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20/07/2011

Alternative management posts major inflows in second quarter

Les Echos reports, citing the specialist agency HFR, that alternative management attracted USD29.5bn in investment between April and June. With USD32bn in first quarter also taken into account, inflows to funds in first half are the largest in the industry in four years. Overall, hedge funds now manage USD2.044trn in assets, a record, the newspaper notes. In detail, macro and relative value strategies attracted the most inflows, with USD20bn invested in these funds in second quarter, even though macro strategy, which involves investing capital in all major markets (equities, debt, forex, commodities) earned mediocre returns (-1.7% from April to June).
20/07/2011

ETF inflows follow investor fears

According to statistics from iShares on behalf of Agefi, inflows to government bond ETFs increased by USD603m last month, but investors were selective. Concerns about growth supported exposure to German, US and UK government bonds. Concerns about the Euro zone also drove investors to adopt positions on emerging markets, such that inflows to ETFs in this area ran to USD1.4bn in June. In the commodities segment, aversion to risk pushed USD564m in new flows to precious metals ETPs, whereas these funds saw outflows of USD255m in May.
20/07/2011

Finance recruiters go for atypical profiles

For various reasons, recruiters in the finance sector are sometimes driven to seek out professionals who do not necessarily have a finance sector profile, eFinancialCareers reports in a recent study. According to the job offer website, retail banking and insurance, when they face times of generational change, sometimes have difficulty finding candidates with the necessary profiles, as some professionals continue to be attracted to more lucrative sectors such as market finance. Meanwhile, a growing number of young engineering graduates prefer sectors such as public works, energies, or aerospace. This is “a direct consequence of the crisis and the layoffs which it has engendered in the finance sector,” eFinancialCareers suggests. To counter this situation, directors of human resources in the finance sector therefore have to look for unusual profiles to locate additions to their teams. These unusual candidates are often sought out in associated professional sectors, such as insurance, auditing, and advising at banks, for example. “More marginally, more literary profiles may be attractive to financiers for their critical spirit and their capacity for synthesis,” eFinancialCareers adds; and “opening up to these betimes mistrusted breeding grounds also leads to more diversity in recruitment.” From the point of view of applicants, finance may be a trampoline into higher income brackets. “As an example, an engineer aged under 30 may hope to earn a median gross annual salary of EUR41,000. More generally, a financial engineer makes 60% more than his compatriots who chose another sector,” the study finds.
20/07/2011

SGSS chosen by CDC Enterprises

Société Générale Securities Services (SGSS) has announced that it has been selected by CDC Enterprises, a management firm 100% controlled by the Caisse des Dépôts, to provide depository banking services for 8 FCPR funds, which represents a total commitment of over EUR3bn.
20/07/2011

Bank of America releases its first report on corporate social responsibility

Bank of America on Tuesday, 19 July released its first report on corporate social responsibility, which covers activities undertaken by the business in 2010. The report highlights efforts at the business to promote equality and transparency in its products and services. These range from loans to financial products aimed at low-income or excluded groups, to philanthropic investments, environmental initiatives, etc. The report may be found at the following address: http://mediaroom.bankofamerica.com/phoenix.zhtml?c=234503&p=irol-ne…
20/07/2011

BNPPSS creates a service to ease foreign sales of French funds

BNP Paribas Securities Services on Tuesday, 19 July announced that it is launching a “direct orders” service, which will seek to allow its management firm clients to offer investors, including foreign clients, direct access to French OPCVM funds. Under a preliminary agreement between the bank and the management firm, investors may directly place orders with the bank (BNP Paribas Securities Services) as an escrow custodian, and the assets may then be delivered in the form of shares to the client’s custodian in France. “This offering will foster the development of sales of French funds to foreign investors,” a statement says, pointing out that on 30 June 2011, the French market regulator, the Autorité des marchés financiers (AMF) published a modification to its general regulations in the area of escrow custody of financial assets, to allow direct orders, and describing processes related to centralisation of orders and bookkeeping for OPCVM fund releases.
20/07/2011

State Street announces stable assets

State Street has announced net profits per share for second quarter of USD0.96, compared with USD0.93 in second quarter 2010. Assets under management did not increase quarter on quarter, from USD2.12bn to USD2.116bn as of 30 June. Assets under administration totalled USD22.762bn as of the end of the quarter, compared with USD22.609bn at the end of the previous quarter.
20/07/2011

Assets under management at BNY Mellon up 22% in second quarter

For second quarter 2011, ending on 30 June, BNY Mellon has announced net profits for ongoing activities of USD735m, compared with USD658m for the corresponding period of last year. The volume of assets under custody and administration was USD26.3trn as of 30 June, an increase of 21% year on year, largely due to the acquisition of Global Investment Servicing in July 2010, and of BHF Asset Servicing in August 2010. Assets under management as of the end of June totalled USD1.3trn, an increase of 22% year on year.
20/07/2011

