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18/11/2011

SGAM and SGAM AI fined for management of crisis in 2007

The Sanctions Committee of the French financial market regulator, the Autorité des marchés financiers (AMF), has fined SGAM (now integrated along with CAAM into Amundi) and SGAM AI (now part of Lyxor, in the SocGen group) EUR1m, with a pecuniary sanction of EUR1.5m. These penalties are linked to the way both affiliates of SocGen tried to fix the liquidity crisis after the 2007 forex crisis. The watchdog also charges the two asset management companies of breaching some compliance rules.
18/11/2011

Central banks buying up gold reserves

According to the most recent study by the World Gold Council, central banks bought 148.4 tonnes of gold in third quarter 2011, taking advantage of a low price for the metal, Les Echos reports. For the year as a whole, their purchases, which already total 348 tonnes, may rise to as much as 450 tonnes. This level has not been seen since 1972, when the Bretton Woods system came to an end, and along with it free convertibility of currency into gold.
18/11/2011

UBS unveils new strategic orientation

At Investor Day 2011, UBS unveiled the results of its strategic reflections, undertaken jointly by its board of directors and its management, which have placed wealth management activities at the core of the firm’s operations, while risk-weighted assets in the sense of the Basel III regulations may be reduced by CHF145bn in the investment banking unit, from a current level of CHF300bn. This downsizine will result in the loss of 2,000 jobs out of 18,000 by the end of 2016.“The growth and success of UBS will confirm its dominant place in wealth management activities, where the firm has a total of nearly CHF1.4trn in assets under management. UBS plans to strengthen this position in Switzerland, Europe, Asia-Pacific and emerging markets. The bank “will be careful to continue on the brilliant path set out on by Wealth Management Americas,” a statement says.The Global Asset Management unit will continue to offer investment services to its clients via diversified investment capacities. It will develop its third-party wholesale activities, relying on the advantages it has in Asia-Pacific and Switzerland, and will continue to provide its services to clients of UBS wealth management activities.The return on equity objective is about 12% to 178% for the group from 2013, with a tier 1 ratio of 13% (under Basel III) by 2013. Among the objectives announced for each division are the following:Wealth Management - Annual growth rate in net new money (NNM): 2-4% - Gross annual margin: 95-105 basis points (bp) - Cost/income ratio: 60-70%Wealth Management Americas - Annual growth in NNM: 2-4% - Gross annual margin: 75-85 bp - Cost/income ratio: 80-90%Global Asset Management - Annual growth rate in NNM: 3-5% - Gross annual margin: 32-38 bp - Operating ratio: 60-70%
18/11/2011

Union Investment recruits a head for bond management

Christian Eckers is leaving his position at the end of the year, at his own initiative. He will be replaced in mid-January by Frank Engels, as director of bond management at Union Investment (German co-operative banks), where he will report to Anja Mirkus, head of portfolio management on the executive board.Engels will be responsible for assets totalling EUR74bn.After serving as head of emerging market debt from June 2008 to September 2010 at Union Investment, Engels joined Barclays Capital in October 2010 as global head for asset allocation strategy and co-head of European economic affairs.
18/11/2011

Citibank to sell Pictet funds in Spain

Investment funds from Pictet AM are now available in all branches of Citibank España, Funds People reports. The cooperation is a part of the open architecture process employed by Citibank in Spain.
18/11/2011

New CEO for Crédit Agricole Suisse in Hong Kong

Serge Janowski, who had been CEO for wealth management at BNP Paribas for Hong Kong and North Asia, has joined Crédit Agricole Suisse as CEO of its Hong Kong arm, a role in which he will develop its local private banking activities, Asian Investor reports. The new recruit will report to Georges Zecchin, CEO of Crédit Agricole Suisse in Asia since June.
18/11/2011

Barings to launch an India fund on 7 December

On 17 November, Baring Asset Management announced the launch of the Baring India fund on 7 December. The fund will be managed by Ajay Argal, who was recruited in September in Hong Kong and who had previously been the lead manager of the India Advantage Fund and the India Excel Fund from the asset management firm Birla Sunlife.The portfolio will be at least 70% composed of equities or securities related to equities from companies listed in India, or which undertake most of their economic activities in the country. Argal may also invest up to 30% of the portfolio in companies listed outside India on the Indian subcontinent, which realise a significant percentage of their activities in India.The fund will have a relatively high concentration with 30 to 50 positions.As of the end of October, Barings managed USD288m in Indian equities.The Baring India Fund will be a sub-fund of the Irish-registered, UCITS-compliant OEIC fund Baring Investment Funds Plc. Management commission is 1.5% for the A share class, and 0.5% for the I share class.
18/11/2011

