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15/09/2011

Strategic partnership forged by Martin Currie and APS

The Scottish asset management firm Martin Currie and the Singapore-based APS Asset Management on 14 September announced that they have signed a strategic partnership to create an independent asset management firm which will be a leader in the Chinese A-class equities market. The firm will rely on active management, and the deal will be completed by the end of September, pending the necessary permission from regulatory authorities.The partnership with APS will allow clients of Martin Currie to avail themselves of the renowned expertise of the China asset management team at APS, the only foreign asset management firm with research teams in three Chinese cities.For its part, APS will have access to the distribution platform and the client relationship abilities of Martin Currie; it will take charge of portfolio management for Martin Currie clients from 1 November 2011. Martin Currie will become the largest distributor of products for APS worldwide, via its network of offices in Europe, the United States and Asia.
15/09/2011

CalPERS reforms governance

The California pension fund CalPERS on 14 September announced a complete overhaul of its governance rules. The board of trustees at the pension fund have adopted ten measures which aim to increase governance responsibility, transparency and ethics at the institution.Among the measures adopted are a recognition by members of the board of trustees of their fiduciary duties, an examination of the performance of the board every two years by independent third parties, the definition of new functions and responsibilities for the chairman and vice-chairman fo the board, and for the chairs and vice-chairs of its various committees, and the adoption of a new confidentiality policy, which would apply to all members of the board.
15/09/2011

ESMA launches a consultation on “empty votes”

The European Securities Markets Authority (ESMA) on 14 September announced a consultation on the practice known as “empty voting,” when voting rights in a business are acquired without assuming the economic risk.There are currently no European regulations specific to this practice. Two countries, however, Portugal and France, have already taken, or are planning to take measures to limit empty voting.The consultation will be open until 25 November.
15/09/2011

AIFM directive: IMS calls for diversity of fund products to be taken into account

In response to a consultation held by the European Securities Markets Authority (ESMA) on measures proposed for the second level of the AIFM directive, the British Investment Management Association (IMA) has pointed out the diversity of the funds affected by the Commission’s proposed regulations, and has declared that there is a need to treat the various alternative investment vehicles equally. The trade body claims that the directive would apply to nearly 2,000 investment vehicles in the UK, which use a wide variety of strategies, invest in all asset classes and regions worldwide, and use various levels of leverage. “Many believe that the AIFM directive consists of regulations for hedge funds and private equity. This is not the case. This directive covers a wide variety of investment vehicles – 2,000 in the United Kingdom alone. The level 2 measures need to recognise this diversity and take it into account,” says Julie Patterson, director of the IMA, in a statement released on 14 September. The IMA claims that some proposals in the AIFM directive would not treat issues in a balanced an appropriate manner, particularly in terms of systemic risk.
15/09/2011

HM Treasury to sue ECB

The Financial Times reports that the British Treasury is planning to file a suit in the European Court of Justice against the European Central Bank. This summer, the ECB published a rule which requires chambers of compensation exposed to euros to be based in the euro zone. The City feels left out by the rule, and the Treasury claims that it obstructs the free circulation of capital in the Union.
15/09/2011

Net inflows of EUR11bn for long-term UCITS-compliant funds

UCITS-compliant funds posted a net outflow of EUR14bn in July, following outflows of EUR29bn in the previous month, according to the most recent statistics from the European financial and asset management association (EFAMA). This outflow was halved largely due to lower outflows from money market funds (EUR25bn, compared with EUR36bn in June), and an increase in net inflows to bond funds.Long-term UCITS funds, which means all funds excluding money market funds, saw a net inflow of EUR11bn in July, compared with EUR7bn in June, with net subscriptions of EUR6bn to bond funds (compared with an even balance in June), EUR3bn for diversified funds (compared with EUR6bn in June), and outflows of EUR1bn from equities funds (compared with EUR3bn previously).Dedicated funds, for their part, posted a net inflow of EUR6bn in July, after a similar level of subscriptions in June.
15/09/2011

IPD appoints a deputy CEO

IPD, a firm specialised in performance measurement for real estate investment and operations, has announced the recruitment of Olivier Mège, who becomes deputy CEO of IPD France and Southern Europe. Mège will be in charge of the studies and research departments, development of services for real estate experts, and development of the Immostat-IPD partnership. He will also assist in fostering the growth of the business, alongside Stéphanie Galiègue, CEO.
15/09/2011

