Selon Hedge Week, UBS et Hedge Fund Research (HFR) viennent de lancer le premier ETF construit sur un indice de référence de la performance des hedge funds, à savoir le HFRX Global Hedge Fund Index.Destiné à des investisseurs qualifiés, le nouveau produit, «UBS ETFs plc - HFRX Global Hedge Fund Index SF», est conforme à la directive OPCVM III. Il est coté à la Deutsche Börse et d’autres cotations sont envisagées dans les prochaines semaines.

Selon Responsible Investor, le fonds de pension néerlandais PGGM, dont les actifs sous gestion totalisent quelque 80 milliards d’euros, a investi, en partenariat avec Ampère Equity fund, 18,9 millions d’euros pour prendre une participation de 24,8% dans une ferme éolienne offshore britannique (Walney) en cours de construction.Le fonds d’infrastructures dans les énergies renouvelables Ampère Equity Fund pèse 320 millions d’euro. PGGM et le fonds de pension néerlandais APG ont déjà investi 100 millions d’euros chacun dans ce fonds. PGGM et Ampère achètent la participation dans la ferme éolienne auprès du groupe énergétique danois Dong Energy, qui garde une participation de 50,1%.

Selon Citywire, Deutsche Bank a annoncé le lancement d’un fonds Asie à rendement absolu, de type Ucits III, en collaboration avec la société de hedge funds Sloane Robinson. Le Newcits, qui est en cours d’agrément, devrait être lancé sur la plate-forme DB Platinum.

Blackstone Group boucle un nouveau fonds de 15 milliards de dollars, le plus gros fonds de private equity depuis la crise financière, rapporte The Wall Street Journal. Ce véhicule n’a pas été facile à lever. Les investisseurs ont notamment placé des sommes plus faibles par rapport à d’habitude.

Selon Mutual Fund Wire, Mark Fetting, chairman and CEO de Legg Mason, a réorganisé son équipe de cadres en installant un nouveau responsable de la distribution et une personne dédiée à l’activité des M&A. Dans le même temps, Dave Odenath, responsables des Amériques chez Legg Mason, va quitter la société à la fin de l’année. Mark Fetting a recruté Joseph Sullivan en tant que «Global Head of Distribution», tandis que Jeffrey Nattans est nommé «Head of M&A and business developpement». Quant à Ronald Dewhurst, il occupe la fonction de «Head of global investment managers».

Le japonais Sparx, en partenariat avec ses pôles de gestion alternative, Cosmo Investment Management en Corée et PMA Capital Management à Hong Kong, envisage de lance en 2011 un hedge fund panasiatique, rapporte Asian Investor.La stratégie du nouveau produit n’est pas encore arrêtée mais la taille du fonds devrait avoisiner les 300 millions de dollars. Les actifs de hedge funds gérés par Sparx et ses filiales de gestion alternative s'élèvent à 2,5 milliards de dollars, les actifs sous gestion du groupe s’inscrivant à 6 milliards de dollars.

Royal Bank of Canada vient de boucler l’acquisition de BlueBay Asset Management annoncée le 18 octobre 2010 (lire article du 19 octobre 2010). Avec cette opération, l’activité de gestion d’actifs de RBC s’adjoint 200 employés et environ 40 milliards de dollars d’encours.Le prix de la transaction avait été fixé à 485 pence en espèces par action BlueBay, soit un total de 963 millions de livres.

p { margin-bottom: 0.08in; } The Committee of European Securities Regulators (CESR), which on 1 January will become the European Securities and Markets Authority (ESMA), on 20 December published a series of recommendations for the Key Information Document (KID). The CESR lays out the contents and presentation of a standard document for a UCITS product. The Committee also makes proposals for the selection and presentation of performance scenarios for structured OPCVMs and its responses to the consultation held on the subject. The CESR has also addressed transitional measures to assist in the replacement of the simplified prospectus by the DICI. The Committee estimates that the simplified prospectus may continue to be tolerated until 30 June 2010, if legislation by member states allows it. New products authorised after 30 June 2011 will rely on the DICI. Products which continue to use the simplified prospectus after the date on which the directive comes into force on 1 July 2011 will be required to adapt in order to take the DICI’s requirements into account.

p { margin-bottom: 0.08in; } The Japanese firm Sparx, in partnership with its hedge fund management units, Cosmo Investment Management in Korea and PMA Capital Management in Hong Kong, is planning to launch a pan-Asian hedge fund in 2011, Asian Investor reports. The strategy of the new product is not yet defined, but the size of the fund will be approximately USD300m. Assets in hedge funds managed by Sparx and its alternative management affiliates total USD2.5bn, while asstes under management by the group total about USD6bn.

