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16/04/2012

Over USD100bn in inflows to long-term products in first quarter

Long-term funds in the United States in first quarter attracted a net total of USD106.3bn, according to the most recent mutual fund statistics from Morningstar.US equity funds continued to lose ground, with net outflows in the quarter of USD20.9bn for large cap funds.However, mid-term bond funds and high yield bond funds in first quarter posted total net inflows of USD304.4bn.Money market funds, for their part, have posted net redemptions totalling USD114bn in first quarter, a level not seen since second quarter 2010.
16/04/2012

Hausse des actifs sous gestion de Franklin Templeton

Les actifs sous gestion de Franklin Templeton s’inscrivaient fin mars 2012 à 725,7 milliards de dollars contre 727,4 milliards de dollars au 29 février 2012 et 670, 3 milliards de dollars à fin décembre 2011, selon un communiqué publié par la société. A fin mars 2011, les actifs sous gestion atteignaient 703,5 milliards de dollars.Les actifs sous gestion des fonds actions s’élevaient fin mars à 299,9 milliards de dollars contre 270, 2 milliards de dollars fin décembre mais 308,9 milliards de dollars à fin mars 2011.Du côté obligataire, les actifs sous gestion s’établissaient fin mars à 316,5 milliards de dollars contre 297,7 milliards de dollars fin décembre et 275,2 milliards de dollars un an plus tôt.
16/04/2012

Tiger Management supports former head of Norwegian sovereign fund

Julian Robertson of Tiger Management will support the new hedge fund managed by Knut Kjær former head of the Norwegian sovereign fund, the Financial Times reports. Last year, the hedge fund acquired Trient, an asset management firm, with Dag Løtveit, former head of strategic allocation for Norges Bank Investment Management. Tiger has invested in the capital of the new Trient fund in exchange for a share in the revenues.
16/04/2012

Tax evasion: preliminary investigation of UBS opened in France

According to Les Echos, judges have recently decided to open an inquiry into UBS in France for “organised financial and banking services to unqualified individuals and money-laundering [tax fraud and funds obtained through illicit means].” These offences are punishable by a sentence of five years in prison and a fine of EUR750,000. In March 2011, the prosecutor’s office opened a preliminary investigation following a notification from the prudential control authority (ACP) about internal actions and control procedures at the bank. The regulator will pay particular attention to the handling of clients in France by sales staff at the bank from Switzerland. The inquiry has been entrusted to Paris investigating judge Guillaume Daieff. Neither the bank nor its advisers had any comment on the reports when contacted.
16/04/2012

Assets in sovereign funds continue increase unabated

According to estimates from the Preqin consultancy, assets under management by sovereign funds as of the end of March totalled about USD4.62trn, compared with USD3.98trn one year earlier, USD3.59trn as of the end of March 2010, USD3.22trn as of the end of March 2009, and USD3.05trn as of the end of March 2008.The most recent Preqin newsletter finds that 57% of sovereign funds invest in private equity, 46% in the form of investment commitments to funds and 11% via direct investments.The study also finds that propensity to invest in private equity clearly increases with size: 83% of funds with assets of over USD250bn have already invested in private equity, while only 55% of those with total assets of USD10bn to USD49bn have done so, and 25% of those with under USD1bn.The five sovereign funds which invest most in private equity funds have total assets of over USD2.2trn. The largest of these is the Abu Dhabi Investment Authority (ADIA) with USD627bn, of which 2% to 8% are invested in private equity. The Kuwait Investment Authority (USD296bn) has an allocation to private equity of 10%.
16/04/2012

Improving economic outlooks bring a smile to managers' faces

Managers are highly optimistic due to signs of an improvement in conjuncture, according to a recent survey by SEI. The majority of managers responding to the survey (78%) are optimistic about their growth outlooks in the next three years, and show a level of confidence unprecedented since the financial crisis. The reasons for managers’ prevalent optimism include the strength of the brand they are defending (32%, up from 19%), positive market outlooks (24%), good levels of resources, and the strength of their development strategies (21%).
16/04/2012

