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22/01/2014

Le projet de titrisation de Place se précise

A l’issue d’un appel d’offres, Euro-titrisation a été choisie comme société de gestion et BNP Paribas Securities Services comme dépositaire pour le véhicule de Place dédié à la mobilisation des créances privées. La première émission est censée être lancée d’ici à la fin du trimestre.
22/01/2014

Third Point s'attaque à Dow Chemical

Le fonds alternatif de Daniel Loeb, qui a fait du groupe chimique son principal investissement, réclame la scission de l'activité pétrochimique
22/01/2014

BPCE se démarque sur le marché suisse

La Caisse d’Epargne Rhône-Alpes lance une filiale à Genève, la Banque du Léman. Celle-ci se cantonnera à la banque de détail, excluant la gestion privée ou encore le financement des matières premières, à la différence des stratégies suivies par les autres banques françaises.
22/01/2014

UBS se positionne sur les très grandes fortunes en Allemagne

La banque suisse a débauché chez Morgan Stanley une équipe entière pour son bureau de Munich dédié aux très grandes fortunes et aux family offices en Allemagne. Carl von Wrede rejoint notamment UBS comme responsable de la clientèle «ultra high net worth». Il chapeautera une équipe de neuf personnes.
22/01/2014

Les actionnaires de Colonial approuvent l'augmentation de capital

Réunis en assemblée générale, les actionnaires de Colonial ont donné mardi leur feu vert à une augmentation de capital de 1 milliard d’euros au maximum. L’opération doit donner au conglomérat espagnol Villar Mir une participation de 29,9%. Ce dernier, ainsi que deux autres investisseurs, ont exigé que Colonial ne cède pas plus de 20% du capital de SFL, dont il est actionnaire à hauteur de 53% du capital.
22/01/2014
Gestion d'actifs

Apicil ne projette pas de réaliser de nouveaux appels d'offres en 2014

Bertrand Jounin, Directeur de la gestion d’actif d’Apicil, à la rédaction de www.institinvest.com : « Nous avons déjà fait des appels d’offres l’an dernier, donc il n’y a pas de raison particulière d’en faire d’autre cette année. Concernant l’assurance de personne, nous souhaitons gérer le plus de choses possibles en interne. C’est plus clair et cela renforce davantage Solvabilité II. Le seul domaine dans lequel nous cherchons des idées, c’est le monétaire. Pour le moment, nous passons par une multitude d’OPCVM et je ne suis pas sûr que cela soit optimal. Le besoin en monétaire n’est pas tellement la rémunération, car elle est à peu prés nulle. Nous sommes davantage dans un domaine où notre besoin est un besoin de diversification, plus que de rémunération. Actuellement, tous les OPCVM font à peu prés la même chose, et nous les maîtrisons assez mal. Donc cela ne me paraît pas optimal. Je n’ai pas encore trouvé la formule, mais j’y travaille. Le but est de ne pas additionner les risques, en particulier avec les portefeuilles obligataires. Nous continuons à investir davantage dans les small et mid cap, que dans les large cap concernant la retraite. Ce qui n’est pas le cas sur la partie assurance de personne où le pourcentage en large cap est beaucoup plus important, voire majoritaire. Cela vient du fait que lorsque nous gérons en directe, nous intervenons objectivement sur moins de compagnies. En ce qui concerne nos gérants, nous sommes globalement assez satisfaits d’eux, à quelques exceptions prés. En revanche, je cherche à réduire les coûts de ce côté-là, d’où l’idée de réduire la part de gestion déléguée. Concernant la retraite, nous venons de remettre en jeu un mandat. Nous allons donc leur laisser le temps de jouer. Il n’y a pas d’appel d’offres à venir. »
Gestion d'actifs
21/01/2014

La banque centrale turque reste l'arme au pied

La baqnue centrale de Turquie a laissé mardi son principal taux directeur inchangé à 4,5%, et n’a pas touché non plus aux taux de prêts et de dépôts au jour le jour. Malgré la chute de 10% de la devise face au dollar depuis le 17 décembre, date du début du scandale de corruption qui frappe le gouvernement, et l’inefficacité des interventions de la banque centrale sur le marché des changes, celle-ci se tient donc pour l’instant à l'écart des mesures conventionnelles.
21/01/2014

