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10/03/2011

Crédit Agricole pourrait céder Cheuvreux et CLSA

L’avenir de Crédit Agricole dans le courtage est de plus en plus incertain, indique La Tribune. Selon les informations du quotidien, la banque française a lancé une réflexion pour céder sa filiale Cheuvreux et son activité asiatique CLSA (Crédit Lyonnais Securities Asia). Les négociations avec le chinois Citics pour créer une co-entreprise seraient au point mort.
10/03/2011

BFT Gestion rejoint Amundi

Selon L’Agefi, le projet de scission de la Banque de financement et de trésorerie (BFT), la filiale à 100% de Crédit Agricole SA, vient d'être officialisé en interne. Dans ce cadre, BFT Gestion sera rattachée à Amundi, la filiale de gestion de Crédit Agricole SA, où elle gardera un statut de société de plein exercice. La gestion d’actifs, à travers une filiale dédiée, BFT Gestion, constitue l’une des trois grandes activités de l'établissement, précise le quotidien. Avec plus de 20 milliards d’euros d’encours à fin 2010, celle-ci a réalisé une bonne année en dépit de sa spécialisation sur les fonds monétaires. La collecte de 2,2 milliards d’euros l’a classée au troisième rang en France sur le segment des OPVCM. Crédit Agricole SA, qui présentera le 17 mars son plan stratégique, a précisé qu’il «ne s’agit pas d’une sanction vis-à-vis des équipes de la BFT et il n’y a pas de suppression de postes», a indiqué un proche du dossier.
10/03/2011

Fidelity recrute un responsable mondial des institutionnels

Fidelity International vient de recruter Chris McNickle, qui rejoindra la société en juin en tant que responsable mondial de la clientèle institutionnelle, un poste nouvellement créé. L’intéressé vient de Greenwich Associates, où il est managing director et a été responsable de l’activité gestion d’actifs.
10/03/2011
Fonds

Les encours des hedge funds renouent avec les niveaux d’avant crise

Pour la première fois depuis septembre 2008, les encours des hedge funds ont dépassé la barre des 1.700 milliards de dollars en février, rapporte Eurekahedge. Ils sont en hausse de 13,4 % depuis début juillet 2010. Eurekahedge note également que les hedge funds ont enregistré leur huitième mois consécutif de hausse, avec une performance de 1,17 %.
Fonds
10/03/2011
Fonds

Les actifs des ETF en Europe approchent les 300 milliards de dollars

Le secteur des ETF en Europe comptait fin février 1.116 ETF représentant un volume d’actifs de 299,1 milliards de dollars pour 3.884 produits cotés sur 23 bourses, émanant de 40 fournisseurs, selon les dernières statistiques communiquées par BlackRock. Un an plus tôt, on dénombrait 901 ETF pesant 220,1 milliards de dollars.La collecte nette des ETF/ETP européens cotés s’est élevée le mois dernier à 2,1 milliards de dollars. La collecte nette des ETF/ETP actions s’est inscrite à 600 millions de dollars. Les ETF dans le monde pesaient 1.367,4 milliards de dollars fin février, dont 929,1 milliards de dollars aux Etats-Unis, contre un peu plus de 1.000 milliards de dollars un an plus tôt. En incluant les ETP, les actifs représentent 1.542,7 milliards de dollars contre 1.152,2 milliards un an plus tôt. Selon BlackRock, les actifs sous gestion des ETF et ETP dans le monde devraient croître de 20% à 30% par an au cours des trois prochaines années, ce qui devrait porter le total des actifs à environ 2.000 milliards de dollars début 2012. Les actifs sous gestion des seuls ETF devraient s'élever à environ 2.000 milliards de dollars fin 2012, dont 1.000 milliards aux Etats-Unis et 500 milliards en Europe.
Fonds
10/03/2011