Changes at Touradji CM

Paul Touradji, a renowned commodities hedge fund manager, can expect 2011 to be the first year of losses for his flagship fund. The Wall Street Journal reports that the former protégé of Julian Robertson at Tiger Management is now planning to take some time off from the day-to-day management of the business, in order to direct the trading activities of Touradji Capital Management full-time, sources familiar with the matter say.As a part of the reorganisation, two other executives will be leaving the firm, while new recruitments are planned in order to develop the institutional client segment.
15/09/2011

Edram recruits for emerging markets unit

The arrival of Thomas Gerhardt (ex-DWS) on 1 September as head of emerging markets equities and commodities management (see Newsmanagers of 8 April) at Edmond de Rothschild Asset Management (EDRAM) marks a new stage in the development of the activities of the French firm. The team, which currently manages USD2bn (compared with EUR2bn as of the end of first half), of which EUR500m are for its QFII mandate (Chinese A-class equities) and EUR285.3m for commodities, will be reinforced very soon with the addition of two people in Frankfurt and two more in Hong Kong. It will have 14 members (including two existing commodities managers, Emmanuel Painchault and Raphaël Dubois) by the end of the year, says Thomas Gerhardt, who adds that the recruitments are nearly completed.The extension comes in addition to the launch of an equity fund specialised in large Asian businesses which are leaders in their sectors, and one Latin American equity fund. Edmond de Rothschild Asset Management has not ruled out the eventual possibility of creating funds which would invest in specific regions, such as Africa or Eastern Europe.However, Gerhardt, who directly manages the EdR Global Emerging fund, currently has no plans to launch thematic funds focused, for example, on consumer goods or infrastructure in emerging markets, which in his opinion are the major growth themes for the next few years.As of 31 August 2011, Edmond de Rothschild Asset Management had EUR13.9bn in assets under management in mandates, and 27 open-ended funds registered for sale in 15 countries.
15/09/2011

Mirae Asset Global Investments appoints head for US market

Mirae Asset Global Investments has announced the appointment of Joon Kwun as president and CEO in charge of the US market. In this position he replaces Jay Jang, who will take on other responsibilities at the asset management firm specialised in emerging markets. Kwun previously worked at Goldman Sachs in Hong Kong, where he was head of the office in Seoul, South Korea.
15/09/2011

Pension funds take increasing interest in hedge funds

At the end of 2010, according to the National Association of State Retirement Adminstrators, allocation by US state pension funds to hedge funds was 10%, compared with 3% in 2001. This is considerably lower than the exposure of university endowments, the Wall Street Journal adds.However, pension funds, which had an average of 50.9% of their assets invested in equities as of the end of December, may want to move their allocations to less volatile products, and that may work to the advantage of funds of hedge funds, ahead of direct investments in single hedge funds.Funds of hedge funds are the quickest way to change asset allocations, explains T.J. Carlson, CIO of the Kentucky Retirement System.
15/09/2011

Paul Boughton joins Mirabaud

Paul Boughton, head of sales for continental Europe, is leaving Neptune Investment Management after three and a half years, to join Mirabaud Investment Management as co-director of sales and marketing. In this role he will report to Patrick Berton, director of sales, FundWeb reports.Meanwhile, Alistair Wilson, head of institutional business, is also leaving Neptune IM, after six years at the firm. He will join a bond management boutique to direct institutional activities.
15/09/2011

Le Royaume-Uni prêt à poursuivre la BCE sur la compensation

Les Britanniques prévoient de poursuivre la Banque centrale européenne (BCE) au sujet d’une nouvelle règle qui contraindra les chambres de compensation à être implantées en zone euro si elles traitent de grandes quantités d’instruments financiers libellés en euros. Le gouvernement britannique dit espérer néanmoins une résolution rapide de ce dossier sans intervention de la justice.
15/09/2011

Repli du « Lyxor Hedge Fund Index » en août

-2,19%, c’est la performance négative enregistrée par l’indice «Lyxor Hedge Fund Index» en août. L’indice, qui reflète la performance moyenne de 14 indices de stratégie, affiche à fin août une performance négative de -3.8% depuis le début de l’année. Sur
15/09/2011

