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26/11/2010

Deka profits up by more than one third

p { margin-bottom: 0.08in; } For the first nine months of 2010, “economic” profits at DekaBank (profits by IFRS accounting standards before taxes, plus the results of the valuation of financial instruments) totalled EUR677.9m, compared with EUR502.5m in January-September 2009, an increase of 34.9%. This is a new record. For 2009 as a whole, economic profits totalled EUR661.8m.Due to the good performance of funds, commission revenues increased 19.2% to EUR778.3m. Net subscriptions totalled EUR1.27bn, compared with EUR3m. Net outflows from the asset management/securities division fell to EUR185m, from EUR1.9bn, while net inflows for asset management/real estate totalled EUR1.5bn, compared with EUR1.19bn.As of 30 September, total assets in the two asset management divisions totalled EUR153.8bn, compared with EUR151.2bn as of the end of December, and EUR150.5bn one year previously.
26/11/2010

Petercam kicks German deployment into active phase

p { margin-bottom: 0.08in; } After three years at Petercam Institutional Asset Management, where he primarily handled the Luxembourg and Belgian markets, Bernard Jans (formerly of KBC) is moving from Brussels to the active phase of marketing funds and mandates on the German market, a project on which the Belgian management firm has been working since late 2008. However, there are no plans to open a German branch office. Petercam has already received licenses from BaFin for four Luxembourg-registered bond funds (Petercam L Bonds EUR Quality, Petercam L Bonds Universalis, Petercam L Bonds Higher Yield and Petercam L Bonds Government Sustainable), for which the production of fiscal figures has been outsourced to EFA in Luxembourg, the administrative agent for the Sicav Petercam L Fund. However, for the Belgian-registered funds, the Petercam Bond Euro and the European benchmark strategy funds (Euroland/Europe/Europe Sustainable), the European thematic strategies (Dividend, Small Caps, Convergence, etc.) and global thematic strategies (Energie, Agriculture, Foundation for the Future), the integration into Petercam’s accounting systems of the necessary tools to calculate this fiscal information took more time than expected, which delayed registration of the funds. As things currently stand, the management firm hoped to be able to complete this step during first quarter 2011. Currently, Petercam has already signed initial distribution contracts with top-level actors (platforms, fund selectors). First contact has also been made with the two major IFA networks.
26/11/2010

Assets up at RWC Partners

p { margin-bottom: 0.08in; } RWC Partners has seen an increase in its assets to nearly USD4bn, in the wake of high subscriptions in recent months, Investment Week reports. The new income products by Nick Purves and Ian Lance, who joined the firm from Schroders, have sustained strong interest on the part of investors.
26/11/2010

Irish sovereign fund may disappear

p { margin-bottom: 0.08in; } L’Echo reports that the Irish National Pension Reserve Fund (NPRF) is in danger. The extreme undercapitalisation of Irish banks has forced the government, in search of liquidity, to dip into the fund, to the tune of EUR7bn in 2009, and most likely EUR2.7bn this year, out of total assets of EUR24bn. The fund is now in danger of disappearing, before even beginning to fulfil its mission of bailing out Irish pensions by 2055. Banking sector shares which were imposed on the portfolio have already led to losses of EUR400m, the newspaper reports.
26/11/2010

BME admits 10 db x-trackers ETFs to trading

p { margin-bottom: 0.08in; } On 25 November, Bolsas y Mercados Españoles (BME) admitted ten ETFs from db x-trackers (Deutsche Bank) to trading, bringing the number of ETFs listed in Madrid to 53. The new products are: db x-trackers DJ STOXX 600 BANKS ETF db x-trackers DJ EURO STOXX 50 SHORT DAILY ETF db x-trackers FTSE/XINHUA CHINA 25 ETF db x-trackers MSCI BRAZIL TRN INDEX ETF db x-trackers MSCI EM Asia TRN INDEX ETF db x-trackers MSCI EM LATAM TRN INDEX ETF db x-trackers MSCI EMERGING MARKETS TRN INDEX ETF db x-trackers DAX ETF db x-trackers SHORT DAX DAILY db x-trackers S&P 500 ETF
26/11/2010

ORSE lays out guidelines for financial services to the weapons industry

Financial institutions are increasingly being asked by those they do business with to justify their investments, particularly in some potentially controversial sectors such as the weapons industry.Against this background, the members of the “Club Finance” at the French Social and Business Responsibility Observatory (Observatoire sur la responsabilité sociétale des entreprises, or ORSE) have set out to establish guidelines for the arms industry in terms of investment, financing, international commercial operations, and services.The white paper aims to define a common basis for an individual sectoral policy at each establishment. It may also potentially help to raise client awareness, ORSE explains.At the conclusion of their work, the members of the Club Finance decided not to exclude arms makers from the financial services they provide, even though several parties are calling on the financial sector not only to exclude any form of aid or assistance to businesses which are involved in the production of arms worldwide, but more generally to withdraw all assistance from the arms industry.
26/11/2010

