El mercado de commodities disminuyó en junio debido a que la incertidumbre sobre la recuperación económica global sigue siendo alta, de acuerdo a un análisis de Credit Suisse.
En este sentido, Nelson Louie, responsable global de Commodities en Credit Suisse Asset Management dijo que las noticias macroeconómicas que llegaron de China en junio pesaron sobre el mercado de commodities. “Con Chinaactualmenteregistrando un ritmode crecimiento más moderadoy modesto y con una mejora modesta en otros lugares,lo más probable esque las divergenciasde suministroestán jugando unpapel cada vez más protagonista enun momento en quelamayor correlaciónobservada entreotras clases de activosy los productos básicosdesde 2008ha comenzadoa normalizarse.Dentro de la tendenciaactual,el ritmo decrecimiento de la ofertaesprobable que siga siendoel factor claveen el impulso derendimientosen commodities“, subrayó.
El Dow Jones-UBS Commodity Index Total Return descendió 4.71% en junio. En total,15 de los22componentesdel índiceregistraron resultadosnegativos.El sector de los metales preciososfue elsectorque peor desempeño registró,que bajó un12,27% ante los persistentes temoressobre el plan de la Fed de acabar con su programa deestímulo monetarioyel rallydel dólar.
En cuanto a los metalesindustriales, estos disminuyeron7.11%, tal y como mostró un estudio sobrela actividad manufacturera en China, que se debilitó aun mínimo de nuevemesesen junioya que la demandase tambaleó.En este sentido, Credit Suisse subraya que estas cifras pueden aumentar la presión sobre el Banco Central chino para que afloje su política.
En cuanto a la agricultura, junio fue el mes más bajo, por debajo del 4,16% debido a una presión mayor de mayores existencias de maíz, mayores de las esperadas, y los datos adicionales que muestran mayores zonas de cultivo plantadas a pesar de los retrasos de plantación por problemas relacionados con las temperaturas. Las noticias de que la producción de trigo en Australia aumentó un 15% respecto al mismo periodo del año anterior se sumó también a las preocupaciones sobre los suministros mundiales más grandes. Australia es uno de los mayores exportadores mundiales de trigo.
La energía disminuyó un 2,55%, liderado por gas natural, tras las mayores inyecciones de almacenamiento, según lo informado por la Administración de Energía estadounidense. La ganadería registró el mejor desempeño del sector, que subió un 3,10%.
Imagen de un antiguo anuncio. La HFA aplaude la decisión de la SEC de suprimir las trabas a la publicidad para hedge funds
The Securities and Exchange Commission has now adopted final rules in connection with the Jumpstart Our Business Startups (JOBS) Act, lifting an 80 year old ban on general solicitation and allowing hedge fund managers to advertise. The Hedge Fund Association (HFA) and its members throughout the United States applaud the SEC’s decision as a necessary modernization of the securities laws.
Fundamentally, we believe that these new rules will: (i) increase public transparency regarding the alternative investment industry, including hedge funds; and (ii) facilitate capital formation and ultimately enhance the capital markets. Though the HFA views this development as generally positive, we await publication of the new rules to determine whether particular requirements impose an unnecessary burden on our members. We are in the process of reviewing the text of the final rules, as well as gathering feedback from our members, at which time we will provide a more comprehensive commentary on behalf of the hedge fund industry. The HFA previously provided valuable comments to and materially influenced relevant provisions of The Dodd–Frank Wall Street Reform and Consumer Protection Act.
The Hedge Fund Association is an international not-for-profit organization made up of hedge funds, funds of hedge funds, family offices, high-net-worth individuals and service providers. In the U.S., the HFA has chapters in the Northeast, Southeast, Midwest and on the West Coast. Internationally, the HFA has chapters in Europe, Asia, Australia, Latin America and the Cayman Islands. HFA works on behalf of the entire hedge fund industry, including more than 9,500 hedge funds in the U.S. and abroad which collectively manage in excess of $2 trillion in assets, as well as sophisticated investors and industry service providers.
Foto: WPPilot. Pimco Total Return sufre reembolsos de 9.600 millones en junio
Morningstar reported today estimated U.S. mutual fund asset flows for June 2013. Investors withdrew $43.8 billion from taxable-bond funds and $16.4 billion from municipal-bond funds, making June the worst month on record for bond funds in terms of total outflows. Long-term funds overall shed $47.3 billion, the largest monthly outflow since $105.6 billion in October 2008
Additional highlights from Morningstar’s report on mutual fund flows:
Intermediate-term bond funds lost $24.4 billion in June, dragged down by outflows of $9.6 billion from PIMCO Total Return. DoubleLine Total Return saw redemptions of $1.2 billion, its first monthly outflow. Other weak-performing bond categories included long government, emerging-markets bond, and inflation-protected bond.
