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22/04/2010

French government drafting an economic intelligence bill

Challenges reports that the inter-ministerial economic intelligence delegation is preparing a bill for the end of this year which would grant increased legal protections to economic secrets, which would extend beyond the protection of patents. The bill, inspired by the Clinger-Cohen Act, passed by the United States in 1996, and by the work of Alain Juillet and Bernard Carayon in France, would make an arsenal of legal procedures and sanctions available to heads of businesses.
22/04/2010

SEC investigating another Ponzi scheme

The Securities and Exchange Commission has charged a prominent Miami Beach-based businessman and philanthropist with fraud for orchestrating a USD900 million offering Ponzi scheme. The SEC alleges that Nevin K. Shapiro, the founder and president of Capitol Investments USA, Inc., sold investors securities that he claimed would fund Capitol’s grocery diverting business.
22/04/2010

SEC case against Goldman could be weakened by new testimony

Testimony from Paolo Pellegrini, a former executive at hedge-fund Paulson & Co., could weaken the U.S. government’s lawsuit against Goldman Sachs, says the Wall Street Journal. He told investigators from the Securities and Exchange Commission that he had informed ACA Management that his firm was betting against a transaction that is now at the center of the lawsuit, according to a person familiar with the matter.
22/04/2010

Credit Suisse/Tremont hedge fund index up 2.22% in March

The Credit Suisse/Tremont Hedge Fund index gained 2.22% in the month of March, after gains of 0.68% in February. The best performance went to managed futures strategies, with gains of 4.25%, followed by 3.89% for emerging markets and 2.85% for event-driven. As in the previous month, the short bias strategy finished in the red, with losses of 6.61%, following losses of 3.20% in February.
22/04/2010

UBS GAM gets a new head for Americas

According to Financial News Online, the head of North and Latin America at UBS Global Asset Management, Kai Sotorp, is to take three months leave after stepping down to make way for the firm’s former deputy global head of equities, Shawn Lytle.
22/04/2010

Fitch awards “A” financial strength rating to Groupama

Fitch Ratings announced on 21 April that it has awarded an Insurer Financial Strength (IFS) rating of ‘A’ to Groupama S.A., and to its main insurer affiliates: Groupama GAN Vie, GAN Assurances, GAN Eurocourtage and Groupama Transport. An Issuer Default Rating (IDR) of ‘A-' and subordinate debt rating of ‘BBB’ have also been issued to Groupama S.A., with a stable outlook on all ratings. The agency says that the ratings for Groupama reflect the good solvency and moderate debt level in relation to the risk profile of the group, which has widely diversified activities and risks. The ratings also take into account the prudent management, solid commercial positioning and good profitability of the firm at a time when the markets are in a recovery phase. Fitch estimates that the major challenge for Groupama is now to successfully integrate recent acquisitions in order to realise synergies in the next three years and to justify the price of those acquisitions on its balance sheet.
22/04/2010

Citi launches a platform dedicated to hedge funds

Citi has launched an international platform dedicated to hedge funds. The platform is in the form of an integrated infrastructure covering the entire operational cycle of a hedge fund, including daily transaction processing, reporting, and onshore and offshore allocations, including side pockets.
22/04/2010

Global X Funds launches two commodities ETF funds

The New York-based ETF provider Global X Funds has launched two new ETFs, one of which is based on silver, and the other on copper. The Global X Silver Miners ETF (ticker: SIL) is the only ETF in the world dedicated to mining companies specialised in silver, a statement from the company says. It tracks the Soloactive Global Silver Miners Index, which includes the largest and most liquid companies in the sector. As of 31 March, the largest firms in the index were Fresnillo, Industrias Penoles, Silver Wheaton and Pan American Silver. A statement says that according to BMO Capital Markets, global industrial demand for silver is expected to increase 19% this year. The Global X Copper Miners ETF (ticker: COPX), for its part, replicates the Soloactive Global Copper Miners Index, which includes the largest and most liquid mining companies specialised in copper. As of 31 March, the largest positions of the index were Freeport-McMoran, Xstrata, Grupo Mexico and Southern Copper. Global X Funds says demand for copper will continue to be strong in the near future, not only due to the needs of China, the world’s largest consumer, btu also because governments worldwide are expected to dedicate about USD30trn to infrastructure projects in the next 20 years.
22/04/2010