Le FMI relève ses prévisions de croissance mondiale

Le Fonds monétaire a revu à la marge à la hausse sa prévision de croissance de l’économie mondiale pour cette année, la relevant de 0,1 point à 3,7%. Alors que l’institution a maintenu à 5,1% sa prévision pour les marchés émergents (dont 7,5% en Chine), elle a relevé de 0,2 point à 2,2% celle pour les pays développés. Le FMI, qui table sur une croissance mondiale de 3,9% l’an prochain, note toutefois que la croissance des pays les plus riches reste inférieure à son potentiel et ajoute la déflation à la longue liste des risques susceptibles de freiner la reprise. Chef économiste du FMI, Olivier Blanchard indique que «le principal facteur à une plus forte croissance est que les freins à la reprise perdent progressivement de leur puissance». Il cite notamment de moindres mesures d’austérité des gouvernements ou un système financier plus sain.
Illustration: PHB
21/01/2014

Budapest réduit le rythme de baisse des taux

La banque centrale hongroise a réduit de 0,15 point à 2,85% son taux directeur de dépôt à deux semaines, en citant «l’incertitude liée à l’environnement financier mondial».. La Magyar Nemzeti Bank a laissé entrevoir un potentiel de baisse supplémentaire. La banque centrale a réduit son rythme de baisse, après plusieurs pas de 0,2 point
21/01/2014

Le Livret A et le LDD retrouvent une collecte positive en décembre

La Caisse des dépôts a fait part d’une collecte positive de 0,73 milliard d’euros en décembre pour le Livret A et le Livret de développement durable. Un chiffre qui fait suite à trois mois de décollecte. Sur l’ensemble de l’année 2013, la collecte s’élève à 19,1 milliards, contre 49,2 milliards en 2012. A fin décembre et en tenant compte d’une capitalisation annuelle des intérêts pour 5,5 milliards, l’encours total sur les deux produits atteint 367,2 milliards d’euros. Décembre est généralement un mois de collecte positive car les salariés qui touchent des primes ou des 13ème mois les déposent sur leurs livrets.
21/01/2014

L'activiste Third Point s'invite chez Ally Financial

Le hedge fund activiste Third Point a révélé dans sa lettre trimestrielle à ses investisseurs qu’il avait amassé lors des six derniers mois une position de 9,5% au capital d’Ally Financial, spécialiste américain du financement automobile. Le fonds de Daniel Loeb a sans doute profité du retrait du Trésor américain, qui détient encore 37% d’Ally Financial après le renflouement du groupe lors de la crise financière.
21/01/2014

Ivaldi Capital recrute chez Morgan Stanley

La société de gestion alternative Ivaldi Capital, basée à Singapour, vient d’annoncer le recrutement de trois collaborateurs dans son équipe, rapporte Citywire.Ivaldi a notamment recruté Robert Hart, un spécialiste des stratégies long/short equity qui rejoint justement l'équipe de Singapour pour gérer un fonds long/short dédié à l’immobilier. Robert Hart a travaillé précédemment chez Morgan Stanley à Hong Kong.Les deux autres recrues vont intégrer le bureau de Londres. Johan Karlsson, précédemment executive director au sein de la division gestion du risque chez Morgan Stanley à Hong Kong, prendra la tête de l'équipe chargée de la gestion du risque. James Oliver, précédemment co-responsable du trading chez GLG à Londres, va de son côté mettre en place et diriger l'équipe chargée des transactions.
21/01/2014

Axa Real Estate makes EUR1.4bn in trades in 18 months

AXA Real Estate Investment Managers has announced that over the last 18 months it has completed, on behalf of its clients, 11 value-add transactions in 6 European countries for a total volume of EUR1.4 billion.AXA Real Estate’s strategies are primarily focussed on office, retail, logistics, hotel and alternative real estate assets in the principal markets of the United Kingdom, Germany, France and the Nordics, whilst also taking advantage of specific market opportunities in Italy, Spain, Netherlands, Poland and Belgium. Value-add acquisitions already completed in the last 18 months include: the acquisition of the landmark NH Grand Hotel Krasnapolsky in the centre of Amsterdam for EUR157 million; the EUR172 million acquisition of an office portfolio in Barcelona from Generalitat de Catalunya, which was the AXA Real Estate’s first office acquisition in Spain since the global financial crisis in 2008; the acquisition of two prime office and retail buildings at the Bodio Center business park, in Milan, from Aberdeen Asset Management for EUR63.9 million, which represented AXA Real Estate’s largest acquisition in Italy since 2010; the acquisition of an office and light-industrial complex in the ‘Peri-Defense’ district of Paris for EUR61.8 million.
21/01/2014

