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25/10/2010

Standish recruits two well-known specialists

p { margin-bottom: 0.08in; } Standish Mellon Asset Management (USD79bn in assets), a bond specialist affiliate of BNY Mellon Asset Management, has announced the recruitment of Tom Higgins as global macro strategist, and Rebecca Braeu as macroeconomic analyst and portfolio manager in the global bonds team. Higgins, who will report to David Ledue, CIO of Standish, joins from Payden & Rygel, where he was chief economist, while Braeu was an economist and emerging markets strategist at MFC Global Investment Management. Desmond MacIntyre president and CEO of Standish, says that assets at the management firm have increased 27% in the twelve months to 30 September. He says there has been strong demand for products specialised in emerging market debt denominated in local currency and liability-driven investment (LDI) strategy, from US establishments and high yield products from US issuers.
25/10/2010

French institutional management rebounded in 2009

p { margin-bottom: 0.08in; } According to the France 2010 institutional panorama, undertaken by Seeds Finance (Morningstar) on behalf of The French institutional investor association (AF2I), the total volume of assets managed by institutional actors last year rose 14.4% to EUR2.8931trn, following a decline of over 9% last year. For insurers, which represent over 56% of the total, unit-linked accounts rose 17.1% to EUR216.5bn, but now represent only 7.5% of the total. In life insurance, inflows rose, but there was a parallel decline in returns, to 3.3% for 2011 and 3.5% in 2010, compared with 3.7% last year. Meanwhile, the fifth edition of the annual AF2I study does not show any major changes in the terrain of the sector. Bonds represent over 70% of overall allocations, compared with 13% for equities, with a more marked preference for the Euro zone (83% of equities, 93% of bonds). Institutionals are continuing to avoid emerging markets, though these are often described as a major investment theme.
25/10/2010

Profits up at T. Rowe Price

p { margin-bottom: 0.08in; } For third quarter 2010, T. Rowe Price Group has announced net profits of USD169.1m, on earnings of USD586.1m, compared with USD132.9m and USD498.1m in the corresponding period of last year. For the first nine months of the year, net profits total USD480.6m, compared with USD281.1m for January-September 2009. Assets as of 30 September totalled USD439.7bn, compared with USD391.1bn as of 30 June, with net subscriptions in the first nine months of the year totalled USD23.4bn (of which USD8bn were in first quarter) while market effects totalled USD25bn. Of total overall assets as of the end of September, USD258.7bn were for mutual funds on sale in the United States.
25/10/2010

Mediolanum awards a custody mandate to State Street

State Street Corporation has been appointed to provide custody services for Banca Mediolanum’s Italian assets. State Street will also serve as the sole global custodian for the Italian entity of the Mediolanum Group. Banca Mediolanum has more than EUR43 billion in assets and services more than 1.1 million customers in Italy. State Street will provide an integrated post-trading solution to support Mediolanum’s global needs and streamline settlements with its preferred providers. First announced in December of 2009, State Street acquired Intesa Sanpaolo’s Securities Services business (ISPSS) in May of 2010, enhancing its position to be the largest investment service provider in Italy. State Street now has more than 440 employees in Italy providing a wide range of investment and asset management services to institutional investors.
25/10/2010

Citi adds to Shanghai staff

p { margin-bottom: 0.08in; } Asian Investor reports that the US banking group Citi has made three recruitments for tis Shanghai offices. Rance Lan has been recruited at vice president in charge of institutional clients for Eastern and Southern China, while Wendy Wang Wenjun and Hou Yang become assistant vice presidents, in charge of bond sales and trading desks, respectively. Citi has also announced that inflows from institutional investors has increased 50% in one year, and that the trend is set to continue.
25/10/2010

GAM plans to develop UCITS III funds

p { margin-bottom: 0.08in; } Le Temps reports that a major initiative of GAM in 2010 has been to move some of its offshore hedge fund expertise into European UCITS III-compliant format products. Now, half of UCITS funds are managed internally. They are equity long/short and global macro products. External funds are the “pearls” in which GAM has full confidence. “This distribution is satisfactory to all parties: to the client, due to the liquidity of UCITS funds; to GAM because it brings knowledge and performance of new products, and to managers for the access to new clients and diversification of its client portfolio,” says Daniel Durrer, director of distribution for GAM funds in continental Europe. The newspaper notes that in November, GAM launched its first four UCITS products, a combination of internal and external managers. There are now 10 products.
25/10/2010

SSgA acquires Bank of Ireland AM

State Street Global Advisors (SSgA), the investment management business of State Street Corporation, announced on Friday that it has agreed to acquire Bank of Ireland Asset Management (BIAM) for consideration of approximately EUR57 million inclusive of estimated net assets of the business of EUR14 million. The transaction is expected to close in the first quarter of 2011 or earlier. State Street expects the transaction to be slightly accretive to 2011 earnings, excluding one-time costs. “This acquisition enables SSgA to expand its range of investment capabilities to include active fundamental management,” said Scott Powers, president and chief executive officer of State Street Global Advisors, in a press release. BIAM manages approximately EUR26 billion in assets for more than 500 clients as of September 30, 2010. It covers global fundamental equities, fixed income, cash, asset allocation, property and balanced funds. Chris Johns, currently the interim chief executive officer and chief investment officer of BIAM will be named SSgA chief investment officer for fundamental active equity and will report to Rick Lacaille, SSgA’s global chief investment officer. Upon closing of the transaction, more than 120 employees of BIAM are expected to join SSgA in Dublin. State Street has had a presence in Ireland since 1996 and currently has approximately 2,000 employees.
25/10/2010