Good quarterly results for asset management at Morgan Stanley

The Global Wealth Management unit of Morgan Stanley has reported pre-tax profits in first quarter of USD278m, compared with USD119m in first quarter 2009, largely due to the integration of Smith Barney into the firm’s joint venture with Citigroup. Net earnings totalled USD3.1bn, compared with USD1.3bn one year earlier. Client assets as of the end of the quarter totalled USD1.6trn. Net inflows in the quarter totalled USD5.8bn. The Asset Management unit has earned pre-tax profits of USD173m, compared with losses of USD283m in first quarter 2009. Net earnings totalled USD653m, compared with USD22m one year earlier. Net earnings for “core” activities taken on their own (traditional asset management, hedge funds and funds of funds) rose 47% to USD414m. Assets under management or administration as of the end of the quarter totalled USD262bn, compared with USD250bn one year earlier. This development reflects positive market effects partially offset by net outflows, largely from money market funds. The Morgan Stanley group, which is now hoping to focus its growth in wealth management and asset management and less in trading, earned net profits in first quarter of USD1.4bn, after losses of USD578m in first quarter 2008.
22/04/2010

Covéa will have a single management firm in a few days

Agefi reports that Covéa, a business of the mutual insurance group SGAM, which includes MMA, MAAF and GMF, will on 1 May create a single asset management firm, born of the merger of Covéa Finance and MMA Finance. It will manage nearly EUR67bn, of which EUR23bn will come from MMA. This is less than Groupama AM, which has EUR81bn in assets, but as much as CM-CIC AM, and three times more than Ofi AM, the management arm of the mutual insurers Macif and Matmut.
22/04/2010

Mellon Capital Management appoints a managing director

Mellon Capital Management, a part of BNY Mellon Asset Management, on 21 April announced the appointment of Anjun Zhou as managing director in charge of asset allocation research. In his new role, Zhou will focus on ways to improve investment strategies and risk controls for global asset allocation strategies at Mellon Capital. She will report directly to Jeff Zhang, managing director and head of multi-strategy. Zhou was previously at Morgan Stanley Investment Management, where she was in charge of global macro allocation and also managed a portfolio. As of 31 March 2010, Mellon Capital had USD184.4bn in assets under management.
22/04/2010

Zweig Dimenna to launch a UCITS fund

New York-based hedge fund Zweig Dimenna Associates is teaming up with Bank of America Merrill Lynch to bring its long short equity skills to Europe with a Newcits fund, Citywire can reveal. The new Ucits III fund, which has just received clearance from the Luxembourg regulator CSSF, will mirror Zweig Dimenna’s 23 year-old flagship hedge fund strategy. It will take a long/short approach to the US equity market, and will be managed by Joe DiMenna as well as Tom Keyes
22/04/2010

Equities funds perform well in Germany

Equities funds in Germany have gained 54.4% in the twelve months to the end of March 2010, four percentage points more than the DAX 30, according to statistics from the German management association BVI. Equities funds focused on eastern Europe gained as much as 118.1% in the period under review, while equities funds specialised on emerging markets have gained 75.5%. For bonds, emerging market funds have gained 31.1%, while funds dedicated to corporate bonds have gained 25.9%. Euro bond funds have gained 8.8%. Open-ended real estate funds, with gains of 2% in the period under review, barely outperformed traditional Euro money market funds (1.5%).
22/04/2010

Nomura appoints a CEO for EMEA

Nomura Holdings Inc. on Wednesday announced the appointment of Tarun Jotwani as chief executive officer and director for the Europe, Middle East and Africa (EMEA) region. He will report to Jesse Bhattal, president and chief operating officer for the Investment Banking, Equities and Fixed Income divisions, and will retain his responsibilities as director of international Fixed Income activities, according to a statement from the firm. Jotwani joined Nomura in December 2008, and was head of the Capital Markets unit for the Asia-Pacific region, at Lehman Brothers, in charge of Fixed Income, Equities and Principal Investing Groups activities. Nomura has also announced the appointments of William Vereker and Hiroyuki Suzuki as Co-Heads of Global Investment Banking.
22/04/2010

Citi launches an automatic currency hedging service

The US-based Citi group has announced the launch of the AutoTX Passive Hedge service, which offers shareholders in institutional funds the ability to automatically hedge their positions to reduce forex risks.
22/04/2010