Man and Marshall Wace spared in investigation that rocked BlackRock

P { margin-bottom: 0.08in; } Man Group and Marshall Wace have remained unaffected by an investigation by the New York attorney general to determine whehter US banks provided a selection of asset management firms with warnings about changed in recommendations on stocks, Financial Times fund management reports, citing sources familiar with the matter. The two firms do offer products which are based on the recommendations of brokers. But none were contacted by the US regulators as part of the investigation, which has led BlackRock to announce that it will no longer survey analysts in order to obtain more information about their opinions.
21/01/2014

Global Investment Services and Aeolian Fund sign new plans to merge

P { margin-bottom: 0.08in; }A:link { } The board of directors at Global Investment Services and the new board of directors at Aeolian Fund (whose members were appointed at the general shareholders’ meeting on 30 December 2013), on 10 January 2014 signed an updated cross-border merger treaty agreement, according to a statement released on 20 January. The exchange parity will now be 10 Global Services shares for 19 shares in Aeolian Fund (compared with 2 shares in Global Investment Services for 5 shares in Aeolian Fund previously). The joint cross-border merger treaty agreement for the absorption of Aeolian Fund into Global Investment Services is now available on the website (www.globalinse.com) and at request from the headquarters of the firm.
21/01/2014

Former Axa IM CEO joins French boutique

Dominique Carrel-Billiard, who had left the head of Axa Investment Managers in July last year, will join La Financière de l’Echiquier as CEO. He will begin on 1 April 2014.His arrival follows the departure of Stéphane Toullieux, who left the business on Monday “to dedicate himself to new personal and professional projects,” a statement from La Financière de l’Echiquier says.Toullieux joined the asset management firm in 2011 as head of commercial development. He was appointed as CEO and member of the board of directors in 2006.Financière de l’Echiquier now has assets under management of EUR7.5bn, and the firm has opened its first foreign office in Milan.
21/01/2014

Gazprombank Asset Management launches its first UCITS fund

P { margin-bottom: 0.08in; } In a big first for Gazprombank Asset Management, the Russian asset management firm, an affiliate of Gazprombank, has announced the launch of its first UCITS fund, which will invest in emerging countries of Europe, Citywire reveals. The vehicle, entitled GBP Emerging Europe Equities and domiciled in Luxembourg, will invest in equities from Russia, the Community of Independent States (CIS), Turkey, Poland, Czech Republic, Hungary and Greece, concentrating on businesses which have solid fundamentals, potential for growth and attractive valuation. The fund, launched with initial capital of USD50m, will have the MSCI EM Europe 10/40 as its benchmark.
21/01/2014

Investors put pressure in Israeli banks

P { margin-bottom: 0.08in; } ABP, the third-largest pension fund in the world, with Nordea and DNB Asset Management, two Scandinavian asset management firms, are reviewing their stakes in Israeli banks, out of concerns tha tthey may finance Jewish settlments in occupied Palestinian territory, Financial Times fund management reports. The three investors are calling for more information from Israeli banks about their involvement in financing settlements, which would contravene international human rights laws established under the fourth Geneva convention in 2004.
21/01/2014

Société Générale Securities Services wins a mandate from Franklin Templeton

P { margin-bottom: 0.08in; }A:link { } Société Générale Securities Services in Italy has won a mandate from Franklin Templeton Strategic Allocation Funds to act as an Italian paying agent, SGSS has announced in a statement. SGSS has an IT platform that guarantees the migration of portfolios, ongoing monitoring of distribution and automated transaction flows. The firm provides a range of securities services, including settlement, custody and depository banking, fund administration, cash management and transfer agency services. Franklin Templeton Strategic Allocation Funds is a range of Luxembourg-registered Sicav funds distributed in Italy by Franklin Templeton Investments.
21/01/2014

