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01/02/2011

Net increase in commissions at Waddell & Reed

p { margin-bottom: 0.08in; } The US publicly-traded management firm Waddell & Reed Financial on Monday reported a 39% increase year on year in its profits for fourth quarter, to USD46.4bn, Agefi reports. Commissions rose 15% to USD281m.
01/02/2011

Muzinich hits USD10bn in assets

p { margin-bottom: 0.08in; } As of the end of December, assets under management at Muzinich & Co reached USD10bn, more than USD3bn of which were in the Irish Sicav fund Muzinich Funds (see Newsmanagers of 22 November and 10 December 2010). The US management firm says that over USD1bn come from French-speaking countries of Europe, of which 50% is managed on behalf of French investors.Of the USD420m in net subscriptions to the Sicav from French-speaking Europe, USD200m were from French investors.Muzinich & Co is planning to continue its international development in 2011, with the registration of its fund range in the Netherlands and Belgium. The manager is predicting returns of 5% to 10% for its traditional funds, and 2-7% for its short-term funds.
01/02/2011

Egypt: Over EUR2bn are potentially affected on German fund market

p { margin-bottom: 0.08in; } According to calculations by the Frankfurter Allgemeine Zeitung, equities funds on sale in Germany and potentially exposed to Egypt have assets of over EUR2bn, of which EUR1.1bn are in funds which invest in North Africa, and slightly over EUR1bn in funds which invest in the Middle East and North Africa, in addition to which there are also allocations to emerging or frontier markets.Among the products which may be affected to varying extents depending on the weight of Egypt in their portfolios are the CS Sicav One (Lux) Equities Middle East & North Africa, the Deka Middle East and Africa, the DWS Invest Africa, the BB Africa Opportunities, the Silk African Lions, and the ING (L) Invest Mena funds.
01/02/2011

AcomeA takes over Leonardo Sgr

p { margin-bottom: 0.08in; } AcomeA, the asset management firm created last July and led by Alberto Foà, has announced the acquisition of Leonardo Sgr, with which it will merge, Il Sole – 24 Ore reports. The operation means that the former Banca Sai, in which FonSai controls 10%, will add the EUR120m in assets managed by Leonardo Sgr to its own assets of EUR450m. The agreement also states that funds managed by AcomeA will be distributed by the Leonardo Private Banking network.
01/02/2011

Deutsche Bank creates an international risk management centre

p { margin-bottom: 0.08in; } Deutsche Bank on 31 January announced the created of an international centre in Berlin dedicated to risk management. The objective for the new centre is to develop global monitoring models and processes for risk management, including market, liquidity and credit risks.The bank has already set up a team in Berlin with 50 members, including mathematicians and statisticians. By the end of the year, the centre will have about 300 people. Staff may increase to 500-700 people in the mid- to long-term.
01/02/2011

Vanguard launches an international equities ETF

p { margin-bottom: 0.08in; } On 28 January, Vanguard launched the Vanguard Total International Stock ETF (VXUS), which replicates the MSCI All Country World ex USA Investable Market Index. The total expense ratio will be 0.20%, or about 60% less than the average for competing products.The ETF is a separate share class of the Vanguard Total International Stock Index Fund, which was launched in 1996, and which is the second largest international index-based fund from Vanguard, with assets of USD51.4bn.The new ETF covers 98% of non-US markets, and includes more than 6,000 shares from 44 countries.Vanguard says that it launched 17 ETFs in 2010, a year in which its ETFs posted net subscriptions of USD35.4bn, about one third of inflows to funds of this type. Assets in its ETFs totalled about USD148bn, out of a total of USD1.6trn invested in mutual funds.
01/02/2011

Record assets for ETFs in the United States

p { margin-bottom: 0.08in; } According to the SPDR ETF Outlook bulletin from State Street Global Advisors (SSgA), assets in ETF funds in the United States totalled a record USD995bn as of the end of December, due to net subscriptions which “topped USD100bn for the fourth consecutive year,” a statement released on 31 January states.According to figures from BlackRock, in the most recent issue of its publication ETF Landscape, the ETF sector in the United States included 896 products from 28 providers, with total assets of USD891bn. According to this source, assets increased 26.3% last year compared with USD705.5bn as of the end of 2009. Net subscriptions totalled USD106.6bn, of which USD40.5bn went to Vanguard and USD27.5bn to iShares.
01/02/2011

Berenberg absorbs Ukraine fund into Osteuropa fund

p { margin-bottom: 0.08in; } As of 1 January, the former Baklan Baltikum Fonds from Berenberg Bank has absorbed the Berenberg Emerging Ukraine fund. The merged fund will become known as the Berenberg Osteuropa; the absorption will take place at one Osteuropa share for every two Emerging Ukraine shares, Das Investment reports, citing manager Peter Reichel.The Ukraine fund had only EUR7m in assets, and some institutional investors had been using the fund for short investment durations which hurt the performance of a product which was also penalised by transaction costs in Ukraine of 1% to 1.5%. The Ukrainian market is also of limited size, with an average daily trading volume of only EUR10m.The Osteuropa fund may hold 0% to 20% Ukrainian equities (currently 2.5%). The preferred countries for the manager are Kazakhstan, Romania and Croatia.
01/02/2011

