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09/04/2014

143 milliards de livres de dette pour une Ecosse indépendante

Citant un document de l’Institut national de la recherche économique et sociale, le quotidien souligne que l’Ecosse aurait à supporter si ses citoyens devaient choisir la voie de l’indépendance une dette publique de quelque 143 milliards de livres (174 milliards d’euros). Le pays serait contraint à des mesures de réduction des dépenses publiques plus importantes que prévu pour l’instant.
09/04/2014

Le procureur de New York tient les conseillers financiers à l’œil

Eric Schneiderman veut combler un vide juridique. Ayant sous sa coupe les conseillers financiers de petite taille, gérant moins de 25 millions de dollars, il va leur faire subir une règle déjà appliquée aux conseillers de plus grande envergure, sous la tutelle de la SEC. Il s’agit de contraindre les prestataires à fournir à leurs clients et prospects une brochure détaillant leurs activités. Cette brochure n’est pour l’heure transmise qu’à la demande.
09/04/2014

Pékin tient tête sur le yuan

La Chine n’est nullement pressée de mettre un terme à la récente dépréciation du yuan en dépit de nouvelles pressions de la part des Etats-Unis. Le quotidien cite un responsable de la banque centrale chinoise, des banquiers et des analystes, selon lesquels Pékin ne prendra aucune mesure à court terme. Le yuan a cédé cette année 2,3% face au dollar, ce qui en fait la monnaie la plus faible en Asie sur la période. Le cadre de la PBOC avance que les autorités chinoises ne pourront agir qu’en cas de «dépréciation sévère» susceptible de déstabiliser l’économie du pays. La faiblesse du yuan permettrait même à Pékin de déjouer les paris des spéculateurs qui considèrent le renforcement de la devise comme un pari gagné d’avance.
09/04/2014

Christian Noyer tacle Manuel Valls sur la BCE

Le Premier ministre fait selon le gouverneur de la banque de France une erreur de diagnostic lorsqu’il explique que la croissance plus faible en zone euro qu’ailleurs est liée à la politique de la BCE. Quant aux remarques de Manuel Valls à l’occasion de son discours de politique générale sur l’euro fort, Christian Noyer estime que la force de la monnaie européenne n'était pas liée à la politique monétaire de la BCE, tout en reconnaissant qu'«il serait souhaitable de tous les points de vue (...) qu’il soit un peu plus faible».
09/04/2014

BFT Gestion veut se diversifier

Encore très dépendante des fonds monétaires, qui pèsent pour environ 80% de ses actifs gérés, la filiale d’Amundi veut tripler ses encours dans les actions et diversifier sa distribution. Elle table aussi sur la montée en puissance d’OPCVM de plus de 500 millions d’euros dans sa gamme.
08/04/2014

Manuel Valls va expliquer à Bruxelles son «équilibre» économies-croissance

«Bien sûr, il faut redresser nos comptes publics mais sans casser notre modèle social et nos services publics». Manuel Valls, qui a annoncé 50 milliards d’euros d’économies sur trois ans de 2015 à 2017 dans son discours de politique générale, a indiqué qu’il compte expliquer sa stratégie aux «partenaires européens» de la France. «Je ne veux pas casser la croissance, sinon nos déficits ne diminueront pas et le chômage ne sera pas réduit», a lancé le Premier ministre devant les députés. «Ce nécessaire équilibre, nous allons, à nouveau, l’expliquer à nos partenaires européens».
photo : REA
08/04/2014

Les émergents pèsent sur les perspectives de croissance selon le FMI

Le Fonds monétaire international (FMI) a légèrement revu à la baisse sa prévision de croissance de l'économie mondiale en 2014 à cause des pays émergents, en particulier la Russie et le Brésil. Selon ses nouvelles Perspectives économiques mondiales publiées mardi, il attend une croissance mondiale de 3,6% cette année contre 3,7% dans l’actualisation de ses Perspectives publiées en janvier. Pour 2015, il table sur 3,9%. Le FMI a maintenu ses prévisions pour les pays avancés, à 2,2% cette année et 2,3% l’année prochaine mais a abaissé celles pour les pays émergents à 4,9% cette année (-0,2 point) et à 5,3% pour 2015 (-0,1 point). Les prévisions pour la Chine restent inchangées à 7,5% et +7,3% respectivement. Pour la Russie, elles sont revues en baisse de 0,6 point pour cette année à 1,3% et de 0,2 point pour 2015 à 2,3%. Les prévisions pour le Brésil sont aussi abaissées de 0,5 point pour cette année à 1,8% et 0,2 point pour 2015 à 2,7%.
08/04/2014

Franklin Templeton Investments adds to sales team

P { margin-bottom: 0.08in; } Franklin Templeton Investments is adding to its sales team, with the recruitment of Peter Gorynski. Gorynski will be responsible for relationships with distributor partners in Germany (central and northern regions of the country), Das Investment reports. He will report to Thomas Knigge, director of sales for Germany at the asset management firm. Gorynski was previously spokesman for the board at the SJB Fondsskyline company.
08/04/2014

UBP veteran founds a commodity fund

P { margin-bottom: 0.08in; } Eric Schreiber, former head of commodities at the Swiss wealth management firm Union Bancaire Privee (UBP), will be launching a fund specialised in commodities. The EMS Commodity Volatility Fund will be registered in Liechtenstein, and will aim for assets of USD1.5bn, according to Das Investment. Fundraising is currently in progress. The portfolio will be invested in commodity derivatives of all types (energies, precious metals, soft commodities).
08/04/2014

