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26/10/2011

ETF Securities rejects iShares proposals

ETF Securities is opposed to proposals by iShares to restrict the ETC label to commodities products backed by physical goods, and to rename other commodities ETPs as ETNs, the Financial Times reports. Towsend Lansing, head of regulatory affairs at ETF Securities, says ETC investors are not confused.
26/10/2011

SEB launches a hedge fund seeding vehicle

Scandinavian banking group SEB launched on 1 October its second dedicated hedge fund seeding vehicle, HFMWeek can reveal. The fund known as the Manager Catalyst Fund II has raised USD300m from Nordic pension funds and other institutions. It will invest in six emerging managers.
26/10/2011

UBS fined in United States

One of the US regulatory agencies, FINRA, on 25 October announced that it has sentenced UBS bank to pay a fine of USD12m for speculating that the prices of millions of securities would fall, violating rules imposed to limit short-selling. According to a statement from the Financial Industry Regulatory Authority, UBS Securities did not establish the necessary supervision for these market operations. The regulator claims that the supervision of these sales “presented significant shortcomings,” which led to “significant lacks … in its equity trading activities overall.” The result of these violations was that millions of short-selling orders were made on the market, without the bank having “reasonable grounds to believe that these shares could be lent” and thus effectively sold, FINRA explains. The authority finds that UBS sold shares which were notoriously difficult to obtain, and did not store the orders in its system as required, with some sales of financial assets classes as not short (and thus as “long”), although they were actually short positions.
26/10/2011

Inflows at UFF since January

The French firm UFF has posted a net inflow of EUR19m in the first nine months of the year. Despite this, total assets under management for clients at the asset manager have declined from EUR7.2bn as of 31 December 2010 to EUR6.6bn as of 30 September 2011, due to negative market effects. Overall, net banking proceeds in the first nine months of 2011 totalled EUR112.4m, down 6% compared with the first nine months of 2010.
26/10/2011

FSA fines Credit Suisse GBP5.95m

The British Financial Services Authority (FSA) on 25 October announced that it has fined Credit Suisse GBP5.95m for control infractions related to sales of complex structured products by its private bank. Between January 2007 and December 2009, clients at Credit Suisse UK invested more than GBP1bn in complex structured products (SCARPs, or structured capital at risk products). In the same period, control systems did not provide a correct valuation of the profile of clients concerned in terms of risk. As a result, the FSA says, “clients were exposed to unacceptable risk of buying a SCARP product inappropriate for their profile.”
26/10/2011

Profits up at T. Rowe Price

In July-September, net profits at T. Rowe Price have totalled USD185.5bn, compared with USD169.1m in second quarter, bringing the total in the first nine months of the year to USD584.8m, from USD480.6m.However, as of 30 September, assets totalled USD453.5bn, compared with USD520.9bn as of the end of June. They totalled USD482bn one year previously. A contraction of USD67.4bn in third quarter is USD64.8bn due to market effects, while redemptions totalled USD2.6bn. Compared with the end of December 2010, the decline in assets totals USD28.5bn, due to a negative market effect of USD41.5bn, which was not offset by net subscriptions of USD13bn.Of the USD453.5bn in assets under management as of the end of September, USD266.6bn corresponded to mutual funds on sale in the United States, and USD186.9bn to “other portfolios.”
26/10/2011

Profits down at Invesco

In third quarter, net profits at Invesco payable to ordinary shareholders according to adjusted statistics totalled USD192.3m, down from USD207.1m in April-June, which represents a 7.1% contraction. Under GAAP accounting standards, net profits total USD166.9m, down from USD183m.Net profits in the first nine months of the year by GAAP accounting standards rise to USD527.4m, from USD290.5m in the corresponding period of last year.As of the end of September, assets at Invesco totalled USD598.4bn, compared with USD653.7bn three months earlier, and USD604.5bn as of the end of September 2010. At the end of December last year, assets under management totalled USD616.5bn.From January to September this year, Invesco has posted net subscriptions of USD14.6bn for its long-term products, and USD5bn for its institutional money market funds, while market effects reduced assets by USD36.1bn, and forex effects were negative to the tune of USD0.6bn. In third quarter 2011, Invesco earned a net total of USD3.3bn on long-term products, and saw net outflows of USD1.1bn from institutional funds.
26/10/2011

