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21/12/2010

RBC concludes acquisition of BlueBay AM

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.
21/12/2010

La Hongrie relève son taux directeur

La banque centrale hongroise a une nouvelle fois relevé son principal taux directeur pour le porter à 5,75%, soit la deuxième hausse depuis 2008 après celle du mois dernier. L’inflation est restée à un plus haut de quatre mois, à 4,2%, en novembre, alors que les prix alimentaires ont grimpé de 5,9%.
21/12/2010

L’IASB amende IAS 12 «Impôts sur le résultat»

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.
21/12/2010

Fort ralentissement du rythme des rachats de dettes par la BCE

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.
21/12/2010

La Fed fixe une limite à ses achats de titres

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.
21/12/2010

Le CDS sur la France à un niveau record

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.
21/12/2010

L’AMF insiste sur l’impartialité du médiateur

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.
20/12/2010

Assets in ETF and ETP funds top USD1trn

p { margin-bottom: 0.08in; } According to BlackRock, assets in ETF and ETP funds listed in the United States totalled USD1.027trn as of Thursday night, the Wall Street Journal reports. This includes 894 ETFs with USD887.2bn in assets, from 28 providers, listed on two stock markets, and 185 TP funds with USD155.5bn in assets, from 20 providers, listed on one stock market. As of the end of 2009, BlackRock counted 772 ETFs with assets of USD705.5bn, from 29 issuers. Since the beginning of this year, 171 ETFs have been launched, 49 have been removed from trading, and 828 others are planned. The number of ETP products as of the end of last year was 142, with assets of USD88.1bn.
20/12/2010

BlackRock Frontiers collects GBP94.7m

p { margin-bottom: 0.08in; } Fund Strategy reports that the BlackRock investment trust dedicated to frontier markets has collected GBP94.7m in assets. The trust, which will be managed by Sam Vecht, will invest in markets such as Nigeria, Qatar and Saudi Arabia. BlackRock says that the fund is reserved for qualified investors. Management fees are 1.1%, with a performance commission of 10% on performance exceeding the MSCI frontier markets index.
20/12/2010

IT Asset Management registers a fund with the CNMV

p { margin-bottom: 0.08in; } The Luxembourg fund IT Funds Info Tech from the French independent management firm IT Asset Management has been licensed by the CNMV for sale in Spain. IT AM states that the fund had already been available to some Spanish institutional investors since 2006. In order to extend its sale to the retail market, the fund has been registered in Spain, where it will be distibuted by the Inversis platform from January 2011.
20/12/2010

Pension fund assets down by more than 3% in November

p { margin-bottom: 0.08in; } According to estimates by VDOS Stochastics, assets in individual pension funds in Spain in November fell by nearly EUR1.58bn, or 3.03%, compared with October, of which EUR1.31bn is due to market effects, and EUR266m to net redemptions, for a total of EUR50.56bn. Since the beginning of the year, pension funds have seen average losses of 2.49%.
20/12/2010

Moor Park CP sells five Sabadell branches to Amancio Ortega

p { margin-bottom: 0.08in; } Pontegadea, the portfolio management firm for Amancio Ortega, the largest shareholder in Inditex, has acquired five branches of Banco Sabadell for EUR55m from ISC Freshwater Investment, an affiliate of the British investment firm Moor Park Capital Partners, Expansión reports. Moor Park acquired 378 Sabadell branches in March for EUR403m, and has leased them out for 25 years (see Newsmanagers of 29 March).
20/12/2010

JPMAM and GIC acquire OpenTurm building in Frankfurt

p { margin-bottom: 0.08in; } An institutional fund advised by J.P. Morgan Asset Management (JPMAM) and an affiliate of GIC Real Estate, the real estate division of the Government of Singapore Investment Corporation (GIC) on 17 December announced that they have acquired the 42-story skyscraper OpenTurm in Frankfurt (67,200 square metres) from a fund advised by Tishman Speyer and UBS, for an undisclosed sum. The property was completed in 2009. It is home to the offices of UBS, which occupies 28,000 square metres, and the law firm Allen & Overy, which rents 9,000 square metres.
20/12/2010

Madoff: Barbara Picower decides to pay back USD7.2bn

p { margin-bottom: 0.08in; } The widow of Jerry Picower announced on 17 December that she will pay back USD5bn to the court-appointed trustee for Bernard L. Madoff Securities, Irving Picard, and USD2.2bn to a Manhattan prosecutor’s office, the Wall Street Journal reports. The two payments, intended to redeem the memory of the deceased Jerry Picower, which were not required by the courts, will be redirected to victims of the fraud. The article in the Wall Street Journal includes a graph of the sums sought by Picard: USD9bn from HSBC, USD6.4bn from JP Morgan, USD3.6bn from Fairfield Greenwich Group, and USD2.5bn from UBS. Meanwhile, the liquidator has already received USD500m from Union Bancaire Privée, and USD235m from Santander. Expansión reports that USD425m is sought in lawsuits against Citibank, USD400m from Natixis, USD270m from ABN Amro, USD230m from Fortis Nederland, USD35m from Nomura, USD34m from BBVA, and USD16m from Merrill Lynch.
20/12/2010

Bank of France issues warning

p { margin-bottom: 0.08in; }a:link { } The Bank of France is issued a public warning, after being alerted on Friday, 17 December 2010, that there has been a phishing attack using the email address webmestre@banquefrance.fr. A fake letter claiming to be from the Bank of France at this address asks recipients to connect to a web page bearing “Verified by Visa” and “Mastercard SecureCode” logos. On this page, surfers are asked to enter personal information, including bank card number, expiration date, and security code. The Bank of France says that it did not send the message, and warns recipients not to divulge any personal information on the internet.
20/12/2010