BlackRock UK increases staff by 14%

P { margin-bottom: 0.08in; } BlackRock Investment Management (UK) has added about 14% to its staff in 2013, and now has 2,331 employees, Ignites Europe reports, citing the firm’s annual report. The entity has arms in Germany, France, Italy, the Netherlands, Poland, Denmark, Sweden, Austria, Belgium, and Korea. In France, there are 19 personnel and income last year totalled GBP19m (out of a total of GBP873.5m).
08/04/2014

Aristotle Capital Management launches an international equity fund

P { margin-bottom: 0.08in; } The US asset management firm Aristotle Capital Management has announced the launch of an international equity fund, the Aristotle International Equity, which will invest at least 80% of its net assets in publicly-traded firms, or deposit certificates from companies whose headquarters are outside the United States, or a substantial proportion of whose activities are carried out outside the United States. The strategy is aimed at institutional clients, and will be managed by Geoffrey S Stewart and Sean M Thorpe, whose investment decisions will be taken collectively. The fund will use a bottom-up approach to seek out quality companies from the point of view of market undervaluation. The managers will then use a series of filters such as share price/earnings ratios, free cash flow ratios, and liquid assets to determine the fair value of a business.
08/04/2014

Inflows of USD11bn to ETF/ETPs in March

P { margin-bottom: 0.08in; } The global ETF and ETP sector is still doing well. Inflows to these products totalled USD11bn in March, according to preliminary data released on 7 April by ETFGI. This perfomance, combined with positive market effects, will drive total assets in the industry to a new record total of USD2.45trn as of the end of first quarter 2014. In the month of March, equity ETF/ETPs posted their strongest net inflows, with USD9.9bn, followed by commodity funds (USD876m in net inflows). At the same time, bond ETF/ETPs posted a net outflow of USD1.4bn. For first quarter, net subscriptions totalled USD33bn, significantly below than the USD73.1bn posted at the same time last year. In the first three months of this year, bond ETF/ETPs brought in USD17.8bn in net inflows, followed by equity funds (USD8.4bn in inflows). However, commodities had outflows of USD207m. In the past quarter, the winner for best inflows was Vanguard, with USD14.7bn in net subscriptions, followed by iShares (USD8.6bn) and Nomura AM (USD4.9bn).
08/04/2014

InverCaixa launches a new performance objective fund

P { margin-bottom: 0.08in; } InverCaixa Gestión is adding to its product range on the Spanish market. The asset management firm, an affiliate of the banking group CaixaBank, will this week launch a new non-guaranteed performance objective fund, Funds People reveals. The vehicle, entitled FonCaixa Rentas Abril 2020, will be composed of six sub-funds, and will invest primarily in Spanish public debt, with an investment horizon set for April 2020. On this date, the objective of the fund is to maintain 100% of the initial investment, in addition to which there will be an annual performance objective of 1.5% to 1.85% for each of the six sub-funds. The minimal initial investment varies from EUR600 to EUR150,000 according to the sub-fund.
08/04/2014

Pension funds invest in hedge funds in large numbers

P { margin-bottom: 0.08in; } Pension funds are the largest and most generous investors in the hedge fund sector, according to a study performed by the Prime Brokerage division of J.P. Morgan, the website ValueWalk reports. As of the end of September 2013, total assets invested by defined contribution programmes in hedge funds had risen more quickly than any other category, the study finds. The 200 largest pension funds in the United States last year had a total of USD150bn in direct investment in hedge funds and funds of hedge funds, an increase of slightly over 10% compared with the previous year.
08/04/2014

EdRAM recruits two new salespeople

P { margin-bottom: 0.08in; } Marie Repiquet and David Zerbib have joined the European sales team at Edmond de Rothschild Asset Management (EdRAM), as sales managers in charge of partners. They will report to Michel Dinet, head of partnerships for France, according to a statement released on 7 April. The two recruitments are a sign “of the desire of Edmond de Rothschild Asset Management to participate in its development and the growth of assets from partner clients,” the statement says. After starting her career at Edmond de Rothschild Luxembourg as a fund analyst, Repiquet moved up in the company to the position of private banker. She now joins Edmond de Rothschild Asset Management, where she will be responsible for assisting independent advisers and platforms in Paris and the North and East regions and entrepreneurial asset management firms, as part of the Distribution Partners team. Zerbib began his career in London in sales of derivative products at UBS and HSBC, and then joined a well-known wealth management firm in Paris. He will be responsible for assisting independent advisers and platforms in Paris, and will also serve Western France and entrepreneurial asset management firms.
08/04/2014

Schroders looks to extend multi-asset class activities in the United States

P { margin-bottom: 0.08in; } Schroders is in talks to increase staff for its multi-asset class team in the United States, as the asset management firm seeks to double the share of its revenues originating from North America, Financial News reports. Multi-asset strategies from Schroders represent over USD9.3bn in assets.
08/04/2014

BNP Paribas IP appoints a new head of external distribution

P { margin-bottom: 0.08in; } BNP Paribas Investment Partners (BNP Paribas IP) on Monday, 7 April announced the appointment of François Hullo has head of external distribution from 31 March 2014. He replaces Andrea Favaloro, who is leaving the group. Hullo was previously head of Fixed Income management at BNPP AM, a statement says, adding that at BNP Paribas, he served in development of alternative and structured management, head of sales for France, and then institutional sales for Southern Europe. He was then head of Alfred Berg, the asset management affiliate for the countries of Northern Europe.

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