DJ Credit Suisse hedge fund index up again in February

p { margin-bottom: 0.08in; } The Dow Jones Credit Suisse index gained 1.44% in the month of February, according to initial estimates based on 72% of assets in the index. The index gained 0.69% in January. Eight out of ten sectors posted positive results, including event-driven and global macro.
10/03/2011

Hedge fund assets return to pre-crisis levels

p { margin-bottom: 0.08in; } For the first time since September 2008, assets in hedge funds in February topped EUR1.7trn, Eurekahedge reports. They have risen by 13.4% since the beginning of July 2010. Eurekahedge also notes that hedge funds posted their eight consecutive month of gains, with returns of 1.17%.
10/03/2011

Hedge funds and equities were in high demand in 2010, according to Towers Watson

p { margin-bottom: 0.08in; } The number of equities mandates awarded by clients of Towers Watson worldwide increased by more than 20% in 2010 compared with the previous year, while the number of hedge fund mandates rose by as much as 50% in the same period. Meanwhile, the number of bond mandates fell by 30%, as US and European equities fell most heavily compared with the previous year.
10/03/2011

Hedge fund assets return to pre-crisis levels

In February hedge funds’ assets under management crossed USD1.7 trillion for the first time since September 2008, according to Eurekahedge. Global hedge fund assets up 13.4% since start of July 2010. Hedge funds witness eighth consecutive month of positive returns. The Eurekahedge Hedge Fund Index was up 1.17% through February, with the year-to-date return at 1.36%.
10/03/2011

ETF assets in Europe near USD300bn

p { margin-bottom: 0.08in; } The European ETF sector as of the end of February had 1,116 ETF funds, representing a total asset volume of USD299.1bn, for 3,884 product listings on 23 stock markets, from 40 providers, according to the most recent statistics from BlackRock. One year earlier, there were 901 ETF funds, with USD220.1bn in assets.Net inflows to European ETF and ETP products last month totalled USD2.1bn. Net inflows to equities ETF/ETPs totalled USD600m.ETFs worldwide had USD1.3674trn as of the end of February, of which USD929.1bn were in the United States, compared with slightly over USD1trn one year earlier. Including ETPs, assets totalled USD1.5427trn, compared with USD1.1522trn one year earlier.BlackRock predicts that assets under management in ETFs and ETPs worldwide will grow by 20% to 30% per year in the next three years, which will bring total assets to about USD2trn by the beginning of 2012.
10/03/2011

Trial of former Galleon manager begins

p { margin-bottom: 0.08in; } At the opening of the trial of Raj Rajaratnam on Wednesday, the defendant was accused of using his contacts to obtain inside inforamtion about businesses and using the information to earn millions of dollars in illegal profits, the Financial Times reports. John Dowd, one of the lawyers for the former hedge fund manager at Galleon Group, claimed that his client was only undertaking research on behalf of his clients.
10/03/2011

Deloitte creates a commission and a think tank dedicated to sustainable real estate

p { margin-bottom: 0.08in; } The Real Estate Advisory team at Deloitte France on 9 March announced the creation of a Sustainable Real Estate commission and a Think Tank, for which Alfonso Ponce, Member of the Royal Institution of Chartered Surveyors, will be secretary. The two organisations will be composed of top-calibre experts in the field. The objective is to respond to and bring innovative solutions to investors, property development managers and businesses, in light of the need to adapt to climate change.A comparison of the appreciation of the values of single properties or groups of properties, and their environmental characteristics, against buildings in a similar category and class remains problematic, due to international regulatory uncertainties and a proliferation of systems for evaluation, Deloitte explains in a statement. The international character of investors and the playing field is the cause of a problem which may only be approached internationally.Deloitte points out that the two new entities are “independent and impartial organisms serving the European property industry, businesses and journalists, the public sector and NGOs, as well as all other parties interested in the junction of sustainable development and real estate.”
10/03/2011