Carmignac Gestion loses its head for Germany

John Korter has decided to leave Carmignac Gestion. He had previously been based in Luxembourg, as country head for Germany at the Paris-based asset management firm, where he had been since late 2006, but decided not to follow his team to Germany, according to sources familiar with the matter cited by the website fondsprofessionell.de (in German). By the end of this year, the firm, based in the place Vendôme in Paris, is planning to open an office in Frankfurt with staff of seven (see Newsmanagers of 3 June 2011), which John Korter was supposed to head.Carmignac Gestion had no comment on the reports to Newsmanagers.Before beginning in his position as country head for Germany, Korter had been head of sales for Carmignac Gesion in Switzerland. In total, he will have spent nearly seven years at the asset management firm.
26/10/2011

German institutional investors favour safety

The portfolios of German institutional investors are 84% composed of bonds or money market shares, 9% of equities, 5% of real estate and 1% of private equity, Union Investment has found in its annual study of the behaviour of this category of actors.The 2011 edition of the survey, which has been undertaken since 2005 by the central asset management firm of the German co-operative banks, also reveals that returns have become the determining criterion for 12% of respondents, up from only 7% in 2010. Despite this increase, the two most decisive criteria remain safety of the investment (for more than two thirds of the 42 investors surveyed), and the liquidity of investments (19%).Geographically, German institutional investors remain highly focused on Europe, with 81% of equity investments and 93% of bond investments made in Europe.
26/10/2011

MEAG continues to invest in renewable energies

The asset management firm of the Munich Re group, MEAG Munich Ergo, on 26 October announced that acquisition of a solar pannel farm in the Canary Islands. The property has been purchased from the renewable energy portfolio of Banco Santander.Although the acquisition price has not been disclosed, MEAG says that the investment comes as part of the Renewable Energy and New Technologies (RENT) programme at Munich Re, which has a budget of EUR2.5bn, and was launched in 2010. MEAG had already invested EUR500m overall on behalf of its shareholder. The asset management firm bought a wind farm earlier this year, and solar energy farms in Spain and Italy.MEAG manages a total of EUR203bn, largely on behalf of Munich Re.
26/10/2011

Anti-tax evasion initiatives have brought in roughtly EUR14bn

Nearly EUR14bn in supplementary tax revenue have been recuperated in the past two years in 20 countries due to international agreements to combat tax evasion, the Organisation for Economic Cooperation and Development (OECD) announced on 25 October. “There is much more in the works,” the OECD promised at the opening of its fourth global forum on transparency and information exchange for fiscal purposes. The OECD says these added revenues make “a substantial contribution to budgetary consolidation without increasing tax rates” in many countries which are under fiscal pressure due to the crisis. The OECD states that measures enacted to combat tax evasion have brought in more than EUR1bn in France, EUR1.8bn in Germany, EUR1.4bn in the United States, EUR150m in Australia, and EUR260m in Spain and the United Kingdom. More than 100,000 taxpayers have disclosed their holdings, including 30,000 in the United States, 1,350 in the United Kingdom, 4,700 in France, and 25,000 in Germany.
26/10/2011

Hedge funds post increasingly disparate returns

In September, the performance of hedge funds was more divergent than ever, the head of the multi-management unit at Man Group, Luke Ellis, has told Investment Week. According to Ellis, about one third of the most high-profile managers have earned gains of over 5% or of less than 5%. An analysis by FundWizard suggests that the divergences are even wider over the past twelve months. Out of a sample of 1,640 long/short managers, returns over the past twelve months to the end of September varied by 78 percentage points, between the best and the worst performers.
26/10/2011