Hedge funds seek clarity on “expert networks”

p { margin-bottom: 0.08in; } Richard Baker, president of the Managed Funds Association, on Monday asked the Securities and Exchange Commission (SEC) to provide clear directives for its approximately 3,000 members, including many hedge funds, on the use of the services of “expert networks,” which have been the subject of a vast Federal investigation into suspected insider trading, the Wall Street Journal reports.The association is seeking to establish clearly whether or not hedge funds are allowed to use the often internal information which is provided by these expert networks, which employ as independent consultants people who may be employees of publicly-traded companies.
01/02/2011

Non-financial risks are overlooked by fund sector, according to Edhec

p { margin-bottom: 0.08in; } The fund sector in Europe has not paid enough attention to non-financial risks, such as liquidity, counterparty, compliance, and misinformation risks, and has not measured the operational consequences of financial innovation, the Edhec-Risk Institute finds in a new study undertaken with Caceis, by the research chair in “risks and regulation of the fund industry in Europe.” “Even the UCITS IV directive itself does not sufficiently take into account the operational consequences of financial innovation. Although investment funds are internationally diversified, use more derivatives and other complex strategies, and have developed in many areas, and although European regulations and recommendations have admitted, or fostered these changes, no study of their impact has been undertaken, and no regulations have been modified as a result,” the authors of the study continue. The Edhec-Risk Institute finds that “although member states of the European Union have not reached agreement on reforms, a distinction must be drawn between UCITS funds which are not exposed to non-financial risks, and more modern UCITS funds, which are potentially more exposed to non-financial risks.”
01/02/2011

Bond manager leaves Threadneedle

Roman Gaiser has quit Threadneedle, Citywire can reveal. He managed the EUR970 million Threadneedle European High Yield Bond fund and was co-manager on its Credit Opportunities fund. He is going to join another big London-based fund manager, according to a Citywire source.
01/02/2011

Barings repositions its emerging markets portfolios

p { margin-bottom: 0.08in; } James Syme, head of global emerging markets, has announced that Barings has repositioned its emerging markets strategies for the short to mid-term, to focus more on companies, particularly in South Korea, which are benefiting from global growth. Bets on household retail consumption is beginning to be integrated into the share prices on several markets.Currently, the portfolio includes South Korean exporters of refined materials, naval shipyards, automobile and technology manufacturers, Indian IT service providers and Taiwan consumer electronics companies. Barings is underweight on energy, but overweight on oil; in the materials sector, the British manager has a bias for bulk metals such as iron and nickel, as well as gold.Barings also says the strength of emerging economies represents a supporting factor for the currencies of these countries, which increases local purchasing power.Inflation remains a cause for concern, particularly in Indonesia and India. Returns on equities in these markets has been high, but valuations may be attractive elsewhere, particularly in Russia and South Korea.
01/02/2011

Roman Gaiser leaves Threadneedle

p { margin-bottom: 0.08in; } Barrie Whitman, manager of the Credit Opportunities Fund and head of the high yield team, will become the principal manager of the Threadneedle European High Yield Bond Fund (GB0009692087, GBP1.03bn in assets as of 31 December), which was previously managed by Roman Gaiser. Gaiser has resigned to return to Switzerland, according to a spokesperson for Threadneedle. Whitman, who set up the high yield strategy 12 years ago, will be assisted by Michael Poole for the management of the fund.Gaiser also co-managed the Credit Opportunities Fund (see Newsmanagers of 7 and 11 May 2009) with Whitman and Alasdair Ross.According to Funds People, Gaiser may soon join another London management firm.
01/02/2011

Several asset managers exposed to Egypt

p { margin-bottom: 0.08in; } Barings, BlackRock, Fidelity, Franklin Templeton, Investec, Schroders, and Silkinvest were invested in Egypt to varying extends as of the end of last year, according to Fund Strategy.The highest relative exposures are for the MENA fund from Barings (USD21.1m), with 21.7%, and the African Lions Fund from Silkinvest (21.67%).The Schroder ISF Middle East Fund (USD321m) was underweight on Egyptian equities as of the end of December, with 8.7%, where the benchmark index has a weight of 9.1% for Egypt.At BlackRock, exposure of the Frontier Investment Trust was “very minimal,” lower than the 1.6% allocation to Jordan.
01/02/2011