Madoff: Mary Schapiro responds to Republican accusations

p { margin-bottom: 0.08in; } The chairwoman of the Securities and Exchange Commission, Mary Schapiro, announced to lawmakers that she will be reexamining the agency’s conflict of interest practices, the Wall Street Journal reports. The announcement comes as a response to controversy triggered by Republican representatives over the way in which she managed the former legal director of the SEC, David Becker, whose mother had invested with Bernard Madoff, and who resigned last month. Becker and his brother are asked by the court-appointed trustee, Irving Picard, to repay USD1.5m of the USD2m they inherited from their mother. Schapiro will be expecting particularly tough questions in two congressional hearings on Thursday.
10/03/2011

TREA planning to launch an emerging markets bond fund

p { margin-bottom: 0.08in; } The Barcelona-based independent management firm Trea Capital Partners SV, founded in 2006 and registered with the CNMV, has announced plans to launch the Luxembourg fund 3G Credit Opportunities in the next two weeks. The product will have weekly liquidity, and will invest in emerging markets bonds while limiting the volatility of the portfolio through the use of CDS, indices, and futures on currencies or interest rates, equities (ETF), options on equities, and Treasurys or Bunds. The two managers are the Indians Rodhi Gadkar and Dilip Gadkar, one of whom will be based in Barcelona, and the other in New York.Funds People states that the fund will have no benchmark, and that the core of the portfolio will invest in government and corporate bonds denominated in local or international currencies, as well as currencies and CDS. Initially, the portfolio will be composed 25% of high grade securities and 75% of high-yield paper. It will invest 35% in Asia, 35% in Latin America, and 30% in central and eastern Europe, the Middle East and Africa (CEEMEA).The fund will be available with a minimal investment of USD50,000, with a management commission of 1.75%, and for institutional investors, with a minimal investment of EUR250,000, and a management commission of 1.25%. A performance commission of 20% will apply to both share classes.
10/03/2011

BFT Gestion joins Amundi

p { margin-bottom: 0.08in; } Agefi reports that plans to spin off the Banque de financement et de trésorerie (BFT), a wholly-owned subsidiary of Crédit Agricole SA, have been made official internally. The operation will see BFT Gestion made a part of Amundi, the asset management affiliate of Crédit Agricole SA, where it will continue to operate as an independent entity. Asset management via a dedicated affiliate, BFT Gesion, is one of the three major activities of the firm, the newspaper reports. With more than EUR20bn in assets under management as of the end of 2010, the firm had a good year, despite its specialisation in money markets. Inflows of EUR2.2bn put it in third place in France in the mutual fund sector. Crédit Agricole SA, which on 17 March will unveil its strategic plan, claims that the move “is not a punishment for the teams at BFT, and there will be no layoffs,” a source familiar with the mater says.
10/03/2011

Assets at Aviva Investors France optimise but remain stable

p { margin-bottom: 0.08in; } As of the end of 2010, assets under management at Aviva Investors France (AIF) totalled EUR80.7bn, compared with about EUR79.5bn twelve months earlier. Of this total, bonds accounted for EUR55.6bn, money markets EUR12.6bn, and equities EUR12.5bn. The firm has 90 employees, of whom 28 are investment professionals, compared with 82 staff and 27 managers one year previously.Net inflows to mutual funds from AIF totalled EUR900m from within the group, and EUR915m in total (including inflows from outside the group). In regular treasury management, the firm shows net outflows of EUR737m, but with bonds (EUR697m), balanced funds (EUR11m) and international equities (EUR37m), net subscriptions from outside the group excluding money markets totalled EUR746m. In 2009, inflows totalled “between 0 and EUR100m.”Jean-François Boulier, CEO of Aviva Investors Europe, also emphasized that in one year, assets managed for third parties in equities and bonds, long-term assets, multiplied by 2.5, to represent “4.7% of the stable total.”AIF also won three mandates last year (bonds and Euro credit), worth EUR850m, from insurance mutuals and one large business for its pre-retirement savings fund.Internationally, Aviva Investors has begun offering funds managed in Paris internationally, with a gross total of EUR570m, while AIF also sold EUR200m in products managed outside France to French clients.
10/03/2011

