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30/03/2012

March Gestión launches a fund of shares in family-owned businesses

Javier Pérez Fernandez and José Antonio Méndez Roth, who are already the managers of the Vini Catena and March Global funds, have been entrusted with the joint management of the Family Business Fund, an international equities fund which will invest solely in family-owned businesses, by March Gestión, Funds People reports, relaying Expansión.In order to meet the criteria for the fund, firms need to be at least 25% controlled by a single family, and have at least one family member involved in the management of the firm. In addition, there needs to be an intention to hand down the business to the following generation.As a complement to its knowledge of the area of family businesses, March Gestión has signed a cooperation agreement with the IE Business School.The new fund is already registered for sale in Spain, Italy and Luxembourg. Licenses will also be applied for in Austria, Switzerland and the United Kingdom.
30/03/2012

PrivatBank extends its range of equity funds

Expansión reports that PrivatBank has launched the Privat Fondos Global fund of funds, an equity product whose portfolio will be investd 70% to 100% in funds from international asset management firms. The management commission is 1%.Meanwhile, the asset management firm has also released Privat Salud, which invests in the major firms in the healthcare sector, with at least 70% of the portfolio invested in the United States. Its benchmark is the MSCI World Health Care USD, and the fund charges 1.5%. Lastly, PrivatBank has extended the universe for its Privat Fondo Bolsa Europea, which is initially concentrated on the euro zone, to include Switzerland and the United Kingdom.The three products are aimed primarily at professional investors.
30/03/2012

Employee savings up 62% in ten years

Assets in employee savings have increased sharply in recent years: they have risen 62% over the decade, according to the Employee Savings Club, which yesterday held its 10th annual conference, Les Echos reports. Assets in employee savings for all personnel combined totalled EUR93.8bn (of which 40% were in employee savings), according to statistics as of 30 June 2011. This represents about 3% of the financial wealth of French citizens. Overall, 246,394 businesses are have employee savings teams, compared with 128, 245 in 2004. But the Savings Club, which includes major businesses with such savings plans, points out that the major challenge is to extend this personnel.
30/03/2012

Fred Moore leaves Newton

Fred Moore is leaving Newton to pursue business interests outside of the investment management industry, BNY Mellon has announced. Following this departure, Raj Shant will become lead manager on the Newton European Higher Income Fund. He is lead manager on Newton Continental European strategy and manages both institutional and retail equity portfolios. Raj joined Newton in 2002. Tom Beevers will remain alternate manager on the Fund.
30/03/2012

Strong increase in profits at RLAM

In the release of its 2011 results, the insurance group Royal London announced on Thusday that operating profits for its asset management affiliate Royal London Asset Management (RLAM) totalled GBP34m, compared with GBP25m in 2010.As of 31 December, total assets at RLAM were GBP46.2bn, of which GBP2.3bn were due to the acquisition of Royal Liver during the year (on 1 July), compared with GBP42.2bn one year earlier.
30/03/2012

Fidelity sells Indian fund management activities to L&T Finance

According to Mutual Fund Wire, Fidelity Worldwide Investments has sold off its Indian affiliates, FIL Fund Management Pvt and FIL Trustee Co, for an undisclosed sum, to L&T Finance Ltd, a subsidiary of the Larson & Toubro group. As of 31 December, assets in Indian funds from Fidelity represented a total of USD1.8bn (see Newsmanagers of 31 January).Fidelity Worldwide is retaining its IT and back-office centre at Gurgaon (1,500 employees) as well as its private equity affiliate, Fidelity Growth Partners India, as well as a local equity research team.Indian fund management activities at Fidelity have run a loss every year since opening in 2004, although the total volume on the Indian mutual fund market has quintupled since 2003, to USD134bn.
30/03/2012

F&C removes Cairn from its ethical fund portfolios

F&C Asset Management itself relays reports in the Herald Scotland that Cairn Energy has been removed from the portfolio of ethical funds from F&C (Stewardship range, GBP2.6bn in assets), due to its controversial drilling activities in the Arctic ocean off Greenland, which are an environmental as well as a security risk.Karina Livack, director of governance and sustainable investment at F&C, says that Cain Energy has not been removed from all portfolios, but that the decision has been taken from a general point of view to exclude all businesses which run Arctic drilling operations.
30/03/2012

Assets up at Liontrust

As of 27 March, total assets at Liontrust Asset Management were GBP1.55bn, of which GBP1.1bn were from UK retail clients, and GBP395m from institutional clients, compared with GBP1.34bn one year previously.Net subscriptions increased to GBP146m during the fiscal year, (including GBP106m for retail products), compared with GBP81m, while performance commission revenues totalled GBP1.4m, compared with GBP1.3m in 2010-2011, and GBP3.4m in 2009-2010.
30/03/2012

Director from Partners Group joins board at SFA

The annual general meeting of the Swiss Funds Association (SFA) has elected Felix Haldner, head of investment structures at Partners Group, a representative of the independent wealth management activities of banking and insurance groups, to its board. With this election, members demonstrated a desire to better protect the interests of wealth managers with respect to amendments to the collective investment law (LPCC) expected soon.The board at the SFA now includes eight members: Martin Thommen (president), Gérard Fischer (vice president), Felix Haldner, Christoph Ledergerber, Alexandre Meyer, Petra Reinhard Keller, Sven Rump and André Ullmann.
30/03/2012

Morgan Stanley Global PE and OSF sign strategic partnership

Morgan Stanley Global Private Equity has announced that it has concluded a strategic partnership between OSF Merchant Banking to undertake investments in Brazil. OSF is a fund management firm based in São Paulo, which offers personalised advising in the area of alternative investments to qualified local and foreign investors.
30/03/2012