p { margin-bottom: 0.08in; } Responsible Investor reports that the Netherlands pension fund PGGM, with assets under management totalling about EUR80bn, has invested EUR18.9m, in partnership with Ampère Equity fund, in a 24.8% stake in the British offshore wind farm under construction known as Walney. The renewable energy infrastructure fund Ampère Equity Fund has EUR320m in assets. PGGM and the Netherlands pension fund APG have already invested EUR100m each in the fund. PGGM and Ampère will acquire the stake in the wind farm from the Danish energy group Dong Energy, which retains a 50.1% stake.

p { margin-bottom: 0.08in; } The largest German energy company, E.ON, on 20 December announced that it has sold its gas network in Italy to two funds, the Italian F2i SGR and the French Axa Private Equity, stating that the sale brought in EUR255m in cash. The value of the network sold is estimated at about EUR290m, E.ON says in a statement. The network, known as E.ON Rete, has a total length of 9,100 kilometres, and provides gas to 600,000 clients. It is based in Verona and deployed largely in northern Italy, and has about 300 employees. “Our gas distribution network in Italy is relatively small, and subject to severe regulatory conditions. We have nearly no opportunities to exploit economies of scale or synergies with other E.ON activities in Italy. For these reasons, we decided to sell it,” Bernhard Reutersberg, a board member at E.On, cited in the statement, explains.

p { margin-bottom: 0.08in; } The consulting committee for the financial sector (CCSF) on 20 December published its fifth annual report, which covers the second half of 2009 and the first half of 2010. In addition to coverage of recurring topics in the banking, credit, insurance and savings sectors, the CCSF has announced new initiatives. To increase the readability and comparability of the costs of banking and financial services, three new glossaries have been published by the Committee for “day-to-day banking and credit,” “insurance,” and “savings and financial investments.” Following the publication of the report ordered in July 2010 by the minister of Economy, Finance and Industry on banking fees, the CCSF in summer 2010 reached an agreement on the publication of a standard list of fees for ten products and services from among the most popular by all banks, at the top of their fee schedules and on the internet, in 2011. The committee also required a series of strong engagements from banks, and has been tasked by the Minister with attentively monitoring their enactment. In addition, banking and financial regulations have set a new missino for the CCSF, to monitor the evolution of fee practices at banks. To support the reforms to financial architecture and supervision in France, and the creation of the Prudential Control Authority, the CCSF has also contributed to the organisation of meetings between professionals and consumers to discuss various subjects related to European harmonisation: means of payment within the single euro payment area (SEPA) and the reinforcement of information for retail clients. The year 2010 was also marked by the reinforcement of the role of the CCSF by the banking and financial law, to monitor fee practices at banks and subject them to control by the prudential control authority, as the minister required respect for the engagements made by professionals in the financial sector to the CCSF.

p { margin-bottom: 0.08in; } The council of governors of the European Central Bank (ECB) has decided to institute a requirement that individual information be supplied for each loan included in asset-backed securities (ABS) within the Eurosystem guarantee framework. The council of governors says in a statement that it is planning to introduce the requirements within an 18-month time framework, initially for retail mortgage-backed securities (RMBS), and then gradually for other types of ABS. Detailed information on the underlying loans in ABS will be provided in keeping with models available on the ECB website, on at least a quarterly basis, on the day that interest payments on the instrument concerned are paid, or within one month following that date. To facilitate processing, verification and transmission of information, the Eurosystem will encourage market actors to provide the necessary infrastructure for the management of these data. The framework will facilitate the deployment of individual loan information requirements and lead to increased transparency in the ABS market. Following the establishment of the necessary infrastructure to manage these data, the individual loan information communication requirement will become an eligibility criterion for the instruments concerned. The Eurosystem will continue to accept securities which do not respect the new information criteria until the entry into force of the requirement that information on underlying loans be transmitted.

p { margin-bottom: 0.08in; } Citywire reports that Deutsche Bank has announced the launch of an Asian UCITS III-type absolute return fund, in collaboration with the hedge fund firm Sloane Robinson. The Newcits fund, which is in the process of obtaining a license, will be launched on the DB Platinum platform.

p { margin-bottom: 0.08in; } Investment Week reports that UBS is proposing to launch an emerging markets fixed income fund towards the end of January. The fund would offer fixed income while aiming for long-term capital appreciation. Urs Antonioli, who already manages the UBS Global Emerging Markets Equity fund (GBP675m) would select high yield securities, taking into account the dividends paid and projections of future dividends.