International funds attract a million investors in Spain

P { margin-bottom: 0.08in; }A:link { } The number of investors in international funds on sale in Spain has topped one million in the country, according to data released in the most recent quarterly bulletin from the CNMV, the Spanish regulator. According to data released for the end of September, the reuglatory authority counted precisely 1,001,473 participants in foreign management funds, or 22.14% more than in September 2012. Total assets registered in foreign funds on sale in Spain for the first time topped EUR50bn as of the end of September 2013, for growth of 32% compared with September 2012, and 33.5% comapred with the end of 2012. Unsurprisingly, the CNMV has observed a significant rise in the number of international collective management institutions registered in Spain, for a total of 772 as of the end of September, compared with 754 in 2012. In detail, the regulator has counted 409 foreign funds and 363 companies. The large majority are domiciled in Luxembourg (317), France (274) and Ireland (97).
21/01/2014

InverCaixa Gestión and Bankinter launch two new bond funds

P { margin-bottom: 0.08in; } InverCaixa Gestión and Bankinter Gestión have registered the first funds of the year 2014 with the Spanish regulator, Funds People reports. According to the website, they are non-guaranteed horizon bond funds maturing in 2019. In detail, the new fund FonCaixa Valor Bolsa Euro 2 from InverCaixa Gestión states that its returns at maturity will depend on the evolution of the stock market index Eurostoxx 50 (price return). At its maturity, scheduled for the end of July 2019, the non-guaranteed performance objective will be calculated on the basis of the net asset value as of 20 March 2019, at which time 50% of the revaluation of the European index between the two dates will be applied. The vehicle will invest in public debt issued by the Spanish government, with a rating at least equivalent to BBB-. The minimal investment is set at EUR6,000 with management fees of 1.25%. The new fund from Bankinter Gestión, entitled Bankinter Renta Fija Roble 2019, stands out in the sense that its non-guaranteed performance objective is not related to a stock market index. It aims for non-guaranteed returns of 1.87%, for all invesments held until the maturity of the fund in February 2019. If the portfolio dos not reach this objective, participants will receive a separation fee within a maximal period of 10 days from the launch of the product, on 20 February 2014. The fund will invest 95% in debt issued by Spain and its autonomous regions, and up to 5% in cash. However, it may invest up to 100% in public or private bonds from OECD issuers with a minimal credit rating equivalent to a rating of BB-.
21/01/2014

Institutionals invest in real estate, but cautiously

P { margin-bottom: 0.08in; }A:link { } The 2013 EIRES/IPE survey of 83 European pension funds with EUR1.290trn in assets under management finds that pension funds are more prudent than ever with the modalities of their investments in real estate. As a result of this extreme prudence, local investment continues to dominate portfolios, and the nearer the market under consideration is, the greater the probabiilty that it will be managed directly is. Out of a total of slightly over EUR86bn invested locally, EUR73.4bn are invested directly by 47 institutions, compared with EUR10.5bn invested in funds (excluding funds of funds) by 42 players. Direct investments in European, non-domestic markets represent 51.2%, or EUR15.4% of regional total allocation, compared with 27.9%, or EUR8.4bn for funds. Few institutionals invest directly (only 9), but their average investment is significant (EUR1.7bn). However, 38 pension funds have invested EUR8.4bn in indirect funds, with an average investment of EUR221m.
21/01/2014

Institutionals may help to offset shortfall in infrastructure engagements

P { margin-bottom: 0.08in; }A:link { } The gap between the need for investment in infrastructure worldwide and the public funds available may total about USD500bn per year between now and 2030, according to a study published by Standard & Poor’s Ratings Services. According to the agency, the infrastructure financing needs may top USD3bn per year over the next 16 years. Meanwhile, public investments in the United States and Europe have returned to a range of 3% to 2% since 2009, which has led to an enormous financing shortfall to make up for. According to Standard & Poor’s insurance companies and pension funds, seeking alternative investments that offer attractive returns, may help to offset this shortfall. The agency estimates that allocations by institutionals to infrastructure may grow by about 4% of their total assets in the next five years, or more than double the levels observed currently.
21/01/2014

UniCredit uffloads risk to a hedge fund

P { margin-bottom: 0.08in; }A:link { } UniCredit will announce on Wednesday that it has signed an agreement with the New York hedge fund Mariner Investment Group, to offload it a part of the default risks on a portfolio of financing for energy and transportation projects representing EUR910m, the Financial Times reports. The agreement frees up capital which the Italian bank would otherwise have to hold in face of loans. Mariner, for its part, will announced that it has launched a specialist activity to manage the capital of long-term investors, which it will use to sign risk-sharing agreements with European banks confronted with new Basel 3 rules.
21/01/2014