Not all fixed-income categories suffered in June and the year-to-date period. Bank-loan funds have collected more assets than any other category in 2013, and nontraditional bond has come in third.
International-equity and alternative funds had net inflows in June. Among international-equity funds, Oakmark International, which has a Morningstar Analyst Rating™ of Gold, continued its string of strong inflows, collecting $753 million. The fund has doubled in size in the last year, absorbing nearly $5.0 billion and achieving a 35 percent return year to date.
At the firm level, PIMCO led outflows, with redemptions of $14.5 billion, followed by Fidelity with $5.1 billion. Vanguard saw its first firm-level outflows (including exchanged-traded and money market funds) in nearly 20 years. MFS topped all providers with inflows of $1.4 billion.
Wikimedia CommonsElisabeth A. Duke/Fed. Renuncia Elizabeth Duke a la Junta de Gobierno de la Fed
Elizabeth A. Duke submitted her resignation Thursday as a member of the Board of Governors of the Federal Reserve System, effective August 31, 2013.
Duke, who has been a member of the Board since August 5, 2008, submitted her letter of resignation to President Obama. She has made no announcements about her future plans.
“Betsy has made invaluable contributions to the Federal Reserve and to the country during her five years at the Board,” said Federal Reserve Chairman Ben S. Bernanke. “She brought fresh ideas grounded in her deep knowledge of the banking industry and the real-world dynamic between borrowers and lenders. I wish her the best in her future endeavors.”
Duke, 60, was appointed to the Board by President Bush to fill an unexpired term that ended January 31, 2012. During her time on the Board she served as Chairman of both the Committee on Consumer and Community Affairs and the Subcommittee on Supervision and Regulation of Community and Small Regional Banking Organizations.
Before joining the Board, Duke was Senior Executive Vice President and Chief Operating Officer of TowneBank, a Virginia-based community bank. Prior to that, she served as an Executive Vice President at Wachovia Bank and as an Executive Vice President at SouthTrust Bank. Earlier in her career, Ms. Duke was President and Chief Executive Officer of Bank of Tidewater, based in Virginia Beach, Virginia.
Wikimedia CommonsFoto: Andy Waddington
. Evercore contrata a dos ex UBS para montar una división de asesoría de private equity
Evercoreannounced that it intends to expand its global investment banking platform by establishing a Private Capital Advisory (“PCA”) business focused on secondary transactions for private funds interests. This initiative significantly expands the services that Evercore offers to leading institutional investors and Fund sponsors, and complements the capital raising advisory services provided by Evercore’s Private Funds Group and the strategic and merger advisory services offered by Evercore’s Advisory business generally, said the firm in a press release.
Nigel Dawn and Nicolas Lanel have agreed to join Evercore to lead the business. Mr. Dawn will run PCA globally while Mr. Lanel will head up the European operation. Mr. Dawn, who was most recently Managing Director and Global Co-Head of the Private Funds Group at UBS, is a recognized leader in this business bringing more than twenty years of experience advising investors and fund sponsors. Mr. Lanel was most recently Managing Director and Global Co-Head of Secondary Advisory at UBS, where he led the expansion of the business into Europe. The PCA business will be majority owned by Evercore with key principals, including Mr. Dawn and Mr. Lanel, owning the minority stake. The Evercore PCA business is expected to launch during the second half of 2013 following the recruiting of additional professionals to support the business in North America and Europe.
“The PCA business fits perfectly into the Evercore model of providing independent advisory services to our clients based on our ideas, our intellectual capital and our relationships. We believe this business leverages the relationship network and market presence of our firm.” said Ralph Schlosstein, President and Chief Executive Officer of Evercore.
Nigel Dawn was a Managing Director and Global Co-Head of the Private Funds Group at UBS. Mr. Dawn was the founder and leader of the Secondary Market Advisory team within the Private Funds Group at UBS, having advised on over $25 billion of secondary transactions. Clients have included leading US public investors, university endowments, banks, insurance companies, hedge funds and leading private equity general partners. Previously, he was head of UBS Investment Bank’s Third-Party Private Equity Funds Team. Prior to joining UBS, Nigel worked at Booz, Allen & Hamilton in New York, and in Asia with Standard Chartered Bank. Nigel graduated from Newcastle University with a Bachelor of Arts degree in East Asian Politics and earned his MBA at Columbia Business School.
