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06/12/2011

Ossiam: new issuer in the ETF segment of the Swiss stock exchange

The SIX Swiss Exchange on 5 December announced that it has added a new issuer in the ETF segment: Ossiam. The affiliate of Natixis Global Asset Management is listing five Exchange-Traded Funds (ETF) on the Swiss stock exchange, SIX says in a statement. The ETFs are based on European and U.S. indices. The segment now includes 753 ETF funds.
06/12/2011

Paulson lost more money in November

John Paulson lost more money in November, the Financial Times reports. Advantage Plus, th flagship fund from Paulson, is down 2.6% in the month, and has lost 46% since the beginning of the year, according to investors. The Advantage fund, which uses the same strategy, but without leverage, has lost about one third of its value this year.
06/12/2011

Muzinich preparing to launch a long/short fund

The asset management firm Muzinich & Co is planning to launch a long/short fund in the month of February 2012, Citywire reports.The Hedge Yield fund, domiciled in Ireland, will be managed by Clinton Comeaux and Jason Horowitz.
06/12/2011

First State restricts access to seven emerging markets funds

From 1 January 2012, First State will limit access to seven of its emerging markets funds, which have posted significant inflows of subscriptions. This will be achieved through an across-the-board mandatory penalty of 4% on inflows coming either directly from investors, or indirectly, via platform.The measure will apply to the following sub-funds of the First State Investments ICVC range: First State Asia Pacific Sustainability, First State Indian Subcontinent, First State Global Emerging Markets Sustainability, First State Latin America and First State Greater China Growth.However, the fee will not apply to the First State Asia Pacific Leaders and First State Global Emerging Markets Leaders funds.First State is also temporarily suspending subscriptions to the First State Hong Kong Growth Fund and First State Indian Subcontinent Fund, sub-funds of First State Global Umbrella Fund PLC.
06/12/2011

Automated orders account for 75% of trades

The European financial and asset management association (EFAMA), in cooperation with Swift, on 5 December released its most recent report on the evolution of automatisation and standardisation of orders received from transfer agents in Luxembourg and Ireland in first half 2011.The ISO message standard continues to gain ground with a penetration rate of 37.3% in second quarter, compared with 35.4% the previous year, to the detriment of transfers via proprietary systems. Luxembourg has a rate of over 50%.The automatisation ratio for the two major order processing centres now totals 75.1%, compared with 74.8% one year earlier.The total number of orders processed by transfer agents in first half totalled 13.2 million. This figure represents a monthly volume of 2.2 million, up 16% compared with first half 2010.
06/12/2011

BoA ML offers three more UCITS-compliant funds

On the Bank of America Merrill Lynch UCITS-compliant fund platform, German retail and institutional clients now have access to three long/short funds managed by Perella Weinberg Partners, TT Financials and Westchester, respectively, Das Investment reports. Minimal subscription is set at USD1,000.The funds are the Perella Weinberg Partners Sustainable Resources Long-Short Ucits Fund, managed by Rod Parsley and Douglas Millet, the TT Financials Long-Short Ucits Fund, managed by Mark Eady, and the Westchester Merger Arbitrage Ucits Fund, managed by Roy D. Behren and Michael T. Shannon.
06/12/2011

Deka launches a “Germany” version of Euroland Balance fund

On 18 December, Deka will launch the Deka-Deutschland Balance fund, which will invest in German government equities and governement bonds, with a weekly computer-assisted rebalancing that aims to optimise allocation to the two types of assets.The new product is a German-specialist version of the Deka-Euroland Balance fund, launched in July 2003, which as of the end of November 2011 had earned average annual returns of over 4%. For the Deutschland Balance fund, Deka is aiming for returns higher than those of the German bond market.According to the manager of the fund, Thorsten Rühl, German equities are currently attractively priced, and Federal bonds («bunds») are considered a refuge asset.The new fund is in a “conservative” positioning: in a “neutral” position, the portfolio would be composed of 15% equities and 85% bonds. Depending on the state of the markets, the equity allocation may vary from 0 to 30%, while the bond allocation will range form 50% to 100%. In extreme situations, the fund may invest up to 50% in time deposits.CharacteristicsName: Deka-Deutschland BalanceISIN codes:ClassicFonds (CF) version: DE000DK2CFB1TradingFonds (TF) version: DE000DK2CFC9Management commission: 0.85% (CF)1.20% (TF)Administrative commission: 0.16% (CF and TF)
06/12/2011