Profits up at Goldman Sachs

For the second quarter of its fiscal year, ending on 30 June, Goldman Sachs has announced a net profit of USD1.09bn, up 77% year on year. Earnings from asset management have increased to USD1.27bn, up 12% year on year, the US group states. Goldman Sachs states that as of 30 June, assets totalled USD844bn, compared with USD802bn as of the end of second quarter 2010. In one quarter, the increase is USD4bn. Over the course of second quarter, market appreciation as well as net subscriptions to bond products drove increases in assets, a statement says.
20/07/2011

Former Feri director seeks to bring boutiques and institutional investors together

At the end of May, Dirk Söhnholz left his position as managing director in charge of private equity and alternative investments at the German wealth management firm Feri. He has recently launched Söhnholz Advisors, a consulting agency which is aimed at smaller management firms, Financial News reports. The agency seeks to help management boutiques which manage under EUR2bn to connect with institutional investors. The Söhnholz says there are 50 potential management firm clients in Germany alone. The founder of the new structure is also looking to the Swiss and Austrian markets, and is planning to develop in all the European markets in the mid-term, Financial News reports.
20/07/2011

M&G Investments recruits a director of sales

M&G Investments Germany has announced the recruitment of Roland Schmidt, who joins the sales team as director of sales. He will aim to assist clients at major banks in Germany. Schmidt was previously a member of the sales team for Germany, Austria and Luxembourg at Baring Asset Management.
20/07/2011

db x-trackers lists ten sectoral ETFs on Deutsche Börse

db x-trackers has announced that it has listed ten ETFs on Deutsche Börse, each of which replicates one of ten sectoral indices of the MSCI World series. Each sectoral index is composed of the 28 largest companies in its sector in terms of cap size. The ten new ETFs bring the number of db x-trackers equities ETFs listed on the German stock exchange to 125.
20/07/2011

City paid EUR16bn in bonuses last year

According to official statistics from the British Office for National Statistics, businesses in the financial sector paid a total of USD16bn in bonuses to their employees between April 2010 and March 2011, as much as in 2009-2010, Les Echos reports. Employees at banks, insurers and other British financial establishments received an average of GBP12,500 (about EUR14,300) in bonuses over the period, with a total of GBP14bn (EUR16bn) for the sector as a whole. This figure is higher than the over GBP2bn in bonuses paid in 2008-2009, but lower than the GBP19bn in bonuses paid in 2006-2007, before the credit crisis broke out, the newspaper states.
20/07/2011

Threadneedle appoints a head for its multi-asset division

Threadneedle Investments on Tuesday, 19 July announced that it has appointed Toby Nangle as head of the multi-asset division. He will report to Mark Burgess, CIO. Burgess will join Threadneedle Investments in January 2012, and will be based in London. “He will be responsible for increasing the size of the division in question, and will work closely with the existing multi-asset management team, including Alex Lyle, head of managed funds, in order to optimise the investment process and evaluate the potential launch of new funds,” a statement says. Nangle was previously director of the multi-asset and bond divisions at Baring Asset Management, which he joined in 1997. He was also a member of the asset allocation committee at the management firm, and a multi-asset fund manager.
20/07/2011

BT Investment Management acquires JOHCM

The Australian management firm BT Investment Management Ltd, which manages AUD34bn in assets in its funds, announced on Tuesday, 19 July that it has acquired the management firm JP Hambro Capital Management (JOHCM), for a total of AUD314m (GBP209m). JOHCM is a boutique based in London, whose assets under management total GBP7.1bn (AUD10.7bn). At the completion of the operation, which is still pending approval by the relevant authorities, the current management team will remain in place, the management firm says in a statement. JOHCM has 84 employees, 15 of whom are specialists in investment strategies in the United Kingdom, Europe, the EAFE region (Europe, Africa and the Far East), Japan, Asia and emerging markets. As of 30 June 2011, net inflows in the past 12 months to funds totalled AUD3.9bn (GBP2.9bn). At the time of the operation, JO Hambro Capital Management (JOHCM) also gave details of three funds which it is planning to launch in the near future (cf. Newsmanagers of 30/06/2011). Fund Web reports that the new range will include a global equities fund and two new Asia ex Japan equities funds, one of which will have a small and midcaps bias. The global equities fund will invest either in equities that pay high dividends, or in equities with attractive valuations.
20/07/2011

Plongeon de l'indice allemand Zew en juillet

Le sentiment des analystes et investisseurs allemands a reculé plus fortement qu’attendu en juillet pour atteindre son plus bas depuis janvier 2009, selon l’indice publié par l’institut ZEW. L’indice ZEW du sentiment économique ressort ainsi à -15,1 en juillet contre -9,0 en juin. Le consensus Reuters le donnait à -12,4.
20/07/2011

La Banque du Japon met en garde contre la hausse du yen

Le gouverneur adjoint de la Banque du Japon, Hirohide Yamaguchi, a fait savoir que l’impact négatif que la hausse du yen pouvait avoir sur l'économie était sa priorité. Ces propos laissent penser que la BoJ se tient prête à assouplir encore sa politique monétaire, si les importants gains réalisés par le yen deviennent une menace pour la reprise dans l’Archipel, qui reprend timidement depuis le séisme du 11 mars.
20/07/2011