Rusal planning to launch an aluminium tracker fund

Les Echos reports that the world’s largest aluminium producer, Rusal, is planning to launch a fund to track the price of the non-ferrous metal in the second half of this year. The underlying asset which the aluminium mining company would mobilize to back the fund would be 1 million tonnes of aluminium, equivalent to one quarter of its annual production, and about 35 of global annual supply of virgin aluminium.
22/04/2010

Strong profits at Credit Suisse

The Private Banking unit of Credit Suisse, which includes the Wealth Management Clients and Corporate & Institutional Clients units, posted pre-tax profits for first quarter of CHF892m, down 10% on first quarter of last year, which the group notes included CHF100m in revenues from the settlement of a captive insurance activity. Excluding this one-time element, pre-tax profits this year are CFH53m, or 8%, higher than last year. Net proceeds also increased by CHF22m, a slight increase, bringing the total to CHF2.9bn. Net inflows totalled CHF18.6bn (of which CHF12.9bn were for wealth management activities), with extremely high inflows to Swiss clients and emerging market clients in particular. The Asset Management unit posted pre-tax profits of CHF166m in first quarter, following losses of CHF490m the previous year. Net inflows totalled CHF11.2bn, of which CHF4.4bn were for multi-asset class solutions, and CHF4.3bn for alternative investments. The group earned net profits of CHF2.1bn in first quarter, for returns on owners’ equity of 22.3%.
22/04/2010

Inflows up strongly at St. James's Place

The British wealth management firm St. James’s Place has reported net inflows in first quarter of GBP700m. Assets under management as of 31 March totalled GBP23.3bn, or about EUR26.6bn, an increase of 9% since the beginning of the year, and of 52% in the past twelve months.
22/04/2010

Jason Mitchell returns to GLG

GLG Partners has announced that Jason Mitchell will be rejoining the firm’s investment management team, where he will be working closely with Senior Managing Director and Co-Founder Pierre Lagrange and Adeline Diab. In his new role, he will be focusing on stock picking in the areas of global environment and social governance. After a number of years as a top-performing media and telecoms investor, Mitchell left GLG Partners in early 2008. Since then, he has worked in the private water treatment industry. He has also acted in advisory roles with a particular focus on water and telecoms infrastructure projects in developing countries. «Jason has built up specialist expertise that will be extremely valuable to GLG as we seek to expand our ESG capabilities,» said Lagrange. «I have been looking for some time for a way of enhancing the thematic basis of our research in this area by better stock-picking on a global basis, and I am delighted that Jason—strengthened by his industry experience—is now available to take this role.» «Under the direction of Adeline Diab, GLG has already made great progress in integrating sustainability research into the mainstream of our investment process,» Lagrange added. «Jason will also work with me and Adeline to develop additional investment products.”
21/04/2010
Fonds

Les Ucits sont plébiscités en Asie

65 % des promoteurs et distributeurs de fonds en Asie pensent que les fonds coordonnés européens (Ucits) seront l’une des priorités en termes de produits dans l’année qui vient, indique un sondage réalisé récemment par RBC Dexia Investor Services. Les fonds «long only» ont quant à eux été cités dans 50 % des cas, devant les hedge funds (24 %), les ETF (21 %), le private equity (9 %) et l’immobilier (9 %).Cela semble confirmer le succès de la marque européenne en Asie. D’ailleurs, 33 % des personnes interrogées pensent que la nouvelle directive Ucits 4 rendra le véhicule plus attrayant. Les trois quarts des promoteurs et distributeurs de fonds en Asie (62 %) proposent déjà des Ucits ou ont l’intention de le faire dans un avenir proche (12 %).Néanmoins, malgré le succès des fonds coordonnés européens, les barrières réglementaires continuent de rendre l’accès au marché asiatique difficile pour le secteur des fonds, souligne RBC Dexia Investor Services. Ces obstacles constituent un «défi important» pour 85 % des personnes sondées.
Fonds
21/04/2010
Fonds

Les encours des hedge funds proches de leur plus haut historique

Les hedge funds affichent désormais un encours d’environ 1.670 milliards de dollars, soit 2 % de moins que leur plus haut historique en octobre 2007, selon les statistiques de HFR citées par le Financial Times. Ce rebond par rapport au creux de début 2009 s’explique par de fortes performances et le retour des investisseurs.
Fonds
21/04/2010
Fonds

First State lance un fonds "agribusiness"