Italy introduces fund stamp duty

As part of measures by the new Italian government, a new stamp duty on securities will be introduced, Il Sole – 24 Ore reports. It will apply to all financial instruments, including funds (except pension funds). The duty will be proportional to the value of financial instruments. The proposed legislation, which is being debated by Parliament, proposes a rate of 0.1% per year in 2012 and 0.15% from 2013.
06/12/2011

Assogestioni wants to create a category for Italian bond funds

The Italian asset management association Assogestioni is proposing to create a category for “Italian bond funds.” The category would be reserved for products which invest at least 70% of their assets in Italian debt issuers, including the Italian treasury and Italian businesses. With this move, “we are proposing to facilitate household investment in government bonds,” explains Domenico Siniscalco, chairman of Assogestioni. The initiative follows calls from an entrepreneur and a footballers’ association to buy Italian government bonds. “Italians are not the BOT people of past years anymore [BOT are Italian treasury bonds -ed]. From 1997 to the present, the percentage they hold of Italian public debt has more than halved, from 32% to 13%,” Siniscalco adds.
06/12/2011

HSBC fined a record GBP10.5m

On Monday, the British Financial Services Authority (FSA) announced that it has fined HSBC a record GBP10.5m, The regulator claims that one of the bank’s affiliates, NHFA Limited, “inappropriately” sold complex securitisation products to 2,485 elderly and “vulnerable” clients between 2005 and 2010. These clients were investing largely to finance their health-care expenses. The FSA notes that in some cases, the life expectancy of these clients was less than five years, the recommended investment period for products of this type.In addition to the fine, HSBC must pay damages and interest totalling GBP29.4m, which NHFA will pay out to victims.
06/12/2011

Scottish Widows launches the lowest-cost tracker fund on the market

Scottish Widows Investment Partnership (SWIP), the asset management affiliate of Lloyds Banking Group, is launching the SWIP Foundation Growth fund, a tracker fund which replicates the FTSE All-Share index, with a management commission of 0.07%, and a total expense ratio of 0.11%, making it the most inexpensive retail fund ever offered on the British market, the Financial Times repoorts.The most inexpensive fund previously available on the British market had been the MoneyBuilder from Fidelity, with a TER of 0.27%, while the Scottish Widow All-Share charges 0.36%.Vanguard is offering British investors an All-Share fund with a TER of 0.15%, but until recently, that fund had been available only with a minimal investment of GBP100,000. The Vanguard and SWIP tracker funds are now available on the Vantage fund platform from Hargreaves Lansdown, with an initial subscription of at least GBP1,000, and GBP50 per month. Eleven other low-cost funds from Vanguard are now available on Vantage, with total TER rates ranging from 0.25% to 0.30%.
06/12/2011

Italy introduces fund stamp duty

As part of measures by the new Italian government, a new stamp duty on securities will be introduced, Il Sole – 24 Ore reports. It will apply to all financial instruments, including funds (except pension funds). The duty will be proportional to the value of financial instruments. The proposed legislation, which is being debated by Parliament, proposes a rate of 0.1% per year in 2012 and 0.15% from 2013.
06/12/2011
Gestion d'actifs

Swiss Life Assurance et Patrimoine continue à privilégier les obligations à taux fixe au cours des trois premiers trimestres 2011

Dans les documents remis par l’assureur au 30 septembre dernier, il est indiqué que la politique d’investissement sur des obligations à taux fixe a été maintenue sur les trois premiers trimestres 2011. Nos achats sont répartis essentiellement sur les emprunts d’Etat européens ou supranationaux (36% des achats) et les émissions d’entreprises industrielles (64% des achats). Au 30 septembre 2011, le portefeuille obligataire, qui représentait 83% des investissements, était constitué à 30,1% d’obligations du gouvernement et à 19,7% d’obligations financières. A la fin juin 2011, une provision de 5 millions d’euros a été passée sur des dettes souveraines gracques sur une exposition de 12 millions d’euros. Depuis, aucun autre incident de crédit n’est intervenu, mentionne l’assureur.
Gestion d'actifs
06/12/2011
Gestion d'actifs

La CDC va lancer un appel d'offres sur la gestion de deux FCP pour le compte du RAVGDT

Avis de pré information: Gestion d’actifs de la Caisse des dépôts pour le compte du régime d’allocations viagères des gérants de débits de tabac (Ravgdt). Mise en place et la gestion de deux FCP. Le montant global des encours est de l’ordre de 350 millions d’EUR. Il s’agit d’un marché à bons de commande multi-attributaires. Pour lire l’avis complet: cliquez ici
Gestion d'actifs
06/12/2011