European Systemic Risk Board begins operations

p { margin-bottom: 0.08in; } The European Central Bank (ECB) at the end of last week announced that legislation creating the European Systemic Risk Board (ESRB) has come into effect. The headquarters of the ESRB are located in Frankfurt-am-Main, and its secretariat is provided by the European Central Bank (ECB). The ESRB is in charge of macro-prudential surveillance of the financial system within the European Union. It will contribute to the prevention and reduction of systemic risks to the financial stability of the Union, which will result in developments for the financial system. The ESRB will also contribute to the harmonious functioning of the internal market, and will provide a sustainable contribution to the financial sector and to economic growth. As legislation prescribes, the ESRB is led by the chairman of the European Central Bank, Jean-Claude Trichet, while Mervin King, governor of the Bank of England, has been appointed the first vice-president of the ESRB by the members of the general council of the ECB. The general board of directors of the CERS will hold its first meeting on 20 January 2011.
20/12/2010

Amundi and Natixis make second round in Pioneer bidding

The sale of Pioneer, the asset management unit of UniCredit with EUR185bn in assets, is moving ahead, Agefi reports. The Italian bank has chosen Amundi (an affiliate of Crédit Agricole and Société Générale), Natixis, and the financial services firm Ameriprise for a second round of negotiations.According to a source cited in Le Figaro, UniCredit preferred candidates who were willing buy the entire share capital of Pioneer. BNP Paribas was not selected for the second round, though it was a candidate, and its asset management unit has grown considerably since the acquisitions of BNL (in Italy) and Fortis (in Belgium). But the complexity of its current consolidations did not play in its favour. BNP Paribas also made an offer to acquire only a part of Pioneer.
20/12/2010

Amundi et Natixis qualifiés au second tour dans le dossier Pioneer

Le processus de vente de Pioneer, la filiale de gestion d’actifs d’UniCredit riche de 185 milliards d’euros d’actifs, progresse, rapporte l’Agefi. La banque italienne a retenu Amundi (filiale du Crédit Agricole et de la Société Générale), Natixis et la société de services financiers Ameriprise pour un deuxième round de négociations. Selon une source reprise par le Figaro, UniCredit a privilégié les candidats acceptant d’acquérir l’ensemble de Pioneer. BNP Paribas n’a pas été retenue, pourtant candidate et dont le pôle de gestion s’est considérablement renforcé depuis les acquisitions de BNL (en Italie) et Fortis (en Belgique). Mais la complexité qui en découle en terme de consolidation n’aurait pas joué en sa faveur. En outre, BNP Paribas avait déposé une offre partielle.
20/12/2010

Hedge fund RAB reduces the size of its operations in Asia

p { margin-bottom: 0.08in; } Asian Investor reports that RAB Capital has decided to restructure its activities. The decision, which is related to a highly significant reduction in assets under management at the firm in the past two years, will involve staff reductions in Hong Kong. At least one fund has been closed, and according to the CEO of RAB for Asia, “some projects have been frozen, including the launch of new funds and the recruitment of new teams.” Assets under management at RAB Capital now total USD1bn, compared with USD7bn before the crisis.
20/12/2010

BlackRock Frontiers collecte 94,7 millions de livres

Selon Fund Strategy, le trust d’investissement de BlackRock dédié aux marchés frontières a collecté 94,7 millions de livres. Le trust, qui sera piloté par Sam Vecht, vise des marchés tels que le Nigéria, le Qatar et l’Arabie Saoudite.BlackRock souligne que ce fonds est réservé à des investisseurs sophistiqués. Les frais de gestion sont de 1,1%, les commissions de performance de 10% de la surperformance de l’indice MSCI des marchés frontières.
20/12/2010

Amundi et Natixis qualifiés au second tour dans le dossier Pioneer

Le processus de vente de Pioneer, la filiale de gestion d’actifs d’UniCredit riche de 185 milliards d’euros d’actifs, progresse, rapporte l’Agefi. La banque italienne a retenu Amundi (filiale du Crédit Agricole et de la Société Générale), Natixis et la société de services financiers Ameriprise pour un deuxième round de négociations. Selon une source reprise par le Figaro, UniCredit a privilégié les candidats acceptant d’acquérir l’ensemble de Pioneer. BNP Paribas n’a pas été retenue, pourtant candidate et dont le pôle de gestion s’est considérablement renforcé depuis les acquisitions de BNL (en Italie) et Fortis (en Belgique). Mais la complexité qui en découle en terme de consolidation n’aurait pas joué en sa faveur. En outre, BNP Paribas avait déposé une offre partielle.
20/12/2010
Fonds

JPMAM et GIC achètent l'OpernTurm de Francfort

Pour un montant non divulgué, un fonds institutionnel conseillé par J.P. Morgan Asset Management (JPMAM) et une filiale de GIC Real Estate, la division immobilière du fonds souverain Government of Singapore Investment Corporation ou GIC) ont annoncé le 17 décembre avoir acquis le gratte-ciel de 42 étages OpernTurm à Francfort (67.200 mètres carrés) auprès d’un fonds conseillé par Tishman Speyer et de l’UBS.Cet actif a été achevé en 2009. L’immeuble abrite notamment UBS, qui en occupe 28.000 mètres carrés et le cabinet Allen & Overy, qui loue 9.000 mètres carrés.
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