First State Investments a lancé un fonds offshore investi dans un portefeuille concentré de sociétés des secteurs de l’agriculture, rapporte Money Marketing. Le fonds, First State global agribusiness, est libellé en dollars, domicilié en Irlande et géré depuis Sidney. Une version britannique sera néanmoins lancée pour le Royaume-Uni et l’Europe.
Fonds
21/04/2010

La régulation impactera les convertibles

Selon Le Temps, le marché des obligations convertibles se prépare à un bouleversement. Le renforcement des règles prudentielles dans les secteurs de l’assurance et de la banque, en accroissant les besoins de fonds propres, «risque de provoquer un grand nombre de nouvelles émissions obéissant à des contraintes pour le moment inconnues», a prévenu Nathalia Barazal, gérante de fonds chez Lombard Odier.
21/04/2010
Fonds

Zone euro : souscriptions nettes d'OPCVM de 22 milliards en février

L’encours de parts émises par les OPCVM non monétaires de la zone euro est ressorti en hausse à 5.051 milliards d’euros en février 2010, contre 4.993 milliards en janvier, selon les statistiques communiquées par la Banque centrale européenne (BCE). Sur la même période, l’encours des parts émises par les OPCVM monétaires de la zone euroe a diminué à 1.202 milliards contre 1.215 milliards.Les souscriptions nettes de parts d’OPCVM non monétaires de la zone euro sont ressorties à 22 milliards d’euros en février 2010, tandis que les souscriptions nettes de parts d’OPCVM monétaires se sont établies à ‑17 milliards. Le rythme de progression annuel des émissions de parts d’OPCVM non monétaires de la zone euro, calculé sur la base des transactions, s’est inscrit à 10,5% en février 2010. S’agissant des OPCVM monétaires, ce taux est ressorti à ‑7,8% sur la même période. En ce qui concerne la ventilation par stratégies de placement, le rythme de progression annuel des parts émises par les fonds « obligations » est ressorti à 13,7% en février 2010. Les souscriptions nettes de parts émises par ces fonds se sont élevées à 14 milliards d’euros en février 2010. S’agissant des fonds «actions», le taux de croissance annuel est ressorti à 15,9% et les souscriptions nettes se sont inscrites à 4 milliards d’euros. Pour les fonds mixtes, le taux de croissance a atteint 3,8% et les souscriptions nettes se sont établies à 3 milliards d’euros.
Fonds
21/04/2010

Aladdin perd son directeur des ventes pour l'Europe

Selon Financial News, Tim Goodale, managing director et responsable de la distribution pour l’Europe chez Aladdin Capital Management, a quitté la société de gestion alternative au début du mois, en bons termes avec la direction, avec l’objectif de poursuivre d’autres intérêts.
21/04/2010

Décollecte record chez Goldman Sachs au premier trimestre

Les produits nets du pôle Asset Management et Securities Services se sont élevés au premier trimestre à 1,34 milliard de dollars, en recul de 8% par rapport au premier trimestre 2009 et de 14% par rapport au quatrième trimestre 2009.Les revenus de la seule activité de gestion d’actifs sont demeurés stables au premier trimestre à 946 millions de dollars. Mais les actifs sous gestion ont reculé de 31 milliards de dollars à 840 milliards de dollars, en raison d’une décollecte nette record de 39 milliards de dollars, due pour l’essentiel à des sorties des fonds monétaires, en partie compensées par des flux sur l’obligataire et par un effet marché de 8 milliards de dollars, pour l’essentiel sur les actions.Le pôle Securities Services affiche des revenus de 395 millions de dollars, en recul de 21% par rapport au premier trimestre 2009.
21/04/2010

BNY Mellon augmente ses encours grâce à Insight

Les encours sous gestion de Bank of New York Mellon, hors prêts de titres, sont ressortis à 1.100 milliards de dollars au 31 mars 2010. Cela représente une hausse de 25 % par rapport à l’année dernière mais une baisse de 1 % par rapport au trimestre précédent. L’augmentation annuelle a été principalement liée à l’acquisition d’Insight Investment Management au quatrième trimestre 2009. Le recul trimestriel s’explique quant à lui par des sorties sur les fonds monétaires.Les commissions de gestion d’actifs et de fortune se sont établies à 696 millions de dollars, soit une hausse de 13 % sur un an et un repli de 5 % sur trois mois. BNY Mellon a publié globalement un bénéfice de 601 millions de dollars au premier trimestre, en progression de 65 %.

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