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01/12/2010

Swisscanto outsources sustainable development research

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Swisscanto and the sustainable development research agency Inrate on Tuesday officially commenced their collaboration. From 1 January 2011, Inrate will undertake research on behalf of Swisscanto for its sustainable fund range. The new collaboration will allow Swisscanto to considerably increase the extend and depth of its sustainable development analysis. At the end of September 2010, total assets of CHF2.8bn were invested at Swisscanto in sustainable development funds.
01/12/2010

Evi Vogl to leave BNPP IP for Pioneer Investments

p { margin-bottom: 0.08in; } As of 1 January, Evi Vogl, managing director of BNP Paribas Investment Partners (BNPP IP) for Germany, which she joined on 1 January 2008 from Barings, will become CEO of Pioneer Investments KAG mbH, the asset management firm of the UniCredito group via Pioneer Global Asset Management (PGAM, EUR185bn in assets) has announced .John Burns, who has acted as interim CEO since July, when Dominik Kremer left for Threadneedle, where he became head of European distribution, will concentrate once again on the operational sectors, risk management, compliance and legal affairs at Pioneer.
01/12/2010

Philippe Chanzy joins Ossiam

p { margin-bottom: 0.08in; } The head of ETF structuring at Lyxor Asset Management (Société Générale), Philippe Chanzy, has been appointed executive director and chief financial officer as well as director of risk at Ossiam, a Paris-based management firm affiliated with Natixis Global Asset Management (EUR527bn in assets as of the end of September).Ossiam, directed by Bruno Poulin and Antoine Moreau, is awaiting a license from the AMF to become “the first European ETF firm to offer an extended range of strategy ETFs,” a statement says.Poulin on 30 November stated at Ossiam hopes to be in a position to launch its own product range in early 2011.
01/12/2010

Some US money market funds exposed to European banks

p { margin-bottom: 0.08in; } Many European banks have long been dependent on investors for their financing, because their savings base is too small compared with their credit volumes. And US money market funds were a major source of cash, the Wall Street Journal reports. About USD400bn of the USD2.8trn in assets in US money market funds are invested in foreign banks, J.P. Morgan reports. Fidelity Cash Reserves, for example, as of 31 October held USD4.2bn, 3.5% of its assets, in deposit certificates from BBVA, UniCredit and Intesa Sanapolo. The Schwab Cash Reserves had USD1.5bn in shares in Santander, BBVA, UniCredit and Intesa in its portfolio. The Western Asset Money Market Fund (Legg Mason group), for its part, had Usd848m invested in Santander, BBVA and Intesa. However, the newspaper notes, these banks continue to have good ratings from the agencies, while the real problem is at the Spanish savings banks.
01/12/2010

Barclays Wealth Managers France to export asset management know-how

Barclays Wealth Managers France, the French asset management arm of Barclays Bank, as of the end of December managed assets of over EUR6bn, largely on behalf of French clients. In the coming months, this money market, bond, equities, structured and diversified management will be offered in other countries where Barclays is present. Meanwhile, French clients will have access to the expertise of Barclays Wealth operations in other countries.Barclays Wealth Investment Management would like to develop cross-sales between the various markets where the firm is present. It now has three major management centres in Europe, with Paris specialised in equities, Madrid in fixed income and London in multi-management and funds of hedge funds. The firm is planning to use the Luxembourg Sicav as a basis for this.In France, to carry out these new developments, Barclays Wealth Managers France is planning to recruit sales staff.
01/12/2010

Keren Finance scales up private management

p { margin-bottom: 0.08in; } Keren Finance has announced the recruitment of Xavier Lagae as a private manager. “This addition,” says Vincent Schmidt, CEO of the firm, “is part of the development of private management at our establishment.” This management is based on an open-architecture fund, with the Keren funds, consisting only of Keren Patrimoine and Keren Corporate, representing, in terms of assets, only 10% of the total. Overall, private management represents EUR60m, in addition to which life insurance weighs in at EUR15m. Lagae previously worked at the management firm Richelieu Finance, which later became KBL Richelieu Banque Privée, a statement says.
01/12/2010

