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07/11/2011

Deutsche Bank launches four synthetic ETFs

Deutsche Bank has launched four new synthetic ETF funds that comply with UCITS requirements on the Singapore stock exchange. The ETFs are based on the MSCI Pakistan Investable Market Index, the MSCI Bangladesh Investable Market Index, the MSCI Singapore Investable Market Index and the MSCI Asia Ex Japan Index. For the first time, the new range includes ETFs focused on Pakistan and Bangladesh, Deutsche Bank says in a statement. “In the vast majority of cases, and in all emerging countries, synthetic replication is the best method for constructing an ETF without significant tracking error. In 2008, we launched an ETF focused on another frontier market, Vietnam. This ETF is now the largest ETF in the world dedicated to a single frontier market, with assets under management of over USD250m. We have the same ambitions for the Pakistan and Bangladesh ETFs,” says the head of the Deutsche Bank ETF platform in Asia, Marco Montanari. The new range strengthens the dominant position of Deutsche Bank on the ETF market in Singapore. Deutsche Bank now offers 47 ETFs on the Singapore stock exchange, and controls a market share of slightly over 32%.
07/11/2011

Deutsche Börse lists eight more ETFs from UBS

Since 4 November, the XTF segment of the Xetra electronic trading platform lists 886 products. UBS ETF Sicav has listed four new Luxembourg-registered products twice each – twice, because each product is being made available in retail (A) and institutional (I) share classes, with different ISIN codes.The new products include three (six) funds based on MSCI indices (EMU Small Cap, Europe Infrastructure and Japan Infrastructure), and the first product to invest in rare-earth minerals, replicating the STOXX Global Rare Earth index. This index includes only companies which earn at least 30% of their operating revenues from the extraction, transformation and transportation of rare-earth minerals.The total expense ratio (TER) for the funds ranges from 0.45% to 0.60% for A-class shares, and 0.28% to 0.43% for I-class shares.Click here for the list of new ETFs with their ISIN codes and TER.
07/11/2011

Rothschild WM Equitas gets a new head

Laurent Gagnebin, head of ultra-high net worth individuals at Investec Bank in Geneva, has been recruited to direct Rothschild Wealth Management Equitas SA in Geneva. He becomes head of the affiliate of the Zurich-based Rothschild Bank AG, replacing Manuel Marinez, who has left the company.
07/11/2011

Winds of change are blowing for ETF indices

Since the beginning of 2010, the benchmark indices have been changed for 77 ETFs in the United States, according to IndexUniverse. And in 44 cases, the changes were substantial in terms of composition or weighting, the Wall Street Journal reports.Often, changes result in an initial reduction in management commissions, as was the case, for example, when State Street Global Advisors (SSgA) replaced the cap-size weighted KBW indices for five of its ETFs with equally-weighted S&P indices. The change required SSgA to sell off shares in major banks from its SPDR S&P Bank ETF, which meant a substantial change for the fund. In response, Invesco launched four PowerShares ETFs using the KBW financial sector indices dropped by SSgA, and offered 3 free months, after which it will charge a commission of 0.35% - the same as for the State Street funds.Similarly, Russell Investments cut fees for 13 volatility, beta and momentum ETFs because several competitors, including Direxion, launched similar products.These fee reductions simply show that ETF managers are prepared to make sacrifices in price in order to retain investors, or to incite them to try something new, when competing ETFs or indices appear.
07/11/2011

Profits down by one quarter at Berkshire Hathaway

In third quarter 2011, Berkshire Hathaway, the portfolio management firm controlled by Warren Buffett, has seen a contraction in its net profits to nearly USD2.28bn, from USD2.99bn in the corresponding period of 2010. This decline of 24% is due to a loss of USD1.59bn, compared with USD95m, from the derivatives portfolio, a phenomenon which the firm considers insignificant.Most importantly, says the company, operating profits increased to USD3.81bn, from USD2.79bn.In the first nine months of the year, net profits fell to USD7.21bn, from USD8.58bn, while operating profits increased to USD8.11bn, from USD8.08bn.
07/11/2011

Fortress posts better-than-expected results

The US alternative management group Fortress Investment has reported pre-tax profits of USD43m in third quarter, compared with USD78m one year previously. The result represents a decline, but was well-received by the market, as the consensus was predicting a more mediocre figure. Assets under management have also held stable. They totalled USD43.6bn as of 30 September, compared with USD43.8bn as of 30 June. This very slight decline is a sign that the heavyweights in the sector are staying afloat, as investors continue to prefer them over smaller managers.
07/11/2011

