de dollars, a été condamné hier par un juge fédéral à une peine de 110 ans de réclusion criminelle.
15/06/2012

Le liquidateur de MF Global trouve un accord avec CME Group

James Giddens, qui gère la liquidation du broker-dealer, a indiqué avoir trouvé un accord avec le marché à terme américain CME Group permettant de restituer aux anciens clients de MF Global quelque 130 millions de dollars d’actifs. Cet accord doit être approuvé par le tribunal des faillites avant de pouvoir être appliqué.
15/06/2012

Dix milliards d'euros de recettes prévus par le gouvernement

Le collectif budgétaire qui doit être présenté début juillet devrait permettre de générer dès cette année environ 10 milliards d’euros de recettes, indique le journal. L’exonération des charges sociales des heures supplémentaires devrait prendre fin dès l'été sauf pour les PME, et des mesures «anti-abus» sont également prévues, en plus de la hausse de la taxation des patrimoines et successions et d’une forte hausse du forfait social.
15/06/2012

Many Germans hide their money in Austria

According to statistics from the National Bank of Austria (ÖNB), funds deposited by Germans in the country currently total EUR25bn: the sums placed in savings in the country, located to the south-east of Germany, have doubled in six years, the Frankfurter Allgemeine Zeitung reports. That represents more than half of foreign assets in Austria, and an even higher amount should probably be added to represent securities accounts.This trend is certainly due to the fact that Austria does not practice systematic declarations to the tax authorities in the home country, although there is withholding tax on interests, and banking confidentiality is enshrined in the country’s constitution. There is also no tax agreement between Austria and Germany, such as the agreement between Germany and Switzerland.
15/06/2012

Steep fall in inflows to UCITS-compliant funds in April

Net inflows to long-term UCITS-compliant funds (excluding money markets) fell to EUR8bn in April, from EUR32bn in March, according to statistics from the European financial and asset management association (EFAMA).Due to this steep fall, largely related to sovereign debt problems in the euro zone, inflows to UCITS funds overall in April totalled only EUR18bn, compared with EUR47bn in March. Bond funds finished the month under review with inflows of EUR16bn, compared with EUR26bn in March. Equity funds saw outflows totalling EUR8bn, where they had posted net inflows of EUR1bn in March. The same trend could be observed for diversified funds, which saw outflows of EUR3bn, following net subscriptions of EUR4bn.Money market funds posted inflows of EUR10bn, compared with EUR15bn the previous month.Non-UCITS funds posted inflows of EUR9bn, compared with EUR12bn in March.Dedicated funds saw their inflows halved in April, to EUR5bn from EUR10bn in March.
15/06/2012

Paul Sinclair liquidates a hedge fund

The euro zone debt crisis has claimed another victim in North America. The hedge fund manager Paul Sinclair, based in Los Angeles, has decided to liquidate his equity fund dedicated to the healthcare sector, Expo Capital Management, whose assets under management totalled USD458m, Bloomberg reports. Sinclair says that political decisions taken in Europe have had a negative influence on his selection of shares, which has led to losses for the second consecutive year. In the past few months, several hedge fund managers, such as the billionaire John Arnold, have gone out of business due to the persistent crisis in the euro zone.
15/06/2012

Man releases commo fund in Germany

The Man Commodities Fund, a long-only UCITS-compliant commodity fund created on 8 March 2012, has been issued a sales license for Germany by BaFin (see Newsmanagers of 14 March). The Irish, registered product, launched by the British Man Group, charges a management commission of 1.50% and a commission of 10% on performance exceeding the Dow Jones-UBS Commodity Total Return index.
15/06/2012