JPMorgan AM appoints a new country head for Italy

JPMorgan Asset Management has appointed Lorenzo Alfieri as its new country head for Italy.Alfieri succeeds Massimo Greco, who has been promoted to the position of European head of the new Global Funds Management division in London, following the announcement of the departure of Jamie Broderick.Alfieri joined JPMorgan AM in 1999, and has been head of sales since 2001.
30/03/2012

Spanish fund assets down in March

As of 23 March, assets under management by Spanish funds totalled EUR134.63bn, according to VDOS, relayed by Funds People. This represents a decline of EUR498m since the beginning of the month, of which GBP33m are due to market effects, and GBP464m to net redemptions.
30/03/2012

Net subscriptions to UK funds at their highest levels since August

In February, net inflows to funds domiciled and on sale in the United Kingdom totalled GBP1.81bn, compared with GBP1.18bn in January, and GBP2.48bn in the corresponding month of 2011. This is the highest level since August, however, the Investment Management Association (IMA) observes.As of 29 February, total assets in the fund came to GBP615.4bn, compared with GBP593.2bn as of 31 January, and GBP586.1bn twelve months previously.For funds domiciled outside the United Kingdom, net subscriptions as of the end of February totalled GBP387.7bn, compared with net outflows of GBP282.6m in January, and net inflows of GBP302.8m in February 2011. Assets under management totalled GBP36.2bn, compared with GBP34.7bn one month previously, and GBP33.6bn as of the end of February 2011.
30/03/2012

Investment products: highest number of complaints at Barclays

According to statistics from the British FSA cited by Fundweb, Barclays received the highest number of complaints about its investment products in second half 2011. The bank received 3,284 complaints from clients, followed by Santander UK (1,956 complaints) and Woolwich Plan Managers (1,575 complaints).
30/03/2012

Le déficit français meilleur qu'attendu en 2011

Le déficit public français serait tombé à 5,2% du PIB en 2011, contre un objectif inscrit dans la loi de finances de 5,7% et une estimation du gouvernement de 5,3%, selon le quotidien qui ne cite pas de sources. La première estimation du déficit doit être publiée par l’Insee ce matin. Le gouvernement s’est engagé à le réduire à 4,5% du PIB fin 2012 et 3% fin 2013.
30/03/2012

La taille des pare-feu européens en débat

Les discussions sur la capacité totale du pare-feu pour stopper la contagion de la crise dans la zone euro s’annoncent serrées lors de l’Eurogroupe d’aujourd’hui à Copenhague. Alors que la France milite pour 1.000 milliards d’euros, Berlin n’est prêt à monter que jusqu'à 800 millions.
30/03/2012

BATS prend peur pour les cotations en son sein

Le quotidien américain souligne les inquiétudes de l’opérateur boursier concernant les introductions sur sa plateforme de cotation électronique après avoir du renoncer à sa propre IPO. BATS Global Markets devrait suspendre ses efforts afin de recruter de nouveaux venus sur sa plateforme avance le quotidien de sources proches.
30/03/2012

Le Trésor américain en perte sur la cession de titres bancaires

Le Trésor américain a enregistré une perte de 50 millions de dollars sur la revente d’actions préférentielles qu’il détenait dans petits établissements du pays, jetant le trouble sur les conditions de revente des titres qu’il détient encore dans 350 institutions financières. Selon Matt Anderson, porte-parole du Trésor cité par le journal, le département a reçu 88 cents par dollar sur les 411 millions investis dans les six banques.
30/03/2012

La gestion collective chinoise en perte

Les 873 fonds de gestion collective chinois gérés par 64 sociétés dans le pays, en excluant les fonds sur devises et de capitaux garantis, ont concédé une perte combinée de 500 milliards de yuans (60 milliards d’euros) sur l’année 2011, selon le China Securities Journal qui se réfère aux données publiées par la société de recherche financière TX Investment Consulting.
30/03/2012

Les derniers pans de la régulation des agences de notation en danger

L’opposition à la règle de rotation, dernier maillon sujet à controverse du projet de régulation des agences de notation mené par Michel Barnier, serait si forte que les ministres des finances européens auraient décidé de rayer purement et simplement le sujet de leurs agendas lors de leur réunion qui se tient aujourd’hui à Copenhague, selon le quotidien qui cite des sources diplomatiques. Le projet contraint les investisseurs à mener leurs propres évaluations, ainsi qu'à une rotation de ces notations ou à une prise en compte simultanée de plusieurs notes afin d'éviter toute décision automatique d’investissement lorsqu’une note est abaissée.
30/03/2012

Le Brésil lâche du lest sur l’inflation

Selon le rapport trimestriel de la banque centrale, l’inflation devrait ralentir à 4,5%, conforme à son objectif, d’ici la fin de l’année 2012. Le rythme de hausse des prix devrait néanmoins ensuite rebondir à 5,3% en 2013, dans le scénario de taux directeurs à 9% cette année et remontés à 10% en 2013. Depuis août, les taux directeurs ont été baissés de 275 points de base à 9,75% pour relancer la croissance.
30/03/2012

La croissance américaine confirmée

Le département du Commerce a confirmé la croissance du PIB américain au quatrième trimestre 2011 à 3,0% en rythme annuel, son taux le plus élevé depuis le deuxième trimestre 2010. Ces données définitives sont caractérisées par une révision en nette hausse des revenus des ménages.
30/03/2012

L’Allemagne connaîtra une croissance molle jusqu'à la fin 2013

Selon trois instituts d'études européens, l’Allemagne connaîtra une croissance limitée à 0,3% cette année et à 0,7% en 2013, les mesures de rigueur affectant la demande extérieure. L'économie allemande a subi une contraction de 0,2% au quatrième trimestre 2011 mais il semble qu’elle se soit un peu redressée au premier trimestre 2012.

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