Kames Capital recruits three managers from ING Reim

Kames Capital (ex-Aegon AM) has added to its real estate team with the recruitment of three real estate multi-managers from ING Real Estate Investment Management UK, Money Marketing reports. Mark Bunney, Matt Day and Tony Yu, specialised in real estate funds of funds, managed more than GBP2bn in assets at ING Reim.
26/10/2011

F&C cuts jobs

F&C has announced that it has revised its expense reduction target to GBP33.2 million by 2013 from the GBP12 million of savings announced in January 2011. These cuts wil mostly lead to job losses. The incremental savings of GBP21.2 million are comprised of GBP16.7 million in staff reductions. Staff reductions affect primarily back office and corporate staff functions, with limited impact on investment teams and client facing personnel. No reductions are being implemented in the Group’s compliance or risk functions, according to F&C. The announcement comes amidst a strategic review by the group which has been underway since March 2011, and whose final results will be announced in first half of 2012. F&C has also announced that its assets under management are down from GBP108bn as of 30 June, to GBP103.2bn as of 40 September. This decline is due to net outflows of GBP2.3bn. The firm has also appointed two new independent non-executive directors. They are Keith Jones, cormer CEO of Morley Fund Management and NPI Investments, and Keith Percy, former executive chairman and CEO of Société Générale Asset Management UK and CEO of Morgan Grenfell Asset Management.
26/10/2011

State Street investor confidence index up

In the month of October, the State Street Investor Confidence Index has risen from a corrected level of 90.0 in September to 96.7 points.In North America and Europe, investor confidence rose most sharply, with the North American confidence index up 6.6 points, from a corrected level fo 85.1 in September to 91.7 in October, while the European index rose by 3.4 points, from a corrected level of 95.9 in September to 99.3 this month.In Asia, the trend was the opposite, with the confidence index down slightly, by 1.8 points to 98.7, compared with a corrected level of 100.5 in the previous month.
26/10/2011

Inflows to emerging market ETFs stall

ETFs invested in emerging market equities have seen a net outflow of USD1.9bn in September, bringing investment flows since the beginning of the year in this category to USD394m, Agefi reports. These shares are paying the price for an increase in investor aversion to risk.
26/10/2011

Findus promis à une vente par appartement

Lion Capital «en est réduit à vendre Findus par appartement» croit savoir le quotidien, citant des salariés français suite à une réunion avec des représentants du fonds britannique la semaine passé. Le groupe scandinave avait été acquis pour 1,2 milliard d’euros en 2008. Permira «est bien l’un des premiers intéressés» selon un salarié de Findus. Le groupe a été divisé en trois zones constituant autant de lots à vendre.
26/10/2011

La Bourse brésilienne demande pitié

A l’occasion d’un entretien au quotidien, Edemir Pinto, directeur général de la Bourse de Sao Paulo (BM&FBovespa), en appelle au gouvernement pour qu’il atténue le contrôle sur les capitaux, qui pèse sur les valorisations boursières. Les capitaux étrangers manquent en effet aux groupes brésiliens du fait des mesures instaurées depuis 2009 par Brasilia afin d’endiguer l’appréciation du real.
26/10/2011

TD Ameritrade subit l’impact du marché

Le courtier en ligne a dégagé un bénéfice net plus faible qu’attendu au quatrième trimestre de son exercice fiscal (clos au 30 septembre), l’augmentation des ordres des clients ayant été compensée par un environnement de marché défavorable. Le résultat net s’établit à 163,7 millions de dollars (29 cents par action), contre 114 millions (20 cents) un an plus tôt.
26/10/2011

KKR vise l’Asie

De source proche, Bloomberg croit savoir que la société de private equity américaine cherche à lever pas moins de 6 milliards de dollars pour son deuxième fonds dédié à l’Asie. KKR avait récolté 4 milliards pour le premier en 2007. Les investisseurs pourraient être mobilisés mi-2012.

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