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09/02/2012

Axa IM releases SolEx shares in Germany

Axa Investment Managers has received a license from BaFin to release in Germany as well the SolEx share class, which is intended to limit the volatility of a traditional investment in equities (see Newsmanagers of 3 February).As in France, the shares will be available for all products of the Axa World Funds range, starting with the UCITS-compliant fund Axa World Funds Framlington Eurozone, launched on 22 November and managed by Gilles Guibout. Permanent investments in out of the money put options protect the investments against severe losses.The SolEx strategy will be operated by the Investment Solutions team at Axa IM, which since 1997 has been specialised in asset-liability management (ALM) for institutional investors. Arithmetically, the team manages EUR88bn in derivatives.
09/02/2012

Credit Suisse plans to woo consultants in Asia

Evan Reedman, director of lifecycle strategies at Queensland Investment Corp, is joining Credit Suisse in Melbourne to serve in the newly-created position of head of consultant relationships for Asia-Pacific, Asian Investor reports. He will report to Will Britten, head of asset management, Australia.
09/02/2012

Manager leaves Barings

Colin Harte, co-manager of the Barings Global Bond Trust, has left the firm after 12 years of service, Investment Week reports. The move comes as the firm is closing the Absolute Return Bond Trust, also managed by Harte. The Global Bond Trust will now be managed by Dagmar Dvorak and Harjet Heer.
09/02/2012

Coutts recruits in Middle East

In line with its policy of refocusing on key markets, Coutts is stepping up its efforts in the direction of the Middle East, for which region it has recruited three senior partners, based in Geneva, Agefi Switzerland reports. The Geneva-based bank is also planning to recruit 20 more partners in the region this year.The former managing director of Bank Sarasin Alpen in Dubai, Akram Khattab, is appointed as Executive Director Relationship Managemnt. His preferred markets are Dubai and the northern Emirates. Ali-reza Vahabzadeh becomes Vice President Relationship Management. He joins from Citi Private Bank in Abu Dhabi, and previously worked in the Ultra High Net Worth Middle East team at Citi in Geneva. He will focus on Abu Dhabi and Qatar. Lastly, Arjun Mittal is appointed as regional director of NRI, in charge of markets. He is also formerly of Bank Sarasin Alpen in Dubai.
09/02/2012

Duke Street cancels fundraising for seventh fund

In a difficult environment for fundraising, Duke Street has called off the fundraising process for its seventh vehicle. The fund had aimed for assets of EUR850m, with a first closing at about EUR250m initially planned for first half 2012, a source familiar with the matter has told Agefi. The fundraising may be restarted in 2013, the source says. Although the sixth vehicle, raised in 2007 with a total of EUR963m, is now more than 85% invested, the British private equity firm is planning to adapt to the new situation. It is now planning to solicit investors, mostly European institutionals, on a case-by-case basis for each investment.
09/02/2012

ERAFP tenders for EUR210m in SRI convertible bonds

The additional retirement establishment for public sector employees (ERAFP) has launched a request for proposals for two management mandates for convertible bonds. The first allocation will be for management of a portfolio of financial instruments composed of convertible bonds and tradeable corporate bonds admitted to trading on a regulated market in the European region. This mandate will be for EUR80m. The second allocation will be for management of a portfolio of financial instruments composed of convertible bonds and tradeable bonds admitted to trading on a regulated market in the global region. This mandate will be for EUR130m. The initial duration of the market is four years, with a potential renewal of the market by ERAFP for two successive terms of two years each. ERAFP says that the new mandates must comply with the regime’s SRI framework, in a manner adapted to each.
09/02/2012