Nicolas Lanel was a Managing Director at UBS and was most recently Global Co-Head of its Secondary Markets Advisory group. He established the practice in Europe in 2007, having joined the funds placement team of UBS in 2004, where he initially focused on coverage of institutional investors in Europe and the Middle East. Mr. Lanel has led a number of notable secondary transactions in Europe for clients including financial institutions, pension funds, large family offices and fund sponsors. Mr. Lanel has 20 years of experience in private equity and corporate advisory, having worked previously with the principal investment team at Paribas and at Deutsche Bank in Toronto, London and New York. He will be joining Evercore in October this year. Mr. Lanel earned a Master’s degree in management at ESCP-Europe.
By Diego Delso . 2,408 Candidates Receive First Claritas Investment Certificate
CFA Institute, the global association of investment professionals, announces today that 2,408 participants have successfully completed and passed the ClaritasInvestment Certificate. The Claritas certificate provides a thorough understanding of how the investment industry works, and the knowledge that candidates have acquired will help to shape a more trustworthy financial industry by setting a new international education and ethics standard.
Participants from 70 companies in 50 countries took part in the Claritas pilot program, with candidates sitting the examination in March and April 2013. Since then a full review and standard setting process has been undertaken to evaluate the results and set the passing score for the pilot and future sittings of the examination. From July onwards, candidates who sit the examination will now be able to leave the test center with a preliminary result and receive their official result within a few days after the examination.
The profile of candidates who took part in the pilot ranged across operations, administration, IT, HR, marketing, sales, compliance and customer service. Candidates worked within asset management firms, commercial and investment banks, insurance companies, data and media businesses and professional services organizations. (A list of some of the companies that participated in the pilot can be seen here.)
85% reported they would recommend the program to others
76% said they had benefitted by increasing their industry knowledge
64% said that the program helped them to better understand their ethical obligations within the financial services industry
John Rogers, CFA, president and CEO of CFA Institute, commented: “The industry’s enthusiastic response to the Claritas program is a true indicator of the need to provide accessible education for those experts who surround investment decision makers every day. The commitment and accomplishment of these 2,408 individuals confirms that raising educational excellence is essential in shaping the future of finance.”
John Bowman, managing director and co-lead of Education at CFA Institute, echoed Rogers’ congratulations: “CFA Institute developed the Claritas certificate in response to the financial crisis, and as part of a global call to action for industry participants to play their part in addressing the overall lack of trust in financial services. With the large majority of our pilot partners recommending deeper implementation of Claritas in their firms across a diversity of roles, businesses and geographical and cultural backgrounds, we are confident we’ve met that challenge. These candidates and their supporting pilot partner firms should be proud to stand as pioneers in their sector.”
Global registrations for the Claritas Investment Certificate launched on May 20, 2013.
Foto cedidaPhoto: Bob Geldof (www.bobgeldof.com). Sir Bob Geldof Provides Fresh Insight Into Investing in Africa
Fund Forum International, was honoured to have Sir Bob Geldof in attendance in 2013, where he provided fresh insights into investing in Africa. Why don’t investors turn more of their attention towards Africa? Hear what Sir Bob Geldof has to say in the exclusive interview with him at FundForum.
Foto: mattbuck . Global Asset Management Industry Recovery Begins
After four years of stalled growth, the global asset-management industry has finally entered a recovery, but it promises to be a bumpy one for traditional managers of the industry’s largest asset pools.
Worldwide money managers’ total assets under management reached a record $62.4 trillion in 2012, surpassing the $57.2 trillion set in 2007 before the 2008-2009 financial crisis, according to a Boston Consulting Group study released Tuesday.
Also, managers’ operating margins rose to an average 37% of net revenues and profit increased to $80 billion, although it remained roughly 15% below pre-crisis highs, according to the annual study, “Global Asset Management 2013: Capitalizing on the Recovery.”
The growth in AUM was largely market driven, due to higher global equity and fixed-income returns, with net new asset flows accounting for less of the increase.
Net new flows were a modest 1.2% of global AUM last year. Most flows went to solutions-based managers such as those offering LDI and target-date funds; into strategies other than traditional domestic large-cap equities and domestic fixed income; and into passive strategies. A quarter of traditional managers actually experienced significant outflows from their actively managed core strategies in 2012.
U.S. managers’ profits were above their European counterparts. While U.S. managers’ 2012 profits rose 10% above pre-crisis levels, European managers’ profits remained 31% below what they were before the crisis.
Wikimedia CommonsFoto: Gregory Phillips
. Los diamantes brillan como activos de inversión para los multimillonarios, especialmente chinos e indios
When Hong Kong millionaire Tiffany Chen revealed last month she had paid US$11.15 million for what Christie’s auction house calls “the largest and most perfect briolette diamond ever sold at auction”, it signaled a trend among the world’s ultra net worth (UHNW) individuals: investing in diamonds makes more sense than stocks and gold.
