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14/12/2011

Fundstore fund supermarket hires a client manager

The Italian online fund supermarket Fundstore, in which Banca Ifigest is the largest shareholder, has announced the arrival of a new client manager, Valentina Zappa, Bluerating reports. She will handle commercial development of a platform owned by Banca Ifigest, which handles placement of funds to retail investors and management of commercial relations with asset management firms and foreign-registered funds.
14/12/2011

Neptune IM plans to launch a Chinese equity fund

Neptune Investment Management plans to launch the Neptune China Max Alpha Fund on 15th December 2011. The new fund has an investment objective of generating capital growth from a concentrated portfolio of between 20-30 securities issued by Chinese companies, or in those issued by companies transacting a significant proportion of their business in China. It will be joint-managed by Robin Geffen, Douglas Turnbull and Adam Kelly. This team-based approach will see each member leveraging Neptune’s global sector research to contribute their top 8-10 Chinese stockpicks, regardless of the stock’s market capitalisation, to construct a highly concentrated portfolio of best ideas. The new Chinese equity product is launched as an extension to Neptune’s existing Max Alpha fund range, which already offers investors access to the Global, European, North American and Japanese markets.
14/12/2011

Madoff: gaping holes in reimbursement for victims

According to his most recent report, the court-appointed trustee in charge of gaining compensation for victims of the fraudster Bernard Madoff, has collected USD8.69bn, half of the estimated direct losses to victims, not counting the billions of dollars in losses for financial institutions and feeder funds. But he has paid out only USD325m, to 1,232 investors who lost money. This is a drop of water in the ocean compared with the gigantic USD64.8bn Pinzo scheme exposed in December 2008, based on client accounts. Reimbursement is subject to a web of appeals, and to laborious clarification of the chain of responsibility.
14/12/2011

SIFMA publishes a white paper on high-frequency trading

The Securities Industry and Financial Markets Association (SIFMA), which brings together the shared interests of hundreds of securities firms, banks and asset managers, has released a white paper addressing high-frequency trading (HFT).The paper notes the lack of a clear definition for high-frequency trading, but seeks to address the concerns being raised by members of the public and other market participants regarding HFT. It discusses current regulatory efforts to strengthen market structure, areas where regulators should conduct further study and possibly address through regulatory action, and regulatory proposals that SIFMA believes should not be pursued. The professional association also says it opposes the introduction of new taxes on financial transactions, and is opposed to a wholesale ban on high-frequency trading or other forms of computer-based trading.The white paper can be found at the following link: http://www.sifma.org/issues/item.aspx?id=8589936694
14/12/2011

Morgan Stanley cuts a deal with investors in MSREF VII

In order to buy more time to invest the amounts committed by investors in the real estate private equity fund MSREF VII, Morgan Stanley has agreed to lower both its fee on investments and its management commission. The firm has also agreed to reimburse about USD700m to subscribers, who include the sovereign funds GIC (Singapore) CIC (China, which had invested USD800m), and the Canada Pension Plan, the Wall Street Journal reports.The size of the fund has been reduced from USD4.7bn to USD4bn, of which only USD2.5bn are already invested. In exchange, a majority of more than two thirds of subscribers have agreed to a 12-month delay to the deadline from which Morgan Stanley would be required to reimburse all the money if assets are not wholly invested, to the end of June 2013. Morgan Stanley Real Estate Funds is reported to have initially sought an 18-month extension.
14/12/2011

CalPERS earns nearly USD700m on IT investment

The California pension fund CalPERS on 13 December announced that it has made gains of about USD695m on its investments in the GI Partners Fund I, a fund launched ten years ago, which has recently been closed. CalPERS had invested USD500m in the fund in 2001, in assets related to IT. The investment has generated annualised net returns of 31%, CalPERS says in a statement. CalPERS remains engaged with GI Partners, which invests primarily in North America and Western Europe. The Californian pension fund has invested USD500m in the GI Partners Fund II, and USD500m in the GI Partners Fund III. GI Partners manages over USD2bn in assets from the real estate portfolio of CalPERS CalEast.
14/12/2011