C-Quadrat offers international equity fund

The Austrian-German asset management firm C-Quadrat has announced the release in Germany, Austria and Luxembourg of the Luxembourg-registered, UCITS IV-compliant fund X-Quadrat SMN Equity Trend, which includes both long and short portfolios, with allocations independent of one another. Unlike traditional equity funds, the fund, launched on 1 June 2012, uses two different sources of profits, and can therefore offer investors opportunities to make money even in periods of falling markets. Management is outsourced to SMN Investment Services Ltd.The long portfolio is composed exclusively of individual shares belonging to the MSCI All Country World Gross Local Index, while the short portfolio contains about 20 highly liquid futures on equity indices. Management is undertaken in an exclusively automated manner, based on a trend-following model, with exposure to the market that may vary from 0% to 100%.CharacteristicsName: C-QUADRAT SMN Equity Trend PlusISIN code: LU0762832730Front-end fee: Maximum 5%Management commission: 2%Performance commission: 20% of net daily returns, with high watermark
15/06/2012

New co-manager for Carmignac Emerging Discovery fund

Having spent five years with Carmignac Gestion as an Asia analyst, David Park has now been appointed co-manager of Carmignac Emerging Discovery within the Emerging Equities team headed by Simon Pickard. He will take up this role at the end of June 2012.Park will co-manage the fund, which invests in small and mid-cap companies from the emerging universe, alongside Xavier Hovasse. Carmignac Emerging Discovery was hitherto co-managed by Simon Pickard and Xavier Hovasse.
15/06/2012

Moody's cuts rating of Oddo & Cie

The financial ratings agency Moody’s on 15 June announced that it has lowered the long-term debt rating for Oddo & Cie two notches to Ba1. The rating has a stable outlook. The cause of the decision by Moody’s is the reduced profitability of the bank, and its vulnerability to further downward pressure on revenues due to its exposure to capital markets, via its brokerage and asset management activities. However, the agency points to the financial stability of the firm in terms of owners’ equity and capital resources, which would allow it to withstand a period of reduced access to the market of well over 12 months, or potential losses. Moody’s also cites the firm’s limited vulnerability to deterioration of its assets, due to the relatively limited size of its debt portfolio.
15/06/2012

Several funds interested in TCW

At least three private equity funds, including Clayton Dubilier & Cire have submitted bids in recent weeks for TCW Group, the US asset management unit of Société Générale, according to sources familiar with the matter cited by Reuters, relayed by Agefi. An auction process is underway to sell TCW, based in Los Angeles, which has about USD128bn in assets under management, according to sources, who add that the sale is expected to be for about USD700m. The management of TCW is continuing talks with Société Générale, and may acquire a stake in the operation.
15/06/2012

Edhec-Risk Institute launches Solvency II indices developed with Russell

The Edhec-Risk Institute on 14 June announced the launch of its new Solvency II indices (“EDHEC-Risk Solvency II Benchmarks,”) developed in collaboration with the asset management firm Russell Investments. The new indices aimed at European insurers represent a dynamic equity allocation strategy.The indices, which are calculated using the underlying indices Russell Developed and Russell Global, are based on dynamic core/satellite allocation techniques and life-cycle management, and allow investors to stay within a maximal loss threshold for each calendar year.The current performance and track record of the indices, including returns and weightings, as well as a complete suite of documents, are available for free from the website:www.edhec-risk.com/solvencybenchmarks
15/06/2012

Russell Investments will not replace Robert Stark

Mutual Fund Wire reports that Russell Investments will not replace its director of strategy, Robert Stark, who has been recruited by JP Morgan Asset Management for the newly-created position of director of the strategy and development team. His former responsibilities will be taken over by other members of his former team.
15/06/2012