Edram recruits in Brussels

p { margin-bottom: 0.08in; } The Brussels sales team of Edmond de Rothschild Asset Management (Edram, see newsmanagers of 27 September) will soon gain a new team member in the person of Philippe Balmans, who is leaving Petercam Institutional Asset Management on 26 November. The distribution team, led by Ludwig Caluwé, will eventually include three to four people.
26/11/2010

Net inflows of EUR46bn to UCITS funds in third quarter

p { margin-bottom: 0.08in; } UCITS funds in third quarter saw net inflows of EUR46bn, following net outflows of EUR28bn in second quarter, according to the most recent statistics from the European fund and asset management association (EFAMA).Long-term UCITS-compliant funds, excluding money market funds, attracted a net total of EUR62bn in third quarter, compared with EUR23bn in second quarter. Net inflows to bond funds totalled EUR37bn, compared with EUR10bn in second quarter. Equities funds returned to positive territory, with net inflows of EUR4bn, following outflows of EUR12bn in second quarter. Investors remained highly cautious about their exposure to equities, however, EFAMA reports.Outflows continued for money market funds, but at a much more moderate pace, with net outflows of EUR16bn, compared with EUR51bn in second quarter. This development is due to a rebound in interest in money market funds in the month of August.In the first nine months of the year, net inflows to UCITS funds totalled EUR66bn, compared with EUR122bn in January-September 2009. This decline in net inflows is largely due to outflows from money market funds (EUR106bn). Long-term UCITS funds taken by themselves show net inflows in the first nine months of the year of EUR172bn, compared with EUR104bn in the first nine months of last year.
26/11/2010

FSA charges former Blue Index employees of insider trading

p { margin-bottom: 0.08in; } According to the website of the British Financial Services Authority (FSA), five people, including two former directors and a senior trader from the Blue Index Limited company have been charged with a total of 17 counts of insider trading. James Paul Sanders, director, and his wife Miranda Sanders, are said to have used confidential information to encourage their clients to buy shares in companies via CDS.
26/11/2010

Departure of a COO from Credit Suisse

p { margin-bottom: 0.08in; } Asian Investor reports that Rocco Paduano, 41, has left his position as COO of the prime brokerage activity of Credit Suisse. Paduano, who joined the firm in September 2009, says that he would now like to take on a new challenge in Asia, either remaining in sell-side activities, or in a return to the buy-side, either in a position as CEO or COO at a hedge fund. Before joining Credit Suisse, the website reports, Paduano was head of risk management at Hindsight, a hedge fund firm based in Hong Kong.
26/11/2010

BNP Paribas Securities Services opens an office in Barcelona

p { margin-bottom: 0.08in; } BNP Paribas Securities Services (BNPPSS) on Thursday, 25 November announced that it has opened an office in Barcelona. In addition to services related to securities custody, settlement and clearance, BNPPSS will also offer subcontracting services related to investment operations and depository banking services for FCP investment funds and pension funds, a statement says. BNP Paribas Securities Services already has a Spanish office in Madrid.
26/11/2010

BNY Mellon AM planning to focus on organic growth

p { margin-bottom: 0.08in; } “We actively participated in the concentration of the market in asset management, but that was not a path to a large-sized business for us: our objective was always to acquire the expertise that we did not have. Our most recent acquisition, of the British firm Insight (USD171bn in assets), was not motivated by the fact that Lloyds Bank needed cash, but rather that we did not have a specialist in liability-driven investment (LDI), and we wanted to strengthen our absolute return proposition.” So said Paul Feeney, global head of distribution, on Thursday evening in Paris, explaining the external growth strategy of BNY Mellon Asset Management (USD1.1trn), which now has 18 boutiques, all of them operating independently in their management style and/or asset class(es).“We are dedicated to filling the gaps that there may be in our product line, solely from a manufacturer point of view,” the manager says. The only centralisation which has been taking place group-wide is for distribution outside the United States, which employs a sales force of about 300 people. “But there is no global CIO at BNY Mellon AM: we have 18 CEOs.”“Currently, we don’t have any more significant gaps, and we are not really looking for more acquisitions. I admit that maybe we are missing an asset management firm specialised in Indian equities, but currently this type of management firm is beyond our price range, too expensive. We don’t have an ETF affiliate either, but that is not a part of our management doctrine, even though in Mellon Capital we do have a specialist in passive management,” Feeney told Newsmanagers.
26/11/2010

Malaysian stock exchange looks to launch ESG index

p { margin-bottom: 0.08in; } The Malaysian stock exchange is planning to launch an environmental, social and governance (ESG) index in order to attract socially responsible investment funds, the website Responsible Investor reports.
26/11/2010