UHNW investors and gem collectors are investing in diamonds as a secure and lucrative asset in the current low-interest, uncertain financial climate, according to Wealth-X, the UHNW business development solution for private banks, luxury brands, educational institutions and non-profits, which has released a list of the world’s most avid billionaire collectors based on net worth.
“Based on our data, we expect the UHNW population, particularly in countries such as diamond-hungry China and India, to accelerate,” Wealth-X CEO Mykolas D. Rambus said. “This can only mean one thing for diamonds as an investment of choice among UHNW individuals: They have a sparkling future.”
Rough diamond prices have increased by nearly a third since 2005 and are likely to rise a further 20 percent between 2013 and 2017, bolstered by demand from China and India.
Hong Kong billionaire Yu Tung Cheng, honorary chairman of Chow Tai Fook Jewellery Group, is the wealthiest billionaire diamond collector with a net worth of US$19.6 billion. In 2010, he paid US$35.3 million for a 507-carat diamond, a record sum for a rough diamond. Since Cheng made his fortune through diamonds and other gems, he has named his racing horses “King of Diamond” and “God of Diamond”.
Others in the list include Nicky Oppenheimer, who owns Tswalu Kalahari Reserve, South Africa’s largest private game reserve. He ranks at number 2 with a net worth of US$6 billion. British billionaire Laurence Graff comes in at 5thplace with a net worth of US$2.1 billion. Graff, who founded high-end jeweller Graff Diamonds in 1960, has seen his business empire expand with at least 32 stores worldwide.
Foto: Tomas Castelazo. América Latina hace los deberes: mejoras de rating para México, Uruguay y Colombia
Sovereign rating actions in Latin America have had a positive bias in 1H13, according to Fitch Ratings. Positive rating actions in 1H13 have included the rating upgrades of Mexico and Uruguay and the revision of Colombia’s Rating Outlook to Positive from Stable.
The only negative rating action was on Jamaica where Fitch downgraded the Foreign Currency and Local Currency Issuer Default Ratings (IDRs) to Restricted Default (‘RD’). The downgrade took place in February following the implementation of a domestic debt exchange that adversely impacted the original contractual terms of domestic bondholders.
Fitch is projecting Latin America’s real GDP growth will reach 2.9% in 2013 compared to its previous forecast of 3.3%
The Rating Outlook for the majority of sovereigns in the region is Stable, which suggests that positive and negative rating pressures are evenly balanced. Currently, Colombia and Ecuador have a Positive Outlook, and El Salvador, Venezuela and Argentina’s Local Currency IDRs have a Negative Outlook.
“Slow global recovery, slower domestic demand growth, softer commodity prices and country-specific factors are leading to a slowdown in most of the regional economies in 2013,” said Shelly Shetty, Head of Fitch’s Latin America Sovereigns Group. “As a result, improvements in fiscal and external solvency and liquidity indicators may be hindered, thus weighing on the upward potential of sovereign ratings.”
Fitch is projecting Latin America’s real GDP growth will reach 2.9% in 2013 compared to its previous forecast of 3.3%. However, excluding Brazil, Latin America’s real GDP will slow to 3.2% in 2013 from 4.1% in 2012.
Fitch expects the multiple speed growth in the region to continue. The five highest growth countries are Bolivia, Chile, Peru, Panama and Paraguay, with the latter forecasted to be the fastest growing economy in the region after a mild contraction observed in 2012. The smaller economies of Ecuador, Colombia and Suriname will record growth above 4% in 2013, while Brazil and Mexico are forecasted to drag the regional performance by growing at 2.5% and 3%, respectively. On the other hand, El Salvador, Jamaica and Venezuela will underperform with growth below 2% in these countries.
In the investment grade category, low debt countries with fiscal buffers like Chile and Peru have the most fiscal space to implement counter-cyclical fiscal policies. Brazil, Colombia, Mexico and Uruguay are more constrained. In the speculative grade space, several Central American and the Caribbean countries continue to face weak growth prospects and challenging debt dynamics that will limit their ability to provide stimulus. Costa Rica will incur the highest fiscal deficit in the region while Argentina’s growing fiscal pressures could lead to greater monetization of the deficit given its lack of market access.
Elections were held in Paraguay and Venezuela in 1H13. The tight victory margin in the Presidential elections in Venezuela could maintain political uncertainty and reduce the scope and pace of policy adjustments. The election calendar is relatively light in 2H13 with legislative elections in Argentina in October and general elections in Aruba in September and Chile in November. The electoral calendar heats up in 2014 with several countries including Brazil, Bolivia, Colombia, Costa Rica, El Salvador, Panama and Uruguay holding presidential elections. Fitch does not foresee dramatic shifts in economic policies following the elections in most countries.