Guillermo Osses joins HSBC Global AM

p { margin-bottom: 0.08in; } Investment Week reports that Guillermo Osses, formerly of Pimco, has joined HSBC Global Asset Management as head of emerging markets debt (EMD).Osses replaces Peter Marber, who had been appointed interim head until a replacement could be found for the three EMD managers, Denise Simon, Arif Joshi and George Varino, who moved to Lazard Asset Management last September.Marber will remain in the group as chairman for management of EMD operations and the development committee.
01/02/2011

Heptagon recruits two expert specialists

p { margin-bottom: 0.08in; } Alexander Gunz, who was most recently head of equities strategy and the edition of best ideas reports for institutional investors at Edison Invesment Research, has been recruited by Heptagon Capital (USD3.3bn in assets) as a fund manager in the asset management division, Hedge Week reports.Heptagon has also recruited Sebastian Hybinette, who was previously chief investment officer for a large family office in the United Kingdom, where he was in charge of a portfolio composed of private equity, hedge funds, real estate and publicly traded assets, as vice president of the ultra-high net worth investor (UNHWI) group, mainly to serve Scandinavian clients.
01/02/2011

Playcast lève 10 millions de dollars

L’acteur du cloud gaming a levé 10 millions de dollars auprès de deux actionnaires de référence, les fonds de capital risque, JVP et MK Capital, qui rejoignent Xenia au capital de la société.
01/02/2011

Advent investit dans Towergate

La société de private equity Advent International a prévu d’investir 200 millions de livres dans le courtier d’assurance britannique Towergate, ainsi que dans Cullum Capital Ventures, détenu par le PDG et fondateur de Towergate. L’opération est conditionnée à la levée de capitaux bancaires et obligataires d’ici la mi-février. Le courtier prévoit de lever au total 930 millions de livres (360 millions de livres de crédits bancaires et 570 millions d’obligations).
01/02/2011

Les traders impatients pour la réouverture du marché carbone

Les traders sur les matières premières ont exhorté Bruxelles lundi à rouvrir les opérations sur le marché du carbone dans les prochains jours. La fermeture du marché a un impact sur les transactions physiques, une vente de 300.000 tonnes de carbone en Allemagne ayant été annulée aujourd’hui.
01/02/2011

L’Europe et l’Allemagne sur la même longueur d’onde

La Commission européenne et la Hongrie, qui préside actuellement l’Union européenne, soutiendraient selon le Financial Times Deutschland la chancelière allemande Angela Merkel dans son combat pour mener des réformes structurelles sur les régimes sociaux. La Commission prône l’allongement de l’âge de départ à la retraite en lien avec l’allongement de la durée de vie, la réduction des déficits publics et la hausse du taux d’emploi à 75%.
01/02/2011

Axel Weber a la cote auprès des Européens

Un candidat allemand à la tête de la BCE serait le mieux accepté par l’ensemble des pays de la zone euro, indique une enquête réalisée par le quotidien en association avec l’institut de sondage Harris. Le président de la Bundesbank, Axel Weber, serait ainsi le candidat qui aurait le soutien en Europe le plus important pour succéder à Jean-Claude Trichet, dont le mandat expire fin octobre. Jusqu’à présent, les déclarations très restrictives en termes de politique monétaire d’Axel Weber l’avaient desservi, mais il semble que la rigueur budgétaire et le dynamisme de la croissance allemande aient retourné l’opinion sur le sujet, selon le sondage.
01/02/2011

L'Egypte agite le pétrole

Les experts du marché du pétrole ont tempéré les effets de la crise égyptienne qui n’a pas encore provoqué de ruptures du transit de l’or noir.
01/02/2011

Vague d’émissions d'entreprises ibériques

Cinq groupes ont profité de l’accalmie pour placer 3,9 milliards d’euros d’obligations la semaine dernière. Les carnets d’ordres ont été bien remplis mais pas forcément par des investisseurs de qualité. Compte tenu du risque souverain, les corporates ont offert des rendements élevés.
31/01/2011

Pékin élargit le champ des swaps de devises

Les banques pourront traiter des swaps de devises en Chine pour le compte de leur clientèle d’entreprises à compter du 1er mars, a indiqué dimanche la State Administration of Foreign Exchange (SAFE). Les currency swaps, qui permettent de couvrir à la fois un risque de change et de taux, peuvent déjà être négociés sur le marché interbancaire chinois depuis août 2007.
31/01/2011

Moody's abaisse la note de l'Egypte

Moody’s a annoncé avoir abaissé d’un cran la note souveraine de l’Egypte et l’avoir assortie d’une perspective négative, après les manifestations demandant le départ du chef de l’Etat. La note est ramenée à Ba2, notamment en raison d’une hausse importante du risque politique, précise Moody’s, qui notait auparavant l’Egypte Ba1 avec une perspective stable. L’agence de notation pourrait encore abaisser cette note à un horizon de 18 mois.

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