Series of promotions at the top of Fidelity FI management

US-based Fidelity Asset Management on 4 November announced the appointment of new presidents for tis bond and money market groups, and the creation of two new management positions for institutional bonds and bond research. The four newly-promoted personnel will report to Charles S. Morrison, president of the fixed income division at Fidelity (USD729bn in assets as of the end of September).Robert P. Brown, president of money markets, has been appointed as president of the bond group, replacing Christopher Sullivan, who becomes head of institutional fixed income.Nancy D. Prior succeeds Robert P. Brown as president of money markets; she was previously managing director of credit research. David E. Hamlin, who has also been managing director of credit research, will now serve as head of research for fixed income.
07/11/2011

Appointments at Lyxor AM

Laurent Seyer, CEO of Lyxor AM, has announced in a letter dated 2 November that Stéphane Enguéhard has been promoted to managing director – head of Funds of Hedge Funds Development at the asset management firm. Enguéhard, who until 24 October had been managing director – Head of the Managed Account Platform, will now be repsonsible for promoting the range of funds from the asset management firm to a wider range of key international investors.Since 24 October, Enguéhard has been replaced by Lionel Paquin as managing director – head of the Managed Account Platform. Paquin had previously worked at Société Générale, where he had served as Chief Risk Officer since 2007. Paquin is also a member of the board of directors and the executive board at Lyxor.
07/11/2011

Investors pull out of Europe

European and cross-border funds saw net outflows of EUR100bn in third quarter, while Asian long-term funds saw inflows of EUR18bn, according to data from Strategic Insight, Citywire reports. Strategic Insight observes that in the month of September alone, net outflows from European long-term funds totalled EUR46bn. In Asia, however, and particularly in Japan, investors continued to allocate capital to funds. Since the beginning of the year, net inflows totalled EUR68bn, or about EUR49bn.
07/11/2011

Pimco renews a USD1.3trn mandate for State Street

The Californian affiliate of Allianz General Investors (AGI), Pacific Investment Management Co. (Pimco), has renewed an outsourcing mandate to State Street Corporation for investment services activities on assets totalling USD1.3trn. Since 2000, State Street has been responsible for transaction processing, custody, accounting and valuation. In addition, it now will handle collateral management, derivative trading and IT development. More than 700 employees at State Street worldwide handle activities on behalf of Pimco. State Street states that it has about USD8trn in middle-office assets under administration worldwide.
07/11/2011

Interest in emerging markets equity funds rebounds

Short-term optimism last week due to efforts to contain the European debt crisis brought some relief for equity markets despite the overall gloom.Equity funds saw net inflows of USD4.9bn in the week ending on 2 November, according to estimates from EPFR Global. Emerging markets equity funds represented 70% of this total, for their highest inflows since April.Following on the two previous weeks, high yield funds continued to attract over USD2.75bn. Bond funds posted net inflows of USD1.6bn.However, money market funds saw net redemptions of over USD25bn, bringing outflows since the beginning of the year to over USD218bn, compared with USD518bn in the corresponding period of 2010.
07/11/2011

Man Group recruits a Chinese businesswoman

Man Group has recruited Yifei Li, one of the most powerful businesswomen in China, to spearhead its development in China, the Financial Times reports. The former head of Chinese MTV will work with Pierre Lagrange, co-founder of GLG Partners, who has recently been appointed chairman of the firm for Asia, a newly-created position. An office may soon be opened in Beijing.
07/11/2011

Aberdeen launches a diversified growth fund

Aberdeen Asset Management has launched the Aberdeen Diversified Growth Fund and the Life Company feeder fund, the Aberdeen Life Diversified Growth Fund. Both funds have been seeded with GBP40 million from institutional investors and will be marketed to both the institutional and wholesale markets.The funds are designed to offer equity like returns with reduced volatility through dynamic asset allocation and investing in a wide spectrum of asset classes. Typically asset allocation will have a low weight to equities with a more diversified return stream involving different markets within the fixed income and alternatives arena including property.Unlike other Diversified Growth funds, Aberdeen’s portfolio will have a strategic tilt towards Asia and emerging debt and equity markets. The portfolio will be managed by Aberdeen’s 10-strong multi-asset team, led by Mike Turner, head of Global Strategy & Asset Allocation. The team will allocate funds to Aberdeen’s own investment teams and to external managers by utilising the work undertaken by the Group’s multi-manager team which focuses both on long-only and hedge fund strategies.Aberdeen’s multi-asset team currently oversee around GBP6 billion (as at 31 August 2011) in assets.
07/11/2011