Trois nouvelles acquisitions pour Alkern

Acquis par Fondations Capital en mai 2010, le fabricant de produits préfabriqués en béton a réalisé trois acquisitions supplémentaires entre juillet et septembre, en région lyonnaise (Quiblier), dans le Sud-Est (Béton 06) et dans l’Ouest de la France (site de Couëron, cédé par Rector). Alkern a généré un chiffre d’affaires d’environ 120 millions d’euros l’an dernier.
15/09/2011

La Place de Paris planche sur l’ISR

Alors que selon Robeco, l’ISR devrait atteindre 15 à 20% des encours globaux d’ici 2015 dans la gestion d’actifs, la Place de Paris approfondit ses réflexions sur le sujet. Dans le cadre d’ateliers organisés mercredi par Paris Europlace, émetteurs et investisseurs ont formulé des propositions à soumettre au G20 et au B20. Le Medef, représenté par Robert Durdilly, président du comité RSE, a ainsi demandé dans le cadre du B20 que les institutions internationales intègrent dans leurs appels d’offres des critères RSE. Daniel Lebègue, président de l’ORSE et de l’IFA, imagine de son côté que le G20 mette en place un groupe de travail sur ce thème, comme il l’avait fait, «avec des résultats remarquables», pour la prévention de la corruption dans les échanges internationaux. Autre initiative: un manifeste, dont les signataires - émetteurs et investisseurs - s’engagent à diffuser les meilleurs pratiques, est en cours d’élaboration.
15/09/2011

Le marché européen du repo s'adapte à la nouvelle donne

Selon l’étude semi-annuelle publiée sous l’égide de l’association professionnelle ICMA, la taille du marché de la pension livrée européenne est évaluée fin juin à 6.200 milliards d’euros, soit une croissance modeste de 3,6% par rapport à décembre 2010. La structure du marché s’est bien adaptée aux divers défis, notamment réglementaires, se traduisant par exemple par un allongement de la maturité des opérations.
15/09/2011

Le parlement italien adopte le plan d'austérité

Après les sénateurs la semaine dernière, les députés italiens parlement ont donné mercredi leur approbation finale au plan d’austérité mis au point par le gouvernement de Silvio Berlusconi pour équilibrer le budget d’ici à 2013. La Chambre des députés s’est prononcée par 314 voix contre 300 en faveur du plan, qui prévoit notamment 54 milliards d’euros d'économies budgétaires dans les deux ans.
15/09/2011

La dette des banques espagnoles envers la BCE s’alourdit

Selon la Banque d’Espagne, la dette des établissements bancaires espagnole envers la BCE a flambé de 34% en août, par rapport au mois précédent, à 69,92 milliards d’euros. Elle atteint ainsi son maximum depuis septembre 2010.
15/09/2011

George Soros évoque une sortie des PIGS de l’euro

Le milliardaire a indiqué dans un article que les responsables doivent se préparer à l’éventualité que la Grèce, le Portugal, et peut-être l’Irlande fassent défaut sur leur dette et soient contraints de sortir de la monnaie unique européenne. «Il semble que les autorités soient arrivées au terme de leur politique de «repousser au lendemain"» estime-t-il.
15/09/2011

La Grèce rappelée à ses engagements

Le président français Nicolas Sarkozy et la chancelière allemande Angela Merkel demandent à Athènes de mettre «pleinement» en œuvre les décisions adoptées le 21 juillet.
15/09/2011

Les banques européennes passent par l’or pour se financer en dollar

Des négociateurs et analystes cités par le journal indiquent que les banques européennes auraient, durant les dernières semaines, accentué leur offre de prêt d’or sur les marchés afin d’obtenir des dollars en échange. Le taux implicite à un mois de prêts d’or aurait ainsi atteint un plus bas de -0,48%, ce qui signifie que la banque qui souhaite prêter de l’or contre dollar paie un taux annuel de 0,48% pour ce type de transaction (lire aussi page 3).
15/09/2011

La croissance chinoise sous les 9%

La croissance du PIB chinois pour le troisième trimestre pourrait être inférieure à 9% du fait du ralentissement de l’économie mondiale, selon le China Securities Journal. Le journal fait état d’un ralentissement modéré de l’économie et d’un reflux attendu de l’inflation, surtout si les perspectives de croissance en Europe et aux Etats-Unis continuent de s’assombrir.

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