State Street to provide Sicav services to Fundsmith

State Street Corporation has been selected by Fundsmith LLP to provide fund administration and custody services and shareholder services to its new UCITS IV-compliant Luxembourg-registered feeder fund.State Street has provided the Fundsmith Equity Fund EIOC with securities custody, fund accounting, and depository services, as well as processing of portfolio transactions, since the launch of the fund in the United Kingdom in November 2010.
06/12/2011

Le plan Monti relâche la pression sur Rome

Le programme d’austérité annoncé dimanche par le Premier ministre a contribué à la détente record enregistrée sur les rendements italiens hier, en marge du sommet franco-allemand. Au passage, l’Italie a annoncé la mise en place de garanties pour la dette de ses banques.
06/12/2011

Norges Bank compte faire le ménage chez Wells Fargo

Le fonds souverain norvégien, très présent dans certaines grosses sociétés américaines, ferait pression auprès du comité de direction de Wells Fargo et de cinq autres groupes pour remplacer les dirigeants, selon le quotidien qui cite des propos de Anne Kvam, responsable chez Norges Bank Investment Management. Ces groupes «doivent établir une meilleur confiance auprès des actionnaires» explique-t-elle.
06/12/2011

Enfin des réponses !

L’accord franco-allemand annoncé hier sera-t-il endossé vendredi par leurs partenaires ? Espérons-le car il apporte enfin de vraies réponses aux questions posées. Techniquement, les deux pays contournent la crise du Fonds européen de stabilité financière. Ne pouvant lui donner le levier de 4 à 5 envisagé, Paris et Berlin ont avancé à la mi-2012 l’entrée en action de son successeur, le Mécanisme européen de stabilité, qui pourra agir à la majorité qualifiée et se refinancer auprès de la BCE. Confirmation allemande en forme de concession, le secteur privé ne sera plus appelé à prendre ses pertes sur la dette souveraine, comme ce fut le cas pour la Grèce. Voilà une précision fort bienvenue pour les investisseurs. Politiquement, le volet budgétaire de l’accord est un modèle de compromis. La Cour européenne de Justice jouera bien un rôle, non de surveillance directe mais de vérification que la règle d’or, dont la création sera demandée aux pays signataires, est bien conforme au nouveau traité. Quant à l’automaticité des sanctions que souhaitait Berlin, elle sera effective sauf majorité politique qualifiée contraire. Paris peut ainsi se flatter que le politique gardera le dernier mot. Mario Draghi verra-t-il dans cet accord le «pacte fiscal» qu’il appelle de ses vœux ? A lui de dire jeudi les conséquences qu’il compte en tirer. Si elles laissent prévoir plus de soutien de la BCE dans la résolution de la crise, la réaction des marchés pourrait être spectaculaire.
06/12/2011

TPG sort de la course au rachat d’Iceland Foods

Selon une source proche du dossier citée par Reuters, le groupe de private equity TPG ne peut plus prétendre au rachat d’une participation majoritaire dans l’épicier britannique Iceland Foods, son offre ayant été jugée trop basse. Bain, BC Partners, ainsi qu’Asda et Wm Morrison participent au deuxième tour d’enchères.
06/12/2011

La société Dubus épinglée par l’AMF

La Commission des sanctions de l’Autorité des marchés financiers a prononcé à l’encontre de la société de gestion un avertissement et une sanction pécuniaire de 10.000 euros pour avoir fourni une information inexacte à ses clients en ce qui concerne le service d’« emploi de fonds en report ». Selon l’AMF, cela a eu pour effet de fausser l’appréciation des risques par la clientèle.
06/12/2011

Equistone finalise la reprise d’Unither Pharmaceuticals

La branche française du fonds d’investissement a bouclé la reprise du groupe pharmaceutique en association avec son management. ING Parcom Private Equity et les actionnaires historiques du groupe, CM-CIC Investissement et Picardie Investissement, réinvestissent significativement et accompagnent le groupe en tant qu’actionnaires minoritaires.
06/12/2011

La CFTC renforce la protection des fonds des clients

Le régulateur américain des marchés à terme (Commodity Futures Trading Commission – CFTC) a voté à l’unanimité en faveur d’une règle qui instaure des limites plus strictes sur la manière dont les sociétés de courtage peuvent utiliser les fonds de leur clientèle. Une mesure que le courtier MF Global, aujourd’hui en faillite, souhaitait voir retardée.
06/12/2011

Ernst & Young poursuivi dans l’affaire Madoff

Les liquidateurs du fonds M-Invest, qui a servi de «fonds nourricier» au schéma frauduleux monté par Bernard Madoff, réclament 900 millions de dollars au cabinet d’audit Ernst & Young, lui reprochant des négligences dans les audits conduits entre 2003 et 2007. Le fonds M-Invest avait été fondé par l’Union Bancaire Privée.

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