KKR plans to buy and merge diamond operations of Rio Tinto and BHP

According to reports in the Sunday Times relayed by Handelsblatt, a spokesperson for KKR on Sunday declined to comment on reports that the private equity firm is planning to acquire and merge the diamond operations of Rio Tinto and BHP Billiton, and that it has already retained a consultant in connection with the plans.
16/04/2012

Former EIM chairman returns

Jan Frogg, former chairman of the executive board at the fund of fund firm SIM, has returned at a new company, Sayan Capital, where he will aim to raise money for hedge funds, according to reports in Financial News.
16/04/2012

Temasek buys a stake in China's UCBC for USD2.5bn

Agefi reports that Temasek is continuing its acquisitions in China. The Singapore sovereign fund will be buying a bloc of 3.55 million shares in the Industrial & Commercial Bank of China (ICBC) traded on the Hong Kong stock exchange from Goldman Sachs for about USD2.5bn (EUR1.9bn).
16/04/2012

Investec drops Williams de Broë brand

Following the acquisition by Investec Group of Evolution Securities, which owned the Williams de Broë brand, the wealth management firm founded in 1869 will be changing names. Williams de Broë will be known as Investec Wealth and Investment from August, Investment Europe reports.
16/04/2012

Lazard recruits a big name from Sabadell

Sergio Miguez, chief investment officer for absolute returns at BanSabadell Inversión, is joining the Spanish team of the British firm Lazard, led by Manuel Sas Salvador (formerly CEO of Banco Urquijo), as director of wealth management, Funds People reports.This is the third recruitment of a high-level employee since the beginning of 2012 at Lazard, following those of Borja Fernández-Galiano (formerly director of third-part fund sales at N+1 Syz) and Francisco Quintano (former head of equities at BNP Paribas Spain).
16/04/2012

Banesto sells receivable debts at a profit

In first quarter, Banesto sold personal and consumer credit worth EUR1.2bn and EUR216m, respectively, to an investment fund and a bank whose names have not been disclosed, for a gain of EUR128m, Funds People reports. The gain has been set aside for provisions, as required by the minister of the economy.
16/04/2012

Saxo Bank founds a Sicav in Spain

The Danish Saxo Bank has registered the creation of Saxo Invest, a Luxembourg Sicav which will allow for sales of funds from the group’s for asset management boutiques, Sirius Kapitalforvaltning, CPH Capital, Global Evolution and Capital Four, to Spanish investors, with the CNMV, Funds People reports.
16/04/2012

New ETFs in Italy

The ETF platform from State Street Global Advisors has launched 15 new physical replication products on the Milan Stock Exchange, Bluerating rpeorts. Among these are the SPDR S&P 500 ETF, the SPDR S&P Euro Dividend Aristocrats ETF, and the SPDR S&P US Dividend Aristocrats ETF.Lyxor on 16 April also launched the Lyxor ETF S&P500 VIX Futures Enhanced Roll, an ETF which provides exposure to volatility, Bluerating adds.
16/04/2012

Assets with limited liquidity in Spanish funds reduced

According to the quarterly newsletter from the CNMV, the total volume of illiquid assets in Spanish funds as of the end of 2011 was EUR7.5bn, which represents 5.6% of total assets, whereas that percentage was 7.4% as of the end of 2010. Funds People states that the amount has been reduced by EUR3bn in absolute terms. Compared with 2009, when the total was EUR14.9bn, the volume of illiquid assets has been halved.
16/04/2012

“We are very satisfied with our partnership with Alfi Partners”

The head of the independent asset management firm Jupiter Asset Management, Edward Bonham-Carter, discusses its strategy and development plans with Newsmanagers. With about GBP23bn in assets under management, Jupiter is looking to continue its development, but at its own pace. In addition to the British market, where the firm is hoping to attract investments from more high-end clients, the two major areas of growth for Jupiter are continental Europe and, more recently, Asia.
16/04/2012