AllianceBernstein releases an equities wealth management fund

“The objective for this fund is not to outperform any benchmark, but simply to make money, and at the worst, to limit losses to a minimum suitable for a sensitive investor,” says Michel Patri, manager of the new Luxembourg-registered fund AllianceBernstein Flexible Equity Portfolio, which has an absolute return approach with a net long bias. The strategy has been running for two years now, and AllianceBernstein has seeded the new fund.The product, created on 31 January, has received a license from the French regulator, AMF. It is particularly well-suited to retail clients who are disoriented after years of crisis. The fund will also be sold in Italy, Switzerland, Sweden, the Netherlands, and the United Kingdom.In practice, the new “opportunistic and agile” product is a European UCITS-compliant long/short equity fund whose management team may vary net market exposure from 0% to 100% (currently 40%), depending on a quantitative “disciplined” model which adatps to the market environment. Risks are hedged with the use of derivatives, possibly in the form of a synthetic short which AllianceBernstein’s size makes it possible to obtain at a competitive price from counterparties.The formula has been working reasonably well, as since launch (25 January 2010), net performance as of 31 January 2012 is 1.47%, with returns of 0.45% on 3-month Bunds, and volatility of 5.47%.CharacteristicsName: AllianceBernstein European Flexible Equity PortfolioISIN codes:A share class: LU0590155247I share class: LU0590155320Front-end fee: 6.25% (A shares)Management commission:1.50% (A share class)0.70% (I share class)Performance commission: 10% of performance exceeding the Bund 3-month, with high watermark
09/02/2012

UBP launches “dividend +” fund

Christiano Migliorini, senior quantitative specialist in Geneva, will manage the new Dividend+ fund with three of his colleagues in London. The fund will focus on European large caps which regularly pay high dividends, with hedging via option writing for each share in order to reduce beta and the volatility of the portfolio, Investment Europe reports. The performance objective is 10% per year.
09/02/2012

Good start to the year for hedge funds

Hedge funds finished the month of January with gains of 2.63%, after a calamitous year in 2011, according to statistics from HFR. This is the best performance the sector has turned in for one year.Equity Hedge strategies performed best, with gains of 3.84% for the month, followed by Event Driven and Relative Value Arbitrage, with gains of 2.4% and 2.3%, respectively.After a year of losses in 2011, hedge funds investing in emerging markets began the year with gains of 5.3%, the best monthly result since May 2009. Hedge funds exposed to Russia/Eastern Europe and Latin Amerioca earned returns of 9.2% and 6.9%, respectively.
09/02/2012

Asset managers estimate that the data they receive are unreliable

According to a survey by SimCorp of 100 heads at 50 North American investment companies, more than 40% of businesses surveyed are sceptical of the coherence and quality of the data coming from their various systems, including those used for order management, accounting, performance monitoring and risk management.67.4% of respondents estimate that a lot of work is needed to consolidate data coming from multiple systems and sources of information at their business. 22% say that they need several days to produce a report which calculates exposure or performance of the business for the portfolio as a whole, including derivative products. Nearly 8% even say that they need weeks to do so.
09/02/2012

ETF activities at NYSE Euronext stable in January

After several months of steep declines, culminating in 7,734 trades in December, the average daily number of on-book trades of ETF shares stabilised in January at 7,731 for the European markets of NYSE Euronext. This total is 2.6% higher than the corresponding month of last year.The contraction in daily trading volumes has also slowed considerably, at EUR265.5m, compared with EUR268.7m the previous month. However, compared with January 2011, this trading volume is down 43.2%.Block trading, for its part, has increased to EUR1.1bn in January, from EUR930.5m in December, and EUR974.9m in November.Lastly, the average spread in January came to 39.5 basis points, compared with 36.6 in December and 40 in November.
09/02/2012

Forte collecte en janvier pour les ETF

Avec 34,1 milliards de dollars de collecte nette en janvier à l'échelle mondiale, le secteur des fonds indiciels cotés signe son meilleur mois depuis septembre 2010, d’après BlackRock. Les produits sur les actions nord-américaines ont concentré 43 % de la collecte. Plus exceptionnel, le crédit en a représenté 20 %.
09/02/2012