Axa IM releases WF Framlington Natural Resources fund in Germany

The Luxembourg-registered, UCITS-compliant international equity fund AXA World Fund Framlington Natural Resources, from Axa Investment Managers, has received a sales license for Germany.The product, with 70-90 positions (see Newsmanagers of 7 December) is managed by Sébastien Lagarde, senior portfolio manager, and Olivier Eugène, portfolio manager, who are also responsible for the AWF Framlington Hybrid Resources and AWF Framlington Junior Energy funds.
14/12/2011

Deka Immobilien invests in Hamburg

Deka Immobilien has acquired an office property under construction for an undisclosed amount from HDH Büro GmbH & Co KG. The 24,000 square metre property located in the City-Süd district of Hamburg will be added to the portfolio of the open-ended retail fund WestInvest ImmoValue, a product reserved for institutional investors.
14/12/2011

ADIA to buy a 9.9% stake in Kemble Water

The Abu Dhabi sovereign fund ADIA (Abu Dhabi Investment Authority) is planning to acquire a 9.9% stake in the utility company Kemble Water Limited, the holding company for the Thames Water group, the SWF Institute reports. ADIA will buy the stake from a consortium of investors led by Macquarie.
14/12/2011

Pioneer launches a multi-asset class fund

Pioneer Investments has launched Pioneer Funds – Multi Asset Real Return, a flexible and global, multi asset classes fund. The Luxembourg based fund is a mirror of a US domiciled fund launched in May 2010. It will be managed by the same team as the US product which is led by Michele Garau as lead portfolio manager, together with Kenneth Taubes, head of investment management US, and Howard Weiss, associate portfolio manager"The portfolio management team select the optimal mix of assets for portfolio inclusion, based on their evaluation of economic growth and inflation levels. The fund is not constrained by single asset classes to hedge inflation, but can gain exposure to a broad spectrum of traditional financial securities and real assets through closed end funds. The portfolio management team can rapidly position the fund for changing market environments, significantly and substantially exploiting the most attractively valued assets and sectors opportunistically. The fund’s “go- anywhere” approach provides a more diversified, inflation-hedge complément», explains Pioneer. «We believe that the flexible, dynamic approach to asset allocation we use in this fund offers an advantage over a more limited inflation hedging strategy focused largely on TIPS,» adds Kenneth J. Taubes.
14/12/2011

USD9bn in outflows from hedge funds in October

According to statistics from BarclayHedge and TrimTabs Investment Research, in October hedge funds saw net redemptions of USD9bn, more than triple the USD2.59bn in outflows in September.Assets as of 31 October were down to USD1.66trn, from USD1.73trn as of 30 September.The largest losses in assets under management by percentage were from macro funds (-1.6%, or USD1.8bn), and long/short equity funds (-1.5%, or USD2.6bn). The only strategies in positive territory were equity long bias, with net inflows of USD600m, and merger arbitrage, with USD200m, 0.6% and 1% of assets, respectively.
14/12/2011
Gestion d'actifs

Groupama: des précisions sur le montant des cessions d'OAT, d'actions et d'immobilier

Groupama a réalisé 400 millions d’euros de plus-values sur des cessions d’OAT, cédé un portefeuille de 500 millions d’euros d’actions (parfois en moins-values) et, selon Le Monde, réalisé 250 millions de plus-values immobilières. La solution d’un rapprochement avec Covéa «n’est pas retenue à ce stade, puisque le schéma avec la CDC exclut une prise de contrôle de fait de Groupama», confie à l’Agefi, un proche du dossier.
Gestion d'actifs
14/12/2011

Les gérants prudents sur la rentabilité des sociétés européennes

Le quotidien britannique, qui cite une étude réalisée par Bank of America Merrill Lynch, indique que 72% des gérants interrogés s’attendent à une dégradation de la rentabilité des sociétés de la zone euro. Pour un investissement en actions, les gérants privilégient ostensiblement les Etats-Unis ainsi que les marchés émergents.
14/12/2011