Fundsmith releases a feeder fund in Luxembourg

The British asset management firm Fundsmith has launched a Luxembourg feeder fund in UCITS IV format. Fundsmith thus becomes the first British asset management firm to use the UCITS IV directive, which came into force on 1 July, the firm says in a statement. The Fundsmith Equity Fund Feeder provides access to the Fundsmith Equity Fund for investors who prefer to invest offshore or via a Sicav fund. The Fundsmith Equity Fund, which was launched in November 2010, has earned 12.1% since its launch, compared with 1.7% for the MSCI World index.
07/11/2011

Rouvier Associés opens an office in Frankfurt

The French asset management firm Rouvier Associés is opening a branch office in Germany. The Frankfurt office will be directed by Patrick Linden, manager of Rouvier Associés in Germany, and former director at Standard & Poor’s Fund Services, Das Investment reports. The Paris office is planning to release UCITS IV-compliant funds in Germany, for which licenses have already been applied for from the German regulator, BaFin.
07/11/2011

Real estate funds suffer due to low interest rates

Currently, liquidity in German open-ended real estate funds is generating returns of only 0.65%, lower than the returns on real estate investments. In other words, liquidity holdings are reducing the performance of real estate funds, which are all suffering, regardless of the form in which they hold their liquidity, the Berlin-based ratings agency Scope reports.This is particularly true for funds such as UniImmo: Deutschland (Union Investment Real Estate) and the grundbesitz europa (RREEF, Deutsche Bank group), whose liquidity ratios stand at 37% and 31.5%. Legally, German funds are required to hold at least 5%, and at most 49% of their assets in liquid form.In a study, Scope reports that 52% of liquidity in the sector is invested in bank savings, 32% in shares in bond funds, 10% in shares in money market funds, and 6.5% directly in bonds.Strategies vary widely from one real estate fund to another. For example, the Axa Immoselect, Inter ImmoProfil, the two UBS products and the KanAm grundinvest and Spezial grundinvest park their liquidities nearly exclusively in bank savings accounts.For their part, the grundbesitz global and grundbesitz europa funds, as well as the Deka-ImmobilienGlobal fund invest about 40% of their liquidities in ‘live’ bonds.Lastly, two funds hold significant amounts in the form of money market instruments: the Deka-ImmobilienEuropa and SEB ImmoInvest.
07/11/2011

Madoff: Irving Picard takes on BNP Paribas

Agefi reports that Irving Picard, the court-appointed trustee to recover assets for the victims of Bernard Madoff, is seeking USD1bn from BNP Paribas. In a lawsuit files on Thursday, Picard explains that a Madoff “feeder fund” entitled Harley International transferred USD975.5m to BNP Piarbas Arbitrage SNC in 2008. Picard claims that US federal bankrupt law and New York state law authorise him to reclaim that amount, while BNP Paribas claims that the case is groundless, and says that it intends to defend itself strenuously.
07/11/2011
Gestion d'actifs

Les choix d'Agrica Epargne

Nous sommes dans une période où la gestion financière est incontestablement très compliquée. Les tendances actuelles du marché, si elles sont à la base le résultat de réalités économiques incontestables, sont amplifiées d’une manière spectaculaire par la nature des marchés et des intervenants. Le matin, l’on ne sait pas si les indices vont baisser de 5 % ou monter de 5 % ; les tendances sont imprévisibles et l’ampleur du mouvement également. A quoi pouvons-nous nous raccrocher à l’heure actuelle ? Si l’on croit que le monde occidental ne rentrera pas dans une profonde récession, mais connaîtra une croissance molle, alors il nous semble que les marchés actions anticipent largement et même plus l’impact de cette évolution sur les résultats des entreprises. Ces entreprises restent un vecteur indispensable pour toute reprise économique. Quant aux marchés obligataires, les taux italiens (environ 5% sur 10 ans) nous paraissent plus réalistes que les taux allemands (inférieurs à 2%). En tout état de cause, les taux bas ne sont pas le remède adéquat à la maladie des économies occidentales car sinon, nous aurions un taux de croissance extraordinaire. Tout en ayant parfaitement conscience que les risques sont élevés, car les questions qui se posent au monde occidental sont nouvelles, et que des solutions innovantes devront être trouvées, nous restons sur la ligne qui est la nôtre depuis plusieurs mois : favorables aux actions, méfiants sur les obligations souveraines Cette politique est mise en place avec prudence, car la situation technique des marchés rend toute prise de position un peu hasardeuse, au moins à court terme.
Gestion d'actifs
07/11/2011