BNPPIP releases target-date Asian bond fund

With the BNP Paribas Obliselect Terra Nova 2017 fund, BNP Paribas Investment Partners has released a French-registered FCP fund which invests in corporate, quasi-government and Asian government bonds (ex Japan) from eight countries, denominated in euros or US dollars. The issuers belong to six sectors of activity and the portfolio (held to maturity on 30 June 2017), composed of 30 issuers rated at least B- (S&P) or B3 (Moody’s). The average rating for the portfolio at launch is BB- (S&P) or Ba3 (Moody’s). Hedging of forex risks for positions in US dollars is systematically applied, so that investment in euros is subject to no residual currency risks related to other currencies.The subscription period ends on 19 July 2012; the return objective is 4-6% per year, after management fees.CharacteristicsName: BNP Paribas Obliselect Terra Nova 2017ISIN codes:Capitalisation P share class: FR0011222439Distribution P share class: FR0011222462Outsourced manager: BNP Paribas Investment Partners Singapore LimitedFront-end fee: maximum 2%Management commission: 1.30% (P share class)
15/06/2012

Harvest adds to range of structured credit

Gregory Park, former head of securitisation products in Asia for Deutsche Bank, has signed a partnership with the asset management unit of the Chinese asset management firm Harvest Fund Management, to launch an Asian structured credit fund, Asian Investor reports. The new structure, Harvest Northstone Capital, will take the form of a joint venture between Harvest Alternative Investment Group and the team which has been working with Park since 2010. The joint venture will make mezzanine or high yield investments in debt from SMBs in the Asian consumer sector. The partners will seek to raise USD150m for their first fund.
15/06/2012

Markit offers iBoxx indices in standard format

The financial information group Markit has announced the release of a selection of international corporate Markit iBoxx indices, which will be available in a standard total return swap format. The standardised contracts allow investors exposure to, or a hedge against, their exposure to corporate debt markets, by providing a transparent and fungible asset to market participants. Initially, the contracts will be available for the following indices: Markit iBoxx EUR Corporates, Markit iBoxx USD Domestic Corporates, Markit iBoxx GBP Corporates, Markit iBoxx EUR Liquid HY and Markit iBoxx USD Liquid HY.
15/06/2012

EIM recruits a UBP AM veteran

The funds of funds firm EIM, which is reportedly up for sale, after a 50% decline in its assets under management since 2008, has recruited Robert Phillips, a former analyst from UBP Asset Management, Financial News reports. Phillips has been appointed global head of long/short equity research.
15/06/2012

Changes at the top of Inverco

The AGM of the Spanish Inverco association of asset management firms has elected Lázaro de Lázaro, representing Santander Asset Management, as president of the group of fund management firms, replacing Enrique Sánchez of Ahorro Corporación Gestión, Funds People reports.Rocio Equiraun (Cajamadrid Pensiones) has become chairwoman of the group of pension funds, replacing Fermin Alvarez (Fonditel Pensiones).
15/06/2012

Andrew Bellis joins 3i Debt Management

3i Debt Management on 14 June announced the arrival of Andrew Bellis as managing director and partner, in charge of global growth at the firm Bellis previously worked at Credit Suisse, where he was global head of new CLO issues. Assets under management at 3i Debt Management total USD7.5bn, or EUR6bn, in 17 funds.
15/06/2012

GES and oekom research team up for SRI research

Two of Europe’s service providers within responsible investment, Sweden’s GES and Germany’s oekom research, have formed a strategic partnership in order to meet an increasing demand for responsible investment services in the German-speaking markets and the Nordics.The partnership will enable clients of oekom research to apply GES’ global engagement services to their existing supply of environmental, social and governance (ESG) research, which will be accessible through an adapted client interface. At the same time, GES will be able to serve its clients supported by the manifold services offered by oekom research and its detailed ratings of companies and countries.oekom research’s analyses therefore currently influence the management of assets valued at over 140 billion euros. The estimated amount of assets under advisory by GES’ clients – including numerous well-known pension funds, banks and other investors – is approximately 700 billion euros.
15/06/2012

UBS to list ETFs on London Stock Exchange

Morningstar reports, cited by finews, that UBS is planning to list ETFs for trading on the London Stock Exchange (LSE) on 28 June. The products previously had only sales licenses, and could therefore not be listed. The market makers will be Deutsche Bank, Commerzbank and Jane Street.ETFs from UBS Global Asset Management have assets of about CHF12bn, which represents a 4% share of the European market.

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