Le CME fragilisé par la faillite de MF Global

S&P a dégradé la note de crédit du CME de «AA+» à «AA- » en maintenant sa perspective négative, les sommes engagés pour dédommager les clients touchés par la faillite de MF Global ayant entamé la qualité de crédit de l’opérateur boursier. «Même si nous croyons que le CME prend une décision rationnelle en soutenant la liquidité et l’intégrité de ces marchés, un tel soutien augmente les risques qui n’étaient pas jusqu’ici intégrés dans notre notation de la société» explique l’agence.
09/02/2012

Le LME fixe une date limite pour la remise des offres

Le London Metal Exchange (LME) a fixé au 15 février la date limite pour la remise d’offres de rachat. Celles-ci seront examinées par une commission spéciale avant la réunion du conseil d’administration le 23 février. Le LME, détenu par ses membres, a traité en 2011 des contrats pour une valeur 15.400 milliards de dollars.
09/02/2012

Remontée en trompe-l'oeil de l'inflation chinoise

L’inflation a connu un regain de vigueur inattendu au mois de janvier, à 4,5% après 4,1% en décembre, du fait principalement de l’accélération de la hausse des prix alimentaires à 10,9% contre 9,1% en décembre. L’inflation sous-jacente a même ralenti de 0,1 point à 1,8%. La banque centrale a déjà injecté 44 milliards de yuans de liquidités à court terme cette semaine.
09/02/2012

Deutsche Bank ne trouve pas preneur pour sa filiale de gestion d'actifs

Le quotidien rapporte les grandes difficultés éprouvées par la banque allemande pour la cession de Deutsche Bank Asset Management. State Street et JPMorgan notamment se seraient retirées du processus, et Ameriprise pourrait également renoncer face à une mise à prix jugée trop élevée. De quoi contraindre selon le quotidien Deutsche Bank à démanteler l’activité dans le cadre d’une longue procédure de vente des actifs. La procédure semblait pourtant s’être accélérée cette semaine avec la constitution par le vendeur d’une liste réduite de six prétendants. La banque d’investissement australienne Macquarie semblait davantage intéressée par certaines parts de l’activité.
09/02/2012

Licenciements en série en salles de marché

Le quotidien rapporte que plus d’une douzaine de traders et courtiers ont été à Londres et en Asie licenciés, suspendus ou mis au repos dans le sillage des enquêtes des autorités sur des soupçons de manipulation des taux interbancaires Libor et Tibor. Deutsche Bank, JPMorgan, Royal Bank of Scotland et Citigroup notamment sont concernées.
09/02/2012

L'Espagne sécurise son financement

Le pays a déjà réalisé 29% de son programme 2012 après la syndication de 4 milliards d’euros à 10 ans qui a attiré hier de nombreux investisseurs internationaux.
09/02/2012

Les CGPI plébiscitent les gérants spécialisés

Selon une étude annuelle réalisée par L’Agefi, 54% des conseillers ont travaillé exclusivement avec ce type de structure l’an passé, contre 41% en 2009. Seuls 3% du panel n’ont travaillé qu’avec de grandes sociétés de gestion généralistes, filiales de réseaux.
09/02/2012

Blackstone croit en l’énergie

La société américaine de private equity pourrait annoncer aujourd’hui selon le quotidien, qui cite des sources proches du dossier, avoir levé un milliard de dollars auprès de banques commerciales dans le cadre d’un partenariat noué avec GeoSouthern Energy pour un projet dans le gaz de schiste au Texas.
09/02/2012

L Capital investit dans la distribution textile en Chine

Le South China Morning Post indique que L Capital, un fonds d’investissement créé en 2001 sous le parrainage de LVMH et Groupe Arnault, a investi 200 millions de dollars pour prendre une participation de 10% au capital du distributeur textile chinois Ochirly. Ce dernier dispose environ de deux cents points de vente dans le pays. Une opréation qui valorise Ochirly à 2 milliards de dollars.

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