p { margin-bottom: 0.08in; } The research firm Eiris has published a study of biodiversity which lays out five recommendations to help investors confront the inadequacies of businesses in the area of biodiversity. Activities related to biodiversity are “largely ignored by the business community,” Eiris comments. Investors need to take measures to understand the systemic risks which a biodiversity deficit represents for their investments. Investors should take into account the risks that are not managed in the supply chain. The study encourages businesses to respect the principles of the 1992 convention on biological diversity, and to use channels which require businesses to participate in responsible programs. The study suggests that a collaboration between investors could achieve a maximal effect in relation to this problem. Eiris has also identified nine exemplary companies in the area of biodiversity: Fraport (Germany), Holmen (Sweden), International Paper (United States), Severn Trent (United Kingdom), Sjkanska (Sweden), Teck Resources (Canada), Unilever (United Kingdom), United Utilities Group (United Kingdom) and UPM-Kymmene (Finland).

p { margin-bottom: 0.08in; } According to reports in La Tribune, Erich Bonnet, one of the founders of the alternative management firm ADI, which was acquired in 2008 by Ofi Asset Management, is a candidate to acquire Olympia Capital Management. The alternative management specialist, currently president of Furstenberg Finances, a firm specialised in investment advising and family office, would team up with a Greek family office for the operation.

p { margin-bottom: 0.08in; } Mutual Fund Wire reports that Mark Fetting, chairman and CEO of Legg Mason, has reshuffled his management team, with the addition of a new head of distribution and one person dedicated to M&A activities. At the same time, Dave Odenath, head of Legg Mason for the Americas, will be leaving the firm at the end of the year. Fetting has recruited Joseph Sullivan as Global Head of Distribution, while Jeffrey Nattans is appointed Head of M&A and business development. Ronald Dewhurst becomes Head of global investment managers.

Royal Bank of Canada has completed the acquisition of BlueBay Asset Management, announced on October 18, 2010. The addition of BlueBay brings over 200 employees and approximately USD40 billion in assets under management to RBC’s Global Asset Management business.

Neptune Investment Management is in the process of closing the Neptune Corporate Bond Fund and the Neptune International Bond Fund, both managed by Ted Alexander. The first one was launched in December 2008 and the second one in November 2009 “Neptune constantly reviews its product range to ensure that it is meeting investors’ needs. After careful consideration, the decision was taken to close the funds owing to lower than anticipated investor demand”, says the fund management company. These were the only two fixed income funds of Neptune IM, more focused on equities.

A la suite de l’exposé-sondage «Impôt différé : recouvrement d’actifs sous-jacents » lancé en septembre, l’IASB a annoncé lundi une modification d’IAS 12 «Impôts sur le résultat». La norme exige d’une entité qu’elle mesure l’impact fiscal différé relatif à un actif, selon que l’entité s’attende à recouvrer la valeur comptable au travers d’une utilisation ou d’une vente. Un calcul qui peut être difficile via le recours au modèle de la juste valeur d’IAS 40 «Immeubles de placement». L’amendement introduit une présomption selon laquelle le recouvrement de la valeur comptable se fera, normalement, au travers d’une vente.

La BCE a annoncé lundi avoir acquis pour 603 millions d’euros d’obligations lors de la semaine au 17 décembre, soit nettement moins que la semaine précédente où ses achats de dette avaient atteint 2,667 milliards d’euros. Les rachats totaux de la BCE s'élèvent donc désormais à 72,5 milliards d’euros.

La Réserve fédérale a indiqué qu’elle limiterait ses achats de Treasuries à 70% par catégorie de titre donnée dans le cadre de son programme d’assouplissement quantitatif de 600 milliards de dollars. Au 17 décembre, la Fed détenait par exemple 49,93% des Treasuries (8,75%) arrivant à échéance le 15 février 2020.

Une majorité de pays, dont l'Allemagne, ont exprimé leurs réticences. Un accord sur la méthodologie n'est pas attendu avant fin janvier

A l’occasion de l’actualisation de la charte de la médiation, le régulateur a notamment ajouté un paragraphe sur l’impartialité du médiateur, un principe essentiel des recommandations de la Commission européenne concernant les systèmes amiables de résolution des litiges. L’AMF précise aussi l’application des principes de confidentialité aux collaborateurs du médiateur de l’AMF.

Le fonds anglo-australien a indiqué hier avoir engagé des négociations pour reprendre son rival britannique en difficulté

Sur ce marché marqué par une liquidité limitée, se protéger contre un défaut de la France coûte plus cher qu’un contrat sur certains corporates

Représentant 1,24 % du PIB, le trou est en ligne avec les plans du gouvernement, qui joue la « transparence » face aux doutes des marchés

Le contrat de protection contre le risque de défaut de la France a atteint hier 107 points de base, son plus haut niveau. Le contrat sur la France est donc plus onéreux que ceux sur des grands corporates français tels que France Télécom ou Veolia.

Si les efforts de la Grèce ont déjà permis d’améliorer sa compétitivité, le déficit budgétaire irlandais devrait rester supérieur à 3 % en 2015