JP Morgan private bank continues to grow in France

p { margin-bottom: 0.08in; } In France, JP Morgan is a leader in the private banking market, alongside Edmond de Rothschild, Credit Suisse, UBS and Neuflize OBC, La Tribune reports. Despite a difficult environment, between the beginning of 2009 and the end of 2010, the firm has posted positive net inflows in France of about USD2.25bn, or about EUR1.73bn. “The financial solidity of our group has allowed us to reassure existing clients and capture new ones,” explains Jean-Baptiste Douin, head of private banking for France. The head would like to “continue to conquer clients with wealth of over USD30m, a segment where we have a strong position,” he says.
01/12/2010

Banif launches four profiled funds of funds

p { margin-bottom: 0.08in; } On 14 October, Banif, the private bank from Santander, launched four profiled funds of funds managed by Santander Asset Mangement, which were registered with the CNMV on 26 November, and which replicate portfolios which already exist in Luxembourg. The most prudent of these, Banif Carters Conservadora (ES0113444006), will be at least 80% exposed to bond funds; it carries maximum fees of 3.75%, of which 1.1% is a management commission, and the remainder is performance commission. The balanced product, Banif Cartera Equlibrada (ES0113412003), will invest at least 40% in equities funds, and will charge fees of 3.75%, of which 1.35% is management commission. The most dynamic fund of funds, Banif Cartera Selección (ES0113981007) may be up to 95% exposed to equities funds (up to 30% to emerging markets equities funds), and up to 100% exposed to high yield funds. Fees for this fund also are limited to 3.75%, of which 1.35% is management commission. The highest-risk fund, Banif Cartera Agresiva (ES0114021001) may be up to 100% exposed to currency risks; in normal periods, it will invest at least 40% in equities funds (up to 30% in emerging markets equities), and up to 60% in bond funds, without limitations as to ratings, with the ability to be up to 100% positioned on high yield, with a maximum of 40% in emerging market bond funds. Fees are limited to 3.75% of which 1.35% are management fees.
01/12/2010

Beijing drives up the price of gold

p { margin-bottom: 0.08in; } The Chinese regulator (CSRC) has indirectly triggered a rise of USD19 per ounce in the price of gold (to USD1,385 per ounce) on Tuesday, following the announcement that Lion Fund Management has been authorised to invest in gold ETFs abroad, the Wall Street Journal reports. It becomes the first Chinese management firm to be granted such authorisation, and it has triggered fears of a shortage in gold supply, with rapid increases in assets and the number of physical gold ETFs on the market. Hong Kong has also launched an ETF backed by gold stored at the airport. Carlos Sanchez, associate director of research at CPM Group in New York, says that it should come as little surprise that China is launching its own gold ETF.
01/12/2010

Madoff: Over 100 lawsuits against beheficiaries of fraud

Irving Picard, the court-appointed trustee, filed 123 claims on Tuesday against firms and individuals who allegedly made false profits from their investments with him, according to the Financial Times. Among the filings was a complaint seeking USD19.66m from Blue Star Investors, a hedge fund founded by Thomas Lee.
01/12/2010

M&G signs a new distribution agreement in Italy

p { margin-bottom: 0.08in; } Bluerating reports that M&G Investments has signed a distribution agreement with Banca Monte dei Pachi di Siena, which will allow funds from the British parent company to be sold via the family offices and independent financial advisers of the Italian firm. M&G thus increases the number of distributors for its 24 funds registered in Italy.
01/12/2010

Fitch Ratings confirms rating for FMIT SGR

Fitch Ratings has affirmed FIMIT SGR’s ‘M2 -' Real Estate Asset Manager Rating following the preliminary approval by its Board to merge operations with First Atlantic Real Estate SGR (FARE SGR), a key market player. The conclusion of the merger is still subject to final verification of respective boards, the Bank of Italy’s approval and agreement by both companies’ general assemblies in April/May 2011. The rating action reflects the expertise of both companies and the creation of Italy’s largest real estate manager (about 25 % market share based on funds’ net asset values).
01/12/2010

Strong increase in inflows at Aberdeen

p { margin-bottom: 0.08in; } For the year to 30 September 2010, Aberdeen has posted net subscriptions of GBP2.6bn, compared with outflows of GBP10.7bn the previous year. IN gross figures, inflows totalled GBP46.6bn, 144% more than in 2009. This increase was primarily driven by demand for global emerging market products, global equities, and Asia-Pacific.Assets increased over the year by GBP246.2bn to GBP148.7bn.In this environment, and under the effect of markets and the integration of activities from Credit Suisse, revenues increased 51% to EUR638.2m.Operating profit increased to GBP331.9m, compared with GBP95.7m in 2009, while operating margin came to 34.8%, compared with 22.7% one year earlier. Pre-tax profits, one-time elements, amortisation and impairment of intangible assets totalled GBP210m, compared with GBP85.1m one year earlier.
01/12/2010