Institutionals adopt Stewardship Code

p { margin-bottom: 0.08in; } The Financial Reporting Council (FRC), which monitors and promotes governance standards in the UK, has published a list of institutional investors who have signed up to the Stewardship Code, launched at the beginning of summer by the FRC. In total, 68 institutional investors have announced plans to sign the governance code, including 48 management firms. Among the signatories are BlackRock, Fidelity IM, M&G IM, Threadneedle AM and CalPERS.
25/10/2010

BlackRock considers development of trusts

p { margin-bottom: 0.08in; } Money Marketing reports that BlackRock has organised a series of meetings with investment trusts to listen to the points of view of independent financial advisers (IFAs) and possibly add to its offerings for this sector. The regain of interest in these vehicles – BlackRock has six of them – is related to the introduction of the RDR (Retail Distribution Review), which will have consequences for the transparency of commissions.
25/10/2010

L’opposition italienne en faveur d'une hausse de la taxation des plus-values

Gianfranco Fini, ex-allié et désormais rival de Silvio Berlusconi, s’est joint ce week-end aux appels de l’opposition à une hausse de la taxation des plus-values boursières pour financer les réformes. Lors d’une réunion samedi soir, Gianfranco Fini a estimé qu’un doublement de l’impôt sur les plus-values réalisées sur les marchés d’actions et d’obligations pour le porter à 24-25%, permettrait au gouvernement de Silvio Berlusconi de trouver des fonds pour des projets à long terme.
25/10/2010

Amundi délègue la gestion de ses FIP et FCPI

La société a lancé un appel d’offres auprès d’un grand nombre de gestionnaires. Quatre à six d’entre eux devraient être retenus d’ici début 2011, selon une source proche du dossier. Amundi prévoit par ailleurs de collecter auprès de ses réseaux entre 150 et 200 millions d’euros par an.
25/10/2010

Le G20 Finance s’attaque à la question sensible des déséquilibres des comptes courants

Les appels répétés et bruyants en faveur d’une réévaluation du yuan ayant rencontré un écho relatif, les Etats-Unis ont choisi ce biais du déséquilibres des comptes courants - une composante des taux de change - pour élargir le débat. Pour Washington, de nouvelles stratégies de croissance doivent émerger, moins dépendantes des exportations et davantage tournées vers un renforcement de la demande domestique. Une orientation que la Chine a récemment indiqué vouloir suivre.
Banderole accompagnant le G20 en Corée du Sud. Photographe: Tomohiro Ohsumi/Bloomberg
25/10/2010

Première vente forcée de bureaux en France

Un immeuble de Clichy, estimé à 90 millions d’euros, est mis en vente suite à un défaut sur le prêt, qui avait été titrisé par Barclays Capital. Sa cession se traduira par une perte sèche pour les investisseurs de la tranche E du véhicule. Le bien est loué à 60% depuis deux ans.
25/10/2010

La Malaisie tient la corde pour un « super-fonds » islamique

Selon son ministre des finances Ahmad Husni Hanadzlah, la Malaisie pourrait prendre la tête d’un fonds souverain multinational regroupant des pays de la Conférence islamique, afin d’investir en Afrique, au Proche-Orient et en Asie centrale.
22/10/2010

Bruxelles cherche à défendre les entreprises européennes

Karel de Gucht, le commissaire européen au commerce, prépare un projet de législation qui permettrait à l’Union européenne de sanctionner en représailles les Etats ne donnant pas accès à leurs contrats publics. Ce texte, cité par le Financial Times, «doit augmenter la symétrie dans l’accès aux marchés publics des pays développés et des grandes économies émergentes». Plusieurs patron allemand, tel celui de Siemens, s'étaient plaint cet été de leur difficulté à décrocher des contrats publics en Chine.
22/10/2010

L'Assemblée porte à 19,6% la TVA sur offres "triple play"

Les députés ont porté de 5,5 à 19,6% le taux TVA sur les offres «triple play» qui regroupent télévision, téléphone et internet dans le cadre du projet de budget pour 2011. Cette mesure devrait faire rentrer 1,1 milliard d’euros dans les caisses de l’Etat. Les députés ont aussi voté un amendement qui limite le montant des indemnités de départs, ou «parachutes dorés», au double de la plus élevée des indemnités de départ prévue en cas de licenciement par les accords d’entreprise ou de branche. Le montant des retraites chapeaux a par ailleurs été limité à 30% du montant de la rémunération reçue la dernière année d’exercice pour certains dirigeants de société.

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