Aviva releases an absolute return fund in Spain

The Aviva Investors Sustainable Future Pan-European Absolute Return Fund is now registered for sale in Spain, Funds People reports. The “sustainable” absolute return product is managed by Derek Lygo, who will aim to construct a high-conviction long/short portfolio with a large exposure to European equities and their derivatives, without sectoral or country restrictions. He may rely on the expertise of the SRI team at Aviva Investors, which has 11 members.
18/11/2011

ICI Global recruits a director from FSA

Giles Swan will join the new association ICI Global, founded by the Investment Company Institute (ICI) to defend the interests of international investment fund managers, in January 2012. Swan, a specialist in policy related to collective investment plans at the British Financial Services Authority (FSA), will become director of global funds policy, and will report to Dan Waters, managing director, Investment Europe reports.Swan joined the FSA in May 2005. He was in charge of negotiations with the Council of Ministers and the European Parliament on the subject of the AIFM directive, and directed one of four task forces at the European Securities Markets Authority (ESMA). He was also in charge of supervision of asset management firms, before taking additional responsibility for supervision of the operations of the largest life insurers in Asia, the United States and Europe.
18/11/2011

Deutsche Börse and Nyse Euronext prepared to make concessions on derivatives

Agefi reports, citing information from Reuters, that Deutsche Börse and Nyse Euronext are prepared to sell off their equity options activities in Europe and let their competitors into Euroex Clearing, in order to lessen their dominant position on derivatives markets. The date on which the European Union is to review the proposal has been delayed from 22 December to 23 January, the newspaper reports.
18/11/2011

British government sells Northern Rock to Virgin Money

George Osborne, the British Chancellor of the Exchequer, on 17 November announced the sale of Northern Rock Plc, which was nationalised on 23 February 2008, to Virgin Money. The Treasury will see GBP747m on the sale, and that amount may increase in the future to GBP1bn.Virgin Money has pledged not to undertake any involuntary redundancies, in addition to those already announced, for the next three years following the conclusion of the transaction (which will be completed by 1 January 2012).On 1 January 2010, Northern Rock was spun off into two entities, Northern Rock Plc, and Northern Rock (Asset Management) Plc.
18/11/2011

MetLife plans to create an asset management firm in the United Kingdom

Dominic Grinstead, managing director of MetLife UK, has announced that the US group may launch an asset management firm in the United Kingdom by 2013, though no final decision has yet been taken, Money Marketing reports. The site adds that FriendsLife announced at the beginning of the month that it is launching an asset management affiliate in the United Kingdom, which it aims to have operational by the second half of 2012.
18/11/2011

Hanoi to list ETFs in 2012

The Vietnamese government on 16 September announced that from next year, it will allow transactions on commodities ETFs on the Hanoi stock exchange, Handelsblatt reports. The corresponding regulations are expected to be passed by the end of this year. The objective is primarily to attract institutional investors.
18/11/2011

Transparency offensive on pension fund fees

Europe Pension reports that the Netherlands federation of retirement institutions (OPF) has announced that pension funds will now notify their members and other beneficiaries of all costs related to management of pension savings and asset management. This is a simple recommendation, without any obligation, meaning that the Federation is asking its members to comply, or else to explain why they are not doing so.A better overall vision of costs makes boards more accountable and allows them to personalise communications for various target groups. However, as the Federation is aware that this innovation will require considerable effort on the part of pension funds, it recommends a gradual application.
18/11/2011

Aberdeen resells a property from DEGI Global Business

The Hollandhaus building in Bonn (11,000 square metres) has been resold by the open-ended real estate furm DEGI Global Business to IVG Institutional Funds, for an undisclosed price slightly low its most recent expert valuation, Aberdeen Immobilien KAG has announced. The property, the former, renovated embassy of the Netherlands to West Germany, is wholly leased to Deutsche Post Immobilien. It had been acquired for EUR17.2m in November 2007. Aberdeen Immobilien announced on 18 August that the DEGI Global Business fund would gradually be liquidated by 30 June 2014 at the latest.
18/11/2011