L'UE vote une directive sur les déchets nucléaires

Les déchets radioactifs des centrales nucléaires européennes devront être stockés à l’avenir dans des endroits plus sûrs, sous terre, ont décidé les membres de l’Union européenne. Les Etats membres devront soumettre avant 2015 un programme détaillé fixant le calendrier et les modalités de construction de ces centres spéciaux.
20/07/2011

Découverte d’un important gisement d’uranium en Inde

Un gisement d’uranium découvert dans le sud de l’Inde pourrait être l’un des plus importants au monde, selon l’autorité nationale de l'énergie atomique indienne. La mine de Tumalappalli, dans l’Etat d’Andhra Pradesh, renferme au moins 49.000 tonnes de ce minerai et ses réserves pourraient être trois fois plus importantes, rapporte The Times of India de source officielle.
20/07/2011

Vingt Etats membres en retard sur la réglementation télécoms

La Commission européenne a mis en demeure 20 Etats membres de l’Union européenne - dont la France - n’ayant pas fait état d’une pleine transposition en droit national de la nouvelle réglementation communautaire en matière de télécommunications. Le nouveau cadre juridique européen confère notamment aux consommateurs le droit de changer d’opérateur télécom en un seul jour sans devoir changer de numéro.
20/07/2011

La Chine va construire un métro en Iran

Les autorités iraniennes vont signer un contrat de quatre milliards de dollars avec la Chine portant sur la construction d’un métro en Iran, a rapporté la télévision publique iranienne. En février, la Chine et l’Iran avaient paraphé un contrat de 13 milliards de dollars pour la construction d’un réseau ferroviaire dans le pays.
20/07/2011

Barack Obama soutient le plan bipartisan sur la dette

Le président américain a apporté hier son soutien à un nouveau plan de réduction des déficits proposé par un groupe constitué de sénateurs démocrates et républicains visant à éviter aux Etats-Unis de faire défaut sur le remboursement de leur dette. Barack Obama a estimé que la proposition du groupe de sénateurs, surnommé «la bande des Six», était susceptible de fournir de nouvelles idées pour débloquer les négociations au Congrès concernant le relèvement du plafond de la dette des Etats-Unis avant le 2 août. Selon le chef de la Maison-Blanche, la proposition des sénateurs correspond dans l’ensemble à sa position sur la réduction de la dette et des déficits. Ce plan prévoit 3.750 milliards de dollars d'économies sur dix ans avec 1.200 milliards de dollars de nouvelles recettes et 1.500 milliards de dollars d’allégements fiscaux qui pourraient être trouvés via une réforme de la fiscalité.
20/07/2011

L’immobilier américain rebondit

Les mises en chantier ont bondi le mois dernier à leur plus fort rythme depuis janvier tandis que le nombre de permis de construire s’est également inscrit en hausse, montrent les chiffres officiels publiés hier. En données corrigées des variations saisonnières (CVS), les mises en chantier ont progressé de 14,6% au nombre annuel de 629.000. Le consensus donnait 575.000. Le chiffre de mai ressort inchangé par rapport à avril à 549.000 unités contre 560.000 annoncées en première estimation. Quant aux permis de construire, ils ont affiché une progression de 2,5% à 624.000 unités le mois dernier. Les économistes n’anticipaient que 600.000. Les analystes de Capital Economics voient toutefois dans ce mouvement un effet de rattrapage, des aléas climatiques ayant dernièrement pesé sur la construction. Ces chiffres positifs ont en tout cas porté les sociétés du secteur. Le titre Lennar a ainsi clôturé en hausse de 6,6% à 18,52 dollars.
20/07/2011

Alerte aux mesures protectionnistes

Selon la 9e actualisation du Global Trade Alert qui doit être publiée aujourd’hui, près de 200 mesures protectionnistes ont été engagées par des gouvernements depuis le G20 de Séoul en novembre 2010. Les pays du G20 sont responsables à 80% de telles mesures, un pourcentage plus important qu’en 2009 et 2010. Toujours selon le rapport, les intérêts commerciaux de la Chine ont été affectés 90 fois depuis novembre 2010.
20/07/2011

L’EIA table sur une hausse des prix du gaz naturel

Le prix du gaz naturel aux Etats-Unis devrait augmenter suite à la hausse des coûts de production, estime Howard Gruenspecht, administrateur de l’agence américaine d’information sur l’énergie, qui s’exprimait devant la commission des ressources naturelles du Sénat à Washington.
20/07/2011

Reprise soutenue des investissements hôteliers

Les volumes d’investissement ont rebondi de 73% à 3,37 milliardS d’euros dans la zone EMEA (Europe, Middle East, Africa) au premier semestre 2011 selon Jones Lang LaSalle Hotels. La France est apparue comme le marché le plus porteur avec 594 millions d’euros de transactions. Sur l’année, ces investissements européens pourraient atteindre 9,5 milliards d’euros.

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