La FSA conciliante avec le trading haute fréquence

Pas de doute aux yeux d’Alexander Justham, haut responsable de l’autorité britannique des marchés, la Financial Services Authority, le trading haute fréquence ne pose pas de soucis en soi, tant que les autorités disposent des moyens nécessaires pour suivre les développements technologiques que les opérateurs de marché.
26/11/2010

Maudit automne pour FrontPoint

Le quotidien croit savoir que le gestionnaire alternatif, cité il y a trois semaines dans le cadre d’une enquête des autorités américaines sur des délits d’initié, fait face à des demandes de retrait de la part des investisseurs pour trois milliards de dollars. Soit près de la moitié des 7 milliards d’actifs sous gestion du hedge funds. Une telle déconvenue ne serait pas isolée. FrontPoint Partners s’apprêterait à tout simplement fermer son fonds dédié à la santé, au cœur des soupçons de délit d’initié. Le gestionnaire aurait assuré les clients du fonds, par un courrier cette semaine, qu’ils seraient remboursés à hauteur de 97% de la valeur d’actif net au 19 novembre.
26/11/2010

Politique monétaire allopathique ou homéopathique ?

Les traitements prescrits aux économies américaine et européenne par leurs banques centrales respectives s’opposent. Allopathie pour la Fed, qui cherche à faire baisser les taux longs par des achats massifs d’obligations. Homéopathie pour la BCE, qui s’assure de la fluidité des marchés par des achats parcimonieux d’obligations.
26/11/2010

Apax s’offre Advantage Sales

Le groupe de capital investissement a dévoilé jeudi le rachat de la société de services marketing. Selon une source proche du dossier citée par Bloomberg, l’investissement avoisine 1,8 milliard de dollars. L’opération a été réalisée auprès de J.W. Childs Associates et Bank of America.
26/11/2010

Activa Capital adopte les principes de l’ONU

Le fonds français a indiqué avoir adopté les six «Principes pour l’investissement responsable» (PRI) de l’Organisation des nations unies. Activa Capital souligne avoir déjà été en juin 2008 l’un des premiers signataires de la Charte des investisseurs en capital de l’Afic.
26/11/2010

Le Brésil durcit le ton

L’autorité boursière brésilienne, la CVM, a indiqué qu’elle entend renforcer les règles concernant les prises de contrôles par le biais d’une offre sur le marché, afin de mieux garantir les intérêts des actionnaires minoritaires. Ces derniers disposeraient notamment d’un délai de réflexion de trente jours suivant la clôture d’une offre pour finalement décider d’y apporter leurs titres.
25/11/2010

L'aide à l'Irlande devrait être finalisée début décembre

Les discussions sur l’aide accordée par l’Union européenne (UE) et le Fonds monétaire international (FMI) à l’Irlande devraient s’achever d’ici au début décembre, a annoncé jeudi un porte-parole du commissaire européen à l’Economie et aux Affaires monétaires Olli Rehn. Aucune discussion portant sur d’autres pays désireux de solliciter une aide financière de l’Union européenne n’est engagée, a déclaré, par ailleurs, Amadeu Altafaj, porte-parole de la Commission. La CE qui n’a pas d’opinion arrêtée quant à savoir si les créanciers obligataires doivent également assumer la charge du règlement de la dette irlandaise. La ministre de l’Economie, Christine Lagarde a, de son côté, déclaré que le futur mécanisme permanent européen d’assistance financière à un Etat en difficulté devra être conforme aux règles du Fonds monétaire international (FMI).
25/11/2010

Adjudication de BTF le 29 novembre

L’Agence France Trésor annonce l’adjudication, le lundi 29 novembre, d’un montant global de 8 milliards d’euros de bons du Trésor (BTF). Cette opération portera sur 4,5 milliards d’euros de bons à 13 semaines qui arriveront à échéance le 03/03/11, sur 2 milliards d’euros de bons à 24 semaines, à échéance du 19/05/11, et sur 1,5 milliard d’euros de bons à 50 semaines, à échéance du 17/11/11.
25/11/2010

Carlyle acquiert six distributeurs auprès de Primondo

Le gestionnaire alternatif The Carlyle Group a annoncé le 24 novembre l’acquisition de six distributeurs multi-canaux qui appartenaient à l’allemand Primondo Specialty Group (PSG), une ancienne filiale d’Arcandor. Les modalités financières de la transaction n’ont pas été dévoilées.Dans le détail, l’opération porte sur Versandhaus Walz, avec Baby Walz, Die Moderne Hausfrau et d’autres marques, Planet Sports, Bon’A Parte, Elégance, Mirabeau et 50 % de Vertbaudet Germany.L’acquisition a été réalisée par le fonds Carlyle Europe Partners III (5,4 milliards d’euros), dont c’est le cinquième investissement cette année, après l’achat de B&B Hotel Group, Giannoni, NBTY et Commscope.

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