Jon Corzine jette l'éponge

Le PDG du courtier en faillite MF Global Holdings a démissionné vendredi, quatre jours après le dépôt de bilan du groupe, affaibli notamment par ses positions sur la dette souveraine européenne. Jon Corzine avait dirigé Goldman Sachs de 1994 à 1999 avant de se tourner vers une carrière politique qui l’avait mené au Sénat puis au poste de gouverneur du New Jersey. Il avait rejoint MF Global en mars 2010 après avoir perdu son siège de gouverneur.
07/11/2011

Le « trustee » de Madoff se retourne contre BNP Paribas

L’administrateur chargé du dédommagement des victimes de Bernard Madoff réclame près d’un milliard de dollars à BNP Paribas. Dans sa plainte déposée jeudi, l’administrateur Irving Picard explique qu’un « feeder fund » de Madoff baptisé Harley International a en 2008 transféré 975,5 millions de dollars à BNP Paribas Arbitrage SNC. Irving Picard estime que le droit fédéral des faillites et les lois de l’Etat de New York l’autorisent à récupérer cette somme. BNP Paribas juge cette plainte sans fondement et entend se défendre énergiquement.
07/11/2011

Julius Baer relève son offre sur Sarasin

La banque privée suisse Julius Baer a relevé son offre pour la part détenue par la banque néerlandaise Rabobank dans sa concurrente Banque Sarasin et propose désormais une transaction entièrement en numéraire, selon le journal SonntagsZeitung, citant des sources. Rabobank détient 46% du capital de Sarasin et 68% des droits de vote.
07/11/2011

La BNS prête à de nouvelles mesures pour affaiblir le franc

La Banque nationale suisse (BNS) est prête à prendre d’autres mesures pour affaiblir le franc si les perspectives économiques et un éventuel risque déflationniste le commandent, indique le président de la BNS Philipp Hildebrand, cité par le journal suisse NZZ am Sonntag. Il avait déjà tenu des propos similaires à la fin du mois d’octobre. Début septembre, la BNS a introduit un cours plancher de 1,20 franc pour un euro.
07/11/2011

Les Néerlandais regrettent de plus en plus le florin

Au terme d’une semaine marquée par une crise politique en Grèce alimentant les craintes d’une faillite de ce pays, un sondage réalisé par l’institut Maurice et publié hier montre que 58% des Néerlandais auraient préféré conserver le florin. Ils étaient 51% en mai.
07/11/2011

Un fonds joue une contre-OPA sur Rue du Commerce

Boussard & Gavaudan n’exclut pas une contre attaque à l’OPA d’Altarea sur Rue du commerce. Le fonds d’arbitrage a acquis en quelques jours un peu plus de 8% du capital du site de commerce en ligne et « n’a pas encore pris de décision quant à l’apport des titres à l’offre » d’Altarea alors que le groupe Rallye-Casino n’a toujours pas précisé ses intentions.
07/11/2011

Mark Carney nouveau président du FSB

La Banque du Canada a confirmé que le gouverneur Mark Carney deviendrait le nouveau président du Conseil de stabilité financière (FSB). Il succèdera à Mario Draghi, devenu président de la Banque centrale européenne (BCE). Le président de la Banque nationale suisse (BNS), Philipp Hildebrand, assumera de son côté la vice-présidence du CSF, a indiqué la banque centrale suisse.
07/11/2011

Onze paradis fiscaux épinglés à Cannes

La Suisse, le Liechtenstein, ainsi que neuf autres pays, ont été épinglés au sommet du G20 de Cannes comme ne disposant pas d’un cadre juridique approprié pour lutter contre la fraude fiscale. «Nous ne voulons plus de paradis fiscaux. Le message est très clair (...) les pays qui demeurent des paradis fiscaux avec la dissimulation financière seront mis au ban de la communauté internationale», a déclaré Nicolas Sarkozy.
07/11/2011

Les indices S&P et Dow Jones vont se rapprocher

McGraw-Hill, propriétaire de Standard & Poor’s, va constituer une coentreprise avec CME Group, qui détient 90% des indices Dow Jones. Cette nouvelle activité sera logée au sein de MCGraw Hills Markets. CME Group en possèdera 24,4%, Dow Jones 2,6% et McGraw Hills 73%. L’entité intègrera dans son benchmark plus de 6.000 milliards de dollars d’actifs.

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