NBIM calls for more transparency over “water” risks

On the occasion of the publication of the Water Discolure Global Report 2011 by the Carbon Disclosure Project (CDP), Norges Bank Investment Management (NBIM) has announced that it will be calling on companies whose shares feature in its portfolio to issue more appropriate communications on the subject of their exposure to “water” risk, and the measures they are taking to manage this risk in their operations and supply chain. NBIM, an affiliate of the Bank of Norway in charge of managing the Government Pension Fund – Global (GPFG), formerly known as the Oil Fund (DKK3.157trn), says that a survey undertaken this year of over 400 companies in its portfolio found that the companies that provide adequate information on water risks were far too few and far between, particularly companies which provide information about their supply chain. The asset management firm claims that although climate change issues are a global phenomenon which requires international action and regulations, water is a resource whose management is optimal on the local scale. The CDP report shows that shortages of water can have a negative influence on the activity and profitability of businesses, but that efforts to manage risks related to water remain far behind measures that aim to bring the effects of climate change under control.
18/11/2011

Hedge funds made 1.85% in October

The Dow Jones Credit Suisse Core Hedge Fund Index has bounced back off its losses in September to post returns of 1.85% in October, while long/short equity gained 5.27%. However, the index as a whole has lost 6.04% from the beginning of the year until 11 November. Managed futures and convertibles arbitrage were the only two strategies to show losses in October, running to 5.07% and 0.52%, respectively. However, all categories show a loss between 1 January and 11 November, particularly event-driven (-11.60%), global macro (-8.92%), convertibles arbitrage (-7.14%). Bond arbitrage is the only strategy in positive territory for this period, with a gain of 0.30%.
18/11/2011

Indxis launches an agricultural index for GAIA

The US index provider Indxis has teamed up with the Swiss firm GAIA Capital Advisors to create the GAIA Farming Index, which will serve as the basis for an ETF or other structured products, Hedge Week reports. Backtesting reveals that the new product has earned annualised returns over three years of 20.29%. It brings together equities in companies worldwide which own or operate agricultural land, most often with a large vertical integration, in order to cover a significant segment of the value chain. The index will be administrated and calculated by Indxis, while GAIA will be in charge of the management of the index, which will include all sectors of production (meat, grains, cooking oils, dairy products, fish, diversified operations, plantations in all geographical zones).
18/11/2011
Gestion d'actifs

L'IRCANTEC désignera fin mars 2012 les mandataires pour l'appel d'offres sociétés de gestion

L’IRCANTEC désignera fin mars 2012, les mandataires sélectionnés parmi les 33 candidats ayant répondu au questionnaire de la seconde phase, pour l’appel d’offres de prestation de services relative à la gestion d’actifs. D’une valeur de 6 milliards d’euros en septembre 2012, la gestion des actifs du portefeuille de valeurs mobilières sera active dès la notification du contrat, c’est à dire à partir du mois de mai 2012. A noter que l’IRCANTEC s’intéresse également aux classes d’actifs de diversification et pourrait lancer un ou plusieurs appels d’offres dans ce sens à partir de la fin du premier semestre 2012.
Gestion d'actifs
18/11/2011

Bill Miller délaisse le principal fonds de Legg Mason

Le gérant vedette, célèbre pour avoir battu l’indice S&P 500 pendant quinze ans jusqu’en 2005, a décidé d’abandonner à compter du 30 avril la gestion de son principal fonds (Legg Mason Capital Management Value Trust), après avoir été distancé par l’indice lors de quatre des cinq dernières années. Sam Peters prendra la relève mais Bill Miller restera président de la filiale Legg Mason Capital Management.
18/11/2011

L’ERAFP élu meilleur investisseur ESG européen

À l’occasion de la quatorzième édition des ESG Leaders Awards organisée à Londres le 10 novembre, l’ERAFP a reçu, pour la deuxième année consécutive, le prix du meilleur investisseur ESG européen. Le fonds de pension public gère près de 12 milliards d’euros d’actifs financiers suivant une démarche 100% ISR.
18/11/2011

Deutsche Börse et Nyse Euronext présentent leurs concessions à Bruxelles

Les deux opérateurs boursiers songeant à une fusion ont selon Reuters attendu le dernier moment, à savoir hier soir, pour présenter à la Commission européenne des solutions à leur position très forte sur les marchés dérivés. Ils envisagent de vendre leurs activités d’options sur actions en Europe et de donner accès à leur concurrents à Eurex Clearing. La date limite de revue de l’opération par Bruxelles est portée du 22 décembre au 23 janvier.
18/11/2011

Bernard Tapie proche du rachat de Full Tilt Poker

Jeff Ifrah, avocat de Full Tilt Poker, a confié à Reuters que le Département américain de la Justice avait conclu un accord avec Groupe Bernard Tapie ouvrant la voie à un rachat par ce dernier du site de jeu en ligne. Le Wall Street Journal a précisé que le montant de la transaction s’élève à 80 millions de dollars.

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