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19/10/2017

Swiss investment funds had inflows of CHF3.7bn in September

Swiss investment funds in September posted net inflows of about CHF3.7bn, according to statistics released by Swiss Fund Data and Morningstar. Taking market effects into account, assets un funds are up by CHF15.3bn, or 1.5%, to CHF1.0423trn as of the end of September. As in previous months, bond funds were most popular, and attracted CHF2.7bn, while equity funds, for their part, took in slightly over CHF500m.
19/10/2017

Edmond de Rothschild (Suisse) acquires British firm Cording Real Estate

The private bank Edmond de Rothschild (Suisse) has acquired a majority stake in Cording Real Estate Group, via its affiliate Orox Europe. The operation is expected to strengthen the Edmond de Rothschild Real Estate brand, which is currently managed by the Cleveland group in France, and Orox in Switzerland and Northern Europe, the private bank says in a statement. The sale price has not been disclosed. The acquisition is expected to be completed by the end of the year, pending the approval of the authorities.“The activities of Cording and its team come as additions to our real estate offerings, and we are opening up access to three new markets in Northern Europe, whie positioning ourselves as a key actor in the investment and real estate management markets,” says Ariane de Rothschild, CEO of the Edmond de Rothschild group. Cording Real Estate Group, based in London, is an investment and real estate management company which has 80 employees and EUR2.3bn in mandates under management, the statement says. The group is present in Germany, the United Kingdom and Benelux. The Geneva-based bank and Cording have agreed to sign a strategic partnership to cover EUR7.8bn in assets under management, to cover 125 employees in 11 offices in Switzeralnd and Europe. The current directors of Cording will remain minority shareholders in the business. Rodney Bysh retains the position of CEO, while John Partridge remains as chairman.
19/10/2017

Rathbones sees 2.5% increase in assets in third quarter

At the conclusion of third quarter 2017, assets under management at Rathbone Brothers (Rathbones) totalled GBP37.5bn, up 2.5% compared with the end of June 2017, the British asset and wealth management firm announced on 18 October. Assets in the investment management unit totalled GBP32.5bn as of the end of September 2017, compared with GBP32bn as of the end of June 2017. Meanwhile, assets under management at the unit trust division totalled GBP5bn as of the end of September 2017, compared with GBP4.6bn as of the end of June 2017, an increase of 8.7%. In the past quarter, Rathbones has posted net inflows of GBP619m, of which GBP277m were for the investment management unit, and GBP342m for the unit trust division. At the conclusion of third quarter 2017, Rathbones had earned underlying operating profits of GBP70.5m, up 7% year over year.
19/10/2017

Investors still highly optimistic

Investors remain highly optimistic in early October. They have reduced their liquidity allocations from 5.8% to 4.7%, the lowest level in two and a half years, the most recent survey by BofA Merrill Lynch, undertaken between 6 and 12 October, and covering a sample of 207 respondents with USD585bn in assets suggests. Meanwhile, 41% of investors are expecting further improvement in the economic situation in the coming 12 months, compared with 25% last month, but a record 62% at the start of the year.Euro zone equities remain highly popular. “Europe is in fashion, according to international investors, with overweight positions on euro zone equities near record levels, and profit outlooks for equities rising sharply. European investors remain optimistic about macro outlooks, and are prediciting a global upturn,” says Ronan Carr, European equity strategist. However, asset managers are positioning themselves for rising returns, coming back to banks and Japan, which are assets that will profit from rising interest rates and inflation, and divesting from utilities, emerging markets, health care and bonds.
19/10/2017

Market effects related to growth in OPC assets in September

Assets under management by collective investment organisms in September posted growt of 1.3%, or GBP573.5bn, to a total of GBP45.370trn as of the end of September, according to the most recent statistics from Thomson Reuters Lipper. Most of this increase is down to the good performance of the markets, which brought in more than USD500bn, while net inflows totalled only USD70.7bn. Over one year, assets are up by nearly USD6trn, with inflows totalling USD1.580trn.In the month under review, bond funds were most popular, with net inflows of USD56.45bn and USD8.5bn. At the other end of the spectrum, alternative funds completed September with net outflows of USD7.4bn. Since the beginning of the year, inflows to bond funds have led, with a total of USD628.6bn, followed by equity and diversified funds, which have net inflows of respectively USD297.6bn and USD231.9bn. The best-performing funds since the beginning of the year have been equity funds (17.5%) and diversified funds (11.8%).
19/10/2017