Growth of 10.1% in hedge fund assets in 2013

P { margin-bottom: 0.08in; }A:link { } Hedge funds in December posted net outflows of about USD4.4bn, but for the year 2013 overall, assets in the sector rose 10.1%, or about USD262bn, to a total of USD2.860trn, according to estimates by eVestment Investors. Performance counts for about USD190.1bn of this result. In other words, the total observed at the end of 2013 is near the record of USD2.940trn registered in June 2008. In terms of strategy, inflows to equity hedge funds exceeded credit in fourth quarter for the first time since third quarter 2011. Inflows to equity funds totalled USD32.3bn for the year as a whole, while credit inflows totalled USD79.6bn.
21/01/2014

Hedge funds may bring in USD80bn in 2014

P { margin-bottom: 0.08in; }A:link { } The year 2014 is shaping up well for the hedge fund industry. According to a survey conducted by Barclays of 190 investors representing USD490bn in assets, entitled “Waiting to Exhale,” the sector may earn up to USD80bn (EUR59bn) in net inflows in 2014, for growth of about 25% compared with 2013. This would be the largest net inflow in the industry since 2007, the study says. USD285bn may be redistributed to hedge funds in the current year. In total, the money in play in the industry may reach a cumulative USD365bn. About 60% of net inflows are expected to come from institutional investors, while public or private pension funds alone represent nearly 45% of future inflows. The remaining 40% of these net inflows are expected from private investors, where private banks and wealth managers may be the major sources of capital for hedge funds, with about USD25bn in net inflows expected this year. These are very good signs after a year in 2013 that was considered disappointing by many investors. “More than 90% of these investors are planning to maintain or increase their current allocations to hedge funds,” says Lou Molinari, head of “capital solutions” at Barclays.
21/01/2014

Growth of 3.4% in assets in Swiss investment funds last year

P { margin-bottom: 0.08in; }A:link { } The Swiss investment fund market continued to grow last year. As of the end of December 2013, their asets totalled CHF745.2bn, up CHF25 billion or 3.4% more than one year previously. This total, however, marks a contraction of 1.4% compared with the previous month, according to statistics released by the Swiss asset management fund association (SFAMA). “2013 was a year of good augury for the Swiss industry. Equity markets showed astonishing and joyous development. The feared downturn of bond markets did not manifest itself, as rates are still tending to a low level. In this context, investors were once again disposed to slowly forget their reservations and invest in funds to an increased extent. The volume on the Swiss funds market has at any dated posted record figures,” says Markus Fuchs, director of SFAMA. The month of December ended with a net outflow of slightly over CHF4bn, including redemptions of CHF2.33bn from equity funds, and CHF938m from commodity funds. In terms of market share, equity funds finished the year on top (37.38%), followed by bond funds (33.48%), strategic investment funds (11.23%), money market funds (9.35%), and real estate funds (4.39%). UBS and Credit Suisse continued to dominate the Swiss market last year, with respective market shares of 23.08% and 14.51%. They are followed by Pictet, with a market share of 6.67%, Swisscanto (5.38%) and the Cantonal Bank of Zurich (4.56%).
21/01/2014

Hervé Falciani wanted money for files

P { margin-bottom: 0.08in; }A:link { } Hervé Falciani, the IT specialist employed by HSBC Bank in Geneva who suddently fled Switzerland in 2008 with 127,000 names of foreign clients, still claims that his only objective was to fight tax fraud and money-laundering. Agefi Suisse has announced on its website that it has recently obtained three reports from the Federal police office, which paint the man in a much less sympathetic light. The final report from the police investigation insists on the point that Falciani was aware “of the sensitivity of the data offered” (he sought a legal opinion from a Geneva lawyer), and that despite what he claims, his goal was “to obtain money in exchange, with the sale price for the data set at USD1,000 per client.”
21/01/2014

Strong growth in annual inflows for VZ Group

P { margin-bottom: 0.08in; }A:link { } Net inflows to the financial services company VZ Group rose by nearly 31% last year, to a total of CHF1.6bn, according to a statement released on 20 January. The statement does not give, however, total assets under management as of the end of December. As of 30 June 2013, the firm had about CHF11bn in assets under management. Operating profits rose by 11.7%, or less than an expected increase of 14% to 16%. This more muted than expected growth could be related to an increase in demand for standardised wealth management products, associated with set premiums, the statement says.

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