Increase in assets at Ashmore in third quarter

The British asset management firm Ashmore, a specialist in emerging markets, has seen a 9.1% increase in its assets in the third quarter of its fiscal year, to USD65.9bn. The firm has posted subscriptions in overlay, external debt, local currencies, corporate debt and multi-strategy themes, and redemptions from equities and multi-debt themes.
16/04/2012

23 layoffs at SWIP

The British asset management firm Scottish Widows Investment Partnership will be laying off 23 staff from its team dedicated to equities, as part of a reorganisation of the GBP54bn activity.The equities unit will now be refocused on active and quantitative management, and some strategies will become passive. “In the asset management sector, we are seeing a widening gap between equity investors seeking high alpha solutions, and those who prefer a lower-risk strategy using a quantitative approach,” a statement explains.Andrew November, director of equities at SWIP, has appointed the team which will be in charge of this new equities strategy. Will Low will continue to serve as head of global equities, which now includes British small caps, publicly-traded real estate and absolute returns. Tony Whalley will continue to direct the equities dealing team, and Anne Fraser will be head of governance.Sean Phayre will remain as director of the quantitative equities team, which is part of the Investment Solutions unit.SWIP states that it has initiated the transition of some funds to the new equity strategy. This process will take a few months, and will result in the closure of some small regional equity funds and funds whose small size renders them economically unviable.
16/04/2012

M&G closes down Prudential funds

The British firm M&G has announced that it would like to close four unit trusts from the range on offer from Prudential as part of a rationalisation of its product range, FundWeb reports. The closures proposed will affect the Prudential European Tracker trust, the Prudential Ethical trust, the Prudential (Invesco Perpetual) Managed trust and the Prudential Managed Funds Tracker trust. The planned closures will be put into effect form 8 June. Clients will be allowed to transfer their investments to equivalent vehicles from M&G.
16/04/2012

Italy reforms supervisory authorities

The Italian insurance regulator (ISVAP) and the pension fund surveillance authority (COVIP) may disappear, Il Sole – 24 Ore reports. The idea is to transfer the competences of the two authorities to the Bank of Italy, which would become the single regulatory authority for operator stability (banks, insurance and the finance sector). Consob (the market watchdog) and the antitrust agency would also see their resources related to transparency and market competition strengthened.
16/04/2012

Pékin donne plus de souplesse au yuan

A la grande satisfaction du FMI, la banque centrale chinoise a annoncé ce week-end le doublement de la bande de fluctuation du yuan. Une première depuis 2007.
16/04/2012

KKR veut faire briller le diamant

Le journal dominical britannique, qui ne cite pas ses sources, avance que la société américaine de private equity travaille avec un conseiller à une opération de rachat et de fusion des activités de diamant de BHP Billiton et de Rio Tinto. Les deux groupes miniers souhaitent se défaire de cette activité jugée non stratégique.
16/04/2012

UBS subit une information judiciaire en France

Le quotidien croit savoir que «l’étau judiciaire se resserre autour d’UBS France». La banque suisse subit en effet l’ouverture d’une information judiciaire pour «démarchage bancaire et financier par personne non habilitée et blanchiment (de fraude fiscale et de fonds obtenus à l’aide de démarchage illicite) commis en bande organisée». Le parquet et l’ACP étudient depuis plus d’un an les méthodes de la banque.
16/04/2012

CA Cheuvreux lance sa plateforme de trading

Le courtier du Crédit Agricole inaugure aujourd’hui une plateforme de négociation d’actions européennes, baptisée Blink MTF. Elle permettra de négocier 1.700 titres au sein de 14 marchés. Un outil destiné uniquement aux clients institutionnels et particuliers, dans l’espoir de les rassurer. Blink MTF exclut en effet ainsi les équipes de trading pour compte propre des banques et le trading à haute-fréquence, ce dernier étant découragé par la grille tarifaire selon Ian Peacock, responsable mondial des services d’exécution de Cheuvreux. Le quotidien souligne que ce «high frequency trading» suscite ainsi une nouvelle fois une initiative faisant la preuve des sentiments partagés à son égard.

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