La Réserve fédérale maintient le statu quo

Sans surprise ni saveur, le communiqué du dernier FOMC de la Fed reporte à 2012 un éventuel changement de cap. Pour l’heure, la banque centrale souligne que «l'économie a progressé à un rythme modéré, en dépit d’un certain ralentissement apparent de la croissance mondiale».
14/12/2011

Les OPCVM français font le dos rond

Le rythme de décollecte a diminué en novembre sur toutes les classes d'actifs, les fonds monétaires enregistrant même un afflux d'argent
13/12/2011

La Belgique va manquer son objectif de déficit pour 2011

La Belgique ne réussira pas à respecter l’objectif de déficit budgétaire fixé pour cette année en raison du ralentissement de l’activité économique et de la facture du sauvetage de la banque franco-belge Dexia, rapporte mardi le quotidien économique De Tijd. Le ratio déficit budgétaire sur produit intérieur brut (PIB) devrait ressortir à 4,2% cette année, contre 4,1% en 2010 et un objectif 2011 de 3,6%.
13/12/2011

Deutsche Börse et Nyse Euronext proposent de céder de nouveaux actifs

Deutsche Börse et Nyse Euronext ont présenté de nouvelles propositions d’aménagement de leur projet de fusion en réponse aux objections formulées par la Commission européenne sur l’impact de l’opération de neuf milliards de dollars (6,8 milliards d’euros) pour les marchés des produits dérivés. Dans un communiqué commun, les deux opérateurs boursiers proposent entre autres de céder des actifs supplémentaires et d’accorder à l’acquéreur de ces actifs une option d’accès à la plateforme de compensation Eurex Clearing. Ils s’engagent aussi à accorder une licence pour le système de transactions Eurex à un tiers intéressé par le lancement de dérivés de taux. Plus particulièrement, ils auraient proposé de mettre en vente les activités de dérivés actions du Liffe à Londres, indique Reuters.
13/12/2011

Net recul des coûts d'emprunt de la Belgique

Les coûts d’emprunt à court terme de la Belgique ont nettement diminué lors d’une adjudication qui a permis à Bruxelles de lever 1,1 milliard d’euros, dans le milieu de la fourchette visée. Le rendement du papier à trois mois a reculé à 0,780% contre 2,185% lors d’une adjudication similaire fin novembre.
13/12/2011

Nouvelle aggravation du déficit budgétaire grec en novembre

Le déficit budgétaire de la Grèce a augmenté de 5,1% sur un an le mois dernier, à 20,52 milliards d’euros. La récession alimentée par les mesures d’austérité n’ayant pas permis au gouvernement de lever les sommes escomptées de nouvelles mesures fiscales. Le gouvernement grec pourrait ainsi manquer son objectif 2012 d’un déficit budgétaire représentant 9% du produit intérieur brut (PIB), le contraignant ainsi à prendre des mesures d’austérité supplémentaires.
13/12/2011

Les rendements en recul pour une adjudication de bons espagnols

Le Trésor espagnol a adjugé pour 4,94 milliards d’euros de bons à 12 et 18 mois, placés avec un rendement moyen nettement inférieur à ceux servis lors de précédentes opérations de ce type. Madrid a ainsi émis 3,44 milliards d’euros de papier à 12 mois et 1,50 milliard d’euros de papier à 18 mois. Le rendement moyen est ressorti à 4,05% pour l’opération à 12 mois, contre 5,022% lors de la précédente opération, celui de l’adjudication de 18 mois à 4,226%, contre 5,159%.
13/12/2011

L’indice Zew moins mauvais que redouté

Le sentiment des analystes et investisseurs allemands est ressorti moins mauvais que redouté en décembre, selon l’indice publié mardi par l’institut ZEW. Il ressort à -53,8 contre -55,2 en novembre. Selon l’institut ZEW, l’indicateur semble s'éloigner de son plus bas et suggère désormais que l’activité en Allemagne devrait, sur les six mois à venir, ralentir mais pas plonger.

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