Pimco sells off US Treasury bonds

p { margin-bottom: 0.08in; } For the first time since early 2008, Bill Gross has lowered the exposure to US government debt of his fund, Pimco Total Return (USD237bn) to zero, a sign that he expects interest rates to rise, the Financial Times reports.
10/03/2011

Banca Esperia aims for EUR20bn in assets under management

p { margin-bottom: 0.08in; } Banca Esperia, the private banking boutique from Mediobanca and Mediolanum, is projecting net subscriptions in 2011 of EUR1.5bn, with an objective of EUR20bn in assets by 2013, Il Sole – 24 Ore reports. In 2010, the bank saw its assets increase from EUR11.2bn to EUR12.7bn. The reorganisation of Duemme, the group’s management firm, is also continuing, the Italian newspaper reports. The asset management firm will specialise in three asset classes (government and corporate bonds, European equities and absolute return strategies). In other areas, the firm will select external managers, or form partnerships with specialists to create products.
10/03/2011

GLG recruits a Japanese equities manager

p { margin-bottom: 0.08in; } GLG has recruited Jeffrey Atherton as co-manager of the Japan Core Alpha fund (GBP1.1bn) and the Japan CoreAlpha Equity fund (GBP490m), Investment Week reports. Atherton joins from Stratton Street Capital, where he was a partner and co-manager of Japanese equities strategies. He has worked at Insight Investment, SGAM, TCQ and Equitable Life.
10/03/2011

ETF Securities launches a high-dividend global equities ETF

p { margin-bottom: 0.08in; } UK-based asset manager ETF Securities (ETFS) on 9 March announced that it has launched the Dow Jones Global Select Dividend ETF fund, which invests in 100 global businesses of the benchmark index (Dow Jones Global Select Total Return Index) selected for the high percentage of profits that they redistribute to shareholders, on the London Stock Exchange. Dow Jones ensures that the percentage distributed as dividends will be sustainable; the index is rebalanced on a quarterly basis, and equities included in the index must have generated returns of at least 5.74% on an annual basis since September 2007. Dividends are reinvested in equities in the portfolio.The new fund, whose benchmark currency is the US dollar, will be available on the ETFX platform from ETF Securities.CharacteristicsName: ETFX Dow Jones Global Select Dividend FundISIN code: IE00B67DFL95Management commission: 0.50%
10/03/2011

Losses of CHF768.7m for EFG International

p { margin-bottom: 0.08in; } The year 2010 brought a heavy loss of CHF768.7m for EFG International (of which CHF721.8m were attributable to shareholders), after a one-time impairment charge of CHF838.4m for hedge funds from the affiliates CMA, MBAM and DSAM, amortisation of acquisition-related items for CHF28.8m, and an addition of CHF26.6m to personnel stock option programs. Excluding these one-time elements, core net profit was down 10% to CHF172m. Net inflows from retail clients increased 13% to CHF11bn, but total inflows totalled CHF9.8bn, due to institutional withdrawals from hedge funds. Revenue-generating private client assets as of the end of December were down to CHF84.8bn from CHF86.2bn, largely due to currency effects related to the rising Swiss franc (CHF10.1bn), a currency in which 40% of the firm’s expenses, but only 5% of revenues, are denominated.
10/03/2011

BlackRock recruits for SRI team

p { margin-bottom: 0.08in; } BlackRock has appointed Clarence Yang to the position of head of governance and socially responsible investment (SRI) for Asia, Asian Investor reports. Yang, who was previously based in London, will move to Hong Kong, to meet the increasingly pronounced need for ethical investments in the region.
10/03/2011

TRG hedge fund acquires Arch Capital Management

p { margin-bottom: 0.08in; } The US hedge fund The Rohatyn Group (TRG), with USD3bn in assets under management, has acquired a 50% stake in the private equity firm Arch Capital Management in Hong Kong, via a share exchange agreement with the Philippine conglomerate Ayala Corporation and its affiliate Ayala Land. The latter firms agreed to trade their stake for TRG shares, Asian Investor reports.
10/03/2011