AMP Capital opens a representative office in Dubai

Australia’s AMP Capital has opened a new representative office in Dubai and appointed an institutional director, Sudhanshu Garg, who will be responsible for introducing AMP Capital’s real assets capabilities to clients across the Gulf Cooperation Council (GCC).Mr Garg has more than 23 years’ experience across a broad range of banking and financial services roles. He has held senior management roles at ABN Amro in Dubai and later as a senior vice president at Royal Bank of Scotland where he was head of financial institutional business for the Middle East. Most recently he was managing a consultancy business in Dubai where he was instrumental in advising on various investment product development, product structuring and managing key external relationships on behalf of the businessThe new office is located within the Dubai International Financial Centre Authority (DIFC), the financial services hub for the Middle East.“As AMP Capital continues its global expansion strategy, it makes sense to have an on-the-ground presence in Dubai, which is the gateway to the Middle East and a potential high-growth market for us » said Boe Pahari, Director, North West Region at AMP Capital.
19/10/2017

Aberdeen Standard Investments launches an impact fund

Aberdeen Standard Investments is launching the Global Equity Impact, an impact fund in the equity universe which is managed by Sarah Norris and Dominic Byrne.The idea is to “make a positive selection of firms which provide products and solutions to confront social challenges such as climate change, rising inequality and non-sustainable production and consumption,” according to a presentation of the fund. The objective is to achieve positive financial returns and a positive impact.The investment process is based on the 17 sustainable development objetives of the United Nations. The portfolio is composed of 35 to 60 positions.
19/10/2017

Vanguard launches two funds in partnership with Wellington

Vanguard has announced that it is launching two actively-managed diversified funds, the Global Wellington Fund and the Global Wellesley Income Fund. Vanguard has appointed Wellington Management Company to manage the two strategies. Wellington Management has about USD1trn under management, including 23 mandates from Vanguard, with cumulative assets of USD351bn.The Global Wellington Fund aims for long-term capital appreciation and moderate earnings across an international portfolio investing in equities and bonds, with 65% of assets invested in US and non-US equities, and 35% of assts invested in US and non-US bonds. The other fund, the Global Wellesley Income Fund, will have a more prudent approach, with the objective of earning high and sustained returns over the long term, and moderate capital appreciation. The fund will invest 65% of its assets in US and non-US bonds, and 35% in US and non-US equities. The Global Wellington Fund charges about 0.45%, while the Global Wellesley Fund charges 0.42%.
19/10/2017

Effronterie

Donnez des conseils et des avis, d’accord, mais pas aux Etats-Unis. Sous couvert d’anonymat, mais cité très officiellement par Reuters, un haut responsable du Trésor américain a vertement critiqué le Fonds monétaire international. L’impudente institution a osé donner son avis sur les projets de réforme fiscale de la Maison-Blanche. En précisant que l’impôt progressif demeurait le plus adapté pour lutter contre les inégalités. L’impertinence FMIenne a reçu en retour ce commentaire anonyme : « Je crois que le FMI a d’autres choses à faire dans le monde que d’intervenir dans le débat fiscal aux Etats-Unis ».
19/10/2017

Visionnaire

On peut avoir 325 ans, être une institution « ultra-élitiste » et découvrir tout à coup la modernité technologique et la nécessité d’intégrer les nouveaux outils avec lesquels les banques doivent désormais composer. La maison britannique Coutts, aujourd’hui dans le giron de RBS, qui a vu passer tant et tant de clients riches et célèbres, vient de se doter d’une stratégie pour capter les jeunes générations. Attention, jeunes mais riches et même… entrepreneuriales. La base de clients restera tout de même traditionnelle : gentlemen farmers et autres rentiers. Tout ça pour accroître les revenus. Incroyable..
19/10/2017