Aberdeen rules out Gartmore acquisition

Aberdeen Asset Management has ruled out making an offer for its rival Gartmore in favour of organic growth, according to the Financial Times. Martin Gilbert, Aberdeen’s chief executive, said: “They are a good company, but the star culture doesn’t fit with our team-based approach... It’s more akin to Jupiter or Henderson than us.”
01/12/2010

Le danois ATP investit dans la lutte contre le changement climatique

Le fonds de pension danois ATP, dont les actifs sous gestion s'élèvent à environ 48 milliards d’euros, devrait réaliser son premier investissement dans le cadre de la lutte contre le changement climatique dans les pays émergents au premier trimestre 2011, selon Responsible Investor.Cet investissement, qui s’inscrit dans le cadre de l’engagement pris fin 2009 d’investir dans de tels projets pour un montant de 1 milliard d’euros, concernerait une initiative dans le secteur des énergies renouvelables.
01/12/2010

S&P rassure la France

La France mérite à l’heure actuelle la note AAA de sa dette souveraine, déclare le président de l’agence de notation Standard & Poor’s, Deven Sharma, dans un entretien accordé au quotidien. Il rappelle toutefois qu’aucun pays n’est à l’abri de perdre sa note AAA. La rumeur a couru hier que S&P pourrait placer la note française sous surveillance négative.
01/12/2010

Confirmation de l’estimation de la taxe bancaire britannique

Le secrétaire d’Etat aux services financiers Mark Hoban a confirmé que l’impôt sur les banques britanniques rapporterait 2,5 milliards de livres par an, un montant déjà évoqué. Mark Hoban a également expliqué devant des parlementaires qu’il était «tout à fait exact» que Londres avait poussé l’introduction unilatérale d’un tel impôt, dans la mesure où cela ne portait pas atteinte à sa compétitivité.
01/12/2010

La croissance polonaise plus forte que prévu

L'économie polonaise a enregistré une croissance de 4,2% sur un an au troisième trimestre 2010, ce qui marque une accélération du rythme de hausse du produit intérieur brut du pays, qui avait progressé de 3,5% au trimestre précédent. Les analystes interrogés par Reuters avaient anticipé en moyenne une croissance de 3,6% sur un an pour la période juillet-septembre.
01/12/2010

AGF Management reprend Acuity

La société de gestion canadienne a conclu le rachat d’Acuity Funds pour 325 millions de dollars canadiens, nouvelle étape dans la consolidation du secteur de la gestion d’actifs après l’annonce du rachat de DundeeWealth par Bank of Nova Scotia. La nouvelle entité affichera environ 51 milliards de dollars canadiens d’actifs sous gestion.
30/11/2010

Les prix à la production en hausse de 0,8% en France

Les prix à la production ont augmenté de 0,8% en septembre en France, une progression supérieure aux attentes, montrent les statistiques publiées mardi par l’Insee. La hausse du mois de septembre a été confirmée à 0,3%.
30/11/2010

L’inflation reste stable dans la zone euro

Le taux d’inflation est resté inchangé à 1,9% sur un an en novembre dans la zone euro, un niveau conforme aussi bien aux attentes des économistes qu'à l’objectif de la Banque centrale européenne en termes de stabilité des prix. Eurostat a également souligné que le taux de chômage de la zone euro avait augmenté à 10,1% contre 10,0% en septembre.
30/11/2010

Les coûts d'emprunt flambent sur des marchés tendus dans la zone euro

Le risque de propagation de la crise de la dette souveraine aux pays périphériques de la zone euro continuait de peser sur les marchés européens et sur la monnaie unique, qui est passée un moment sous la barre de 1,30 dollar. Les coûts d’emprunt des pays périphériques poursuivent leur envolée au point d’atteindre, pour l’Espagne et l’Italie notamment, des niveaux inédits depuis l’entrée en vigueur de l’euro. La France est également affectée puisque l'écart de rendement entre le titre de dette française à dix ans et le Bund allemand de référence a augmenté dans la matinée de sept points de base à 58 pdb, son plus haut niveau depuis avril 2009.

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