AllianceBernstein appoiints a CEO for Asia ex Japan

p { margin-bottom: 0.08in; } AllianceBernstein has confirmed to Asian Investor that Ajay Kaul will be appointed as CEO and head of sales for the Asia ex Japan region. His appointment follows the departure of Augie Cheh, who has joined Janus International.
10/03/2011

Hedge fund managers pessimistic about US equities

p { margin-bottom: 0.08in; } Hedge fund managers are now pessimistic about the evolution of US equities, according to the most recent survey by TrimTabs and BarclayHedge. About 40% of the 89 managers surveyed last week are pessimistic about the S&P 500, compared with only 26% in January, while only 26% are potimistic, compared with 37% one month earlier.About 37% of hedge fund managers are pessimistic about the evolution of 10-year Treasury bonds, while only 15% of them are optimistic. Opinions on the US dollar are also divided between those who predict that it will rise and fall (31% each). The survey finds that 18% of managers are planning to increase their leverage in the short term, compared with only 15% who predict a reduction.A majority of managers (52%) see a rally in equities coming, largely due to quantitative easing by the Federal Reserve. 35% of managers predict the coming end of the accommodating period of monetary policy in June as the largest threat to continued gains. Another concern is the rising price of oil, but TrimTabs estimates that this concern is exaggerated.
10/03/2011

BNY Mellon gets a new head for Germany and eastern Europe

p { margin-bottom: 0.08in; } Fred Bromberg, who until 2010 was global head of sales and relationship management for the treasury and securities services at J.P. Morgan, has retained his position as senior executive in the strategic client group at BNY Mellon, but will also become country executive for Germany, where he will coordinate the various professions at the group and supervise major accounts. Bromberg will also become regional executive for the German-speaking countries and central and south-eastern Europe.Meanwhile, Thomas Brand, who for 11 years served in the roles which have now been granted to Bromberg, becomes business executive for financial markets and treasury services (FMTS) in the same regions, a newly-created position. The FMTS division includes broker-dealer services, services for alternative management, market order processing and custody, corporate trust, depository receipts and treasury services.
10/03/2011

Hannover Re doubles equities allocation to 4%

p { margin-bottom: 0.08in; } The German reinsurer Hannover Rück or Hannover Re (Talanx group) has posted a record net profit of EUR748.9m, compared with EUR733.7m the previous year, despite a net charge due to natural disasters (floods in Australia, earthquake in New Zealand) of EUR661.9m, compared with EUR239.7m.Revenues on the financial portfolio rose to EUR1.3bn from EUR1.1bn, and the company is planning to increase its dividend to EUR2.30 per share, from EUR2.10.In the portfolio, totalling EUR25.4bn compared with EUR22.5bn, the proportion of bonds has fallen to 84%, from 87% in 2009, while equities and real estate doubled to 4% and 2% of the total, respectively. Earnings from investments managed internally increased by 11.7% to EUR942.5m and return on investment totalled 3.9% compared with 4%.
10/03/2011

Earnings on financial portfolio at Munich Re up by nearly 10%

p { margin-bottom: 0.08in; } For 2010, Munich Re on 10 March announced a net profit of EUR2.43bn, compared with EUR2.56bn, which has not prevented the firm from proposing a 50-cent increase to its dividend, to EUR6.25. In addition, the Munich-based insurance firm is planning to launch a new program of share repurchases for up to EUR500m in time for its general shareholders’ meeting in 2012.Earnings on the group’s financial portfolio increased by nearly 10% to EUR8.6bn, compared with EUR7.9bn.
10/03/2011

Fidelity recruits a global head for institutionals

p { margin-bottom: 0.08in; } Fidelity International has recruited Chris McNickle, who will be joining the firm in June as global head of instiutional clients, a newly-created position. McNickle joins from Greenwich Associates, where he is managing director, and was head of asset management activities.

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