Désunion

Fin 2016, l’Opep et quelques autres pays producteurs de pétrole dont la Russie signaient un accord de réduction de la production de 1,8 million barils/jour à partir du 1er janvier 2017. En juin, cet accord était prorogé jusqu’en mars 2018. Le hic, c’est que tous les membres de la famille ne jouent pas le jeu. Au mieux, les engagements sont respectés certaines périodes à 86 %, selon l’AIE (Agence internationale de l’énergie). La question actuelle entre les signataires est de savoir s’il faut reconduire l’accord au-delà du mois de mars. Faut-il reconduire un accord qui n’a jamais été respecté et qui, de plus, est sans effet sur les cours du marché ? Voilà une bonne question.
19/10/2017

Un indice vert pour les foncières

Vert. Le paysage de la gestion indicielle s’élargit. Le GPR IPCM LFFS Sustainable GRES Index, fruit de la collaboration entre IPCM, spécialisé dans le développement durable du groupe La Française et le promoteur d’indices GPR, pourra comprendre jusqu’à 150 foncières cotées mondiales, triées selon leur performance ESG (environnement, social, gouvernance) et leur capitalisation boursière. La grille d’analyse d’IPCM est déployée pour s’articuler autour de critères comme l’empreinte carbone des sociétés, leur utilisation des matières premières, de l’eau, de l’électricité, leur efficacité énergétique et leur gestion des ressources humaines.
19/10/2017

Des élections se profilent pour mars 2018 en Italie

Gouvernabilité. Le président italien Sergio Matarella pourrait prendre la décision de dissoudre le Parlement dans les derniers jours de l’année, ce qui permettrait d’organiser des élections dans les 45 à 70 jours suivants, comme le prévoit la Constitution italienne. Une des dates évoquées pour leur tenue est le 4 mars 2018, croit savoir le quotidien Corriere della Serra. Avant cela, le Sénat doit adopter dans les prochains jours la nouvelle loi électorale dénommée Rosatellum qui a déjà reçu l’approbation de la Chambre des députés le 12 octobre. Rosatellum est dénoncée par le Mouvement Cinq Etoiles (crédité de 27 % des voix dans les sondages actuels) et plusieurs partis d’opposition qualifiés « d’anti-establishment » (Forza Italia et Ligue du Nord : 32 % des voix) qui accusent le gouvernement (parti démocrate et ses alliés : 30 % des voix) de modifier les règles du jeu à son gré. Les analystes sur les marchés financiers suivent de près ces évolutions politiques. Beaucoup d’entre eux considèrent le cas italien comme le principal risque politique en Europe en raison du niveau élevé de la dette publique (132,6 % du PIB). Sur le plan économique, la situation de l’Italie s’améliore au travers des indicateurs conjoncturels. Le pays dégage un excédent budgétaire (2,5 %), mais reste confronté au principal problème que sont les prêts non performants accumulés dans les bilans des banques. L’importance des créances douteuses constitue un frein à l’activité économique qui reste à la traîne en zone euro (voir le graphique). Une enquête réalisée par Bloomberg auprès de 41 économistes montre que ces derniers anticipent en moyenne un taux d’intérêt à 10 ans sur la dette souveraine de 2,50 % fin 2017 et de 2,70 % fin 2018.
19/10/2017

VENEZ RENCONTRER...

Anne-Christine Champion, global head and portfolio management global finance, Natixis, et Frédéric Sadaca, responsable gestion overlay, ProBTP, à l’occasion du séminaire « Investissements en infrastructures » organisé par L’Agefi le 23 novembre à Paris.
19/10/2017

Hausse des taux d’intérêt : pas d’impact sur les marchés obligataires

Paul Brain, gérant et responsable de la gestion obligataire chez Newton IM (BNY Mellon IM) Les marchés obligataires ont évolué jusqu’ici dans une fourchette étroite, mais cette tendance pourrait s’arrêter au cours du quatrième trimestre de l’année, même si les conséquences de ce tournant restent incertaines. La perspective d’une croissance synchronisée à l’échelle mondiale devrait continuer de soutenir les marchés obligataires dans leur ensemble. Toutefois, tous les indicateurs ne sont pas au vert pour la classe d’actifs.
Paul Brain, Gérant & Responsable de la Gestion Obligataire chez Newton IM (BNY Mellon IM)

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